be of course extremely ill-timed in him to government. By means of their exclusive enter into a subject which happily was in credit, the corporation of the Bank had the hands of men so capable of treating it been enabled to meet the wants of the with superior knowledge and ability: it minister, but they had done so on terms was not his intention. The only object enormous and highly injurious to the he had in view in calling the attention of country. These matters, he said, had parliament to the subject was, to show been frequently mentioned-they have that the corporation of the Bank of Eng- been met on the part of the Bank, someland had, during a period of twenty-two times by assertion, often in silence, and years, accumulated an enormous mass of never by disproof. He concluded by wealth at the expense of the public, with- moving for-1. "Accounts of the total out the performance of any public service weekly amount of Bank notes and Bank that could entitle them to that exclusive post bills in circulation, from the 1st Jan. benefit-that they had accumulated wealth 1818, to the 25th Jan. 1819. 2. Of the during a shorter period, and to a greater amount of Bank notes in circulation on amount, than any body of men had been the 7th and 12th of each month, from ever able to do, in any banking or com- Jan. 1818, to Jan. 1819, both inclusive. mercial country, since banking or com- 3. Of the highest and lowest aggregate merce had been established in the world. amount of bank notes, including those of The first great benefit this corporation every kind, at any one time in circulation enjoyed flowed directly from the Bank from the 1st Jan. 1818, to the 25th of Restriction bill, an act which was first Jan. 1819, both days inclusive. 4. Of passed in the year 1797, and from that the weekly amount of bank notes in cirperiod down to the present, the Bank had culation of the value of 5l. and less, from been relieved from the necessity of paying the 1st Jan. 1818, to the 25th of Jan. in cash, and had therefore been exoner- 1819, both inclusive. 5. Of the market ated from the performance of its pecuniary prices of standard gold in bars, of Portuengagements. For twenty-two years, gal gold in coin, standard silver in bars, twenty-four merchants of the city of and Spanish dollars, or pillar pieces of London, as the directors of this corpora- eight, with the course of exchange with tion, had, without check and without Hamburgh, Lisbon, and Paris, from the control, the unlimited power of issuing a 1st Jan. 1818, to the 25th Jan. 1819. forced paper currency on the country, 6. Of the balances of cash in the hands of for their own exclusive benefit. The the Bank of England, on the 1st and 15th public did not participate in any way in days of each month between the 1st Jan. the advantage derived from this establish- and 15th December, 1818, inclusive, rement; and this corporation, uncontrolled sulting from payments under the head of and unlimited, had the power of issuing customs, and of all other branches of the notes to any amount, without any expense public revenue, stating the average bato them but the trifling expense of paper lances of the year, made up from the said and the payment of their clerks. There days. 7. Of the balances of cash in the was, he should add, one other item in hands of the Bank of England, on the 1st their expenditure-one, he supposed, of and 15th days of each month, between the considerable amount, from the frequency 1st Jan. and 15th Dec. 1818, inclusive, of the case-he meant the numerous resulting from the postmaster-general's prosecutions carried on by the Bank, account with the Bank, stating the averfrom one extremity of the kingdom to the age balance of the year, made up from other, against those unhappy wretches who the said days. 8. Of the balances of cash were almost every hour brought to the in the hands of the Bank of England on bar of criminal justice, on the charge of the 1st and 15th days of each month beforging notes. This practice had of late tween the 1st Jan. and 15th Dec. 1818, years been carried to so alarming an ex-inclusive belonging to the different de tent, as to call forth, from every quarter, partments of the government, including the loudest murmurs of disapprobation the balances of the accountant-general of it forced itself upon the attention of par- the court of chancery, and stating the liament, and demanded an immediate average balance of the year, made up inquiry. The next great source of profit from the said days. 9. Of all other puband advantage to the Bank was the enor-lic balances not particularly specified in mous extortions which they had commit- the three preceding accounts with the ted in their various contracts with the bank of England on the 1st Jan. 1819;

thrift, to prevent further embarrassment? Why, if these ministers could make more loans in consequence of re-established public credit, the whole system of profligate expenditure would be revived. We should see an armament sent to America, not to redress presumed outrages against justice, but to extirpate republican establishments,-another sent to India, not to take a single rood of ground in a country where we never showed a spirit of aggrandizement, usurpation, or avarice, but to subdue all independent states, collect all revenues, and occupy all territory between the Indus and the Caspian;-another army would be sent to France to teach a moral lesson to the French ministers for baffling the plans and rejecting the catechism of the holy alliance; and if Europe, Asia, Africa, and America did not provide employment enough for our men and money, our enterprising navigators might then have discovered some territories in the Polar Basin to be manured with our blood and treasure. But even if those honourable friends of mine were in office, who gave the splendid example of resigning place and emolument, rather than abandon or coquette with a measure of great vital interest; who, had they remained in office, would have saved the country from many annual millions of taxes, for which military glory is but a sorry compensation; for what nation, civilized or barbarous, has not had that day of glory? and which carried to excess has not been ruined by it? If those men were in office, who would have saved the country from unconstitutional alien bills lawlessly enforced, from infamous suspension bills, and no less infamous indemnity bills, from spies and informers, and the disgrace of having them eulogized in this house and acknowledged as associated partners of the government;—who, in short, would have saved it from all the acts which ministers have criminally done, and crimi nally left undone-not even to these hon. gentlemen would I give, or rather leave, the power of mortgaging the people's industry, by making previously great sacrifices, to restore public credit. These sacrifices should only be made when there was the security of a reformed parlia ment; a parliament, the duration of which should not exceed the duration of that term prescribed by the Revolution of 1688

which flows direct from original sources | the debts of a professed gambler or spendthrough natural channels, and that which passes through the absorbing strainers of government. There are some who will say, that if the taxes be reduced, wages will fall in proportion; but our own history, and what is passing before our eyes in France and America, show that the condition of the people is improved in the proportion that taxes are lightened, and fiscal laws do not interfere with the settlement of natural prices. In one case, the body politic presents a cheerful healthy appearance, full of all the energies of life; in the other, a body weak and emaciated, with diseased and swoln limbs. Adam Smith has said, that a country was poor or rich, as the community enjoyed amusements, comforts, and the necessaries of life. How poor then must be this country, where the poor cannot, by their industry, command even subsistence, as is proved by the eight millions of annual poor-rates levied for their additional support. Another writer, who has illuminated the obscurity of the Middle Ages, by the lights of philosophy and truth, and conferred honour on the present by the spirit of freedom and benevolence which is diffused through his work, acknowledges that he is obliged to draw the painful conclusion of the actual poor being in a deteriorated condition. He ascribes partly this deterioration to an increase of population, and a disproportionate increase of the fruits of the earth; but many pretend that agriculture and population have kept due proportions, and that at all events, the effect could be but partial. Another writer, whom I have no right to panegyrize, has indeed been the true prophet. He has seen years ago through a finance telescope events which were not anticipated by others. My own conviction, then, is, that the present ministers have brought the country into that state, as not to make it an object, whether the Bank can pay or not in cash the notes which it has issued on its own account, but how the insolvency of the country can best be met without ruin to every capitalist, and danger to all the existing institutions of the country. My own belief is, that all capitalists of every description must consent to great sacrifices; but God forbid these sacrifices should be made whilst those men were administering our affairs, who brought this country into this state of calamity! Who but a madman or an idiot would pay (VOL. XXXIX. }

a parliament reconstructed by a national extension of the elective franchise; which should not present the serio-comic scene (I)