The Express. — London, England, 1847-05-15 00:00:00

THE EXPRESS, SATURDAY EVENING, MAY 15, 1847. 200,000,0001. and 300,000,0001. were invested in railways within so short a period. If parliament did not apply some check in time, the most serious consequences might be anticipated. It was true that some g old was w re tur ning to this country, but no amount which couldcboereia re asonably expected, would be sufficient to re place all t h e capud about _ to be abstracted from commerce and manufactures. (Rear, hear.) One cause of anxiety was, the great irregularity with which railway directors generally co nducte d their a ff a irs. Since the pusing of the hill which gave to the government the option of purchasing railways at the end of 20 years, the public had had an interest in knowing what war the revenue of different companies, but it was impos sible to ascertain that, on account of the manner in which the capital was retard, and the shares were held. lie held in his hand a share list, from which it appeared that many of ; the companies had got from six to twelve different kinds of ' shares and stock; and, though accustomed to accounts, he certainly could not at all understand the matter. (Laugh ter.) By the existing law, if railway companies, whose nominal capital was 1,000,000/., had paid up 500,0001., they might proceed to borrow one-third of the whole amount; and, if they wished to construct an extension line, they might come to parliament for power to raise an addi tional sum. He was anxious to see them compelled to call up the balance of the capital previously authorised before applying to parliament for extended powers. The hon. member then referred to the several kinds of South Eastern shares as they appeared on the share list. He coetended that the whole matter was unnecessarily complicated. The London and South Western Company had eight different stocks, the London and North Western Company had ten, and the Midland Company twelve. It was through that state of things that railway directors had teen able to act in ; such an extraordinary =melee ,• and thus it was, also, that many of them had been enabled to abuse their trust. The Soul. Eastern Company had eight bills before parliament in the present uesion, by which it was proposed to raise 3,000,0001. of capital and to borrow 1,000.0001. Let the haul* observe how the company had complied with the standing orders. Three-fourths of the sums men-' timed were subscribed for by eight directors, each director having estuary signed his name for 186,0001. (Laughter.) The intention of parliament had thus been defeated; and this company had come forward with paper and paper men instead of bullion and bullion men. (Laughter.) In the case of the Glasgow, Dumfries, and Carlisle Railway, the subscription contract was signed by ten directors and one officer of the company, the amount of the capital to be raised being 2,300,0001. The question of the ten per cent deposit was not unconnected with the chartered banks of Scotland. On account of the hardship to Sc itchmen of having to bring their money to London, it hail been enacted that Scotch railway companies might pay the deposit into any of the chartered banks ; and he believed that in tome cases one per cent, had been paid to banks eredit (as was understood) for the ten per cent. He would be sorry if any railway, carried on upon honest principles, should be inconvenienced by• Peels a motion, but the intern ' s of the public, and especially of shareholders, im peratively required that the house sheuld pass it. With the present drain upon the country, he really thought it would be desirable that the parliamentshould this year refuse to pass another railway bill of any sort whatever. He (Mr. Hume) would not propose such a resolution as that, bat he should move the resolution given above, in the hope that to some extent it would mitigate the evil. Mr. GREENE (before the question was put) submitted that it would be better to put too motion in the shnpe of a general resolution, that in each rail. ay biilbefore the house, • clause should be introdaced to the effect contemplated. Mr. HU?d E assented to the amendment, and the motion was accordingly worded as euggestal by Mr. Greene. Mr. J. A. SMITH seconded the motion, admitting, at' the same time, that he did not clearly understand it. As to one point, however, he was perfectly clear, namely, that the subject of railway legislation required their most serious consideration. Without going into the question of the pee. sent state of the money market, there could be little doubt that a great art of the evil was occasioned by railway specu lation; and lie, therefore, did hope that on the present occa sion they should hear something from the eovernment as to their opinions on the desirability of checking such syrcula ton. Last year the parliament were collet upon to sanction *themes which would occasion the expenditure of ninety-six millions of money. This year similar schemes were pre seated to them, involving an expenditure of eighty-two mil lions. He was the last man who would impede the proper extension of railway enterprise; but rash speculation be thought it ineumbect on the house, in the existing state of the country, determinedly to oppose, (Hear, hear.) Col. SI IiTHORP said it was rather late to lock the stable door after the steed was stolen. Every one knew how de terminedly he had always opposed these railway speculations. But where was the member for Montrase, when that house had, day alter day, lut year, passed railway bills of all sorts and desetiptioos ? On some of three days lie (Col. Sibthorp) had witnessed the most nefarious proceedings is that house! (A laugh.) Where was the member for Montroee then? Why had he not attended to his (Col. Sibthorpe's) !seethe tions ? He had long known what would be the effect of railways, and made no secret of his opinions. The lion. member's motion came exceedingly late, but, nevertheless, he should give it his support. Mr. HUDSON observed that the object of this motion was to stop the outlay, for the present, of capital upon railways. (No, no.) It was avowedly the object of the seconder o! the motion. . _ _ A. SMITH said he had only referred to new specu lation'. Mr. HUDSON. Or, in ether words, you would create a monopoly. (Hear, hear.) Was the house prepared to say, that they would either create a monopoly, or stop the flow of capital in any particular direction? (Hear, hear.) Was the house prepared to check building enterprise in London, or to stop the iron manufactures in Stafford shire ? Interference in either of sunk directions would throw no larger number of people out of employ than would inter ference with enterprise in railway.. (Hear, bear.) Why, in connexion with the railways over which he presided, there were engaged no less than 50,000 persons, sad, of comae, that was but a small proportion of the nun:ewe dependent upon those lined for oocupatioo. With regard to the capital of railways, what portion of it would they interfere with ? Capital was raised for various purposes, and parliament had it in its power at any time to prevent the raising of it for any of the specified purposes of any particular lines. To pass such a general resolution as tide would be a most unjust, im proper, and dangerous interference with property ; and though there might be rebuses in railway speculations, sorely, when they considereil the benefit they were coaferring on the country, they would agree that they ought to deal with them cautiously, fairly, and even liberally. Lord H. VANE was glad to hear the hon, member admit that there were abuse. in the present system. He denied, however, that the object of this measure w.s to check the flow of capital in any particular direction. He thought it would be quite a fair check to prohibit the payment of interest upon deposits in schemes sanctioned in the present year. Mr. ELLICE said that the statements now made to the house fully confirmed all the apprehensions he had on former oemaiono expressed to the house, and justified the report of the committee of last year, whose recommenda tions had been tee dal with such entire neglect by both the late and the present administration. There was one point which he wished to urge upon the house. Hitherto it hid been almost the invariable rule with railway companies openly to evade the standing orders, with reference to the production of the subscription contract, duly signed by the shareholders, and engaging them, their heirs and assigns, to fulfil the conditions set forth. Ho trusted that care would be taken to enforce the observance of this moot im p-want