am fully sensible must arise in carrying | mediately within their command, as the those views into effect, and towards con- only certain protection,-for themselves, ciliating the feelings of all who might con- against those emergencies that will occur, tinue adverse to their adoption. In the even in time of peace,-for the public, course of this debate, allusion has fre- against a recurrence of the dreadful effects quently been made to possible improve- of such a panic as that of 1825. There is ments in the banking-system, as one no saying how soon, should trade revive means of affording some relief to the with more than its usual activity, we country and I understood my right hon. may again witness another season of exfriend, the President of the Board of citement, and extravagant speculation. Trade, to say, that he expected much Should an unfavourable state of the benefit from a revision of the system of foreign exchanges be the consequence, country banks, and from giving publicity their turning against us would, for a time, to their proceedings. I am friendly to rather encourage than repress that spirit publicity. But if it be required from of speculation. The salutary check, under banking establishments in the country, I such a contingency, can only be applied trust that the same rule will be applied to by the prudence of the Bank of England. the bank of the State-the Bank of Eng- But how is that check to be called into land. Had that system of publicity, of action, without the risk of panic, if both which my right hon. friend is the advocate, the capital and credit of the Bank are prevailed between 1824 and 1826, it would, locked up in Dead Weight, in Exchequerin my opinion, have guarded us from the bills, in mortgages upon land, in an adrisk of such a calamity as that which was vance to the rebuilding of London Bridge? upon the point of taking place at a period of profound peace, towards the close of the year 1825. Far be it from me, in making this observation, to cast any reflection upon the Directors of the Bank of England. I know that they are zealous and disinterested in the management of the great trust reposed in them. But it is their duty in that management to look to the interests of the body of proprietors whom they represent. It is the duty of this House, on the other hand, if they think fit to grant a monopoly, to surround and fence it with such regulations as may prevent the public interests from being prejudiced by being placed in collision with the interests of those upon whom the monopoly is conferred. The first of all our cares, in revising the banking-system of the country, must be to satisfy ourselves that nothing is omitted, in the way of pre-tain of the present condition of the councaution, which may tend to secure the public against a possible recurrence of that greatest of all calamities, another suspension of cash payments. I cannot pass over even this opportunity of repeating my doubts, whether the affairs of the Bank are conducted with a sufficient regard to this paramount object. With their original capital all locked up upon loan to Government, they have, at the same time, nearly the whole of their outstanding credit resting upon securities equally unavailable. The sound system of banking, on the contrary, would appear to require that the amount of their issues should be more im all of them, I admit, assets most perfectly solid and secure, but all of that inconvertible description, upon which no banking establishment, I think, having the whole of its outstanding engagements payable upon demand, ought to rest so large a portion of its liabilities. This, however, is a fit subject for a separate investigation, and into which, therefore, I will not go more at large on the present occasion. I have detained the House, I am aware, longer than any Member having no official duties to discharge, can be justified in claiming their attention. My apology must be, in part, that I have had to defend measures, for which I am more immediately responsible, as having brought them forward when I was in office; and, partly, that I have thought this a fit occasion for stating the views which I enter try. I cordially thank the House for the indulgence with which they have heard me upon these important topics. After all, do what we will, say what we may, the immense sacrifices and unparalleled exertions of the last long war must tell, in abridging the comforts, and adding to the difficulties, of the present generation. Fifteen years have now elapsed since that war was brought to a 'glorious termination. From its commencement I have been more or less in public life. In the course of it, there is scarcely a conceivable trial of fortitude to which the country, and those who administered its affairs, were not ex posed. Mutiny in our fleets,-civil war in Ireland, the stoppage of the Bank,defection of our allies, the overthrow and subjugation of all the great powers of Europe by the enemy to which we were opposed, our commerce placed under an interdict in every part of the civilized world, these are some of the evils of which, having witnessed the first overwhelming shock, I shall retain through life a vivid recollection. But, amid all the scenes of alarm and despondency, I might almost say despair, occasioned by this succession of calamities, I tax my memory in vain for one single act of weakness or dishonour, of spoliation or bad faith. Never did such expedients suggest themselves to those great and firm minds that then presided over the destinies of the country. If in vain I tax my memory for one act of that description, upon which any man, the most envious of my country's fame, can put his finger and say, "this is a blot in your annals," give me leave to add, that should you, in an evil hour, venture to debase your currency, you will commit an act of fraud at which that finger of scorn will point for ever after, as the hour of your shame and humiliation; and that the period will not then be distant in which