The Sun.
London, England, 1826-02-15 00:00:00

POPULAR COMMOTION IN NO,RWIC/I.

Nonwmi, Fsn. 13, Four o'Clock.—This .city has again
been in a state of riot since, eleven o'clock this morning, owing
to one of the manufacturers being detected in sending work out
of the city, to be execute in the country, in defiance of the
previous attacks made upon his premises,and in violation of the
engagements made with the people, not to-employ weavers re_
Men are now cooped up at a public
siding without the city. Three
statewhose
that any attempt to
house, caled the Sun and Anchor, in the parish of St. Clement's,
escape from me house would .4e the silnal for their destruc.
tion—the order o/' the
ottrnsfetselvinergalacaronuensdottAhiilsk_
spot,wer e
dag Weak " heeds not Windows !"
The Mayor and Deputy 31rayor, with several Magistrates, and
the pone comiloins, went down to the scene of riot at twelve
o'clock, and continued at their post. Every thing predicts a
turbulent night; the distress and despair of the people being
at its climax, as I can assure you, with great truth, that near
12,00 persons are at this nine unemployed ; in fact, every
kind of business is at a direct stand, and confidence between
man and man destroyed. •

The petition was ordered to be printed.
BRIBERY AT ELECTION.
Lord .1. RUSSELL. gave notice, that on Thursday, the 2d of
Mardi, he should mdve for leave to brill% in a Bill for Os
better Prevention of Bribery arid Corruption at the Election of
Members to serve in Parliament,
TREATIES OF COMERCE AND NA VIGATION.
Mr. tIUSKISSON said that there was an order standing
upon the Papers which he would now explain very shortly to
the Ilouse. There were now, before the House two Treaties
between this Country and the now States in South America.—
The one was with the State of the River La Plata, and
the
other with thu new 'Republic of Colombia. In such
of these Treaties would tie found a stipulation, that for
a certain period of years, ships not built in either of
those countries, but used for mercantile purposed &Willi} be
other 4vere entitled to privileges, to which
the shills considered as national ships. The House would be aware that,
by the laws of navigatioo, ships belonging to the countries
tni
pie which it was certainly most desirable to maintain ; but when
they had to deal with the caseof new countries, just passetaroin
lls with
ot • a
thirdelh patty wore, not entitled. 'Tux was a
priaci.
the state of colonies to the degree of independence in which they
bttoruelahxt
utlitlittitlfttrieuyetiragtaiuointeranint ofo y
were 110%, phiceil, the case wax new one. It was therefore
esahria,*thoisflitrhtitnxlitoaunll

The Hon. AVM. LAMB could not but think, that if this
case were a *per subject for Parliamentat), inquiry, every
ease of law was equally intitled to their investigation: In the
present instance, the accused party was intimately known to
many Members of the House, and could they pretend to be
impartial judges of the cause. So far as the charge applied to
the judicial character of Mr. Kenrick, he conld not see what
additional claim it thereby acquired Upon the attention of the
H ouie. It was not in his judicial capacity that Mr. Kenrick
was alleged to have commuted the net imputed to imputed to
hini; and even if it were, it was not for the Muse to examine
the derelictions of private life, while there were Law Courts
open and fully adequate to the purpose. If the House should
think lit to go so far in the case before them, every case would
be forced upon them, in which the parties were too poor to have
rectitude to a Court of Justice. The proper degree of inter-
ference for the House Would be to make the Law Courts acette
sible to the parties, and not by entertaining the present case to
bring others similar to it before them. For his, part, he ah•
honed any thing like a judicial sentence pronounced by a po,
pular assembly. In cases of very little intrinsic importance,
when received by the House, much vlolinee had been done td
the principles of the Constitution. The present ease, indeed;
was no illustration of his position, but others were not wanted
to which it completely applied. He alluded to the ease, of. Mr.
Smith, the Missionary of Demerara. In that case the. Bottt .
was called upon by a vote to pronounce upon the guiltof all
those who sat as Judge* upon the Court Alartial—and that
upon merely documentary evidence, not a word of which would
have been recognized by a Court of Justice. The alit unit
crime, if established, would in ordinary cases have amounted to
murder; and, with reference to those who sat in a judicial ca.',
lenity, would have been attended wits the most serious come.'
uence. Of all the motions which had ever been Made in tftu
House, he considered that respecting the Missionary tel
have been the most dangerous, and to have rata/dished an
alarming precedent. lie therefore advised the House to diss
miss the present Charge altogether.
evidencetiou tiICIt
thheadehbaerlierdi
211 r. lUtOUGIJAM r05..4 He would offer one word as to the.
it was said, had been received in Mr.
