The Sun.
London, England, 1826-02-03 00:00:00

PA RLIAiIIENT.

HOUSE OF. LORDS, Fier, 2.

•
Yesterday hiing the day appointed for the opening of the
Session of Parliament, the necessary arrangements took place
for the purpose, ,-The, cerentony,on, the
,proent occasion, was
performed by Lords Critriniikiioners,'lris .11ajcstY 'hiving pre-
signilied his intention of eot•being present.
M twelvelo'-eloek the'custeniary inspectlehof the cellars, &c.
about the House of Lords, in the presence of Lord Gwyder, the
Lord fetit4 Vtottrtherlairvi sirT. Tyrwhitt, the Usher-of
Black Itod, oral a party of the Yeomen of the Guard, &c.
took phcc • 'hut As the King did not attend the House, they
were 'not costume. The 'particular cellar • that
went by the mime ,of 4.4.. tiby Fawkes's .cellar," the one in
which, that Ouspirator was discovered, no longer exists,
m hav-
ing been demoliihed in making way "for 'the' new buildings;
cornmiwe..robnis; library, &C., recently. erected for, the House
of Lords. , .

It will be in the recollection of our readers tliat, in the year
1824, a Royal COMMISSIOII passed the Great Seal, winch ap;.
pointed torti.Gifthra to act as Deputy Spehker of the House
of Lords, in the absence of the Lord. Chancellor. We sin.;
cerely:refiret to state that the continued indisposition of the- emi-
nent person Who has so long, so ably, and.' so. courteously pre.
sided in 'their Lordships'' House should. have given rise to such
a coutingency,, and Lord Criftbrd officiated yesterday., At 281
minutes paartwo o'clock, the Etirls' of Westmerland,- Shelter'.
bury; and' Harrowby, 'and' latird (lifflvd,' having taken their,
seats as his 1110etity's Commissioners, the I)eputy LTsticr Odic
Black rod was ordered to require the At' endaticeof the House of.
Corntrioll4 heloiv the Bar." In a few minutes the Speaker op.,
peered, aeOinpanfed 14 a large' portion of Members, The
Royal CohlioisAion oPPointing these Noble Lords to net being
read„ the Deputy Speaker., Lord I. iiiurd, delivered
his 'llla-
aesty's §peech, in a very dignified Manner (for a -corecct•copy
of which see T 111?
-SUN pf yesterday)

.
The 'Parl of V filitllLAl%l rose t_; move: the,Add'reas. The
. . . • •
Noble Earl observed that,'ln, rising to move en lushible Address
to his :kliiesty, he considered it a task of an eantinature Whieh
he had es perform, Be felt no difficulty in addressing.their.
Letdrhips on the present occasion, when there was no domeeric
calamity of an alarming nathre to deploree-no foreignwarefare
contend ntend with:. He had to 'congratulate their Lordships upon
the. situation in which his Majesty's Message and their Lord.
Ships' own conviction showed the country to be in. With re-
spect to the late difficulties in peConiary transactions; but man
wait horn to trouble, and it unfbrunately happened on the pre-
sent occasion that his Majesty had to allude to temporary dif-
ficulties, which must be of short duration. The first was the
extraordinary and unlooktsi tot panic 'which suddenly seized the
people.- This panic was the more extraordinary, as money was
more piens it'ul last spring than he had over known it to be. This
very nbundunce was in a great degree iristrnmental In producing
the late embarrassments in the commercial community. Capital.
ists were not satisfied with the low rate of interest, and they were
led away into wild tee ciliation!, which ultimately produced no
return. It becamenecessary for those adv'enttirers to meet other
engagetrienta, and In their ell'orts to Sustain this, stretch of their
credit distrust 'ceenneencede The bankers were drawn Upon,
and the alarm area& through the country. Parliament, he
hoped, could demo some. measure to' correct, if not to check,/
the dangerotis tendency of intatitioue speculation. This was.
the mails cause of the late panic, which, like a torrent, for a
time curried desolation with it. ,Ilis Majesty bud recommended:
to their Lordships to devise some measure to remedy the evil,
and 11e.wsia certain the appeal %you'll not be made in vain. Ile
would remind their Lordships of the mainly and spirited man.
ner in which die pressure was felt by bankers, merchants, and
other individuals, and' bY his Alajexty's Government Also, to
sustain the credit of thernation in the hour of trial. 'These were
causes of. eongratulation and triiinipb. Such exertions and'
partial eserifices would restore anti improve public credit, and
place it iipon a more' solittbasis than' ever, whilst the unfortu-
nate experience of past calamities would correct the wild extra-
vaganee of speculators., anti teach them lessons of wisdom and
7nOdenifion, Ills Materity hid also ocetision:to allude in terms
Of regret I'' the neeessitrof •contirming the war in leak; but
it. Was consoling to reflect that it was not originated for the our-
peso of estemling empire. but front necessity, anti the deter-
mitiatiOn to sustain the national character for that pre.eminence
whist, always distinguished it, anti which would always be her
hest sinfesietterd against aggression. It was necessary for the
eecurity or 1)11r dominiens in India to establish our pre.erni.
netted 'Aerie. A sincere subject of congratulation was the
friendly assurances which his Majesty cootie tliAl to receive front
foreign Powers, who. eppeur anxious to extend the blesaings
of peace to the whole world. With resPect to the treaties and
conventions.- which his Majesty had .directed tie bo laid before
the' /louse; they could 'not WI to meet with their Lordships'
concurrence, as the object of the negociationa had been to
,gmfatie,tacs those very
,mcasurel which they had ' sane-
'''..'-='.'.' a aes:witomf'Dr.ivitrittet4?eresretnefitltett&kb se
the rapid improvement of that country. Lduttation and the
late iteprovemen tit in the administration of justice, tended much
to tha,pernianent tranquillity of the comitry, His Lordship
said that bp, could not better conclude his Address than quoting
the last
.periieratilt of his Majesty's speech, which was expres.
'sive of the confident hope that." the temporary check which
combrieree and manufactures. at this moment experienced, will,
under the Messily; of Divine Prot .t. i i ence, neither impair the
great eourcea of our wealth, nor impede the growth of the
national prosperity." 'rile. Noble Lord turn 'moved en Ad.
d retie to his 'llrtaj,isty, which was, as usual, an ecliptic:the Stieech:.
IsOrd Sfil.:Fr 11:',LI) lose to second the :11iitloti:' Retpect
for their .I,:ortisitins. would prevent hint front trespasitting upon
them et' 'toy length.. It was a subject of congratulation diet
peace ind.protitivrity'prevailtal. In the pertial ernharrasanienta
winch lately Otsflltred, the: sttilile matiefacturets of tine country
remained itr di 0 orlied, and 44 car'ili lea ems aequainted with the
landed,' hurt s' no material injury was sustained. The spirit of
combination vies artestrd, Anti the trade of the countr wes now
in a etiste of solid anti permanent impiovenient. Ills Majesty I
haii'dilfed their LtittiNhip's attention to a treaty of commerce
' and • nav!easicm with Colonthie, which could not fail to give
their 14tockhips ve;it liarkfaCtiOn, and which he hoped would
tend, to the extensioti of that enllntry's trade nest resources, and
be conducive to its complete and lasting independence. The
' wail" in India wits another subject for their Lordships' Con.
. sideretiern.es that war heettine necessary for the security end
elierticter of British dominion in India. It was satisfactory to
perceive the' the prudent arrangements of the authourities there
secured AUCCeOI and would, he hail no doUbt, lead to a happy
iseue. Darius the: two lest Sessions of Parlianient the atten.
tiros of ti. 1 iNisfstere was directed ti the state of Ireland, and
much f:ooti Illiftbeen tinCita in diet country, by an improve-
ment in the suloittiistratiortuf justice, which gave confidence
soul security to a degree previously unknown in the country.
The corthel feeling of amity expressed by foreign powers to.
Wards, tbitf country ass highly gratifying, rind lie hoped the
prlneipres` of trade which were sanctioned by Perliument would
extend 'all over Europe.
Lord. GIFFORD lieving read the Address,
Lord Is said, Ilia Majesty had stated that entlitirrasi.
Merits had occurred in. the pecuniary affairs of the coutitry.
. Thie erns mien Certain, brit why not state the true cause of those.
embarrassment..? Ile would state his own opinion upon the
subject. Those dilliculties
,yeere in tones Measure owing; to the
Government, partly to the einie try bankers,. cud pertly to the
Rank of F.:el:1101de whose monopoly was injurious to the beat
. intereits or tine co,entry. " Government bad lent thentielves to
that Inflrlatitey. rhe tendency tit', ail the illeaUlreli of the' Ulu
VetrilliCal, tirCtorlnecteti with the Bank, was to create WI excess
of credit, which led M those fatal speculutions. The objeCt of
(3evernment was to redact' the rate, Or lilt orest, and they com-
mented by reducing the interest upon Exchequer Bills. The
Ilankhad greatly aggravated the disorder of the currency,—
The Mod, ef Ei:gl:tial wits it tilitellitiv t',', vast fur the controol
even of Govc.runient, and it wai; evial,liNlictl upon principleg
contrary to Coin:non tietnce: The li)irectots 11:td no direct inte-
rest in the tuatiagentent, but lutve theyno indirect interest ?
. They lied, by.theit increase'. of, issues in tire yearn 1823, 11124,
and 1821, eloseiragid those' .svild epecidatioliS they now con.,
detnued, ii wculd not appriir on the fags (Attu: Bank licturnS
that ow ilpitleg Lett invr,Looal ; but by reading a hook just pub-
tithed, entitled Consideratiens onthe State of 'the Cur-
rency," by 11•1r..Tool:e, it would be seen that the average. is.
sots of the three Years Were acs roilaw : -
~. .
.1823-4:17.750,473
IMI;-e. Ef,011,575
• 1826—' '2 ',dill, 1'.23
•
The fact wile, the BMA WAA too Strong tier the Noble Lind Op,
• eke. Rut it %yes to the country geetlenten that the Govern.
, . snot yieldtsi most. 1.1.614i:_14c. Iilt:111 high prices were kept up,
and he alioulti like to keetv whether there wise any prospect of
reduction' in the pricee of provisions? With the view of
aectrteinieg this,, hp would pot a question to the ;conk tarp
opposite at nhat tine ire the (<SII2'I.4AWA ID be revised
Lord' LIVERPOOI,.-1 0411 answer that question, by,
' ' and by. . .
~ .
, Lard KING. —This sob 'it et brought to his Lordship's mind
that oliteet (.I,.fest or w O 111irit.etry lttlit year upon the Canada
corn gin; liiie. the Government were Obliged to yield to the
country genthineri. The 13111 was crriC(.l 111 the !louse Of
oornajoim, but wlitil hrourlit iip to titeir Lordships it Waslost.
ThiS was a bad way of t,uppotting Governuient. in fect,.the,
whole veto» of the Corn lama wet a gjgenoc job. r, 4,,,,,„ ;.„.
• ' sill& that it should continue. Act:or-it-lee 1,1,',01 ii,„ rule's of
Cnotice and sound policy
it could HT coetitme. That was, he
lieved, the only assetnbly in which !tl. ile
~
cane,
of cheap
food was not admitted, anti if such acre lce could only
say that the House enjoy,:.! it very had distinction., Their
Lordships were sufficiently :4:la11-sighted In putting down those

who-employed themselves in the destruction of machinery, be.
cause Machtile&agiVed labour, and upon.'machinery. depended
nearly all thalatilth of the kingdom. its Means they were
etribled.,:tpini*every thing at the cheapeet rate, and thetefore
were idix.ileseroYersAcrushed ; bk. curt. ! which of all things.
ought to be the cheapest their Lordships seemed to think
should continue to be grown with much labour. lie was told
that the welfare of the agricUlturist required a protecting duty,
and that ir utrestiieted importation from the continent were al.
lowed, it would be his utter ruin. lie (Lord King) was, how.
ever,. prepared to deny that. their Lordships had any right to
prevent its importation, for in
.proportion as the agriculturist •
might gain by such a measure, in such proportion would be the
loss of the consumer, and in such proportion also would they
proclaim their own injustice to the world. lie remembered a
- passage In the life of that celebrated voyager, Lemul Gulliver,
who, at. the court of Brobdignag, had given an. account of that
august assembly, their Manner of administering justice, the
putty of their views, and, amongst other matters, stated that
their first and- primary object was to protect the agriculture at'
the country. Their Lordships would,.perhaps, recollect the
comment of the monarch of that country upon the description
given by the'traveller of their usual mode of procedure. " You
are," said he, "! the most contemptible race of beings upon the
face of the earth, and. your rulers the most despicable."..—
haughter.)-41e felt so imperiously the necessity of a revision
of the Laws regarding the importation of corn, that he should
move as- an amendment that words to the following effect be
added to the concluding paragraph of. the Address—" That as
the best means of securing and extending the prosperity of the
country,' it was :requisite that 'the Corn Laws should undergo
. the revision of Parliament."

