The Sun.
London, England, 1826-02-24 00:00:00

CURRENCY.

Colonel Jortstsow presented a petition from Wm. Cobbett,
complaining of the conduct of two Bankers at Norwich, and
praying for a summary process against Bankers refusing to pay
their notes in the current coin of the realm. The Hon. Mem-
ber and Mr. IluMte severally spoke in favour of the object of
the petition.—Laid on the table and ordered to be printed.
CORPORATIONS IN IRELAND.

Mr. Sramt RILE gave notice of his intention to move on
Thursday next, for leave to bring in a Hill for the better regu-
lation of Cdrpurations In Ireland.
REGISTRATION OP STAVES.

Mr. Bnottoliiot gate notice'uf his intention to move on
Wednesday next, for leave to bring in a Dill for the Registra-
tion of Slaves in the West Indies.
PETITION OF THE MERCHANTS Or LONDON.
Mr. THOMAS WILSON protested that he never felt
deeper anxiety than at the present moment, when he was cost.
pelted by his sense of duty to the country generally, and to his
eonvituentu in particular, to express upon a most important
subject an opinion diametrically opposed to that entertained by
those whom he had so long been in the habit of supporting.
He had a petition to present from the Merchants of London on
a subject' of the deepest interest, not only to themmelVes, but to
the whole community, and he claimed upon this occasien the
indulgence of the House, on account of the high importance of
the subjectt and he claimed it with confidence, by striving to
compress his observations within the narrowest possible compass.
The Merchants had strongly urged their application to Govern-
ment for relief, but he believed that the matter had now reached a
pdint which justified him in saying, that Ministers had tblly
Made up their minds not to interfere.- They had, it seemed, at
length found out that the Charter of the Bank did in fact allow
that body to lend money upon goods. And the last answer
which the applicants had received from theist had been 'a recom-
mendation to apply to the Bonk. The obvious answer to this
recommendation was, that bn former uccastens, when the-Ex«
chequer Bill Office was open to extend assistance to merchanti,
the Commissioners, to whom the' management woof entrusted,
were sworn to secrecy, and merchants could apply to them
with the confidence that their credit would not be in,
jured. The whole transaction might• indeed be coin.
pleted without the world knowing any thing of the
matter either at the time or for ever afterwards. It
was the idea of Ministers that it was not more . discus.
dituble to apply for a loan uponigoods, than to apply for the dis.
count of a bill of Exchenw. No merchant would be found to
coincide in that feeling. The discount of bills was an everyday
transaction, and one without which the ordinary proceedings of
commerce could not be carried on.. Bat an apprehension would
generally prevail amongst merchants that by applying for the
usual assistance of a loan upon goods, they might bring
a slur upon their credit. The other night, when he had.
asked a question as to the detertnituttion of Ministers upon
this subject, he had been surprised to be met by any ob-
jection to the persons who were seeking redress. They had
been describesl u a set of rash and profligate speculators, who
had, by theitdaring and reckless adventures, brought the pre,
sent calamities upon the mercantile world ; and it had been said
that therefore it was right to leave the evil to work its own
cure. He had in his statement of the case of the merchants put
it, perhaps imprudently, in the worst light ; belied for sake of
argument, suffered it to be taken for granted that inordinate
and indefensible speculations had led to the present state of
things; and even then he contended that the suffbrers, soma-
ing them not to be altogether blameless, Were still deserving of
the attention of the Government to this great commercial coun-
try. It was not for their own sake or ►merit that they . were en-
titled to attention who had imprudently embarked in specula-
tionss but as members of the great comnierchil community,
which must be affected generally by 'their fall, they must have
a claim to the consideration of a Government whose revenues
depended so much upon the state of commerce. With respect
to the Joint Stock Adventurers, he did not admit that they had
much contributed to produeethe distress; and with respect to
the speculations in commodities, what difference was there be-
tween the speculations which had got Consol, up to 914, and,
by the bye, had essentially promoted the vi, ws of Government,
and that which enhanced the prices of Cos innodities. Consols
had now fallen to 75, and goods were depressed in perhaps a
greater degree, but the speculation was its justifiable iti
use
case as in the other. Then with respect in the excess of trade,
it was very easy, after the event, to blame men far haVing
traded beyond their means or strength. Who could know,
for instance, when the trade to South America was first opened,
whether ten, twenty, or fifty cargoes would be the proper
supply ? Who in London emild know how much of the neces-
sary supply was going to be furnished by Bristol, Liverpool,
Glasgow, or other places I. lie could not agree to stigmatize
the Associations for Mining In South .America es pursuing any
senseless or criminal. enterprise; on the contrary, he considered
them as opening the way to a fair and legitimate employment of
Capital, which would eventually be productive of advantage.
Howeeer,now that capital was so must, wanted, its employment
)11 those enterprises might be lamented. And with respect to the
speculations on the stpot; he meant the dealings here and the
premiums and fluctuations and gattibling they produced ; what-
ever might be thought of them in a moral point of view it was
evident they cots Id not impair the nationsl capital since what was
lost by one man was gained by another. Nor had so much
ide-
struction of capital accrued from- the excess of our imports, as
was generallymagincd-
The prices of the raw material of our
various manufactures had no doubt been enhanced and supported
by speculation ; but during the whole time: that the advanced
nation* at prices proportionately high. Ile was not
prices were maintained, we were selling the 1/1111111 luctured goods
to foreign nor for those who held
absilklisnagtreltliniegr it flue bubble for en who wre in possession
of great euantites of valuable goods, and who were nevertite.
leas, from the peculiar situation of affairs, in a eoralition of the
greatest anxiety and suffering. Since he had lut mentioned
the subject, ()thee failures had taken Ones. lit might mention
that of Gokischinitit and CompanY,ns affbriling a striking was.
tration of the advantages
he had recommended. The house hail recently stood in the
which might arise fro", the „mum.
rank of commercial credit. So confident had it been in its own
resources, that one of the partners, only last yettri having been
in America, and induced by the low rate or interest ie tisis
country, had invested Uniteil Stews.
60,0001. in the Steek of the
This stock the house now held. They had established a home
at Leeds, which received gootit of manufacturers fur futitre sale
Upon commission, allowing them to draw for it proportion of the
value ; in this way they had accepted to the amount of 46,000/.'
These bills, to the amount of 33,0t101. had become due,' and
been paid. The whote of the goods Atilt remained in their pus-
session,and, in the present situation of affairs, he greatlydoubted,
deubte , it a :sale were forced, whether they would produce
sittlicient to pay the remaining MAUI. still to becuule due.—

utterland, surprise (vent
gthei
ti4etitsg4ttliteio,f soaoygilni r,nothlattotbit:
gußanidnedoebeys ntgb
the
.... .
The distress was incvetteed by, every freeti foilure. When the
anticipated failure of Goldschinittee twee
Paris anti Arosterdism, the greatest sere:ellen was produced at rate of foreign exchanges, but by the whets and tepvieenons at
both those places, where the beet inforirica men expected that the merenntile interests.--(hear; beer,. hear I ).—V hy, if this
as con= unicatect to
great mischief would be produced it' the event should really was the principle upon which, the government &est eeepe
take place, and a/cloves:A their hopes that it Might mit recoil the measure recommended by the Honourable enentieneue,
upon ourselves. Tile reports teenectufg nee particular house of then he would see, that his objection to it was incalculably ias
great eminence, which were afloat yesterday, had the effect of crease& —(Cheere.)—lf this was to be their inducement, he
knocking down the funds two per cent., and all foreign securie would say, that all that Parliament had done to restore a footed
ties three or four per cent. The reasons Why Government re= and wholesome state of the cureeney of the country, but witieht
fused to interfere were the danger of the precedent, and their according to the Honourable Gentlemon'e argument, wee et,
objection to increase the mother of Exchequer Bills. It was unsound and unwholesome one, went for nothing; and they
sufficiently evident, however, that three times tee great an hadnothing more to do titan to recur at once to a permanent
amount of Exchequer Bills might lie afloat without locomen. system, of Bank iestriction,—(Libetting.)—.They.must ley the
nience at a period ofreturning credit, Its at a moment of despoil. foundation of a certain return of those overwhelming evils from
dency like the present. The request of the great bed, of Eng. which the country WWI now eraleainweleg to escatte, for site, a
lien merchants was met by saying that some of them 'had been course would lead to the inevitable recurrence of the saute 'cede-
speculating, and as it was impoesible to discriminate, reliet' nntiee. lie begged perdoft of the louse for !toting spoken
should be withheld from all. This he thought a hard sentence upon this subject with; perhaps. more wurtzite. then was necein.
frown a Government the resources of which dePended as stitch spry, for he had certainly addreseett them with tests self.poes
upon commerce. He should regret to leave the trench on which sendote than he always desired to prenerve.—i Hear, hear tt
he had been so long accustomed to sit, but he feared he ,should '—if tie had neglected any point of nee Horn Geneletnan'e (Meer.
henceforth be compelled to occupy neutral ground-for if he re- vetione which required het notice, Ise, begged to be excused alt
moved quite to the Opposite side of the House, he might there be this amount, and that it might pot lie attributed to any want
looked upon as little better than a spy in the camp. Much tied of sympathy with thoee dietrevses unnereovnich the couutry
been said of the duty of the Bank to regalateite issties with refer. suffered. '% ith dune who suffered most from Moss di,.
encetodie pate of the Foreign Exchanges., noon the suppostition teensee, no wan more deeply sympathize:l „mid for diem he
that thestutedfExcliange indicated a favourable or unfavoortible was prepared to do vier), thing. which it was in the power of hie
balance of trade. New the actual balance of trade was not, in poor mind to suggest, or that could be suggested by tie mere
his opinion, so cattily detected. In former titnee, indeed, when powerful minds of those who assioted and, surrounded him.—.
our chief intercourse both of buying and selling was With the (Loud cheering.)