Smith'si
niteocl 'yo''Cutil;cld;Caso:fieni.leitl' "wl7.trhYd'lcahi it would not
haa.olueldbnecortl, vbeeccetcliso
boTteahed,Swla: K It Has u
.1:0:
tat,
tt ptubtatthetitimutis
ed
it ouuht not to have been received there. But then, not a tittle
of evidence tialliteen oh`' red to the libuee which was nut ells.

et-meted from the minutes of the Coutt )fattish which tried the
eeiortunate Gentleman.
Mr. Secretary PEEL would velvet, any ibjeetions to' the ad.
ritiasion of the case.. As the charge had been mired,, he,cone•
calved that it ought to be entertained by the }1 is:
Lord JOHN RUSSELL thought it the prn" i bus/nese of
mit
ske House to institute the proposed inquiry. T ley *toed it not
merely to the constitution of which they were guardian% but
even to the character of Judges, to take care that justice was
onpartially and purely adMinistered. As to the observation
that the case was only fit for a Court of Law, be. conceived it
had no weight whatsoever. In Court, redrests was afforded to
the individual, but in that House the object of inquiry was to
prated the public against the mischievous effects of en Shim
of judicial powers. He recommended to defer the hearing of
the case to Thursday. - I
Mr. DENhi AN complained that he had no notice that any
apposition was desigried against his motion: if it were intend.
ea to offer further opposition, he begged that he might be ap-
vieed of the fact, that his lips might net be sealed by begin.
a!ag with his motion instead of ending with it, afteroffering the
errpments by which it should be supported. Who, that had
bet read the first page of our Constitution, could doubt of the
right of the lionseto inquire into the conduct of a Judge, be.
ettexe foreooth that ifinlge was amenable to a Court of Law.
lie would now ask, did any one intend to oppose him, that, it
se, he might substantiate ins motion by argument? Mere ashort
pause eesned—and no opposition "having been Intimated, the
f,lon. Gentleman moved for a Comotittee of the whole House,
on Thursday next, to consider the case of Mr. Kenrick, and
Met Mr. Kenrick should receive notice of the satire.
it was afterwards agreed that the case should be pottponed
to Friday, and' the motion being modified ageordingly, was cat.
ried without further opposition.
Mr. WYNN thought it would be a good arrangement if the
,wishesses for bed) parties could attend together."
ate. DENMAN said, that his case would opt probably ore
copy the House longer than atingle hoer; and.it wee therefore
that he named Thursday.
It was finally moved and earrled,ohat allisienge -should be
tent to the Lords, to permit Lord Middleton tl) attend and give
evidence on the case.—The charge was then resH.
Cif It R. E NCY.-11 F. PO dT (F TII E CO 1M 311 TT EE.
On a motion. that the Report of the Committee upon the
Bark Charter and Promissory Notes Acts should be brought
ap
Mr. CA I,CRA FT rose to declare that no change had taken
place in hie opinion, as already expressed upon the subject.
As they were about to legislate improvidently, he wished they
might take the precaution to secure at least a eutliciency of me-
. tette-circulation to obviate the misfortunes of the poor; bat it
was quite impossible to secure such a fullness of currency in
gold as would answer for the commercial intercourse of all
ehe.ses. He could not consent to measures which would put
the poorer classes out of employment. The House had not
sufficiently on-taint' into the subject. They ought to have
paused longer, and appointed a Committee to ascertain the real
causes of distress and the proper remedy to allay it. Ile was
• canfident that the Act about to be wooed would only draw con.
tempt on the authority of Parliament, from its inefficiency as a
ieniedy. lie could hardly 4elieve that he was addressing the
,erne. Perliarnent which in 11122 had passed en Act establishing
the currency in its present state for ten years—an Act which
was opposed by no more titan six Members of the House. All
were agreed that the email notes were not the prime cause of
the distress ; and yet they now turned round upon the innocent
dome of bankers in despite of the Act of 1022. Manufactures
had ceased to employ Workmen, through an atiprehension that
it would he impossible to provide a sufficiency of gold and sit.
var to dixeharge their engagements. Yet notwithstanding the,
clearest information on this head; the House proceeded to le.