standing order in all futon bills. As to railways themselves, ho fully concurred in all the right hon. gentleman opposite had said as to their great,their stupendous,advantages. There was no legitimate encourage ment that he was not heartily disposed to give them. (Hear, hear.) He did not, however, consider it legitimate encou ragement, at all events in the now established position of the principle of railways, to enable them to barrow money in the wholesale way now practised, or to sanction their paying interest upon di po.les before any pro fits were attained. He would recommend to his hon. friend to withdraw his motion for the present, in order to give time for the mature consideration of what cruse should be pursued. Mr. HODGSON thought it would be extremely r.njust, by such resolutions as these, arbitrarily to atop all the rail way bills now in progress. Mr. MANGLES deprecated abrupt legislation on so deeply important a subct. Put an end to abuses, by all means, but do not chee k legitimate enterprise in it clam of speculation universally admitted to be of the highest national importance. He saw no reason why bond fide companies should be precluded from borrowing money of persons who desired to lend it to them. Mr. CHAPLIN said, that (treat part of the evil had arisen from the clement vacillating meddling of parliament. Lord J. RUSSELL waild advise his hon. friend not to press the motion before the home. It appeared to hint that, se it stood, that motion might be productive of very severe inconverienee ' without producing any counterba lancing good. While there might wall be ground for further investigating the subject, yet he hoped the house would not fall into the error, because it had been too lax in sanctiouu railway schemes, of going to the opposite extreme of arbi trary severity, and thus abruptly check a most advanta geous and wholesome application of the capital of the country. (Hear, hear.) Railway schemes could not, of course, he allowed to proceed without the interposition of the legislature in many points, but as to the application to them of the capitalof the country, of the surplus profits which did net find immediate investment in the usual channels of trade and commerce, this appeared to him a matter beyond the legitimate control of the house. (Hear, hear.) He remembered no very long time ago, the bankers of London were complaining that they eould get no more than '2 or 21 per cent. for the money in their hands—(hear, hear)—and be remembered, somewhat further back, when lerge amounts of money were sent from this country on speculation to South America, to he invested in the state schemes of some of the not very Annelle and not very stable republics there — (hear, hear)—while, at another time, we sent vast sums of money te he invested in canals and roads and other public works in North Anoirics, where some of our debtors, h e believed, turned nut warm more prompt in answer ing the expectations of those who lent them money than the South Americans had been. (Hear, hear.) In his opinion, had parliament in the outset placed a strict eontroul upon investments in railway speculations, the con sequence would have been, not the pr 'vention of improvi dent opeculation, but Empty the divenden of improvident spieulatinn into other channels far less advantageous to the country. (Hear, heir.) Whet seeswitiesagginstthe recurrence of admitted evils were to be taken required mature at all evento, that consider &rine. It WRil sufficien? obv.`ousi com mittee, o f fi ve ...ben did not, :or some reason or other, effect this security. (Hear, hear.) It might be, that these enensittime, acting independently, felt that the responsibility did not rest with them, but with parliament, while, on the zither band, the hone having delegated particular matters to the o ;tionsittees, gemmed that they would thorougilly tlom t; *t eider them, tad then, between the two, no adequate result was arrine at. (Hear, hear-) He therefore kit that some further securities should be metered, not with the view or in a direction to cheek the iuvestment of capital on railways, kr he regarded the advantages of railways to be inestimable, to have exceeded any conceptions we have yet formed of them —(hear, hear)—but for the purpose of checking wild and reckless speculation in illegitimate undertakings (Hear.) Mr. W. COLLEIr advised the withdrawal of the motion. I Lord O . BENTINCK thought the motion almost wholly I unintelligible. Wo had already had toil much of foreign loans, having lost within the last few years about seventy millions in Spain. He thought this resolution would be exceedingly mischievous if it were in any way to have the effect of curbing just and fair speculation' in railways. His noble friend the member for the county of Durham had spoken of the large amount of capital invested in the company of which his hon. friend the member for Salisbury was chairman, but it should he remembered that at the time that capital was embarked, the 20 per cent. on capital for one of the most important French lines (the Paris and Rouen), which was required by the French government, was subscribed fifteen times over by English capitalism. He (Lord Cl. Bentinek), thought it better that such capital should be employed rat home ; and sure he was, that if they insisted on putting all sorts of restrictions on English railways, they would not prevent speculation, but would drive the capital from this country where it had been so profitably employed, and place it in We coffers of rival nations. Tho CHANCELLOR of the EXCHEQUER thought that his hon. friend the member for Montrose would take the most prudent course if he withdrew his motion. At the same time, he thought that the di-cussion which had just taken place would prove most beneficial both to the parties immediately interested and to the public at large. All parties in the house had concurred es to the great adventam s of railways, and all agreed that investments in such under takings could best be made at home. There was another point which had been touched on, and upon that point he must say he fully concurred in the general view of the house —namely, that the state of railway legislation was such a• to require a legislative remedy. At the same time he did not think that all the blame could properly attach to the railway COM panies. The mode in which some committees had passed bills, upon which the reports of the railway cosonsiasioners contained the fullest Miura:sat:on, was to be regretted. There was an other point worthy of consideration--whether it might not be expedient for the house to take some steps in regard to nilway bills now before parliament. Some were of opinion that it might be advisable, by some interference, to postpone. the calls for capital, and so to check, for a time, those specu lations which in themselves were laudaele, but the prosecu tion of which, in the present state of the country, must occasion great inconvenience. This was a suhji ct to which the consideration of the members of the government and the house might be advantageously directed, and with this view he would recommend either the withdrawal of the re solution for the present, or the adjournmeut of the debate to some future day. (Hear.) Mr. HENLEY said a few words, in reference to the con flicting reports of the committee on standing orders and the railway cornmeal= in a particular are, and complaining of the modem which many railway bills were grouped. Mr. MORISON had expected that some reference would have been made to the prejedicial effect the calls fur capital for the prosecution of railway speculations at such a time must hove on the trading and manufacturing industry of the country. The returns showed that the money expended in such speculations during the last two years had been not leas than 40,000,0001., and 28,000,0001. within the last 15 months. But the last two peers were years of nr•fitahle bosinen, but now there would be calls to a still greater ex ' tent in a Ins profitable year, while at the same time a large sum must be raised for Ireland, and he feared also that so inconsiderable amount would be wanted for the relief of distress in this country before the year expired. (Hear, hear) To him it appeared icapereible and absurd to suppose that we could find the money required for the coneruction of half the lines for which bills had already passed! Parliament had encouraged railway speculation by giving great privileges to railway companies, and money hod been taken from other occupations to be invested in railways in consequence of the his her interest they gave. The effect of this was to raise the race