The Sun.
London, England, 1826-02-16 00:00:00

ShAVIORV.

Mr. ELL C preset -14 d n .petition from the, Protestant Dis.
senters of Newcastie.upon-Tyne, for the Abolition of Slavery
—Laid on the table. - •
Sir Awl; SE 11 i LINT .prOtented:, ft aintihtr petition from the
• Ininibitants of iiituiiing in crt fortisli
• EXIIREQIII'I r
Mr. Milani' moved for -a Report on the issue of Exchequer
since the year 179 a --Ordervil.
iMPOWrATION OF flii3. _ _ .

—Sir R. C. Feliiiiiiio&lllUV(4 for itetorns of the quantities
),I4ittseati and Rapesecti,.,ipaporte.d into Ltightntl from the year
1922 to 18°25 ineliodve; 'distinguishing the tiiihntities imported
in English - -
, NAVY

Sir (IF:mum Ct,relp prs,iepteti Acetnint of the Unfunde
Debt o 1 the Navy,
GUAM) OF.SLAVERV.

_ .
Mr. CIIIPPS prt!:l,:lit4:4l a petition from tj o 1
Citeheester for the gr::anitl Abolition o ShVery. •

critIWNOV IN IRELAND.

Nit% N 44 it 1 UE mved that a Messageshould be sent to
the I,rd,, for the Report which was presented to them last fies,
sion on the stat, lr,land. Ile al,o moved for returns of the
average :moll:A nt, Ils,nic paper in Ireland from the year 11122
to 18,211, inclusive ; of the amount of notes tinder 6 pounds, of
the number of countryhanks, di-414031nm those consisting
or more than Byartners4 and of the number of private bankers
registered during the last six years. The llon..tientleman
stated the object of his motions. Ile wi,..hett to at that par-
liament would act unwisely if they extsnded to Ireland the
laws which they wereaboutA#euttet for the regulation of English
earreney, If they should do 50, they would be legislating
for a ountry without knowing Its state. die tould =we the
House that Clara: was no excess of bank paper , iit Ireland. It
Will inwmit of the banktrathere to take dam that no such
excess thould la.PPelt ; for if it did the consequence would bc-
that the exchanges would become unf4vourable to them, and in.
-that evenr, while vapor Wss convertible into specie, people
Would never think of taking , bankers" hills. Moreover, moo.
sem effectual, for rogolathw tho ounei icy here would be sure
to regulate that of Ireland, which would butte completely in-,
ueneed by ,the peettojayfarranget.nalts or I..atod oa, as thepulse
'by the throhhiligs 01' the Dart. Thv evil apprehended from tv

circulation of one pound notes in this country could not at all
take place in Ireland ; for private banks had entirely ceased to
issue those noies--none puttiog • forth but tile national,
and the joint stock bank.
TOBA •.'l4*
Mr. C.44LCRAFT moved for Seturns of the. number of
pounds a Tobacco and Snufrimpated into Britain during the
years 1812, 23,24, and 25.

V E
Mr. Womurav presented a petition from the Inhabitants or
leverley, in the East Riding to orkshire, praying the aboli.
on of Slavery. He also presented a petition frtiat the same
place., for the repeal of the House anti It'intiow Tax ; and also
a petition from the Spirit Dealers of the same place, praying
for relief from the hardship imposed upon them by the quarter.
i ng of soldiers.
USURY LAWS.

Mr. Serjeant OxsLow rose to move to bring in a Bill to re-
peal the existing laws against l7sitary, and which limit the rate
of interest On money. 'the Hon. and learned Gentleman ex-
pro:sett deep conviction that its Hill had not passed las year,
from his conviction that its operation would have been highly
beneficial in those districts which had suffered most in the re-
cent distresses.

