11 



" at the change of those political institutions which have 

 " hitherto constituted the pride and security of this country, 

 " but at the subversion of the rights of property, and of all 

 " order in society." The Luddites at this time destroyed 

 machinery, to which they attributed their sufferings riots 

 broke out in Lancashire the farmers suffered next thousands 

 were entirely ruined (hear) wheat went down to 64s. a qr. 

 incendiary fires spread throughout the rural districts (hear). 

 The Habeas Corpus Act was suspended and a special com- 

 mission sent out to try, condemn, and execute the rioters and 

 rick burners (hear). The distress continued: in 1820 wheat 

 was sold at 53s. lid. a quarter, in 1821 at 46s. 2d. a quarter, 

 and in 1822 at 38s. Id. a quarter (true). Remember there 

 was no free trade then (hear). The agriculturists were told 

 that their distress now arose from over production (hear and 

 laughter) Providence has been too bountiful, and their crops 

 too good (hear). Again money was made plentiful. Lord 

 Londonderry's Small Note Act, allowing 1 and 2 notes, 

 passed. By loans to government, loans to the landed interest, 

 loans on public works, money was forced into circulation. 

 Four millions were thus added to the circulation. The coun- 

 try revived. Mr. Tooke says that the circulating medium 

 altogether became 50 per cent, greater in 1825 than it had 

 been in 1S23. The King, in his speech, said "There never 

 " was a period in the history of the country when all the in- 

 " terests of society were, at the same time, in so flourishing a 

 " condition." Prices rose ; it became more profitable to the 

 foreigner to take our gold than our goods, and by the end of 

 1825, scarcely a sovereign was left in the Bank. The circu- 

 lation was therefore rapidly, contracted, by the Bank with- 

 drawing its issues, and in December, 1825, broke out the 

 Panic (hear). The blow fell first on the bankers. One-eighth 

 part of the country banks in England, and six of the London 

 banks, stopped payment. They were told that they deserved 

 their ruin : it arose from over-isrue of notes (hear) that 

 over-issue which, if it existed, Government had done every- 

 thing in their power to encourage. The traders and manu- 

 facturers of the country speedily felt the ill effects of the panic 

 of 1825. They were told that their sufferings arose from an 

 over production of commodities. They had worked too hard, 

 risen too early, been too ingenious in increasing the produce 

 of their industry (hear and laughter). Yet the poor in the 



