enlightened on such matters, than any, tinguishing features of those who indulged other acts of our public policy within my in abstract speculations, were intended recollection. The hon. gentleman who by the learned gentleman to be embodied introduced the motion was of opinion, that in the person of my right hon. friend; it was advisable to adopt a sound and qualities especially calculated to render a settled system of commercial policy. But man contemptible in the performance of the hon. and learned gentleman who se- his public duties, and odious in the eyes conded the motion (Mr. J. Williams), of his fellow-citizens, for whose benefit addressed you with a very different feeling, those duties are discharged? These and in a very different spirit. That hon. topics, Sir, are as vulgar as they are unand learned member, departing from those just. Why is it to be supposed that the professional topics, in descanting upon application of philosophy-(for I will use which he had so often arrested the atten- that odious word)-why was it to be suption of the House, disported himself upon posed, that to apply the refinement of this, to him novel subject, certainly with philosophy to the affairs of common life, all the confidence of a novice, but at the indicates obduracy of feeling or obtuseness same time in a manner which evinced a of sensibility? We must deal with the total incapability of using his weapons, as affairs of men on abstract principles, mohe was wont to do in his more practised dified, however, of course, according to exhibitions. The hon. and learned mem- times and circumstances. Is not the docber has not disdained to call to his aid, in trine and the spirit which now animate the course of his address, all the vulgar those who persecute my right hon. friend, topics of ribald invective with which my the same which, in former times, stirred right hon. friend has been assailed else-up persecution against the best benefactors where; and in the spirit of these attacks, has attributed to him feelings unknown to his heart, and sentiments utterly alien from his nature. And why, I ask, has my right hon. friend been subjected to these attacks? Because, Sir, with an industry and intelligence never exceeded, and rarely equalled, he has devoted his daily labour and his nightly toil to the improvement of the commercial system of his country. Sir, when this attack was made, the House felt, as one man, the injustice done to my right hon. friend, and if, in addition to the conscious rectitude of his own mind, and to the gratifying acknowledgment by this House, of his splendid exertions, he wished for another gratification, he had it in the universal feeling of indignation at the attempt so wantonly made to lower him and his measures in the public opinion. And then, forsooth, came the assertion, that nothing personal was meant. Nothing personal, Sir! Did we not hear mention made of hard-hearted metaphysics, and of the malignity of the devil? Nothing personal!-certainly nothing personal to the devil, who, by the way, and it is a curious coincidence, is, according to an old proverb, the patron saint of the city (Lincoln) which the hon. and learned gentleman represents [a laugh.] But could any one fail to understand, that the fiend-like malignity, the coldness of heart, the apathy of feeling, that all these abstract qualities, which the learned gentleman had described as dis of mankind? Is it not the same doctrine and spirit which embittered the life of Turgot? Is it not a doctrine and a spirit such as this, which consigned Galileo to the dungeons of the Inquisition? Is it not a doctrine and a spirit such as these, which have, at all times, been at work to stay public advancement, and to roll back the tide of civilization? A doctrine and a spirit actuating little minds, who, incapable of reaching the heights from which alone extended views of human nature can be taken, console and revenge themselves by calumniating and misrepresenting those who have toiled to those heights, for the advantage of mankind [Cheers]. Sir, I have not to learn that there is a faction in the country [a cry of "No, no!" from the opposite benches]-I mean not a political faction, I should, perhaps, rather have said a sect, small in numbers and powerless in might, who think that all advances towards improvement are retrogradations towards Jacobinism. These persons seem to imagine that, under no possible circumstances, can an honest man endeavour to keep his country upon a line with the progress of political knowledge, and to adapt its course to the varying circumstances of the world. Such an attempt is branded as an indication of mischievous intentions, as evidence of a design to sap the foundations of the greatness of the country. Sir, I consider it to be the duty of a British statesman, in internal as well as external affairs, to hold a middle course between extremes; avoiding alike extravagancies of despotism, or the licentiousness of unbridled freedom-reconciling power with liberty: not adopting hasty or ill-advised experiments, or pursuing any airy and unsubstantial theories; but, not rejecting, nevertheless, the application of sound and wholesome know ledge to practical affairs, and pressing, with sobriety and caution, into the service of his country, any generous and liberal principles whose excess, indeed, may be dangerous, but whose foundation is in truth. This, Sir, in my mind, is the true conduct of a British statesman; but they who resist indiscriminately all improve ment as innovation, may find themselves compelled at last to submit to innovations, although they are not improvements [Cheers, and cries