. .
Earl OItOSVENOR said that it was not his intention to go
the fall length of supporting the amendment, but at the same
time' he thought it advisable that the question should undergo
an early discussion before their Lordships. Be sincerely re-
gret ed that his Majesty was not, enabled personally to attend
It le Opening of the Session. lie had-, heard that his Majesty
was to have done so, and he feared that he was prevented by.
indisposition. The speech which their •Lordships had that tiny
heard was Of a very diflbrent description. ,from all the speeches
which they had hitherto been in the habit of receiving. There
was nothing in the state of the country either gratifying or
satisfactory, and it was highly creditable to his Majesty's Mi.
sisters to have advised so humble an' Address, and it was also.
creditable to them that they had not attempted to mark that
'state of affairs which bore an unpromising aspect by promi-
nently setting forth every circumstance which could form a
autyject el:congratulation There were, however, one or two
Mover
which had not been adverted to by either the Noble
Mover or Seconder of the Address, upon which he wished for
sonic explanation. It was recommended in the Speech that the
currency of the country should be placed upon it firmer foun-
dation:. lle wished to know upon viliat firmer basis it- could
'be placed than that' at present' by law established ? It would'
be very Satisfactory to the country to De made acquainted with
the intention of, his Majesty's (government upon that subject.
It was also stated, notwithstanding the unfortunate state of the
country, that the revenue had answered the expectations of the
Ministry. Ile presumed from this that the Ministers did not
anticipate, on the whole, a larger revenue than in the preceding
year, in consequence of the duties taken off in the last Session
of Parliament, or else that its failure to a certain extent had been
calculated upon in consequence of the embarrassments of the
country towards the close of. the year. Ile had for many years
advocated the propriety of adopting and adhering to a strict
systetnef economy, as the only means of relieving the distresses
of the country; and lie now more than ever wished to impress'
upon their Lordships the necessity of forcing such a system
upon the-Government. If it had been earlier adopted the dis.
tresses which they now deplored might never have existed.
An immense saving of expenditure might have been effected by
the reduction Of the army, for in time of peace there was nu
reason on earth why so large a military establishment should be
kept. This was a .question of great importance in a constitu-
tional point of view, as well as respecting_ a systeni of national
economy. There was no necessity for so great a military force,.
and those reasons which had been advanced were the most fal-
Ilicious imaginable. The meeting of the radicals at Manchester
was the largest which had ever taken place in the kingdom, and-
was hod at a time when angry feelings were at their highest pitch,
and yet that meeting had been dispersed by a mere handful of
yeomen. - With regard to a war in India, if the resources of die
country had been properly husbanded, it would have been found
much easier to meet the vast • expences of that war ; and here
he wished‘to observe, that those who commenced that war, and
those who continued it, had much to answer for before their
Lordships, and wnaltl,lie trusted,be called upon for a clear state-
ment of every circimistance which led to those hostilities. The
state:of Ireland formed another plea for keeping up a military
force, and indeed in that country, which he could not allude to
without emotion, three-fourths of the infantry' of' the nation
Were diapOsed. lie thought their Lordships had much to an.
swer for in disappointing the hopes of the Catholics, and he was
convinced that if their prayers were acceded to, that force at once
might he withdrawn, anti the country thus relieved -from one
great sOurcealsattiattret, Their Lordships were at this cmis

cx[cr

•
;night re rise to. X -
Lon TEVNIIAIit rose to oppose the amendment. Ile
wait, he said, extremely anxious 'that the people of this coun-
try should have corn and meat AS cheap AS possible, yet it wits
necessary to attend to the interest of the agriculturist. The
Noble Lord (King) must surely perceive that this country was
in an artificial situation, and could not be legislated tor on
the lame principles as might be' pursued towards countries,
Situated like France or Odessa. It wa4 wrong to impute the
distresses of the country in any measure whatsoever to his Ma-
jesty's Ministers; they should rather be imputed to those who
had compelled them to a measure to which they were opposed
—he alluded to the abolition of the Property Tax. He hoped.
the Noble Lord would agree with him in thinking that
those distressei ought to be in some degree attributed to the
reduction of the interest on the national debt, which rendered
capital of less value, and also to die decrease of the metallic
currency of the
The Mariptiii of LANSDOWN said that he felt it to be
quite unheeessary (hell to enter upon the discussion of such a
Subject as the currency; without the requisite information to
enable their Lordships to arrive at any satisfaCtory determine-
, Lion. He felt, indeed, that it was impossible to enter upon
such a complicated question As to how tar the nature of the cir-
culation--how fur the particular measure of issuing one and
two pound motes—how far the departure from the system of
circulation adopted by Perliament, or how far the 'nature
of the monopoly of the Bank, or the spirit of speculation,
might have operated in producing that evil which was ad.
nutted to exit. All that he then wished was tis claim a reserve
ti pen his own part of any opinion as to the possibility of ap-
plying a corrective, as his Majesty's Government had suggest-
ed. What he gathered from the Speech was, that the evil ex.
hued, and that Ministers were disposed to correct it. Be did
nut wish to ask the nature of the correctives in contemplation,
' because the. Address, to which he gave his full and cordial
assent did not pledge the House to their adoption. Upon the
Corn Laws, sister mature dellberation, he had formed a decided
opinion, ; but he did not feel disposed to pledge the House to
any measure respecting them, unassisted by the Information
which Government was endeavouring to procure upon that
question, the Whole'of which must be considered with reference
to the state of currency and prices. It was utterly impos-
sible to separate them from each other, or to separate all
from the principles of tree trade. All must be considered in
their relative bearings upon each other. The Noble Marquis
concluded by alluding to the situation of Ireland, which he was
happyy to observe had not been overlooked in the Speech from
the throne.

The Earl of LIVERPOOL said that he did 'not feel war-
ranted in then eatering upon the discussion °fa question of such
great political importance as the state of the money market in
this country ; but. idler what heti just fallen from the Noble
Marquis he felt disinclined to remain wholly silent. Ile felt
that the subject was too deeply important- to the public for
bite to entertain any reserve in disclosing the cotrectives
which it was presumed 'miht be beneficially applied to the
wasting evils. The convulsions which had recently occur-
red in the commercial world were not untipected, at !emit by
him; for in March last, it might be recollected that he bad not
taker), but created an opportunity for delivering his opinion, q
to the probable result of the rash speculations then at their very
height, and that be had declared, that if these Consequences which
he apprehended did occur, the remedies which had for-
emergencies would not again be Moly been applied on ttiitillar
resorted to, and that the sufferers Must abide' by the conse.
quences of their own Ind iscretion, and not expect relief front Par..
Lament. One cause of the convulsions which had taken place
I Wait 'so prominent-4o extremely obvious as to be in Itself coon-pletely sufficient to account for all the evils that had happened:
Their Lordships would doubtless recollect the mad spirit of
speeidation, witleli was not merely confined to the metropolis,
but exteraltd itself throughout the country through the medium
of .the country banks. That this spirit hail so extended itself
might be.gatitered front the progressive state of the currency of
the country ballot. It was true that this could not be calculated
to a nicety, hut yet the number of notes stamped in each year
at the Stamp Office afforded it tolerably correct ' criterion by
which if) loan an estimate. In eacia of the years 1821.24 there
had ban issued 4,200,0001, with a very trilling variation ; but
ih 1824, this mad spirit of speculation began to prevail,
the, country banks' chi:ol46On increased to 6 millions ; and in
1825, whcn that spirit wt at he height, the circulation amount.
ed to ti millions, thus
,doubling _what it had been prior to the
commencement of those speculations. Ile thought that that one
fact was sufficient to account for all the effeets which bad follow-
ed the spirit of overtratling, and which bad so deeply involved
the general interests of the country. There had been some
increase in the issue of Bank of England paper during the

same period, but it boreno proportion to th e increase of the issues
of the country banks. The Noble Lord (Teynham) had im-
plied that lowering the rate of interest upon the national debt
had in some degree tended to the distresses of the country ; but
the reduction of the interest on the public securities was.a as.
cessary consequence of the peace and prosperity of the country,
and Government would have been highly criminal if they had
not embraced that opportunity of taking 1,1100,0001. from the
public burden. This was a; subject which might be discussed
at length hereafter, but it Appeared to him that the existing
evils themselves pointed out ibeseinetly which ought to be ap-
plied-_a remedy which emits not be applied by any legisla-
tive enactment; in short the cure was to be found in the dan-
gers which were individually incurred by ahe speculators, and
in the inconveniences to which they were exposed. If the mea-
sures which his Majesty's Ministers thought now expedient had
been proposed before (they had been 'before discussed, and why
they failed was not the question at that moment) it was not be-
cause the-ideas were new. One was an arrangement with the
Bank to effect the gradual withdrawal of one and two pound
notes from circulation ; the other was of still greater importance.
The countrywes grown too large for exclusive privileges of the
Bank of England. However well those privileges might have
been suited to the state of the country at the time they were
granted, yet they were now evidently Injurious to its interests.
Besides, the operation of those privileges were most extraordi-
nary and most unfortunate. Any baker or butcher might open
a country bank,but a solid co.fraternity could not establish one
upon a substantial and firm basis, because the charter of the
bank prohibited more than six persona from uniting in carrying
on the banking business in any. part of England. The cense-
! queue° of such a charter was evidently to prevent the establish-
ment of solid country, banks, and sit' course the continuance
of that charter was inconsistent with sound policy. This
was one great branch of the subject ; but it was to be observed
that the charter of the Bank, of England did not expire until
184 ; yet if they could be induced to give up their privileges
as far as regarded the country, an immense benefit might be
effected. He did not imagine that they would experience
any injury by doing so, as they would be at liberty to
establish brunches of their awn bank in such districts as
they might think proper. He thought it better to state
thus generally the views of his Malt-sty'll Ministers, to prevent
any mistake upon the subject. Itrith respect to another very
important matter he would also offer an objection. Taking a
variety of circumstances into consideration with respect to the
revision of the. Corn Laws he was of opinion (as we understood
die Noble Earl) that 'ln die present state of the country that
queetion did not press itself so immediately upon the considera-
tion of Parliament. In the last Session a measure had been
adopted relative to the importation of Canadian. corn, which
woad not expire until 1027. Ne was not inattentive to the
subject, but he was not certain as to whether it would be
brought under the consideration of the House in the course of
the present Session. With regard to what had fallen from the
Noble Earl (Grosvenor)*as to his Majesty's attendance to open
the Session, be could not perceive the use or propriety of intro-
clueing the subject; but in consequence of those observations he
felt it necessary to state that his Majesty's absence was to be
attributed solely to indisposition.
Earl GROSVENOR explahoed.
Tile Earl of CAR NA 'WON then rose. His Lordship said
that if hhe Government should be able to obtain greater security
for the banking establishment, It would unquestionably be pro-
ductive of universal benefit. If they could place the banking
system on the same plan wych was pursued in the North,
for instance they would arrive Art that state of security which
was so desirable. The present difficulties might be overcome ;
but unless something were done, not merely of a tempoiary
Iremedy, the country must inevitably be involved in difficulties
of a most alarming nature. Ilis Lordship objected to shifting
from one system to another from year to year ; so long its dm
were done the commerce of the country would be in any
state rather than that of prosperity. The Speech might look
forward to years of peace anti-, improvement, and it might
be possible that we had arrived at that state of know-
ledge which would enable us to legislate in relation to the
currency with effect. If we were to make any alterations
it would be better to make them at once than to adopt any
graduated system. It was suth sort of temporising that had
given to the silk menufacturer a bonus for overstocking the
country.

'L'he Earl of LA UDEIi DA Li had always conceived that a
paper curreney convertible into gold on demand was beneficial to
the best interests of the country, There was cause enough for the
evils complained of, without attributing them to any fault in the
currency system. There could be little doubt but that they were
mainly attributable to the extraordinary demand for capital. Let
it be recollected that 'seventeen millions had been so employed.
Suppose there had been a levy tar loans to this amount, for the
purpose of carrying on a war, *tat would have been the result ?
It might be recollected what a convulsion was produced by
13,500,0001. only being required. The evils so universally felt
were the natural result of Itavilg4o make payments for specu.
lotions of companies, &c. AS long as their Lordships could
recollect, one and two.pododnotee had been in circulation.—
ki And if (continued his I.4ordskn) one of the.allerations pro.
puaeaouwmid.ib..e.u6,4s mem , roe

19"rilirr"tilln1"7:71rien '.,Under the paper currency., en-
joyed such a state of pros peau i
The Address was then agreed th without a division, anti their
Lordships adjourned till Monday.

HOUSE OF COMMONS.

This day the House met pursuant to his Majesty's Procla-
mation.

The firr.exyit entered the House of Commons at half.past
two o'clock. Immediately afterwards the Deputy Usher of the
Black Rod summoned the Members to attend at the Bar of the
House of Gorda, in order to hear hie Majesty's Speech on open.
ing the Soudan ; when the Set:alma, accompanied by several
Members, proceeded thither accordingly.
NEW WRITS.
At half-past four o'clock, the SPEAKER again took the
Chair ; and shortly after informed the House, that pursuant to
the provisions of the 4th George 111. he had sincethe proroga.
tion, issued Ids ‘Vrits for the election of Members for the 80.
rough of Banbury, the Borough of Newport, and the Borough
of Corte Castle, in consequence of the acceptance of an office
by the Representative of the first place, and the death of three
of the others.

in moved a new Writ for the Borough of War-
wick in the room of Charles Alias, Esq. deceased.
KThe Clandestine Outlawry Bill was then read a first and
second time.

