the passing of a measure which had pro duced such calamities; he would tell them, if any or all of those miseries happened, to recall to their recollection the month of December-that gloomy and fatal period -the most disastrous, and most horrible, perhaps, in their commercial annals. He would say, let them look back to that period, and if they pointed to the distress or the distrust which may hereafter exist, remind them of the last fourteen days, or three weeks, before the discussions in that House-let them call to their remembrance the bankruptcies, the universal want of confidence, the unparalleled misery which then existed in every part of the country -and then let them attribute that wretchedness to the measure now in contemplation, if they can do so with shadow of any reason. The only consolation they could offer to the sufferers-for sufferers there would be, not only from the state of the last few months, but from that diminished consumption of all the productions of other classes, inflicting the heaviest pressure upon that most honest, industrious, meritorious, and most numerous class of the community, the working class-all they could offer to them, in return for their patient endurance of evils, would be, not a vain pretence to remedy their afflictions, but a steady and invariable currency to buy and to sell-a currency which may save them a renewal of those disasters from which they have lately, in some districts, suffered miseries, compared with which the very lowest rate of wages that could be accorded was as nothing; inasmuch as the one was only a diminution of profit, while the other became a total and irretrievable loss, attended by calamities too melancholy to be dwelt on. Whatever difference of opinion might exist as to the principle of the measure which had been proposed, or however they might differ in the'details, as he believed a state of suspense to be the very worst in which the country could be left, he, for one, would give a cordial vote for the immediate production of the bill. Mr. Secretary Canning said, he agreed completely in the justice of the observation with which the learned gentleman had concluded his speech, and he believed that the sentiment was fully participated in by every member of the House. As the question, however, which was then before the House, namely, "that the Speaker do leave the chair," was merely a question of form, the decision of it might not appear VOL. XIV. to express the opinion of the House on the principle of the measure. But, after the protracted debate which had taken place, and as it was desirable, on every account, to have the opinion of the House ascertained with as little delay as possible, he thought the most expedient course would be, to have it understood, that the present question, although one merely of form, involved the consideration of the measure before them, and that the decision of one would be considered as a decision upon. the other. Upon this understanding the House divided; for Mr. Baring's amendment 39, against it 222. Majority 183. List of the Minority. Attwood, M. Bright, H. Benett, J. Bridges, Ald. Blair, James Baring, sir T. Calcraft, J. Calvert, N. Farquhar, sir R. Gurney, Hudson Griffith, L. W. Gordon, Rt. Grosset, J. R. Graham, sir S. Gascoyne, T. Hume, J. Heygate, Ald. Ileathcote, G. Honywood, W. P. Innes, J. Ingilby, sir W. A. The original question was then agreed to, and the House resolved itself into the committee. On the Resolution being read, Mr. Hudson Gurney observed, that, if government destroyed all the country bankers' notes, and, at the same time, stopped the issue of one-pound notes by the Bank of England, they would leave the country in a state of destitution, of which they could not have any adequate conception. That establishment was not liable to the imputations thrown out against the country banks, of being desirous to put out their small paper without rule or guide. He should therefore move, as an amendment, that the words "or by the Bank of England" be left out of the resolution. The Chancellor of the Exchequer said, that although much of the inconvenience that would result from permitting country bank notes still to circulate, would not attend the continued circulation of the 2 A small notes of the Bank of England, because they were more immediately under the eyes and control of government, and of course their issues could be more easily restrained and regulated, still he could not agree to the amendment of the hon. member. He conceived that such an exception would be extremely unjust to the country bankers in general. Although the hon. gentleman might not entertain that opinion, yet he felt that it would be invidious and unjust to make the distinction. It would be a very fair distinction, without_producing any adequate benefit [hear]. Mr. Maberly said, that he could not discover the expediency or consistency of suppressing the small notes in England, and allowing them to circulate in Scotland and Ireland. If the principle were good for one kingdom, it would be equally beneficial for the others. He had received letters from Scotland which represented that country as being placed in the utmost state of alarm and apprehension as to the course which government proposed to pursue. It was not so much that the people there were anxious for the carrying of any particular measure, as that they were solicitous to know what was to happen. "Let us," they cried, "only know what you intend to do, and we shall be satisfied." The Chancellor of the Exchequer agreed with the hon. member for Abingdon, as to the extent to which