of "hear, hear. !"] My right hon. friend has been actuated by the spirit which I have endeavoured to describe. Convinced in his own mind of the justice and expediency of the measure which he has proposed for the improvement of our commercial system, he has persuaded the House to legislate in that sense; and, as the fruits of that legislation, I anticipate increasing prosperity and growing strength to the country. Two objections have been stated to the course which his majesty's ministers are pursuing under the guidance of my right hon. friend we are charged with having abandoned the principles of Mr. Pitt, and of having borrowed a leaf from the book of Whig policy. If the later accusation refers to the useful and honourable support which we have received on questions of commerce from some of those who are habitually our antagonists in politics, I have only to admit the fact, and to declare the satisfaction which I derive from it. God forbid, Sir, that I should withhold due praise from those who, forgetting political animosities and the vulgar divisions of party, have concurred with us in attempting to do public good. But if it is meant to say that the commercial policy which we recommend to the country is founded on the principles of Whiggism, history proves that proposition to be untrue; I mean neither praise nor blame of Whig or Tory in adverting to matters which passed long before the political existence of the present generation; but, historically speaking, I must say, that freedom of commerce has, in former times, been the doctrine rather of Tories than of Whigs. If I look back, for instance, to the transactions between this country and France, the only commercial treaty which I can find, beside that which was signed by me and my right hon. friend, but the other day, since the peace of Utrecht, is the Convention of 1786. With respect to the treaty, the House need not be afraid that I am now going to discuss the principles of the treaty of Utrecht. But, by whom was the Convention of 1786 proposed and supported? By Mr. Pitt. By whom was it opposed? By Mr. Fox [hear, hear.] I will not go into the arguments which might be used on either side. I enter not into the question, who was right or wrong. I mention the circumstance only to show how easily facts are perverted for particular purposes of vituperation. It is an old adage, that when a man wishes to beat a dog, he has no difficulty in finding a stick; but the stick, in the present instance, has been unfortunately chosen. Equally false are the grounds of the charge brought against us of having deviated from the principles of our great master. Sir, I deny that we have departed from the general principles of Mr. Pitt. It is true, indeed, that no man, who has observed the signs of the times, can have failed to discover in the arguments of our opponents, upon this occasion, a secret wish to renew the Bank restriction; and it is upon that point, and with respect to measures leading in our apprehension to that point, that we are accused, and not unjustly, in differing from those who accuse us. We are charged with a deviation from the principles of Mr. Pitt, because we declared our determination not to renew an expedient which, though it was forced upon Mr. Pitt by the particular circumstances of the times, is one that ought not to be dragged into a precedent. It never surely can be quoted as a spontaneous act of deliberate policy; and it was an act, be it remembered, of which Mr. Pitt did not live to witness those consequences which effectually deter his successors from the repetition of it. But it is singular to remark how ready some people are to admire in a great man, the exception, rather than the rule, of his conduct. Such perverse worship is like the idolatry of barbarous nations, who can see the noonday splendor of the sun without emotion; but who, when he is in eclipse, come forward with hymns and cymbals to adore him. deliberation. It was received with scarcely any opposition, and with very little individual suffering; and although the present case might seem to be an exception to the rule, he could not avoid expressing his decided conviction, that no relief would be afforded by retracing our steps, or altering the course which we were now pursuing. Thus, there are those who venerate Mr. Pitt less in the brightness of his meridian glory, than under his partial obscurations, and who gaze on him with the fondest admiration when he has accidentally ceased to shine. My admiration "on this side only of idolatry" of that great man, is called forth by the glorious course which he ran, and for the illumination which he shed over his country. But I do not think it the duty of a most zealous worshipper to adopt even the accidental faults of the illustrious model whom we vainly endeavour to imitate. I do not think it a part of fealty to him to adopt, without necessity, measures which necessity alone forced upon him. Treading, with unequal pace, in his steps, I do not think it our duty to select, by preference, those footmarks in which, for a moment, and from the slipperiness of the times, he may have trodden awry. If, Sir, I have said enough to satisfy the House, that with my whole soul I adopt, with my whole strength I will endeavour to maintain, the measures of my right hon. friend, I have said enough; and I will not detain them by going into the details of a question, of which he is himself a perfect master, and of which he has made the House equally master with himself. But I should have been ashamed to let this debate go by without declaring that I will readily take my share of responsibility for his measure, leaving