tioners. The hon. gentleman then commented on the steps taken by the Bank at the period to which he referred, and their subsequent attempt to counteract the effect of this new issue of paper upon the foreign exchanges and the Bullion market, by a cotemporaneous issue of the specie which the balance of trade on the return of peace had enabled them to accumulate. These operations of the Bank and the government had created a fictitious market for the precious metals in this country, which existed at the period of the appointment of the secret committee to inquire into the expediency of resuming cash payments in 1819; and if he could presume to set up his humble judgment against the opinions of such eminently qualified men, the committee had either overlooked this circumstance, or given less weight to it, in their calculation of the effects which the measures they subsequently recommended were calculated to produce, than it was fairly entitled to. The Bank was again almost drained of its treasure, the coin issued from the months of September and October 1817, till the time at which the committee was appointed in February 1819 varied from 2 to 600,000l. a month, and amounted to about seven millions. All the sovereigns coined in the preceding year appeared to have gone first: when this stock was exhausted, the guineas followed; not one of either found their way into circulation, and it was afterwards found they were nearly all accounted for, in the mints of Paris and Brussels. The amount thus exported tallied exactly with that coined at our mint in the two years (none having been previously coined since 1813) and with a return from the mint-of the gold imported by the Bank for the coinage of 1817 and 1818. In the twelve months preceding September 1817, the issue of gold coin had not exceeded altogether 50,000l. and the price from the reduction of paper scarcely exceeded the mint price -at this time the effect of the paper issue began to be felt, and had it been left to its own operation without being checked by the issue of gold-the price of the precious metals would, in all probability, have risen to the same height, to which the increase of the paper curency in 1813 had carried it. The directors of the Bank, goaded by the present imputations on their expressed desire to resume cash payments, determined unfortunately to prove their sincerity by the course they VOL. IV.

adopted; not considering that they must discover a mine under the Bank to enable them to supply the demand which a continued over issue of paper would create. It was under these circumstances the appointment of the committee of 1819 took place; and the first measure they were called upon to adopt was, to recommend the suspension of further money payments by the Bank; altho', as he had before stated, in his opinion they had either overlooked, or greatly under-rated the effect produced by those which had been made, on the state of our currency. They found certainly the price of gold reduced by these operations to 47. 2s. per oz. and at least led the country to suppose, that the depreciation of prices, which might be apprehended from a restoration of the ancient standard, would be in proportion to the difference between 47. 2s. and 3l. 17s. 10d., instead of which, in his opinion, they ought to have fairly represented the probable sacrifice required, by estimating the difference between the price, which the financial operations of 1816 were calculated to produce, if the Bank had not interfered by supplying the market with gold to prevent an advance, and the ancient standard. This price he felt satisfied would have been nearer 5l. 10s. than 41. 2s. and much as he was attached to the principles on which the committee founded their report, much as he repudiated the continuance of a fluctuating standard of value regulated solely by the joint discretion of the government and the Bank, he now regretted he had not recorded on the Journals, what was his opinion at the time-and every hour's experience since had tended to confirm it-that 5l. 10s was much nearer the standard at which the country might be able to cope with the distress left by the war-the competition her trade and manufactures burthened with taxation, had now to expect-and the overwhelming load of debt, which the short-sighted policy of the last twenty years had left us to contend with-than the standard of 3l. 17s, 10d. recommended by the committee. That determination now having been adopted, the effect he had anticipated it would produce having been felt andborne-by every other interest of the country-except the landed proprietor and agriculturist--who were now, he feared, but entering upon the last trial which awaited them; he would be the last person in the House, if the country could wade through the difficulties imposed on it, 3 M

to desire any alteration of the present system; but when the noble lord (Castle reagh) had only expressed his commiseration for the sufferings of the agricultural interest, and his readiness to go into a committee of inquiry on their complaints, provided the proceeding was not to interfere with the corn laws, the currency, or the collection of taxes affecting the farmer, he meant for his own part to protest against so useless a waste of time, and such an utter trifling with the grievances of the people. He had been drawn unexpectedly into this statement of his opinion -first of the pernicious effect of the paper system on the transactions of the country, and secondly of the distress which the late alteration had unnecessarily producedand he entreated the House no longer to deceive itself as to the imminent danger and difficulty in which the country was placed. We were now, he was afraid, on the brink of an imminent crisis, and our situation required all the prudence, determination, and wisdom, which every party possessed, to save us from irretrievable ruin. The merchant had lost nearer a half, than a third of his capital which had been invested in foreign trade, and there was little hope from the state of commerce, of his being able to employ what remained with any prospect of toJerable remuneration. The evidence now taking before the committee on foreign trade up-stairs, but too clearly proved that the ship-builder and owner were carrying on their respective occupations, with a certainty of loss, and were compelled to pursue them, that their establishments might be preserved, and their ships might not decay from being laid up-and they are tempted to persevere, from some unfounded hope that better times would arrive, as had before been the case under the varying feature of the war, and the fluctuating system of paper currency. The farmer also recollecting the relief he obtained in 1816, had been induced to go on, paying his rent and taxes out of the little of money he had saved in better times, in the hope of markets improving, for his accumulated stock-till his capital is exhausted-the very course he pursued has aggravated his difficulties and he now comes before us with his petition in the forlorn hope that we can again raise the value of his produce, to enable him to meet engagements contracted on the faith of the continuance of high prices. Every branch of productive industry is in the

