The Sun.
London, England, 1826-02-11 00:00:00

;040

PARLIAMENT,

HOUSE OF LORDS, FEB. la

Lord GIFFORD informed their Lordships that his Majesty
had been graciously pleased to secure a pension of 2,9001.-a
year for life to Henry Cowper, Esq. late Assistant Clerk of
Parliament, and that he had given instruction to cause the same
to be duly paid.
Ilott.g.,.onb of the Clerks, then read a Patent, appoint.
Courteriay, Assistant Clerk, and his successor.
courtenay was,then introduced by one of the Clerks, and
congratulated on his appointment by the Earls of Shaftesbury
and Lauderdale. •
The Earl:of. SHA FTES BURY presented a petition from
the Lord Mayor, Aldomen, and Common Council of London,
praying for the 'Abolition of Slivery. •
The Earl of CARNA fION presented a petition from the
Glove Manufacturvs and others of Ycovill, in Somersetshire,
praying their Lordships not to allow the importation of foreign
lks and (.cloves.
The Earl of LA LTD EltD. LE said, it was his intention, had
the Noble Earl at the head of the Treasury been in his place',
to have moved for some additiOnal rapers relative to the fin-
portant subject which 'was last night brought before their Lord.
ships. wished particularly to have some information rehy.
dye! to the issues of nank.notea in 1793, anti to the bankrupt..
(ilea at that period, oS well as 111.6,11 ms of the Bank of Eng.
land Notes in circulation up to Nov. 1B:; but• as the Noble
Lord was not in his place, he should postpone his motion. He
wished also to know if the notice given by the Chancellor of
the Exchequer and the First Lord of the Treasiiry, 'to the
Stamp Office, not to Stamp any more one and two pound Bank
notes, had been extended to the Stamp Office in Scotland.
Lord BEXLEY:replied, in the absence of the Earl of Liver.
pool, that no such orders had been sent to the Stamp Office
either at Dublin or Edinburgh.—Adjourned till Mutiny.

HOUSE OF-COMMONS. •
[So great was the anxiety of the public to hear the COAX.
crEz.ortof the EXCUECItTEIt'S Plan for the Regulation 'of
.C.ountry 13anks, that the stairs. leading to the Gallery were
yiuwoeu so early as two o'clock. •At three o'clock the. Galt
l'ery was opened end instantly filled with' strangers.—The
SPEAKER took the Mir at a quarter to four, the usual
• Isßur..]
MANCIIESTER.AND LIVERPOOL.
General GASCOYNE brought in a Bill for making a Rail-
• • war or Tram-road from I,Werpool to -.7.l.laneitesier.Hlt was read
a rat once.
ABOLITION 'OF SLAVERY.
Mr. Brxo presented a Petition from, the inhabitants of
Staines, praying the Abolition of Slavery.--Read 'and laid .on
the table.
alt. l'Asscor GnE.,:rEr.T.present,d a Petitiiin from the town
.• and neighbourhood of Pertryn, in Corn 'ell, to tile riarni! effect.
• --iteati and ordered to be printed.
• Mr. Siteriff Cu ow Tiiv. presentod a Petition from-the Lord,
Mayor' Aldermen and Common Council, praying for the Abo-
lition of Slavery..,`
Alderman WOOD said, that the Petitioners prayed for
• the Apolition of Slavery in-the Colonies, and that they would
'very 'bear their share of any expellee necessary to
indemnify mdiViduals Who n•tight sustain a loss.thaeby.—Or-
tiered to be printed.

. • SILK TRADE:
Alderman Wool:, presented a Petition from Certain Ar:
&ere acrd Workmen, praying that the Ilouse would not ellow
the, Importation ~oft Foreign Silks. especially .as they were
then labouring under very • great distrestn—ltead and laid on,
the tahltr.
PigansE' Oesented a Petition from two individuals,
Threwsters, of-the Town. of Devizes, prayind against
the Iniportetion of Foreign Silks.—Read anq laid on the
I..r.rnunt oar presented a Petition from the Glovers
at the town of Yetivill, in 6eniersetshire, againet. the importa-
tion of Enteien gloveit.—lleceived and laid on the table.
'DESERTION FROM THE NEI-W.IIAV SERVICE.
Sir 11. PARNELL presenttd 3 petition tfrom several Ship
Ownerstof the. port of DOOM, complitinine of the desertion
ft'orn the merchant service, and itoetying the Douse to revues
eti6l deeertion.---Read and laid On the table.
ee NCI:I4I,A N EOUS MOTIONS.
,Mr. PUP ; lIT moved, that the repast of the Commission
'appointed in 1793,up.0n theubject of the commercial distresses
•that period be t e' tiered.
' He bed also another ne,] e, which perhitiss required no-
tiers ; but, if, the Ilonnurabl • ..cretery to tie Treasury diet not
down ir iteceesary, he would moeceel. The lion. tlentletnan
then mov,,ii far the amount of Exchequer Rills issued undo.
that Commission (1793); also the number of persone who had
applied tor ateistaace, and the amount °f losses, if any, sus-
)rdered. . •
?Jr. morett for various Accounts relative to
atm aunt •of unredeemed funded debt of the United .King-
do ), frotn :ht year 3 )It4 to 111.tti biclueive.—Ordered.
Mr. BitltlllTmoved for leave/to briog in a 11111 to facili'e
tate arrangetnente between Debter and Creditor, by means
of Truenes,. Ids wished the Billtorire printed, and hoped that
it would reeeive the attention of the commercial part of the
'noose; • •
Mr. SP It INO NICE moved for a 'Return of the names of
every parish in Ireland, where eompositiona bad been effected
meter tip et, eteting, whether tnede with the convent of The
Clcigyman, (~r' the:Lay ItnproPtimer.--eOrdered: '
COAT MIT 01' SUPPLY. t
.
The C NUE LLOR ef the EX(.:i114412, llt rose and said,
that it weultf be more air ivetnent to the furtherance of the ge-
neralhojt tee the 11oost, irthey tlxio:woot into st• Committee
of Supply • before wing to theprincipul question of the night.
lie should then submit ea tnintOli to the Committee, that so
mild) 8)10(111l be granted to hilt ,Majeatx, for paring oil' out-
standing Exchequer Rine. course would twee no ques-
tion open the.sul.,ject of Exchequer Dille, as the discussion of
thatayeuld itfterueuds ventrally occur in the
,Connuittee of
WaYs and illenns! lie was elite the llnuse woald titel with
Mtn, that mikes curie filieh vote were come too early in the
Session, there tnth) be at, proceeding with an 7 measures of
pahlia dunce. Ile ehottid, therefore, take the liberty of 'mov-
ing, diet the Boum: resolve itself' into a Coinfitittee of Supply.
Load '101.1(1:'' I' ON L •wietted first to alsk the Right Hon.
Gentlemen whether Iris 130tiOn TOMO to the measure Tee •
VA.I -
ing the Banks.
The CII A NO:1:1,0R of the EXCII EQIIE It—Certainly
not.. .•,
The motion fur going into a Committee was then put.
Mr, ;IA P. I aeked (as we understivd) w!kt.lt:,r the motion
of the Committee would have any thing to de with the sub.
,
jest of the Ihutks •
.nio.Gii,,NiGELI4OII oE f the XCU EQUEll—Nothing on
earth to' do with it.
Tim Nemec thee wont Tuts~ ce mittee, and these resolutions
for grunting eteee •ceut,T ••• • ;tweed, to. The I I oule
bunted? tt, d, awl the Committee
ordered to sit. A et: el • e
It, •t r-1'

The criii N.CELIAiIt of ;he EXCIII:C/ligit moved the.
Order of th.., 11,tty for goitig into it. Covinfiitt,i3 of the A';o014.1
HOASA opoo the Hank Csiarter and Protni:etory Notes Act.
Lord FOLKESTO:YE wislicd to ask whether upon that
question,thv Itiot Ge:Wiermin meant to,propose his mea-
sure, orattxr the lieuse }iwt gor.:e into Committee.
The (11 ANCLIA.OIt, of the EXCHEQUEII.—In the'
Commitr,e. . .
Lord
.tt n then said that the it
malt ;:ti (mut tonic!, upon the lionise. In the de-
bate which to th Ottee on the first day of the :)t. nitro, the flight •
lion. ipcn notir.!r.. of 4 motion for this day upon the
suhject Ow pfrot watt Monday tltt 11i.,ht non,
Or:nth:war 'cltor/boe it'own tti ttie 11l SC, and in, r Under
of di:. itint.2o‘grtitilt CV:, ,• thou it.
.Now this was, iq hts:,oplM4-,n, St very. ; s.:ode of !
procpedim ;IY t riti st t 1Ayr0...0 the f f,,, ,
Ow), war' gtslt i", :onivice„ 1
lie for rs aw;,,.:. not re:pared to go ir,t, t , lett,
Chaumlior of the,Exciscqnsr would u‘ 1 the
,
tinestrop tOr girung n'to itte ;
ittlt Knot, he hoped the If irloc :I three attp they
were. tukiog, beturc they Omitted tit,,ve wt.'.. grounds for A
C 91111111.1
Cl.lANerl,tA3t of the /.11“.:11E;(,),Tilit said, the
Noble Lord accused hint of- leiving,stolen a march upon the
Itouge—tto:accusettion-Which be did .not ft.,l tint he had justly
incurred, hatldenp,nothing inconshocut With the uniform
7-'etire ebtice; es it itrnt stood, wins Thoirmet, owing to
p .
his words Ittiviiii; tem intsttotterstood ; and Inc sui,,,,qiunat.,
ton{: mew-oat:a for puttitig himself Tight. It wa4 ittrfct-tly
that be the notice on a subsequent day, but he
did not le, I" deiug go he was duing any thinr Speen-
s,,„rent ,iith uniforri pritcziae, of- the House, • might
vao:4l, h,,,,,i,p,,,,,r;g1ti!!t1i0s it:usable that the question
have been
;oust in tt t 'onnuttee upOrt the Acts ; but he
could 1161. ,g,1.'4 the smallest Tetivolr to MM.
joae that. “:17 eye.; pril, ;red try 417 thafly rr previous
ohjeetiok they stop t!;,:; conAdaction or any great. public
measure, se t.at he wag ilbout to intrathtee to the
-House. !alien by the Noble Lord, boVever,
would havl: that t,tl'ect, it gcuoally adopted. If the Noble
Lora thpuGht that 'is converwlit mode of &Mini; with such a
question, he tots sorry its dlff,:r with him, but he held a VeTy
demist opiolon ohon the Matter. 'lf such ptchtnioal objec-
tions were taleco, every gTitat meson: ,would be stopped in
and before its Ineric4 could be 'ascertained. Ale (the
Chancellor cif the Exeherpnet) thought that he hind chosen the

most convenient mode, because he might be asked questions,
and have to give explanations, after statement of the measure ;
and if he were compelled to make it, in the House, and not in
Committee, their forms would preclude him fronf the possibi-
lity of addressing himself mote than once to the question. He
therefore hoped the House Would not adopt the objection ad-
vanced by the Noble Lord. •
Mr. BARING said, that if the question were one for which
• any other time would do as well, then the objection of the
Noble Lord Might be wortlty of consideration. It must be re-
membered that they were going into one of the most important
subjects that could occupy the attention of the Legislature, and
certainly with the least poSsible information. It was therefore
necessary that they should first hear the Hon; Gentleman's in-
tentions expounded, for at present he believed no one knew
what they were. < •
The Order of the Day having been read,
• The CHANCELLOR of the EXCHEQUER moved that
the Bank Charter and Promissory Notes Acts, be referred to

the said Committee;
UpOn thequestion that the Speaker do now leave the Chair,
Lord FOLKESTONE explained, and said he would not
persist in his opposition, against the feeling of the House.
Mr. CALCPAFT said, that he, nor as he should think;
would any-Membereousider himself pledged to any thing by
the step now taken by the House.
The SPEAKEu having left the Chair, the House went into
Committee, Mr. BnoonEx presiding. • • •
The CHANCtLLOR of the 'EXCHEQUER then rose

and said, that if' he did not feel he was acting in the discharge
of a great public trust—however unworthily and unfortunately
imposed upon him—he, certainly should have some qualms
arising at least from the importance, if not the difficulty of the
subject he was about to introduce to the consideration of the
Mouse. He was well aware of the objections that would be-made
-as well to the principle as to the details of the measure which
his duty required that he should lay before them. He was