gislate, before any man coull undertake' to point out a proper
3uhstinite for the existing =renege, Ministers might as fairly
Nod fault whit the whole system of trade as with the banking
3ystem. There was abundant subject-for reprehension in the
nefarious spirit of gambling in which Members of that House
did not scruple to engage; who, he hoped, would be called to
answer fer their conduct before the close of the Session. The
vote of lust night, be was convinced, was against the opinion of
the majority by whom it wits =tied. His recommendation
.would heve been for enquiry, first into the causes of the distress
--homy far Government was chargeable—how fur the Bank—
haw far the late bubbles—and, lastly, how far the Country
'Bunking system. A pause had been •prutient, till the disturb.
*octet subsided '; hut as matters stood, 'they were acting as ale.
eardly as one who'e hotoweeeie Mimed,' end who began to re.
build before he had removed die rubbish. He could not agree
with the Right Hon. Secietnry (Mr; Peel), that now or never
rola the time for legislating.
Mr. (TY RAVEN did net see any poteibilityeef suppling the
circulation of the country, boot by a eithetionion of Bank of
lingland'one-ianindllOtelt, to which letethouglit the resolution
citeht not to extend; ' Lie would therefore, move Out the words
" Bank of England One enhutl, Notes's should he groat- out
of the Resolution. -' - ;. s' • e `- .
Mr. ELIA( 1,, ictiti, that there was no *u ply of the pretionot
metals in the country. In 1814 and the following yet* we had
most exports, and consequently at great intlei of gold. It was
then more then at any other period inentrpower, to return to
the old system. It would be maid that we made largo exports
Let year ; but the question wee, how hail thee betel paid for,
or where they paid for at all ? When 'gold encumbered the Bank
werehonie, it became no cheap, that it wee disposed of in Austrian,
lexican, I;hilian, and other foreign loans. What now should be
our fate if i ((mien nation sbould take advantage of Bins' want
of preparation which our impenitence had caused, to attack us in
war a He reprobated the nice of takiitg Scotch Banks as a model
I%r English one*. The former lie said were constituted on it
bad principle. He would recommend any legislative measures,
which might be adopted, to extend to Scotland, that Scotch
notes might not supersede a weenie currency in the North of
I; egland. As to the tweaeure* of free trade, he maintained that
they could not subsist iii the present flUctuatione. AU ideas of
• the sort were absolutely chimerical until bread could be eaten
in Etignuol at as cheap a rate at in other conntries. Let it free,
trade take place in commodities, and he would warrant that'the
Corn Laws would roped themselvee soon enough. Ile felt dire.
posed to vote for the mealtime because It, pro Moto, w 4,4 li ic,
peel of those laws which were n disgrace to the Legislature,
+specially whilst he talked of the necessity of establishing a
Tree trade. There was something extraordinary in our situation
as a nation, for though all other couetries had in their turn been
toankrupt and would he so again, yet we, in a period 11 'years
subsequent to the conclionon of peace, saw the price of our prin.
• .cipal Stock fell front 97 to 74 per cent. within a few tumults.—
"Under all these circumetaue.es, be"must entreat the House to
coaperate with him in supporting the motion, as it remote step
eowerd* putting our credit, and currency on it more safe and lees
vatinbl! foundation.
' Mr. Till tal A S lir 1 LSON felt surprised at the speech of
-Mellon. Friend, wilt) lid at ;tat:rent periods of his speech ac.
Tutted that House of lievieg samitionel measures, and conduct
which were not only directly oppesed to each other, but übso.
ietely and obviously inennsistent. fie 1,111)111(1, however, only
new confine himself to expressing a hope that Ids Majesty's
Minister,' would not tote) a deer or to the distress of the coin.
toercial public, which was very great.' large failures had been
talked of as likely to Otke place, which, If realized, would neces.
-.eerily involve many ether! in bankruptcy town alarming extent.
