The Express. — London, England, 1847-12-04 00:00:00

I qPERIAL PARLIAMENT. HOUSE OF LORDS.—FEIDAT, Bac. 3. The Earl of Snarriescriv, as deputy-speaker, took his mat at Ave o'clock. BANKING COMMITTEE. The Marquise( LANSDOWNE moved that the following peen be nominated a ocestaltbse to Inquire into the causes of thorniest commerciel Metres :—Duke of Richmond, Earl Grey, Earl of Auckland, Marquis of Salisbury, Lord Ash banes, Lord Brougham, Earl if Ellenborough, Earl St. Gerlllll6ll, Lord Glenelg, Lord Beaumont, Earl Grenville, Earl of Billitos, Lord Kineaird, Lord Wharncliffe, Duke of lustros', Marquis of Clanricerde, Lord Stanley, Lord Montiegle, Lord Campbell, andl AL (I RE LANDd) the Lord Presient. COURTS-M ART. The Duke of RICHMOND moved for a return of the number of poisons who had been tried tn Ireland under the 3 and 4 Wen. IV., o. 4, a, 13. He mid that the ace of par. Inman to which he alluded bad been in force for about twelve months, and the object of it was to provide for the difficulties occasioned by the timidity or corruption of juries. He (lid not mean to say that such a difficulty existed at pre sent, but, in case it should arise, it was will the people el Ireland should know that there were latent powers in the law sufficient (or the emergency. He believed the ihot to be that, the moment the act to which his motion alluded was paned, and the people of Ireland found that in case of any tampering with prim, oourts-martial would be substituted, all such tampering ceased at once. The hfuquis of LANSDOWNE had not the slightest ob jection to offer to the motion. He concurred to almost every. thing that had fallen from the noble duke. The state of par ticular portions of Ireland was disgraceful not only to Ireland, but to the United Kingdom, to government, and to parliament. He had no hesitation in saying that if the measures which were about being brought under their lord ship.' notice should not prove effectual, the government would stop at no available means to restore peace and order to the oostatay.—Motion agreed to. Their lordships adjourned at half-past 5. HOUSE OF COMMONS.—FRIDAY, Dec. 3. - The S took the chair at four o'clock, when some members took the oaths. On the motion of Yr. J. P , it was ordered that the house at its rising do adjourn till Monday. RAILWAY BILL. The order of the day be the ethareittal of this bill having been reed, Col. SIBTHORP regithath math that the legislature had eanctieami them meow asemspellee, and would prefer that the bill druid ho posthemed, at wet hr the present. The lram them with Len orrawithee, and clause. I and 2 IMO 1111. In willmenro lle the SM clause, which fixes the p=temigaittes, the Obeweelthr of the Exchequer, is anthog to a window *ma Mr. lioavoite, explained that he n d had And two ea the limit, hosathe on consideration it thew that tbe had hat would entheleat If, however, the committee making it two-and-a half or three years, as he win bed& Rio own opinion, he must at the same time my, was in Lvov of two years. (Hear, hear.) The two years Halt was adopted and the clause passed, as did clauses 4,5, and 6. The CHANCELLOR of the EXCHEQUER proposed to omit datum 7 milk and to introduce in their stead the wing .* - foli rt o tat winesser my were shell hem beir pawed b the rem Neither" Itheolsalliag the taws Mien Irma eye Itheerom Voli ttengrefewer ast war lethally bermodesk ral moths. ea *am tho, mar thememothe el a f ar est, ail mwtherememiliseemowthalen le le this tr Ho memeny Ile the thane sr meepthe el, or sem games temestedAroz leas lyna sr mei be Ilte=eth ends itherig k er or Mealththbf ~ld lif •• Se mews el oath lee" t' mime amps imam Mr Os @dating dthege Of img=ined by szsh wawa "I ra rl s ilir mak . oblethe, MI the grawal i Vat this Meths AM net zwthgaise the dela elrperthis with whom agreemeats e p • ar to ty the atheamt whit lima be pilaw* for their prti bad bum ems* bat vibe aiii& Misr lalury by the delay arbisittith eta wadi aim la tit lag up such property, and pai the meaty an the peat of ale company. lb. PILES also meted the proposed &sage in the bill on the sense groan& Mr. }MOWN admilath that the alteration lad born so math by limool4 bat net with the view of depriving La of *dr NM rigbia Tho CRAWCW.LOR et the EXCHEQUER said that tiau sd les raw ideas. wu ths rune ee that wide\ Mestat the bIL It wu never intastbil to = led pas Se these whose claims bad already buow Mr. A I IILICNET#I/ not agree with the Clutaaellor of the lizehlquer drills sleet s(the prorated obtuse was the Esse Is lie lth dime M Ms MIL The ATTOZNIT.OINIZAL thought the sainUttse bad bear eddy spa thslides4is of compeustisa—that wsa, wheisall be tallied would then be may to draw up a eines la oesiniones wi th dds vbrw. Mt . ornarrr obsousd it was salts ea mew to sap pus that Or astallbsted chew bad beta adopted an the tellislthm albs iheassubis agabe g e si deedyeleal Thy fast Ms emseilasat el dm Amass bad bass sod delmedmed__sgsa bobs el the hew. Rmises) nee hurl o f f. eigestioa Kr. warms wield segars of as eushasat that did not protest hubwass., After kheglitmeskibeamica, Tim Cl.ll. ef Me EXCHEQUER consented to withdrew be* chasm end bring up ass the sopa whith woad same elbstully obviate the sreMtsst ape poled della( faxamism Clam 7 mid 8 Imre o.dinly palpated. Chem 9 basing bees segstived, the prsamUs of the MI was agreed ts, dye beam mmused. sad the bill wasp asated with amsedmewlla Mr. A. STAMM gam settee that in the next stags of the MD he shes Mal the attsstios of the lows to the in tim*. of a dam rafinfely stand by lids maessre—he set the essillisa el Or labrabg dams employed on railways. CIVIL ..-....... r MINT OF MILITARY OFFICERS IN IRELAND. An Hee. almia rid he bad • gee ds. to put to the right hog. bereast the Seerstery lOW Daring . the last year a umber of rail/eery allure boa beta rated to suroperinteadast the raid memos eland by with to head. Keay _et Ana, d 'gel pats their ratan env, ball ben mesa el pa-4w aim We and to haw whether= beta Awe with the emeat el a ateasearatibisf sal of the Mesenanerat of the Baines*. ter W. soil NTILLI regal tat the appeirasele , allude& le WIN aura nerperry, asil bed bees with the sprawl of the Dabs - et Wangles, ea shed As Mentorllesend of the Weenie. COMMICIAL DISTREES—ADIOMMEED DEBATE!. Os the seedist of Lea J. Roseraz, the order of the Say Re resesther the adjourned deists ea eseinercial di tress Magas Tea, The Nati if GILINBTsaid, ken die war ha whisk the Camas" of the libestreer bed spoken of the Beak Charter at 411144, it skit be sorsa that that nate had bees Is sham he bed • elesesey, and that it ha pond Ina a neel neensed amen Bat ant wee the het? Tat neenre - wee bents 1844 sada the warsip of the arealle etammity sad the beans 4 Lease ; it led lived br three short years ; it bad base aegis& by the pemesi peemast, and yet in 1110 the (harper 4 the lizasper heel bees obliged to dna hisellepa eihiL It was lasnale to gie a greater lied 4 as sdairrees i.-.= of this sot dna was slibeitut w eb bed theda _thee* minsi, lb relessli est aenlasa elf wan die eseetry. La mm as 'Pas the nonlaat of free lesieled id, eve to this sway, Mad adi Isollse , big glossa la whit the WWII aid waft elf the eseineer i l i gt: - elhal te Wm a onsionang wham heap Pam ttage. rogini as viand sien tor e ada a hr athipes ease tina leer ken We se ant_a ape seete diest Wane an hal seggensil *wade Annan eabOSMg z pie; edsag asenonmette dee the swasylken dee le vas le i en ist be untest milk brads( • eel vane le~ost es Oil sem inneaste to we enbeansi thresh ilesis ea susefesteren. Let add= Nana dee Merle to the saiseist of 15 or II edam hail setrage4 divas se sethiag atempred to the aNISOIIi stead Intiallied ea the ineatry by as ressinas is es . The we was feet pet I be wee tell the eat el kik ash Ala bass an IT wad seam Ile Masi esnadig.pgal be Ang. le . ram the waft Maas isselles ellies en 411144. . We. F. Minn sea the siesedweet bad beraula int with ash Weal awl demon ; but hes. never (Iffr. Wiles) bed a ade aro experness e : be add tan knows that d wee ast pea. to litelahebr Inquiries by dad isitsestas. esir, leter.) Is (Kg. l, Bring) bed awn. wig atlesths Is as deer masa enteseni of ids Mr be.. Mend the Obeender 4 the Ibeissavert eel. the pant siniesse. bed la arid sempad is ippon ef the area pima Zs eseray, bet, enter a die diminseinea I tight en and bed lad to thews leteresnosi theme bra • sat adman to the set, awl ea the ether. a stale et dowse sod dilisetty width it naked are abeam dna amp to r seeseasr. Metz, bat bear. ) that th He did not reps! that dia &NI the led estheity ey had bees Impeded to Se It, mai he Om& they bei given it et Se pea enissi thee. (Her; herS) wiia it le b. daffy ist thet he threw Mae ell wig Magi, if soy era sell be sin posed to be selsava in sea a gala ; sed be nog at, at the two nee of all ethers was be dal& have thosight the lea arity to be affrighted by light .4 to e "%ere le the law If pessible, were his Mlle his "lerea l t a wbeet the authority bet bees Pm. they gave way be bit 'Alt ana er • nassatier wbi l lV Ne a dangler this bean masa ..