were not the original purchasers,
but had bought them for a full and valuable consideration; could the
government turn round upon these persons, and say, The original holder
gave for this debenture only eighty pounds, you gave ninety-five pounds,
but we will not pay you more than eighty pounds? If the house were to
proceed upon this principle there would be an end for ever to the very
idea of national faith--that faith which had supported us under every
difficulty, and which constituted the pride, the glory, and the support
of this country." These arguments prevailed; parliament determined not
to interfere with the currency. On a subsequent day, however, as the
distress among the agriculturists grew to an alarming height, ministers
repealed that part of the bill of 1819 which confined the issue of small
notes to the period of 1823; the privilege was extended till January,
1833. This measure had the effect of causing symptoms of returning
prosperity. Country bankers increased their paper issues; farmers
obtained a higher price for their produce; landlords were paid a higher
rate for their land; and the natural consequence of all this was the
prosperity of trade and commerce. At the same time it proved to be an
illusive prosperity.

REDUCTION OF IMPOSTS, ETC.

Warned by their recent defeats, ministers, on the completion of their
financial arrangements of this year made several reductions in the
imposts. They had resisted the abolition of the salt-tax, but they now
announced an intention of lowering it from fifteen to two shillings a
bushel. They also remitted the annual duty on malt, the additional tax
on leather, and that on windows and hearths in Ireland. By these means
a reduction of taxation was effected to the amount or L3,500,000. These
important measures were followed by several bills having for their
objects the relaxation of the navigation laws, and the promotion of the
system of free trade. Ship-owners raised a loud outcry against these
enlightened enactments; but time has shown that they were equally
beneficial to themselves as to the community at large. It was said that
the repeal of the ancient navigation laws would enable other states
to outstrip our own and prepare our ruin; but so far from increasing
foreign competition, and diminishing British production, it has been the
means of decreasing foreign importation, and of increasing our domestic
manufactures.

MOTION FOR PARLIAMENTARY REFORM