The Sun.
London, England, 1828-06-06 00:00:00

ARCHBISHOP OF CANTERBURY'S BILL.

The ATTORNEY-GENERAL brought up the Report
on this Bill, and moved that itshould be read a third time.
Mr. HUME said he was sorry this Bill had been intro-
duced as a private Bill; it gave the Archbishop of Canter-
bury the power of appointing to a sinecure office, with
large emelutnents. The late Archbishop had appointed
three persons, one of whom had lately died, and the present
Bill was introduced to enable the Archbishop to grant the
otfice in reversion to a party who was to receive none of
the emoluments until after the death of the other persons.
It was an invidious task for him to oppose the Bill at this
stage, but he hoped that the Hon. Gent. (the Attorney-Ge-
neral) would not proceed with it until some returns which
he (Mr. flume) had moved for should be produced. These
returns would skuw whether the office to which he alluded
was a sinecure or mt. if the Hon. and Learned Gentleman
consented to postpone the third reading of the Bill for a
short time, he (Mr. Hume) would not say another word on
it, but if he persisted in pressing it en, he (Mr. Hume)
should move by way of amendment, that the Bill should be
read a third time this day week, when he hoped the re-
turns he had moved for would be laid on the table.

The ATTORNEY-GENERAL said the returns which
the lion. Gentleman had moved for, could have nothing to
do with this, which was a private Bill. There had been
a commission of inquiry into the office of Registrar to the
Archbishop of Canterbury, and the Commissioners re-
ported most favourably of the manner in which the office
was conducted and the business discharged. There could
be no doubt but that according to all former precedent, the
Archbishop had a right to grant the office in reversion to
throe persons, and this being the ca, , he could not see any
Gbject whatever in postponing the third reading of the Bill.
Mr. D. W. HARVEY was favourable to the postpone-
ment of the Bill, it might turn out that the office was not
a sinecure, though some thought it was, but it was much
letter to wait until the returns were laid on the table.

Mr. WYNN expressed his surprise that the Bill should
be brought in as a rivate Bill when in fact it was a pub-
lic one, and one in which the House was materially inte-
rested. He thought that the third reading should be laid
before the Fousc. _ _ .

The ATTORNEY-GENERAL supported the Bill and
:aid he did not think any delay necessary, for he was sa-
tisfied that the emoluments of the office were considerably
obviated. _

Sir E. KNATCHBULL could not vote for the Bill in
the absence of returris upon the contents of which would
depend his support or opposition to the Bill altogether.—
The third reading of the Bill was then postponed to
Thursday next:
Mr. BROIVNLOW said, he had a petition to present,
and he was sorry and surprised that no Minister for Ireland,
was present at that hour (past five o'clock), the more espe-
cially as he had given notice of his intention to present this
petitiou, which related to a sulsject of the greatest
importance. The petition, which was from an Association
entered into for the improvement of Ireland, and was signed
by Noblemen, Members of Parliament, merchants, traders,
and others, after stating the distressed state of the popula-
tion of Ireland, owing to absenteeism and the state of the
laws, suggested as remedies a repeal of the Regulations
affecting the Butter Trade, and the draining and improve-
ment of Bog and Mountain Land in that country, to the
extent of between four and five millions olacres.

Mr. H. GRATTAN said lie thought the Hon. Member
for Armagh deserved the thanks of Ireland for the part
taken by him upon this question. He also expressed his
regret at the absence of Ministers, when a petition of so
much importance was presented. He was willing to ad-
mit that English gentlemen and Scotch gentlemen took
up this question with a view to prevent their respective
conutriesfrom being overran by Irish panpere ; but as it could
sot be expected by the Irish that those gentlemen would do
more then effect this object, if possible it was the duty of Irish
Members to press the matter upon the consideration of
Miuisters with a view to permanent relief. He was not
one of those who were disposed to quarrel with absenteeism,
because it was not unnatural to expect that persons of
large landed property would prefer witnessing the ease and
comfort of the people of England, rather than the diseen-
tent and wretchedness of belied. He thought if the
suggestions in the petition were acted upon, it would
do much towards rescuing the increasing population
of Ireland from extreme misery and wretchedness.--
As his Majesty's Government had thought it advisable to
reclaim the waste lands in the colonies, he thought Ire-
land was equally well entitled to a similar experiment.
Mr. DAWSON, who had entered the House a few mi-
nuted before, said that he had heard the statements of his
,utly
Hon. Friend, and he was sorry to say, that he considered
both statements.very much exaggerated, and the peti-
tnhe eHousejytotoptiolos
athoate_itvielbr;ieliltil xvn
respecti Drainage
ge and
utterly
impracticable,
ts
what had been said te asasked
am
a General Inclosuredrelative
• lAtievte.—to(tihie4e state of trade and com-
merce in Ireland, and the influx of Irish labourers itto this
h
country, he should say that from returns which i
held in
his hand it appeared that that trade was unnecessary,and that more Irishmen returned annually
the port of Liverpool to Ireland than came from
to that
port from Ireland. From those returns it appeared that
the exports of Ireland in 1800 amounted to 5,462,0001. ;
and in 1820 to 10,307,0001. ; and that upon an average
of the last three years the anneal importation of Irishmen
from Ireland to the port of Liverpool was 25,000, whilst
the numbers of Irishmen who sailed annually from that