THE KING'S SPEECH.
The SPEAKER rose to acquaint the House that he had
been to hear his Majesty's Speech, which, in virtue of a Com-
mission under the Wet &al, was read by Lord Qirrottn, as
Chief Commissioner for the opening at Parliament, in the
roomof the LORD CHANCELLOR, absent from indisposition.
To prevent mistakes, he bad ,procured a copy of the Speech,
.which, with the permission of the House, he would read
aloud.

The SPEAKER then read his Majesty's Speech (for which
see THE SUN of yesterday.)
THE ADDRESS. •
Mr. STUART WORTLEY, jun. (attired in full military
costume) now rose, for the purpose of moving that an' humble
Address be presented to his Majesty, thanking him for the gra-
cious Speech which this House has just heard read. In attempt-
ing to do this, he was aware that there was much difficulty at-
tached to the performance of such a task. Ho was, however
aware that a knowledge: of this- difficulty on the part of the',
House would entitle bun to some allowance on the occasion.
Upon taking A view of the state of things during the past year,
it would be found that that period had not passed without
considerable important occurrences. There was one drum.
stance, however, which deserved most particularly the
attention of Parliatnent.-namely, the great shock 'recently
felt'throughout the mercantile world. In mentioning this oc-
currence,Aie could not but refer with pride to that part of his
Majesty's Speech from the Throne which did not pass by
and endeavour to evade so startling a subject, but openly
and without the least reserve avowed the flatter as it
appeared upon the most serious inquiry. The better to
understand the acute of this occurrence, and fully See its
most prominent features, it would be necessary to recur to
another period of our history during the years 1793 and 1798.
In both these years an extensive failure prevailed throughoutthe
country. The year 1793 was the commenneement of a tremen-
dints war, which could not frill to make heavy and pressing de-
mands upon the resources of the nation. In the year 1798,
every thing presented atm alarming appearance, with respect to
our affairs abroad. During
both these periods, in adverting to
the sources of the evils which then existed, he knew some
toiireeviVntghemau;cLt
difference of opinion prevailed; but with respect to the re.
ent could possibly foresee or
cent occurrences; very little difference could exist, their. na.
'of any kind to affect us had
in any degree prevailed ; no warn, no drawing upon national
resources; all quietness ; all peace. When, however, we
ntiokaftornelg°traciar
examined more minutely into the state of things, 'we should
quickly be able to discover the causes of such effects. The be.
ginning of last year was marked by a reduntlance of capital
money was in abundance, and every thing seemed to present
a great abundance of private wealth. A ten 'concurrent fai.
lures of some provincial bunks, it would be tbund, had after all
led to this panic so much to be deplored. But whatever might
have lea to tile pritnry.cuu4e,lltere was one eminently promi-
nent, and that was the general ante of the banking systan
as it now stands. In the year 1793, small notes had not got
into circulation ; in the year 1798, small notes, it would be
found, had been issued through the country. The law, as it
`stood at present, placed no restriction upon tile amount of paper
money to be issued by a private banker, neither were banki

obliged to offer security Itgainst their failure. , The coin was
therefore applied to other purposes than those of payment,
while the proffered value of paper only existed as long as the
confidence between the public and the individuals who issued it
remained unshaken. The system of Country Banking could at
present be looked upon by the disinterested spectator as little
more than a mere pretence for issuing a greater quantity of -
paper than the individuals' were possessed of .real worth for.
In improving the present state of things, as they refer to:the
banking system i , t would upon the whole ben matter of some
difficulty, to devise in what way Parliament should nit the
exigency. These events were, howevere serviceable in some
things, inasmuch as the Bank of England had gained conside-
rably in credit, since the late tenures ; and his Majesty's Minis-
ters were highly to be applauded for having so timely invoked
the advice of Parliament on hehalfolehese measures. Much of
the present misery could be attributed to an immoderate
indulgence in the freedom of commerciaispeculations. If
many of the companies had but withdrawn themselves from
those absurd speculations which so generally pervaded society
at large, much advantage might have been reaped from their
valuable assistance in other ways. Anether evil to be men-
tioned which occurred in the past year, was the combination of
workmen ; most of these combinations hung upon one body of
men called Clothiers ; whose union did not tennirinte until thir-
teen weeks alter their first commencement. Notwithstanding,
all these evils, the country had still retained greatihopes of per-
manent and tranquil security, nor could the evils be in any
manner chargeable upon the general system of .the country
at large. Since the commencement of the struggle between the
South American Colonies and Spain, fifteen years had passed.
away, and that period, as well as the consequences of its events,
had finally led to the establishment of great commercial treaties.
With regard to England's acknowledgment of the independ-
ence of South America, it must be acknoWledged that this •
country held a high station of dignity in having preceded Spain
in performing that act of grace which should have been broach-
ed by Spain herself before England•had interfered. The Hon'e
Mover likewise adverted to the Treaty of liemburgh and its
great commercial advantages, and also to the several commer-
cial treaties which materially affected die interests of England.
Europe was disturbed in only one quarter, and it must be ad-
mitted we were not without our anxieties respecting an amicable
adjustment in that quarter. With regard to Ireland, there was
evidently a greater spirit of industry and good order diffused
among the inhabitants, than bad been observable hitherto; and
there appeared not a doubt but its affairs must terminate ac-
cording to his Majesty's hopes. Taking all these happy pro-
spects into consideration, he could not but anticipate in moving
the Address to his Majesty, the unanimous vote of the whole
House on the occasion. The Hon. lientleman then concluded
by moving an Address of Thanks to his Majesty, for his gra-
cious Speech, and exprestiing die entire concurrence ot' then ouse
in the measures proposed, and the line of policy recormuended
to Parliament.
Mt. GREEN rose to ascend the motion of his Hon. Friend.
Situate' as the country was, owing so much of her prosperity to
her manufactures, it would ill become the Oovernment of such
a country not to come forward and declare boldly and man-
fully, before all around, what it thought on the present occae
,sion. He should fall fur short of his Honourable Friend,.
were he to attempt tei lay down the causes of the pre-
sent evils, which have been so ably adverted to by him.
In reference to the years 1793 and 17911, and their attendant
calamities, there was a strong dilference between those periods
and that which we had just seen. The first of those periods
was marked by the opening of a war, and the other was subse-
queue to that period when the war was still being continued ;
but the present times were different—when enjoying a pro.
found peace, when our manufactures were flourishing and
the country enjoying every apparent abundance, a sudden and
unforeseen shock took place in the mercantile world. One
point of similarity was, leveyer, observable between that time
and the present. Interest was then low, as it now is;
manufactures were prosperous; Bankers issued beyond their
actual possessions; the people called upon them to perform.
their promise of payment, and thus was created a somewhat si-
milar sensation to that which we had lately felt. Capital was
so plentiful, that it was easy for the wildest speculator to meet
with a ready adventurer, who was willing to risk his fortune
upon a hazard. It WAS not, therefore, to be wondered at. that
matters turned out so unfortunately as they had. In regard to
the Bank of England, the nation could not but admire the
healthy condition Of that great establishment, which had so
protuptly .and ably administered relief during the calamities
that surrounded it. Those who observed the state of the con-
try last year could not otherwise be impressed but that there
was very considerable capital within it ; rind whatever the fact
might be, the appearance justified' the belief. Under these cir-
cumstances some partial interference might be expedient; but
it would still be the duty of the House to leave commercial
transactions as free as pozetible. By proceeding cautiously
and wisely the House might be led to strike in a meterial de-
gree at the root of the evil • and perhaps the must effectual in-
terference on its part would he to guard against the indiscreet
investment of large capital in unsafe hands. Scotland was an
example of what a vast portion of paper currency was capable
"ffutrihniftillntiti4449i4o4lol/healrltiffifil*Entrdiffit
perhaps, be enabled to 9rotit trout its example, in providing the
means of public security. Whilst these temporary embarrass-
menu bad occurred iu the commercial transactions of England,
It was pleasing to turn to the acute of the Sister Country. Every
true Englishman felt a natural attachment to the interests. bf
Ireland : and would be gratified on dialing that the House was
no longer called upon to pass an Insurrection Act, or enforce
the payment of tythes ; whilst education had spread rapidly
over the face of • that couratry., It appeared also that every re-
commendation of the Government. had been attended to, and
there was every readiness. to inquire , lien the state of. that
ountry. Manufacturers readily placed their capital their, and
soon the great Landed- Proprietors would have cause to re-
joice in its prosperity, and partake of its benefits at home.
With regard to.tiouth America, England felt satisfied with her
connection with the eexieting.Hovernittents in that quarter of
the world. Though she had never any appreltetutione, still she
avoided every thing:. that could in possibility be deemed rash.
ness, 'or which might by possibility lead to a war with any
other Power. A nation must *et upon safe' upon permanent
principles ; and leugland., as far as respected these States,,_ap.
peered in her usual dignified and proper cheracter. The Hon.
Gentleman then adverted to the• State of our. National Iteve.
nue, which, notwithstanding the dtawh.acks upon it, occalsiou.
ed by the recent commercial distresses, had neverthehns, on
flu whole, not disappointed the.expectetion which had so ra-
tionally been formed respecting it. Ileehen paid a, high and
just compliment to the great ability anti assiduous attentiou
of the Chancellor of the Exchequer . and glancing at the ge-
neral state of the country ; lie ,obsertl, that its trade, though ,
partially embarrassed, had on the whole decidedly tioutitzheit;
whilst its finances. were highly prosperous. Ireland had
ad-
vanced in industry and prosperity; and to whichever quarter
we turned, the prospect of future happiness delighted our fond,
view. It could not be said that our national resources were
oenacytteunncpesrod,
• otherwise than in a prosperous state ; notwithstanding the late
utletetivateteoldaainlyt ecvoinlsseioltu.
e tltvciel that acarte
couldpurely
prove injurious to the interest of the country. The Hon. Hen.
tienien concluded by seconding OW Address.
The Address having been read by tiKt SPEAKER,
Mr. 13R01.111HA el rose, Ile regretted that it was now be-
come irregular to ualjourn the discussion after the reading of the
Address. The ancient practice wascertainly more desirable
than the modern, inasmuch as it afforded time and opportunity
to all inside and outside the walls of Parliament to contemplete
at leisure the important topics which the Members weft called
upon to discuss. Its the present instance, wizen !natters of such
importance were before the lionse,the disadvantage was sensibly
kit of entering upon immediate discussion, it' discussion it could
be called, when not so much- as half an hour Was allowed for
consideration of the various details which his Majesty's Speech
embraced. The only alternatives now left for him, where-
by to express his dissent, were either to resist the ?AddresS
by an Amendment, or to give discussion the go.by by mov-
ing an adjournment, In the present instance he would re-
sort to neither of these means; but in not Opposing. the Ad-
dress, he protested against the inference that he concurred in
its spirit, or WAS committed to the support of the doctrines which,
it suggested. These doctrines he reserved to himself the right of
opposing at a future period, and • his present acquiescence
was merely a matter of respectful courtesy. Tide cautionary
observarion• was the more necessary, us it might 'otherwise
go forth to the public that the Address passed with the unani-
. mous concurrence of the House. He wits astonished to per.
, ceive that tile Speech embraced .to slight a notice of the dis-
a tress at present so. universally prevailing. From it one would
a be led to suppose, that • public embarrassment was entirely
z confined to pecuniary transactions; but for his part, he
thought very differently. Ile was convinced theft distress per-
vaded our commercial interests in: their widest relations, and
notwithstanding its great present extent, in heti not yet
reached 'its hill height, and 'would last longer than
honourable tientlenicn seemed to imagine. He insisted
that the distress of the country was by no moans butable to the liberal and wise policy of the commercial system
introduced by the late enactments. There might be sense rea-
son for such a supposition, it' difficulties were experienced in
only one branch of trade ; but such .an idea could not he, ad-
mitted when the distress was obviously universal throughout
tn.aiwtooetno oob
ebit7e
tsvilwaoeieti(
site
nor eir), ileirknt44.l:l?: itleesxronpelaeleinruiidrt
the commercial system. 'The Silk Trade was 40t the only suf.
fttweeh
arrest na
clear
one. Our
that
t dte
uhrueuntnneditarei:yr
af
similarnic ott
ocro eunrlnsdeosett
w
ment had been tried, and that, after a fair trial of its merits,. it
had failed, inasmuch as public calamity was the consequence.
Iu reply to such an assertion, the. Honourable ttentleman
I would say, that the law not having yet come into operation,