„4 way bad has pen abet is a unary treesenien. The sallesits . am it was tiled eir a ast tine, bad enitainge lined is it. (Hear.) Cos , bathe may market ; but It wee asealleeee is a monetar y se be as with either the or missveared to want the widths of 4 Want ramie to either side of -at as without l nieresse to his from his wa say - `s hive either is er the . ig, be bail =tiara& it the dim ihell—wideh lad ben my neek t-.eres tea i by the entelet2oolll4ll swam wall be checked, eire g s dams ea evil east, or / alai the Beak was . la tia r s ta id the a hese Vim.) Meng* basked maid" dean of the bill, ia April last, had admitted that that part of the bill had worked well, and expressed a wish that it should be retained. (Hear, hear.) That was no small point in the lestilts of the bill. Some said that specula tion hod been as rife under the bill as ever it was bin. Bat it was most unreasonable to expect M=of this kind from the bill. (Hear.) We bad Illic ofspeculations undoubtedly ; and on one point, in winner to railways, he differed from his right hon. friend the Chancellor of the Exchequer; and, therefore, though Naves not at all insensible to the evils of over-speculation, bed considerable doubt u to the expediency std. goossurent or the house interfering to check the in let capital In any way. (Hear.) A committee of ;11 .----- mikossi. to me which might We;y be allowed to go thiteerk a= =tiara& to be 'topped. On • former oc asitealie bad opposed such a project, and he was still d the rime oral= - At present, perhaps, no great harm woad rash from throwing owl all the railway bills now waled before parliament ; bat, the moment the house took upon itself the duty of saying that they would only allow so mutt capital to be invested in railways as they considered could be fairly spared from the other purposes of trade, they would undertake an almost imputable task. (Hear, hear.) Another expectation which he had entertained from the bill of 1844, and which had ales been ful filled, was this: he had witnessed the difficulties of 1837 and 1839 ; after a season of prosperity, some accident gave a turn to the exchanges, and mused an actor aal drain on the Bask for gold. The Bank attempted to set the exchanges right, and with difficulty succeeded, and succeeded at a time when the gold in hand was so small that the slightest internal drain would, in all probability, have led to a suspension of cash payments. That was a subject of deep alarm at the time; and every one knew that, in 1839, the bullion in the bank sank tojust two millions. It had been expected that, by the operation of the bill of 1841, the exchanges might be set right, without the Bank being left in that state of extreme weakness ; and no doubt that expectation had been perfectly answered. (Hear, hear.) On two points his anticipations from the act of 1844 had been fulfilled; he wished he could say the same as to the last. He had alluded to the responsibility which might attach to raising unfounded expectations. Among other expectation* was this: that, by compelling the hank to com mence its operation early, and to withdraw the notes Mildly from circulation as the gold was withdrawn the country, the commercial interest would thus be gradually operated on, and those difficulties , which could not be prevented, would be mitigated. The Bank mistook the signs of the times, and ne glected to take precautions early enough, and when the diffi culty sod danger came it made a sort of convulsive effort to save itself at any risk; and the expectation was that by compelling the Bank under this restriction to take an early step of precaution, the country would be saved from those convulsive efforts which the Bank was accustomed to make, and that these crises, although inevitable, would be mitigated in their effects. He, however, admitted that such expectation had entirely failed; but he must confess to the house that be could not yet help thinking that the prin ciples upon which that expectation was founded were cor rect and true—(hear, hear)—and the more so, when be looked at the operations of the Bank itself. Oa this point, to make himself clear, he must trouble the house with figures. He would first take Sept. the 12th, 1848, and he found, taking the figures under the old system, the bullion in both departments to be about 16,000,0001., hut on April the 17th, 1847, there was a diminution of bul lion to the extent of 7,000,0001. He would take the same date" es to the notes, and he found that on the 12th el liipassaber, 1848, the circulation was 20,982,0001. sail et Aril the lf th, 1847, there wes an increase of 246,011111. do =Et say that was a state of figures that he awn dank osuld have been shown under the operation of rho bd. H. irdi Mead to all the objectioes ' whisk bad be= arato by boa. gentlemen, and he thought the sugeolty who had spelma had objected to the bill, bat the gum& of the dgeniens were the most dis cordant. fa then nata tlet could be imagined. He would go late the'„ of the act of 1844, and endeavour to come to the uio us which truth and crosiers =slit point oat; but he could not sit down whitest earasetly esamodsg the boom not to be led away by =Sr wows/ dialhap—set to be induced to make a ems way or tow etbsa, but to deliberate, to im mobile's dm, mad sot to bis mond by the idea that it I woe slimery to do somatbkg, whisk of all the errors of do km= mind, was primp one of the worst, that of be limbs pm most do aotambloss without knowing what you aught to do. They might es= to a wrong conclusion, for =re but men, and liable to err ; but if they decided inquiry, they wend bar orunitted the greatest Cli• anon oda this geodes. (Ileac bear.) Those who bad bees la trade-41es who are as it were from • ilk bed--meow fuel warmly end right speak warmly ; but as the legislators of this tieuntry, if they permitted their teensy tor= away w ith *misjudgment and refused inquiry, dry would coma • gnat political crime ; and if that in spire, mosplod • araderable time, months wore of no con segienet essuegnmd with the of coming to a right deeifigis slimed asalinet Cheers.) Mr. BWMairldslidas t hon gentleman who had ...r e lest eildreesed the home of her Majesty's minis ters far not having brought under the consideration of the rieZwith a view refer It to the committee, those parts to z soaks& vita wen mainly the cause of parliament bag sena Isgsdisr. If that were all, the letters of the miglit yet be sellersd to the committee, but ra l rall ° maim wrist with that. This could not be made • pOrtmosliss, a= *ay right to have brought before ft" , sat lay what the greswateut did, but that which rdil set troy yet, why they did 1_ (Hear, hear.) ....,bpci a : =al pa t aLtr aa w y oul p t d do rom o r show mall shoed lot= Or dale of the Beak at to re e a r i g In bisokle aril hail eposeb,;;lT 7 Qile was adlosed as the UM ot Crilobse_ dot , dam was a part in dr .air, aside t theark 16 ssorion lo take 1 smh aromas ea raider& sort perm to dispel it. It millirem so if it was to dispel some saboadd opreltea. is ; bat di adds pony who and draw was a pore dis ease dr slob of do Beak; did dry sot say that if the =did ad harper, the Bonk weed have lb di Bede plat essegparmsta in two dips with asksi =lib asmdtbs kis • monk whisk was not to seselvo them ? (lles becTheris Ars is the ..ak . dist that of hada T • the metes the 081/11111tabg In alleallilla were wee in theirdlog depsetorat WANK and there 1,647,2701. 1 dap= ; osi spin ad the war—privets depo sits ladilSOL, std pubis . The Iwo= rift might km been t01d 24 hour tbo Bask might bor boss ashd h %WM dtheir photo &po dia, sad, dm they red have bsolomplar try hod sot the men of reed= it—Psear, heas)-rsill dr only abriative voldibove boss to go late the medial is whisk lbritegnar las woo at a dismount ad the dodo wers law. (Bear, arm) Ho did set mess to NW Ow l = mai; net have ....a.5. 