- Measures respecting the Greek Protocol. Correspondence with Prince Lieven. · Instructions to Mr. Stratford Canning. - Communications with France, Austria, and Prussia. Rejection by the Porte of Mr. Stratford Canning's Overture. Success of the Turks in Greece. - Greek Treaty and Secret Article. Instructions to the Ambassadors at Constantinople, and Death of the Duke of York. Illness of Lord Liverpool. Advice to the King on that Event. Corn Laws and Catholick Question. Changes in the Administration.— The Budget. Corn Bill, and the Amendment of the Duke of Wellington. - Abandonment of the Bill.- Comparison of the Domestick Policy of the Duke of Wel- lington's Government with that of Mr. Canning. — Test Act. Catholick Question. Corn Laws. Finance. Comparison of the Foreign Policy of the Duke of Wel- lington's Government with that of Mr. Canning. — Turkey RESTRICTIONS. THE PANICK, AND ITS CAUSES. MEASURES OF THE GOVERNMENT AT THE MEETING OF PARLIAMENT. PROPOSED ISSUE OF EXCHEQUER BILLS.—MR. ELLICE'S MOTION ON THE SILK TRADE. CORN BILL.· -COMMERCIAL INTERCOURSE BETWEEN THE BRITISH WEST INDIES AND THE UNITED STATES. BETWEEN MR. CANNING AND CORRESPONDENCE MR. GALLATIN. In a preceding chapter it has been stated that, although at the close of the summer of 1825, the contentment and good humour with the Administration, which every where prevailed, made the juncture extremely favourable for the election of a new Parliament, yet Mr. Canning opposed a dissolution for reasons exclusively connected with the Catholick Question. At the time when he did this, he was well aware, that the state of things which produced this content ment was not likely to continue, for he, in common with some other observant members of the Cabinet, foresaw that ere many months had elapsed there would, in all probability, occur a financial and commercial crisis, which, by producing for a time general distress, would in the ordinary course of things excite a clamour against the Government. Such a clamour, too, he well knew would be directed chiefly against the liberal part of the Administration, by whom the relaxations of the restrictions of our commercial system had been introduced, and by whose firmness they had been carried, in spite of the opposition of a powerful party, who looked upon such innovations with distrust and apprehension. I These considerations, however, to a minister who looked not to temporary advantage, but to the attainment of lasting good, were not suf ficient to outweigh the injury which the vitally important question of Catholick Emancipation might have sustained from an immediate dissolution; and the appeal to the Country was accordingly postponed for another session. In the course of the November following the crisis, which had been expected, arrived: and a panick, such as never had been witnessed since the fatal South Sea Bubble, shook all commercial credit to its foundations. But before enter. ing upon the history of this calamitous event, the attention of the reader must be drawn to the alterations which, with Mr. Canning's sanction and support, had been introduced into our commercial system. 959 (*** To the merit of originating these alterations, or of adapting them to practice, Mr. Canning laid no claim. They were unconnected for the most part with the business of the department over which he presided, and they related to a branch of politicks, the study of which was of all perhaps the least suited to his taste. Nevertheless they were far too important in their nature and consequences for Mr. Canning to have left them wholly to the management of others; and high as was his opinion of Mr. Huskisson's judgment and knowledge in commercial and financial matters, yet he gave not This approbation to the system of that minister, until, by a careful examination of the principles Yon which it was founded, he had satisfied himself of their truth; nor did he give his support to the measures themselves until he had ascertained, not only that they were in conformity with the general principles which he had approved, but were likewise so qualified, as to be well fitted to the peculiar nature of the case to which they → might be intended to apply. 19(Thus Mr. Canning was perfectly convinced of the truth of the abstract principle, that commerce is sure to flourish most, when wholly unfettered by restrictions; but since such had not been the opinions, either of our ancestors or of surrounding nations, and since, in consequence, restraints had been imposed upon all commercial transactions, a state of things had grown up, to which the unguarded application of the abstract principle, however true it was in theory, might have been somewhat mischievous in practice. The opposite course, however, of entirely disregarding this principle in commercial legislation, would certainly not have been less mischievous in its ultimate results; and Mr. Canning felt that it was the part of sound policy never, indeed, to lose sight of the principle, but, at the same time, never to forget, that, from the circumstance of its having been previously lost sight of, there existed an absolute necessity for applying it with discretion, and care. Such were Mr. Canning's views of the best mode of treating commercial affairs. With respect to them, as well as with respect to political concerns in general, his first desire was in every case to assure himself of philosophical truth, and to ascertain the springs of action inherent in nature. These, he knew, must always be pressing with a strong force in one direction, and would thereby tend to counteract the efforts of those, who, unconscious of the existence of such an opposing power, urge on their schemes in a different, and unnatural direction. |