Star.
London, England, 1826-02-03 00:00:00

The CHANCELLOR of the. EXCHEQUER. then
wse and said,-..-",:teallr, str, to thy. np-prekeesions t.kb
~ninioas of the Honourable Member for arampistifitt
,Ilr.- Robertson) appear strikingly inconsistent midi
~ch other • for not only do they tend to ergo. die!
idoption . of, measures Of interference for promoting
foreign trade in its:evident acceptation, and with every.
part, of the svorisi, but his principles, if acted upon,
and bit system, if fully introduced, tend is much to
the ndoptien of ,measures of a similar diameter for
the promotica of trade lin every article of domestic,
prodecef -At one,time he seemed to. press the doctrine,
. that the recent disuesses arose from undue encourage-
.nsent:of esport,ation. The excess of our export trade
. was, he. seemed to. contend, the great cause of all our
• calamities; while, in the next breath, he maintained,
with equal vehemence, that we took in too largely the
product. of. our neighbours ; and that to the existing
:condition of our. import trade, and the relation which
it bore to the other branches of our commerce, must
he attributed all the commercial difficulties by which
the country had been alarmed and embarrassed. Whit-
eine • lqas be my feelings en these points, there is one
topic of the Hon..Membees. speech which I cannot con-
template.wiihnot strong emotions of apprehension. I
was, indeed. alarmed, when I heard such amusations
against his. Majesty's Government, as fell from the lips
of the Hon. Member. I trembled for the consequences
of his denunciation of us, for being guilty of the /nighty
crime that some of us bad not, an common with men
of eminence and integrity, refused to be associated in
.c'ne of the most innocent speculations that • ever
an enterprising spirit of commerce bad given rise 0.,
.As.to the success of that speculation, I profess myself
utterly inxonspetent to deliver an opinion. I know
.nothing of its prospects—though others with whom I
it And connected have not refused their names as patrons
sar directors ;let am I neither the one nor the.other. As
respects my Right.lionouvabk Friend, the President of
.the Board of Trade, I must take this opportunity of
stating that he too stands perfectly aloof from any such
connexion. Such an imputation—if an imputation it
.could be considered—was destitute of the slightest

toundation,and as little to be relied upon as the charges
against him of an inconsistency between the principles
which he at present advocate% and those which are
maintained in his able pamphlet upon the Bullion ques-
tion. There is another point on which I should gladly
disabuse the mind of the Honourable Member. I
can assure him that the Silk Company have not the
most distant idea of forcing him or any other
British subject to plant mulberry trees for the food'
of silk worms, or otherwise to make compulsory
any measures for the promotion of the trade in silk.
Surely if any were so visionary as to entertain such a
proFcr, the example before their eyes of the miserable
failure of those efforts made by Bonaparte for a similar
purpose, could not fail of deterring them from such a
wild experiment. Before I proceed further, I wish to!
avail myself of the present opportunity of explaining t
this House the views of his Majesty's Government
respecting the present state of the country ; but previous
to doin-g which, I wish to express my sense of the
modest and candid tone adopted by the Honourable
and Learned Gentleman opposite (Mr. Brougham);
but while Ivordially give him credit for that, I cannot
let pass the charges with which he has been pleased to
assail ups in reference to the spirit in which he supposed
us to .have viewed the consequences of the existing
calamities, and" the manner in which' he assumed
vs to have treated them, and their probible con-,
sequences. He charged us with having spoken of
them in a way too light and unbecoming for a
subject of such deep and alarming impoitance.—
I at least can conceive no charge more entirely ground.
less. I can assure the Honourable and Learned Gen-
tleman, and I feel confident that the House will give
me credit when I do so, that nothing could have been
further from the sentiments of my Right Honourable
colleagues and myself, than to treat a subject so grave
and distressing, with any, the most distant, approach
to levity or indifference.—The most indisputable proof
that we were actuated by sentiments of a very opposite
character, is,
.that the subject is not thrown into the
back ground, is not placed in any obscure situation, no
inferior topic gains a preference over it; the public
distresses for retire subject which stands forward in the
very front of the speech. Of what materials can he
suppose us to be made, if he will imagine us capable
of witnessing the scenes which have occurred without
deeply sympathising with those who have sufferecßl
The attention of Parliament• has been called to kin a
manner the most marked ; we have given- it the
most attentive consideration. and our most earnest
desire is, that it should receive the earliest attention of
Parliament, in the hope that such measures may be
devised and carried into effect, as will afford relief for
the present, and supply just grounds for expecting that
in future the country may be saved from the recurrence
of events so disastrOns: At the same time, I cannot
help observing, that a very unreasonable outcry had
been raised: for, it was beyond question that many -of tbe
causes by which the commercial difficulties had been
produced, were, in their own nature, inevitable, and
far beyond the controul of any Executive Government,
as must be obvious to any one who thought proper
to give she subject an attentive consideration.—
It required but the most moderate acquaintance with the
subject, to be aware that the operating causes of those
difficulties are. entirely beyond the controul of the most
strenuous exertions which the Government of the coun-
try could make. for. in the circumstances that had
isen, nothing tor their prevention or removal had been
left undone which could be effected, without producing
more mischief than sprung out of the existing evils
theni,elves.—evils s hich are in a great degree inhetent
in ever) Irame of human society. But the main con-
solation fur these distresses is to be found in the fact,
that per,ods a f commercial difficulty are quickly and
unerringly iollowe 4 by petioJs of prosperity and great-
ness. Witness the period of 181 G, and. the rapid re-ac-
tion, and the gi eat prosperity, which, in subsequent
Ye.ts, distinguished the commerce of the country.—
Any one who presumes to legislate with the expectation
that all those causes would yield to his enactmeats,
must proceed upon the assunrptioa, that all those
engaged in trade will uniformly proceed upon wise and
pludeat principles; and this, even suppr sing the cur-
icucy to be preserved on the soundest system, through
Nancy of circumstance, still more would it be difficult,
ill a country like this, where the currency may be ino
gleat degree considered as existing in a mixed state, and
where the amount of paper in circulation so far exceeds
quantity of specie. The increase of private bankers*
notes throng the last Five years was such a., if fully
sseertained. would, I have no doubt, astonish the
Viruses It is a tubje:t of considerable difficulty, for
We trace au exact data from which to fonts in estimite
" Ow amount of those notes •in cis Ctilation ; , themmete