no etperiment or its utility had yet been made—that conse-
quently it had not failed, and therefore that public distress
was not its result. When the law came into operation, its
effecai would prove that the commercial interests of the
kingdom had not been disregarded in its enactment, and
that the duties it imposed on importations, from foreign coun-
tries, would abundantly protect our manufactures at home. The
"causes of distress might, in part, he traced to late times, when
new fields for trade had been opened in the South American
States, which led to a system of over-trading, productive of
many failures. One effect of the rage for traffic was, that goods
were. purchased in Lurieion at a profit, after a re-importation
from -Holland. lie trusted that theree'could •he no difference
of opinion in theeninds of rational men, whether inside or
outside the House, as to the wisdom and - policy of the late -
measures ; and he hoped it would not be attempted to put in
jeopardy a beneficial system before an opportunity was afforded
the public to estimate its advantages by the test of experience
Perhaps it had been better if there were a change in themanner
of carrying those measures, but it might not now be fair to
complain of the manner, where the matter was so unobjec-
tionable. Ile now adverted to three topics which seemed to
have been considered as beyond the controul of the House--
namely, the Debt, the Currency, and Ireland. The first of these
intlectie,was beyond their reach ;—the two latter were not. Ire-
land was stated to be tranquil and prosperous at the present
period, but could the House forget the cause of present tranquil-
lity in Ireland. Its quiet rested on the expectation which its
inhabitants entertained of what would be achieved for. their
advantage during the present Session of Parliament. Peace
was maintained in that island, solely by-the hope of furthet
relief; and if those hopes were disappointed—if an appeal was
made in vain to the justice of Parliament, in vain would Eng-
land look to Ireland for assistance at the time of-need—in vain
would Parliament expect a continuance of Irish tranquillity.—,
lle- also attributed much of Ireland's quiet to the acts and ex-
ertions of the Catholic Association. While that. Association
was firm and obedient to law whether approved of or sot, it
was an able organ, consitutetifor the beet purposes, and during
its existence they ought to hOpe fin- success. The House had
just heard of the late commercial relations which had been este-
bliShed between (heat Britain and the States ofSouth America;
and it was put forward as a sort of .merit that 'England bore no
part in accomplishing the independence of those States. True;
England bore no such part. To the honour of tile South Amerie
cans be it said, that they fought unassisted, and worked out their
own liberty. That we now ,had Colombia among our commer-
cial allies, and that we might hope soon to embrace other South'
American States in the same relation, must to matter of the
purest delight to the mind of every Briton. A word as to our
treaty with Brazil. Ile had read the convention before lie had
read a translation of the treaty : that treaty he hoped had not been
ratified, and, what was more, he hoped it never would. Again"
one article of it in particular he would most solemnly protect,
viz., that by which the parties mutually bound themselves to
give up each other's subjects, not merely those charged with mur-
der, rubliely, and bankruptcy (which was a usual provision) but
also to surrender persons impeached of high treason—that is to
say of any political offence, which i Government not much ac-
customed to regard popular rights might construe as high trea-
son. Nothing could be more preposterous than thus to perpe-
tuate the worst law on the 'Statute Book—namely, the Alien •
. Bill. In alluding to the Bank of England,. without meaning
to attach blame to individual directors, be had no hesitation in
expieseing his earnest wish that the whole system was at en
end, for he deemed it utterly inconsistent with safety that any
1 twenty-foui men, whether a private club, Or a recognized pub'
lie body .under any other designation, should
_possess such •
powers as were entrusted to the Directors of the Bank of Eng-
land over the commercial concerns of the nation. It was corn-
petent for them' as matters now stood, to alter the rate.of public
' interest at theircliste-etion—to raise or lower discOunts at plea-
sure. These were powers inconsistent with public safety,whielt
he deprecated, not front any distrusein the individuals per
seseing them, nor from any'ellspicion of the motives by which
they were actuated in the exercise of their authority, but front
a full conviction that they could not, by' any possibility, P°e"
less all the foresight, the wisdom, anti even the spirit of pre-
phecy necessary to guard against the mischievous effects,which
independently of such enlightment; must result from their actS•
The remedy fOr this evil was obvious ; let the Bank 'of Eng-
land, have male, let their power be divided with other similar
establishments. Then, end not till then, would it he safe tot
that body to exist. in conclusion, the Honourable Gentleman
I distinctly repeated the .assertion with which he commenced"
that, in not opposing the proposed Address to the Throne, 1,0
merely made a courteous acquiescence, but reserved his 43
of opposition .to its topics at a future period.
.M
r. ItOBEILTSOe culled the attention of the House to Ott
severe distress which just now pervaded the nation, which heat.
tributed mainly to die acts of our Commercial Government.'-'
Iltinourable Gentlemen would recollect that, on a former ease
aion he implored the House to save the country by the adoption
of proper measures from the distress, which havingsince tie-1001'Y
arisen, confirmed the opinions he before delivered. He hail aril*
I ticipattel public distress, because he clearly
.saw its causes, and
subsequent events sheaved that he was right. He therefore
• ~, the.
1 NUL tktistbeett4reerti,94- catiaitilisaksrPfireCauac of
our calamities was of ten years standing, and unless the Mouse
would now protect our commercial and manufacturing Interest*
he saw no hope of safety for either. The present burst of dis-
tress might perhaps pass away, a temporary calm might sue'',
timelyl:
ahnlynr eietl !patio:
irtessrt,L)l
uli ensliSiatcin:Act.s'eeurceetilbctieientdiuoto.taliiesaipciapaelmt Presidenti
le;eild,ipne pamphlethr
0i
,is.hrnaute aril
naCii
aggravatedliC:doCidildotere:diut. bl
0)
81 but
font
some
'Tradeiet if
fii i i.:vast
cie
at once the cause and the alarming MO-
, out in the
year 1819. Ott the grounds stated in that work, he
could sliew•
nitude of the evil which he ',sout , to alleviate. It con:
mined ft detente! sretement of the excess of the exports ovcret.ltet
imports of Britain, and truly Observed thaL this excess, wit:
it proved the expentliiure was na proof of the proeperity
Datioll. In this prieciple the lion: Gentleman fully conctirre,'"
but lie differed ahogether front that-which followed it, niuilt`Y-'t
that though such -excess was not inferential of prosperitY'
Was not necessarily injurious. On the contrary the fitment"
rws uwa di eiratx.il icaet, silieche x ace
excess
sauo
fs eouwra,s,:enocrt
nant with the most destructive conset uences. Since the ter'
anlt'irnes(itioelnliolernf tlateilla''s.ast warPe
from our wealth. how differentlY
over our imports bad been Iflif millions, for which we he° less
than in return. Dsring the last year the excess was a -
than 2.1 millions. Non, wee it to be supposed that we colds! bear
;,,,„
without harm this unceasing drain—this constant abstract"
itand in the time of Itlr. Pitt. At one time not single
, a pewit,
and
was sent out from Britain wi 1 tn. and
Sri an equivalent return.
, our
from the year:l797 to Mil, our expoite did not Wee; watt
imports by more than alsour. five million's and a halt. It 'hilt
I must increase with its
not difficult toaceount for such excess in time of gat; Ter
i in a season of peace it was quite unnatural, and the disaster
ti headed;on eo u rdid our commercial concenif
capitalno , nwinawi iot IFtta.tPiti:tlal:i
etticigeli
I.
n'ts'eee,iir:roseearntdianintcsger fiaraslive)
ialiipst
yto°tuor
elikri as
e:
I was to be traced to wrong ineaeures. The cepital of' a e°oll'4,
Non. The system of exporting capital from Englen" to est.
f'ontinent, and from Ireland to England, he contended, o', the
means of keeping capital :It home. Free trade admits
be injurious to both Countries. He therefore recommended iy
Legislature to protect cur 11...eufactures as the surest, the °I?
nieathe. ttt;
troductlon of foreign capital' in goods here; which teems tilt
pernicious consequences to our manufacturing. -classetette.
Continents-that-we Might even acquire a Illeth
might indeed lie objected, that we had it in our power to 1"„0,
differd from theirs.
pew with the
poly in our nianufuctures. But the idea 'of coinpetition illy
the Continent was perfectly vain. Our circumstances essenti",'
such as might exist in France. And if that once took place' in
were altogether at the mercy Of the foreigners. France lot&
rnercial
possession of the'inarket, anti England was for ever excluded-
-1 The conduct of Illiiiisttra 'WAS Moat extreordinary in a late C°—
la this conntry IV e had no combinatinive;
ling, had a chartex.grante4 them by Abe creeth (siMilar t° ttee
would say was ft vile job, Ile•supported the
by which, the East India Company was incorporated), Or of
cultivation and throwing of silk—and a strange inelaPte be
rantg ;—A "rill'ailY, •
With a capital of one million stbear;
persons constituted this CA` mipany ; the, object of whiol, the
country; hnt not indeed its CommereielGovernment, not 'Pei
advocates of free trade. Tile East India Company Se t 7 7,
with a capital not exceeding 72,000/., which tied alres4
Company should be allowed to start with so large a
grown up to their present etiormoue capital. If then the bt2,
Gomm:Sent 0' .se
sum a',
.million, what ruin must it not cause to individuals no en-
gaged in the same trade, and ultimately- entail upon the '...
selves, from some future competition railed upon similar plc
cioss. Ile was reluctantly compelled to name the al einberiAt
this Conipany—they belonged to both aides of the House, the
its head was the Alarquis of Lansdown. T were, here also,_,a
Earl of Liverpool, the President of the Board of Trade e an _
among the Directors were to be found ?Stems Brougham'
Wilmot Horton., and Pasco Grenfell. Strange anti incserin
sent, indeed, it appeared, in ::ilr. Huskisson, to bear a p, r:ece
the purpose of raising
such a transectiele who- in his pamphlet adverting to the t ri-aune
plan of foecingsmanufacture of sugar from the beet-roots et,
the cultivation of cotton, pronounced it to be founded in li! fee.
-ranee andeletestahle policy, which incurred a vast expette; el,
• were pursuing a ;hinter plan, with the sanction of NT' '',, el
a little bad cotton. We too, .he eoa-
- lcisson it imself, incurring a vast expente for the purP° ;bet
- raising a little ltd silk. He could not be brought to agree die
: the ills of the countrywen:beyond the reach "at relief from be
House, and he deemed that a very sufficient remedy nie die
' afforded by Pulling an and to the foreign trading dystetn. I "0,0
• measures which he eOnsativocated, he was opposing h'e peer
i-
his
sincere interest as
scan
tifroureeni gt
siil.rilitierrecsht
raani
nt
e.i;
ibbuyt
soyl ,e fseelltfishbo.urnegag:l4l
, subject which he - felt to be of vital titzportaace to the r"

