evasion or reserve. For his own part, he saw no reason why they should act other wise; for, in his conscience, he believed that the distress was temporary, and that the worst had passed over. Similar com mercial distress had prevailed in 1793 and 1798; and there were some features of resemblance between those periods and the present. There were then, as now, numerous failures: there were then, as now, difficulties in discounting bills, and a variety of commercial embarrassments. At the former of those periods, the country was on the eve of a tremendous war, through which no person could clearly see his way. Again, in 1798, when a still greater commercial calamity prevailed, the country was surrounded by accumulated difficulties, the natural consequence of its continuance. An alarm of invasion also prevailed, and the difficulties which this alarm excited, were increased by embarrassments occasioned by large loans to continental powers which were about that period entered into. The causes in which the distress then originated were very different from those out of which the recent difficulties had arisen. Those of the former period might in some degree be charged on the government, who had entered into the war; but now, those in which they originated, were such as government could not control. The present distress might be considered temporary and transient. The former could not be so regarded, as it arose out of a war, of which it was impossible to calculate either the period of its termination or the amount of its cost. Now, there was no war-no alarm from foreign enemies-no apprehension from domestic insurrection. The causes were altogether different. At the commencement of the last year, there was a redundancy of capital, which induced the employment of it in speculative loans, and in extravagant schemes of remote and uncertain profit. This was the great and leading cause of the recent commercial embarrassment. Another cause was found in the circumstance of several of the foreign exchanges turning against this country. To these causes was to be added another, and a proximate one; namely, the failure of several of the country banks. All these were temporary causes, and a corrective might be found for them, in the abandonment of those wild and extravagant speculations in which they origi. nated, and in otherwise counteracting them. With respect to the other part of

the subject, that which related to the currency, from whatever cause the present state of the currency arose, it required some alteration, and strongly called for the interposition of parliament. In those periods of commercial distress to which he had before alluded, parliament did interfere, and interfered with effect: and, what parliament had done before so much to the public advantage, it might again do. A principal part of the distress had been owing to the apprehension of a deficiency of gold to meet the demand for it. This apprehension arose from a belief that gold was exported out of the country to meet those demands occasioned by those foreign loans and speculations to which he had alluded; and, the consequence was, that the country was deluged with a morbid paper circulation. The manner in which some of the country bankers issued their notes loudly called for the attention of the House. It was, in his opinion, little else than a fraud to issue notes without having a security equal to the amount of the notes issued. It was not right that a business, on which the welfare of the country so greatly depended, should be undertaken by persons who had not the means of giving security to meet the demands for which they be came responsible. The subject was one which was surrounded with great difficulties, and therefore demanded the nicest attention. Something had already been done with effect. What further ought to be done he would not undertake to say, but would leave it to his majesty's ministers to suggest what alterations, in the present state of our currency, it would be advisable to adopt. He could not refrain from expressing on this occasion, the great gratitude which the country owed to the Bank of England, for the manner in which they had come forward on the late crisis. By their conduct they had raised their already high reputation, and deserved to be raised in the confidence of the coun. try. That he was correct in stating, that the present distress mainly originated in the spirit of extravagant speculation that lately raged, he would refer to a report of the committee of the House in 1811, which stated, among other causes of the distress that prevailed at that time, "that it was a result of the too great commerce which had been indulged in since the commence. ment of our intercourse with the new South American States."-In reviewing the causes in which the distress originated,

drawing to a close. It was highly gratifying to find, in respect to the state of the public revenue, that although the last quarter had fallen short, the result of the whole year was highly satisfactory. He would now refer to a subject which never failed to excite the liveliest feelings in the House. He alluded to the state of Ireland. From every report received from that country, it was evident that she was disengaging herself from the evils under which she had laboured. Industry was diffusing itself throughout her provinces ; and he need not state, that industry was the never-failing precursor of tranquillity. Reviewing, therefore, the general state of the empire, he did not hesitate to call upon the House for an address to the throne. He did not ask it in the spirit of servility; he claimed it, on the contrary, in a spirit of pure loyalty, and with reference to the satisfactory state of the country. The hon. member then moved,

