The Sun.
London, England, 1826-02-18 00:00:00

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PARLIAMENT.

,
sure in times of distress contributed to die difficulties of the 1
country. '4
THE BANK CIISRTF.IL
The Order of the Day having been reed,
The Earl of LIVERPOOL rose pursuant to his hotice, to
move the second reading of the Bill, to amend the 49th of
George 111. relatively to the Bank Charter. Before doing sot
however, in compliance with the general feeling, that it would
be a convenient course, be should take thae,opportunity of stat-
ing generally, the system which his Aftijesty's Government
thought fit to adopt under the present dix(ressee of the country.
He was hilly aware of the difficulty which uttaehed to any mes.
sure Which it might be the duty of the Go'i'erninent te propose;
but if minds were disposed to look fully turd fairly at .the quass
tild beconietei,
Lion, the nature of a remedy wo
GLOVE AND SILK TRADE.theigs aline'
in
, it appeared at first sight. .A Noble ~ „WV:* egireauseree -
. .
41.0,pa...red to a declaration which he
_.(t ,'. ,4 ,:: l-41444 01114104:
The Earl of ILCIIVITER presented a petitioh from a town lore oliyious.than
Somersetshire, against the importation of foreign leattare,.
eetr-liseAlairoierrOvoliLerkernottiqreseette": it aseaklor. froenctee Nit the present crisis had not been unforeseen by him, as he
tarn inhabitants of Coventry, against the importation of foreign had expressed last Session an opinion that it would unavoidably
ribbands.
Earl GROSVENOR presented a petition from the manufac- , arrive. That Noble Earl, however, had thought that in et-
turets and other inhabitants of the town of Yeovil, in Somerset- . pressing that opinion he had not in his view the question of the
shire, praying their Lordships not to permit the importation. of .
foreign leather. Although his Lordship did not coincide in the ' Countryßanks. is was erroneous.Asfar his
This
prayer of the petition, lie felt that the doors of their Lordships' , served him, and he found it preserved in those records,
House ahodlti be thrown open to receive the petitions and in- ,
looseand imper ect they m 8 g
jects, and it was more peculiarly incumbent upon their Lord- least the substance of what was said in that [louse, he had
ships to give every facility to all applications, as the forms of
the other House of Parliament were attended with more eetepence stated as one of his reasons for apprehending an approaching
and difficulty than petitioners were subject to in that House. i crisis, that rash speculations were not confined to town, where
His Lordship thought that a free trade would be most conducive
people knew best what they Were about, but that they extended
to the prosperity of the country, and he was sure that the menu- "
facturcrs of gloves in this country and in Ireland have nothing 'Banks. to the country through the medium of the Country Of
to fear from foreign competition. It was well known that in ' this Government had intelligence at the time as well as inch'.
the sister country, particularly in Limerick, gloves were inanti- 1
factored of a superior quality to any that could be imported ; viduals. In reminding the House of his anticipations, he did
and his Lordship hoped that every encouragement would be not pretend to a prophetic spirit beyond that of any other Noble
given to this manufacture by the Ertg.l.ish Ladies, who had it Lords, who had turned their minds to the question : all he meant
in their power to protect this branch of industry.—The Petition
was then laid on the table. to say was, that no one could consider the subject seriously with.
CORN LAWS. !
out perceiving that speculations took such a turn that they
Lord KING presented a petition from 5,000 Inhabitants of
Leicester and its vicinity, praying an alteration in the Corn re -action.
must sooner or later he followed by a powerful i - e
Laws. His Lordship could not better denominate those regu- He completely weed with the Noble Lords who ascribed the
lations than by calling them the job ofjobs. By those laws the
poor man was deprived of one day's labour in the week for eause of the recent evils to the extraordinary and extravagant
•
the benefit of landlords. The price of food was raised one• speculations growing out of the prosperity of the country.—
sixth, and by this high price a tax was imposed upon that
portion of the connunnity who were least able to bear it. It Their Lordships' attention had been directed, even lust year, to
was too much to ekpect that the poor man should contribute one one branch of the subject by all those projects of Mining and
day's labour in the week to the support of such a system.—Laid other Companies which had come before them, and it had been
on the table.
RICHARD STAFFORD COOKE. 1 their wish, as well as Iris own and -that of a Noble Earl oppo-
Lord TEIN HA 31 presented a petition from Richard Staf- site, to throw some obstru'ctions in -the way of !speculation, by
ford Cooke, praying their Lordships to make some alterations in
making additions to the forms of the House. Of such a spirit
the minutes of their Lordships proceedings upon his claim for
the Stafibrd Peerage. there had been no etatnple since the period of the South Sea
The Earl of LAUDERDALE said the petition was quite Bubble. Neither was it confined to new projects ;it extend-
irregular ; and,
After an observation from the Earl of LiVEnrom., the ed to all branches of legitimate trade. Much had been said
petition was withdrawn, of the dangers of a free trade, and objections to the
SLAVE TRADE. i
The Marquis of LANSDOWN would not trouble their commercial policy adopted by his Majesty's Govern-
Lordships with any obiervations upon the important subject ment had been founded on the recent convulsions : but he could
of the following petitions, but hoped their Lordships would
soon take some measures for the Abolition of Slavery. The show that the widest speculatfons had been made in those ar.
Noble Marquis then pie4ented a petition from a body of Pro- ticks
