whether, while our aim was reparation and security, theirs was not aggrandizement; whether, while we sought only to remove certain persons from the government of France, they did not look to the partition? Of crowned heads it was always his practice to speak with respect; but the actions of their cabinets were fair matter of discussion. Under this qualification he had no difficulty in saying, that the late conduct of Russia and Prussia was ten thousand times more reprehensible than any part of the conduct of France towards other nations. Of the former partition of Poland he had never spoken but in terms of reprobation; but the present was more odious than the former, inasmuch as it was marked by the most flagrant breach of faith, and violation of the most solemn declarations. Prussia, it was notorious, had encouraged the revolution in Poland, and expressed the most decided approbation of seating the family of Saxony on the hereditary throne. That very revolution was now made the pretext for entering Poland, and forcibly seizing on Dantzic and Thorn. Russia entered Poland, declaring that her only object was to restore the republic which the revolution had subverted; and having gained possession of the country, in contempt of all her former declarations, she proceeded to divide it with Prussia and the emperor.

Strong, however, as was his reprobation of such conduct, he had never said that we ought on that account to reject a useful alliance with either of those powers; but that while we professed to be fighting against one species of tyranny, we ought to be careful not to set up another tyranny more dangerous. What was the answer to this? Declamation against the horrid tendency of French principles, the subversion of all order, and the introduction of anarchy. When we argued against principles, let us not confine our view to the mischief they might occasion, but consider also the probability of their being established. Were three or four maniacs to escape from Bedlam, and take possession of a house, the mischief they would do in it would probably be much greater than that of as many robbers; but people knew the improbability of their getting into that situation, and very properly guarded their houses, not against madmen from Bedlam, but against robbers. Just so was it with the probability of French principles gaining the ascendancy. Anarchy, if it could be introduced into other nations, was in its nature temporary-despotism, we knew by sad experience, to be lasting; the present emperor was but little tried: but if, as generally happened, the systems of cabinets were more to be attended to than the characters of princes, we had seen the cabinet of Vienna repeatedly promising to the Austrian Netherlands the restor

ation of their ancient constitution, and as often refusing to fulfil its promise; we had seen the late emperor promise that restoration under our guarantee as the price of their return to allegiance; we had seen him refuse it when he again got possession; we had seen Lord Auckland protest against the refusal, and afterwards most shamefully accede to it; and we had seen the governors of the Netherlands making their escape by one gate, while the French were entering at another, declare the restoration of that constitution; as if the moment when they were compelled to resign possession, was the only fit moment for restoring the rights of those whom they were sent to govern.

If in all this there were any symptoms of good faith to give us confidence, the Prince of Saxe Cobourg's proclamations were sufficient to destroy it all. In the conduct of the three courts, we should find all the crimes of France towards other nations committed in a more unjustifiable manner. But the right honourable gentleman said, these were only topics to induce us to refuse the assistance of those courts. If the object of the war were distinct, we might, indeed, accept of their assistance with safety; but, while all was doubt and uncertainty, how could we pretend to know what were their views, or what they expected as the price of their assistance? We were now acting in concert with the dividers of Poland. We ourselves were the dividers of Poland; for, while we were courting them to aid us in a war against French principles, we furnished them with the pretext, and afforded them the opportunity of dividing Poland. We were the guarantees of Dantzic, of which Prussia, our ally, had taken possession. Did we not say, when the French attempted to open the Scheldt, that we were the guarantees of the exclusive navigation of the Scheldt to the Dutch?

mutato nomine, de te Fabula narratur.

Prussia was the other guarantee; but regarded guarantees as little as the French, when Dantzic and Thorn were to be annexed to his territories. What was this but teaching the people that the professions of courts were mere delusions that the pretext for the war was the danger from French power and French principles, but the cause, to gratify the ambition of other powers? How were we ever to make peace, when we were not agreed upon the terms with those who assisted us in the war? Regard for the christian religion was one of the reasons alleged for dividing Poland; regard for the christian religion might be alleged for dividing France. He did not understand that we paid any subsidies, and in

