Star.
London, England, 1826-02-21 00:00:00

limit. - The

.4 ir Pet Moe
fatour of -

.4 lammed from
Mawr; from Stroud and Painswick,
.rioneeetert by Sir W. Gent ; from Whdneslsury,
ac:rree ; from Warminster, by Mr.
Nitwit, fruit Leeds. Selby, and Hon;
barneand-Wellisgton, by Sir T..Lrrnsan.
Caine sot.Darstrar. by :Wt. Asseemotee ; from Dallitore, by
S,. Ewe; and (rims Bury, by Sir W. Itowcay.
• The Petitioils vivre severally ordered to be printed.
Lord Avnione psesented a Petition from certain Silk
Tisrowsters ageinst the importation of French Silks.
A similar Petition was presented from. Stamford, by Captain.
Paacr.--.ordered to he printed.
Mr. P. GItENFELL said; that be wished to move
for returns, shewing the amount of Bank of EnglandV
notes in circulation on Saturday last, under the :al
-of five pounds. He Was Informed that the Bank Dime
no objection to such returns being made, and if the
had none be 4oukl move for them without notice. -If he w
to be opposed he would .give the notice for to-morrow.
Mr. HERUIES said that if the Bank of lingland had no ob.
jettion be should think the Government could have hone.
The Motion was then pot for an Account' of the Amount
Promissory Notes of the Governor anti Conipany of the. Bo* of
England, under the valve of .C 5 that. Won! in circalisielassAl
cveuing of Saturday, the 18th of Yehruary.=-Ordered.
AL WY V ILL presented a Petition from the Merchants asl4
others of the City of York, praying the House to pass a law to
facilitate the recovery of Sault Debts.
Mr. HOISIIOUSII asked whether it was the Intention of
.big

Noble Friend (Lord Akhorpe) to introduce the Measure which
was lost last year.
Lord A LTHORP expressed his conviction that it was useleis
• for any imlividual Member of that House to attempt to carry
• through such a measure. Having had the cordial support of those
Members of the Government who sat in that House, they must
have seen the necessity of seine legislation upon the subject, and be
therefore hoped that they would not let it escape their attention.
The petition was ordered to be printed.
Mr. HOI3HOUSE presented a Faultiest front an individual pray-
ing that measures may be taken foe equalising the price of Corn.—
Laid on the.table.
Mr. Alderman WOOD presented a petition from James White,
of Plymouth, praying that in all Turnpike Bills a clause might be
inserted to compel the making of causeways for the Convenience of
foot passengers.—Laid on the table.
Mr. DENISON presented a petition front Mr. Kenrick, which
he desired to have printed, and put into the hands of Members by
• to-moriosi morning, so that they might have an opportunity of
reading it before they had to decide upon the case.
• The petition was then read by the Clerk.
The SPEAKER observed, that the document which bad been

read was net a petition, as it contained no prayer; and he knew not
in what character the House could receive it.
After some conversation betimes Mr. Wyss Mr. Ammeter,
Mr. Dinsasou, and Mr. Secretary Peat., the Petition was with.
' drama on the ground that it onircontained matters of statement
which Mr. Renrick's Counsel would have an opportunity of laying
before the House.
Mr. HOLFORD called the attention of the House to a matter
which be considered as involving a breach sit its privileges. He had
to complain of having been summoned to attend upon a Jury in the
Court of Exchequer, notwithstanding the exemption which he no:
&mood to be the right of Members et Parliament while attending
to tbe discharge of their dutieb.
Mr. DAVENPORT said be had to complain of having been
. placed in a similar situation.
Mr. SCARLET? said, that the occupations of a Member of
Parliament might be an excuse in such a case; bet be was not
aware that any privilege of the Horne prtkected him from being
seurnsened.

