TWO:The new Parliament met on the 14th of November. Mr. Manners Sutton was re-elected Speaker. A week was spent in the swearing-in of members, and on the 21st the Session was opened by the king in person. In the Royal Speech allusion was made to the throwing open of the ports for the admission of foreign grain, and the distress that had visited the manufacturing districts. The Address was carried in the Upper House without a division, and in the Lower House an amendment, moved by Mr. Hume, found only twenty-four supporters. On the 5th of December Alderman Waithman moved for a committee of inquiry with reference to the part taken by members of Parliament in the Joint Stock mania of 1824-5-6. He stated that within the last three years six hundred joint-stock companies had been formed, most of them for dishonest purposes. The directors of these fraudulent schemes worked with the market as they pleased, forcing up the prices of shares to sell, and depressing them to buy, pocketing the difference. He dwelt particularly on the Arignon Mining Company, of which the late chairman of the Committee of Ways and Means, Mr. Brogden, had been a director. The directors of this company, besides an allowance of three guineas per day for the use of their names, had divided between them a large surplus, arising from traffic in shares. Other members of the House, he alleged, had enriched themselves by bubble companies, particularly Sir William Congreve. At the suggestion of Mr. Canning, the inquiry was restricted to the Arignon Company. A vast amount of loss and suffering had been inflicted by these bubble companies. A check was given to the steady and wholesome progress of the country by the fever of excitement, followed by a sudden and terrible collapse. Healthful commerce was blighted, and one of the worst results of the revulsion was that it not only swept away the delusive projects of adventurers, but paralysed for a season the operations of legitimate enterprise. The commercial atmosphere, however, had been cleared by the monetary crisis of 1825-6. An extensive decomposition of commercial elements was effected. Masses of fictitious property were dispersed, and much of the real capital of the country was distributed in new and safe channels, which caused the year 1827 to open with more cheering prospects.To the Anti-Corn-Law Leaguers there was at least the consolation of finding that scarcely a speech was delivered by the Prime Minister which did not contain some distinct recognition of the great principles of political economy, showing how completely he had, in reality, embraced those doctrines. On one occasion he remarked, "We have reserved many articles from immediate reduction, in the hope that ere long we may attain that which we consider just and beneficial to allnamely, increased facilities for our exports in return. At the same time, I am bound to say[508] that it is for our interest to buy cheap, whether other countries will buy cheap or no. We have a right to exhaust all means to induce them to do justice; but if they persevere in refusing, the penalty is on us if we do not buy in the cheapest market." Several of the most conspicuous followers of Sir Robert Peel also in their speeches recognised the abstract principles of Free Trade in a way which was ominous for the continuance of the landlords' monopoly. Among the most interesting instances of this was that of Mr. Gladstone, the young statesman who was destined afterwards to play so great a part in carrying forward the reforms of his chief.
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