6 . sedllee, bed slot bar Wall ths =la la do if the Book had gm kto the mar to sod Mell weeaiold i.. :the I Ibtlt i l lik iflB l 4l. (it *B. 1'41: who had aboard this the bill wee prod haly sesdired what bot ill dirt of the 2 iamb of.tbo bill _, sad woo sot the disk= Orr midi bad it that had art bri a l E=l, (" Bear, bear," from &sod 0. fissiselc) Mr. wry early said, " Iflesner, by the asses d tisk, tow sloe of ball= in the Bask Ike be Reeser to a level sea* anwrading with the meant d its sots in creulatiss ha mess of the 14,000,011 d. hard on credit— what ths loseemy of ths basking aspreasiat shall be a m Eddy in, a= hs ram et solvassy shill be es de sib of its semollec deb =I set id , will pour explebrat be eddy bled." (Ear, Acre) But Mr. Tooke was Ewe osimmas la his What Ake Irving =ld nearly what Yr. Talloslos dose. aid, " This Wag the case, the aboetss woad set have a mom= to Ism Uponla• • doremand spa dreg, raise sash or eiremor as= =dor b moor= oriMoblog via do Iliersdies of deb moseve, th ey mar in dtdr doer as all domes. we dissands. (Hear.) Ask redo meek sliwarstereftit will operate with • domed vialesr ea the dab de m= wbbk m it errs to re, titre pmt ma bar so a= hies GE , hem.) BO= tre oir tbrionsilloss ok o r f Bask notes r o od be fotolbly extraohd, do paws as do suer= of the Iradsal=kon wadi lio atsrmr, dry web eall is deb losaa"— dis had or i. yr.) "It would be within the - o7 — sy it affirdepraat °CIO re =at. would l tassymor be , hear)--asi e 1 wide Ise mail to a sabot ; =dot a l 1 < disabdal wheibra tithe Bask bo k ovilleler Ira. (Her bear.) I. a t e bba whin the deperateat iftstiLl have 6 task= l i to e ttg departmest have so hallo stop . besitt smot dm= a= dierboss thing, I= l.—(bnir druml cad imereer to be allow= to take its dame ; ert de glimmrsirt treed be impoodively waled area m dists ad park so loopooldio • ~ Ha iambi angled at smother time to go Into • Lstnel‘en rof the wends of the different thuds. whisk ile aIpINIIIM at men on this subject—them of Mr. Mr. Norm on the one side and Mr. ?odd= s t=a Cdr , ilfilsoa) who abed way *sly bio dr • kw sights alar, a= ark • wry loth :ailed iss de stat h o s sLk es et s ber. Tbs. domovid as astava, bat as hold so Zyto it. Ho would, bowers, oapise to the par mal=gart wesdaek whether it ems sot horrible to 6 ths ost et Mk mit now stood. Was don no op rsbeerios—wes them sot • rusibility, soy, was than not a mob il i ty of the Illearleol of a amine Muster to the men la pared, sad esti= might not end so smidarorily ? Lad wore they to leave the lassmatile wall with that egrairdes end weight esaporkil as them ? (Hear, Amer.) Ids, threibre.tbsogirthat bar lisketri remarasat mo m s o b i k e um gigs pending the inquiry to provist the menu= ef der birittikg dignities whisk wen lair ram—for theywor set irobbstal---la the act ankh Bomm. bed moss be sellsehd Oa do aillar—de bo ra- Asa mists opkiess—the mars by ordiellog suricaities on rie, subject, do use he wee MOM 111 ISM to the esesinsion, that the add 1644 was Assti in . utak.. awry, and that it woe penicularly WM. is do m , u !ion of the flank into two departssese, coed-bi as, a limitation of the circulation to 14,000,0001, ((12 = . .7 There Ina one point which he contemplated more than common dread, and that was Ist ly the failure of the act of 1844, men's minds would be horded gm to =tar the bandation of the monetary system whisk MI been h)ld b 1519. (Hear.) He should be sorry to re the public =ad easing round to that polat—(bar, hear).4ol be raid sot believe the kw would am= to =ego de 1 edratoge ot cash onsets= But, at remst, the bet rid trot Sim they raid do =old be to mom the =pod ussie fait MINNA t h e dismotion of the Bank, iambi whoternsords t darned at maim, giving oak be 0 _d skis e aressidis yea by sewn* th ee ameba slass =id de mast pads I= Id bib& (Cheers.) itraVaiiime — i — • IbTraw 11 j I be. iliab_W 1141111 S i r, lose.) Wiss lb t t wee met a 11.1 dimes compelled them to him ea bility. But thie Odes ws laws rmaladat ear ammetet et the 5/11 of 1544, Art Is grimily ellibled the abaft , 04 had boa robral b 1 a harder Irk to mine am (Hest.) or .) thiamisa. b. 1 4 1 I the bria=bret dew the hm_bat ma lib =tit Uill —i Glisva ill IA Ili 1 lbsi ga c Tbs bid belblei b illomiss- = sesua l r ible b a r bal ltr y sesions to Ms Iti I=ll l rbsetb=s: l 4 • • r • - - . _ THE EXPRESS, SATURDAY EVENING, DECEMBER 4, 1847. Lord J. RUSSELL—We bars Weal the PON" dia. cession, • great variety of views prlmPAllsoSts Co me naturally topic., hays been touched on which MS . also sm. within the 'cope of the debate. We have had novelties of opinion, and • greet deal of discursive disquieltioa ; but I am happy to fled that, in thilow lB B the right honourable gentleman, I follow one who has kept himself within the limit& of that which is properly the subject of debate, and that he hoe given opi nions which, whether 1 differ from them or not, must be viewed with greet respect, coming as they do from • person of his experience, of his ability, and of his knowledge, both of the constitutional and financial history of the country. (Hear, hear.) I must however state at the outset that the conclusioa to which I "hood wish to bring the house is very different from that which the right hon. gentleman seems Co have adopted when he prayed the how* at ones, whatever else they might do, he the conduct of the government blameable or praiseworthy, to do sway at all events with the restrictions imposed by the act of 1844, and for the interest of the country to give security to the mercantile class. Now, I must say that as regards this house, considering the difficul ties of the subject—considering the perils to which we have been exposed under the system to which the right hon. gin finnan referred—and considering the differences of opinion which now exist, it would be very rash in us at once I. de cide without inquiry that you would abandon theaystem ' which was adopted by very general consent in 1844. But, in order to give confidence to the mercantile class, his proposi tion is more objectionable became, se admittel by the right hon. gentleman, you may come as the result of your inquiry to some modification of the act of 1844 or to some other re salt, with regard to the monetary system; and what the right hon. gentleman wishes, in order to give confidence, is this, that you will abolish your present system, and repeal your existing law, but what you put in its place dull be matter of doubt and speculation for eighteen months. I cannot conceive any proposition which would tend more to create distrust and doubt amongst the mercantile class, and which would more induoe commercial men to say, Let us Anse in our transactions, let us abstain from giving orders to our correspondents till we know what law is to be substituted for that which has been abrogated. (Hear, hear.) Locking at this question without any consideration of party polite, I think our survey of it would be very incomplete indeed, if, looking to the immediate cause of the meeting of parliament at this period, we did not likewise look to that which oc curred before of a similar character in different pintoes of our history. Within very few years after the passing of the act of 1819 this country found itself in • state of very greet prosperity. That prosperity, owing to the general inflation of credit, led us, as it had done on previous occasions, to int ' provident speculations, to various plans and projects which, ' as I think Mr. Canning said, soared like a balloon filled with vapour, but which the slightest puncture of • pin might bring to the earth. The period whieh followed was one of extreme danger and alarm. Those who had the management of the Bank oonsalted Lord Liverpool, Mr. Huskisson, and Lord Ashburton. They could not have better advisers, but the state in which they found affairs was such, that, as my right hon. friend the member for Coventry (Mr. Bike) stated, and as Lord Ashburton lately described, the governor of the Bank of England beard with delight the striking of the clock on Saturday which gave the Bank time till Mon day before they would be called on for any more bullion. The result of the consultation on the Sunday was that the Bank was advised, with the small amount of bullion In its coffers—stated to be 1,000,0001., but in the opinion of Lord Ashburton much less—to make • very hirers issue of teak notes. That was a bold and wise coarse in a great emer gency, but, at the same time, no person would wish that the country should be again placed in such danger; and though we may have escaped in 1826 with a great sacrifice of property, though we may have escaped the ultimate rash of the Bank, yet if sachet:rine were to arise again, the result might be more fatal. (Hear.) Every one at lemet must wish that such a eataatrophe should be averted by precaution rather than meet it by so deeperat• a remedy. Again, in 1837, there wits considerable panic and distress, owing to the state of credit ; and in 1839, as stated by my right hon. friend the member for Portsmouth, we were in such • state that, if there was the slightest internal drain, there must be a easpension of cash payments. Now, this was a state of very