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Peel's policy contracted the paper speech on the admirable effects of currency at the very time that he his policy, and the diminution of crime, sent the metallic abroad in quest of in the opening of the Session of food, that he has brought such cala- 1846 ; he would have found the jails mities on the State.

and the workhouses full enough, at The Right Hon. Baronet's defence the period of that glowing eulogium on of his policy is mainly to be found in free-trade policy and its effects. By the following paragraph of his late making liberal advances to railway able speech, in the close of the cur- companies in 1844 and 1815, the rency debate:

Bank of England, and the other bawks "I think there has been some misap- which followed its example, only prehension as to the objects contemplated enabled the country for a time to do by the Act of 1814. I do not deny that the work upon which Sir Robert Peel one of them was the prevention of the had set it. By enabling, by similar convulsions that had theretofore occurred advances, the manufacturers for two in consequence of the Bank of Eugland years longer than they otherwise could not taking due precautions as to the regu- have done, to send a large export of lation of its issues. I did hope, after the manufactures abroad, the Bank, for experience of former crises, that the Bank that period, averted or postponed the of England would adhere to those principles of banking which the directors catastrophe which must ensue in a acknowledged to be jast, but from which commercial state, when its imports, they admitted they have departed. (Hear, for a series of years, have come hear, hear.) I am bound to admit that greatly to exceed its exports. It is in that hope, and in that object, I have

because the contraction of the currency, been disappointed; and I also admit, rendered imperative on the Bank by seeing the number of houses that have the Right Hon. Baronet's bill, has been swept away-some of which, I fear, disabled our manufacturers from were long insolvent-(Hear, hear) -- and carrying on their operations to their others which, being solvent, have suffered

wonted extent, that the import of from the failure of other houses-I am bound to say that in that object of the

the raw materials employed in manuBill I have been disappointed. (Hear, factures, has decreased during the hear. It was in the power of the Bank last eighteen months to such an exto have, at an early period of the distress, tent, our export of manufactures raised the rate of discount, and to have

and to have declined in a corresponding degree, refused some of the accommodation they and the drain of specie abroad to pay granted between 1844 and 1846. (Hear, for the enormous importations simulhear, hear.). I cannot, therefore, say that taneously introduced, increased to the defect is exclusively, or mainly, in such a ruinous extent. the Bill-(Hear, hear)-but my belief is, Sir R. Peel reminds us of the great that executive interference might have catastrophe of December 1825, and been given without the necessity of the authority of the noble lord.”– Morning cannot be ascribed to his Bank

observes that that disaster, at least, Post, Dec. 2, 1847.

Charter Act, and that it arose from The observations which have now the everlasting tendency to overtradbeen made, show that these remarks ing in the people of this country. are not only unfounded, but pre- Again we thank the Right IIon. Bart. cisely the reverse of the truth. Had for reminding is of that disastrous the Bank of England drawn in their epoch, which, in the still greater sufdiscounts, and raised the rate of inte- fering with which we are now surrest between 1844 and 1846, at the rounded, had been well-nigh forgotten. very time when the railway and free. We entirely agree with him as to the trade work, into which Sir Robert magnitude of that crisis, and we will Peel had plunged the nation, was at tell him to what it was owing, and its height, what must have been the how it was surmounted.

It was result ? Nothing but this : that the owing to Dir Secretary Canning, in catastrophe which has ensued would pursuance of liberal principles, “ callhave come on two years sooner than ing a new world into existence," by it has actually done. The Right violating the faith and breaking Hon. Baronet would have been pre- through the duties of the old one.

