The Statesman. — London, England, 1818-05-02 00:00:00

THE STA'r'ESrsiAN. Nouse look at the contrast tarnished by the state r of the two countries; France, degraded France, mat her financial difficulties manfully, she reduced then, sod artanged measures for the ultimate liquidation of the demands made upon her; while la England the Chancellor of the Exchequer was driven to the necessity of borrowing three millions in the way of loan, and at the same time calling for a further Restriction of the Bank cash payments, and doing so on the ground that foreign loans, nego. dieted in pert en English capital, rendered such a course decesury. On this part of the subject, he would only say, that it was melancholy to see the esistence of soch a state of things as encouraged English capitalists to piece a full confidence in the. fonds of Foreign States—to lend their money to France, where no disguise or shuffling in the funds took place—where, in fact, two and two made four. 20 years ago, such a course of events had been foretold, the Chancellor of the Exchequer (though of the best authority in the world) would have ri dicoled the notion that after the termination of such a war, and after three years peace s such a thing could exist in this country, In the teeth of every mercantile policy, as an unrestricted issue of paper money, not convertible to metallic currency. The appointment of the Committee to consider this subject might pos sibly rescue the character of the country from the odium that this coarse of policy must necessarily en. tail upon it ; at all events, the Committee could do no possible harm—they were not to enquire into the in ternal affairs of the Bank, for if such had been his in tention, he would have moved fora Secret Committee. Ilia only intention was, that they should consider the public circumstances e hichot this time, prevented the Hank from resuming cash payments; and consider the most early period of reverting to an interchange of paper for metallic currency, under such wholesome regulations as would make the renewal of cash pay. meats advisable to the Public. The next duty for the Committee woold be to examine the price of gold, and also the subject of the foreign loans, and what proportion of them were to be remitted in mo ney and in goods. A great part of the Austrian loan was remitted in goods, under the direction of Alr. Bowyer. All lie asked was, that the [loose should pause until such a Committee had examined the question, and reported their opinions thereon. Previous to putting the motion, with which he meant to conclude, he begged to thank the House ter the patient bearing they had given him —[Hear, hear —lie concluded by moving for the appointment of a Committee to take into consideration the circum stances connected with the Bank Restriction Act, and to devise such measures as would appear advis able for the resumption of cash payments; and also to consider the regulation and circulation of the 11. end 21. notes. - The CHANCELLOR of the EXCHEQUER should take the liberty of stating some of his reasons for dissenting from the Right Hon. Gentleman, and he should occupy as little of the time of the douse es was consistent with the importance of the subject. He was glad that he had stated his case more upon' the general question than upon particulars. He felt great satisfaction since he bad before spoken on the present subject ; for, since that time what he hod bad occasion to state had occurred, and he should now address the House, and call upon them, not upon conjecture, but on what had actually taken place. In considering the probable effect of foreign loans, eonsiderable deduction was to be Made be forelhe question could be decided. He was not at all of opinion, that a Committee would be of any advantage whatever ; on the contrary, he considered their enquiries would be most unsatisfactory. lithe Committee were to sit, they would leave the House in greater doubt and uncertainty than they were in before. The Right Hon. Gentleman had taken it in the last half year that there was an excess of Bank notes in circulation. He failed there from one fact —that he had his data Isom the public sums, but not completely. Besides, he had omitted one of the most important parts of the question—the internal trade and transactions of the country. The foreign Swede had increased about 6,000.0001. aggregate im ports and 'sports, and the internal trade had in creased in a much later proportion. In 1816, the trade had not been so good ; but it would be diffi cult to point out a greater revival than in 1817. — There was one thing likewise which it was of t►►e greatest importance to observe. The issues of coun try banks had certainly increased last year; but the increase was not owing to any artificial measure, but to the revival of general trade, and the consequent stir in the money market. The Right lion. Gentle man had truly said, that a large treasure was accu mulated in the Bank ; for what purpose could it he accumulated but to prepare for the resumption of cash pay ments ?