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encouragement elsewhere; at present the profits derived from them were sinaller than they had been at any former period; and anything which would tend to increase those profits would be of great benefit. There were other considerations: several foreign countries were in some distress because we had excluded their corn, and they had, by way of revenge, shut out our manufactures. Now, it might be worth while to consider whether we might not say to those states, "We will not admit you to the benefit of a free trade in corn unless you at the same time admit the free introduction of our manufactures and colonial produce." Another reason for not opening the corn trade at present, was the excessive disposition at present existing for crude and hasty speculation. Those speculations had already deranged our foreign exchanges, and it would be injudicious to derange them further by those speculations in corn which would necessarily follow the opening of the trade.

Mr Baring thought the speech of Mr Huskisson the strongest argument in favour of an investigation of the Corn Laws.

Several members supported the motion, and others complained of the obscurity of Mr Huskisson's speech.

The Chancellor of the Exchequer said, that if Government had taken up the system of the Corn Laws in the present session, they would, from the very nature of the subject, have been unable to perfect those other measures which were universally acknowledged to be beneficial to all classes of the people.

Mr Whitmore, in reply, expressed his determination to bring forward the motion during every session of Parliament, until the law should be settled on a satisfactory principle.

The House then divided-for Mr Whitmore's motion, 47; against it, 187; majority, 140.

Mr Hume, who had previously attempted to institute a regular parliamentary inquiry into the state of the Irish Church, on the 14th of June, after a speech of considerable length, moved the following resolutions:-First, "That the property now in the possession of the Established Church in Ireland, is public property, under the control of the legislature, and applicable to such purposes as in its wisdom it may deem beneficial to the best interests of religion, and of the community at large, due regard being had to the rights of every person in the actual enjoyment of any part of that property.' Second, "That this House will, early in the next session of Parliament, appoint a select committee, for the purpose of considering the present state of the Irish Church, and the various charges to which ecclesiastical property is liable."

Mr Canning opposed the resolutions, as being contrary to the spirit of the Irish Union, and because it would be a violation of everything existing, and might lead to the most alarming consequences. The church property in Ireland might be considered as corporate property which had been revised and secured by Parliament, and therefore it ought to be held as sacred as private property.

Sir Francis Burdett said, that, as to the Union, it had been a gross cheat, a scandalous piece of corruption, supported by unprincipled violence-one parliament selling the country, and ano ther buying it. With regard to the sacredness of private property, it was not only justifiable, but had been the practice, to interfere with that, if the public benefit demanded it.

Mr Secretary Peel thought that Sir Francis Burdett would not be very willing to submit to such a resolution with regard to his own property.

Mr Brougham argued that both on the principles upon which they were formed, and in the rules by which they

equal degree? And the practice-let the House look only at what had been the practice-showed how the fact stood. If the tithe was really private property, it could not be meddled with at all. Now what was the feeling as to that? Why, the tithe of agistment

given up in Ireland at the time of the Union, and it was well known that the Union could not have been carried without it. If tithe was private property, not the slightest reform could ever be made in it; for who could hope to frame a scheme which should meet the approbation of every clergyman? And if a single individual was compelled to submit, the spoliation was as decided as if it extended through the whole body. For the Act of Union, it ought to be no bar, not for a moment, to any course in which the public welfare was concerned. In the case of Scotland, the heritable jurisdictions-for which there had been an especial clause made against reconsideration-being found to be pernicious, had subsequently been repealed.

were accustomed to be dealt with, there was a broad and direct distinction between private property and Church property. Private property was that sort of property to which an individual, of his own right, and of that right only, had a title. It was property which could be sold, or given away, or trans--this was private property--had been ferred, or encumbered-property which the possessor could bequeath as he listed, or which, in default of bequest, by law descended to his heirs. But how did the property of the parson at all correspond with this description? He could neither sell it, nor transfer it, nor leave it to whom he pleased; but it passed from him to a successor, of whom he knew nothing, and who, perhaps, had been his most mortal enemy. If private property were taken from an individual, the state robbed not only him, but his children or next heirs; but if the law said to a clerical incumbent, "The profits of this living shall cease after your death," who, in whom that clergyman had any interest, was in the smallest degree damnified? Besides, was it not clear that private property was that income for the receipt of which the holder had no duty to perform? The clergy were officers of state, and, like other officers of state, might be got rid of in proportion as they were no further required. If the Church property, as it was called, was private property, why was not the pay of the army and navy personal in an

The resolution declaring that the Church property in Ireland was public property under the control of the legislature, was negatived without a division. That pledging the House to an inquiry in the next Session was put to the vote for it, 37-against it, 126majority against it, 89.

