No. 10 OF VOL. XII.]

BALTIMORE, SATURDAY, MAY 3, 1817.

[WHOLE NO. 296.

Hæc olim meninisse juvabit.—VIRGIL.

PRINTED AND PUBLISHED BY H. NILES, AT THE HEAD OF CHEAPSIDE, AT 85 PER ANNUM.

THE PRESENT STATE OF ENGLAND "I do not know that my efforts may be within the Occupies the public attention, almost exclusively. scope of your plan to publish revolutionary speeches, That the condition of this country is most distres-orations, &c. but I propose to transmit you in the sing and truly alarming, cannot be doubted-a scene course of the year, authentic documents respecting of misery presents itself for which we have no pa- the campaign led by governor Dunmore, with 1500 rallel but there is no hope of reformation by the troops, against the N. W. Indians, in the fall of 1774; voluntary act of those in authority, and revolution the left wing of whose army, consisting of 1000 rifleseems to be impracticable. The ministry and bo- men, fought the battle at Point Pleasant, early in rough-mongers have armed themselves by the most the same month in which the first revolutionary condespotic laws, and have the power to give them gress convened; also respecting an important bateffect by mercenary bayonets. The soldiers have tle fought at the "Great Islands," upon Holstein, by been so much accustomed to fire upon the people, captains James Thompson and James Shelby with that nothing remains for the latter but passive obe-the Cherokee Indians, led by the celebrated chief dience, or a desperate resistance of force by force. It "Dragon Canoe," in the summer of 1776, in which seems almost impossible that they should remain the latter was signally defeated-also respecting a quiet, for hunger, it is said, "will break through campaign, led by col. Christian with 2000 riflemen, stone walls," but they appear wholly destitute of against the Cherokees in the fall of the same yearthe means and the men to afford any prospect of also respecting a cainpaign against the southern success in the dreadful alternative. If the wretch- Indians, in 1779, led by general Evan Shelby, with edness and suffering that belongs to so large a por 1200 riflemen-500 of whom were of the army of tion of the English nation, was settled and pressed general Geo. R. Clark, which campaign terminated upon those who have destroyed "all places assail- in the destruction of their establishment at "Chicaable"-the royalty, "nobility, gentry and clergy," mango," just above the "Muscle Shoals," on the of the kingdom, no one would pity them; but we Tennessee-also respecting two severe actions do pity the people—and yet, perhaps, so it is, that fought at the "Enoree" and "Cedar Springs,” on the the poor must suffer to make the rich feel as they waters of Broad river, South-Carolina, in the sumought. We have chiefly appropriated this paper to mer of 1780, against a superior British force, by shew the state of England, by the insertion of Mr. 800 riflemen, led by col. Shelby and the celebrated Brougham's speech on the "distress of the country" col. Clark, of Georgia." -which, long as it is, few will be willing to pass over without an attentive perusal, as it certainly contains a greater body of facts than ever before had been presented to view at one time. It was so received by all parties in the house of commons, where nothing but the reprehensions near its conclusion were objected to or denied, by several minis terialists who followed him. Many articles have been laid aside to make room for it, which shall be attended to in our next.

Those things do not come within the scope of our design respecting revolutionary papers; but they are completely within the plan of the REGISTER, itself, and will be gratefully received and promptly inserted.

CAMP ON POINT PLEASANT,

At the mouth of Great Canaway, October, 1774. For the satisfaction of the public, in this they have a true state of the battle fought at this place on the 10th instant. Monday morning, about half an hour before sun-rise, two of capt. Russell's company discovered a large party of Indians about a mile from camp; one of which men was shot down by the Indians, the other made his escape and brought The following article details an account of what in the intelligence; two or three minutes after, two was, probably, the most obstinate battle ever of capt. Shelby's men came in and confirmed the fought with the Indians. The history of it was account.

