as he would have the opportunity of coming back upon it on the first set speech he might make. But, as the honourable member would have a future opportunity, which he had no doubt he would embrace, of bringing all the subjects which he had that night mentioned, regularly under their notice, he hoped he would not think him (Mr. Canning) disrespectful, if he passed by them at present without remark. The honourable member had told them, that the speech of last year was contrary to the truth, and that the speech of this year was inconsistent with fact. What nice metaphysical distinction there might be between "contrary to truth," and "inconsistent with fact," he for one could not see. Perhaps the honourable member, as lord rector of a learned Scotch University, was gifted with acuter perception, and could enlighten the House upon this distinction without a difference. There were, however, some propositions in the speech of the honourable member, upon which he should venture to retort the honourable member's own expressions. The honourable member said, that there had been no reduction of taxation since the war. This assertion he would venture to say was (6 contrary to the truth," as all the world, with the exception of the honourable gentleman, knew that there had been a reduction of taxes to the amount of twenty-seven millions. The honourable member then proceeded to say, that although no reduction of taxation had taken place during the ten years since the war, the reductions during the last five years had been fewer than before : that was, in plain English, that they had been fewer than none. This assertion, therefore, he would venture to call "inconsistent with fact." He took these assertions as fair specimens of the other topics in the honourable member's speech; topics, which he supposed were only mentioned by the honourable member, as preludes to future debates, on which, when they should arise, he would endeavour

to set the honourable member as right with regard to his arguments, as he had now set him right with regard to his facts. One question had been asked him by an honourable and learned gentleman (Mr. Brougham), to which he should take the present opportunity of giving an answer. The honourable and learned gentleman had asked him, whether the treaty between this country and Brazil had not been refused ratification? He entirely agreed with the honourable and learned gentleman as to the character of the stipulation to which he had made reference. Nothing could be more objectionable, or more impossible for His Majesty's Government to adopt. There were, likewise, other stipulations in that treaty to which he should be equally unwilling to give his assent. The fact was, that the treaty had been negociated without any instructions, and even contrary to the views which the English Government entertained upon such subjects. Yet though it had been negociated without instructions, if it had been unexceptionable, it would have been ratified by this Government; but objectionable as it now was, he had no hesitation in saying that it never had, and never would be ratified. He had only another observation to make before he concluded, and that was, that under the pressure now existing in the country, he could not think it advisable that the state of the corn laws should be brought under consideration during the present session.

The Address was agreed to.

1

BANK CHARTER AND PROMISSORY

NOTES' ACTS.

FEBRUARY 13th, 1826.

THE CHANCELLOR OF THE EXCHEQUER Moved the order of the day for resuming the debate on the Bank Charter and Promissory Notes' Acts.

MR. SECRETARY CANNING rose, and said:Before I proceed, Sir, to address the House, as briefly as I can, upon the very interesting and important subject which now engages its attention, I beg leave to set myself right with some honourable gentlemen, by assuring them, that in whatever I may say of the present system of our currency, and of the necessity of a speedy reform in it, I do not mean, in the slightest degree, to impute blame, or imply disrespect, to a body of men, whose character has been drawn into the debate; the administrators of the system, as it at present stands. So far, Sir, from wishing to disparage the country bankers, I think they have been of great and essential service to the country. I believe them to have been the medium of communicating a wholesome stimulus to

industry, and of directing into useful and legitimate channels, the industry and enterprise of the country. I believe that, if they have acted unadvisedly-if they have done any thing amiss-it is to be attributed to the nature of the system under which they have been compelled to act, and not to any abuse of the power lodged in their hands.

Such, Sir, being my sincere opinion, I have thought it proper to make this distinct protest at the outset; because I am aware that, in the ardour of discussion, it not unfrequently happens, that, from misapprehension on the part of the hearer, or inadvertency on the part of the speaker, expressions are understood in a sense very different from that in which they are intended, that what was meant for the matter is supposed to apply to the person. I wish to guard against any such mistake of my intentions. When I say, for instance, of the country bankers, what I said, upon a former occasion, of the Directors of the Bank of England-that however respectable they may be in their particular capacity, they are, nevertheless, not competent to be intrusted with the prerogative of the Crown, I say that which I hope I may be permitted to say without offence; and I am sure I say it without the smallest design to impeach the purity, or to derogate from the importance, of their character. I attach no blame to the individuals, but only to the system, which

they are the agents of carrying into effect. I will observe also, with reference to this part of the subject, that it appears to be a mistake to suppose that this question may not be brought to a practical issue at the present moment, with less danger and less inconvenience, than at any other period. For, I state it as my sincere opinion, that the great mass of the country banks now in existence, are fixed upon a stable foundation; they have stood out the storm which has thrown down weaker fabrics to the earth-and there is, therefore, a reasonable presumption, that they have nothing to fear from the pressure, whatever that may be (though I believe the apprehension of that pressure to be excessively exaggerated)— which the proposed measures for effecting a change in the condition of the currency may them.

bring upon

Impressed as I am, Sir, with this conviction, I think, that those persons would argue as illogically, as they would act unreasonably, who after the passing of the measure now under our consideration, should proceed to act with harshness, if a country banker, towards his creditor, or with precipitation, if a holder of country bank notes, in hurrying with them to the banker, for immediate payment in gold. My opinion is, that this measure is absolutely necessary for the due regulation of our currency; but that will not justify, or call for, either one or other of these courses in the