maintaining a military force, disproportioned to her resources, by the constant dread of desultory attacks from Cuba. The government and supreme authority of the state must no longer be the sport of an army, licentious because ill paid, wasting the productive capitals of the country, partly from the necessity, but more, perhaps, from the extravagant and demoralizing habits which such elements of revolution never fail to engender. Let Mexico be at her ease in respect to attacks from Spain, and she will soon become a valuable ally of this country, with all her interests bound up and identified with the best interests of Great Britain in the New World. On the other hand, let her remain much longer in her present harassed and exhausting condition, and the poverty of her treasury,-the necessity of making head against those attacks, may throw her into the arms of the United States, and force her to sacrifices which would inevitably bring on a maritime war, unless this country be prepared to abandon her colonial empire, her commercial pretensions, and, with them, her maritime ascendancy in the New World.

Sir, I will not pursue these topics further. I trust I have said enough to point the attention of Parliament and of the country, to their vast importance; and, if so, I am sure that I shall stand justified for the unusual length at which I have detained the House upon the mere presentation of a petition. One part of the subject, however, remains to be noticed, and it is brought to my recollection by the motion of the honourable member for Callington, which stands for this evening. It is from Mexico that the great supply of the precious metals is derived, and the whole of Europe is now suffering from the obstruction of that supply. The only speedy, certain, and efficacious relief for that suffering, so far as it is produced by a general depression of prices, is to be found in the productiveness of the mines of that country. I have never

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• Mr. Attwood.

denied that the pressure which prevails in this country, upon all the active classes of the community, is, in a great degree, to be ascribed to the progressive fall in the money value of all commodities. This fall has occasioned great hardship, and produced considerable discontent in every part of Europe. There is no state, therefore, that has not the greatest interest in the complete restoration of the mining industry of Mexico. But this is not to be hoped for so long as war continues. Where there is so great a common concern, a joint but decided effort ought to be made by all the powers of Europe for the speedy restoration of peace between Spain and her former colonies. Let them, one and all, insist upon the termination of hostilities, useless for every object of legitimate warfare,-calamitous to both the belligerent parties,—and seriously affecting the comfort and happiness of every other civilized community. I have now only to move that the petition be brought up.

STATE OF THE CURRENCY-INQUIRY INTO THE BANKING SYSTEM OF THE COUNTRY.

June 8.

This day, Mr. Attwood called the attention of the House to the state of the Currency, and moved, 1. "That it is expedient to repeal so much of the Act 56 Geo. III. c. 68, as declares gold coins the only legal tender in payment of all sums beyond the amount of forty shillings, and to establish gold and silver coins of the realm, coined in the relative proportion of 15 lbs. weight of sterling silver to one pound of sterling gold, shall be a legal tender in all money engagements, as directed and ordered by the proclamation of the 4th year of George I." 2. "That it is expedient to repeal so much of the Act of 7 Geo. IV. c. 6, as prohibits the issue or reissue in England of any promissory note, payable on demand to the bearer thereof, for any sum of money less than the sum of 57.; and also to repeal the Act of 9 Geo. IV. c. 65, entitled, 'An Act to restrain the negociation in England of Promissory Notes and Bills

under a limited sum, issued in Scotland or Ireland.' After Mr. E. Davenport, Mr. Baring, Mr. Herries, Lord Howick, Mr. Ward, Mr. Powlett Thomson, Sir E. Knatchbull, and Mr. Cutlar Fergusson had spoken,

Mr. HUSKISSON said:-I can assure the House, that I shall occupy its time only for a few minutes, as it is not my intention to go into the subject at any length. I am perfectly convinced, that the more frequently the question is brought under discussion, the more clear-sighted will honourable members become, as to the danger arising from an inordinate propensity to voyages of experiment, which too frequently involve the most fearful consequences that befal such a country as that for which we are legislating.

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I rise principally for the purpose of stating my impression, that the result of the present, as well as of all former discussions on the subject of the currency, must be a general conviction, that we are now arrived, after all our sufferings, at that state, at which wise men would be anxious to stop, rather than running the risk of placing the whole tem once more in jeopardy, by a renewal of unseasonable experiments. I am perfectly satisfied with the answer which my right honourable friend, the Master of the Mint, has given to this branch of the subject; and I trust that this and the Catholic question, will be completly forgotten in the next and all future sessions; although they have been but too often obtruded upon our attention hitherto Both of the resolutions submitted to the House by the honourable member for Callington, I shall feel it my duty to oppose. The first would be productive of bankruptcy and ruin; whilst the second would lay the foundation of future panic and public danger. I trust the House will never repeal the Act of 1826, as such repeal, by allowing an unbounded circulation of small notes, would again occasion universal distress. I, however, agree with the honourable mover, in his estimation of paper

credit, and consider paper circulation, well regulated, as one of the greatest improvements of modern times.

A noble lord has alluded to my intended motion respecting the Banking system; with reference to which, I may take this opportunity of stating, that I propose, before the termination of the present session, to move a resolution to the effect, that the House will institute an inquiry into the whole Banking system of the country, previous to a renewal of the charter of the Bank of England. With regard to the question before the House, I will again repeat, that I fully concur with the Master of the Mint, in thinking, that if the House were to agree to those resolutions tonight, there would be a general panic amongst all classes of the people to-morrow; and that before the lapse of a week, there would probably not be a sovereign remaining in circulation.

The resolutions were negatived without a division.

STATE OF THE COMMERCIAL RELATIONS BETWEEN ENGLAND AND PORTUGAL-METHUEN TREATY.

June 15.

This day, Mr. Hyde Villiers called the attention of the House to the state of the Commercial Relations between this country and Portugal, and moved for various papers to substantiate his several statements. He was followed by Mr. Courtenay and Mr. Robinson. After which,

Mr. HUSKISSON said :

Sir, I shall not detain the House at any great length, after the very able and perspicuous statement made by my honourable friend behind me, respecting our commercial relations with Portugal, since the signing of the Methuen treaty. I observed, upon a former occasion, that all the equivalent we had obtained for the privilege which that

treaty gives to Portugal of introducing its wines at a rate of duty one-third lower than that which we impose upon the wines of France is, that British woollens shall be imported into Portugal, but without any preference over the woollens of other countries. Before the signature of that treaty, the introduction of foreign woollens into Portugal was totally prohibited, and the equivalent which we obtained for the privilege which we conferred upon the Portuguese wines, was the admission of our woollens.

Now, Sir, there can be no doubt that we might put an end to this treaty. I will not content myself with saying that we might put an end to this treaty-I will say, that we ought; and that, too, for this reason. The only privilege which we obtained as an equivalent for those which we extended to the Portuguese was, the admission of our woollens into that country. Now, for many years past, the prohibition on the admission of woollens, the production of other countries besides Great Britain and its dependencies, has been removed; and therefore the woollens of Great Britain stood in no favour, so far as the Government of Portugal was concerned, over the woollens of other countries. Thus, the permission, to import the wines of Portugal at a duty, only two-thirds of that imposed on the wines of France, became one for which we received no equivalent consideration in return, and ought to be withdrawn.

I differ, Sir, a little from my honourable friend, as to the policy of the treaty into which we entered with Portugal in the year 1810. I think that if, in the Methuen treaty, this country made an arrangement disadvantageous to British interests, it obtained, by the treaty of 1810, in consequence of its relations with the family of Braganza, then exiled from its European dominions, concessions and privileges highly advantageous to it, and greater, perhaps, than were strictly just towards the other party. By that arrangement the Methuen treaty was continued. We gave to Portugal the privilege of importing