Mr. WYNN contended, that while the Parliament was sitting
ks privileges were violated by compelling a Member to attend a
Jury in a Court of Law.
Mr. RCA RLETT made an observation in support of the elision
he had before expromed.
ilk. ELLICE said that he had been one of the sidllol=l9
persons placed in this disagreeable situation ; sad that heEMEEIIIII ,
fined for non-atteidanee after his case had been anew& -
Mt. Secretary PEEL aid, that his andetstandieg effellffereeds
hittOducied 'into the Act was, thatkillibellpted Eferninnlliklivlnch
attendance. The exemption was nit Otte partietiketpegiellied,
benne he thought the privilege was areelelkielleeil gnetection. If,
however, there was any doubt upouthirpeillealbeigellor way would'
be to intesiduce'other wavelets the ActiedieElMNlM snake them
be dewed by lint: • . •
Mr. A SERCROMBY -thought that ifinollets of PasEttiont
'eight Wl* exempted * seek claims as shit elm der tial the
Ott:ingot Parliament. -• •
Aft* a few further observations of the seam nature Irons Mr.
SCASILItti Mt. 3, WILLWILI, and Mr. Secretary. Put, it was
agreed, Open the notation of Mr. Wen--
" That the matter of the said complaint be referred in a Com-
mince of Privileges to examine the same and decide upon it.
" And that it be an Instruction to the said Committee to sate?
their decision upon the minutes."
Mr. HUME moved for a Return of the amount of the Foes
and a Half per Cent. Duties levied in the West India Islands for
the last year, and the *Mount of Pensions payable thereon..—Ord.
• *lid fur an anent of all seizure of spirits effected in the dis-
trict of Dublin within the last year, stating whaulloes were ho-
pined, with the names of the persons, and whether the same have
• been levied oc remitted.—Ordered.
Lord NUGENT asked whether it was intended to introdnee
any measure for the better regulation of the Courts of Justice in
the (Islonies?
Mr. WILIIOT-HORTON replied that the Report of the
Cosouthoioncrs 'would be presented in a few days; it would be
better to wait till they bad such Report.
Lord ruGENT said, after Easter he should bring forward this
subjects.
Lord FOLKSTONE presented a Petition front Mr. Cobbett,
praying the Mouse not to pass the Small Notes' Bill, except it were
. accompanied with other measures, for the reduction of taxes, &c.
Ho 64 the greatest reliance on the talons of the writer, and agreed
with him, if it were not accompanied with *llia measure., the
Most serious results most ensue.
"Colonel JOHNSON supported the Petition, and said the House
weahldo well to attend to at.
Lard LOLKESTONE then brought up the Petition, which is
as follows:
" To tax HOgligiall‘li Tun Colones or sue UNIT= KIXODO3t 07
• Gilgit Britain AND 'MILANO, eat Pi 'Willi= aumuLxn.
al As Petition of William Cobbett, of Kaniligtoo, in the County
of Middlesex,
" Most humbly shewetb—l. That your Petitioner, perceiving
that there is a Bill before your Honourable House, ' to limit, and,
after a certain period, to prohibit. the 'circulation of Promissory
Notes, under a limited suns, in England, most respectfully begs
leave to pray your Honourable House to reflect on the evils that
may proud from such Bill. if unaccompanied by other measures,
which other measures do not appear to be is the contemplation of
your Honourable House.
" L That the last elutes years have witnessed four sudden
changes in the value of money ; that every change has been attended
with great masses of rein ; that at every change the working classes
have been sunk deeper and deeper in poverty and want, till at bit
they present a spectacle of human wretchedness and degradation,
such as the world sever before beheld ; that all this ruin and misery
• have been caused by Acts passed by your Honourable I louse ; and,
424 previous to the passing of every one of these Acts, your
hUmble Petitioner has distinctly and publicly predicted the fatal
consequences of the said Acts respectively, each and every of which
has fulfilled his predictions to the very letter.
"3. That, in the above-mistimed Bill, now before your
Honourable House, your humble Petitioner sees a design to cause
gold and silver to be the circulating money of England ; that he
kaolin, as well as be knows that fire burns, that if geld and silver
be the circulating mosey of England, that more than half the pre-
sent nominal ammo& of the taxes cannot be levied, without pro.
dating ruin and wretchedness absolutely insupportable ; and that,
therefore, while be expresses his gratitude to your Honourable
House for your laudable design to restore to the people the security
given by his Majesty's coin, be most humbly, but must earnestly,
prays your Hetsourable House to reduce the taxes to an amount
not exceeding that which was their. amount before the small paper
suuney supplanted the coin Obis Majesty.
" And your Petitioner will for ever most humbly pray,
4' February 20.1826. • WILLIAM CORBETT."
brae Petition having been reed, was ordered to be printed.
estosizsager NOTES BILL.
• ughe CHAbICELLOIL of the EXCHRBUER • moved the
40 the Day for going into Committee upon the above BM.
Lord A. HAMILTON wished to put a question to
the Chancellor of the Exchequer whether or not it was
intended to put the Scotch currency on the same foot-