flood. le therefore earnestly ehtreated the House to keep
capital within the country—that was at once within their
Power, anti it certain remedy for the evils -under-whichnur pos
pulation now laboured.
The CHANCELLOR of the EXCHEQUER was at a loss
how to reply to thearguments of his. Hon. Friend, the Member
for Grampound. Some of his propositions were startling.
Theywent to an extinction of all our • foreign' commerce, and
consequentlY of home industry, which naturally followed. At
one time the lion. Gentleman attributed the calamities of the
country to excessive exportation ; .at„another, he said that .our
misfortunes arose from an excess of itnports. -Thii was strange
contradiction indeed. As to the fatal error, which he charged
on Government, he could at first scarcely conjecture what act
or Government he alluded to. But the whole matter turned
out to be simply this, that some Members of Government and
others did not refuse their names as patrons of what they
conceived to be an innocent apeculation. For his part, he was
neither a Patron nor -Director of the new Company, but he
Thought, that if by the expenditure of capital silk could be made
to grow in this country, it would be a very desirable object.
When the lion. Gentleman reflected on Mr. Huskisson's con-
sistency, he should have recollected that Mr. Huskisson derived
no profit whatsoever from his connection with the new Company
anti that the language of his pamphlet fourteen years ago,
on the Bullion Question, reprobated the acts of the French Go-
vernment for resorting to compulsory measures in order to force
the cultivation of coffee—of beet root for the purpose of sugar—
and of cotton, as unsuited to such a purpose. -But with us, no
Than was compelled to cultivate silk, or plant the mulberry
tree. Buonnparte indeed was absurd enough to force his sub-
jects to expend money for the purposes before described, and
surely no just comparison could be instituted between our spe-
culation and a miserable, a futile attempt to force, by coercive
Means! the produce of articles in a soil, to which they did not
property. belong, Ile did not feel himself called upon to say
more in reference to the matter contained in the lion. Gentle-
man's speech. But he would take this opportunity to explain,
generally, the views of his Majesty's Government upon that
most important part of the speech with which it commenced.
What had fallen from the Honourable and Learned Gentleman
oPposite compelled him to say—although much of the forbear-
which marked his comments upon his Majesty's Speech, was
probably ascribable to his not being previously acquainted
with its contents—yet he must tin him the justice to admit, that
such had been the character of .his observations. He was de-
sirous to admit this, because the subjects upon which he.had
spoken were so calculated to excite unpleasant feelings in the
country in consequence of the distress which unfortunately per-
vaded it,that lie felt the House did owe something to the lion.
and Learned Gentleman for the prudence, moderation, and can-
dour with which he bad expressed his sentiments. Hut, at the
alone time, he did not think the lion. and Learned Gentleman
justified in that one observation which imputed to his 'Majesty's
Ministers, the Is ving treated the present difficulties of the coon.
try in too light and cursory a manner. Nothing could be fur-
ther from their intention than to treat those distresses which the
country had been afflicted, was still afflicted, and might con-,
tinue to be so for a yet longer period—it was impossible that
such a subject could be treated with any thing bordering upon
levity or indifference. Ile knew not what materials they must
be made of, if they could look indifferently upim the losses and
sufferings to which large classes of the people were exposed.
But their having done so was denied by the fact of his Majesty's
Ministers having placed this subject first and foremost in the
Speech from the Throne, desirous of proving thereby that they
were ready and anxious to give it the earliest attention, and to
devise such measures, at least, as should prevent the recurrence
of the evils at any future time. It was impossible for any one
to examine and trace the causes which ultimately led to the
bursting of the bubble, and the consequent ruin which it spread
around, and nut see how the evil had arisen, or that it wholly
depended upon eireumitances. over which the Government had
trot, and never could have controuL In a great commercial
country like this, abounding with skill and enterprise, and of.
feting every encouragement to exertion, there was necessarily
a disposition to iipeelthltB upon any means which seemed to pro-
mise the bettering, of men's fortunes. Under such circum-
stances, what law could controul that tendency which so inti-
mately belonged to all human constitutions. But evils so
created would naturally supply their remedy in the very causes
which created them. The House would well remember, after
that period of extreme depression which occurred in 18W,
how rapid was the reviverwhich ensued, and which he conceiv-
ed was therrbrought. about by the very nature of things, because
persons after having been compelled to abstain from accus-
tomed enjoyments, returned to them the first moment at which
they found themselves able to do so. He was of opinion, there-
fore,
that the causes of such evils were entirely out of human
controul. And he was sure that any person attempting to le- ,
gislate for a people employed in active pursuits of agriculture,
commerce, or trade, upon the supposition that all would act
with prudence, would find themselves grievously disappointed
In the end. But there were, undoubtedly, speculations of
nature against which legisltative interfaence might be called
for, and it was imperative upon them to give every possible at-
tendon to the subject of the circulation, by which aU the vari-
ous transactions of every interest must be affected.' In a country
like this, in whose currency the amount of paper greatly ex-
eeeded the amount of coin, there would be a natural tendency
in that amount of paper to Increase: He would not trouble
the House with any minute details now, but he was
convinced of being able to, sotisfy them that such
was precisely what had recently happened. The ote_un-
try. banks, for the last three or four years, %ad
been increasing their issues in an extraordinary degree.—
It was difficult to ascertain the exact amount of what
the country circulation was, and this he thought a very great
evil. This it was which drove the Government and the Bank
of England to other, and less certain criteria for estimating the
excess or deficiency of circulating medium in times of pressure
or emergency. They had, however, without being able to
arrive at a precise estimate—the means of gaining some ap.
proximation to the truth by referring to the number of stamps
used for the notes. It was usually estimated that country bank
Paper circulated about three years. It might be sometimes
more or less but that was generally considered as the nearest
average period of circulation. Therefore' if they multiplied
the number of notes stamped each year by three, the product
would give them the amount generally circulated within that
year. According to this calculation, in the year 1820 the
amount was 3,4034011. In the year 1821 there were
causes in pperation which prevented any great increase, and
the amount was • 4,438,0001. But in 1825, when the
operation of those causes had ceased, the amount got
up to 8,751,0001. It was impossible to look at this fact without
seeing the share it must have had in contributing to produce
that rise in prices which created a general spirit of speculation
that led persons to seek every extravagant means of making.
;Pea money more productive. And of what was that circula-
tion composed ? Why, he thought that a very great part of the
evil arose from the nature of that circulation, and particularly
t,! Its leigest.portion, consisting of one-pound notes. This had
been alluded to by both his Hon. Friends, in a manner which
provitt that they knew well in what degree the poor suffered
byt
when the Banks which supplied.the circulation of a popu-
lous district happened to break. Now he would say that what-.
,ever advantages the transeetions of commerce might derive
from this system, whetever advantages it might aflbrd to agri-
culture,. or whatever advantages might be derived from it by
the country at large, he would say that its consequences, in con-
Signing;. to misery the poor of a whole country who possessed
-: these pieces of 'paper, out weighed beyond.celculation all such
adventages or any others that could be urged in its favour.—
itiear, beer !t—lie therefore felt it to be imperative upon Par-
',l4lo ent to. adopt some measure for removing so grievous and dis-
tretsing an evil. H eshould not now go into any particulars of' what
tt anima to him that measure should be. It ought to be gm-
twat fn it', operation, and duly regardful of all interests con-
cerned. In this, as In all other necessary cluinges, deliberation
and prudence must be consulted ; for they' could not run head-
lung out of this evil without creating others which with time
might be avoided. Yet this must be done ; and when in the-
t:e,..s ow) 0...c..awi.a79ii propoica o mco..susc, by which the
circulation of one pound notes must hare ceased by law in
1825, lie greatly regretted that circumstances prevented the
House from adopting it. Now, however, that course must be
resorted to.—(llear adopting
this could not be effected without
another consideration to which the Hon. and Learned Gentle-
man opposite had alluded. He meant the Charter of the Bank
v 1 England, which vested certain exclusive privileges in that
company. It was impossible for any man to look at the circula-
tion necessary for carrying on the exchanges in this country, arid
not see howutterly inadequate any one single chartered Company
must be to take the charge of the circulation of the whole State.
it might originally have been sufficient for the purposes of the
country, but the enormous extension of its money transactions
which had since taken place, could not at that time have been
contemplated. it might do well for the spot on which it was
situated, but'its influence could not extend to those distant
places where the Muntry Banks had sprung up in consequence
of that very want. These,Bankseould not, then, be conducted
upon the same principles, and the effect of the exclusive charic-
ter of the charter was, to prevent the best system of banking
• froml eing adopted in the country. A few years ago the
Government thought fit to apply' to the Bank to ascertain
how much of theia exclusive privileges they could be prevail-
ed on to forego. The result of the negociation was, that the
bank—whose Charter expires in the year 1833—consented to
Iveive their exclusive privilege to within a certain distance of'
London, - upon condition that the Charter, in respect to
orprinted distance, should be extended to the year
1843felt' .bywasnever carried into a law, because At was
Parliament to be very impolitic—notwithstand-
ing the advantages offered—to extend the period of the re-
m inning exclusive privilege. The Government however, had
again' felt it their duty to submit to the consideration of
the
Bank 'Directors the benefits to be conferred upon ,the

country, and the increased security which must arise to them-
selves by the present adoption of the same principle which was
then adopted on their part. But the Government distinctly
stated that they would not acquiesce in any extension of the
period at which the privileges of the Bank expire. And he was
bound to state for the credit of the Bank—and here let him
observe, that in canvassing the acts of that body, it was for-
gotten that they had many interests to guard, and difficulties
to contend with, of which' they (the Rouse). had no: concep-
tion; he was therefore glad to do them an act of justice in stating
that they did readily acquiesce in the proposition of the Govern.
ment, and had the -intention of submitting it to a Court of
Proprietors. It would then be proposed to tho House to
establish the same system, of banking ae that now existing
in Ireland, in all those parts of the country not situated
within sixty-five miles of -London.: In. such places, it
would be competent for any company of partners, ex-
ceeding six in number, to establish a bank. And although
the, Bunk did not abandon all its exclusive privileges, the
House ought not to complain. 'They had- the interests of the
proprietors to consider,- and although he confidently believed
that it would be for their good to surrender all their exclusive
privileges, yet they had the right in their hands, and deserved
credit for haying relinquished for, the public good, what they
considered to be a private, advantage t and he must do the
Bank the justice to say that their dealings with the country
in all questions of great- public importance were charac-
terised by the same _liberal spirit. Gentlemen might differ
from them as to the manner in which they transacted busi
ness, or the principles upon which they conducted their- af-
fairs, but in justice he- would say that they had always
been ready to meet the wants or difficulties of the country
when under the pressure of accidental or temporaay evils,
and never more so than recently.—(Hear, hear 1)—In the ge-
neral consternation which was almost without limit, the Bank
did come forward and gallantly threw themselves into the
breach, and saved the country from, perhaps; worse evils
than those she had endured.—(Hear, hear I)—He thought it
right to say this, because however the House might sometimes
differ from the Bank as to their conduct in particular acts, yet
upon great public emergencies they had not been found wanting
in public spirit, and had rendered very important services to
the country. They had now come forward in the same spirit,
and this concession had been made 'without that extension!
of the period of their Charter which was before granted to
them. lie should not now enter into any further details of
the measure intended to be proposed to the House, because the
tints would come when it would be his duty to explain it more
fully. And he should take the earliest opportunity of stating
the views entertained by his Majesty's Government upon
this most important topic. They meant this measure as a
protection against a recurrence of the evils which he hoped
were now passing away, and which left them at least one good
the experience by which they were to be guided for the future.
The Government meant the measure they should have to propose,
not as a nostrum by which all distre's was to be at once remov-
ed—not as a specific for the disease, but as a protection for the
future, so that they might not continue to run on in the dark
until they again found themselves plunged Into the same evils.
There were two other topics which were In some degree con-
nected with his department, to which he would briefly call the
attention of the House. His Majesty's Speech, then under the
consideration of the House, said that the produce of the re-
venue for the year, had equalled the anticipations entertained
by the Government. Now, notwithstanding the temporary
injury which the revenue, in common with almost every other
source of income hart sustained, these anticipations had not only
been realized, but the statement should have been that the pro-
duce. of the revenue had, exceeded their most sanguine ex-
pectations. In the statement which he had the honour to make
to the House last year, he assumed that the produce of the
revenue for the year 11125, would be less than for the year 1824,
by five or six thousand pounds. He further assumed that by
the repeal of taxes the revenue would lose 850,000/. more, So-.
that his calculations would have been realized if the revenue of
11125, compared to that of the year ending in 1824, had exhi-
bited a diminution of about 1,200 0001. In addition to that loss
of revenue, resulting from the reduction of taxation, there tie-,
curred another large tiefalcatiou in consequence of the alteration
of the duty on wine. In order to lender the reduction of that
-duty early available, and to prevent 'inconvenience to the
trade, they were compelled to undertake a return of the duty
paid upon all stock in hand. Ile stated to the House at the time
that it would be impossible for him to calculate the amount re-
quired for this purpose, and it proved to he no less a sum than
1,050,000/. It was therefore clear that if this cause had not ex-
isted, the Revenue for the year 1825 would have exceeded that
of 11124 by more than a million. Yet, notwithstanding all these
draw backs—notwithstanding that he assumed there would be
a comparative deficiency of 600,0001.—nothwithstanding there
had been a loss of 850,0001. in the reduction of- taxes—and not-
withstanding this large sum had been required, upon the extent
of which he did not calculate—still the net produce of the Re-
venue for the year 1825,. exceeded that for the year 1824, by the
sum of 250,0001. He. thought, before, that the speech did not
over-rate the facts, when it stated that the produce of the reve-
nue for the last year had been fully equal to the expectations-of
the Government. There was one other, topic, upon which, al.
though perhaps it more properly bilenged to his Right Hon.
Friend, his own feelings were so wrath that he could- not
refrain from adverting to it. He offered his cordial thanks
to the Honourable and Learned Gentleman opposite fOr
the manly and decided tone, in which he' bad expressed
his hope that Government Would not suffer itself to be di.
'fated from those great principles of commercial law which
.he was convinced would prove the blessing of' the country.—
He would not be diverted front them,--( Loud sheers,) for
feeling as he did, lie never could abandon them without this.
grace—(Cheeriog),— nor could the House do so, without
abandoning the -best interests and strength of the country.—
The Hon. Member for Grampound had stated that the (ilo-;
verninent had been supported in their measures with coldness
by their own side of the House, and taunted them with' re.
lying upon the support of Gentlemen Apposite. He denied
that there had been coldness on their aide. They had been sup-
ported, honestly and steadily.supported, by their friends. But
he would not reject—why should he reject ?—the support of
Bier who could have no possible interest in supporting. him but
their belief in the soundness of those principles, anti 'of their
being conducive to the public welfare and prosperity..-(Loud
cheers.)—They were not the principles of any political party,
or of any tect.--:but of all the most reasoning, of all the best
informed; anti, it' he were not himself one of them he would
say; of all the wisest teen that ever considered the subject.-,
(Cheers.)
Mr.'EhLICE anticipated no other consequence from the
'projected measures than unlimited issues of paper to be followed
by renewed scenes of devastation anti ruin. Even those parts'
of the country which bad tittle tar camped the.evil. of a paper
currency would in consequence of tliose measures: become in--
volved in the sense ruinous system: The Ilon.,Gentleman
urged .es considerable length the mischiefs which. were in his
view inseparable from a paper currency, and adverted to the
opinions he had formerly expressed, of the insufficiency of the
market price of gold, compared with the real priceos a criterion
of the actual depreciation of a paper currency. These opi-
nions, he contended, had received a remarkable confirmation
front the circumstances which had recently taken place.—
The Honourable Gentleman commented upon the -omis-
sion in the King's Speech of any mention of the Corn
Laws. How was he asked, to explain to his con-
stituents •at Coventry the policy now recommended to
Parliament, or how justify, to them the inconsistency. of throw-
ing open to foreign competition that branch of manufacture in
which they were particularly interested, whilst a system was
maintained, which necessarily enhanced the price of food to the
English workman, and thus directly tended to disqualify our
manufaCturers for competition with those of other countries.—
lie had-frequently conferred with the Board of Trade, on the
important subjects of the Silk Manufactures and the Corn Laws
and he liad certainly understoed from the Right lion. President
of that Board, that a revision of the Corn Laws should precede
the exposure of our Silk Manufactures to the danger of com-
petition with that of France.
Mr. HUME considered that the Speech waiver)* little satis-
factory: Redid not think that the Right Hon. Gentleman bed
been successful in carrying the consideration of the House back'
to-former periods. Without meaning to. approve or condemn
the plan which was in contemplation, he thought thathis Mee
jetty's hlinisters acted the part of incendiaries who first set lire
to a house, and afterwards assist to extinguish the flames. He
wished it were possible to trace the proceedings of -the Bank of.
England to the year 1793, for expeuencemonld then. prove the
'truth of the_ similitude. lie did not approve of the condition.
which shut out from the operation Orem proposed measure ithe
circumference-of 65 miles round the metropolis, in which dls-,
trict the necessity existed as much nein those places as beyond
that distance. It does not require any great prescience to tell
that the present expedient would not answer the purpose. lie
had formerly proposed that there should be a .regular riddarice
of all the evils'ineidental to this subject t 4ut did his. Majeety's
Speech hold out any hopes of such a nature ? Let the Howie
look to the expenditure of the year .1793, and though the wen.
try has been at peace tbr. the last ten years, yet alie:incurn-
brances are greater than at that period. Instead, of paying
tour millions and a half, as at that, time, the country was now
incurnbenal with a sum of from nine to ten millions, with
every prospect of increase, arising from the national debt. The
whole evil was to he traced to the extravapnce with
which the public money : was dissipated. come,
easy go." It was incredible how readily the nation is gulled by
every statement that is submitted to it. Of that description was
the Report of the Committee of Finance in 1817. This coup.
try should not enter into competition. with the despots of the
Continent in the keeping-up of-such large establishments. This
was a great cause of the distress which had been experiencedin
England- In the year 1817, the taxes were 52,500,0001. ;
1818, 53,200,00/., and so on progressively to the last year; atter