It vented from making his emplaric arose from the prodigious loans sent

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from this country to prop up the large amount, is not pushed out rickety, faithless, insolvent republics whenever an opportunity presents itof South America, and the boundless self for doing so to advantage ? incitements held out to wild specula- Again, in adverse times, when there tion at that period by “Mr Prosperity is a heavy drain upon the establishRobinson," especially in South Ameri- ment for buying foreign grain, or discan mining speculations. It arose charging adverse exchanges, how is from all this being done and encou- the bank to avoid insolvency, withraged by the government, at the very out at once, and suddenly, contracttime when the act of 1819, introduced ing its issues ? The thing is unavoidby Sir R. Peel, compelled the Bank, able. Undue encouragement to -though drained almost to the last speculation in prosperity, and undue guinea, by the prodigious quantity of contraction of credit in adversity, is gold sent headlong to South America to the Bank, since the acts of 1819 to support these speculations, induced and 1844, not merely an essential or fostered by the government,—to pay preliminary to profit, but in trouble all its notes in gold. This was what the condition of existence. Yet induced the crisis. And what arrested Sir R. Peel complains of the Bank it? Lord Ashburton has told us it doing that which his own acts have was the issue of £2,000,000 of forgot- rendered indispensable to that estabten bank-notes, drawn out of a cellar lishment. of the Bank; but which sum, incon- Sir R. Peel asserts that many of siderable as it was, proved sufficient the houses which have lately beto arrest the consequences of the gold come insolvent, have done so from being all sent away to South America, excessive imprudence of speculation ; in pursuance of liberal principles, to and he succeeded in eliciting some prop up “healthy young republics," cheers and laughter from the House of carved out of the dominions of an old Commons, by contrasting in some and faithful ally. · Sir R. Peel, two- extreme cases the amount of the and - twenty years afterwards, has debts brought out in bankruptcy repeated the same error, by sending with the assets. Without deeming the gold to North America in the it necessary to defend the conduct of midst of great domestic transactions all the houses, the affairs of which for grain, but he has not repeated the have been rendered public by the same remedy.

vast corn trade and railway specuIn truth, the system now established lations into which he plunged the in regard to the bank by the acts of nation, it seems sufficient to observe, 1819 and 1844, necessarily induces that all fortunes made by credit must, that very feverish excitement in if suddenly arrested in the course of periods of prosperity, and sudden con- formation by such a contraction of traction in those of adversity, of the the currency as we have lately expeconsequences of which Sir R. Peel so rienced, exhibit the same, or nearly loudly complains. When the bank

the same, results. Fortunes, with is obliged to accumulate and keep in the magnitude of which the Right its vaults so prodigious a treasure as Hon. Baronet and Mr Jones Loyd are £15,000,000 in prosperous times, and well acquainted, might possibly, if £9,000,000 or £10,000,000 in those they had been thrown on their beamof adversity, lying dead in its pos- ends suddenly, by such a tornado, session ; how is it to indemnify itself have exhibited, when in growth, not for so vast an outlay, without, when- a much more flattering feature. But ever an opportunity presents itself, the “Pilot who weathered the storm” pushing its circulation to the ut- was then at the helm, and he weamost ? The very interest of this thered it for their fortunes not less treasure amounts, at 5 per cent., to than for those of the country. He above £700,000 a-year ; at 7 per aided commercial distress in adversity cent., the present rate, it will reach a by increasing, instead of aggravating million. How is this sum to be made it by contracting, the currency. It is up, the expense of the establishment credit which has made us what we are, defrayed, and any profit at all realised and credit which must keep us such. for the proprietors, if paper, to a Had the monetary system of Sir R. Peel

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been adopted forty years ago, as the It was the period from 1793 to 1815, bullion committee said it should, we when a currency adequate to the shall tell the Right Hon. Baronet what wants of the nation was supplied for would have been the result. Great its necessities, and our rulers had not Britain would have been a province yet embraced the principle that, in of France: the fortunes of all its proportion as you increase the work merchants would have been destroyed: men have to do, and enlarge their the business talents of Mr Jones Loyd number, you should diminish their would probably have procured for food. It was the period when Mr him the situation of cashier of the Pitt or his successors in principle branch of the Bank of France estab- were at the helm. Three commercial lished in London; and possibly the crises came on at that time, all rhetorical abilities of Sir R. Peel occasioned by the abstraction of might have raised him to the station specie for the use of the great armies of the English M. De Fontaine, the then contending on the Continent,orator on the government side in the those of 1793, 1797, and 1810. In British Chamber of Deputies, held the first, the panic was stopped by under an imperial viceroy on the Mr Pitt's advance of £5,000,000 banks of the Thames.

