Debates ant' 1proceebings fn flarliantent.

THE SPEECH AND Aptness.

The business of the session commenced at noon on Tuesday, with the delivery of the Queen's Speech, by Commission. The personal absence of the Queen materially diminished the splendour of the ceremonial: the ladies in the House of Lords were in morning costume; the diplomatic gentlemen were not in uniform: " this," says a loyal reporter, " and the absence of sunshine, diminished the brilliancy the interior of the House exhibits when her Majesty is present in person." Nevertheless, the num- bers and the varied colours of the ladies' dresses imparted a certain amount of gayety. The Lords Commissioners were the Marquis of Lansdowne, the Marquis of Clandearde, the Earl of Auckland, Lord Campbell, and Earl Spencer. The Speaker and the Commons having appeared at the bar, the follow- ing Speech was read by the Marquis of LANSDOWNE.

My Lords and Gentlemen—Her Majesty has ordered us to declare to you the causes which have induced her to call Parliament together at the present time.

" Her Majesty has seen with great concern the distress which has for some time prevailed among the commercial classes. The embarrassments of trade were at one period aggravated by so general a feeling of distrust and of alarm, that her Majesty, for the purpose of restoring confidence, authorized her Ministers to re- commend to the Directors of the Bank of England a course of proceeding suited to such an emetgeney. This course might have led to an infringement of the law.

" Her Majesty has great satisfaction in being able to inform you that the Law has not been infringed; that the alarm has subsided; and that the pressure on the banking and commercial interests has been mitigated. " The abundant harvest with which this country has been blessed has alle- viated the evils which always accompany a want of employment in the manu- facturing districts. "Her Majesty has, however, to lament the recurrence of severe distress in Ire- owing to the scarcity of the usual food of the people.

" Her Majesty trusts that this distress will be materially, relieved by the ex- ertions which have been made to carry into effect the law of last session for the support of the destitute poor. Her Majesty has learnt with satisfaction that landed proprietors have taken advantage of the means placed at their disposal by the liberality of Parliament for the improvement of land.

" Her Majesty laments that in some counties of Ireland atrocious crimes have been committed, and a spirit of insubordination has manifested itself leading to an organized resistance to legal rights. The Lord-Lieutenant has employed with vigour and energy the means which the law places at his disposal to detect offenders and to prevent the repetition of offences. Her Majesty feels it, however, to be her duty to her peaceable and well- disposed subjects to ask the assistance of Parliament in taking further pre- cautions against the perpetration of crime in certain counties and districts of Ire- land.

"Her Majesty views with the deepest anxiety and interest the present con- dition of Ireland; and she recommends to the consideration of Parliament mea- n ies which, with due regard to rights of property, may advance the social con- dition of the people, and tend to the permanent improvement of that part of the United Kingdom. " Her Majesty has eeen with great concern the breaking out of civil war in Switzerland. Her Majesty is in communication with her allies on this subject, and has expressed her readiness to use, in concert with them, her friendly in- fluence for the purpose of restoring to the Swiss Confederation the blessings of

If •

Her Majesty looks with confidence to the maintenance of the general peace of Europe. " Her Majesty has concluded with the Republic of the Equator a treaty for the suppression of the slave-trade. Her Majesty has given directions that this treaty should be laid before you. "Gentlemen of the House of Commons—Her Majesty has given directions that the Estimates for the next year should be prepared for the purpose of being laid before you. They will be framed with a caretal regard to the exigencies of the public service.

' My Lords and Gentlemen—Her Majesty recommends to the consideration of Parliament the laws which regulate the Navigation of the United Kingdom, with a view to ascertain whether any changes can be adopted, which, without danger to our maritime strength, may promote the commercial and colonial interests of the empire. "Her Majesty has thought proper to appoint a Commission to report on the beat means of Improving the Health of the Metropolis; and her Majesty recom- mends to your earnest attention such measures as will be laid before you relating to the public health.

"Her Majesty has deeply sympathized with the sufferings which afflict the labouring classes in the manufacturing districts of Great Britain, and in many parts of Ireland; and her Majesty has observed with admiration the patience with which these sufferings have been generally borne. " The distress which hasprevailed among the commercial classes has affected many important branches of the revenue. But her Majesty trusts that the time is not distant when, under the blessing of Divine Providence, the commerce and industry of the United Kingdom will have resumed their wonted activity."

Both Houses adjourned till the afternoon.

The Peers reassembled at five o'clock. There was a strong muster on both aides of the House. On the Opposition benches, near Lord Stanley, were noticed the Duke of Richmond, Lord Ashburton, Lord Brougham, and the Duke of Buckingham. The Duke of Wellington took his usual seat on the front cross-bench; and near him were the Duke of Rutland and Earl St. Germans.

The Earl of Isanonotron moved the Address in echo of the Queen's Speech. In touching on the causes of the commercial distress, Lord Yar- borough imputed it, not to the Bank Charter Act, but to the great amount of money required to purchase food for the people in consequence of the bad harvest, and to the undue speculation in railroads. The address was seconded by Lord ELPHINSTONZ. Lord STANLEY subjected the Speech to a long critical commentary. Re began by characterizing the Speech as singularly unmeaning; and cen- sured the absence of any distinct Ministerial statement bearing on the real condition of the country, or the causes that call for this early and unusual meeting of Parliament. With respect to the Bank Charter Act, he would give Ministers his humble approval of the course they took in the last extremity: but if that assistance, or

rather encouragement, had been, earlier and more liberally given, it would have

tended undoubtedly to alleviate the panic. He did not know whether Govern- ment intended to ask for an indemnity; but he controverted the passage in the Speech, " that the law had not been infringed,"—maintaining that, in a constitu- tional point of view, it had been violated. The Bank had been brought, or nearly, to that state of things in which it would have been impossible to issue another

note. Whereas the reserve ought to have been 3,000,0001. or 4,000,0001., at one

period it did not exceed 1,300,00W. or 1,400,0001 At that time eight millions of bullion was locked up in the coffers of the Bank; but, anticipating, under the

stringent operation of the Bank Charter Act, a total cessation of the power to

make issues, all the other banks and private parties hoarded up their bullion; so that an unusual amount of bullion was locked up, and an universal panic was thus

produced. Under these circumstances, her Majesty's Government authorized the Bank of England to increase the accommodation by issuing a larger amount of notes than they could do under the Bank Charter Act. " But at the same time a precaution was taken, which I must say, although it was done no doubt

with the best intentions, was unconstitutional in its character, and wholly unworthy of a great country and of the Government of this great coun-

try. They required that a most usurious amount of interest should be taken upon all advances made, even upon the most undoubted security, with the obvious intention of preventing a too diffuse accommodation; thus neu- tralizing with one hand the effects of the boon held out by the other. think that the course was unconstitutional, in the first place, inasmuch as it tended to raise money upon the subject, not only without the consent but against the express prohibition of Parliament; whilst at the same time it was most dis- creditable to this country. And the condition which accompanied this boon was, that the Government should have a share of the profits. With regard to her

Majesty's Government, it is no answer to say that the Bank has not exceeded its issues, that it has not put into force the power awarded to it. Bat the Govern- ment authorized an extension of the issues, and by that authorization they com-

mitted an offence against the law. If I wrote a letter to another person urging and requesting him to murder a third party, it would be no answer for me to say that the letter miscarried, and that the murder was not committed. I authorized the perpetration of that crime; and I am morally and legally as responsible for that advice, although the crime has not been committed, as if the crime had ac- tually been perpetrated. If the Government were in the exercise of their dis- cretion to suspend the Habeas Corpus Act, to allow magistrates to arrest and im- prison parties without the form of law undercertain circumstances, it would be no answer to say that the circumstances did not arise, and that consequently no in-

demnity is called for. I say that her Majesty's Ministers are morally and legally responsible for that order—which, for what purpose I am unable to say, I hear has been withdrawn this morning—they are as much responsible as if the Bank had availed itself of the powers conferred by the order."

