The Sun.
London, England, 1857-12-04 00:00:00

in England. The noble lord briefly alluded to the other
topics in the royal speech.
• -

The Earl of DERBY said he had had the honour of
a seat in that house for 16 years, and during Cul t time
he had witnessed many periods of great political excite-
ment, and some of great national alarm ; but it had
never occurred to him, at %lay period, to enter on any
session under such circumstances of varied interest as
those which surrounded the meeting of Parliament on
that occasion. On former occasions their attention had

been called to one subject of overwhelming interest ;

there was commercial distress in 1825 and 1847 ; agri-
cultural distress at various other periods ; in 1829, the
Roman Catholic Relief Bill ; in 1830 and 1848, the
state of affairs on the Continent, owing to the revolu-
tionary spirit which there prevailed : in 1846, the great
change which took place in our commercial legislation
by the repeal of the corn laws ; and in the previous year,
the overwhelming calamities of Ireland, On all these
occasions some single cause fixed and monopolised the
attention of Parliament. But now we had a complica-
tion of misfortunes, a variety of anxieties, such as he
had never witnessed. We had deep and overwhelming
commercial distress and disturbance at home ; we had
our ladian empire shaking to the very foundation
abroad. Under those circumstances Parliament was
called together, and he was not surprised that the
greatest portion of the royal speech was devoted to
those two overwhelming tellies. The only happy part
of the speech, as it had been felicitously termed by
Lord Portman, was that short and simple, that singu-
larly curt and abrupt paragraph which informed them
that " the nations of Europa are in the enjoyment of
the blessings of peace, which nothing seems likely to
disturb." Looking at the state of this country, it was
most fortunate that Ministers were able to introduce
that paragraph at the present moment, and the state-
ment might have been expected to call forth some expres-
sion of satisfaction on the part of the Crown. Though he
had the greatest confidence in the resolution, the resources,
the firmness, and the spirit of this country, ho hesitated
not to say that nothing would have tried that spirit and
those resources so deeply and almost so fatally, as if,
to the calamities of domestic and commercial distress
at home, a, .d a war of fearful magnitude
in India, which compelled us to strain to the utmost our
military resources, there had been added the still further
calamity of a war in Europe, in which we must of ne-
e.issity have taken part. Under such circumstances the
Government might at least have expressed satisfaction at
the prevalence of peace in Europe. The paragraph almost
bore the tone of disappointment and mortification. It
almost breathed the spirit of thOtoble viscount at the
head of the Government to whom it might be a calamity
that there wag no war in Europe to take part in.

•
(Laughter.) " The nat'ons of Europe are at peace which
nothing seems likely to disturb." (Renewed laughter )
If the noble lord at the head of the Government could
not disturb it, he did not know what could. (Laughter.)
But if the Government was desirous of maintaining this

great blessing, and of keeping on good terms with the
nations of Europe, it would be wise for them to refrain,
on public occasions from taunting expressions on the
supposed military habits of other countries, and a tone
of menace, declaring that we were equal to any power
that might think to take advantage of our present dM-
culties and rise up in arms against us. That was a tone
unworthy of a Prime Minister—a bravado uncalled for
by the circumstances, which could have no effect upon
any nation in the world, except to give personal offence,
and to raise the susp.cion that such unnecessary bravado
and bluster could only be assumed for the purpose of
covering inherent weakness. This was the only pangreph
in the speech in which foreign affairs were in the slg htest
degree touched. It was hard upon his noble friend 14 rd
Elgin to be plan ina position which would be most lu-
dicrous if it were not most painful. This was the third
Queen's Speech in the course of the present year, and
within that period there had been discussions on the
subject of China which had led to the dissolution of
Parliament and the formation of the present Govern
ment. (Hear, hear.) They had been told that the
honour of the British flag was imperilled, and that a
single moment's hesitation, even only to write home
for orders, before signal and summary vengeance was
inflicted, would have been a discredit and a die-
grace to this country. (Hear.) What had happened I
In the speech there was no word of China—no word of
Sir John Bowring and his authority—(hear)—no word
of the signal vengeance that was to be called down upon
those unhappy barbarians, who, from that time to this,
had been laughing at the threats of England. No re-
paration had been taken for the insults on the British
fig ; and all we had done was to establish, at the mouth
of the Canton river, a serious and formidable hl rckale
in the way of our owes commerce. (Hear) He did not
blame the Government for transferring the troops de-
stined for Canton to Calcutta. Lord Elgin bad taken
upon himself to depart from his instructions ; and at a
great sacrifice of his own comfort, and taking upon him•
self a great amount of responsibility, he had sanctioned
the diversion of the forces from the object which they
were specially ordered to carry out. He deserved every
credit for the firmness with which he had taken that
responsibilty upon himself. The Government had no
pelt of that responsibility, nor of the credit belonging to
the relief which it afforded ; for on the 10th of July, in
answer to a question in the other house, the President '
of the Board of Control said that no iastruction had

