metallic basis. Now, your Lordships must be aware, that
is exactly the sort of currency which the country has got at present;
and, in proportion as the country goes on conquering its
difficulties--the existence of that currency still being continued--we
shall see prosperity daily revive, and we shall see mercantile
transactions carried on as they ought to be, without any mixture of
those ruinous speculations, to which so much of the prevailing distress
must be attributed. But, my Lords, the noble Lord in tracing out the
sources of this distress, has omitted one of the great causes of it. He
has not adverted to the immense loss of capital which has been sustained
by the country during the last six or eight years, in consequence of
loans to foreign powers--of which neither principal or interest has been
paid, nor ever will, in my opinion, be paid. The noble Lord has not
adverted to the effect which that loss of capital must have produced,
with respect to the employment of industry in all parts of the country.
In the next place, the noble Lord has not adverted to the effect which
those loans must have had on the trade and manufactures of the country,
in consequence of the glut in foreign markets, occasioned by the forced
exportation of goods on account of such transactions. In most instances,
my Lords, no returns were made on account of those goods, and even when
returns were made, they were of the most unsatisfactory description. The
noble Lord has not adverted to the fact, that these returns, when any
were received, came home in the shape of interest, and did not, of
course, require any demand or export from this country. Surely all these
things should be considered, when the noble Lord speaks of the distress
the country is labouring under. That distress has fallen not only on the
manufacturing and commercial interests, but also on those who have
encouraged and embarked in the various schemes and speculations which
have done the country so much mischief.

_May 26, 1829._

* * * * *

_Extended Currency means unlimited creation of Paper Money by
Individuals._

I will now say a few words upon the remedy proposed by the noble Lord
(the Earl of Carnarvon), who has totally misunderstood the argument of
the noble Viscount (Goderich). My noble Friend stated that the revenue,
in 1815, was 80,000,000 l. sterling, in paper currency; that taxes were
first of all repealed to the amount of 18,000,