VOL. 69.-No. 7.] LONDON, SATURDAY, FEBRUARY 13TH, 1830. [Price 7d. announce to you the prospect of a reconciliation between the Princes of the House of Braganza. His Majesty has not yet deemed it expedient to re-establish upon their ancient footing his Majesty's diplomatic relations with the kingdom of Portugal; but the numerous embarrassments arising from the continued interruptions of these relations, increase his Majesty's desire to effect the termination of so serious an evil. "Adopt any measure that shall extensively "affect the community; let that effect be "Gentlemen of the House of Commons, deeply mischievous, and at once all the "admiration of even your generalship is swept "His Majesty has directed the Estimates "away for ever: away goes your name from for the current year to be laid before you. "the corners of the streets, and down comes They have been framed with every attention your picture from the sign-posts."-REGIS-to economy; and it will be satisfactory to you TER, LETTER TO THE DUKE OF WELLINGTON, 23 February, 1828. TO THE READERS OF THE REGISTER. On the Opening of Parliament. MY FRIENDS, to learn that his Majesty will be enabled to propose a considerable reduction in the amount of the public expenditure, without impairing the efficiency of our naval or military establish ments. "We are commanded by his Majesty to inform you, that although the national income, during the last year, has not attained the full amount at which it had been estimated, the diminution is not such as to cause any doubt as to the future prosperity of the Revenue. "My Lords and Gentlemen, Barn-Elm Farm, 10th February, 1830. "His Majesty commands us to acquaint you THE "Collective Wisdom" has as-that his attention has been of late earnestly sembled; and as far as one can judge directed to various important considerations connected with improvements in the general from its proceedings hitherto, there is administration of the law. to be a deadly strife between the landowners, generally speaking, and the Ministry. Before, however, I proceed further, I ought to insert the Speech from the Throne, by which the Parlia ment was opened. "My Lords and Gentlemen, "We are commanded by his Majesty to inform you, that his Majesty receives from all Foreign Powers the strongest assurances of their desire to maintain and cultivate the most friendly relations with this country. "His Majesty has seen with satisfaction that the war between Russia and the Ottoman Porte has been brought to a conclusion. "The efforts of his Majesty to accomplish the main objects of the Treaty of the 6th July, 1827, have been unremitted. His Majesty having recently concerted with his Allies, measures for the pacification and fiual settlement of Greece, trusts that he shall be enabled, at an early period, to communicate to you the particulars of this ar rangement, with such information as may explain the course which his Majesty has pursued throughout the progress of these important transactions. His Majesty laments that he is unable to "His Majesty has directed that measures shall be submitted for your deliberation, of which some are calulated, in the opinion of course of justice in different parts of the United his Majesty, to facilitate and expedite the Kingdom, and others appear to be necessary preliminaries to a revision of the practice and proceedings of the Superior Courts. "We are commanded to assure you that his Majesty feels confident that you will give your best attention and assistance to subjects of such deep and lasting concern to the wellbeing of his people. "His Majesty commands us to inform you that the export in the last year, of British produce and manufactures, has exceeded that of any former year. His Majesty laments, that notwithstanding this indication of active commerce, distress should prevail among the agricultural and manufacturing classes in some parts of the United Kingdom. "It would be most gratifying to the paternal feelings of his Majesty to be enabled to propose for your consideration measures calculated to remove the difficulties of any portion of his subjects, and at the same time compatible with the general and permanent interests of his people. "It is from a deep solicitude for those inte H rests that his Majesty is impressed with the for himself, I have always insisted that it was impossible. We will now, before we go further, hear what he said himself upon this subject. His speech contained a great deal of matter relating to other topics; but I think it absolutely necessary to preserve here, and to convey to you in a convenient form, all that he said with regard to the cause of the distress, and with regard to the currency. 