been sent out to Lord Canning to stop the force at
Ceylon and divert it to India ' • that a letter had been
written to Lord Elgin, but he did not know whether it
had been received, still less whether it had been acted
on. He should like 0 have heard something of gems
great events now in progress in Europe, and he hoped
in satisfactory progress. He should like to know that
the stipulations of the treaty of Paris, se long delayed,
wire on the point of being carried into txectitiona' and
that the nations of Europe en whim the fate of Sloittivia
and Wallachia depended, were now agreed cn
•heir

policy, and that we were likely to see some satisfactory
settlement of that question. That there had been no
actual settlement was quite clear, or the Government
would have been glad to introduce that cheering
statement into the otherwise gloomy speech, He pro-
ceeded to notice those topics—and they were must
important—which occupied the principal portion of the
speech. Her Majesty said---" I have observed with great
regret, that the disturbed state of commercial transac-
tions in general has occasioned a diminution of employ-
ment in the manufacturing districts, which I fear cannot
fail to be attended with much local distress. I trust,
however, that this evil may not be of long duration ; and
the abundant harvest with which it has graciously
pleased Divine Providence to bless this land, will, I
hope, in Borne degree mitigate the sutra-lags which this
state of things must unavoidably produce." The noble
lord who had seconded the address, with the readiness
of youth to draw consolation from sources which did not
suggest themselves to those more advanced in life, had
said that it was gratifying that the affairs of India were
not so bad as to render it necessary to call Parliament
together on that account ; and they were told that Par-
liament was called together simply to give a bill of in-
demnity to the Government for the violation iu 1857 of
the law of 1844, which it was fcund necessary under
somewhat similar circumstances to violate in 1847. And
they knew that that was the only cause, because a very
short time previous to the notice summoning them to
meet that day, an order in Council had been issued pro-
roguing Parliament to the 18th of December, without
any intimation that it would then proceed to business.
Ha believed the wish and intention of Government was
that no business of any sort or kind should be traneact,d
in the present sitting except giving that bill of indem-
nity. He did not say that the Government, under the
circumstances of the case, were not justified in taking
the step they did, and consequently had a fair claim to
the act of indemnity. Eut before pronouncing any
decided opinion whether they were or were not je,tified,
Ise should like to hear from the Government themselves

the grounds upon which they proceeded, the advice upon
which they acted, and the persons whom they consulted
previous to taking that ►tep. He should like to hear that
it was taken, not only on the sole responibility of the
Government, but with the concurrence and full consent of
the governor and directors of the Bank of England. lie
should like to know, in fact, whether any application
from the Bank was made for a s.ispension of the existing
act ; also whether any such applications were mado from
any of the leading bankers and mercantile firms in
London. Before granting the act of indemnity, they
ought to have a full explanation from the Government
on that point, also whether the violation of the act
at that particular time had satisfactorily met the diffi-
culties under which the country laboured. Ile believed
with the committee which their lordships appointed in
1348, that though certainly the act of 1844 had no share