well aware—notvvithstamling the impression left on his

mind by the debate which took place early in the Scs•

,sion,-he was well aware of the extent and ammeter te
that hostility. which was to be arrayed against him.-
He was well aware of the nature of the feelings by which indi.
viduale would be-prompted to that hoetility.; and from certain
expressions which heti fallen out, he Was aware that he must
expect to meet no small misunderstanding as to The principle
and the grounds upon which he should submit his proposition
to the House. Ile ehnuld, however,
.Proceed to' discharge his
duty fairly and fearlesely ; and in doing so he slaiuld have to
ask the House for their utmost patience, and their most indul-
gent ;went ian. He feared that he should rot be able to
conr-
press hip observations into the limit beyond which it was desir-
able that any. statement should not extend. lie entreated,
therefore, tl tat indulgence would be granted him-( Hear, hear!)
-not because he deprecated any Observations that might afler.
wards be offered by any individual, but because the import-
ance of the question was such, that in bringing it before
the, House he felt the difficulty in - no , ordinary manner.-
But before he proceeded to explain the views of his Ma-.
jetty's Government, and the grounds upon which they
conceived that the. distresses and alarms of the country.
required these matters to be. treated. of, he should offer
Some remark upon a course which had been taken--not
there, but in other quarters, in reference to the conduct of
Government. Ile meant the ,objection which had been raised
agaitest the holding • out expectation's of .:lief. Itt was' said
that it would haVe been more prudent if they had altogether
abstained from stating to .Parliament what their, intentions
were until.they were ready to bring their measures forward.---
Now be entreated the,llouse to consider the situation in which
they ehoula have been placed--and, what was of ten thousand
dimes more itnpartanee-tM 'situation in which the country
would have been placed by such. a proceeding on their part.-
they had taken that course, it was impossible that the sub-
ject could have 'been alluded to in the-Royal Speech. But if
they had been silent upon such a.subject lie should be glad to
know where would have been the silence in other quarters ?-
(Ileat, hear !)-Wae - it possible, with such a state of public,
feeling, with so ninny- inserests involved in distress and panic,
that the Address would. have been moved half an hour before
the Government was called on, in such a manner nit it could
not reei,t, to state its measures for removing or alleviating
the evil ? lie would say that they should have disgraced
themselves, by such a silence, because it, must have
be ei iMpossible that they. had not framed something in
their own minds as to the measures best calculated to
Meet the exigency of the ease.. The country would• have been
,justly incensed at such a delay, and die effect would have been
that all classes would have heen kept in a state of feverish agi-
laden which mast have created greater distress and suffering
than even that which had resulted from the present agitated
i: state of the public mind ; it would have increased all the evils
in a degree for which he should never desire to make himself
responsible. Therefore,, whatever might have been done by
Government, or whatever measures it would have been best for
them to undertake-silence, in anycase, was inconsistent with
the situation' Of the country, and this objection to their conduct
was entirely without grounds. .And -now, in order that die
House might be enabled to judge- tiretly, whether Any thing
ought to be donee and secondly, whether what the Ministers pro-
posed was die fittest thinge-it was essential that they should
satisfy their minds in the tirst instance, that they could discover
the true cause of die evil...-(hear !)-Because if they did not,
they should only be legislating in the, dark, and doing infinitely_.
greater mischief than (;trod.--And here he would observe, that let
the measures they had to propose be ever so right and good in
principle, they did not desire to, lead the country to consider
them as an-infallible remedy for the existing distresses: lie
%visited riot to do . that, because he knew he should only be
leading die countr' into a delusion. But be would also lay
down this proposition as incontrovertible :--they could not flat.
ter themselves, as. legislatorsl with the hope of ever devising 'a
measure of perfect and infallible relict against the common
fluctuations of trade, prices, and commercial confidence. The
supposition was contrary to the frame of all !minim society-
but urticnlarly to a state of society like that which had ob-
tained in this country. All history told us, that wherever so.
ciety had existed, such fluctuations had been almost of period!.
cal occurrence. In all countries, and above all, in those Where
refinement and civilization were most advanced, whatevermight
be the nature of their currency, whether theoretically and prac-
tically metallic, or partly metallic and partly composed of pa-
per convertible into coin, from some cause or other these flue.
tuatione 041 took place. ,• Supposing the cause to be a sums-
xion of ,aufaVourable seasons, as they had been sometimes
known to prove-supposing the supply of the soil of other
countries 'to be.- unavailable, tither • from an impediment
raised by the laws, or from any other circumstances-sup-
posiag Oda to create a gradual tendency in egricultated
produce to rise in 'value-and the case had happened
over and over again-what would be the consequence ?-
The new and improved interests thus derived by the class of
ye sorts so benefitted, led them to an extended employment of
capital in the further cultivation of die Soil, and that andoubta
edly led to an increased produce. But the consequence was
that the high profits derived from the superior quality of the
best lands, offered a temptation to increase the cultion of the
rtuil beyond what could be eventually profitable to the producer.
-Tide for a time increased the means of the agricultural class,
and they employed their increased means in ein increased con-.
sumption, .which likewise extended the means of other branches
of the community, anti an Increased general tendency tn specs-
- late was the consequence.. Then came the natural tendency to
ovolespe,culation, and an alteration in the seasons brought down
the prices their level. Alarm grew up, such confidence between
man and marl
.was lessened or deetroyed. Those who had spent or
looked up their capital in die cultivation of the eon were unable
to meet the demends upon them, anti their rain was the consea
The money Wilkh had been advanced upon the lands
was not available to the other classes who had so employed it,
anti that, dectuation arose whielacreated the sort of distress we
had new to suffer in a more extraordinary degree than was
.often known: Tut if. this could happen in a country. where
-the- circulation west wholly metallic, bow much more
spa in one where' it was partly composed of paper ?
-Because it was well known that the effeet of a paper currency
would be to facilitate the rise ofprices ti the first instance, and
then to precipitate their downfall whenever it occurred. But if
. this evil-since in its result it was so on %recount of the distress
which it produced amongst till on whom it operated---was thus
produeed• in such courtesies, he thought it was greatly amis.
laded, though not caused (be ulways wished. to make that die.
dilation) in this country by the. nature of its paper circulation,
11e thought So, because where the paper circulation was not
-confined to u ilrr,e denomination of notes, it appeared to .him
-that the existence of the smaller species of circulation must ag-
gravate the eituation of the panto front whom they issued.--
They were told, indeed, that country bankers did not wish fir
the continuance of this kind of circulation. One lima Member
engaged, he believed, in that basilica*, stated, that the one-
. pound notes were a poeitive nuixanue, and that bankers wished
to get rid Of them. 'Those flentlemen appeared, certainly Ito-
prestted with the diflicaltyeof getting rid of them, hut they said
that every, establishment Were compelled to issue them, ia
to keep up their circulation, as king as they were admitted into
circulation at all. Now the effect -of- thiseeompetition.w:4le,or
tendency to increase the general circulation beyond the proper
point, and then, by affecting the changes, to drive the gold out
of the country, and prevent the putties themselves from being
able to pay in gold that which by the very terms expressed upon
their paper they were, bound to to pay. In another point of view
this was en evil; beeiture it preeented the full operation
of the measure of if which had net with, he thought,

the' unanimous support of that Rouse, and a general concur-
rence of favourable-opinion throughout the country.—(Hear!)
And that measure provided for the entire removal of this species
of circulation.—(Hear, hear I)—This, then, was not a new pro-
position.—(Hear, hear!).—lt only went to the restoration of
things as they were before. He declared to God' it was not now
the political economists who were pulling down, but those op.
posed to them were the innovators. Yet what he had to propose
was represented as a measure that would spread general confu-
sion and distress, drive all confidence out of the country, and
prevent every man from gaining accommodation in any
of his commercial dealings. He apprehended that a me.
tallic currency would rather increase than destroy such
confidence, and afford more security for all the transac-
tions of business. And when all these dangers and alarms
were held up against the change, let them look
at the effects of the present system. Who were those amongst
whom the email notes most generally circulated ? Thea were
the poorer classes ; persons having nothing but their industry
to subsist upon, and to provide them with support in times of
sickness or disease. One of these persons may have acquired
by careful and industrious, habits, three or four of these 11.
notes. Why, to be deprived of this was heart-breaking—it ,
was his all, and nothing could save him from ruin and misery.
—lf he had been possessed of sovereigns they would have been
something for hint to cling to in the hour of need, and a vast
quantity of human suffering would be prevented by such a
change. .The Dania, too, would be strengthened in their se-
curity if relieved from the danger of supplying the circulation
used by the poor man. But if they left him with these notes
in his hands, let distrust or alarm be created by whatever
cause it may—he being.the first to suffer—he it was wi) spread
the panic to the holders of five and ten and twenty pound notes.
When they saw the poor man running to save his money, they,
naturally began to-say there must be something rotten in the
Bank, and accerdiintly went and'drew out thenslarger sums;
and thus the panic was spread to a class not otherwise so Liable
to, feel it. and in whom it became a serious injury and loss to
the, parties. Therefore, he thoeght that the taking away the
power to issue small notes alstget6er would be a benefit to
the, Bankers themselves, as tell as to the poorer classes
of the , community. It was said that it was not for the sake of
the profit derivable from this circulation that the Bankers
wished to retain it. What then could be the injury ? If the
business of any establishments could be injured by the measure,
they must be such as were dangerous to the country. Un-
doubtedly, there were many Banking Esteblishmente • in the
country, as secure as any establishments of man could be ;
but there were others of a different description, and he protested
against their interests being considered in oppoeition to the ge-
neraldeterests of the community.—And he would say, that the
security of those Banks which were substantial, and able to meet
every demand upon them, required protection against this
danger of an over-circulation), alWays so injurious to their pro-
perty, And, to effiatt this, did ,he ask the. Parliament to adopt
any new principle, or to recognise any 'new doctrine? He knew
that seventy-fivr years ago there was no law to prevent the issue
of one pound notes. But when the regulations for the Mint
were settled in 174, they could no longer be issued. In 1775
however, a law was passed to anew them to come into circuit'.
don under certain restrictions. In 1777, this was found to be
inconvenient, and a temporary Act was passed to prevent
their circulation, which was renewed from time to time,„
until the year 1787 When it was made permanent. But
afterwards, when, in the year 1797, -the Bank' suspended
its"-payments in cash, it then
.became necessary to love
one and two pound notes as means of carrying on thee eircula.
don of the country : and the former law was therefore sus-
pended. But that measure was only considered to be tempo.
nay, as was proved by the course subsequently by that liouse.
When in 1819, Parliament end the whole country deemed
it necessary that. Cash Payments should be restored even at the
risk of much sacrifice, # Committee went fhlly into the subject,
and as far as a question could he investigated, he believed that
question received through investiinition. The Committee was
composed of all parties, and lie believed that no difference of
opinion existed amongst them upon this subject. Any he
would ask any person to point out to him in any part of the
voluminous evidence or documents laid before that CoMmittee
the enunciation of any such doctrine as that the circulation of
small notes was agreeable to the interests of the country, or
ought to be perpetual. On the contrary, they took a directly
opposite co.irse, and its cessation was provided for in two years
after the resumption of cash payments,.-(Edgar, hear 1)--And,
the Parliament of that day never contemplated the possibility
that, after the period fixed by them, the circulation of small
notes would be continued. lie repeated that he regretted, and
always had regretted, the extension of the time by the Bill
of 11122. But be had always understood that in all the
,communirationm from Country Bankers to the Govern.
anent, they had stated, in the most unqualified terms
that they had no ol'ject.ion to the withdrawal of one
pound tunes from circulation. It was proposed at the time to
require a deposit, and that was strongly objected to ; but to the
other measure they always expressed their readiness to accede.
.1-16wever, it was decided that these notes were to continue in
circulation until the year 11133. And what wag he proposing
now ? The intredUction of kerne new measure, founded upon
some new. principle? Not at all. Ile proposed that they
should revert, at an earlier period than the year 1333, to the
system of law provided by the House in 1819, and which,
though they should leave it untouched, must come into opera.
don in 1033. His lion. Friend, the '3lember for Cricklade,
seemed to think that the greatest convulsions and disasters
were to be brought upon the country by the measure he had to
propose, and cried out with much alarm, " how arc we to get
our rents paid?" But did not his lion. Friend see that this
objection was perpetual in its nature, and went to 'destroy tlfe
law altogether Now, thera. who was the innovator here ?
(Cheers.)—The lion. Member clearly.'proposed that the circu-
lation of small notes should mu cease in 1833, according to the
law, but Should be made perpetual. Ile should like to know
how such a proposition, tangibly brought before them, would
be received by the House. A new light seemed to have
broken in upon his Honourable Friend of a Most extraordinary
nature ;—from whence reflected 'he could not say ; but
sure he was, that if the 'House acted upon it, both
his Honourable Friend and -himself, as landed (lentle.
men, would be among the first to find out its effecneL-
Butlhere might be some who did not push their opposition so
far, and yet thought that the difficulties of carrying the measure
into effect would so cramp the circulation to lower the prices of
manufacturing and agricultural produce, .cued lead to thesmost
fatal consequences. -Now this appeared to him to be the most
visionary of all the causes of alarm which he had heard ad.
vanced. They had experience to guide them upon this, point.
In 1810, when the Bank of England had to meet an the de-
mands upon them, and to pay their notes in gold, the only
means to effect that object was the contraction of their issued,
and the regulaton of the quantity of currency, so as to lower
the price of gold, to bring it into the country, and then to
keep it there. Since, the year 1619 there had been coined at the
!Viet no less than 254311,000 sovereigns. Ile would explain to
the Committee the periods at whit h the importation of the
gold took place, by which it would be seen how great a prepor-
tson of it was introduced in the three years after the passing of
the Act. In the year 1820 the number of sovereigns coined
was' 49,000 ; in 18‘.!1 it was 9;520,000, and 11122, 5,356.000.
So that it appeared that in three years the Bank brought down
the exchanges, and imported a sufficient quantity of gold into
the country to coin upwards-of 15,000,000 of sovereigns. He
admitted that during -the contraction of the currency neat'.
stay to effect that object, great distress had prevailed in the
eutintry.—(H ear, hear, hear !)—He admitted that the years
of 1019 and 1:120 were years of distress, and that distress
to a considerable extent existed in the year 1821. But the re-
action was rapid, and in the year 1022 the state of the country
was materially improved, while the Batik contracted the eircu-
lation 'still "further, as he would show to the House. In the
year ending the 501 of January, 1820, the amount of eircultat
non was 23,072,0001., and in 1321 it had been decreased to
21,757,0001., and in 1822 it did not exceed 18,000,0001. Now
let him ask the Ilouse—after this substitution of gold for one
' pound notes did the state of the country go down ? Was every
man looting at his neighbour and asking, " Is not that man
ruined F" o well thing. The country went on gradeally
improving,thc same
s t
eapn d
with tyhegeracytd to
ore didth
the
not 0
us
teletyty circulation of onehe danger of' taking
pound notes. But then it tnight be said thatthis was an
.un..
dertaking of greater magnitude, and requiring greater means
and exertions. Would the Committee allow hint to call their
attention to the state of the gold currency at time present um-
ment ; because it was important to observe that they were not
now proceeding upon tire same ground as in the year 1819,when
there was nogold at all in the country. It was much easier to
superinduce a system upon a basis already fixed, than to raise it
altogether .as in that case. It must he remembered that. there
was not less than 17,000,000/. of gold now in circulation, and
thetthe quantity of gold brought into the Mint since,theyear
1819,bad been sufficient for the coinage of 25,230,000 sovereigns,
There had been exported in the same period, gold sovereigns to
the altiOunt of 7,230,001-1/. lie- was informed, however, that it
was supposed at the Custom House (although there was no au-
thentic proof of the feet) that within :he last half year a great
quantity of gold had returned to this country, aktd which he
would estimate at a million. • Therefore the total loss would be
but six t'andif they deducted that amount from the
twenty-five, and alto 2,000,000 for what was carried out
of the country in the pockets of individuals, and by those en-
gaged in certain practices, which he had been strenuously. -en-
deavouring to put down, they would leave an amount of 17
minims, as the present geld circulation of the country. The
object of the Bank was accomplished, and they were in a con-
dition to prevent gold from going out of the country. It was
now, in fact, profitable to import gold. Thus, then, they had
a large basis, from which they could extend the metallic por-
don of the currency, and they would next have to look at the
quantity of one and two.podnil notes in circulation, d
,an the