.1.0 precise cri'ffr.l4. whittler, but we make an ap- gnat Macknee to tellahakbe pretest expedient would
Pekuitnitioo. to :stimathitig liskh liecurate. From the so answer the purPosiit.-: aultadlormeity proposed that.
Settired. at the fitantialfilePi-sing haft the amount • thentatiould beta regular-siddanee of all the evils inii:‘
stamps issoacr for thtenteursolielifterage period Gering ; 41.insel to. this iohjecii bid did his Majesty's Speech
which, [believe, notes are ossallyestimatedto circulate. lOi ,cl mit-anl holy*. Of *licit a nature'? . Let the Hons e
Now if the amounriseiMsltiplieJ by . three, it Rivet a imitkllAto the expenditurs of the year 1793, and, thougi:
result nearly approiching.soahe. truth. In the year Ina the country has been at peace tor the last ten years.
yet the incumbrances are greater than at that periCii.
the amount was 34493,9011.; intim following year it was'
4,43844.81. Prom that time it continued. to Increase, and Instead of paying four millions and a half, as at that
as the year 1825. it amou.nted to 8,756.0001. The House time, the country was now incumiserei with a sum of
from nine to ten millions, with every prospect of in.
will observe in what a,short period it hid so risen, and
also will not. overlook its effects—the raising of price;, crease, arising from the national debt. The wbosr
evil Was to be traced to the extravagance with whiclil
d the excitemeot of Commercial speculation in an in-
the public money was dissiva.ed. This was a great
ordinate degree.; but these were the least of the' ill
l
effects of such a system of banking, as that notes of cause of the distress which has been experiencei in
England. In the year 1817, the taxes were 52,500.0001.
suels•an amoisat should be issued, foethey are confined
principally, almost exclusively, to the poorer classes, in 1818, 53,200,000/. and so on .progressively to the
and when with a large proportion of their. paper in such • last year, after ten years of peace. Instead of keeping
up large military establishments to hold the people
dividuals are left pennyless.
bands, a bank fails, thousands" upon thousands of in rap
awe, the Government should apply itself to make
• Whatever advantages
commerce may derive from such a system—whatever them happy,and should reduce the expenditure
to the rate of 1793, in Mr. Pitt's time. If proper
advantages the agriciiltural interest may enjoy under
steps were taken, this could be effecteJ, and yet the
such a state of the currency—whatever . benefits may
good people were overloaded with tau:. Does Govern
accrue to the country at' large—whatever real
nay arise—whatever apparent good, I would still resist, meat have to keep the Colonies? Look to Leland,
to the utmost, a-state of our currency which keeps rap if that country can be called a colony. There 30,000
the continual risk of consigning to ruiu and misery the troops are wasted to keep the people in coercion, and
most helpless class of the community. There is no pos. fir the necessity of this force Ministers must blame
t
Bible good sufficient to compensate for such a state of themselves. Ireland is like a camp, from the numerous
things, and, therefore, I esteem it indispensable, that divisions of troops scattered on her surface, yet it would
nit be difficult to make that nation happy. The Co. Parliament should instantly apply itself to the con-
lonics in the West Indies, from the mismanagement
sideration of some means of affording adequate
attending theni, are worse than useless, for they cost
security to the humbler clines of the community.
My persuasion certainly is,,that the process should be more-money than the starving people of England are
gradual, is order to be ultimately.effectual ; and here I able to affird. But they are thus allowed to draw the
would observe, that I cannot help feeling much regret resources of this country, in order to provide situations
f6r the minions baonging to some powerful familiei.
that the plan which in 1822 was proposed, had been
If they looked to the East, the prospect was not ins-
abandoned, as I am convinced that • had it not been so
proved. In his Majesty speech of last year, it was stated
given up, we shinild not, in 1825, have had the same
difficulties to struggle with. What .I allude to was that the Burmese war was requisite, and that there was
adverted to .by an Hon. and Learned Pentlemsn oppo-
every probability of a successful issue. But that was not
site, in reference-to some of the exclusive
pi ivileges of the fact. His Majesty's Speech states that continue.' sue-
the Bank of England. I cannot conceive how any one'
c..ss attended the British arms there ;but without mean-
can contemplate the immense extent of our transactions, ing to disparage the army, for whose bravery no person
f
without being perfectly satisfied that the single charter felt a higher ,sp:nion than himself, he could not perceive
of one Company is by no means adequate to the bank-
that this was the case. Wherever the British troops hive
ing purposes of the country at large, especially in those had an opportunity, they always proved their valour.
districts remote from the Metropolis; in such districts At present, however, the praise is negative, for they are
the effect of the exclusive privileges enjoyed by the left to perish in an unwholesome country, which the
natives have . laid waste. They cannot fight against
Bank of England has been, that Banks have sprung up
in those places that have proceeded on anything rather enemies who are not to be seen. But the Ministers
are to be blamed who sent out an incompetent person
than the solid principles of banking. This truth has
-t0- preiick, 'against the wish of every man of sense.
j
made so deep an impression on the minds of his Ma-
The Court of Dix ectors have no confidence in Lord Am-
losesty's Government, that their earnest wish is not 'to
hen. What excuse, then, have his Majesty's Ministers for
- a movient in supplying ir remedy, efficient, at
least so far as circumstances will permit. S mit keeping him in Lid a? Those who support Lord Amherst
highly responsible. Between theßoard of Directors
time ago, a negotiation was opened with the Bank .
sod thebmtitess at
the Baud ofe CoutTlitloo.
, the %ratter wines likely to produce
on, called upon
of England, for che purpose of.. ascertaining to injurious effects. The
what extent that Corporation might be kidated his Majesty's Ministers to reduce the public establishments—to re-
to forego some portion of its exclusive privileges. dues tasiatitio=.4 'reduction of ten millions of uses might easily be
It appeared that the Bank 'would be willing to' maire-rresdrde 1 mitisese's sure that were it made' the G°"ellauttit would
8 ibo:t-uabetter, and with more advanage to rho Public than
the desired concessiOn, provided an extension of their. 'e• '',;;"- linking Rind alto' should be abolished; it
charter were granted them for a period of tea.. years, wag ei mere blind; It hid been Wined for the purpose of redeeming
in addition to their present term. Tfleir charter *kW, • if -takelion, but in point of fact had had quits the contrary effect.
not extended, expite in 1833. Thi. compensation ifiiiy"' Mr. T. WILSON contended, that the Silk Trade was
required for giving up the necessary portion `of their .different,.,from sli others, both in the length of time necessary to
a it, and iq the greater facility of smuggling the material.—
privileges, was, that their charter should be extended tOir
. , e, would not then enter into an argument upon the subject, but
the year ISM. It•was perfectly mitaral that the Bank iive'notiee of ' his lorentien coining it under the consideration of
Directors, acting on. behalf of theirsonititnenors should dneMense, ride* seam* alteration were made in the Corn Laws.
week to obtain the . best possible tenni,. and sheuki be tr.Tar,,aslbrathn, w.t....te being made relatively "t11411"'
unwilling to commit theniselves..to „anything specific, Fro,;,-- —' an alteration 'l"*".."s was promised—that
be oil t net to be Orptien. . r.
until they could have an opportaViiiii of c:omdsoltiting ~filr I'
with ..1 .. ARSE said, Ouhe recent exigency, the Bank
their Court of Proptsetioat: . They bad; however, lifolfoltansi enteaveinseet tor, set in tech a Mame! as to render
undertaken to lay before that ',Court a. plan for. the es- the povrers entidued to • them beneficial to the public at large.
tablishment of Banks, milk an unlimited miintiefelf Pro-, if %ember suck run as that which had lately. been witnessedwan
• te occur, would the Bonk be unable to do what
firietors, according to thellrish system, that is, fifty thS 1, miles,they lead data on
ti occasion. The Honourable Gentleman concluded by ad-
from the Metropolis, oinathey sixty-five English miles. vertics is the Evidence of a most respectable and competent
There is one point on which I mast certainly drilestice, winless before a Committee of that Horse, who lialdeclared, that
to the principles of the Bask. I cannot deny that they during forty-six years he never observed that the Directors of the
have recently evinced the strongest desire to promote 094;101„Zeastal,t had been lammed ill their. public "Induct' by
the general interest of the country. Now, with refer- Mr. J
SMITH was of opinion that the imperfect
ence to the plan for establishing Country Banks with amens
cut of the Chancellor of the Exchequer, if not more fully
an unlimited number of partners, and situated at a din- exPlaloade would laereetre ibs alarm moot the coluluerelal classes.
tance of sixty five miles, at the least; from London,. I
_,____He was auLlau'd that the Country Banks had luedneed mach
wish to say, that at a very early period I shall feel it my misery t--4:,"
es. heal the
uld e:trisitsef eetehheh'al 64
jtoelethet ?Itiett
duty to submit toParliament a plan for that purpose,vthen Hossourabk Gentleman, provided he gave as privileges to particular
the whole may be discussed, and its details investigated. peroini. Though he was a partner in an old established Bank, and
There are two other points upon which ; shall now take was *Ware that the intended plats would affect existing Beaks, still
the liberty of troubling the House. The Speech from he should "give it his sliprel'het to baba' that part a the
the Throne states, that the Revenue of the last year '
year's Limitretee obtained this wolla te
t°
ap on
don. Tlsafwas
ilitt
fully equals the expenditure. I think Ido not exag- an excellent Committee, and ought to sit again—the inquiry was
gerate, and that I shall be fully borne oat by. the Decterattnated• He trusted the Right Honourable Geode:tan
below the truth. facts, when I say that those words are would give some clearer explanation of his intentions,
The Revenue of 1825 was less than 1824, for there was Mr. CRIPPS coincided with the Hon. Member in his
view of the caution necessary in touching the
thsystemex of
a repeal of taxes to a large amount, between five and banking. , Mime could rightly consider this subject butt
pe-
-600,0001. In addition to the diminution arising• from cleaned and concerned in it. The late embarrassments did net
this repeal there was a less on the duties in the silk proceed from one pound notes. There must be a circulation of cur-
trade to the same amount, operating 'altogether to as
teary. Much had been said against the country banks, but he
alteration ashtwucehrepLofithad proceeded from
. them. If the intended
extent of 1,200,0001. and yet, notwithstanding this, thought
hasty, it would bring ruin on many. He hoped
the expenditure is five or six hundred thousand pounds that Government would proceed in the intended project deliberately,
within the Revenue; therefore, I think; there is at least, cautiemlf, and gradually, and proceed to establish the chartered
no exaggeration in the language of the Royal Speech. banks cotemponmeonsly with the operation of the existing banks.
The other topic to which I shall solicit the-attesting of the Mow, Mr. MABERLY did not think the Bank of England
is one which I feel so strongly, that I cannot resist the opportunity culpable; they had acted with the most laudable energy in the
of adverting t. it, I mean the success which has attended the late panic; but they had previously acted wrong in advancing
efforts made in Parliament for opening the trade of this country ; money on mortgages. But if the Government proceeded, the
and. I beg to thank the Hanantakk and Learned 'Gnomon app.. Bank dare not relieve the country ; for, whatever might be their
site (Mr. Brougham) for the uncompromising manner in which be inclinationwhen the exchanges were against England, the Bank
declared that his Majeity's Government should tier be-diverted dare not interfere to relieve. .
from the sound principles of commerce under .which they are Mr. Secretary CANNING—" Although, Sir, lam not
emancipating the foreign trade of the Empire. It has been said
that we are not cordially supported in these views at our own side desirous of pi otracting the debate which has unexpectedly
of the House, This I altogether deny. It isnot the fact. It has arisen, yet there are some misconceptions,regardi rg the
,also been said, that the support of Honourable Gentlemen opposite
. P: •
of
renders suspicious the character of those measures. I think quite topics my Right lim. Friend's speech, which I wish to
the contrary. I set the highest value upon their support on these set right; and in order that I may clorso, lam anxious to
points, for they can have so motive to give their approbation,
tate my understanding of the observations he addressed
ex-
cept that which arises from the obvious merit of the measures a
themselves. lam pledged to the. support of this system, and I to the House. I refer particularly to the speech of the
should disgrace myself, did I slacken my effort* in the slightest
degree; it is therefore peculiarly satisfactory to me to enjoy the Hon. Member for Midhurst (Mr. John Smith), and that
approbation of those from whom I usually differ. It Is an ad- which was delivered by the Hon. Gentleman (Mr.
ditional gratification to me to reflect. that the principles of trade
Pearse) who spoke last. In the latter particularly there
which we maintain are not the doctrines of any sect or party—
they are the cherished sentiments of the most eminent amongst all were sentiments imputed to my Right Hon. Friend
parties, and were I not myself one of their most strenuous advo-
cams, I would say that they were supported by all the wisest men which I should have thought it impossible he could
alive—( Hear, hear). have' been supposed capable of entertaining. The Hon.
Mr. ELLICE said, that with respect to the Bank of Gentleman (Mr.-J. Smith) opposite seems to apprehend
Scotland he would caution the House to collect infor- • • • •
that a atm is in amtauota to erect joint-stock banking
mation from the United States of America, where banks • •,,
companies, which will swallow. up all the existing es-
had been established in every town, and the greatest
blishments• go* th ro °wino of m Right Hon.
facility was experieaced in obtaining discounts. In te . • fiiP
off, 1
Fit:ad is merely to take oft, with . the -consent of tine
Lancashire the banks were well conducted, and the best
Batikres
Disectorso few years sooner than it would
ohs succeeded. He hoped that :1 charter banks be
wise necessarily expire,:the prohibition which, by th.
other-
considered valuable, they will be so regulated as to cause so injury.
The difference between the market and the mint pries of gold was common consent of.all who have spoken this evening,
not, in his opinion, the test of value which badiscen alleged. ,- renders weakness, instead of stiength, the inherent
Mr. HIIME considered the Spec ch very little satis. qtrality of all county heits, It requires no agency ol
factory. He did not approve of the condition which my Right How. &Wed; to br:ing;this evil, if it be one,
shut out from the -operation of the proposed measute upon us, ler the Law has al4adt. decided that it shall
the'cii cumference of 63 miles round the metropolis, in take place is 11413,,namely, that ifter'that periOd there
which district the necessity existed as touch as in those shall no longer/ .exist itheoriiiiligo pop 'possessed by the
places bcyoad that distance.
_lt does not require any Bisik of. England, making it unpclAsfe for more than