We should then un

one point of view he was sorry for it. derstand for what we had engaged. As the case stood at present, how did we know what Prussia or the emperor might require of us? As Russia had taken part of Poland, might not the emperor take a fancy to Bavaria and the Palatinate? And thus the difficulties of making peace become greater than those of carrying on the war? Add to this, that if rumour or regard to ancient policy could be trusted, Spain would not consent to the dismemberment of France. Mr. Fox said he was the more strongly convinced of the observation he had made upon a former occasion, that in all these quarrels there was a material difference between the ratio suasoria and the ratio justifica, which were alternately to be substituted, the one for the other, as called for. If, as he feared, this war was undertaken against principles, let us look to the conduct of Germany, Russia, and Prussia, and, if the spirit of chivalry was so alive amongst us, see if there were no giants, no monsters, no principles, against which we had better turn our arms. For his part, he had no hesitation in saying, that though France had unhappily afforded many instances of atrocity, yet the invasion of last year, and which our present conduct seemed to justify, was the most gross violation of every thing sacred which could exist between nation and nation, as striking at the root of the right which each must ever possess of internal legislation. The mode of getting out of this situation was by agreeing to the address, censuring Lord Auckland, and thus convincing the other powers of Europe that we would not be parties to their plans for dividing kingdoms. It was, indeed, matter of great doubt, whether or not peace for Europe could now be obtained for any great length of time. The encouragement we had given to the robbery of Poland might be expected to inflame the passions of avarice and ambition. There was, however, one nation, Spain, which had a common interest with us, and with which he wished to see a cordial union against the dangerous aggrandizement of the imperial courts and Prussia. All our victories in the present war had been obtained by their arms exclusively, and every victory gave fresh cause of jealousy. To agree to the address would have another good effect. It would satisfy the people, that the reason for the war and the pretext were the same; and that there was not one language for the House of Commons and another for the Hague. Upon these grounds, he conceived the country under great obligations to his honourable friend for bringing forward the present motion, as tending to call forth from the minister a repetition of those causes and objects to which the nation. had a right to look up for the commencement and con

A

STATE OF COMMERCIAL CREDIT.

April 29.

SPIRIT of commercial speculation and commerce had been for some time increasing in every part of the kingdom, and had now got to such a height, as to threaten public credit with very serious danger. The circulating specie being by no means sufficient to answer the very increased demands of trade, the quantity of paper currency brought into circulation, as a supplying medium was so great and disproportionate, that a scarcity of specie was produced which threatened a general stagnation in the commercial world. In consequence of this alarming state of public credit, Mr. Pitt, on the 25th of April, moved, that a select committee of fifteen be appointed to take into consideration the present state of commercial credit, and to report their opinion and observations upon it. On the 29th, the report of the select committee was brought up, and on the motion that it be taken into consideration to-morrow,

Mr. Fox said, that he did not intend to make any opposition to going into the proposed committee; but if at the present moment, he forbore to do so, he trusted it would not be construed into his giving any kind of assent to the measure. He agreed with his honourable friend behind him, (Mr. Jekyll,) that, taking the evil and the remedy together, it involved matter most important to the country, and of very delicate and difficult discussion. It seemed to him a business of a very anomalous nature; nor had he ever heard of a system in any shape similar, having been hitherto adopted or thought of. But, although he could not feel disposed to give it his assent, yet he confessed, that under the present most alarming circumstances of the country, as to mercantile credit, he wanted nerves to give it a decided opposition. In such a case, he should be apt to be somewhat diffident of his own opinion, if opposed by those who had occasion to bestow more time and

attention on the subject, for whose opinions he entertained respect, and who might be better qualified than himself to form a judgment as to the probable effect of the measure with respect to commercial credit. He rose, therefore, chiefly for the purpose of saying, that it did by no means appear clear to him at first sight, that the remedy proposed would be effectual for the purpose intended; and that as it was, in his opinion, a measure of very considerable difficulty and danger, he hoped it would receive a full and deliberate discussion when brought forward to-morrow. Whether the present calamitous state of commercial credit was or was not owing to the war, was surely a matter not capable of proof; but, seeing the coincidence betwixt them in point of time, those would unquestionably be rash, on the other hand, who should pretend to say decisively that they were totally unconnected. He begged to warn the House and the public, that there ought to be a considerable degree of confidence as to the good effect of such a measure as the present, before it should be adopted. If the executive government was to interfere in such a case, might it not be the beginning of a system of which we could not see the end? If the sum now proposed to be raised should be found insufficient, were they to stop? These were points for the consideration of the House, and he conceived them to be of very serious moment. He confessed he felt a reluctance to a measure so novel and important, and he trusted that every possible information would be brought forward upon the subject.

Parliament and government, Mr. Fox observed, were now going to assume a new character and a new function: they were in their nature, the one legislative, the other executive; but now they were about to depart from their natural functions and to support the credit of commercial houses by advancing money upon their stock in trade. It surely would be incumbent upon ministers to shew that this was necessary on the part of parliament and of government, and that it could not be so effectually or properly done by the bank, or any other great moneyed body of men, much better qualified than the legislature could possibly be, to ascertain the solvency of merchants and the value of goods. He considered this as the introduction of a new system, which ought to be very seriously .. examined, because it might lead to consequences the most alarming. There were two points of view in which he thought it ought to be placed before the House, namely, as it might affect the public purse, and as it might affect the constitution. The public were to be called upon to lend five millions of money to the traders and manufacturers upon the security of their goods and property. Might not the public be exposed