surest possible conclusion. In the present artificial state of our circumstances, and when the right hon. gentleman (Mr. Huskisson) had been defeated in his views of reciprocal treaties with France and the continent, nothing could be more important to England, than the cultivation of our connections with the states of the New World; and nothing could be more conductive to that end, or more likely to give those relations permanence, than the firm, honourable, and candid declarations of the right hon. Secretary for Foreign Affairs. What he wished particularly to call to the attention of the House was, the treaty concluded between the Brazils and Portugal, under the mediation of this country; that treaty he took to be objectionable, in so far as that it was concluded between two contracting parties, separate at present, but likely at some period to become one; for, although there was an emperor in Brazil, and a king in Portugal, still there was no provision against the son succeeding his father upon the throne of Portugal. It appeared to him, therefore, that we had mixed ourselves up with an uncertain contingency, with a something which might, after all, be rendered nugatory by the amalgamation of the two contracting powers. Mr. Huskisson said, that although he had listened to the observations of the hon. member for Taunton with all the attention so justly due to his profound commercial knowledge, and extensive experience, yet, as so many opportunities would occur for a better examination of the various topics touched upon in the course of his address on this occasion, he would not go further than to reiterate the determination expressed by his right hon. friend, of not going into any details, until the House should be more fully in possession of the nature of the measures which it had been resolved at the present crisis to adopt. This much he might, however, say, that his right hon. friend would, at the earliest possible moment, submit his proposition for their consideration. The House would, he trusted, when any delay was complained of, recollect that it was only on the coming morning, when any plan of the House; adopted by the Bank directors, at the suggestion of his majesty's ministers, could be by them submitted to the approbation of the proprietors, whose trustees they were, and without whose sanction no measures could be resolved upon between government and the Bank. It was impossible, therefore, to lay any proposals before the House, until the directors had obtained that favourable decision from the proprietors, which was anticipated by them and the government. His right hon. friend had, however, stated very clearly that measures would be adopted, which, he trusted, would have the effect of preventing a recurrence of those disasters which had recently convulsed the com. mercial world. He agreed with his hon. friend, that no change of the currency was politic or safe that was not gradual; and that at a time when, if they hastily withdrew a large portion of the paper currency, they had not the means of supplying a substitute, such a principle was of still more consequence. It was not, therefore, the intention of his right hon. friend to propose the withdrawing of eighteen millions of paper from circulation, but only that portion of it which consisted of one and two pound notes, amounting to perhaps six or seven millions: but even with that amount it was his right hon. friend's intention to deal with caution and care; indeed, he proposed to allow those notes to wear themselves out, guarding, however, against the possibility of any fresh issues; a plan by which they would gradually disappear from circulation, without any sudden inconvenient limitation of the currency of the provincial towns. As to the period at which the change of the constitution of the country banks was to take place, by permission of the Bank of England, he did not see any great difficulty likely to arise from its happening in a short time. He, for one, did not understand that it was the intention of the Bank of England to establish great banking companies in districts of the country, but to allow any persons disposed to form a company of more than six partners to carry on the business of bankers within a certain distance of the metropolis. He could see no well-founded alarm, in the project of allowing any of the establishments which had held firm during the late pressure, to add an additional number of partners to the existing firm. In order, however, to give time to those most interested to look about them, it was thought desirable to specify a period, after the passing of the act, for the commencement of the new establishments. Six months, he thought would be sufficient to enable bankers to wind up their concerns in any old estab lishment, and to make their arrangements for going into a new one. With regard to the services which had been rendered to the public by the Bank of England, there could only be one opinion. They had been important, liberal and seasonable; and, what was more, he firmly believed that, in saving others, the Bank had actually saved itself. One word more, upon a subject which had been described as a very alarming and astonishing circumstance: he meant the silk company. The truth was, that some time last year, a few persons, who thought that the cultivation of the mulberry tree and the propagation of the silk-worm might be successfully attempted in Ireland and the colonies, applied to government for its approbation of their plan. He (Mr. H.) had accordingly recommended a charter to be given to them; and after it had been granted, he was requested to become honorary president. It was at the same time asked both of him and of the noble earl at the head of the Treasury, what number of shares they should be willing to have at their disposal; a question to which both the noble lord and