in its customary channels. Some falling off in the revenue, was occasioned by the stagnation in business, consequent on the panic, but only during the quarter in which the pressure existed; and in the aggregate there was no dimu

nition.

Parliament assembled, February 2d, 1826 The session was opened by commission'; and the chancellor being absent, lord Gifford presided as speaker, and read the king's speech, which was chiefly occupied in calling the attention of parliament to such causes of the late commercial embarrassment, as might be within its control. It alluded to the peaceful state of the nation, and all its dependencies, save the continuance of hostilities in India; and mentioned the desire of government to improve the condition of Ireland, which was now tranquil, and in a course of gradual advancement.

Addresses, according to custom, in answer to the speech, were moved and carried in both branches of the legislature. The debates on the subject, turned chiefly upon the state of currency, as connected with the adoption of measures calculated to relieve the merchants and manufacturers. All classes of men were anticipating the meeting of parliament with extreme anxiety, expecting that the mi

and accomplish something, which would speedily and effectually remedy the existing evils. But the opposition members contended, that the plans proposed by the administration, and of which we shall presently give an account, were but partial and unsatisfactory. They appear, however, to have expected more from the government, than it could possibly accomplish. Legislation could never completely, and at once, restore the system of trade and all its dependant interests, to a healthy state, after the total derangement which they had undergone.

The scheme of the ministers, for restoring a sound and safe currency, consisted of a very simple expedient. They proposed, first, to call in all small notes, and substitute a metallic currency in their place; and secondly, to allow chartered banking companies to be established at the distance of not less than sixty miles from London; the bank of England being also authorised to fix branches in the country.

Bills were accordingly introduced, for carrying these designs into operation. They enacted, that all promissory notes, payable to bearer on demand, issued either by licensed banks, or by the bank of England, for a less sum than £5, bearing date previous to October 10th,

next ensuing, might continue to be issued, reissued and circulated, until April 5th, 1829, and no longer; they provided for preventing the issue of any other notes, for a less sum than £5; and authorised the establishment of country banks, consisting of a greater number than six partners, in addition to branches of the bank of England. So salutary were these measures deemed, that, immediately after the passing of the resolutions upon which they were founded, the funds rose, and new life seemed to be infused into the mercantile interest. On opening the budget, the chancellor of the exchequer stated that he felt bound, by reason of the state of trade, to enter with great fulness into the situation of the national finances. In order to show that the depression which now existed, did not argue any permanent decline in the prosperity of the country, he gave an exposition of the produce of the taxes of every kind, since the year 1816. The total reduction of taxation, since 1816, was 27,522,000; but still the revenue was diminished only 6,000,000. From this, it appeared, that the other taxes had advanced in amount 21,000,000; which he ascribed to the increased consumption of the country, the surest indication of stable prosperity.

It being understood, that the present parliament was to be dissolved shortly, and writs issued for another election, a variety of subjects of importance were, by common consent, deferred for the determination of the new parliament. The consideration of the chancery practice; of the corn laws, and of the usury laws; a bill for consolidating into one act the statutes, being ninetytwo in number, relating to theft, introduced by Mr. Peel; the affairs of Ireland; and several other subjects, received this destination. The affairs of Ireland could not be taken into consideration; as the distresses among the English merchants at the beginning of the session and the still greater distresses among the manufacturing poor, which, as we shall presently state, came on afterwards, incessantly engrossed the time and care of parliament and of the ministers.

Many petitions were presented for the abolition of negro slavery and the slave trade, and the melioration of the condition of slaves in the colonies. Mr. Canning strongly insisted upon a plan for the gradual improvement of the colonies, maintaining that none other was consistent with the safety of those possessions, and none other could be effected, without doing gross violence to the rights of the West India proprietors. And, although

the ministers were greatly censured for adhering to this principle, partly by men, whose only aim was to thwart the measures of the administration, and partly by members of just intentions, but visionary and impracticable notions; still the side of equity and good sense prevailed. It continued to be the fixed determination of the ministry, to act upon the scheme, arranged in 1823 and 1824, for the benefit of the black population of the colonies; but not to be precipitated into any rash and hasty acts.

Before coming to the prorogation of parliament, it may be proper to recount a few political incidents, which occurred during the session.

Intelligence was received, that Great Britain had exacted from Spain, the promise of indemnity, for spoliations on English property by pirates, and others, under cover of the pretended blockade of the Spanish Main, by the royalists. The government of Spain had procrastinated its decision in this matter, as it has been wont to do, in regard to all its public difficulties; but instructions were given to Mr. Lamb, the English minister at Madrid, to require a decision in twenty-four hours; and, in case of refusal, to declare that England would immediately order reprisals upon Cuba and Puerto Rico. This

spirited proceeding produced the desired effect.

