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

~.

.% e

. ~

er occasion. had been before, the consideration of the
public ; fitly what causes t had failed it was not
necessary itkpresent to Inqube. Their keneral object.
vras..to impose sortie cl eek on the' issue of small notes,,
ac' riling to the plan- stiggested bay his Nobie Fliend,
near him (Lord Bexley) and to make ails,. aitange;
ment with the Bank of Euglandi He had na difficulty
• .in stating quit the first measure would be a regulation
• by which tine and two.pound notes would be gradually
•• • withdrawrifiom circulation apd a metallic curreneY
would be t-übstituted in their Stead. The other plan
had become essentially important and necessary. He
should not join in t!ie reflections cast by the No'ole Bi.
fon opposite. on the Bank of England, but he would
admit that he bad been satisfied for years that the
• country had grown too large in its interests and
conitlercial transactions for the exclusive privileges
.of that Bank. They bad been highly useful at an ear-
ler part of our history, but now their operation
aas,.Xejutiotis. Any tradesman, however small—
. a eheesemonger, a butcher, or a baker, may open a
bank in the country, • and the operation of the law
. *lowed it. But if a solid body of men, with a sufficient
• eapaaTto intrry on banking effectually attempted it, the
law wcitiklinit permit it. When the country got into
such,a_fiate that the :Bank of England was no longer
• sofficieht or. its necessities, it would have, been fit to
loolrfor.the.means of founding solid Banks, and not to
• allow Bank's of a different nature to be established. But
. their.tordships must recollect that the Charter of the
Dank of England, did not expire till • IS3S, and that it
stood in.the way of any but an amicable arrangement.
Though it'would not be possible, therefore, to obtain
the seine advantages as ir that Charter had ceased to
exist, the Bank of England had been induced to give
• up so much of its exclusive privileges as regarded the
country, and the establishment in the country of
• Avanchesof its own institution, which lie thought would
be attended with great benefit to the public. He bad
thought•it hatter thus to explain the general nature of
• the meautOs in contemplation, than w use any reserve
oniins suhjact. With tespect to the Corn Laws, be
Iliad go hesitation in saying. that, in his opinion, it was
*likable, that sooner or later the whole system should
• *envied, but, that it was a question of time, and that
- it.ras sot his intentiont or that of his Majesty's Ministers,
to bring forward any general measure on the subject
during the present Session. Ile did not see anything
. in the state. of the country which called imperiously for
• any measure of the kind. He had spoken of a general
one, because there was a particular measure respecting the corn of
Canada, which it was nut necessary to revive this Session, but
. Which, In his view of the subject, must be revived during the present
tor the next: • He had not yet come to a Seed determination on •
that pointhowever,and wished to keep kin reserve. With respect
to the inquiry, of a Nobk Earl, why his Majesty had not attended
this day to ,open Parliament in person? he did not know why
. there should be such prying, and why such inquiry had been made
hear)—but having once been Introduced. he thought it his
ditty to. state, that his Majesty's absence from that Homo this day .
was on account of indigiosadon—( Hear, hear).
_Earl GROSVENOR only meant to express his regret that his
. .Majesty should not have been able to attend in person. He also
• wished to know what would be the scale for gradually withdraw-
his One and two pound notes from circulation?
• The Earl of LIVERPOOL replied that that eras a questioa of
. detail, into which he could not at present enter, and on which it
would not be fake° press for an answer. He had no objection,
Isowreer, to state. that it was intended to begin by withdrawing
• • the Bank of England one and two pound notes from circulation,
• from plaith the Noble Earl would recollect they had already been
•• once withdrawn, though khad been feundOtessaffillba&w of
. heing, i•k 14)0:
• '`• TheTialt of CARRARVON feared that the pros-
iserity..of the country had arisen from that measure, the
airtillation of one and two pound notes, which had
• • • done good at first and harm after. He trusted, that
whichever the question came to be discussed, their
lansiiihips would not take it in parts, but the whole at
once. If his Majesty's Ministers could obtain from the
Bank of England the means of giving greater solidity
to Banking establishments, such as they enjoyed in the
not parts of the island, they would confer a great
benefit on the country. It was worthy of remark,
however, that the greater part of the currency in Scot-
land was a paper currency. If we might look forward,
as the nature of the Speech from the Throne seemed to
indicate, to years of peace, let those years be used in
• placing our country in that state in which it ought to
stand, bat which he feared we had sot yet attained sufficient know.
leitge to establish. lie objected to altering the currency by a
graduated measure. This had already been tried and had done no
gitod, and the sane effect had been produced upon the silk mania-
* factswers. BIY allowing them two years to prepare to meet foreign
impOrtation,St bonus had in fact been given them to overstock the
. market, the consequences of which they now expetienced: whilst,
if oily a few moths had been allowed, the dilSculty would have
been avoided,,and their present distresses prevented.
The Earl 'of LAUDERDALE thought .that too
. .
much 01 the existing evils had been attributed to the
state of the currency. He had always considered that
I Paper currency, convertible into geld on demand, was
ai safe* any other. Them was cause enough for the
.difficuhies into which the commercial world was in-
volved,•without laying the blame on the circulation.
Let uslook at the actual demand for capital. In the
. course of the last year. 17 aallions had gone for em-
ployment abroad. Had the country been plunged into
a war, and a loan of seventeen millions, beet pro-
poised, would any gran have wondered that an eff.mt
should hays been . produced oa the currency? Why
• 'should not the removal of seventeen millions of capital.
An 'lad speculations, act in the same manner as a loan?
The reattvil was -the demand on the capital of the
onuntey• and it would only be corrected when that de.
Anstid phojed grow less. The best merle of discovering a remedy
• would•be, io look at the payments that were to be nude, on so
nalinf WAY and other Companies, and t• 'ascertain their amount.
' diking*_the recollected. one and two pound notes had formed the
bulk of the:currency. If then, his Majesty's Ministers speculated
folt a remedy on their abolition, for Goo's sake let them not extend
' that remedy to. Scotland. where the circulation of such notes had
• been carried on so long and so prosperously. •
• Lard ffinto's Amendment not having been seconded, was not put,
• • intl.4lse *eights! Address was agreed to, ntorside contradieente.
•-:- iOn the motion of the Earl of Lersaroox, the usual Chairman of
the. Committees (the Earl of Shaftesbury), add the other Of
.if the *l9llSe, were renappointed•for.tbe present year.—Adjourned
till ffionitar.