Continent Of Europe, the state of the. Exchanges, might inch. Mr. T. WILSON explained. ~ .
cats the balance of trade with twine degree of accuracy; but Mr. IL.IIII NG said, that the whole tenor of the Speech of
now that we receive our supplies from the Continent, and ex. the Hight Honourable the Chancellotnef the Excite:per left
port principally to South America and India, the same express the impression on his mind that the o(l'4,er/intent were not
andimmediate coincidence could not he supposed to exieta here thoroughly sensible of the depth, and extent .of the distresal
could be no safer role for the Bank than to attend to the wants which prevailed from one end of the country to the outer
and applications of the commercial world. If the Directors of and upon this question, which was simply whether they
the Bank were to be bound at ever! Moment by the state of the would adopt one plan which had been repeatedly tolls wed with
exchanges, good bye to the commercial prosperity of the coon- success in this country, and which, ought rather to appeal to
try, tine of the expressions they'now meet frequently heard men's understandings than to their feelings, he would cautfod
was, that of bringing things into a wholesome state. Rut if in the House ageing being led away Ise the warmth of the Right
their effbets to brings things into what was called a wholesome Ilan. Gentleman, and by the confidence which,,eltetjustly had
state, they effected the ruin of twenty Rankers, and spread still in his character. When lie heard the Government object to
more widely the consternation and distress already so generally the measure proposed to them upon the groendnhat it was not
prevalent, it Might then appear that it would have been wiser their duty to interfere whenever the mercantile interestbecame.to let well alone. 'file compliments Which :Ministers are iii the embarrassed, lie could not . believe that. they were otherwise
habit of paying to Country Bankers--to those of them who than ignorant of the existing state of the country. And when
yet stand--mill not counteract the effect Of their measures, he heard the Right non. tteeneman talk of the merchant.,
which tended directly to discredit them in the opinion of the i being ruined by entering into the spcnulAtione which bad
world, and which at the present moment of alarm was an un. been so prevalent, he begged to say that more of'' those speeu.
neceseary aggravation of existing evils. 'Phis was not ft proper lations had originated with petty Attorneys in the Intel of LAW,
period for speculative cheers. At this crisis of distress. the and the obscure schemers who had dud ieed them. Some had
questions of permanent rolleeti the Llsuary Laws, the Corn undoubtedly originated in higher quarters ; but if Gentlemen
Laws, and that ititportant tpiestum which was presently to be in St. James's-astreet
much to
st3l7iffitriifstteltiletemieleleructoariagthoeuglittoctko
ter them. Ile did not mean, to say, that mer.
nbeotattlbyeanpTignecoilu4sesly
opfesit.rpeoentertali.t—e,
lE)excalntsnwgeer,al)l6
discussions prevented them from chants bad not participated in these follies ; but be denied that
(nTiriomoesifll'itietii:oscsenolrtillglialiittlallwthese,dtisvirchttuics.gisiiildt
knowing on What footing they stood, could tend at the ore., the distress they now suflered could be in, any consideruble
sent moment to a wholesome state of thinern *at indeed to degree attributed to their engagement in speculations. Lie
tnake a lamentable confusion of wholesome and unwholesomet thought the Right Hon. Gentlennan had ellowli no good reason
Ile must be indulged in two words inure. ,One for himself; i why this measure, so often adopted before, and With the most
he must take leane to say, thet in ttvging so strenuously successful results, should now be refused. It had been resorted
this eubject. he was not advocating hie own cause; to hits, to by Mr. Pitt, one of the greatest men this canary ever ko'ciy
per3onAlly, it was a mattet of indifference whether the relief in the civil and internal administration of a State, and in fe
was, affinded or- not, but he cold not be indifferent to the variety of ether instances. If ever there wasa ease peculiarly)Wishes and 'interests of the COnstitteente, nor to the (Heiress be fitted for the application of such, 4 meaeure, this, was the (111 P.
tialY around him. His other word Wee . Oho of consolation to ;In Solna other cases Exchequer Bills had been advanced upon
Ministers told the country. There .never was a period he be.' securities of the sante description, and only. to increase a no=
lietied when the country' more abounded in Wealth. Confidence mime money, But now. there was no want ofeeul wealth, for
was all' that was wanted. As .11.1inisters'persieted in refusing'to 'the country was enturated with valuable merchandise, and only
adopt any measures fin' its restoration, he was compelled to pre.. wanted it for its circulation. The Wait of this had t 0..;
tent ft petition from the Merchants of the City of London. tally destroyed the :lateral confidence between Matt 'and man;
. , praeffng the II nese to take, the present of commercial affairs and the panic and terror were such, that every mionhad his credi.
into its serious consideration. Ile would after the petition had tor at his door without being able to meet binettgagements.—
• been rend, give notice of his hi-tendon to move on Tuesday next Plenty of .substantial wealth. existed; but there was no sign by,
. for a Select Conimittee to inquire into the state of commercial ' which it could be made to circulate. Exchequer Bills were of
i distress. ' ' ' ino real value, but as the representatives or signs of wealthe
The ell ANCELLOR of' the EXCHEQUER rose and said, and if issued fur the purpose, they would enable this Wealth to.
that if the !Mite Member expected any severe animadversions , circulate, which could tint circulate without them. He there..
from Into, either with reepect to the object he had in view, or , fore contended that the present was. the most, fit cote for the
whit reepeento: ate Manner in which he' hail urged lt, be was Application of this description of relief that had ever °crone&
greatly mistaken.' lie knew that it would have been intros. , He agreed with the Right Hon. Gentlethen, that if the Govern"
eible for the lion. Gentleman, to address himself' to tills 1 merit made it a habit to interfere in cases of mercantile erne'
subject without' manifesting strong feelings--neither could barrassment tbey would be Wrong. Bin .ehe queition ntiii.
he de so--his own feelings Were similar to those of MS, whether the state of the countty was not gs)gh as to iitt.
the Honourable Gentleman; similar feelings must be i niand an extraordinary interference. and to werraut the resort-
entertained by ' every num, and the feelings of every IMgtd a measure at' this nature. .He considered it to be better
public man most be rendered more painful When, in addition , than ending upon the Bank to lend money upon tnerchun.
to the task which he thonghthis duty impfned upon him of j clue,, because the application of it nierelient to that body
acting in opposition to his feelings, he encountered the danger Would be injurious to his credit. ltesi,des that„ it was con.
nflosing., e valuable supporter—he should indeed be doing the ' aidered to he a bed principle of trait'. ;'loot it, was so consi:
greatest injustice to his feelings 311(1 ro his situation if' he ware , tiered was abundantly proved by the Bank never. having been,
on this occueion ve employ any severity of aniinadvereitm. They called upon to use tin. power which they were,itow discovered.
had been referred to former ptecedents—there were, is knew, ito possess by their charter. If it were not for his reepeet fot
two instances in which the kind of assistance now sought had the Right Honourable (ientlemfm, he titionld really say, that
been afforded, and that under the auspices of one of the greatest the opposition to the .tneasttre recommezided in. the petition
men that this country had ever seen, yet notwithstanding his arose, from it. wish to shift the trouble from the Treasury to ti:e
roped, for so high an authority, he must be permitted to say, Bank, and that the motive to it watt rather tine;, of indolence
that he enneidered it a matter of deep regret, that those excep: then of princnilas- When the issue of li millioneof Exchegner,
tions to all general and wholesome principle had been permitted s Bide *at determined upon in 1793, only one.millioo oust a field
to take place.. It was die first step which ought to have been was required to put an end to the attune, and regime etion.
avoided. 'But ' if, because a thing had been done twice, dente teethe cuuntry. Of all the sums itdeaneed in the mule
they were now to be ' called upon to do it a third manner, upon tlitrerent occasions, he was not aware that one
time, where was it to stop? What was it. in tact, but i limiting had ever been 105t,,,-(llear,, hear l)—He thought the
to offer a bonus to extravagant spectilation P--The Hon. Aleut. lion. Member for the, City of leonnon had pursued it propes
her told them of etiormone speculations in cotton and wool, and Intim, to use a military plimme—intahing up a Orreidable Pt,-'
other articks, but if this was to be the ground of interference, sicken on the left flank of his Majesty's 11l ittistnesen,(e lettgit),--,
what hope could be entertained of future prudence ? The next and that lie Ittentlischarged his dlity in ft &knitted .oust leuttanie
crisis would present a still stronger ground for interference than manner. , . . ,
the present. An additional president would he added to the h1r..1. S.MITH said, that the Right lion. Gentlemen had
authorities; now relied on, and they might be quite sure that stated his refusal,. to accede to, the meaeute,, to act upon the
the existing calantity would always be of 3 magnitude toes. ground of not establishing; a precedent upon whieh they might'
ceetl every firmer affliction. As the ease of the house of Gold. be called upon to do the stone thing in the course of three years.