Materials for History.

passing to oblivion, with its actors; but it is hap- Col. Andrew Lewis being informed thereof, impily rescued, in consequence of our project about mediately ordered out col. Charles Lewis to take publishing a collection of revolutionary papers, the command of one hundred and fifty men, of the speeches, &c. It was communicated to the editor Augusta troops; and with him went capt. Dickison, from a source that guarantees its authenticity-capt. Harrison, capt. Willson, capt. John Lewis, of with the following remarks: Augusta, and capt Lockridge, which made the first "Your intention to collect revolutionary docu-division; col. Fleming was ordered to take comments is highly approved with us. It is in my power mand of one hundred and fifty more, consisting of to farnish authentic papers in relation to important Botetourt, Bedford and Fincastle troops-viz. capt. events heretofore imperfectly detailed; some of Buford, of Bedford, capt. Love, of Botetourt, and which, indeed, have entirely escaped the historian. capt. Shelby and capt. Russell, of Fincastle, which "I enclose you the original report (and a copy lest made the second division. Col. Charles Lewis' diyou may not be able to decypher it) of the battle vision marched to the right some distance from the fought at the mouth of Kenhawa, 10th of October, Ohio; col. Fleming, with his division, up the bank 1774. This statement is official, and was made on of Ohio, to the left. Col. Lewis' division had not the ground the morning after the action; not more marched quite half a mile from camp, when about than five copies of it were preserved, and I have sun-rise, an attack was made on the front of his dibeen credibly informed, that it is now the only re-vision, in a most vigorous manner, by the united inaining official document in relation to that import-tribes of Indians, Shawnees, Delawares, Mingoes, ant transaction. aways, and of several other nations, in number no

Vor. XII.

К

less than eight hundred, and by many thought to country, and that during that period nothing what be a thousand; in this heavy attack col. Lewis re-ever had been done to bring the matter before them, ceived a wound which in a few hours occasioned his or to testify on their part what he considered a death, and several of his men fell on the spot; in proper and becoming anxiety concerning such disfact the Augusta division was forced to give way to tress, he felt himself somewhat supported under the heavy fire of the enemy; in about a second of the magnitude of the question. They had, in fact, minute after the attack on col. Lewis' division, the allowed that interval to elapse, without doing any enemy engaged the front of col. Fleming's divi-thing, except what he conceived to be, with all due sion, on the Ohio; and in a short time the colonel respect for their proceedings, beginning at the received two balls through his left arm, and one wrong end. They had attempted to stifle the cries through his breast, and after animating the officers of the people, in their sufferings and distress, inand soldiers, in a most calm manner, to the pursuit stead of probing the causes of those sufferings, or of victory, retired to camp. endeavoring to apply a remedy. He would put it, The loss of the brave colonels from the field was however, to all who then heard him, to those gensensibly felt by the officers in particular; but the tlemen, who might think with him, that the meaAugusta troops being shortly (after) reinforced from sures adopted were erroneous, and to those who camp by col. Field, with his company, together believed them well founded, by the necessities of with capt. M Dowel, capt. Mathews and capt. Stu- the times, whether the time was not now come art, from Augusta, and capt. Arbuckle and capt. when it behoved them to turn their attention from McClenahan, from Botetourt, the enemy, no longer the effect to the cause; whether, having done what able to maintain their ground, was forced to give way they could to preserve the public peace and tranfill they were in a line with the troops of col. Flem- quility, they ought not now to inquire into the ing, left in action on the bank of Ohio. In this pre- means of remedying those disturbances. It was cipitate retreat col. Field was killed; capt. Shelby with that view he made hold to bring forward the was then ordered to take the command. During present question; too late, he admitted, in referthis time, which was after twelve o'clock, the ac-ence to the general subject, but yet not too late, tion continued extremely hot-the close underwood, he hoped, to do some good. He was aware there many steep banks and logs, greatly favored their was nothing so injudicious as to begin a discussion retreat, and the bravest of their men made the best of that kind, by hazarding any large and general use of them, whilst others were throwing their predictions with regard to what would be its result; dead into the Ohio and carrying off their wounded. (nevertheless he would venture to say, he most conAfter twelve o'clock the action in a small degree fidently expected, whatever difference of opinion abated; but continued, except at short intervals, might exist upon particular topics, that a considersharp enough till after one o'clock; their long re-able majority of the house (if it should be necestreat gave them a most advantageous spot of ground, sary to take the sense of it) would agree in holdfrom whence it appeared to the officers so difficult ing, that the time was now come, when, the war to dislodge them that it was thought most advisable being ended, and great and general changes having to stand as the line then was formed, which was taking place in the situation of the whole world, it about a mile and a quarter in length, and had till was absolutely necessary for us to enter upon a then sustained a constant and equal weight of the careful and unfearing revision of almost the whole action, from wing to wing. It was till about half of our commercial system, with a view to eradian hour of sunset they continued firing on us scat-cate those errors which time had demonstrated, tering shots, which we returned to their disadvan- with a view to retrace those steps where it was tage; at length night coming on, they found a safe found we had deviated from sound policy, with a retreat. They had not the satisfaction of carrying view to accommodate our laws to that change of off any our men's scalps, save one or two stragglers, circumstances, and with a view to abandon many whom they killed before the engagement. Many frantic and senseless prejudices, unworthy the age of their dead they scalped rather than we should in which we lived, and unworthy of the character and have them; but our troops scalped upwards of judgment of the nation. He should begin by entertwenty of those who were first killed. It is beyond ing upon what he considered to be the fundamental a doubt their loss in number far exceeds ours, which is considerable.