HOUSE OF COMMONS.
• This day the House %pet pursuant to his Majesty's Proclamation.
The Sesaxes mitered the House of Commons at half-past two
• eeieeg. Immediately afterwards the Deputy Usher of the Black
• 'Rod summoned the Members us *trend at the Use of the• Douse of
Lords, in order to hear his Majesty's Speech on opening the see.
aims ; when the Sriamta, accompanlearby several Ale:Matra, pro-
ceeded thither accordingly. • -
.• . - -. • kw" yRITS.
„ At hilt-gait four o'ciciet, the Spgsfas again teeth the Chair; and
` . -sliottly after informed; the•Hosierthat pursuant to the provisions
• ' ''• *•' *Of ti* nth George 141-, la‘ had, ;face the , vorogation, issurd his
: . • •: •roNsita Smith" electiqu. of ildiembers fur the Serener of "Banbury,
• .ri .;.sake ;mopes Of btewpotta44 the' BorMigh 61 cords Castle, is c0n-
....• s:• • • cri *lke asceptirite of 'an Mike by• Vie Representative of
oe, andotbe-Eisfatb adhere of fltesothets:.
NIGHT moved a new Writ for thillOroiigh of Wee-
r •feri .1 111 V roost of Charles Mills, Esq. deceased.
:n -fie Catodeichse Outlawry llill was then read a first and se-
toad time.

