Star.
London, England, 1829-05-27 00:00:00

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because it added to the load of debt which. in con• for in every branch of our manufactures and productive great potion of the Session of Padiamenthad prevented
sequence, accumulated to a much greater amount ; industry was there last year an increase beyond the him from doing it before; and he now rose to redeem
and he• thought it would be easy to prove that average of-the three preceding years; notwithstanding the pledge he had given. There was no one, be a ould
the c was no reason in the measure, which was the eisoinious ;modem of some of those years. Under not hesitate to say, either in the House or out of it.
one of great injurice. as could be shown by a re- these eircuntstaafes, therefore, we moat look to some• oho sympathis- d mote with the working classes than
ference to the public credit. which was in a tree' thing else than:the alteration of the currency for the himself, and under that feeling he should suggest
degree contracted by means of that capricious curs distress of the country. The Noble Earl has referred to the great propriety of laying on a small protecting
tei!cy—first, in regard to the difference between the the years which have preceded the year 1815 (years of tax on all foreign wool 'nought into the country.—
Mint and the market price; and secondly, from the enormous export, during which any man might obtain By that means Parliament would in some measure be
deficiency of that precious metal itself. By a super- any amount of money he might want for his speculations enabled to lighten those taxes which more immediately
addition to the circulation the standard itself was de- on his seedmple engagement. because at that time bore upon the poor. When he (the Duke of Rich-
remitted ; and thus the real depreciation amounted to there ex banks which. by accommodating him, mond) brought forward the present question on former
two depreciations added together. He would show by ensured the circulation of their notes) and to evidence occasions. the Noble Duke at the head of the Adminis- '
contrasting the amount of the National Debt be.. of wealth which could not by any possibility sedate.-- oration had said that he saw no objection to aCommitter
fore • this depreciation took place. with the debt Now, those persons
.having enjoyed that species of being appointed. but no telief could be afforded ; he
-banging over the State, consequently upon it, how wealth and facility of obtaining money they had no right contended that such a statement could not now be
injueioes the measure had been to the general interests to enjoy, have DO right to come down to this House now maintained, and the fallacy of it could easily be proved,
of the country. In 1800. when the currency was and ask that the same state of things shall be restored.in and indeed had been proved, by the Noble Duke on the
not depreciated, the debt of Great Britain and Ire. order that they shall continue to receive those facilities. other side of the House (alluding to the Doke of NOe.
land was 303 000,000—between that period, how. To that state of things, of which they require the return, folk), and others. He was convinced that all the griev-
ever, and 1819. it rose so considerably that at that much of the distress of the country is attributable, and antes complained of could be traced to the great ins-
time it amounted to sos.ono,oom—and allowing the not to the measure referred to by the Noble Earl. portation of foreign a 00l without any tax, or at least bus
amount which was wiped off by the Sinking Fund. the But in addition to that cause the population of the a nominal one. From documents which he held in his
proportion still remained as six to four. From 1800 country has since increased, and with it the powers hand, that fact was established beyond doubt. One large
stock was bought up with paper money, and he of production have increased to a degree almost in• woolstapler in Sussex writes. and bays that the best
conceivable, so much indeed that, from the improve- English wool that can be grown is almost unrnarket
thought that the purchasers of paper money were
not entitled to be repaid in a different currency. At ments in, and the general use of, machinery, more able, from the excessively low price of (memo wool.
that time he should think it was not much supposed work can be produced now in one year than used That was the whole truth, and the opinion of the whole
that in the space of less than twenty years the national formerly to be done in five years—more, indeed, trade—at least the honest past of it. The Noble Duke
debt would have so vastly increased. He felt that there can be produced in one year than can be taken off concluded by observing. that all lie wanted was, that
was cause to lament the decision which the Government our hands ix too. Notwithstanding the great increase the protection of Government A uld be extended to the
came to in 1819; and considering that all parties were that has taken place in the commerce of the country, English wool grower in the same degree that it was to
at the time full of the contest growing out of the bullion and of the world, the fact is, that, owing to one of every other species of manufactures.
