be refused to them, if it appeared that it would not leave them in a worse condition than it found them. If it gave them a chance of being in a better state at the end of a limited time, it ought to be granted. The home consumption, and the consumption of the western world, within a certain period, ought to be considered in their effect of lightening the distress; and if a chance of good resulted from the measure, it ought not to be thrown away. The greatest pressure had occurred in the Cotton Trade. The House would look with wonder at the increase of that trade within a few years. The official value of cotton' manufactures in 1808, was 9,846,8897.; in 1809, it was 12,835,8031.; in 1810, it was 18,616,7237.: thus doubling within the last two years; and by the accounts taken up to the last date, increasing at the moment when the check was given. It was at a moment of the greatest extent and progress of the trade, that it was suddenly stopped. Let the House conceive the effect of such a shock at such a moment. The measure now brought forward was for the purpose of allowing the merchant time to turn himself round, and spread that distress over, if he might use the phrase, a larger space, which, fixed upon a single point, would ruin him. He would now mention the measure which he intended proposing to the House. It was similar to the measure which had been proposed in 1793; but as the difficulty to be met now was greater than in 1793, a larger grant would be necessary. The House, in resolving upon such a measure, would, of course, resolve to make it effectual. He would move that a power be given for the issue of Exchequer-bills to the amount of six millions, instead of five, the vote of 1793. In that year, though five millions were voted, only two millions two hundred thousand pounds were actually required. It was probable, that, as in 1793, the whole sum would not be wanted; for then, the very knowledge that it was in the power of Government to issue so large a sum re-established credit, and it was found that the merchants could proceed with fewer calls upon public assistance than was expected. The House would not starve the measure by any stinted li berality, but would proceed to make their relief full, entire, and effectual. He would propose that the repayments should be made by instalments; the first to be paid about the middle of next January; the three other instalments at intervals of three months each, from that time. He would, therefore, now move the House, that a sum of not less than

six millions be advanced to certain Commissioners, to be advanced for the assistance of such merchants as applied for the same, on their giving sufficient security for the repayment of the money so advanced.

Mr. Ponsonby rose to make a few observations on the statement of the right honourable gentleman who had just sat down, and to examine a little the nature of the proposition submitted by him to the Committee. The right honourable gentleman had, indeed, admitted that there were some differences between the circumstances of the present day, and the situation of the country in the year 1793. But in his mind there was no similarity whatever between the two periods. In the former period, the Continent of Europe, instead of being unfriendly, was all, with the excep tion of France, open to our commerce, and even the greater part of the nations of Europe, active in the war against France; which, cut off from all commerce, was unable to prevent the armies of those nations from appearing on her ierritories. At present, on the contrary, all Europe was united with France against this country. But the right honourable gentleman had said, that those merchants who had imprudently led, by their improvident speculations to South America, to the present distress, had already fallen into bankruptcy, and were not the objects of the relief proposed to be granted by the present measure; that the per-sons now to be relieved were the victims to the indiscretion of the original speculators, but no partakers in their folly, their extravagance, or their crimes. Now, as to the origin of the ruinous speculations in the trade to South America, he should always contend, that it was to be traced to that House, and to no other source. The spirit of speculation which had brought on all the calamitous consequences now sought to be alleviated, had taken its rise from the exaggerated statements so repeatedly made in that House, of the infinite advantages to the coinmerce of this country from the opening the ports of South America-statements sup. ported, too, by the falsehoods and deceptions advanced at the time in that House, and by the press, which usually supported the measures of the right honourable gentleman. By these means the merchants had been taught to expect a market to an unlimited extent in South America; and that, whatever might be the amount of their exports, there would be a vent in that country to absorb them all. To that cause, and that only, then, was to be attributed the

