Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1830-03-19

say, that some parts of the country were free from
every thing like distress. He would ASSERT -nnd
when the documents We're laid before their lordships
1t would be seen that they bore out his asscrtion-
that the exports Of this country had increased every
year for some time past, and that last year they had
been more than they had ever been before. He
would assert, also, that these documents would con-
tain the strongest proofs OF rapid advancement &C.
neruily. There was not canal, not rail-road in
the country, which did not present an increase of
traffic. This, it was said and he did not rncan 10
deny it,-hnd becn done small profits; but ut the
same time, if men and animals were employed in
this traffic, it must be the advantage of some one.
The profits realized might not. be so large as
they were ten years ago' but profits there must
be, or this increase of traffic would not exist
And then, again. he begged leave call the att cn,ion
of their ordships the condition of another class
very large class He meant the retail dealers. He
wanted To know any distress existed among tho re-
tail doalers1 IIear, hear.) Were they distressed
who could pny the rent of those new houses that
were being erected every where. Pressure upon the
country there doubtless was but it not so great
true, but still rising. The country was not sn,upa-
ry, much less was it falling; it was rising (Hcar,
hear.) Paris Of tie country were depressed; but
paris were not only free from suffering, but better off
than they had been before. And now let them be
! allowed to say a lew words To The remedy which
the noble lords proposed The noble lords attribut-
cd the distress that existed TO deficient circuulion
lie held in his hand paper which would show how
very erroneous this opinion was The largest circu-
lation which had ever been known in this country du
ring the bank restriction, was Goa 100000. The
sum was thus made up-
Bank of England notes, E3O,o0OOoO
| Country bank notes, 23,OOO,OOO
Gold; 4 100000
] Silver. 100000
| Making in all, 6lOOOOOO
| The circulation now amounted to COS 100 600. and
! the sum was thus made up
Bank of England notes, Gla,9uO,OO0
Country bank notes. 100000
! Gold, 28,OOOOOO
Silver 100000
| Making in all, 100000
| Their lordships therefore would see that the crcu-
la'i"n was greater now than during the Bank
striction, and consequently that the distress
properly attributed TO deficient circulation. But
the truth of the matter was this-t not extend
ed circulation that the noble lords wanted. No, it
was unlimited circulation. In other words, they
wanted to give to certain inivid Iuls- not to the
| Crown--an unlimited power of coming in the shape
of paper, and of producing fictitious capital. (Icar,
hear.] He begged their lordsb,ps to recocct how
narrowly they escared from the ruinous consequence
of this system i'll 1925 and 1926. [Checrs.l This
was the system to which they asked to re-
vert. noble lord told them that he found, in the
west of England, that inan could borrow nothing;
that though had his hayrIck his stack OF
corn. he could borrow nothing upon it nowi And
why! Because the bankers were 10 longer able to
make advances. Now, he supposed that the bankers
were still able TO make their profits by DISCOUNTS but
this was not all the banker wanted: he wanted also
the profit upon his nSec H. notes Ichcers1, as
| well as the profit Of discouning mans bill. What
the noble lord wanted might be stated in very few
words: he wanted unlimited circulation and he
wanted to produce such circulation by allowing
certain individuals to issue many notes cs they
pleased, without the slightest security whatsoever
that these notes would bespaid. [Cheers | Now 10
prove that there was want of money the coun-
try, let their lordShps recollect THAT capital was al
ways forthcoming when called for. Any scheme if
only little plausible, was to find capital for the
purpose of CARRYING it There was no Govern
mcnt, however bankrupt, but could borrow money
here; and there was in the country who had
any thing like security to Offer, but could get money
whenever he wanted it: (Chcers ] Inanswerto all
determinations about the evils of free trade, and
this matter of the currency let him II upon thor
| lordships TO recoec how many taxes had been a
ken oft since the year eighteen hundred and fifteen,
ana the REDUCTION That had een effected IN fic pub
lie debt Let him also tell those who talked about
equitable adjustments, that OF the measures
WHICH they were so fond of would have effected these
! obJccts or course he did to take credit
for these things; the credit of them was due to his
predecessors; but he hoped their orlslps would
think that he was not asking too much for himself
and colleagues when he begged of them to allow
HIS MaDestys Ministers to pcrscvere in The same
course. He trusted that their lorJships would be-
lieve him when he assured them that His Maiesty's
Ministers would do all they could to relieve the dis
tress that existed, and that the stricest economy
consistent with the interests and welfare of the coul
try should be preserved. [Cheers
HOUSE OF CoJuuoa,s, Feb. 4.
Debate on the .4dd,rss 10 HE .dIojesty-conLu,tfd
Ebc CHANCELLOR of the EXCHEOUER
began BY Observing that former occasions it had
been usual leave for separate discussion those topics
| in the speech from the throne which required the
consideration of Parliament; and unless some great
and imperative duty nterposed, to concur in the adj
dress, leaving the general topics till the period when
they could be fully and ably considered. The hon
baronet the member for Kent, however, had thought
proper, on this occasion, to depart from the former
! practice; he had moved an amendment which, with
respect to the paragraph in the speech to which it
was intended to apply, little at variance with
. il 1rnpn hr had Lro