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report. he certainly thought that they were not inn state the alternations of demand and stagnation which The following Resolutions were then read by the
. manufacturers are subject to, those engagedin tem do
el take into consideration the subject with that serious h Clerk, and the statement annexed (retested to its the
at present suffer under distress. As a remedy tor that
nets which its importance required. It was upon thepetition) laid on their Lordship: table.
that we ..
pounds he had stated that he originally opposed the distress the Noble Earl has recommended That it appears fmm the evidence laid before the Select Com.
Bill, which he considered to be an unjust as it was an im- should revert to the system under which the circulation velum of the Howse. appointed to take Into consideration the ware
politic one: and il was that be looked upon es the great of one pound Bank notes was allowed. Now, with of the British Wool trade, that since the year 1814, there has
primary source of all the distress existing in the country, regard to those one pound Bank notes, I beg leave to been a taut. the pekes of South-down wool of erne-half, added to
recall to the recollection of your Lordships the pro- atkilTirgliraderwriaa. dm' hi a more or In" degree' of all weal of
But I,e could not agree with the petitioners that the
present low prices or the morbid state of the country ceedings which took 'place ii Parliament respecting ii Taw dd, A ation les befallen the occupiers of sheep farms
was attributable solely to this cause. Them was another them. In the year 1826, Parliament having found the over and above that which has occurred, nearly equal in extent,'
great cause to which he would attribute those evils— facility with which that species of currency could be, simultaneous with the alteration of the currency in 1119, and simest-
and was, created and forced into circulation—having tangoes with a general nominal redaction in price of all produce,
it was, that during the rime we were engaged in war,
had evidence of the evils that had arisen—having and all snicks at "amerce at titer Perinti.
the amount of gas& and cattle which had been ex-
ported from hence exceeded any thing that .could be learnt the number •of bankruptcies that had taken That It appears from the 612646 evidence, that very large men
through,nt the country in consequence of without h
of light lends cannot advantageously be continued in cultivation,
imagined, and the revenue on that occasion expended place me► a price for the wool grown upon them u may enabk
the speculations which the facilities to obtain cash
amounted to so vast a sum as rendered it necessary to the farmer to make the breeding or feeding of sheep a constituent
impose the most burthensome taxes open the nation.whichthe
smell note •system afforded—Parliament, I and principal (mime' his agricultural economy ; that the result of
What was the effect of that state of things upon the lab passed a law prohibiting the circulation of such suck lands being thrown out of cultivation, would not only deprive
country ? To produce incalculable distress. The pe. notes after the expiration of three years from that texileopocuelabtioantinofdtillenerdaingiogrilessr:mialli of tbetbemtans ofip theirot. own
period. The noble Earl says that measure occasioned would enhaace to the ebonies classes the price of en! primary'
titioners, under the pressure of that distress, called for
- relisf of an alternative nature; that was, should their the bankruptcy of great numbers of country bankers. ankle of food, and at the same time to a considerable eaten peer
him he 1 thts island. mare than it es at present, in dependence upon foreign
Lordships not be able to relieve them by an alteration Now, I beg the Noble Lord's pardon for telling
eman.m.tries for subsisteme.
of the turreocy, to relieve them by a redaction of taxa- is mistaken. The banks broke before the meeting of
Parliament. The fact. therefore, is, that the failure of, that die
time The Noble I.- rd opposite had stated that taxes to frarms ront the
protected amt eviin lees
a great amount had been remitted since the closed the the banks occuioned the parliamentary meamie, and ne-rsat it
ocapciairer's Make:die'
from the overwhelming competition of foreigncountries (notdegree
late war. At one time the amount of the reduction was not the parliamentary measure the breaking of she the dominions of Great Britain), than the generality of proprietors
stated at 18,000,0001. at That measure, passed in 1826, was to have at another it was carried so highof integrate, produce, and are thus escluued tram the general Me
effect three years afterwards, is now in operation, and or moderate protection by duty, adopted and pranisel in modern
as 24,000,0001. but it had been asserted in a very
of gold is the current coin of the realm. I can assure times by die Legislature of Great Britain, in respect to her cam
able.pamphier, which he held in his hand (consisting medal policy.