part of the inquiry that ought to be instituted.They were all aware that there existed in the courField officers killed-Col. Charles Lewis and col. try a great degree of distress. He might, in geJohn Field. Field officers wounded-Col. Wan. Flem neral terms, say, that in its extent and amount it ing. Captains killed-John Murray, Samuel Will was wholly unprecedented in any former period of son, Robert M'Clenahan and Charles Ward. Cap our history. It was, indeed, a matter of such getains wounded-Thomas Buford, John Dickison and néral notoriety, that it would hardly appear necesJohn Skidmore. Subalterns killed-Lieut. Hugh Alsary to enforce it by any particular proofs or illuslen, ensign Mathew Brakin, ensign Cundiff. Subultrations, were it not, that unless the house were terns wounded-Lieut. Lard, lieut. Vance, licut. Golman and lieut. James Robison, and about 46 spies, sergeants and private men killed, and about 80 wounded.

Mr. Brougham's speech.

HOUSE OF COMMUNS.-MARCH 13. Distress of the country. Mr. BROUGHAM, in rising, pursuant to notice, to bring this very important subject forward, said, when he considered that the period of the session was well nigh passed in which it was the custom of that house, at former periods of great national disstress, to take into consideration the state of the

fully and deeply impressed with the precise degree of misery that prevailed in specific districts, it would in vain attempt either to probe its sources, or apply a remedy. He might infer, indeed, from the number of petitions that were presented (notwithstanding what had been urged respecting the mode of obtaining signatures to them) coming as they did from such a variety of places and persons, that they furnished a strong evidence in support of the assertion. He might appeal next to the state of our trade and commerce, as additional evidence, furnished by the returns laid upon their table. At the same time he was aware there was nothing more fallacious, generally, than arguments which were wholly founded upon our imports and exports,