.•

J , •

• • THE KniG3 *llOll. - the healthy condition of that great' ettablishmentorih is.,
'The SPEAICER row to •aeqtral it the hat 1 ' and ably adepini.teryd reliirdoring
to hear his Ilaipay'r which, trf ' a . surrounded' it: Mid*, Oho c'bs.erire4
ender me Great illjial, Was test iso WM. :c,._ as
WisligalerJolt ti# iliablrn.o . ,in 4ke m convoy last ear could not Otherwise
:Cesuktactia, able* feontiam.mition. ' TO pnreent
ladiresseured a coop of .the Speeds; *hi* pith 0- but thdt thlye was very considerable
and, whatever the face might be, the;
the. Home, Ise waist read aloud. . ified the Moir f. Under 'these circum-
The Smarm then read 'his blaiisty's .
_ partial interference mi't't be expedient:
of which appeared in the STA% of yesterday.)
THE A L.MItEOI4- -- • —' - but it would still be the duty of the House to leave corn.
Mr. STUART WORTLEY, pii. (attired in full mi- mercial transactions as free as possible. By proceed-
litary costume) now•rose, for the purpose'of moving that ing cautiously and wisely the House might be led to
an humble Address be.presented to his Maje.ty,thanking strike in a material degree at the root of the evil ;, and
him'for the gracious 8, eech which this House had just perhaps the most effectual interference on its part would
heard read. The first point to which he would call the be to guard against the indiscreet investment pf large
attention of the Hinise was, the shOck Whch commercial capital in unsafe hands. Scotland was an example of
credit had lately sustained in this country. . This was a what a vast portion of paper currency was capable of
'subject in which all were deeply interested, and one being kept in circulation without that breaking system
which ought to be looked- at manfully. There was no which had so often been observable in England ; and
reason, indeed, why we should think of it or speak of it Parliament might, perhaps, be enabled to profit from
without firmness. The crisis was now past, and though its example, in providing the means of public secu-
it had borne bard upon the community, it was not alto- rity. Whilst these temporary embarrassments had
fether without parallel in some of its most important occurred in the commercial transactions of England,
eatures. In 1793 and in 1798 similar distress had. oc- it was pleasing to turn to the state of the Sister Country.
curled, similar difficulty had • been experienced, and Every true Englishman felt a natural attachment to
similar failures had taken place. 'ln 1793'a150, we were the interests of Ireland ; and would be gratified on
about to engage in a foreign war, which undoubtedly finding that tie House was no longer called upon to
tended to increase the alarm which then existed in the pass an In,tirrection Act, or enforce the payment of
commercial world. In both these cases the mischief tythes ; whilst education had spread rapidly over the
might in some measure have been charged, and was face of that country. It appeared also that every
charged, on the Government, inasmuch as it had recommendation of the Government had been attended
engaged the nation in
.a war of which no one could to, and there was every readiness to inquire into the
foresee the termination ; but in the present case VG state of that country. M inufacturers readily placed
such blame could attach to his Majesty's Ministeit.— their capital there, and soon the great Landed Pro-
The causes of the late alarm, and consequent mischief, prietors would have cause to rejoice in its prosperity,
were various. If we looked back to the commence and partake of its benefits at home. With regard to
ment of the year 1824, we should find tha!, instead of South Americ ~ England felt satisfied with her con •
the alarm in consequence of foreign war, which had nection with the existing Governments in that quarter
characterised 1793 and 1798, there was not only peace of the world. Though she had never any apprehen-
with every Power, both in the Old and New World, lions, still she avoided everything that could in possi-
but also a great apparent superabundance of capital, bility be deemed rashness, or which might, by possi-
' which gave rise to foreign loans and other speculations. bility, lead to:a war with any other Power. A nation
IThe course of the exchanges with other nations had most: AO upon safe, upon permanent principles; and
consequently been turned against us. The great cause, England, as far as respected these States, appeared in
however, was evidently to be found in the banking her usual dignified and proper character. The Hon.
system of this country, which, by limiting the number Gentleman then adverted to the state of our National
of partners in the country banks, and placing no re- Revenue, which, notwithstanding the drawbacks upon
striction either on the nature or amount of their issues, it, occasioned by the recent commercial-distresses, had
laid a folindation for fraud, and furnished a temptation nevertheless, on the whole, not disappoin.ed the expec-
to it which, it could hardly be expected, would be re- tation which had so rationally been formed respecting it.