of the two countries ; but

be attended with extreme inconvenience to have one permanent
measure for England and another for Scotland. Peeling thattn-
certainty in the public mind on arch a matter was by all means to
be avoided, be would take occasion to call the attention of the
House to the subect in the tame of the present Session.
Mr. P. GREISFKLL wished that an account of the circulation
of U. notes should be tresented every quarter in the Cescse.
Mr. CALCRAFF said, that the extension of the mea.
sure to Scotland and Ireland would be most injurious
to those countries. la the former place it had created
a great ferment already, which the promise of the Right
Ron. Gentleman, wrung, indeed, by a threat of the Bank of Scot-
land, will but in a sUght degree, alleviate. Ireland would be also
greatly injured ; the mere *this its circulation is mostly carried on
itione pound notes.
Mr.WHITMORE,after drawing an analogy between
the present period and that immediately preceding the
year 1793, shekved that when the amount of paper in
circulation was small, and that of gold great, there ex-
isted a natural tendency to accumulation in Bank issues.
He was consequently for a larger expansion of the mea-
sure before the House. It was true, that in its present
shape it went as far as the country could well bear
under existing circumstances ; but he could see, that if
its principle was not extended at a future period, ten
years would not elapse before the country would be involved In
deeper embarrassments than it had yet endured. He then pro.
ceeded to discuss some proposed remedies, among the rest Mr. Ri-
cardo's plan, to which he objected, on account of the risk of friction,
and other causes which, he said, Mr. Ricardo himself did not fore-
see. In eonclusion, be suggested a measure of which he was in-
clined to think favourably.--namely, the adoption of a Mint Note

issued upon bullion, issued as a pledge. - -
Mr. MABERLY complained of the measure: which
had taken place between Government and the BAnk.4—
Two millions of Exchequer Bills mentioned some nights
since, were taken out of the market, to prevent a depre-
elation in their currency. Exchequer Bills had been
depreciated 455. per cent A proposition for the issue of
fise millions of Exchequer bills had been rejected be-
cause that would add to the depreciation which Govern-
ment attempted to relieve by the purchase of the two
millions. The Bank was allowed to proceed as they
liked in the amount of their issues, which, however ex-
' tensive now, if the exchanges turned upon us,they would
suddenly contract, and that would be sure to bring
on the panic again. He would move for introducing 1
1 certain clauses into the Bill. la the first place he would
have it waded that dam should be monthly reports published in
the Omar of the moon of Bank notes in circulation for the pre.
ceding moth The public, who would be the sufferers by over
harp had a righi to this check upon them, the beneficial effects of
which were taperienced in Franca The other clausal for which
be wield awe were, that the exchanges, with the real par, should
he monthly; and aim an account of Exchequer Bills sold,
elf, eredisrwiss disposed of; and Emily, an masons of the 1
C,od
enduring et the deastry, which were important as 'Bea-
ks the rate of and mess 'Do* the last ten years, the ezptiru of
Britain exceeded bet imports by two maims and a half. He
admitted great fairness In tie ague, thethiaacelier of theEschequer,
but on the present masks, he said the Right Hon. Gentleman was
not so candid as usual. He ought to speak out at once, and put
&Wane an the same footing with England.
Mr. HOME was unwilling to express his grounds of
difference with the opinions offered to the House this
evening, as the House was about to go into a Commit-
tee. He regretted that ho was still unable to come to a
derisive opinion on the closes of the late crisis. If he
adopted the opinion of the Chancellor of the Exchequer
he would ascribe. those evils to the over issue of one-
pound Dotes, an opinion contradicted by facts. Other
opinions offered to the House wen equally remote from
the title one; in fact all were contrary to the declara-
tions of the Report of the Bullion Committee, and were.
'mere assumptions instead of facts. He remembered
when the demonstrations if: a celebrated writer, that a