port to Ireland Were 50,000. He believed also that a I
similar result would ensue if a similar account was received
from Glasgow and the other ports frequented by the Irish ;
and therefore, so far from the Irish population in this
country being on the encrease, be really believed that on a
correct examination it would be found to be diminishing.
He contended therefore that the Irish who came over here
to work, in place of doing injury, were conferring wealth
on the country. They were not to he looked upon as
beggars or:intruders. They brought their labour freely to
market and returned home with what they could earn.—
He admitted that every encouragement should he given to
improve the condition of the people of Ireland ; lint the
idea should never be encouraged of giving employment to
the population by an advance of public money. Ide knew
from experience that money thus advanced was always ill
planed, and in general made a source of jobbing. The
people should be taught to depend mainly upon their own
exertions.—( Hear, hear.)
Sir JOHN NEWPORT said the speech of the Hon.
Gentleman reminded him of what occurred once in the
Irish House of Commons, and which he recollected to have
heard when a boy. A Learned Member of that day de-
cribed in glowing terms the prosperity of Ireland. Ano-
ther Member, in replying to his speech, observed, that from
the statement of the Learned Member one would have
thought that all their halfpence were converted into gui-
neas, in place of which he could not find either guineas or
halfpence. The Hon. Gentleman said, that the country
was advancing in prosperity, and at the same time ad-
mitted that the people came over here in great numbers
to look tin employment. If they had employment at home,
would they come over here ? If the Hon. Gentleman read
the report of the Commissioners, he would have seen that
the draining of bogs was not so hopeless as he represented
it. The great difficulty arose from the complication
of tithes. The advantage of draining bogs was folly
exemplified in this country. It Wag to it they
owed that large tract of laud, the Bedford Level,
and several others. In 1819, a Drainage Bill for
Ireland was recommended, and one actually brought in in
1828, though afterwards abandoned. As Ireland had lost
hee'own legislature, it was the duty of the English Govern-
ment to pay some attention to the interests of that country.
The commerce of Ireland had certainly improved since
1800, and that improvement was owing entirely to the
Bill which he himself brought in for opening the inter-
course between both countries according to the terms
of the: Union. But, from 1806 to 1820, no mea-
sure was adopted to follow this up. A great deal
might be done by a little money. They had some claim
on this country, which drew from Ireland very consider-
able sums. He was confident Ireland had improved greatly
for the last twenty years, but improvement might be car-
ried much further. Great good might be done by the cul-
tivation of four millions of acres of land, lying in the very
centre of the country. In 1819, the subject was brought
before the House, and not one- step bad been taken since.
His sincere desire at all tittles was to improve the country.
Mr. L. FOSTER had a petition similar to this to pre-
sent from the county of Maya. He fully concurred in
what had been said by his Hon. Friend, the Member for
Derry (Mr. Dawson) that no good could result from an
extended application of public money. It could not he
denied at the same time, that if individuals were encou-
raged, by assistance from Government to apply their own
capital, a great deal might be done in furthering the object
of the petitioners. The earliest object of attention should
be to remove the impediments of a legal nature.—(Hear.)
—What the petitioners desired in the first place was, that
roads should be opened so as to connect the Fisheries of
the West and South with the interior parts of the country.
In reclaiming wastelands something had been already done,
and he was assured that many barren mountainous districts
were brought into cultivation. The second great object
of the petitioners was the draining of hogs. To effect this,
lie contended that no expenditure of public money was ne-
cessary, neither did the Commissioners countenance any
such idea. The impedimenta in the way of draining bogs
were not of a financial nature, but there were obstacles
of a legal nature, which he feared were insuperable.
There were ten Engineers employed by the Commis-
sioners, and all of them, except one, agreed in this, that
whatever might be the sum expended in draining; whether
one pound or twenty pounds an acre, a return of from
ten to fifteen per cent. might be expected. The fact
stated by his Hon. Friend (Mr. Dawson), that bogs were
not actually reclaimed was not a proof that they might net
be reclaimed with a profitable return to the undertaker.
The first great obstacle was, that the boundaries of Ahem
bogs were not yet ascertained. There might be a remedy
for this by application to the Court of Chancery, but that
was so expensive a process that few perhaps' would he
willing to have recourse to it. Perhaps. however, upon
inquiry, means might be devised for removing this obstacle.
The second dilfietilty arose from the tenants residing upon
the terra firma adjoining those bogs. By the conditions
of their lease they had the privilege of letting in their
cattle during the summer to feed upon the bogs. It was a
right of little value certainly, sufficient however to influence
the tenant, and to make him reluctant to part with it.
The shortness of his tenure prevented the tenant from
making any attempt in the way of draining, and the land-
lord was prevented by the claim his tenants had of turning
in their cattle. These were obstacles however which
might he removed, and if once got rid of, much might he
done without any great outlay of capital. Each pe prietur
might improve his own part if stone machinery could be
contrived to'eet rid of the existing difficulties.
Mr. V. FITZGERALD was most anxious that the
petitioners should succeed in the objects they proposed.—
The first thing to be done was to get rid of the legal diffi-
culties.

Colonel TRENCH said, if the people of Ireland could
get sufficient employment, they would then see the country
tranquillized. He was somewhat surprised at the speech
of his Hon. Friend, the Member for Derry (Mr. Dawson).
Whatever improvement might have taken place in Ireland,
it could not be denied that great distress prevailed there
he could point out in some parts such miserable wretched
beings as would disgrace even the deserts of Africa, and
this not in barren poor districts, but in the neighbourhood
of towns and cities. English landlords were the pride and
glory of Ehgland. Many of them were proprietors also in
Ireland, and treated their tenants there in the best manner;
he regretted to say, however, that there were others who
paid no attention at all to them. For this they were much
not e to he blamed than Irish landlords, who, having been
long familiar with such scenes of misery, could not be so
sensibly struck by them. By small loans from Govern-
ment, encouragement might he given to persons to embark
their own capital, not in wild and visionary speculations,
but in such as, of late, had been carried on in Ireland, and
turned out very useful. He asked for Ireland only the same
encouragement which had been given to Scotland, where
the best effects had been produced by it. A better spirit
was now growing up among the Irish landlords, and this
was the moment when the assistance of Government would
he most effectual. He saw with pleasure that this subject
had been discussed without reference to party questions or
political differences.
Mr. Secretary PEEL trusted his Hon. Friend, the
Member for Armagh (Mr. Brownlow), would not infer
from his absence in the early part of this discussion that he
felt any indifference to the objects of the petition.. The
interview whieh lie had previously had with him 'on the
subject must be quite sufficient to remove any impression
of that kind from his mind. Nothing could be more de-
sirable than that, while considering questions of real na-
tional utility like the present, there should be total oblivion
for the time of all political differences. It appeared to him
that the application of the public money to any plans for
the general improvement of Ireland, was a thing which
ought to be approached with great caution. However, he
would admit that all general doctrines of this kind were
to be received with qualifications. Of late years the
greatest advantage had arisen, in various instances, flout
the application of the public money. For instance, that
of opening by roads chains of communications with moun-
tainous districts. When he was in Ireland a large and
extensive district on the west coast of Ireland, in the Barony
of Ennis, had been improved in this manner. Govern-
ment advanced the money for opening roads, and the
capital thus expended, was repaid many per cent. by
the calling into existence of many towns and villages,
by a general improvement of a part of the country
which before was comparatively of no value, and by
the habits of industry which were thus spread among the
people. Improvements of this kind might become a source
of saving to the public, for by improving the habits of the
people, the employment of so large a police force as was
now kept up in Ireland, might by degrees become less
ne-
cessary. In many parts of Tipperary and Limerick, if
they were improved, it would not be necessary to retain so
large a police. He that very day received a communica-
tion from the Lord Lieutenant of Ireland, stating that he
\Vila willing to supefintend himself the application of any
sums which Government might deem it advisable to ad-
vance for the improvement of the country and bettering the
condition of the people. In the application of money to
objects of this nature, the greatest caution Wiai necessary.
In the proposition, however, of his Hon. Friend the Mem-
ber for Louth (Mr. L. Foster), he could not see any ge-
ioreaienr:idgaaibyffit
ioycor...flfrat
draining
ri..e
ad
any
nnoEi.yrivggeehffr
ought to
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aimprovement Government
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hilr could
fifiersututihelog toln beandyonDe,rahinowageeveßr\iwi
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I anew,, CM must be taken to guard private rights.