you will deeply repent, but repent too late, the irretrievable consequences of so ruinous a proceeding. For myself, I once more enter my protest against such an infringement of the national faith. I cannot vote either in support of the original Motion, or of the amendment. Taken abstractedly, they both embrace too wide a field for any useful inquiry. But my greater objection is, that I cannot separate the wish for inquiry, from the grounds upon which that wish stands recommended to the House, by almost every Member who has supported it. Again, to the form of the inquiry, as recommended in the original Motion, I have an insuperable objection. In the mode recommended by the amendment I might have concurred, had it been brought forward upon different grounds, and been more limited in its objects. From inquiries of this latter nature I expect much benefit; and his Majesty's Government do not appear to be adverse to them. They have already consented to grant a committee to inquire into the condition of the poor in Ireland. The Chancellor of the Exchequer has given notice of his intention to bring in a bill to regulate the Dead Weight system; and has VOL. XXIII. said that he shall have no objection to refer that bill, together with the whole subject, to a committee up stairs. My hon. friend, the Member for Dover, has a notice on the Order-book, for a select committee to investigate the effect of the present system of our taxation upon the productive classes of the country. Whether the proposed committee will be granted or not, I cannot tell; but this I know, that whenever my hon. friend shall bring forward his Motion, he shall have my warmest support. We have already a committee sitting to inquire into the affairs of the East-India Company, and into their monopoly of the trade with China. In like manner, I hope we shall have a committee to inquire into the Banking-system of the country, in connection with the renewal of the charter of the Bank of England. It is by inquiries thus limited to specific objects that we shall arrive at more satisfactory results than by going into a committee purporting to be for an inquiry into the causes of distress generally,―a species of inquiry, which, in my judgment, could not possibly lead to any good, but which, in the expectation of its promoters, might lead to what I consider the greatest possible evil,-the unsettling and disturbing the present monetary system of the country. Lord Althorp rose amid loud and general cries of "Adjourn." After some difficulty the Speaker obtained order, and the noble Lord proceeded. He should have felt great difficulty in rising after the very able and eloquent speech of the right hon. Member for Liverpool, had he entertained any intention of following him throughout its various topics. But he had no such intention, for he nearly concurred in every syllable that the right hon. Gentleman had said. It had been stated by the hon. Member for Wootton Bassett, (Sir G. Phillips) that all the hands in the manufacturing districts were at present in employment, and in employment, too, at good wages. Now, if that were the case, it was quite impossible to believe that any distress existed in that quarter. He was afraid, however, from the general body of information which had been poured into the House from those districts, that the statement of the hon. Member was much too favourable. He believed, however, that it must be admitted that some improvement had commenced to exhibit itself in the country. He hoped that it would long continue; but he must say that his hopes X were not very sanguine, as he recollected expect any longer the confidence of the that there had been before several symp- public. If they went into the committee toms of improvement, which had subse- for the express purpose of inquiring into quently disappeared. He was therefore the state of the currency, the country would obliged to assume, for the purpose of argu- expect that a change in the currency would ment, that there was great distress in the be the inevitable consequence. Conficountry; and then the question came to dence would be immediately destroyed, this" Are the modes now proposed to us and a confusion would arise worse than the best modes for obviating that distress?" any thing which the country had hitherto or "Are we obliged to admit them to be witnessed. He could not separate this such, in order to show that we have some motion from the question of currency, and sympathy for the people?" Now, for his he should therefore give it his opposition. own part, he had no hesitation in avowing It had not yet been explained what good that he had such confidence in the good this committee could produce; it might sense of the people of England as to be produce great evil; and therefore, though convinced that they would not accuse their he was anxious to relieve the people from representatives of a want of sympathy with the burthens under which they laboured, their feelings if it were made evident to he still felt it impossible to vote in favour them that the mode proposed for their relief of this committee. Besides, a motion to was ultimately the best for their interests. inquire into the state of the nation had Most, indeed all the speakers in this de- generally been considered as a motion of bate had declared the state of the currency hostility against the Government. He had of the country to be their main reason for brought forward and supported several seeking to go into a committee. They had motions of that nature on former occasions said that the want of the 17. notes was the from such motives; but he felt that he cause of the distress. But if they were to could not support this Motion with any enter into the discussion of that subject such hostile views. Towards the present in the committee, it was necessary to see Ministers he entertained no feelings of hoshow the issue of 17. notes at present would tility; their conduct deserved no such operate on the existing distress. It could attack