them as far as possible, by engagements beyond what the necessary demands of with foreign powers. "His Majesty has directed to be laid before you, a copy of a Convention, framed on these principles, which has recently been concluded between his Majesty and the king of France; and of a similar Convention, with the free Hanseatic cities of Lubec, Bremen, and Hamburgh. His Majesty has likewise directed to be laid before you a copy of a Treaty of Amity, Commerce, and Navigation, concluded between his Majesty and the Republic of Colombia, the ratifications of which have been exchanged since the close of the last Session. For the carrying into effect some of the stipulations of this treaty, his Majesty will have need of your assistance. "His Majesty regrets that he has not to announce to you the termination of hostilities in India: but the operations of the last campaign, through the bravery of the forces of his Majesty, and of the East India Company, and the skill and per. severance of their commanders, have been attended with uniform success, and his Majesty trusts that a continuance of the same exertions may lead, at no distant period, to an honourable and satisfactory pacification. "His Majesty's attention has been directed to the consideration of several measures, recommended in the last Session of Parliament, for improving the condition of Ireland. "The industry of that part of the United Kingdom, his Majesty has the satisfaction of acquainting you, is in a course of gradual and general advancement-an advancement mainly to be attributed to that state of tranquillity which now happily prevails throughout all the provinces of Ireland. "Gentlemen of the House of Commons. "His Majesty has directed the estimates for the year to be prepared and laid before you. "They have been framed with an anxious desire to avoid every Expenditure the public service may require. "His Majesty has the satisfaction of informing you, that the produce of the Revenue, in the last year, has fully justified the expectations entertained at the commencement of it. "My Lords and Gentlemen, "His Majesty deeply laments the injurious effects which the late pecuniary crisis must have entailed upon many branches of the commerce and manufactures of the United Kingdom. "But his Majesty confidently believes that the temporary check which commerce and manufactures may at this moof Divine Providence, neither impair the ment experience, will, under the blessing great sources of our wealth, nor impede the growth of national prosperity." The Commons then withdrew. After which, the Speech being again read by lord Gifford, and also by the Clerk at the table, The Earl of Verulam rose, to move an address to his Majesty, in reply to his most gracious Speech. The noble earl observed, that the Speech from the throne explained to their lordships the political situation of the country, and that it was usual for those who rose for the purpose of proposing to their lordships an address in reply to the royal Speech, to notice the principal topics which it embraced. He did not intend, however, to go into minute details. On all material points, the state of the nation afforded sufficient grounds for congratulation. Whatever unfavourable circumstances he had to notice, were of a temporary nature. He had no series of national calamities to deplore, no prohad only to call their lordships' attention tracted war to lament. In general, he to the fortunate situation of the country: but it was not to be expected that there would be no disagreeable feature in the picture. "Man is born to trouble as the sparks fly upwards;" and their lordships were aware that every state of things was liable to uncertainty and change. Accordingly, the first topic of the Speech related to the late extraordinary and unexpected panic, which had occurred in the pecuniary transactions of the country. It was the more unexpected, because it had occurred at a moment when the in which his Majesty informed parliament, that he continued to receive from his allies, and generally from all foreign powers, assurances of a friendly dispo calling their lordships' attention to the last paragraph of his Majesty's Speech, which, he said, stated his own sentiments with respect to the late embarrassments, in the conviction it expressed, that the temporary check which our commerce and manufactures might at this moment experience would, under the blessing of Divine Providence, neither impair the great sources of our wealth, nor impede the growth of national prosperity. He then moved an Address, which was, as usual, an echo of the Speech from the throne. Lord Sheffield, in rising to second the Address, said it was not necessary for him to trespass on their lordships' indulgence at any great length, after the able manner in which his noble friend had brought forward the motion. He must, however, beg leave to make a few observations. It appeared to him, that the late pecuniary distress had arisen out of the peace and prosperity of the country, which, by creating a great accumulation of capital, induced persons to speculate to excess. The distress, however, was by no means general, and he congratulated their lordships that in all the manu prosperity of the country appeared at its height, and when money abounded to an uncommon extent. This singular embarrassment had not, as was observed in the King's Speech, its origin in any position. The noble earl concluded by litical events. It seemed easy to obtain money for any purpose, and the most extravagant speculations were entered into. He believed it was the difficulty which capitalists experienced in obtaining an adequate interest for their money, which had