In truth the Government could not interfere in the present difficulties, without violating all the general and received rules of political economy. The report did not touch upon the real causes of the present difficulties. What were the trivial and collateral circumstances in the Report of the Committee, compared with the real difficulties? Could any man hope to see America open to our commerce the year after next? or could any man hope to see the Continent of Europe opened in the course of two years? It was stated in the evidence of one of the greatest merchants in this country, Sir Francis Baring, that such was the facility in obtaining credit in this country, that even persons in the situation of clerks had no difficulty in obtaining it to any extent. It was stated by the Commissioners themselves, that the great occasion of the difficulty was the accumulation of produce and the total want of vent. Now nothing could establish more clearly than this fact the impolicy of the Government, who had prevented the nation who alone could carry that superfluity to the continent of Europe, namely, America, from carrying on that trade, whereby the commodities of our own merchants were a drug in the market. He therefore felt himself warranted in opposing the Bill,

The Earl of Lauderdale did not see any grounds for departing from the acknowledged principles of political economy on the present occasion. He thought that the man must be bold indeed who, in the present commercial distress, durst propose the present measure, but bolder still if, on perusing the evidence before the Committee, he could suppose the measure could be productive of any good effect. The reason alleged for the distress in the Report was contradicted by the Magistrates and Merchants of London, who considered that the over-trading to South America was but a very small part of the cause of that distress, and that it was principally to be attributed to the warehousing system. An additional capital could only then add to the calamity. A noble Viscount (Sidmouth) had strongly urged the benefit derived from the measure in 1793; but the difficulties then were such as without any legislative interference would have had a favourable termination. To attribute the ensu ing prosperity to that measure was like the physician taking credit for a cure which nature would have operated without his assistance. If there is too great facility at present to over-trading, what additional facility must not the additional six millions give? He wished, therefore, that Govern

ment should abstain from interfering in the trade of the country..

Lord Ross alluded to the state of Ireland in 1804, which he contended was similar to the present state of this country. The exchange from May to December, 1804, was seventeen per cent. against this country, and in January of the following year, while the Bank of Ireland issues continued at 2,900,000l. the exchange fell to eight and a half per cent.

Lord Grenville said that he differed from the noble Earl (Lauderdale) who spoke lately, when he said, that under every circumstance, it was almost impossible to give a decided opposition to the present Bill. He was never accustomed to sacrifice his public duty to any consideration; and he would take upon him to say, that in the long course of his parliamentary conduct, he had never been deterred by any obloquy from stating manfully whatever opinion he entertained on any public measure. He avowed himself ready, therefore, to oppose the present Bill. It was not enough to say that the object of the Bill was desirable, unless it could be shewn that the means proposed were likely to obtain that object. It was in vain to shift off the present distress, because it would infallibly recur with greater additional force. The measure of 1793, instead of being an argument in favour of the present measure, was, in his opinion, an argument against it. With regard to 1793, he owed to the country the avowal that he took a part in that transaction ; but he had been long since convinced that it was impolitic; and though the measure had apparently been attended with brilliant success, yet there are several circumstances which shew that that success was not to be attributed to the measure, which had no real application to the evil which then existed. The relief which was given did not apply to the distress at that period. But while the measure did no good, it did much evil, and the greatest evil, in his opinion, was . the mischief which would arise from the present act. He hoped the House would allow him to say, that as a great part of the present evil was to be attributed to over-trading, so a great part of that over-trading was to be attributed to over-governing. He conceived that much less of good and much more of harm would accrue from the present measure than the Ministry were aware of. All interference with trade was to be deprecated. It was said by the first merchants in this country, that the greatest nuisance which existed was the Council of Trade. He could wish those principles to be

