The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-05-07
&urope.
IMPERIAL PARLLHlTE.N7.
HOUSE OF COMMONS.
MONDAY, MARCH IL.
c o M NJ E CIAL GRE DIT.
(CoNTINuED.)


c ON MER CIAL CREDI
(coNTINUED.)
Mr. Huskisson thought the attention oil
Parliament ought to be particularly direc
tea TO the means of relieving one class oil
persons whose, embarrassments involved
many industrious members of the communi
ty IN the deepest distress; That class OF
persons TO which he had alluded was the
manufacturing class, These, from the ST.
tuations IN which they stood. had not bro't
the calamity on themselves by their i'm
prudence >and unjustifable speculations, &
they did but execute the orders thew had
received from the merchants, and were dis
tresseu in consequence of the later being
nnaoie TO make the proper returns. Not
wth,tanding the doubts which must be felt
on the subject, as we'll with respect to the
efncac! OF the plan, as on account of the
incon' enience which might be expected
tn arise from it, in case where the ueces
sity was SO urgent he would not oppose il.
or n any way obstruct the measure i'm its
progress. The Right Honorable Gentleman
VINO mad Just sat down, had said he cunsl-
aereo the cause OF the stagnation at present
Cuiapiained az, to arise rncipally from the
circume arce of the mark. OF the Cont :
nent being shut against our Mere andlze, <
mad contrasied the ssate of things at pre-
sent with the situation oil aff.irs IN I7o3.-
1 such were tile cause it would not be o
nm subject OF great slarn, but this he
was oecldedly OF OPINION it was not the
case. he progress of the French arms
mad been gradual, and had that becu the
cause III our commercial embarrassments
they must have Come progressively on. in
stead OF bursting on us all al once The
Report contained little more than the theo-
nv and doctrine of two respectable persons
VINO lad been examined by the Committee
toSe ner with the opinions of the Commit
tee thereon, with which he was not satisfied
lhey had stated it tn be the opinion of the
witnesses tina; relic from Parliament should
be given as III 1898 II was rue they adj.
United the circumstances of the case were
dlHerent, ous this he thought was not e.
hougn. They ought t. have been more
eXPlicit' and stated wherein that difference
consisted. l., 1898 the commit ee appoin-
tsot inquie into the subject, stated in their
rep 1t that the sudden discredit IF a consi-
deranie guam ity OF paper, from the failure of
diff' rem bank caused a scarcity of the
circulating medium. which could not he
immediately replaced /; on this subject the
committee gave 1T as their opinion, thar the
circulating medium should be increased
ner Report concluded by saying, an eoui
vaient ought to be furnished for the circu-
latng medium, which hSd been thus sud-
aehiv Withdrawn. stoppage having ia
Ken place at one house a suspicion imme.
diately fell on all the rest, and hence The
scarcity OF the circulating MEDIUM. was ma
turaily to be accounted for on that occasion.
WITHIN three months after that with all
me marketsof the Continent open TO US, the
markets and manufactures of ENGLAND
were IN state of total staghation. The
pubic securities we're excessively deDrecia
quer Bills were at forty per cent
discount, and Navy Bills were at 10 or II
per cent. discount, and it was impossible n
gam discount for the most iDconsiderabIa
sum. AT present all Government securities
ms cad OF being at discount, bore a Pre-
'hiuh' we now ind with a loan hanging
over US amounting as he was confident to
not less man 23,000,000l. that Excheourr
Bills were at premium, and no difficnItr
was experienced in obtaining dis
Count for bill prope ly endorsed with go cd
names he was given to understand thst
mat mornlng yesterday Navy Bills had
oeen discounted at and half per cent. |
WINE the public paid on them but five Der
cent. interest. The complaint at the Bank
was not that Bills were constantly comiuq
n to be discounted, but that there was
want OF such coming in for discount. The
business IN the money market was very
Inherent TO what 1T was in 1898. Then he |
persons who would discount bills were the
persons not to be found, now that there wa.
A scarcity OF the persons wanting such ac |
commoda'ions. In the year 1898 there wa,
general tall IN the price of goods. 1t was
no. as IN the present instance, confined to |
any Particular class. Then all articles were
affected by it, and from this circumstance
arose the cause of the shortness OF lis dura. |
ION In 1898, the Causes of the pressnt
; agnatlon were not thought of; no e over
lrade, no g!ut was then complained o. but
ne olhculties OF that day arose merely
rom the circumstances which he had al
ready stated. The Right Honorable Cen |
Ileman then took view of the state of the
circulating medium in 1897 and 1905. In
me latter year the issues of the Rank q
mounted to but IL millions at the present
Jay they were increased to IS millions. -
men discount could not be obtained ON the
pest securities, and nobody Gould be found /
~ Whom It was wanted. At prestrt the |
nahk' far from Combining itself TO assisting
ne commercial world, lad purchased Go
Vtrnment securities to considerable amount. |
ne wished the report had been more expli- |
ciL In the Report of 1898, and in the Re
poft winch appeared with The names OF Mr.. !
ihorn'on, MIR. Cbiswell, &c. It was stated |
mat at not one of seven of the principal
houses could any accommodation on bills be |
In that year, however. he re-
mem0ered there was hardly one house of
those which stopped payment which did mn,