Star.
London, England, 1826-02-11 00:00:00

that the Isiries or one pound country bank noteksbooli cease after
shrew Teats. What be (//bk. ,M riot woad was, that
thine sbOidd be let. alone foemethoe yeses when. if thtnip•wera
allowed to.take their owns eettelleb it,.100e14 beloved that a great ,
fan of the present diainkivo,lo4 their, kaladatiaq lapanic aide,,
and that the substance and thaaaesee of this country WAS wholly
unshaken by the.calacnity which .ssailed it. The establishment of
banking houses in the nature, of Joint Btock.Companies would have
a tendency to induce peop;e of capital to embark in such concerns,"
and operate in that way as a security for their solvency ; and if, in
addition to this, Cluvernment would relieve the Bank of England
from the incumbrance of their connt-ction, there could be link
doubt that, after a short period, thn good effects of such regula-
tions would be manifested In the growth of prosperity.
Lord FOLKESTONE called on the House to pause
befoie they a4s-nted to a resolution which had been pro-
posed.by the Right Hon. Gentleman. He had listened
with great pleasure to the statement of his Hon. Ft iend;
and though there we-e many things in which he heartily
concurred, there were some points to which be wished
to advert. The House had been called on to remedy a
great evil, without understanding the cause in which it
originated. It appeared to hint that an important crisis ,
had occurred, which had produced a serious revulsion
of property throughout the canary. N s man knows
on what to calculate as his own, for, from recent expe-
rience it was easy to perceive that there was something
unsound in the principles which had hitherto regulated
the country. The Right Hon. Gentleman (the Chan-
cellor of the Exchequer) was mistaken if he thought
him (Lord Folkestone) inclined to such fluctuations as
had taken place. On the contrary, he was of opinion,
that nothing was more pernicious to ti.e country than
the recurrence of such fluctuations. He thought that
the Right Hon. Gentleman was taking a wrong course
in his endeavours to check the evil by the measure
which he has in contemplation. The only remedy con-
sists in the repeal of the measure of 182A', in the pro-
motion of which the Right Hon. GeuCeman was instru!
mental. He (Lord F.) did not think it right that the
Kill should pass without some concomitant measures.
The Bill was brought forward in 1822,, after a periot
of great distress, but since that time the Right Hon. Gent.
stated that matters assumed a much better appearance.
The great distress-prevailed in the year 1822-3., It was
then asserted that the Bill was introduced to increase the
circulating medium of the country. It has produced
a rile of prices for since its passing prices live gra-
dually risen. In 1819, the Bill which was called Mr.
Peel's, provided that after 18es there should be no fur-
ther issue of notes. The consequence was that the Bank
of England began to collect gold to meet the exigency,
and also to contract its • issues. This was a matter of
prudence on the part of the Bank, though productive
of great distress. To remedy this evil the Bill passed,
and the natural event followed. Now, will not the
same cause bring on similar distress? There was nothing
more calamitous than the fluctuations to every descrip-
tion of persons in the kingdom. There was distreis in
the first instance, and then Mr. Peel's Bill followed—
then succeeded a- rise of prices—arid now it is proposed
to proceed with s railer inconsistency. No person knows
what to do, or how to provide against the uncertainty
that prevails in this respect. The poor man, however,
is the greatest sufferer in these eases, in more waitthan
that stated by .the Right Hon. Gentleman. The poor
man is affected by the rise and by the fall of prices.
While all the fluctuations were going forward, the poor
rates were, accordingly progressively advancing beyond
any comparison which the Corn Laws would justify.
There might have been a slight deviation or diminution,
but the principle. ,of the poor-rates was progressive.
' le titioensan might be employed in a rise of prices.
but at a fall he . had no other resource than
the poor rates. The poor man of the present day wai
not or such a character as he was twenty-five years ago.
The rate is now changed to his prejudice. The poor
rates continued to increaseCthey were increasing during
all the periods of these fluctuations. The first scale of
poor rates established in the county where he acted as a
Magistrate, was Is. 6d. and a loaf of bread per week for
every man ; I s. 2d. and a loaf of bread for every woman ;
and 11. and a loaf for every child. Its another county,
where he also acted as a Magistrate, it was nearly the
same, but new it was considerably reduced. Thee
!actuations, which were always, he thought, principally
attributed to the policy of the Government, operated
fatally upon the lower orders; although the poor rates
were increasing, the alloWance to the poor was consider-
ably diminished. He could not give his support to the
resolutions of the Hon. Gentle Man, unless they were
accompanied with some concomitant measures. There
was not sufficient info-m.169n before the House to enable
them to decide. A great outcry had been raised against
the issues of one and two pound notes, but he did not
think the fluctuations were at all attributable to them,
These were not the cause of the embarrassments in 1789.
nor of those of 1793. There was something peculiar in
this country which required explanation. With respect
to the other measure, there were many objections to it.
If he understood these joint-stock companies, which
it was intended should be • formed, instead of giving re-
lief they must operate injuriously. The distress upon
the Continent. et this moment was as great as in this
country. How could this be explained ? And as to
those measures giving relief in times of difficulty, it was
impossible. There was no security that these measures
would relieve
.the people. The Right Hon. Gentle-
man will get into a scrape by attempting to withdraw
the one and two pound notes. The Right Hon. Gen-
tleman says those measures are intended to give se-
curity to the holders of notes; at another time they were
only intended to guard against fluctuations. These in-
consistencies proved how unfit and how unprepared the
Hon. Gentleman was td state his reasons for the intro-
duction of these measures. The correspondence between
the First Lord of the Treasury and Chancellor of the
Exchequer' and Bank of England, contained the
greatest inconsistencies. At one time commerce was
restored to its ,accustomed channels, but then there
existed. difficulties. Once it is attributable to the revenue:
another time it was beyond all Parliamentary inter-
ference; and now they were called upon to legislate :
but the House would do wisely to pause, and consider
well before they legislated upon the subject. It was this cry of
prosperity that led to the speculations which produced so much ruin.

Mr. MABERLY, jun. entirely agreed with his Hon.
Fiend (Mr. Baring) in every sentiment which that.
Gentleman had advanced. There were various opi-
nions prevalent with regard to the subject which then
occupied the attention of the House. The distress of
the country bad been attributed to the over issue of
Bank paper, which was perceivable in, ami indicated
by, exchanges. It was strange that the over issue had
not been discovered for a period of more than a year
and a hall. Ije denied that there was an over issue. If
there had been an excess of Bank paper, the Bank and
'Government were, blameable, but he thought it could
oe easily .provegi that Wets was not an over issue. Had
such been the ease, it would have been discovcrei im-
mediately by the alteration of exchanges. .No altera-
I Lion took place till the year 1824; and if we look at