great danger, and it took plies under the ope ration of the act of 1819. I will state to the house the amount of bullion possessed by the bank at these two periods , and the state of the circulation. In the month of February, 1 1824, the amount of bullion in the Bank was 13,810,0004 ; 1 the circulation was 19,736,0001. In August, 1825, the bul- , lion amounted to 3,634,0001. ; the circulation to 19,398,0001 so that, on that occasion , while the bullion had diminished upwards of 10,000,0001., the circulation was only altered by 300,0001. In the month of March, 1838, the bullion in the , Bank amounted to 10,015,000/. ; the circulation 'mounted to 1 18,800,0001. Is September, 1839, the bullion amounted to I 2,816,0001. ; the Bank ciiculation to 17,980,0001. Thus whilst the bullion was diminished from 10,000.0001. to under 1 3,000,0001., the circulation only diminished 640,0001. New i considering that such was the condition of the Bank 1 under the sot of 1819, and that its effects had been I such in 1825 that Mt. Huskisson declared they were within 1 24 hours cola state of barter, and that in 1839 we were in I such a state, that the slightest internal drain would bays 1 canoed • suspension of cash payments, I do think it wee not i surprising that a oommittee of the house should have recent- I mended—and that the government of the country should I have, in 1844, endeavoured. to find whether, by some I alteration of the system, that which all persons who i consider the subject on right principles wish to pre- I serve—the convertibility of Bank notes might not be I made more secure. Now it is my conviction that to , a considerable degree the government of 1844 succeeded in giving . greater security to the convertibili= beak. I note, and averted moose of the evils which o have oocarred during the late pressure. This, I think,V Tel lows even from what the right hon. gentleman (Mr. Hee- ' Mies) mined to. Ia 1825 and 1839, if the &ern had gams en * little longer, ft would have been Impassible to give es et the Beak ii England. But there was no such danger at the present time. The amount of bullion in the Bank diegalthed Ikea 18,000,000 to 9,000,000. I will not now discuss whether the Bank &mild not have taken pre cautions ban August het But, in the month of April last, a very remarkable letter haying appeared in the Timm, showing the continued drain of gold whisk sea rims an, and ant this drain all moped on the della Bank, and le as way on the dinnamt se armadillo, the Beth dire lausediataly began d es= their seem* its • peat extent they li m ited their and tram th e me th damn to the am ity et hen, the rthelatiost was dieddeked ta 1 ,0021. At dint time them was madderable distrust pals • I be lieve th at Mtke Beth dinette bed ast sere %hai they pro ceeded ht therms amuse theytheild Ware the provisoes of the ed et 111% they wedil lthe aimed th e draln el ' geld te re an, end we drill then lave bad, as an two thaw memdeea still maim eases lte alas. La pint at het 11,000,0001. or SADAO& ia geld is the ' lowest mesa whiiit the bank bas Mid, sal this has pre- I venad OM emvehlea wish:hyena am oseurrlag ea the ' hmse thishms le which I him al aid. Bat there is an ease nudism la which I de not with to give any *don, md whiolV I think, Imo rehired to die mtheleees, in miler that may eeeerteia whether any hellsee pesan thee ma be . (Hem liar.) The right Isen. gentle men Ms Mitred to what took place la the thath it Oses• bar. thee ageelally to the latter which mq Sight hem Mend ithe Ohnesdlar ef the IteiebetEase) wide im the Path, and he says that we have ast dead the eiro nmehmess einewstwi with that Islam I thought *dam righthaa.hiendhaillated those sinnuthethes may dearly and k great death bat I will, nemethelem, myself M e tr e to the min features of the mat There had beam in the year 1846, as in the pears MS sad 111811, a veep toe =state dibbles. There was ene in abandons of draft rummies were anxious to piese it out at 2 per mat intend, end mad hardly obtain area that. Con weerinthr with meth a rate of interest there was a great seek, isig she new edema ler advantageous investment, amen maid, mime them been the ms, by a daemons, and wadi spirit of epedellea Now I do not mean te ger that it il matter of Nam that el regards many or th r a i r s 2 6llll those who seithd into th em had not solid Ike ' their waddles'. I remember Mr. Tierney's maths is this Imam, with lb natural shrewdness, that the pinta who, OM 'ma h • 111111=1•01, may have been the pet bdme la ""ell at:e i lt te reelmen alba is sOled, MK pad= &teak Meath dhio. One piths may be me* ememefal la enth elation; easibm, The had hiss* reasanalths may be era* deeded by • them of fortes* AIWA/ ether this. the emend lest year what mad be Impaledld blame either is the permanent or to the parties imam • dila* sonotensd, • very peat failure of the path ever. In ties beginning et this year w• had greet symptom et the reaurreacs et Met thews ; Letters make 111 WI all parte of the °many datin that it was amnia mdthg its ramps. I .ftesgra it necessary, ma the whole home aped as te the assamity that the sew km timid be suiraded. Mesa poems *Midas. It wield, the Simi wadi be • With pint et tam aniseed hate vary arso span- Law hi diagonals It so herreset asese hewsmetet ed ry s the gesthess d Panthers the potato the teldin • fortnight thee the unfavoarabie esseente thee Let seeded; and, althengh we had • brewed meths, the mama weather was se &thimble, that we bad net wily a plentillei bet an may bervna As a mama •••• WWI WI Ansa loved for a very deer == il e me in whith the ;thee was considerably daprassil, and theipsidator embinnioß ft for anything like the Ina wide bolsi Pan al iii, That is am resent why veryeameldenabis thetretreltil men the mententile world. The caabloodon of Mbar avione. metalling together, led to that Which me shine amid net bur awed to produce. Take the ease of the maws? speddlem. I believe that, if this waft had Imelleisg. spesially if we had not had des ma- ham of dim hew it eb wei t i l id ratO cop d last year, the en itionsi =n sa lave bees kept within due amili s r=not lava bean hod too great ter the lean espial of the countri ss ite m o i r e , bear) But when 1 to m lionnia railway a yea have to add =L pill 'OM an d eett se doinuilinar tending le Ow no Wy he Mather si rise the he wink aumoula world hlt the ilikalty of p surp rocur Urania ; 184 1 84 beano manse ; that that which, a pas ase, We es be had by skean an one at 1 or 2 per ant, sail na be had at 6,6, or even 7 per cent. lona art pug rialionsionan in the whole of the com =Mai ankli Hir eim e s k, let es look at the position of the Sink Wltiong say positive or dogmatic opinion tam dr oahlia meg say that it has been the decision of polkaing hr a wiry p eriod that we should not embark mthe iloopione e • state currency, (R aiz, h ey . ) we plass the thimbles of that part of the currency whisk maim at prof easitealtble into cola in the hands of a gnat bank, whlth eats le • aft& dent, a momly, The, Bank diailiii, onlighell et _Pekes who to hi usre iniss nagnally ammo perform all the ordi dlitimulit aro Oho booot rizikli tors; they endearonr t ai,,y, gliw A gas. dada =rest of the day, and hw pintas t u s k a the MMus* which they pursue with regard to onnaamie lo para. Now, without enter ing into general (ovations, with regard to what is currency and what to not, it is evident that a great part of the trans actions of the country are carried on by means of mercantile paper, that is, by means of bills of exchange, which are dis counted and rediscounted, and go from merchant to mar chant, and from manufacturer to manufacturer, and that a large proportion of the transactions of the country rest upon the credit which is due to that paper, and to the facility with which it is passed from hand to hand among those who conduct the industrial occupations. But when there arise !failures in the mercantile world—when, owing to the tin ! enmetanc• of envoi the speculations, whether justly or not, being sinsuoomsful, one.houscafter another fails, then begins distrust; then, the commercial world in general, not know ing exactly which house will stand end which house will mu, refer to the Bonk of England as a great state machine— , a machine to be put in operation for the benefit of the public ' and not for the benefit of the particular proprietary to which it may belong. Now, sir, I have seen an illustration of that in the language and co nduct of the directors of the Bank. On many occasions I have observed that if they had only to consider their own interest, they would hesitate very much in giving discounts, and they would act like prudent private bankers and firms in general, merely for their