man did not succeed, he was nicknamed | Exchequer-bills at 20s. discount, would,

an overtrader: it reminded him of the distich about treason"Treason does never prosper-what's the reason? Why, when it prospers, 'tis no longer treason." So when success followed the speculator, then he became the sagacious and adventurous British merchant. But, as he had before said, the government had, from first to last, fostered this spirit, and not foreseen its consequences. Had they last October kept their eyes upon their own system, they ought to have foreseen its re-action. Then, indeed, some trifling assistance might have been afforded, and with beneficial effect. If it were said, that parliament was not sitting at the time, his answer would be-then why not convene them? for a little relief in time would have done what could not now be effected by the largest measure of relief. Some measure of relief at that time would have restored confidence; but unfortunately that period had been suffered to go by. The distress began to be felt, and Exchequer-bills were sold, and the Bank became the purchasers, and afterIwards the sellers. The panic showed itself more and more every day. At last parliament met, and then government proposed the measures to which he had adverted. He knew that ministers were beset by men who were clamorous on the subject of the evils they were likely to suffer, and the purchase of Exchequerbills by the Bank was gladly received as a means by which many of them could be relieved. This measure, however, would not answer the end proposed; nor did he think those proposed by government would have the desired effect. At the same time, he was not one of those who despaired of the country. The distress did not altogether arise from want of capital so much as want of confidence; and he was satisfied that if some measure was adopted, by which that confidence could be restored, the country had the means by which, when it was restored, its affairs would return to their former prosperous course. He thought that if an issue of Exchequer-bills were now made, as in 1793, it would do a great deal of good. But the purchase of Exchequer-bills by the Bank would not have that general effect; for, if a large purchase were made, how did they know that they would by this measure relieve the right man? The man who went into the market on Monday last and purchased

no doubt, be greatly benefitted by having
them raised to par, or at a premium; but
the person who had traded, or over-
traded, as it was called, would obtain no
benefit by it; and perhaps, after all, the
man who might be relieved was the last
person who was entitled to relief. It was
true that the holder of Exchequer-bills
must be supposed so far to be a man of
property; but, whether he was the man of
property to whom relief ought to be
extended, they had no means of knowing.
Thus, the relief given by the purchase of
Exchequer-bills would be altogether un-
certain in its effects. A part of the pro-
posed plan went upon the assumption,
that the country bankers would not re-
issue their small notes any more.
did not believe a word of it. He did not
think that any man among them was fool
enough to throw 30,000l. into the fire, as
they were told of by his hon. friend.

He

Mr. H. Gurney said, he had mentioned only 13,000l. which were so used by one banker in Yorkshire.

Mr. Tierney did not mean to say that his hon. friend had ever been guilty of any thing so imprudent. He was too well acquainted with the system, and knew much better than to adopt that course; but, if such large sums were not destroyed, they might be locked up for a time, until opportunity offered for their re-appearance. In the district in which this burning of the notes took place, he knew there was great distress felt. The bankers alluded to were, perhaps, in a state of great irritation; but that distress would, he had no doubt, be in time removed, and it might happen that the man who had so foolishly thrown his notes into the fire, would be glad to rake up the cinders, and to find some of those notes among them. Again, he would repeat that, in his opinion, all that was wanted in the country was, the restoration of confidence. That would call forth the hoards which were now left unemployed. There was abundance of the precious metals, he also believed, which would be forthcoming, if this confidence were restored. But, the fact was, the country bankers were offended. There was, here and there, a strong expression of blame to them, in the late correspondence of government with the Bank. Perhaps, those expressions were not meant to give offence in the quarter in which it was taken; but it did unfortunately happen that they were taken

