The Press. — London, England, 1857-12-12 00:00:00

rated the result would be equally abortive. Next year the house would fiud itself just as unin formed as it was now, and not at all more pre pared to find means for obviating the measure of commercial disasters. Mr. Disraeli then pro ceeded to examine the sources whence, in his opi nion, the present crisis had arisen. First he placed the enormous quantities of the precious metals that had been poured into Europe since 1818. This he computed at 180,000,0001., and this accession to the metallic wealth of Europe and America had stimu lated the undertaking of vast and costly works, rail ways almost everywhere, splendid constructions in Paris, and extensive public works in various parts of Southern Europe. Enormous capital was thus employed, while a huge superstructure of specula tion was raised upon the basis which these works offered for investments. New descriptions of busi ness, and institutions of vast pretensions, such as the Credit Mobilier in Paris, had been established for the conduct of the speculative dealings thus origin ated. Fictitious wealth was in this mode erected, leading to improvident expenditure, and raising the price ot all descriptions of produce to an unnatural pitch. An enormous inflation of credit was at the same time generated, which went on increasing from year to year, until the period of collaps3 could no longer be postponed. For three years past the commercial crisis had been living on the verge of a crash, which was only adjourned for a time by the arrival of further cargoes of gold from Australia or California. At length the evil bad reached a point which no importations of metallic treasure could appease. As other causes of the crisis, Mr. Disraeli adverted to the drain occasioned b) the Russian war, the occurrence successively of three bad harvests in France, and the failure of the wine crop and the silk crop in Southern Europe. The Chancellor of the Exchequer was the first Minister who ventured to assert that the crisis was not connected with disturbances in capital and credit. The commerce of England must be reckoned by hundreds of millions ; and how could this vast series of transactions be affected merely by the incidents of a currency amounting at utmost to twenty millions : 0 1n118 . 25 commercial convulsion was attributed by the Government to the imprudent issues of country banks; in 1837 it was attributed to the joint-stock banks ; andl in 1847 to the mis management of their issues by the Directors of the Bank ot England. It was a too general fault among controversialists on this question to confound capital and currency, and attribute every consequence to the least influential of their principles. The leaders of more opposite schools ot com mercial economy agreed with one another only in assigning every convulsion to some fault in the system of paper circulation. After tracing the origin and effect of this misapprehension, referring to the resumption of a specie payment in 1819, and the report of the Bullion Committee which sat in 1810, Mr. Disraeli pointed out the essential differ ence between inconvertible paper issues and bank notes convertible at par. The latter could not be depreciated. The latter could not be over issued, and the regulations of their management would have no effect upon a commercial crisis. As a broad prin ciple, the right bon. gentleman laid down that com mercial convulsion was never occasioned by over issues of notes, but by imprudent advances of capital. This position he illustrated by reference to various incidents connected with past visitations of commercial crisis. The trade of the country has more than doubled since 1847, as tested by the returns of exported values, and yet not a single bank-note has been added to the circulation. Bank-notes were, in fact, a form of credit that was falling into desuetude. Every improvement in railways, the Post-office, and the electric telegraph enabled the public to transact an enlarged business with fewer notes than before. He wished to treat the subject with perfect freedom from party feeling or prejudice of any kind. With out condemning the Bank Act on principle, he was convinced that in practice it aggravated the disasters occurring during periods of convulsion, and created a degree of apprehension which tended to produce panic. The framers of the act evidently believed that a banker could force an unnatural quantity of notes into circulation. As this was impossible, there was no excuse to retain the restrictions imposed by the act upon the Bank issues. The course he had adopted with regard to the present motion was, be considered, strictly parliamentary. It was not pos sible to bring in any measure during the preli minary session ; but he trusted that the house would accept his amendment, and thus leave itself free to discuss and legislate upon the question after the recess. Mr. Disraeli concluded by enjoining on the Bank Directors the prudent management of their securities, as being far more important than any question of paper issues, and urged upon the Government