your Lordships, in answer to the allegation that Gs That whilst three letters addressed to the Noble Duke opposite), it appears by this evidence that the price of South
that the amount of taxation was atresent, in hie., the distress of the country has arisen out of Down wool is reduced at this time to one,lialf of the rate it bore
higher than in the year 1815. the last year of the war, the diminution of our currency. that there are at this In the year 1793, it is siotorious that tke various State burtheots, of
Gird the time ot the greatest denteCiailoli of the cm. moment
oi in circulation mesovereignsand Bank of Eng. aannwiwn"' aini 4 annul taxation itavv, *id" he
same period, more than trebled upon the agricultural kiterens. .
rency. That asseition the writer thus proved—The lend notes of lute amount than at any previms period
amount of the revenue in the year 1815, including the that can be mentioned. I therefore beg to know in what of teak
That t ender agar :nuance
be of the present t drepoiressioas
tointthbe peke
001.
popes ry and all the war taxes, was 68.000,0001. and a it is the al:eged want of sufficient currency can be found? growers or England to be obliged to submit to these increallwher-
fiacti..n. The .mount in 1828 was 52,000,000 e and a These is more of circulating medium than ever there diens et the State, aggravated as they have been by the necessity
*as. le it because men cannot find credit now who
traction. Thei. Lot dships would perhaps dedueefrom that inspened upon the country by the Act of 1819. of paying in a me
are not entitled to it? Such a state of things as that talk currency of fell and starling vides the interest ot an enormous
difference th it taxation had been reduced b} 16.000 0005. debt contracted in • cureacy of gre.tly depreciated paper.
but they would he meta ken—for.if the amounts received under which they enjoyed such facilities is not what 44
ought to exist, much less be restored, in any country. ?bath Is therefore highly mordent that Parliament take into
at the two periods were mra,ured by the value of the its serious consideration the distressed condition of the woolgrowen
cut rency of the present year, what would be the result? .11ttne who are worthy of credit have it, and I will of eels make with a view to their teller
That the whole amount of taxes. the properly tax in- say, ought to have it—those who are not entitled Earl HAREWOOD was of opinion, that English wool would
eluded. received io the year 1815 was only 51,000,0001. to it have it not, because the facility of obtaining it im dePeeetated hi valor if Foreign wool woo huPoted without a
has been destroyed by this alteration, there being no datybeing charged. By the present course. however, a ready
and a fr action, and that in 182 h the amount had been
person dealing in one pound bank notes now who would market
g was always kept open for those ankles manufactured iii
raised, not diminished, to 52,000,0001. and a fraction— from English wool, which would not be the case, be was
an increase, in fact. of the butthens of Om people to the assist them in their speculations. This was the car-e satisfied, it the system were altered.
amount of 932,0001. The merchants, manufacturers, of the distress of 1825—this the evil which Parliament, The Duke of NORFOLK thought the gelidity of English wed
its Act of 1826, sought to remedy, and did in
and tradesmen of Bit minden, complained of the by bad of late become noi so good as formerly. The quantity bad in-
fect remedy, and I hope it will persevere in 'afore- faire
to a metal* degree. sod be thought that there wasp mi-
dis. rest of that town, pointing out what they conceived
. to be the causes of the condition into which they bad jug its provisions. Tile Noble Earl says, and says muuDir hutiwrieeton3theasurecearrre acm:reafiAlas. g. Til grievances lay
been brought, and representing the means which, in truly, that nothina is more desirable than that Go- Leedsl4Ll
vernment should be able to carry on its transactions former gave way to—
their
present existing distress: Though the Noble Lord altantinT andWamuscarrs presaged themselves; the
their opinion. would be calculated to relieve them from
by a paper cogency founded on a metaliic currency. Lord WHARNCLIFFIL, who said that it could not be denied
could not. in presenting the petition, bind himself to Such, in fact. is the very species of tourney we din English wool had deteriorated to a great extent • Me wool
have at present, and, from what has already oc- grower* add' x°ll
support the whole of the statements it contained, yet ntry could net but cornice that to be the fact ;
tinted, we are juitified in the expectation that by its atnd whilst, therefore, they coultnet prttidasucedwool guilelessly One
• there were statements and truths in it which well de-
means the transactions of the country will be carried 11:t produce
h "Lelia ill
:gam" to
tlasribrilliboers in
sewed attention; and which, if their Lordships meant to expect that they should
to discharge their duty to the public, they would well on as they ought to be conducted. without any of those hive the POW precedes afforded. He did net object in general
ruinous speculations,
consider between this and the next Session.—The pais the indulgence in which has terms to the resolutions of the Noble Date; be certainly did ob.