to my right hon. friend the full and undivided glory. Mr. Ellice, amidst cries of "question!" proceeded to reply. He disclaimed the grounds on which some of its supporters had put his motion, and declared that he had not brought it forward with a view to the internal prohibition of foreign silk. He had no hope, after the statements made by the right hon. gentleman, that he should get the House to accede to his motion; but he thought it due to the petitioners, to take the sense of the House upon it, that the people might know their determination; for the sooner that question was put to rest, the better. He would not have asked for a committee, but that he hoped for some advantage to the petitioners, and he wished to obtain the opinion of the House, that the masters might from it be induced to take confidence, and put their men into employment. If the mere abstract principle of liberality was to be followed, it was not the silk-trade alone, but every branch of the manufactures of the country, that must be sacrificed. The woollen manufactures of Germany were fast approaching towards a successful rivalry with our own, and our colonies in North America Lord John Russell said, that although were at that moment supplied with nails, not the right hon. gentleman seemed, as well from Birmingham, but from the United as many others who had preceded him, to States. The most active competition was take an erroneous view of the subject of employed against us in all the corners of the debate, by entering into a defence of the world; and the right hon. gentleman ought commercial policy of the country gene- not to persevere in carrying on the applicarally, instead of confining himself to the tion of his principles of free trade in manuparticular question before the House, still factures, unless he was prepared to go he was willing to admit, that his majesty's further, and to annihilate that worst of all ministers had not only pursued the rational restrictions-a restriction in the trade of line of policy, but were as much alive to corn. He had heard with pleasure of the the distresses of the country as any of intention of ministers to reduce the duthose who heard him. He was sure that ties on dyeing stuffs, and on soap; the many of those who spoke most loudly, did latter of which was not only much used not feel half as deeply for those dis- in the silk manufacture, but was positresses as his majesty's ministers. While tively a common necessary of life. The he sympathised with the petitioners, and duty on that article was the worst duty he did so most sincerely, he could not paid to government, not only with rethink that their situation would be bet-spect to itself, but the mode of its collectered by acceding to the motion of his hon. friend. The alteration made by ministers in the commercial policy of the country had been the result of calm tion. It cost more in collecting than any other, and was the most oppressive and vexatious, by the restrictions which were, in consequence, imposed on the manufac turer. PROMISSORY NOTES, BILL.] On the order of the day for recommitting this bill, Mr. Calcraft addressed the House on the subject of his intended motion, that the country banks should have the same privilege of issuing small notes until the 10th of October, as that granted to the Bank of England! He felt convinced that the arbitrary power given to the Bank of England would produce much mischief. In distant parts of the country there would exist a disinclination to take Bank of Englandi notes; and unless government per mitted the country banks to continue their issues of small notes, a stagnation in public trade and confidence must be the consequence. Under these circumstances, he trusted the right hon. gentleman would be convinced of the impropriety of run ning down the country banks. There could be no doubt that many of the stoppages which had lately occurred were to be at tributed to the measures proposed by government. The country bankers wished as much as any other class, to get rid of the small-note circulation, and a metallic currency. He could assure the right hon. gentleman that his measure had contributed to revive the panic. He had seen a communication from an eminent banker in the north, which asserted this fact. The consequence was, that he, in common with others, had written up for a large remittance of specie. 1 Sir J. Wrottesley said, he would support any measure which would be of service to the country bankers. He was confident that the removal of their notes would be of great inconvenience to the country, and would agree to the amendment of his hon. friend. As the bill stood, what was to prevent the Bank of England from stamping a hundred million of these notes before the 10th of October, and put them in circulation? The Chancellor of the Exchequer said, that the permission given to the Bank being to meet a specific contingency, there was no probability that they would issue more notes than were necessary to meet that contingency. The clause for the Bank to furnish accounts of their issues, and the notoriety to be given to the whole proceeding was, he thought, a security against an improper use of the power. The House having gone into the committee, Mr. Hume said, he felt completely at a loss to comprehend the state of the law as it existed with regard to the currency. He had read with much attention all the acts repealing the Bank restriction, and he freely confessed that he could not understand them. It appeared to him that it would be advisable to repeal all those acts, and to bring in a single bill, which should embody the whole law for the regulation of the currency. It