Some alarm was felt for the life of the king, he being attacked with a severe fit of the gout. Bulletins of the state of his health were issued for a time, but soon discontinued, on account of his convalescence. His death would have been extremely unwelcome; because it was feared the accession of the duke of York, might lead to a change in the cabinet, and the adoption of a less liberal state policy.

A convention was concluded between Great Britain and France, for equalizing the tonnage duty chargeable on vessels of both kingdoms respectively, in the direct trade between the two countries, and for a reciprocity of duties on merchandize. A similar arrangement was, also, effected with Prussia.

Commercial and banking houses continued to feel the effects of the pecuniary pressures of the winter. The eminent banking house of B. A. Goldschmidt suspended payment in February; and occasioned embarrassment in respect to some of the foreign loans, for which they were contractors. The home trade suffered much depression, arising, in a considerable degree, from the deficiency of the local circulating medium, produced by the insol

vency of the country bankers. It affected the dealers in linens, cottons, and calicoes most severely. Applications were made to the government, for assistance to the mercantile interest, in the shape of a loan, of five millions; which the ministers declined granting. They threw into circulation, however, two millions of money, by causing exchequer bills to that amount to be bought up by the bank of England.

Repeated and urgent applications had been made to the bank, by merchants, for advances, by way of loan, upon the deposit of merchandize. At length, at the recommendation of the ministry, the bank agreed to make advances, in this manner, for the period of three or four months, according to circumstances, to the amount of £3,000,000 sterling. This assist ance was confined, however, to persons who had not become involved in pecuniary embarrassment by over-trading, or by chimerical speculations. The consequence was, that, up to the end of March, the whole amount of advances was very inconsiderable, not exceeding a quarter of a million sterling.

In the mean time, the operation of these commercial embarrassments had descended to a class of people less able to meet a temporary pecuniary pressure, name

ly, the manufacturing population. Owing, in part, to the late derangement of the currency, and of credit in the country; but still more to the diminished demand for British manufactures, and the overstocked state of the market, many manufactories had been compelled to discharge their workmen, and suspend their business. The consequent suffering felt in the great manufacturing districts, was deplorable. Driven by despair, the famishing workmen, ascribing their misery to the use of power looms, broke out into the most violent disorders, entering the different work shops, in the very presence of the military, and, reckless of their lives, proceeding to the destruction of the looms. In these tumultuous scenes, a number of lives were unfortunately lost, and many rioters committed to prison. At length, by the prompt movement of troops upon the convulsed districts, and by the liberal distribution of benefactions among the perishing families, outward tranquillity was restored, and the spirit of disorder kept under, if not eradicated.

Large sums of money were voluntarily contributed for the relief of the manufacturers. The king presented 12,000 from his private purse. In London alone, the sum of 100,000 was quickly subscribed.

Meetings were holden all over the country, and every thing done, for alleviating the distresses, which humanity could dictate, or liberality execute. Wholly to remove them, was impossible.

The consideration and adoption of suitable measures in parliament for relieving the manufacturers, formed the prominent business of its concluding weeks. It was at first proposed to make a national grant of half a million, for immediate distribution among the sufferers. This idea, however, was relinquish ed; and nothing was done, but to enact a slight modification of the corn laws; and even this was vehemently resisted by gentlemen of the country interest. Nothing could be more unfeeling than their conduct. In the very districts where the keenest misery was felt, and where the poor were absolutely in a state of starvation from inability to pay the extravagant price of grain; the warehouses contained great quantities of bonded corn, which could not be brought into the market, owing to the rigorous prohibitions of the corn laws.

Bills were accordingly introduced in the house of commons, and after a strenuous opposition passed into laws, provided for the sale of bonded corn, on payment of a duty of 128. the quarter; and which also provided for a farther importation of foreign corn, during the recess

of parliament, if in the opinion of the cabinet it should be deemed necessary. The amount of bonded corn in the sea ports was about 300,000 quarters; and the minis. ters were authorised to introduce 500,000 quarters more into the market; so at least, as Mr. Canning observed, to do away the impression, that the people were famishing in the midst of plenty.

On the last day of May, parliament was prorogued by a speech from the lord chancellor, in behalf of the king. He applauded their public spirit in promptly endeavoring to relieve the sufferings of the manufacturers, which, he trusted, were in the course of gradual abatement. At the same time, he gave information of his intention Immediately to dissolve the present parliament, and cause writs to be issued for a new election, at a period, which seemed most convenient for that purpose.

The writs were made returnable July, 25th. Previous to that time, the progress of the elections constituted, of course, the engrossing object of interest in the civil history of the country. It is not probable that any material change took place in the political complexion of the new house; and we need not enter, therefore, into a minute detail of the incidents attending the elections. The venality of the electors was not less remarkable