six partners to belong to a banking establishment; that
privilege necessarily ceasing with the expiration of the
VAAL% ester,- of course joint-stock companies nay then
be instituted to any extent for the purpose of-banking.
But under what circumstances, let me ash, will th.eevil,
if it must be so termed, come upon us, should the law
I remain 'unaltered ? In the first place, we should ob-
serve that the privilege of the Bank of England, by
which country backs are prevented from spreading
themselves on a wider basis, will continue ,to exist till
the year 1833. On the ocher hand, the country banks
will continue to possess the unlimited power of issuing
small notes for tecisrly the same period. If the termi-
nation of the privilege of the Bank of England be
.
fraught with ischief at present, how much greater
mischief may not be expected to result from it, if it be
allowed to operate on the unrestrained issue of country
notes ? My Right Hon. Friend has too objects in view
—first to accelerate the period of removing the prohibi.
lion which entails weakness on the country basks; and
secondly, by limiting the issues, to make the new power
op. rate with less suddenness and greater sectirity.--.
Whether the consequence of withdrawing this privilege
will be to create entirely new banks, or whether it will
cause the ancient respectable establishments to widen
their foundations, I know not. The Hon. Gent. (Mr. J.
Smith) assumes, without any reason I think, that the new
institutions will altogether supersede those nosy in ea?
istence. I cannot conceive why, when :he power shall
be given, it should not operate in what appears to me
to be the natural mode, by addingt seventh, or eighth,
'r perhaps tenth partner to the existing establishineatis
This seems more likely than that ft should lead to the
institution of a new set of corporatiossio rival-and ex-
tinguish those that we already possess. Surely. every
existing establishment sill be able, by an accession of
strength or consolidation of interests, to prevent the
evils which are, as it appears to me, so groundlessly
apprehended. As to my Right Hon. Friend being dis-
posed to press any measure hastily upon the House, and
take it unawares, nothing fell from him that could be
fairly construed to indicate any such intention. If
he did not dwell on the deta.ls of his plan with all the
minuteness that was expected, it was because the subject
had been so of.en before Parliament, or at least so long
before the public, that. it- was only necessary. to reter tie
it generally to bring
.it to the minds of Honourable
Gentlemen who are acquainted with it. Another con-
sideration I may mention is, that if this be en evil it it
one which the Rank of England may now create any
day in the week, for that body has he power of crea-
ting branch banks. If, then, it be necessary to establish
a more solid system of banking, the alternative is either
that the Bank of England shall estab:ish branches in the
country, or that Parliament shall give Means and opt
portunity to others to establish banks for theisselvesp
If these measu'es be necessarily ruinous to the existing
establishments,. whtc i I-deny, that ruin is equally in•
evitable whether the Bank of England be the agent of
the new institutions, or we take advantage of the die"!
position of the Bank to withdraw its exclusive privilege,
and permit new establishments to rise, and as we are
told, absorb those that already exist. If the Bank of
England establish branch banks, the probability of a
dangers us collision would not, perhaps, be much dimi-
nished ; but there are objections to that course which
are familiar to almost every Member of the House.
In this situation we have our choice to adopt one of
three things : either the Bank of England must er=
cache the privilege it has of establishing branch banks;
which would be equally fatal, if competition, con..
fidence, and capital, can be so to the existing estab-
lishments ; or my Right Hon. Friend's planmitit be
adopted to take advantage of the voluntary Ma-
redder of the open ground for new establishments,
which would be neither to formidable as rivals ati,the
branches of the Bank of England would be, nor "iitsses
that quality of repulsion which would belongao them;
or, thirdly, we must remain as we are, having a clear
view of all the mischief that results from our-pielnt
insecure and insufficient system of banking. Besides
these we have no alternative, and the House. I am
sure, will unanimously agree that the last ought not to
be resorted to. Of the two remaining choices, it seems
perfectly clear, that the latter plan for incorporating
new partners in the old firms would be likelyto prove
most effectual, while it would offer the least ;hock in
the existing establishments, and save them most coma
pletely. It is impossible to discuss this subject without
adverting to the praises; justly, and I am-glad to oill
serve, nut niggardly bestowed on the conduct of the
Bank of England. But nothing, I think, has -reli acted
more honour on•that Corpora:ion, than the grace with
which they have consented to strip themselves of thit
part of their privileges. It is idle to say that this pale
vilege is odious, or that it is a monopoly. .1t is- an
inherent privilege, of which, by law, they are in •Coas-
plete possession, and from which not the comaipoteote
of Parliament can disturb them ; and it is adunfair
view of human nature, and the principle of poleessions
to treat with indifference the voluntary surrender of a
privilege wh ch, even as a mere ornament, they; would
naturally be not readily disposed to part with, ifbnpesitig
it did not possess solid utility. It is a rare oectirrecce, _
and deserves no ordinary panegyric. They may keep
it, if they please, because they have it ; the law has
given it to them, and no man can extort it from them.
They may keep it, in order to make a bargain with
the public for some other consideration. 1 hey may

