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

THE ADDRESS.

His Mokony's Speech having been read again by Lord Gwent
(tom the WOOLISCii, Ind bythe Oat ladle table;
Lord VERULAM rose to move On Adtftesr to hi,
Majesty. In doing this, he did not conceive that lit,
undertook a very difficult task, for there was no great,
national and irremediable calamity to deplore, no
widely extended warfare to lament. Generally speak-
ing, he had, on the contrary, to congratulate their
Lordships on the fortunate situation of the country,
but man was burn to trouble as the sparks fly up.
wards ; hence had his Majesty been compelle., to allude
in his Speech to some circumstances which had pro-
duced temporary injury. The first was that extraordi-
nary and unlooked for panic which had seized on the
monied interest of the country—the more extraordi-
nary and unlooked for as the quantity of money on
hand last spring was greater than he had ever known
it to be. This, in fact, was one of the causes of the
evil, for the difficulty of obtaining adequate interest
had induced those wild speculations, that madness after
the employment of capital, which had ultimately been
attended by enormous losses. The speculators being
obliged to draw upon bankers to fulfil their other
engagements, the distress fell upon the latter. But
although e..e run upon banks had produced the ruin of
individuals, he hoped that he was entitled not to call
those cases of ruin a national and irremediable cala.
mitt'. Though Parliament could not legislate to pre-
vent men from speculating, s tmething might be done
to check the danger of speculations. this subject was
recommended to the serious consideration of the Legis-

lature, and he hoped that it would not be in vain. 1.
also wished to call the attention of the flquse to the
Manly way in which the late embarrassnients had been,
met. When they recollected the .enormous . sacrifices"
made by Merchants, Bankers, the Government, and
individuals, to sustain public credit, they would find in
them matter for congratulati:m. Those sacrifices would
keep the national credit in a better state than it„ipai
before, whilst the experience of past calaiiiity would
teach- speculators better wisdom and greasier
ton. The other subject to which it had been.his- kto
jesty's duty regrettingly to allude, was the coutinuance
of the war in India. But this was a war which had.
not been entered into for extended empire, bat to
maintain the preeminence of onr national character,
without which it would be imposs.ble that our domi-
nion and government in the East should exist. Ho
trusted that the continuation of those exertions which
bad already been crowned with so much success, would
hang the war to an honourable end, and would serve
to consolidate our empire. . The Noble_Lord then hav-
ing turned entirely towards the Woolsack, became
almost inaudible below the Bar. He was understood,
however, to join in his Majesty's congratulations sea'
specting the improvement which had taken place and
the tranquillity which prevailed in Ireland. With re-
spect to the Treaties and Conventions which his Ma.
jesty had directed to be laid before the House, they
could not fail to meet with their Lordships coacar.
same. as the object of the negotiations had been to carry
into Wert those very measures which they bad sanctioned last year.
Feeling, therefore, that it was un usry for him to enter into fur-
ther explanations on this point he should conclude in the words of i
the last paragraph of his Majesty's Speech, by expressing his eon:,
Aden hope that " the temporary check which consineens and ma-
nufactures at this moment experience, will, under the Nosing of
Paornisstcs, neither impair the great rowan of the country, tier
impede the coarse of national prosperity."—The Noble Lord then
moved an Address to his Majesty, which was, as usual, an echo
of the Speech.
Lord SHEFFIELD seconded the Address, •in a
speech spoken with a tone of diffidence which Bowed
little more than fragments of sentences to be heard
below the Bar. The Noble Lord were understood to
express his satisfaction that measures should be-in con-
templation to remove pecuniary distress, and place the
prosperity of the country on a mote solid basis. With
respect to the war in India. it was well known that the
plan for earrylog it on accorded with the views of the highest mili-
tary authority in this .sentry. The acs of Ireland had deeply
engaged the attention of the House last siets, and it was in con-
sequence of the measures adopted for its improvement, and par.
ticularly of a more benalkest system of education, that it now so.
joyed general tranquillity., With so many motives for taking
cheering view of the situation of the c un ry, he amid ant refrain ,
from heartily secondiag the Address new e the Moses.
Lord KING doubted whether eithey the Mover or
the Seconder had stated the real causes of the existing
embarrassments, which in his opinion With partly owing
to Government, to Banks in general, and to the Bank
of England, its monopoly, and to prolonging the exist.;
ence of the one and two-pound notes. The Ministry
had passed a law for it, and, as the alarm commenced
w th the holders of these notes, so far Government was
the cause. All its efforts bad tended to lower the rate
. of interest; for that purpose, sae-pound notes bad been
issued, and the interest on the Exchequer bills reduced.
They would all remember the memorable words of an
ex-Chancellor of the Exchequer, who said, that, if a man
were to rise in the morning and find a guinea in his
• pocket, it would be of no use; but that if he awoke
and found the interest of money reduced: that would be
' of more consequence. This Chancellor of the Exchequer
had found very able coadjutors to assist him lu the pre-
sent Ministers, for they had taken the guinea oat of men's
pockets, and had left them only the scrip or the receipt
1 for thew. AU this had been occasioned by the Bank. He
would ask whether there was any state of disordered
currency in which the Bank was not to blame? Me
.Bank of England bad always .increa,ed the disorder
' 'and. distress. If they would look at the conititotion of
the-Bank of England. they would . find _it.but a paltry'
machine. If they wished for a machine 'for the pur-

