ly independent of the corn-laws."

These were--

1st, "_I do fear that, in the north of England, an undue stimulus has
been given to manufacturing industry by the accommodation system
pursued by the joint-stock banks. I think the connexion of the
manufacturer with the joint-stock banks gave an undue and an improper
impulse to trade in that quarter of the county; and I think that, in
consequence of this, there have been more manufactures produced within
the last two years than were necessary to supply the demand for
them._"

2ndly, "Look to the state of some of the foreign countries, which
took, at one time, the greatest quantity of our manufactures;" South
America, its ports strictly blockaded by France; the United States of
North America, "in a state of nascent hostility," and also labouring
under "a distress similar to our own, and arising from similar causes.
The facility of accommodation afforded by certain banks there gave an
undue stimulus to industry; this produced extravagant speculations;
many persons failed in consequence, and trade necessarily then came to
a stand-still." Canada--the peninsula, France, the great Kingdoms of
the middle and north of Europe--Syria, Egypt, China, had been, and
were, in such a state, as occasioned all interruption of our trade
thither; "a stoppage in the demand for manufactured goods, and a
correspondent depression in commerce." "When you put all these things
together, all causes, mind you, affecting the market for your goods,
and then combine them with the two or three defective harvests we have
had of late, I ask you to answer me the question, Whether or not they
have been sufficient to account for the depression of manufacturing
industry."

Then came Sir Robert Peel to the two grand and suddenly discovered
panaceas of the late Government, for recruiting the exhausted revenue,
and relieving the general distress--viz. "cheap sugar," and "cheap
bread."

1st, As to foreign sugar:--

"I clearly and freely admit that those restrictions which cannot be
justified should be removed, and that the commerce of the country
should be perfectly free, whenever it can possibly be so; but I
consider the article of sugar to be wholly exempt from the principle
of free trade." * * * "The question now is this--whether, after the
sacrifices which this country has made for the suppression of the
slave trade and the abolition of slavery, and the glorious
results that have ensued, and are likel