keep it, in order to prevent the rivalry ezi.ected from
country banks in that part of England of arbkh 'the
circulation is now in their exclusive pruse#sion.—
They may keep it without assigning any: recoil 4t,
It is clear they have yielded it to some pobile, goatee;
if unwillingly, so much more 'audible the ara
lingly, they have shewn that the interest of the politic
is their first object, and afterwards their own it tertst ,
as involved with it. Fur whatever reason, it,is certain
that they have now consented patriotically to grant
what at a former period they unbiameably refusad.—
They have yielded. a .d hiving done so, advantage
is intended to be taken of the concession by toy
Right Honourable Friend, not ungenerously or un-
kindly, or in the spirt of triumphant spoliation over
the Bank of England, as the Honourable Gentleman
(Mr. &arse) seemed s to suppose. (No, no, nom Mr.
Norse.) 1 really understood the Hon. Gentleman to
represent my Right Hon. Friend as having spoken of
putting an end to the privilege of the Bank ma t unkird
way. On the contrary, the utmost justice.. has been
done by everybody tatbe manner in which the B ink of
England has conducted this discussion, as well as to the
decision to which that discussion has led. An eon. Gent.
(Mr. Robertson) who spoke early in the debate, among
the Satiety of remarks he maik, gave utterance to one
-which; should be sorry to 'pass by wholly-unanswered.
He thiiiks that Ministeriite greatly culpable f-r Dot
discouraging that wild spirit of specolation'isisish ban
so much coutributed to produce the. present crisis of

