ONE:[See larger version]The debate was fixed for the 9th of February, on which day it was moved that the House should resolve itself into a committee on the propositions of the Government. Mr. P. Miles moved, as an amendment, that the House should go into committee on that day twelvemonth. The debate occupied twelve nights, in the course of which every species of vituperation was hurled at the Minister by the monopolist party. Mr. Beresford Hope denounced him as an apostate. Major Fitzmaurice thought the farmers might as well die by the manly system of Mr. Cobden as by the mincemeal interference of the right hon. baronet. Another member compared the Minister to a counsel who, after taking a fee for advocating one side, took the other when the case came into court. Mr. Disraeli attacked with great vehemence and bitterness the Ministerial proposals, and pointed to the "sad spectacle" of the Minister surrounded by a majority who, while they gave him their votes, protested in their speeches against his policy. Lord George Bentinck, who, in the many years he had hitherto been in Parliament, had never before taken part in any debate of importance, surprised the House on the last night of the debate by delivering a long and elaborate speech against the measure, in which he charged the Minister with "swindling" and deceptiona speech which at once marked him out for one of the leaders of the new Opposition.
TWO:After a lengthened and toilsome Session Parliament was at length prorogued by the king in person on the 10th of September. Several important measures which had passed the Commons were rejected by the Lords. Their resistance had caused great difficulty in carrying through the imperatively demanded measures of Municipal Reform; and they had deprived the Irish Church Temporalities Act of one of its principal features. But their obstructive action was not confined to great political measures of that kind. They rejected the Dublin Police Bill, and other measures of practical reform. The consequence was that the Liberal party began to ask seriously whether the absolute veto which the Lords possessed, and which they sometimes used perversely and even factiously, was compatible with the healthful action of the legislature and the well-being of the country. It was roundly asserted that the experience of the last two years had demonstrated the necessity of reform in the House of Lords. The question was extensively agitated, it was constantly discussed in the press, public meetings were held throughout the country upon it, and numerous petitions were presented to Parliament with the same object. On the 2nd of September Mr. Roebuck, while presenting one of these petitions, announced his intention of introducing early in the next Session a Bill to deprive the House of Lords of its veto upon all measures of legislation, and to substitute for it a suspense of power, so that if a Bill thrown out by the Lords should pass the Commons a second time, and receive the Royal Assent, it might become law without the concurrence of the Peers. Mr. Ripon also gave notice of a motion to remove the bishops from the House of Peers; while Mr. Hume indignantly denounced the humiliating ceremonials observed in the intercourse between the Commons and the Lords. Although the whole proceeding at a conference between the two Houses consists of the exchange of two pieces of paper, oral discussions not being permitted, the members of the House of Commons are obliged to wait upon the Lords, standing with their hats off, the members of the Upper House, as if they were masters, remaining seated with their hats on. The state of feeling among the working classes on this subject was expressed in the strongest language in an address to Mr. O'Connell from the "non-franchised inhabitants of Glasgow." They warmly deprecated the unmanly and submissive manner in which the Ministers and the Commons had bowed bare-headed to the refractory Lords. They demanded that responsibility should be established in every department of the State; and they said, "As the House of Lords has hitherto displayed a most astounding anomaly in this enlightened age by retaining the right to legislate by birth or Court favour, and being thereby rendered irresponsible, it follows it must be cut down as a rotten encumbrance, or be so cured as to be made of some service to the State, as well as amenable to the people."The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] 936,300; Wigan and Co., 674,700; Wildes and Co., 505,000; total acceptances, 2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to 1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampledbankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubblesthe railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculationswhich had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.
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