est upon his own capital, and therefore
will not lend it. My Lords, the banker who lends his capital to a
farmer, or trader, does obtain interest for the use of it, in the shape
of discount upon the bill, or other security, which the borrower gives
him. The question with him, at present, is one of security, and not of
profit. If the banker should lend, under existing circumstances, he must
lend his own real capital, and not a fictitious capital in the shape of
one pound notes, created for the purpose. He must be certain that the
security given to him is good and available, as it ought to be; and if
he is not satisfied with the profits arising from the use of his
capital, it is because he thinks the risk is so great as not to be
covered by the profits. The noble Lord would wish to pledge your
Lordships, by your votes this night, to give the country bankers
additional profits, by enabling them to coin money, or to create
fictitious paper to any extent, and thus to create a fictitious capital.

_February 4, 1830._

* * * * *

_Taxes reduced under a Metallic Currency._

In answer to all the declamations we have heard this night respecting
the evils resulting from a metallic currency, I beg leave to remind the
House of some facts; since the year 1815, and principally since the Bank
restriction was taken off, measures have been adopted to relieve the
country of taxes to the amount of 27,000,000 l. sterling; and measures
have been also adopted which have reduced the charges of the national
debt between 3,000,000 l. and 4,000,000 l. a year, that being the interest
on nearly 100,000,000 l. sterling. I beg your Lordships will bear this
circumstance in mind; and let me tell you, that all the advantages of a
so-called equitable adjustment will never equal the advantage already
obtained from an adherence to the principles of justice and good faith.

_February 4, 1830._

_Causes of Manufacturing Distress._

I wish to know whether the competition of machinery and the universal
application of steam which has been generally introduced since the
peace, have not occasioned a decrease in the demand for labour, and have
not lowered the wages of labour in manufactures? Must we not take into
consideration the general spirit of manufacture abroad, the competition
of foreign nations in foreign markets, and the universal use of
machinery worked by steam? How can we control the subjects of foreign
powers