same situation, and if the manufacturers in Lancashire and Yorkshire, enjoy a temporary exemption from the generally prevailing depression, there is too much reason to fear they are also destined to experience a reverse, from the revulsion which the agricultural distress must produce in the home-market. In short, look which way we would, every thing appeared hopeless around us. He would put a simple case in illustration-he might almost say of the state of the country generally- but certainly of the situation of many even to whom he was then addressing himself.

Suppose a gentleman of landed property, who had a well-paid rental in 1813 when the price of wheat was upwards of 100s. of 6,000l. per annum ; upon a general calculation it might be estimated that one third went in the first place to satisfy jointures, portions to younger branches of his family, and interest of debt-there then remained 4,000. for his expenditure. The price of wheat, and other produce in proportion, falls to between 40s. and 50s.-his rental of course declines one half-the same debt is to be deducted-and 1,000l. remains, instead of 4,000l. for the maintenance and support of his situation and his family. The jointure, the portions, the debt, are all proportioned to the value of the property artificially raised by the paper currency-but must now be satisfied at the altered standard, out of means reduced_one_half in amount. The hon. member for Cumberland had talked of a reduction in the interest of the fundholder-or of taxes.What adequate relief would either measure afford in the case he had stated? The hon. gentleman then begged pardon of the House for being led by accidental circumstances into this discussion, which he felt might have been postponed to a more appropriate moment. Although he would not, without protesting against the exceptions of the noble lord, assent to the appointment of the proposed committee to inquire into the complaints of these petitioners, still he thought they were entitled to all the attention which the House in commiseration to their situation, could pay to them-but still he felt, that to hold out any hopes of relief from a committee, which was neither to consider the effects of the currency, the corn laws and taxation. or the agricultural interests—would be to practise a delusion on the public.

Mr. Grenfell could not concur in opi

nion with his hon. friend, that a great error had been committed by the committee of 1819, in the principle of the standard which they had recognised; on the contrary, he thought the principle of that report the soundest that could be recognised. It would be recollected, that when the committee sat, the Bank of England had the option by law of issuing the gold coin of the realm in payment of their notes. The law had since restricted the Banks of England and Ireland from pay ing in specie. Now he thought that, under the present circumstances, it was extremely desirable that that restriction should be removed; and that the Bank should have the option to pay in specie.

Mr. Huskisson expressed his regret, that Mr. Ellice should have so suddenly brought the House into the discussion of a subject which required to be handled with much caution.

Mr. Baring conceived that his hon, friend had done a public good by bringing the question before the House. It was not a subject to be settled on what was called a grand debate; it required great consideration, and the House should not shrink from the avowal of the truth. He was not disposed to touch the law which had been lately made upon the subject; yet it was his conviction, that the attempt to bring about the restoration of the currency was at the bottom of the public distress. He sincerely hoped that the distress and embarrassment of the present day would operate as a solemn warning to future times, not to depart from the established standard of value.

Ordered to lie on the table.

DUBLIN PETITION COMPLAINING OF THE CONDUCT Of the High SheRIFF.] Lord John Russell rose, pursuant to notice, to present a petition complaining of a military outrage alleged to have been committed by the high sheriff of Dublin, at a county meeting lately held at Kilmainham. He had, in the first place, to express his regret as well as his surprise and it could not fail to excite the surprise of the House-that while there were so many able members from that part of the kingdom, the petitioners should have requested him to present their petition. He was sure, however, that in doing so they had been actuated by that generous feeling which was known to be characteristic of their country; that they believed the circumstance of which they