But then comes a more important question—What do Ministers mean to do with the Currency laws? "A bill was passed so late as 1844 to regulate the currency of the country. This bill professed to confer the power on the Bank Directors so to apply the screw as to render undue speculation impossible, and to guard us from those panics which at times have shaken the commercial world to its centre. We were to have no sadden panics—no great commercial distress. But the time came for the trial of this measure: sudden, deep, and universal dis- tress passed over the trading community; and her Majesty's Government, under the pressure of the times, deliberately suspended the bill. Now, I ask her Ma-

jesty's Ministers what they mean to do with the currency? This question I have a right to ask, and your Lordships have a right to demand a specific answer. If the law of 1844 was found to act mischievously, it was jest and expedient for the Ministry to act in defiance of that law. It was their duty as a Government, having the regulation of the affairs of the state—and the monetary affairs are now all-important—to suspend the bill of 1844: but what are the provisions of the law which they intend to propose in lieu of the law of 1844?"

It was a great feature in Lord Yarborough's speech, that this distress had been owing to the importation of 10,000,000 quarters of corn. Lord Stanley had pre- dicted that under an alteration of the Corn-laws we might look for an annual im- portation of 4,000,000 of quarters; and now Lord Yarborough makes the va- luable admission that nine or ten millions of quarters had been imported, and that the commercial difficulties of the country were mainly attributable to the large

sums required to pay for foreign corn. In 1841, Mr. Cobden drew a picture of the flourishing condition which this country would attain if the Corn-laws were

abolished,—trade increasing, new mills erected, artisans employed, and all the po-

pulation contented and happy: but here are 10,000,000 quarters of corn imported, and there is a diminution of exports, mills are stopped, artisans are working short time; there never was so signal an example as that which appeared to crush and blast the expectations of mere theorists, who thought themselves wiser than the rest of mankind.

Turning to the state of Ireland, he found the rent of whole districts taken for the relief of the destitute poor, he might almost say the fee-simple of the pro- perty. There were districts in Ireland in which were persons who might be called landlords, who at the same time that they maintained the poor and found employ meet for them, even borrowed money for the purpose, were absolutely penniless in consequence of an armed combination against them, which prevented the payment of rents. He had property himself in a part of Ireland which was not distressed at this moment, where the rents, generally speaking, were punctually and fairly paid; yet the state of Ireland was such, thatfor the last half year, from January to July, he had not received a single shilling from his property. He spoke of dis- tricts where there was a comparatively comfortable and a contented tenantry; and he asked their Lordships to consider what must be the state of those parts of Ire- land not so situated, where there was an impoverished tenantry. How could

landlords discharge the duties attached to their property, in maintaining the des- titute poor, when they received not a shilling of rent? It was not a sense of in-

terest, but of duty, which prompted them to sacrifice their property and to risk their lives. The state of Ireland at this moment was worse than a civil war. In a state of war a man knew his enemy, and met him with arms in his hands. That was not the state of Ireland now. The best landlords of Ireland, men who ex- pended their labour and their wealth, and sacrificed everything for the peotile7 who were content to forego all the comforts of civilized life that they might dis- charge their duty to their tenantry (and he could name some of them who were members of their Lordships' House)—were at this moment, many of them at least, prisoners in their house and gardens, with the knowledge that their names were in the "black list." In this way, with the knowledge and concurrence of half a

county, the most valuable men were, one by one, to the disgrace of a civilized community, cut off by the hand of the assassin. Such was the state of things with which their Lordships had to deal in Ireland. England was disgraced, be

did not deny it, by many and great crimes; but in this great country, thank God, the sympathy of the whole community was in favour of the victim of assassina-

tion; the spirit of the whole nation was awakened to vindicate the law; the whole people were aroused to bring at all events the vengeance of the law against the perpetrators of those nefarious actions; one universal feeling prevailed in favour of vindicating the law, of punishing crime and repressing outrage. This was not sbe case in Ireland, for in that country—whether from timidity or some worse cause—no hand was raised to stay the assassin's blow: bat, worse than that, no voice was raised after the blow to denounce the assassin; or if a voice was raised it was raised at the peril of the person who raised it. In Ireland it was actually safer to violate than to obey the law. He believed that the Roman Catholic clergymen, if not always men of educa- tion, are in the main pious, well-disposed individuals; but it would be a crime to conceal the expression of his opinion, that, however the Roman Catholics might be desirous to repress and discourage offences, they did not as a body lend them- selves to the support of the law. (Loud cries of " Fleur, heart") He believed that there was a rival authority in Ireland, in regard to offences, between the Ro- man Catholic clergy and the law. He believed that the sacredness of confession was carried to a degree dangerous to the existence of civil government. He had often heard of denunciations from the altar against "informers"—which in Ire- land means every man who joins in bringing offenders to justice—prosecutors, and witnesses; but he never heard of recommendations given, publicly or privately, by the Roman Catholic clergy, to denounce and give up to the authorities every person known to be guilty of crime. They had recent instances of addresses de- livered to the "too excitable" people of that country, from the altar, in denuncia- tion of individuals; and in one recent memorable and most melancholy case, oc- curred the assassination of a man of whom a priest asked from the altar, two days before, whether he deserved to live Parliament was to be called upon to assist with measures for the suppression of crime in that country. He was anxious to say, in his own name, and he was sure he might say in the name of his noble friends around him—he believed he might say, in the name of England, in the name of humanity, in the name of civiliza- tion—that he hoped those measures would be effectual and prompt. He called upon her Majesty's Government to let no fear of being taxed with inconsistency prevent them from bringing forward such measures as theymight find to be necessary: he entreated them to throw themselves on the generosity and justice of Parliament; to believe that they would be met by no unworthy taunts; to be assured that they would receive no flinching, no hesitating, no ambiguous support; to remember that they were responsible for the life and property of the country committed to their care; and that when life and property, which were the foundation and basis and main object of all constitutions and all rights—which in fact were above all constitutions and all rights—that when these were unsafe, it became the Ministers of a great nation like this to take prompt and efficient means for their protection. Let the Government call for as many sacrifices as they chose from the Irish land- lords; let thorn compel them to discharge their duties to their tenantry, or even to go beyond the strict limit of their duty; but, in God's name, let them protect those landlords and their helpless dependants. He remembered that some years ago, in another place, he was cried down for expressing an opinion, which he en-

tertained at this moment as strongly as ever, that the law in Ireland must be feared before it could be loved. He believed that the people must first become accustomed to look upon the law as the unfailing protection of the well-disposed, and as a certain check upon the conduct of the ill-disposed, before it could be roperly respected.