the principle should be carried; and as he perceived that the hon. gentleman had not been in the House on a former evening, when a noble lord had asked the same question, he would repeat, that it was his intention to carry the principle into full effect, both in Scotland and in Ireland, and that the only grounds for making any variation depended upon the question of time. It was his intention, however, in a very few days, to lay before the House his plan for the suppression of small notes, both in Scotland and other parts of the country. Mr. Baring said, he considered that the object of the amendment, namely, to allow the small notes of the Bank of England to circulate, whilst those of the country banks were suppressed, would be utterly intolerable, on any sound principle. Mr. Hume said, he did not rise to continue the discussion of the night, but merely to protest against the measure which had been just adopted. He thought that the House had acted prematurely, and had proceeded upon an error; and he hoped soon to have the opportunity of stating at more length, the grounds on which he entertained the conviction, that the causes of the present distress were unconnected with the small-note circulation. He hoped to be able to show, that they were, as fast as possible, retracing their steps, and giving up the principal point suggested by Mr. Ricardo, and acted upon in Mr. Peel's bill. He thought that they were doing wrong-he was sorry for it; but all he could he would do, to disabuse the House and the country. Mr. Peel said, that the hon. gentleman had rather mis-stated the tendency of his bill, when he said it was founded on Mr. Ricardo's principle; whereas it was well known, that Mr. Ricardo's proposition was to pay Bank notes in ingots of gold. But, the principle of his bill was, to render notes of the smallest amount convertible into gold; and there was, in addition, a positive prohibition against the circulation of country bank notes after the lapse of two years from the passing of the bill; and if that bill had been carried into complete effect there would not now have been a country one-pound note in circulation. Mr. Hudson Gurney said, he felt the amendment which he had offered to be of so much importance, that he should persist in pressing it. He was firmly of opinion, that had it not been for the issues of the one-pound notes by the Bank of England at the time that they took place, the recent calamity would have been greatly aggravated. These issues had done the greatest good; and in the event of a similar emergency, he thought that means of similar assistance should be available to the exigencies of the country. The House then divided-for the amendment 7; against it 66; majority, 59. List of the Minority. of his. Whoever might have advanced it, he was no party to it. He should not at present enter into the discussion of the great question; but on the 22nd, he should be ready to debate the merits of the bill, and to meet the question upon principle. Sir T. Lethbridge was glad that the discussion would so speedily take place, but he would have been more satisfied, if the right hon. gentleman had given them hopes that he would assent to the appointment of the committee. If the manufacturers complained of one thing more than another, it was that no satisfactory reasons had been assigned for the intended alteration of the law. Mr. Davenport expressed his regret that ministers were not more explicit on the subject. President of the Board of Trade in his place, wished to take the opportunity of presenting a petition from the manufacturers engaged in the ribbon trade in Coventry, who employed upwards of 24,000 workmen ; setting forth the apprehensions they entertained from the competition into which they would be forced with the French and Swiss trade in July next, on the admission of the foreign article. Whether the apprehensions of the manufacturers were well or ill founded, he would not now stop to inquire, although his belief was, that they were founded upon incontrovertible truths. In answer to the communications which had passed between this trade and the lords of the Treasury, the latter declared their dissent from the alarms of the former, and expressed their conviction, that no greater importation of foreign goods would legally take place from the operation of the new measure, than at present took place through the traffic of smugglers. The manufacturers, however, entertained very different feelings on the subject, and were fully impressed with the belief, that if the government persevered in their intentions, the trade must necessarily decay, and they would be under the necessity of discharging all their workmen. Now, the issue upon which he was prepared to put this question was simply this: either the petitioners were correct in their view, or they were not; and for the purpose of ascertaining that point, he intended to move for the appointment of a committee, where alone the proper light could be thrown upon the subject. He therefore gave this notice, that on the 22nd inst. he meant to move, that all the petitions which had been presented upon this subject, be referred to a select committee, to examine and report thereon. The impression out of doors was, that it would be madness to open this trade to foreign competition; and, notwithstanding the determination expressed by ministers to persevere, a strong hope was entertained, that they would depart from that intention, on seeing the distress which their new course of proceeding would calculate to bring upon the country. Mr. Huskisson was desirous of merely