and he would allow, that those returns did not shew population of 84,000, contained in that town, it was the exact measure or extent of our distresses. But, calculated that 27,500 or about one-third on the as far as they went they were not unimportant docu whole, were at this moment parish paupers. Of the ments; and it appeared from them, by a comparison workmen, one-third were wholly out of employ, between the two years 1815 and 1816, that there and the poors' rates there, had risen to between 50 was a deficit in tonnage upon the latter year, and 60,0001. a year-a sum, exceeding, as he underamounting to 820,000, or equal to 5000 vessels. He stood, what was formerly paid by that town under spoke of the aggregate as referable to one year on the property tax. In 1812, a period of great disly of exports and imports; and that alone, he tress, instead of one-third receiving parish relief, thought, exhibited a striking fact, when they con- and only 27,0001. a year was paid for poors' rates, sidered that 1815 was the first year of peace, and instead of nearly 60,0001. yet that period was then 1816, in which that great diminution occurred, was thought to be one of unparalleled difficulty. The the second year of peace. Those returns spoke as population of Birmingham might be divided into to the tonnage inwards and outwards, but they did four classes, in the view of their wages and labor. not tell any thing as to the difference between the The first were the miners, employed in obtaining exports and imports of that period; a difference, the raw material; the second, those who were emwhich he would venture to say, instead of being in ployed in the manufacture of arms; the third, the the proportion of 5000 vessels, would be found to nailors; and the fourth, the common artificers.constitute a defalcation vastly greater in amount. With respect to the first, who formerly received He was well aware that many millions of goods had 18s, or a guinea a week, they could now get only been sent abroad, for which no returns had been 8s. or 10s. Those who were engaged in the manureceived, and which, in fact, would never produce facture of arms, and who used to receive somea sixpence. The returns upon their table would times as much as three guineas a week (though he give them no information upon that point; they admitted that was an exorbitant rate of wages, ariswould not show what proportion of those goods ing from particular circumstances) now received, had already found a market, what proportion of when they obtain employment, no more than 7s 6d. them were yet likely to find a market, or what pro- The nailors, who commonly earned about twelve portion of those imported into this country had or fifteen shillings a week, were rather better off found one. They had known times of great nation in comparison with the others, but their wages was al distress in former periods, but nothing that could now down as low as nine shillings; while the comcompare to the present in its general amount. In mon artificers were absolutely working at one shil1800 there was a great scarcity, greater than was ling a day. But the most remarkable proof of the now felt, but no distress ensued beyond what the degree to which the distress actually existed was reach of time could remedy, for though provisions to be found in the fact, that whereas the wives and were dear, workmen were in full work, and thus children of the men who used to be employed, and enabled, in some degree, to sustain the evil. In whose wages doubled the earnings of the family, 1812 there was distress, accompanied indeed by a were now wholly unemployed. He did not wish to slighter