The -Speech referred to the breaking out of civil war in Switzerland, and the offered mediation of her Majesty. With respect to the internal affair' s of foreign countries, his humble advice and entreaty to her Majesty's Government was, to interfere as little as possible. Last year he had strongly remonstrated against their interference in Portugal. That remonstrance was disregarded; an armed intervention took place; the effusion of blood was stopped, no doubt; civil war was pat down; the difficulties were suppressed for the moment; and our Government undertook—what they were obliged to undertake—to guarantee the performance of the conditions upon which the war was stopped. He asked the Government whether they had fulfilled those conditions? Had the Sovereign of Portugal im- plicitly followed their advice? Or was the result really this, that, whereas they undertook the anomalous duty of being Minister of the Interior for Portugal, all their efforts had issued, after a system of intrigue, violence, and corruption, in the election of the Cortes, in the restoration, under purely British influence—for their allies were too glad to see their work so well done for them by England, to at- tempt to interfere—the restoration, under purely British influence, of the very party whom it was wished to exclude from power; that by the help of British bayonets the struggle for liberty in Portugal had been put down, and that, under the superintendence and surveillance of England, the very Minister was about to take the reins of office whose oppressive and arbitrary conduct was the cause of the rebellion? " I have nothing to say against Senor Cabral. If the Portuguese people desire him for their Minister, in God's name let them have him : but what I complain of is, that this country should intermeddle in the affairs of Portugal, and undertake a task in itself impossible, the result of which has been just as was predicted." The civil war in Switzerland, however, was of infinitely minor importance compared with the contest between antagonist principles which was now going on in Italy. He knew not what her Majesty's Government were doing in this matter, or what they were abstaining from doing. He hoped they were abstaining from doing anything. The Speech stated that her Majesty had concluded a treaty with the Republic of the Equator for the suppression of the slave-trade. Such was his ignorance, that he did not know whether the Republic of the Equator had any port or navy whatever; and some of his noble friends whom he had asked were unable to in- form him. He hoped that important treaty would be laid on the table. This was perhaps one of the causes of calling Parliament together at this season- (Laighter)—seeing that this treaty was mentioned when so many other subjects had been omitted. Before leaving this matter, he begged to warn the Govern- ment to take care that while they were suppressing the slave-trade with the right hand they were not encouraging it with the left. He did not hesitate to say that their past exertions had given a stimulus to the slave-trade--had in- creased the punishment, the labour and exertions of the slave, as well as raised his price; and if he had to choose between the two alternatives—the restoration of the slave-trade, or the withdrawal of our squadron, with its heavy expense and loss of life on the coast of Africa, and with its aggravations of the evil which it vainly endeavoured to put down, he believed that he would choose the former as the more innocent and less ruinous of the two. This led him to the remonstrance from the body of West India proprietors with animadversion on the last blowigiven by Government to the Sugar-producing Co- lonies and on Sir Charles Greys speech to the Jamaica Assembly.

Lord Stanley concluded by; declaring, that notwithstanding his strong feeling on some matters, yet as regarded those matters with which the interests of the country or the safety of the community were involved, no feeling of resentment or hostility existed to prevent him from giving the Government a support as warm and cordial as if he had the honour of sitting upon the same bench.

The Marquis of LANSDOWNE observed, that Lord Stanley seemed to be sufficiently aware of the objects which Government had in view in calling Parliament together; and pointedly denied that there had been any viola- tion of the law in the case of the Bank Charter Act. Lord Stanley's whole argument rested upon one point, which had no foundation in fact; for the Government had no "authority,' and claimed no authority, to order the Bank, to direct the Bank, or to indemnify the Bank for any course they might take: but they took upon themselves the-responsibility, advised undoubtedly by two distinguished public officers—not to break the law, or to authorize a breach of the law, but to tell the Bank that, in their opinion as individuals, the Bank would be justified in having recourse to this proceeding. Lord Stanley had inti- mated that such a course might have been taken earlier: but every member of the Government had felt a great indisposition even to advise anything like a violation of the law brought forward so recently as 1844 by the Government of which Lord Stanley himself was then a member. "The noble Lord opposite, as I understand him, is not prepared to take exception to the coarse which we pursued in this matter; on the contrary, he approves our proceeding: but he would seem to argue that our temporary measure is a condemnation of that very law which he knows that he was himself is no small degree instrumental in inducing Parliament to adopt. For my part, I do not hesitate to declare that I would not be hasty or precipitate in condemning that law. I remember that it was so- lemnly suggested; that it was carefully analyzed; that it was deliberately adopted by the wisdom of Parliament; and that it was supported by men of the very highest authority upon commercial and monetary questions: and this being the case, I do not think that it ought to be lightly condemned or frivolously dismissed under temporary pressure, which a combination of circumstances utterly unusual, and not to be expected, suddenly occasioned in the commercial position of this country. If the noble Lord puts it to me as a categorical question, demanding an imme- diate answer, whether we are or are not prepared to propose a radical alteration of that law, or, in fact, its repeal, I would take the liberty of replying by means of interrogatory: nteirogatory: I would ask him, whether he is now himself prepared, as one of the authors of that law, to take a different view of its policy from that which be entertained at the time when he supported it? I am very far from say- ing that there may not be grounds to warrant the reconsideration by the Legis- lature of those measures which regulate the laws of currency and affect the ge- neral commercial and financial interests of the country; but I cannot undertake to say that, without much reflection or grave deliberation, I shall be prepared, in a mere fragment of a session, to enforce any great change in our monetary system, or to give my support to any measure which may be brought by others with a view to that end. On the other hand, I am sere that neither the authors of the present system, nor those who may feel anxious for its preservation, would be dined to fetter pedantically a law which may supply a salutary check on ordinary occasions, but which may also require revision and reconsideration to render it ap- plicable to any particular state of things which from time to time may arise."

Lord Stanley endeavoured to draw the unwarrantable inference that the altera- tion of the Corn-law was a main cause of the distress: but no supporter even of the late Corn-law ever pretended to hide the inevitable consequence of an extra- ordinary demand for corn in deranging the resources of the country. Did Lord Stanley mean to say, that rather than have that supply, rather than pay gold to foreigners, he would have preferred starvation? Of coarse not; and therefore his whole argument fell to the ground. With respect to Ireland, the term "civil war " is applicable, but only to a part of the country—only to five or six districts; but in those districts an extensions( the law will probably be found indispensable. It would be for the Home to cast eider under what conditions that extension should be granted. Lord Stanley was not justified in imputing to Ministers a desire to meddle in the affairs of foreign countries. " I can assure him and your Lordships gene- rally, that the whole object of Lord Minto's mission and of our interference is to promote such a course of action on the part of the governments and people of Italy as may lead to the prevention of what we cannot regard otherwise than as calamity—namely, the military intervention of foreign powers. It is by advice alone that we seek to accomplish what must be admitted to be a most desirable consummation; and I certainly do venture to entertain a hope that the counsel which we offer with such pure intentions may be followed, and that, through the wisdom of the actual and lawful Sovereigns of Italy, a great calamity may be averted, and the welfare of those who inhabit that lovely and classic land mate- rially advanced. Our advice has only been given, and will only be given, in con- currence with other Powers: and no suggestion of ours shall be inconsistent with the preservation of the essential characteristics and foundations of the present Government."

Lord Stanley had spoken with some levity and ridicule of the treaty with the Equator: but if it be granted that the slave-trade ought to be put down, there can be no objection to accepting the alliance and aid of any foreign power, small as well as great. The Marquis concluded by expressing a hope that the anticipation with which her Majesty's Speech concluded would soon be realized; and that, severe though the distress had been which had long prevailed amongst all classes, the day was not distant when the skill and industry of the country would resume their custo- mary energy, and those great commercial resources would again be in full play which had contributed so much to the glory, greatness, and prosperity of England.

Lord ASHBURTON expressed a hope that means would be used to take the opinion of Parliament on the subject of the BankCharter Aot. And he hinted at the necessity of considering the repeal of the usury laws; for if interest went to rule so high as 8 per cent, it must destroy the commerce of the country.

He did not agree with those who said that the repeal of the Corn-laws had con- tributed to the distress which had been felt throughout the year; because the corn- trade would have been pretty much in the same state as it had been during the last twelve months, even if the repeal of the Corn-law had not taken place. The purchases of corn which had been rendered necessary had cast the balance of trade against this country, but not to any very great or serious extent, because the en- tire amount of bullion sent to America for corn had not exceeded four or five millions. Such an abstraction from the coffers of the Bank, at a time when the Bank held fifteen or sixteen millions of Million, could produce no distress what- ever.

Lord Bit000nam approved of the Government for calling Parliament together; intimated the necessity of considering, inter alia, whether the ex- istence of the Bank of England is beneficial to the country; insisted on the necessity of enforcing the law in Ireland, especially against those who are urging a war on property; expressed a belief that the instigators of the murders might be made answerable to the law as it stands; but suggested that it would be better to wait for the Government measures than to spe- culate without them.

The Earl of RODEN said a few words in support of protection for the lives of Irish landlords; and expressed unqualified confidence in Lord Clarendon.