The drainage must, of course, be carried on through

rivers ; and as the richest and most fertile meadow

lands lay very often oa the banks of rivers, it must,
be seen how far such lands might be injured by the opera-
tion. There may be many other difficulties, but by per-
severance much might be done. To guard any infringe,.
rnent of private rights was the great difficulty. If these
things could be effected—if industry and improvement
could be thus extended over large districts to which they
were before strangers, he who operated such a change
would deserve tvell of his country. The Right Hon. 13a-
ronet (Sir J. Newport) observed, in the course of his
speech, that it was the duty of Government to pay some
attention to the interests of Ireland. He admitted, in its

..... _
fullest extent, the justice of the claim ; nor hail the Right
Hon. Baronet any occasion to press it. He had resided
many years in Ireland, and knew too well not to feel, inde-
periently of all considerations of public ditty, a deep interest
iu its welfare. It appeared to him from the reasons
stated by his Honourable Friend, the Member fur
Louth, that there would be greater difficulties in a general
Inclosure Act than in a general Drainage Act. In the letter
the interests of landlords and tenants seemed nearly the
same. The advantage of pasture at present enjoyed by the
tenant was very trifling, and the claims of the different
parties might be adjusted without much difficulty. It
would be easy, for a trifling sum, to bring abont a compro-
mise, and in many cases there might be no occasion for any
composition. Independent of every other consideration, it
would he most desirable to have the boundaries determined,
and that could be more easily accomplished before lands
were improved titan after. Nothing would tend more to
facilitate afterwards a general Inclosure Bill than such a
final settlement of boundaries. It would seem, by a wise
provision of Nature, that particular species of manure best
adapted to the improvement of bogs, was always found in
their immediate neighbourhood. This circumstance was
of importance in calculating the ultimate result of such an
undertaking.
Sir J. NEWPORT explained.

Mr. H. GRATTAN supported the petition. The
people of Ireland were suffering at this moment all the
evils of poverty and disease. It was notorious that thou-
sands of them were starving and in rags. He was sur-
prised to hear the Member for Derry (Mr. Dawson) speak
of the drainage of bogs as a visionary scheme.
Mr. Haul. DAVIS put a question to the Chancellor of
the Exchequer, the object of which we could not hear.
Mr. MOORE should not have attempted to say a word
on this occasion, were it not that he had a similar petition
to present. He fully concurred in the view taken of the
subject by his Hon. and Learned Friend (Mr. L. Foster).
What had been said by his Hon. Friend below (Mr. Daw-
son) as to the increased prosperity of Ireland might be cor-
rect, but he feared the increase of population had far out-
run the increase of prosperity. He did not think there
was in Europe a country which presented such a spec-
tacle of the miseries arising from an unemployed popu-
lation. Ile agreed that any immediate attempt at re-
lief by a direct application of the public money
would be unwise ; but it might be of the greatest use
to assist individual enterprise by small advances from
the public purse. Much hail been already advanced to in-
dividuals on good security, for carrying on various opera-
tions. No advance, however, was yet made for the recla-
mation of waste lands. What he should propose was, that
the Commissioners should be further empowered to ad-
vance money for this purpose. The great object of the
House had to consider was, whether they would raise the
labouring population of Ireland to the level of that of Eng-
land, or degrade the English to that of Ireland.
Mr. O'I3RIEN supported the petition.
After a few words from Mr. BILOWNI,O,A', who thanked
his Right Hon. Friend (Mr. Secretary Peel), for the en-
couragement held out by hien to the petitioners, the peti-
tion was read, and ordered to be printed.
SMITHFIELD MARKET.

Mr. R. GORDON presented a petition from upwards of

1,400 merchants, bankers, and inhabitants of the city of
London, complaining of the present condition and manage-
.ment of Smithfield, and the places appropriated to the
slaughtering of cattle. The Hon. Gentleman entered at
some length into an examination of the present condition
of Smithfield market, and observed that its present situa-
tion rendered it objectionable upon several grounds. The
first was, the manner in which the cattle were driven, with
Wows and execrations too horrible for description, through
the streets of the metropolis, to the great danger of its in-
habitants. The second objection arose from the system of
driving the cattle into London on a Sunday evening, and
keeping them penned up, not only without food, for that was
a matter of little consequence, but without water, and in
the greatest torment, until a late hour on Monday. Ano-
ther objection to the present state of Smithfield was found
' in the confined nature of the ground allotted for the re-
ception of the cattle. Two days in every week there were
collected in an area of little more than three acres, as many
beasts,as amounted to 150,000, and as many sheep as ave-
raged 1,300,000 every year. Having said no much upon
the subject of the sufferings of the animals, he would now
say a word or two upon the disadvantage of the present
system, in the way of profit. It was calculated that the
actual loss sustained in the dimunition of food, from the
blows and bruises of the drivers, amounted to 60 or 70,000/.
;mond-Iy. The present petitioners asked for no public
measure to be adopted upon their suggestion. The peti-
tioners merely required what he thought could scarcely be
refused then—an opportunity of proving before a Com-
mittee of the House, that the grievances stated in their pe-
tition actually existed to a greater extent even than they
had represented them. They stated, however, that though
they could establish that fact, they were willing, out of
their own funds, to build markets at a proper distance from

the rntropolis, and to construct slaughtering houses after
the manner of the Abbattoirs lately erected in Paris. In

those establishments every thing connected with the animal
was turned into a matter of profit. The horns, the blood,
and the bones, were preserved fur sale; while even from the
offal, which constituted one of the greatest nuisance of the
London slaughtering-houses, the managers of the Parisian
Abbattoirs extracted a coarse kind of oil. He hoped the
House would grant a Committee to inquire into the objects
of the petition.
Alderman THOMPSON, although constantly trans-
action business in the city of London had never, until
that night, heard of the Hon. Gentleman's petition, which,
he said, was signed by 1,400 persons. He could only say
that the Corporation had done every thing in their power
to improve Smithfield. The Worthy Alderman denied
that cattle were brought to Smithfield on a Sunday evening
and concluded by expressing an opinion that the House
ought not to grant the Committee.
Sir H. PARNELL expressed a hope that the applies.

tion of the petitioners would prove successful.
Mr. MARTIN had frequently seen thirty droves of
cattle on a Sunday evening between. Lombard-street and
Ludgate-hill. On Monday the streets in the vicinity of
the market were actually almost blocked up with droves of
sheep and cattle, while the carriages and carts *ere quite
unable to make their way through them.
A MEMBER, whose name we did not hear, thought the
Hon. Member ought at once to bring in a Bill for the
removal of Smithfield market.