own supposed benefit. But then they are told, " You must consider the interests of the public ,• everybody at Liverpool, Glasgow, and Manchester, is looking to you at ' this moment to support some great firm which is in diner of suspending payment, or some great bank which is in peril of stopping— the industry of the whole district will be sacrificed if you do not interfere." I must say that on such occasions the position of the Bank becomes a very compli. cited one. If by any contrivance of legislation or of administration we were to provide that the Bank ' should at all times consider the interests of the public, and not alone those of itself, or if, on the other hand, the public were generally agreed that the Bank has nothing to attend to but its own interest, and that, on occa sions of distrust and discredit, no man should go to the Bank for any other accommodation than he would get as a easterner in ordinary times. In either of those cases, I say, that the duty of the Bank director, would be simple and the problem easy of solution. But acting at one time, as it is natural for them to act, employing the balances of the exchequer to ob tain a mercantile profit, and then being suddenly called upon to consider the great interests of the state, their situation is ' difficult and perplexing beyond measure. (Hear, hear.) I say, therefore, that although it may be said that at one time they ought not to have fixed so low a rate of interes t, and, at another, they ought to have lowered the rate, I that it la desirable that we should make every allowance for the double ! duties which they have to perform—(hear, hear)—duties which have been imposed upon them by the state, and which they could hardly perform, so as at once to satisfy the state and the proprietors. Now, sir, what was the posi tion' which the Bo o k held in the beginning of October. Let me say, once for all, that I do not believe that the act of 1844, or indeed any other act, with regard to the currency, which the legislature may have passed, could have prevented commercial panic and difficulty. We give nearly all our measures credit for more than they can possibly perform. We give them credit for doing that which they are not likely to do. This has been the ease with regard to ca tholic emancipation and the Reform Act. (" Hear," and laughter.) Let me say, in a parenthesis, that while I think free trade produces, and will produce ultimately still greater benefit to this country, yet the benefits of free trade, like those of every other measure, have been exaggerated by those who have been its advocates. (Laughter.) I shall say this, not as a particular, but as a universal truth. (Hear, hear.) But to return to the immediate subject of discriusion. What we had to hope from the act of 1844 was, not that it could prevent com mercial panic, but that, when commercial panic arse, the currency would not be in effect destroyed, and the waver tibility of bank notes into coin would not be lost amid the prevailing commercial eonfuaion. In that respect I think the act has, in the main, been successful. The right hon. gentleman says we have not said what was the state of the Beak when we proposed to interfere ; and then, contradict ing his own assertion, he proceeded to read it from the Gazette returns. The state of the Bank was this : If, at the commencement of the month of October, it had considered merely its own interest it would have allowed the paper which it had lent to be repaid without making fresh leans, and It would then have been in a state of security, having a sufficient amount of reserve. But, pressed on all sides to afford some relief to the suffering credit and commerce of the country, the Bank made large advances to houses which they considered solvent. At the middle of the week which ended with the 23rd of October, I began to think that the chief difficulties had been sur mounted, as confidence was beginning to prevail in London. But there suceeeded great panic and distrust in the country. There was the breaking of a bank at New castle, and a run upon another powerful and wealthy bank in the same town, upon which the industry of the whole neighbourhood depended. The gentleman who was the agent of the Bank of England in that town advanced to the letter bank all the gold that he had in his poseestiou and, in addition, he sect to Leeds for 40,000 sovereigns . T his bank got over its difilculties, but there were well-founded rumours of slake difficulties in other parts of the eseng. The Ono of the Bank was then what the right hem. has stated. While the bullion in the issue 'WM 7,865,0001., the amount of the notes and lei On ea r n taken to ether was 1,994,5181. the note, ohm emerealeg to 1,847,2701. Now under these eirouwelemso l eggemed to me that if there should arise imam feed egew Win and similar pressure on commer- aid lbw la jrz ti er w areat citi, awl applications to the Beek flie be reused , there would be mil mil but a amend eaavehlee in the aaaaw sdile wild not fail to ant very mask die metro - tioves the Bank itself meal lamtly be safe. Sir, Otis Bank was not that teldelil have stated ; ac ceaveyad to • inset switressana nnarsh. ereithas they could comply with the paimilevas el the law Aid nelatain their position. At the same Vass the governor With, Bank frankly ceedismd to us that if Mei iris as than le whisk I have Oudot should arise, or wash es bed m eowed at Liverped • this while Deice, they mold am give further sammodalka, sad tbe sto = i tt ia mo= siliged still hater le raise the =re. N time zl im ular ea i e n tro ar r u res. we presetetreretti Ilia was we to arise tem the penal of the Bank re =which mast have impaired ia the aortae of the fol. Friday, it was semeary to adopt some easerdinesy smasese. I must of in the seas say seasWs dare the of our so sam th bas hardly lam hunted- (Hest, lawn)) My hon. friend the member A w e Tower Sm. ima fed, indeed, day memo &ebb ages that premed =maim bow ossersed dam Mat Ms in tee bed MEM* wiya that the Of lea was osier latsd mar esia sq and that Mist* ft was mess madly shwa& with mils, cis evils were much less than them al* would hove sembei from a contrary 110121111. Mom km) It has beim said we waght not to have sea dosed saggemisalar rate of Istneet. I must makes that I had base my eyea, dories the whole of that swam peak the Meier list by MU hiss step we might message mahesded speculate, sad thus sloes Or marothie *errancy is tee greeted danger. t oesasmt we lid the eteluiagee is ear &veer ; gold via tonsig fas and, it was probate, it are had been thee, that ow Maoist say osteserliatry aware, the Beek wadi bare bra_ is. • mean be ertlesd Ms discount, sad to On tanks, adrenal assielar M oroammos, bet than we bid the her Mao our eyes lest by any im pudent mean of cow ins p e n= the course of the , sad • state of things from = mi n istri s, de te weeps without, on the ewe head, a midis emiesstim ef the werresey, or, on the odor, • empesale• of esek mum& It ma ra dar that =4on that I, he my part, willimpy arced we 1:1 e i the step, which I at eme admit lobe toetrazy to a tele, et tommaradlag • Wt mss el ram to be tabasd bg the Bra. It sosata le ar the abst of dir=asall ii g r all to D i l i are cob be Ma lass 11 Ms gmmeare he distimM, s add astir mdblindla would t he saw likely to aim 16 arabis add the at gold would emedeig at Ow. Them, la feat, ire bees, ea we emmiel wall be, the molt. The Mini of gold has Wads reserve la the Boa is mew as ism, I bare Om da airy& I hies do madmns_ vast, If ve balsa r abi reilliga I mo dmisibed, the mom sosair Ehave owslimedi edged, _Wine they would. Om ms to ream omilimos nniengleing Sae is Ingo tiotoolaßoa sail keit swat believe it vM be fly Aiwa Mot ma moms vas gar sessual. Hitt asset debt Ma. imihmat who spis he Il ia Mby aids romm paha the rem oras id lbw we lam ereps4 ola may guard di in elms. $ e ewe without Axing any ne imam of the Beek; sad another bon gentle. a to swum Ste linatiegilles (Yr. T. Baring) likewise eat» the ether eight le tell his whether maid set • M am/ s i n it ail plow liberty of essidog grim emmeerme el the assatey, sled& dry be ills hod to require ma orris m at a Arm rad. Now, dr, when I am asked these questions, I am obilged to in quire in return whether than knowable gentleman really have fixed in their own ands what they wish to do, and to what end their propuitims want lead (Hear, ham.) They are both ad _ Hoer of • wareasy seavertihr isle gold upon demand ; they maid at with ohm al dried - the recurrence of a seimpsioa of mash mama by the Beak. (Hear, hear.) Weli, than, ma mar Oa litst Ore mast be some mode by whisk that reserreme mast be promated ? (Hear, hear.) Tot may say Om ibe andi• c:mttety the hill of 