distress. He supposes that the Ministers are wanting to
their duty, becauseowhen the schemes of last year *ere
mentioned in Parliament, they did not attend in their
plices-in4 givest4igemes and detailed opposition to
vie! y one of them" It is, in my opinion, a convenient
and seemly season that those who attend to the public
business should abstain from taking any part in the dis-
cussion:and consideration of private measures. Such

has been the rule I have adopted for myself. I never
gave a voteion any private bill, and I have found it the,
safer and more advisable rule. If, on any one occasion,
I had reconcikd it to my sense of duty to do otherwise,'
that instance might have grown into a practice, and
wouldtaire given rise to suspicions unjust and unfound-
eJ, yet not more so than the charge which I am re-,
futing. But there was no neglect on the part of his'
Majesties- Ministers in giving timely warning to those
who embarked in these enterprises,that ender no circum-
stances could they look to the Government for relief.—
At as early period of the late fever in the public mind,
the pariies concerned had notice given to them that
if they got into difficulties by their extravagant specu-
lations no aid could be administered to them. I may
historically allude to what passed in the other House
of Parliament, where—not'.as giving a vote for or
agalnst any particular measure, but as head of the
Treasury, my Noble Friend (the Earl of Liverpool)
speakieg as the organ of that department of the
State and •of the whole Government, early in the
month of March, not five weeks after the com-
mencement of the Session, anti before one Bill of this
nature had passed—expressly. find in the clearest and
strongest terms, warned those who were running wildly
into these speculations, that though it was the essence
of this free country that no legislative let should be im-
posed on the current of individual industry or specula-
tion, they were entering into undertakings entirely on
their own responsibility and risk, and that at was the fixed
determination of Government not to give any Parlia-
Mastery • aid to relieve them from' any difficulties into
which they mightbe plunged by their adventures. As far
as the vo;ce of Government was heard,it was undoubtedly
heard intelligibly through the country, and the more
clearly and intelligibly because the declaration did not
grow out of- the opposition to any particular measure,
but was fastened, as it were accidentally, on%ome in which Govern-
ment took no put,and given out fully for general informatioiyand not
treasured up for Gush a crisis as the present, which it was to prevent.
Unfornutately, that warning was disregarded, sad difficskies have
arisen, but it is hard that Government should be charged with not
having given due warning tediums who are new suffering from their;
imprudence. We were well aware that this topic is that ost which
atiouis minds are most intent, and .that in the firs instance iR
would Ix and occupy the attention of Parliament. There hes
been, L contend, no dentiency in indicating the feelings of Ow'
vernment with regard to it. If the part of the Speech relative to
this subject be measured even by proportion, it will be found to
occupy by far the greatest put of it. The rest is thrown into the
elude by mentioning this lint at the outset, and afterward, at the
conclusion. It was felt that all men would desire to see how ft
was treated, and it awnred to es the most manly and proper
course to treat it as most important and urgent topic that
P.irliament can have under its ceasideration—(Hear, hear!).—
If I were to venture further at this moment, I should be
carried into a wide field of debate. The Honourable Gentle-
man (Mr. Hume) on the opposite beeches had in his observa-
tions left untouched no topic that bad over been discussed
during the late war or the present peace—(A laugh, sad hear!)
(Mr. Hansa intimated across the House that he bad net referred
at all to the We war)— Well, thee, Sir, if the Hon. Gentlemen has
omitted any topics, he has the advantage of being able to recur to
them whea.oppnctunity serves t and as I have Do doubt he will