paper and metallic currency were incompatible, was
scouted by the Right Hon. Gentleman opposite, though
now it is the prevalent opinion of either House. He
denied that the over issue (four millions) of paper con-
vertible into gold could produce the late tremendous
crisis which involved the loss of 25 millions. Ministers,
who were the responsible persons in that House, ought
to adopt some radical remedy, and not to come forward
with their present futile remedy, which he would al-
ways oppose, but would be glad to assist the other in
its progress through the House. He maintained that
the affairs of this country could not be carried on in an
exclusive metallic currency; he (Mr. H.) had witnessed
the impossibility of a commercial country carrying on
its affairs in a thetallic currency, in India. The Hon.
Member detailed the operations of an attempt of the
kind in India. The Crown alone had the prerogative
of issuing a standard currency; and he (Mr. Hume)
charged Ministers with trespassing on the Royal prero-
gative, and inflicting numberless evils on the public,who,
by the means of the present system, were exposed to the
danger (verified during the last year) of being plundered
by every schemer who gulled them under the name of
merchant or banker. Admitting the cause of the late
crisis to be that stated by the Right Hon. Gentleman,still
the remedy would not apply to one-fourth of the extent
of the evil. There should be a security demanded from
country bankers ; and the Bank of England should
be restricted equally ds to their power of issuing
paper, for there was no stopping when once they began.
Not but that be denied that paper convertible at a
moment into gold could produce the late embarrass-
meats in the commercial market. As an exclusive
metallic currency could not be carried or in this
country, and that we must consequently have a mixed
currency, he begged Ministers to adopt a suitable
mode of obtaining a good, a Government, security,
from all who ventured to issue small notes. The
Hon. Member spoke of the advantages of the Scotch
Banking system. Ile explained, in reply, to Tema? ks
made on tne failure of 23 North American Banks by
a Right Hon. Gentleman opposite, the precautions
adopted in the State of New York in the establish-
ment of Banks. He wished the system of giving
publicity to their dealings could be adopted by the
Bank of England, whose system of secrecy, the Hon.
Member said, created evils that were and would be
irremediable, till the transactions woold be made pub-
lic. The present evils he ascribed in a great measure to
' this system, joined with the want of public confidence.
He (Mr. H.) maintained that over issues of small notes
liter e not the cause of the present crisis. The cause was,
in his mind, owing to the. underhand dealings of the
Government with the Bank, for the purpose of lower-
ing the rate of interest, and thereby raising the vAlue of
Government securities. This reduction of interest led
to speculation; the holders of money were anxious to
increase their income. If the 'Right Hon. Gentleman
ascribes the late evil to the excessive proportion of the
paper currency, hew will he account fur the panic and

Lions took place so early as December, 1823. And now
that the conduct of the Bank was ie theme of such
high eulogy, he would be glad to learn, was it or was
it not a fact, that in the year 1823, the Bank advanced
between one and two million to Mr. Rothschild, on
a deposit of stock, which enabled him to carry that
quantity of gold out of the country, and thereby
withdraw it from the circulation here ?—(Hear).—
He should be glad to be informed upon this point; and
further, whether they had not made various. other
advances to too great an extent, and alter they Lad
raised the fever to its height, suddenly drew up and
contracted its discounts, thereby mainly contributing
to the distress which the commercial portion of the
community now felt? Government, by agitating such a
measure as the present, at this moment, addea to the
evil: they should have waited until the panic bad gra-
dually subsided, which it would have done; but by
such agitations as they now provoked they only added
to its excitement, and promoted its continuance. As he
had attributed the distress, in amain degree, to the loans
extravagantly entered into, he would proceed to lay be-
fore the House a statement of the speculative contracts
undertaken in the years 1824 and 1825, with a view of
diming how mach had been withdrawn from the capital
of the country in those wild and unprofitable schemes.
In 1824 the amount of foreign loans contracted for in
this country was 25,200,0001. on which was paid
12,505,250/.; if from this we deduct the Austrian re-
payment of 2,500,0001. the net balance paid by Eng-
land for foreign loans in 1824 was 10,005,25 L The
foreign loans contracted for in England, in 1825, was
15,469,5711. on which 6,359,6231. was paid. Thus the,
total capital of foreign loans contracted for in England,
in 18`24 and 1825, was upwards of forty millions, and
of which more than sixteen millions was actually paid.
The total capital of foreign loans at. present the subject
of specnlition in the British. money market amount to
33,769,5711. The total lOss accruing to the nation by
the fall of price on this capital, below the contract price,
6,496,2951. and the total loss on this capital, as :hewn
by the present market price, 9,796,4401.. Thus it would
appear, that the Contractors, and others concerned in
the foreign loans, raised in England during the last
two years, are now sustaining a loss (between the present
price which they could obtain in the market, and the
price which they gave for the loans to foreign Govern-
ments) of six millions and a half of money ; and if 'we
view the loss as exhibited by the high prices prevailing
in the markets in the early part of 1825, compi;ed
with those which could be obtained for foreign bonds
at the present moment, there is a loss sustained by ones
or other of the parties engaged in them of nearly tea
millions of money. There was also to be taken into
account the great fluctuations of mining shares by
which six millions more were lost. The Honour-
able Member here enumerated several sums, snaking
en aggregate of nearly twenty-five millions, which
be contended bad been abstracted from the coin.
try. He said, be would still maintain, that paper
issue was not she prineipal emse of the distress; and
although the mining and other schemes bad great effect
in inflaming tile bitable, they ought not to be regarded
as the leading and principal cause. The Ministers, in
their anxiety to introduce a metallic currency, had lite-
rally become the disciples of Mr. Cobbett ; and in doing
so they would do tenfold more mischief than ever Mr.
Cobbett had it in his power to do. He would again
maintain, there was no difference between a metallic
currency and a currency of paper convertible into gold.
Believing that the causes assigned for the distress were
not the true ones—that the measures proposed by them
were not commensurate to the evil, and that they would
only tend to an aggravation of it—and with a view of
ascertaining the real causes, as well as of providing an
effectual relief, he would move, as an Amendment--