offensively. Was the present new course | locked up would get into circulationlikely to conciliate the country bankers? the bankers would again hold up their On the contrary, was there any thing heads-and the country would return to which could be more likely to crush a wholesome state of things. He meant those very bankers than the distinction a large circulation of paper, founded on a that was now to be made of allowing the solid, substantial metallic currency. Bank of England to add to their issues of small notes, while the permission was denied to the private banks? Was it not saying, in direct terms, not that the Bank of England notes were so much more certain than theirs, but that theirs were not certain at all? Whatever was the intention, there was no doubt that the country bankers would so feel it. For his own part, he wished well to the country banks; for he thought their existence would be attended with great benefit to the country, as long as their issues were on a solid basis. He would wish to see them generally on the basis of those in Lancashire and London. The evil which arose from them was, not that they had the power of lending money to a great extent, but that they should have the power of making notes for the purpose of lending. If they really had money to lend, they would be a benefit, as long as they could say, "here is the money to lend, provided you give us the security;" but it would, in the end, be no benefit to say, "we will lend our notes," if those notes did not, at the same time, represent real property. He would wish to see the country banks flourish on a wholesome basis. If the country knew of a good security on which to rely, there would no longer be hoards of gold. There would be large paper issues; but they would be, as they ought to be, bottomed on a metallic security. If he were asked what measure would be productive of much good in the present state of the country, he would say an immediate issue of Exchequer-bills for the relief of the commercial distress. That would help many parties through their difficulties, and bring back a sound state of things. But, if government were to do any thing, let them do the right thing. He would not say what sum it might be proper to issue. If the whole sum of 5,000,000l., which had been spoken of, were to be issued on proper security (which no doubt, the commissioners would take care to obtain, as they had done before), it would, he was sure, have a most beneficial effect on the country. The money would soon be re-paid things would speedily come about-the hoards now

The Chancellor of the Exchequer said, he did not rise at that late hour to enter into a discussion of all the topics brought under review in the speech of the right hon. gentleman, nor did he rise to state the grounds on which he should be prepared to show that the opposition he had offered to the measure recommended by the gentleman opposite, was not inconsistent with the measure he himself recommended, nor that it would, in any degree, tend to counteract its effects. But he was anxious to say a few words on what had fallen from the right hon. gentleman respecting the issues of the Bank. He was perfectly willing to take his share of all the blame, if blame there were, as to the conduct which the government had held towards the Bank. He admitted, that the proposal for taking the dead weight proceeded from the government. It was adopted by the Bank, at the suggestion of the government; and if there was any blame belonging to that measure, that blame belonged to the government. But, the government had nothing to do with the Bank keeping those annuities. It might sell them; and that it had not chosen to do so, was entirely its own proceeding. With respect to the issues of the Bank, to enable the government to pay off the four per cent in October, 1824, that measure was proposed by the government, and for it the government alone was responsible. to the other measures mentioned by the right hon. gentleman, he was bound to say, for it was the truth, that the government was in no degree responsible or to blame. As to the Bank lending money on stock, and thus increasing its issues, he would only say, that so far from its having been adopted at the suggestion of the government, government never knew of the measure being adopted until after it had ceased, and could not, therefore, be charged with participating in it. As to lending money on mortgage also, the government was not responsible for that step. He would say for himself, that he never heard such a measure was in agitation, until the Bank had told him it was done. For that also the government could not be responsible, whatever in

As

thus overthown and contradicted by his own act. He never could have expected to see imbecility so completely stufy its own measure. He thought that the noble earl and the rest of the House had come to the understanding, that the country was to return to a circulation of specie: he imagined that this was a conclusion to which they had all come. It was allowed that the Bank of England had issed paper to excess, that the country banks also had issued paper to excess, and that there was an excess of paper currency all over the country. Now, however, be expected he should be told that the Bank of England was conducted on the best of all possible systems; that the country banks were managed in the most perfect manner; and that the best of all currescies was that which was formed of those miserable one and two pound notes which the other day, had been so much reprobated, He was afraid that a large portion of the landed interest thought it their interest to The Earl of Leera were keep up the small-note circulation. They, the roble lord, a wel lat liked the high prices of one season with falen into a mate with rester The out perhaps liking the low prices which proceeding what at tale Date followed. It was very delightful, cer- where. Nothing bad bEET DE DIFtainly, to have the very good year of, posed relative to the Surrey 1817, but it was followed by the bad year a departure from the principles in Vich of 1819, and by the low prices of 1500, the measure brug forward in ancie 1821, 1822. They might be pleased with place, or the s. before me How the good high prices of 1824 and 1925, founded He enrer agret vil de but they might be followed by the low prices of 1826. They preferred a machine which worked by jolts and jerks, 19 one that was even, smooth, and ready, in its motion. It had been declared the the currency was to be regulated by a gold standard; and so it was; but it took long periods of vacillation sometimes it was above the standard, sometimes below it; and it was always brought back by violence and disorder. A more dangerous and unsettled and insecure state for property, could hardly be conceived Though the currency was to be conformable to the currency of the continent, it never was made so but by visent costractions at one time, and hasty extensions at another. There was one blast furnace in London, ard eight Luodred, for he believed there were so many coustry bankers, at different parts of the country, at one time all blowing ting had brought things to a white beat, and then lying idle, or not doing half the work they ought. The only care for these irregularities was, to have an exteneive metallic currency. He should to

