The Sun.
London, England, 1847-11-24 00:00:00

ment and Cehinet (Lord Minto), now on a journey eithiar
of, pleasure or basin s., has taken a part, either one.
way or the oth r, and I trust that he has not express ed
his own opinion, or said anything which can be con-
strtn,d into the .pinion of his Government in regard to
the independence of Italy. My Lords, it appears that
her Majesty has concluded with the Republic of the
aniator a treaty for the suppression of the slave trade
But, my Lords, I really was not aware that that Re-
public had any shipping or any port vvhateve—
(Laughter.) 1 doubt not, however, that the Noble Lord
in the other House of Parliament (Viscount Palmerston)
and that Noble Marquis in this, will lay this important
treaty on the table.—(A laugh.) This is not, at all
events, my Lords, what Parliament was called together
fur. With respect to the suppression of the slave
trade, I do not say that the Acts which you have passed
for the importation of slave-grown sugar, and the en-
couragement you have thus 'given to the slave
have not raised the price of slaves, and given a greater
stimulus to the traffic• and if I had to choose between
the restoration of the slave trade and the withdrawal of
ell your squadron of cruisers from the coast of Africa on
Lim one hand, and on the other, the maintenance of your
resent system of cruisers, and the eneoura,gemcnt pay
ia
have given to the importation of slave grown sugar, I s
that the far more effective, and far more innocent of the
two, would be the withdrawal of your ships and the res-
toration of theslave trade.—(llcar, hear.) This brings mu
to another topic, and a most important one, involving
rine of the great causes of the distress alluded to in her
Majesty's Speech. That distress may have been aggro'
rated from imprudence on the part of certain pereons,
Ind from undue speculation, but there is not one who
will get up and say that the last blow to the prosperity
of the great interests involved—the last blow which
brought down the great mercantile houses connected
with the colonial mear trade—was that Act, not yet
wholly consummated, by which you placed upon an
equality, with all other things dlferent, your owll
sugar-growing colonies with these countries whien
appear as their rivals in the market, and whose pro-
once is the result of slave labour. (Cheers)
read the other day, and I tell your Lordship I dal s.o
with the greatest pain, the speech delivered by Sir
George Grey to the Legislatire Chambers of Jainain•
Speaking in the name of the Government whomhens
re;
presented, and speaking, too, I am persuaded, ages
own convictions, and with ruin staring in the face n'
those who listened to him, he told the Chambers it
sf
could not be expected that, when protection was with-
arawn from corn, it could be maintained for sag
a
Well, the next thing the West India interests say. f!
:hey say it with some reason—l do not complain el
it is a link of the chain which has been forged in
°di°
eountre —if, say they, we are to be protected by n°
vantage in the markets of England, if our produce is tcc;
receive no favour, if no consideration is to be eXtende
113 for the difficulties aitd obstructions which have
been thrown in our way by the Imperial Leg
which do not exist in the way of our rivals, at All events
do not subject us to further difficulties and obstructions;
Let us send our produce in the cheapest ships, and
the lowest rates. It has been said that becate.s!
protection was withdrawn from corn, therefore it toe!
to be withdrawn from sugar. I entirely differ from this
view. It may be said, if protection is withdrawn Ir.ee,
one class—if, under the operation of free trade.,r'e,
principle of buying in the cheapest market and setu:.
Legislature,
in the dearest is to be paramount, casting aside 8:11 con-
in
siderations of national interests and honour—if. 'no-10,
lownward course, it be an object to reduce prices.t
lowest pass, then protection ought to be
suicidal
from all other interests. I differ Irons such so
policy in the case of a country whose proper*" is
largely dependent upon its colonial possessions, iti
whose maritime commerce operates as a nursery ficrhoW
navy. If such policy is to be adopted, if we are t we
before the levelling principle of free trade, then Eve
via a
must submit to become an inferior and second-rate Pe
among the nations of the world. If we are not prepca-e,_
to submit to this, then, instead of extending the prin 11;
which has proved so disastrous in its effects, let us pause
before it is too late; let us retrace our steps ia,ehe
dangerous path upon which we have entered. J. of
the country,
deficiency
and
de mtheeansooooefssmiteyetoifngfotrhteheerxpenditure
being provided for, owing to causes arising undero
present state of things, has also been broughtttnae;
notice of the House. (His Lordship here quoted
.13,!,
portion of the Speech which expressed her gojesqf
hope that under the blessing of Providence proselern'Y
trY
would soon be restored.) If it be desirable that ineleue
should again be prosperous, the course of pollo9 and it
fated to secure it must first be adopted. I have hear
reported, but I trust that report will prove to be era.
expen dfi ttugs
neous, that a desperate attempt will be made to agg..,,
vate the pressure which at present exists in the cotern2i4
by increasing the amount of direct taxation. 15
T hope
stated that the income-tax is to be increased. e roe
that such is not the intention of her MajestY's Gnruel
went, and that the attempt to impose any
burden at such a time as the present will be resistee•ee!
trust a sounder policy will be adopted to raise
„tin;
necessary revenue. I trust you will not think yourselol
wiser than all the rest of the world, and that if ,(1
ciency in the means of meeting the exigencies or the
country has to be provided for—and God forbid that;
should be a party to advise the placing of any impende
ment in the way of this country meeting every deg:l',.er
which may be made upon her for the maintenance of
such additly.
acredit,ndaeot rbtyha
the sound,
oeoult:hgde
:rt
legitimate
eeagtsieet ns
sensible,
,sptouhrrepdoousl
det
tsthuheep
otidnnai
n3egrepsrao:
adoptedrweivllet
b e
principle of extending direct taxation will be avoided,
rseyssotretme do ft
oraiinsinpgreafecroennscied.erable portion of your
ergs
The Noble (Great cheeritig.)