mada4.ll

pose of creating misclier, ihey had first to remove all
fear of rivalry; and secondly, (to construct it the better
for mischief) to order that the Directors should have
no interest in the profit and loss, but merely in the
mismanagement of the Bloke The lJ'rectors bad no
share, owing to some foolish idea of impartiality.—
Nothing could be more beneficial to the management
of the Bank than that the Directors should have an in-
tense interest in the profits of the Establishment, on the
same plan as all other Banks were conducted. The
machine of the Bank of England was too vast to be
conducted upon such principles, and he hoped that
they would put an end to th it monopoly. The
Bank of &glut.' had increased their issues At the
end of the year 1824, and the beginning of 1825,
as could be proved upon the auth airy of one of
the irst merchants, which their Lordships might •
see by perus ng a most excellent hook .on that sub-
ject, written by a Gentleman of the name of Tooke.
, According to that Gentl-mao, the issues of the B ink iat
April, 1829, were eighteen Millions, in 1824, they were
increased to nineteea millions, and in the year 1825
were still further increased to twenty millions eitrht
hundred thousand. He (Lord King) knew that the Mi-
nisters would willingly contt oul the issues of one and two
pound Bink-notev, but the CJusits y Banks and Gentle
men were too strong for thetit.' lie wished to ask the
Noble E ori (Livertrool) one question relative to the Corn
Laws. He understo d that there was to be a revision
of the Corn Laws. [The Earl of LivarteooL said, he
sh hufd answer by and b) el—The Noble Lotd much
feared that no -revision would take place. This brought
to his mind the disgraceful Canada Corn Bill of last
year, 'and he feared that tie disgrace of that Bill would
I not be easily wiped away. That was a measure of Go-
-1 rernment which had passed the other House. On
reaching their Lordships it was opposed by a Noble
Earl. What was the conduct of his Majesty's Minis-
ters? 44 Will you all.iw the Bill to pass for two years?
they said—No. Will you allow k for one and a bait ?
No. Will you allow it for one year? Yes;" and the
Minister took it for that period. He was much afraid
there would be no Corn Bill, and the existing Corn Law
wa
s'a most gigantic job. He doubted whether the
avarice of those who proposed it, or the impudence
of those who said it was for the public good was the
greater of the. two. What was the West India job,
which only Feuded to keip up the price of sugar,
and the Eist India job, to this ? A mere nothing.—
We heard nothing at one time but complaints against
theStluitous in Spain, for having granted the mono-
.poly of hides in Buenos Ayres, and the whole trade of
Meticoeci one company. This was called a shameful ml-
nopoly,biat it was nothing in comparison to the monopoly
.of tile foull of a whole country. This was the job that the
Aristnertrey determined to, carry into effect, but it was
rimpoixtb:le for it to continue. Ile was 'true that the
'presept august-issembly. *as the only one in Europe
Witigl4equiredit to heasplained, that cheap bread was
e.blealiss. Hi knew *A -,their LOrdships, on some
occasieus, were sharp-sighted. They were very severe
about breaking nachines. Why was the breaker to be
put dow.n?—oecause machinery' saved labour, and
therefore was productive of cheap goods. But when
Jig' game ta Corn Law-, they changed their opinion
,thy
or., if cheap labour Was necessary, ought not
cheap food to be necessary also ? We were told that the
