warded, in some slight measure, for their patriotic exertions.

We pass from this topic to the acts of the session, respecting the finance and trade of the kingdom. The chancellor of the exchequer, in his exposition of the state of the finances, calculated the whole produce of 1825, would be 56,445,3701., and the expenditure less than the receipts by half a million; leaving five and half millions appropriated for the sinking fund. He proposed to apply the surplus revenue to three objects; the first was to extend commerce, by facilitating the consumption of foreign produce in the country; another, to increase the means of checking contraband trade; and lastly, the remission of a portion of direct taxes. He therefore proposed, for the attainment of the first object, a reduction in the duties on hemp, coffee, and wine, estimated at 480,000Z.; and to prevent smuggling, he proposed to admit whiskey from the British colonial possessions. Motions for the repeal of sundry direct taxes were negatived, however, by the commons.

Connected with this subject, are the acts effecting commerce, passed at the suggestion of the ministry. Mr. Huskisson resisted a motion for the modification of the laws, excluding foreign grain; but he proposed, in accordance with the plans which he had adopted, some alteration in the colonial policy and in

the system of protecting duties, designed for the relief and assistance of the shipping interest.

His improvements in the colonial policy were several in number, and all carried into effect with scarcely any modification. One of them was directed against the United States immediately; and has acquired great importance by reason of subsequent measures of the two countries, as we have already mentioned in the introductory chapter. An act existed, of limited application in respect of the commodities to which it attached, authorising intercourse between any countries in America, and the British colonies there, in the ships of those countries, or in British ships, provided the intercourse between the foreign country and the colony, was direct. The act farther permitted a direct trade in British bottoms, from the colonies to foreign ports in Europe. It was considered that the provisions of this act, in favor of foreign shipping, were chiefly beneficial to the United States, which alone possessed a large commercial marine. In obedience to the system of reciprocity, which the United States uniformly have acted upon, and endeavored to make universal, congress enacted a law imposing an alien duty upon British vessels trading between American ports and British colonies, to be levied until the productions of the United States should be admitted in the colonies

on the same footing with the productions of all other countries which was not then, and is not now the case. This principle, so plainly implied in the system of reciprocity, Mr. Huskisson stigmatized as unheard of in the commercial relations of independent states. The British government he said, as a measure of retaliation, had imposed like duties on American shipping in like circumstances; and he proposed to open the colonial ports to the ships of all foreign countries, for trade in the production of those countries and the colonies; reserving to British shipping exclusively the trade between the respective colonies themselves, or between those colonies and the mother-country, whether the intercourse was direct or circuitous.

The foregoing, was not the only occasion during this session in which might be remarked a growing jealousy of the commercial prosperity of the United States. An additional measure of public policy, having indirectly an important bearing on this country, was the extension of the ware-housing system to the colonies. Great Britain was well aware of the value of the South American trade; and of the advantages in relation to it, which we derived from our proximity to the new states. She, therefore, speedily followed up our recognition of their independence, by a similar act, in the apprehension,

that otherwise we should acquire possession of exclusive commercial privileges in the Spanish American ports. Farther to rival us therein, Mr. Huskisson proposed to allow merchandize from all parts of the world to be entered in the colonies, bonded, and deposited in warehouses without payment of duty; until proper opportunities should occur to sell, or export it to advantage.

From these measures, he anticipated the establishment of a new course of trade in the colonies; and incidently an increase in the value of property therein, and improvements in the moral condition, comfort and security, of the inhabitants.

In addition to this, provision was made for the free importation of corn from Canada, subject to a duty of 5 per cent., for the space of two years.

Mr. Huskisson had already, on several occasions, declared his intention to qualify, as the state of the kingdom would permit, the duties imposed on various articles, for protecting manufactures and other branches of domestic industry. He proposed a small reduction in the duty upon cottons, woollens, glass, books, metals, and sundry manufactured articles, which was accordingly made. But it is observable that, in making these reductions, Mr. Huskisson was sedulous to keep within such limits as to leave the staple manufactures untouched. The British process to be convert

ed to the principles of free trade; but in no instance do they leave room for the foreign producer, to bring his goods to market at such a price, as to compete with their domestic industry. These changes in policy, were therefore greater in name, than in substance.