pressure of dearth than in 1800, but by a mingle any thing of a political nature with his deconsiderable diminution in the rate of wages.scription of these distresses, but he feit it due to the Wretched, however, as the circumstances were in character of those unhappy persons to state (and which the manufacturing population of the country he did so from the most accurate information comwas then placed, yet when compared with the pre-municated by individuals who did not coincide with sent misery, it actually rose into a period of pros-him in political sentiments) that a more peaceable, perity. It would be necessary for him, and he loyal, and tranquil set of men was not to be found hoped the house would grant him their indulgence in the whole of his majesty's dominions [hear, hear, [hear!] to go shortly into a few particulars respect- hear!]. It was painful to say, that great and severe ing the great staple manufactures of the country, as the distress was in Birmingham and its vicinity, and they would then see how general and unvari the picture became infinitely more melancholy, ed the distress was which now prevailed. He would when they looked at that great ancient staple of first take the clothiers, which branch of trade, how our country (ancient in comparison with the last ever, from accidental circumstances, was not so de- mentioned) the cotton trade. It was well known pressed as others of our great staples. One reason to that house, that the cotton manufacture was diwas, that some of the foreign markets did not hap- vided into two branches-the spinning and the pen to be over-stocked with that manufacture. He weaving; but the numbers employed in weaving was held in his hand the result of statements which he out of all proportion greater than those employed had received from several of the principal clothing in spinning. In Lancashire alone there was at least districts in Yorkshire; he alluded to Leeds, Hud-half a million of persons who derived their support dersfield, Wakefield, and Halifax. He had taken from the former. Their wages in 1800 were 13s. the number of men employed in those branches, 3d. a week, taking the average of one thousand which suffered the most, at 2,360 in August last; workmen. Those thousand in 1802 were paid at a of that number one-third were now wholly out of still higher average, for it amounted to 13s. 10d.— employ, and of the remaining two-thirds, only one- In 1806 it came down to 103. 6d. and in 1808, when third had full work; in other words, only two men it pleased the government to retaliate measures In nine, at the present moment, had full work.-upon the enemy, and to quarrel with their best cusThe distresses in other parts of that country were tomers, it was as low as 6s. 7d. In 1812, when we not so considerable; but in the clothing districts of pursued those measures still more closely, it fell the west of England they were greater than any still further, and was only 6s. 4d. In 1816, a year thing that could be conceived. In passing to the of peace, and while we were passing from that fron trade, as carried on at Birmingham, and in the transition which had been so much talked of, it was neighboring counties, a much more gloomy picture 5s. 2d. that was in last May, and in last January, it was presented; and Birmingham might be consi- reached the fearful point of depression of 4s. 34d. dered as a fair symptom of the state of the neigh per week, from which, when certain customary boring counties, connected as they were with it, in expences were deducted, little more than 3s. 3d. all the branches of their internal trade. Upon al was left to support human life for seven days

