The British Press; or, Morning Literary Advertiser. — London, England, 1826-02-28 00:00:00

both " 'm i t , would not be found sufficient for the public wants' The lion. Member had stigmatised the Bank. Mr. 31ABERIX rose to order. Ile had not stigmatised the WI. A f . IRVING said that if the term was ton strong, although • ss eeparlismentary expression, yet was he most willing to Aiello „,e— - 0 die iior. 31ember arid in the house. Ile was about to slate t" -- p i nion that he knew was unpopular in that House; but cretti aoagri-ri th validity , he should assert that the issues of the Bank of vier lid could be hest r eg ulated b y th- sale of Exche q uer bills. He k new of oo reas on . why the Bank should not go into the mar sad buy seal sell Exchequer bills, and if they found them below let ss r endeavour to ra ise them. It was a mistaken idea to think of rio r - Wing them by the public discounts The better method would 'u ngulate them partly by specie and partly by Exchequer hills, tiewhich he had no doubt would prove as convenient to the public as to the Bank. Ile wan convinced that lending upon mortgage was ',eductive of the pretest service to the country, because, prior to the time the Bank 11.11 i begun to do era, the interest of money th ,,,, ug liout Europe ea. wily 54 pee edit., and yet those who were w ont ing money upon lintled property, which was the most staple st sll securities, demanded lip rr cent. fir their advances. It was *refute maul • ohvit • me that benefit must have resulted front the Bank ad. 1100 000/. at a luw rate of interest. The Bank hail three or four millions of its own property, and what, be would ask, had elle public to do with their funds ? or why should they be deprived of the privilege of toning them to the best advantage ? The CHANCELIMR eat the EXCHEQUER said that the question before the Haase seemed to have been lost sight of alto goiter. The ehject of the llonourable Gentleman's (Mr. M shady) amendment was, to have all account periodiealfy of the issues of the Bank, and not as to the particular items upon which these ad- 1 alma had been made. her J. NEWPOR'e advocated the right of Het public to call for 1 1 a production of the Bank issues, limo which returna no danger could possibly ant. Mr. MANNING made a few obeervations, which, f ail the low tem in which he spoke, were totally inaudible its the glery, after which, BIN 31.LORRIel. said that although his imbibe rined.** wee an before, yet he would not preps hi gam endment t a i ditision. The original motion Was then agreed to without a ditision. Sir M. W. RIDLEY vilified to ask the Right lion. Gentleman (the Chancellor of the Exclunitert if country bankers who I n ad notes vamped prior to the Oth of February, but which had ot been haled, could obtain rash for diem by reaming them to the Stamp Offer? The CHANCELLOR of the EXCH EQUER said chit in tome similar instances the Stamp Office had given other stamps for 'those teleran', but in this instance enotey *maid be returned fur all such nom. Mr. lIC ME boned that the Committee woeld agree . in opinion with him in thinking that some exped i tious mode shoulu be adopted for concerting pktife ieto gold, where so required. By the 17th Geo. lIL a power was given to Magistrates to issue a warrant to dhtrain the goods of the banker within three days after his refusal is give gold for his notes ; and after this Statute had continued in force for &beet twelve years,*the Intervening period between refusal sad distress was.lengthened to seven days. The object he had in view was to give speedy retirees to the holders of small notes, Who must otherwise,* in case Of A Piamiveory time, bring his action, which might be oil months beforeNteould come to a determination. He felt widened that his proposVain was only reasonable, and he hoped that Government mold adre, e'to it. The Bon. Member then moved the following clause : e And be it farther enacted. by the iathority aforesaid, That if say person liable to the payment of any of such notes, draughts, or undertakings in writing, a. may be hooted in pursuance of this Art, tall neglect or fall to make full paytnent In money of the sum or aims for which such notes, draiii;litir., or undertakings in writing shall be respectively given or issued, or so much thereof as shall be or remain due thereon respectively, by the spice Of ten days after dement: thereof made by the holder dr holders of each meek, draughts. or undertakings in writing, Vt shall and may be lahful for any one or more of his Majeety's luatices the Peace for the county, riding, city, division, or place where the person or persons respectively an refusing . to pay any of such notes, draughts, or undertakings in writing, as last afor t aisi4, shall or may happen to be or reside, and such Justice de Justice is or are hereby required, upon complaint blade by the bolder or holders thereof, to summon the person or perildna against whom such compl'Jnt shall be made, and after hilt, ter, or. their appearance, or in default thereof. upon due poor ti . iion oath (and which oath such Justice or Justices is or are hereby empowered to administer) of such summons or warning haring been given; such Justice or Justices shall proceed to hear and determine the Said pirnplaint„ and award such sum to be paid by the person or persons tespedively liable to the payment of every such note, draught, or undertaking in writing, to the holder or holders thereof; as shall appear to such Justice or Justices to be due thereon, together with such a sum for costa. not exceeding the anni of twenty shillings, as to such luvire or Justices shall seem meet ; and if any person or persons