Hie great object now in rising was to inquire whether the
•Itight lion. Gentlemen 'Wei , propered, in theeevent of these
occurrences, to come forwod. with emic measure of relief for
'the general distress, which was now felt amongst almost all
'classes in the citr. Ile would not defend the authois of those
speculetions, w iich bad so often been impeached wiltin
Om walls, further then to say that they first were led into them
by the very low rate of interest :on money, and next they had a
right, at all events, to do what they pleased with their own. Ile
fruit that this class had strong 'claims to relielon the ground' that
'three were only engaged in apeculations, which few person' in
trade thought were extrevagant. If the Ministers of his Ma.
jeety should neglect to relieve them, and continue only intent On
ti,vir proem object, be should be obliged to conclude that
though they wereoon pilots hitherto in fair weather, they were
now endeavouring to precipitate the 'House into a vote which
• would involve them all in a frightfol storm.' That staple arti-
cle of our manufacture, cotton, 'held brow at subject of extensive
. speculation on the part of the meichattla of London, Liverpool,
tileogow, and Bristol, anti there now was a rev-woolen In conee,
• quence on all those merchants,' Which might end in the 'ruin of
•many. For them ho implored the aseistahee of his Majesty'.,
`Government, both fin the *eke or the trade of this, ountry, as
-well as for the sake of Ministers theenselveit, who must see that
•ft was but a small hem for such persons to ask, tin advance
•of Exchequer Bills to the amount of half that value; which
:alley were satisfied to empotinil as a security in the height of
• Governments.
The CH A NCE Ll.Olt bribe EXT,IIEQIIE timid, he should
tot now enter IMO ft dispute with the ilon. Member as to the
extent of the evil, which lee, in common r with hitnernust de.
Tricire. Ile could not but thiuk it rather 'singular that the Hon.
Member who profelowti nett he thought Ith. Majeety's Minititere
even unsafe gunk* es to be only fear. Weather pilots should have
ao tong supported them -by his vote. , -So far lie must be sup.
paVfl aCCOSary to the meaeures, though possibly not to then
errors in policy. lilteeher as a Ministry they were competent
•
t, ~,,,ether 4 moon of ;het magnitude, it would not become hint
Ille rnher of it, to say. Hie own sentiments on this impor.
SA 14
tent. cut,.(et were at least the. effect of eXperienee, aodt. he must
,sent( tittles More convniced o the pro.
"Y th" ''' ""4 ?..c" ib°lle. ; "ti et t. • H wail aware
pretty of' the recommeneat.on or , over= i e
the Hoe Member was desirous that Government shroud apply
.now the eititelueneure of ?eta for commercial difficulty Ittihad
—been resorted to- hi 17911ehantely; an ism) of Exchequer Bills:
' lie roust *ay tnat the colouring of those difficulties was not
seen at. ought to give the prefetence over those of other persons
-or other perio H d%. if the ouse exercised butt a little forecast,
.it w ',told be coaviticen of .the extreme impropriety of hearken'

ing to solicitations, the ultimate consequences A' which it was
not difficnlt to foresee. They had been accused of want of stn-,
Ability and feeling for the very prevalent distresses of those to
whom the Hon. Member had so frequently alluded. Iladid. mit
blame those persons for having entered into speculations which
were nufortnnate in their, results, but it WU their duty as his
Majesty's Ministers to look not only at, the state of actual dis-
tress experienced, but at the probable possible consequences
of lending too facile an ear to solicitations of this nature; ft
behoved them to bind up their corporal agents to *resist
cations of this nature. He did think that a compliance, with
such on !triplication- now would be unwise. It was true reference
had been made to the case of the public embarrassments of 1793,
and might be made to other periods. Rut lie felt the circum-
stances in 1793 were very different from those 'of ' the present
day. The distress then rose nut of mingled considerations
',of our external politics and internal disunion at home.—
Such a combination was not likely to recur, nor could they be
ipleitded now as a precedent for similar Indulgence. Indeed
the Hon. Member for London had himself admitted by what he
had said, that many of those speculations were any thing but
likely to realize a profit to those who embarked in them. If
this application. or boon were grarind, the Administration
would be continually applied to in every po4,ible fluctuation
of ordinary occurrence, the aretit of which would directly be to
encourage men in business to extend their trade indefinitely.
