Star.
London, England, 1830-03-19 00:00:00

would be reduced to the necz-city of compounding with the public I
creditor.—(Hear, hear, hear.) —Did not the landed Gentlemen
see the danger to which they were exposed from persons who
were leading the people to think that ell their distrait. was
produced by the state of representation in that House ? An
opinion in which he did not concur, for he was no reformer.—
hut those who maintained it were driving the people baba
them like sheep into a pen. He hoped the decision of.thit house
to go into the committee would prove to the people that they sympa-
tl.l%ed with their sufferings, and were the best guardians of their
tights and interests. (Hear.)
r. COU RT EN A explained.
)11. BULLER denied the existence' of distress to the extent al-
!e road ; he was opposed to the motion as well as we could collect
amid the noise of the house, and a general call for Mr. Huskisson.
HUSKISSON, being loudly called for, rose He said the
.% hole of the debate on the part of those who had originated the
motion, appeared to have for their object some undefined intention
of returning to a small note currency. He had so often declared his
opinion on the currency, that he should not now go into the
subject, further than to say, though he considered the necessary
alteration in the currency had much to do in causing the present dis-
tress, yet he must consider that question as settled. Much of our
present difficulties arose from a want of confidence In parliament's
perseverance in their own 'measures f he hoped the decision on the
present motion would settle the question, and leave no further room
for hope or fear. lie hoped the advocates for pound notes would
consider what took place in this country in 1895. An issue of paper
would cause a rise of price in this country, and the sovereigns would
in consequence be sent out of the country, and panics would be
the consequence. He, for oar, should never consent to the issue
of small notes by country bankers. That much distress existed in
the country could not be denied. He held in his hand a little
document that proved it more certainly than all the letters that had
been read, and all the speeches that had been made. It was an ac-
count of the sums deposited and drawn out of the savings' bank for
the two last years. In the year 1828 the amount of deposits was
945,0001. the amount drawn out was 678,0001. In the year
1829 the amount of deposits was 449.0001. ; and the amount drawn
out was near a million and a half. IVith such a document he must
admit the existence of considerable distress, and deplored the suf.
feting. it produced, particularly during the severe winter. No man
could observe the signs of the lima, and not see the powerful influ-
ence of public opinion, which was the best guide of public
improvement. It was his decided opinion, and one which be
had long entertained, that the difficulties of the country were
caused by the too great pressure on the springs of productive indult-
try.—(llear, hear.) —it was from the greatness of this pressure in
ordinary times that when any existing cause was in operation
the distress was so deeply felt. In the distribution of national
wealth the portion alloted to. reproduction was too small ; or, in
common par al -, the wages of labour were too low, and the profits
of capital were too small. Many causes operated to prodace this
state of things; some of them beyond our countroL Such were the
state of the seasons—the state of the other countries of the world with
whom we have commercial transactions, and the state of contracts
between man and man. There were other causes of distress besides
those assigned by the Honourable Member for Newark. That
honourable member had said, it was principally owing to the system
of free trade; such was not the case; and rable members
should not attribute it to that cause, as it only tended to delude a
suffering and distressed people. (Hear, hear.) If it was a system
that acted against the interests of the country, it could be repealed ;
but he denied that such was the case. Under that system had not
our exports and imports increased ? (Hear, hear.) It was a system
which left every, individual to pursue his own plans. It forced
nothing—there was no compulsion. If, however, it was wished
to revive monopolies, let the system be reversed, and the con-
sequences would soon be seen. (Hear, hear, hear.) The ho-
nourable alderman, the member for the City of London, says,
‘, Don't tell me about the) amounts of the exports, let me
know their real value r' and the same observations had been re-
iterated by many other Hon. Members ; his answer was In one word.
If this country exported at all, it must be at a rate that would meet
foreign markets in lowness of price.—(llear.).—lt had been said
that the exports of the last few years had been at a loss. Now, he
never could believe that such was the fact. If it was, what madness
must it be for individuals to pursue it year after year?—(Hear.)—
He believed the aggregate profit taken on the whole of the exports
had been small; but if it had not satisfied the pardes, why
did they continue in the system.—(Hear.)- Another objection
to Free trade that had been raised, was, that It gave a greater bencht
to the foreign than the home trade. Now, sur it was necessary
for the price in the home markets to be regulated by that in the fa
reign markea, or otherwise what chance did this country stand of
disposing of ha enormous quantities'of manufactured floods
(Hear, hear.) If the House would indulge him for a short time,
he would read a few statements to show that free trade had not been
attended with any Injurious effects. lathe first place, be would take
the article of cotton wool. In the five years from 1815 to 1820, the
quantity imported was one hundred and thirty-nine millions
of pounds, and in the following five years, from 1820 to
1825, It amounted to two hundred and ten millions of pounds.