of interest generdly, and as in manufactures the interest on money was often the chief cost I of production, the small manufacturer, who had no resources of his own to fall hank upon, and who was compelled to bor row money to early on his business, could not go on, inas much as the profit upon the production would not be suffi cient to pay the interest. The conuquence of this would be that thousands of workmen would ee thrown out of em ployment. This was a position of is Jain to which the house muse apply some speedy remedy, and the only one that nig- Fasted itself to his mind was to reduce the profits on capital Invested in railways to the same level as that on capital in vested in other ways. (Hear, and "Oh !") Some parties must suffer in the end, far it was not to be supposed that these large profits would not ultimately fall to the level of profits derived from money invested i n the ordinary wan ; but the only way of arrest ing the evil was, for parliament to refuse to confer those privileges on railway companies which it had been hitherto in the habit of conferring, and to reduce the profits iu railways to the lees-I of ether investments. (Hear.) With regard to the resolution be was indifferent whether it was carried or not. It had at least answer, d one good purpose in producing the discussion which had taken place, and directing the attention of the legislature to the subject. (Hear.) Mr. HORSMAN contended that the amount parliament had authorised to be raised (160,000,0001. for railways not constructed, besides which the bills now before parliament involved an outlay of 82,000,0001.), was altogether out of proportion to the resources of the country. (Hear.) The question was whether, with the concurrence of the railway companies themselves, some restriction should not be placed on this enormous outlay ? Understanding, however, from what had fallen from the Chancellor of the Exchequer, that government was at length about to consider the question of superintending the railway legislation to a certain extent, he would advise the withdrawal of the motion. Mr. NEWDEGATE did not deny that the amount of capital authorised to be raised for railways being applied to that purpose under present circumstances, would be at. tended with great inconvenience, but protested a :ailst the doctrine that it was the duty of that house to cripple the movements and transactions of all future and existing rail way companies, for the purpose of reducing their profits. (Cheers; and an expression of dissent front Mr. Morison.) He understood the hon. gentleman to suggest, u a check to railway •petnlation, the interference of the house to diminish the profluon that species of investment. (Hear.) Thi I was an extraordinary doctrine as coming from a free trader; and he meat protest against the principle of interfering with the national investment of capital,. (Hear, hear.) Mr. MORISON had merely recommended that the profits , on railways should be made equal to those arising from other species of investment. Mr. MITCHELL believed that no issue of paper money would be effectual in preventing the conoequences of inordi nate expenditur -. Mr. STUART recommi n led that the motion should be withdrawn. Mr. TRELAWNY was of opinion that capital expended in railways, except in much as returned in the shape of diri dande, was sunk and lost to the country. (Oh, oh.) Mr. AINSW ORTH contended, on the other hand, that the money spent in making railways was most usefully ex pended. He objected to any legislative interference in legi timate railway speeulations. (Hear.) Mr. HUME said the object which he contemplated by his motion had been completely misunderstood. It was not his interfere in the least with the freedom of the -- design to em ployment of capital, hut to prevent particular classes from obtaining privileges from parliament by which they were able to make greater profits on capital than others. (Hear, hear.) He 'would be able to prove that one company, with a capital of 4,000,0001., divided ten per cent., and distributed 3,900,0001. of bonus. (Hear, hear.) He thought the time had come when something ought to be done in reference to the subject, and as the right hon. gentleman the Chan cellor of the Exchequer wanted time to consider whether something more effectual than what he suggested could not be done, he would postpone the question till this day week. He must, however, protest against the appointment of a committee, as the house was already in possession of ample information to enable them to come to a decision. The debate was then adjourned to next Friday. BUSINESS OF THE HOUSE. Lord J. RUSSELL gave notice that he would proceed with the Poor•law Administration MI before the other orders of the day on Monday; sad on Friday he proposed to go on with the Prisons Bill, and after that with Supply. DIPLOMATIC RELATIONS WITH ROME. Mr. HORSHAN said, he wished to put a question to the noble lord on a subject of great importance, both ns regarded the general policy of Europe and the particular interest of this courtry. There were friendly diplomatic relations existing between this country and the Italian states, with the exception of Rome. (Hear.) Doubts had been expressed whether, if a dispcnition had been evinced on the part of this country to establish a friendly diplomatic intercourse with Rome, it would be reci procated on the other side. But the recently elected pope having adopted the maxim that the international relations of states should be regulated by political, and not by religious, considerations; and, seeing that he had recently given • hospitable reception to the ambassador of the Porte without feeliug shocked or polluted by the presence of a Mahomme dan at his cobrt, there was no reason to think otherwise than that be would feel honoured at receiving a representative of the Queen of England. He would, therefore, ask the noble lord whether his administration had taken any steps to place our relations with Rome on a more friendly footing ? - - ' ' • - Lord J. RUSSELL—I tan confirm so much of the hon. gentlemtn's statement so relates to the liberal policy pursued by the present Pope—(hear, hear) ;—and that I believe it would be his wish to see more formal diplomatic relations established between this country and the state of Rome. see with pleasure the course which the present pope is pur suing —(cheers),—and I believe it will tend to the improve ment of Italy. (Haar, hear.) I have no hesitation in saying *tat I think it would be desirable that those more formal re lations should be eatatahed. (Hear, hear.) But the ques tion is one which, in point of law, exceedingly intncato, and in point of policy likely to excite diecuanon. (Hear, hear.) As the law stands at present, it is doubt ful • there are certain words and expressions in the sets of parliament to which it is difficult to affix the right legal interpretation ; and, es the law stands, I do not think it would be safe is advise her majesty to send • minister entrusted with credentials to the court of Rome. With regard to introducing a bill on the subject in order to make the law clear, I do not think it would be advisable, at the end of • session, with • great deal of other business before us, to introduce a bill on so important a subject. Therefore I cannot tell him that I mean to introduce such a bill, but it is • subject cot which I hope some legislative pro vision will be made et a future qtr.', ea I think it desirable that there should be more friendly diplomatic relations be Iween this country Sad Rome. (Hear, hear.) LOAN DISCOUNT BILL. On the motioeTTo7sorniTnt; ese:eramitteelin this bill, The Marquis of GRANBY said be conceived the question they were tailed en to discuss was not to be confined to the proposition of the Chancellor of the Exchequer, but was to embrace the state of the oountry, the pressure on the money market, and how much of this was to be attributed to the act of 1844. There could be no doubt that the present it ste of things took place under the operation of tie law of 1844. But it was said it was impossible to foresee the storm that was coming; and that things would be much worse but for this lave It Wlay sale that it saturated the country with gold ; and he believed it was intended by this to saturate the minds of hon. members with the impression that this act saved them tram great distress. (Hear, hear.) How stood the facts ? On the 7th of September, 1844, the Bank Charter Act came into operation; on the Bth of February in that }ear the bullion and coin in the Bank of England amounted to 15,209,051 ; and on the 24th of April, 1847, it was 9,213,890 e, so that instead of being saturated there was . 