1844—that the greet somarmisi erected by the act of parliamat—is arm sail mischirrow ' • but you swot help minimise that toss , must be a ce rtain degree of deem sashed by lbe Desk, or else that it will be to rasa mast the mks chiefs which led to mewls= on *OM meatiem. (Cheers.) Mr. Pitt, vissa be smeared large hem hr the Bank, during the long pried is which he astathassesd the dr a i n o f this country, trd to MVO lONEIIIIO al& sores which the sot approve. Bat Mr. Pitt never meant that these assesses amid had to • suspension of oat Imam (Hear, bow.) It was surely no part of the say of • statesman ke eon I ducted the affairs of this ovary with so mush skill, sail I with such steady aim and purpose, to resat, as ea ultimate meollatoi to a enemy not payable ups dowsaL Neither, / w III gameme M es was it hh Amin le irk Massif at that point whim ha 1787 is tb• milt of the operations of • war, he was lead by iimamatemes to resort te that ex , u m . =due* AMMO 1011181110. (Cheers.) And if this were so, let vs, dr, MN. that the mas danger whisk our incurred in that indent by reqdriag_heavy kom hue me Bank for the use of geleensitent, meld be equally immed if you laid the Bank ems is the &meads hem amemeelal houses for the purpose el Offilgoefieffi fie patiflas 1111 their credit. (Cheers.) Yet this is dr - seam MS Ma. glade men would advise us to panne. (Rama asses.) How ever much they may abhor the idea of • sympeades of ash payments, Use measures they would propose, with oat meaning or intending it., would necessarily, from the lax administration of the 13enk, lead to a state of tisii white meet reek either in a contraction, which would rain half the commercial houses of the country, or else great a n a e vi sit suspension of could a, e c r a u si averted. (Muchpayments, c liy heer eLh g ic ) h a A lon ri e gh eo t honourable gentleman has spoken to-night of the differences in the opinions of writers of great ability, and of great ex perience upon this question. Now, I do not wish to enter into the matters of theory discussed by Tooke and Fullerton on the one side, and by Mr. Jones L,yd and Norman upon the other. They have all discussed the question with great rigaLbil4d,,tobieuwtthstlenit.i.,t thewhi cli pt i t i al eer n o ns fewth us ... far ßthan m e oie reco th w en ommw th , eid e n i td r h th own eo- ithh these writers differ as to the act of 1844, I find no greater difference between them as to the way in which the principle of the act should be carried out. They are agreed that whenever the bank finds the drain of gold going en, and the exchanges becoming adverse, that it is the duty of the Bank then to take measures gradually and prudently to stop the drain, and to keep the Bank in a steady position. Both Mr. Tooke and Mr. Jones Loyd are agreed that this should be the end the Bank should seek to attain. It may fairly be a question whether by the enactment of 1844 you are able to attain this end; but, certainly, there are none who have ever thought much upon the currency who have not agreed, that when there is a drain of gold it is incumbent on the Bank to adopt a course of pre deuce. It may be doubted whether the act of 1844 stif ficiently provides for the exercise of that prudence by any certain rule. For my part, I think, that en these subjects you not only require a rule, but persons who are impressed with its value to administer that rule. I concur, therefore in what was said by a right hon. friend to-night, that On; committee, if appointed, ought to consider, first, how far the 1 provisions of the law are sufficient ; and second, how far we ' can obtain a steadier administration on the part of the Bask, by preventing the control of parties who attend the meet ing of directors only occasionally, and who hold varied opinions upon the subject of the law. (Hear.) But whatever the house may do with regard to this in quiry, I hope, sir, above all, that it • will not consent to adopt the advice of the right hon. gentleman who spoke last, and commit itself at once to a decided opinion. Although, as he justly said, from the year 1810 to the present time, this subject has emplJyed some of the ablest men of England--although it has been directed by the views of Lord Grenville and Mr. Huskisven, of Mr. Horner, Mr. Canning, and of some of the ablest living writers, yet I be lieve that on a subject so difficult, so Intricate, and so im portant, there are still many and most potent truths to be acquired. It is possible, should It seem desirable, to make some modifications of the great plan of 1844, n order that the eurrency of the nation may be worked more steadily and securely. (Hear, hear.) That is quite possible, should it be desirable. But, air, 1 must say with regard to the act of 1844, that I do consider that act to be a great improvement on the seta which preceded it—that I do belMre it has, in a great degree, answered its purpose—and that I find, since it hs i been in operation, that we have never been in that position in which the Bank was likely to be left without a single sovereign in its coffers. (Cheers.) Though the act of 1344, therefore, may not have cured commercial convulsion, it has done much to keep the currency from bring affected by the evils attending com merce. (Renewed cheers.) Holding this view, I beg the house to appoint a committee to consider soberly and . calmly the whole bearings of the subject, and not by passing any sudden or precipitate resolution to cause mea to doubt whether it is the intention of parliament to maintain the convertibility of the paper currency and to preserve the metallic standard of the nation. (The noble lord resumed his seat amid much cheering.) Mr. J. REYNOLDS said that in the course of them de bates attention seemed to have been directed exclusively to the effect of the act of 1844 upon England only. He had heard nothing said of that act as it affected Scotland or Ire land. Soon after the bill passed, he, es a member of an Irish deputation, had an interview with the right hon. thrown on the subject of it s operation ; but all that be re mised from him was a display of the extreme courtesy and great patience for which, as he understood, the right him baronet was so peculiarly remarkable. (A laugh.) Hs could testify that the operation of the act a 1845 had been most injurious to the Bank of Ireland, and as a matter of consequence to the commerce and trade of that country. The right hon. gentleman (Sir R. Peel), indeed, had, in an interview on the subject, when he complained of the restric tions imposed upon the Bank of Ireland by that measure, reminded him that the Irish hankers could issue notes to the extent of their Million ; but, as a practical man, he urged , upon the right hon. baronet that toe profits of the bankers upon circulation might very well be more than balanced by the loss upon the locked-up bullion. (Hear, hear.) It most be borne in mind that banking profits arose in a great degree from trading upon one's credit, in contradistinction to one's capital. ((treat laughter.) Before this patchwork legisla tion came into operation the rule with bankers in Ireland had been simply this—the entire liabilities of the parti cular bank to the public were calculated, and then, in times of ease, the minimum amount of gold and silver retained to meet thole liabilities was one-third, or 6s. Bd. in the pound. This rule had been found to work well ; and it had yet to he proved to him that the act of 1844 for England and 1845 ' feelreland had effected any improvement in the matter. As an Irishman, he would more emphatically all upon the legislature to release banking in Ireland from the oppressive restrictions to which it had been subjected, restric lions which, in their consequences, imposed upon man an Industrious, struggling, farmer or trader the payment of y full 15 per cent. interest for advances. Sir R. PEEL then rose and spoke as follows—Mr. Speaker, I treat, sir, that any observation I may have to maks on the 1 snai,ect now under the consideration of the house will be in that temper and dispassionate spirit which 1 I characterised the speeches of the noble lord and his right hon. friend. (Hear, hear.) I cannot but ewer, in IMMEMOM MOW. Me imam any, my ,lasses at the return to this house of my right hon. friend the member for Stamford (Mr. Herrin), and my congratulations that, by that return, the house will have the benefit, in matters of this kind, of his great intelligence and great practical ability. (Cheers.) Before I address myself to the subject--the im mediate subject—of debate, I wish to clear the way by a reference to a charge that was made against me last night ' by the hon. gentleman the member for Stafford (Mr. Ur quhart), and