himself had replied, that what they had done was solely on the ground of public good, and that they neither expected nor wished to derive any private advantage from connecting themselves with the experiment. Sir M. W. Ridley suggested, that in order to carry into effect the intentions of government, a short bill should be passed to prevent new issues, as the one pound notes were not to be withdrawn till they were worn out. Many insinuations, he said, had been thrown out against the country bankers, which were as unfounded as they were unnecessary. That the country bankers had been the means of producing the commercial distress, he entirely denied. They had no power of over-issue; they were unable to raise a fictitious credit: they could not keep in circulation a single note longer than it was absolutely necessary. The Bank of England, when not required to pay in gold, could issue as many notes as they pleased; but the country bankers, who had always been obliged to pay in gold or Bank of England notes, were necessarily restrained from any over issue. The right hon. gentleman had made a calculation, as to the number of country notes in circulation. The best authority on that point was the Stamp office. He had estimated them at different periods at The three, five, and eight millions. amount varied materially, as the public confidence was stronger or weaker in the Bank of England. When this confidence was diminished, then there was an increased circulation of country notes. As this confidence returned, the country notes gradually disappeared, and those of the Bank of England took their place. The great fault committed by the Bank of England was in taking upon itself the dead weight, and lending upon mortgages. If, instead of extending it had contracted its issues, the country would not be in its present state. The right hon. gentleman had said, that six months would afford sufficient time for the bankers to wind up their affairs. He was of opinion that the right hon. gentleman could not have meant this. Much had been said about the greater solidity of a banking establishment from the number of partners. For himself, he thought that that bank was the safest which had the fewest partners. Every man knew the state of his own affairs, but he could not be equally conversant with those of another person. With regard to the one-pound notes, it was possible that it might answer the purpose of a few bankers to put as many of them out as they could, and send them to markets and country towns, but this could only serve a temporary purpose. Every country banker who continued a forced circulation, would soon find himself in an unpleasant situation, if not in the list of bankrupts. It might appear wise in theory to contract the circulation of the one-pound notes, but if it were not carried into execution with the greatest caution, the business of the country could not go on. It was a mistake to suppose that country bankers issued their notes solely with a view to profit. They issued them more with a view to the convenience of others. Mr. Hudson Gurney said, he did not rise to object to any of the plans indicated by the chancellor of the Exchequer; but, he could not let the debate close, without remarking, that the right hon. gentleman, and all those who had followed him, utterly blinked the main question, which was intirely a question of prices. Mr. Gurney said, he had always disliked the bankers' circulation, and particularly detested their one pound notes. He had always been convinced, that it was their circulation, that was, their bidding against each other in credits, which had reduced the banking business to the minimum of profit on the operations performed: and, if the right hon. gentleman could place the circulation of the country on a better footing, there was no class which would be so greatly benefitted as the bankers themselves. But how the proposed changes could be carried into effect, and golden sovereigns at Sl. 17s. 104d. an ounce could be substituted for the present paper issues, was to him totally incomprehensible. The very endeavour to do it (for it never had been effected) occasioned all the pressure of 1821-2; and, under the existing mass of public and private engagement, if that substitution could be accomplished, it would occasion a greater and more general ruin, than had ever been witnessed in this or perhaps any other country. mean to proceed with the subject this session. While the principles of free trade were acted upon with regard to those articles which administered to the comfort and luxury of the rich, was it dealing fairly with the poor man to withhold the same benefit from him, and to uphold the price of the chief article of his subsistence? This could not continue without bringing misery and desolation among thousands and hundreds of thousands. There was an amount of distress among the people, of which ministers were by no means aware. In a multitude of pursuits the best workman in full employment could not earn more than six, seven, or eight shillings a week. How was he to support and clothe himself and family out of this wretched pittance? Foreign manufactures were now allowed to com Mr. Denman said, he did not mean to question the conduct of the Bank of Eng-pete with us in our markets at home, land, nor the justice of the high eulogium passed upon it. The directors had a duty to perform towards the proprietors; but as far as the public were concerned, he did not conceive that they, more than any private bankers, were bound to consult the public interest. The interests of the proprietors alone they were bound to promote, when they did not interfere with the rights of others. The hon. member, as the organ of that powerful establishment, in giving the reason why it wished for a change in its charter, had thought fit to eulogise it, and said that every thing