Mr. Secretary PEEL objected to the appointment of a
Committee. The Right lion. Gentleman, however,
thought the subject worth consideration, and hoped that if
the nuisances actually existed, some remedy might be
found without insuring the rights of individuals. It was
a pity that Smithfield market could not be removed, but
the rights of individuals ought not to. be taken away with-
out compensation.
Mr. C. SMITH. expressed a great desire to know the
names of the Bankers who had signed the petition.
Mr. P. THOMPSON wished that the system should be
assimilated to that of Paris.
Mr. Sheriff SPOTTISWOODE stated that these mar-
kets were the property of the city of London, 'and any
disposal of the property of others involved grave conside-
ration. He considered that the subject was one that
should be left to private speculatiell.
Mr. GORDON, on moving that the petition he printed,
gave notice that, on Monday next, he would move that it
be referred to a Committee, He bore testimony to the
respectability of the signatures;
Sir J. NEWPORT moved for a Return of the 07m-
pensations• given to Persons for dices which had ceas-eol to
exist since the union.
SAVINGS' BANKS.

Mr. PALMER said, that it would be a great injustice to
the House to state to them the importance of the subject to
which he presumed, to call their attention. They were
aware, that whilst on the one hand it embraced the inte-
rests of about half a million of that class of persons in this
country peculiarly entitled to the protection of Parliament,
it involved on the other hand the general public interests to
the extent of about sixteen millions of its debt. In the
state of the former, it must be quite obvious that the laws
which affected them ought to be as clear and simple as
possible. With this view, he proposed that the present
laws, no less than s;x in number, and containing about 150
provisions, should be consolidated into one Act of about 40
clauses. With regard to the revenue, it was hie object to
afford Parliament an opportunity of considering whether
they were not making too great a sacrifice in paying an in-
come of 41. 1 ls. 3d. per cent. upon this large portion of
the public debt, whilst the general fund and unfunded
debt of the country bore so much lower an interest. After
a few further observations, the Hcm. Member moved for

leave to bring in a Bill to consol►date and amend the laws

relating to Savings' Banks.
Mr. CRIUPS seconded the motion, which was agreed to.
PROPERTY OF LUNATICS, &c.
Mr. SUGDEN obtained leave to bring in a Bill Mr
amending the Laws relating to Property belonging to
Infants, Lunatics, Idiots, and persons of unsound mind.—
The Hon. and Learned Gentleman stated that it was his