which has been repeated to-night by another hen. gentleman—oertainly in the most courteous manner in which it is possible to prefer an accusation. The charge made by both those hon. gentlemen is this, that in bringing forward the act of 1844, as the organ of the government, I gave a public assurance that the bank mg establishnents of Ireland and Scotland should not be sdbeeell, but that the bill of 1844 should refer exclu sively to this peel of the Vatted Kingdom ; and thehen.gen- Unman, the saber gat thethed, went so far as to say that an insidious siestose had been taken of Scotland—that the cupid= and Judaea, et the people of Scotland, which had been peouliarly excited en the subject of banking, had been allayed by that mommos • and in figurative language the hoe. radices& added, that the banking system of Scotland had reabolleth me a stab in the bath The hon. gentle man sappeated that sharp by a retinas. to the first clams of the tat of 1844, nag hating awated that I had pub licly &mend In 1844 that*. bank2=tem of Scotland was not to be in the by that act, he asked what would the el the rigid hon. gentle man, who, having that amenthr, heisted in th e set surreptitiously bet alma which provides that me beak in any pert of the eked Kingdom which op to Kay, UM, did not hem seem death' not be allowed to issue Asia for the future, and the ben. gentleman went on to quote from my speech the peeler In which I said " Of Ireland and Scotland I have made no mention proposing to reserve for separate legislation the stets of the currency in each of those countries.' From that statement, supported on each authority, the house might naturally have inferred that the accusation was well founded, but what will the house think of the honourable gentleman who, having read that passage, omitted to reed the next, which was to the following effec t? " The prohibition against the establishment of new banks of Write will extend both to Scotland and Ireland, (cheers) both of which will be ia dthed in those enactments, which will require the perfum eries for the future of certain conditions peoliasinary to the Issasiag of new joint stock banks." (Fleso, heir.) Could then be, on the part of a minister Waging keened a merman, a more distinct and heath swarth that, =the currency under 61. was to he thesread and in Ireland for separate bighktion, yet that the not, es applied to this country in theme to the prohibi tion el new banks of ism 'heel& aka to all parts of the United Kingdom ? (Cheers.) lhat, moreover, not Daly was that eratermat given by a speech, bat it being no emu to bawl the bill a prolhelasey thoshatiens, to which the moth of the lame lanaes, he n t eighth rem- WSW. mildsk I moved on the whoa I l i t forward theillosslite in sed which ties me truly ese tstsy hoose—sot oa tha Wight ft which it was aim* Dot after the thawed of ism age—sher it had hew printed and eseammiseent be the Illeseek end Irish hoboes, and publiehod every la the United Kingdom ;iab resolution wee to allot : Satire le preen* by law Os Lee at sale% papa* beret* &mead ley sw bilk est IZleg gna = =re lay 1644. a lip rap bath thentass * be kw pored Ile Unitai Now I Sdak I obeli have thalami tie hones that Ha stab were given to the banking system of SootUnd at the the ft was aot given in the dark. (Cheers.) And the hem sea stye be undertook, in a letter written ire laid, lighten the people of Scotland on the ass of the bill it that year, to warn them of what use hews la OM year 1846. I shall reply to his attack by giving Ida Wt friendly advice: that when next ha eddies= the people of Scotland Da the subject of a bill peadhe in this hews, he Mt takes the precaution of seeding both. the resolution and the bal thsin giesr.) Her Ileleety's goveathasat have addressed VIII to the prealar question of whether in no a thamittes shall be_ oppolatied to encase the mime of the empeat ammercial Mirth, thinks" the laws width rigs hen Sir, when a othernarest mesh to this house ter the swain of this }seas ellatitsky which peculiarly , I *maim Met wham' *aim as an I, indi •brtz te fl, bra as to the yotialie soft of Inquiry, eW it is impend ie to refuse list south (Han, hear.) The heaths= of *sky me ear assidentiesud functions, and if the 1111111111 1 1thil o rM111116 be wi l ho riOn that there me not grease inquirr, then, I =Tr ,A 4 le Wart MS* their appeal. An ineasamint has moved on the motion of the aside lord, rostra y to banking. I Use ea psalms e i l e=er "PIS if the eassidallest wies a = " marled, it be ithecallie le nein& sear brandess el inquiry. Whoa** oothablee e/ UM was aggaithid, eye ' that6fie poin stY ted4C, . mt an izi d dto d uriag i the d not istl i s :rn whekreighaig ish el' M a Impair warla ult huyne ri: i i , 1838. sarvse gaulrypx noithen(wpurtorul tiste.lhantewthial):ll.thinki:themeam4iceslinithwilltheitireas=isadmietediseenvouthe:hrit far is there ie be of the ifoTafaselali haanse I think that s o t emusereisl dist res s nht to be msirrs. (Hear, hem) I _et alluded fees sae at sty slaty to OM to the _____---_,.., soh house that I mean to devolve on no other , hon does not justly fall, the responsibility which attaches tom e a. o the part I have taken either with respect to th e restoration.- ; the standard in 1819, or the attempt to mitigate th e e , ; , ": i which accompanied our system of banki ng and eurre..- --• • previous to 1844. I feel that I did no m ore th an tor d e ,. . in 1819 and in 1844 in calling the attention of the bOice - P i i those points. Therefore, I do not wish to devolve e ; others my responsibility, because in reverting to th ee. - t sures Ido not in the "lighten degree repent themes, I th e . • took. (Hear, bear.) But I must submit it to this i ts , -- 1. whether it is quite decorous quite respectable to th e oli o , i rector of a deliberative atelfliiMr CS aftmpt to make was ' individual member responsible for any particular cowls o f 1 legislation. (Hear, hear.) Many members of this houses:. 1 not in their individual capacities responsible for the bill of , 1844, but in their corporate capacity they deliberate on all • public question', and nothing could tend more to dep • the character of the Houses of Commons and Lox* • than to countenance the impression that, in matters of du i kind, involving the mint important interests, being in thus. selvesof the most complicated nature, &measure deliberat e '. • adopted by the Lords and Commons, the whole respor n a lily of a measure should be thrown on the individual nimeh ts who had happened to propose it. (Hear, hear.) wh at in the facts with respect to this measure ? In 1819 the meentrs for the restoration of the standard was proposed by me m a private member of parliament, wholly unconnected with t h s government. It was the result of the inquiries at two committees-Commons and Lords. The report of al es committee of the House of Commons, recoeamending th e Ts , monition of the standard, was carried with only mediu m , tient voice ; and that of the Lords was, I believe, unanie l o m Again, when I proposed the measure of 1819 in the Hop es of Commons there was not one single division against th o bill Land, so far as votes were concerned, the measure rs. ceived unanimous concurrence. Objections were, indeed raised b the right hon. member for Coventry ; but, if I re. collect right, en the questions that the bill be read a mond and third time, there were no divisions. In the Lords th en was unanimous acquiescence', excepting on the pot of one member of the House of Peers, wh o moved an amendment that whereas the bill proposed tes t cash payments should not be resumed until 1823-Lo r i Holland moved that 1820 should be substituted. He mu not content to wait until 1823, but wished the bill to com a into full operation at once. Now, se I said before, the ro. storntion of the standard as the remedy for the evils of in. convertible paper were wise measures for the security of pro. party, and for providing a just remuneration fir industry ; and I do not attempt to relieve myself from their resp en ,.. bility ; but I think I am only . asserting the character of both branches of the leg islature when I invite them not tacitly to relieve themselves from what was ay fruit of their unanimous assent. (Hear, hear ) Well, then we come to the act of 1844. I was then at the head of the government, the Bank Charter was about to expire, and it was necessary that some proposal should be made to the house with reference to it. It was certainly, then, compe tent for us to have relieved ourselves from direct and imme diate responsibility, by proposing another inquiry. B e t I beg to reound the house that when, in the year 1844, I proposed a particular measure for Its consideration, in five preceding years there bed been five different committees -in 1836 1837, 1838, 1840, and 1841, I hear it now said, th;t the subject was not exhausted ; that there had not been inquiry suffi cient, and that further inquiry was necessary. But in 1844 I found that the 'objects of currency and banks of issue had taken up 3,000 questions and 3,000 answers in 1836; that, not satisfied with that mass of information, the bigamy was resumed In 1837, and 4,570 were added to the stock. 