This scheme
appeared fallacious to many members, and unintelligible to others; but
it was passed by the house, though subsequently the chancellor of the
exchequer had to remodel his plan, as the great capitalists complained
of its principles. The arrangement was completed in the following year
by a bargain with the Bank of England.

ACTS FOR THE REDUCTION OF EXPENDITURE.

During this session ministers felt themselves obliged to yield to the
loud call made upon them for the reduction of expenditure. Encouraged by
the co-operation of many of the landed proprietors, opposition commenced
a series of attacks on the cabinet on these grounds. The first attack
was made by a motion to repeal the salt-duty, which was defeated by
the small majority of four only. Sir M. W. Ridley next moved for the
reduction of two out of seven lords of the admiralty, which was carried
by a large majority against ministers. Thus encouraged, Lord Normandy
proposed an address to the throne for the dismissal of one of the two
post-masters general, and opposition again triumphed. They now assailed
one of the strongholds of corruption, the diplomatic expenditure of the
country. But here they were defeated. Lord Londonderry declared that if
the house persisted in going into a committee on that subject, it would
be the signal for breaking up the administration. This menace had the
effect of bringing over the country gentlemen to vote with the
cabinet as heretofore, and the motions for inquiry were lost by large
majorities.

DEBATES ON THE CURRENCY.

In order to relieve the agricultural distress, Mr. Western brought
forward a motion on the subject of the currency. He moved for a
committee to inquire into the effect which the act of 1819, for
the resumption of cash-payments by the Bank, had produced on our
manufacturing and commercial interests. In his speech he assigned the
alteration of the currency as the chief cause of the calamity, since
it operated injuriously on all classes except the fundholder and
annuitant, and by its ruinous effects on private contracts, as well as
public payments, was calculated to endanger all kinds of property. Mr.
Huskisson combated his views at considerable length; and moved as an
amendment, "that this house will not in any way alter the standard of
gold and silver." The house then adjourned; and on the following day the
debate was resumed. After many members had spoken on both sides of
the question, Mr. Pee