[3] [On the 10th of February the Chancellor of the Exchequer moved in Committee 'That all promissory notes payable on demand issued by licensed Bankers in England or by the Bank of England for less than £5 shall not be issued or circulated beyond the 5th of April next.' Mr. Huskisson made an able speech in support of the proposal, showing that the inflation produced by the small note paper currency had greatly contributed to cause and aggravate the panic ('Huskisson's Speeches,' vol. ii. p. 444). Mr. Baring, afterwards Lord Ashburton, opposed the restriction of small notes, but with small success. The period allowed for the contraction of their circulation was, however, extended to the 10th of October.] Everybody knows that Huskisson is the real author of the finance measure of Government, and there can be no greater anomaly than that of a Chancellor of the Exchequer who is obliged to propose and defend measures of which another Minister is the real though not the apparent author. The funds rose nearly two per cent, upon this alteration in the Bill before the House, on account of the prospect of an abundance of money. Still it is thought that nothing will be sufficient to relieve the present distress but an issue of Exchequer bills. So great and absorbing is the interest which the present discussions excite that all men are become political economists and financiers, and everybody is obliged to have an opinion. February 24th, 1826 {p.081}