was right and proper. He had lauded their judgment, liberality, and promptitude. This reminded him of the epigram of Prior "To John I ow'd great obligation, But John unluckily thought fit To publish it to all the nation, So John and I are more than quit." The balance had been fairly struck; whatever good had been done by the Bank had been more than acknowledged. He did not agree with the right hon. gentleman opposite, that parliament could not interfere with the Bank. Nothing could be more simple than to limit their issues; nothing more easy. He admitted, that nothing could be more clear and satisfactory than the explanation of his measures by the right hon. gentleman; but he should not do his duty to his constituents, if he did not express his disappointment, that not a word had been said on the Corn laws. On this important subject not a word had been said by the king's ministers except that one right hon. gentleman had said, that they did not while we were shut out from the possibility of entering into competition with them abroad, by the high price which the landlords exacted from the poor man for his bread. Upon this subject they would assuredly hear much more in the course of the session. Delay would not lessen the urgency of its demands on the consideration of the House; for attention would, by and by, be forced to it by the cries of perishing thousands. He did not quarrel with the principle of a free trade; he only objected to its partial application. He did not blame ministers for repealing prohibitory laws; but, he contended that while a free trade was allowed in minor articles, it should be extended to the most important article of life, bread. There was another important part of the Speech which related to the circulating medium, and from which much of the present distress was stated to have arisen. In this he could not agree. He saw no difference between the issuing of one and two pound notes, and ten pound notes, so long as there was no compulsion to take them. The amount of the note made no difference, unless that, when the misfortune came, it fell upon those who were least able to bear it. From the view taken of it by some hon. members, the cause of the present distress appeared to be a subject of mystery, and the Speech from the throne did not account for the existence of the evil, nor did it point out a remedy. After telling them, that the country had been visited with a panic, it stated that there was nothing to account for it. There was no war, no great de more industrious people in the empire. His majesty out of his generous feeling, had given them large relief; but, large as it was, it did not amount to the receipts of one week in a time of employmen. It was impossible that they could compete with the foreign manufacturer, while two-thirds of the value of the article consisted in labour. Repeal the Corn laws, give the country a free trade in that article, and put the labourer on an equal footing of taxation with other countries, and they would be able to meet all foreign competition. The Address was then agreed to. HOUSE OF COMMONS. Friday, February 3. Mr. BROGDEN.] The Chancellor of the Exchequer moved the usual Sessional orders. On the resolution appointing him chairman of the committee of Ways and Means, mands on the resources of the country. No sudden desolation had swept its ravages over the land. These very circumstances, this apparent want of all cause for this distress, was, to him, most alarming. It was not, however, so difficult to account for it. That detestable measure, which released the Bank from the necessity of keeping its engagements, was the root of the evil. With those who, in 1819, attempted to apply a remedy for its removal, by a repeal of the Bank Restriction act, and a return to cash payments, he had agreed; but its utility had been destroyed, by adding at the same moment three millions to the burdens of the people. If, when that act was repealed, a reduction instead of an increase of taxes had taken place, the remedy would have been effectual, and the country would not now have been overwhelmed with distress. The only remedy for the present evil was, the most rigid economy. He could not help sighing after every guinea which, wantoning, like the man in the fable, over Mr. Brogden observed, that he had for their dreams of false prosperity, they had a considerable period discharged the lavished upon every extravagant proposi- duties of the office to which he had now tion submitted to them. He sighed after been re-appointed, he trusted, with zeal and the grant to the duke of Cumberland, the diligence. Circumstances had occurred increase of the judges' salaries, for which since the last session which made him dethere was no necessity, the two millions sirous of occupying the attention of the given to build new churches, of which there House for a few minutes, in order that he was no want, and that at a time when might exculpate himself from the gross taxation was weighing down the energies imputations which had been cast upon of the country. Permanent relief was to him in the newspapers. Under those asbe obtained only by a reduction of taxes. persions on his character he had suffered Ministers must not be satisfied with re- greatly. It would be impossible to deducing by little and little: they must re-scribe how severely his feelings had been move the evil by a large and substantial reduction. The people said, and naturally, "if you, by imposing a large amount of taxes, raise the price of bread, we must go to the parish, and then you must support us." Government should recollect, that the security of property depended upon lowering the price of this necessary of life. When paupers increased, and parishes were largely burdened, the less secure did property become. He repeated, that the matter would not be allowed to sleep. Humble but