Lord concluded by stating did 'l3°
that he
wish on that • occasion to adopt any course calculated "'
disturb unanimity on the subject of the address to
presented to her Majesty in reply to the address freeist
the Throne. He did not wish to disturb the unanilneg
e',.
assurance that such measures as were submitted by Pe;
Majesty's Government should receive the dutiful and
respectful attention of the House. For himself he coue'.
say that all measures
,which had for their object toe
preservation of order and the restoration of prosperity
to the country should receive as warm a support fr°l3;
him as though he had his seat on the opposite side of ta_i
House. (His Lordship resumed his seat amidst loud 11..15'
long-continued cheering.) eferen ce
The Marquis of LANSDOWNE said, with r $
the course which the Government had taken to ale
the evils consequent upon the monetary pressure, ~
Noble Lord seemed to think that a Bill of lode:anMt:e
must, of necessity, be brought forward for the protee
of her Majesty's Ministers. But on what had he foe
his opinion? He had stated that there had been os ti yai
ere
e;
lotion on the part of the Bank, and, nevertheless: Go'
had been a violation on the part of her MaiesetYi e.raaed
vernment. The whole argument of the Nov fact.
rested oh a word which word had no foundation w
order
Her Majesty's Ministers claimed no authority
reason'
and direct the Bank, and the Bank took the_
ted that
sibility upon itself. But the Noble Lord admit
_ea,
of
the course had been taken in consequence of as_pl,. ,x 0
commercial distress, such as was vrithout a par
_How]
say
(the Marquis of Lansdowne) was not p.rep d
hasdreonly been
that, if the distress had not lasted—if it
1 h must follow over"
the cause of that inconvenience which
's Ministers
speculation—that in such a case, her AajY
est
such a course,
would not have been justified in taking f
the last few
fur he need not tell them that the events of the
which n°
months had disclosed a state of insolvency _
was ees
Government could provide. The Noble Loret
go,ist
quite right in his statement that the amount. of
sumlu of
the Bank had been reduced so low as h
tdethat tbe
1,300,0001. Ile could assure the Noble, ~or
reduced
lowest amount to which the reserve had been
was 1,600,01)0/ been down
Lord ASHBURTON thought that it had
as low as 1,100, 00t
/. d the state
The Marquis of LANSDOWNE believe _,
u the
went to be incorrect. Returning to the question it
Government's advice) to the Bank, his Lordship,
_l_:een
was a fact that from the instant that advice IvoOr"
the panic began to subside. A combination bad placed
stances, which were never heard of before, d been
the interests of the country in jeopardy, but ha With
removed by prompt and-efficacious assistance.
sked
if
regard to the distress in Ireland, his LordshiP a of gbe
the Noble Lord (Lord Stanley) knew that one_ a
objects of free trade in corn was to-provide for th,cuvor'an
tingeney of a famine by encouraging the growth of corn
cps,
in foreign countries? and as for the origin of thaeused
tress, the Noble Lord must be aware that it wasted'enly
by the destruction of the potato crop. This cout
corns
be provided for by the increased importation of Ter'
and he believed, under those circumstances, that_ne_
abase'
son could with justice support the continuance of folekei,„
hibitory law. His Lordship then referred to Ceded oriel
eations made by the Noble Lord who had preaeB.irs
Upon the policy of Government interference in the,
taken
of Portugal, .believing that the Government hoc! :we
that course in order to prevent the military inte mer
ge
of' foreign powers, which would necessary lead ,I.,ing
calamity. His Lordship concluded by brieflf an the
to the subject of the treaty with the republic of
Equador for the suppression of the slave trait° toti-
lie conceived was only in accordance with tut. ever
l
slavery principles which it was to the interest rheanation to adopt, and which should be equally ea •
out in places of greater or less importance. f the
Lord ASHBURTON understood that one ee Leis
chief objects in calling Parliament together b fee
a..., for
of the year was to pass a Bill of inderolne'leoed,
certain things which the Government had reeonannts of
The Royal Speech stated that " the embsrrassol:ersi
trade were at one period aggravated- by, SO ge7or the
feeling of distrust and alarm, that her MejestY,
purpose of restoring confidence, authori.ted
CO
of
ters to recommend to the Bank of England ,f ishooureA
proceeding suited to such an emergency. Tryc.o
might have led to an infringement or the.
nd
ho, ever, appeared from the speech of his Now nip of
that not only did the Government require no ..;ter
in
• - n to o' eee
indemnity, but that it was not their intentio
ter ea"'
any way the Act of 1844—the Bank Choi, eei, elise
Now, if that Act had not been the cause of all
tress which had existed, it had greatly
otherwise"ggra3
and made that a serious calamity which distress.
would have been attended with but little or no ehoold
—(Bear, hear.) It was well that the countery,oorne
enders; and that it was not the intention of th 'be joist
snot to interfere at all with that Act ; and • to
red Ir'
say he hoped, if such intention was perseve et, be-
sense of l'a,rliament would be taken on the sill-vc
.bar
cause he was sure that if one opinion more than.. ,1:,
was general in the country, it was that a ascrinws
cmenier'
the Bank Charter Act all the evils which the did not
cial world had suffee(llear, hear.) Ile • s the
t reel v. s
mean to apply any blame to Sir Holier einciple
direct author of that Act, for it involved Pi
A. -50 g. aciou!
which, when they came to be tested, the inoeys4 if bear.)
!eight find they had been mistaken upon.---(oea t tees Of
l ated p
It was a great experiment—a most compic toe.,
d been A
machinery; but when that experiment ha indeed,
and had most signally failed, it was blindlise%e
h ed that
not to see the result.—(Hea,r, hear.) ll° which the
no former pressure had been equal to that
,flic,poSe
country bad experienced during theies,t