Earl FITZWILLIAM called for an estimate of the number for whom sup- port would be needed; which he guessed to be about 2,000,000.

Earl GREY regretted that his noble friend had not observed silence on that point; because it did not appear expedient to encourage the people of Ireland in looking for relief from general funds.

The inevitable relief granted last year had been attended with very serious evils. There remains, however, a quantity of food in store, which would be in- valuable in cases of extreme want; and he trusted that it would be sufficient: for be could hardly conceive a greater evil than the necessity of Parliament again opening the public purse for purposes of relief

In reply to Lord Ashburton, Earl Grey stated that it was the intention of the Government to institute an inquiry into the causes of the recent commercial die, tress, more particularly with a view of ascertaining how far that distress was to be attributed to the law relating to the issue of notes payable on demand. In reply to Lord Redesdale Lord Grey stated that it was not the intention of Government to originate in ihat House the measures which they have at this time to propose for Ireland.

The House adjourned till Thursday.

The House of Commons, which adjourned after hearing the Queen's Speech, resumed about four o'clock. Some notices were given as prelimi- nary to the debate on the Address—

The CHANCELLOR of the EXCHEQUER gave notice, that on Friday be should move for leave to bringin a bill to extend thetime for the purchase of land for the completion of works by Railway Companies; and also, on the same day, move for a Committee to inquire into all Railway Bills of the present session. On Tuesday next he should move for a Committee to inquire into the causes of the recent commercial distress, and how far it had been affected by the laws regu- lating the issue of bank-notes payable on demand.

Sir GEORGE GREY gave notice, that on Monday next he should move for leave to bring in a bill for the better prevention of crime and outrage in certain parts of Ireland. (Cheers.)

The Address in echo of the Speech was moved by Mr. HEYWOOD.

He imputed the commercial depression to undue speculation, especially in rail- ways. The amount of capital authorized by Parliament to be invested was 299,000,0001.; of which 161,000,0001. has actually been paid up either in shares or loans; and there are engagements outstanding for 138,000,0001. more. To this was added a deficient harvest; and a symptom of the consequent depression was a constriction in the cotton-trade. The weekly consumption of cotton decreased in Lancashire from 30,000 bales in 1845 and 31,000 bales in 1846 to 20,000 bales this year. There have also been over-speculations in Calcutta and elsewhere. Mr. Heywood applauded the interference of Government in reference to the Bank Charter Act; advocated enforcement of the law and improvements in Ireland; and otherwiee repeated the Speech. Mr. SaeFro ADAIR followed in the same strain; and in addition, urged Ministers to make no delay in providing sanatory measures, before the ar- rival of the cholera.

Touching upon the subject of Ireland, he reminded the people of that country, that the English people had an abhorrence of crime and despised sloth; that they abhorred alike him who defaced the image of his Maker and him who did not turn to profit the talent with which he was endowed. But he would remind them also, that for the peaceful and industrious there was no sacrifice, no exer- tion, no degree of patience, which the English people would not be ready to un- dergo.

Mr. HENRY Gasman moved an amendment, in a speech of the customary Irish staple.

He told the House, that the wounds of Ireland were not to be probed by bayo- nets, nor salved with agricultural lectures. He could not think the Union bene- ficial to Ireland, while the people are obliged to come to Parliament, one day with a petition about distress, and another day with a memorial against murder. He saw only a parchment union, not a union of hearts and affections. He repro- bated those horrible crimes; but let not the House think that the Irish were willing to submit on the one hand to the charge of being beggars, and on the other hand to be stigmatized as murderers and assassins. He expressed grati- tude for those who had relieved Ireland: though the names were not known, they were looked up to with honour—(Laugleter)--or at least they would be, whenever they were known. The Poor-law has failed. The property of Ireland is gone. He knew a case in which one individual, to whom 22,0001. was due, had 200 men and bailiffs out to collect it, and all he got was 2001. Another individual, not far from Tipperary, had a rental of 7,0001. a year; paid 6,0001. for interest; and so had but 1,0001. a year to live upon, which he could not collect. No doubt, the distress of the people had been in some degree relieved by an exuberant harvest; but collectors, credi- tors, and landlords, swept away everything. In one parish, every single article of food was under distraint, and in another every tenant had been served with an ejectment. It was only fair to ask what the men were to do? Would not this in some degree account for, though he never would palliate, acts of violence? The Protestant and Roman Catholic clergymen, whose letters are in the hands of the Secretary for Ireland, report from various parishes, that 115,929 persons have died of starvation, and that there is only food for periods ranging from a fortnight to eight months.

Mr. Grattan attacked the absentees. He held in his bane 145 parishes in Ire- land—(Laughter)—in which there was not a single resident landlord. If land- lords resided, property would be better managed; and the midnight assassins might be set at defiance, after the example of Lord Donoughmore. Some honour- able gentlemen of that House had tried the bayonet, and failed. In return, when they were fired upon, instead of crawling to the Castle for assistance, they threw themselves upon the good sense of the people: and they put down outrage. The danger, in fact, is not deep: though the crimes are monstrous and atrocious, the outrages only extended to six counties. The cause of these crimes is the whole- sale system of clearance; and he blamed the Government for not finding a specific remedy for that evil. After a good deal more in this strain, Mr. Grattan concluded by moving his amendment on the Irish paragraph of the Address; substituting the following words—" That though the present Poor-law may materially alleviate the existing distress in some districts in Ireland, yet as it must be quite inadequate to do so in others, it will be absolutely necessary for the Government to devise immediate measures to avert famine and pestilence from a large number of her Majesty's sub- jects in Ireland." Mr. E. B. Rome seconded the amendment, in a speech of considerable length. He contended, that inquiry into the causes of Irish misery ought to precede coercion; and he devoted some pains to show that the whole system of proceedings in criminal cases is defective; clever counsel break- ing through evidence in the Assize Court, and the police being inefficient. The measures to remedy the distress would be, first, to feed the people; secondly, to settle the existing relations between landlord and tenant; and thirdly, to reorganize the Executive.

Mr. II. DRUMMOND contended, not that the Poor-law was proved to be ineffective, but that the Irish are not willing to work. By what means law shall be enforced is a secondary consideration; but no justice can be done to Ireland until Thuggism be suppressed—until not only the per- petrator of the crime be punished, but its clerical authors and instigators also.

