under the pressure now existing in the country, he did not think it advisable that the state of the corn laws should be brought under consideration during the present session.

Mr Calcraft contended that the misery under which the commercial world was now labouring had not been entirely occasioned by excessive speculation and overtrading. The government and the Bank, by contriving to beat down the rate of interest, had done far more mischief than the country banks, against which they had heard so much that night. With respect to country banks, it was mere matter of option whether a man took their notes or not. If he took them and did not like them, he might carry them back and compel the issuers to pay him in specie. What objection was there to this part of the system? Of the whole number of country banks, not one-tenth had stopped; and of those which had thus been compelled to suspend payment many had paid, or would be enabled to pay, in full, all demands upon them. The system which the Bank of England had adopted, of lending money on mortgages, and on the security of stock, was the beginning of the distress. This indiscriminate lending was now all over, it was true; but still that was the beginning and the cause of the distress.

Mr P. Grenfell felt it due to the Bank of England to say, that when the evil which had been alluded to was at its height, the directors had come for ward in the most liberal manner, and, to use the expression of the right hon. gentleman, threw themselves into the breach, to avert, as far as they could, the threatened danger. Yet he could not but say that they had in some measure occasioned that danger, by the facility they had offered to speculation, by the great issues of their paper.

Mr Baring said, that the Chancellor

of the Exchequer, in omitting to state at what time he intended to carry the measure he had proposed into effect, had prevented the house from judging of its expediency. The Bank had been the authors of that dangerous redundancy of money which had given rise to the wild speculations abounding in every part of the country. The country banks had added to this redundancy in a much more mischievous manner. The Bank of England exercised some discretion in the quantity of paper money which it put out; but the very business of a country bank was to put out all the paper it could, and this every gentleman acquainted with country banks well knew was their constant practice. It would ill become him to reflect with severity upon persons who had made adventurous speculations in commerce; but he must say, that neither in this nor in any other country, had enterprises so rash and ridiculous entered the minds of men, as many of those which had been produced in London during the last year. It seemed as if all Bedlam had broken loose on the Royal Exchange. It was impossible that anything could be more liberal or sensible than the conduct which the Bank of England displayed at this juncture; but the causes lay too deep to be removed by anything that the Bank could do. With respect to the remedy which was to be now applied, there must be great caution in the manner of its application. He had always considered the one-pound country bank notes as a great nuisance, and the cause of fre quent distress, which they were now as likely as ever to produce. He thought that before the right hon. gentleman proceeded with the measure he contemplated, he must be furnished with the exact amount to which the issues of these L.1 notes had arrived; and he would suggest that a bill should be passed, calling upon bankers to make returns of the amount of all their notes

issued within the last three years. The reduction of these notes, necessary as it was, could not begin until the present state of excitement had passed over. The amount of those issues might be taken, more or less correctly, at 18 millions: these, it would be remembered, must be replaced by gold. He was of opinion, that it was for the real benefit of the country that the dignity of the Bank of England should at all events be kept up, investing it at the same time with only such power as might be thought safe, because, unless this was done, it would be impossible, in the event of a war, to go on; and, to make this assistance available, the means of the Bank must be considerably enlarged. He hoped that we should long continue to live in peace, but he was not the less convinced that it would be impossible to get through two campaigns in a time of war, unless the bank system should be built upon a much broader basis. Another alteration, which he believed must of necessity be adopted, was to make the circulating medium here, as in other countries, silver as well as gold. Without this, the Bank even might be put in danger. With regard to the proposed extinction of the present system of country banking, he could not but agree that it was desirable, although he was not prepared to say that the country would experience any great relief from the new establishments which had been proposed to supply their place. If they wanted to form banks in the great commercial towns, such as Manchester, Bristol, and York, which would be perfectly in possession of public confidence, it should be done either by the means of branch banks from the Bank of England, a plan which, however, from its interfering with the present provincial interests embarked in that business, might not prove very palatable to the country or they should, by an act of incorporation, al