the necessity of providing for the pre servation in the Bank vaults of a sufficient stock of metallic treasure to mee ttbe demands of a temporary pressure and secure the perfect convertibility of the Bank of England notes. THE PRESS, DECEMBER 12, 1857. Mr. CARDWELL believed that the question was still surrounded with difficulties, for whose solution further inquiry was needed. The committee ap pointed last session avowedly left their investigations incomplete, and since they last sat important events had occurred, raising new points whereon informa tion was most desirable. He should, therefore, vote for the mation to appoint a select committee. He proceeded to defend the Bank Charter Act, whose op !ration he traced at mach length, and contended that it had produced extensive benefit to the coun try, and that the pending crisis would not have ne cessitated its suspension, had it not been for the exceptional demand for gold to meet the run upon the Scottish banks. _ Mr. GLADSTONE fully concurred in the speech of Mr. Disraeli, whose arguments he considered unan swerable. He deprecated any further delay on the part of the house in pronouncing a definitive opinion respecting the principles on which the currency of the country should be based. It was impossible to maintain the Bank Charter Act without change, and it was highly inexpedient to leave so important a measure in a state of inactivity. The results upon trade would, he was convinced, be most prejudicial. Mr. MALINS condemned the Act of 1844, which he believed to be founded on a false principle. Mr. HORSFALLI also thought the act required modification. He supported the motion for a select committee. Mr. WEGUELIN entered into some explanation touching the course pursued by the Bank of Eng land Directors during the present crisis. He attri buted the pending emergency chiefly to the reaction from excessive expenditure and inflated prices during the Russian war. Mr. BOA:men BLAKEMORE supported Mr. Disraeli's amendment. The CHANCELLOR of the EXCHEQUER having briefly replied, t h e house divided. For the motion, 295; Against, 117-118. The house adjourned at half-past one o'clock. INDIA REFORM. As influential and crowded meeting was held on Wednesday night at the London Tavern, to consider the policy of continuing the present irresponsible Government of India. The chair was taken by Mr. C. Gilpin, M.P. ; and there were present on the platform the Marquis of Clanricarde, Sir Erskine Perry, M.P., Lord F. Cunningham, M.P., Mr. Henry Pease, M.P., Mr. J. B. Smith, M.P., Mr. J. A. Wise, M.P., Vis count Byng, M.P., Colonel French, Mr. L. L. Dillwyn, M.P., Mr. F. Crossley, M.P., Mr. Hadfield, M.P., Mr. O'Brien, M.P., and Messrs. John Richardson, 0. T. Otway, W. Ramsay, J. Morland, Alderman Wire, Ste. The large room was crowded to excess, and the proceedings throughout were conducted with a unanimity of feeling that showed that the subject of India and its future government had excited a deep interest in the minds of the public. The meeting was addressed at length by Mr. Gilpin, M.P., the Marquis of Clanricarde, Mr. Phillimore, Mr. Allan, and Mr. Mead, the editor of the Friend of India journal, and the following resolutions, with a petition to Parliament founded upon them, were unanimously adopted :- 1. That the present rebellion and the previous complaints in India—complaints of all ranks and conditions of men except those wbo profited by the monopoly of patronage — prove that the system of the so-called "double Govern ment" has excited the general hatred and disaffection of it■ subjects, and has nearly occasioned the loss of our Indian empire ; and, therefore, that it is expedient that the " double Government" should cease; that no farmers or trustees of India should any longer stand between the com plaints of the people and the power and justice of the Crown; and that the supremacy of the Queen and Parlia ment alone should henceforth be recognised in India, as it is in every other part of the British dominions. 2. That, although a vicious and irresponsible system of home governuient, like the trusteeship of the Eatt India Company, may be well fitted for extending our Indian empire by its unscrupulous use of force and fraud against the feeble powers of Asia, still it is evidently unfitted for inspiring confidence in British honour, and for consoli dating British power in any part of the world, and until it be superseded no effectual step can he taken towards re moving those evils of which the people of India so justly complain ; such as a judicial and police administration which gives no security for person or property; a system of land revenue which prevents capitalists from investing their fortunes in the soil; a want of irrigation to develop its boundless riches, and of roads and canals to bring its produce to market ; a traditionary policy of discouraging British enterprise and settlement in India ; and a mono poly of all the prizes of office by the nominees of the Home Government. 