was required. There must be some irregularity of action in our condition. Circumstanced as we were, to propose to increase the currency would be similar to recommending individual, subject to too great and rapid an action of the blood, to drink a quantity of brandy.

He would not support the honourable baronet's amendment, if by so doing he should be thought to imply an assent to some of the doctrines urged by its supporters. So far was he from concurring in those doctrines, that he had heard with satisfaction what had fallen from the Chancellor of the Exchequer, in answer to them. He was satisfied that among the causes of the disquietude and dissatisfaction that existed, were the delusive hopes, the unfounded apprehensions, the general anxiety, which must prevail in a country, so long as that which formed the measure of value, with respect to property, was subject to doubt and change. If then we had even been in error-which he was far from admitting, but maintained the contrary-in 1819, 1825, or 1826, it would be better to persevere than to unsettle the state of the country, by again tampering with the Currency. It was to other means that the country must look for relief. An unsettled state of the public mind was one of the greatest evils that could befall a country.

He did not collect from the speech of the honourable baronet, that any member was required to commit himself to any particular measure, if he supported the amendment. His right honourable friend had hinted that distress was not so general as the amendment would make it appear; but all his right honourable friend's ingenuity could not prove that the distress was confined to some particular parts of the country, as the Address stated. The productive classes generally were in a state of distress. He believed that this was owing to causes, to many of which it was beyond the power of Parliament to apply a remedy; but it was in their power to satisfy the country as to what

the causes were, and to afford partial relief, by giving a better direction to the capital of the country. Upon that point he differed materially from the honourable seconder of the Address. The honourable member seemed to think, that the reduction of the rate of interest in some of the higher denominations of the public securities would operate favourably; but it appeared to him that even that reduction was far from being an unmixed good.

He did not wish to enter into the large field of foreign politics, but he might observe, in passing, that his Majesty's Speech merely stated, that the war between Russia and Turkey had terminated. This was the statement of a fact, it had been said, before known; but such statements were not uncommon in speeches from the Throne. For his part, he was glad that it was stated simply that the war had terminated, without any explanation of the mode by which that termination had been effected. It was a received principle, that the independence of Turkey was necessary to the maintenance of a just balance of power in Europe, and that circumstance threw upon Government the onus of showing that there was nothing in the treaty between Turkey and Russia contrary to this principle. However, when the documents should be before the House, it would be time enough for them to discuss how far the spirit of the treaty of the 6th of July had been subsequently preserved. Up to the arrival of the Russians in Adrianople, no great progress appeared to have been made in the cause of the Greeks.

With respect to Portugal, whatever disposition there had been, during the two last sessions, to abstain from looking into the question of our foreign relations, he hoped that we should no longer avoid an inquiry, which it was necessary for the character of the country to make. A recognition of Don Miguel had been hinted at; but if it was carried into effect we ought to receive more information on the subject

than we had obtained last session. Until we had obtained further information, we should not be in a situation to investigate whether we had properly discharged all our obligations.

He had witnessed with great regret in his Majesty's speech, which ought to advert to all matters of general interest, an omission of all reference to wars that were waging in another hemisphere. There was a treaty of peace and amity between this country and Mexico; and he should have thought, that the efforts made to prevent the industry of that country from taking a natural direction-that the attempts at a predatory warfare, inconsistent with the revival of industry in Mexico and other states of the new continent, inconsistent with the interests of commerce and navigation, hostile to the proper management of the mines of South America, which it was our interest to see as productive as possible, he should have thought that these were matters which required some notice, and he should have been glad to hear that his Majesty continued to use his endeavours for the restoration of peace, tranquillity, and security in the new states; in the prosperity of which this country had the greatest possible interest. It was not the interests of trade and commerce that were alone concerned-the matter did not relate to this country only. Europe had the greatest possible interest that South America should be in a state of tranquillity and independence, and that those States should be made valuable and useful civilized societies. There was a time when those States looked up to this country as a power ready to rescue them from impending dangers-not by military demonstrations, but by its good offices, of which they were worthy as far as they could be exerted, if not in reference to their peace and tranquillity, yet with reference to our own interest.

The House divided: For the Amendment, 105. Against it, 158.

EAST-INDIA COMPANY'S CHARTER-AND BANK OF ENGLAND CHARTER.

February 9.

Mr. Secretary Peel having this day moved, "That a Select Committee be appointed to inquire into the present state of the Affairs of the East-India Company, and into the Trade between Great Britain, the East Indies and China,"

Mr. HUSKISSON said, he had heard with the greatest satisfaction the speech of his right honourable friend, thereby redeeming the pledge given last session by the Chancellor of the Exchequer, that a Committee should be appointed, which Committee should have all the necessary powers for instituting a general, comprehensive, and effective inquiry into the interests which connected this country with India. No one could doubt, after the speech of his right honourable friend, that this inquiry would embrace every question connected with the subject.

He was glad that the Committee was so formed, as to be enabled to make a full and complete report to the House. He had heard with satisfaction, that it was not to receive from Government any preconceived notion or opinions on the subject of its inquiries. He agreed with his right honourable friend, that in making alterations they ought to proceed with care and caution; but, at the same time, he should have been better pleased if his right honourable friend had not exhibited too strong a bias towards retaining the present machinery, by which the trade of India was carried on. He should be sorry that an impression should go forth, that the Government had a bias towards retaining every thing as it was; and that it was their opinion that there ought not to be those changes which the public voice, out of doors, had said ought to be made. To the Committee would be opened a fearfully extensive field of

inquiry, and he perfectly agreed with his right honourable friend, that the House at large, and not the Committee, ought to decide upon those great subjects which sprung out of the question. The extent of the inquiry inclined him to agree with the honourable member near him, who had suggested that the appointment of two or three Committees would be preferable to the present course.

He would take the present opportunity of asking the right honourable gentleman, whether it was the intention of Government to deal in this manner with the Charter of another company, which would expire about the same time with the Charter of the East-India Company,―he need hardly say that he alluded to the charter of the Bank of England. And when he spoke of the Charter of the Bank of England, he must say, that in his conscience he believed, that out of the use-not to say the abuse of that charter, had arisen most of the evils and the difficulties, under which the country was now labouring. He would not say "the abuse" of the charter but the misuse, if they pleased; for he had no intention of attaching blame, either to the Government or to the Directors. He would not go into that point now; but in alluding to it, he must say, that if the productive interests of the country were now in difficulties, many of those difficulties might be traced to the manner in which the affairs of the Bank of England had been conducted during the late war. No man could look dispassionately at the history of the last thirty years, without seeing that the powers vested in the Bank of England had affected the property and the pursuits of all classes of the country, in a most important manner.

It was his own opinion, that the Charter of the Bank of England, subject to certain modifications, ought to be continued; but he was also of opinion, that there ought first to be an inquiry, because much good would result from such a course.