These persons would, thus encouraged, haturally prop them-
selves up with the hope, though they were convinced their
trade was all smoke, and their credit so much Wale paper, that
they might still go on, acting on this precedent winch pointed
out •to them the chance of being relieved by the inter-
position of the House or the sympathy of Ministers in their
distress. Such a result was to he eschewed by all means in the
power of Ministers, as a result infinitely more injurious even
thaw the present. calamity to the trade or this country and the
independence of the character of our mercantile end tradinglin.
tercet. It was therefore not the duty of Government to lister
to such asuggestion, come from whence it might. If, indeed,
4by any absorption of the paper issued, hy GoVernthent for tem-
porary purposes, such as Exchequer Bills, which, he thought
..rt not unlikely the flank miglit'be induced now to hike up with
rash, any measure of relief could be afrorded them, ha should
not be indisposed to concede so far ; though he did not.say that
this would be so effectual, although it must to a certain extent
reach them. Lint It would be altogether nonsense to talk of eWect.
ing great things, or important operations, with small means ;
therefore he did not hold out to them that much would/iv could

mutt from so partial a measure of relief. if the Bank. should
acquiesce, as he doubted not it might, the. arrangement would
be made, and Government would have to apply to Parliament
to make good hereafter the . advances made by the Bank for
taking up those Exchequer Bills. He was aware of the chase-
tisfied state of many minds in the city, and they were very
much indisposed to acquiesce in the arrangements which had
been resolved on by his Majesty's flovernment relative to the
currency • but he felt he could not with safety to the public, or
with satisfied feelings as to his duty, recommend to the adop.
tion of the House any other, however deeply he regretted die
loss of their support anti kind wishes,—((.sheers.)
Mr. IVILSON begged to be understood in wind he had mid
as to his declining confidence in his Majesty's Al inieters, as
solely applicable to the measure immediately 'miler the consi-
deration of the House, and that it had no r Terence to the gene.
ral measures of his Maieety's Ministera antecedently.
. Mr. ROBERTSON was sorry to see the night lion. Gen-
tleman was disposed still to keep the real comittiou of the
country out of sight. and Ministers had permitted the rage of
speculation to assume a frightful and portentous aspect, by
permitting the repeal of the Bubble Act, which gave these As-
sociations a legality of form ; and this too against the remon-
strances of their colleague in office, the lord Chancellor,
whose advice, had it been followed, would have saved this
country from all or great part of the distress into which it had
been plunged. He considered it a mere act of justice to the
mercantile interest that the Right Hon. Gentleman should
make an issue of Exchequer Bills in order to attempt to relieve
the monied and manufacturing interests t indeed the rejection
of the just claims of these persons would occa•ion a re-action en
the landed interest to so great an extent, that he did not hesi-
tate to prophecy that the rent of the land would not be paid to
the landlord, anti that before the conclusion of this year the
land.owners Would find themselves involved in the general
embarrassments and difficulties from wbichlhey now were far
a period exempt. Such results he heti no doubt would finally
endanger not only property generally, but even the peace of the
country.
.Sir IL PARNELL expressed his full conviction that until
The exclusive privilege of the Bank-of u England, in the City of
London was modified and curtailed, theattsdisngcrous and extra.
ordinary fluctuations in the currency and. Capital of individuals
would constantly be recurring from 'time to time. As to the
proposal for introducing a mixed silver and gold standard, he
hoped it would not, if adopted, be sufferetil ,to ipterfgre with
the late wise Mint regniations,' for if It' ,ft 'would create.
more evil than It could db gond.
Alderninn BR VINIES attributed much of our embar:
moments to the encrcasing necessity of making remittances to
foreign countries, as well as to the withdrawing of so large a
sum of money us was necessary to pay up instalments to littssiari
and South American "Leans. lie feared, thiletet Government
issued Exchequer Bills in the same way. as it had done in 1703,..
for the relief of the merchants, total stagnntion would takd
place in all trade, which would not only alarm Ministers, bet
Completely cripple our trade, and cut up our resources tie a
cotnnierelal country Sir FRANCIS DIA KB perceived there was a general dis-
dposition in the Members on the opposite aide of the Bootie to
cnounce the flovernment ; anti he himself had no objection to
their tearing his Majesty's Milliners to pieres:—(l,aughter.
Ile could not, however, sit down without at least thanking his
Majesty's Ministers for the very liheral measures which they
had adopted in reference to trade, and he hoped nothing would
deter them from persisting in the good work.