jet, however, to the Imposing of any new duty upon foreign wool
brought the country to its present state of suffering
tion was then read and laid on the table. imported into England.
The Duke of WELLINGTON rose, and spoke to In speaking of the commercial and trading distress of
Lord MA LII ESBURY supported the petition.
the following effect:-1 am very thankful to the nohle
the country the Noble Lord has omitted one of the lard
causes of that distress. I mean the immense ma ..ELLENeBOrs l ROdtel43o7ll could aware Noble
the distrsse that nitdrds that kis
Earl for the intimation that he did not expect that I greatest
osmaasgsc
should follow him through the various details into loss of capital which this country has sustained within the wool growers or the country. The growers of earaddlowo
the last eight or ten 'eats by limns to foreign States wool in particular were great sufferers, but he was satisfied, sod
which he entered respecting the statements contained
in the petition now before your Lordships. and I am and Governments, neither principal or interest of which of
so
twere Ids Majesty's Ministers, that any attempt to raise the price Lordships.ignweal
quite sure that your Lordships do not expect nor desire has since been, or ever will be paid—(Heal). The for articleset cotton
roolaliagofact ou a
tsili
would
y sng tleitefor at he
w e
that I should a.) follow the noble Earl through the die- Noble Earl has not. I say, advei ted to the inconvenience case, and not to detached ports of it, be was convinced that the
cussion of such estions topics on the mete presentation which that loss of capital Must have occasioned in all reason meigned by the Noble Duke was not the cause of the pre.
of a petition to this House. Fot such a discussion it is Parts of the country ; he has not adverted to the loss ""411"rms° 'rd would in emultmlee lima allaa their Lardshirs
do pass to the Order tithe Moose.
impossible that I could be prepared, as it would be which the manufacturing interests in particular have in
Earls DILLA WARR and SALISBURY opposed the petition.
necessary for me in the course of it to refer to docu- that way incurred in the decreased exports of opt mane-
The Duke of RICH MOND replied.
meats which, without a previous knowledge.of them factures; consequently, even in the cases where re urns A divison then took place—
being requited, I could riot have at hand; but the noble of any portion of that capital have been made in the Contents . . . 35
Locd.,has referred to suhj-cts of so much interest— shape of remittances to pay the interest, the N dee Lord Nom-Contents . . . . is
su' jests id so much importance to the country—that I has nut referred to the tact that that very act of payment Majority against the Resolution . —53
hope your Lordships will allow me to advert to them prevented the party from requiring any export. 'fhe dm. Several private Bille were then forwarded la their resectlvo
at same length. The Noble Lord, in referring to she tress which has fallen not met ely upon the manutectuting stag", aDd their LDl'daldPa nii°urried ma aua aria " 1111111
crate
disuess under which the country has laboured, has ad• but upon, indeed, ail the great interests of the country HOUSE OF COMMONS.
I vetted to various remedies for that distress, none of may, incident., be tooted in some degree to those who The number or blegabengoc
ony)sufficient to constitute a sitting
which. however, does he himself recommend, except vested their capitals in ouch schemes as I have alluded not being present at Feu o' k, the lime accordingly did um
one—an alteration of the state of our currency. The to, and is ho in doing so lost them entirely. The Noble Sig
ibis tilly.