quantity of gold that would be required to fill up the vacuum,
whenever they should be withdrawn. The Committee were
aware that there was some difficulty in ascertaining with accu-
racy the amount of country paper in circulation, yet that an rip-
proximate calculation might be followed by a referen4 to the
stamps required from the Stamp Office. By this reference they
obtained the following account, not of the generatamount of
Bank Paper,. but only that of a small description, which had
been stamped within the last six years :
In 1829 - 1,603,090 In 1823 - - 1,969,000
• 1821 - 2,214,000 1824 2,600,000
1822 - - 1,1881000 1825 - 3,172,000
The fairest way then was to take the average upon three years,
which would he about 2,300,0001, and three times thdt would be
the amount of small notes current in the year 1825. But al.
though there might have been that amount current in the early
part of the year, that could, not be the case now because when
late in the last Sessions a question arose,in that House respecting
the refusal of a Bristol Bank to pay its notes in gold, the dis-
cussion which then took place produced a great increase of
caution on the part of country bankers. He had no doubt,
that after that a very large proportion of the gold in the coffers
of the Dank found their way into the country. And why?
Because those Banks that were secure wished to be prepared
to meet a danger which they saw approaching, and gradually
to withdraw a part of their circulation. As the year advanced,
country bankers found that there had been ttio.great-an issue
'of paper, and that symptoms of declining confidence were
growing up. Then, for their own security, they must have
contracted • the quantity of their notes as soon as the runs
commenced. Besides this, all the notes, stamped had not,
under the circumstances, in all probability,, been issued.-
He should therefore estimate the amount now in circulation;at
about four millions. And the utmost extent of what lieltad to

propose to the House was, that if, after. the lapse of three years,
that vacuum should be filled up With gold. • What there was
in such a measure to conjure_ up,the terrors which some Hon.
Gentlemen anticipated from it, he could Hot see. __He knew not
Why it was a matter that could ni4lse touched without creating
a panic all through the country and heaping distress upon dia..
tress in every branch of its 'industry. The question was not
whether they should now get Into a difficulty. They were in-
it—( H ear, hear!)—and now the question was how they were to
get out of out of it; and how they were so to get out of it as to
avoid getting into it again.—( ear.,- hear !)--It was not the
rear of some little temporary pressure upon particular interests,
that ought to make Parliament blink the question, and leave the
country in its present state. ln the time of war it was very well
. .

for i linisters io take measures best calculated for the exigencies
of the case, and to think little of priaciples; lint" if they-were not
to resort to sound principle in times of peace like these, then he
would say that sound principle was not • worth h farthing.--
(Cheers.)—He did net affect to consider the difficulties -at aLend.
He was quite aware that a very considerable pressure must yet
be felt ; but it was the duty of Parliamentlo meet it, sod to meet
it in nuch.a temper and spirit as might afford an aspiring example:
to the country. He was about to advert to circumstance by which
the difficulties had been supposed to be increased. He alluded
to transactions between Government and the Bank of England.
It had been contended that the Bank had increased its issues for

the purpose of' proinoting the Views of Government. Ile
would sate the amount of Bank of England japer in circula-
tion in the years 1023 e 1824, and 1825.' In the year 1023 it
amounted to 19,137,0001., in 1t124 to 20,01600/., being on in.
'crease upon the amount of the preceding year of a miiiion and
a half; hot in 1835 the amount was again diminished to with-
in about half a million of that of •the•year 1823; the amount
for the.year-11125, having been 19,721,060/. It thus appeared
that the issues of the Bank had eencreased considerably in the
year 1824, and he court admiethat-encrettee to have contributed
'materially to the general excess. At the seine time, it did not
follOW, by any means, that the 'excEanges would have been tif=
fected, if the increase of paper of the Bank of England had not
beerfaccotnpanied or followedsbret least an equal, if not greater
increase in the issues of theeountry banks. It is impossible to
assume any fixed relation between the paper,in circulation of the
Bank of England and, that of Cenntry Banks e for the one is
often foUnd to increase when the'other diminishes, and vice versa.
But he would assure them, for the sake of arguments that the
redundancy of circulating medium .had been mainly caused by
the Bank of England, and would then inquire how far the issues.
of'the'Bank werete be:ascribed to its arrangement with Go't;crn-..
merit. The. pecuniary transactions between Government and the
•Ittutk were confined to the arrangement for the. payment, of the
Half-Pay and Pentilons, arid, tothipayment of those Holden of
the 4 per Cent Aims. who diseented. from the offer of Goveim-
ment for the reduction of the DiSidend on than, description of
stock. Ile requeSted,,heWcver, that the operation of these causes.
of increased issues be net .magnified beyond intactirelestent. It'
was evident, from Ate returns.now before the'llonee, that it' the
Bank 'bed not advanced money on...mortgage, and. uPeti other
unusual securities, the whole .increase issues, train the
operation of its . contracts with Government, .would not have
exceeded 400,000/. Let it not be .supposed that he had any
wish to shift the blame from Government to the links, he had
no such. intention. • Ili would not dwell on this view of the
subject; and, if' he did not do so, it was not from Any desire to
avoid his full share of respensibiliey for eny past transactions,
'but because he earnestly wished, the undivided, attention of the
House to be applied to the aPpfication.of remedies. More
suitable.opportunities • would occur to apportion the several des
green of blame, if biome could fairly, he imputed in any quarter.
The more, serious and pressing nusincss et present was: that of
adopting .Cfllee ual safeguards agahmt.the recurrence.ve similar
calamities.. Ile would' not now weary the. House with a de-
fence of the. conduct •of Goverement. It' it adopted the pro-
'posed remedies; remedies which . he had' no doubt would be
effectual, it might do with him as irpleased. If the Govern-
ment had committed errors, it was in tine power of the House
to prevent the. commission of such errors' in :future. lit:-
asked • the 'llonse to legislate for . the preventio6 of great
and common evils, and likyuld not attempt to screen from
blame either biniseif or any' Other.. party Who migh4 be thought
to Reserve, it. lie had'
the measure then
into a more hulled 'defence
of the ,principles of' en he .had at first ex-
pected would have been necessary; but lie had felt ttu lines.,
sky of doing
.so to be'. in 'sonic Measure imposed upon him
by the aeposition, which, as far as he could judge Pita n recent
conversations in that House,- the'proposed measure was now
likely to encounter, and whicit'he had -not been led to untici-.
pate by the manner in which Its suggeiniens-hed been received
on the first night of the Session. Having thus fully stated and
defended the principle of the measure he would now enter upon
the details by Welt it was to be•catried into effect. There
were two modes of prOceeding which suggested themselves..
The lst..was, to declare tlsat after •a certaiq time no more notes
below the value of .5/. should be permitted to circulate, leav-
ing every thing preparatory to the cessation to the arrangements
of individuals; the tither wits to prevent immediately the tar-
titer issue of stamps for notes of thit deserfption, thus ensuring
their gradual disappearance, and fixing n certain time, after
which those that remained were to be withdrawn. The first
of those modes was. liable to thiserhjection, that at the end of
' three years? or of whatevenother time might be fixed, it might
by poasibilay he found, that the amount of --this. sort of cur-
rency had been still kept, up, undiMinished. The power, at
least, of maintaining it at its full amount would be given.;
and if this power should have been exercised, all the same dif-
ficulties would be found It-Sexist:ea at the pr,:sott moment; the
same argnments for postponement would be urged, that were
urged now, and the consequence might •pre'Vetly be, that
the measure would' not be 'effected at all. second mode
had' therefore, been adopted as die most grad,6l and easy
in its operatio, and the miaa certain to be attemit.d with even-
tual success. 'The proposal therefore is to .prevent any fresh
' issac of these notema'so that its those now in existence wear out
by degrees, the number in circulation May imperceptibly dimi-
nish, and to prohibit, after three years, the circulation of such
notes altogether. These, he .thoughte were the only ;tali of
detail necessary for hint to state. The enactment' neuid-be
founded simply upon the resolution he intended, befarehe sat
down,inrltteC
thaa a,llbolylitillilbesellailinistde'd‘P' o,,iirnlistshicaisr,tybi tN:asortitenisli(i'PlpaaitYlelaito,bnlinoort; tt)l.:bts.oer(ae;r°tetlrlile''ol.
`tint of
Feb. 1828, should be permitted to 'circulate till tbe sth of April,
1029, and no longer." Before he eptefed non- the, oessidera-
don of' the other measures- which it would he his, duty fully to.
-bring under,the consideration of the House, be would advert 'to
the questions Which had been 'put to him the, 'other. nighte.-.
with respect to the extension-of the measure respecting 11. and
2/. notes to Scotland.. The situation both of-Scotland and Ire-
land, in regard to currency, was. materially differeut from that
of England. In Scotland, Up. to the year 1765, there lie legal
limitation to the issue of paper currency. In that year a law
Was passed, making it illegal to circulate notes below the value
of 20s. ; that law was soon .afterwards repealed„ and since that
repeal it has been perfectly -free for individuals to circulate
whatever notes they thought proper. Neither in Ireland did
there exist any legal restrictions, although there did exist
a practicarestrictien in the indisposition of the people of that
country to accept in payment any thing but coir.'ln consequence
of this holisposition throughout Ireland, and more particularly
in the north,
.whicinwas principal manufacturing; and tout-mereial district, a very considerable quantity of gold had alway's
remained in circulation. In the year Mil, some time after tire
Bank Restriction Act, the Parliament of Ireland, pursuing a
course directly opposite to that, pursued by this country,
prohibited bylaw the circulation of small notes—end slie
had consequently retaitted possession of coin -to et very large
Sclaireryhasnochoatrbteerrepdrilintinj
amount. The laW of the two countries 'was, however, assimis
is-Mated in 1801. There are other- CireinnstanceS, connected
with Irelt td end Scotland, 'by which they life distingtiiebed
jet; exclusive privilege.' She front England. In the first place, Scotland has a- bank
charter:> they
taiygret :tett: partners to the anima Ofthele sub.
privilege thannde that b '6ll t'
the same exclusive privilege as is
scribed capind. Ireland hes a national .-bank, • which' previous