6,000,0001. less of gold in the Bank under the operation of this act than there woo before it. (Hear, he ax.) It was said it was impossible to foresee the want of peen isiong, the failure of the cotton crop, and the extent of railway speculations. But these things were foreseen, as the enemori el of the bankers which had been referred to by the hon. member for Shrews bury testified. (Hear, hear.) Their free-trade measures of 1842 not only induced the gold to be taken away, but they declared that not only would not the vacuum of every pound that was exported be filled up, but they also declared that far every pound in geld that west abroad they would take away its equivalent in Bank paper. (Hear.) Ile had often hand it said that they must get worse before they could expect to get bets r, but he had never heard a doctor say that be would make • person worse in order that he might be better. (Laughter.) The government, however, in the course they had pursued, had acted as if that were the hest method of praceediug. One of the great objects of the B ink Restriction Act was to give the Bank of England c >etre' over the issue of paper by the country banks. Not withstanding that, the government had refused to allow the Bank to exercise that control. Why was no discretionary power given to the Bank under the present pressure ? The sole use of money being to facilitate the ex change of commodities, how could they refuse to relax the present system? The noble lord then referred to a speech of Lord Morpeth at Sheffield, in the autumn of last year, in which it wan argued that commerce and agriculture. should be entirely exempted from the inter ference of meddling governments. That principle was far mere applicable to their banking system at the present time. (Hear, hear.) There was another remarkable speech, which I was delivered by the right hon. baronet the member for Tamworth last emotion. In that speech the right hoc. baronet said that if they took the corn of America and the timber of 'tussle, and those countries took nothing in return, no harm would arise. (Hear, hear.) One tendency of the free-trade measures was now becoming apparent. The excess in the imports, consisting chiefly of articles of luxury, and not including corn, was 4,333,79'21. The effect of this had been to displace a vast quantity of the industry of the coun try. In the speech of hes noble relative (Lora Morpeth), to which he had already referred, the audience were told of the numerous countries which were ready to supply them with corn ; and it woe said that if the people of England opened their mouths wide, other nations would fill them. (Laughter.) If they heed before opened their mouths wide, he hoped they would now open their eyes wider. (Great laughter.) He flared that their breeches-pockets had been opened, and that lees had gone into their mouths than out of thc:r poc kets. The house had been told that the present scarcity ex tended to Franfe, Holland, and Belgium. In that state ment he heard the echo of another speech, than which no more eloquent speech had ever been delivered in that house : it came to his mind like the remembered tones of a mute lyre. In that speech the right hon. baronet the member for Tamworth said that the more they increased their de pendence on foreign supply, the more would they increase the risk of • monetary pressure. (Hear, hear.) The house ought to congratulate itself that the corn law had not been repealed eight or ten yearn ago. II ed it been so, the remit would have been to force out of cultivation their own roil to the extent of four or five million quarters of corn, and there would have been so much more therefore now to import from abroad. (Hear, hear.) Free trade, they were told, had not had a Stir trial. Why, it was not from Belgium, France, or Holland, that we ob tained supplies of core in years of scarcity—the rulers of those countries closed the porta at such periods ; and if we had now the superabundance of America, the high price obtained would enable America the better to purchase o 'e r manarectures. (Rear, hear.) Ile believed that his noble friend (Lord G. Bentinck) lead taken the true course in opposing the fallacy that if they took care of their imports the exports would regulate themselves—(hear, hear) — and that they should seek to extend the colonial, as contra-distinguished from the foreign, trade. How long were they to act like the moth at the candle, and, though their wings were burnt, offer their bodies also as a sacrifice. (Laughter). Ile entreated the gore rnment, if they die nothing else, to enable the in dustrious classes to c wry on their business by taking off the restrictions imposed in 1844, and by expanding the currency of the country. (Cheers). The CHekNCELLOR, of the EXCHEQUER said he had imagined that the debate of that evening would be a continuation of the debafe of Monday on the monetary con dition of the country, but the noble lord had directed his remarks principally to free trade, and to the reductions made in the import duties. 'rho noble lord had spoken of the export of gold within the last eight menthe, hot he would remie,d him that free trade measures had been in operation long before that period. The noble lord forgot that in the years 1844 and 184.5, and even up to last August, when the necessity of importing corn became apparent, gold flowed into this country. He argued on the now almost exploded doctrine that this coun try laboured under a misfortune in being dependent on f reign nations for a supply of food. The noble lord could not mean to say that borne produce had been diminished by the operation of the corn 101 l of last session, and, if he could not argue that, he (the Chencellor of the Exchequer) would like hien to explain where he thought this country would be at the present time if see were not receiving supplies of foreign foal? (Hear, hear.) But he would not follow the noble lord through his free trade argu ments ; it would he better if lee kept himself to the subject more properly before the house. On that topic it would probably be expected from a minister occupying his position, that he should give some reply to the speeches made the other night. The hon. gentleman', one of the members for London (Mr. Mastennan) had asked him upon that occasion to give an assurance that he would not come uuon the Bank for deficiency bills. That was an assu rance which he (the Chancellor of the Exchequer) should not be no indiscreet as to give ; but the hos. member might be well assured that he should try to avoid the necessity for such a step by taking measures calculated to prevent it. Another hon. member had, in the course of the debate. asked the government to explain their views upon the bill of 1844 ; and the right hon. gentleman the member for Tam worth told them that no affection for his own offspring should induce him to abstain from candidly ft-considering that bill, if the government thought it desirable to bring the sub ject hefore the house. But, ache had twice declared on previous occasions, her Majesty's advisers saw no necessity for such a course. (" Hear, hear," from Sir R. Peel.) This was not • question into which party spirit had over entered. When he (the Chancellor of the Exchequer) gave a disinterested support to the bill of 1844, he was acting in opposition to the government which proposed it. He had arrived at that time at a conviction that that measure of the right hon. baronet was the only sound one en which the currency could he based. As chairman of • currency • committee in a previous year, he had formed that opinion after grave consideration, and he bad to state that night, that to that opinion he still adhered. (Repee.ted cheers from Sir It. Peel). If, indeed, he desired to be convinced of the policy of the measure, he couleti, scarcely have found graver reason than in the debate which had just occurred. Nothing could be more remarkable than the extraordinary discrepancy of opinion which ap peared to prevail bets een the &peahen in that debate. One proposed nn entire repeal of the law. Another, one of the members for Birmingham (Mr. Meoatz), said that the bill of 1814 was indispensably necessary to carry out the hill of 1819, and therefore to satisfy him both the statutes of 1844 and of 1819 must be repealed. But the other honourable ' member for Birmingham (Mr. Spooner) declared that he was not satisfied with the state of things which existed pre , nous to I 819; so that to please him, it would be necessary to go back to 1797, when the state of things teas far from being dissimilar to that existing