Star.
London, England, 1829-06-05 00:00:00

the circulation of 51. notes. This advantage to the far-
riser being lost, had added materially t' the distress of
the country; and that distress was more immediately
felt at the present moment, when the rents were to be
pAid, and when the accommodation formerly received
from the bankers could not be obtained.

Mi. WAITHMAN said, it was universally acknow•
ledged that the greatest distress prevailed throughout
the country, however men might differ as to the cause,
and upon this point a variety of opinions did exist.—
Some attributed it to over production, others to over-
speculation ; but one thing was clear, that the public
expenditure was not lessened. The foreign trade of
this country had been diminishing to a vast extent
within the last thirty years. This act could be proved
by the most incontestable evidence—by evidence no less
than the documents of the House of Commons. He did
not wish to undervalue the export trade of the country.'
but he would Contend that it was not of much ant-'
portance as to its home trade, and that home trade was
confessedly in a state of ruin No longer ago than
1824 the then Chancellor of the Exchequer had declared
every thing to be in a state of great prosperity; but the
case was even then very different, and how utterly dif-
fel ent was it now! To the distress of the country might
also be attributed the great increase of crime, and in the
number of commitments both in England and Ireland,
and also the vast number of bankruptcies which had of
late years taken place.
Mr. WHITMORE was astonished to hear that the
foreign trade of the country had declined in the extra-
ordinary manner stated by the Honourable Alderman.
In opposition to that statement, he believed that although
the articles exported might have decreased in value,
there was a great increase in our foreign trade. In sup-
port of his opinion, he would refer to authentic docu-
ments, by which it appeared that from 1797 to 1807
the amount of exports was seventeen millions; from
1807 to 1810, twenty-seven millions; from 1810 to
1820, thirty-six millions; from 1821 to 1826, forty-five
; in 1827, fifty-one millions; and in 1828 fifty-
two millions. Such was the alleged decrease in the
exports of the country. He was surprised to hear Ho-
ignitable Gentlemen take such extravagant views of
the state of the trade of the empire. He did not think
the testoa ation of one pound notes under limitation
would effect the objects desired by the Honour-
able Alderman. He thought that it would produce no
benefit whatever. It must be admitted that the change
in the currency had been productive of inconvenience—
incouvenience that must always arise when the circa-
-1 oing medium is tampered with; but he did not agree
with those who believed that an approaching crisis was
to be contemplated. He contended that the country
could not safely have remained in its former condition.
The value of propetty was fluctuating sod uncertain.
and the doubtful state of affairs would have led to emi-
gration and the removal of vpital. The enormous power
of production which at present existed, and ttle impedi-
ments to the profitable investment of capital, naturally
tended to create difficultiea ; the proper remedy for
which, he conceived, lay in adopting measnres the very
opposite of those recommended by the Honourable Al-
der man. He was petsuaded that the only chance of re-
lief f. oat na.ional difficulty rested in entirely telexing
our conimetcial code. The great question of ibeopets-
trig of the trade is ith India would come under the con
siderati-n of the House nes, Session, and i,e petceived
a filo& nt getting riJ of embarrassment if that question
v.. 15 tieate I riglaiy. The E ist Indies would resent • '
field fot the employment of so peruhundAnt capital, and
an open trade with it would remedy the existing evil
to a vast extent. With respect to the arguments of
Honourab e G n lemen who attributed all tie commer-
cial dorress to the present state of the currency, he
would sty that, granting their validity, it followed that
the count., mu t have peen must prosperous when the
currency was most depreciated. But Hon. Members
would remember that 1800 and 1810, periods of that
description, were marked by great distre.s, by a de-
Mine in the amount of export., and an increase in the
. number of bankruptcies.
Mr. H. GURNEY said that, with reference to what had
been stated regarding the relief to be afforded by lessen-
ing the taxes, he thought that, in the present situation of
the country, any great reduction of taxation would b •
nothing less than an acceleration of bankruptcy. He
considtted the currency as the main cause of all the
revulsions that had occurred. Unless there was a cert•
fain portion of circulating credit, the business of the
natl. n could not go on. Of that credit a part was
formed of five pound and one pound notes; but a far
greater past was composed of bills of exchange. It
was probable that a revival of trade would bring a
certain degree of relief, and with it a larger circulation;
but he suspected that Government would have to step
in eventually and supply some sort of paper issue. He
expressed his hope, however, that a paper currency
would never again be allowed to be issued upon the re•
sponsibility of private banks.
The Petition was brought up, and, on the Seesaws putting the
question that the petition be now read,
Mr. ATTWOOD said he would trouble the House
with a few observations. The Hun. Member proceeded
to say that the Petitioners had not denied the existence
of over-trading, but they denied the conclusions which
had been drawn firm the fact. He entertained the
same conviction now that he did in 1820, which was,
Volt tiie criestion of the currency would farce itself
upon the attention of the Muse, and that it was in vain
to thick of escaping from the consideration of it. The
debt had been contracted in one species if currency, and
the taxes were collected in another, and inquiry could
net be evaded. The proper test of depreciation ap
peared to him to be the general rate of prices. In 1811
Mi. Horner. no bad authority, pronounced bullion not
so good a test as corn, and at that time the depre-
ciation was .50 per cent. This proved that there wa-
n thing extravagant in the views of the Petitioners.
Many causes had been assigned for the existing cala-
mity, but in his opinion it had arisen from mistaken and
erroneous legisla.ioo. A great public meeting of one
of the most important towns in England also asctibed
it to mistaken and erroneous legislation. An individual
who should attempt to collect the causes of the general
calamity from the dismssions in that House, would be
strangely at a loss how to determine.At one rime hewould
hear that over-trading was the cause; at another time
under-trading. It appeared that commercial men could
not trade to the satisfaction of the House of Commons.
Sotretimes-the origin of the evil was said to lie in a re.
dtordatat population, and too little capital; and again it
was stated to arise in an overflow of capital. For his
own p art be deri.ed satisfaction from the plain and
consistent explanation of a great body of practical men.
A Noble Lord, for whom, in common with others, he
•

ett tained the respect due to him, bad declared in
a prstl:er place, that his Majesty's Government was ready
t receive suggestions from every quarter on the st ite
of the minty, and to grmnt them all fitting attention;
now, he conceived that t'ie suggestions of the 8,000
perstnt who had signed the Petition were worthy 01
the Irma glare consideration, and in that light be would