Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-03-19

say, that some parts Of tho country we're free from
every thing like distress. He would assert.-and
when the documents were laid before their lordshps
il would be that they bore out his usscrtion.-
that the exports of this country had increased every
year for time past, and that last year they Ind
been more than they had ever been before. He
would assert ALSO that these documents would con-
tam the strongest proofs of rapid advancement ge
morally. There not canal not rnil-ro0d inl
the country, which did not present increase of
traffic. This, it was said,-and he did not moan to
deny it-had been done at small profits; but at the
same time, if men and animals were employed in
this traffic. it be to the advantage OF some
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, gain, he begged leave to call the attention
of their lordships TO the condition of another classa
very large class. He meant the retail dealers. He
wanted to know ifany distress existed among tho re-
tail dealerss clear, hesr) We're they distressed
who could pay the rent of those new houses that
were boing erected every where. Pressure upon the
country there doubtless but it was not SO great
true, but still rising. The country not sta,iopa
ry, much less it falling it rising (IIear,
hear.) Parts of tho country were depressed; but
parts were not only free from suaring but better OIL
than they had been before. And now let them be
| allowed to cay n few words To the remedy which
the noble lords proposed. The noble lords attribut-
cd the distress that existed deficient circuation
tie 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 E64, 100000. The
sum was thus made ups
Bank of England notes, 10000 900
Country bank notes. 23,OOO,O0O
Cfold 1000 900
Silver. 100000
The circulation amounted TO Cos, 1905 COO. and
the sum was thus made up:--
Bank of England nocs, fia 300 600
Country bank notes. $4,000
] Gold, $4,000 900
| Silver, 1000 900
| Making in all 65lOOOOO
Their lordships therefore would see that the circu
ia'ion was greater than during the Bank re-
striction, and consequently that the distress not
properly attributed to deficient circulation. But
the truth of the matter was this-it not extend
ed circulation that the noble lords wanted No. it
was unlimited circulation. In other words, they
wanted to give to certain individ las- not to the
Crown-an unlimited power of coming in the shape
of paper and of producing fictitious capita (Iieur
hear.] He begged their lordships To recollect how
narrowly they escared from the rupous consequence
OF this system in 1895 and 1926. lCheers This
was the system to which they asked to
vert A noble lord told them TINT he found, in the
west OF England, that man could borrow nothing;
that though man had his hayrick his stack OF
corn, he could borrow nothing upon it nowf And
why! Because the bankers were no longer able to
make advances. Now, dc 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 insecure H. notes Icheersl, as
well as the profit OF discounting mans bill. What
! words: he wanted un unlimited circulation and he
wanted to produce such circulation by allowing
certain individuals to issue many notes es they
pleased, without the slightest security whatsoever
. that these notes would be paid. [Cheers Now to
prove that there was want of money in the coun-
try, let their lordshps recolcct that capital al
y ways forthcoming when called for. Any scheme il
only little plausible, to find capital for the
purpose Of carving it on. There no Govern
mcnt, however bankrupt, but could borrow money
y here; and there was in the country who had
any thing like security to offer, but could get money
u whenever he wanted it, CChcers ! In answer TO a
declamations about the evils Of free trade and
thus matter of the currency let him call upon their
ordshIps To recoiioof how many taxes had been 10
Ken Off since the year eighteen hundred and fifteen
and the reduction that had been effected in Tho nnb
lie debt Let him also tell rhase who talked obou,
equitable adjustments, that none ~. r,ea.nrcs
whch they wcre fond of would have effected these
objects. OF course he did not mean to take credit
TOR these things; the credit of them was due to his
predecessors; but he hoped their lordships would
think that he was not asking too much for himself
. and colleagues when he begged of them to allow
: HIS MaIestys Ministers to persevere in The same
course. lie t-usted that their ordships would be-
eve him when he assured them that His Maiesty's
Ministers would do all they could 10 relieve the dis
tress that existed and that the strictest economy
consistent with the interests and welfare of the coun
: try should be preserved. .[Cheers.J
HOUSE OF COMMONS, Feb A.
Shrgfa