sisted. The consequence was, that the circulation 'of H. then paid a high and just compliment to the great
the country was frequently in so morbid a state, that ability and assiduous attention of the Chancellor of the
confidence only existed while gold was abundant. Exchequer; and glancing at the general state of the
'He felt assured, however, that the late storm had been country; he observed, that its trade, though partially
productive of good, and that the. public 'would ulti- embarrassed, had on the whole decidedly flourished ;
'mately reap from it the most signal' advantages. 4 The whilst its finances were highly prosperous. Ireland had
-Bank of England had, from the manly and liberal advanced in industry and prosperity ; and to whichever
manner in which it had come forward to mitigate, if quarter we turned, the prospect of future happiness
not to avert, the difficulties which had lately prevailed, ;delighted our fond view. It could not be said that our
risen high in the confidence and esteem of ,the co',rntry, national resources were otherwise than in a prosperous
-and he trusted that the country would not readily forget, state, notwithstanding the late occurrences, the attend-
its generous interference. When the South Atnerican ant evils of which were purely temporary—unproductive of any
markets had been first opened to the c•
Ommercialenter- _consequenceen that couldon Honourable
eteprove injurious to the interest
Gentleman concluded by *mod*
prise of oar countrymen, similar distrdss had ensued to 1 AddrtZ
that which bad lately been felt; and in both cases the The Address lining been read by the Snares,
evil bad evidently arisen from an immoderstd inchil-'. Mr. BROUGHAM professed, that if ever, in the
peace in the freedoM of trade. There was, however, course of Parliameetary experience, be had been led
in the present instance, another cause to which be :to regret the disaseof,the ancient practice which placed
would merely allude, but which.bad undonlitedly as-, the Royal b in the bands of Members some short
sisted in banging -about the late crisis--the notribina, Apo before they were called upon-to glee their opinions
lions among the
.workmett.. in different-parts' of the upon, it, he doubly regretted.the disuse of that custom
*kingdom, in consequence of the repeal •OrtiaeNd Wes% now. As this olderlirractice,• however, was stow de-
on that subject, and the :chief of. these was 1.14 corn- pa tea from, andithed became customary far Parlia-
hinatien of the operative manufacturers at Bradford, anent to discuss the Royad'apaeches without so much as
which. had lasted for thirteen or fourteen weeks.— baying an hour, or indeed- any time at all, for thinking
He teapot opposed to the principles which'had ,been about, or making Ur their minds upon, them—as he.
lately actectupon by Government, in regard to 'the in- was called upon, subjett to this arrangement, at once
tertial and external •industry of the country; and felt 'to assent to, or dissent from the Address, or to move
perfectly confident that time would effectually cure all an adjournment--...which, let it be .understood, he did
the evils which had resulted from them, without any not mean to do,—under such circumstances he rose
-interference on the part of the Legislature. He would merely to guard himself against its being assumed,
therefore express a hope that those evils would not be that he assented to any of the statements, or con.
charged to the new system, which, as Ministers had ex- curred in any of the doctrines laid down in it.—
pecteris bad already begun to be acted upon by other As to the Address, it was in fact in the House little
countries ; and that, instead of being opposed in their else than matter of form, yet it did certainly always
endeavours to establish the commerce of the country on go forth to the public as if supported by a great deal
a beneficial and permanent basis, they would be encou- more of the concurrence of Parliament than it actually
raged to persevere in the course which they had enjoyed rand he (Mr. Brougham) was inclined to think
adopted. Conventions for Commercial Treaties had that the country would be very little satisfied to find
been entered into between this country and other the distresses under which it laboured treated so
States, both in the 0%1 and New World, which held out lightly as in the Address now proposed. The distress
, every prospect of mutual benefit. In regard to the under which the country was suffering, was mentioned
South American States, the utmost fairness had been as something not very universal—not very serious ;
used on our part, both in endeavouring to settle the and confined pretty nearly to one branch of the
differences between them and the Mother Country, and commercial interests of England; while he (Mr.'
in the recognition of their independence. There had Brougham) believed it was most serious, widely spread,
been 'no stipulations, no bargaining, in any shape what- and not confined to any single branch of trade or :peen-