now possessed by The flank of England. That exclusive privie
lege she then surrendered, leaving banking free throughout the
country, with the exception only of that part of it within fifty
miles of Dublin. Notwithstanding these important distinctions
heconfessed he could not see upon what principle a perma-
nently different system could be maintained for the different
portions of the empire. He did not contend that it would be
sound policy to apply the same measure to all—exactly at the
same moment. With respect to Scotland, the impolicy of doing
so would be manifest. Her present circulation consisted exclu-
sively of paper—there was not as in England any basis of metal- •
lic currency. It would not be merely -to supperadd a small
quantity of the precious metals to a great quantity already ex.
'sting. The entire foundation of a metallic currency had yet -
to be laid. It was not his intention, therefore; ht present to
offer any resolution to the Committee respecting the currency
of either Ireland or Scotland—He could • not, however, lose
-iiight of the the principle which must be equally applicatile to
every part of the Empire. 1.-Ie could' net imagine that it could
be contemplated by any one, to leave either of the Sister King-
doms, permanently and on principle, on a different footing with
respect to its currency, from that on which England was about
to be placed.—(Hear, hear I)—He could not refrain from one '•
observation in reply to the argument adduced by his Hon.
Friend; the Member for Cricklade, that the-proposed Measure
would have an unfavourable effect upon the interests of sari.. • .
eniture. fie had called upon the Country Gentlemejs in that •
-House to give it their decided opposition. .Now he, on the con-
trary, was of opinion that if -any class was more than another
interested in the measure, the country gentlemen were that.
class. He would ask with what feelings a gentleman of landed
property could view the scenes which the present system had so
often produced.- When they saw whole multitudes of people
running into the market town nearest their estates, to obtain
payment of the one or two-pound notes they possessed. When
they saw panic, commencing with-the lower classes of society, •
gradually ascend tb the higher, must they not lee visited with
ialpatenestectinsitohnanfoichtahtelsnelcitlicristyoloidfittlyieiorfrbeanitiske?rsN.o class was
wans theiork
value of the temporary accommodation their tenants might ,re-
ceive from the issue of these notes, compared with the pershel
interest theY'unquestionably.had in the existence of a settled
and secure .currency in their respective. neighbourhoods. 'lf
they took the advice of his lion. Eriend, they would be rushing
to their own ruin. He would now shortly call the attention of
the Howie to the second eVart'of the plan of Glevbrninent—viz
the- limitation of the exclusive privilege of the Bank of Eng-
land. Ile was quite astonished at the expression of alarm which
he had heard-on this part of the plan. When in 1822 the Bank
of Ireland surrendered, in a-similar manner, a fortion of her
priiilegee, no alarm was then espreseed. The general ex-
pt
oe
impart was, sn,
etwh all
et
gh erecoe nosfecqoulei
(nuctey otfot
ialte sbuarnr ekniidn)rgeorpesosioOtelittblsidoimsbilee.
ments of Ireland, and when last year lie had to
moditleation of the system, he found his greatest difficulty
to consist in restraining the zeal -of Gentlemen from outrun,-
ning die intentions of Goaernnient. Ile was utterly at &loss
therefore to conceive what inconvenience could be apprehended -
from the extension of- the same system to this country.--.
In Scothird it is generally admitted that the banking system
upon the extended basis works well. The consciousness of se-
curity, in effect, produces security. Be knew it had been argued - •
that the measure would be „useless, on the' round that the
existing banks did not in fact generally consist of thenumber of
partners now permitted by the law. Ile would only say, in reply
to this argument, that for e'ertain purpese'e—for the purposes of
hezardous adventure or inordinate speculation, six partnerseven
might be too many, whilst for the pursuit of aregular and ;steady
' and prudent system of business like tluit generally ascribed to
ethe•Banke of Scotland, theyemight be too few. In Ireland,
since the Act of 1022 the greater portion of the banking on'
earns had been carried on by such companies as were in con,
temptation. Ile meant the greater tiaimt of that which was not
in the hands.of the Natignal Bank. Thecompanies had acted he
understood with uniform prudence, and had attained to a high
degree-of confidence. It was his intention to prorose a resolu-
tion neshe Committee to this effect, that it -was desirable that
the exclusive privilege of the Bank of Englaiid should be Halite('
to the distance of sixey'-flire miles from the metropolis. The
Bill, it was proposed, should originate-in the other House 01-
,
Parliament. Ile had been asked, it' pc
.proposed to fix any
time before which the new estiiblishnicint should not be Po'
mitred to issue notes. In consideration to the Country Banks,
it was suggested that some -delay might be desirable. Ile
daub the advantage of any considerable delay. lie' believed
the greater portion of country banks to be of unquestionable
solidity, and to possess the nntire confidence of their respective
-districts. He did not see that delay could be of any importance
to them. It is oufficiendy obvious that-some delay will occur,
before new Companies can be prepared to enter into-comped
ficiresnt
dent.
ettewlatostaelsv.
then with them. He would not object to postpone to the fah of
July, the period 'whest" the new C-oneraines shall be permitted
Ippocurefel nc et
jani:lithi,esletxeolef)olehiull
lii;siart
tsriltyada
nt ie.ime enemen
caul
:411M;
'a'reTolifistitiebient
u and
ponnid bl
lee hlalloVs'et,o-eanirinbersdtlayn!toadgduitiaro(ni
dangers to .which it would be exposed, at all futiiie time,
under the present system. If no remedies were provided', flue',
tuations in the currency would perpetually succeed each other,
and every fluctuation would be amore exceenive and petnicious
than that which had preceded it. If Perliament did not Own
mark its sense of the wild speculation that had been carried
on, it would in effect lend them its sanction. • If •the santion o
Parliament was refused to thoie measures of-Precnution,
ha
would not envy any man the weight of. responsibility
would attach to him on entering of the office he now had the
honour to fill. Be would have similar difficaltiato encountelre',
he would have even greater diffient I its to encounter, than tvlin
•now felt. But lie was confideetithat Pa:di/tine-tit would not reJee;
the substantial remedies now otirced t(o,ichnstialoitti(fiunn..),Pigostanriollituitarmateinitel
would chew the world that, in whatever difficulties the country
might be placed, there would always be energy
in the Legislature sufficient to meet the difficulties of the
ard
lcharge aeleaistsln:daadl intosoustt
evils. peach time Country Bankers.--his
the
be the
tion
them.
itef nsatytatalieotientrs tor:tie:recce; a :re
~en esenocfhitititcelibe,e7ervienoptid:
solidity,
would
BALlalttl t.NA`et Inilneaqsuui inquired ihfetili::l7ns•ecr(et lynoflt esat,u,l'4l°,ll:„:c.
Mr.
CHANCELLOR of the EXCHEQUER reptiet, the
affii‘riirnntiilvAe.inNo -
commenced
by
observing
of any resolution,-to sanction the witholding stamp.
Country Country Bankers, -The Right Hon. Gentleinan had Tiried
he thought,
bended censure for submitting the subiect of commercia ag;
tress so early to the attention of Parliament. If censure w 491
all to be apprehended, it might,!arprehen"
at
more reasonably I..mr not having called Parliament to}.
an -earlier period for the expreee purpoee. ' -
' Mr. BARING, in contivatioa, said, if any thing
• The CHANCEL Loll of' the Exc.: tiEQUER explained.
tote
tO
foundeconeolatory in conuectien with this subjectoit was tlia
total absence of party feclinr, which had prevailed, and 10.11,1
prevail in its discussion. • %% bitterer difference ofopincon hug"
upon the absence
be expressed, no suspicion of
oil. The Right Hon. Gentlempaairityndfceghlit4l'incrohrtpobeneennttcert:illll°.
were disposed to go further in support of the theories of polities
cal economy than he could consent to aticampany them 141
-might find others who confined themselves-- to amore prude*
and mercantile views of the subject than he would adopt:,
some might oppose him upon .aericultbral views,—others with
reference to the right principles of banking ; but he wool:
• venture to say, that he would bud no party attempting to
itself of the 'present distress for the promotion of part,' I'll!:
poses. lie remembered when time temper sl political panes '-
that Boone was Of a les% thildliatory character; and lie tut
_say, that if ever circumstances existed to give a cominer°'
handle to such parties, they avere the circumstances of the Pty"
s zr. day. Tire question of the silk trade alone umight iesll.l;
mule the means of exciting great popular fcrinent and ilisulTot,'"
Oen. 1118 Majeetv'e Ministers, he was sore), to say, ~ did , Tole
pursue -a course likely to defeat such efforts ilany pnrtY
(+Poe tion to make them. Whit, for instance, could be 115(1. •
carculated to exasperate the' ;Celine-1i of- men, suffering the, e
tremity of' embarrassment anti distress than the- paper.
communication iceLlteie(attsioongrbeya great
whichsensation
oi ?eh elit(ltlY,. t lie
tli the illitledad o
ii ea
tat
t;
Majeety's Government, mai the Hight flotunirable
roan, had ()pencil their eorrespotidence with the bank.
opinion therein expressed that the distress had passed.
was.viewed as a proof' of time total ianorance of his .',llkies'ttio
Ministers Upon the subject. Tle prop owed measures he
characterise as mere milli and water ; they would 11°
vil
and what they did waif! be rather to aggravate the te
than otherwise. Let the Right lioneuruble Gentleman
to the Boys! Exchenge, and there see the dismay and ter ''r°
depicted on every countennnce, let him • hear the laug'3l,,
of the most 'experienced and opulent merchants. lie
Bari:Tilde great respect for time Bight Honourable hre'ne. •
man, end would be sorry to see any other Man in time
tion he filled-; but, on thie occamion, he had manifested 1115itcyb
ignorance. Ile appeared to knim nothing of time interwere
cur Ow distress which prevailed. His views of the sult*Jee,
ter
shallow indeed —they were not even skin deep. To l'"ve-a„,-jrly
the permanent gate of the currency was one thing—t-1'41.:--
remedies to the immediate end preseing evil was linet-,--at.itO,
They were` riot only different, hnr, in some respects; nitlbt,4l
objects. The teicaeuree intended to promote the former ° Joe
might, and he believed wetild, militate against the Mite: den.
knew that there WWI a clase of perfect theorists wfi late
rived their knowledge from books, who did, not care wilatt - lle „
rests they rode over in their pursuit of a favourite PToJ deer
also was in favour of sbund principle-; but even the 5u...-01tot
principled mutt not be reduced to practice without reg. teat
existing ciretemetencee. He could not attempt to Purs,l inlet
se tt-tide/it principle, without being delayed by the Freed •

