to their wonted extent, that the import of the raw materials employed in manufactures, has decreased during the last eighteen months to such an extent, our export of manufactures declined in a corresponding degree, and the drain of specie abroad to pay for the enormous importations simultaneously introduced, increased to such a ruinous extent. Sir R. Peel reminds us of the great catastrophe of December 1825, and observes that that disaster, at least, cannot be ascribed to his Bank Charter Act, and that it arose from the everlasting tendency to overtrading in the people of this country. Again we thank the Right Hon. Bart. for reminding us of that disastrous epoch, which, in the still greater suffering with which we are now surrounded, had been well-nigh forgotten. We entirely agree with him as to the magnitude of that crisis, and we will tell him to what it was owing, and how it was surmounted. It was owing to Mr Secretary Canning, in pursuance of liberal principles, "calling a new world into existence," by violating the faith and breaking through the duties of the old one. It arose from the prodigious loans sent from this country to prop up the rickety, faithless, insolvent republics of South America, and the boundless incitements held out to wild speculation at that period by "Mr Prosperity Robinson," especially in South American mining speculations. It arose from all this being done and encouraged by the government, at the very time when the act of 1819, introduced by Sir R. Peel, compelled the Bank,--though drained almost to the last guinea, by the prodigious quantity of gold sent headlong to South America to support these speculations, induced or fostered by the government,--to pay all its notes in gold. This was what induced the crisis. And what arrested it? Lord Ashburton has told us it was the issue of £2,000,000 of forgotten _bank-notes_, drawn out of a cellar of the Bank; but which sum, inconsiderable as it was, proved sufficient to arrest the consequences of the gold being all sent away to South America, in pursuance of liberal principles, to prop up "healthy young republics," carved out of the dominions of an old and faithful ally. Sir R. Peel, two-and-twenty years afterwards, has repeated the same error, by sending the gold to North America in the midst of great domestic transactions for grain, but he has not repeated the same remedy.