at the present time. It would be an act of folly, therefore, looking at these conilictieg opinions, I to propose a repeal of a law as to the best mode of altering which no two persons seemed to be agreed. When hon. mem bers could make up their minds among themselves, and come to , the house with some definite proeosition, then that preposition as contrast- el with the present measure could be discussed, but until their minds were made up it would be sheer in sanity to interfere. But then there were other hon. mem ' hers of the house, who talked of free-trade in banking. The words sounded well, nut those who used theca should bear in mind the cane of the United States in 1837, when free-trade in banking, or unlimited competition in issue, accompanied by every guard the people could put upon It (except, indeed, that of convertibility) ended in a suspension of payments, and almost universal bankruptcy. (Hear, hear.) In the count of the attacks, too, which were made upon the act of 1844 the unfair practice had been resorted to of attributing tee the &whore of that act expressions with refer ence to its effects which they had never used. As an ex ample, it had been said that an expectation was held out that after the passing of the bill government would have no recourse to the Bank for defictercy bills, Now he had referred to the debate, and could find no record whatever of any such promise. It was further imputed to him (the Chancellor of the Exchequer) that he had concealed from the Bank the probable amount of deficiency bills which the government would require. If there was one thing which, in his opinion, was more inadvisable than another, it was any sort of concealment of such matters. Last Ja nera7, fox the first time, there were no deficiency hilts ; and if the Bank were se short-sighted as to conclude from that circumstance that there would never be deficiency bibs again, why they must take the consequences. The noble lord op posite thought that a certain amount of pressure in the money market might have been foreseen. Every one form saw last autumn that the imports of corn necessary to support the people must occasion • drain of gold ; but, so late as February last, no one had anti cipated the extent of the pressure, or of the alarm which had arisen. Aright honourable gentleman bad expressed an opinion that the limited amount of accommodation to the public was occasioned by the amount required on deficiency bills. Now in former times of pressure it had happened that a larger amount was required on deficiency bills by the go vernment than at the present time. The following table would show the circulation, deficiency bills, and pri vate securities held by the Bank at various periods of alarm in the money market —January, 10, 1837: Circulation, 18,700.0001.; deficiency bills, 4,800.0001.; ' private securities, 17,900,0001. Ott. 15, 1839: Cirealstica, 17,800,00 Cd. ; dells:dewy bale, 4,300,0001.; private securities, 13,000,0001. April 10, 1847: Cireulatiob, 20,400,0001. ; defi cieoey hills, 2,400,0001. ; private securities, 18,000,0001. The amount of the circulation, therefore, was 3,000,0001. higher in 1847 than in 1839, whilst the deficiency bills were 2.000,0001. lees, and the private securities 3,000,0001. more. Surely, after this, no one would again urge that the deficiency bills occasioned the crisis. (Hear, hear.) Now, when he remembered the punkin of gentlemen in the City, he was but littlesurprised that they should complain. One of the complaiote, however, which ho had heard that tight Lad, he must own, astonished him. The hon. member for Huntingdon blamed them for investing the savings bank money in stock. Why, the necessary effect of the operation must he to keep up the price of stock, and yet it was of this operation that the contractor of the loan complained. He must remark, also, that the hon. member for Huntingdon had blamed the right hon. baronet the member for Tamworth and himself for what he termed ob. strutting the Bank. Now, he (the Chancellor of the Ex chequer) begged leave to say that he had never obstructed the Bank. He was, and always had been, on the most cordial and friendly terms with the Bank. What be did say woo, that the bill of 1844 might have been more gradually and steadily brought into operation, and that in that case it would have worked better than it had done. That was an opinion to which he still adhered. He did not feel it necessary to recapitulate his siews as to the state of distress now existing, and his conviction that this distress arcs incapable of remedy by any tampering with the cut rency. Several deputatiarts had waited upon him, and all had con curred in recommending the repeal of the act of 184-4 as the only remedy for the present pressure. None had however left him with the impression that he was prepared to relax the currency. He had told all and every one thet he did net think the pressure was caused by the state of the circa halloo, nor would it be removed by alteration. With reap. ct to eottou, the noble lord the member for Stamford had sag. grated a strange remedy for scarcity. If the laws regulating the currency were relaxed, the price of everything would be rind, and thus cotton would be rendered more scarce than ever. Railways had been alluded to in the course of the evening by the hon member for Sunderland, and in that quarter he confessed his belief that there had been a con siderable absorption of capital. In the north of England, especially, the want of money mainly arose from so many of the trading community having their capital locked up in railway securities. Ile did not wish to be understood as vying anything against railways, but nevertheless it could not be denied that they had locked up a great deal of money. The best proof of the want of capital was the high rate of in terest Friel for advances. It had been urged that this proved a scant circulation; but this was a mistake he had hardly expected that any one would fall into at this time of day. High rates of interest had prevailed wi h a large amount of woes hi circulation, and low rates when the circulation was restricted. But although some of the present evils might be attributed to the causes enumerated, the real substantial origin of the pressure was the want of food. (Hear, hear, hear.) That was quite enough to account for all, and more, than we had suffered. The loss attendant upon the failure of the potato crop in Ireland Lad been estimated at 16 millions. He believed that to be below the mark, that it was, in fact, 18 or 19 millions. But, besides that, there had been ennsiderable failure in Englund and Scotland in barley, oats, and potato., and, even of wheat, he feared that the yield had been deficient. We had, there fore, been obliged to go abroad u well as other nations, an in the first instance, to pay for our supplies in gold. But the gold would return, and even already the exchanges wi. h Amei ice were turning in our favour, having risen to 106- 107. The Americans would soon find that they couhl not employ our gold to better advantage than by sending it back again to us in exchange fur goods. The sooner, therefore, we made our payments the better, as we should thereby get the money back sooner for our manufactures. Some boa. members had complained that our stocks of goods were exceedingly low. He said, so much the better ; the lees goods there were on hand, the more employment for operatives, provided the operation of the Hours' Act did not cripple our powers of production. Although he saw some symptoms of improvement in altars, he did not think he should be doing his duty if he did not state his fears that there were yet hard times to follow. It was impossible the: such a visitation should fall upon the country without in flirting a large amount of suffering ; but there were, in his opinion, no means by which that suffering would be NIP much increased as by contracting the circulation. Any tampering with the currency would at once diourb all commercial transactions. It would affect the wages of labour and the price of food, and thus add to an amount of distress which, as it existed at present, required all our patience and forti tude to resist. Mr. HENLEY said the right hon. baronet the Chan cellor of the Exchequer had adopted the tactics of the right hon. baronet the member fur Tamworth, and by trying to " lug" into that discussion the standard of value of 1819 to evade the real question which the country at the present moment required to have solved. Every one admitted that the gnat demand of money for investment in railroads, and the advanced price of food, were the principal MUMS