stating now, that the opinion noticed by the hon. gentleman, that the quantity of silk goods to be introduced from France by the proposed alterations of the law, would be precisely the quantity at present brought in by smuggling was no opinion THE CURRENCY-COUNTRY BANKERS' NOTES.] Mr. R. Gordon rose to present a petition, to which he called the serious attention of the House. This petition, though not numerously was as respectably signed as any ever laid upon the table of that House. The subscribers were proprietors, farmers, and others, resident in and near Cirencester. All agreed in opinion, that the ministers were wrong in the course which they were about to take respecting the currency, and prayed, that the government would be just pleased to do nothing at all. It was, he thought, inexpedient to touch so delicate a matter as the currency, until the effect of the panic had subsided, and things had worked round their own remedy. Mr. Benett bore testimony to the great respectability of the petitioners, and concurred in their opinion, that a more unfortunate time than the present could not have been taken for agitating this important question. Sir T. Lethbridge thought the time had arrived, when it was imperative on government to do all in their power to place the currency upon a solid basis. The panic was passing away, and what was now doing would tend greatly to remove the want of confidence which prevailed in money matters. The plan now in progress would tend to secure to the poor man the full produce of his industry in a coin which could not be depreciated. He had no doubt that the return to a metallic circulation could be carried into effect with very little difficulty, for there was gold enough in the country to fill up the vacuum formed by the disappearance of the small paper currency. There was, however, one part of the consideration which had been entirely overlooked by the distinguished speakers who had discussed the question last night. He alluded to the remote contingency of the restriction of Bank cash-payments, should a time of war arise, and the government find themselves unable to uphold a circulation in specie. That was a material part of the subject which had not been discussed. Sir John Brydges thanked ministers for the course they had taken respecting the currency. The most fallacious system which this country had ever acted upon was that of the small-note circulation. He descanted upon the evils which had arisen from it, in districts where bankfailures had taken place. It was shocking to witness, as he had done, such scenes of heart-rending distress. ling them to have it exported in ships not of their own building. It was, therefore, to relieve them from this harsh provision, in the opening of their commerce with Great Britain, that stipulations were made in these treaties, which, for a limited number of years, until they could build shipping, allowed them to trade to England in foreign vessels, upon the terms of a national marine. The only alteration now proposed in the navigation laws, was to legalize this provision, in favour of the states of La Plata and Colombia, making at the same time such arrangements as would require the due proportion of bona fide native crews. His proposed measure, besides these alterations, was also meant to give the Crown a prospective power of making similar arrangements with other states that might establish independent governments under the same circumstances. His intention was, to move for leave to bring in a bill. Mr. Robertson strongly condemned this miscalled and delusive system of reciprocity, but which was, in point of fact, no reciprocity whatever. They were now called upon to admit French ships into their own trade. Mr. Huskisson - I did not say a word about French ships, which have nothing to do with the present question. NAVIGATION ACT-TREATIES WITH SOUTH AMERICA.] Mr. Huskisson moved the order of the day, for the House to resolve itself into a Committee on the Navigation-act, with a view of enabling government to carry into effect the stipulations of the treaties lately entered into between Great Britain and the republics of La Plata and Colombia. In each of these treaties, stipulations had been introduced, Mr. Robertson contended, that meathat, for a certain term of years, ships not sures of this kind, which were every day built within these two new states should, pressed forward by government, shewed nevertheless, be recognized by Great a total absence of that high national feelBritain as their national ships. It was ing which had influenced the councils of generally known, that by the navigation Great Britain, until these late times in laws, foreign ships were only allowed to which they lived had cast a new light bring their own national produce to this upon the whole range of their commercial country, without incurring additional policy. It was a delusion to call the preduties that is, they were not allowed to sent project one of reciprocity; for Engbe the carriers of the produce of countries, land, overloaded with taxes as she was, was other than their own, except on payment giving away a decided national advantage, of an extra impost. But when these new without receiving the slightest equivalent. republics had passed into a state of inde- The repeal of so essential a part of the navipendent existence, in opening a commer- gation laws must have the speedy effect of cial intercourse with them, it was obvi- throwing the trade of these new states into ously impossible to apply to them this the hands of foreigners of all nations, who part of the provision