schmidst tool been mentioned, he mum he permitted to say, Now, this, he contended, wee iniposeible, because we trete in 4
that the conduct of that Howie did appear to him, according to I state °ldling% which haul never happened before, and never could
the ~e,„„,,,,t of the non. Member himself, strikingly to in. setter again. We had just adopted needy, he thought, a measure
itistrate the desperate spirit of speculation, to which the pre, for abolishing the circulation of one pound notes. Now, this,
sent distress was, in his opinion, to be principally ascribed.— he contended, had produced much of the pro:cut ;Lwo', mut
In the first place, they were told of their having locked up i which, front the same cause, could never be produced again. in
50,000/. Of their disposable fonds at the distance of some thou. the. Silk Tiede there was a total stagnation of business, so that
sand miles on the other side of the Atlantic. Then that they not an ounce of silk could be sold. far any twice. One resPecte
had founded a speculative establishment at beetle, to accu. able Gentlemen had come to hint, awl stated that he had goods
ululate goodi, not with a view to immediate exportation as in in hid possession to the value of 40,0001,, and dolt he should be
pursuance of orders alrendy received, but with a view to the unable to go on' if they did not atitance Win money upon titian
chances and contingencies of futurity. When lee spoke of the Now, he, and. those with whom he was connected, were desirous .
encesees of the speculative vpirit, he had no doubt he should be to.atiord such acctommodation. as far as their mean pen-nitwit.;
accused of calumniating solid and respectable lionsee,which were but it would easily be seen duo no prederti man could tin so eo
now involved In the 'vowed difficulties, although they had not any eoneitlereble extent under enlisting circurestameue It war
themselvet embarked in any undue or extravagant speculations. said that tho 'bobbed the power by their charter to atlvattete
It was indeed the great mischief of inordinate speculetion that money upon goods; :but they were tint obliged to do co, met.
it involved 'in its ruinous' consequences many others besides there was no security dist they would. 1 What then was to len
antie immediutelt enraged in it, and this rendered it more ins, vane of the country if ;Whiten the thwerninerit nor the Berle:
iteratively the duty of Government to refrain from any et afforded Assistance ? Ile was firmly cenvinced thin without see
likely to afford it encouragement: if Government were tri be lief the country could not eacape seine great crisis. Ile hue
brought in upon evert, occasion the consequences meet be Otis- plored the Government to reflect that starving men had little
chievous. If he could make up his mind that this would tie sense of law or order, and to think of the condition to whielt
the last time that each an application would be preferred, it large classes of risentrust be reduced, if the present state of
would obviate much of the difficulty he felt upon the subject, things continued much longer. le .held that the motives by
but he was persunded that the success Of (hig WOtlid lead to the which a Government should lie actuated weft those of public
neeestsity of similar applications in future. Ity the Charter of , utility, and the question now for their consideration was, wins.;
the Bank, the course recornmentled by the Government was Cher more public good could be (lone by granting relief than
actually pointed oat and provided for. Ile did not mean utility, by refusing it. Ile should cerminly not hate stated his senti.
that it was desirible for the Bank to be engaged in traffic upon ments in such direct terms, if he had not been impressed with
merchandise • but it wits evident that tutees of emergency hati a firm conviction of their truth.
been Contertif:lXted, in the ft-aiming of the Charter, wherein the Mr. PEA RSE said, that if the Bank did not feel war.
advance of meney upon goods might become neeessary. Why ranted in affording relief in the direct mannet which die One
then, were the people to be converted into Ranked by new vernment recommended, it was not, because they were me.
',g
legishitive ceactenente, for the purpose of advancing such willing to do every thing in their power which they considered
m wizenoney, en there was pelts eels a provision by winch, con- likely to mitigate the enteral dietresa, even at the sacrifice of
!deem with the law, the diffictilty might be met ?see Hear, their own immediate interests. It wile not because they were
Id it wet now their mitt. gency, hut bemuse they know by experience that a better Met,.
item, hear I)_And why, then, were the Government to be not unwilling to strain every exertion to meet the existing ernet-
lertduendew beeens,e they would net undertake to sure had been tried with success, and which appeared to be-
, lend the public. money upon goods when the low had already preferable in every respect.—(Hear, hear I)--The distress was
Authorised the Batik ro no so ?--(Cheers )...-The law of Alere generelly felt all over England, and the relief meet I
ehttin and rector hail been altered upon, the very ground of equally extensive to. be effectual. Now a CoMillission lien
!Munition money to be.etelideanced. If the remetly desired by thmt of 1793 would he composed of individuals rimy) the-
4hoy everyt
o sblzieft of oblogoy,
the mercantile intereete were already put within their teach by different dietti cte whete it prevailed in the most bbroriunktt,
the law he could not conceive upon what pretext the Govern- degrees, av well as those acquainted with the: interests of the
inent were to bv placed in a new Situation, to undertake Merchants of the Metropolis. Hut the Beek nenelel urTe.
theniaking of new hove, and to !Adopt measures of tel they have experience in respect' to Lon dirt, Ana V?" 1,“ '''`n?
from the
could neither see the necessity nor calculate the final remit il.— ix qualified to enter Mtn dealings of Untie:alum witn ' i•ieneen
Laws ; but there watt one topic of his speech upon which lie
(Ilear, hear, heart)--Ile should not go, as the lion. Member
' had dotie, into the various questions of the (teeny and Corn publicity of it legislative measure in the ',restersllo,h a„..,f e6,1111:.t
%tine:cc:7n tie;
t,A ,i(nlleirr iithiumege wotild'ne Shet ittlived
b neivanceet tiy they vane, lt.
ottnnu wee were to e se, „ten i
coultt not eefruin from Allying e few words. He had near(' with would not do so-touch 004 its )141(04._ti sn,"! the (rout'''', nit;
ahsohtte disniay the argument and the proinisitione which it. elevernment, -, It shoaski be xetnent*rrl4 I"' '''- hank tuld '11"
involved, adopted by. the Hon. Gentleman upon thee subject of . ready afforded relief ••great extent to diet interest With which
tea
The ,
the currency and the exchanges.
Hon. Cientletnun, to his it was more inuttedietely ctuirteeteu, and thin there was a puint

;beyond which, in du:y to thenueletee, they could not proceed
b was true that the Charter of the Bank gave them a power to
advance money upon the goods of merchants; but he consl-
elered it to be a permissive rather than an authoritative power.
—lt was evident from the wording of the patty that it was not
intended that this should be the practice of the Bank, and it
would be highly injurious in every respect that such a practice
should obtain. But it did surprise him that when they had a
measure at hand which had been so successfully tried before,l
they ehouhl refuse to adopt it, although it was evident that it
mutt not only be a preferable means of affording relict, but also
of restoring confidence. The Bank Directors had been at first
opposed to the advancing of money upon goods, and every day's
coneideratlon convinced them the more that it would not be ad-
•visable for them to undertake such a measure. Ile trusted that
the Government would FCC the necessity of taking; the other
course, and he would only add, that a day ought not to be lost
in coming to some determination..
Mr. MIGHT said that he thought proper to state his opi.
•entio upon the question, because the distress was not confined to
London, but extended to all the provinces. The question was,
whether they should adopt a tried and successful expedient, or
one which was now heard of for the first time, and which no
commercial man had the least confidence. `i he Hon. Member
referred to the report of the Comnumioners of 1793, and showed
the good 'effect of the measure they had administered to the
.country. He contended that the recent speculations had been I
encouraged fay the measures of Government, and that the die
tress was greatly increased by the one they bad just determined'
lApon.' It was stead that they must proceed upon principle, and
therefore that the proposition of time lion. Member for London
mum not be acceded to ; but he maintained that the interfer-
ence of the Government with the Bank Wa4 a, direct infringe-
ment of the doctrine of principle, and that upon the qurstion of
expediency there could be no doubt ot' the propriety of issuing
Exchequer Bills;
Mr. ii. SC el N ER said, that he did not coincide with the
determination which his Right lion. Friend, the Chancellor of
the Exchequer had expressed. lie agreed with him entirely at
that time distress proceeded from the wild spirit of specula-
tion which had gone Mato!. But these speculators were all
swept elf the scene, and now the distress extended itself to
persons of another description, and no one could say where it
would stop it' the Government did not interpose.—(Hear 1)
Sir J. .111ARJORI1lANKS (as we understood) stated, that
the distress extended to Scotland, and was as severe] felt in
Glasgow as in ally other part of time country. In confirmation
-of this be could state, that a deputation was about to be sent
from that city to the Government, and he sincerely hoped that
:their prayer would be listened to. He begged to add his en-
treaty dint his Majesty's Ministers would adopt the measure
which had before proved of such great aud instantaneous utility.