shall refuse or neglect to pay or satisfy such sum of money as upon soch compeeint as efortsiid shall be adjudged, upon the same being demanded, such Justice or Jurticei, shall by warrant antler his or their hand and seal, or hands and seals, cause the same to be levied distress end sale of the goods of the party so Deem or ing eelod sae ofeiredsid , wegether with gleams he sod charges attending such and sale, returning the overplus, if arty, to the owner." TIieCIIANCELLOR of the EXCHEQUER said that this clause was originally in the Act which established the Bank se itrictioen, and was stilted to the circumstances of the times ; bui he could out now recommend a clause which, in giving the holders of sous a summary remedy, would render it Impossible for country hankers to carry on business ; in urgent circumstances such a thing might be dune, but to say that it was the law was to go on a bad ground ; nor could he comprehend why the holder of a banker's Me should have an advantage over his other creditors ; this was a roam objection to the proposed amendment. He did opt think it vise to place the creditors of a banker on a different footing from Oat ,scraper, which would evidently be the effect of the clause pro eased by the Hon. Oentleman. Mr. H. GURNEY said that he would venture to assert, without few of mmtradiction, that if the Hon. Member for Montrose carried die clause, there was not a banker in his senses who would con nate to issue notea. He hoped, therefore. and trusted that no hentleman would vote to support of an amendment so impolitic as well as unjust. Col. JOHNSON snpported the amendment, on the grounds tha: the holders of notes ought to have some remedy mote effectual and speedy than by rrocesa of law. Mr. MONCK thought it would be highly improper if now, when we had gold and Ares, we were to depart from a measure which had apposed expedient at a time when bullion was compa ratively KANO It required, he conceived, a particular enactment la order to enforce the payment of bank notes, because it was ra ther a question of currency than of debt, it was a matter rather of puLlic than of private interest. On this account, he supposed, this law had been continued in every Act down to the very last ; it was at first for three days, and afterwards for seven days, but with these toed variations the remedy had always been provided, and he was cataioceil that the omission of the dense in the present enactment wail,: interrupt the establishment of a metallic currency. Alderman EVO AT E said he was grieved to hear the country buskers charged with dritwing the gold and silver from circulation, and substituting for it what had been called their own trash. The ' bankers were not, he believed, more guilty than others; they were at first induced to issue their paper by Mr. Pitt, and the small sows had been recommended by able men bf all' parties; but this vas the portion of a banker's issues which cost most trouble and expense, which subjected him to constant anxiety. and brought km least profit.; there was very lhtle. therefore, to be apprehended tram an over-issue of it. He cmichlded with deprecating any im putation on the country bankers. lir. WARRE, in answer to some of Ithe observaCons of the Worthy Alderman, would merely describe the situation of a neigh boadmod where the gold coin had disappeared. It had been he rptently and truly stated that paper and gold could not exist toge ; every day's experience confirmed this. Supposing then a Doehbourbood In which small notes are lamed, the gold imme d.ately disappeared from It, and the notes became, by the breaNing ot the back, nothing but so much trash. But here the Worthy Alderman said,. with many others, that the small notes were two bleaeme, hazardous, and expensive to the bankers. Why then did they issue them ? they were nut obliged to do so ; and thatr exer tions to circulate them proved that tiny reaped a profit from their ciemlici , m. Ile would take the liberty of pointing out to the Chan cellor of the Exchequer the distinvion which matted between the hiders of Batik notes and site holders of promissory notes. The former took the bank note because there was no other currency ; but he who took a promissory note had his option to take it or not. In the cue of a batik note there was no choice ; yet it was gene rally mere Mash, and the holder of it certainly had a claim to come down the banker au a summary way ; but whether in the way pre paid by his Hon. Friend, without any new modification, he could tot cocfidently determine. Sir It. 'WILSON observed, that the complaint against the tankers was, that their notes were discredited, but this measure was calculated to add to the genera l con fid ence, an d wou ld i n conoe queriectrocure their notes a wider circulation than they could hope fur without it; many would then take their rotes who, under the present circumstance*, would refuse them, 31r. II U3IE waited to put a question to the Hon. Secretary for reni g n affairs. It was simply ilisther he was willing to leave the enforcement of the payment of Bank notes to a six months' process of law. Lord A. HAMILTON said, that when it was asserted that no country bankers would issue notes if this clause were added to the he hoped it was only intended that none would issue notes wi.o did not feel confident of their solvency. He had heard the Secretary for Foreign Affairs say that it was subatential law that country banker were liable to pay on demand. This amendment was calculated to secure a metallic currercy; and it was a ludicrous Proceeding, a very mockery, to cling to the forms of the measure, end deport horn its principles. • 310 