--es.—
Noble Lord admits, however, that it is impossible Lord called my attention and that of his Majesty's Go-
mm to revert to the state of things which existed in Vet nment to the petition now before your Lordships. DeTiliteafestrlng arethe Docunieata read and referred to by the
1819,yet condemns the measure recommended by the and the v.rious topics which he discussed, adding, that A * org aa.
lawhis Speech
Committee appointed in that year. I was one of those he ousted they would receive our consideration. The the last Right Yu "1"18
elbtdigaidimg IlamurttrallsperiodEx
henad daring
who sat on that Committee, and which recommended Noble Earl may rest assured that his recommendation Penny Duty was real, lesalP Weaw Imported from SI.
in that year the resumption of cash payments ; and will not be neglected, that the whole subject shall be Pad" wile* that Duty wa• reload to One PsnnY•
in defence of that Committee I must say th .t the carefully considered, and that, if he can suggest any Tears beginning the nth of Jamey, when the Ditty on Foreign
Noble Earl is much mistaken it he imagines that thing which would tend in the slightest degree to amen Wool was Sepeoce.
that Committee did not calmly, dispassionately, and hot ate the distress ol the country. his Majesty's servants . Woolleos Total
impartially. deliberate and decide upon the evidence will not withhold their advice for its adoption, nor hesi- Pieces. Vales. 1 Yards. Vales.
V at
ae.• declared
produced before it, and with the utmost anxiety to do tote to come down to Parliament with a measure le. lu Valle.
aMIN ,lIMEN 11
justice between the public and the public creditor. The commending tbat it be carried into effect. last
1591/9 1 S 7 6321713 603162 131740 6463924
Noble Lord is also mistaken in supposing that the whole Lord KING (Assented, that the existing
Corn Laws 18111 17052411 56064 8432/1 711673 160507 14814173
• tit greater proportion of the debt he related to was con- which the Noble Duke supported, would ;move is check !M.., 16959" 4857277 $1353 646511 1299711 5634471
a, acted io a depreciated currency; but. even if it had upon the intentions of the Nobie Duke to give the -- 1—.2°1 "....'1 733 6211566 133327 6041411
been. good faith to the public creditor requires that it people cheap provisions. 66116909 2146901030225305159,917 560551 21629479
shall be paid in the currency cf the country. The fact is, The Earl of CAHN ARVON replied.
however. that the state of the alteration of the currency WOOL TBADB. Years when the Daty on Foreign Wool was reduced to One Penny:
L has not that effect upon the country which the Noble Lord The Duke of RICHMOND rose, and said that be
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supposes. The restoration of a metallic. currency has held in hi, hand a petition from the I woo -growers of the Pieces. I Value. Yards. Value. 1W at Tina
nothing to do with the distress which now unhappily county of Gloucester. In consequence of numerous Valet. I Value.
I . crisis, and whic
h I shall proceed to prove. Notwith- petitions having been presented to their Lordships both ,
standing the tepeal.sinee the war, of takes to the amount bons Scotland and England, complaining of the great 111214 '17419115 4 7 1
1126 1617746 nail 717938 143303 6194921
of 27.000,0001. (a
heftier nominal or not I shall not • grievances which existed in the wool trade of the cough- tau t 530667 doer:
64 404235 121375 4992909
SOW ttlecnse), the plain fact is, that, at this moment, the tip (and he owed it in justice to the petitioners
to say that 1898 11119146 439361 540735 1745257 5177861
611211453 517534 143053 5063975
revenue produces more than it did in real currency in the vomplaints sere but too well founded). he had given • given
the time of war. This I take to be a proof of the increased notice that h e should brio* the question before their 7029664 117362641 90144 573166 11519674
prosperity of the tenuity; but it is not the only proof, Lordships' notice. The important business, however, t Year of speculation.

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