as this Motion made upon them. only operate by raising the price of com- He differed from them as to the amount modities, and depreciating the standard of of taxation and expenditure which it was value. Then the exchanges would turn possible to reduce; he thought that they against us, and a re-action, like that which might have gone further than they had was witnessed in the year 1825, would done in those respects; but he saw no take place, unless we were prepared, which insincerity, nor any thing like insincerity, he hoped we were not, to tamper with the in what they had done. They had endeastandard. Any measure which had the voured to cut off a large amount of expenslightest appearance of tampering with the diture by casting a great mass of additional standard in a rich and commercial country labour upon themselves. With regard to like this was fraught with imminent dan- the taxes which they had taken off, he ger. It was said, "Oh! but you will thought that they had acted wisely in the only make one alteration!" If they made selection which they had made. They had one alteration, how could the public trust also acted with great disinterestedness, for that they would not make another, and if they had sought to conciliate a powerful another even upon that, when another party in that House, they would have taken period of distress should come to pinch off the duty on malt and also upon sugar, them? But it was said that such an al- by which they would have obtained the teration had been made before, in the year support of two distinct and powerful inter1797. He admitted it; but all who had ests. Seeing no reason to think that the observed the conduct of the legislature in Ministers were insincere in their professions that year must be aware that the alteration of economy, though he did not think that then made in the standard was not fore- they carried their retrenchments and reseen-it was therefore unintentional. If ductions far enough, he could not vote in the House made such an alteration now, it support of a motion which was always would be made knowingly and intention-based in a feeling of hostility towards the ally, and would therefore be a downright existing Administration. fraud. After the commission of an intentional fraud, they would have no right to Colonel Sibthorp moved the adjournment of the debate to the next day. [Considerable confusion ensued and prevailed for some minutes in the House. During the continuance of it, we saw Mr. Attwood and Mr. Alderman Waithman on their legs; but their words were completely drowned in the general turmoil.] Mr. Peel at length obtained a hearing. He said that if there were several Gentlemen still anxious to address the House on this subject, he should be the last man in the world to throw any obstruction in their way. The cries of "Adjourn" drowned the remainder of the right hon. Gentleman's observations. The Question on the adjournment to the following day was then put and carried. HOUSE OF LORDS. MINUTES.] The Royal Assent was given by Commission to the Paupers' Removal Bill. Commissioners-the Lord the Exchequer Bills' Bill, the Transfer in Aids' Bill, and CHANCELLOR, and Lords ROSLYN and SHAFTESBURY. The Mutiny Bills, and the Pensions and Duties Bills were Earl BATHURST, from Wotton-under-Edge. For the repeal of the Leather Tax, by Viscount GODERICH, from the Tanners of Belfast and of the city of Dublin. For the Opening of the Trade to India, by Viscount GODERICH, from Thome. For Relief; and complaining of Distress, by the Duke of RICHMOND, from Boston in Lincolnshire: By Lord the inhabitants of Beverly:-By Earl FITZWILLIAM, from VERNON, from Eynsford, Norfolk :-by the Earl of DARN- By the Earl of CARNARVON, from the Grocers and Tea Dealers of Bath and Wells-Complaining also of the GODERICH from Ticehurst, Sussex. -And praying for the regulation of labourers wages, by Lord TEYNHAM, from the King's Head Society, for the Encouragement of Hawkers of tea ;-Against the Duty on Hops, by Viscount Industry. only order that the party should be committed to prison. From prison the party was brought up to the Bar of the Court, and ordered to enter an appearance; but if the party still refused, then the Court would enter the appearance for him. It was proposed by this Bill, that if the party did not appear within the usual time, the Court should, upon such default, enter an appearance for him at once, instead of waiting for the commitment of the party to prison and his being brought up to the Bar of the Court. Again, if a party refused to put in an answer, all the Court could do, under the present system, was to commit the party to prison. But in the case of persons having privilege of Parliament, and refusing to answer, the bill was taken against them pro confesso. This could not be done against persons who had not the privilege of Parliament, and it was proposed therefore by this Bill, to place all persons, whether having privilege of Parliament or not, in the same situation in this respect. Henceforth, therefore, in the event of any person refusing to answer, the bill would be taken against him pro confesso, and such bill might be read in evidence against him in any other proceeding, which was the case now when the person refusing to answer had privilege of Parliament. It had not unfrequently happened that persons committed to prison by the Court of Chancery for contempt had remained in confinement for many years; not, in all cases because they were obstinate, but in too many merely because they were ignorant. Some had been known to remain in confinement for fifteen five, and some even for as long a time as thirty years. This had happened because no one had troubled themselves about the prisoners, it being no one's duty to look after them, and they had been ignorant of the mode by which they might obtain their release. To guard against the recurrence of such cases, this Bill required that there should be a regular and estab LEGAL AMENDMENTS.] The Lord Chan-years, some