Pcditnents which existing interests and circumstances inter- that the Bank may be always ready with seven or eight mil-
pose. He could not go as the crow flies. The Hon. Gentle. lions for the itnrnediate, service of the country. The liberality
man
.here referred to his former opinions upon the Bullion goes- of its issues on the part of the Bank would have perhaps efrecte
tton. His ideas were the same now ; he saw as well as others ed much, and relieved pdblic credit' if the Ministers had not
what was the desirable state to get at, but the difficult question choked the Bank so as to fetter its operation on trade and
with olio
was how to
_get at it. .He thought that in the acguisi- commerce: .This was the more likely, because it would be
lion of bullion there was some mysterious difficulty, which the seen that three-fourths of the panic was created out of the
mere theorist cannot get at. It was necessary to bear in mind other fourth, for which there was some foundation, though
the
cause of the present difficulties. He agreed in there was little or none for the other threelfotirths. 'For in
he
main with the Right Hon. Gent. in regard to these, although whereass it was just the
samese as in an alarm of fire at A theatre,
he perhaps had kept rather too much out of sight the conduct of the great danger arse rom people treading each other
Oovern
ment in some of the transactions with the Bank. He to death in their anxiety to escape from that which was often
should have to. speak of country banks and of- the Brink of only fancied danger. Just in the same way us he. would say on
litgl'ind fin speaking ot"thent he would wish to be understood an occasion of' this nature at a theatre, he would candidly pro.
as talking of systerns, and not of men. In apeaking of the Di- fess it was his opinion that if by any means the choke could be
Teeters of the - Bank of England in particular, he shintld do relieved public credit and confidence would recover. Ile should.
etolence• to himself' if he were to express any thing hut respect. next suggest to the Bank the propriety of not looking to such ;
Ile had spent meet or his time in communication with them, very great profits on their business. It would be wise if they
and felt dee highest esteem for them as a hotly. But the would rest satisfied with realizing a profit of six instead of
question was far too important to be blinked, out of consi. eight per cent. : :ind here he should remark, that it had been
deletion to any men. At die termination of the war, great doubted at the time of the resumption of cash payments, .whe. j
facility existed for the acquisition of 'specie. England had titer it was possible that a commercial country like this, having
• .tie command oh ' the consumption of all Europe for her com- concerns, both manufacturing and commercial of
,such extant
modifies. It' it is inferred, because it was eaey to i;et gold as we had, could continue to ten that principle. As to the.
then, that his easy to get it now, there could not be a greater popular- projects
Corr relievingthe the pressureone for the now experi
erect ion enced and
mistake. It was easy to talk about contradicting issues: but it preventing its reunce, first was of
;nun be remembered that gold is not got without giving value a second national bank ; this he confessed he thuught a ha.
for ii, •
rhe facility of obtaining gold is gone. The ma- zardous expedient,- indeed he would not disguise his opinion.
inifieturen of the Continent, as well as those of America, that it would rather tend to increase the confusion, if a great
have gradually improved ; and, gem after year, we find banking establishment in the west were found contending with
ourselves 8 little and a little more excluded. We had once the present in the east. ' The mere jealousies of two such great I
Obtained the gold ; and he regretted that we had not placed concerns museoccasion very great inconvenience and trouble to
our currency on a secure foundation while the-gold was in our the public. At present the hank knew its resources teed its I
Pe:session. The Right Hon.'o-entlemen had said why did not risk—were there a rival bank, it would lit often induced to has
House coke the necessary steps at -a former period. fie zard a risk now never contemplated ; and, upon the whole, he
rims behoved this arrangement would be altogether impossible with-
•.t not forket that it-not in his present high situation he was
tleti a high and responsible Minister of the Crown, and in out very •great danger. Here he must say he had rarely overheard
sly:attempt which might have been made to improve the within those walls a speech of'
,greater promise and )(lighter
currency, 'Ministers central have anticipated no oppesition performance than that with whielli the Rile-It:Hon. Gentleman
rate that side of the Douse. The preparationt to return to opposite this evening had opened the discussion. , What had he
"11 ponients were, however, attendea with great distress said ? That the bunk, forsooth, hadeconsented to relinquish!
l'ecesril •ie • '.. • . . • • •
' ' thatart o'' i• •
~ , ) rataecting maeutac.tires ;and agriculture. 't'o return pr •a pnvileges, which secured to themselves alone]
tip the immediate,
vtaltv of the present eieie„n. the Beale pvilege of being united in a banking firm consisting of '
of England cluing the years 18'23 and 1824 hail become leis. more than six. persons. Now it appeared what waraetlie. extent
't'at of a, large amount of epecie. They, lied been during and value of this concession from the mere circumstance that out
. the. war in the habit of giving e.) the Proprietors pf Bank 0;1190 banks there were riot more than 211 Which availed them.
Stock a dividend of tee per cent. as well as large bonuses in rapid selves of nie privilege of having six partners in the firm. It
il„ueccasiou. In this there had been nothing to blame. But wes not therefore very likely that if the Legislature openedl
• e es' he suspected,. a reluctance to give up a rate i)t* annual the field of epeculation in this way, and permitted an enlarged
plit, which durin the war had afforded these dividends, it number of proprietors in banks, the number of partners would!
eknrever influenced their conduct during peace ; it meld not be found to exceed that now fixed by law : since, in so very tCw '
a'i denied that there was some degree of blame.. The barren instances even six private gentlemen would be found to trust
lansession of this large amount of :specie, was no compensation each other reciprocally. lie must say, that. if in consequence
fir the advantages they had before possessed. They did h,_ jof the enlargement of the numbers in a banking firm, ally
trease the issue, of the Bank, and alahottili there is no imme. country Ventleinen ehould be tempted to commit their property
diate connection between an increase of flank of England paper to the issue of these speculations on an enlarged scale as baniters,
aped of country bunk paper, yet the one naturally follows the i they wiitild be guilty of ah egregious folly.—(A laugh.)-1t
, tr.l.,ce. An immense increase of the whole currency took place. w°,thl Iwo a very different effect, lie believed, if. time Right
A .rear
ers asshig
knew what to do with it. The areciety to nccure some sort of of an Act for saectioning Banks, in which the partnshould
seterest ten-tilted Bankers to lesid nemey upon mortgage, and only be liable to the amount pf the sten for which. they originally
ether to put it out of their inineeliate mein The Bank • had consented to become liable. Ile.believed this woula prove
ofE '''land was soon admonished e;as se as it found the de- a public benefit, byieducing a number of respectable men of
viand fur gold increase, the loose rein with which it had- been undoubted property to embark in banking on this prudena and,
tiding was suddenly jerked ep: Ile•complained oil of the un- as he considered itoolid principle of a joint stock trod can for
t'atinee4 of this atoneuca 'I he good faith amid sincerity of the .this purpose. If such a proposition were acted Otte be should
l'atik could not be qUestioned, and it was no doubt the first propoie that a public record should be kept of all smith baoking ,
duty, I' ' Directors.
b` ley 0 its to preect themselree. The Precautions cotnpanies, their partners, capital, and separate liabilities t that
Leer itdopted quickly efrece. il the Bankent in London. These these books should bte open to inspection yearly, mid that if it
in their turn were compelled to contract their usual accommo- appeared any one had drawn out his repeal, or ,incurred
'pion to the Country Benkern, .and from the Country debt he should be compellable- to withdlaw. There was another !
hankers, the pressure was diffeeeci throughout the ccnin.' improvement to which lie should have to apologiz:n in the first '
try, In such a state of thingn some ni' the weakest houses , InstanCe) far drawing their attention somewhat in detail. Ile
,-11. to the ground, concealed insolvency now heconies apparent, i meant the question of time standard of value. And first he
t idures become more frequent, anal iettie succeed, runs take i should propose that ptiyment in silver, well as gold, should
Place upon Ilanke so generally that no prudent Banker feels ear I, be a legal tender. With respect to the-bullion question, he would
without Bank, of England notes or rash actually before him I not disguise fromehe !louse that he thought that in 1818 some
t°'the full unmet-it of what he omvea. , All the complicated ! very relined fancies had nteesessed• many both in and out of
_lnechinery of credit in this coutery is at once deetroyed—no doors. The yeller,. of any fixed standard must in a great degree,
n'an can trust his n 'h 1 I v •ry man stands upon his own
tee i uite e if riot altogether, consist in its invariability, and this lie
reen thought would beat be attained, if the standard were tO be fixed
trees. The ruin extends tel the mont Opelent and respectabte i
men. Ile had known an instance oh man honourably and fairly - hy reference to the values of both gela and silyernittch a
standerd of values Would be less variable. tiilVer is to be
‘yertii 200,0001. being compelled to apply for-relief. If you add -
perinaticin ittun had at all times with a greater facility than gold. , The exit t tie
,t° the presentetlarm;by any measures foe the , epee oi coinuierce end' foreign remittances made it Olen neces.
'li'littnt of the citrecney,eyou will do the greatest pransible in-
i sir to send abroad epecie. that 'could be done without difli-1
''''-tis• lle agreed in the propriety of eventually ana perinti•
Entity in silver• but where gold was to be botight flint, as yrs
n'.'n ly calling intltesmall notes, but &mined exceedibgly eh?
1- 01 Wl] the cased with that of silver, all the ca fit of an uncertMn
• rnaloin et taking'any measures at uresenwtowmds!that oiij,sTt.
At it -
, not from any opinion of their operation in the exchanges ;givenstandard were experienced. The greater always•!the tilt :attics
,I•tUtt' lie wished them withdrawn ;it was merely on account of : to the Bank the greater facilities the Bank could. giee to
''''• minty they occasioned to die poor whenever tiTe failure of ' its customers. If the Bank then were at liberty to use both ae I
. A Bank took place. He lemcnted that thel/oVernment tied not a legal tender, its transactions would be conducted with greater'
• witbsteinl the importunity of the 'country. Bankers, whet, -tiny lease and with greater public accomniodation, because.it would
!trgcti the cominuance of this- parr; but he did net like the , at all times lay its !landfill will on the silver, which would fix i
Weempli of general principles to he :ought at this moment.— i the standard -of values with much more certainty; besides, I
No man would discuss al;stract questions-when Isis luiuSe wait •if the silver were equally available we might double or- treble the
an fire. 1 He must itgiti n repeat, that lie thought the reeenues ;anoint often required in specie. • Gold- too being, 'after all,
in the ;Intik of England, too much choked tip by its connection : but a mere merchandiseable commodity, it was open to the ope-
With Gaverement. There had been and advaneTtl -eight. ! rations and conspetition. of trade, and -die Bankof England
millions on. account of the weight; and if' the bargain was Might feel itself thwarted and opposed in collecting togetlar a'
Llalipleted the Bank world be in advance 13 mil/ione on this suet in gold sufficiaut fir its-purposes ; and lie was fully ems- ;I
separate accouht. Of all the absurdities that had ever been yawed that it was perfectly possible for certain hausetein busi•
iniogined, surely thin contrivance was the greatest. The me: 'best, with comparatively., inconsiderable meaes, to 'plieveet a
lion wee to be cajoled into the opinten that it was getting aiugle once of iold getting into the hands !theltaiila ',how-1
rich and had a clear.Shtking Futul of five millions, by meetta ever anxious it miehehe to obtain it. The remark, that 'in the'
Of telling every year to the Rank a certain amount of annul- old times we went on very well with atgold standard-and a gold.. i
tits for forty-four years: Owing to the ingenious contrivances of currency, was
not true. In the case of the American war al.]
Loial Bexley, 'when_ Chancellor of the Exchequer, the Bank toiled to, the war was- obliged to be terminated with inortili: !
ottal been eaddled with lining on account of ` 4°"•crunTent the ceti
ora foi want of geld ; and in the French war the Beide of
deficiencies on the interest ofthealebeatnounting to seven end- eneland. stopped paynieet though the war went on, 'becaatC t'l)c
French 'w 1
lions sterling. ou a riot hearken or consent to peace.'— (Geer; hear:)
. ‘.. • .
Tile. CHANCELLOR of the Ex dtt EQuE na—Those defieiences _Hy p.ersiating theretere in this stthitlard, we plucett our
de in a state
. EleiYtS of dependence oa other extraneous supplies,
. not exceed five mitlions and a half. - an lon other • •
' - 11'.. BAILING. Possibly it Wash's error, buthe had E'en them' --;:( Lountnes ; anti it was the more -remarkable that
t Is eountry, which of all Europe found itratell alone in difiiculties
I,te'ted at the formet. 'fliese, with ExChequer Bills lying in the "
e„eil-4'lk) to the amount of five million*, and the tread %%Tight, as to the maintenance of a standard, should still persist in main;
~"ulltirlg to above twelve millions, and fully justifying the trat.iniog•only a gold standard when the example of France was
before their eyes. ' W
ge°,liriety of the epithet dead vieight;iendered about twenty-two Mn both the gold and silver were taken
"unions and a half etcrling no longer disposable for the public as the staeodard at' values, the difference between gold and silver
convenience or purposeweif commerce, and actually locked up in hull been rather above 10 centhnes per catatedliougli it had ricat
;!e Bank that. amount of millions which. might be most ser. to a quarter and a halt', and even 11 percent., ire consequence
cite to the public in cases of emergency, merely for the e'ilie d mantis of the Bank of England. which appeared to have
rt,„,4511,4 convenience of Government. Besides this, the Bank been driven to this measure by the Cabinet here having adopted
heTe 'teen- very fooliahly ituluced to lend a million and d the beautiful and attractive theory of an exclusive gold standard.
_To give effect to his recommendation as to die adoption of a
', more on mortgages of land. Thus the Bank was choked
silver and gold joint standard, he should propose that our silver
li• .° area mount altogether of 24 millions. How then was it to
Currency should remain up io the half.crowns, that the crowns
ne:"Pected that it-lla'nk should be in that state which a Bank
tient always be ' Iready take its •
to name.y, to up engage- ,pools be called in, and a silver coin issued equal to a quarter
meats, and • ' •'le. of n pound sterling, which should be Alcatel tender. This wuuld
n,etie , exercise a powerful influence on the state of pit ila
wi .•! approximate our currency the nearer to that of France, between
h-in easesvol -einergenc
_, ,such - as they had recently
*end s „ ,
pe'r„:e Ili •Goveriunda been eenbarraseed at all '
li' its tn ; ht nd ours, there wits a difference to our disadvantage. of
.
Qsii - -"t)ns instead of its being a period of profound peace, an half per cent., that of France, being as lip to 1.--ours as JAI
1 a StoelL at Nitseray.five per Cent., steadilya there mintit to I. I ooking (et it in :mother point of :view, it would not be-
present system ; for thoUgn it was
utiave been some,excitse for such an atteinpt to case themeelvea tiler! prejudicial than the
the
"Pence of the Bank. But as it was, nothing Ceted true, that with ten sixeences of the old coin, a shrewd man
• bemoreefeh, clumsy thaw their mismanagement. All this while it might buy twelve of the new ; still according to the preseat sys.
'All
alto be remembered, that the Bank was no capitalist, tem he might da the smile now by purchesing silver at the mar-
eo ' its Capital was lent to Government, and Yet (4n:eminent ket price. Nor were Gentlemen to imagine that they would
tentinued to choke it with burdensome consequencerai of its cut- I:e 1 mimed with alteavy and inconvenient weight of silver, to
. a: fanciful nuance projects. The truth of tikpart of (wry about or travel with, for by atlopting
i,ii rrasein~,
American war.
could be proved by a reference to the pe;io4l of die nen 11 rottod they could always procure 1004 in gold for let)!.
war. In the year 1783, when this country we': in silver, at the rate of two francs, or 2.0 d. per IOU!. which
Zrxperiencing the greatest tritliculties' from the- consequences could be a consideration of comparatively smell importance.
that ware though just then .concluded, the Bank of Eng. Another fact which should not escape the House was, tAiat the
}and it was-well kuown, was so far exhausted that it actually gold then went out of the country tamer than the silver would
tled riot hale a minion sterling in its possesnien, and was hav:! ;;one: thst, beeause of its portablity ; next, we had a
all, but bankrupt. Again- -during the French revolutionary law hirinerly to prevent its going cut : now then was repealed,
wee the Bank
, was in 17117 obliged to suspend ite.paymente, and as if' to increliee the inclination of the people abroad for the
tile coup de grace having been 'cis now well known as a matter coin; it was much* improved in its execution, mid indeed rat
roils •
of le •
, os,ory) given to its solvency by the Austrian Loan.— per 'handsome ruin Ilenee it went out of time country very
..
..t h
, e Bank then being itself possetted of no permanent capital, thst. In the olden dines It was obliged to be exported ftitudit-
"w wits it possible that being choked up by the wants of Gos lently, and considerahle houses would not meddle in the export
7,'ernment to the amount of 24 millions, it should be at ease,:or of it, though in Want of it for their payment, and the illegal
sekhae.tdbow_rooni for its own commercial operations ? Ile was trade was lift in the hands of Jews and poor jobbers. 'Before.
far ftsna thinking that our embarrassment was any thing but it never went out but when the exchanges Were against cis, end
11:s/entry ; yet he considered the Bank as it were the heart of the export. wait restricted.by its being illegal ; now, it went. out
the cieculation of the country ; and if any check wag expern in iarge gnantiiies from. the large houses whenever they tilt it
armed there leaves sure to extend to all the Country !!soles. If 'convenient, the lebi restriction being removed. n'or all these
elided to ' '
,t, all this, a frenzy of speculation, such as that which reasona he should contend the double standard was best and most
they is id witnessed, should, like the wind, which miles often desirable. As the standard now stood in gold, the distress ofthe
one knows not whence, break in upon the resources ofcredit, acid dayinereased the dinparity between the precious metals. Whilst
tIY Paulin reason anti prudence, it was not wonderful such roe a measure too ce.• thin nature was pending in that Howie, all was
,hhtsalioulti hive taken place as we at this day witnessed. In. insertitutle—every one who had money owing began to line. fir.
1714t,enthintly of the imprudence of Government in eitoking the it. This was me exasperation of the eq. Ile believed, how.
ke with this dead load, the Ministers seemed to have foegot ever, den most 44 the Country Milken: were possessed of the
thatnf, it Was their duty in peace to keep their money up, -
as' lips ineene to niect their engagements, and he hoped that time would
eif•tstY's ships were all read y for a start, lest an alteration in therefore be Eileen to those *hose affairs were in a ttate" to re.
yr,t;""te however protnising they now appeared, should render a quire time. Ile must confess he thought the Right Honourable
heeestary, or a large sudden expenditure expedient. But Gentleman was not fully impressed yet with the intensity of the
Here,',.. whilst they had been choking up the Bank with the con- distress that Wes felt abroad. His Resolution too gave the House
`t.,::4ltterietei of foolish philosophical conceits, they had ember- no oppertunity of mending it, because it did not at all reach the
uteed beth it and dte country, and were in such a state fur want point—anti when rte might have approached the subject he had
or 7'L'ans.that they were unable to equip a fleet of ships of war declined it, for-it appeared he did not intend to propose any IVO-
-t•Ov_e:t zu make the least demonstration of hostiliti s, stint(' lution that no further-notes of private Country Bankers should
I,,cra be even real ground of 'provocation or Offenee.—(Year !• be stamped inefueure. He was for hie part of opinion that
• he Power of a Governmentlike England consisted in its Tie I- it would he better to wait before the Legialsture took up. the
7,2,', which we had long since ceiscovered to be far beyond subject of limiting the issues of Country !sink notes for another
ilillary strength by the unerring test of experience. ' Thus in year. With this general eccorninendation he should now cons
andiumt great contest all our successes were owing to our money, tent himself, and steggest to the House the propriety on its part
b..,..sitough we never had more than between 40 and AO thousand' of recording, first, the opinion of the. Committee generally
thr.hei, soldiers in the field ; yet they were sufficient,. under as to that resolution which they feel they ought to come to.—
. 174tettitariuished itritish leader first in the annals of fame, to Without attempting at present to screw up the thing, they.
ie° 71, 8 principal means of wrestinq other nations frotn the should leave things as they were for a short period, so as to give
, pilot the powerful Usurper of the rhrone of France. Tais liberty for recoyering their former condition ofeheinselves ; end
dthin_nuirse of our greatness had been overlooked, and every .ens respected this part of the question' he felt convinced there
. f6,7C I►wd been sacrificed to foolish financial fancies. Be- was abundance of character, •ervdit, - and integrity in the Coun-
, therefore we could • say that the banki system was try, to prevent the possibility of any thing shaking it. He must
uei,e„ect ,
ri as it now was, we emits take the dtokc out of it, to avow too that he was decidedly in favour of the etitabliehment