now, when the appointed time had arrived, he was given to understand, that there could be no discussion until the next session. That was as much as to say, that the parliament being now on its last legs, or even on its death-bed, the noble earl was unwilling to disturb its last moments, by giving them this viaticum in articula mortis. Knowing how much the noble earl disliked popery, he could not help being surprised at finding that so great an abhorrer of the church of Rome should be guilty of popish practices. There was no doubt, however, that the noble earl had been dealing in auricular confessions, and had thus learned the sentiments of his landed friends; but, on the subject of the Corn laws, he had found their hearts obdurate, and that they were not in a fit state to receive absolution, or the viaticum. He allowed that the present parliament had done some good works; but it appeared at last to be found wanting in faith; and what were good works without faith? He, however, liked this parliament for the good it had done, as much as he detested the bread-taxing, and six-act parliament of 1815, which, thank God, was now dead and gone, and consigned to the execration of posterity.

crease of issues it might have occasioned. I cussion was to take place in this; but Whether that measure was right or wrong he did not say; but he did say the government had nothing to do with it; but if it had not been done, the issues of Bank notes would not have been so great. With respect to the dealings in Exchequer-bills, he would observe, that the only part of that measure for which government were responsible, was that which arose from dealings between the Bank and them, in which they had advanced money upon them. It was not usual for the Bank to issue money on such bills to the public; but as to the selling of Exchequer-bills last summer, it was the act of the Bank themselves, and done on their own responsibility. In adverting to this, he would observe, that the government had not that control over the Bank which seemed to be generally imagined. It seemed to be the opinion of some hon. gentlemen, that government could control the proceedings of the Bank at pleasure. Government possessed no such power; nor did they wish to possess it. He had mentioned these circumstances with the intention that hon. members, in viewing the proceedings of the Bank and the government, would give to each the blame or credit which belonged to them, and not attribute to one what solely belonged to the other.

Mr. Ellice said, he would not divide the House, because from the declaration of the chancellor of the Exchequer, he did not think he was opposed to the principle of the measure recommended.

The bill was then read a second time.

HOUSE OF LORDS.

Monday, February 20. CORN LAWS.] Lord King said, he had a petition to present from Brecon, in the name of the town; but whether it could be received as such, or only as the petition of the individuals who signed it, he did not know. It was a petition against what he called the landlords actthe job of jobs-the Corn laws. The noble earl opposite had expressed a hope that this subject, when it came to be discussed, would be considered dispassionately; and, for his part, he was very desirous to attend to the recommendation, when the day of discussion should come. The question was when would that be? In the course of last session he had been given to understand, that the great dis

BANK CHARTER BILL.] On the order of the day for the committal of this bill,

Lord King wished to say a few words before their lordships went into the committee. He had heard a great many bad measures defended in that House by good speeches, and a few good measures also supported by good speeches; but, whether the measures were originally good or bad, it often happened that they had the same result. When a good measure was brought forward, it was sure, some how or other, to be frittered away and defeated. A striking instance of this had just occurred. On Friday night last, when the noble earl had proved to demonstration the advantage of the measure he was submitting to the House--when he had clearly shown that it was impossible for one and two pound notes and sovereigns to circulate together, his whole plan was upset. At the very moment when he was in the heart of his demonstration, the noble lord's lieutenant in another announced that the ribbons of notes of the Bank of England should have a preference over coin. sorry to find all the noble earl's arguments

He was