Neg said that if this clause were not added to the Bill we should be rutting the holder of small notes in a worse situation ti.,sn be had been in since 1797. The bankers had la-en living elder this litrthildp since that time, when they were permitted. to lane small notes they received a boon, and they were to lake it with W ; good at.d Islet :it , ..gether. They were not compelled to issue antes, but if u.ey thou to do so for their own profit, they ought to becnoroelleil to pay by a summary process, a measure e hich would why bring them to their original condition. Mr. A BERCHOMBY said that although at the close of last ligation he had spoken favourably of the substance of this measure he could not intni,ort it now. f he present state of country was !cry different from what it was then. The country at that time was little with r a p er m on e y. b u t no *, on the contrary, there WAN "rdePaPer in circulation. There was a great and prejudicial cog- USC . IOI3 of notes, and the effect cf his clause would be to increase the rapidity of this contraction. lie was not inconsistent with him self in refusing to support now the measure which he advocated last Session • but the circumstances of the country were substan tially altered. Ile did not take A different view of the clause, but he feared th,t by accelerating the contraction of paper money It niilht greatly aggravate the present evils. Mr. DRUM MOND believed that this clause would add to the credit of small notes. In Newland there was a summary process, and it was found to contribute to the support of credit. fie was disposed to differ from the Honourable Gentleman only in thinking that bank notes ought not to differ from other small debts in the manner of enforcing payment. Mr. HUM E rose to observe that some of his friends thought the period of seven days too short • he was willing therefore to make it ten days. He expected that all the bankers In the House would vote in support of his clause, at least all who were solvent. He did not blame the bankers in general, but only those extrava gant persons who lived in profusion at the cost of others. He was sorry to see the day when Mr. Cohhett's prophecy was fulfilled, and when Ministers would say that Bank notes were no currency, while at the same tin,e they allowed them to circulate. Ile re peated his confident assurance that all the solvent bankers in the House would lend their support to his amendment. 51... It. MARTIN wished to make some remarks an the 'lower. rantshle and indecent observations of tile Hon. Member. (Cries of " Order.") Mr. BROGDEN said he was obliged to call the Hon. Member to order for expressionti more indecent by far than those he .‘ com plained of in the lion. Member for Aberdeen. Mr. It. MARTIN was sorry to have said any thing contrary to order, but he did not think any thing could he more indecent than the Hon. Member's saying that ht expected all the solvent bankers to vi to with him. lie did not. blame himself for rising, but was surp.rseil no one had risen to reprimand the lion. Membsr. The C NCELLO (tithe EXCHEQUER said he did not believe the Hon. ltienitier for Aberdeen meant to give offence, but his expressions certainly might be construed to imply that all who did not vote with him could not he solvent. Re hoped the lion. Gentleman would explain in such a manner as to terminate all these squabbles. Mr. HUME said that he bad at first used the word bankers only, and afterwards added the epithet solvent.. By this addition he certainly did not mean to raise any imputation against those who I did not support lON amendment. Mr. Secretary CANNING said that although he would not advert to the expressions of the Hon. Member who spoke last nor blame their literal sense, yet he thought that they indicated the animus of the speaker, and raised an imputation on all who refused to vote for the atuendment ; that clause, it appeared to him, wield throw an obstacle in the way of attaining those ends ' which they heel in contemplation. It had been well observed by an licmourable and Learned Gentleman (Mr. Abercromby) that there (vas • wide difference in the state of things between the present time and last year. If the present system of paper money , were pertbanent, he would have no objection to such a clause, it might in that case be worth while ea snort it t but when the House • had determined that ,one pound notes should cease in one year, , the expediency of such an enactment became liable to objections. I, Many Gentlemen (from the other side ton) thought that the sudden contraction of the small notes might gire rise to serious inconve knees. He confessed, that at first he was not willing to assign its I due weight to this argument, but he found by expetience that it was true. In consequence his Majesty's Ministers had conceived the plan of patutinga bill which would have the effect of substitu ting Bank of England paper instead of that withdrawn from circulation. But what would be the effect of the proposed amend. ment, but to make it necessary and prudent in the country bankers to withdraw their notes u soon as possible from circulation ? or else it might make thenv4ictims deny malicious persons who wished to drag them before a Magistrate : he objected therefore, to the amendment, because he considered it a needless and hurtful precau tion adopted for a temporary issue of paper. kced MILTON objected to the amendment, which he believed I would aggravate the present ills. He lamented that Ministers had ever brought forward that measure. which was calculated only to make the people distrust their own resources. If he had been present he would have joined himself to