for receiving signatures of persons dissenting.

"Persons not signifying their dissent within this period, to be deemed to have assented, unless they shall have been out of the united kingdom for the whole of such period; in which case, they shall be permitted to express such dissent at any time before the 1st day of June, 1822; and any persons, who may be in any other part of the world, except Europe, to be permitted to express their dissent at any time before the 1st day of March, 1823.

"Persons dissenting, to be paid off in the numerical order in which their names may be subscribed. Such payment to commence on the 5th July, 1822, and to be continued at such periods, and in such manner, as parliament may direct.

"All holders of five per cent. stock will receive the dividends due on the 5th July, 1822."

He said his plan only differed from Mr. Pelham's in one point, that of requiring a dissent,' instead of an assent, on the part of the stockholder. He concluded by moving a resolution," that all holders of five per cent. stock, who did not declare their dissent, should receive 1051. four per cent. for each 1007. five per cent. The interest to be paid half yearly, and stock not redeemable till 1829."

Mr. Ellice contended that, looking at the plan of the chancellor of the exchequer in whatever way you would, it was unjust towards the public creditor, who had a right to an option which was not given by this plan, The effect of it had already been to induce little holders of stock to run, in a state of alarm, and sell out,

and the result had been to raise all the foreign funds, even to the bonds of the new republic of Columbia, which had risen to par.

Mr. Williams also condemned the plan, first, on account of the distress it would occasion to the small fund-holders, of whom, according to the statement of the chancellor of the exchequer, there were above 50,000. Next, he disapproved of the plan, because it added seven millions to the national debt. The chancellor of the exchequer had said it would be beneficial, inasmuch as it would keep up the funds. In his (Mr. Williams's) opinion, this was an evil rather than a good, since the debt would be much better paid when the funds were low than when they were high.

The chancellor of the exchequer, in reply to a question from Mr. Ricardo, said no person residing abroad, who might in consequence claim an extended time for entering a dissent, should be entitled to such extended time for any stock purchased later than the 2d of February.

Mr. T. Wilson objected to one part of the plan, viz. that part which went to hold a rod over the heads of the individuals holding 5 per cent. stock. It not only reduced their interest to 4 per cent. but told them, that at the end of seven years it might be again reduced.

Some further observations followed from Mr. Ricardo, Mr. Bright, and Mr. Banks.

The chancellor of the exchequer, in reply to questions put to him, said, trustees would be empowered to act for their principals, and be indemnified as by Mr. Pelham's act in 1749.

The

The resolution was ultimately adopted.

House of Lords, Feb. 26. The earl of Liverpool rose, on the order of the day, to open the discussion upon the question of agricultural distress. He commenced by observing, that every respect was due to the numerous petitioners on the subject of this distress, but at the same time parliament was to consider the subject without reference to the opinions of others. The motion he had to make was for information. Their lordships were aware the subject had been taken up in the other house of parliament, and it was thought some benefit might accrue from taking a view of the state of the country, before they had to discuss the measures to be brought to this house. He should therefore trouble the house with a few observations on the state of the country, in order that they might agree upon the points which were to be the subjects of consideration. The internal state of the country must have attracted the attention of every one, and it must strike most men, that the increase of population was great in every part of the country. From the year 1801, there had been an increase of population in the whole united kingdom, of nearly seven millions. With respect to the agricultural districts, the increase had been as great as among the manufacturing part of the community. The next point to which attention was naturally directed, was the state of the revenue. In the course of the last year the revenue of the country had exceeded that of the preceding year 10 millions sterling. The institution of saving banks had contributed much

In the last year

to

to the revenue. the savings of these banks had increased from 700,000l. 1,200,000l. With respect to foreign commerce, a considerable advantage had arisen in the course of the last year. The papers which would be laid before the house, would show an increase to the amount of two or three millions. In the manufactures of cotton, iron, and other articles, there was a considerable degree of industry.

The noble lord then adverted to agriculture, and observed, that the first question was, whether people had not been led away by a false opinion of the state of the country? He could not believe, that there was the slightest foundation for saying that the distresses of this country were to be ascribed to taxation. He said this, because on looking at other countries he found the same character of distress. They had upon the table of the house, the evidence laid last year before a committee of the house of commons, and particularly the testimony of Mr. Jacob, who appeared before the committee, and being asked what was the state of the growers of corn in the north of Europe, he declared that the state of agriculture was the general subject of complaint. He heard complaints in Holland, Germany, and Poland, in France, and the Netherlands. The farmers complained bitterly of low prices. The fall of prices was one-third. This was the evidence of a gentleman of great ability, who had visited the continent to obtain information. They had also the opinion of the deputies of France, in their address of November last to the king, and the answer of the monarch,