"That an humble Address be presented to his Majesty, to return to his Majesty the thanks of this House for his Majesty's most gracious Speech, delivered this day by the Lords Commissioners:

he should not omit to notice the effect of the repeal of the Combination laws. The combination among the workmen which had reached so alarming an extent, had now happily subsided. In Bradford, their conduct had, for weeks, assumed a formidable appearance; but he was happy to learn that a better spirit now prevailed amongst them, and that these differences, throughout the country, had nearly all terminated in an amicable reconciliation, But, because these excesses, consequent on the change of our commercial policy, and of the repeal of the Combination laws had taken place, did he mean to condemn that policy, or to desire that the Combination laws should be repealed? By no means. The removal of restraints on uneducated minds was calculated to lead to violence: but, as the principles on which these restraints were removed were sound and good, the evil would be only temporary, whilst the advantages would be permanent. The commercial regulations which had been formed with foreign nations were most creditable to this country, and likely to confer great and general blessings. The treaty with France was calculated to give effect to those principles of trade and navigation which parliament had previously sanctioned. That convention, as well as the treaty of amity, between this country and Colombia, was equally creditable and beneficial; not so much for the stipulations it contained, as for the enlarged principles of policy in which it was conceived and executed. In the amicable relations subsisting between this country and the other free provinces of South America, no blame can be attached to England for the part she had acted in promoting these arrangements. It was now fifteen years since the first effort was made in South America, to throw off the authority of Spain. During all that period, Spain had an opportunity of entering into an amicable reconciliation with her colonies. She could not, therefore, now censure us for having preceded her in a recognition, from which such important benefits were to flow. Another topic of congratulation was, the successful mediation of a treaty between the crowns of Portugal and Brazil. With regard to the war in the Burmese empire, however its protracted duration might have disappointed the expectations of those who had not the means of judging as to the probability of speedy success, there was every reason to hope that it was

"To assure his Majesty, that while we participate with his Majesty in the regret with which his Majesty has seen the embarrassment which has occurred in the pecuniary transactions of the country since the close of the last session of parliament, we derive some consolation from the reflection that this embarrassment has not arisen from any political events, either at home or abroad; from any sudden pressure on the public resources; or from the apprehension of any interruption to the general tranquillity:

"That, aware that the direct interposition of parliament cannot reach all the causes of this evil, against the recurrence of some of which security can only be found in the experience of the sufferings which they have occasioned, we shall proceed without delay to turn our attention to that portion of the evil which may be susceptible, of correctives at least, if not of effectual remedies, and to consider of such measures as may tend to protect both private and public interests against the like sudden and violent fluctuations, by placing on a more firm foundation the currency and circulating credit of the country:

"To express to his Majesty the satisfaction with which we learn that his Majesty continues to receive from his allies,

duty which devolved upon parliament, to examine into the causes which might have led to the late commercial shocks, as also to take such measures as it should deem fit to prevent the recurrence of similar calamities, he felt that he could only hope to go again over the ground which had been so ably taken by the hon. mover; but, the subjects were of such paramount importance, that he should compromise his duty if he were wholly silent upon them in seconding the motion for the address. Looking first, then, at the subject of the late distresses, it was not unnatural for the recollection to go back to the events of the years 1793 and 1797; but, upon a slight examination, it would appear that the distress at those periods had taken place under circumstances widely different from those of the present day. The distress in the year 1793, it would be recollected, had arisen at the outset of a war; that of the present day, on the contrary, took place in a period of profound peace. We stood in an attitude of perfect peace; without the slightest apprehension of being involved in war; after a harvest, full and abundant; our commerce and our manufactures prosperous. But yet, with all this difference between the state of things at present, and the year 1793, there was one point of strong similarity. It would be remembered that both in the year 1792, as in the year now last past, the interest of money had been unusually low. In 1792 the manufactures of the country had been rapidly advancing; and the general prosperity was such as induced many individuals to trade beyond their capital. The country banks at that time had not the power of issuing small notes; but those which they were empowered to issue they had sent out to a vast and dangerous excess. The consequence was, that the country found itself glutted with paper. A slight apprehension produced immediate pressure upon those country bankers who were least able to sustain it; and the stoppage of these pulled down others who were solvent, but who were not prepared to meet so sudden a demand. The failure of one man, of necessity, led to the failure of some other: there was a demand for cash far beyond the possible supply; and out of a mischief in many cases imaginary, real evil was created, until the most serious distress and difficulty was the result. Now, let the House observe how nearly this state of things in the year 1792 tallied with the state of things at the opening of

