Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-24
yOLUME III.
Important Debate I'm the House Of Co"mons
Ga American and English Commercial
Anairg.


mercidi Dstress.-Lord J. Russell then rose to move
the order OF the day for the house resolving setnto
committee upon the poor relief lireiandl oi;
.fcommo@ appeared to HIM 70 Ne se Nero Kidding whilst
Rome was burning "a laugh Lney nan seea aaDDins
hal among commercial and manufacturing classes and
Sns Iao,a = ar bear iear Tins Was sta,
things which appeared TO HIM TO require inquiry In
amendment which ne about To propose than
any which e0Sn DC PGpo,sd tor The relief Of the
tore Parliament their ree The house had by
The nosle loron former evening wrong to cond-
er the presen, OF the country anyhiag to
the distress Of 1929 Now with all eeenceto the noble lord he
say that he lord Rnse had experience the dis
Of 1922 either commercially politically the right
% ps 1T s were @ Pes
time better opportunities Of obtaining, and poli
cay that experience than the noble lord had and from
results experience he could say that the suerngs othe
people q England that time haas great
lie admitted that the pressure that time greater the
the merchants wa, ucb Greater now than va bn and a pp
the attacked then
nemllonh part they attacked Hear from the
oppostion Perhaps the lord London Westminster
were both swallowed up BY an earthquake AM he himsewsre
lamty. (ear and Oh! ehD lie (Ar Atwood, however,
deemed to be great calamity when 200O0Oo honorable
and upright honorable and upright the noble
lord himse hougnno high rank and staionwere plum
each great calamity, when combined
calamity as that odepyng onehrd Of The popgaoa Of
take to say thai from the 1910 the day there
was no man living who had applied much time he had APP
piled to the subject OF the who had such
opportunities he had Tor investigating all Us rancaon
iear, and alaugh Seeing them that ruin marching into
the vials Of English "a augh he the liberty
calling back The attention o. The house, but why should he say
been directed the subject! lie took the liberty of
natsn which consulted by Parliament since
had become Reformed Parliamen-oud OF
the epposion and had been consulted by he did
know how long before became reformed parliament taear
he would call the attention of the House Of Common-,he
reformed House of Commons-to the
placed Every member who then heard him Knew tat ruin
had fallen on the commercial and the manufacturing classes
The plain matter OF tact that they had dared carry
their under OF the when they
ano,ber u b rom ,h oo i hgnn un r
noble lord aud biz laws had created pros
adversely. Cheers from the opposion) The ,py
chants Were not a. al bs Gheer. from the opposon
British laws, and they Ignorant that the noble lord
n nnd seey eee1 They had
debts under set Of prices, and they suddenly
same qusrer they had debts when cotton was
he Only g at pon
pound The the with tobacco and The
owing the have already mentioned they were
perfectly prehensibe in galeryl Hence h,ppen-
Of debt which he had CONTRACTED Cbeers om the opposition
benche The merchants he epea,ed were not to blame or
the ruin IN which they involved for had
been swindled out Of their property by the fraudulent opera
Gently government taken Tor the
OF forcing the price of gold For the last all
Globe and the Cronie had been daily usgas The Bank Of
England To contract the circulation ard 10 take
break down the price only OF foreign Manufacturer
Of British compel foreigners in
gold into this country The Conduct Of ard sfts
Journals under It's control objectionable distinct
grouadrst they stimulated the Bank Of England Increase
rs circulation and them TO bring ack gold 10 the country
before simulated TO Increase Ie.r hear The nosle lord
the head OF the home department smiled this and shaking
and see how ndcreei they are.T Yes ndscrrc they mn
doub,edy were IN trusting The professions and promises
and they lind that in leaving the trust in the
tgppar no the IRE rom be n nn sse
from tue ministerial benchesD The hon mesber then
The wings ndstinct that we could not ex,rac,
the point OF bis observations and observed That owing
th1se that ruin spreading through tlou
sands merchants and millions of abourers lie then pro-
asserting that the ndscreon the mercantile and CONNER
cia classes has been the cause OF their present ruin
discretion OF those classes the The
Of their ruin the unjust iIprueni, and mpoc
conduc, OF the under which they had the
live. loud cheers from the opposton he could
believe that the distress would end IN the fixture Of 100
land the priyaton of iooeooo of abouring families
throughout the country he should not despair but his belief
until involved both throne ani altar IN ruin
Unes. the house aud he governments i9!erered % stay the
the opposition benches Ia 1888 the ministry VI the day had
made him member Of the committee which wasappoined
inquire into the condition OF he manufacturing of the
country. From what ministers had seen oi him that
they had taken special goed care put him any
other since lie believed ii his that they
would Bezebuh hmselfon any committee himself
the country but somehow oroher he did not beyc word 81
lie asked them III consequence this DO
10 say that the East India trade state Of prosperity To
this question they replied Yes" How hen" sad IL 10
them edo you explain the failure q the three great India
houses which have just taken place " Oh ad they those
parties we're ignorant, Incompetent insufficient
lie had then asked them this question" Do believe
all the merchant princes of India tarred the
brush rs the partners IN those three houses As
be bad put that question. he with loud Of Oh
Oh" lis question Vas ordered To be erased from the
evidence, whilst the ed remain here
because stated that the prosperity
rested oh basis strong rock ~ adamant Well what
the result! IN sN months FROM the day which b. asked that
question: seven otherso The merchant princes failed and OF
India only one nJw remained solvent houses
could bear enormous lssscs and he believed
scarcely house ~ the which bad not suffered en-.
losses Of late years In the last spring he had spoken
about The state ~ trade 81 London merchant Of great intel
lgence, whom be believed TO be well acquainted With
the opinion which Mr Barring had given HI the house nn
the subject only short time before he was elevated n e
peerage Mr. Barring had ssd there was moi ~ ha ,ie
wentieth OF the wealth thai there al h,.o
twenty years before. lie r. Aw oo) askes his friend bser
that opinion correct? His friend replied In these erns
Exchange Londoa twenty years ago. nineteen are zone ,n
only onrls solvent, and that eser gambler or
ffearD Amer dwelling this topic for soruc ,a hr
which prevented from hearing him ,.tinr,y ~.
hon member proceeded 10 observe, that from the MD. ,en
OF the distress prevailing he OF its ,peei
destruction 81 prosperity III England acrtes the
remotes Of America Not only felt in New Yorl
and in New Orleans also feb in the Black the Per-
sian Gulf and the Yellow Sea NJ China. At New Orleans he
merchants had been broken down by tho the
Bank Of England than they had been by the conned action
q Jackson and Van Buren, AT New York The merchants
found the value of their reduced fifty the
gwhir he had In