monarch. The chamber alluded to existing distress in three-fourths of France, arising from agriculture. The king, in his answer, admitted that distress, and stated that he had taken measures to remedy the same; but added, that no regulation could prevent the effect of superabundance. In HaIn Hanover, and other parts, the same difficulties occurred. It would, no doubt, be said this distress arose in England from taxation; but in Switzerland, where there was no national debt, no standing army, distress was as great as in any country in Europe. The noble lord contended, upon all these facts, that agricultural distress was general throughout Europe. Having directed their attention to this part of the subject, he came to a consideration of the evil. The statement that taxation was the cause of the evil was new. It was universally admitted by the petitioners, that agriculture and manufactures were in a thriving condition during the late war. Since the termination of the war, onefourth of the taxation had been taken off. The property-tax had been taken off. They had a reduction which amounted to 25 per cent. of the whole amount of taxation. Make allowance for the depreciation of the currency, and the relief would be found to be equivalent. If they looked back, they had documents which would not deceive them. The noble lord cited the returns of the exports since 1790, and he said it clearly appeared that the exports had been quadrupled, and the imports trebled. Could any man travel through the country without seeing, that waste and uncultivated lands had been forced into a state

of cultivation? Looking also to the consumption of barley, they would find a great increase. Tea, from a duty of 13 per cent. had been raised to 100 per cent., and the increase in consumption proved the increase of population. In 1789, the consumption of candles was 48 millions of pounds; in 1821, the consumption was 83 millions of pounds. Soap, leather, salt, and bricks, had all increased in consumption beyond the increase of population.

The noble lord stated, that to induce the house to consider what was the state of the country compared with the state of taxation, he put it seriously to every lord to ask himself, what relief he could expect from a reduction of taxation? Ask the farmer what he wants, he will tell you a market. They had, during the war, with a great expenditure, created an increased demand in the markets. During the last war the demands of government in the markets was two millions annually, now it was not 200,000l. That circumstance alone would prove that the demand could not keep pace with the increase in the market. They all agreed that faith with the public creditor must be kept, and the dividends paid. They were all agreed on the reduction of expenses, and then the question was, what would be the advantage to the country by the reduction of five millions of taxes? The revevenue was about fifty-four millions, and the reduction proposed was one-fifth of the income of the country. This reduction must have great effect, yet some were advocates for giving up the sinking fund. But what was the gain to be set against the loss? Why,

the

the loss of the sinking fund would make the borrowing of money difficult, and that difficulty would fall heavy on the agriculturists themselves. The noble lord eulogized the measure of the sinking fund in the time of peace. Every country in Europe, which had created a debt, had created a sinking fund. France and America had preserved a sinking fund, and would the parliament of England be the only nation to throw away credit and character by giving it up? They could gain nothing by giving it up, and he expressed a hope that they never would abandon it. The noble lord then came to the question of what measures were necessary to remedy the evils complained of. He had before stated the distress of the country to be the result of a long and arduous war, and abundance of grain brought on by forcing waste lands into cultivation. The remedy must be brought about by the operation of time. A noble lord had said it was a distress beneficial to no one; but it was advantageous to a large class of the population of the country. He then came to a statement of what the king's government had done to reduce the expenses last year, which was nearly eight millions. The first measure had been to reduce the expenditure; and, secondly, to secure the sinking fund. The next measure they resorted to was a saving in the interest of the funded debt. They had made a considerable reduction in the taxation of the country, and looked forward for more. The noble lord then adverted to the measure for reducing the rate of interest on the national debt, and considered the plan beneficial to the country, not

only as a saving, but as the means of compelling the bank to lower their rate of discount, and give more circulation to the currency. Upon the question, whether the committee on the corn laws could produce any beneficial effect, he had some doubt. He was ready to admit that some alteration might be made in the law regulating the importation of corn, so as to draw the desired distinction between restriction on importation, and absolute prohibition. The noble lord concluded a luminous statement of his views on this subject, by moving "That there be laid before this house the evidence required by the marquis of Lansdowne on a former day, namely, the estimates for 1822."

He

The marquis of Lansdowne considered this exposé of the views of the government, upon the important question of public distress, beneficial to the country. He could not agree with the noble earl, that the distress of the country was not occasioned by taxation. He was glad to hear it was intended farther to reduce the taxation, because he was convinced the public burdens pressed heavy at this time on all classes. could not support the noble earl in certain fashionable opinions entertained by modern professors of political economy, who came from their books and studies, declaring that taxation was not the cause of distress, but rather a benefit to the country. Taxation did fall heavy on the country, and formed an obstacle to recovery from that distress under which the country suffered.

The duke of Buckingham sup ported the statement of lord Liverpool.

Lord