earnest petitions would be presented to them, entreating them, that while laws are made to administer to the comforts of the rich, those should not be allowed to continue which visited the poor with ruin and beggary. Mr. Alderman Wood said, he had a word to offer upon the sufferings of his constituents, than whom there were not a wounded. It had been said, that no person suffered unjustly, at least without some ground; but he was an example to the contrary. In the matter he referred to (the Arigna Mine concern) he had the satisfaction to say, that 150 gentlemen had met at the city of London Tavern, who had completely absolved him and another member of the House from any improper conduct in regard to the company, and had requested him to continue a director. The hon. member added, that he would not descend to minute details in order to rebut the allegations in the newspapers; a proceeding at law would be instituted against one libel. He had received a letter which would abundantly show the conviction entertained of his entire innocence in the affair referred to, and which he proposed to read to the House. The hon. member, however, on searching, found that he had omitted to bring it with him; but he stated the sub-posed to be made in the system of our stance of it, which was, that the sub- currency, as far as it was developed, had scribers absolved Mr. Brogden and Mr. his approbation; but he thought that the Bent from all corrupt participation in the suggestion thrown out last night by the monies of the company; that the sums hon. member for Taunton, deserved separticularly specified, which were indeed rious consideration. The making silver a placed in their hands, were not improperly standard as well as gold had been held received by them; and requested that objectionable, upon the ground of the those gentlemen would continue in the variations to which silver would be subdirection. Being thus absolved, he trusted ject; but if there was a probability of that the confidence of the House would remedying that difficulty, he thought the not be withdrawn from him. He courted plan merited full discussion. The hon. inquiry and publicity. There was nothing gentleman sat down by giving notice, he wished so much as to have his conduct that at an early day he should bring the fully and completely investigated, and Corn laws before the notice of the House. were it not beneath the dignity of that House, he would wish that he might have an opportunity of going before a committee into those details, and producing that evidence, by which he could, beyond the possibility of question, put to shame his accusers. ADDRESS ON THE KING'S SPEECH AT THE OPENING OF THE SESSION.] On the motion for bringing up the report of the Address on the King's Speech, Mr. Whitmore took occasion to regret, that the question of the Corn-laws was not to be brought forward by ministers in the present session. He had much confidence in the sincerity and good intentions of government; but, looking at that question as the one which must form the groundwork of every thing like a system of free trade, he could not help fearing that some unfortunate influence was operating to postpone its discussion. So satisfied was he, that without a proper settlement of the corn question, all attempts to keep up a scheme of free trade must be ineffectual, as ministers did not mean to bring it forward, he should feel it his duty to bring it on himself. He regretted thus to undertake a task which he had hoped to see performed by abler hands; particularly as government stood, in a great degree, pledged to the discussion of the subject. He was glad to hear the gentlemen opposite declare, that the present distresses (which he trusted would be transitory) would make no difference in the views which they had acted upon during the last session. The stoppage in the silk trade arose, in a great degree, from the apprehension of the masters as to the effects of the new measures; which apprehensions would be entirely removed when those measures came into full operation. The change which was pro Sir Charles Forbes applied himself to that part of the Speech which touched upon the affairs of India; and reminded the House, that the observations of the hon. member for Montrose, on the preceding evening, were unanswered. He concurred with that hon. member as to the rise and progress of the war in India, and trusted that what he had said would have due weight with the House. The state in which we were now placed as to India was extremely critical, and he thought that upon the Burmese war there could be but one opinion; namely, that it ought to be ended as speedily as possible. The war had now lasted two years. It had assumed the character of a war of extermination. We might force our way, by the blood and valour of our soldiers, to the Burmese capital; but when we got there, we should be no nearer a termination of the contest than before. Speech of last session had told the House, that none of the other native powers of India were inimically disposed towards us. The Speech delivered from the throne this session did not venture to tell us so much. If, as he contended, the country had involved itself in an unjust and dangerous war, the best way to escape would be by retracing their steps. He regretted that the wishes of the country had not been complied with by the recal of lord Amherst, a nobleman who, however amiable his private character, was evidently incompetent to discharge the high duties of governor-general of India. If we did not adopt different measures, we must make up our minds to lose India. The Mr. Curwen said, that the manufacturers were grossly mistaken, if they attributed any part of their distress to the operation of the Corn laws. If rightly understood, they would be found to be highly beneficial to the commercial interests of the country. |