ten years ot petite. The eolllltry should look to the example'
of economy lately given by one of the Germanic States other-
the nation would be lost by expending so many millions hi imi-
tating the frippery of Louis X V. While the people are starv-
ing his Majesty's guards are adorned with gold lace; hut the
Right lion. Gentleman has numbers to back him in his pro-
ceedings, and he will not. therefore, be deterred from proceed=
ing, by the distress which the,result. What reason then is
there to eipect amendment ? Scarcely one subject in the Speech
from the throne ough tto be there. Cvcry pretence has been made
use of to increase taxation, until it has at last arrived at its`pre-;

sent dreadful state. in-tend of keeping up a large military espt-•
blislimeny to hold the people in awe, thi; Governnient should
apply itself to make them happy. and shOUld redutte the ,ex-
penditure tu.the rate of UK at Air. Pitt's time. If proper

. • . .
steps were taken this could be effected, and yet the people, were
overloaded wish taxes, Does Government have to keep the

Colonies ? Look to lrelind, if that country can be called a
colony. There 'Jt\ooo troops are wanted to keep the people in
coercion, and fur the necessity of this f. re 31inisten must blame
themselves.—(Hear !)..-Irelanti is like a camp, from the name-
rous divisions of troops scattered on her surtace. yet it would
not be difficult to make that nation happy. The Colonies in
the West Indies, frotu the mismanagement attending them,
areworse than Useless, for they cost more money than the
starving people of England are able to afford. But they are
thus allowed to draw the resources of this country, in order
to provide situations for the minions belonging to some power-
ful families. If they looked to the East, the prospect was
not imProved. In his Majesty's speech of last year, it was
stated that the Burmese war was requisite, and that there was
every probability of a'suecessful issue. • But that • was not the
fact.. If the country would allow. the four or five millions

of debt to go on annually, as had been done for the last years,
it would ultimately Lind itself liable for the payment. His Ala-
jesty7s, Speech states that continued success attended the British
arms there; but without meaning to disparage the army, for
whose bravery no person felt a higher opinion than himself, he
could not perceive that this was the case. Interever the
British troops have had an opportunity, they always proved
their valour; At present, however, the praise is 'negative, for
they are left to perish in an unwholesome country, which the
natives have laid waste. They cannot fight against enemies
who are not to be seen. But the Ministers are to be blamed
who sent out an incompetent person to eside, against the wish
of every man of sense. The Court of Directors have no confi-
dence in Lord Amherst. What excuse, then, have his

Majesty's Ministers for keeping him in India? Those who
support LOrd Amherst in the business are highly respon-
sible. Between the Board of Directors and the Board of Con-

trot the matter was likely to produce most injurious effects.
The Honourable Gentleman, in conclusion, called upon his Ma-
jesty's Ministers to reduce the public establisinnents—to reduce
taxation—ts rednetion of ten millions of taxes might easily be
made, and he was sure that, were it made, the Government
would be carried on better, and with more advantage to' the
public than now was the chat. Thi sinking fund also should,
be abolished—it Was it mere' blind—it had been formed for the

Purpose of, redeeming taxation, but, in point of .fact, had had
quite the coviary effect,
Mr. T. WILSON contended that the silk tratiti was differ-
cot from all others, both' in the length of time atecesary to
create it, and in the greater facility of smuggling the material.
-He would not then enter into an argument upon the subject,
but gave notice- of his intention to bring it under the consider-
ation of th'e House,- unless some alteration were made in the

Corn laws. When un alteration was Wog made relatively
to the duties on imported silk, an alteration in the Corn Laws
was promised—tloit promise ought not to be forgotten.
Mr. J. SMITH was of opinion that the imperfect statement
of the Chancellor of the Exchequer, if not more fully ex-
plained, would increase the alarm among the commercial
classes. lie differed front many' of the Right- Flom Gent.'s
opinions. 11e was convinced that the country banks had pro-
duced much misery to the poor. He had in the course of his
profession seen irresistible proofs of it. The plan of Joint Stock
114nking Companiei would have the effect ofcreating confidence
in them, and of diminiihin& the credit of the old establish-
ments. Ile regretted that the Right lion. Gentleman did not
State the time of the commencement of his plan, 'whether in
a week, a months or two months. This uncertainty would
tend to bring hack the late panic. Oa the syStem
.of esta-
blishing Joint Stock Banking: Companies, he should give his
Cordial stipPort to the'Right Honourable Gentleman, pro.
videi! he gave no privileges to, particular persons. Though
he was a partner in an old established bank, and was
aware that the intended plan would alket existing banks, still
he should give it his support. He hoped the Chancellor would.
declare the time which he intended tO give to the old establish-
ments to prepare them for corripetitiOn with the new Banking
Companies. As to Ireland, that part of the Speech which re-
commended the House 'to act on the Report of lust year's Com-
mittee, obtained his wannest mrpmbation. That. was an excel-
lent Committee. It Instituted very diligent inquiries—it laid
bare the nakedness of"the land; but it had not searched to the
bottom. Much remained to be done yet. lie was sorry that
the Committee was not to sit moan. As to the lteport of the
Commission on Education, he Wished to know what was to be
done with it ? The Irish Goitrivrient itself was not able to
obtain all the necessary infotnratituf on it; nothing but a Com-
mittee of that House could Act it. That Codunittee ought
to sit again—the inquiry was not terminated. lie trusted the
itight Hon. Gentleman would Hiveitoma clearer explanation of.i
his intentions.
_

--Ai. CHIN'S assured the House that, in regard to country.
Lanka, there had been, to his knowledge, great mismanage.'
menit ifihey hod been conducted with only common prudence
they would not have had the
.present difficulty to deal with.
He did tint believe that the issuing of one.pound notes had the
disasterotts effect deseribed. As to the country banks, he was
satisfied that they hail added mien to the prosperity of the
country by the assistance they had effOrtital, and WAS certain
that if any alteration took place, without sufficient time being
allowed, great danger' was apprehended. • Ile had thought it
necessary to say, thus much, because no one had said a word
in favour of a hotly 'Of persons who had given great relief in
times of partial distress, and had added much to the prosperity
of the country.
Mr. MABERIN was willing to give the Bank of England
credit for the energy and resolution it ha:timely shewn, but
'they had erred In lending their 'Money no mortgage. The re-
cent distress had not been occasioned by Circumstances occur-
ring in the commercial world alone, but from the 'conduct of
Ina .Mejesty's Government in issuing:certain promissory notes,
in the abape of Exchequer Bills, noless a stein than 30.000,0001.
of Exchequer Bills being in the market, and If the Bank had
not gone into the Exchequer Bill tnarket, the distress would
have been ten times more than it had been: The dividends, bud
for tint ineasure on the part of the Bank, due in Oct. and Jan.,
could not have been paid, and he challenged the Right lloa.
Gent. to say, but that the recovery of credit was.due to the Bank
of England. Indeed, it was impossible to speak too highly of
them, they had averted the evil brought upon the country by his
Majesty's Ministers, wi) having brought the course of ex-
change against England, the Bank aline in and accommodated
them by taking F.7;chequto Bills. Had they not done yo, the
dividends could not have been paid--:the Government would
have been in the situation of the country banks, and a natiotsal
bankruptcy would have been the consequence. lie (Mr. Mo-
berly) had no right to call on the Honourable Gentleman oppo-
site, as a Bank. Director ; hot he trusted that if he did speak
on this subject he would speak out plainly, and fearlessly, and
hOped he would say something as to the circumstance of put.
ting the country hanks out of the market.
Mr. PI L'a RUE next addressed the House, but in, so low a
tone as scarcely to be audible in the gallery. He was under-
stood-to say, that the late difficulties arose from the conduct of
the country banks.
.That the money lent on mortgage bylthe
Bank of England took place nt a time of great agriculturAl
distress ; only 1,200,0001. hod been advanced at the period in
question. No further advance had taken place, nor was it in-
tended such should he the ease, and four per cent. only:was
charged on those transaction*. He (Mr. Pierce) had been '4O
years a Director of the Bank, and never during that period' had
known them actuated.bY
improper motives, always conceiving
that their own interests would be beet served by supporting the
general welfare of the country.—Oscar !)
Mr. Seeretary.cANSlNO rose.---110 did not certainly ex.
Right Ilan. Friend could have
pact that the statement of list
been liable to any,raisconstructirm. '.l he of
Gentlenten were unfounded, if they thought that tbe'establish-
, the country ; or if they imagined dust this evil, if it were such,
ment of Joint titock Bunks was likely to prove prejudicial to
was one which could be for ever prevented. It would, in a very
few y„rss be competent for individuale, without the interven-
tion of-Parliament, u) create such establishments throughout
the country. The object was by An abridgement of the mono.
poly of the Bank to remove the necessary and inherent weak.
mess which now. attached to country banks. T.wo objects were
in the view oraommnent..-Ftrat, to remove the inherent weak-
ness' of country banks; and, secondly, tti restrain the issue of
one and two-pound notes. It was impossible to praise.
W whichO highly the liberal feeling which actuated the con-
duct of the Bank in relinquisttiol; an exclusive.privilege, of
which they had full legal poosession. hat estabitsliment had
evinced that honourable and anxious regard for the genera
welfare which had constantly characterized its contlact. Some
feelings of regret had been inanifestea on account of the de.
struction which the proposed .ineastire was gun:km.4 likely to
occasion to the old and established banking concertutof the
country, as if it was a necessary consequenee that the Jeiot
„Stock k ompanies to be famed must he composed of entirely
new elements. For himself, lie amid AM but think ita more
..naturalainticitration that the most respectable and solid of the
cuntolidatiOn of intersest, would quickly tranafoim theniselves
existing establishments,
.by the :secession of strength and the
into precisely such institutions as were contemplated :by (10.
ich his Right Hon. rriend had
vernment, in the measure

suggested. The tank of tngland, It must be remembered,
had the power any day of the week of overspreading the country
with its branches. The alternatives which presented themselves
were, Ist, the establishment of branches of the Bank of England
in different parts of the conulry, Which, under the existing char-
ter, was a measure fully witinn the competency of that body ;
2dly, the permission to be di:wiled by the partial surreoder of
that charter to the establishment by private individuals of banks
upon si broader and more extended basis than is now possible ;
and the oily remaining alternative .swas to leave every thing
tlponits present footing. For the last of these alternatives the
Right Honourable Secretary supposed tin person would be found
to contend ; and of the two former he would ask which was the
least fatal to the 'interests actually 'embarked in the banking
business ! :The branches of Bank of England would be rivals
too powerful to leaVe,any hope for successful competition from
private establishments upon their present narrow, restricted,
and insecure basis ; neither would it be possible for them to
blend With the latter, whilst the adoption of the second alter-
native would. lead to the creation of rivals indeed, but of rivals