When he heard of that unexampled scene of hu-peared from a statement some days since in all the man misery, he was tempted to ask how it was pos public prints, there were now 3000 journeymen sible to sustain existence under such circumstances, watch-makers out of employment; those who had and whether it was practicable to administer chari employment could earn only one-fourth of what table aid?-To the first question he received the they were accustomed to earn, and during the last painful intelligence, that those miserable beings month only one sixth. The said persons also had could purchase, with their scanty earnings, no more been compelled to pledge tools used in their trade than half a pound of oatmeal a day, which, mixed to different pawn brokers of the metropolis, amountwith a little salt and water, constituted the whole tng to 1500. There were other trades in London of their food. In answer to the second he was in suffering the same depression, for if he was not formed, that upon a calculation of what would be misinformed, there were at that present moment necessary to afford them only a slight nourishment, at least 18,000 journeymen tailors out of employa little milk, beer and meat, in addition to their oat-ment. Another symptom of the present distress, he meal, it appeared that no less a sum than 20,0001. a took to be, the great discontent excited throughweek would be requisite. To talk of charity there. out the country by the introduction of new mafore, was utterly out of the question; the case lay chinery. Formerly, when any machines were inwholly beyond the reach of private benefaction, and vented which dispensed with manual labor, though if remedied at all, must hope for remedy from perhaps partial discontent might be produced at other sources. What was the consequence of such first, yet, as the workmen speedily found other unexampled misery? Those poor wretches were channels of employment, which absorbed the discompelled, for their support, to part piece-meal with engaged population with its industry, it did not the whole of their property, from the little furni amount to any thing like what was created at the ture of their cottages down to the cloaths which present moment. Now, however, the petitions upon sheltered them from the weather. They submitted their table, from thousands and tens of thounands to their half pound of oat-meal and their salt and of individuals, complaining of the introduction of water, upon a calculation, that if they sat up one machinery, testified, that when they were once hour longer at their work, they might earn indeed thrown out of one employment, no other was ready 14d. more, a half penny of which would go to the to receive them, and that the capital which was saved purchase of a candle, and the penny would remain by machinery no longer produced that healing effect for themselves; but then, they would be the less which it was wont to do. When sir Rich'd Arkwright able to go through their labor on the following day. invented that mechanical apparatus which had provTo such a frightful calculation were they reduced, ed of such infinite use to the country, though detreating themselves like mere machines, and esti prived many hundreds of their livelihood at the mating by their physical powers, the utmost possi-time, yet no particular discontent was excited. He ble work which they could perform. At last, how- (Mr. Brougham) had applied to two of the greatest ever, they were compelled to come upon the parish cotton manufacturers in the kingdom, one in Sc otfor relief. If from those particulars they ascended land and one in England, for a calculation of the to more satisfactory evidence, they would find in all saving in manual labor, effected by that machine. that had happened nothing but what might be ex- The answer from both was so exactly alike (though pected to happen from the general signs of the neither knew that the other was asked) that he was times. First, he would refer to the great diminu- justified in assuming it to be a correct calculations tion that had taken place in the consumption of and he was informed that one man was made to do luxurious articles all over the country. He alluded as much as 100 men before. No violent discontent, to a diminution in that consumption as attested by however, was expressed at its introduction. But the the undeniable defalcation in the excise and cus-case was very different now; and hardly knew whetoms during the last year. In like manner it would ther to be sorry or glad at the change. Of late be found, that all districts which depended upon there had been an accession to the machinery of the the manufacture of articles of luxurious consump. country in the weaving trade, which, though not tion had suffered first. The case of Spitalfields likely to throw so many out of employment as sir was well known. The population of that place, af- R. Arkwright's invention, yet bade fair to throw out ter having exhausted the whole of the poors' rates, a great number of those already wretched cotton had received a sum with the voluntary contribu- weavers. He alluded to what was called the powertions of individuals (which reflected the highest loom, by which one child could do as much work honor upon the charitable and liberal character of as two or three men. He would tell the house, the metropolis)-fhear, hear!] equal to the whole however, what was likely to impede the further rental of that parish, taken at a rack rent. There progress of mechanical improvement. It was now was an instance, indeed, of an estate in that parish, actually found, for the first time in the history of which paid nearly half its rent in poors' rates Even mankind, that the wages of labor were so low, and the ordinary and common luxuries of watches, the distress so great, that manual labor was making shewed the extent to which the present difficulty reprisals on machinery, that it was coming in compe. and distress prevailed. It appeared from what, an tition with machinery, and making it impossible for honorable friend of his had stated, upon a former even one child to maintain its ground against the There evening, that a person in the town which he repre. diminished claims of two or three men. sented, was accustomed to travel in the watch were other branches of manufacture, such as the trade, and that he usually visited about two hun-printing trade and lace trade, threatened, if he dred and thirty towns and cities in the course of a might use the expression, with the introduction of year, where he sold at least six hundred watches. machinery, and which not even the low rate of waThe last symptom to Last year, however, making precisely the same cir-ges was likely to keep out. cuit and visiting precisely the same places, he sold which he should allude, was the state of the money 41. Perhaps a stronger symptom could not be pro- market. He was aware there were some who reduced of what he had asserted, of the great dimi-garded that question in a very different light to nution in the consumption of articles merely luxu-which he did. He did not know whether the right rious. Nor was the fact by any means peculiar to honorable gentleman opposite (the chancellor of the the watch makers of Coventry. In London as ap-/exchequer) concurred in an opinion which was en