'Even that was not enough. The committee was re-a?pointed in 1838, when 1,700 questions were asked and answered, and even yet no practical resolution was arrived at. In 1840 the expiration of the Bank Charter approached; the committee over which the right honourable the Chancellor of the Ex chequer had presided with so much intelligence, was rs. appointed, and to the stock of nearly 9,000 questions and answers already accumulated, 3,859 were added, each quer. Lion leading to a long and elaborately reasoned answer. And in 1811, the questions and answers, then amounting to nearly 14,000, another committee was appointed, and that com mittee closed without any particular or specific recommen dation. (Hear and laughter.) Mr. Tooke, Mr. Jones Loyd, Mr. Horsley Palmer, and other eminent authorities, had been examined, and it appeared to the government that the best course would be to submit a measure to the House of Commons far the re gulation of the currency, preparatory to the termination of the Bank charter, and to invite the house to come at last to some specific decision. (Hear, hear.) The house did come to a decision. Ido not belie ve that there ever was a question carried by much larger majorities. I think, if I recollect rightly, that not more than thirty hon. members ever voted against the proposal of 1844. In the Lords, the measure passed without opposition. (Hear, hear.) I say again, therefore, that the House of Common" cannot justi4 itself in a matter of this kind, which ought to be kept free from all party consideration., and concerning which at had ample means of information, for having lightly, and inconsi derately given its consent to the proposal of the government. The subject is now perfectly open to re-consideration. (Hear, hear.) It would be unwise in any one irrevocably to bind himself to opinions given in 1844. Nothing could be more injurious than that any man should now refuse to come to a different conclusion from that of 1844, if, after all the experience we have acquired since on a question so compli cated, he should see just cause to niter his opinion. The House of Commons would be justified in taking ad vantage of all this information, but it would hardly be justified in saying that on any occa sion it had blindly given its assent to the propoesl of any sinister or ministate. (Hear, hear.) I thank that Ow» hike liccig come miarepreeentatoin as to the objects of this measure. Ido not deny that one of its Alice.. we. ea, prevent the convulsions which theretofore had occurred in consequence of the neglect of the Bank of England to take earnest precautions against undue issues of its treasure. I certainly did hope that, although no imperative obligation I was imposed on the Bank for the regulation of its conduct in the banking department, yet that, after the experience of 1836 and 1839, the Bank would conform to the principles of banking which its directors had acknowledged to be jest, and from which they admitted they had departed, although they had been prescribed as rola, for their irognlanco. From the number of mercantile houses that have failed from the general insolvency which has occurred, I am bound to admit that I have been disappointed in my hope with re spect to the main object of the bill ; but, even so, I mien contend that it was in the power of the Bank to have alle viated mush tithe distress that was suffered.' (Hear, hear.) If the Bee Montagu early precautions, which it 'ruin their power to km tedeth-if they had had energy and resolution to meet the first Magi , ' by timely perseverance and deter mination-by riding the rate of discount-my firm pecan 'ion is, that the necessity for that extraordinary interven tion to which her Majesty's government had resorted Ism October, would have existed. I cannot therefore lay that the state to which the country has been lately reduced was the effect of the bill of 1844 exclusively. I believe that the executive instruments, by whom that bill was to have been carried into operation, might, by ' sad energetic measured, have prevented the necessity of ' its provisions. (Rear, hear.) It was said that object of the bill was to control the Bank of England sad prevent the recurrence of former panics I distinctly said, upon the seeood reading of the hill, that such a result vroW est necessarily follow. Towards the elm of my seck upon the second reading, I expressed this opinion:- " No minister could be wild enough to 'appose that this mecum would prevent all undue speculation in paper currency, bat there was a species of speculation, independent of paper currency, which, it was hoped, the bill would be capable of checking." There was no attempt to cripple or control legitimate speculation. The oleest of the bill was a triple one. In the first, I admitted already, it had failed, but in the two others, width o are : a t Isnot, as great importanoe I say it bee amessied _ y ; and my firm belief is, that the dillealthe viii halo lately beset us would have been infinitely it yen had not wisely and judiciously =en liellendes of limiting your paper currency. TM bee. mamba he the city of Dublin spoke of th e grieves *SS emitinei by Lodged in consequence of the interferers with the *haw of boatels in that part of the Until Meg deth.. Titiellen, gondemaa's authority was glade, Milled to bss elellements were oartaialy modrivavr. Ea sail IYt beekteg brminees in Ireland was sordid ea am epee MOM hot spun medic. I have mat Ow the hos. goeilmma sielensethe-es ef ra r Bank ef Athol ls therm doesning eleseeifiennth b e st I meth All that kma manna, with gm*, bat with = eel that I should auk rather bane his Iblia MI (lethlther.) If ever was a country ea the fee ef the earth, the poorer simnel of which lei seared the thmeill month of Wan aid ansforteas finea the ether ef linekion, it wee that seentry of Ifbile the honourable gentisease had Rohm Bat I eiß ruaim vs en GOMM authority on the subject of leilk Iridium too. Sir Henry Parnell, Irritate' a that in 1827, all : " The losses that Ireland has se- Mined by the fallen of bar basks, might be described in a veep Sew worlds. Throe were in 1804 as_ appeared by the repot et the ocensdlese open Irkk ezehanes, 60 Moto" hanks. Bisbee that yew a great any more had thee the. blithei-90 awe probably, making 70 in all. With thl ° l ' myths of • Aw which withdrew from burliness, and four in AMIN three ha Botha, and one in Mallow, the whole had Ailed ens after the other, involving the country in the =Weary and distress." I recollect, sir, in 1820, the almost in one day of eleven banks whom note. had circulation through almost the whole of Ireland, but at all event through the southern and western parte. I was in the west of Ireland about ten days afterwards, and I mold not possibly describe anything like the misery end destitution I witnessed. The hon. gentkunan (Mr. Reynolds) said that banking in Ireland was carried on upon the prin ciple that they reserved gold to cover one third of their liabilities: my recollection on that suldeet is entirely at variance with that of the hon. gentleman. I think if he bad stated that Irish homicide held one tomtit of gold in proportiaa to the whole extents of tkeir liabilities it would have been : nearer the mark. I siimald like to know whether the Agri cultural Beak of Ireland kept the third, bat if tankers wished to adopt preoentioas whist thoolverg _end tale, the bill of 1844 say aided ales in Abe ea. nip wasmy large was new FrailiOng nun diens', ad the rsathelisa el eignaL Thlt tho lha r i * ep T i to visit with blame th at they ammo only far I am marines& , your dialealtles weak! bath been fifty times greater. 1 r shalt mew. with the permision of the house, read one or two ummash limn the writings else eminent a financier as ever lived. Ad= Smith, in his well-down work " The Wealth of Nalime." says: No howergens stem amen Uwe Sot it • sr 'ski of ravism. . US vile.. is= doleslow Is rem id& the• who low nallhim le Ivy artat to bony IL ' Who ktoottlatewlllo 11mIstimmtdetrotaosaisartretb= villa Bop base tostilia titt l.. ~piTptur, at tbe sir i tet, tarta s s•• ". 111.1.14111. li , t• temlll yids outoollt tow rat the taw !ry falls It dr amnia airs at It. , Bob., sea elms pram bps Asa lo Mt inftill.