—and in whet manner could they have procured this treasure but by the issue of their notes in the form of payment for the necessary pur chases ? The assumption, therefore, that the high price of gold was caused by an over issue of paper,' was most certainly untenable in the manner in which the Right Hon. Gentleman attempted to enforce his position. There was certainly some plausibility in 'the illusion made to the 6 per cent. difference be tween the value of the old end new silver coinage, tort his argument relative to the price of gold entirely failed him. It was then notorious that some ether cause most be sought for, and the fact of the foriegn loan and the military operations on the Continent, might throw some light on the subject. In June, 1814, the issue of Bank paper was e 300,0001. and the price of gold was 51. 10s. per ounce. In 1815, the Bank issues were 26,300,0001. that is nearly 3,000,0001. more than at the preceding period, and yet the price of gold, so far from rising in propor tiou to the excess of paper, was 41. 6s. 6d. per ounce. In the year 1817, a loan had been• negociated io France, to the amount of 8,000,0001. sterling, or. 12,000,0001. of stock. There were now required to be raised, two sums of 16,000,0001. of fl.. renter, and 40,000,000 of fr. renter, besides another sum, which would make a total_ of 30,000,0001. sterling, or 45,000,0001. of stock. There was also a Prussian loan. As to the portion likely to be remitted in the calCulation of the French contribution, he could only speak from rumour : he knew nothing on that sub ject which could justify him making it the ground of calculation.—[hear! from Mr. Tierney.]--When the House saw such a state of things, and recollected that at a former period the Directors of the Bank said that a second Austrian loan of 3 or 43000)0001. w'obltbe fatal tts'ilati Bank, and indeclid Mr: Pitt to addirt the proPlielY of their remonstriliCe, and reL commend an attempt to tiegociate the ibis in Spam'- Mr. TIERNEY—...'r What elite did hello ? 'n& was not the course pursued at the time slictatieg oti the spur of the occasion, and under the preginth of the hasty alarm which prevailed, and without' any proper consideration of the financial state of the country." The CHANCELLOR of the EXCHEQUER . resumed, and said, that if a loan not exceeding 3 or 4,000,0001. caused such set ioos apprehensions at that period, what ought not be the caution to be Obieried on an comeliest of this kind, when the loan to be negociated amounted to 30,000,0001. sterling ? When the authority ,of Mr. Pitt was quoted, the House would do well to recollec, whether they would ad here to the course laid down by the uniforni sop porters of that statesman's principlea, or at once adopt the maxims of those who uniformly vilified his whole course of proceeding [Hear, hew! from the Opposition benehesl—The Right Hon. Gentle. man had certainly been successful its pointing out the errors in the preamble of the Bill; there was certainly a mistake in it—but it was his intention to rectify it in the ComMittee, as it conveyed sit unfounded re flection on the Bank; for this species of negligence he admitted he was culpable in allowing the pre amble of the former Act to be verbally copied for the new Bill. It was true that Mr. Pitt had referred the affairs of the Bank to a Committee, bet he had done so under alarming and unfOrseen circumstances, `sod not in such acase as the present. The pro. posed question was, to consider what inconvenience would be sustained by a resumption of c •sh payments? To this he would reply by putting another question, what inconvenience would arise from prolonging for another year this resumption ?—[A laugh.]— 'rhe Committee, if appointed, could take no pro- , specctive course; for how could they foresee the events of the ensuing year ? As to the foreign loans, these could only be said to have immediate operation—their influence was any thing but perma nent ; they must be closed in less than twelve months, and from the nature of ate circumstances to which they applied they were riot' likely to recur. On'the subject of the country banks, the Right Honourable Gentleman had laid it down as illegal and uncousti tutional, to question the right of individuals to issue ' a paper circulation on . their own security.—(Mr. Tierney, " I merely questioned the policy.") —Now he would, on the contrary, con , that there ez 4110kd isted the strongest reason for en airing into this spe cies of issue, unless it ' were maintained:pat a coin age of such a description could be allowed to pass without controul. The Right ilonourable Gentle..- man had said, that the elect - oaf the country bank measure would be to throw the circulation into the bands of Governments. This he would distinctly deny ; for it, on the contrary, gave a valid security to the country bank paper, which, for the purposes of immediate circulation, gave it a preference to the Government paper, from its being free from the comparatively disadvantageous forms which were ne. cessary in procuring cash for the latter. He , would here beg to disclaim that which had been so often al luded to, of his having ever entertained any idea of an issue of stock debentures. lie had no such in tention, as he thought the public securities were al ready issued to as great an extent as was either.neces sary or desirable. He would also deny that the be. isefit of the rise of pace in the fonds had fallen mere. ly into the hands of the large capitalist; how many small stock-holders were there who had equally par ticipated in this benefit ?