.
neither so formidable nor posses Sing the same faculty of repul-
sion: Of all the means which could be imagined for the ame-
lioration of our system of banking cerrenev, this certainly ap
peared to him the least likely to give a violelit shock to the ex-
isting and established interests. It was impossible for the
Right Honourable Secretary to take leave of this subject with.
out ; reiterating his warm concurrence in the praises which
had been bestowed, and bestowed certainly in no nig-
gard measure on . the condUct of the' Bank of England.—
It might perhaps be considered by some, that the
Directors of the Bank hod only manifested on this occasion a
regard to the public welfare and safety which was imposed
upon them as an imperious duty, as the depositaries of a great
public trust. This would, however, in the estitnation of the
Right lion. Secretary, be a view of the subject at once invi-
dious and unjust. They might undoubtedly have attempted
to impose one rare and embarrassing condition upon Govern.
went.; .they were possesaed of a power which even the umni-
potenee.of .Parliament could not wrest from their hands ; and
it could not be disputed for a moment that they had yielded
-with infinite grace and propriety to the paramount considera.
Lion of the general welfare. .They might have entrenched
themselves behind the undoubted power of the law, and the
admitted principle of possession. They were called upon to
surrender no qualified power, and" they might have urged the
,duty of protecting the separate interests of the great Corpora.
Lion of which they are at the head, as an apology for their de-
„termination to retain it; they might. have atlected to entertain
Iliottlsts as -to the general policy of the measure to flow front'
their surrender of it t they might. in short have kept it with.
out assigning any reason. If they relinquished this valuable
privilege unwillingly, so much the greater credit is due .to
them for conquering that unwillingness, in order to further
the intentions of Government; it willingly, it chews more
clearly that they were actuated by no narrow or selfish views of
temporary policy, but could view the great corporate interers
committed to their care in their permanent and inseparable con.
nexion with the general welfare. But they have relinquished
it, and having done so, they have acquired an undoubted claim
to the thanks and gratitude of Parliament and of the country.—
An lion. Member who spoke eurlyin • the debate, anticipated
the ruin of the country from the great excess of its exports, but
sonic consolation might be derived from the altered prodtictlon
of his gloomy forebodings' when in a subsequent part of his
speech the great cause of his apprehensio)nsfri
fullyo t o to
under-
stand the
magnitude of our exports. lie could not iio
the reasonings of the, lion. Gentleman, and was not un-
willing to comfort himself with the Inobability that where there
was so much apparent inconsistency there might be somereal ads-
take. The same lion. Gent. deems the conduct of Adtninistra.

don highly culpable, because it did not contend more earnestly
against the spirit of speculation which prevailed in such mis.
chievous activity and strength during the list year. The Right
lion. Secretary did not however consider Ministers to have
failed in their duty, because they did not attend in their places
in Parliament to give direct and detailed opposition to the vari- -
ous schemes by which Parliament in .the early part of last Ses-
sion was so closely beset. lie had always considered it the
safer rule for Ministers to give their undivided attention to"pub-
lie , questions, and to abstain from.. inter tering with applica-
tions of a merely private nature. For himself, he had always
strictly adhered to this rule ; and he should dread any Instance
of departure front it, on account of the obvious inconveniences
and danger which must arise if such deviations should grow into'
,a pnictice. If no direct opposition had been made by Ministers
to any individual project, it could 'not, hoWevr4 be said that
thew had been any.want of warning in the language, of Mini.
lora ; whatever they could do shurt of direct interfetence had
been done to abate the fever of speculation which lied seized
the public mind. A Noble Friend of his in the other 'louse of
Parliament if lie might be permitted ,to allude to what passed•
there) had. taken an early opportunity, in the last Session of
Parliament, to give an *Monition to caution. In the month
of March of lait year, not five.weeks after the meeting of Par-
'lament, and long before any single Isillhad passed in tavotir of
any of the new. projects, Ina Noble Friend,, who was at the
head of the Treasury, and who on that occasion represented
not only that important department, but the generalgovernf
tr.mc of, the country, took the opportunity Of pointing out the
dangers Into which individuals appeared so eager to rush, and
of declaring that it was the determination of ()averment not
in any circumstances to interfere for tilt purpose of relieving '
them fiptri,the natural consequences of their imprudence. This
announcement was made, not upon the ikasion or arty'particu--
lar project then, in progress through theJlouse,---but to give it,.
if poasible, the greater effect, on an occasion when it could not
seem to he immediately culled for, and when it might, there.'
fore,. inure probably be considered as flowing front the ticlibe.
rate conviction of Ministers that there svas danger, and that
no time ought ty be lost, but that an opportunity,
,should in
fact be Made, If it did not 'otter, fbr raising a warning voice
to put the country ,on Its guard. It had been said that
the subject of the commercial embarrassments hail been treated
in his Majesty's speech with less seriousness. than it demanded.
The Right lion. Secretary could not concur in that view. Mi...
nisters had felt that those embarrassnients constituted the sub-

ject on which the attention of thecountry way almost exclusively
fixed, and that particular allugion to it would he'expeeted in the
speech from the Throne. They had tlierefure adopted the straight
forward and manly course of ming to it that prominence tOtehich
Its own intrinsic importance anti the general expectation of the
country equally entitled it. If indeed the weight which 1111.
!Asters felt disposed to attach to this subject, were to be esti-
mated by the proportion of the Speech allotted to it---even
judging by this measure Of proportion, this Important subject
would not appear to have been underrated. It had been made
the 144 topic of 'the Speech and the last.' One. Hon. Gentle-
Man, not content with this, the leading object of immediate at-
tendon, had thought proper to lead the house into the Condit&
ration el' almost all the subjects of debate which had occu-
pied the attention of .Parlianient during the w.ti. and during
the present.peare• -Into so wide and diverhitied m c,ta, he must
not spate it to ;my disrespect if, on the present occa,,ion,' he
decicsi to hiM. Other and inure 'Suitable .occasions
would, arise for the discussion upon these various topics.—The
lion. Gentleman imtd ehatact, rized one part of the' King's Speech
as being contrary to truth, and another part as Mink: inconsistent
with fact. What difference of meaning the Hon. Gentleman
imagined to belting :to this choke Natiety,
of expression it was
not for hint to say. The Rector of an University. might be sup-
posed to' possess a critical discrimination with whielt lie could hot
Pretend to be endowed.. /is he was petauaded, trout their having
beenused by their HMI. Gentleman, that the expressions were'in-
ofrensiyc, he wrath! hide the liberty of •borrow borrowing them, for :the
purpose or assertion, that when the Hon. tientleunan untied; no
reduction loftaXeli to have taken place'sincc the termination of tite
war, his statement was inconsistent with fact, and when he stated
that less than none had taken place, it was contrary .to truth.—
An Hon. and Learned Gentleman, in an early part of the even-
had alluded to treaty between this country and the Empire
of Brasil, and with respect to the probability of that treaty
being ratified had expressed a desire fdr information. The in-
formation the Right Hon. Secretary had theta endeavoured to
convey by gesture, he would nary repeat. In every aentimetit
Uttered by chat Ilone anti learned tientlemen he fully con-
curred with respect to 'the character of that Treaty. It had not
been ratified ; would not he ratified. The ,Negociator who
hail concluded it had no sufficient authority for thitt purpose;
neeertheless, if the 'freity had been otherwise unobjectionable
it would have been ratified. • It however was. not se, itn't the
particular objection which the Hon. and Lorne& Gentleman
had pointed out, Would have been in itself,
its rejection,
Mr. CAIiCRArr congratulated Wood! that hi h I I° far
from beingAUpporttl or a party of one of the new schemes
to which so Much of the present calamities of 3111liciert to ensure
the country might
be fairly ascribed, had tidily opposed thou. Ile vindicated
the Country banker* generally from the imputation Of having
in atty. considesable ttewee contributed to the production it the
present distress, and antinativtrted on the ineutisirten6y of as-
coeiee issues of paper, etbit tit the same time proposing as a re..
in-
crease etithgle: deplorable
11 efrwt): world
twieuxh-t
ciirtiebdiyhit'iti nre s , the manifest" tendeng Which wae to
not deny the Merit of the Bank of England at the mod severe
period of the crisis anningitt the bankers, was of opi.
nion that its previous connect had been a principal cause of the
calamities. fly lending me neY upon stuck, mortgage,;, &c. it
had supplied the Illean3 for carry ing on those oat speculations
which were a disioace :41 th'e good sense of the country, and that
over-trailing, tr
ing. to the ztctl muchof which; h more than
' to the conduct or country "bankers, mall the distress of the present
day was to be ei;cribetl.
The CHANCELLOR of ate EXCHEQUER e%pliintst
.-Rehm never stated the issue of email notes as one of ttle
meilblire.atf 1
111,t:he
ti (11`i'LreLlil.rose merely to add his tribute of applautte
to the Ilank, buth for its spirited and energetic interference at

the moment of greatest alarm, and fertile eatternion it hat! 'pitta
consented to make. As he had frequently thought it his duty
to animadvert with some warmth upon the conduct of its Des
rectors, he could not be silent upon the present occasion.
Mr. ALEXANDER BARING considered it of the greatest
importance that ample, time should be afforded before any
changes were made affecting the isstfe3 of country banks; the
currency of a great part of the cbuntry at this moment depend.,
ed greatly upon those iseuesi and if any violent shock were
given it might be productive of the most disastrous coneee
quences. It would deter the more prudent and respectable
part of them from affording that accommodation to the public . i
which was at all times advantageous, but in the circumstances
of the tiresent moment of the most imperious necessity. There
were, he adinitted, circumstances of it dangerous nature eons
nected with the issues of private banks vniielt distinguished
them from those of the Bank of Englentl. The latter put out
paper under the regulation of fixed and salutary principles,
and with a view to the state of the exchange; the former had
ra other (eject than to put it out. This circumstance alone
created difficulties to the Bank and the Government, who were
thereby deprived of, by any accommodation by which to eons,
pute the amount of paper et any time actually in circulation— .
The interest and the object of a Country Bank was necessarily
to displace the noteteof the Bank of England, as well as gold
in the district which surround it. To get rid of any rival cur,
rency was its constant aim. For this purpose persons had been
actually sent by their establishments to markets and fairs for
the express purpose Of forcing their paper into circulation. The
practice would necessarily be pursued without reference to the
state of the exchanges, or to any other indication of recline.
dancy, and must have operated principally to produce the miss.
chiefs which had occurred. The spirit of speculation which
these excessive issues contributed to foster, at length had been
carried to such a height, that bedlam may be said to have broke • • : •
loose at the Royal Exchange. This extraordinary 'state of
things Was seen, that it seemed to be the greatest difficulty
and the most anxious aim of every body to get rid of theit
money. Credit was at an unnatural and dangerous elevation,
and the revulsion was accordingly extreme. Every body, se
tar front wanting to get rid of money, is now demanding it.
Give me that thou owest," said the Honourable Gentleman,
is now the universal language. Whatevermight be thought as
to the previous measures adopted by the Bank, and the Hon.
Gentleman had doubts as to the propriety or some of them,
only one opinion can exist as to the energy and zeal and dm-
don manifested by that establishment when the crisis actually
arrived. The great evil of the country was general distrusts
and Parliament should be particularly anxious to avoid any
steps calculated to increase it. The distrust was indeed exces-
sive, for although a great many bankers and miters had been
compelled to suspend their payments, it was extremely probable
that a large proportion of them would eventually pay. The
fact now is that banks trill give credit to no man, and that
truce Is deprived of its ordinate and legitimate facilities. In a
country of extensive commerce, where all persons engaged in
trade depended more or less upon credit, smelt effects as we had
seen must necessarily be produced when we were driven from
one extreme to the other, from the redundancy and extrava•
ganee of credit to its entire. annihilation. The lion. Member
thought that it' any resolution or declaration proceeded from
Parliament, that die country hanks would• be speedily called •
upon to withdraw their one and two pound notes from candid
tion, without fixing the precise time; that if any thing in the
proposed measure was left in a state' of uncertainty great mis-
chief' would arise. He trusted, therefore, the Right Hon.
Gentleman opposite would take the earliest opportunity of
laying before the House the full details of his plan. Bankers.
of respectability would not 'clippie their theracters to in-
jury by delaying for a moment to draw in their paper, and
limit still further the aceonunottation they were now afford.
ing. It was exceedingly true that vine conduct of the Country
Bankers might be such, with regard to their issues, as to ex.-
pose the Batik of England itself to danger, without the latter
having partaken in any degree in the blame. Of the amount
• of Country Ilatik-notes, now in circulation, it was difficult to.
form an accurate estimate; it might probably he about eighteen
millions. It was, however, iinportant that accurate intorma-
tion should be obtained upon this subject. He did not see
what objection could exist to a short bill, compelling Country-
Bankers to make a return of the amount of their paper in oir.
culxtion. This could not hurt their credit. It was not as if
they were called upon to give an account of their assets. The
Honourable Gentleman deprecated any thing like precipitate
I den in applying the remedies which It might. be- thought,
necessary to adopt, whilst the, fever of anxiety still agitate
ed the public mind. A skilful surgeon will not apply the'
screw to a disjointed limb, if it can be avoided, whilst fever
I rages=-to supply the place of 18 millions of riper, gold to thei
amount would be required—and, however right the object in
viewevee could not tie, to it. It had long been the opinion of, '
the Hon. Member that the Bank of England itself did not tisk,
on so broad a base of capital, as the function it had to performs
and the altered situation of the country required. It was not
notv in proportion to the great private fortunes of individuals
so powerful as it had once been. It was no longer the despot,
surrounded by dependent slaves, but had around it powers
which might almost venture, in circumstances favourable to
such an abject, to attempt its overthrow. It was in vain for
Ministers to take credit to themselves for their resolution never'
again to sanction a suspension of cash payments by
the Bank. In the same circumstances, any Chancellor
must 'do the same as Mr. Pitt' littd done, come with
a long fece to Parliament, and :sty the Bank has gone, but
,we must not therefore suffer the country to be without a cur-•
.rency. The determination of 'Government to have the
haste of our currency gold, when other nntitine had been
content With silver, ngainst the policy of which the Hon.
Gentleman lind freqUently protested hi that Hattie, greatly in.
creased the dangers to be apprehended from our paper cur-
rency. There were capitalists in the money market of suffi-
cient power, if their interest should at any time prompt them to
ineke theattempt, gteatly to obstruct and embarrass the Bank
in procuring the necessary supplies of gold it' a war or any
other public calamity should concur with their eftbrts. To
remove this danger the Bank should be rendered more power•
ful by an increase of its capital. In the present situation
of that Corporation he should dread the effect of two years
of war if attended with any considerable expenditure. 'A
fresh suspension of Cash payments might be the probable
reeult. lit again alluding to the subject of Joint Stock Bank.,
he could not refrain from expressing his hope that Country Gene
tienien would be cautious how they embarked in them its sleeping
partners.
could with any prudence become sleeping pertners in any ti tiding
concern, viz., those who possessed the thculty of eleeping with
'one eye open. It might remove much of the Objection, if the tee
gulattons of those establishments were so framed, AR to admit Of a
person embarking a limited portion of his pneperey in them, anti
leaving him thee free from any further' responsibility. The Hon.
Gent. in adverting to the condition of the silk manufacturers,
considered it tight for Ministers to speak et once decidedly
their determinetion on the queition of foreign' importation.
It was at least fit that the poor 'creatures so deeply inter,
Med in that qoestion should be kept in no stopence. ' For'
his upon part he differed front the view ' genetillyeaken of the
eubject. Ile did not believe that in that pwrticular article
Eneratuni could compete with Ftence, but thought on the con-
teary, that the tenet-pieta now about to be Made, would'operete
the entire destruction of the lititieb inatiufaCture. Ile knew
that a political ectinemitit would say, '" Well, let it be erut---
the trade that requires Monopoly for its support is not worth
presereing," The Honourable Gentleerian congratulated' al ie •-
ulster* on the success of their polity with respect to the
i Spanish and Portuguese Colonies. lilt had been less rapid
in its metal 'than the feelings of the. country Would have
desired, it, probably, therefore, attained it end more se-
curely. The Honourable Gentleman here paid the tribute of
his highest admiration to the talent with which the Right
honourable Secretary. for foreign Afliiirs performs the irapor.
tam duties of his depitetment. The Might Honourable Gentle-
man opposite, the' Preekleut °tele Hoard of Trade, would
probably have learned, 1.1 his ascent visleto Patio, that it was
not from France, still less from any other 'bf' the Continental
Powers, that England had to expect concutrense in the plena-
plea of Free Trade, of which he was so zetilims an advocate.
if in any quarter, it must be said the HOrt. Oenflentan, amongst
the infant States of SoUth America that that Concurrence is to
be expected.. With reepect to the Mete, concluded under the
mediation of England, between Portugal' and Drat% in the
general view taken of that treaty he Could'hot coincide. It ap-
peared to him to be a treaty more'caleilated -to ensure the
future union of those two States, than their erivientStit separa-
? tiou. Unless some secret article existed`' b *which the ti:m-
peror of Brazil was excluded from the' enceetsiion to the
Throne of Portugal, (anti of any such article he ittieW nothing)
, what he had described must be the .teidehr effect of the
treaty.
Mr. HUSKISSON had listened with great satisfaction to
the excellent speech of the Hon. tlentlecrian. He felt In coin-
muon with the lloase, that the experience on all subjects con•
nected with commerce, possessed by the Hon. Gentleman, en•
titled his opinion to the greatest attention. At that hour, and
en thnt occasion, he would not trouble the Honseat any length'.
Ile would beg leave, however, to say, in emliver to those parte,
of the Hun. Gentlemen's speech, in which' he repeatedly ano
urgently called for the :pettily exposition of the 41000 of the
Ilan of my tight flute Friend, that dies ifeatioe etheetneen-
tier of the B .the flank Charter to e *knelt to which ' ilia Vierece„4"
had agreed .to it had yet to he discuesed by eye Veieta s,„ rm..
pticioni ; teat the discuision could not 'til,te Placo P*l')" to-
morrow ; end that, therefore i i no aiennation of imecceastity
delay could attach to Government. The Klein It a. ciitil 11CM 'ltk
was sure that no procrastination would taae plats ' this Right
' lion. Friend had introduced that nleht o stutement which he
w ei happy to find had met with the evieurrettee'of every Gene
Lien ten itt the House. The intentinn Was out ii% MR 110A6Urabh,
Vtiend stated, to withdrew, tena4fen!)! 1•" m, `Ci/,,datiOn a largo