Sir GEoswE GREY hoped that Mr. Grattan would withdraw his amend- ment, which was directly opposed to the spirit of his own speech; and en- deavoured to show that the Poor-law is not inoperative— The collection of the poor-rate will prove it. The amount collected before the introduction of the present measure was 330,0001. In the September of this year the amount collected was 73,0001.; in October, 121,0001., as compared with 26 000/. in the same month last year; mid he believed that the collection for the preeent month would be still greater. These funds were raised, in some cases by Irish gentlemen, in others, he was sorry to say, by paid agents. There are about 130 unions in Ireland: Of that number, 22 will need external aid. A large portion of the provisions purchased by the Government last year will be applicable to that purpoee; and he did not anticipate the necessity of any further grants of money. He hoped that, through the exertions of owners of landed property in Ireland, the people would be brought to rely upon themselves. On this subject he read a letter from a gentleman in Bantry to a member of the Pour-law Commission—" I hope and trust, that upon no account public works, as measures of relief, may be sanctioned; apd I can assure you with moderate.as- legume from the associations, we can get on well here. Tie landlords must, where they can, give employment; never had they a better opportunity to improve their properties, if they only understood their position. And I am not inclined to do anything for a property that does not do what it can first. In principle, I es- sure you, it would be wrong; since, of what use is assistance unless it gives per_ manent benefit? You have seen enough of temporary advances and measures; and what good are they ? With this, that the party is worse off after every at- tempt, since proper machinery to disburse the funds cannot be found. No; the Government can assist, after every local exertion is made; bat, believe me, they cannot do everything." With respect to the state of crime, Government has information which leads it to believe that in many parts of Ireland life and property are as secure as in Eng- land. It was stated in the Speech that Parliament would be called upon to con- sider measures to advance the social condition of the people; and he could assure Mr. Grattan and Mr. Roche, that such measures would engage the most serious attention of her Majesty's Government. Mr. Joni; O'CONNELL denied that the small remnant of stores would be sufficient to save human life in Ireland— The destitution was enormous, and far more serious than it was this time twelve.. month. To prove this, he read extracts of letters from the Roman Catholic Fiesta of several districts in the West. of Ireland, already referred to by Mr. Roche. To the deficiency of the potato crop, estimated at twelve to twenty millions, must be added the total loss of stock belonging to small farmers—the poor man's cattle, pigs, and poultry, and the absolute want of clothing; so that the people had to meet the winter naked, hungry, and fever-stricken. Something more is wanted, then, than Bank Acts; and he implored Ministers to consider what measures they intended to give to Ireland—whether loans of money for the landlords, or for pub- lic works. It was madness in Government not to adopt instant measures of re- lief; for whilst they were debating the people of Ireland were perishing. If the unfinished roads were completed, that would give employment for the next two or three months, while Parliament was passing measures for the permanent prospe- rity of the country. He vented some abusive epithets against "the anonymous, skulking creature," whose letter Sir George Grey had read; also against " that infamous and insolent, that calumnious and felon newspaper, the Times." While he denounced the crimes of the peasant, he could not help remembering what the landlords had done—their enormities in driving husbands and fathers with their wives .and chil- dren out of house and home. He thought Parliament ought to denounce the crimes of the landlords as well as those of the tenantry. He did netlike to trust Ministers with a discretionary power of coercion. They might put down rebel- lion—they might create desolation and call it peace; but, while their threats to Ireland were always executed, their promises were never performed.

Sir BENJAMIN HALL controverted several of Mr. O'Connell's statements. Eight or ten millions of money had been sent to Ireland: did he call that nothing? He tauntingly asked Mr. John O'Connell, whether he meant to fulfil his pledge, of dying on the floor of the House rather than suffer a coercion bill to be carried?

At a recent meeting of the Repeal Association, Mr. John O'Connell said of a resolution passed by the " Irish Council," recommending an income-tax in Ireland, that nothing could be more unwise than for the Irish to invite the lash to their own backs: yet it was Mr. John O'Connell himself who had seconded that reso- lution in favour of an income-tax--such was his consistency

Sir Benjamin alluded to cases of assassination and priestly denunciation, eape- cially to the speech of Archdeacon Laffan; and he asked whether the four Mem- bers of Parliament present at the Cashel meeting had remained silent, or joined in the cheer which greeted his sentiment about shooting the first man with a de- cent coat on his back?

Mr. MAURICE O'CONNELL said, it would not be necessary for Mr. John to die on the floor of the House; since the Irish Members would know how to defeat a coercion bill, as they had done before. He denied that more than one-fifth of the sum stated had reached Ireland.

Mr. SHARMAN CRAWFORD argued, that no improvement could be effect ed in Ireland without tenant-right.

Mr. MAHER defended the Irish priesthood, and himself as chairman at the Cashel meeting. At the commencement, no doubt, Archdeacon Laf- fan's speech was intemperate; and had he continued in the same strain Mr. Maher would have felt bound to interfere; but towards the conclusion the reverend gentleman advised the people to obey the laws.

Sir WILLIAM SOMERVILLE made an explanatory statement, to show that, although the combined crime of Ireland is of a very local character, being limited to six counties, the existing law is not sufficient for main- taining peace.

The law has never been put in force with greater vigour than by the present Government. Government have been called upon to issue special commissions to try criminals; and that would be done if there were a chance of conviction; but what is the real state of the case? Up to the present moment, the murderers of Mr. Roe, Major Nlahon, Mr. Lucas, and Mr. Bayley, had not been discovered. To show that the Poor-law is not on the whole unsuccessful, Sir William repeated some parts of Sir George Grey's statement; and remarked, that by means of the new Poor-law two-thirds of Ireland is self-supporting. He requested his honour- able friend to wait for the introduction of the Government measures; so that he might ascertain whether they were harsh or unconstitutional, before he con- demned them.

Mr. STAFFORD narrated some of the late outrages in Ireland, perpetrated on the best of landlords•' and described the unaccountable apathy of the people, who look on without affording succour.

Mr. FEARGUS O'CONNOR demanded for the tenantry a perpetual tenure and corn-rents; and then all would be right. Mr. Gaerraer stated, that after Sir William Somerville's declaration, be would withdraw his amendment.

Mr. HERRIES contended, like Lord Stanley, that there bad been an in- fringement .of the law in respect of the Bank Charter Act; and called upon Ministers for a full explanation as to the state of matters when the letter from the Treasury was issued.

Sir CHARLES WOOD said, that he had come prepared to make a state- ment; but the midst of an Irish debate was hardly a fit opportunity for financial explanations. He should be ready, however, to explain the views of the Government on Tuesday, if not before. The Address was agreed to, nemine dissentiente; and the House adjourned at half-past twelve o'clock.

When Mr. Heywood brought up the report of the Address, on Wednes- day, Lord GEORGE BENTINCK called for further explanation respecting the' advice given by Ministers to authorize an infringement of the Bank Char- ter Act. Sir CHARLES WOOD observed, that it was not usual to introduce subjects of such importance on the report of the Address; and that it would be better to postpone that explanation till the day which he had named for it, Tuesday.

On the motion that the report be received, Mr. OSBORNE made ".a few observations on the Speech from the Throne "; touching upon various to- pics " in no unfriendly, spirit," and in effect continuing the debate of the previous night. without prejudging the Bank Charter Act, be doubted whether it had not undergone undue condemnation: for the House should bear in mind, that only three banks of issue have failed during the monetary crisis. In glancing over the subjects of the Speech, Mr. Osborne censured that most glaring of all humbugs ever perpetrated in this country, the attempt to put down the slave-trade; large sums of money being devoted to increase instead of dimi- nish the horrors of that traffic. Adverting to Ireland, Mr. Osborne made an excuse for Archdeacon Laffan, as a wwn of a very "excitable' temperament, who had for some time time past 1,on in very bad health. On the Sunday before his speech at Cashel, he had preached one of the strongest sermons that could be preached against agrarian crime and disturbances. Mr. Osborne testified to the fact that in some districts the Irish Poor-law has worked well; but the pressure on the rates is so great that if it were to go much further the land could scarcely bear it. The rates of his own union in 1843 were 4,0001.; but this year they amount to 30,0001. He called upon Ministers to be more active in working the Land Improvement Act; and asked whether they meant to introduce a measure for facilitating the sale of encumbered estates? Respecting the nature of the outrages in Ireland, about which there has been some dispute, Mr. Osborne stated, that in the five dis- turbed counties, the outrages were not simply of an agrarian character. The fact was, that these outrages were conducted by a few men who had deter- mined at all hazards to get possession of the land. Although he believed that in the main the heart and feelings of the Irish tenantry were sound, still we all know that it is in the power of a few men to strike terror and disunion through a country; and in carrying out their lawlessinterdicts they spared neither the life of the rich nor of the poor man. But when you come to such a thing as enacting a coercion bill, he confessed that before giving his vote for abrogating the usual laws, he must first see what are the measures you intend to develop for the better ordering of society in Ireland. Lord GEORGE BENTINCH complained of the silence maintained by Min- isters respecting the Bank Charter Act; and demanded explanation of the reasons which induced them, for the first time in the history of this country, to propose a new usury law, not to reduce but to increase the rate of usury. He recapitulated the applications which had been made to Ministers for a re- peal or mitigation of the act; Sir Charles Wood's declaration at the end of the session, that they had seen the worst of the commercial difficulties; his reply to the Newcastle deputation, that Ministers could not guard against the consequences of over-trading and over-speculation; and that there was no undue pressure on the money-market as respected houses of good credit, at the very time that Ex- chequer Bills were at 25s. discount, and they subsequently went down to 40.s. When Ministers met the Liverpool deputation on the 19th October, they would give no hope; but en Saturday the 23d, when they saw the bankers of only the city of London, they began to relent. It was reported that Mr. Pease had waited on Lord Grey and Sir George Grey—

Sir GEORGE GREY—" That is quite incorrect." Lord GEORGE continued—If so, it was quite necessary to have some informa- tion: it was understood that Ministers, obdurate to the cries of London, Liverpool, and Manchester, had relaxed when they were reminded what the collieries and Durham were.