Something must be done, and he used the word must in the
strangest possible sense—or the country would be thrown into
• a state of which no one could foresee the consequences.
Mr. MANNINO addressed the House in so low a tone of
'voice, that we were only able to catch detached parts of his
ebservations. lie gave preference to time issuing of Exchequer I
Bills on the part of the Government, and said that in 1793
• when the House thought fit to exert 'teethe and to conic to the
adoption of that measure, the distress subsided instantaneously
and there was an immediate restoration of confidence. Out
of the five millions voted by the liotime only 1,200,000/. were
actually mottled, .and 1,30000/. for which negociationsl
had commenced, and not claimed betemse the parties were
• relieved by the return of confidence which enabled them to
truneuet their affairs in the regular way of boldness. When
he heard it said by the Government that the present din.
trees of the mercantile interest was caused by their specu-
lation iii the joint mock companies, he begged leave to differ
froth them. The distress had originated in a variety of
.causes, over
y which the merchants had no controul, and for
some of which the Government alone were reeponsible.—
When they resorted to time measure for what lie then consi-
dered to be the too early reduction of the interest on Exche-1
-quer Bills they did it irreet injury to the value of public secu.
titles in this country. Then rime the foreign loans, and the
-eagerness with which people sought after them. And what
-wee the cause of that desire to invest property in foreign
stuck ? The reduction of our own Five per Cents,, and of' the
interest upon Vxchequer Bine. The produce of our own public
esecurities wm to cut down that people naturally went to other
sources, whet° they coma' obtain item or eight per cent. for
their money. These were the Measurell Which led, step by step,
to the crisis which lied now arrived. ‘Vhen be stated that the
reduction of the interest upon 'Exchequer Bills, and upon the
public sectleitiet, drove capital ant of time country, by means of
Amigo loans, be was aware thee much of it came back again
in the shape of produce, and eventually increuseekthe wealth and f
--commerce of the cowry. But there was an interval in which
such en abstraction of capital must be felt, and the country had
now arrived at aperied of distiess which had continued for three
months, and which wee such asas'an individual could remember ,
ever to have existed before ; and this, too, after time Bunk '
rectors, to his great eatiefection, had exerted themselves so as to
receive the admiration of the country. if they bad acted other-
wise, indeed, they would have richly deserved its most decided
.condemnation. He thought the Government wee equally bound
to Make every exertion in their power to atop the progress of
this ruin. lie, a*a Merchant, tusked them as a matter of favour
and grace, to take the three days now betbre them calmly to
confer, and to consider. whether they would persevere in that
course which they had NO warmly laid down, or listen to the
prayerm of the great body whose interests were so completely
at stake, and adnpt a measure in which' all parties placed their
confidence and hope.
Mr. Secretary CANNING so far agreed with the lion.
Gentlemen who had just eat down, that as the question would
on a future day be placed in a state leading to n practical ex-
pression of the opinion of the House, it was riot desirable to
prolong discussion upon the present occasion ; und• the more
especially us another subject stood for their consideration dint
night, which heti been brought into connection with this some-
What irregularly, and which he thought ought to be kept entire
divided from it. He could not, however, sit down without
„noticing the speech of th© Ilene Bank Director who had thought
lit to Resume a tone of admonition in &Warming the Govern.
merit, and without stating the principles and the views upon
which they 110(1 taken the course lip loudly complained of by
.SlllllO lion. Gent. And first, he thought it but fair to throw
out of their deliberations that sort of crimination and recrimi.
'talon as to this or that party being justly sensible of the dis-
tresses of the country, of which too much had been heard.—
lie thought it was not a fair course of argument, unless those
who used it were prepared to say that every man was bound
to adopt any measure that might be proposed on the subject, or
it' he refused it, they should therefore Kay, that he was inseh-
silnle the distress which unhappily premed upon so large a
dem of the community. nit himself and for his colleagues,
lie utterly disdainiel to repel such an imputation. No man, he
believed, could be ineensible to such calamities. But for
those, whose every day and night brought fresh anxiety and
care, arising from the responsibility they took, in addition to
their nymputhiee as men—if they could be without is deep sense
of' the suff'erings of the armory, they would be unfit not only
fur the situations *hick they held, but to sit amongst those by
whom they were thou surrounded. Ile admitted to the lion.
Gentleman that the gate of the country was alarming ; but the
question was whether the measure proposed was tit to be
adopted at once, nand without a (hie consideration of' the vast
responsibility which it must throw upon the Government. Their
case was not like that of time lion. Member himself, who upon
another question had found a general concurrence of opinions
tigainet inm, but still sat down with his mind unchanged, cads.
tied that lie had done his duty, and that no further exertion
would be availuble. This might do well for the lion. Gent.,
but the conduct of the Government under similar eiremnsuinces
must be very different in the result. It was tit for an individual
Member of Parliament to yield to the influence of' opinion.
But the Ministers of the Crown were bound' to act upon the
conviction of their own minds, as to what they believed best
calculated to promote the interests or the country. How, then,
could they accede to a measure a the necessity for which they
were not convinced; they, who as soon as they lied adopted it
would have to light its battle aguinet the opposition which,
give him laity(' to my,, would The up against it as boon at it
was knoWn to he under their protection ? Why, then, it was
for them to take the-course which, winding to their honest
conviction watt the right otte audio refuse their support to
mcmi-
surea of the expediency of which they were not convinced. If
the Howie concurred in an opiiiion favourable to' such mea-
sures, it was for the hone,' to take thein out of their hand' and
place them in °there who (lid not entertains the same objections.
Tne Government, then, were prepared to say that they did not
think the mealtire now proposed it fit our to be applied to the ex-
isting atate of shingle They pointed out another course which
was alreadv open by law, end which appeared to them equal to
-the want; a the me. The Hon. Bank Director bad said that
the power of the Bank to advance money upon merchandize
was a doubtful or at beet a permieeive power. Now he thought
that from the earliest incorporation of the Bank nothing could
be more exprem then time power which they possessed in this re.
epect. In the Aceof Vt'illiam and Mary was the following
clause :—" Provided ulwaye that nothing herein contained shall
in any way be construed to hinder the eatdCorporation from deal-
ing in Bilk of Exchange, bullion, silver, or from time buying and
selling of merchandize really and bo»a fide 'deposited ta their
hands." Now to the proposition of Minieters the flank Directors
replied that they would not accede. Very well—if so—slat pro
ratione voluntas. The Govermnent had fairly considered the sub.
.eject in ell its bearinge, and it would be inconsistent with their
duty not to atlind it every consideration in their power. But
throughout the whole of the argument, it had been assumed
that the matter desired was in the course of a series of press.
'Whether tight or
dents. Such, however, was not the ft.
wrong, the measure would be a completely new one. Of all
gale* which had been cited es analogous, the on y one at all
copaide of application in the present instance wee that of 1793,

and even that was widely different in its circumstances; all the
rest were resorted to in time of war (which in part affected the
case of 1793), and under the reign of the Bank restriction.—
Whatever might have been the priMary cause of the distress in
1793, war was at least a partial cause Mr. Pitt's budget of
that year was really most extraordinary. The disturbances
then arose from public events, such as cannot now exishin a
season of profound tranquillity. This was the distinction be-
tween the cases. He did not, however, therefore say that the
subject ought not to be considered. On the contrary, it had
been considered with all attention, and he only objected to the
precedent of 1793. They should do something, as a remedial
measure ; but then something different froth that which they
were called upon to do. If they—he meant both the Parliament
and the Government-should now give way, a precedent
would be established, on which it wouldbe necessary to act tinder
similar circumstances at any ihture time of peace. By declining
to, assent to the proposed plan, they- did not preclude relief.
For the preferable means of relief to which they pointed, a
power existed in the Bank, and there wus a bye-law in time Act
framed for carrying that power into execution. It was said
indeed that merchants would not go to the Bank. To do so
or not was of course optional who them. It' such were the
voloutas, it was beyond contruid. ' But how did the inciter
stand? Hitherto the Bank discounted Bills, which were the
visible sign of property. Now that that visible sign no longer
etieted, there wise a chasm between the advancing While money,
- and the property on which it •was advanced. The money now
was to be lent directly upon the merchandise itself; and why,
he would ask, should there be such a shyness in submitting
hills of parcels, which would only be a substantial foundation
for the issue of money. Great facility was now afforded for
such a mode of transacting business. Heretthine goods were
scattered in various parts over the whole face of the city ; but at
present, in nine cases out of ten, they were all under lock and
key in the King's Stores, and ready for immediate inspection.
As- to the Bank, the Government only expressed an opinion,
and he had done so. An Hon. Gentleman,who was one of the
Bank Directors, had stated, that during ie season of distress
in November, the Ministers were out of town.- I itecouldits-
sure the lion. Member, who, by time way, was not in town him.
self' at • the time—(a laugh)—that he (Mr. Canning) and hie
Right lion. Friend, the Chancellor of the Exchequer, .were
both in town throughout the whole of that crisis, labouring
under intense anxiety for the mitigation of the evil. lie would
appeal for confirmation of' the statement to those Bank Direc-
tors who remained in town, and. were not in the-country with
time Hon: Gentleman.--(A laugh.)—He also appealed to them
to say, whether there was any disposition manifested, on the
part of Government, not to render the acknowledgments due
to the conduct of the Bank throughout the criels.—(llear 1)
Mr. PEARSE said a few words in explanation. The think,
he observed, merely expressed an opinion.