(Ifear.)—This fact would show that the home trade in this article
had nearly doubled. The next article to which he would allude
was that of sheep's wool, on which we did not depend upon foreign
supply, and yet the importation of foreign wool had nearly dou.
bled.—(Hear.)—The Honourable Member then read documents to
show the increase since the introduction of the free trade system,
in the articles of tallow, rum, thrown silk, wine, &c. lcc. He
must, however, call the particular attention of the House to the
quantity of timber imported. In the five years from 1815 to
1820, it amounted to two hundred and eighty-nine thousand
loads; from 1820 to 1825, it was five hundred and forty thou-
sand loads.—(Hear, hear.)—.Surely, therefore, this branch of
trade had sustained no loss. The next to is to which he would
allude was the shipping. It had been described as in a state
of ruin. The profits, no doubt, were small, but still the bu-
siness was greater. He would compare the year 1814 with the year,
1828. In the former year, the amount was 2,500,000 tons ; in
1828, it was 2,400,800 tons: this certainly appeared on the face of
it a deficiency; but It should be recollected that in 1814, 500,C00
tons were employed in transports, which amply accounted for the
loss. Charms of every article was complained of; whilst others
said, lowering the prices of every article was the perfection of reason.
This was a nation perhaps more industrious than any other nation
In Europe, or the world. (Hear.) And if the system of free trade
bad not been introduced, he thought he could prove the country
world have been ruined. It was well known that this country
could not carry on its manufactures without a foreign supply,
aad without a free trade a constant intercourse could not be
carried on ; without foreign trade the nation must be in a state
of bankruptcy. The agricultural interest would be rained, and
likewise every other class of the community. He was sure
that all taxes that pressed on trade and manufacture ought,
as far as possible, to be removed. (hear, hear.) He would next go
to another cause of distress, but which was under without, viz.
the subject of taxation : on that point be had stated his views be-
fore a committee, that sat in 1821, on agricultural distress. The
hon. member here read his evidence before that committee, which
was that taxation had incensed with the value of the currency, and
stated he still entertained the same opinion. At the same time he
gave fall credit to ministers for what they had done ; and what they
promised to do. Some reduction, however, might be made in the
colonial department—some on settlements of the coast of Africa...-.

some reduction in the Woods and Forests. (hear.) And with.
oat infringing the dignity of the Sovereign, some reduction on
the aril list might be made. He said no about the army
and navy. He also thought, were Ireland fled, a reduction
t
might be made there, and a considerable sav effected. (hear.)
He was heartily glad that his right hon. Mend, Chancellor of the
Exchequer, had consented to reduce 3,400,0001. taxes ; but that
was really not the amount that had been reduced, for the taxes that
had been repealed, on the average, during the last two year', was
three millions seven hundred and tweet .two thousand. In fact,
the actual reduction might be taken at five millions, when the ex
peace of collecting was taken into consideration. If the reran u
could not spare a further reduction be would still say that other re
lief ought to be given to the labouring and middle classes of society
mad the deficienerought to be supplied by a well regulated property
tax—but further relief must be afforded. What would become of
the country if trade was in any manner shackled—with every facility
for the employment of capital there was at the present moment
locked up in the Bank of England more than seven millions of
mow belongingha to individuals, for which no employment could be
found. The private bankers and country bankers had also lugs be.
lances In which were ready to be invested in any speculation of
foreign loans. Nothing, ha would repeat, but free trade, could by
possibility relieve this country.—(hear.) It was absolutely necessary
that the home market should be able to compete with the foreign.
He considered that our banking system required revision, and that
the Bank ought to be placed in a situatkarwhich would never again
expose the country to the chance of panics. Let there be a five
system of country banking, and a system of publicity—(bear)—
publicity that he would have extended to that bank which must
still be the bank of the State ear, bear.)—He was old
enough to traollect the commrament of the French war.—
Its early progress was characterised by many alarming cif- ,
oemstances ; amongst them, the stoppage et the Beek and,
a rebellion in Ireland ; and many of the great men of that
died viewed she events with great and natural anxiety, approach.
beg aometimes almost to despelt-and
stakacy ; but never did
my thing like breath if faith, or enter their minds
amidst ell the dineulties. Let shear through the accounts of