Lord George denied that railways had brought on these difficulties; and when Mr. Heywood talked of 161,000,0001. having been spent on railways, he should remember that this expenditure had been spread over twenty years. Only 85,000,0001. has been spent in the period between 1840 and the present time— little more than 12,500,0001. a year. "And are we to be told that this country, after thirty-two years of peace, is reduced to that state of poverty and distress that it cannot spend at the rate of 12,500,0001. a year without being brought to the verge of ruin ? Is it forgotten what we expended in the period of the war? We are told there was a great famine: that is true, and large are the sums that have gone out of the country in payment for imported provisions; but is it not the system of free imports that has drawn the gold out of the country, and brought on this distress? It is not the high price of corn: the price of corn m the last seven years of the war averaged, I think, 948. 61; and yet we were enabled to raise and spend every year 70,000,0001. sterling, and more, upon an average in taxes alone, whilst in loans we raised and spent in those same seven I years think above 180,000,0001, that is 26,000,0001. a year more. And yet were we poverty-stricken then? Were we an humbled and a ruined nation then? Was England then a spectacle of bankruptcy and shame? Was England crying out that she was ruined, and could do no more? In the last year of the war—in 1815—we were able to raise a property- tax of 15,000,0001.; we were enabled to send 207,000 regulars and 80,000 mi- litia into the field; we were able to pay 140,000 seamen and marines: and now are we to be told that we cannot pay 300,000 railway labourers, without bringing the country to the verge of ruin? It is well for the Government to raise this cry against the railways; it is well that these Free-traders, who promised so much, should have some scapegoat on which to visit all their sins. But how is it that we look around us and see in the United States of America, in Belgium, in France, in Prussia, in Bavaria, and in Russia, railway operations (so far as the Continent is concerned) not inferior to these, and the same dearth prevailing, and yet these countries are not bankrupt? " In all of them the commercial crisis has passed over favourably. But not one of those countries of Continental Eu- rope has abandoned the old national principle of protection—not one has consent- ed to reduce the import-duties on the goods of foreigners without asking some equivalent in return. And they are prosperous; their mills are not standing still; their artisans are not thrown out of employment; their industrious popula- tion are not cast for subsistence upon the poor-rates.

Some imputed the distress to the high price of cotton: but it is not the want of cotton which produces it. "No; it is the want of credit. It is your cruel Bank Charter Act; an act passed, by anticipation, as we are now led to suppose by the Elbing letter, with a view to correct any too great spirit of commercial speculation; an act that is to make things in England artificially cheap, at a time when your foreign imports are taking all the gold out of the country, and foreigners will not take your manufactures in return; an act which, after the gold has been drained from you, is to bring back gold to England by making every- thing in England artificially cheap. Your cry is Cotton must be sold cheap,'— and what is the fact? It is now selling at 41. per bag below the prime cost in the American market; while sugar is selling at 6s. and 8s. the hundredweight below what it may be purchased at even in Cuba or Brazil. Tea also must be sold cheap, and it is now selling to the foreigner by the- chest and by the pound retail in this country at a less price than it cost the merchant by the chest in Canton. These are the works of your Free-traders; who are obliged to bolster up their schemes by a Bank Charter Act, in order that they may make the goods of the manufacturer artificially cheap. I am told that, for the first time in the history of the cotton manufacture of this country—and I speak it in the presence of mill- owners and cotton-spinners, that they may contradict me if they can—cloths, ca- koes, and yarns, have been sold at the price which the cotton in its raw state cost: and you think that this is a profitable trade for England? It will bring back gold for the right honourable gentleman the Member for Tamworth to war- shi.p; it will bring back his golden image, but it will bankrupt the country." pointed to the example of France, who is not contracting her currency, but redneing the value of her notes from 201. to 81.; of Bavaria, who is sanctioning savings-bank notes and railway notes; of Russia, whose Emperor, not long ago too poor to go to war, is sending his gold out of the country, and improving the construction of railways. He cited the example of Mr. Pitt in 1793, when, find- ing the commerce and trade of the country an a similar position, he advanced 5,000,0001. at 41.6e. per cent interest. " But her Majesty's Government have turned usurers, and fatal have been the effects throughout the country. The money-lender by profession was too ready to follow the example set him by the Government, and he who before would have been ashamed to ask 8 per cent for his money did not scruple to take 10. Mortgages were raised from si to 5 per cent, while in Scotland those made at 6 per cent were raised to 4. In short, the whole country was taxed by a usury law; it was taxed to the amount of la per cent, a charge far heavier than if you were to impose an income-tax of 10 per cent. Any gentleman has only to look at the Property and Income tax returns, and he will see,--assuming thi whole land of the country to be mortgaged for only one- third of its value, and that I believe is far below what the land of the whole em- pire is mortgaged for,—that an increased charge of interest of 116• per cent is equal to a new tax on the land of England, Scotland, and Irefand, of 12,000,0001. a year. But that is not all. I have hitherto been speaking of the landed property of the country; but there are the trading and the industrial classes of the country—these are taxed even to a higher degree by this usurious interest. By this additional rate of 1 per cent interest I will venture to say that a tax is levied upon those who are in debt and obliged to borrow money on interest to no less an amount than 25,000,0001. a year. Well, then, the Government having been accessories to the exacting of this high usurious rate of interest, are we to be told that it is not convenient that the time of the House should be taken up on the second night of the session to consider what were the circumstances which led the First Lord of the Treasury and the Chancellor of the Exchequer to advise the Bank only to lend money at that high usurious rate? Good God! what are we to believe? Are we to sup- ppoossee the noble lord the First Lord of the Treasury and the Chancellor of the Exchequer have taken Shylock into their confidence, and that they have only been considering how they could exact the largest sums of money out of the necessities of this suffering country ? One would imagine that they had adopted the language of Sir Giles Overreach, who, addressing Jack Marall, says= Here is a plan—all men must be sellers and I the only purchaser.'"

He would not enter upon the affairs of Ireland further than to say, that her Majesty's Ministers must make themselves responsible for the peace of Ireland. "I shall postpone my remarks upon any measures they may produce till I see them before the House. I trust her Majesty's Ministers will not present another spectacle of a Government turning out one set of men, and then governing the country by the principle in a resistance to which they obtained office.' Lord George enlarged upon the mistaken policy which exults in a slave-trade treaty with the Equator as a new link in the chain knocked off the limbs of the Negro, while the encouragement given to slave-grown sugar has increased the price of a slave in Cuba and Brazil from 300 to 500 dollars at least. Her Majesty congratulates the country upon having "cheap auger": but that is one of the main causes which have broken down the sugar-planters in the West Indies, the Mauritius, and the East Indies; and as a necessary consequence has caused the return of manufacturers' bills to Manchester. Such is the result of free trade! When her Majesty recommends a further consideration of the Navigation-laws, prudence might suggest to the noble Lord, with all his courage, the propriety of holding his ruthless hand.