intention to extend this law to Ireland ; it was intended as

part of a system of laws upon the subjects to which he had

adverted on a former evening.
BANK NOTES' (SCOTLAND) RESTRICTION BILL.
ADJOURNED DEBATE.
Mr. DAVENPORT commenced the adjourned debate,
on the Amendment of an Hon. Baronet (Sir J. Graham)
for a Committee of Inquiry ou the Motion of the Chan-
cellor of the Exchequer for leave to bring in the Bank
Notes' (Scotland) Restriction Bill. Great distress, it was
admitted, prevailed, and want of employment was loudly
complained of ; much of this present want of employ-
ment arose from the great spur some time ago given to
manufacturing labour, which created an excess of goods,
and which, therefore, occasioned want of employment until
these goods were disposed of. It was not true that dis-
tress was created by any dearth of capital in the country,
but there was one link wanting in the great chaln of na-
tional prosperity—and that link was credit. This want of
credit chiefly affected the subordinate classes of society ;
and muck of the evil which emanated from it would, in
his opinion, be corrected by the small notes' circulation,
which it was the object of the present Bill to supprese.—
Another objection with him to this Bill was, the injustice
of paying in a currency of higher value, debts and con-
tracts entered into in a depreciated currency. The Right
Hon. Gentleman (the Chancellor of the Exchequer) had
stated, that there was a currency in the country of the
value of 65,000,0001. Ile did not know whether the
Right Hon. Gentleman meant to convey that there was
money to that amount in circulation. It might be that
there were 22,000,000 of sovereigns coined—but it did
not appear how many of these were melted down, how
many exported, and how many of them found their way,
as he believed many of them did fied their way, to the
bottom of strong boxes, which were detained there, await-
ing an opportunity of being advantageously employed.—
(Hear, hear, hear.)—An argument, ad captandum,
had been made use of to depreciate •the advantages of
Country Banks—namely, the insecurity that arose from
their failure; but their failure was not of frequent
ocearrence—the panic of 1825 was not, it was tube hoped,
to be expected frequently. Besides, he denied that the
lower orders suffered severely from those failures. He
knew an instance which proved this. In his own neigh-
bourhood, a bank had failed for 40,000/., and he made in-
quiry as to the extent of suffering which that failure
brought upon his neighbourhood, and the result of the in-
quiry was, that the poorer classes had sustained no mate-
rial injury from the failure ; the truth wae, that this class
had seldom 20s. to spare from their wants. This bank
afterwards paid ISs. in the pound. The Hon. Gentleman
next adverted to the Act of 1819, usually called Mr. Peel's
Act, which, acquitting the Right lion. Gentleman, as he
sincerely did, of evil intention, had the effect of bringing
more of suffering upon the country than any injurious Acts
passed by any ten Ministers who ever sat in that House. Ad-
verting to the raising of the salaries of the Great Officers
of State a few years age, ia consequence of the depreciation
of the currency, the Hon. Gentleman observed, that when
he had mentioned that subject last year in the House, the
Right Hon. Member for Liverpool had asked him if he
thought those officers were too well paid. Now that was
not a good answer. His argument was, that as those sa-
laries had been augmented in consequence of the depreciat-
ed state of the currency, they ought to be decreased when
that depreciation was at an end. In answer to the
grounds laid by the Hon. Member for Carlisle for an in-
quiry, the justice of those grounds had not been denied,
but it had been asserted that the inquiry would disturb the
public mind. They were not to examine the expediency
of revising the Banking System, or of introducing any im-
provement into it, for fear of disturbing the public mind !
It would seem as if there were some opposition between
the public mind and the public interest. Stack-jobbing,
and all the practices connected with it, might perhaps be
disturbed by an investigation; but lie was at a loss
to understand how any thing could be disturbed which
it was desirable to preserve in a state of tranquillity.—
The Right Hon. the Chancellor of the Exchequer had
argued this question on the ground of expediency; he (Mr.
Davenport) was disposed to take it on a higher ground, and
argue it on the ground of justice. He would oppose the
proposed Bill as he should have opposed the Bill of 1826,
on the ground of its being a direct infraction of the pledge
given by Parliament to the country in 1822, to permit the
continuance of the payment of the taxes in cheap money
until HMS. The Right Hon. Gentleman did not propose
the cessation of It. note. in. Scotland, fur five and forty
good around reasons. He knew well, that if he were to
bring a Bill in to that effect, and were to cross with it the
Northern side of the Tweed, he would lie met with fixed
bayonets, and that he and his Bill would soon be at the
bottom of the river.—(A laugh.) He was happy to hear
the effect which the quotation from Locke, upon this sub-
ject, mid the other evening by the Hon. Member for Car-
lisle, had made upon the House. He himself had read the
self-same quotation last year—when; however, it produced
nu impression.—(A laugh.) lie hoped that at its third
reading the opinion which it oonveyed would be adopted by
the House.—( A laugh, and cries of "Hear, hear.")
Mr. DENISON felt himself bound to vote against the
proposition of the Hon. :Member for Carlisle. As the re-
striction in 1797 had been alluded to, and as he was one
of the few Members then in the House who had pat tici-
pated in the discussions on that measure, he hoped he
should be excused if he said something now respecting it.
When that measure was proposed the objection made to it
was, that if an extensive ieeue of paper was carried into
effect, it must necessarily depreciate the standard of our
currency. That anticipation had been verified by the
event. The standard had been silently and gradually de-
preciated. It had been in vain contended that all bad go-
vernments from the time of the French Committee of
Public Safety to the reign of Louis the Fourteenth, mad up
to the Roman Republic in the first Punic War, had adopted
similar expedients. The measure had the sanctuon of a
vast majority in the House and in the country. The re-
sult had been glorious to our arms, but fatal to our finances.
Fur' the two and twenty succeeding years, a great depre-
ciation had gradually taken place. What would have been
the proper course to take in 1814 ? To have altered the
standard. Such a measure would have prevented the
ruin of the farmer, the tradesman, and the artisan, or at
least it would have diminished the pressure upon them.
The cause of all the evils we had endured, and were still en-
during, was the:fatal policy of contracting a large debt in one
description of currency, and trying to pay it in soother.
His reason for opposing the Committee proposed by the
threeC°m mdeitetteer-
wHeorne.
gMraeumte,beLr
ifrormCzildieleoe wm,eis,onthlyattoif
one
echo
fa
minatiems; first, that we should continue to go on as we
were going on at present; secondly, that we should go
back to a paper circulation ; thirdly, that we should alter
the standard. It was impossible now to think of altering
the standard. To go back to a paper circulation would
beaenhpata(lie)et
be equally dangerous. We had struggled through our dif-
ficulties, and had almost got to the last of them. It was
proved that at most there were not three millions of small
notes at present in circulation. Now really he could not
think that the gradual withdrawing of those notes from
circulation—for it must be recollected that no Act of Para
liament prevented those notes from passing while they re-
mained out, and therefore that three or four years might
elapse before they were wholly withdrawn--could be pro-
ductive of any alarming consequences. If, however, a
fresh paper currency were issued, what must be the inevi-
table consequence ? To raise prices, and to drive all the
gold out country.esetfroitfchtfieoornei;gnvv,lev asr
or
uel
recourse
ut
hrhseaaNt.
emcee::: g
panic, arising either from civil commotion or from the
B ap-
prehensionank R
tion, not founded on a gold currency; and should have
again to undergo the evils through which we had at present
nearly struggled. The disposition of the country banks to
issue small notes had keen greatly exaggerated. He was
acquainted with several country bankers in the North of
England, and he knew that they considered it dangerous
to issue 11. notes to any great extent ; because, in the event
of a panic, such an issue compelled them to sell out of the
funds at any sacrifice, to support their credit. He was
persuaded that the only course to be adopted was to perse-
vere in our present system. Me was perfectly aware that
there still existed considerable distress ; but he was per-
suaded that the only way in which that distress could be
alleviated was, for the Right Hon. Gentleman to take
r
every possible means of diminishing the public burdebnLT:
• ecarinYroc fituhl:e another
(Hear, hear.)—They ought to cut down all our estda -
naval, and Inlll
anent of the public service, civil,
went', from the highest to the lowest, in every'..t epart-
(Hear, hear, hear.)
Mr. LESLIE FOSTER asked what it was they were
called upon to do ? To find two millions and a half of
gold circulation. He denied that they were called upon to
contract the currency.
whatever might be the present
amount of circulating medium, be it sixty-five fl ;lions or
more, all that was requisite was in particular districts to
goldfind,
circulation, aided by notes of •a. higher
value. We already 110, .t.s.ied a gold circulation car two and
twenty millions. Notwithstanding the artificial mystery.
quantity
yr- tfe laswll notes to be withdrawn, a coin: ensatiog
which of late years had been thrown over tic subject,

there were data to prore.tbat such was the fact. This
mystery had originated only since February, 1826. Be-
fore that period, we knew accurately bow roach gold was
coined in the country, and how much was exported. •If
the House would take ti:e trouble to refer to the statements