the small band who re. bisted thak pernicious measures—meastires which were directed not against die onsolid and imprudent, but against those whose strength and credit enabled diem to weather the storm. He would rot con cal his opitilut that the worst shock was yet to come, and was Ease approaching. lie opposed the clause because he wi Med to legislate as little as possible, but to allow things of themselve% to regain I their natural situation. Lord A RCHIBALD HAMILTON was not surprised that his Noble Friend, who objected to the whole measure. should object to the amendment ; but he was surprised to see the Honourable Gen tlemen opposite receding from their principles, and dealing se mercifully with the one-pound note!. If the Hight Honoumbla Gentleman feared a sudden contraction of the currency, it would be easy to make the clause prospective, and not to come into ors. ration till after three or tour months. If hie Honourable Friend would press his anrendipent to a division he would support him; but lie would be willing, at the same time, to meet the views of the Bight Honourable Gentlemen opposite, if they wished to suspend the operation or the clause for a few month& Mr. HUME wished to know whether ! l ll:linters would give any other protection to tits Wider.; of not than that which they had by law ? The House then divided— For the amendment Against It 31 ajori y . . our return to the Gallery we foutid Mr. Ht; ME on his legs. The Honourable Member stated that held in his hand four or Eve country bank notes. Noir the Right Honourable the Secretary for Foreign Affairs had eltpreased his dislike to have the petroantnt currency of the country carried on by the Instrumentalty of these think notes. But according to the ar rangemente which were proposed for adoption as a remedy for the Hvils Which were suriptieed likely to ensue from a perseverance in the old system, it was to be apprehended that the effect would be to li.crease the difficulties which his Majesty's Ministets apPeared to he so studious to avoid. fro was his opinion that the mischief would increale in country paper, if there was not to he a convertibility into gold. In fact, it *as to be feared that there would not be either an efficient gold or paper currency. There should be some more summary mode of recovering the amount of the promissory notes than the tedious and expensive process of an action. Now the persona Who natty be in possession of these country notes are leis without the power of procuring an immediate and satisfa ctory . 163 - -144 paYmeht. He b r ad indeetlhoped that the Hht Honourable Gen'. tlefnan optiosite would have Introduced som e cbmse to remedy the svil,for at present there was all the inconvenience of inconvertibility. He then held in his hand, as he had already mentioned, live coun try bank notes. They were all slate (hear), for the purpose which he meant to illustrate. In this respect, though they were of dif ferent establishments, they were all framed in the same false prin ciple (hear) of not being payable at the places where they were issued. The IlLnoural.4e .11enilicr then procee ded to advert to these several notes of the value of .57., which had been issued by different country banks at Birmingham, at ‘Volverharopton, at Stratford, &c. Though on the face of them it was stated that the value had been received at the places 'there they were dated, yet if the holder were to ask for payment at the places where they were issued, he would be very inconveniently referred to London for the satisfaction of his demand. One of these notes had been in circula tion, which (said the Honourable Member) furnished a proof that the annual stamp returns did not afford a satisfactory acco tnt on which to calculate the number of notes in circulation. But the principle of issuing in one place and paying in another and a distant spot, was the annoyance which appeared to him such as to call loudly for a remedy, and against the continuance of which he complained. What great inconvenience must result front this distraction between the mu places in the period of a run was too ob vious to be insisied on. He had hoped that the circumstance would have impressed on the framers of the Bill the necessity of introducing some salutary check. However, as the Right Honour. able Gentleman opposite had not adopted some expedient of this nature, he regretted that such omission compelled him to move the insertion of a clause, "That all promissory notes should be mode payable at the places where they we e issued." Mr. HUSK ISSON said he should have brought forward • clause to that effect if some circumstances had not altered his opinion on the subject. lie had understood that an opposition was contem plated and acted on against the principle which had been adopted by Government to regulate the banking system of the country. But if it is desired to return to a gold circolation, how was the Bank of Lngland to pay the wants of the country until the period had arrived when it was contemplated that the gold would replace the Bank-notes gradually -withdrawn in the interval. But there was a disposition to counteract the operation of that principle, anti it was therefore he expressed an opinion that no country bank-notes under WI. should be allotted to be issued, unless they were made payable at the place where issued, and elsewhere. Mr. CAI CRAFT concurred in the principle of the Honouia. ble Gentleman's motion, but he did not apprehend that the incon venience attributed to the general practice of making notes payable in a place different from that where they were issued, existed in the dvgree stated by the Honourable Member (Mr. Hume). lie pre lamed, that if that Honourable Gentleman entertained any fears or doubts regarding the M. notes which he held in his hand, he would, instead of making a speech, have sent for payment. The Honourable Member (as we understood him) agreed in the suggestion of the Right Honourable Gentleman (Mr. Huskisson) respectiug the payment of country bank notes in two places. Mr. IRVING made some observation which we could not hear. fl ("MUSSON (as we could collect his meaning) expressed some doubts as to the prevalence of the practice of Issuing country notes that were payable in London only. Sir J. WROTTESLEV objected to the proposed alteration. He conceived that it was a great convenience to have country notes pay able in London, as persons in the country frequently experienced when they had occasion to visit the metropolis. But if the coun try banks were obliged to have a deposit at home and in London to meet the double contingency of presentation, a considerable ex pense would be incurred by the establishments. He would there fore only ask the Right lion. Gentlemen to take the opinion of well-experienced persons on the subject. • Mr. HUSK ISSON said he did not require the opinion to which be was directed to resort, for he went to the principle, and not to present practice ; yet he thought that the practice which was said to be so general was totally unknown to three-fourths of the king dom. He did not mean to compel the country banks to pay in Lon. don, but he thought their notes should be payable at the places whence issued. It wan the convenience of the public and not of the bankers that was to be regarded. According to the mode which was said to be so prevalent, how could the holder of a country note made payable in London alone procure payment after the Lth April 1829 ? Mr. dl. W. RIDLEY did rot mean to deny that the public convenience should be regarded. As to the question of maklog THE BRITISH PRESS. bank notes payable elsewhere throe issued, he did not think that an acquaintance of thirty-B►e years could enable him to condemn the practice. Alr. SPRING RICE said that the branch banks of the Bank dr Ireland had so worded their totes as to make them payable only In Dublin. Mr. ATWOOD said that now were made payable in London for public convenience. The measure reepectlng country banks had in tact been brought into operation before Parliament was eon. suited, and a principle whielthan been carded was repented of lo :wenty.four hours. It was said, if you permit a one pound note you will never have sovereigns ; but by the principle of the present measure the country would not be allowed either a sovereign or a one pound note. Mr. MANSFIELD said that In the banks of the place where be was connected, the notes were made payable in London or at Leicester. He could not conceive what advantage it would be to the country banks to hare their notes payable In London only. In the time of a run, the banker who refused to pay his notes st ths bank where they were issued, because they were only payable in London, would he a holder man than himself. Sir J. aI'IIOWESLEY said a few words of which we could not catc . o the import. Mr. Secretary CANNING observed that the Government had not meant to treat the country bankers harshly. Rut they had been compelled to adopt the course pursued, because the country hankers had resolved suddenly to contract their circulation. He did not mean to contest the propriety of their conduct in thin respect, hut since the circumstances had so °centred, it was necessary to apply the turnedy. Mr. H. 01; P.NEV did not helievt that the country bankers-had drawn in their notes for the purpose of defeating the measure. The banks had cmitrfouted the supplies because they were not allowed to issue any more one pound notes. and those that had been issued were poured in tattoo, them. He did not agree with the Honourable Member tor Montrose that this would go to eternize the one pound note system. lie wished that there should not be too sudden It contraction. Ile did not approve a the would safety deposit. The Government did not salt° to bay acted with consistency in the couractliat was permed. 4e , - • , • a . Mr. MARTIN said s tttst In respect. to the two Mink( .llch were established in the olio with %shah he wall particularly ac quainted, the payments Were made In Imam only. He thought it would be a great hardship to require* llolibledeptstit. Mr. CALCRA FT world wait until the Report was brought up to give an opinion on the question, but he protested against the charge preferred by the Right Don. ttentleman (Mr. Canning) that the country banks had_ contrived their circulation in order to counteract the measure. Government has caused the contraction of which they now complained. They had been very inconsistent, for when the panic was beginning to abate, anti confidence was near bring restored, that paper which was signed by Lord Liverpool and the Right Hon. Gentleman opumite renewed the fears which were subsiding. That document had been productive of great grievances to the country bankers. Mr. RES objected to the great hardship of requiring a deuble deposit. It would be preferable for the country bankers to have the clause retained which was already rejected, rather than the pre sent. When the country noteit are sent to London, they stop there and reduce the country circulation. Ile repelled the statement that the country bankers had been hostile to the measure. The fact was that the tendency of the Ministerial proceedings was to throw back these notes on them, and the country banker naturally and in self-defence drew in. Mr. AT‘VOOD said that no person acquainted