Mr. ROBERTSON lamented that, under existing circum-
stances, the voice of the people could, not be heard by his Ma-
jesty. It was impossible for the King to change his present
servants, as there were no others whom he could . pat in their
place. The country was decidedly in opposition to the present
measures, end yet Ministers would resign, if .they were not
carried. What choice then wits left the House ? By resisting,
the measures of Ministers in what an awkward situation would
they place the Sovereign.
hierman BRIDGES concurred in the sentiments of his
lion. Colleague (Mr. T. Nilson), As to the distinctios which
had been drawn by the Right lion. Secretary, between the dis.
tresses of 1793, and those of the present period, he would say
that, however their causes mit differ, their effects were so
perfectly similar that a hundred merchants that day assembled,
had asserted the analogy. In 1811, when time distress of the
country arose from a deficiency of exports, Government receiv.
ed with joy a proposal which alferded means for their encrease.
Mr. CURTEIS said that in 1821, a Noble Marquis, who
was a Member of Government, declared that a difference about
the issuing of Exchequer Bills did not exist among Ministers.
In the present instance Ministers followed the advice of those
who were not the friends of their usual measures.
The Petition was then read front the Merchants of' London,
complaining of commerciel distress, , and praying the House to
take the same into their serious consideration.--Ordered to be
printed.
Mr. T. WILSON gave notice, that on Tuesday he would
move for the appointment of a Select Committee to take into
consideration time present state of commercial distices.
, • • . SILK TRADE.
Mr. ELLICE presented two Petitions—one from Coventry.
anti the other from time Silk-dyers of Spindlielde—against the
importution of Foreign SilkeheuOrdered to be printed.
Air. 1; MACE, wishing to go immediately into the subject of
the petitions, hoped that nrecedeuce would. be conceded to him
by AI r. Hume, whose motion stood for that night in the paper.
After some conversation, in which Mr. We'rew bore is part,
Mr. II U ALE acceded to the request, declaring 'that he would
take time first opportunity of bringing the subject of his motion
before the House.
Mr. EI,LICE then addressed the ;douse. It was not neces.
nary for him, he observed, to enter into a detail of the-deep dis.
trees, which had pervaded the lower classes. Alt whdthad their
eyes about them must be aware of the wretchedness which had
spread itself, to en unprecedented extent, among those whose
cause he advocated. Ile only regretted his own inability to do
joetice to the duty which he luidundertakerh In principle he
was not opposed to the Chancellor oldie Exchequer; but there
were exceptions which, as he supposed, practical Statesmen
were bound to admit in a course of measures which were de-
signed for the public good. Ile felt that it was necessary to
conciliate -Ministers to the line of conduct which he would urge
that he might not appear to have committed a departure teom
principles of which he was still a supporter. At the period of the
peace Ministers had seen our. trade exposed to the competition of
foreign nations, and still it was held that it had so grown up and
thriven that it was in a state to defy any competition whatever,
and,,would,be lace to prosper, notwithstanding foreign rivalry.
On the promises! principles of Minister* he- became a Member
of thee Committee on Trade, in the hope of seeing what could
be done to serve time interests of commerce. Now uchnitting
himself on the side of Ministers, be yet thought, that in their
measures, •they bad not begun at the right end. They ought
to have commenced with the state of time currency, and to have
put it on such a footing, that the labourer of this. country might
stand in equal circumstances with those of his degree in other
countries. Taxation should have been reduced for the relief
of the industrious classes, so as to shift time burthen upon the
more opulent orders of the community, who would be better
able to bear it. lied :Ministers acted so, they might have pro.
ceedett with less. difficulty to the opening of trade—to relieving
it from its restrictions, and finally to the repeal of the Corn
Laws. It was true many persoha of grave authority diffhred •
from hits in the opinion which. ho had rolvenced—they con.
ceived it right and expedient to resort at once to original prin.
chile& It was, however,, a question which he would - not now
Mecums with them. lie would leave their opinions for time pre.
sent :undisputed ; but he was bound injustice to himself to state
what his views had been. To his thinking, Ministers ought to
have acted otherwise than they did. Their first duty clearly
was to have established a firm foundation of the currency ;;
next they ought. to reduce the taxee and repeal time Corn Laws.
Then indeed they might with perthct safety approach the yuestion
of free trade. Had he been a •Al ember of Government and espon-
:tilde for Its acts, he would be cautions not to put tune foot for-
ward till he had ascertained how the other was to follow. He
would not leave it in the )lower of any one • elates- in society to
make a charge of partial legislation upon bins, while he would
not dare to press his measures upon other classes. The branch of
trade to which he now celled the attention of time House was the
subject of consideration for a Committee upstairs. When they
looked to the Report, and The evidence othwhich, they went, at •
would appear that they had acted with little caution, and upon
insufficient inforinetion. If it could be shown that they had
scarcely any information hut whet was derived from persons of
little experience, who thought this country better prepared to
meet Continental competition than it' eally was ; if it should
Also be found that Government and the Committee in time other
Hopes: had proceeded with too notch celerity, they were surely
warranted in reviewing their ecte, anti arresting the evils to
which those acts might probably lead. Much and valuable
intiomation had since been reeeived, and thus much good hail
followed from their measures, that, manufacturers had been.
driven to discover the State of manufactures on the Continent.
The result of their inquiries had been laid before the Chancellor
of the Exelieg tier, and he would now tame it to ,the Votive, as be
hoped, with better thrum. Oldie, Silk Trade there were four
branches, that of the omi-wester, the 4yer, the broad trade, antl.
the narrow trade. Each of these divisions had its relative come
plaint as to the measure which affected them. The throWstem
made :hi commode int with reference to the mate of their machinery,
nor did they look to the necessity of any improvement in a.
In the epinion of Ministers their ease was entitled to protection,
and riccordinaly a protecting duty is.: Od. in - the pound was
laid upon silk in their favour. They now comphtined, that three
months !since, when the trade was in distress, Misters, without
any authority front time Legislature,. had reduced the duty on
thrown silk by 2s. (hi. in the pound. One would not perhaps
complain if time whole duty had been removed, in order to a fo-
reign comptaitioo ; but what right had Ministers to interfere
with private property in the value of the duty. The throwsters
also alleged,that such a quantity of human labour was employed
in the course of their business, that it was absolutely necessary
to enable them to compete with the cheap labour of time Con-
tinent. They would otherwise be inevitably compelled to
throw great numbers of their apprentices upon the parish for
sunneet. These facts he only stated as they had been put to
him. If true, they ought to have been offered to the considera-
tiou of the Howie by the Chancellor of the Exchequer ; if ex-
aggerated, 110 one would. be more happy
than himself to dis-
cover that the evil did not equal the representation. Those in
the broad silk trade stated grounds of inquiry which if dis-
[ proved by the Chancellor of the Exchequer, his case was at
an end. They alleged, that from - the expence of labour in

dyeing, and the duty on thrown silk, they were under a dis-
advantage of from 45 to 50 per cent. In a competition with the
Continent. Mr. Doxat had rated their inferiority at from
55 to 80 per cent. As to a continental competition they were
not so alarmed. Their chief apprehensions were directed
to the manufactures of the East Indies and China, which
so small a protecting duty as 35 per cent. would never enable
them to contend with. Indeed so overpowering must the
latter competition be, that it would almost warrant him in re-
commending the exclusion of East. Indian and Chinese manufak
tures altogether. Damask furniture silk imported from thoM
countries could be purchased at five shillin a yard, and onbe
shilling and sixpence duty, which could mete npepteeeneed.
here for double the price. By their Act of tits .lied
hoped to improve and encourage an export trade; but it was
plainly idle to hope for a sale in their own markets, while there.
were markets abroad, at which foreign silks could not find a sale.
Thus one great argument was completely removed. lie would
ask the Chancellor of the Exchequer whether since the passing
of the Act of 1824, he had heard of any exports in consequence?
For his own'part, he had heard of none, and if such were
the fact, it was clear there was no finding a way for our menu-
ram:tare:4 in India and France. They could now judge by facts
on a subject of which they betnre judged by the words of
two Americans, who estimated France at about 3.1 per cent.
above Britain in manufectures. If the house granted him a
ComMittee, he would chew that the Weavers were un-
fairly treated with regard to the duty which was suffered to
remain on the articles employed in their manufacture. Of
those articles there was a long catalogue. Barille was subject
to a severe•duty at the suggestion of a Scotch proprietor, who
was interested in the production of the article, and ap.
preheneive of the cheapening effect of a foreign competition.—
Soap of this country was liable to a duty of about 211 s. ; foreign
soap to a duty of 41. 10s., Now a free trade ought to be general
in its nature, and not confined to particular articles, leaving
others subject to restriction. The silk dyers had only to
complain in common with the members of the other branches,
of the general dearness of articles, particularly those em-
ployed in dyeing. But on the score of machinery, and of
skill in execution, they felt themselves so far from being infe-
rior to foreigners, that they were able to instruct the few
foreign workmen who had been introduced amongst them. He
most earnestly invited the attention of the House to the conclud-
ing paragraph of the petition. The petitioners there stated,
that they were not alarmed at foreign competition, pro.
vided that they were put onan equal footing with their com-
petitors in the prices of articles and provisions. lie now came
to the case of the narrow or riband weavers. They exclusively
complained of the inferiority of their machinerye 1n Switzer-
land one ounce of silk could be procured for 30., which here
would cost Is. This, he thought, was to be understood as ape
plying to the fancy riband alone. As to machinery there were
in Coventry 7,500 looms belonging to poor labourers—not
manufecturers—and those on the worst possible construction.