.which had always been free. There were Returns on
testant Dissenting Ministers, residing in the cities of West- their Lonlships' table of the principal articles of trade, show.
minster and London ; another from the inhabitants of War-
minster, in NViltshire; another from New Mahon, and an. ing the average quantity of raw material imported during
other from the Mayor, Burgesses, and inhabitants of Chile- ' the three. years before 1021 t, and eenttritated with the import*.
,
, penhatn ; and one from Swansea—all praying for the Abo i- .
tion of Slavery.—Laid on the table. florin of that year. It would appear from them: that the aye-
Lord CAL rtiortrE had petitions similar in their object to rage of Sheens' Wool imported in 1822, 11123, and 1824, was
those presented by the Noble Manittis, and his Lordship could
20 341,80011)s. whilst In 1825 it was 38,700,000jb1. or an in.
not abstain from making a few remarks. Those petitions '
"
did not proceed from unseen or doubtful characters, but they , crease of 90 per e-- cen The average importations of Cotton
were the result of a deep conviction upon the part of the Pe.
t
' Wool in the ssme three years amounted to 161,050 bales of In.
itioners that slavery was inconsistent with the best interests
Of the Colonies as much as of' this country. When his :(Uin P the former period was 5,0001b5., ie. the latter 7,0001 be.
Lordship saw the manner in which the proceedings of Govern. I The importation of square Timber had been increased
ment and of Parliament respecting the Slave Trade were
,from 551,000 to 634,000, and that of Deals from 41 to
received in the Wrest India Colonies, lie entertained a strong
hope that the present Session of Parliament would not pass with.
out his
to seeingiskeep a a substantive
rdmaeafsguorela iinttirodthuer cofferseeid ,eithertibiayahis
.51
was
Majesty's Ministersorsome Peer better qualified than himself,
to ameliorate the condition of the Slaves in our colonies. When
he considered the respectability of the petitioners, and that their
resolutions were fortified by the voice of the people from all
sides of the country, his Lordship felt confident that Parliament
would reflect seriously upon this subject, and take it into their
early consideration. Those Petitions represent a mass of up-
right generous English feeling, and they would be powerful
auxiliaries to their Lordships in putting down that refractory
spirit in which the communications of Government and the
Acts of Parliament had been received, and almost rejected
by those nominated assemblies in the Vest Indies, he hoped
their Lordslips would take steps to enforce those measure.—
The petitioners had no interest hut justice and humanity,
and were on that account entitled to the more respect.—
Their Lordships would, he hoped, receive these petitions
as pledges from the people of cordial co-operation in the
Cause of humanity. Hirt Lordship then 'presented the follow-
ieg petitions—From the Inhabitants of Dudley ; from the
Town of 'Warwick ; from West Bromwich, Staffordshire;
from a Society of Baptists in Eton-street, London ; all praye
ing for the Abolition of Slavery.—Laid on the table.
EXCHEQUER BILLS.
The Earl of LAUDERDALE, seeing the First Lord of
the Treasury in his place, wished to allude to a measure which
was the subject of some observations on the preceding evening.
It appeared that Government had prevailed upon the Batik of
England to purchase Exchequer Bills to the amount of two
millions, with an understanding that Ministers would recom.
mend to Parliament an early payment of the Exchequer to
that amount, for the purpose of relieving the Bank from any
inconvenience arising out. of those purchases. It was the
first instance of the kind which he ever heard of in Parlia-
ment, and his Lordship very much doubted whether it was
legal. It was true that in the years 1793 and 1794. The
Bank had discounted foreign MN to a large amount, tint
that was not at all analogous to the prent case. His Lordship
then moved for Copies of the Correspondence between the
Government and the Bank of England, relating to the purchase
of Exchequer Bills, and also copies of all correspondence be-
tween any ('Government since the year 1792 and the Bank upon
similar subject. The Noble Earl (Liverpool) might laugh at
the idea of producing so voluminous a correspondence, but he
believed there was no necessity for any such apprehension, as
it would be found that no such case had occurred, and it was
for the purpose of establishing that fact his Lordship made the
motion. .
The Earl of LIVERPOOL had no objection to the first part
of the Noble Earl's motion, and with respect to the second, lie
doubted very much whether there was any such correspondence
upon the books—Ordered. '
BULLION.
Lord KING wished to ask the Noble Earl at the head of the
Treasury one question—whether, as there was such a facility as
coining bullion into sovereigns in forty-eight hours, the Mint
might not give sovereigns in exchange for gold ; as the object
appeared to be to encrease the circulation, his Lordship thought
this would be the most expeditious course, and one advantageous
to individuals.
The Earl of LIVERPOOL could not see the necessity of
changing the present practice. Any quantity of bullion might
be converted into sovereigns at the Mint in a very short time,
and he most say the conduct of the officers of that establish-
ment had been most praisetvorthy. They were always ready
to attend to sirst applications made to them, and the public
had a right to demand of the Mint a coinage of bullion into
sovereigns.
Lord KING could not see why the Bank would, not convert
bullion into a citeulatiog coin, particularly
.when gold was be-
low the Mint price, and whep they must have a considerable
profit by such a practice.
The Earl of LIVERPOOL said the Bank could not be
prevented from buying gold even at a disadvantage ; but his
Lordship did not think they were likely to act in that way,
necessary. .
Lord KING thought that the Bank keeping too large a trea.