—[llear,heurn l'he rise in the price had also diffused a considerable capital throughout the country, sod influencld its general trade. As to the general character of the country being at stake, all he would say was this, that while 16,000,0001. of the Unfunded Debt had within a i short period been reduced, and the credit of Eng land been for years unimpaired, and her resources triumphing with this, as it was called, paper issue, there could be little apprehension of her . character .. if,riug from her system. She had taken a memor. solo and active part in the liberation of the Conti tient —she had subFelized all Europe with this paper treatiry, which the Right Honourable Gentleman l'ad so often declared valueless, and redeemed ss Wien 'tie last three years 50,000,0001. of debt—while on .iie epposite side, she tied certainly created,another lebt, hut which in a comparison with her state at the Peace of Amiens, left her with 15,000,0001. less of Unfunded Debt. This was a more favoura ble financial state than could be shown by any other country in Europe. America had been loudly talked of, and he would only say that he respected his Trans-atlantic Brethren, and hoped that the sin cerest and most cordial intercourse would continue to subsist among them and the European States. But the sort of relief the People of America got was a reduction of internal taxation, the support of the country being provided for by their commercial duties, which showed at once that America had thrown herself entirely on a peace establishment, and relinquished any idea of holding to the Powers of Europe a hostile (rout. In England 17,000,0001. of taxes were relinquished since the peace, besides the adoption of other advantages. It was in vain for the Right Hon. Gentleman to enforce the necessity of cash payments in this manner. In the partial ar rangement of last year for a cash circulation two millions and a half of the sum coined had almost im mediately disappeared. It was true that the course of exchanges might be turned by cash payments, but nothing to the client of the operation of the thirty millions loan. In acceding to the proposition of the Right Hon. Gentleman he saw at one side nothiog but dangers, while on the other he saw no possible inconvenience from the prolongationof the Resqic.. tion Act for one year longer.—(l lough.)---He felt ,it, therefore, necessary to oppose the, motion.— (Hear, hear ! j , • Lord ALTHOR.PE thought it most extraordinary that on such a highly important and most complicated question resistance should be offered to enquiry.— (Hear, hear !)—Of the two grounds on which the Restrictions had beets originally imposed, not one was now alleged to exist. but a very extraordinary reason was now assigned. They were told that the Restrictions must be continued, on account of the foreign loans. This was the first time that such a ground had ever been alleged fur such a measure. This was placing a question of vital importance to the country in dependence on circumstances nut under the controul ,nf the country. Whether we were in proipesity or in thorns, rilieltuor capital were &bun- dant of scarce, foreign loans tnight thus call own us toroltoin the Bank of England from redeeming its pledges and keeping faith with the Public. But at leyist it was'proper to enquire wheilier tli. 1111.440 loans' iwede it inexpedient now to resume payment. The Rank.might perhaps be unprepared to pay. He thought it would in that case be proper to continue the Restrictions till the Bank could recall its issues : but it was necessary to enquire whether . thicaii was so. As to the withdraWn Bill, he had to dbierve that it was not the niece security that a - banker peas sensed stock which could establish his commercial credit. It was his character, his skill in .business, and his attention to the circumstances of his situa tion ; it . was principally these things that People re garded in a country Welter. Gold and silver were made our standards of Mee for other commodities, on the ground that they were less variable than other things that could be used fora currency. But it was evident that the price of stock which the country bankers were to deposit es a security for their issues varied from day to day, and therefore ought not to be adopted as a standard. As he thereforedoubted the pru dence of the Chancellor of the Exchequer in proposing this system, he thought sufficient grounds were laid for enquiry by a Committee. One of the first princi ples of the banking business was, that the banker, sad those who received his notes, should hpve - the. complete disposal of his capital. People would not' receive his notes, unless they were assured that they . would be paid upon presenting them for payment._ They would not suhmit to any thing like the cir. coitous mode of sending