The improved loom of France would manufacture just five
times as much as any one of them, and therefore there could
he no tome of any competition after the sth of July next.—
It would then be proper to afford the poor weavers time
for improving the structure of their machinery, and that
would be his object in the Committee. It wax indeed main.
tained on the other side, that France would not be able to sup.
ply our demands; but the fact was, there were 10,000 looms in
Switzerland, and 3,000 of them would be sufficient to supply
us. There were 12,000 looms in Lyons, and 3,000 of them
would be adequate to the same purpose. There were other
improvements in machinery applicable to the manufacture or
velvet and binding in Germany, which would enable a German
to execute 48 times as much work tis mm Englishman. To the ar.
gurney) t which might be raised on the great extent of our capital,
he would reply, that there was more capital embarked in the
trade in Switzerland than in all England, and there were no
bills there. He would call the attention of the Chancellor of
the Exchequer to the practice of granting patents to persons who
were not the inventors of machinery, but who, having their
eyes about them, brought models from the Continent to this
country, and, by the authority of a patent, prevented others
from adopting similar improvements. Knell a practice were
consistent with law, it was time to look to the state of the law
on the subject. Such was the state of the manufacturers; but
what was the state of,the operatives, the most important deem,
of all ? Two thirds of them were out of employment, and the
remaining third would shortly be in a similar situation, if mea-
sures wefe not speedily taken to prevent such a calamity. Let
the state of prices before 1797 be compared with the present,
and It would be found that house rent was then at about 2/. Ills.
to the labourer, which was now raised to N. or 61. ; butchers'
meat 33. rld., now 7s. Otl.; bread 30., now 7d. Ile woull ask
the House, would they support the most vicious of all systems,
munelya-to feed, the poor half' by their own labour and half by
the poor rates ? This was it part of the question which inn.
mately concerned the landed Interests of the kingdeiata The de.
cision of mime House in 1824 was founded on the evidence of
Mt. Utile, of two foreigners, mind of some Manchester 31anu.
facturere, Ile would ask, it' these same persons,were now to
come before then), and state at their bar that their in.
quiritea. on the subject since had convinced them that
time infofination which they before supplied was un-
founded in fact, and that they had changed their opiniols, could
they in 'such a case refuse the appointment of a Committee
' for the purpose of reviewing and correcting their former
decision. Ile was convinced the system of uvertrading was owing
to time etas of Government itself, which, as it raised wager propor.
tionably, led the poorer working classes into a state, not perhaps
of luxurious indulgence, but certainly of greater expence and
comparatively greater comfort, made the transition from ample
employment to scarcity of employment more deeply and de-
deplorably telt by these manufacturers, who were now, by time
pressure of the times, thrown out of employment, With all
this feeling on his part. he wished not to be misunderstood as
it' underrating the value of a fixed principle. In fact he
had all along been favourable to the abolition . of an 'Moe
nopolies. Tide, 'however, was not now attempted to be
generally acted upon, but it appeared the bolt was pe-
culiarly levelled at time Silk Weavers sod the Silk Trade.-...
And the House would not dim its duty towards the poor Manu-
facturers of Macclesfield, and other towns who were now pledg.
ing their very wearing apparel to support themselves, unless
some relief was held out to them by the House, untWithetand.
ing the resolution of his Majestyns Ministers. At least there
should be given some time to the trade to make such represen-
had represented to him it was in
ta t
theirlonlsmowneithteo subject,giveto
mat its they
mi ttee, it' the House should acqui-
esce in the propriety of the *notion which he should now toils.
mit. lie then moved " That a Select Committee be appointed
to take i»to its consideration the various representatione made
in the petitions of the Silk Weavers and Illanufacturers, and
report their opinions thereupon to time House."
Mr. JOHN %VI AMS seconded the motion, The mea-
sure in question, he observed, was about to be carried into
operation t;t.a moment when those whom it affected were in a
state of time greatest possible distress. Not only were the silk
manufactarers in a state of distress, but every other depart.l
ment of national industry was similarly situated ; so that if
the effect of the, proposed experiment should be to demaroy
that branch of trade altogether, there would be none other. for'
time outcast labourer to fly to for employment. To 'convince the
Right lion. Gentleman of the inefficacy Of his plan, he would
the ancient population of Alaccleefield,in l7BToi,meaßmimgmhmt
enter into a few details. The House might not be aware that
no more than 4,oUo—in 1820 it was 23,000.
amounted to
Gentleman seemed to think the population had grown too ra-
pithy; but he momproeed he did not therefore propose that a
famine should be brought in to lower it and keep the peace.
The employment in Illaa averaged no fewer than 20,000 hands ;
and it appeared that there were now thrown out of employ-
ment, by this measure, not less Oman 0,731, and this is the
space of half a year. To give an idea of the distress he would
only state, dust there were 1,600 families now tupported by
voluntary contributions, upon potatoes and oatmeal. . The
fund out of which this came was DOW nearly exhausted, and
in a very few week 4 would certainly come to an end. There
was no work expected, and no fund. There had been seventh
orders for removal of those who were becoming burdensome
upon tha parish, so that the landiaaclerr upolyon it.
verburttitnegtis,
was to have a still greater weight
were bourly.getting woreielop,ae olntf. thusreiieiv.....o
sern hopes
ele tsooorfpecionpil)eloyo.f
this place snuatedee-no
ment—funds gone—nothing but poor-lewd, and the land,
which had enough to hear already. At Maeclestiel.,l, in the
spring of Ma, the broad, silk manufacturers had 10,838.b00ms
in work. In January last they had only 4;111. At Bethnal-
green even, there were not less than 1,000 now obtaining
pariah relief, from a perfect incompetency to maintain them-
selves, and the absence of all hope of employment. He was
not authorieed to say that time silk 'manufacturers demanded
of Ili, Majesty's Ministers. that they should not interfere.—
On the contrary, they only required that the countervailing{
benefit of so much demonstrable evil should be shown. The
petitioners demanded that they should not be carried forward
to certain men in quest of some theoretical good contemplated
by time Right Honourable Gentleman. There were two facts
which he was instructed to state, the petitioners had it in
their
opower
t,rvertiblie most
clearly
to prove, in the most direct and
These were, that at this period
in the habit of always taking
of' the year the mercers were
stock, and that at the present moment their stocks were
extremely below pee.
Yet there was no demand for the goods
of the manufacturer, and there was no other way of account.
Ina for this, than by supposin that the tradesmen were wait-
ing for the month of July, when French goods would bead,'
nutted and sold much below the price of British manufacture,
lie hoped the Britialeillinister was not so enamoured of his the.
ory, a.; that no facts could drive him from it. if the demand
fur silk goods revived, it would be for the productions of ano-
ther country, not of this.
The silk throwster's business was
manual labour; and the price, therefore, of this
article must depend in a great measure upon the price of pro.

! visions. Now, he bad it from peril mns sent abroad for the ex-
press purpose, that at Lyons bread was at three sons per lb.,
when in England it was twopence halfpenny, being very
nearly double: The estimate made by the same individual
was, that the Lyonese worked 44i per cent. cheaper than the
English manufacturer ; and at Zurich CO per cent. If the
Right Hon. Gent. rejected the motion of his lion. Friend, he
would be exercising the ungracious task of shutting the doors,
instead of opening them wide to the distressesuf the people ;
and thus taking the lirmit lamentable resource f the unfor.
unate, the privilege and consolation isfli 'g th omplaints
rd. Ilftric that it would, not bestite ing of e House
o rh itslihe i n the distrefsedaporLida , tle...popu tion of
ttssik ~,,,
tire countrysilint e 've them of th le.Aitima e means of sup-
port. In some departments of the trade there would be felt pe-
culiar distress. There were no less than 500,U00 persons en-
gaged an the winding and weaving departments, with a capital
vested nothing short of 11,009,0007. These, he contended, con-
sisted of a population which most especially were entitled to
the. favour and protection of Parliament. The tendency of the
measure to which his Majesty's Government had been induced
to lend its support, was directly that of encouraging foreign
maimfactures at the expence of their own, and giving to the
subjects of foreign powers the highest advantages an competing
with those whom it was the peculiar duty of Parliament to pro-
text and foster. It was in vain to talk of duties. No duty could
yield an effectual protection. The higher the duty was raised,
the miter would be the facilities and inducements of
the smugglers.—(Hear, hear! from the Ministerial Benches.)