tertained by a high authority in another place; by no and there being no import, and in the consequent less an authority than the prime minister of England, demands for bills to make remittances, the twenty and who was also at the head of the financial de- shillings British was raised between a 9th and a 12tk partment of this country. That noble earl had in higher than the par. When such was the unexamdulged in the most flattering hopes, and derived pled embarrassment and distress under which these the most favorable auguries from the late rise in two great sources of national prosperity labored, it the funds, which he was pleased to attribute, in was futile to expect that such an unnatural state of some sort of way, which he (Mr. B.) could not com- depression should not affect, and severely affect, the prehend, to the suspension of the habeas corpus act agricultural interest. The only difference was, that [hear, hear!] That measure was considered by as in the last year these effects were accompanied by the noble earl, as at least favorable to the commerce a very superabundant harvest, and by the residue in of the country, whatever might be its injury to the warehouses of the former importations of corn, the constitution. But suppose he were disposed at present they were in a degree qualified, partly by to turn the tables upon the first lord of the trea- the measures adopted by the legislature, and partly sury, and ask him to look at the still greater rise in by the advanced price, that the nature of the last the funds after the report of the committee appoint-season's crops afforded to the landholder. It was in ed to enquire into the contents of the green bag. vain to draw any line of invidious distinction beThat report first unfolded the existence of the Spen tween these our best and nearest interests, they cean system, which might be found to have some must be all intimately affected by the progress and analogy with the funds, because, though the land decline of each other, for it was well observed by holder, in that system was to be despoiled, the one of the greatest ornaments of one of these classes, fundholder was still more violently denounced as a and who, from his success in trade, became after. monitor that should not be suffered to exist. There wards an ornament of the landed interest, and from fore, if he chose to assume so trivial a principle, he his great experience in both, became an ornament might with more propriety argue, that the rise of to letters, (he meant Mr. Child) that trade and land the funds immediately after the promulgation of will both increase and decay with each other-when that terrible plot, by the committee, was at least a it was ill with trade land would fall-when well with proof of the total disbelief, on the part of the fund-trade land would flourish-[hear, hear!] The house holders, in the existence of any such plot. He would feel that it was much less difficult to deshould not, however, resort to any reasoning of that scribe the extent and intensity of the prevalent diskind, but contend that the actual state of the motress in all these branches of the public economy, ney market supported the arguments he had al- than to give an accurate outline of the concurring ready advanced. It was well known that there ex causes that have produced these disastrous effects, isted an unprecedented facility in obtaining dis-separating also those that might have arisen from counts for bills at a short credit, at 4 and 44 per temporary circumstances, from those that were of cent. which could not have been procured two or progressive growth, must be supposed to be more three years ago. The stocks also had risen, and deeply rooted and intorwoven with the system of were now about ten per cent. nominally, more than policy that has been pursued. In this difficulty the they were two years since. What did all that prove? better and more explicit course was to illustrate If he saw that there was any proportionate facility his opinion. It was true, from the nature of things in raising money upon land at 5 per cent. that was, it must be the case, that the transition from war to upon the very best security our law afforded-name-peace must have affected many branches of the publy, a mortgage; he might be disposed to stop before lic wealth. Some of a foreign, but the greater prohe stated that that rise in the stocks, and that faci- portion of a domestic relation. There were two of lity in obtaining discount for bills, was only a proof these branches that must have been peculiarly inof the glut which prevailed in the money market. jured by the change-namely, the provision trade The fact was, there was more money in the market of Ireland, and the manufacture of military weapons than could find employment in the trade of Eng- at Birmingham. The distress arising from such land, and no capitalist chose to allow his money to sources, it was easy to understand might be tempobe more than six months beyond his reach. It was rary, but at the same time it was to be recollected, on the same principle that there existed the nega- that the occurrence of this temporary hardship, at ciation for loans to foreign powers. One of these, a moment when a general depression in all the other namely, that with France, had been concluded, and branches, not under the influence of the same causes, there was little doubt but a very considerable part was so sensibly felt-when it was impossible that the of the money advanced would be drawn from the hands thrown out of employment could be absorbed capital of this country. America had also two nego in the general system-when there was such a geciations of a similar nature in progress, with the neral choaking of all the sources of national indusparticulars of one he happened to be acquainted-try, it was not unnatural that distress, under more it was what was called a stock operation, and would favorable circumstances of a transient character, most probably be supplied from British funds, from might grow into a permanent system. We had only the utter impossibility of employing the capital of to look at other branches of trade besides those dethe country in any encouraging speculation, either pending on war for their existence, to be satisfied commercial or manufacturing. The only remaining that the depression was not circumscribed. The point connected with that part of the question at cotton trade, unaffected by the cessation of warlike which he should cursorily glance, was the rate of pursuits, was as depressed as the very gun manuexchange, and he would only assure the house, that factory of Birmingham. In order to arrive at the before he sat down, he should feel that he had en-true complexion of our situation, we must see fully The more tirely failed in the views he had taken of the ques- the amount and extent of the evil. tion, if he would not bring home to the conviction accurately we canvassed it, the more we would be of the house, that what was called the favorable rate convinced that it was of an universal descriptionof exchange, was but another proof of the depressed that it was not only general, but searching-that state of our trade-that it was the natural result of there was not one filament or fibre, he might say, forced exportations, without any import in return. in the whole system of our economy, that did not In France, for instance, owing to those exportations, feel its deadening influence, and was actually inert