" Her Majesty tells us that the Estimates shall be laid before us with the great- est regard to economy. I rejoice at the language of that intimation. 1 feared that we might have heard of some proposition of new taxes. I hope now that I may congratulate the country that it is not the intention of her Majesty's Govern- ment to propose new taxes. I would fain hope, that as the Property and Income tax expires in the next spring, Ministers contemplate the possibility of dispensing with it altogether. (Loud cheers and laughter.) I confess I don't see at present any prospect of it, unless we retrace our steps. The honourable gentleman the Member for Lancashire could only see one ray of sunshine to illumine the general gloom: it was that her Majesty had been whisked along at five-and-forty miles an hour through railroads in Lancashire. I confess, Sir, that if the honourable gentleman and the mover of the Address can give no more hopes than they did in their speeches, our prospects are gloomy indeed. Oh, how changed are the aus- pices under which we commence the present session as compared with those of 1846! Then her Majesty permitted her Royal Consort to honour us with his presence here, to grace the pageant and triumphal procession by which Free Trade was to be ushered into existence. Great were the promises then made, and high the expectations. I must say that I did expect to have seen the honourable Member for the West Riding of Yorkshire and for Stockport here to defend that policy, and to explain why those promises and expectations had been so falsified. He is not here, however. We can well remember that, in 1841, in one of those eloquent addresses which helped to fill up the weight of 416 tons of tracts which' were circulated in the course of the Anti-Corn-law agitation—in an address to' the non-electors of Stockport, he told them, that if they could succeed in abolish- ing that impious and unchristian law the Corn-law, they would, within two months, be able to eat bread made from flour at six farthings a pound—that there would be increased employment, advanced wages—that every mill would be going, new churches and chapels springing up around them, and no bounds to the pros- perity of the manufacturers. And he then called on all Christian men to pat down that infamous monopoly, which took from each man's shilling fourpeuce, with which he might purchase tea, coffee, and clothing—that impious and un- christian law which in 1841 was declared to take one-third of the food of the wives and families of the poor to increase the overgrown wealth of the Duke of Buckingham and Sir James Graham. I rejoice to see my right honourable friend (Sir James Graham) there as large as life. I rejoice to see him looking with all the health which the contemplation of those untold bags of wealth which I hope he possesses must impart to him, in preference to the gloomy contemplation of those miserable, false, and ruinous measures of free trade, of which he now sees the fatal consequences. I rejoice the more to see him there, because, if I recollect aright, contemporaneously with that same address of which I am speaking, ap peered another from my right honourable friend; and I rejoice to see that he is not the victim of that imprecation to Almighty Providence by the working men the non-electors of Dorchester-

"•sfay I be cold before that dreadful day-

Press'd with a load of monumental clay—

When thou, imperial Troy, most bend, And see thy warriors fall, thy glories end !'

How changed are the aspects now ! Prosperity, wealth, full employment greeted the land in 1845. All men were happy; all were increasing an wealth. Now, Sir, we see nothing but ruined houses and a starving people—starving in the midst of plenty, and of that abundant harvest for which we have just returned thanks to Almighty God. How different we stood under our protective laws! content to carry on our prosperous and wealthy native industry under the old principles of British and colonial protection !" Lord George Bentinck wound up his peroration with another scrap of verse—

"How' like a younker or a prodigal The scarped bark puts from her native bay, Hugg'd and embraced by the strumpet wind. How like a prodigal doth she return With over-weather'd ribs and ragged sane, Lean, rent, and beggar'd by the strumpet wind." Lord Joint RUSSELL began by replying to the " temperate " remarks of

Mr. Osborne— He assured Mr. Osborne, that more than a million and a half of money had been applied for under the 'Land Improvement Act; more than half a million had been sanctioned; and inquiries respecting the remainder are still pending. The Encumbered Estates Bill was withdrawn towards the close of the last session, partly on account of the advanced period of the session, and partly because of a very strong opposition which sprung up against it on the part of some parties who

were interested in it. That subject has also obtained the attention of the Go- vernment; and a bill having a similar object to that of last session will be intro- duced into this or the other House of Parliament Lord John attached the great- est importance to a measure of that kind. Emigration he had always held to be useful as a subsidiary measure, in some respects; but he did not believe in the over-population of Ireland which some persona alleged. He thought that with agricultural improvement Ireland would be able to support a population even greater than at present. A measure would be introduced in the course of this session for the improvement of the Grand Jury laws; also a bill affecting the great and difficult question of the relations between landlord and tenant, in which would be embodied such regulations as appeared to Ministers to be consistent with the improvement of the land of Ireland, and with the undoubted and indefeasible rights of property. Mr. Osborne would see, therefore, that the charge, which he had insinuated rather than preferred against Ministers, of having coercion alone in view unaccompanied by remedial measures, was not just. It is a primary duty, however, to check the atrocious crimes which have latterly been heard of in Ire- land: it is necessary, if for no other purpose than to protect the introduction of capital and the improvement so essential to the progressive prosperity of Ireland.

Lord John now answered Lord George Bentinck; to whom he applied Mr. Can- ning's phrase, that there had been "a great deal of good indignation thrown away " in much of his speech. Lord George had taken the opportunity of going much farther than the particular measure of which he appeared to complain, but of which it was not clear, even at that moment, whether he really complained or not. " We thought it necessary, at a moment of great emergency, to recom- mend to the Directors of the Bank of England to advance their notes upon ap- proved securities; telling them at the same time that if thereby the act of 1844 should be infringed, we would then come to Parliament and ask for an indem- nity. Having done so, we thought it our duty to advise her Majesty to summon Parliament at the earliest possible period, in order that we might state to Parlia- ment what had been done, and enable us to meet any consequences which might have ensued from the step which was taken. If our conduct was wrong—if it was likely to lead to public injury—if it was on a slight or fanciful occasion that We thought it advisable to recommend a suspension of the law, the noble Lord has it in his power to propose a resolution to the House to that effect." Lord John believed that the fixing the rate of interest constituted the safety of the measure. If a general issue of bank-notes had been advised at 41. 15s. or 51. per cent interest, that would but have increased the want of confidence which it was the object of Government to allay. This was all he should say at present on the subject.

Lord George had thought proper to raise a song of triumph on the calamitous situation of the country as compared with foreign .countries—as compared with France, for instance: some time ago, however, we had occasion to borrow a large sum, and the loan was contracted at 891. 10s. per 1001.; the French Government, in its recent loan, has only obtained 75 francs 25 centimes per 100 francs.

Lord George has discovered a connexion between the commercial calamities and free trade, as the old labourer discovered in Tenterden Steeple the cause of the Goodwin Sands. It is true that there have been free-trade measures, and there has been a great depression ih trade; but Lord George had failed to establish the connexion between the two. Have there never been any other periods of mer- cantile depression ? "In the year 1793, to which the noble Lord himself has al- luded, was there not a period of commercial depression and panic? And yet, at that time, those laws and duties which we have since abrogated existed in full force; and the laws of protection did not prevent that depression and revulsion of trade which this country has many times witnessed. I agree with the noble Lord, partly, in what he says with respect to railroads. I have never attributed so much importance as others have done to the effect which they have produced upon the money-market. Undoubtedly, railroads are among the causes of the panic and distress which have been felt; but, to attribute the whole revulsion and dis- tress to the railroads, is, I think, attaching an exaggerated importance to them. Unfortunately, Sir, whether you have protection or free trade in this country- rnake your laws as you will—regulate your currency as you please—it happens that this country, when it rises to a state of great prosperity, rushes on precipi- tately to build a system of artificial and fictitious credit, which is sure, at some moment or other, to bring down depression and a revulsion of that prosperity. I fear that this state of things is inseparable from that enterprise by which our mer- chants are distinguished. The reason why the panic was so great and extensive s, that there is no other country with transactions so large as ours, affected as this country mast be by events which take place indifferent quarters of the world." "The noble Lord has told us of the scarcity of cotton at Liverpool, and says that that is a consequence of free trade. Does he mean to tell us, that, Liverpool being a depot for cotton, foreign merchants resort there to buy it at the market-price? I should have thought that the fact of their being there was rather an advantage than otherwise, and that the circumstance of their purchasing cotton when the market was low was a circumstance which the Liverpool traders would not look unfavourably upon. But is the complaint made by the noble Lord that cot- tons and cotton wool have been admitted at a low duty? Why, a long time ago, when there was a duty upon them of 60 or 80 per cent, we were sending those goods into the markets of Asia and America, and competing with the foreigner an places where protection was of no value. I can hardly imagine, therefore, that It is in respect of those articles that the noble hold's complaints against free trade are made. Well, then, is it corn ? Does the noble Lord mean to say that he complains of the admission of foreign corn during the past year? Does he mean to say that there is any class of statesmen in this House, or in the country, who are so determined on protection, that when wheat is at 110s. the quar- ter, they would impose on it a prohibitory duty?" Corn had been purchased with gold; but in a time of famine corn must be bought, and admitted duty free, whether there be free trade or not. As to cheap sugar, and tea, and such articles, if traders were obliged to sell them at a loss, it was because they had miscal- culated their business. But that is not the fault of free trade; free trade does not oblige gentlemen to import articles at a loss.