of Lord Liverpool, and of the Noble Lord who was at that
time Chancellor of the Exchequer, they would find that .
up to the period be had mentioned, the new gold which
had been coined and issued amounted to 25 millions. Of
that amount it was calculated that seven millions had been
exported, leaving a balance of eighteen millions. It ap-
peared, however, by the Custom-house accounts, that one
million of the gold so exported had returned, making
the amount nineteen millions. From that sum the
only deductions were, the money carried in the pocket,
of the persons who visited the Continent, and the
money employed in smuggling. On the amount of
those deductions the Noble Lord and the Right Hotl•
Gent. had differed ; the one estimating them at one mil-
lion, the other at two millions ; 90 that, according to once
the gold circulation at that period was seventeen millions;
according to the other, eighteen. Now, although no ac-
counts bud been since laid before the House of the quantity
of gold coined in the country, yet a very tolerable estimate
of that quantity could he formed by the persons who were
connected with the bullion trade. It was well known,
that in consequence of the favourable rate of exchange
which the contraction of our circulation had produced, att
immense importation of gold bullion had taken place in the
early part of 1826. The Mint was incee antly occupied
j m coining throughout that year; and the amount thus-
coined he understood was five millions. If that was trait
—and there were Hon. Gentlemen present, connected with
the Bank of England, who could correct him if in reror--',
that five millions, added to the seventeen trillions erifave
according to the lowest calculation, had been stated on off
cial authority to be the amount in circulation in Februarys
1826, made the very sum of 22,000,0001 which the Right
Hon. the Chancellor of the Exchequer had declared, the
other evening, was the amount of our present gold circula-
tion. He wished now to say ix few words with respect-0
the a crificus and trials which the country had already gene
through on this subject. They were of two descriptions, anal
ought not to be confounded. The first were the natural
consequences of that contraction of our cnrrency which veal-
the inevitable result of the first operation of changing a'
paper for a gold circulation. This was one of the severeet:
trials which the public or which private. individuals conhl
.
possibly have had ; and it was enhanced by the reluctance
with which many persons surrendered their gold after bay-
ing received it. But there was another difficulty in the euh-
stitution of a gold for a paper circulation, which he adroit-
tel was in kind common to 1819 and to the present timefewith
this difference, that it was at present only 9-10ths in degree-
That difficulty was the expence of finding the gold circu-
lation. When we returned from a paper to a gold circu-
lation, we must necessarily be at the expence of purchas-
ing again the gold of which we had got rid in the first in-
stancta Whatever temporary benefit was obtained by the
cheapness of the paper circulation, was of course lot-
on returning to a gold coinage. Fur every pound of
such coinage, so repossessed, we must actually part
with an equivalent amount of exports, without ana., re-
turn. It was the price which we were compelled tj°l
pay for the privilege of employing gold in our cir-
culation instead of paper. lie contemplated not ooh'
the convertibility but the actual conversion of the'
paper into a metallic currency. This would nut de-
pend so much upon any amount of treasure as upon the
habitual consumption of the country. When Hon. Gee-
tleinen talked of this one-pound note circulation being
stimulus and facility to commerce, they should recoller"
how small a portion of those engaged in commerce or rne-,_
nufacturing pursuits hail had recourse to them. Thee
small paper was not found in London, Liverpool, MO-
cheater, nor in any part of Lancashire, the heart of the'
manufacturing districts, and therefore the aid which it'
offered to manufacturers or commerce could be but Moe-
aiderable. Me Was sensible that of the circulating mediaLti
of 65,000,000/., 31,000,000/. was in paper ; but if tue
.
proportion was to be destroyed, where was the line of safe.bo be drawn? They could not have a paper and ag°
circulation exist at the same place. Lancashire must eitil
give a lesson to Northumberland, or follow her example
a paper currency. But there was no general safety but iu
the total extirpation of the first, which -might otherniec
take possession of the soil which was'at prtsent free for?
its encroachment. He did not think, because this circula-
tion was stopped in England, that it ought to be stop Pea
in either Ireland or Scotland. He did not know the eat
amount of the one pound notes in circulation in Irelarid'
but this he knew, that the yroportion was prodigiously
greater than in England. It was not proper to call ups
Ireland to make so much greater a sacrifice than Eogland.
This observation also applied to Scotland. It was not f
quired to make a new law by the present measure, but only
to give full operation to a system which had already . been
adopted.

Sir J. WROTTESLEY was at a loss to know on what
grounds the Hon. Member could pronounce a measure so
beneficial to England, and then argue that it ought not to
be extended to Ireland and Scotland. He might be a gooll
authority upon the affairs of Ireland, but he took too tacit
upon himself when he pretended to pronounce the time at
which the notes might, with propriety, be withdrawn feels
uSnedoetlnd
ra
the.
impression
nes(siSoinr
thJa. t Itirhreo
et toesniteiya) s u
anheteuolfdtghive euhis .
in
vciotre:
culation, for au indefinite period, was reore injurious theo
leaving the question undecided. He could state, on tne
part of Bank, that nothing would give them greater rain
than a recurrence to a circulation of one pound notes:
more especially now that the public securities were at 3"
particularly low a price. The same feeling existed is four--
fifths of the English counties ; and so far from having arg
wish to issue one pound notes, that at the two meetings
upon the subject, the point was not even allowed to be d -
cussed. The Master of the Mint would do him the ja6tir
to say, that as the organ of those meetings he was adverse ',f
the circulation of such notes, and he had only felt lainases
bound in duty as Lhe Representative of a manufacturing lirf
terest to advocate in Parliament a contrary tneaeure. ,
the one pound notes were to be withdrawn from- erircr
which
it he must confess that a time never did exist at
it could be done with so much propriety as the prod"'
He thought that if the country hankers were to be re-
strained from circulating notes under five pounds in
the Bank of England ought to be prevented circulating aPJ
smaller than ten pounds. The Right Hon. Gentleman 'or
polite (the Chancellor of the Exchequer) has stated tblAat
the total circulating medium of the kingdom amounted tlti
sixty-five millions; but in making this estimate he 1°
omitted the circulation of all bills of exchange, notes'
hand, and promisory notes of every description, which fte'
tered so largely into the circulation and formed so consider;
able a part of it. These Bills of Exchange and Countrarlia%
Notes could not amount to heathen 1 tel millions. To this rarl'et.
he added all hills in the possession of the Bank of England:
Bankers, and of Bill-holders ; and there was scarcely a trader'
man or manufacturer who had any large dealings that
not a greater or less proportion of this paper in circulati4f;
—He was almost afraid to estimate the amount ; hut, he
would state it for the sake of argument, at thirty-five•
lions. This would make the whole circulating medium of td's
kingdom amount to exactly one hundred millions. Taio'
this as the fact, he would ask, at what the Right 11e$,.
Gentleman (the Chancellor of the Exchequer) bad estL'
mated the amount of the 11. notes? He had taken tbe
gross amount at 2?y millions, in England, and had ,g
what inconvenience the country would feel in withdraw'
so small a sum from the general circulation? With der,
rence to the Right Hon. Gentleman, the argument lay t
other way; and he (Sir J. Wrottesley) would ask whatiiir,
convenience could poseibly arise from allowing so eroew.
sum as two millions and a half to remain in a general cir
culating medium amounting to not less than one h
wasuadrfri
Liverpool millions `.? llenteo-at in his
was sorry
place, uponßightthatthea
question Hon. M
oerrinb:r,,;e;e:
as upon all analogous qaestions, he was so intimately
quainted. He totally denied the argument that if the Ft'
sent measure were not carried, unlimited issues of palor
small notes might take place. He thought they who tear
gined that a rise of prices or an increase of the business
the country would require an additional quantity of irtio
were right- If the ports of the world should agall),
thrown open to our trade, as they once had been, the pit
sent circulation of our country would not be seffieitOt the
its business, and such an occasion alone would justifY4e
circumstance of an increase of-the circulation "by'' he
means of an issue of notes. The security t 0 e,
afforded by the bankers, in the event of such an
was a matter of importance. Some years ago, When L.,
Bank of England was not able•to pay its notes in sPecor
►
the country bankers had been asked to give seentitY lot
their issues, and they had refused to do so, observing
they would furnish security when the Bank was prelo3j
to pay in specie. Their situation was different now qv
'if notes should again come into circulation they WojlLLete
provided to afford the best security. Let them, howev to
do what they might, it would he but an act of inlti6e
to
allow the country bankers to state the eireumstances.,,
which they had been reduced in consequence of the aor3t
drawing of the one pound notes. He would, upon
point, state one or two facts with regard to the state of
large districts where the working of iron and coal ta,17,,e
kept an immense body of men in employment. In at'?
places scarcely any labourer ever received his wages i$ tor
ney. They were paid in goods ; and so rigidly was tAi,
system pursued, that if a man wanted money for any nerhio
cular purpose—such, for instance, as thac of .p Tingl to
rent—he was obliged to take his wages in goods, ad