-

low a number of gentlemen to embark certain portions of their capital, say L.10,000, in a joint banking company. That sum from ten men would be L.100,000, an amount, in his opinion, quite adequate to support the respectability of the ordinary run of such concerns.. One word as to the silk trade: The right honourable gentleman tonight had declared, that it was the firm determination of ministers to adhere to the principles which had regulated their conduct with regard to that trade. He was of opinion, when that measure was first proposed, and he had seen nothing since to alter it, that we never could compete with the French in that branch of manufacture. In alluding to that part of the Speech which related to foreign affairs, he could not avoid expressing his admiration of the way in which the business of that department had been conducted. Mr Huskisson.- His right hon. friend had stated very clearly that methods would be adopted, which he trusted would have the effect of preventing a recurrence of those disasters which had recently convulsed the commercial world, or, at all events, of obviating, in a great measure, the consequences of any similar panic. He fully agreed with his honourable friend (Mr Baring) as to the necessity of caution in the prosecution of any plan which would interfere with long-established interests, or which might have the effect of shaking the credit of those by whom a great portion of the present provincial currency was supplied. His honourable friend had very properly said, that it would be extremely improvident to withdraw so large a portion of the circulating medium at the present moment, particularly when it had been tried and purified by the recent ordeal; he agreed with the honourable gentleman on that point, as on others. The honourable gentleman said something about eighteen millions; now he knew

that in the years 1821 and 1822, it did amount to more than seven or eight millions, and after recent circumstances, when all prudent bankers, even of the greatest respectability, had thought fit to limit their circulation, he took it that it did not amount to much more than two-thirds of that amount, 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. As to the period in which the change of the constitution of the banks was to take place, by permission of the Bank of England, he apprehended no difficulty from its happening in a very short time. It was proposed, in order to allow gentlemen to wind up their concerns, to receive and pay their debts, or to make preparations for retiring altogether, to postpone the operation of the law for six months. He could not conclude without expressing, in common with others, his strong feeling upon the subject of the liberal conduct of the Bank of England.

Sir M. W. Ridley approved of the principle of letting the notes wear out, but thought that a bill ought to be passed immediately to prevent the bankers from taking out and keeping a large quantity of stamps on hand, and thereby prolonging the circulation.

Mr Hudson Gurney had always disliked the country bankers' circulation, and more particularly their one-pound notes. But how the proposed changes could be carried into effect, and sovereigns at 31. 17s. 104d. an ounce could be substituted for the present paper issues, was to him totally incomprehensible.

Mr Denman said, he could not, consistently with his duty to the country and his constituents, avoid protesting against the total omission of the subject of the corn laws in the Speech, or

refrain from expressing his surprise, that while ministers so stoutly upheld the principles of free trade on every question, they should determine to continue the restrictions upon that. The distress in the manufacturing district with which he was connected, was very great; greater, he believed, than ministers were aware of. A man in full employment, a skilful man, could not, in many trades, earn more than 6s., 7s. or 8s. a-week, and this was all he had for the maintenance of himself and family. And this was the time, and under these circumstances, that the produce of his labour was to be exposed to the competition of other people; and yet the corn laws were not to be repealed. The people who were in this condition, were acquiring more and more correct knowledge; they were persons of good information, who could argue soundly, and whose statements of their sufferings were both eloquent and heart-rending. He, for one, was not willing to go back from the prin ciples of free trade, which he had supported in that House; but the House ought to follow up these principles, and not make the most important of all commodities an exception to the rule.

Mr Alderman Wood rose to say a few words in behalf of a large number of his constituents, who were suffering under great distress he meant the silk-weavers. He did not wish to see the old restrictions revived, but he wished to see the restrictions removed from the corn trade, and he knew that these people would not be afraid of any competition if the corn laws were repealed.

The motion for an Address was then agreed to, and some members appointed to prepare it.

The House met the following day On the question for bringing up the report on the address,

Mr W. Whitmore said that he regretted that the question of the corn

laws was not to be brought forward by ministers in the present session. So satisfied was he, that, without a proper settlement of the corn question, all attempts to establish a scheme of free trade must be ineffectual-that as ministers had professed they did not mean to bring it forward, he certainly should feel it his duty to bring it on himself.

Sir Charles Forbes reminded the House that with regard to the affairs of India, the observations of his honourable friend (Mr Hume) on the preceding evening, were still unanswered. The state in which we were now placed in India was extremely critical, and he thought that there could be but one opinion upon the Burmese war-to wit, that it should be ended as speedily as possible.

Mr W. Wynn proceeded to defend both the principle and the conduct of the Burmese war. Was there any one who could deny, not merely that actual aggression had been committed by the Burmese, but that an evident disposition to aggression had for a long time been manifested? For the conduct of our troops, and the success of our arms in India, who was there that could impeach either? If an enemy constantly flying before us, did not bear some testimony to the strength and valour of our troops, he did not know what honourable gentlemen would desire.