Notwithstanding the revulsion of commerce, Lord John did not for an instant give credit to the statement that we are in a position of "shame, bankruptcy, and

race," or that we shall not rise again. No doubt, there has been a decline, an British and Irish exports have fallen from 41,732,0001., in the nine months ending October 1845, to 39,975,0001. in October 1847. On the other hand, the exports of British manufactured goods from Liverpool to the United States have risen from 4,030,0001. for the nine months ending October 1846, to 6,291,0001. for the same period of 1847; making a difference in favour of the present year of 2,261,0001. " That shows, that, according to the wholesome operations of trade and exchange, the food which we have brought to this country in greater quanti- ties than usual has been the cause of greater exports of our manufactures. It is to that export of manufactures—to the return of the gold which we have sent abroad—to the state of the exchanges, and to several other circumstances of fa- vourable augury, that I look, not for the immediate restoration of prosperity, but for the gradual restoration of a better state of things, and from that to our wonted and former prosperity." " The noble Lord has spoken of the Estimates, and says that her Majesty has promised that they shall be framed in accordance with the strictest rules of eco- nomy. The words of the Queen's Speech, however, are, that 'they will be framed with a careful regard to the exigencies of the public service.' (" Hear, heart " and a laugh.) I can assure the noble Lord, and I must assure the House, that if the revenue in some of its principal branches should be in a declining state, and there should be anything wanting which we might think essential for the de- fence of the country, or Mr any other purpose, we shall not be deterred, by any &at' of not meeting with the approval of the Rouse, from asking for sack sup-

plies as may be necessary. And I say perhaps unnecessarily that we shall not be deterred by any fear of the disapprobation of this House, because I believe it is. the character of this House to give such supplies for the public service as to ble these realms to be furnished with all proper means of defence, and the State to be maintained as it has been hitherto maintained."

" I believe," said Lord John Russell in conclusion, " that this period of diffi- culty will be surmounted, I will not say by the wisdom of the measures of the Government, but by the energy and noble character of the nation: but so far as going along with it, approving of its efforts, and not desponding of its fortunes, I will say that the Government will not prove itself unworthy of the nation." (Cheers.)

After this point the debate was continued without much spirit.

Mr. G. R. Romarson called for a searching and faithful inquiry into the complicated difficulties by which the country is surrounded.

Mr. HUMS denied that the condition of the country should be a cause of despondency. He reminded the House, that in 1825 one result of over-speculation was that cotton was exported at a loss of ls. a pound. Touching upon retrenchments that might be made in public establishments, he instanced the 1,500,0001. which might be saved by doing away with the absurd blockade of the coast of Africa; and the maintenance of the rotten Government of Portugal also costs us at least 1,000,0001. a year for the fleet in the Tagus. Mr. BANKES attacked free trade, after the manner of Lord George Bentinck; and demanded financial explanations.

Mr. LABOUCHERE again referred the querists to Tuesday next.

Mr. NEWDEGATE followed up the assault on free trade; and Mr. Score, amid increasing signs of impatience, added a few words to the same effect. The report of the Address was then brought up, and agreed to; and the House adjourned at a quarter to ten o'clock.

On Thursday, Lord STANLEY gave notice of a motion for a Select Cora_ mittee of Peers on the Bank Charter Act; but Lord GREY stating that the Marquis of Lansdowne intended to make a similar motion, Lord STANLEY withdrew his notice.

EDINBURGH &motion. On Thursday, the SPEAKER read a letter from Mr. Charles Cowan, stating that previous to his election he had taken part in a contract with her Majesty's Stationery Office•' and though he no longer held that contract, he was advised that he should make himself liable to penalties if he were to take the oaths and his seat for Edinburgh: this he declined to do.

CATHOLIC DISABILITIES. On Thursday, Mr. ANSTEY obtained leave to bring in a bill to amend the law relating to Roman Catholic Charities; also another bill for the further repeal of penal enactments against Roman Catholics on account of their religion. Sir. GEORGE GREY did not oppose the introduction of the former bill, but hinted at "difficulties." Sir ROBERT Inorts threatened determined opposition.

JEWISH DisAnnirms. Lord JOHN RUSSELL gave notice, on Thursday, that on that day fortnight he should move for leave to bring in a bill for the relief of her Majesty's Jewish subjects from civil disabilities.

Enema Laws. In reply to Mr. HUME' on Thursday, Sir CHARLES WOOD said that it was his hope—he would not absolutely say his intention, but he might almost say it was his intention—to introduce a measure for the purpose of removing all Excise restrictions which could be considered to have an objection- able bearing upon trade.

MR. STEPHEN. On Wednesday, Mr. ANSTEY adverted to the rumoured resig- nation of Mr. Stephen, Under-Secretary in the Colonial Office: he observed that Mr. Merivale had been gazetted as Mr. Stephen's successor, but Mr. Stephen's resignation had not been formally announced. Lord JOHN RUSSELL begged to inform the honourable Member, that Mr. Stephen had obtained leave of absence, on the ground of ill health; and that Mr. Merivale had merely been appointed Assistant Under-Secretary.

NOTICES OF MOTION.

Mr. FEARGUI3o'cormort—aelect Committee "to inquire and report on the means by which the dissolution of the Parliament of Ireland was effected ; on the effects of that measure upon Ireland, and upon the labourers in husbandry and operatives In manu- factures to England ; and on the probable consequences of continuing the Legislative Union between both countries." (December 7.) Mr. 1Jranonawr—Address "praying her Majesty to exercise her Majesty's undoubted prerogative of summoning within her Majesty's realm of Ireland the Peers Spiritual and Temporal of that realm, and the knights, citizens, and burgesses thereof, in order that her Majesty may take counsel with the same In regard to the great and manifold derangements and sufferings of that kingdom." (December 6.) Mr. A N8TET—Address "for copies or duplicates of-all correspondence and other com- munications which have passed between any Minister or servants of her Majesty or of her predecessors and any Foreign Governments ; and of all despatches, instructions, and other communications, secret or ostensible, which have been sent to or received from any diplomatic or other agent or servant of the British Crown in foreign parts, by any Minister' or servants of her Majesty, or of her predecessors from the year 1829 to the present time, both 'inclusive, relative to any of the following transactions ; together with the names ofthe Ministers or Councillors who have from time to time advised her Majesty, or her Majesty's predecessors, concerning the said transactions during the period aforesaid" The papers are specified at length under thirty-six heads. (Decem- ber 6—changed to December 9.) Mr. Iloasmart—" To call the attention of the House to the manner in which the Ecclesiastical Commissioners have carried out the provisions of the Act 6th and 7th William IV. c. 77, with reference to Episcopal incomes." (December 7.) Mr. Ban.mx—Address " praying that her Majesty will give directions that negotia- tions be entered into with Foreign Powers for the purpose of relieving this country from the obligations of those treaties by which we are bound to maintain a squadron upon the coast of Africa." (An early day.)