find weeasioni.sultable.for their introduction, he can reserve them
till the happy time arrives. (A laugh.) I hope be will not tie d.
der it disrespect** if for• Ale meow I pfss Over the rest if ►is
speech widniut remark. I chnnet, however, avoid noticing the pe-
collar style •hi which the Hon. Gentleman criticised the King's
Speech et this and the preceding yeas. He said of the speech a
last year that it was contrary to truth that of this year he de.
scribes as Incnnsistent with fact. (A kith.) I confess I do not
understand the nice distinction between these propositions, but
perhaps the knowledge of logic he has acquired in the distinguished
University of which ►e is Lord Rector may Katie enabled him to
draw a line of Aliscrintination. (A laugh.) I certainly do net see

the difference myself, but in his own way I may retort the expres-
sions upon him. For example. the Hon. Gentleman says that
duce the peace there has •been no reduction of taxation. That
assertion, I would say; is contrary to truth. There has been a
reduction of stvrtsty-seven millions. (Hear, hear.) But he says
that though since the peace there has benne reduction of taxation,
during the last five years the reduction has been still less than the
preceding five years, that is to say, less than nothing. (laughter.)
Now that assertion. I would certainly say. is inconsistent with
fact. (Much laughter.) I take these passages as specimens of the
Hon. Gentleman's speech, and only advert no them now briefly.
as they will probably lay the ground for many future debates, dur-
ing which I shall bave an opportunity of setting the Hon. Gentle-
man right in his arguments, as I have now in his facts. .(A laugh.)
There was one question put by the Hon. and Learned Gentleman
(Mr. Brougham) is which I must reply. Ile asked whether a
certain treaty between this country and Brasil, which bars been
published in the papen, leas or has not been ratified? I entirely
agree with him as to the character of the stipulation to which be
referred. There were, however, other stipulations which it was
equally impossible to adopt. The treaty was negotiated without
ingrocrion%. and contrary to the views of his Majesty's Govern-
Meat as to what was fit to be done est the occasion. But though
the treaty was negotiated without instructions, if it bad been of an
unexceptionable nature it would have been ratified. However,
it haa nut be ratified,--it will not be ratified. (Hear, hear.)-2
With regard to a very important question, to which allusions has
been made, the revision of the laws affecting the trade in corn, it
has been felt, under all the circumstances of the times, that this
would net be a convenient Session to have the subject brought
forward by hie Majesty's Government."
Sir. M. W. at uLgr approved of the principle of letting the
notes wise out, but thought that a Bill ought to be passed imme-
diately to prevent the Bankers from taking a large quantity
of stimps on band, and thereby prolonging the time of their
circulation.
Mr. GURNEY said, no class of men would be more indebted
to filiahteri chair Country Bankers, if the currency could be placed
on sound principles► but be disebted the possibility of suck an ar-
ftngernent, wbilitibry hsN odd at 34. 175.1014. to be the standard
of value.

Sir J. WROTTESLEY was anxious to relieve them(the country
bankers) from the opprobrium- which had been thrown on them,
by eraratestmarespeeting their issuing notes Ifiyond what were
wanted, and which were issalnuades. 'stagy groundless.
)Ir. CA LCIIA FT thOqbbt that the lending of monks en meta
gage, led. ery much to (Be 'Mishaps and misfortunes which had
taken place so eternity. He was sorry that the Mame of suck oc..
daemon bad rested upon •the interned number of country bask
noses. The circulation-of IL and a Dank of Zngland notes was
proposed as a remedy: but why, in the AM instance, were 11.
Batik of Ragland notes restricted.
The CH/I IRCEL,I,OR of the EXCHEQUER said, he had
already stated his belief that the issue of att country bask notes
had contributed to produce the tainting evils, and this observation
applied with equal force to the Bank of England.
Mr. PASCUE VILENFELL complimented the Amok,
ias the
manly manner.* at whtch they had come forward the aliss that
bad taken place; but he &wetted, that although they Anservird the
praise of having saved the commercial reputation of she country,
yet be could not my but that they had, in WAN aweettre, *cu.
aimed that diner, by the facility which they had alltplid a arcs-
Woo, by theyreat issues of their
Mr, ALEXANDER BASro considerea it of il.e
realeg ilnimmance that aMPIe time should be'afforded
• • •
Deiefe may. change;were made affecting the issues of
Country ka3tsks..lltetelveii‘; heatimietedlcircumstanceb
of a dangerous nature coitus:etc.& with the issues of
pajama bankss whi.lll diviihrii4lo-!heakinin tiwac of
the Bank of .Tsoglausl. The latter put nut riater Udder
the regulation of xyd and salutary principles, and with
a view the stare of the exchange; the Ito mep had no
Otha oLject than to put it out. This circutn
tasty 49fle created difficulties to the ILtak and to,

)); -
I- •

3iotra tr.