led to the wild speculations which had taken place-speculations so wild, that it seemed as if the persons engaged in them were indifferent whether they should sink or swim. This overspeculation was the main cause of the distress which had been felt in the commercial world; but it was one which would cure itself, and which, therefore, ought not to be the object of parliamentary interposition. For the consideration of other circumstances connected with the late pecuniary embarrassments, opportunities would arise, and he was confident the evils were not irremediable. His Majesty stated, that he relied upon parliament for the adoption of measures calculated to protect the public against sudden and violent fluctuations; and he hoped their lordships would soon proceed to the consideration of the important subject. The way in which the panic had been met by merchants, bankers, and individuals of property, was a circum-facturing districts the spirit of combinastance of great congratulation, and must tion among the working classes had eninduce their lordships to turn their atten- tirely disappeared, and they had now tion to the great object recommended by returned to their usual habits of peaceful his Majesty; namely, the placing the industry. He also congratulated their credit of the country on a more firm lordships, that the agricultural interest foundation. It was to be hoped that had met with no material check by the adventurers and speculators would take recent difficulties. Among the topics warning from the past, and in future be contained in the Speech there were many guided by wisdom and moderation in on which he might congratulate their their schemes. Their lordships would lordships in common with his noble perceive from his Majesty's Speech that friend. It was highly gratifying to find the termination of hostilities in India that Colombia had finally established her could not be announced. The war in independence, and that we had entered that quarter of the world had been un- into friendly relations with that state, as dertaken to maintain the national cha-well as with others in the same hemisracter. The military operations had hitherto been attended with success. The war had not for its object any extension of our empire in India; its only purpose was to obtain a secure and honourable peace. Their lordships would readily concur with him in congratulating his Majesty on another part of his Speech, which related to foreign affairs. He alluded to that part phere. As to the war in India, it was well known that the principles on which it was carried on were sanctioned by the highest authorities in this country. With respect to that part of the Speech which adverted to the improved state of Ireland, he rejoiced to find that the measures introduced last session had been found effectual in reference to the administration of justice, education, and general improvement. The best proof of the efficacy of those measures was to be found in the tranquillity that now prevailed throughout every part of Ireland. Having thus briefly expressed his sentiments, he should sit down in the confident hope that their lordships would not hesitate to agree to the Address. Lord King said, that the noble mover and seconder of the Address had both mentioned the present embarrassments, but he did not find that either of them had said a word on the causes which led to them. He would endeavour to supply the omission. The causes were, in some degree, to be attributed to the government; in a greater degree, to the country banks; and in a still greater degree to the Bank of England monopoly. He would tell their lordships how the government caused this mischief. It had prolonged the existence of the one and two pound notes. It had passed a law to allow of country banks issuing them. The measure permitting this was the measure of ministers. As far as the present evil arose from the bankers issuing such notes, to this degree it had been caused by his Majesty's government. There was also a strong tendency in the measures of ministers to reduce the rate of interest; and for this purpose, the one and two pound note bill had been passed. They had reduced the rate of interest on Exchequer bills, in order to promote a great future reduction of interest. Their conduct reminded him of the memorable speech of a memorable ex-chancellor of the Exchequer, in which that noble lord had stated, that it would be no benefit, if every individual, when he awoke in the morning, found a guinea in his pocket; but it would be a great benefit if he found the rate of interest reduced when he awoke. Such was the sentiment of the accredited organ of government, and ministers now seemed to think that it was no benefit that wealth should be spread abroad amongst all the people, but a great benefit that it should be collected into heaps. The ex-chancellor would be a proper organ for the projectors of last year, who removed the useless guinea out of the people's pocket, and supplied its place by receipts for stock or scrip for loans. He would recommend the people, as the proper use of such paper, to subscribe it to build a monument to this ex-chancellor of the Exchequer. He had said, that the Bank of England had contributed to the dis tress; and he did not know any period of distress for the last thirty or fifty years, in which the conduct of that establishment had not been injurious. Let their lordships look back, and they would find, that the conduct of the Bank of England had, in every case, aggravated the distress by its conduct. It was a most faulty machine. It was impossible that a Bank so incorporated could do good. If their lordships were to set about