exchequer bills ; in the second, by Sir R. Peel admits bis bill has the suspension of cash payments; in failed in checking improvident specu- the third, when gold was so scarce lation in the nation; nor could he that the guinea was selling for twentywell bave maintained the reverse, five shillings, by the issue of bankwhen the most extravagant specula- notes to the extent of £48,000,000. tions on record, at least in this island, That last period, which under the presucceeded, in the very next year, the sent system would at once have passing of his bill. Experience has ruined the nation, was coincident with

proved that it required to be sus- its highest prosperity: with the Torpended by the authority of the exe- res Vedras campaign, and a revenue cutive when the disaster came ; and raised by taxes of £65,000,000 yearly. the effect of that suspension has al- All the panics on record have arisen ready been to raise the three per cents from the abstraction of gold in large from 79 to 86. It is ineffective dur

quantities, and have been cured by the ing prosperity to check imprudence ; issue, sometimes speedy, sometimes it requires to be suspended in adver- tardy, of a corresponding amount of sity, because it aggravates disaster. paper. Sir R. Peel's policy doubles the This is all on the Right Hon. Baro- evil, for it at once sends abroad the caslı net's own admission. What good then under his act of 1846, even in the has it done, or what can be ascribed finest seasons, to buy grain, and, under to it, to counterbalance the numerous the act of 1814, at the very same evils which have followed in its train? moment contracts the currency, by

Sir R. Peel says the experience of the increase of which alone the evil the last half century proves, that could be remedied. every period of prosperity is followed Sir R. Peel, however, has comby a corresponding period of disaster, pletely, as already noticed, instructed and that it is under one of the latter us in the true principles of the curperiods of depression that the nation

rency. It is his policy which has is now labouring. We agree with brought them to light. He contracts the Right Honourable Baronet that the currency when gold is scarce, for thirty years past this has been the and expands it when it is abundant. case, and we will tell him the reason The true principle is just the reverse: why. It is because for that period it is to contract the paper when his principles have been in operation. gold is abundant, and an expansion But there was a period before that of the currency is therefore little when no such deplorable alterna- needed ; and to expand it when it tions of good and evil took place; is scarce, and therefore an addition when the nation in prosperity was to it is imperatively called for. The strong without running riot, and the price of gold will at once tell when government in adversity checked the one or the other requires to be disaster, instead of aggravating it. done.

We conclude in the words we used on this day twenty-two years, on Jan. 1, 1826, immediately after the cessation of the dreadful panic of December 1825 : _“It may be that the Ministry is right, and that all these changes are wise and necessary, but we cannot discover it. The more accurately we examine, the more firmly we are convinced of the truth of our own opinions. Time has brought no refutation to us, whatever it may have done to those from whom we differ; in so far as experiment has gone, we may point to it in triumph in confirmation of our principles and predictions. If at the last we be proved to be in error, we shall at least have the consolation of knowing that we have not erred from apostasy ; that we have not erred in broaching new doctrines and schemes, and supporting innovation and subversion ; that we have not crred in company with the infidel and revolutionist, —with the enemies of God and man.

We shall have the consolation of knowing that we have crred in following the parents of England's greatness, -in defending that under which we have become the first of nations, and in protecting the fairest fabric that ever was raised under the face of heaven, to dispenst freedom and happiness to our species. Our error will bring us no infamy, and it will sit lightly on our ashes when we shall be no more!"


THERE is an ancient mansion we as the mansion itself, is of that solid often go to, just where the hills of stately kind which befitted the digIIerefordshire rise confounded with nified style in which our ancestors those of Radnor, built in the reign of gloried to live. As you mount the James I., but in a style that tells of ample stairs, you find yourself amidst the traditions of rather an earlier an endless series of portraits, from the epoch, and, as common report goes, time of the bluff' tyrant King Ilal, due to the genius of Inigo Jones. It down to the homely age of good king is crected in a long line east and west, George, - stiff gentlemen and ladies

with the principal fronts north and in doublets and ruft's,-others with • south; on either side of the mansion cuirasses and long flowing hair, and

