The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-05-03
Gurope.
IMPERIAL PARLIAMENT.
HOUSE OF COMMONS.
81 MONDAY, MARcH11
9 0 NJ NJ e II CIAL EDIT:

The Order of the day having been read,
on the motion of the Chancellor of the
EXchequer the House resolved itself into
a Committee, tn consider the Report of
the Select Committee, on Com mercial Gre
dit. ,,.,.
The Chancellor Of the Exchequcr said.
that IN rising to submit to the consideration
OF the Com mitteefof the whole House the
result OF the inquiries of the Select Com
mittee, appointed to investigate The present
state OF the Commercial Credit, aud ente r.
tanning the intention of proposing to the
communities TO adoPs eho-u re com mem
qed oy the Select committee, he thought it
necessary To state thar he should exDress
ms OPINION with great reluctance, aud not
till after very serious consideration He
admitted that Parliament ought not 20 be
called upon: nay, he con ended that Parlia
ment ought not to be called upon TO inter
tefe tor the purpose of providing agsinst airy
mIstortunes to which incautinuS adven,urers
might have exposed themselves; because
ne conceived that. reasoning on general
principles. such an unqualified interference
wouid nave a iendenc,, by relieving the APP
pr ehensions of individuals with respect to
the commercial speculations in which they
might have engaged 10 diminish the caut,-
on so necessary on 'hese subjects, & which
was the best check IT, rash and ill-advised
adventurers. But while he stated this as a
general principle, he yet apprehented that
ehere might DE great exceptions to the rule
and that the question mus, always be as 20
the merits ut The particular case OF this
he was at least persuaded that those Hon.
rablc Gentlemen, who ayr ed with him
thai ne similar intertei ence of Parliament
IN 1873, was wise and necessary could not
now broadly dery IN toto tie expediency Of
such an interference They might agree
that though fitting in 1895. the int rferenco
was noj hitting at present. But they could
not assert that all Interference was impvo
per at any time s4.icstion, he repeated,
must be on The circumstances of the part
cliar case; and he Conceived that the re
port of the Select Committee afforded suffi-
cienf grounds for the motion with which he
should eonclpde. The consideration OF this
Important subject divided itself INTO thry c
heads First the nature and extent of the
evils which the .pauufac turers and com
MERGE OF the coun- ry were enduring. Sc
condiY, lie causes of the evils--.And th;rdIy
the msasWies by which the evils might
with the greatest proba biIity be removed
WHh respecf to the first Of these considera-
lions, he unprecedented there could be M
difference OF opinion what ever but that the
mature and extent of the distress, describe
IN the report of the Select Committee, rem
dered 1t ADVISABLE that Parliament shopid
ADOPT some measure by which that ey,
might at least be diminished. l. appeared
distinctly by the report that the distress. o.
regulating with the merchant. and disa
bling MIN from paving the manufacturer.
was teit most severely by the manufactn-
rer, and those employed by him. All the
princlpai manufacturers had been corn
peiisd TO contract and some wholly to SOS.
pend their works ----It appeared bv the
nufacturer in the kingdom who had NOT ali
rninished bs one half. the number of per-
sons employed in his mill and that many
o, the smaller manufacturers had disch ar
ged their people altogether. It appeared
.iso, INA, those who were retained by the
hrst description of manufacturers, were re
,ained at reduced rate Of wages The
must necessarily be, as thew
were represented 10 be in the Report of the
select Committee, that the most caIami,ous
distress prevailed IN many OF the manufacug.
ring districts. The Report also stated that
the merchants who traded with the IVES
tern World not being able To find AN ado
quate mat et for their produce, this circum
stance aggravated the distress of the MANI
'acturers and the whole operating upon
the other branches of trade, although not
immediately connected with those to which
ne mad referred. produced general want of |
confidence, and suspension. Of credit, which |
required the application Of some ADEQUATE
SO much for tie extent nj fhe
evil. With respect to the second consjJe-
ration, namely, the causes, IL appeared pref
~ plainly that the whole had originated
from over extensive speculation TO th. ports
OF South-America These SPECIFICATIONS
tailed In meeting ready market; and in
many Gases the commodities BROUGHT bact
IN exchange could not be disposed Of. owing
20 tne market being overstocked at home. -
ouen were the causes of the evil. 1t came
to5e Considered whether the distress was
OF such an extent. and was attributable to
such causes, as to make il wise and prudent
tor Parliament TO afford assistance. itmiFht
be observed that the origin of the existing
speculation, was not =
GoOd ground Tor such a measure. He world
not dwell mInutely on the demerit of that
rash and inconsderate conduct which nd
precipi.ated those who pursued it into mis-.
fortune; bat Gentlemen would bearin mind
that on the opening OF South American mar
kets IN the BraZils and elsewhere. Tn rho
adventures OF British merchants. /, could
scarcely DC complained ofthat they did NOT
foreSee the exact result of their too exten
slve speculations. Bot whatever might he
the merit or dement, Of those individuals
the consequences OF their conduct had been
severely telt by them. Parliament. event.
disposed to be vindictive could not withhold
trem granting relief to those persons, by the
supposition tina, they had net suffered suff
cientiy TOR their errors. Bot it was not To
then 'ha. he proposed relief would extend.