erecting an establishment to do mischief, they would erect it on the very principles which governed that corporation; they would give it a monopoly, remove from it all fear of rivalry, and they would connect it with the government. The directors had no interest in the profit or loss of the concern; they had neither hopes nor fears for the result of their conduct; they had no interest in managing it well, but they had a strong interest in mismanaging it. The machine was altogether too vast to be well conducted; and this appeared to him one of the strongest reasons which could be urged for putting an end to the monopoly. The Bank, it might be supposed, had not produced the late crisis; but he contended that it was art and part in the whole. It had increased the issues of Bank notes at the beginning of last year. He did not say this on his own authority, but on the authority of the best-informed merchants in the city of London. Mr. Tooke had stated, in a book which well deserved their lordships' attention, that the issues of the Bank of England amounted, in April, 1823, to 17,750,4731.; in April, 1824, 19,011,575l.; and in April, 1825, to 20,881,1234. This was a very considerable increase, amount. ing, as stated by Mr. Tooke, in the year 1825, to an increase, in the Bank circulation, of three millions, as compared with the issue of 1823. He could not better express the effect this had had on the country than in the words of the author-" Speculative operations, embracing so many commodities of great importance, in point of amount, necessarily created a large mass of paper, and of transactions on mere credit, thus adding to a circulation already swelled by the increase of country bank notes. Such were the circumstances under which the Bank of England issued, and for some months maintained in circulation, an increased amount of its notes. Although this increased issue by the Bank did not alone cause the great additional excite ment of the spirit of speculation which | ferent sort of men." He feared the followed it, yet it gave a fresh and pow- country could have no hopes of seeing erful stimulant to that spirit, and assisted any alteration in the Corn laws this ses in converting incipient delusion into ab- sion. If that were so, he was persuaded solute insanity." The noble earl opposite that nothing but discussion, repeated diswas willing, he believed, to control the cussion, could produce any good; and conduct of the Bank, but he had found he was resolved on every occasion to the Bank too strong for him. The noble express his opinion on this most detestaearl also had been willing to prevent the ble law. It was the most gigantic job issue of the one and two pound Bank ever practised. It was difficult to say notes, but he had found the country which was greatest, the unfeeling avarice bankers and the country gentlemen too which suggested it, or the bold impustrong for him. They wanted these notes dence which stated that it was for the to keep up prices and encourage specu- public good. It was the most enormous lation. The noble earl was not strong job ever heard of in the whole history of enough for these gentlemen; and he was misrule. The West India job only made afraid he would not be strong enough to us pay more for our sugar. The East carry the measure which he had talked of India job, when Leadenhall-street was in last session for revising the Corn laws. the fulness of its power, and monopolized The noble earl had then stated distinctly, all the trade beyond the Cape of Good that he meant, this session, to revise the Hope, without a rival, was in comparison Corn laws; and he should like to know if nothing to the job of the Corn laws. he really meant to do any thing on the Many references had of late been made subject of those laws? [The earl of Liver- to that branch of the legitimate house of pool stated, across the table, that he Bourbon which ruled in Spain, and would answer that question by and by]. which had been held up as the most He was afraid, from the looks of the foolish of all God's vicegerents on noble earl, that nothing was to be done earth; but what had they done equal in this session with the Corn laws. The folly to our Corn laws? They had given noble earl was probably afraid of again to one man the monopoly of the trade of meeting with such a signal defeat as he Buenos Ayres; they might have given to had met with last year on the Canada one city the monopoly of all the trade of Corn bill. That defeat was a disgrace Mexico and Peru, but the Spanish mowhich could never be wiped out. The narchs, who were held up as a sort of measure was a measure of government; scare-crows to bad governments, and it had passed the Commons, and was were of more use dead than living, had brought up to their lordships. Then granted no monopoly half so monstrous came down a noble earl to oppose it. or half so mischievous as the monopoly The noble earl opposite had implored him of food. This was a job of the landed to allow it to pass for a year and a half. interest; and he would repeat, that it No; it could not be. For a year, then; was the most gigantic job to be found in and a year was granted to the govern- the whole history of misrule. It was not ment. This was the most disgraceful possible the Corn laws should be conproceeding he had ever witnessed. Let tinued. Both justice and policy required their lordships only suppose a lord A, or their repeal. He believed that to be the a lord B, opposing a ministerial measure only assembly on the face of the earth brought up from the other House, under in which it was necessary to prove the the ministry of Mr. Pitt or lord Grenville; advantages of cheap