of the present distress, and therefore on these admitted facto discus sion was unnecessary. The real question for solution WS!, whether the fixing a certain limit on the Bank of England as to the amount of its issues had proved satisfactoy to the trading community of this country. (Hear, hear.) The answer to that question had net been afforded by the right hon. baronet. The act of 1844 might have been necessary with a view to the regulation of country banks, though it teemed to him that in reference to that measure, a sort of a bribe had been given to the country bankers ts hold their tongues at that time by granting them a monopoly fur a fur ther term of ten years, while the country ran the risk of being straitened by them; but was the limit of 14,000,000(. to continue the exact amount, neither more nor less, th..t was to be fixed upon the Bank of England ? Was the govern ment or legislature prepared now to adhere to that rule Were they prepared to maintain the act of 1814 in its integrity when the granaries of this country were empty, and when no human being could predict what the next harvest would he? Would they give the merchants and trading community to understand that under no circumstances should the measure of 1811 be relaxed ? (Hear, hear.) Ho had opposed that measure—he had thought it unwise, because it attempted to define a limit that could not be defined, and that the provisions of the bill must, eventually, he broken through. This was a moat fearful question, not d pending on ourselves, but on providence. On various pretexts the d iscretion of banks, as to issue, had been reduced. Every member who had treated this question had admitted that, even with the present law, the trade of this country must depend on their discretion, and was it wise or prudent to restrain them, that a few hundred thousand pounds would strangle that trade ? He held the same opinions when the bill was introduced in 1814. While he thought it was necea sary that the issuing power of the banks should he controlled, it was a very different thing to fix them by a limitation of this kind. Mr. SPOONER mined the adjournment of the debate. Lord J. RUSSELL wished that it should be adjourned to this day. Me. SPOONER had no objection, if the house met at twelve o'clock. After the strong reference which had been made to him, he thought he should have an opportunity of replying to what had been said. The CHANCELLOR of the EXCHEQUER said he should be glad to has-u the debate taken this day. He be lieved he had stated last night that he wished to take a rage every day, so that the bill might be got up to the Lords on Monday. A desultory eonversatien then ensued ae to the time to which the debate should be adjourned, and it was at length arranged that the Poor law Bill should be taken on Monday, titer which one stage of the Loan Discount BPI, the debate on the currency to be resumed on the bringing up of the report of the latter bill on Tuesday. The bill then passed through committee—to be reported to-morrow (this day.) , The exceed reading of the Ecclesiastical Commissioners Bill was fixed for Friday, the 28th instant. The house adjourned at half-past twelve o'clock. Wit erprinso. AWLS. Tee mat Mr TY% Cadr, and Gibraltar. will be Erie en ea Mie °l y. 'the West bile lA% are lleaka, Honduras, and the Haerrhoval he male +a Me laereMaerthe 17th May. The air he lAA Mee& Mad" lissisia, air the L'altai awes, A hew& up ea the trialla erre Ma May. The ordeal orb ke (111/1111111 Mara.Oever, to lair larada, ExTpt, Oeylee. lalleakaa.kary k er amplmtm, tall be aria w math* rearagettbe May. Ha erehed sherd urea els Menials, to the fledltarearea, :W M. balk NM Mew& will be made op ea the rate The rile be Mew Wass, Vela Therear% Lead, Led New bralirlallahatalre se ea Meeleare ells She Nay. ateMelhe the DrodiN i t . lio Phu' Paha Meats Video, Parma. larlatra, sad =s Mrs 4111 Jar. Ayer, A be made up tha the MOH WATER AT LONDON-BRIDGE, Tias Ml—Morning, 9 ann. post 3 ; Afternoon, 32 in. pod 2. To-Moanoy—Marninc, 55 dn. post 2 ; Altemcce, 16 min. pig 3. LONDON, SATURDAY, MAY 15. THE party of the Irish landlords is certainly as strange a monster as one can read of in fable. Its growth and transformation, its disappearance and re appearance, are all wonderful and unaccountable. One hour it covers the whole space of the new House of Lords with its wine ; the next moment it creeps into a nutshell at the bidding of its opponents. One day the terror of the government, the bugbear of the press; the next displays it as quite accommodating and manageable. In the case of the poor-law a little reason pre vailed over what, in reality, was a deception. Of course it is natural and desirable that so great and doubtful an experiment as that of a poor•law in Ire land should be temporary—that is, subject to recon sideration and revision. What law for Ireland can stand the wear and tear of laws in that country ? The newest law of the stoutest web has soon a hole worn in it, and requires patching. Lord LANSDOWNE, therefore, merely prays that the Irish might be allowed to consider the measure as irrevocable, in order that they might bow with resignation to it, without denying to Lords MONTEAGLE and BROUGHAM the pleasure which they so doubt will have of mooting the questions of outdoor relief and rating session after session. The recalcitrant lords and crotchetty liberals seemed satisfied with this understanding, although Lord MONTEAGLE was not quite so. And the Irish poor law goes to Ireland as quasi permanent, whilst vir tually considered in Westminster as quasi temporary. We must borrow these expressions of half-messing from the French, as we progress in such niceties. SIR (limos GREY has issued the following address to the electors of North Northumberland : To Tall EVICTOR/I or TAP NOKTRISILN DtriStOrt or run COUNTY OF NOkTIIIMBEKLAND.-OCatleMPO,-1 hare had the honour of reoriving a requisition inviting me to become a candidate for the representation of the Northern Division of Northumberland at the next general election. The large _ . number of signatures to the reqUisition, and the mem._ of support with which it is accompanied from gentlemen whose names are not attached to it, are extremely gratifjiog to me, and I am very sensible of the honour which is con ferred on me by this expression on the part of so large a por Lion of the constituency of their desire that I should tepee. lest them in parliament. But the peculiar circumstances in which I am placed prevent my at once coming forward so a candidate in compliance with the requisition. My official and parliamentary dufies require my constant attend ance in London during the remainder of the session, and render it impossible that I should personally wait on the electors or take part in the exertions of my friends, were I to engage in a contest. I have also long enjoyed a connexion with my present cons'ituents, which, while they continue their confidence in me, I should be unwilling to give up, except for reasons which would meet their approval. I am, however, informed that from a desire to uphold the inde pendence of the county a CallVlai has already beet begun on my behalf, and if the result should be such as my friends confilently anticipate, I should not feel myself justified in refusing them my aaaistance in the attainment of their object. I need not add that, under such circumstances, I should highly value the honour of being placed by the free choice of the constituency in the position et one of the representatives of a county with which my family has been so long con nected.—l have the honour to be, gentlemen, your obedient and faithful servant, O. Oner.