them to London to be paid for there. Besides, the Plan proposed would give an unfair advantage to the holders of small notes, over those who held notes to a greater amount. — These objections and others had met the Right Ron. Gentleman (the Chancellor of the Exchequer); and, therefore, he had expressed himself dissatisfied with' his scheme, and had for the preseut abandoned it : but as it was not finally given op, and as no suffi cient reasons had been assigned for its temporary sur render, a Committee ought to be appointed to en quire into those dangers to public credit which it was intended to obviate or prevent. As . the Right Hon. Gentleman was uncertain and wavering himself in his plans and views, he ought to be corrected or con firmed by the result of a Parliamentary investiga. lion. These measures regarding the currency, cou pled with the continuance of the Batik Restriction, might be injorious to the country, and therefore ought to be enquired into. Sir H. PARNELL said, it had been already re marked by the Noble Lord (Althorpe), that a great part of the Austrian Loan had been remitted in com• modities. To confirm this, he would observe, that for two or three years imm• dimply preceding the time when that loan had been contracted for, the exports amounted to but two or three millions, whereas dur uz the operation of the loan, they rose to ten, a fact showing that when a country was obliged to make great remittances, exportations would natuislly Ireland found it possible to remit ten or three millions annually to her ahcentees, with..ut either specie or coin. What then could it be in—but exportation of goods, which overthrew the Right Honourable Gentleman's opinion, that remittances from a country were necessarily at tended with a disappearance of the currency ? 'l'he Right Honourable Gentleman had referred to the opinion of the Bank ; but in his apprehension it showed no arguing on principles, and nothing but an attention to their own interests. The first and principal objection to the plan of the Right Hon. Gentleman was, that by adopting it, we lost the op. portunity of commencing a gradual return to cash payments. Another great inconvenience resulting from it would be, that it would cause a great ad ditional issue of paper by the Bank of England, and by country banks. If this went on, the same things would happen as had already. Gold would rise—the exchange would fall—and the Chancellor of the Exchequer would again come down to the House, and say it was impossible to return to cash payments. It appeared to him that the plan we'll(' go on from year to year, and was little likely soon to terminate. It appeared to him that so long as a loan was necessary to the Chancellor of the Exche quer, so long there would be no sincere desire on the part of the Government that we should have a re. sumption of cash payments. He accordingly came Ito this conclusion—that as loans were rendered ne• cessary by the excess of our expenditure over our in come, it was oar grand object to bring down the former to the latter. He trusted a more rigid enquiry on that subject would be instituted than had yet taken place till that was done we should never be able to get out of the difficulties that surrounded us, both with regard to our currency, and of various other descriptions. Mr. CIrARLES GRANT denied that there was arty breach of faith to the country io not 'resuming the cash payments; for it was impossible for Par aliment to have foreseen the contingencies that ren dered that n.eirsurs. impolitic. Bat Parliament had redeemed its pledge so far, that the 13ank was now able to resume the payments, if the state of the country and our foreign relations would admit of such a step. Nothing was more rash or false, than a blind application of general principles to specific cases ; and nothing could so much defeat the objects of those who would apply such principles, as a precipitate recurrence to a system in opposition to existing contingencies. What would be the con. *quence if the cosh payments were now resemed, lewd an extraordinary drain were made upon the Bank ? would not the greatest inconvenience and evil result from such a state of things? and was it fit that, l eech a risk should be run in the present state of the tenuity ? The loans made by foreign countries must produce at all times • great effect on the eschatiges. h eas well known, that at the time when the Aug. tzsan loan was made in this country, although t h e S'velalo amount was only for three or four millions, such au nefevuurable turn took place in forsio exchanges, that our merchants felt it as a most serious incon venience. For the truth of thit fact he c.rtilrl produce the testimony of that eminent merchant, Mr. Boyd. He contended, that all which could be done by a Committee for any practical purpose, could be Bona by t't.e House in that discussion ; and that a discretion was to be exercised by the Bank, even in a sound Matt of currency, smoothing to the exercise of which . • ' ~_ the currency woeld be affected. He revered the lea • boars of the Bullion Committee; but he thought, they had • not- made sufficient allowance for the perturbing causes which were in operation throughout Eur Ope. They . bad attempted to define, whet rise • undefinable, in laying doWn principles upon calcu lations of an ordinary and an extraordinary state of I • ~ . war; whereas, the events which had C.! luied;' Were ile i intid ill calculation in theft Magnitude ana'CcnfsreS gdences. tie then Weill kilo a coMparisoh of di Valli • • • 'l.! of extatan4e at different petint: - , ahlrienitiri P • ett i tlitt • specie bid been ezported t whi.tr tipi.rsil4r'ciet-fent; ••• • WAS cleba4tfaitper cent. which din be litifttl'ik •,-•• . . . • the currency did not reiblifi the rate' exilitititti. .