With country banks would think of charging them with the inteneon of defeating the measure of Government in the manner alleged. Mr. IRVING thought the clause was a mere contrivance to con. tract the circulation, as t would make it inconvenient for the coun try hankers to h-ve a d.wtsit its town and country. The reason of the Bank of Ireland branches paying only in Dublin seemed ap. plicable here. Mr. Alderman HEYGATE thought the conduct of the country banks justified by necessity. Mr. Secretary CANNING gave the Hon. Gentlemen credit for the atatements which they had made, though he was not convinced that the measure was improper. Mr. C. IVILSON was of opinion that the property of the bankers was better known at the places where the notes were is. sued, and that there was a greater opportunity for fraud and over issues by making country bank notes payable only at a distance. Mr. lIIISKISSON did not agree with the Honourable Member I for Montrose (Mr. Hume) in thinking that there would never be a metallic currency. He did not see why there could not be a circu ' lation of this kind without the aid of any notes under V. It had occurred during a period of 80 years, in a great part of which time there were no notes of less value titan 5/. Government had been informed that there was a determination on the part of the country I banks to draw in the I/. notes. For this the Government was nut prepared. The measure therefore was adopted to prevent any notes wider 201. being issued, unless made payable at the place where issued. He did not confine it to any particular spot. It remained for the country bankers to comider how they were to conduct them. selves; but it was the duty of the Government to regard the public interest and convenience. Mr. M UNDY said that thipractice of the old Derbyshire banks was to make their notes payable at the places where they *here hunted, and there only. HUSKIPSON Wades fbw observations, the precise tense of which we could not catch ; after which Mr. flume's clause was negatived without a division. Mr. HUME then proposed another clause, that all bankers should make a return of the greatest number of notes issued by them. Ile conceived it would be very advantageous to be able to ascertain through the medium of the Stamp Office the quantity of notes issued. lie did not want to know a single name connected with these issues; and therefore he should propose, that these accounts should only be classed under the heads of No. 1, anti No. !. &c. The CHANCELLOR of the EXCHEQUER had no objection to some arrangement of this kind ; but he had rather the proposi tion were not made now. There was at present a feeling of alarm among the bankers, which had been induced probably by the pre sent measures, and he thought it not advisable to aggravate that alarm, by adopting the proposition of the Hun. Gentleman, unless the introducton of such a clause should be deemed absolutely ne. cessary. He had said he should have no objection to an account being obtained of the number of notes issued: but he thought the mode proposed by the lion. Gentleman to effect this was open to great objection. There would be all aorta of surmises as to who was No. I, and who No. 2, and dangerous prejudices excited. He thought it would not be very dif fi cult to devise some better mode of effecting the same object; but he would remind the Committee that they were now called Upon to apply a particular remedy to a Particular evil; their object was to get rid of a great grievance, not to obviate every possible defect, or to adopt every speculative im provement that imagination might suggest. Ile hoped the Hon. Gent. would not at present press the clause he had proposed, and one of his principal reasons for desiring that it should not be now pressed was his conviction that the mode proposed was highly ob. jectionable. Mr. HUME said he certainly would not Imes the clause; but in answer to the Right lion. Gent. 's apprehensions he would observe. that he did not think the Right Hon. Gent. could do any more evil than he had already done. (Hear, and laughter.) Mr. MONCK thought the law as it now stood was oppressive on the poor man, who in the event of a failure frequently had to travel a consider able distance, and incur a great expense, before he could get the dividend on the one pound country note which he might unfortunately possess. To obviate this he should propose as a clause that the holders of one pound notes should receive fur them the full value before any other creditors should receive any dividend whatsoever. He thought this was a security which the poor man ought to The CHANCE LOR of the EXCHEQUER could hardly tell what sort of principle it bas the Honourable Gentleman would establish. Did he mean to give one creditor a preference over an other? He thought it would he dangerous thus to overturn the acknowledged principles of debtor and creditor. (Hear, hear.) He could hardly tell where such an arrangement, if once recognised, would stop. It appeared to him that on the principle of the Hon. Gentleman it would be quite as reasonable for the holders of five pound notes to claim a preference over those who held the ten pound votes, as for those who possess one ponnd notes to say they were entitled to greater advantages than the owners of notes of a higher value. (Hem, hem.) This clause was negatived widend,' division. The House then resumed, and the report was ordered to be brought up to-morrow. ORDNANCE ESTIMATES. Some conversation tork place between the Chancellor of the Exchequer and Mr. Moberly relative to the motion of the latter gentleman to oppose the Speaker's leaving the Chair, on the mo. tion for a Committee of Supply. It was at last agreed, that the Chancellor should propose the Ordnance Estimates on Monday next, and that Mr. Moberly should then, in course, make his motion. _ _ _ SCOTCH BANKS. Sir 0. CLERK moved for a return of the number of banks established in Scotland, hewing notes payable to bearer, distin guishing the chartered banks from those not chartered, and the number of partners in such Mini*. s ate not chartered. PRISON LAWS. On the motion of Mr. °MILBURN, a Bill for consolidating the Prison Laws was read the first time. The House, having disposed of the other crdets of the day, ad journed at Twelve o'Clock. MINURITIES. Minority of Nine who voted fur Hr. flume's Amendment Oaring, Sir T. Monk, J. D. Palmer, C. T. TIC LIARS. 