of those one-pound
bank-notes--looking to the evils that resulted from those speculations,
and finding that a great number of banks in the country had failed in
consequence of such speculations--thought proper to pass a law to
prevent the circulation of this species of paper, after the lapse of
three years. A noble Lord has said, that this measure of Parliament
occasioned the failure of a great number of country bankers. But, I beg
the noble Lord's pardon, he has not stated the fact correctly. Most of
the banks which about that period failed, it ought to be recollected,
broke previously to the meeting of Parliament. The fact is, that it was
the breaking of the banks which occasioned the measure, and not the
measure the breaking of the banks. But we have now accomplished the
measure adopted in 1826; that measure is now carried into execution; the
currency of the country is now sufficient; bank notes, 5l., and above
5l., in value, are in circulation; and I will assert this fact, that
there is at present more of what I may call State currency in
circulation--more notes of the Bank of England and sovereigns--a greater
quantity of circulating medium of those two denominations, than there
has been at any former period before the late war, or before the Bank
Restriction Act was passed. I beg leave, my Lords, to ask, what want is
there of any additional circulation, when the circulation is at present
greater than it ever was? Is it necessary to have a more extended
circulation, to afford the means of procuring loans of money to those
who have no capital and no credit? I contend that this is a state of
things that ought not to exist in any country. Persons who really
possess credit, can raise money at the present moment with every
facility that is reasonable or proper. But, undoubtedly, those who have
no credit, are deprived of the facilities of borrowing money, which they
formerly enjoyed, because there is no longer a large class of persons
dealing in one-pound notes, to assist them in carrying on their
speculations. This is the real state of the case. It was this situation
of affairs that gave rise, and justly gave rise, to the measure of
1826--a measure which, I trust, that Parliament will persevere in, for
the purpose of placing the country in a proper state. It has been said
truly, that nothing is so desirable as to see the country carrying on
its mercantile transactions with a paper currency founded on, and
supported by, a