for twenty, some for twentycellor said, he rose, pursuant to the notice he had given, to move the second reading of three Bills, the object and nature of which he would endeavour to explain very shortly to their Lordships. The first was entitled "a Bill for altering and amending the law regarding Commitments by Courts of Equity for Contempts, and the taking bills pro confesso." This Bill had been brought into the other House of Parlia-lished visitation of persons imprisoned by ment by the Solicitor General, who had bestowed great pains and much time upon the subject, and who was entitled to the thanks and the praise of the country for the zeal and spirit which had characterized his exertions. The effect of this Bill he would shortly explain to their Lordships. If a party refused to appear, the Court of Chancery, under the present system, could order of the Court of Chancery, by officers regularly appointed for that purpose, who would inquire into the cases of the prisoners, examine the prisoners themselves, and make a report thereupon to the Court, in order that the necessary steps might be taken for the discharge of the prisoners from confinement. Their Lordships would see the necessity of this when they were informed that the Solicitor General, in the prosecution of his inquiry, found many prisoners of the Court in a state of complete ignorance of the cause of their confinement. In some cases, however, it was the obstinacy of the prisoner that caused and prolonged his confinement. The Court of Chancery frequently ordered an act to be done, such as a deed to be signed, a fine to be levied, a recovery to be suffered, and so forth. If obedience to such orders were refused, the Court could do no more than commit the party to prison. If the party still refused obedience, and remained obstinate, the Court could only retain him in prison; but, in the mean time, the act still remained undone. The Chancery Commission had taken such cases into consideration, and had recommended that acts thus ordered to be done should be considered as done notwithstanding the refusal of the party. This Bill, therefore, contained a clause which carried this recommendation into effect in such cases. The Chancery Commission had also recommended a mode by which the process now followed in such cases might be shortened. At present, the process would be this: a party would be committed to prison for refusing to obey the order of the Court. Then, in the first place, he would be brought into Court by writ of habeas corpus, where he would be told what he was to do, and if he refused, he would be remanded to prison. The second time he would be brought up by an alias habeas corpus, and the same scene would be performed if he persisted in his refusal. The third time he would be brought up by a writ which was called a pluries alias habeas corpus; and, after the same forms had been gone through, he would be again remanded to prison if he continued obstinate. The last time he would be brought up by a writ which was called an alias pluries alias habeas corpus; and then that which was required would be taken against him pro confesso, though he might still persist in his refusal. Now, though the Court of Chancery had made several orders with a view of amending the practice of the Court, yet it was generally understood, that the Court had not the power, by means of issuing orders, to shorten this process, or to carry into effect several other improvements. He had, therefore, intended to effect these objects by means of a legislative enactment; but their Lordships would recollect, that circumstances had occurred which rendered it necessary that that measure should be laid aside. One of the provisions of the Bill he held in his hand curtailed the process to which he alluded; and the Bill also contained other clauses which it was hoped would be found beneficial to suitors in equity. The Bill had been drawn with great care by the Solicitor General, and he had no doubt that their Lordships would approve of its provisions when they came to be examined in committee. He would not then detain their Lordships with any farther observations on this first Bill. The second Bill to which he had to call their attention was entitled "A Bill for consolidating and amending the laws relating to Property belonging to Infants, femmes couvertes, Idiots, Lunatics, and persons of unsound mind." It had been considered wise to bring together in one Act all the laws relating to property belonging to these several classes, which were now scattered throughout the Statute-book, having been made at various times, and as cases occurred, which manifested that the law required to be altered, to be amended, or to be modified. This Bill, therefore, consolidated all the former statutes on the subject; but, at the same time, it contained some new suggestions, which their Lordships, he thought, would agree had not been improperly termed amendments. Among these was a clause which enabled lunatics to be admitted to copyholds. As the law now stood, infants and femmes couvertes might be admitted to copyholds, but lunatics might not. Another amendment of the law effected by the Bill was this:-At present, there was no power by which an infant could surrender or grant leases, though manifestly for the improvement of the infant's property. When the infant happened to be a ward of the Court, it was extremely necessary that this power should not be wanting. By this Bill the power was conferred; but at the same time, it was provided that the exercise of that power should not be injurious to the infant. Thus it was provided that no fines should be taken, and that the whole rent should be reserved. Again, with respect to the completion of conveyances, in cases where a person had agreed to convey, and became lunatic before he had performed this contract, the law was amended by this Bill. Under the present law, the Court would compel the vendee to pay the purchase-money into Court, but it had no power to order |