11urn4tt, Sir P. Lloyd, Sa Wood, Aktorman Hobhou.w, J. C. Maber►y, Major Knight, Rubert Webb, Colonel Hume, Joseph Minority of Nineteen who Toted for the Meow proposed by Mr. Hume. Burdett, Sir F. Johnson, Colonel Nugent, Lord Wilson, Sir R. Denman, T. Knight, It. Sykes, S. Wood, Alderman Evans, WM. Leader, W. Wane. J. A. Griffith, T. W. Leyceater, R. Webb, Colonel TR LIAR. Hamilton, 14 A. Mottle, Hon. W. White, 8. Flume, Joseph Hobbouse, J, C. Monet * J. D. COTTON.—The arrivals since our last publication have been considerable, but the weather having been unfavour able, not much has been landed: 213 bales of Mobile have been sold at 1t cents, equal to cash ; and 100 bales of Uplands at l3i to 14 cents. cash. We continue our last qnotations. By advicea received by the ship Leeds, from Liverpool, to 27th there doed not appear to have been much variation in that market.—New nil. Price Current, Feb. 8. PRICF:3 OF TIRITISII Rank Stock 2)4 202 3 per Cent. Red. ' NI 77j 3 tier Cent. Cone. 774 77 71;1 j Ditto Acct. 774 j 743 77 34per Cent. 34 per Cent. Red. 954 13 Kew 4 per Cent. 94 j PRICES OP FOR Brazilian Bond. 544 3 Ditto Acct. 56 Colombian Bonds Ditto Boncb(uzu 461 76 6 1 6 6 I Ditto Acct. 474 61 4 6 6 .1 * 6 * Danish Bond+ P 44 French Rentes 3 Con. 97f. 76c. 98f. Exchange 36r. bk. 66c. urea* Ronde Ditto Bomb (MI) 614 17 18 Ditto Acct. In PRIM OF SHARES VESIE: MINIM ------- Share. Paid. Anido.Mmilsan - ClOO 40 In ( 110 Brill*/ Iron .. Chilifin lOO * 14 pm Potmd. La Pas, and Perul•lan kearklatlon */0 . 6 34 dls Heal del Monte 4OO 414 i 0 ilk par United Mexican 5.... 40 Ditto New ' Velak Iron sad Cold ' 2/ 20 21 dila AiIIpIANCII 00)Ria 111 111. Palladium • 5O 2 I die IiOX Liverpool and blancheathe W 9 hi Opm inisontaasnova. • • • General Steam Naviiraliali . Mexican Pacific Pearl Fishery • • 50 ' Van Mance* Land Agricalbend • 100 b pn' par • ti *gilt roo DRURY- LAN E THEItTRE. This Evenint, TUF.IMAY, Feb. 21, Will be perforMed the National Ballad Opera of MALVINA. The principal Characters by Messrs. Wallach, Sinclair, Horn Bedford, Marley, and Flint illiam ; Nine* Stephen., Povey, , alt After which ymniodic Exercises by II Diavolo An:o.do, To conclude with the Farce of JOHN BROWN. The principal Characters by Messrs. Browne, Wallach, and Henley ; Mrs. Marlowe, Mr.. Yates, and Mks NI .01. COVENTIGARDENTHEA.TitE. This Evening, TUESDAY, Feb. 28, will be iperfort6d the Comedy of A BOLD STROKE FOR A WIFE. Colonel Felgnwell, Mr. C. Kemble ; Perylwinkle, Mr. W. Farren , Obadiah Prim, Mr. Fawcett. Ann Lovely, Dibus*.lones. To conclude with THE BEGGARS' OPERA. Peaehtim, Mr. Blanchard; Locale, Mr. Bartley; Captain Macheath, Mudanle Westrls Filch, Mr. Meadows. Mrs. Peachhm, Mn. Davenport; Lucy, Miss Love; Polly, Miss Paton. The Durlor Para Gomm eticed publl.llnryesierday moraine ate qtar . . ter paert.five LONDON, TUESDAY, FeisnuAair 23, 1846. The French Papers continue destitute of interest. The Pilule of Satur:lay contains some sfieculations concerning the designs of the Russian Government. Prom a private letter dated Augsburg, the 25th February, the following are extracts : " Without pretending to be initiated into the secrets of Cabinets, we venture to say it is almost impossible for the Emperor Nicholas not to make war on Turkey. Besides, relying on very good autho rity, we do no' doubt that he has already explained himself on this subject with the most noble frankness to another Sovereign who is in the first rank of European Sovereigns, and to whom lie is united by the bonds of affinity. We are obliged to believe that he has made to the latter a confidential communication, in which he ex plains his present situation and the measures whirl, he is obliged to take in order to ward off the ineonveniencies which this situa tion, offers, and which are of a nature to endanf!er his sacred per. son, by making hlm run the niost perilous chances. In short we think that the Emperor of Russia has written to the King of Prus sia that the temper of his army, and even the wishes of the great majority of his people, declared so powerfully for a war with Tur key, that there remair•.ed for him no alternative but to descend from the throne or to march his troops against the Ottomans. The overture has been communicated by the King of Prussia to the other great Powers of the Holy Alliance and to England. If negotbs. tions are still carried on at St. Peteriburgh, it is no longer to dig cuss the question of peace or war, but solely to agree on the object of a war, the success of which is not doubtful, but respetting which it is povaible to agree in such &Manner as to prevent all Etirope from being thrown into combustion. " Witsare also infanta et another circtscristanee„ the importAnce of which we can appreciate. An Austrian Diploinatiat of the first rank, who has been at Vienna for some months, but who ghoul,' have returned to his post six weeks ago, is detained at