of the navigation would flock to these republican governlaws; for the parent states had so entirely ments, where they could soon acquire the prevented their being in any condition to rights of citizenship, and establish them form a commercial marine, that when selves with sufficient shipping; which could they had eventually succeeded in becom-be obtained, from their greater exemption ing independent states they had no trade, from municipal burthens, at one half the and, consequently, no ships. If in this expense at which the British could prostate the navigation laws were to be en-vide the same marine. Thus the carryforced against them, their produce musting trade of Colombia, instead of being be exposed to the extra duties, from the kept by England, would be flung into the circumstance of their necessities compel- hands of foreigners, contrary to the na tional policy of former times. Thirty years ago, no British minister would have dared to have made such a proposition to parliament; and, so opposed was it to the wish of the people, from one end of the country to the other, that he hoped the time was not far distant when no minister would presume to repeat such an application, in defiance of the direct interest and policy that had raised this country to a pitch of greatness, from which ministers were daily doing all in their power to pull it down. Impressed with this conviction, he would give his strongest opposition to the present bill. But, from the union between the government and the gentlemen opposite, opposition would be vain, and all he could do would be to raise his voice against so mischievous a career, and to deplore the infatuation which had led to it. Mr. Heathcote wished to ask the right hon. gentleman opposite, whether the effect of these new measures had not been to diminish the number of British seamen, in the general British trade? From returns which he held in his hand, he saw that though the shipping had increased, the number of British seamen had diminished. Mr. Huskisson was unable to comprehend to what relaxation of the navigation laws the hon. gentleman alluded. The great principle of the navigation laws; namely, that the shipping of other countries trading to England, should be confined to the conveyance of their respective commodities, unless on the payment of additional duties, remained the same. With respect to the decrease of the seamen, he was not prepared, off hand, to explain it, if it were a fact. In time of peace it was probable that the commercial interests, though they had increased their shipping, had not, in the same degree, augmented their number of seamen. They might have economized in the latter, and perhaps had done so. There was, however, no alteration in that provision of the navigation laws which required the master and two thirds of the crew to be British subjects. Mr. Hume wished to ask the right hon. gentleman whether he meant to redeem the pledge given last session, relative to a reduction in the duty on timber, and other articles imported for the purpose of shipbuilding. When he and others, last session, agreed to the reciprocity duties bill, they were assured that such a reduction would be effected, and it was on that ground that he supported the measure. It was then clearly understood that all materials used in building and navigating our ships, which were transported from foreign countries, should have a reduced rate of duty affixed to them. The impression on his mind was, that if ministers did not remove the heavy duties on timber used in ship-building, as well as on canvass, cordage, and various other articles of a similar description, this country would lose her mercantile navy; and on the existence of that mercantile navy depended the equipment of our ships of war. We had now 500 vessels of war; a greater number than was possessed by all the maritime states of Europe beside, and infinitely more than the exigencies of the country could require. If ministers were correct in keeping up shipping to this extent, it was right that the House should inquire whether they were taking proper measures to secure an ample supply of seamen. For his own part he thought that the mercantile navy was sinking. With this impression, he wished to know, whether it was the intention of ministers to take off the duty on timber used in ship-building, on hemp, and on other articles required in the mercantile navy? The pledge given last year had not been redeemed, and the interest of the country was likely to suffer in consequence. Sir R. Fergusson said, that the effect of the present system would be, that the whole of the ship-building would be carried to other places. Merchants would send to Canada or New Brunswick for the tonnage they required. The number of ships constructed in those ports every year, was so great, that it was difficult to procure sailors to man them. When, therefore, the merchants of this country sent a vessel out to any of those ports, it was customary for the men to leave her, and to go on board some of the newlybuilt vessels, which they navigated to England at a great advance of wages. The House having resolved itself into a committee, Mr. Huskisson observed, that the position relative to the connexion of this country with certain of the South American states, which had recently been laid down by the hon. member for Grampound, was manifestly erroneous. Treaties had been entered into with Colombia and Buenos Ayres, states which could not, by possibility, have any shipping of their own at present; and his object was to relieve them, under these peculiar circum |