Accompanying these measures, were some for the encouragement of navigation, operating upon that exclusively; such as repealing the duty on the transfer of vessels; paying all British consuls, by a fixed salary, in lieu of fees; the abolishment of quarantine duties; and others, which it is sufficient to allude to, thus generally.

Among the important public acts of the session, we may mention the law against combinations to produce any change in the rate of wages, by threats, coercion, violence, or any thing in the nature of intimidation; the law protecting an innocent bailee, or purchaser, in contracts with an agent, not duly authorised; and the acts consolidating the laws relating to juries, and bankruptcies, introduced as part of a design entertained by Mr. Peel, for the gradual consolidation of the laws. A bill allowing Unitarians to be married by clergymen of their own persuasion,-a privilege most reasonable in itself, and long enjoyed by some sects of dissenters, was rejected, as was a bill for the repeal of the usury laws.

Some discussion took place in respect to the court of chancery; the abuses of which, arising either from the nature of its proceedings, the personal character of the lord chancellor, the great variety and complication of his functions, or all these, and other causes combined, constituted the sorest grievance in the judicial administration of the kingdom. But the friends of lord Eldon would not consent to any change in the law; until the commission on the subject, appointed in 1824, should make its report.

Finally, a law was passed, for fixing the salaries of the judges; giving to the chief justice of the king's bench, a salary of 10,000; to the chief baron, 7,000%; to the chief justice of the common pleas, 8,0007; and to each of the puisne justices and barons, 5,5007; together with a suitable retiring pension.

We have now passed in review, the material proceedings of parliament, of a public or political nature. But its attention was by no means occupied by these subjects alone. The cheapness of credit, and the great quantity of capital, seeking investment, at this period, caused the applications for private acts, to be uncommonly numerous. No less than two hundred and eightysix were actually passed. Twentysix petitions for rail-ways, were presented; and it was calculated,

in London; but in the country, its effects were longer felt, and fell upon persons less able to bear their losses. A great number of private bankers, many of them with little or no capital, engrossed the whole circulation of their respective districts; and bank after bank became insolvent, involving the laboring classes in their ruin. By these means, the entire currency of the country, was completely deranged In a multitude of cases, all the savings of the lower classes, consisted in a few one pound notes, issued by private bankers, who had no resources, to meet a sudden pressure. Hence, the misery there, was truly deplorable, and called for the immediate aid of government.

Several cabinet consultations were held, and efficient measures to restore the circulation adopted. It opportunely happened, that bullion was lower than the mint price; and the officers of the mint were ordered to expedite the coinage of sovereigns, with all possible despatch. Gold was coined at the rate of 100,000 sovereigns a day; and for one week, at the rate of 150,000; and sent off to the country, in every direction. But the coinage of gold, did not prove sufficient to supply the chasm in the circulation, occasioned by the failure of so many banks. Indeed, the issue of country paper, had been estimated at eighteen mill

ions; and to supply the deficiencies which bankruptcies had occasioned therein, the bank of England made temporary issues, of one and two pound notes; and by these means, the progress of the evil was partially arrested.

Much of this pressure in the money market, arose from unfounded panic, and want of confidence in capitalists, and merchants. When it came on, trade was flourishing, the revenue increasing, and the credit of the government, and of the bank of England, unimpaired. But an immense sum of money was sunk in joint stock companies; and a series of ruinous speculations, had thrown suspicion over all similar transactions. No returns could be had from a variety of foreign loans, which had drained the bankers; importations of cotton, wine, and silk, had been suddenly augmented, far beyond the usual amount, and beyond the wants of the country. These causes turned the rate of exchange against England; induced the bank to diminish its discounts; produced fluctuations in the funds; and in the end, suspicion beginning to arise, led to sudden calls for payment, and pecuniary embarrassment, as the necessary consequence.

But these alarms among the mercantile classes, in the usual operation of things, ere long, subsi