would remove all doubts, save much time and trouble, and bring matters to a speedy and safe conclusion. Let the principle of the Jury bill be adopted in the present instance, and all previous acts be repealed which tended only to perplex and embarrass the law. If this suggestion of his were adopted, the House would stop short in its present proceedings, and introduce such alterations in their measures as he was convinced would be found simple and useful. On the clause being read, which directed that the Bank should make monthly returns to the treasury of the amount of its small notes in circulation, Mr. Maberly said, it was important that the country should know not only the amount of the small notes but also the whole amount of all issues of the Bank, large and small, since the preceding month. It appeared, by the paper before the House, that in seven days the paper issues of the Bank had increased by 6,000,000. He did not say that increase was unnecessary; but he thought it was cause its adoption by the House would be giving countenance to a fallacy. The Bank were the best judges of the amount of their issues. If those issues were very great, and they found that the notes came on them, and that their treasure were sent abroad in large quantities, they would contract their issues; and thus the overissue, if there had been one would be corrected. important that the public should be in- arrival of every foreign post, that it made formed of the amount of the issues. The no difference in the exchanges, was it not Bank might issue a million per day a proof that there existed no necessary if it pleased; but though circumstances connexion between the circulation and might require such an issue, still it could the rate of those exchanges? He obnot be denied that property would be af-jected, therefore, to the amendment, befected by it. No doubt if the Bank issued too much, the over-issue would come back on itself; but that would not hinder the over-issue from causing a fluctuation in property, which would be injurious to the public. If their issues were regulated by proper motives, the Bank could not object to have the amount known; but if by improper motives, that would be a strong reason why the return should be made. He would therefore move, that to the words of the clause there be added these: "and also an account of the amount of all notes in circulation since the last day of the preceding month." At present, they would be obliged by this bill to send on or before the 15th of each month an account of all the one and two pound notes in circulation in the previous month, which were to be published in the Gazette within three days after; but he thought that the public should be informed of the whole of their issues. The Chancellor of the Exchequer could not see any necessity why the Bank, as a matter of course, should be obliged to publish monthly accounts of all their issues. Of the amount of their small notes in circulation, it might be desirable that there should be a monthly return, in order that a check might be provided against overissue. If circumstances required that the whole amount of the Bank paper in circulation should at any time be made public, there would be no objection to such a return. Lord Althorp said, that the object was, to obviate the danger of a suddenly increased or diminished issue of notes of all kinds, and he could not imagine in what way the publication could be injurious to the Bank. Mr. Huskisson observed, that the House might as well call for the publication of all the other proceedings of the Bank, as for the account now moved for. He, and all those who took the same view of this question had always contended, that the amount of the Bank notes in circulation was not a fair criterion of their being in excess, and the very fact alluded to was a proof of this; because if they saw the Bank circulation increased by 6,000,000. in the course of a few days, and found by the Mr. Calcraft said, that as there was a clause in the bill requiring the Bank to furnish an account of the amount of the small notes issued by them, it could not be contended that it was foreign to the object of the bill to propose the amendment of that clause, by requiring an account of the amount of all the notes issued by the Bank. He was sure it would be found most beneficial, not merely to the Bank, but to the public, that such an account should be furnished, and it was a more delicate mode of proceeding towards the Bank, that it should be effected by a clause in the present bill, than by a separate enactment. Mr. Pearse thought it might be convenient that the extent of accommodation which the public required as to small notes should be, from time to time, made known, though it might be of pernicious consequence that the whole amount of Bank issues should be published. Peculiar circumstances might occasionally make it prudent for the Bank to increase or contract their issues to a very great extent, and if the public were made acquainted with the mere fact of such increase or contraction without at the same time being told the particular reasons for it, a considerable degree of alarm would be created thereby. Mr. Hudson Gurney could not see how the amendment of the hon. gentleman could, with any propriety, form part of the bill before the committee, to the objects of which it appeared to bear no relation. At the same time, he entirely agreed with him, that it would be of great public advantage, that the Bank should, from period to period, make the amount of their issues known to the public. As to the increased amount of Bank notes issued within the last two months, he |