in can-ing the calamities Co which we had been now, as
in 1847, subjected, yet that that act had a very strong
and important influence in aggravating those difficulties
when they did occur. (Hear, hear.) Whatever might
be the merits or demerits of the act in other resp,,cts,
there was no doubt of this, that when the public saw by
the publication of -the Bank returns that the Bank was
approaching that limit at which it would be necessary to
contract its issues in consequence of the drain of bullion,
all the other bankers and commercial firms deemed it
necessary to take precautions for their oNn interest,
and in order to secure therneelv,s against Vie danger
which they foresaw, they began t., hoard a portion of
the notes and buTon obtained from the Bank. (ilear,
hear.) The result of that of course was, that a large
portion of the circulating medium of the country,
whether in gold or in notes, aLhough in circulation
ceased to be in active circulation. Tnough there was
the same amount of issues, there was not the same
amount in active circulation, and net the same activity
given to commerce. Thus the panic, which led to hoard
itig, still further increased the difficulty and-the restric-
tion upon the circulation ; and that restriction still
further increased the pressure upon the Bank, and still
further increased the necessity on the part of the Bank
fir still more stringent measures. And thus panic and
restriction acted and reacted upon each other, until ton

Bank was brought, with abundance of money of every
description, to the very verge of insolvency. That
he believed to be a current statement of the operation
of the Act of 1314. (Hear, hear.) Such being the caea,
an act which did away with that restriction u,.on the
13xnk had the natural tendency, by r:'rnoving further off
Elie chances of difficulty, to diminish the panic, to dimi-
nish the temptation to hoard, to bring scores of mousy
into active circulation, and thereby, as in 1847, without
aoy violation of the law, to enable te [tank to resume
its ordinary cour,e of proceeoing. Ile believed, the, es.
fore, when that state of things arose, that it was notes.
vary that the restrictions of the act of 1344—supposing
them to be all right under ordinary circumstances—
should
not be enforced upon the Bank ; and he presumed
that that was the motive which led the Government :n
1857, as in 1847, to take the important step of sett'ng
aside this prevision of the law. This had been done
with le,s complete successin 1857 than in 1847 ; because
iu 1347 the exchanges were favourable, and bullion was
iapidly flowing into the Bank. Therefore, though the