,
Banks nwkirt
with
tmagicthe
croequltilistine
te neuhnalterr: eohft
partners,b
those,. which existed at present, consisted of partners not amourft-
ing th the number already allowed by law. Of the second' re-
faetthifltilliseiVneialajoWrirtayt
mull', namely, the establishment of Branch Banks from the
Bank of ISogland; belfighly 'approved. Connected. and, nom-
Municatiog w4l: the klank of Englatul, guided by the experience
afisiDirectors, tl.ey would be more suarded as to•the 'quantity
of tifeir issue, and attend more parietularly to the state of the
exchanges than any other banks could be expected to do. He
was iidecese to the plan of withdrawing the one and two pound
notes from circulation, and also to that of conimitiingthe cnr-
rency to the. hands of Comatiseionere. The latter he regarded
as a good financial arrangement indeed,' but.an extremely bed
political one; because he knew no one instance in which it
was s timid practicable to disconnect any set of Commissioners
from the Government. ,He instanced the Commissioners of the
Sinking Fund. Government would - menhge Commissioners
jestes.they pleased, and therethre he could not Ace, de to such a
regUlatioe. A paper currency he looked upon to be the most
dt-sirahlJ. In the language or Adam Smith, geld and silver.
were like highways circulating; the .;rass and patuare of a Coon,
i
trf,iint producing nothing themselves. Asehey meth" nothe ob.
inined bgt by the exchange of one valeablecommodi ties in foreign
countries, which Would be more profitably eniplaytei in produc-
tive labour at home, it followed that a paper currency was the
ineet economical one, as augmentirg the capital of :he king here
litsrirguments advanced on the other side were soll-dent.uc..ve.
It we said, that in 1793 similar coavuleiotesin wade had taken
pla7e t• yet in that year, though thee were Fxchetpier
there ware no one. or two. pound ?times. Tee _.experience
of
• &attend for the last thirty-tiVe years Wes also suggested; but
durieg that period Scotland hire a ch.enifeion et etie and two
lealeit notes. He dee:. no better proof e s t, ort of his own
posher) thin this.- Under .alnillion eurreecy we had (amyla-
ses:is ir, our trade, while, with a paper currency,- Scotland was
free. from scoot misfortunes. In !Alden and Lancashire, no
emell paper circulated ; all minor traneactiens were conducted
by it)e help of a metallic currency, yet both time: plaers were
recently scenes of the most violent commcrcial fluctuations.—
This clearly demonstrated that bullion athiteled no greater 5.:.-
curity than paper,' and therefore the letter was the preferable
Insetium. Ile believed In his conscience, that the wlu
dis-
trees arose from over-trading ; and yet, ie eet as. were the vale-
unties now resulting from public imeneurence, 'they wereetia a
drop. of water to the oceane`when compared with. the „ratite
sequences of the celebrated SoutlreSee hobble. The Ha.
the
Gentleman then read a long extract :limn the :bowls.
qi Commerce, in which the infamous schemes of the period
alluded to, were detailed at much length, comprishig
vileet cOnspiraces, against public pro erty,.atal an account a
the absurd credulity of the unfortunate victims, wild became
the dupes of unprincipled swindlers. Among the delesiveSpro-
! jects set fortlywas one for raising .silk worms,-(A laugh !)--
! and planting • mulherry trees—(lncreased laughter !)--ttuodier
toe converung salt water into fresh ; another Mr the construe-
don of a.fishpool to supply London ,with fish,. The most dise
I astroats consequences were stated to have followed the bursting
! of the bubble; persons who lied before enjoyed the comforts of
I mediocrity, were reduced to absolute begestry spine died in
misery, and. others sought refuge from their distresses in foreign
countries. The lion. Gentleman had hoped to support Minis-
ters in their measures, but he was forced to differ from them
in the commercial arrangements which they hatrproposed.—
i Notwithstanding, he was bound to ittltnit that cemmerce owed
l them much they had leased it to its proper elevation, and este,.
Wished on -a secure aed rational formation, , •
Mr. 11 U SKISSON differed horn the bon. :A 1 ember for.Taun.
tonin point of Commercial Policy, but not as to the causes of
distress. A Noble Lent had charged his Right lion. Friends
with insensibility, guided, us lie conceived, by air erroneous
view of the communication, in which it wits. stated that the
panic had subsided. Such - a co.unirnt Omeet certainly have
been made under a wrong nuderstanding of the meaning in-
tended to be conveyed .by the statement. It was well known
that such a state of things had existed in the money market
(aml he spoke of its concerns iu contradistinction to other
commercial transactions), that for • eight-anti. forty hours,. it
was not possible to- culvert icto money the beat securities
of the country, such as India Bonds, 'Bank Steck, &c. As
soon ne the
_terrors of the money-market were ICMOV.(I, there
was no rational fear of National -Insolvency; and it was 'then
ihir to assert- that the panic had subsided, bsceusie it became
possible to convert peeper securities 'money. There coOldhe nu
doubt but that his Right lion. Friend, time Chancellor of'. the
Exchequer was aware. diet the commercial_ panic would neces-
sarily continue for some time to derange the orrati.ins of com-
merce. To such inevitable effect his intiniation by no means
referred.
_The lion. Member who last spoke seemed to have
been perfectly aware of the distinction which he had drawn with
regard to the 31oney Market. He had truly stated that the
Bank, by its praiseworthy exertions, had stayed the progress of
failures in the country. The,Bank had acted with extreme pm-
piety, and had not merely saved other banks by -its interposi-
Lion, but had actually saved itself. It was therefore that his
Noble apt Right Hon.. Friends, in. their conanunicathme with
the Bank had employed theeerms which were the Subjett of ant-
! nutdversion ; for they knew that their meaning, in reference to
the Money Market. could not be misconceived by those to
whom they addressed themselves. Now as to the statement
that there were no convulsions in Scotland, It. was meant by
that no failures of bunkeie had occurred there; but the Chested--
lor of the Exchequer wee not ignorant that commercial distress
prevailed there to a very cansiderable extent. The distinction
was a fair and 'necessary one between the money market anti
ould be ai g;ood
he
sibility, he could only re-
.gcliiwtts the state of the currency,
witillialet::ll:3ll:ile:llifliettlsi:l:ll.iiettlicteielltitrolca,):wcenusit:nlit.edtsait:tirtlettitiesootte,it.iot,intoutitnbpilsifti,atseiliat(r;trilitteit;ilahiturysearpteii..sodl,occe itodethot,tatirclburillloeiriactvddneiert:Snciinoanttlottnttalaß those wl,o conceived that
itithnik,sgerlyisi
4.-
eslcrgrnittilnirttotoehrgeruest.:doldi withi!ro:gh
Masses.
Itugnei,
thtem in 11110 on thellullien
e
w
So fully' into the case. 'An
e it disaertadon on the g,*ene.
rag system 'of banking-bed stated what was expendient to be
done, and had advised to increase the capital of the Bank Of
England et the close of its Charter. He been enlarged upon the
ditheence which the removal of the dead weight would occasion-
to the system. But he (Mr. Huskisson) wished to observe,
that • the. Honourable Metriber's statements as to' figures were
correct.not perfectly correct. When it was asserted that eight millions
and a halt were annually paid to Government by the Bank, it
should have been noticed that a re-payment of live millions
four hundred thousand consiilerably reduced -that amount.—
There were Other reductions -alao, but he could not then enter
into a discussion of those arrangements. The Hon. Gentleman
must himself from experience be aware of the nature of -a Con-
tract for Loans with Government. The Bank Corpitration tin.
dertook the load of doling out annuities to the public. Way
they chose tado so was no question for the House. The lion.
Member wee in error when he drew a picture of the ruin of the
Bank, and of the locking up of their stores in consequence of
their advances to Government. The fact was, their original capi-
tal had been lent to Government at the prioe of their Charter ; •
but over the sums, which they hail since acquired, Govern- •
ment lied no controul , whatsoever. The Bank Corporation
were the Bankers of the State, they paid frorWday to day, and
there was no deficiency.
,To answer for the twenty-four mil-
lions spoken 'of, there were the Deficiency Bills and Excise-
quer Bills to the amount of six millions. The night lion.
Gentleman thew proceeded to show that the exports of time
country were on the increase. Ile cared not to what quarter
.of the globe, provided they were productive of wealth. They
were sent to India, and we had gold in return for them". ,alts
Right .lion. Friend bad expressed himself with manliness and
firmness on die measure to which allusions had been inatle.--, •
His Right Hon. Friend said—bet the blame fall on hie, hut
look prospectively to what is to be done for the Interest of the
country. He said whatever be the blame as attach iag to me,
look now to the relief of the country. The Honourable Member
who had spoken last imputed to his Right Hon. Friend that the
had not gone into a statement of the evil.' Ilia Right Hon.
Friend said it was to be found in over trustiest.. lie admitted
it was in the excessive spirit of speculation, which stood one
re.
quailed by a similar spirit at any torm ant _n. er period, the
verses which had taken plate.. It was us be traced to the stag.
miechievons.
nation in commereild dealings, and the want of tot tidence which
had 'rendered unsaleable and unconvertable to money most. of
the general articles of tradin. The 'eifeet of spa- illation in
the case, he might ask per-
due articles of fair trading; hail produced rapid loeses and this.
itequeinual with the
the City of I.4ondop,
aster's never before known. The effect of country notes under
those
he }owesa•isli daittrtsi tvrtiest4hilsighle nbeiceinn:loolinwe.ethrnso. equally
miteion, to read a publication wMcli allotted to the state of trade
during the last year. Gentlemen,
week, for the information at
s in
merchants, the prices of various articles, and a skew was given
knewinean there which
t as business
published "e
every Carried
at the end of the year, which chewed the
_improvements in
*mad Appear to be w
commerce. If the ,Houseleoked to the persons who published
well acquainted With
trade and able to form a
att4-tyhe cud of the'last year was this : speaking
good opinion on the subjetit. Thu
whilst others only Made tethporary
,tiltirsctscensitetinttelitni cat:ites
of speculation ht the month of :trireli how, it A mania
brokers..' The
for speculation took possession of all classes. Many had money
peculiarly engae
ttloepcoosvit'Srotinisertirieltitsrcphtrurhaiied in their names by
red time public attention.-.-
11rflitlecyleanduYtannliCriel Lettnni qd. to I:.s. till. the pound in one month.
t utter spices were also the objects of attention, Met) cottons, and
drop of every port. 1 Ilse in the different art:-its was so
extraordinary, that merchants, shopkeepers, and others partook
of considerable profit.
„The rise in the market was such, acme.
sinned by the spirit of speculation, that it exceeded any thing
eriailatitywoteu.l,d hlayiel•coscpecuourrciadtiohnadwailhen.-:
raksettbeheelljHoetill. loieintstletatin7