ever ; on the contrary, the whole had been conducted lation, but eatending over a very great many, if not over
and concluded in a spirit of the most perfect amity and all the most important trading relations of the kingdom.
good will. Of our own territories, but one portion,
and that a distant one, was disturbed; and though In the midst of all these calamitous circumstances there
was one fact which pleased him, as it shewed clearly, if
from the nature of the climate the war was protracted to a longer
any
period than was expected,' from the valour and conduct, of oar argument were wanting to show that truth, that the
army, no doubt could be entertained of the result.. The irate distress, whatever might be the cause of it, was in no
the revenue was also a source of high gratification; and, though, way owing to that more liberal, and he should say wise
from certain circumstances a deficienty was visibly la the last
Quarter, the result of the whole year was most favourable. Ireland and just system of commercial policy, which had
lately received the sanction of Parliament. If the
was peaceable, and a spirit of content was diffused through her
Provinces. The tion.*Member concluded by moving the Address, ry suffered had been
distress under which the count
which was, as usual, an echo of the Speech. confined to the si.k trade, some argument might have
Mr. GREEN rose to second the motion of his Hon. been raised, that the new regulations in that trade had
Friend. Situated as the country was, owing so much of produced it ; but as cotton, wool, money, various other
her prosper ity to her manufactures, it %omit ill become branches of trade in the country, were Suffering in an
the Government of such a country nut to come forward equal, some in a greater degree than the silk, it would
and declare boldly and manfully, before all around, be quite in vain to charge the new law, which moreover
what it thought on the present occasion. He should fall hid nut yet come into, operation, with having had any
far short of his Hon. Friend, were he to attempt to lay shale in ;cresting the calamity. Independent of his
down the causes of the present evils, which have been belief that the distress in the silk trade was referable to
so ably adverted to by him. In reference to the years causes entirely different front the late measures
11793 and 1798, and their attendant calamities, there touching that trade sanctioned by Parliament, those
was a strong difference between those periods and that who set up the contrary opinion attempted to sustain
which we bad just seen. '[he first of those periods was it by arguments, or rather by assertions, which had
marked by the opening of a war, and the other was no foundation in fact. They. said, " the experiment
subsequent to that period when the war was still being has been tried ; it has failed; and distress is the
continued ; but the present times mere different— result." This was not true ; for the experiment had
when enjoying a profound peace, when our manufac- not been tried, but remained to be tried, and therefore
turns were flourishing and the country enjoying it was impossible that distress could be the result of it;
every apparent abundance, a sudden and unftueseen for, those who were loudest in complaining of the late
shock took place in the mercantile world. -One point alteration, would find, that if any part of the new system
of similarity was, helever, observable b:tween that had done harm, it was that of which they themselves
time and the present. Interest was then low, as it would be the last to complain—the diminution of the
now is; manufactures were prosperous; 'Bankers is. kapott duties, and returning of the money, and that
sued beyond their actual posiessiona ; the people called ' there had been no change yet whatever in that pat
upon them to perfcitm their promise of payment, of the. arrangement which kept upon the foreign
and thus was crewed a somewhat staidly sensation manufactured silk, for the next six months, a heavy
to that which. We bad lately 'felt. Capital was: ,fu protecting duty.
.In the midst- of all that suffering, it
plentifts),, that I was • eastfor- the wil lest -spec.- was a most painful thing, and it might seem an indeli-
hoot to, Mein with .a, ready idventno t, , Win) wart cam une,-;-at all events it was always a thankless task,
willirig to ro4 • his lokutte open •itt hazird. .
ili...wal ' -:49. tell.. people that their distresses were in any
not, theft-fore, to' be wondered% at shit -matins degree *64- imputed to themselves ; but it was Iris
turned out so unfortunately as qsAy had. In regatille (Nfi.-13i6ughatn'*) duty to say,. that in hi;opiniong the,
the Bauk of England, the natioh .croild not but adMire .tOot of tl.c di:ire,: in the 's Ik-trade; as - well as most

•168206/11• • fill •••IMUINI•7 ‘l, • MM...
Me liouge-that be had Wen
liswirtue eta rio. :h4fr so
..promptly
pd Gamma," ilbeCldielititi tilirt
.
'‘,ITO pereent mi
in 4ke oroonn
$ 1141 isieresaed but
ate mate of.the ea
4141sPiti the perm 4, capita-within it t
•
's Speed' (a _verbatim "s"), hOPettrence justifit
rday.) -motes some part