dlrectore 'exceeded for the moment the proportion which
their issues ought to bear to the bullion they were com-
pelled to keep, they were perfectly aware that circum-
stances were in progress which would restore the
equilibrium. Consequently, in 1847 the suspension of
the act was not called into operation. As the fate Mr.
Gurney said before the committee, " What we wanted
was not the mo.ney, but to know that we could have it if
we did want it." The result was that the panic and the
hoarding ceased altogether. But when this step was
taken recently the foreign exchanges were unfavourable,
and gold was going out of the country. Consequently
it did not produce. the same immediate relief as in 1847,
at least not to the .came extent ; and the Bank was com-
pelled actualy to violate the law, which did not occur
in 1817. But if it were the opinion of the Government
that in times of commercial difficulty and distress this
act of 1844 had the effect, not of creating these dangers
and difficulties, which he did not impute, but of aggra-
vating them when they did occur, he asked the Govern-
ment—and he presumed they would give a clear and
ca`egorical answer when they asked for their bill of in-
demnity—did they mean to adhere to the letter of the
act of 1844 ? (Hear, hear.) He could perfectly
understand their asking fur leave to amend an act
when it was necessary to amend it; but he did
not understand their asking, for the second time
in tan years, for an act of indemnity for the violation
of a law which, when the strain came, was found
unequal to bear it, and when, for fear of the machine
breaking to pieces altogether, they were obliged to take
it to pieces. (Hear, hear ) If the act were perfectly
right, but if at a certain time, and under certain circum-
stances, it were necessary to dispenee with tho pressure
as being too stringent, prevision ought to be made for
those circumstances in the act itself. (Hear, hear.) There
ought to be a dispensing or relaxing power vested some-
where, and that power ought to be vested by the act of
Parliament itself. (Hear, bear.) Such was the recom-
mendation of the committee of 1848 —a most able, pains-
taking, and valuable committee ; and it was a great pity
that its recommendations had not been carried out. He
asked the Government to make a frank and plain declar-
ation of what they intended to do. He hoped that they
should not have any further reference to Parliamentary
committees ; they had all the materials befare them.
(Hear, hear.) Last year most extraordinary steps had
been taken by the Government. In that house their
lordships had not thought it necessary to appoint
another committee of inquiry, notwithstanding the
approaching renewal of the Bank's charter. In the
House of Commons the Chancellor of the Exchequer had
thought it advisable to appoint such a committee but
he declared, on the part of Goeernment, seriatim, one
after another, against every possible alteration of the law.
It was suggested and declared that the Government
was prepared to stand by the law precisely as it stood.
Under those circumstances, they had a right to ask of
the Government that they should take their own
course, without any more inquiry or reerence to com-
mittees, and tell the house frankly and plainly—did
they, aftsr all that had passed, adhere to their determina-
tion of last year, to maintain inviolate and unaltered
the act of 1844 I (Hear, hear.) If that information
were given, he should be the last, for purposes of
vexation, to throw any difficulty in the way of a bill
of indemnity being passed. (Hear, hear ) The speech
alluded to the distress in the manufacturing districts ;
and he regretted to say, being connected with those
districts himself, that that paragraph very feebly
expressed the enormous difficulties in which they were
placed. He hoped that the good sense of the operatives
would restrain them from any senseless or unnecessary
outbreak ; but he assured the government that not only
the operatives but the manufacturers were at this mo-
ment iu circumstances of the deepest and most painful
anxiety. He had bad that day a return from Mat.-
cheater, showing that out of 233 works, comprising
cotton, silk, and other mills, employing 45,391 opera-
tives (many of whom had wives and children, so that the
whole number might be double or three times 45,000),
73 mills only were working full time ; the remaining 160
were working short time, three or four days a week, or
were wholly and absolutely closed. The number of
operatives in full work was 16,861; those partially or
wholly out of work were 28 530. He could produce
similar statements from Bradford, Preston, Bury,
Macclesfield, and other manufacturing towns. This
was a state of things to which justice was not done by
the paragraph of the speech. If, under these circum-
stances, the operatives had the good sense and judgment
to abstain from that which could do them no good and
would produce nothing but evil —if they maintained a
peaceable, respectful, orderly demeanour under circum-
stances of such pressure— alt honour to the good sense
and loyalty of the operatives. (Hear, hear). He wished
that the government bad gone a little further, and
stated what they deemed to be the real cause of the
disturbed state of commercial transactions. For years
past they had heard nothing but laudations on the
enormous impulse that had been given to trade by recent
legislation. They had been told that if they only ceased
to c ip the wings of commerce, and let her fly free as the
winds of heaven, there was no limit to her elevation and
expansion. They had been told in the newspapers of
April or May last that to speak of our commerce was
only to repeat—" Prosperity, prosperity, prosperity."
He had heard it stated over and over again that the
magnitude of our exports was the surest of all possible
tests of our commercial prosperity ; and he had
heard it said, "Take care of your exports, and the
imports will take care of themselves." In ten
months of 1855 he found that our exports amounted
to 78,087,4131.—en enormous, an almost incredible
amount of commercial transactions. But in 1857,
during the same ten months, the exports, that unvarying