Mr. DAVENPORT was opposed to the Bill, inasmuch as '
it was one which for a long time past had gone in and out of !
the House. its principle had frequently been under discussion,
and its rejection was invariably the result of any inquiry which
h`ad been raised upon it.' To bestow further consideration upon
such a measure was only a waste of valuable public time. In •
his opinion the theory upon which the fill was founded was of
the most dangerous character ; and of all the plans yet devised
for the injury of the landed interests, he considered (benne now
submitted to the House to be the most pernicious. He would
tell Ministers, that if they did not look to themselves in time
their measures would bring ruin en the country. •
Mr. BRIGHT argued against the Bill, and hoped that the
Country Gentlemen would consider how exorbitant would be
the rate•of interest, if it had passed into a law. Ile wondered
whether Ministers concurred in the measure. If their plans did
not succeed, they would be responsible. •
Mr. IRVING, in support of the Bill, urged its vast import-
ance to the interests of traders. Its provisions would have
saved many from all that ruin and distress into which they had
been plunged by the disasters of the late eventful crisis. These
were considerations of importance, and well deserved the at-
tention' of the' House. Had he ever been influenced by the
considerations suggested by an Hon. Gentleman opposed to
the Bill, he would yet be for its enactment.
BA RING supported the fill from' a conviction that
greater liberality of dealing would be found to result from its
operation.
Mr. SYKES did not think it fair to shut out all discussion on
the subject, anti to dismiss the matter without giving it any con-
sideration. It would be but proper to examine the provisions of
the Bill, which were not yet known to the House, and upon
that examination to judge of the expediency of the Measure.—
The Hon. Member for •Bristol was right in his observations
with regard to Ministers. Success could not be expected for
the present Bill without their concurrence. lie thought it
Strange that the Usury Laws had not some under discussion in
the course of the Currency Question, and he could not conceive
why some legislative measure on the subject should not be in.
trounced by Ministers themselves. It was no better than blind-
ness to assert, that a repeal of the Usury Laws•would be preju-
dicial to the landed interests. How frequently • was money
worth more than five per cent., and when it was impossible to
procure it at that rate, the only alternative left the distressed
proprietor of land was to hare recourse to the granting of annui.
ties to tbe reduction and ultimate ruin of his estate. lie would
support the measure as one, not of mere policy, but of common
justice. Money, as well as any thing else, was a commodity,
and its owner had a right to get as much as he could fur it. lie
would. recommend Ministers to make the repeal of the Usury
Luws a part of their financial system.
• Mr. GOB DON thought the time of the House would be un-
profitably employed in investigating a measure with the details
of which they were already quite familiar. Had it been pro.
posed by Ministers it would be a different thing, fiter it would
then rest on their responsibility, as a part of their financial
system. But it was not a sort of measure which ought to •be
adopted on the suggestion of any individual Member. As to
the care which the Hon. Member for Hull seemed disposed to
take of the Country Gentlemen, he would recommend him to
reserve his caution for himself, and to allow the Country Gen.
tleinen to decide what was most expedient to their concerns--a
task to which they were fully. adequate.
Mr. WODI4IIOUSE objected to the motion, as ill suited in
point of time. . •
Colonel DAVIS tlioug'it it right to exempt Country Gen..
tlemen-frem the operation of the Bill, if they conceived it likely
to do them • injury. It would be easy to afford a facility to
other classes of giving 15 per Cent. for money, and:. to make a
'pedal exception as to Country Geotlemen, who should not be
allowed to borrow money at a higher rate than Five per Cent.
.Mr. MONCK, arguing for the motion,, drew a marked dis.
tinction between credit and security. Traders who could not
get money at Five per Cent. lost itinit.ly more by the preeipi:
tote sale of their goods to which their necessities tompelled
them. A country Gentleman-requiring money for a 'long pe-
riod, and able to give landed security for it, ought surely to
give a lower rite of interest than the trader, who only. wanted
',a few hundreds for a few months, and could give only personal•
secanity. The late crisisafihrded an excellent illustration of
the badness of Usury Laws. The trader who was not trusted
to exercise his discretion Mtn the amount of interest which he
should give for money, was allowed to sell out stock at a ruin-
ously low price, so that he paid more for the money he thereby
gained,- than any loan could possibly cost him.
Mr. JOHN ShIITH expressed his thanks to the Learned
Sergeant for the praiseworthy perseverance with which he
pressed his ineasure It was notorious that notwithstanding
the calming law, money was taken up at'a rate of 75 per Cent.,
.under the scheme of selling goods, and repurchasing them. He
spoke of his own knowledge, and his opinion was that the Usury
LAWS were ruinous to the community.
Mr. WYNN, in raviur of the riiiition, instanced the case of
a mortgage for 40,0001. of which half had been paid off; and
to raise the residue the mortgager was forced to pay nine per
tent. As to a respect for the Usury Laws, because thiy were
enacted by our ancestors, they were introduced when it was a
prevailing principle in legislation to regulate the price of every