—London, May 11. It now remains for the electors themselves to decide whether PERCY dictation or their own free choice has to rule their representation : whether they are to be misrepresented because the PERCY estates are mis managed : whether their political opinions are to be set at nought because the most powerful landowner in their division chooses to have an ill-drained, ill-farmed, unleased property ? These are, in reality, the ques tions which the course the new Duke of NORTRUM- BERLAND has pursued forces on their decision; and if they be worthy . descendants of the freeholders and yeomanry who sixty or seventy years ago in the great Middleton contest so successfully asserted their in dependence against the unlicensed dictation of Aln wick Castle, there netd be little doubt what that de cision will be. Let them recollect the old inscription that still (according to Local History) remains ou the walls of one of the oldest houses in their county town : That which your (others old have purchameti and left you to pours,: That do you dearly hold to show their worthiness. In Sir GEORGE GREY they will elect a states man of growing usefulness and reputation, whose moderate liberalism can give no man offence, and whose moral worth even exceeds his political ability. In Lord OS•SUL , TON theZ will re-elect what SHAESPEARE calls a "foolish lord; in Lord LOUVAINE —a director of the Mendicity Society ; for of his lord ship we can learn nothing more, except that he is attentive to board meetines in Red Lion-square; and can be roused to take some little interest is the pan ishment of begging impostors. We are told that the new Duke of NORTHUMBER LAND attempts to justify his monstrous attempt to destroy freedom of election, by urging that it is natural he should wish to see North Northumberland repre sented by a young nobleman who, though now wholly unconnected with the comae, will, in all human pro bability, one day mimed to his title and estates. But what a censure is this reason on the memory of the late duke ; for he, poor man ! could never bear to see Lord LOUVAINE in that county, one division of which the new duke thinks it so natural that the young ex pectant should represent. If the present peer's pro ceedings be so natural, what were the late peer s ? But away with such nonsense and folly ! The power of choosing representatives was not given to the electors of North Northumberland that its dukes should thereon indulge their likes or dislikes. If, al ternately, they hare such strong prejudices and affec tions, let them discover some other field for their indul gence than the opinions of their fellow-men. The Duke of NORTHUMBERLAND has the legitimate power of bestowing horses, cat r:ages, luxuries of every sort, boundless wealth, on his heir presumptive ; to make him, in addition, member for North Northumberland against the wishes of the electors, is a power he can not legitimately exercise let him abstain from in creasing the real importance, the true nobility of his family, at the expense of the constitution. But the I)ake of NORTHUMBERLAND is not con tent with forcing Lord LOUVAINE on North Northum berland ; he also insists on the electors again electing Lord OsscurroN. What then becomes of the pre tence that he only wants to connect hie heir with the county ? Without his aid Lord OSSULSTON would not have the ghost of a chance against Sir GEORGE GREY—the electilneering expenses of hie lordship have always been paid by the PERCY family. It then, the duke be sincere in tho wish he has ex pressed; if he only desire to indulge a natural affec tion ; if he only wish to place Lord LOUVAINE in his proper position, let him withdraw Lord OssuLsToN. Tne present abatement of the pressure on the com mercial world ought not to divert men's minds from the consideration of the causes which have aggravated, if not produced, that pressure. From Oiie day to another it may return; in the opinion of the most intelligent persons it must return: and the interval would be well employed in sifting the various plans of relief, or blank ref usals of it, cast before the public. With respect to the bill of 1844, the great differ ence of opinion in parliament seems to be, whether it is innocuous or whether it is harmful. No member, whom we can at all make out or comprehend, deve loped or insisted on its beneficent effects. Sir ROBERT PEEL, indeed, in his usual sophistical way, drew a picture of the dreadful effects of an inconvertible currency. He asked, whether gentlemen had read the history of 1814, 15, and 16? He told of the 240 private banks which failed at that period. And he then asked, if the house would bring back such a mass of bankruptcy and confusion? But what had all this to say to the act of 1844 ? Nothing in the world : such arguments had not the most remote connexion with it. They only showed that Sir ROBERT PEEL found it much easier to twit Mr. SPOONER, than argue calmly with such an adversary as Mr. THOMAS BARING. Mr. DISRAELI proved with much clearness, that throughout all the years of difficulty and crisis, the act of 1844, had it existed, would have had no prac tical effect in the way in which its planners intended, viz., the limiting the circulation. In this respect, it would have been a nullity. All that Sir ROBERT PEEL sought to prove in its behalf in 1847, was that it was a nullity too. As Sir ROBERT PEEL ar gued respecting the repeal of the corn bill, telling the consumers it would lower prices, and assuring the producers it would make no difference to them ; so does he represent his currency law of 1814 as ensur ing gold payment by restricting circulation and credit, and as, at. the same time having no such effect,—leav ing credit free as air. The reasoning of Sir ROBERT PEEL as to the utter nullity of the act of 1814, as ferns regards the circu lation, is completely developed, and more strongly asserted by the Morning Chronicle. " If that act," says the writer, " did not limit the Bank, the Bank would, under present circumstances, limit itself. Remove the restriction, and the Bank would not venture to make the least use of its liberty. The strongest facts against the measure of 1844 are facts tending to show that it confines the currency within limits so wide that it ebbe and flows without reaching them." If all this be true, as Sir ROBERT PEEL and the Chronicle allege, of what use is the act of 1844? What becomes of the plea for passing it, and the fine currency theory on which it was built? If the Bank san take care of its own solvency, why should we make the legislature interfere to take this care? If the Bank cannot and would not increase the currency, why enact a law that it must not, in order merely to frighten the public, and create a panic ? Why effect a real paralysis of credit, by pretending to contract the currency, and not doing it. The Chronicle attributes the outcry against the act of 1844 as proceeding from a confusion between cur rency and c ipital. We know of no one who con founds them. The question, with the commerce of fhe world, is not so much one of currency, as of credit; or it is a question of currency, as the received medium of credit. People possessed of capital in England are accustomed to enjoy and to employ a quantity of credit proportionate to that capital. If you deny them, not any new or extravagant demands of credit, but their old, customary, regular credit—and this is done by the currency law of 1844—the whole commerce of tke country is paralyzed, and its capital rendered useless, and this under a foolish pretence of guarding the sol vability of the Bank of England, while the Bank is, or ought to be, right well able to preserve it itself, under penalty of ceasing to be a bank. For our part, we do not go the length of the cham pions of the act of 1844 in asserting, tkat it is so com pletely foreign to the amount of the circulation. We deny, indeed, that the Batik can increase the cir culation of convertible notes beyond the demands or necessities of legitimate commerce. And for this reason we question the advantage or success of the plan of the Economist for a large issue of 1 notes. They would in all probability not force thmnselves into large circulation, nor displace sovereigns to any large amount. But if powerless to increase the circulation beyond natural limits, the Bank, under the act of I n 44, ha s certainly the effect of restricting, not only credit, but the circulation. This restriction, the wealthy mer chants world soon find the means of evading, if it as sumed a permanent character; andandeed,already seve ral of the Lancashire banks are paying inbills. Butthe less wealthy classes would he much longer, and would find more difficulties, in supplying the void in the cir culation. At this moment of high prices, the p ar _ chasers in every market have need of an infinitely greater quantity of money than they needed in 1844. And the limitation of the country b ni g' i n 1847 to the strict amount of the average of 1844, is an absurdity which every man in the country feels wound round his fingers like a cord. Nor does it affect any more grievously than the poor, that class whose welfare is so emphatically invoked by Sir ROBERT, when recommending the currency no-trums. As to the assurer ees that Jir.)if A wr ERMAN demanded, they seem perfectly needless, and the effect of the ac commodation, which he sought, trifling in the extreme. The government has not pressed unduly upon the Bank, and is as undeserving of blame as the Bank itself is of Sir ROBERT PEEL'S reproaches for its not being mere sharp.sighted than himself last August, and nut having been sufficiently "awake" to approach ing famine. The act of 1844 was to have spared the Bank all necessity of providence. It now seems to demand nothing less than " second sight" iu the in mates of the Bank parlour. Our Paris correspondence and the journals of Thursday have arrived, but contain nothing to inte rest the English public. The Parisians were occupied with various speculations respecting the issue of the ministerial explanations, to be given in the chamber en Friday. No one supposed that the present cabinet could stand. During the session of the Chamber of Deputies on Wednesday, an aide-de-camp of the king arrived from the château, bearing a letter for M. le eave-Laplagne, the late Minister of Finance, whose attendance on the king was said to be requested in the evening. The preliminary examinations by the committee of the Chamber of Peers in the Cubieree pro--ecution were still proceeding, and seemed likely to occupy much time. The journals and correspondence of Madrid, of the Bth instant, have been received. The King Consort continued to reside in the palace with the lounger children of Don Francisco de Paulo. He did not ap pear on the public promenades nor at the theatres, but went to the Pardo on shooting parties daily. The ministers had in vain attempted to induce him to pro ceed to Aranjucz to join her Majesty. According to all appearance a separation of long duration Lad taken place. The inquiry respecting the alleged attempt on the life of the Queen was proceeding, bat nothing had transpired of a definite kind in addition to what we have already reported. El Tiempo, of the 8111, gives the following particulars on this subject : On arriving at the palace her Majesty was waited upon by the president of the council, and informed him of ghat hal occurred, expressing the suspicion that two shots bad lieenfirefi at her august person. This suspicion was corrob,reed as the following day by the fact that the bonnet of her Majesty was slightly singed. During her conversation with the ministi r the queen was as calm and collected as at the mo ment the detonati au were heard, and her only anxiety seemed to be the tear entertained by her uncle end her cousin. It was only after much solicitation that she could be prevailed upon to go in a close carriage to the Cirque, accom panied by an escort, her first intention being to go there in an open nit', lege unescorted. We are proud of this confi dence of the queen in the Spanish people. An investigation of this affair has commenced ; its first result has been the arrest of M. Angel LA Rive, lawyer and journeli.t. The mild and benevolent habits and character of M. La Rita seemingly refute the accusation under which he hes fallen: regular in his conduct and of moderate ideas, dt void of all species of fanaticism, he is esteemed and loved by all who know him, and no one can suspect him of haying even meditated, far less carried into execution, the att. mpt he is accused of; according to the investigation se , nn foot, it would seem that on the Tuesday M. La Rise had hired the carriage from which the detonations proereded ; that on the clay in question he had been prach . og in a pistol gallery ; that he had loaded a brace of patois with particular care, and that on leaving the pistol,: .dery he placed himself on the spot where the event took place. At the time the mail left it was rumoured that a paper hod been discovered in his rooms written in his handwriting contain ing sinister for. bhdings, but without any visible connexion with the attempt of which he stood charged. We are en tirely ignorant how far these reports are to be credited ; public curioeity,the exaggeration characteristic of the southern climes, the mystery which hangs over the affair, the contra dictory circumstance s between the fact and its presumed perperreer, furnish ample food to commentaries more or less founded. Justice will no doubt discover the truth, for this is net a crime which falls upon the individual, but is an attempt which would fall heavily upon the whole nation." FRANCE.—PARTS, MAT 13.—M. Jayr, the new Minister of Pr blic Works, bas arrived in Paris and :trammed the :unctions of the office.—Admiral de Maclean, says the Courrier Francais, will, in a few days, set out for Italy with his family.—The some journal states that the ministry will not appoint a successor to the Duke do Montebello at Naples, but that the Count dc Jarnac, who bas not accepted the different poses offered to him in Germany, will be ap pointed chargé d'Affaires, par interim, at Naples.—Boa Maas, accompanied by Captain Richard, was yesterday received by the Duke de Nemoure. Ile express dto Ins royal highness how sensible he was of the hospitality with 1 which he had been received in France. The Courrier de Lyon states that the cutting through of Mont-Cenis, for the railway from Turin to Chant bery, has been fully decided on, experience having demon tinted its practicability. GERMANY.—PRIIII3IA.—BERLIN, May 11.—The proceedings in the meeting of the Chamber of Deputies of the 6th inst. are reported in the official journal of this day. They bore upon an amended set of "standing orders" pro posed by the liberal members. The discussion was not ex hausted when the session terminated, and was to be mused at next meeting if the miter of the day did not engross the whole time. The marshal read to the assembly toe hitter to the king on the difference of opinion between him and the deputies as to his power of excluding certain subjects from discussion. The letter begs that his Majesty, in the event or ' his concurrie ain the view taken by the mars hal. mac, never theless, permit the question in relation to which the difference of opinion had arisen (the motion of the Posen &Ind° respecting their language) to be discussed. The whole of the deputies from that province roes when this pasmee was read to testify their gratitude. Some passages of th report of their debates next to be published were subje , ./ed to a preliminary criticism. On the motion of M. Mohr, the ward •• laughter" parenthetically introduced in the net ort of kis speech, wee solemnly ordered to be struck out. Wt tiros learn that the honourable deputy was laughed at, and that the deputies were silly enough to order the fact to be suppressed. A royal decree was published at Stuttgardt, on the 11th inst., ordering an inquiry to be made into the qua ity of corn, grain, and potatoes at present in the kinetics el Wurtemberg. AUSTRIA.—The successor to Archduke Stephen in Bohemia Mudd to be Governor von Miihren, brother to Count Stadion, Governor of Galicia. HANOVER, MAY 8. —The following regulations have been published is reference to the increasing dementss of provistotts :—First, distillation of brandy from grain is forbidden from the Bth of May till the 16th of August of this year, under severe penalties • the exportation of potatoes te Prussia, Hesse, and the Graffitchaft of Schaumburg, is eke forbidden under penalties. Other regulations of a Miner kind are also to be put in force. RUSSIA.—ST. PETERSBURG.—THE MON EY TRANS ACTION OF ME EXPRROft NICHOLAS wren THE BANI OF FMANCIL—The Journal of St. Petersburg publishes a lengthy article to explain the true bearing of the transaction between the imperial government and the Bank of Irene.. We quote the following extracts, as given in the I), , bals, " The Bank of France, taken unawares by a financial milli arising out of a string of calamitous circumstances, was obliged to bare recourse to different expedient., such as a loan from England, and an elevation of its rate of diecouets to meet the pressing demands of commerce and of industry, not wishing to deprive them of that assistance whichM were accustomed to. These mss allures were &Mut, and the Bank, to be enabled to meet the increasing demands of the public, bit upon die expedient of set ling a portion of the public funds it had Is portfolio, so as to increase its reserve of specie. It was et this juncture that the imperial government made a proprei thin Mr tuah the Russian Chard. d'Affaires at Paris of mutual advantages to both parties concerned; namely, the ',sachem at a fixed rate of French stock to the amount of 60 mallow of francs This transaction was carried out. It Iris slim. tageous for the Bank, as procuring from abrood thetmeing it stood in need of, at the same time that it weeded arr loss it would otherwise have bad to suffer bent sat Rile.'. fund , ' from contil c ons, int. , shad, P 4 l th 4 P the 1 of B then lut. were time by I mos rale Mc) cord COW and tow nim WSJ lag( the heti rad( due whi war. thet brig It Ant had 'ace wor ;wet Sang Pori A al and brew with The the