evil which had since arisen. The right honourable gentleman had asserted, that the evil was but temporary; and that it was to be naturally expected, if the relief were now granted, that after a certain time the merchants would surmount their difficulties, as they did in the year 1793. But this reasoning he must dispute. If the markets of South America were now overstocked, they must contain a quantity of goods which would require one, two, or three years to consume; and during that period the manufactures must be at a stand, as no new manufactures could be sent out till the stock in hand should be in a considerable degree consumed. Was it, then, to be expected, that in a trade of such extent and so over-done, an issue of six millions would afford an adequate relief? The right honourable gentleman had talked of a trade of twelve and eighteen millions; but in that the right honourable gentleman had been guilty of a misrepresentation, or fallen into a mistake. Trade did not consist of exports only, it implied returns also; and if in the markets of South America there were goods sufficient for two or three years' consumption, was the nation, he would ask, to be called on to enable the merchants who had by their imprudence contributed to that circumstance, to continue their system of over-trading? The right honourable gentleman had stated the glut of the South-American markets to be the cause of the present distress-this he denied: the cause was to be found in the state of the Continental markets. As to the time at which the relief from the existing pressure would be completely successful, the right honourable gentleman had observed, that he could not be precise; but added, that, whenever the enemy had resorted to extraordinary rigour, after a short interval such rigour was usually succeeded by some equivalent relaxation, which presented fresh facilities for carrying on commerce. That had been assuredly the case; but then the rigorous measures of the enemy against commerce had been followed by events which unfortunately were not now to be expected, but which produced that alteration to which the right honourable gentleman had referred. Soon after the last instance of rigour adopted by the French Government, the Austrian war broke out, which drew off the French armies from the coasts of the ocean. Then followed the war in Spain; in consequence of which, the Peninsula, instead of being hostile, threw open all its ports to British commerce. The right honourable gentleman had on a former occasion

asserted, that he had found out a way to force open the ports of the Continent, and render the measures of the enemy ineffectual; and that was by his Orders in Council, which he had prevailed upon that House to sanction. He would ask the right honourable gentleman, whether he had proved them to be efficacious; or whether he now expected, by a perseverance in them, that success which had unquestionably not attended his experiment hitherto? The consequence of the present restricted intercourse with the Continent was to render our colonies, instead of being a support, an actual incumbrance. It had been thought, that the conquest of the French colonies was a cause of the distress. Whilst France had colonies, she received their produce, and with that, British colonial produce; but when France had lost all her colonies, then there remained no longer a pretext for introducing any such produce. The right bonourable gentleman had said, that as the measure would not be likely to produce harm, and might do good, the experiment was worth the trial. If the measure were to be adopted, he hoped it would, do good; but he apprehended it would produce evil, because to afford so easy an escape from the difficulties brought on by the imprudence of commercial speculation, might be attended with ruinous consequences, by encouraging the merchants to squander their means in wild and unprofitable speculations. But the right honourable gentleman said, there was no probability that the public would lose by the measure. He had no doubt that the commissioners to be appointed by the right honourable gentleman would do their duty. But it was an important consideration not to be overlooked, whether, when paper was depreciated-when twelve millions of Exchequer Bills were to be funded-when an issue to the same amount was ordered to supply their place-when the policy was admitted of narrowing the circulation of paper, in order to prevent its further depreciation-it would be desirable to inake an addition of six millions of Exchequer-bills to the paper currency. It was painful to oppose granting relief to the unfortunate, and therefore he should not take the sense of the Committee upon the question; though in abstaining from doing so he should not be doing his duty, as he thought the measure would do more harm than good. He should, however, having stated his opinion, abstain from further opposition.

Mr. Huskisson wished to state to the House the impressions of his mind upon this important subject. In doing this, he trusted the House would do him the justice to believe, that if he expressed any doubts as to the policy of this measure, they could not arise from any indisposition on his part to grant every possible relief to the worthy objects of the measure. If he should state any doubts he entertained as to how far the success of this measure may be likely to be equal to that which attended a similar measure in 1793, or how far the inconveniencies of adopting it at the present moment may be greater than the inconveniencies felt in the former period, he begged the Committee to be persuaded, that he could be influenced by no desire to impede the grant of such relief to the respectable parties claiming the relief, particularly that part of them which was the least implicated in promoting the cause of the existing distress he meant the manufacturing classes. (Hear! hear!) The manufacturers had no share in the improvi dent speculations of the merchants. They had not promoted the system of over-trading; they had barely executed the orders they had received from the merchants, when the markets of South America were first opened, and consequently could not justly be said to have been in any degree implicated in the cause of the subsequent distresses. But when he hazarded his doubts upon the subject, he must add, that the doubts he felt were as to the efficacy of the measure proposed, by his right honourable friend. If he were certain that it would not be efficacious, his duty would compel him to oppose it. But when he felt any doubts upon the question, whether the benefit might not be greater than the inconvenience to be expected from the measure, and when he was aware of the distresses that called for relief, he could not bring himself to oppose the proposition of his right honourable friend; though, in stating the grounds of his doubts, he should be only performing his duty as a Member of that House. If he could enter into the views taken of the question by the right honourable gentleman who had just sat down (Mr. Ponsonby), he should feel little difficulty in making up his mind upon the subject. That right honourable gentleman had said, that the cause of the present distress was to be found in the faiJure of the markets of Europe, and the ascendancy gained by France, which enabled that power to shut us out from