66 "But the last topic of the noble "Earl's speech is the most important Of all the Speeches from the Throne," of all, although in that respect he has delivered within my recollection, none paid but little attention to the recomhas ever been so timid as this; and it" mendation in his Majesty's Speech. is curious that such a piece of timidity "In that Speech his Majesty says that should have been brought forth under "It is from a deep solicitude for the the auspices, and, indeed, should have "permanent. interests of his people been the work of the "greatest captain "that his Majesty is impressed with of the age." Just what I predicted has "the necessity of acting with extreme taken place the landowners, generally" caution in reference to the important speaking, are, you can clearly see by "subject of proposing measures for the the debates, for a return to the small" relief of any portion of his subjects.' paper-money; that is to say, for an issue" But the noble Earl does not attend to of assignats, and a declaration of national" this recommendation, nor does he take insolvency. This is the great question." time to consider the question, but he All the other matters that were talked" comes forward at once with a meaof, are of no importance at all when" sure of relief, and that measure is of compared with this. It is clear that "no less consequence than an alteration the majority of the House of Commons," in the currency. The noble Earl calls and of the House of Lords, too, wish" on your Lordships to act directly confor a return to the base paper-money; trary to the advice of his Majesty, and and it is equally clear, that the Ministers" at once to pledge yourselves without mean to make their stand against that" inquiry to an alteration in the curproposition. LORD STANHOPE's amend-" rency. The noble Earl talks of the ment in the House of Lords, and" Speech from the Throne, as if it maKNATCHBULL'S amendment in the House" nifested a neglect of, and indifference of Commons, were merely intended to "to, the present distressed state of the show hostility to the Minister; a mere country. There is no man that can skirmishing by way of preparation; "more deeply feel or more sincerely but, at the bottom, the meaning was "lament these distresses than I do; this: "we will drive you from the" and it would be difficult for any man, "heavy coin, and make you take again. "who should hold the situation which "to the base paper-money." "I at present fill, without being well 66 66 The Duke of Wellington seems to be" aware of such distresses when they resolved not to give way upon this point;" exist, and without deeply and sincereand I am very proud of that; for I have "ly regretting them. The noble Earl contended all over the country that he " says, that his Majesty in his Speech could not, and that he would not, give" attributes these distresses to the seaway upon this point. I have said that " sons. But what does his Majesty they might turn him out for any thing" really say? He says 'That he feels that I knew; but that it was impossible ""assured that the two Houses of Parthat he should give way. As for his "liament will concur with him in ascolleagues, I would not answer; but," signing due weight to the effect of 1 46 66 66 [ "unfavourable seasons, and to the ope- 66 are some symptoms in the country "ration of other causes which are be-" which show, notwithstanding the dis"yond the reach of legislative control "tress, that the country is advancing "or remedy.' Surely the noble Earl" in prosperity. I say that this is "does not mean to deny that due weight" proved by documents. If the exports ought to be assigned to those causes," of Great Britain have gone on increas" and I cannot conceive how the noble" ing for some years; if they were "Earl can draw any inference from these greater last year than any former year; "words implying an indifference on the" if the amount of our exports are now "part of his Majesty or of his Ministers " greater than ever they were before, "to the distresses of his subjects. I" say, not only that these are the strong"must now call your Lordships' atten- " est symptoms of the prosperity of the tion to another most important con- country increasing, but that the dis"sideration connected with the distress."tress cannot be so great and unex"There is another class of distress, quite" ampled as the noble Earl would make “distinct from that already referred to," it. There is not a rail-road, nor a "which really exists to a considerable" common road, nor a canal in the coundegree among the manufacturers. But" try, on which the traffic has not in"I should like to know whether this "creased every year during the last few "has not been caused by the employ-" years, and particularly in the last "ment of machinery, and the applica- year. It may be true that there is a ❝tion of steam to various branches of" diminution of the manufacturers' pro"manufacture. Competition, too, has" fits; it may be true that the profits arisen abroad; there is a great desire" are not so great as they were; but if "in all people to become manufacturers," there were no profit there would be "and there are new manufactures es-"no employment; but the traffic was tablished in all the countries of the unexampled, which could not possibly world. Now I beg leave to ask if the" take place unless some advantage employment of machinery abroad, and "were derived from it. It is true that the