Peel's  bill  was  in  its  progress  through  par-
liament, except  on  tne  third  reading,  and
it  was  too  late  then  to  enter  on  discussions
in  which  he  had  previously  taken  no  part.
He  was  absent  from  severe  and  dangerous
illness.
Colonel  Dtmei  began  by  remarking  on
the  extraordinary  manner  in  which  the
right  hon.  gentleman  had  come  down  to
comment  on  a  speech  delivered  several
days  ago,  while  he  made  no  adequate
reply  to  wh|^  had  been  aaid  in  the  debate


415;}       and  the  Financial  Meamres/or  Us  lUUsf.       Feb.  15,  1882.
of  that  evening.  He  expressed  hit  sur-
prise at  the  apathy  with  which  honourable
members  who  were  complaining  bo  loudly
of  agricultural  distress,  had  heard  the
paltry  reductions  now  stated  in  the  speech
of  the  noble  marquis.  Were  their  feel-
ings entirely  changed?  Could  they  be
satisfied  with  the  measures  proposed?
The  hon.  member  then  proceeded  to  make
some  observations  on  the  efiect  produced
by  the  change  in  the  currency^  and  other
causes  of  the  public  distress*  He  con-
tended, that  the  temporary  appropriation
of  the  sinking  fund,  or  the  remission  of
an  amount  of  taxes  equivalent  to  it,  in
the  present  distressed  state  of  the  coun-
try, so  far  from  destroying  public  credit,
would  be  the  best  means  of  supporting  it,
especially  when  coupled  with  retrench-
ment and  economy  in  every  branch  of  the
pubh'c  expenditure.  The  remaining  taxes
would  thereby  be  more  productive ;  capi-
tal would  increase,  the  revenue  would
rise,  and  with  the  return  of  general  pros-
perit;^,  the  public  creditor  would  be  more
certain  of  bebg  ultimately  paid,  than  if
the  present  fund  were  drained  from  the
nation  in  the  hour  of  its  distress.