eh-pose
the /n et of the
of out &he cur
found • 'natter-1
that atuot
stt sir' tulation
dE ale r
et so- was
de r
wow ° " ged
i d
t 4, spoe,
evil p "'nye mon
of tit,.
I?at Pre.,
ire • , sorer
•0„ lg ot. In vol
in ks,feertain th
,1 ire, that ml
tl Thet„
O House and t
e 'vhkh a tut
aPri'illY with t
• chataftet 16e apt
e'g
Sir J•
of
q tom'
WOO
• an
• fight
'aper; but
nto gold,
o
ld should
ight
:51.1.-t's!
ugloliagivinrasttit:oisss'hßiulvtvcinb'hinh2tdeo.GueeAtiDel:3s:::',9-lioiace.ank:nd,tritttatll
t;ard its
liiete
roined
to
-.l)n
j.ht_Cl44-,l77°Sed-',,tedtratleie:lta"rvt'°nabaoebdpaul ebl
hdfdrt ob
e ctuirir
e i
e
'ta
J'et he
I Director,
the
oolly nnace
171 own way ;
as to be
to ,astun issue(
aarY, 1831, t
been
(7' been exchan
ti•• 1:: country.
pe: our of this
og
the tittle reason
country.
that 556.
%int C that per
and gi
is )000/. oug
on account
• Gazikers to
„_. CO
the
of t
4:0.! amount of
ttti to the fates'
I.os been issu,
,000/. had
;4°0,000/
• Inn
°- The tot
acted
which rail‘,„.t
eed far the
unfavoural
14°C', 'We/. as
atm"' Underl
at°eTtt of tht
Nger,ted ; hu
e;! }ltch conta
t'rettl ating medi
tt demand, he
• ]douse
state
the nose detect
Currency,Ota he
,_•.:he want of
1 ii7t7 tn. With
satisfied,ittitilt
meet wit
tst 4"kdge tha
rQ, like hilissc:
4
~:irctslating mai
`ether
for paper
ether Parliain
d'ot now in emir
OQlta upon the
talts They wen
basing ber
sh ell that it b
zt°9ld stop short,
t; the Houu
o since
•lY felt. In I
had been bra
tos been a
ome C
°f thin s wa
~1
Prices G
that
it IN of another
tt„ittr°Ted ._ • In suc
t4e7 rufth fror
. •.1 which all
qa t, and that
4thithPioint teaswas
very
had
It~w what a do
wit tined, too, t
dab indulged is
,41 `e standard,
lilvl,t,et than even tl
katt
had
varitd
tihad only Tar
'''sj °hewed tha
proportionSt tl
t. as a etandat
!llliteta3t_ime for th,
i
kap of gold a
Ittatice which t
m
itttlee the
the, if he lead
cheapest pc
Proposed, tw
Se°,l theta most
\itiala take that fe
Ike a choice wig
I•4laare Da' Int o
N't a- with re,
tLinthers who a
that rniiitt,
to imagine
Z4o'.of -that that.
1144 n. That a
'Fit were two cir
'"siiirreat withou
N4'. When thi
\l!4ed that the
Iltkn, and dimi
t:
`4 ,;"It to marl
.411 t the fur,
,:l
littl, e0..f201c1 hardly r
had comet,
in this cot
'JitttZ Medium
,l!ttlr He was
to to for it to s
object
,:hs object
u, tQOttth
iethht''he state
tit
those exch
Zof the ci
. 1:
L't large qua
te „7 against tl
ltysould pew
1/4'"t4ed Only AO
Bho toUrse tll
411 e with
tt
INNthing to c
as in the
strop h
,Lot that of t
f fat Liu •
..ot! 11, man
9 o,e, PARN
Vu tan the quti
•la it'iutlit of the
1624 t t•
heriit,4ifficult
--,mo • ul,
tk, • l
14 :_ntght"eous, a
ah Rome el
mandant
7.,,'?de,i°Y the g,
) fa Do t:
re
pared r _
VPre.
Nan to supper
"14;*at Pae_
Lltetts
under