3. That the patronage hitherto monopolised by the directors of the East, India Company belongs of right to the whole body of their countrymen, and should be given to the public at large ; and that, in the words of a Cabinet Minister, forty years ago, and then President of the Board 1207 of Control, " means might easily be adopted for placing the appointments in India under that species of management which would not tend in any degree to injure the prin ciples of the Constitution by increasing the influence of the Crown." 4. That the attempt to supervise and control the details of Indian administration in this country is absurd in theory, pernicious in practice, and in most cues wholly nugatory and deceptive ; such attempt should therefore henceforth be abandoned, the control of the Home Government be limited to matters of imperial policy, and local cheeks imposed on the local Administration in India, by the institu tion of open Legislative Councils, and the restoration of the liberty of the press. elution nttiligtnte. HARWICH.—The official declaration of the poll at Harwich was as follows :—Bagshaw, 162 ; Arcedeckne, 69. Mr. Bagsbaw was therefore returned by a majority of 93. Mr. Bagshaw is in favour of the abolition of church rates and the ballot. THETFORD.—The election to supply the vacancy caused by the resignation of the Hon. Francis Baring, late M.P. for Thetford, resulted in the unopposed return of Mr. Alexander Hugh Baring, eldest son of the late member. Mr. Baring, in thanking the electors, said he should go to Parliament unpledged to any party ; and though Lis opinions would remain Conservative, still he felt that his duty required that he should assist in carrying out such improvements and moderate reforms as were necessary for the country. He then promised that he would vote for the admission of the Jews to Parliament, and that should the promised Reform Bill interfere with the borough, he would do his best to protect the privileges which they bad so long enjoyed. NORTH NORTHAu — `' 4 IFIIRE.—At present there is Ward Hunt. no opposition to Mr. George SCARBOROUGH.—Mr. John Dent Dent has issued an address to the electors of Scarborough, in the course of which be says : - _ am a firm supporter of her Majesty's present Govern ment, who have conducted the affairs of the nation through most perilous times with honour and credit to themselves and to the country. At the present crisis in India, I feel grateful that we have a man of Lord Palmerston's energy and spirit as the chief adviser of the Crown; and should I have the honour of representing you, I am prepared to give him a steady but independent support. EAST KENT.—Mr. Deedes was returned on Thurs day. The hon. member, in his address to the elec tors, said that, " While determined to support and preserve all the ancient institutions of the country, he stiould at the same time readily concur in any changes that the increasing wealth and intelligence of the people might render necessary to be made in those institutions." He expressed himself in favour of legislation upon the currency question, for the most active and energetic efforts to suppress the re bellion in India, and for a careful and deliberate consideration of any measure of Reform. PAISLEY.—CIose of the poll on Thursday :—Mr. Crum Ewing, of Glasgow, 767 ; Mr. Haly, of London, 98 ; majority, 669. ptianb. THE Evening Post makes the following announce ment :—•` We announce with real gratification, that Mr. Corballis, Q.C., law adviser to the Irish Govern ment, has been appointed to the vacant chairman. ship of the county of Kilkenny. This appointment, which is in eve• y way so creditable to the Lord Lieutenant, will cause universal satisfaction not only amongst the members of the bar, but the public at large." Mr. Lawson, Q.C., who unsuccessfully con tested Trinity College at the late general election against the Conservative candidates, is appointed the legal adviser to the Castle. THE state of the unemployed in the northern manufacturing districts is extremely unsatisfactory. In Belfast there is " extreme distress," and at Drogheda a great excitement exists among the starving weavers. Mr. R. C. HILDIURD, M.P., died after a severe and distressing illness, at his residence in Lowsdes street, on Monday night last. Mr. Hildyard was third son of the Rev. Vim. Hildyard, rector of Wmi stead, 'Yorkshire. Mr. Hildyard received his early education at Oakbam School, and afterwards re moved to Catherine Hall, Cambridge, to completebis studies. At the university be greatly distinguished himself, and was senior optime in 1823, took the de gree of M.A. in 1826, and was for some yearsa fellow of his ball. In 1827 he was called to the bar, and for a series of years was one of the leading members oti Northern Circuit, and obtained his silk 6t 0... Queen's counsel in 1844. Mr. Hildyard was counsel to the Du' by of Lancaster, which appointment he resigned in 1"46. The deceased gentleman was first elected for Whitebaven in 184 without opposi tion, and bas since continued to represent that borough in Parliatnet t. A Conservative in politica, he supported the Earl of Derby's Government, and • generally voted with the present Opposition..