complained to be the grievance of the whole kingdom; and that they felt, if English members were not disposed to consider it as affecting the constitution of the whole kingdom, they needed not apply to parliament for redress. The petitioners stated, that, on the 27th of December last, the high sheriff of Dublin published a requisition from the nobility, clergy, gentry, and freeholders of the county, requesting him to call a county meeting, for the purpose of voting a loyal address to his majesty; together with a notice from himself, appointing the said meeting to be held on the 30th, in the county-court, at Kilmainham. He was aware the noble lord opposite had said that county meetings did not express the sense of the country; but that, he believed, was only a recent opinion: it was not till those who called themselves loyal addressers were defeated in every corner of the kingdom-it was not till the grapes were sour-that the noble lord found out that these meetings did not express the sense of the country. According to the notice published by Mr. Steele, the sheriff, the nobility, clergy, gentry, and freeholders, assembled between 12 and 1 o'clock on the day appointed, outside of the court-house. At one o'clock several of the freeholders went to the door of the court and requested admission, but were told by the police-officers who surrounded it, that they had express orders from the sheriff not to admit any persons but those who were pointed out to them. At a quarter past one the doors were opened, and the freeholders, on entering, found the room nearly filled with persons who had previously been admitted; among whom they recognised most of those who had signed the requisition, and a large body of police-officers. A motion for a loyal address having been made and seconded, the sheriff, without putting the question on it, proceeded himself to name a committee, who were to prepare the address. In consequence of this irregu larity, a respectable freeholder remon⚫ strated in the most temperate manner, and suggested to the sheriff that he ought to take the sense of the meeting in the first instance, whether an address should be voted, and then on each of the names proposed to be on the committee; but the sheriff refused to listen to his sugges. tion, and proceeded to name the committee, who retired to prepare the address, Now, he would ask, what would be

disperse the meeting, if necessary. Such was the outrage of which the petitioners complained, and surely it would be superfluous in him to say a single word in order to prove that the conduct of this sheriff had been highly improper and unconstitutional: he should think that all the liberties of the people and all the safeguards of the constitution were irretrievably gone, if it were necessary to use any arguments on that subject. But he must beg the attention of the House to a circumstance which followed the dispersion of the meeting. An application had been made to the lord lieutenant for redress, but he had been obliged to wait for an answer from the government in this country. That answer at last did come from the same quarter from which thanks had been sent to the magistrates of Manchester. [Hear, hear.] That answer was-" The courts of law are open.' He believed, however, on the authority of very eminent lawyers, and the opinion had been stated in the discussions on the Manchester question, that the courts of law would not like to interfere in such a case. If there was no redress to be expected from the magistrates, and if the government refused to take up the question, it behoved the House of Commons to see justice done. The celebrated protestation of 1621, expressly declared that the arduous and urgent affairs concerning the king, state, and the defence of the realm, and of the church of England, and the making and maintenance of laws, and redress of mischiefs and grievances, which daily happen within this realm, are proper subjects and matter of counsel and debate in parliament.*" He had heard, that the grand jury of Dublin had sanctioned the conduct of the sheriff. If this was so, the necessity for the House to interfere became the stronger, because the act of a hot-headed officer became that of a great faction. The noble lord then moved, "That the said Petition be brought up."

Colonel Talbot said, in seconding the motion as one of the representatives of the county of Dublin, I feel myself called upon to say a few words on the subject of the petition. I was not present when the outrage complained of was committed; but I have no hesitation in saying, from every circumstance which has come to my knowledge, that the petition contains a correct

* See New Parl. Hist. vol. 1, p, 1361.

although a moderate statement of the atrocities which took place on that occasion. Shortly after the period alluded to in the petition, I had the honour to be called to the chair at a numerous and most respectable meeting of the freeholders of the county of Dublin, the great part of whom had attended at Kilmainham, on the special invitation of the high sheriff, with the impression on their minds, that every freeholder would be at liberty to deliver his sentiments on any measure to be proposed; instead of which, they had the mortification to witness a scene unparalleled in the annals of any civilized country-a meeting so called together and so dispersed by a military force; in consequence of which the meeting I had the honour to preside at was convened, for the purpose of petitioning parliament for redress, and met not at Kilmainham, the usual place where county meetings are held, but in the city of Dublin, out of the reach of that power which had already insulted them; and the petition now before you was there unanimously adopted. The petitioners are anxious to prove the truth of the allegations therein contained by affidavits, or respectable witnesses at the bar of this House. However great my personal esteem may be for the high sheriff, I cannot avoid saying he has, from some very unaccountable misconception of his duty, been misled into a gross violation of the constitution; for after having convened the meeting, it was his bounden duty to put the question on the amendment, which he had no right to assume was less loyal than the address proposed. Mr. Talbot then read the following extract of a letter from Mr. Byrne, describing the dispersion of the meeting:"When just in the act of proposing the amendment, and before I had time to read it, the military were called in, and dispersed the meeting. I had a copy of it in my hand at the time, which fell down in the confusion, and stooping to take it up perhaps saved my life, for a soldier came at the rear of the seat I was on, and violently thrust in his musket, which, if it had come in contact with my head, might have broken it, hard as it is. If a committee is granted to inquire into the allegations of the petition, I am ready to go over to be examined, as well as several others." Now, allow me to say if the House suffer such proceedings to pass unnoticed, in future a county meeting will indeed inerit no better name than a political