or Joint Stock Banks, with limited responsibilities as to part
prietors, which would encourage respectable capitalists to en-
gage in concerns of that nature, and hold out fresh security to
the public. In addition to these suggestions, he should recom-
mend, finally, another and a more equitable adjustment of the
,standard, by the introduction of the silver eel() jointly With that
of gold, and press upon the Right Ham. Gentleman and his col-
leagues the propriety of relieving the Bank of England of the
incumbrances which it now laboored under, in consequence of
its having gone too tar to meet the wantwofGovernment—mea-
sures which be had reason - to believe might go very far, if not
all the way,..to reach and 'remedy the evils which alt equally de-
plored.--(Cheers.).
Lord FOIKSTONE called on. the House to . pause before.
they assented to the resolution which itadbee.n proposed byathe
Right Hon. Gentleman. lie had listened with great pleasure
to the statement of his Hon. Friend ; and 'hough there were
many things in which be heartily concurred, there were Some
points. to which - he wished to advert. The nonce had been
called on to remedy a great evil .Without unilerst-nistiiine the
cause in which it originated, It 'appeared to bins that an infl
portant crisis had ceeurred, which had produced a scions_ Cc
villsion of property -
throughaut d'ea country. No nutn knows
on what to cola-awe as his own, for from recent expelienee. it
was easyes which -hut to perceive shut there was sothething uneound in the
principl
hitherto reaulated the country.
Right Honourable Gentleman
.(the Chi:metier, of toe • Bache-
eater) was mistaken if he thought ls-hn (Lord Foilletono) ;15--
dined to such fluetuatioes as had taken piece. (hi ale cow:.
trary, he was of opinion Ow nothing, - more pernieious
to
the country than the recurrence Ot such fluctuetiens.
thought that the Right Honourable Gee:Luta:l was takieg
a wrong course in ilia endeavours to check the evil he
the Measure which he has in contieneheioe. In Chia
he was confirmed by the exposition mi;i, h 15;0 been
on the subject by his 110!1. Friend (Mr. Baring). If he
not intsuederstand the meaning, that lion. Getalemen had
stated that the proper wesselly was net seen by .Nl:iesty's
Ministers. The Right Gehdeman. never, the course
of hie speechortiveried to real' cause. of the -fficreaa.
Enid left them aar poke ..diont f;lr su r,- lledv. toe! they were new
in a state of- ignorance as profound as if she Right floneor-
able Gentleman had not opened his mouth on the s:iiieLif --
Apology was 'really due "fronu.tists tsars. Gentleman
and his colleagues to the liouse. Meat* remedy
in the repeal of die measure -of 1822; in the promotion of
which the Wight lion. Gentleman was instrumental. lie
(Lord Folkestone) did :pot think it right that- the • Bill should-
pas. Without some concomitant meosures. The Bill was
brought forward in 1822, after a period of great distress, but
since that time the Right lien. (Temkin:us stated that ni niters
assumed a snore favourable appearance.' The great dist-teas
prevailed in the year 1822-3. It was then asserted that the hill t
was introduced to increase the cireulating tnedinni of the cams-
try. It his produced a rise cf pric,,;s, for since its passi'ng prices
• have gratlud!ty riszn. In 1819, the hill which wit Tidied .Mr.
Peel's provided that after 1823 there should no further isssue of
-note. The consequence was that the Bank of England; begat I
to collect gold to meet life -'l'xigency,- and also to contract its
issues. This was ri matter of prudence on the part of the Bank,
though pioductive of great distress. To remedy this evil the !
Bill passed, and the natural event follawed. Now, wjll hot the I
same cause bring on similar distress? There was nothing -
more calamitous than the fluctuations—(Heat, hear !)--lo every
description of pereons in the kingdom.- There wits distress in
the first instance, hod then Mr. Peel's Bill followed—then
sueceeetled a rise of prices—and now it is proposed to proceed
with similar ineensistency. No person knows what to do,- or."
haw to provide against. the uncertainey that prevails in thial
respect. • The pooranan, however, fa..the „gyeatest" sufferer in
these eases, in More ways than thatstated by the Right lion. Gen- ;
tleman. The poor man is affected by the rise mut-by the fall of
prices. the fluctuations scare going forward, the poor
ratty were acconlingly.progreesively advancing.beyond any corn-
prolson which the Corn 'Laws would justify.' There might litre
been a slight deviation or diminution; but the principle of the ,
pear-rates was pro;ressive. The poor man might be empinyed '
in a rise of prices, but at a fall he hail ho other resource than
• the potharates. The ptor Arran of the. present day was not
-such deltdracter as he was twenty-live years agb. The rate Is
now chntored to his prejudice. The poor-rates-eontinstal to
increase. ; they. tepee increasing during all the periLals of these
flnctu.iii,”.s. The (first scale of poor-rates established in the
t..:nntry he acted as a Magistrate-was ls. thia and a loaf
of hr. ;t:ip :r wee', for every than; Is. 2d. end a loaf of bread for'
every ; and is. wait loaf 14 every einh.i. In another
county, where he also acted as a magistrate, it was nearly the
name, hut now-it was considerably reduced. These fluctuations,
which 'were always, he thought, prineinally attributed to the
policy of
:the Government, operated fatally upon the lower
orders ; although the poor rates were increasing, the al- I
lona:nee to the poor was consideeably ,
le (amid not a give his support to . the Resolutions of
the Honourable Gentleman, unless they were accompanied
-with some concomitant measures. He was not prepared to
state, nor did he believe the House was prepared to say, what
these measures-were. 'There was not sufheion t information
be:fore7the House to. enable them to death!. . greht-outcry had
been raised against the issues of ohe and two pound notes, but
he did not think the iltictuationa were at all attributable to them.
Thtise were inn the cause Of the ernbaiwassmeets in 1783, nor of
those of 1793. There was something peculiar in this country
which required. explanation, With respect to the other trea-
sure, there were many objections to it. If he understood these
jelettatock.companies, which it was intended should be formed,
instead of. giving relief they must operate injuriously. The-
4-ktress upon the Continent at this moment was its great
ua ire this cnuntry. How could this be explateed ? And
as to those measures giving relief in tiniea of difficulty, it
was impossible. There was no security that these measures
would relieve the people. The Right I I °towable Gentleman
will get into ti scrape by attempting to withdraw the one and
two-pound notes. The Right Hon. Geutlemair says those anett.-•
sures are intended to give security to the holders of. notes ; at
another time they were only intended to gird againat fluctua-
tions. 'These inconsistencies proved how u o tit and how unprea,
pared the nom Geptleman was toestate his reasons for the in-
troduction of.these, measures. With respect to the correspond-
ence between the First Lord of the Treasury. and Chancellor of
the Exchequer and the. Bank of Englands it was not perhaps
necessary that either party should know how to write Correct
English, but it watt evident the correspondence contained the
greatest Inconsistencies. At one tine: con.mereo was restoredlo ,
its accustuMed channels; -but then there .existed, difficulties.
Once it is attributable to the revenue ; another time it was be.
yond all Parliamentary interference; and nOw they were called •
upon -to legislate ; but the House would do wisely to pause,
'and consider well-before they.legialate3 upon the subject. No
person contributed more to. the present difficulties than the
!Light Hon. Gentlenian who cried up the prosperity Or the
country—the unexampled prosperity, US he called it—and those
who thought his prosperity fictitious, and that there was some,
thing hollow in these statements, Were laughed at. It *as this
cry of prosperity that led to the wild speculations. Which pro-
dueed so much ruin.
Mr. A BERLY, after observing upon the irrelevancy of
sonic topics which have been introduced in the course of the
discussion, and denying' the soundness of the opinions which
had been advhnced upon -thedn, proceeded to inquire into the
causes which had been:assigned for the public distreee. On
this. subject, he regretted that Government did not appear
to possess much Sada:W.oly information. Two 'Opinions
had been advanced; first, - that the • distress was attribut-
able to Banking System ;
and, secondly, that it arose
Croat a prevailing • rage for ovinetrading.—There were
wlfich
-many who said that the ruinous epeeulatione into
the public were _betrayed had their origin ;in the over-issues
of die Bank, which produced a low rate of interest, and
therefore impelled people ..to seekut the most extravagant
advert to the fact that the
of owr,issoes, those who urged it as a reason, ditt not appear to
means of enslaving their capital.. Now as to the alleged elect
subject of their coMplaint eihsted for
a full year kind a half, before it was indicate 3 by the State ofthe
Exchanges.' It would therefore Wive been impossible, if Over-
issues were the true cause that they could exist en hung without
prude:deg the effect stscribed to. cheat- differences -odd
variation •-of the Exehanqes were_ keenly.: watehed by men,
who devoted their ',allele time to that .single anlaect, . and-
aata it to be %unposed that they could fat so long a time
have failed to diet:over the overeissuea of the Bank. On this
ground the lion. Gentleman ds hied. that over-issues or the
Bunk were true cause. • Ministers admitted that they hail
no teat whereby to infer the fact, but it the fact were as it
Was asnerted to be, a wet woold have been fonnd in the state of
the exchanges. Ile conceived that both the Bank and Cloven).
meat Were blarneable;.int who occa.ion !Tie over-issues,
.but
tiovernment With their dead weight. lie then detailed the state
of the exchanges from the middle of the year 1823, to the close
Of The speculations he aeserted commenced in 1823,1011 g
before the exchanges indicated Over WOO.. Persona habituated
i
to domeatic comforts, could net readily relinquish them without
a !draggle- t when their finances failed them, theY borrowed sit p-
tied it followed that the rata of ncreased.—
interest was
Mr.. Took, in his late work, assignedatididonal causes Otedis-
tress. In. 1824, excessive stocks of goods were taken in by
traders, thassupply and consumption bore up proportion to each-
other—and in 1825
•eame.on thereesetion. Prites betenne and,.
tient y reducedeasalearew tht-it—discounts varied-_.every corn-
ercial misfortune owed—and addititm to all, a senseless
:panic seized on the g
m M
people( Men were called upon to make int.
mediate 'Payment, who, from the very nature of things, can not
Ifc supposed able to pay all they Owe. At that trying period,
the Bank of Ehgland stopped lioward, an_ d its exertions to arrest
the public evil were mOst creditahle toit, mewthers. This Was,
a short history of the results of over-trading---a sad lesson, butt
he hoped, a useful one to teach men to avoid the recurrence of
sitllilar calamities. Two rernediet were proposed for the exis-
ing evil. The first, he considered, to be totally Wiettetheuta for