food. Their lord-the thing was impossible. It reminded ships were sharp-sighted enough on some him of Charles 2nd complaining to the occasions, and had speedily perceived the Dutch ambassador, that his government necessity of a law to punish those who was not treated with the same respect by broke machines. But why were the the Dutch as that of Cromwell :-"Your breakers of machines to be put down? majesty must recollect," replied the am- because machines saved labour. All our bassador," that Cromwell was a very wealth, all our productive power, dedifferent sort of a man." So, if the mi- pended on the employment of machines; nisters were to remind noble lords of the and if they were valuable, how was it way in which they conducted themselves that cheap food was an injury? If food towards Mr. Pitt or lord Grenville, the was cheap, labour was cheap. But the reply might be, "but you are very dif- Corn laws compelled us to have recourse to more labour to produce food. This must be the case while we were obliged to cultivate bad soils, when we might obtain food from good soils; and the Corn laws ought to be put down like machine breakers. It was stated by some that the difference of prices was so great upon the continent, as compared with this country, that ruin must be the consequence of allowing an unrestricted importation to take place. But he would deny the fact. If they could show him that there was a considerable difference in the prices, which he did not believe, then he would say, that in proportion as the landholder gained, the consumer lost, and that by persisting in restrictive measures, in order to keep up the price, they proclaimed their own avarice and injustice. Their lordships were all aware, that that celebrated voyager, Mr. Lemuel Gulliver, on giving an account of that august assembly to the king of Brogdignag, had told him that they were always Occupied for the good of the country. Now if, instead of such an account he had informed him that they were always occupied in contriving to keep up the price of corn, then indeed his majesty's answer would have been a just one, when he observed, that we were the most contemptible race of little reptiles, and our rulers the most selfish and unjust. As to the prosperity of the country, he believed the one thing needful with respect to it was a revision of the Corn laws. Indeed, he felt the conviction of its necessity so strongly, that he felt himself bound to move an amendment, expressive of an opinion to that effect. His lordship, accordingly, concluded with an Amendment, pledging the House to take into consideration, at an early period, the propriety of revising the Corn laws, as the best means of securing the prosperity of the country. Earl Grosvenor said, that although the subject was one of the utmost importance, still he was not at present prepared to go so far as his noble friend who spoke last. However desirable it might be to agitate the question at some future period, he could not at present support the amendment. His object in rising was, to say a few words in reference to the Speech from the throne. He must, however, premise, that he felt much regret that his Majesty was not able to attend in person, for the purpose of opening the session. He feared the circumstance arose from indisposition; if so, he should greatly regret it. It could not, however, have been very agreeable to his Majesty, to deliver a Speech, which necessarily made allusion to a state of things, not the most agreeable. the most agreeable. It certainly was very different from those which they had been of late years in the habit of hearing. Enough, however, was held out to encourage hope, and there were some points touched upon with an expression of satisfaction. Indeed, there was generally upon such occasions too great a disposition to introduce topics of congratulation, in place of pointing out the real state of the country. Such a speech as that which their lordships had just heard from the throne, was much more creditable to ministers, than one of empty congratulation. There were some points in it to which he was desirous to advert. In the first place, his Majesty recommended that the circulating currency of the country should be placed on a more firm foundation. Now, he could not see how it could be put on a more firm foundation than that on which, by law, it stood at present. They were thus led to believe, that some legislative measure was to be introduced on the subject, or something done towards relieving the present distresses. It would be highly satisfactory if they were made acquainted with the nature of the measures which ministers had in contemplation. There was another point to which he must advert. His Majesty informed them, that the revenue fully justified the expectations that were formed of it last session. This, as it appeared to him, required some explanation. All they knew at present was, that there was an actual deficiency of revenue in the present year, as compared with the last. How, then, was the passage in his Majesty's Speech to be explained? Perhaps ministers did not anticipate a larger revenue than that actually received, and would account for the deficiency by the duties that had been taken off last session; or perhaps, having foreseen the difficulties that had arisen in the money market, they, in consequence, calculated upon some deficiency in the revenue. He saw no other means in which the passage in the Speech could be explained. The impression on his mind, produced by all that had lately taken place, was, that to relieve the country from its difficulties, they must have recourse to that economical system which he had for so many |