resent, much distress, still, in the last year, there was
an increase of produce in every branch of manufacture, in every branch
of industry, beyond what was apparent in the three preceding years.
Under these circumstances, your Lordships must ascribe the distress of
the country to something else, rather than to the alteration of the
currency. My opinion is, that the people, during the lengthened war
which existed previously to the peace of 1815--during that period, when
there was an enormous expenditure--acquired habits which they cannot
readily throw aside. During that time, any man, of whatever description
of credit, could obtain money, or the semblance of money, to carry on
any speculation. The people then employed a fictitious wealth; they
proceeded on a system, which could not be continued, without mining and
destroying the country; and that system having been destroyed, that
fictitious wealth having been removed, they cannot immediately come down
to those quiet habits, which are required from them under that state of
things now prevailing in the empire. That, my Lords, is the real cause
of the distress under which they are at present suffering. Besides, your
Lordships will recollect, that the population of the country has
enormously increased; and it should also be taken into the calculation,
that the power of production by machinery has increased in an
incalculable degree. As much can now be produced in one year, as
formerly could be produced in five years; and the produce of one year
now amounts to more than can be taken off our hands in a year and a
half, or even two years. Distress, therefore, has occurred,
notwithstanding that the utmost exertions have been made to repel it;
and notwithstanding the great and general prosperity of trade throughout
the world. My Lords, the plain fact is, that owing to the alterations of
trade--a great demand at one time, and a want of demand at another--the
manufacturers, and those engaged in commercial pursuits, must sustain
considerable distress at different periods. It has been recommended as a
remedy, that Government should go back to the system of the circulation
of the notes. Now, my Lords, with respect to the one-pound bank
notes--it will be well to recollect what has been the proceeding of
Parliament on that subject. In 1826, Parliament having seen the facility
with which speculations could be undertaken by persons possessing no
capital, in consequence of the circulation