Imágenes de páginas
PDF
EPUB

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 bring upon them.

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

two descriptions of persons interested in its result.

Sir, I felt anxious to clear the ground of these invidious imputations, before I proceeded to deal with the question before the House, with that frankness and sincerity which it demands.

Sir, the honourable gentleman who spoke last has divided the subject into two parts; and his speech furnishes the best answer to the several objections that have been urged against the proposition of my right honourable friend, the Chancellor of the Exchequer, by several speakers who preceded the honourable gentleman. On the one hand, the measure has been described as wholly inefficient for the end proposed-mere milk and water; on the other hand, it has been contended that it will bring a pressure on the monied, commercial, manufacturing, and landed interests, which the country, in its present weak condition, is ill able to bear.

Now, Sir, both these characters of the plan of my right honourable friend, cannot be true; but both of them may be, and both are, incorrect. My honourable friend has shown how unfounded and fallacious is the first assertion, of the inefficiency of the measure, by pointing out how gratuitously it has been assumed to apply to causes with which it does not profess to deal. On the other hand, he has admitted, that the pressure is exaggerated; and he has come to the

conclusion which is expressed in the resolution of my right honourable friend.

Sir, one of the causes of the present distressand it is one with which we do not presume, or attempt to deal-has been that extravagant spirit of speculation, so well described by several honourable members, and by none better than by the honourable member for Northampton, (Mr. Maberly), not now in his place, who in a speech which displayed the greatest ingenuity and ability, and in a manner which came home to the feelings of all who heard him, brought fully and fairly before the House, the true character of that prevailing mischief. When the King's speech informed us, that "some of the causes of the present embarrassments lie without the reach of direct parliamentary interposition," to what else could it be intended to allude, but to those speculations which, at the time, fixed the public gaze, and so immediately excited their appetency, as to cover the nation, in the eyes of foreign states, if not with disgrace, at least with ridicule ? The most wild and incoherent schemes were started projects which sprung with the dawn, and expired before the setting of the sun, in whose beams they glittered for a few hours, and then fell a puff of vapour sent them soaring toward the skies; the puncture of a pin brought them to the earth. I really do not know, Sir, what legislative interference could possibly effect in such a

« AnteriorContinuar »