prim-looking gables rise over the black dresses and love-locks, be-speakwindows of the third storey, and ing the well known cavalier principles stately chimneys keep guard on the of the House in the times of the roof above. The windows are all rebellion ; and ever and anon gentleample, well and fitly monialled and men in long three-quarter frames, transomed. The colour of the stone with many a square yard of pink or is a rich warm-tinted gray, passing on blue velvet for their coats, cuffs turned the southern front into orange-shades up to their elbows, waistcoats big of glorious hue; and the whole edifice enough to make surtouts for any of us wears the aspect of nobility and good degenerate moderns; the forefinger taste. Ample gardens with terraces and thumb of one hand on the pummel and lawns are spread around, and the of the sword, the other gently placed tall avenue of limes that leads down on some gilded table,-the head turned from the ancient gates on the inain road, disdainfully aside, or else courting is answered by a goodly belt of con- with graceful pride some comely dame temporaneous oaks and beeches circling in a green negligé, or habited as a round the gardens, and shutting them shepherdess,-the Corydou and Chloe, out from the rest of the estate. When of the court of Qucen Anne. The you enter the great hall, you observe staircase leads to an enormous drawlarge square bay windows, and, in the ing-room, that looks as if some three recesses, deer-skins spread out for or four other rooms had been thrown carpets, with halberts and other arms into one, with two bay-windows on filling up the corners. The lower one side, and a fireplace-ah! such a rooms are all wainscoted with black fireplace !-on the other. But hero oak, and the furniture, mostly as old no personages more ancient than the

days of George the Second are allowed but two or three servants left in the to show their canvasses on the walls, gloomy mansion, the door of the -the great grandfathers and grand- chamber burst open with a loud noise, mothers of the present possessors, and such a crash was heard within, the men looking like rakish Quakers, followed by an unearthly shrick, that the ladies all in flimsy white muslin, the people in the servants' hall below straw hats, and powdered locks. nearly went out of their minds through They may have more interest for those fright. Next morning, when the to whom they are related, but we al- gardener had called in the village ways consider them much worse com- constable and the smith, and all pany than their progenitors on the three had mounted the stairs and had staircase, -those glories and beauties come to the mysterious door, they of an earlier day, whom they are found within a wainscoted room a themselves destined to join hereafter, worm-eaten bed of ancient form, all when thrust out from their present in a heap on the floor; one of the quarters by a future squire. A stray windows was broken in, the cobwebs Sir Joshua may be seen in one corner were blowing about in the wind that of the room, and an early Sir Thomas whistled through the apartment; over is by one of the windows. The furni- the chimney-piece was a portrait, so ture here is of that remarkable, rickety black that it could be hardly made out, kind, which our own dads admired so only they could see that it had onco much when this nineteenth century of shown the lineaments of a young and ourrs was making its appearance, and a female face : but there was nothing, whiclı—but we may have bad taste absolutely nothing to indicate the herein-we would willingly consign cause of the disturbance during the en masse to the kitchen tire or the night. It is true that the smith, as he broker's shop.

was going out, picked up a ribbon near Not far from the drawing-room door the chimney, which he maliciously runs off one of the many long corridors declared he knew to be Betty thie of the mansion, and then at the end housemaid's garter; but nothing more is the Closell Chamber. It has never ever came of it, so the window was been opened since the year 1718, mended, the shutters were closed, when the young lady, one of the and the door has ever since been daughters of the house, that used to fastened up with stout coflin screws. sleep in it, lost her lover who had been There's not a servant that would go to out for the “ right cause," and lost the end of that passage at night and his head for his loyalty to a dethroned listen with her ear at the keyhole, sovereign ; and she, poor girl, walked (though they all say they would not into the great fish-pond one night, mind doing it at any other door in and was found in the tangled weeds the house) no, not for å twelvemonth's by the old gardener next morning. extra wages. The squire of that day, her disconso- We have slept in many a chamber late father, had the pond immediately of that goodly and hospitable mansion: drained off, and it is now one of the there was the bachelor's room, a nice prettiest flower parterres of the garden: little square apartment, about twice but the lady's elm is still pointed out as high as it was broad, all panelled at one end-a shattered withered in oak, which, however, some Goth of trunk — 'twas under it the poor a squire had painted light blue; with thing's body lay. And now at night- a fireplace that would let not only fall, and in the depth of the night it- the bachelor, but eke the bachelor's self, long-drawn sighs and the rustling better half, creep inside on a winter's of stiff silk may be heard along the night; and with a curious kind of a passage and by her room-door, while bed, not higher from the ground than within,--but no one knows nor even your knee, but with thin light posts talks of what is within,-all that is spiring up some dozen of feet aloft, really known is, that once in the and supporting a superfluity of green antumn, 'tis now fifty years ago, when damask, enough to make a tent with. the old housekeeper was alive, on a In the panel over the fireplace was peculiarly still night, while the master an apology for a looking-glass, once was away up in London, and no one deemed no doubt an uncommonly

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