Agricultural Interest required protection, and the dif-
ference between the duty and the puke of corn on the
Continent was so gieat, that entire ruin would follow
..
wit hout protection. If then ,so great a difference existed,
-itwas evident, that in proportion to their gain, would
be the loss of the consumers. It the measure of coin
was but two shillings at Odessa, in prop, rtion would
be their injustice in keeping it here at ten shillings. That
,celebrated traveller, Lemuel Gulliver, when t elating his
'travels in ~gland to the king of . Brvbdignag,
amongst other things mentioned the proceedings of the
present assembly, how they were occupied in adminis-
tering justice and framing laws to protect Agriculture. The King
of 33robdignag said, that he thought that they were the most con-
teiriptible race of men that ever infested the face of the earth. He
now might have added. that their Hukra were the most *IBA.
As there wail an urgent necessity for a revision of the Corn Laws,
be begged kave to move an amendment of the Address to his
klajesty-:-" That as the best means of extending the general pros.
parity of togiknd, this House will proceed, without delay, to revise
the Corn Laws on trite principles of justice and policy."
'Earl GROSVENOR was not disposed to go the same
length-as his Noble Friend, or to assent to his Amend-
ment,*though he wished the question of the Corn Laws
te& discussed. It was too important to be brought
into premature consideration He regretted deeply the
circumstance • of his. Majesty's not having been able to
attend in - person this day to open Patlianient. He
could not have b en deterred by the nature of his Spet ch
from attending, for. it -did credit to those by whom it
bad been suggested. *He had always thought it wrong
tie introduce topics a congratulation into a Royal
Speech when there was really no cause for congratula-
tion, and he gave credit to those who had abstained on
this occasion from following such a practice. It was
-said, that notwithstanding.the late commercial digresses,
the Revenue had answered the expectations of -his Ma.
jest y% Ministers. There had been a deficiency, however,
but perhaps . they bad anticipated a greater one on ac-
count of the reducliont-of various duties.—This failure
had been the effect of commercial embarrassments, and
would force Minigers to come to that economical sys-
tem' which he had. for years recommended. Had a ,
large scale of retrenchment been adopted, instead of a
sinking fund of five millions, it might have been eight,
and not-only would that money have been paid off, but
the interest would have arisen to the Sinking Fund.
He had never heard a good reasons Oven why the army
should not be largely reduced" the great popular
Assembly at Manchester had been dispersed by a hand-
ful
.of yeomanry, which :hewed. that there was no ne-
cessity whatever for maintaining so numerous an army..
gad it been done earlier what large sums would have
ilium saved, and how. much greeter would not be the
- , • for carrying on. that war, which, whatever glory
bad procured, had occasioned such Loss co( Jiloco4, and for the be-
of which, whoever had, approved of ii, had much to answer
-fourths of out army were kept Id Ireland: Under
die prescit stake of this* be that country, it might be impossible
sbee is should be otherwise ; bet If the measures cult-aimed to itunre
ipialtbre.
Isive place of that country wets adopted, an end might at once be
".ter an immense artoyoutkowimmense expenditure. The Noble
-eluded* repeatleg that he wai not prepared to support
,t of his Nible Friend. ' '