• , • v 4 . t , • THip years me, the floiiie • he'd dotitti.a; thim „, , • 17-I.r state of the cosoiiy, like that which at presenttel: . , sited, it woeld .be ensile' to resume cash paymentit and it Wes theriTore unnecessary to go it i to•a Ceiol. . , •. . mittee. In conelusipti, fie'ttiought it not inipostriblit that' e'simitar o f per 4 ation was going fin id Eutopr, lb what te ~a . co this countr y place i n it the beginntni• if laii*Century, the effect of which Was tn'tnekegoid the standard of value, instead of silver'. Prom all (fie consideration he could give the sullret, Ire (*White% self bound to oppose the motion. i Mr. .1. P. GRANT thought that the liaise ou'z'ht Volif Mai. silty itself with temporary expedients, .but s ft tile (whined thoroughly and completely which could he-? be d• tie by a Committee. He could tell tie Right Hoefoorable 'Gentleman, who had jut sat down, that if he would put his finget.oo any passage in thel Reports, made in 1197, on this aubjegt, Which said that foreign loans affected cash payments, then be w ould give up the argument.--(Hear, hear !}- In proof or hits as. 'triton, that an such statement had been made, he referred ‘o the 'videos-ea lle. Boyd, through whose hands. in 4793, the Austrian Loan of Four Millions was transmitted. This lien ' ileorin srated, th I the I. an was made chiefly in bills or et change, with 1,4100001. in Spanish silver dollars, and 150,000. in Louis trors, which .were, in fact, purchased from the Bank, so that they assisted the scared v of coin, - by their own sales, if any setircity'existi.d. The Wan of 1797 was also aid in hills of eschiange, dusting toe. as months prior to the stoppage at. thr Bank of England ; if gold had been export ed, it muse h ire been at a loss.' an.t vet they were told that the restriction was rendered sittees-ary by &quakily of gold sent out of she country, w heu ill tact the importation of it would have been a profitable spectibitton. Indeed, Nit. Boyd said that it would have hi eon bad remittance of the loan if made in gallt,aud it was mores tivemeut and acceptable to the C ort of. V ienoWin the form in a bids it was transmitted. The fact Was, that the neeslity or 11 , 1 t• s fit tine was the-effect of the Il tru k a dsancesio - Goveitmentoind Mr, Giles had stated, in his evidence before the Bullion Co 11111 l wee, that if those snout had beefs repaid Id the Bank, there wou'd have been sin necessity kie suspend their payments iii cash. But trotter the previa sys tem, it would be as ea-y to fill a reservoir, that hada hole its die bottom of it, with water, as for the Batik to pay all their Notre ' .. iti ca-h. . , Mr. HUSKISSON complimented the Right lion. Gentle:non on the able manner in which he had brooght this subject be i fore the I louse, 111000 he could not :wee with him in all his reasoning' and conclusions. He had Mai morning again read over the Report of the Bullion Committee, and thought it a perspicnous statement of important boils, with a clear deiturtitni corium and salons' y principles. Ile NI ::ti therefore n little stir prised that his Right Hon. Friend (the Chancellor of the Exelie- I quer) seemed to Miuk that it required au effort of enrage to refer to th at document, and the inveirigations by which it was 'produced. The business of the House then was, to see whettfee those princiOes could be safely acted upon at the present junc ture, and he was decidedly of opiMon mai they could not. The contraction of the circulation of the country in 11115 and ISIS. was acknowledged by those who had opposed the principles of the Bullion Committee, to have produced a great foil of pities from which the flood i uinous ini-chief ensued ; and if rerourse Was now had its cash payments, and a considerable diminution la the circulating medium took place, which was Inc tier:emery Consequence, it would by Jul) next produce great press. retied 'distress. It was necessary then to non till 51W rate of exehisage was again in favour of England, or at least at par, Watt. this memo's w as attempted. He thought there mould he no dottht fiat if cash payments had been resumed whew the rate of r schauge was in savour of this cottony, the gold a Itot•h had snore hero uselessly thin. n awe . wool • have been sufficient to maintain a metaliie co rrency.