HOUSE OF LORDS, FED. Vt.

SLAVERY.
The Marquis of HERTFORD presented a petition from the
inhabitants of Coventry, praying their Lordships to take some
measures for the Abolition of Slavery.
The Earl of TA NKERVILLE presented a similar petition
from the Mayor, Burgesses, and other inhabitants of the town.
'of Berwick-upon-Tweed.
SCOTCH BANKS.

The Earl of LIVERPOOL• moved that there be laid before
their Lordships an Account of the number of Banks established
in Scotland, distinguishing those that were chartered and speci-
fying the number of partners in such as were not chartered.
31r. CRAYTER, from the Treasury, presented the said
Accounts, which were laid on the table, and ordered to be
printed.

48,000. With respect to Silk, on which so many complaints
had been tittered, because its importation in a manufactured
state would be opened next July on paying a duty of 30 per
Cent., the speculating spirit had acted With still greater power.
The quantitiesof the raw material imported by merchants and
manufacturers were immense. ThroWn silk had risen from
404,0001b5. to 880,0001bs. that is to say the importation of that
article had nearly doubled itself in the space of a year, whilst
that of raw silk had increased at the rate of from 2to 30001 b.
weight. There had been also a great augmentation in the imports
of Wine and Tallow. It was evident, therefore, that the same
spirit of gambling which displayed itself in so many wild pro.
jects acted with equal power on all branches of legitimate trade,
anti must inevitably be followed by a dangerous re-action. But
how were the recent evils connected with the Currency ? This
was the next point to be considered. hie knew that in most
publications some ascribed them exclusively to extravagant spe-
culations, and others to the currency. He thought that they
would not have proceeded safely front speculations, bad not
those speculations been aided by the state of the currency.
Speculations and the spirit of gambling bid been the origin
of the evil, but it could not have been carried on to such
an extent without the aid of the currency. This was the
natural and plain state of the case. Now the question of
the currency might be divided into two branches, one ap-
plying to the Bank of England and the other to the Country
Bank,. On looking at the whole amount of Bank of England
notes issued from 1812 to .1223 and one half of 1824, there
no reason to suppose that its circulation was in any degree ex.
cessive. In 1823 the exchanges were faVoutable to this coup.
try, although the Bank had encreasod its issues ; and though
it was a disputed point by many knowing and clever persons,
yet most individuals adhered to the idea generally entertained,
that the exchanges furnished an infallable test, by which the
currency was to be tried. In August, 1824, they continued to
be favourable to this country; but in:September they, took an
unfavourable turn, and in the latter part of that year, and the
beginning of 1825, the Bank encreased its issues. It must be
said for the Bank, however, that in Alarch 1025 it sew the ne.
cessity of drawing in. Between the 15th of February and the
17th.of May, of that year, it reduced its issues to the extent of
1,300,0001. I between 31ay and August, 700,0001. and it con-
tinued the reduction till at the beginninl. of the present months
they were diminished by 3,500,0001. What was the eonduct of P
Bot Wore he pro-
the Country Banks at that very period
eceded, he wished to say once for all, as it had been supposed,.
in conselaemce of a paper to which his name we,. affixed, that he
had east an imputation on Country Bankers, that he
and
woatf
allca he
untriad yißaaanikdsreflualtleyd to .
as rteshep;ebralel system of banking, anti
any in town,anti that
not to patticubir establishments in the country. In 1021,
1022, and 1823, the circulation of country banks had continued
with very little variation at about four millions. In 1824 there
had been an enerease from four to six millions, and in 1825 one
from six to more than eight millions ; so that at the comment.
ment of 1828, that circulation had actually more than doubled

SATURDAY EVENING, FEBRUARY 18, 1826.