employment of steam to all ma-" the advantages are not so great as nufacturing purposes, is not calculated" they were ten or twenty years ago, "to contribute to the distress of our "but still there were advantages; and "manufacturers? This is one of the "where such an extensive and increasing causes referred to by his Majesty in" traffic exists, there cannot be such his Speech, and your Lordships must "extreme distress as the noble Earl consider whether this is or not one of "represents. There is another circum"the causes over which Parliament" stance well worthy of your Lordships' "could not possibly have any control?" attention. There is a large class of Can Parliament, my Lords, prevent the" retail dealers in this country; are they "competition of foreigners? Can this" in distress? They fill every town, "House interfere to prevent the appli-" and almost every village, they are "cation of machinery and steam to" able to pay large rents for fine new manufactures? or can there be a doubt" houses, I ask if this is a sign of disthat the application of steam and the "tress? Or is it a sign of distress that “employment of machinery, with the" they are able to build fine new houses competition of foreigners, have made" in every part of every town? These "it necessary for the manufacturers to" are facts, my Lords; and, say what "give the men they employ as small" you please, they prove, notwithstandwages as possible? All these circum-"ing the distress in some parts of the stances have combined to produce" country, that on the whole the coun"the distress complained of. The" try is still rising in prosperity, and noble Earl opposite says that the dis-"that there are some persons not afflicttress is general, and universal, and "ed with distress. Now, my Lords, unexampled. I am afraid the distress"I wish to say a few words on the re "is general, but at the same time there" medies proposed by the noble Ear), 66 66 "who seems to have completely mis-" to other individuals as they think pro"understood the arguments of my noble " per. (Hear, hear.) Thus, what the "Friend. The noble Viscount stated" noble Earl wants; what I say the "that the revenue in 1815 was eighty (6 country cannot have-(cheers)-with"millions sterling, that taxes were first" out incurring that ruin from which it "of all repealed to the amount of eight- "so narrowly escaped in 1825, is an "teen millions, and afterwards to the" unlimited paper currency. The noble "amount of nine millions, making in" Earl says, in the West of England a "all twenty-seven millions; and he man cannot borrow money, though says that the revenue now produces "his corn-yard and his barns are full. “in a sound currency as great an amount" The banker will not lend his own "as it produced in a depreciated curren- capital, he says, because he cannot 66 cy. Those persons who consume the "make a profit of it; but the banker "articles which produce the revenue, "would make a profit by discounting "must be able to purchase them, or the" bills, with which he is not content, 66 revenue could not exist. The in-" and he will not lend because he cancrease of the revenue is a proof, then," not have also the profit of issuing 11. "that consumption has increased full" notes. What is wanted by these gen"one-third since the time when the "tlemen; what the noble Earl would "taxes were reduced. It is impossible" vote for to-night; is not more circu"that the country in which the revenue, "lation, but an unlimited circulation. “in a period of fifteen years, has risen" He would give a power to indivi"one-third, can suffer great distress." duals to make any quantity of money "The noble Earl who spoke last, refer-" they pleased, which they might then "red the distress to a deficient curren- "lend to individuals without any secu cy. He, however, would have a paper rity whatever. There are plenty of "circulation. Now, I will tell the" proofs that there is no want of money "noble Earl that the largest amount" in the country. Never, at any period, "of currency in circulation at any time" was there a greater quantity of capital during the Bank-Restriction Act, was ready to be embarked in any scheme "sixty-four millions sterling. The Bank" whatever. Any man who could set "of England notes were thirty millions; on foot a scheme with some plausibicountry bank paper, twenty-three lity, was sure to obtain money to "millions; gold, four millions; and " carry it into execution. There was "silver, seven millions. But in 1830 66 no power in Europe or America, nei"the amount of Bank of England paper "ther Portugal nor Brazil; there was "in circulation is, 19,900,000l.; of “ no government, however bankrupt ; "Country Bank paper, 9,200,000l. ; "which could not get money to borrow "of gold, 28,000,000l.; and of silver," in England. No man who possessed "8,000,000l. ; making a " total of anything like tolerable security, need "65,100,000l. It is certain, therefore, There was never more "that there is more money in circula-" capital ready to be employed than at “tion now than there was at any period "this moment. I am sorry to trouble "of the Bank Restriction. There can your Lordships at such great length, "be no want, therefore, of more cur- "but I thought it necessary to reply to 46 rency. The noble Earl, indeed," the noble Earl's speech. My Lords, 66 says he wants an extended cur- "in answer to all the declarations which rency; but what he in fact wants is" your Lordships have heard to-night, 66 not an extended currency, but an un- respecting the evils of free trade, of a "limited currency. He would give change in the currency, and other "an unlimited power to certain in-" things, I have one fact to state, and “dividuals, not to the Crown, to "it is this: since the year 1815, and "coin as much money as they please." principally since the Bank Restriction "The noble Lord wants to give them" was taken off, measures have been "the power of lending as much capital" adopted to relieve the country of taxes, 66 66 66 66 66 want money. แ to the amount of twenty-seven mil-set at rest for ever, according to this “lions sterling; and measures have empty-headed bawler, is now the only been also adopted to reduce the charge question worthy of the attention of the "for national debt between three and public; and it has now to be settled, "four millions a-year, that being the indeed. There is a part of the Chancel"interest on nearly a hundred millions lor of the Exchequer's speech, which I sterling. I beg your Lordships will have marked with italics, or, rather, two bear this circumstance in mind; and, parts, to which parts I request your let me tell you, that all the advan-particular attention, as they pledged the tages of a so-called equitable adjust- Ministry not to depart from the present ment, will never equal the advantage system of the currency. 44 46 แ 46 44 already obtained from measures of "The CHANCELLOR of the EXCHEQUER this description. We have relieved" said, that when he had yesterday stat"the country, since the Bank-Restric-"ed that he considered the great object “tion Act was repealed, of taxes to" of those who moved the amendment "the amount of nine millions, and of a" was connected with an alteration of “considerable portion of the charge for "the standard of value, he had been "the national debt. When I say, We," met, on their parts, with the disclaimer "I do not take this credit on myself; "of any such intention. He thanked, "it is due to the noble Lord on the" therefore, the honourable Member "cross-bench (Lord Bexley), and to the" who had just taken his seat, for the "noble Viscount opposite (Lord Gode-" clear and explicit statement given of rich); but I entreat your Lordships his objections to that system, which, not to deprive the present government, "after a full consideration of the mat"the present administration, of the "ter, Parliament had thought proper to power of imitating them. We have " adopt. That honourable Gentleman adopted measures of economy which" had drawn a fearful picture of what will hereafter be submitted to your "he considered would be the conseLordships; measures for saving every quences of an adherence to that sysshilling which is not absolutely netem; but if Parliament had ever decessary for the honour and welfare of "termined to have changed that system, the country; and we only desire that he would indeed have had an oppor"the same confidence may be placed "tunity of describing distresses, not only "in us as was placed in them, that we as dreadful, but more real, than those may be enabled to carry our plans of" on which he had been recently dilating. "reform and economy into execution." "Did the honourable Member forget Here we have, then, not only the re- "that the system of which he complainsolution expressed to adhere to the pre- "ed had been ten years established? sent currency, but his reasons for so "And could he be ignorant of the fact, adhering. I do not agree with the rea- "that in a community like this, distinSuns; but I applaud the resolution. In" guished, perhaps, above all others for the second day's debate the Chancellor" the variety and extent of its engageof the Exchequer gave his reasons in "ments and pecuniary transactions, words rather more full; and, as his " occurring from day to day; could he, speech was conveniently short, we must" in such a community, forbear to see have it at full length; because we shall "how large a proportion of transactions have to refer to it again and again be-"must have taken place within that fore this question be "set at rest for "period, under the standard which he eter," as sensible CANNING said it was 66 now proposed to get rid of? (Hear.) in the year 1919. CANNING, in 1822," If so, did he not see that that which was said that a reformed Parliament would" perhaps, practicable in 1820 or 1821, never have passed PEEL'S BILL; and was utterly impracticable now? (Hear.) that that was one of the reasons why" Whatever might be the difficulties and reform would not have been a good" distress occasioned by adhering to the thing. The question which was then" present system, it would not only be |