the last session. Capital was so abundant, that the merest adventurer might go into the money-market; and let his scheme be the wildest that human fancy could suggest, he would find people to support him in it. Then was it a matter of astonishment that if the bubble had burst, a void was left behind? or that, at the present moment, instead of a mass of capital, floating through the country, we had a scarcity of it? With this part of the general question, there was connected one point which he could not forbear from noticing he meant the conduct of the Bank of England during the late troubles. That body was entitled to the thanks of the country at large, for the prompt and liberal manner in which it had rendered all the assistance in its power. The sudden issue of their small notes had been a measure called for by the sudden withdrawal of the local small notes from circulation, owing to the failure of so many provincial establishments. The House would also feel, that although during the last year there had been a vast imaginary capital floating in the country, at the present time the real and actual capital available was lessened in consequence of many bankers still keeping large sums of ready money by them, to meet any sudden emergency. Whatever might be done, however, to prevent, as far as possible, the recurrence of such convulsions as the country had just suffered under, parliament would recollect that it was one of its first duties to leave the freedom of trade untouched, as far as was consistent with the general safety. To avoid a temporary and an occasional evil, we were not to give up a constant and a lasting good. From time to time, under the best government, popular tumults would arise; but means might be found to prevent anarchy and mischief, without striking at the root of constitutional freedom; and remedies might be found for occasional commercial evils, without weakening that great system upon which the wealth and power of the nation depended. With the immediate nature of such remedies he would not then busy himself: but the House would recollect that the same remedies were not now applicable which were resorted to in 1793. The state of the country was widely different at the two periods. We were not now in a state of war; and government had not, as in the year 1793, called upon the Bank for a large portion of the gold

in its possession-a measure which had led, and necessarily, to the Bank restriction. At present, whatever was the extent of the difficulty, no portion of it could be attributed to the conduct of government, or to its arrangements. This being a period of peace, too, in another sense it would not be inconsistent with the interests of the country to take the course which had been taken formerly. We had now leisure and opportunity to go into the system thoroughly; and it was no less the bounden duty than the policy of the House to do so. For himself, he thought it would be a great boon on the part of the Bank, if that body permitted the formation of joint-stock banking companies. The advantages likely to accrue from such a system, were too obvious to be dwelt upon. The vast property which would then be embarked in every banking establishment would be a sufficient security against the danger of over-issues. The business would be carried on by persons conversant with the true principles of the banking trade; and not, as now, by individuals often wholly ignorant of those principles, and who left the management of their establishment to needy adventurers, or unprincipled speculators. Scotland already afforded us an example of the safety and convenience of this system. Scotland had a large paper currency; and felt neither difficulty nor apprehension. Although no man could feel more anxious than he did, to afford every possible facility to trade, yet it did seem to him that some restriction might be beneficially devised to keep within due limits the issues of the banks. As regarded the issue of local notes, there could be no doubt that some immediate measure was imperatively called for, parliament would grossly neglect its duty, if steps were not taken to relieve the country from apprehension of the recurrence of the evils which it had lately been suffering; if it permitted that which the poor man had acquired by his labour to be placed in jeopardy; or if it upheld a system under which the same man, without one fault or improvidence of his own, might one day be rich, and the next want the means of existence. It was needless, however, to detain the House with comments upon the performance of a duty, the necessity of which must be obvious; and he should therefore turn from the consideration of difficulties which could not be contemplated without regret, to a subject which afforded matter for

unmixed congratulation. If there had been some distress felt during the last year in England, in Ireland there was every token of material improvement. The labours of parliament, during the last session, had been great upon this subject. The House had inquired not merely into general questions, but had gone assiduously into all the details and intricacies of her domestic economy. The situation of Ireland was now meliorating. The House was no longer called upon to pass Insur. rection acts, or to pursue any coercive measures. Instead of steps to enforce the payment of tithes, a system was adopted of taking compositions; by which the settlement was rendered less irksome to the people. It was the desire of government to enter fairly and dispassionately into every subject immediately connected with the state of Ireland; and if the mea. sures pursued had not produced all the good that had been expected, it was the wish of ministers to enter into a full consideration of what would be most conducive to the best interests of Ireland. He felt the greatest satisfaction in witnessing the influx of manufactures into Ireland. Capital now began to overflow into that country-a desideratum from which so much benefit must infallibly arise to that country. We should find, in a short period, the immense effects of this influx of capital upon the Irish landholders. They would feel it to be their interest and pleasure, to establish themselves on their own estates; and Ireland, like England, would soon possess all the advantages of a resident gentry. With this prospect of a numerous population coming into active employ, and with foreign ports open to exchange the produce of their industry, it was impossible not to foresee a rapid improvement in the condition of that country. Neither could he suppress the expression of his satisfaction at the state in which this country stood with regard to the republics of South America. The conduct of Great Britain upon this point had been liberal and manly. The government had openly declared, that its recognition of the American states did not rest upon matters of opinion, but upon a simple question of fact. We had declared openly, that when the governments of those countries had fully established their independence, then, and not till then, would we acknowledge them as independent governments; and when that event did take place, we accordingly re