Alderman 11 KYGATE felt satisfied In the proposition
which had come from Minister x; they had neither spoken the
sentiments nor were supported by the general voiceof the gentry
landownees. The general opinion of commercial men out
of doors was, that they were about to' be sacrificed to a cold-
blooded policy.-..(A laugh.)—But x few, and those who were
termed in ridicule the economy club men, supported these sen-
'tiinenti. lu fact the only applause' Ministers met with of late
were front their oldest:and most inveterate foes. There welt no
doubt but a moat alarming crisis was at hand. Tar it to he
expected—was it dreamt that at this moment Exchequer Bills
were at so great a distount that they could hardly be disposed
of no.)-4 Mr. Wt esost—Ves, as low all 20s. discount.
how could it be expected manufacturers could go on or wages
he paid? No one would deny there was distress. Then why
should Ministers turn a deaf car to general complaint, and risk
the efl'ects of insubordination and convulsion ? The propoitid
for taking 'by the Bank of outstanding Exchequer Bine,
would be too slow to aflhrd any material relief. He believed
the tithe wield soon come fir the distress reaching the landed
interest, who now appeared very grateful because their execs'.
Lion wits put off perhaps for another year.—(l4nlighing and
" Hear 1"Y-11e intreated Ministers would yet hearken to that
adtdce which they appeared disposed' to despise.
Air. M 'cot utt tiered the outfitter in which' the lion. Al.
derman had now turned round on hie Majesty's Ministers 'as
extremely ungrucious in him ; More particularly es this attack
wits coupleted with a furious tirade against ppliticul economists.
Ile however felt that Government had pressed their reform in
it very ill-timed way ; as for relieving the preiteure by fresh
issues of Exchequer Bills, he submitted that would but increase
the discount on those bill*, and only tend to embarrasa
Minis-
ters and disappoint the public. What the. Chancellor of the
Exchequer luad already said amounted to ;no less than this, in
leis tnintl-64 We would relieve the present embarrassments if
we could. but we durst not."
Mr. Alderman WOOD was of opinion that there was no °c-
cation for any interference on the part of Id* Majesty's Minis..
tors, and that if they hail not taken up the subject so very
promptly, things woeld have conic round of tlierwortm. It
was a fresh feature of alarm that some .flouses .connected with
Foreign Loans were announced this evening .an having tailed.
These must draw down others with them to an extent dint may
endanger the failure of Wane Of the most respectable, and to all
appearance, most firm and stable trading establishments in the
country.
Mr. Aldermen EVCiaTt said a few words in explanation.
Mr. ATT WOOD was nearly inaudible in the fiallery, but
we understood lieu to urge the expediency of affording at this
moment of extraordinary pressure, some extraordineryassist.
alio to merchants., Ile deplored the present distreseed state of
the Motley Market, and predicted that it would become worse
unless some unusual measures were resorted tn.
PEA ItSE reprehended time bowe Which Wine Hon.
Gentleman had employed in speaking of tae Bank of England.
It was not true that due Bank was fettered in consequence of'
any transactions in which it bad been engaged with Govern.
anent.' Six, weeks ago, when, from the run upon the country
bankers the currency was threatened with .destruction, it had
extended its issues in en almost unlimited degree. They had
felt it to be their duty to do so, and they still felt the same
disposition to issue to the utmost extent. They had afforded
and continued to itifind all the accommodation to merchants
that it was possible by discounting paper, only taking care that
it went proper paper, and that their credit to any individual did
not surpass the reesoneble liMit. lie was reedy to acknow-
ledge that this wits tint sufficient td meet the difficultiee of the
tune. Merchants were now in such a state or difficulty its
to require the same kind of accommodation as had beet,
Afforded them upon farmer occasions. Ile quite agreed with
the Chancellor of the Exchequer, that these extraordinary
expedients ought to be seldom retorted to, lest they should
give encouragement to imprudent individuals. Bet when
the difficulties were so generally experienced as at pre-
, seat he would admit-hiw anxiety for some efforts to afford

relief. If an issue of Axciequer Bala should he,determined '
on, he would recommetut. that they should bear the sane
interest as the .Ilank was now tliscottnting sst,:hccause in the
first place it would induce the parties td 104 i- they were ad-
vanced to return them as speedily as possibla, and further, it
would tempt a great deal of money which was now laying idle,
out of its lurking-places. If ,tire Millions of Exchequer Bills,
at this rate of interest, were issued, he did not believe that any
of them would find their way into the hands of.-the Bank of
England. Ey such a measure the circulation would he made
more active, and confidence, he thought, in't great measure

restored. .
Mr. ATTwoop and Mr. PEausr: mutually explained.