much less studiously set forth in debate, and much more sedulously enforced in practice. He was ready to confess that the circulation of the country required the most mature deliberation but while he allowed this, he could not allow that the present difficulties arose, as was stated in that imperfect document, the Report of the Commercial Committee, in the glut of the market of South America. He meant offence to no individual, but he certainly never saw a more defective statement than the statement of that Committee lying upon their table. He defied any man in either House of Parliament to say that that Report contained any thing like a satisfactory account of the causes of the commercial distress. The whole trade to South America would be nothing more than a trifle in comparison with the rest of their trade. The true source of that distress lay in the measures adopted by the Government, interdicting neutral nations from carrying off the produce of the country. The present relief would bring in a short time upon them the Merchants who had profited from it with uplifted hands, praying to be furnished with an additional capital. With regard to the commerce of Europe, there might be some plea for its failure, from the malignant policy of the enemy; but no such cause could be attributed to the cessation of the American trade. The attempt to assign South America and the warehousing system as the causes of the present distress, was not going to the root of the evil. The truth was, that Government was making efforts greatly beyond the powers of the nation; efforts which, under any system, would infallibly lead the nation into the greatest difficulties. While the Bank restriction contued, they could have no hope of a termination of the distress. It was in vain to expect of the servants of the Bank, a different conduct from what was to be expected from the servants of any other corporation, For this conduct the Parliament alone were to blame, and not the Bank. He asked if the Bank paper, which had already fallen to the proportion of eighteen to twenty, would be at all increased in value by the issue of six millions of Exchequer bills, the greatest part of which would come into the hands of the Bank. They were following exactly the steps pursued by every country in a similar state. The celebrated Law, when his paper began to be depressed, kept issuing fresh paper, not till it fell as ours at present, in the proportion of eighteen to twenty, but till the notes were not worth the paper on which they were written. The same

thing happened in the colonies of this country, till Parlia ment interposed, ordering payment of the paper issued; when the evil stopped, and confidence returned. They had also the recent example of the assignats in France.

The Earl of Liverpool said, it was astonishing how great might be the influence of a very small relief judiciously and timely supplied. He entered into a parity of arguments, combating those maintained by the noble Lord who spoke last.

After a few words from Lord Lansdown, the second reading was agreed to without a division. After which the House adjourned.

HOUSE OF COMMONS.

THURSDAY, MARCH 28.

THANKS TO GENERAL GRAHAM, &c.

The Chancellor of the Exchequer rose, agreeably to notice, to move for the thanks of the House to Lieutenant General Graham, and his army.

Lord Folkestone rose to order. He should not for a moment interpose between General Graham and the thanks of that House. He merely rose to request of the House to consider to what situation it was now reduced by the manœuvres of the right honourable gentleman. Certain days had been fixed, on which orders of the day were to take the precedence, and those orders of the day were to be suggested by the right honourable gentleman. Now he came forward on a

day when it had been settled that notices were to take the lead, and with a notice of his own, took the precedence of another notice which had stood in the paper for several days before. The noble Lord repeated, that he had no wish to interpose between General Graham and the thanks of the House. He only wished to call the attention of gentlemen to the situation in which they stood. In former times the Crown dictated to the House what they should or should not entertain; the Minister was now to instruct them what they were to discuss, and what not.

Mr. Perceval could not by any means admit that the re-. gulation lately adopted by the House had produced, or could produce, any bad effect, especially in a case like the present. He (Mr. Perceval) did not claim the right. of precedence

457 because it was a notice of his, but because it seemed to be a matter claiming precedence of every other business, not of an extraordinary nature, which could come before them. He was fortified in this opinion by what had fallen from the noble Lord himself, who had disclaimed all idea of interposing between General Graham and the vote to him of the thanks of the House. If there had been no rule laid down for regulating their proceedings, he was satisfied that the noble Lord and every other member of the House would have wished to give the preference to this motion. He should say no more on this point. It would be peculiarly inconvenient that such a subject should in any degree assume the appearance of acrimony where good-humoured unanimity was so essential and so highly merited by the parties who were the objects of the discussion. He felt confident that in moving the thanks of the House to General Graham and his Army for one of the most masterly and brilliant military achievements that had ever been performed, he had no cause to fear a want of unanimity in that House. If there was any strife among them, he was satisfied it could only be in vieing with each other who should most express their applause and admiration at such signal and splendid acts of resolution and bravery. All he could regret was, that the task of bringing forward the business had fallen into hands so inadequate to do justice to the efforts of the gallant Ge neral and his brave Officers and army. He felt the achievement to be in itself so much higher than any description of it which he could give, that, in attempting it he must detract from the brilliancy which the action itself must natu rally produce. He had no more to do then, than simply to call the attention of the House to the subject on account of which he was now to move for a Vote of Thanks to General Graham and his brave companions. It would not be necessary for him to enter into a history of the transaction; he should confine himself solely to the battle of the 5th of this month-a battle which could not fail to excite the applause, and to call forth the thanks of the House. Though every part of the proceedings had been wisely planned and ably executed, yet, lest there should be any difference of opinion on any part of the previous proceedings, he should exclude from his consideration the whole of the previous proceedings, and should confine himself to the distinguished exertion of the British army on that day. (Hear, hear!) This brought him, therefore, to the 5th of March, and it would be found VOL. II.-1811. 3 N