e.s. • .
„ ,
atipposeif confined to what was (gifted bealamite knerttea ; ,e
it was found in all the ordinary pursuits of London trade. TtteN
speculations attached to almost all the staple commodities or the
country—cotton, wool, timber, linen, tobacco, and every article tese.„
of expensive consumption, was peculiarly the object of specula,.
tion.. lie might ask, when did this take place, and under AA
circumstances ?a It rook place when the course of exchange a -
was against this country. When the gold was going fastout
of the kingdom, and if there was one axiom applied to 'coin.
merce more cettain than another, it *as the axiom .as. old air
commerce itself, namely, that, an unfavourable course of Ex-
change had a tendency to encourage exports and el.e.ck imporof.
Every country in the world, every corner of Asia was 'ransack.
ed AS it were, for cotton and wool, to answer the purpoaes of
speculation. if these extensive and delusive speculations Went.
On, it watt natutal !o ask whether such a. state of thlaes cot4d
last? It was fiveseen that it could•not go on, and it was :also
• snit that the effect would be unfortunate with respace to ars in.'
ternal state of the country as coenected with the cuarency.—
There might heve been ;tome diffarence of opinion, erns the
subject, bitt all agreed that it was impossible that 'geld tesela
go forth from the Bank for country meta beyond a. ceeteio
pert d, without the Bank taking measures to check spe.uhe iere•
The intemperate spirit of speculetion was checked and re tit
was the consequence ? Some of the country banks, utetbie to
pay the excess of demand, were ruined; and involved Marty •
o hers in that ruin. Then came the state of things which made
impossible to real& the plan of having notes in circuletioe o:
thti
m ,t?og:
tinialcoviamhtteryobf tabneksC,Utrhreen
flank
oo
les two rof gold, was assailed by 7 or 809 banks smoking a ai--
11:nkMo'fheElinIghlealn'adn,ictistr gkelf'ilc4rceri
nuthaneous demand* specie. Ile asked the Hon. Gentlemen
andthe House, whether the state of things which exposed the
eo e try to this
.panic was altogether safe and consistent With
th c: in interests of the country s His own deliberate
opinion, which he had formed by watching the course of events,
was, that a permanent state of cash ply-meets, and the circular.
tion of one and two pound notes could not co.exist.—(llear !)--s
The itighe Hon. Gentleman took it to be an established prone:-
,T
sitit 'et that ifehere be in any country a paper currency of the
seine denomination as she coin of the country, they would not
circulate together. One would drive out the .other. 111 alas
notes of the value of a crown piece, and a crown would
never he seen in circulation. Allow one potted miters to cita
:mime, and they would never see a sovereign. In London
„bey.Ledacirculation of sovereigns r in Lancashire a circulation'
ef ewes. /In 1793. when gold was sent into. the country where •
11. 'notes were circulated, it went down hy aw snail coach and
was returned by another. If that was the state of the currency .
they muselook to the,eareet produced on the Bank of England.
Every country bank wits influenced by a very !stir desire,
doubt, to increase their fun so They relied, if • they had pre."
denc4and, judging nom the past, ninny did not appear to Kea
seas pradence) on the Bank of England. He believed the •
coaaey Linkers were among oae persons of wealth in the coun.
try, and that they were highly respectable. Still he repeated,-
if they had prudence, they must rely on the Bank of 'Englired
for support. The Bunk of England had not only the, $OO
eoantry banks clinging to them, but the banks of Scotland and
also that of Ireland. Would Gentlemen say the Bank of Eng.'
land onght to provide gold for all other banks on every panic 2'.
The thing was impossible. It was nnfair to 'expect 'such
ece.mtnodation. The .Bank, by voluntary surrender, 'of its
priviege, was entitled to the thanks of the public. They
had the sense to know. the present system was injurious to
,hem' and that it could not possibly stand. Why was the
Ban kof England, interested as it was in credit like other Banks,
to hear all the difficulties of Courtly Bunks? The itight Hos
pourable Gentleman was,
.however, speaking only with ref r-
once to a panic Which hart happened, end might happen again-
unicss the present system- was changed.
..fle recollected that •
he stated last year, upon a discussion respecting- foreign ex.
chenges, that speculation seas. too high; that gold was going
abroad, and that great dis:resa must tallow an unfavourable
harvest. happily the harvest bed not beta bid, but if' they
had been placed under difficulties without an unfavourable
harvest, were they prepared to say the Bank of England was
able to meet panic under an unfavourable state of the harvest.
He said in the most positite 'manner that the question 'wee
neth ng less than whether Parliament were prepared to incur
hazard and diagrace ny retaining the toesent system,
.or whe.
titer they were prepared to meet a date 'of things which could
not he tong endured, by lumina down one and two pollee
notes. He had ascertained that the. question assunnel a greve
character. Ile agfeed• with .his *Honourable Ft land, tam is
was not to be coesiilered a part), question, but it was a (pee. ,
tion of the greatest moment. It' tile House did not (Moe( hia
proposition,. he would not be responsible for the cOnsetea.
He (Alr. Huskisson) considered the responsibility greater than
many Honourable Members imagined. The fault Would nut
be that they had not a remedy for the evil, but that the re•
medy had been rejected. They foul en excess of paper.- The
circulation of one and two pound notes was dangerous to• the
currency, and thereforehe asked whether the remedy proposed
shpald not be applied ?e:wheiher.the Currency should not be
phred on a firm basis ? If he did not believe his ilonersiend
ha l been in England during the last three or four months, he
should have thought. his Hen. Friend had been abroad. where
the calamities of Country Banks were unknown.. Had his
Hon. Friend seen the distress in country towns occasioned by
failure of Banks.? Who could describe the sufferings of . •
tba labourer who was paid his **get in one, pound notes when
a bunk broke. That distress which had overtaken the•farmer
awl labourer, had also overtaken the dUaent classes of menu.
facturers. The Noble Lord had said the agrieultural inter, s'was improving; but he cosiltt tell the Noble Lord that ditto,
Milted means, among manufacturers:, would diminish the•inte.
rests of those who provided for the conomers. The prosperity
lifer 1822 was occasioned by the raliclepplie t to manufacturete.
Tae distress which pervaded manufacturing districts wnuhl
always be felt by those who provided the erotic* of consump-
tioo. His Honourable Friend had entitled to France ; but
that country never could be compared, in on its periods of dis-
tress, toe England. In the worst of times in France, • the la-
bourer never felt the misery arising fleets a paper, currency.
Time Government paid the labourer—anti -he were to a cep-
lain extent, secured from went. Public distress, in France
ot'tefi laid prostrate the forest tree, but did not crash the weak'
shrub. In the same trianneriet the evil of distresss whertlecame
apply to the strong and peas over the poor laboarcia. Let the
Bank of England be enabled to meet till demands in the corm.
mon course of business. • proper measures thenufevourable
state ot'the Exchanges may be avoided, and the currency regtoi
lated. It was necessary to establish the currency on a firmer
basis, and the question Mai whether the precut was the proper
time for commencing a chatege.. lie looked to country banks as
one of the best establishments any country could possess under
proper restraints. Ile would not allow them to circulate notes of
the value of the' coin of the realm. He considered such
notes a violation of the Royal prerogntive. Let them issue
paper above the highest denomination of the coin. .If they
Issued one and two.pound notes they issued that Ott pad' r
which Government corned at considerable. reepence. : The 0, •
Lion then was whether these mites should .be gradually
drawn. He had heard an opinion, that thitiwas not the punter'
time. The lion. IVlentbee for Grampound was of that opiriton.
The Right lion. Gentleman could not admiethe expedienvy of
delay. Let the prettent Moment pasts away and they woultilhei •
themselves again in a state of ease anti intoxication which would
perhaps never be gii'eti tip, What had been the ennsemience.
of these issues of country notes? They bad taken-specie foam
the bank. It was said, wait a few weeks and the gobd would
flow back, and the country be in the old state. That Wait a
most erroneous idea. It would only biting on further celareity.
Ile did not, however,. clearly see the object his lion. Friend had -
in view
• Mr. •BATIST(O, in explanation, said, his peripositiero wigs, so
begin the restriction upon 11. and wl. notes after one yeare
• Air. US EISSON could not celculete upon a continuance of
circumstances. favourable to the chaege during four. years—.
Perhaps at the end of the firm year his Majesty's Ministers
alight be toldthey had neglected to produce the change when
aloes proper opportunity offared. If' the plan were to be deferred
under the present circunistences anuch br the benefit to be 'dee
rived from its "would be lost, • /bi 'Noble F.tiend had formerly
'need a system,. which would give the country a more eaten-
alve metallic currency. He was of opinion tout it was mow
desirable to pace the currency on a broader basis than that
which would follow front increasing the gold circulation. The
light Hon. Gent. had' agreed in some points with the late
Member for Portarlington, but. to all the suggestion; of that
Gentleman he could not agree. He really thought if that Hots.
Member had lived to manage the Bank upon hie own principles,.
he would have seen a stoppage of the Bank. lie had entlenvoere
• 1 to ascertain what was the best mode of-introducing neYetene
which might make silver a legal te'ndcr, so as to prevent the
painful necessity of returning upon any occasion to the measure
of restriction. An Hort. Member had 'said his Majesty's 'Mi. -
Mottles were Womble for not stopping the steam of specula-
titer, which commenced 'in the :Airing of' last year, and not
only himself, but_ time Noble Earl at the Head of the Treasury,
warned the public to avoid the very-enseculation, (It aitich file
Hon. Member alluded. It was :hen unjustto charge
with neglect on that subject. All the caution Was disregarded,
Government did all it could to discourage speculation, and, 41e,
one instence, they were blamed for endeavouring to interfere in
what wait called speculation-for the benefit oft rade. The Bight
lion. Gentleman concluded a most able speech by
expressing a,
hope :flora the' flouee. Woeld ifie proposed measurest to be
Adopted tot the means of affording protection, to property, and
.
promoting the en:iimercial intorets or conbtry.
It,Mr.
n r, Huekissoit) who now so fiercely
attacked the 11. anti 2L 'braes, tad been, in 1822, a Member
of' that very Cabinet which came down to the house and in.
it;Teaniatieesnae ian neetted to remind tine House, that the
-
pons
trodueed then All • parties then werr making • complaint,,
cially. the agricultural Interest. Persons were declariZe
that
the wow „et pay their rent, th it labQurers, anti duns