th 4
Be-
wag

liens;
to ac-
xntity
imatc
were
hangc
Si, an
in thr

:spied

af the goods before he could touch one pasticle of
Hie may a
silk currency. He bad also inquired lute the state
7focilaa,"' I matters in the large manufacturing towns, and he
xi effic: that among theet an immense quantity of copper was
epai both genuine and spurious, and the retail
at r was so anxious to get rid of that copper, which he
‘23 obliged to take in payment for his articles, that he
;inn id diepoee of it for bills at 75 days after date, in order
evil roeure money for the purposes of his business. Another
" of the
pat prent state of the currency was, that in those
• ee
eve
;t5 tva sorereigne oat of every hundred were of light
%ht. In voting as he should do for the Committee, he
o certain there were many objects, into which it could
; egnite,that were well worthy the serious attention of the
al "uses There were nearly points on which he thought both
° to House and the country were wholly uninformed, and
which a great deal of information might be procured,
IPrially with regard to the debasement of the circulation,
n" after Se speech of the Hon. Member for Carlisle upon
*a
I"at bject, and the observations he had truly made, with
i)ral to its importance, it really was wonder7ul how any
)ee tkaa could be made to the motion.
e,
J. GRAHAM explained. He had not proposed the
Ineni
on of the debasement of the coin as one of the sub-
..
.7 tut investigation • the C • The
in Committee. House
-Geld ,
Kick observe, by the very terms of his amendment, that
ntn" an investigation as that of the cause of the debase-
°f a:ne currency was actually precluded.
"WARD looked upon the questimaaof the currency
.e peculiar prerogative of the Crown The Bank had
right granted to them in an especial manner to issue
taper; but they were bound to make that paper convertible
Into gold, so long as it was the pleasure of his Majesty that
laid should be the standard currency of the country. The
fight Hon. Gentleman had spoken of the amount of metal
lii circulation in the country, and his statement had been
.'tiPPofmed to he in some degree overcharged. On that sub-
be would give the House as much information as he
-Ind heemt able to obtain from the facilities afforded him as a
rusk
?Director, and he trusted that information would not
Wholly unacceptable.—(Hear, hear.)--The Bank had
tla
,1t same right as other bedies to transact their affairs in
yh 711' own way ; but his knowledge of their affairs enabled
In 3 to give the Home some information, of which having
Pat them in poeseesion, he should leave them to say how it
1" to be applied. Thai information related principally to
sum issued in the shape of specie, and tended
show that the Right Honourable Gentleman's
Moment had beets very little, if any, overcharged. From
Inary, 1831, to Jule, 1824, both inclusive, 17,373,000/.
been issued in gold. Of that amount, 2,550,0001.
,7n been exchanged for guineas, the old standard currency
‘".the country. Daring that period the exchange had been
lfavotir of this country, and gold had been largely ins-
r'r ted ; and from that circumstance, he believed that there
tlh little reason to fear that all the gold would go cut of
country. From August 1824, to December 1825,
'-‘44 ineuSive, 8,660,000/. had been issued in gold ; and
of that 556,000/. had been exchanged for guineas.
'jog that period the exchanges had been against this
ai3 Ontey, and gold was largely exported. A sum of
0%000/. ought to be deducted from the amount of the
al", on account of the money advanced during that time
al:aakers to cover the amount of notes withdrawn during
ate existence of the panic. That deduction left 6,000,000/.
the amount of the exports, in addition to the bar and
t‘coined gold sold by the Bank. From January, 1826,
"April, 1828, inclusive, which brought the account
to the latest possible period, a suns of 2,372,0001.
been issued in gold ; and of that amount,
1'3,000/. had been exchanged for guineas ; and
eOO,OOO/. must be deducted for the advances to Country
The total amount of the issues was 28,405,000/.
.°lnt which rather more than 6,000,0001. must be de-
ttea far the exports, during the time the Exchanges
unfavourable to this country, which left a sum of
15' ,008 L as the quantity remaining in circulation in
;48. Under these circumstances, he believed that the
h....lteastemt of the Chancellor of the Exchequer was not
l.
ee:ggerated ; but if he were to assume that statement as
1 which contained the maxisefon of the demand for a
th.'nolating medium, and the maximum of the supply to
t at demand, he should feel the most perfect confidence in
tilt:Present state of things.—(Hear, bear.)—lf, therefore,
Souse determined to go on with their plans regarding
ohge currency, he did not think they would feel any difficulty
(4 the want of a sufficiency of metal for the circulating
e;thttan. With regard to that circumstance, he was per-
he*S' satisfied. He would not say what difficulties they
aa-"ght meet with from other circumstances. Ile must
,„11(bowledge that he, in common with many others who
like himself, rather of the old school, should, if such
eirenlaing medium could be safely adopted, feel a pre-
lirence for paper over coin ; and if the question was now
\i'llether Parliament should, for the first time, enact those
tnow in existence, he should certainly entertain strong
0,% upon the subject ; but that was not now the ques-
fee: They were called on at present to say whether the
having been enacted, the country having accom-
tCnted itself to the circumstances of difficulties attending
+t rat operation of those laws, the House should now re-
all that it had done, and at this particular moment
stop short, after the country had, in a great measure
eee.. 'll4O, overcome the inconveniences of the change. He
aee'td the House he did not uadervalue those inconve-
o 'Ps,. Since the peace they had been frequently se-
htl;l4l3' felt. In 1816, in 1820, and in the present year,
phad been brought into this country, and that state of
e_IIIN had been accompanied with distress and with low
t 7. Some Gentlemen seemed to think, that if that
liaT, of things was altered in one respect, there would be
Prices-..that tho change of one would follow the
'i 'Be of another. He thought that opinion was founded
t:tor, • In such cases there never was a medium point.
144 rushed from one extreme to the other, and that was
(ael'il which all wise legislators would wish to avoid.—
k•)—There was another question connected with this
tm and that was the introduction of a silver standard.
INt point was adverted to by an Hon. Member, as one
atl it was very desirable to obtain, and a double stand-
ad been recommended. He confessed he did not
it what a double standard meant.—(Hear, hear.)—
aak"lned, too, that it had escaped the notice of those
a°, indulged in the idea of the advantages of .a
11. e standard, that the price of silver had varied
;thee than even that of gold. During the years of pence,
ka.:t bad varied from 4s. 11d. to ss. 7d. an ounce, while
or had only varied from 3/. 17s. 6d. to 41.35. ; a fact
lislcb blamed that gold had fluctuated in price in a much
lisesProportion than silver, and was consequently much
it 4r as a standard of value--(hear, hear !). He thought
al5:113 time for the Legislatnre to act with caution on these
itai'ets of gold and silver. They ought to recollect the
Imt,"%oe which the changes of the circulating medium
vueed the relations of debtor and creditor. The
would always pay his debt
ttrta if he had the option,
cheapest possible manner; amid if there were, as it
Proposed, two standards for metallic circulation, as
the must be cheaper than the other, the debtor
.a 1.1,114 take that for the purpose of discharging his debts.
'at 4t a choice ought not to be offered to him. There was
1.41116 re point on which he wished to say a few words,
~kithat with reference to the country bankers. They,
others who acted upon the same principle, had done
that militated against a sound currency. They
('`.'d to imagine that a /ow rate of interest for money was
Nott'of .that there was a sufficiency of the circulating
larn. That opinion was not true. The fact was, that
were two circumstances that might produce a low rate
isettreet without affecting the quantity of the circulating
at:4ot When the interest fell from 3 to 4 per cent. hankers
Ittad that there was a redundancy of the circulating
ktlum, and diminished the amount of their issues ; but if
suent to marl*, they would often find that at the
to tulle the farmer was much pressed for ready money,
:Zould hardly procure it in payment of his corn. That
tie had sometimes led to the most detrimental cense.
Ntiaaea in this country, and the necessaryquantity of eir_
Asaalt medium had often been withheld when most
e'• He was afraid many gentlemen had thought it
Ira' to support any measure whatever that appeared to
r4s object the increase of the circulating medium.
'treenufaht they did em under a mistake. If they ad-
to the state of the Foreign Exchanges, they would
tia those exchanges had always been in accordance with
lim‘ltre of the circulating medium, whatever that might
athai if 4 large quantity of money was issued, theexchanges
.11a ue against this country, and money would go away.
peculiarly be the case at the present moment.
a 1 nl,l only now add, that he was perfectly indifferent
1,;4th04e. Course the House might think proper to take
atenld be willing and anxious as a Bank Director to.
4,,
.5 ,
a eqtLY thing to carry their wiahes into effect, and in times
me a in those which hail passed, lie could have no
that
thaOt that of preserving for the country the best circa-
f At, e;lt human ingenuity could invent.
anti). pa". PARNELL -thought the Ministers had not
fnose'let the question, and had, in fact, acted in great
Ilaatat of the true principles which regarded it. He
it:tog alit difficult to have too great an amount of circus
).°t26 : he thought time principles of the Bill of
taell'ltolemmus, and he had only voted for them because
aameg,t aorne change of the Banking System necessary.
nuts). °Condant reason in the system of banking in the
,I'Veneleall'Y the general principle he a.drocated ought to be
e Din f• On this account he had voted, in 1826, for
;reaare,l°,..,t Slippreesing Small Notes in 1829. Ile was
Nitre p.l 'uppert the measure of the Right Hon. Gsn•
')oaa *li`•;eee°theo than any measure for again issiesing one-
Linda the present system of banking. But if'

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