test of national prosperity, by which it was said the com-
forts and happiness of the community might be measured,
had increased from 78 millions to 105 millions, being an
increase of 28 millions in the course of two years on cer-
tain articles of export. Was there a corresponding in-
crease in tie happiness an-t nnranrtß of the people ? On
the other Nano, ease sets enormous anu ecassaantly
creasing anpount of exports there was a constantly in
creasing and overwhelming state of general commercial
distre9v. But, large as the exports had been, they had
not kept pace with the Imports. Wh le the exports had
been 308 millions, the imports had been 468 millions,
leaviag a balance of 160 millions of imports over experts.
It might be said, as it had been said over and over again,
" if you import all that more than you export, it is grea ly
to your advantage, for, in point of fact, you put the dif-
ference into your pocket." But was it so ? How Lad
those imports been paid for ? (Hear, hear.) The coun-
try had had to export 84,000,000/. in bullion in conse-
quence of the disparity between its imports and its
exports ; and it was at that moment in a state of in-
debtedness, because, although it had glutted every mar-
ket it could find with its exports, its imports remained
out of all proportion with those export. (Hear, hear.)
If that was not the cause of our present commercial
distress, he (the noble earl) should like to hear from her
Majesty's government what they consider it to be.
(Cheers.) And now he approached another and even
more serious topic in the speech from the throne. Her
Majesty was made to "deplore the severe sufferings to
winch many of her subjects in India had been exposed,
and while she grieved for the extensive bereavements and
sorrows which it had caused, she had derived the greatest
satisfaction from the distinguished successes which had
attended the heroic exertions of the comparatively small
forces which had been opposed to greatly superior num-
bers ;" and so forth. Far be it from him to say one
word to imply that he thought littleof the private sorrows
which bad fallen upon so many of our countrymen aed
countrywomen. No doubt those bereavements lead been
most painful, and some of them were accompanied by
circumstances of which they could not bear to think ;
but when their lordships read of private sorro we, and
an expression of syrr pathy for them which came grace-
fully from the lips of their sovereign, might they riot
have likewise exeected the advisers of the crown would
have added Borne reference to the public calamity which
bad happened to the na.ion ? It was not like an earth-
quake or a pestilence, or any great disaster of that
kind. It was not only that men had fallen in battle, or
been stricken down by plague ; but our dominion was
shattered. Fcr the moment an empire was lost, and
had to be reconquered ; and yet this public calamity
did not find so much as a place in the speech her Ma-
jesty had delivered from the throne. (Cheers ) He
(Lord Derby) should be sorretto think the words he
had quoted bad come from her Majesty herself, for he
should be sorry t 3 think that her Majesty used such
ungracious language ; but not so the paragraph which
followed :--" The gallantry of the troops employed
agein-t the mutineers, their courage in action, their
endurance under privation, fatigue, and the effec's of
climate ; the high spirit and self-devotion of the officers ;
the a.biley, skill, and persevering energy of the com-
manders, have excited my warmest admiration; and I
have observed with equal gratification that many
civilians placed in extreme difficulty and danger have
displayed the highest qualities, including, in some in-
stances, those that would do honour to veteran soldiers."
Every one of their lordships would agree with every
word of that sentence ; and he was bound to think that
each word, as it fell frstn the lips came from the heart
of her Majesty. (Loud cheers.) No words could do
justice to the gallantry, the perseverance, the intre-
pidity, thelHerculean labours of that small bat heroic
band, in whose hands had been left the salvation of our
Indian empire. (Cheers.) They had not only 'o contend
against surprise, and every discouragement ; but they
had had t o much reason to fear that they were aban•
doned. They bad had to encounter disparity of number-is,
which made the simple narrative of their exploi•s seem
fabulous; they had had to contend against the difficulties
of the cdinate ; but they had struggled and toiled,
and they had gained such a vantage ground for their
country that he hepel would load to the ultimate salva-
tion of the empire. (Loud cheers.) He (the noble earl)
almost feared to single out names from that bright
throng, lest he should do injustice to some who, if placed
in similar circumstances, would have deserved an equal
praise ; but he would venture to mention Wheeler,
Nicholson, Nail!, Lawrence, Banks, the young Wil-
loughby, the devoted Salkeld, and Home. All were
gone. They had died the death of soldiers, and the laurel
which should have adorned their brow must now wave
lice cypress over their grave. (Ceeere.) Among these
who still survived, and whom, even at the risk of doing
injustice to others, the would name—those gallant 111311
mentioned by his noble friend—and whose exertions and
suss sees seemed alike incredible—were those two won-
derful men, Havelock and Greathed. Gen. Greathed was
a young officer in a very subordinate station ; and from
the instances they had seen of young talent, when offi-
cers were brought forward and put in a position in which
they could display it, he (dee noble lord) drew the best
auguries fur the future. Gun. Havelock and his gallant
companions still lived—at least, he trusted they did—
and ho hoped they would survive to reap the reward of
their services, lie trusted, too, that the heroic garri-
son whose succour they had attempted and partially
effected were already ai joying rest and the reward of
their long and gallant labours, with their gallant com-
mander (Col. Inglis), upon whom had been thrown a
degree of labour and anxiety that had rarely been ex-
ceeded. (Cheers.) He (Lord Derby) earnestly hoped that