-[fiear, hear, hear I] - IS , 1 that time bad been sanTered to go by, and it would not he safe to atteirpt it now, when loans to the amount of 30 millions had been nego ciatcd on the Continent. whims must he made gond from the money market of this country chiefly, whoever might be the contras ors. The consequence of re ,ovitig the Restriction, un der present circumstances, would he a revulsion which world act most injuriously upon the crpital. the labs :r, the circula tion, and the trade of the country. But a gradual and cautious resumption might Ise made, without danger, to au extent of cir culation measured by the foreign exchange. Lord FOLK F.SION li Miser. ed, that two years ago it was said the Bank was prepared, and that elections ances were must favourable fug resuming cash payments. Two year. were then given for preparation. The two years are now gone by, and again the continuance of the Restriction is proposed. Such was the use made by the Bank of the two years given fur pre paration. Was not this, he would ask, a good reason for a Com mittee of Enquiry? He appealed to Gentlemen, of whatever condition or pursuit, men et lauded property or.capitalists, us to abet' wa• the effect of this career of Restriction upon their friends, their connexions, and their ac..uaintaace-and he asked them whether, wills the knowledge of that effect, they could re fuse an investigation ? Would they leave Me mailer without cu quiry to the Gentlemen on the other side, who, in their three speeches-for three only had spoken-so far from stating any pounds against the motion, employed their eloquence audja. genuily in refitting each oilier? Mr. SA MU EL THORN TON said the Bank *as moat anxious to resume cash payments. The foreign loans, he said. w ere ad vantageous iii gins :his country rich cu.toniers- Prussia, tit example. He would be must happy. as a Director, tp restanie cash payments. The hank wutild no longer be subject to re peated and harassing motions ail houtly: asperities, as they were now. lu the present Session, there Mid been no has titan 17 motions, and there were several notices sill remaining, on ibis subject. • . hi r. E. LEW IS and Mr. GREN FELL sopporied the motion. Lord CASTLEREAGH (Tooted the Motion, on tiie groiltol, that it could pot be expected that the Ba •eo uld find s p ecie ifi lit, enough to supply both the domestic and kir t dernitntl.,w hich, under the existing sta:e of tilCexchangeo% Mt .i be made upon it. Mr. TIER NEY rose to repiy.. Tee clitferNice. he Raid, h•- twern the Chancellor of the Exchequer and him 'Ton this cr.- casipie was, thal•hr wished the Wane not to proceed without enquiring what it was about to do, while 1:11 Right Honour able Gentleman desieed it• to decide issitbout any enquiry at all. Notiody asked shut •t be Hank should resume rash pay ments in July, but he, and every impartial man ssliori he consulted, wished to ascertain when it Wft• prliblible, and under abet circumstances such resumption alight to take place. SA mild it not, he appealed to the (louse, for this satis faction of its own mind as well as that of the Petiole out ,of i ull duo,., be better to ascerwin the grounds open n hid) it wired, than to pronounce its decision in the dark. 'I he Chancellor of i:tet Exchequer nip placed iq ;tithe, an awkwattl bli iii.V 'Mi. lie :i.ifl Ipursued a system for 'l. )ears, which he w as oill divased to follow up, but in this Ive was opposed by some id his triestdsniar I him. Those friends professed a desire to reilitlrun Committee, oth m e good old system of currency recommended by the Bullion and sanc.inned by the lung established practice of the et...miry, but the Right Hon. Gentleman's views wire quite different. As to the Directors of the Batik; he court dot crown,- in the opinion that those Gentlemen were anxious to 1 c3-ttne cash pay ments. Those Gentlemen professed nernivate company, as wi-11 as sometimes in that house, .Beirdrt,tre fur .lie resomption, of rash payments. They Were, no iloalat, individually very fair, 1-amiable tieutlemen, but as a body hie. must say that he toought them most dangerous, and that, they nester would resume cash payments if they were kit ufged WI in so by finding that House in earnest to produce the measure.• He, therefore, exhorted the House to show its earnest6e4 uptin•this occieino. If it did not do so, he feared that the conimieures would be dread. al-that a terrible revulsion would iiiioe place. This was. probably the last struggle to guard against that meldrieholy event, and letcach man, who telt for the country, ha: e the satisfaction of stoidsirg ' that whatever be the result Iv- had dune his duty..--[Loud cheers.] -The House then dtvidcd, For the Motion . . !- 1 9 Against it . . . lot Majority for the Minister -1-5 Upon our re-Omission to the Callery, a pioptssition was made that the Bank restriction Bill should tie read a second time. Air. BENNETT moved an adjournment; and Mr. Tierney withdrew amidst the loads-t cheers Strangers were excluded for a division, • it the motion was agreed to without a division, and the this was ordered to be committed on Monday. While straog. rs ocre excluded, we undersea HERON gave notice of la motion for Thursday r peal of the Septennial Act. Adjolif..ed at Half pan Two o'Clocit, till ' - - z --- ~~_. 1--4 r 1 ; „ grata d that Sir a. ay nest tot the He. blentlay next. •