—Thus • were real and solid benefits sacrificed with-
out any of that reciprocity in our intercourse with
other countries, which the too sanguine eXpectations of Minis-
ters had
,led them to expect. Now, he confessed himself so
stupid, and so wedded to old prejudices, as to desire no
change, lie then adverted to the speech of the Chancellor of
the Exchequer made In the flourishing period of 182.1, and no-
ticed the elated and oratorial tone in which that Right Hon.
Gentleman spoke of the necessity which then existed, of cut-
ting the cord that bound down the commercial system. It
was now to be remembered that the experiment of cutting
that cord had, to a certain extent, been tried, and no recipro-
city had been - enjoyed nor was there any reason to expect it.
Foreign countries were most willing to accept from us all
they could get, but most unwilling to make the slightest re-
turn. Throughout there had been nothing more than a dis-
play of the knowledge of political economy, without any just
application of its principles to existing circumstances. The
responsibility of those measures, serious as it undoubtedly was,
rested exclusively with the Ministers, notwithstanding that they
received the sanction of Parliament, still With them the responsi-
bility did rest, however it reight be divided with the Parliament.
For, of a measure of itself injurious, it wee no consolation to the
dpublic, to hear that it had received the sanction of the Commons
ouse of Parliament. Nothing was more dangerous than to
become enamoured of a theory, and nothing' more mischievous
than the pursuit of a general principal at the expence of a prac.
tical good. As to those general principles, there existed not the
slightest difference of opinion ; the whole turned upon their
practical application to the complex circumstances of an
old country. The measures to which lie opposed himself,
were really as preposterous as setting a man bound in fetters
to run a race against a man whose limbs were free; and all
this to carry into practical effect wild systems and metaphysical
theories. it was Burke, he said, who so eloquently described
the cold-hearted and insensible metaphysician, whose malignity
exceeded that of the devil himself—a man who disregarded
every thing in the overweening attathinent to general prin.
ciplos. One word more, and lie should have done. With the
Ministers, and with them alone, the responsibility of these
great anetlangerous measures rested—(Hear, hear, hear ! from
the Treasury liench)---and lie would call upon them to pause
before they further aggravated distresses already raised to a
high pitch.
Mr. II USKISSON was d iiposed to acknowledge that although
the Hon. Member for Coventry might feel It necessary to have
adopted this evening a line of argument so contrary to his sen-
timent* in general, possibly under the influence of external. in-
terests, time arguments used even under that influence were not
to be considered as destitute of interest or weight. With re-
spect to time speech of the seconder of the motion, it was pro.
bably the sentiments which he had uttered this evening were to
be traced no doubt to an Influence more recently contracted,
and the Honourable and Learned Member, in uttering them
might possibly have been actuated by an ambition to become in
more respects than one the colleague of the Hon. Member for.
Coventry.—(Cheers, and laughing.y—[le certainly had been
astonished at the speech of the Hon. and Learned Member this
evening. That Learned Gentleman had stated that he was not
prepared to admit this, anti not prepared to admit that, in the
same guarded way as it was customary in' Courts of Law with
Advocates who were acting under instruction. He should
leave that Hon. Gentleman to the enjoyment of all the taunts,
sarcasms, and vituperation which he had, fin the first time to-
night, lavished on the principle of free trade, in a tone of un.
usually vehement declamation, and contentedly permit hint to
share the feelings which he professed, and the taunts which lie
had thrown out against all the supporters of the doctrines of
free trade, with those around him on the benches of Opposition,
who had shared! and ought still to share, in the merit of hay.
ing introduced into legislation the new light of commercial re-
ciprocity and liberal principles of foreign trade. He was, he
hoped, far from being indifferent to the pressure of the times,
and more particularly to the representations of distress in this
particular branch of our manufactures, end he thought that the
charge of being an unfeeling theorist was levelled-at himself
most unjustly.
Mr. JOHN %VI LLIA 11S— I distinctly disavow having
intended to charactetize the Right Hon. Member as devoid of
feeling."
Mr. II USK ISSON—" What then does the 110 h... and Learn-
ed Member mean by the imputation of the hard-heartedness
and want of feeling peculiar to a man deaf to every suggestion
but consistency and theoretical principle. I appeal to the
House whether he must not have intended It to me personally
—(Hear, hear I)—and then his introduction of the quotation
from Burke, as to the malignity of a. demon, could only he in.
tended to affix to me a stigma, the justice of which, however he
may reconcile to his feeling, I trust the house will not.—(llcar
and loud cheers.)—To that insinuation—that taunt, I profess
mytielf perfectly indifferent, and shall contrnt myself with once
for all repelling it with the scorn and contempt which so ground:
less an imputation merits."—(Loud cheers.)—The lion. Mein.
her then continued. With respect to the principles them-
' selves, against which the Honourable Member for Coventry,
of whom he did not, and the Honourable and Learned Mem-
ber of whom he would complain, had launched his ar-n
guments, and the latter his invective, he would remind tile '
House they were principles already, adopted by the House,l
and had for these eighteen months been time law of the land.—
For two or three years those principles of trade had prevailed
in this House, which tended directly to relieve trade from re-
strictions, and
and restrictions had, by the determination of the house, been
decided to be on general principles injurious to trade and coin-
nitrce. The question was, would the House, by admitting this
isppeel of a particular class of persons affected by the late regu-
lations, consent to tread back time steps it had taken towards
establishing a liberal system of commerce for now some years,
and open up the discussion of thc subject anew? For ifon this
instance, there has been any impropriety or Woolley, then were
they bound to retrace their steps, not only in this, but in all
other instances where parties in business were injured, and not
only would it become necessary to re-enact those restrictive re-
gulations which it had repealed, but even to devise new and
more.effective restrictions as yet unknown to the laws of the
country.teraocns,
, It would, in order to set time subject in its proper
light, become accessary
.to take a review of what had been the
conduct of Parliament, since it had been engaged in these corn.
mereial regulation*. To appreciate the necessity of these al-
he should take the liberty of referring the House to
the statements contained in a Petition dated in May, 1820, also
.a period of commercial difficulty. Those statements would be
found not to contain the speculative opinions of theorists, the
wild subtleties of metaphysicians, nor yet the suggestions of
men malignant as tiensons, but the plain sensible sentiments
of pioactical merchants as to what was time real policy of trade
and'the true interest of the country. And who were the Peti-
tioners in this case ? The merchants of the city of London.—
li (Ileneut a nl !)---'They
whichioTn iilei Yk
like thereinours cuss
conducive to the wealth and prosperity of time country ; and
ii)veacsu
lbenefitedpeculiar
to t the soil
importingand
climatet ho
os those
othercom-
modities
countries, and in return exporting those of our own country
more particularly our manufactures; that freedom of trade anti
intercourse between nations was mutually beneficial to either
country so in commercial intercourse, anti that the true prin.
ciple of trade with foreigners.consisted in buying at the cheap.
est, and selling at the dearest market ; that the encouragement
of free trade in this way would open to -us fresh resources
and new markets for consumption of articles of our menu-
fectures, instead of following the old system adopted by
this and other countries of prohibiting through a mistaken
but good intention the produce and manufactures of other
countries; that the latter principle begat jealousy and hos-
tility between nations though previously in amicable inter.
course; that the prejudice on which the restrictive system had
been founded, was the fallacious principle that foreign importa-
tion to any great extent would and must diminish the consump.
tirono w weary
y their home ti f
patienceo ur own y
goin g
through manufactures.hgiroeltirned,
e ri
must
saa° tlrurtil ealptteiens rbnegbewltilepalla slilnrpneiongsaecurentnateiadhlwldine:tedi6dloprlwidirao;teldgo-l-
-tailed statements of the petition.—(Cries of read, read !)—lle
particularlya
dethieal
eeodde intnneng
sl
dy o
abpnojeet,
petition
called
tpatii
acted
Parliament.
dl
iwat to
itnoi i
ircer)
ohne:nett
hedgtaheidtenTleap)
rielrmaeleelnstl
ehyprn,reeottpittlto
state, that if restrictions such as those complained of were
foreign communication, that the system-of free trade was more
moment,

of distress and commercial embarrassment, which had in effect
been produced or occasioned by these restrictions on our trade,
inasmuch as the merchants of other countries were soliciting,
front their respective Governments, fresh restrictions on fo-
reign produce; and that these representations of foreign mer-
chants were evidently directed against this country, for the
purpose of defending them from the importation of English
goods, with which they could sot at all comps in con-
sequence of the great cap' s and soperiority machi-
nery in this country ; the lion finalta Ittencludink nth a
prayer tleat the-Ijouse would tag the subjdbee into its tlg ~,„:„,)
se-
rious consideratititheand taissemeasu. fortfietheto rellee O 1
trade4romajtelpieriltiolterelitrictioni, (LondelVs.ne-If therlt
the Honk HAT Med in the din reprehensible riMineradescrib-
ed by the Hon. Members on the opposite side of the House,
they should remember that they had been induced to do so in
fact by the countenance and solicitations of emisent.practieal
merchants and men of business, who were not to be supposed
as bit with the mania of metaphysical theory, but who had
made the representation to that House, because, as they stated,
they believed the removal of the old restrictions on foreign
e tchoanietnie)recresawnsouwldharseelineavme
eosuar droopingppeare
d ad
at
thtrefaeo. -
foot of
Andthewpho petition' -
The first among them was a man of the highest character as a
merchantnaw wasf o r
ay
and,Mr. Samuel
eaDrsirecwtoirmohfa(tihebeßeininkmoafnyEynegalrsand
Thornton, late a Member of that House. There were others
almost equally respectable as merchants, who also had been
Governors or Directors-of the Bank of England. or who might be
fairly taken as representing a great portion of the trade of the
City of London. He did allude to these highly respected name'
ago Governor, .