Mr C. H. Hutchinson complained that the Speech contained no reference to the affairs of Ireland. He had hoped, as an Irish member, to have heard of some attempts to secure peace and concord for his country. But he discovered no pledge in the Speech that any specific exertions would be so applied. It was true, that some indications of a favourable change were perceivable. But how were the people of Ireland to be secured in the enjoyment of their present tranquillity unless they saw a ruling spirit in the cabinet ready at all times to exert itself for their relief?

We were at present on good terms with France. We had no jealousy of her growing greatness, though she was moving forward in a splendid career. She was increasing in resources, her trade was prosperous, and her revenues abundant. We might not remain on terms so pacific as at present, and her resources might be powerfully turned against us, as they had been by her former master, Napoleon. Should that period ever arrive, this country ought to be in a situation which would render all her power available. But that could not be with respect to Ireland, unless means were applied to include her in the general system of amity and co-operation, which was the distinguishing character of the counsels of government at present adopted.

Mr Lockhart did not feel so much apprehension as had been expressed by many honourable members, at the late agitations in the commercial affairs of the country, because he considered occasional paroxysms of that nature as concomitant with, and nearly inseparable from, the enlarged and growing trade and resources of this great nation. He could not agree in attributing any of the distress which had prevailed to the Bank of England, though he was not prepared to oppose the measures which were likely to be proposed for opening the banking business. He considered it, however, very questionable, whether the mere allowance by law to form banking establishments of more than the statutable number of partners, would be sufficient. As to improving the business of banking by enlarging the number in the firm, let it be observed, that though the existing law limited it to six persons, it was seldom found that a country banking establishment contained so many as the law allowed. He believed that the average would not exceed three to a firm in all the existing establishments. He approved of the resolution of ministers to

persevere in establishing the principles of free trade, and had no other objections to urge to the measures about to be proposed but those which he had now expressed.

Sir T. Lethbridge thought that the Speech was highly satisfactory. The question of the corn laws was the most difficult, intricate, important question which could be agitated in that House. It was clearly improper to bring it forward at a time when the attention of Parliament was likely to be taken up with an important alteration in the currency. The question of the currency most naturally went first, and must be set at rest before they could undertake that of the corn laws.

Mr Hume was surprised at the course of argument pursued by the honour able baronet who had just sat down. The honourable baronet had contended that the corn laws should be considered as part of the currency question. By what process of reasoning that position could be made out, he was at a loss to guess. As well might he call the East India Company's monopoly of tea a part of the currency question. He had opportunities of knowing the sen timents of the manufacturers as well, perhaps, as the honourable baronet; and he could take it on him to say, that they were not afraid of an extension of the principles of free trade, provided no reserve was made, and that those principles were applied to corn as well as to all other things. He believed that ministers were well inclined to carry their principles of free trade to every article-to corn as well as all others; but that they feared the influence which might be opposed to them on the corn trade; and, from what had occurred in another place with respect to the Canada Corn Bill, there was no doubt that influence was considerable. He now came to the observations of the right hon. gentleman (Mr Wynn,) and contended that

they had not answered his questions. This indifference on so important a subject was the more to be lamented, as there was not a free press in India. That had been put down by the most arbitrary, and, as he would contend, illegal proceedings. With respect to the Burmese war, the right hon. gentleman had said, that he (Mr Hume) was bound to prove the assertion that it had been wantonly commenced. The present was, he knew, not the proper time for entering into a discussion on that point; but he would at the proper time be prepared to contend, that there was not, in all the papers which had been, or could be, produced on that subject, any one document which could show that the Burmese nation had shown a disposition to commence the war. But the inefficiency of the Governor-General was not denied even by the Court of Directors. It was pub licly stated, that he did not possess the confidence of that body, and yet he was maintained at the head of the In dian government. He could not re

frain from reading one extract from a letter which an honourable friend of his in that house had received from a highly respectable and intelligent military officer in Calcutta; and here let him observe, that the sentiments contained in this letter were the same as those of every letter which he had seen on this subject. The letter to which he alluded contained these words:"There was never a more inefficient governor. He is imbecile in the extreme."

Mr Freemantle, in allusion to the reports said to have reached England, on the state of our affairs on the Burmese frontier, could assure the House that every one of the public letters which had recently been received, hold out the most confident hopes of a prosperous termination of hostilities. The honourable gentleman (Mr Hume) had said that the Court of Directors