Lord TEYNHAM was understood to contend that
the army had been reduced so far as the necessities of
the Empire would allow. Had not the Government been comppl-
led to give up the Property Tax, the country would be in a better
state at present than that in which it stood. 'the Noble Lord was
also understood to express a hope that the Amendment would not
be pressed.
The Marquis of LANSDOWN did not consider
that it would be just or decorous towards their Lord-
ships to enter into the important topics mentioned in his
Majesty's Speech, without being in possession of the do-
cuments which it might be the wish or the intention of
the Government to produce. Questions so large, so
compl:cated, and connected with the whole theory of
commerce, should not be discussed prematurely. It
required deep consideration to ascertain bow far the cir-'
culation of the country should be interfered with ; what
departure sh uld be made from the established system,
and how far monopoly had been productive of the ex-
isting evils. It wus forthe House also.to consider the
possibility of administering a corrective to _thom mei*
and what should be the 'nature of that remedy. It was
the opinion of his Majesty's Gosernment that such' a
corrective might be applied, and he did not wish to call
upon the Noble Earl opposite at present to explain the ne-
tuie of this corrective or remedy, if he wished for delay.
For. nfa conceiving that the Addiess, to which he was
ready to give his full consent, tended to pledge the
House to any particular course, he did not think such
information necessary before he gave his vote. He
admitted that the Corn Laws must, sooner or later, be-
come the object of due deliberation on .the pact of both
Houses of Parliament, but he differed frosts his Noble
Friend (Lord King) and was not disposed prematurely
to pledge the House on the subject, or even to call for
lan opinion, unassisted by the information which he had
reason to believe Government endeavoured to procure.
The state of the Currency was to be considered, as well
os she Corn Laws and that of Trade, but the whole should be .
bilked at In &siemens! connection. He had now said enough
,no preclude hineself. and he hoped the }hue*, from going at
=i Mtn lbws important questions, and he invited the Noble
f be so desirous, to delay to a future day his expla-
nation of is mature of the corrective which it was his inten-
dsa to prop* With respect to the state of Ireland, he should
Übe issadaseappestamity at calling the attention of their Lordships
to do
Thiestgasrl of LIVERPOOL also thought that it
would not be doing justice to the House or to the sub-
ject, to enter at once into the consideration of those
topics of his Majesty's Speech which involved such im-
portant questions, particiilarly that which related to
commercial difficulies. After this statement, and the
opinion expressed by the Noble Marquis and others, he
felt that he was not called upon to engage in a full discus-
sion of those subjects. Yet they were ibt too mach public
interest I.ir him to use anyi elm ve as to t 4 general nature
of the remedies or correctives which his bl-jesty's Go-
vernment had in view. But before he stated it he
wislOssloppiainianniallahlgpallanktentioll to, Con-
vulsions which had occurred. They bad aft been
wholly unexpected, at least they had net been wholly
unexpected by him : for, in the month of March last:he
had taken, or rather he had created, an opportunity of
pointing out what effects he conceived the spirit of rash
speculation which had seize] upon the country would
produce, and had given lair n )tice that if those conse
quences arose which he expected sooner or later, the re-.
medics which had been applied on former occasions
would not be repeated, in order that the parties should
know that if they rashly ruined themselves thez must
abide by the results of their own acts, and anticipate
no relief. He would not follow the N 'ble Baron in the
various causes to which he had attributed the late diffi-
culties, though at a proper opportunity he would not
decline entering into the discussion. But one cause was
so obvious and so paramount, that even if he were dis-
posed to allow that it had be?n egg avated by others,
it was completely sufficient to account for that general
spirit of mad speculation which had pervaded the
country for the. last two years. In noticing that spirit,
he had stated last Session that it was not confined to the
metropolis, but that it had extended itself to the country
through the medium of the Country Banks. It was
diificuk to procure an exact account of the issues of
those Banks, but he was in possession of a document
which contained the best attainable information on the
subject. It was known that all country notes must be
stamped ; now he held a Return of those which had
been stamped for the last five years. By this Return
it appeared that the number stamped in 1821, 18`22, and
1823, was four millions and one or two hundred thua-
sand, varying only between one and two hundred thoa-
sand,accor ding to the wants of the count, 7.10 1824,whea
the mad spirit of speculation began, the number stamped
was six millions, and in 1825, when it raged ac its
height, eight millions; so .hat in the last year they
doubled the amount of the three years 1821, 1822, and
1828. Was it not sufficient to state that fact to account
for all the effects which over-trading and over-speCula-
tions had produced? He would n t deny that during
the same period there had been some increase in the
paper issues of the Bank of England, but it bore n,o.pro-
portion to that. He stated this as alone sufficient, to
account fur all the results of the pecuniary transac-
tions of the last year. The Noble Baron had•charged
his Majesty's Government with being a party to
the creation of those embarrassments by its de-

sire to lower the rate of interest. Had any forted
measure been introduced by Government to ope-
rate on interest, it would certainly be liable to the charge.
But the rise in the amount of capital and the lowering
of interest were the consequences of the prosperity of
the country,and the Government would have been highly
blameable if it had not availed itself of that opportunity
to reduce the public burthens. It was by doing so
that it had been enabled, at one .time, to diminish the
interest of the National Debt 1.400,0001. at another
300,0001. They would not have discharged their duty
shad they acted otherwise, when, by following -the .na-
coral course of things, and not by.a. forced measure, it
"IS in their power to attain such important ends He
had said that he would point out the general nature of
tbe:reniedy intended to be applied to the present evils
,For overtrading. and speculation no entire cure could
be found in a legislative measure.- It could only pro-
ceed from individuals being duly impressed with a sense
of the danger whisk they incurred. Pailliatives; how-
over' might be applied, and the measures which Wet. is
contrail, lation• rte not new. Bull of them,.on _a for-