the government, who irate thetiby deprived of as
accommodation by which to compute the amouio
Of paper a any time actually in eireelation.
interest and object of a errantry hank ' was necessa-
rily to displace the notes of the Bank of England, as
well as gold, in the di',uict which surrounded it.. To get
rid of any rival currency was its constant aim. Km
this purpose persons had been actually sent by their
establishments to markets and fa rs for the express pur-
pose of forcing their paper into circulation. The prae•
tice must have operated principally to produce the
mischiefs which bad occurred. The spirit of specula-
tion which these excessive issues contributed to foster,
at length had been carried to such a height, that Bedlam
may be said to have bribe loose at the Royal Exchange;
Whatever might be thought as to the previous measures
adopted by the Busk, and the Hon. Gentleman had
doubts as to the propriety of some of them, only one
opinion can exist as to the energy and zeal and devo.
tion manifested by that establishment when the crisis
actually arrived. The great evil of the country
was general distrust. The fact now is, that Banks
wiJI give credit to no man, and that trade is de-
prived of its ordinary and legitimate facilities.—
Of the amount of Country Bank notes, now in circula-
tion, it was difficult to form an accurate estirnate ; it
might probably be about eighteen. millions. It was,
however, important that accurate into, mation should
be obtained upon this subject. He did not see what ob-
jection could exist to a short Bill, compelling country
bankers to mate a return of the amount of their paper in
circulation. This could not hurt their credit. It was pot
as if theywere called on to give an account of their assets.
The determination of Government to have the basis of
our currency gold, when other nations had been con-
tent with silver, against the of which the Hon.
Gentleman had frequently protested in that' House,
greatly increased the danger to be apprehended from
our paper currency. There were capitalists in the money
market of sufficient power, if their interest should at
any time prOmpe--thens td make the attempt, greatly
to obstruct and embarrass the Bank in procuring the
necessary supplies of gold, if a war or any other
public calamity should concur with their efforts...-
To remove this danger the Bank should be rendered
more powerful by an increase of its capital. In
the present situation of that Corporatiun he should,
dread the effect of two years of war, if attended with
any considerable expenditure. A fresh suspension of
cash payments might be the probable result. The Hon.
Gentleman congratulated Ilinirers en the success of
their policy, with respect to the Spanish and Portuguese
Colonies, if it had been less rapid in its march than
the feelings of the country would have desired, it pro-
bably, therefore, agained its end more securely. The
Hon. Gentleman here paid the tribute of his highest
admiration to the talent with which the Right Non.
Secretary for Foreign Affairs performs the- important
duties of his department. The Right Hon. Gentleman
opposite, the President of the Board of Trade, would
probably have learned, by his recent visit to Parisobat
it was not from Francs, still less from any other of , the
Continental Powers, that Ragland bad to =peg concerns= lathe.
principles of free triage, of which he was so zealous as advocate.
If in way quarter, it must be, said the Hon. Gentleman, amongst
the infest States of South America, that that concirrencs is to be
expected. With respect to the treaty concluded tinder the Media
atlas of Bottled, between Portugal and Brasil, ih the oneed
view taken of that treaty he could not coincide. It' appeirE4 Tio
him to be a treaty meet calculated.= musts the futile saki of
those two States, than their permanent separation. Unless some
secret Wide existed, by which the Emperor of Brasil woo**.
eluded from the succession to the throne of renewal, (and of pry
seek article he knew nothing) what he had described mast belie
evident elect of the treaty.
Mr. HUSKISSON would beg leave to say, in an-
swer to those parts of the Hon. Gentleman's speech,
in which he repeatedly and urgently called for the
speedy exposition of the details of the plan of his
Right Honourable Friend, that the question of the
surrender of the Bank Chatterito the extent to Whi9h
the Directors had agreed to it, had yet to be discussed
by the Court of Proprietors; that the discussion could
not take place before to morrow ; and that, therefore,
no hayseed= of unnecessary delay could attach to the Govern-
ment. The lobed= was not as his Hon. Friend stated. to with.
draw Wide* from circulation a large portion of the cogn-ty
paper. It was mg Wended to adopt any means by which the dr.
ciliation of eptiatry paper would be totally suspended; but to with.
draw gradually from circulation owe and two pound notes,
which could not exceed eight millions. It was proposed to
withdraw the notes gradually, and supply the defieiency by
a tnetallk currency. His Honourable Friend's view of the
removal of these ester, was not In klialate upon the sub'
ject, but let the country paper without any nemexachnents, wear
itself out. Hb filesourabbr Mend also cotuffieed that some new
and important project was iii band for altering the banking ate.
blishoteut. It was illegal for any number of partners 'medial
six to carry en a banking concern,and enabling Liverpool, Man-
chester, and ether trading towns to strengthen their banking firms
must be highly advantageous. Inasmuch as property would receive
more protection. The Rt. Hop. Gent could not see any danger in
the proposed measure, but at the same time he should say it would
be desirable to allow some reasonable distance from the passing of
the Act to the time it shall take effect. The Right Honourable
Geetieman thought silt months from the passing of the Bill to the
time it came into spondee, would be ample to give everybody as
opportunity to avoid illClMlNldellte.
Mr. DENMAN had heard pet eulogies bestowed on the Bank
Directors: he was more anaemia to promote a change Write bank-
ing system since he had heard the eulogy pronounced on the Bank
Directors by the Right Hen. Gentleman. He thought be might
apply to the Bent Directors a well known epigram :—•
" To John I owed great obligating,
But John unhappily thought fit
To publish it to all the nation—
So John and I are more than quit."
The principal object which he bad in view in rising was to protest
most salesunly against the omission in the King's Speech respeeting
the earn laws, of which not one word had been said. He was
convinced, when it was discovered that no amelioration was likely
to take place on that subject, petitions of perishing thousands would
crowd the bar of the House; and he would ask were the griev-
ances of the poorer classes of his Majesty's subjects to be treated
indifference and neglect? With regard to the one and two pound
notes. he could see no evil likely to arise from their issue, as
!once! there was no compoWon to take them.
Amerman WOOD said, the miserable weavers of Spitallields
were to compete with foreign nations, and his constituents said, put
us on a footing with respect to taxation, and we will compete with
them. They could nut obtain bread so cheap as foreigners did.
He hoped the subject of the Corn Laws would be brought fairly
before the HoUse.

I;he Question was then put from the Chair. and carried seas. dis.
The usual Committee was then appointed to prepare and pre-
, ant the Address.—Adjourned at Eleven o'Cloelt.

MUSE OF COMMONS—Tina DAT.
Outlawry Bill—to be read a steno* time.
Report of the Address on the Lords Commissioners' Speech--
to be presented.
Committees of Supply, and Ways and bi'entw, of Privileges,
Trade, &e.—to be appointed.
Private Bills--the Orders thereupon to be moved.

• •
if Fortunehad not be on blUtd, is it likely she would
have bestowed on Mr. l. a Twenty Theessed Pound
Prise; and en the Noble Lord C—..—, but month, the Half of a
Thirty Thousand, ivhen those very Nobles and. DisnOuribies have
signed her death warrant,in abelisiting lintterks foe, eves?" As
there, will be but Two more Drawings, everybody should now
have a spoke in the wheel of Fortune, to partake of her parting
(Avow-. in the Six Prizes of TwyntF Thousand, which must all be
~:coded on WZONIMIIY, IS: of Na. ca.

LONDON.