.portion of the country -paper. In the ease of a sudden demi.
• viition of the country notes, be admitted much difficulty might
occur. It was necessary to take care the measures proposed
would not have the effect of annihilating the paper currency
circulated in the country. It was not intended to adopt any
means by which the circulation of country paper would be to-
taHy suspended. He agreed with his Right Hon. Friend that
withdrawing eighteen millions of country paper would, during
the protein state of commerce, be productive of much incon-
veineoce, but the object was only to withdraw gradually from
circulation one and two pound notes, which could not exceed
right millions. If notes to that amount were withdrawn from
• circulation, there must still be observed caution and care in the
mode by which they would be withdrawn. It was therefore
proposed to withdraw the notes gradually, and supply the de-
ficiency by a metallic currency. Ills Hon. Friend's view of the
removal of these notes, was not to legislate upon the subject,
let the country paper, without any new enactments, wear itself
out. His Honourable Friend also conceived that some new
and important project vies in hand for altering the booking es-
tablishment, and it was suggested that a measure should be
adopted with respect to the period at whiCh the Bank of Eng-
land would promote an alteration in the banking system. He
could not understand the change contemplated to be a new
tanking estubliehment. It was not the establishment of joint
stock companies, but to remove an °Wachs thrown by the law
in the establishment of banking concerns. It was illegal for
- any number of partners exceeding six to carry on a banking
concerts, and by enabling Liverpool, Manchester, and other
trading towns to strengthen their flanking Firms must he highly
advantageous, inastich as property would receive more pro.
Avalon. The Right Hon. Gentlemen would see any danger in
the proposed measure, but at the same time he should say it
would be desirable to allow sonic reasonable distance from the
piloting of the Act to the time it shall take effect. It would
be necessary to give the Bankers the power to make new
%seeking establishments, and allow their creditors time to wind
up their accounts: It certainly would not be prudent to dis-
tress theme who had running credit with their bankers. The
Right lion. Gentleman thought six mouths from the passing of
the Bill to the time it came into operation, would be ample to
give every body an opportunity to avoid inconvenience. If all
persons who had stood in the situation of creditors to bankers
-were convelled to wind up their accounts before the end of six
months, it might be felt as an inconvenience. He had risen for
the purpose of giving this explanation to theilouse,and his hope
was that measure when proposed would be adopted. Ile had
no intention to touch on the general topics of his Majesty's
Speech ; wishing to reserve himself for particular subjects,
when regularly -brought under discussion. His Honourable
Friend had alluded to confusion which might occur.—
Ile could only say that it was intended not only to avoid
• confusion, but to strengthen and preserve confidence. The
Bight Honourable Gentleman was desirous of adverting to some
observations which had been made relating to a project for a
joint stock company, instituted, us it was supposed, to the injury
of the silk trade, and represented as a scheme of overwhelming
magnitude. Into was the history of this? In the courseoflast
year some persons connected with Ireland were of opinion, there
wai an opportunity of raising silk in that country by planting
mulberry trees. They also thought it might open a new branch
of commerce, and benefit Ireland. They came to the Right Hon.
Gentlemen and made the proposition to be established by charter.
The parties in Ireland thought they might adopt the plan with
success. The Rit Hen. Gentleman and others particularly
a Noble Earl, anew Noble. Marquis, Peers of Parliament, con.
sidered the plan applicable to the colonies. It was thought
it might be worth die consideration of the Planters. It might
be better than the growth of palace which required the em-
ployment of slaves, and advantageous to those colonies which
complained of distress. The scheme was considered one of ex-
periment, and that it was desirable to try it. The promoters
of the scheme were unwilling to expend their Means without
a charter, and they communicated a desire that a charter should
be granted. They obtained a charter, end applied to a Noble
Marquis (Marquis of Lansdown) himself and others to become
honorary members of die company. A letter was also addres-
sed to the Hight lion. Gentleman and the Noble Marquis, to
hold a number of shares. The answer to that letter was—they
had no other mstive in promoting the experiment than the be.
nefit of the publl and as to any share in it, that might be
bought, it was out of the question. They took no shares. The
Right Hon. Gentleman gave this explanation, because these
transactions were subject to misrepresentation.--.(hear
Mr. Beau No explained.
Sir. J. IVROTTESLEY was happy to find the explana-
tion had been given, and suggested that it might be expedient
to bring in a Bill to prevent te issue of notes beyond those now
in circulation. The Bill was to operate until the intended
measure produced effect. The Hon. Baronet was anxious to
vindicate the Country Bankers. Many imputations bad been
• thrown out, and he was...convinced those insinuations were un-
founded ; no Country Banker could keep a note out of cir-
. ciliation one hour longer than was necessary. The Chancellor
of the Exchequer lied suited that the issue of country notes had
increased. That circumstance was to' be attributed to the want
• of means, by -diecount, and being obliged to raise money by
• mortgage. The Honourable Gentleman had mentioned six
-months as the time accossaty fin. winding up banking accounts ;
-lie considered the time inituffieient. for the purpose. If, how.
•• .ever, a•Bill to establish new Banking Concerns was passed, it
would increase the circulation of country notes. A country
. Banker who put out notes improperly, could not avoid the in-
. convenience which ...molt attach to himself. If the Right
Honourable Gentleman did not proceed with great caudal),
country Hanks would issue no note.* at all, and then the most
• • serious , evil would be felt by the traders anti noinufacturers in
• the country.
Mr. liiestrisawr explained.
• Mr. HUDSON GURNEY was wholly at a loss to conceive
how they could get rid of paper. circulation and return to the
metallic currency, while gold stood at the present rate per ounce.
Mr. DUNA] AN did not rise to say any thing on the bank-
ing system. • hail heard great eulogies bestowed on the
Jlank Directors: he was more anxious to promote a change in
the banking system since he had heard the eulogy pronounced
on the Bank Directors by the Right Hon. Goodman. Re
thought he might apply to the Bank Directors a well-known

" To John I owed great obligation
But John unhappily thought fit,
'.To publish it to all the nation—
Sure John and I are more than quit."
Nothing could appear more clear to him than the explanation I
,given by the itight lion. Oendemen, but at the sante time he
.should not think be was doing his duty to the poor people of
England, if he did express his regret that the Kings Speech
4W pot contain one wool About the Corn Laws. An Hon.
Member had alluded to a pledge made last Session on the sub-
ject, and.not one wool was said which might lead the House
to suppose that pledge would be redeemed. When the working
claws were celled upon to compete with the foreign manufac-
turer, it was hard to keep up the law which raised the price of
their bread. The distress in the country was'unknown to Mi.
netters themselves. Petitions would come from perishing thou-
sands who had no means of supporting themselves and wretched
families. The distress which had so lately been felt was not sup-
posed to be the effect of any misconduct on the part of Minimum+.
It appeared.to him, however that the atrocious Act which im-
posed on the !lank the necessity of breaking their engagements
with the public, was the sole cause of the evil. lie could net
avoid` feeling regret for the money which had been squandered
away during what he considered a dream of public prosperity
*rising out of a vile paper currency. He regretted the Want
to his /loyal Highness the Duke of Cumberland, and the sum
voted to tocrease the Judges Salaries. His hope was there
would be a general reduction in the public expenditure. The
peputation in many districts were paupers. He trusted the
queation of the Core Lima would not slee, and something
would4he done to modify those laws which tell so heavy on the
!spouting classes.
Alderman IMOD wished to say a few words in behalf of
-hie uttfortunete constituents. They had been told that the
..reiserable weavers of 80h:11141a were to compete with foreign
:nations,. and in answer to that his constituents +add, put us on
a footing with respect to taxation, and we will compete with
foreignere. They could not obtain bread so cheap as foreigners
dial. He hoped the subject of the Corn Laws would be brought
fairly before the Haase.
The titmetion was Met) put from. the Chair, anti carried
'gm. dia. The usual Committee was then appointed to prepare
end present the Address.—Adjourned at ELEVEN O'CLOCK.

COLOktitiAN MIMING COMPANY.—A. general
tt►eet Ing of the Shareholders in this Company was held on Wed-
nestle), at the City of London Tavern. The meeting wns ttum
molly attended. There were present—Alr. T. Wilson M.l
Mr. P. Orenfell, M.P., Alderman Thompson, M. P., 'Mr. le
Ellice., M.P., and several other highly respectable individuals.
Pover.Es having taken the chair, read the report, which
centaitted an elaborate detail of the proceedings of the Cam-
patty's
servants in Colombia, and a particular description of
:the state of the mines, which were mentioned as very favour.
able. to,the views of the Company. Ile then read a statement
of the manner in which the call of 5/. per cent. (amounting to
from which it appeared that there
64,0601.) had been .applied,
ere on hands "10,0001. in Exchequer llills,but that bills to
the amount of 1 t,OOOl. were outstanding, and unpaid. It was
them announced that a call of 21.105. per share would be made.
lite report appeared to Igive satisfaction, but none of the pro-
prietors addressed the Aleeting: It was ordered to be printed,
and coil sent to each; proprietor, after which the fleeting
Woke up.