Mr. WM. SMITH could not go so far •either in one direc-
tion or the other, as some of the Honourable Gentlemen who
had preceded him. lie could not, agree with ono Honourable
Gentleman that it was the duty of Government to assist the
parties now in tiktress, because they were Merchants.; he did
not see how that circumstance could constitute
.any peculiar
claim upon the attention of Ociertunent. • He must be con.
vinced, that the „class in whose favour such a claim was
made, had not contributed by their excessive speculations to
produce the embarrassments, and he must be souvinced also,
that the embarrassments hxd been produced by causes over
which Government might have exercised a cnntroul, be.
fore he could admit the existence of such a claim, or urge

the interference of Government as an absolute " point of
duty. Neither could he agree with another Honourable filen-
tieman who contended that it was the duty 'of the Bank to throw
upon the market all the Government securities in his possession,
in order that it might be enabled to R&M increased accommo•
dation to merchants. Such , a step, it was obvious, must in•
crease the agitation of the money-market—depress still further'
the price of the public securities—and thus increase gam, in.
stead of restoring confidence. Vet he was not without hope that
If the subject Was properly taking into consideration, some relief.
might he afforded.' And here he must differ with the Right, Hon.
the Chancellor of the, Exchequer. Ilia principle was a good
one, but fie pushed it to an extrema to winch he could not follow
The danger of encouraging speculation was not he thought
much .to be apprehended by 'affording relief In circumstances
like the present. A. merchant in possession of a great quantity
of goods, tml unable to raise money to pay his bills, when the
value of thifse goods was reduced in the market to he half of
their original cost,: accepting upon the pledge of them, a loan
of one half their present value, and thus incurring the possible
loss of three fourths of his adventures was certainly not a spec.
tacle that presented any very strong temptation to inordinate
speculation.. Surely no man could enter upon a speculation
contemplating the' probability of a result like this. Ile could
not therefore consider it a very dangerous precedent, if now
that the distteis was an urtiVers:ll. Government were to consider
seriously whether some means of relief could not be devised.—
He did hot venture to enforce this upon Government as a pogi:
live duty, but he nevertheless thought it would be the wiser
course in. Ministers not to neglect It.
oMoi HUSKISSON would not deviate from the manner in
which the debate had thus far been carried on. 'lt had. been

the general, object to discuss the practical hearings of the sub.
ject, rather than the general prinetples connected with it ; and
'to this usetUl course he would willingly confine himself. The
Hon, Member for the City, of London had put a question to
his Hight Honourable Friend, and had so put it, as to intimate
(which was ritit,' indeed,' unusual when Gentlemen put goes-
dons) what sort of answer he desired. The lion. Member had
asked, if Government intended to issue Exchequer Bills for
the relief of merchants, and he had been at no pains to con.
real, that he wished for an answer in the affirmative. On the
other hand, his Honourable Friend, the Member for Calling.
ton, contended. that instead of more Exchequer Bills.heing
issued.. the Uank,of Englaod ought to sell nil they now hold,
as well as every other sort of Government security. The effect
of this would' be to contract the circulating -medium still fur-
they, as well as to knock down the price of Stocks. Thus it
appeared that those two Honourable Gentlenien were diame-
trically in opposition to each other : so that if Government
is to be blamed; it iti at leasCevident that no great unani.
nutty prevails amongst those who blame it. That the greatest
distress existed there' could not, unfortunately, he any doubt.

—lf his opinion were Of any value, lie would proceed to state
whet he thought its immediate cause. It was not any inability
or disinclination on the part of the Bank to afflud every degree
of accommodation ; but its accommodation to merchants con-
sisted in discounting bills of exchange. • The Bank was now
perfectly ready to discount with the utmost liberality, but dis•
trust had arrived to such a height that bills of exchange could
nut be created. Alen would not trust each other so far as to
unite their names upon a bill. So that the very means by which
money w4s procured from the flank had in a very great degree
ceased to exist. There could be no doubt that an increase of
circulation was necessary. The questimi was, how could it be
supplied ? The Hon. Afember for Callington could see no tilt.
Eicitlty hi;the Bank advancing Money upon pods, only that it
would be contrary to the principles of political economy. lie
would inform the lion. Gentleman that it would be contrary to
something intinitely more binding than the principles of politi-
cal economy, it would be contrary to the charter of the Bank,
to the very law on which depended its existence. When during
the embarraasmente of 170, is Committee of that House was
formed to take the subject into consideration, it was the unani-
mous opinion at that day, not only of the ComMittee but of all
'the witnesses; that provided an adequitte increase of the circle.
lilting medium took place, it was wholly immaterial in what
manner it was issued, whether upon Government securities or
private securities. The only object to be regarded was an
abundant supply of currency. The principle was a correct one,
and was equal applicable to the circumstances of tilt, present
day. It' the hank, therefore, could feel itself at liberty to go
into the market, and by the tinatiog securities, now molnuch
depressed to a very considerable extent, this would be n mode
of increasing the circulating medium perhaps less objection.
able than any other. It was quite a mistake to suppose that the
Bank was at all choked up at present with Goveroment sectiri-
tiei. This was what lie shook.' recommend' it' the flank felt it.
self at liberty to do so. Ile could not coincide with the lion.