- .
That a Select Committee be appointed' to consider of the best
means for placing the Banking Establishments of the United King-
dens on a better footing; for securing the holders of Bank Notes
against loss, and for ensuring a metallic circulation in the country,
commensurate with the wants of commerce, and the security piths
country at all times."
Mr. ELLICE seconded the motion.

Colonel DAVIES applauded Mr. Ricardo's theory of
the currency, and maintained that his Majesty's Minis-
ters would go on further and further into the labyrinth
they were at, present in unless they abandoned their
proposed medium. • He entered into a minute account of the work-
ing of the propoied measures, in relation to country bankers, with
which he declared himself not 'edified, front their in na-
ture. He lamented the absence Of a proper check over the Bank's
power of depredating the currency, by the unlimited issue .t
paper at pleasure.
Mr. Secretary CANNING would put it to the good
sense of the House, whether it was either a profitable
occupation of their time, or using his Right Honourable
friend well, that he should be placed in his present
position by the singular anxiety of Hon. Members who
had now for three hours been assailing a proposition of
his Right Hon. Friend the Chancellor of the Exchequer,
without even permitting him to propound or explain
his intended amendment, which of course, could only
be done in the Committee. He hoped Ms Right Hon. Friend
would not suffer himself to be betrayed by this inconvenient course,
into a debate upon that which could only with propriety be de:
tailed and discussed in a Committee.

The amendment was then negatived, and the lethal proposi-
tion put and carried without a division.

__ --- -- - ---- -- in with the English. A tfeelingbad gone abroad in distress of 1795? We had t
Petition numerously signed, consequence of What the Meat: IlooeuraMe GendenteseleadriMid *bathe Mgt WAS the same a
of the abolition of Colm.an' *a a runaer 0104,11.41 "largal4." ti" cf ."1"! Its'asidia. shatefor* ..,to au
.. feeofetkiineat. ;_-,„..,
m the County of Derby, lry ' ' ThifCHANCELLOit of tb&SICHEQUER thewihi; igHle. .9f
..a feW Mini94l.'°f pli
'midi, in the County
al.the siable.Lenthadielieepprehesekod ho inevning., uo sh.ine infect took place. when
istiilt
Wbdnesbury, by °AI"' diribit ietattdcto mix up therawn questions of Bcotch 'es nt g as a cause. toe:eat
Defamer; from Chipping
and En " of. these schemes to the cnndt
4.1,y bir sy,m. frool is. gfish currency in one Bilk. He was aware that
the Bank, which cat ried on a
BUMS; from aarton, from a considerable difference existed between the currency v
and of sup!ly 0f....th.
r; from Dellitore, by Mr. of the two countries 1 hot he conceived that it would :Dr*79