-....--
FRIDAY. FFA3RUARY S. 1 16.

• - -NYACK gXCHANGI, 'FW EINE O'CLOCK.
Cowsok opened at 794 for the Account, with little doing; shim
which they have been done at 80 Mayers, and are now SO Sellers.
The Ktsro's Speech Isas not had any effect on the Funds. but the
Bank giving up part of their Charter, in regard to the Country
banking System, seems to give great satisfaction to the Public.
In the Foreign Market little doing.
Current Prices: Old Spanish 111, Mexican rf, Colombian 0,
Greek 111.

PitiCß OF STOCKS AT TWO O'CLOCK.
Rank Stock 214
3 per Cent. Ited. 80'4 Vs 3/8 '4
3 per Cent. Cons. 79% %
31 per Cent. 89%
Si per Cent. Red. 89 88%
4 per Cent. 96% 97
Long Ann. 19 15.16 13-16
India Stock 236% 235%
•
India Bonds 6 3 6 prem.
New Annuities 79'4
1:1,000 Escheq. Rills psi*. 1 di:.
£3OO ditto par. 1 prem.
£IO() and £2OO ditto 2 4 prens.
Bank,for Acct. 212 214 •
Cons. for Acct. 80 7914 SO% 79%
EXCHANGES.
AMIPZIRDAM, JAIL 31.-0 o London, 40. IL 11 fit. 4111. 4.
HAMMON, JAIL 27.—0 n London, 36. 01. It Us. 35.111.
St. PVIZILSIIOII4N, JAN. 13.—0 n London, 10.
Beaus, JAW 24.-0 a London, 3 M. 6.281.
Vivota, Jas. 18.—On London, 3 M. 9. 54.
FOREIGN FUNDS, TWO O'CLOCK.
Austrian lids Sp Ct Met. Scrip.
Braaitian Bunch. 60160 Neapolitan Bonds,
Ditto Acct. 80 Peru.. Ilds, 6 p C. 62
Do.Sctip,spC.lB2s, Ditto Acct.
limanos Ayres Hoods Ditto Scrip, 18254 p C.
Chilian Bonds,6 p Ct. Pottuguese Bonds
Colombian 1114,G p C. Sef Prase. &Is. 4p C. 931
Do. Diu 1824, 581 11 81 Do Bonds, 1821, 921 92
Do. Act. 581 i 91 9 if I Iluss.llds,lo2. t p C.
Danish Donis, Ditto Acct. 841
Do. Marks Span. 3 p Ct. C. 111
Do.„Pds. 3 pC. 182 S, Ditto for Ace. 111 1 1
• Ditto Acct. Ditto 510, Ile II
Greek Bonds Span. S p. Ct. C. 1813,
00.134, 1111.5. 251 brooch Reines, S p C.
Ditto Aset.lB Exchange,
Mos. Bondi 5 p. Ct. French Rages, 3 p C.
Ditto Acct. 5 p C. Eschange.
Du. ihig, 1825, s p C. 47 s& Guatemala Bonds,
Do. Amt. 67 6j j Ditto Scrip
BRITISH AND FOREIGN SHARKS, TWO O'CLOCK.

MAIM PAID.
Antic Mexican 3 pro. 100 40 36 35 36
Brasilia 100 10 1111
Miss 100 5 9 lii
English U ge • i
Pasco Peruvian 100 10 II
United Mexican 40 60
Ditto New 40 10 131
Alliance British k Tor. 100 • 10 111
Monitor - - 100 3 101
&kik boa Comps/ • 100 LS 13
Eiv*lcial ink et Inland 100 10 - 51 ,
The debates ikParliament, on the opening of the
Session, will be read with the highest interest. Ministers
have-pot lost a moment is relieving the country from
all uncertainty as to the measures which they have it
in contemplation to propose for alleviating the • un-
exampled distress wbith prevails, and for preventing,
as far as human means can prevent, a recurrence of the
evils which have so recently tielitted the nation. They
have also, with manliness and promptitude, declared
their intentions as to the course they are to follow on
certain leading points of commercial policy, which
cannot too soon be made known.

Our Readers will remember that when the late panic
raged in the City, and when the Agricultural classes
began. to congregate. for the purposes of petitioning
Parliament to combine the present restrictions, we
stated that such interference was wholly uncalled for,
as there was no probability that any legislative measures
affecting the Corn trade would be proposed in the
course of this Session, the prevailing distress having
unhappily superseded the necessity of new enactments.
This opinion turns out to be correct, as Ministers have
declared that they have no intention at present of pro.
posing any Parliamentary measures on the subject of a
Free Trade in Foreign Grain. They hay, also resolved
to stand by the measures they have already commenced
for liberating our foreign commerce from the trammels
of monopoly, especially in reference to the Silk Trade.
Ia regard to the Treaty with Brazil, they have declared
thakcertain stipulations had been entered into without
their instructions, and which were not, and could not be
ratified.

The remedial measures which Government have to
propose, relate 'to the security of our currency, and;
they ;re two-fold. Taken together, they meet our
entire and hearty approbation, as we doubt not they
will also reedye that of the country at large. The Bank
of England is to surrender its exclusive right, so far as
to permit, except within sixty-five miles of London,
the establishment of Country Banks, with an unlimited
number of partners-..white the issue of one and two
pound notes, whether on the pert of the Bank, or of
country establishments, Is to be restrained—and this
arrangement is to take effect within six nsontbs, We
have telt it our duty to maintain, that the extent of
country circulation had been very greatly exaggerated.
We believe, also, that the country issues were an effect,
and not a cause of the late mania for speculation;
inasmuch as the drain of capital occasioned by Foreign
Loans, must, in spite of every effort of human legis-
lation, have been counteracted by an increased
l.paper currency. We likewise contended, on the
clearest principles, that increased security for the
solvency of country banks, unaccompanied by a re.
straint on the magnitude of their issues, would fearfully
aggravate the evil against which itwas intended toasuard.
and ultimately drive the precious metals out of circula-
tion: But by restraining the issue of small notes, combined
with an unlimited partnership in private Banks, there
can be little question thit increased security will be
acquired, arj doubly so, as excessive issues will be
prerept:(l. (;01411 from the demand in which it will