as an apology for the conduct of his NtaieSty's Ministers.although
on their avowed sentiments he felt he might have rested his vin-
dication of Administration from having adopted hastily theore-
tical principles calculated to oppress and ruin our commeree.--
The Right Hon. Gentleman having stated the difficulties under
which commerce laboured on a former occasion, expressO a
hope that they might not find among the difficulties of the pm-
sent day a dcenion, namely political agitation, which they had
before encountered. The' unfortunate persons to whom he
alluded would recollect how much their sufihrings were increased
by agitators, who were leading them to their own destruction.--
The first argument urged in that House was that improvement
in trade was desirable : the Honourable Member tirsttold the
House that freedom of trade was the element of prosperity, .
and then proceeded to tax his Right Honourable Friend the
Chancellor of the Exchequer, as well as all the Members of
his Majesty's Government with apathy. They were: charged
with sitting down, and not doing that which the interest of the
country required. A favourable topic was repeatedly urged.-.-
It was said two countries never could be improved whilst their
commerce was alike. Tne inference to be drawn from that lino
of reasoning, might induce this country to shut up her trade
within the Island, and prohibit other countries from sending
us any goods. At the same time we were to send as much as
we thought proper. But he should consider this, to say the
least,of it, a most inconvenient system of commerce. To Prt-
mote the prosperity of the country, it was necessary, nee"'
ing to the Honourable Gentlemen's view, to keep up the eY;4ent
of prohibition—the system of Spain, which admitted notilinri
but smuggling. An lion. Gentleman, the greatest practical
man in the country, had long since discarded that sptenle InC-
Hon. Member for Taunton had pressed for emohibitions as the
means of specific relief under the petition. He had said, how-
ever, on a former occasion, what can be so absurd to have Outi,e,
on foreign commodities. On the question of taking ati:, the
duties on foreign wool, let British wool be fairly exportene and'
the prohibition on foreign wool shall be removed. TheNanu
lecturers then said, almost to a man, take off the (nay on
foreign wool, but if you take it off British wool for expore
tatlon the trade will be ruined. Government at lest age;
ceeded in taking off the duty on Foreign and British wool; gnu'
instead of the trade being ruined, they exported the first Y,ekir
100,0001bs. of British wool. They also imported 40,000,0wew?"
of foreign wool. That was the effect of taking off thepronlh"
Lion. The next measure which the Hon. Member for Tannwit
Promoted, was a revision of the Revenue Laws. The on.
Member stated that the Customs' Laws were so unintelli lge
that no man knew how to carry on his business,
and that ita
the duty of Government to consolidate those laws. The tile
l:
was a difficult one—but the Government did not shrink from it.
The Government never would have succeeded, but for the el;
sistance of a most active Gentleman in the Customs, whollen
proceeded with the greatest advantage to the country. When
they (bend nOO Statutes put into the little volume (producing a
small book) which he held in his hand, containing_ all the hof
which MO necessary to carry on the business, thellouse would
admit that great improvements had been made in the Laws re*
gulating Commerce. The next recommendation was to intbst:,
tute protecting dudes in all cases for prohibitions. Ile begged
leave to read an extract from the speech made on the subject bI,
his Hon. Friend. Another desirableobject of his lion. Pico"
flaarlenen4coottraamole.st
Nothing`.
could would be to do away prohibitions totally, where protection for
particular MerehandixeS was necessary to be in the shape °`
htolbsimtionugagliinnigair
etthletheeustneviseniutade.
protectingeduties,and.not prohibition. He was convinced Pro:
could be more absurd than to prevent the introduction el
articles of consumption. He (Mr. Huskisson) would ask to
Hon. Friend whether he had not silk in view when he aline'''
to articles of home consumption. He found his Hon. Friend
in 1817 (certainly a period of difficulty and distress in the !n'''.
nufacture of silk).stanng that British manufacturers were rula'l
,-,
by: prohibitions; so that these silk manufacturers, who were '''
flourish in 1817 under the removal of prohibitions Were "I'
the prohibitions taken off, to be reined; 'rite Right'lloiue'n.
Gentleman called the attention of the House to another d
tion of the utmost importance—he meant the Currency ale':
don. In 1817 he found the average importation of silk, via,
2,800,000 pounds. There was an overtriuling in 1818, and I„"'"
importation of silk increinted 100 per cent. Tallow cattafa'
and Other articles were increased in the same proporatint,
that overtrading there naturally occurred a depression offilZ
In 1817, since the Report of the Bank Committee of Iflevane.' pl.
Bank possessed a greater stock of gold than at an' lull'
period. The Exchequer was favourable, but it Bijou atter
altered, and gold disappeared.. In 1818, the distress be_eecetne
such that Government were solicited to issue Exchequer 1011';
After this digression, the Right Hon. Gentleman came to the
next point to which. his Honourable Friend called the attention
of the Mouse, namely, the Navigation Laws of the wing*
dom. What did the Honourable Member propose ? Whys
to repeal the Navigation Laws altogether, The Govern'
ment did not go to that extent, but referred the question 0 o
a Committee. The evidence offered on the subject, led W a changeof the Navigation Laws, but the Committee did not
in their report to the wild length of his Hon. Friend's theart
The sixth reconamendation to the House was to remove & i;
strictive system with . respect to the trade with France. 1 ~e.
House followed the recommendation. They had induced fon".
to remove the difficulties thrown in the way of British eorih,
merce. France felt, and adopted the principles of free traa:e
but could not surmount all the difficulties, It was said the ra-e
gulation with respect to goods coming from Asia to France wit
the effect of an arrangement between the two Governmenan our
was no such thing. It was the subject of a cominunicadon ~
the Chambers. All that was stipulated in the Conventi'll whe
this :--If France allowed goods to come from those part: of the
world to her ports they were to be brought in French shy,. elis't
England they were equ%lly to come in British ships. II tihe
arrangement they had al; they could desire. What remained to
at
done with respect to commerce between the two countries Mfg°
beleft to the Governer:eat and France, but the Right Hoe. Gen.t
denizen
appealed to the House whether an attempt on the Pa"
of his Majesty's Government to retrace their steps was the
tote war.
to meet any evils which might arise in the commercial '
course between the two nations. His lion. Friend -rewire;
mended that they should enlarge the measures which regulataf
the trade of India. They bad been incessantly engaged with_
the East India Company endeavouring to extend the trade '''t.
India. If Government had not gone far enough it was not the.
fault. They respected vested nehts. 'These were the prinv*
pal points brought by the Hon. Acernber under the consideration
of the House. 'l7he Government had attended to all those pow `nt
yet the II on. :uite:Arnett Gentleman imputed to the Governrneo
apathy and indifference. The end of all the recommendatio_.
given at the debate alluded to, was admonition, and a hope
at-
tended
pressed that Gov eminent would attend to the petition. It was i',•
tended to. A Noble Marquis who had not changed like the grew'
hopper on the top of the Royal Exchange, moved for a Connn' le
to consider the state of the silk trade. That Committee Mate.
la report and stated that protecting duties ought to be subsn,tis.
tuted the prohibitions. The evidence of foreign nieeeha he
who came to purchase silk goods, stated that they had bong
ee
silk articles in France and in Evglatel, and that the diet'
on-
In price did not exceed twenty *per cent. In 1823, en the
ourable :timber same with a petition from the Mosters in
silk trade against the law winch gave the workmen Amore
portueity of raising their wages against the mewls. y
unjust law could not exist, and it was repealed. The to,
men had the greatest attachment to that law. They wished to
have it in force more than any other. When they called 11-0
him (fir. Iluskieson), they had been left to their choice, .ej.lea.
to have the Spitaltields Act re-enacted, or the arobibltiC
~„„
They would have taken the Spitalfields Act, and gab's
thrown the prohibitions to the wind. In 1824, his Right d tent
Friend finding that the general state of prosperity enable ....
to give up the silk duties, came down and mado that prolle
tion. His Hon. Friend opposed the measure in detail.
and.
was told over and over again, that this trade would cease ; aPvote
when he said he would give them two years, the answer wits
the trade may linger two years and not longer. Mond te.
month it will decline. By the. information received uPen ...ei
• The Rlg'' .
subject; all was misrepresentation and despondency. on
Hon. Gentleman confessed that had been rather obdurate pi.
the representations made to him, because he could not enn'te
those statements well founded. One person he was inclined 10
hear with serious attention, Lie said hC would hear 110 51.