Mr. CA TX RA FT thought it would be hard for individuals
to borrow money at five per colt. when (lovernment gave seven
per cent. for it. If the Learned Sergeant would say that the
Rill was to be supported by Illini!7,ters he (Mr. Calcraft) in
cottkeSy would ' not 'oppose it. It would then be upon their
tesponsihility. It was stated that money had been taken up
ut po. co.i)t. The fact wits notoriously true; and if all the
gambling' 'schemes of the City were detailed, their history
would be 'appalling to the House. But all this would still go
on even though this blessed Bill were to pass. Let then a Bill
be brought in applicable in its provisions to traders alone, and
excluding the landed interests from its operation. Let the ex-
periment be tried. It -wonitt,be found that the land-owners
• would he compelled to give higher annuities- than ever. But
the landed interests predominated so Immensely in amount over
[Ate trading interests of the nation, being to them its forty to a
unit, that the fbrmer constituted the rule, the latter a most in-
' signitk'ant exception ; find yet for this exception they were
' tailed upon to legislate so as to embrace the rule. It was cast.
inga lire-brand into the money market. Surely if the measure
succeeded, the Bank Directors would not be permitted by the'
proprietors to leave their money at so low an interest as four
per cent. when noire could be gotten for it. Every one who
had lent money on mortgage would deem it a duty to raise the
rate of interest. They-might be assured that those who had
most interest in mortgages were perfectly satisfied with their
present situation; tin he would advise the Honourable Mover
to withdraw his Bill, and bring in another, restricted ill itspro.
visions too traders, unless! Ministers fathered the measure in its
present shape.
l
that the measure hail not been properly dbl.
euitisiretii.::i'
lastl' akl
Session.
s'
flu the second reading, he hoped that the
l would he fully prepared to state the arguments in
itis°ll. 1s11.T('))1-tver .
The Chancellor of the Exchequer had wished the
.
motion to be postponed for short time (not Mr the Session),
that if might occasion too disturbance to the state of the Money
Market, On the second reutlihg, the Chancellor of the Ex.
chequer would addreSs the Ilousq. But would not say that he
approved of the 13111 from
principle ; but for tint lust three
monthS the operation of the Usury Laws had been attended
with uulcit ineonvenience.

Tlui Itill vias thtiti brought in and read a first time.
FitA UDS Or TILE STOCK EXCHANGE.
IMBHOUSE wished to aAk pie Attorney-General if

were du• intention of his 31alesty s Ministers tai introduce any
measure in the course. of the Session, for the purpose of restrain.
ing the frauds of the Stock Exchange, some practices of which
the Hon. Member detailed.
The A 1"FOR N E ..GENEIIAL wag not aware of any such
intention on the part of Ministers. It' such a case as the Hon.
Member for Westminster bad stated were made out, the law in
its present state was adeeptate to aftbrd relief the parties might
he Indicted for a wnspiracy.
Mm. "UM 17, wished to know whether the Chancellor of the
Exchequer would next Friday night state the views of Ministers,
as to the expenditure of the year. He hoped there would be
/401.11 C reduction from the extravagant estimates, which could not
.be borne under a metallic currency. He was sorry if a better
system of expenditure would not be envied. The debt to be
sure should be endured of necessity; bin, independently of that,