CHAP. IX.

JOINT-STOCK COMPANIES-FOREIGN LOANS-PANIC OF THE COMMERCIAL WORLD.

THE present year was distinguished above all others, by a rage for jointstock company speculation, as indiscriminate as it was boundless, with which the similar rage that seized men's minds in 1721 will bear no comparison. Philosophers may derisively smile-the patriot will blush while he reflects upon the almost infinity of schemes which were projected, and the knavery and folly which characterised most of them. The uttermost bounds of the earth, nay, its bowels, and even the depths of the sea, were contemplatively explored by projectors for subjects on which to found speculations and pearl-fishing companies, American mining companies, continental gas-light companies, as well as companies for washing clothes, for managing dairies, &c. sprung up by hundreds, with most astonishing rapidity. The prodigality of invention displayed by the projectors was equalled by the susceptibility of delusion manifested on the part of the people. The more absurd the scheme was, the more favour it gained in their eyes; and it really eemed as if the very grossness of a

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cheat acted as a charm for dispelling suspicion and inspiring confidence.

Most of the schemes originated with sagacious but unprincipled individuals on the Stock Exchange, or of the profession of the law, who anticipated with certainty the appointment as solicitors to the new companies. The ordinary ruse practised, when a company was about to be formed, was to prevail with some nobleman or gentleman of respectability, to allow his name to appear in the list of directors, as a decoy to those who had little reliance upon their own judgments; and with deep regret do we state, that not a few individuals in high life, allured by the prospect of gain, or from a culpable facility of temper, suffered their names to be so prostituted.

It must not be supposed, however, that all who trafficked in the shares of those companies were really dupes of the contrivers of them. The companies were so numerous, that shares in them had become the most common subject of commerce; and there were many who, though perfectly aware of their being intrinsically worthless, made no scruple in subscribing for

them, with the design of selling them again at a profit; and thus there were thousands, in addition to the actual projectors, who had a direct interest in extending and inflaming the delusion which had seized hold of the public mind; and there were many who, without having advanced a farthing,

realized fortunes.

The leading incident in the history of many of those companies was, that the chief projector having purchased a property, which was to be the subject of speculation-say, a mine or a mill-sold it to the directors, who were packed according to his mind, at double or triple the price which he had paid, or rather agreed to pay, for it; and there is too much reason to believe, that, generally, the directors shared with him in this deliberate plunder of the company. Another very frequent fraud was, that the directors, instead of suffering the whole shares to be subscribed for, secretly reserved some thousands for themselves; and when, by means of flattering prospectuses of the scheme of

the company, false quotations of the market-price of shares, and other fraudulent expedients, they had raised their value, brought their reserved shares into the market, and sold them at a premium, for their own exclusive advantage. Matters, also, were so arranged, that the directors and their solicitors were entitled to charge the company for their trouble-so much for every meeting they attended; and at the bursting of many of these vile bubbles, their charges were found to be enormous-more than consuming the stock which was left.

We cannot better convey a just notion of the deplorable height which the joint-stock company mania attained, than by giving the following brief sketch of those which, during the years 1824 and 1825, (the mania having originated in the former year,) were projected, but not matured; of those which were matured, but afterwards abandoned; and of those which still survive, though the dissolution of the far greater part of them may be confidently predicted.

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The companies classed in the preceding list, comprise those whose shares were issued and sold in the market.

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When the infamous objects of the projectors of most of those companies, and their aiders and abettors, began to be developed, and especially when it was found that, by the legerdemain practices resorted to, not a few obscure knaves had been raised to af fluence upon the wreck of the fortunes of others, the rage for speculation began to subside, and was succeeded by the very natural feelings of remorse, shame, and indignation. The bitterest execrations were now poured out against the "juggling fiends,"

who had wrought the fatal spell upon the mind of the nation. Many who had assisted to promote the delusion, and profited by it, artfully joined in the cry, hoping to direct public attention from themselves; while others, similarly situate, expressed the profoundest contrition for their share in the jugglery, and laboured to persuade the victims of it, (but without offering to make restitution,) that they had sinned from mere ignorance or thoughtlessness. Joint-stock companies were now denounced in the gross, as being

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