Gentleman who spoke lastin thin king that the precedent of the M-
I terference of Government harmless. Men would, lie thought,
be more readily induced to enter into imprudent speculations
with such a precedent before them. The argument now urged
in favour of such interference, that of the intensity of the dis-
tress, would be resorted to upon all occasions. The distress we
were actually sutfering was always the most severe distress.—
There was the less pretence for any interference now, as no
public occurrence; no armament, or any political cause of alarm
had intervened. lie dreaded the consequence of teaching trade,
of teaching sanguine speculators to look to Government for
relief. 'They would not certainly embark in speculationS in
the. contemplation of failure; each man for himself would
expect, ort speculators always expect, .to get out in thne, let
the ruin fall where it might. Ile dreaded the idea of an asylum
for unfortunate speculators—such an idea would give encou.
moment to raids and imprudent men, for the same reason
dust our system of poor laws rendered the lower orders less pro.
Trident and less anxious to secure themselves an humble in.
dependence. lie would again state his opinion, that a large
issue from the Bank, 14. porch:wing Government Securities
would produce great relict, if they thought themselves at liberty
to take such it course.' He thought they might do so with per.
citi,olrtydwootutlitelie found is making an arrange.
Treasury end his Right Hon.
it;:itnest:dwleiftt:hr. ttilNeeoret.dilliesfilLmption of such securities in due and proper
time. This method of relief would nut be attended with the
serious disadvantages which he felt to belong to that suggest.
ed by the Hon. Member for the city of London. The pressure
he was told had been more severe to-day !hen at any previous
moment. %Vas not a plan of relief which might begin to beacted
on to-morrow morning better than one which must be attended
with delay, by having to undergo detailed and tedious (Recta.
sion in that House. Unities he could be convinced that the
mode in Which the circulating medium was to be increased,
.was in itself& material consideration, be must continue to think
that the principle adopted by his Bight Hon. Friend was per.
fectly correct.
Mr. BLAME declared that in the course of his whole life
he had neverknown such distress to exist. He did not think the
mode of 'relief suggested by the Right lion. the President of
the Board of Trade wonkl be so efliamotts as a more direct as.
sistance. The Bank of England might buy Exchequer Bills,
but the relief to flow from those purchases would reach but
slowly the persons now actually suffering; for he apprehended
that the greeter number of these had not got any -Excite-
quer Bills to sell. Whatever quantity of goods a man had
lon hand, he could not get a bill of exchange concocted. For
men were, in times like these, deterred by various considera-
tions from assisting each other. Men were quite as jealous of
their credit Int of their capital. Tile issue of Exchequer Bills
would afrord relict' in many cases to which the benefit of the
Rigtlst non. Gentleman's uggestion would not extend. For in.
stance, country bankers and. others had lent money upon mort;
gage. Upon these securities they, could raise no money, as
they were not immediately convertible ; but if they were ex.
reohangcdtbr limited time for Exchequer Bills, they could bor.
w stoney
upon the bills, And thus find immediate relief, and
yet the bills would not be thrown into the market. By
some indulgence of this kind, he thought the passing of the
measure now before the House would be greatly faellitat.
ed—confidenee would be restored. If five millions of Ex.
chequer Bills were offered, lie did not believe that above two
would he applied for, nor that above half a million would ever
go into the
conclude without saying,
market. Upon this subject he,had taken the deepest
that had much communication
greatest sympathy for the
interest; lie had acted front a sense of duty. Ile would not
he persevered in refus-
with the Right Hon. Gentleman opposite upon the subject, he
was Billy persuaded that he felt the
ing compliance with the witstlilleesmoofutsleletocolmectonielreccitatlbweonrildan,
manner
twilosiirltriTsaia4:f.rtiAhlleßscecol.misirleflequetnl,iesintygsted;eaonldinithdatittylf.