Vienna or ly because he is intended for another mission, Mr which lie i l peculiarly calculated by his great skill In business, of which he ha: already given striking urook on many occasions ; we mean the Baron de Munck Rellinghausen, President of the German Diet, which re sumed its sittings at the beginning of January ; and we know that affairs of such importance are discussed in it as would render the presencs of this amiable Statesman very desirable. Nevertheless he seems to prolong his stay at Vienna indefinitely, and it is solely because be is kept in reserve to be sent to St. Petersburgh at the de cisive moment, when the presence of it negotiator of the first order will be imperiously necessary. " The French Papers contain no news from St. Petertiburgh subsequent to those contained in the Joilrnal de Si. Petetaburgh of Feb. 7, received some days ago." FRENCH FUND3.—PAitis, Fen. 24.—Pive per Cents. 35c. Three per Cents, frif. 45c: Bank stock, 2,000 f. Remiss de Naples 71f Ztlic. Rente d'Espagne 81. Royal Spanish Loan 4fil. Haytian Loan 7291. Exchange on London—One Mouth, 231.55 c.; Three ditto, 25f. Anthrntique. We have received files of American Papers to the 10th February. The Congress had been debating the Bill for the Improvement of the Judiciary System for a fortnight, and the discussions had frequently gone to a great length. The American Legislature has also been occupied in con sidering the propriety of sending representatives to the Congress at Panama, which measure, although not decided upon, the American Editors believe will c2rtainly he adopted. The attention df the Senate has been likewise called to the amendments in the Constitution ; upon which subject an elaborate repoit has been made. The principal alteration regards the elections of the President and Vice.; President. These - papers contain articles on the financial and commercial difficulties of this country, and a long list of provincial bankers who have suspended their payments is given from the London journals. we make the fol lowing extracts from the Neu. Tot k Daily Jrlvertiser of February S, relative to the affairs of South America:— ' The various events which for several years have occurred to promote the independence and improvement of South America, have been remarkable; as the condition of those countries has been in many cases so precarious, that it seemed as if a single adverse turn in affairs would have produced the most fatal consemiences. And this succession of favourable circumstances, it appears, has not yet cedaed; for while the new states are on the point of form- ing a mutual league, which promises to be of the utmost tin. portance to their security and prosperity, events are transpiring in America and Europe which materially favour their designs. The death of the Emperor of Russia paralyzes the power of the Holy Alliance, and leaves Spain in a condition doubly feeble and de plorable ; while the capture of Montevideo, and the new revolt in Brazil, if the late reports are continued, will place Don Pedro entirely on the defensive, and probably result in joining his sub. jests to the cause of the Republicans. Under such happy auspices will the Congress assemble at Panama; and its deliberations and measures will have great weight, particularly if they receive the additional sanction of di plomatic agents from the United States, of which there now seems to be little doubt. The opinions of men are already so extensively enlisted in their favour in all quarters of the world, that these new states are rapidly progressing in a bloodless moral triumph, in spite of all the physical power of Europe. " By an arrival from Colombia, we are put to possession of Bogota papers to the 22th December, and a Carthagcna Gazette of the 7th January. " The Congress was to meet in a few days, and the Editor of the Cultslit name! speaks bf the Session en one that is likely to prove uncommonly interesting and important. The choice of a Vice-President will devolve upon the national legislature, its time people have made no choice ; and this appointment may well be regarded as one of no small consequence. while Bolivar, who has again been elected into the Chief Magistracy, continue* to be occu pied out of the country. " The Itnancialsystem of Colombia is still considered as ve r y imperfect, and it is presumed that measures will be taken in the ensuing Session to introduce a thorough reformation into that branch of afairs. It is said that tin representation lies ever yet been made to the public, of the aetual situation of the country with regard to its pecuniary resources and expenditure, and no system proposed calculated to draw from one a supply for the other. " New civil and criminal codes arc also found necessary, al. though some of the nutst striking defects of the old Spanish legis lation have been removed. Committees w ;-e appointed the last year to prepare such codes for deliberation in the comirg Session ; and it is presumed that they will be brought up, as well ss the subject of organizing the army ang4, improving the public prisons, promoting the interior novigation of the country, etc, &A, " The Bogota papers complain (tithe want of an efficient police in the capital. Two or three attempts at robbery and assassination had been made within a few days, but no arrests had taken place. Nt:w YORE, FEBRUARY In. " CoLostnia.—We have received by the'ship Canton, from c art b igena . B o gota ripens to 29 inclusive, but do not obaet v e anything of irencrnt interest. The paper of the latest date con tains soros etlitmial remarks on the subject of the approaching sea• lON STOCKS YESTERDAY. bong Ann. i9l 7.16 Ihdia Stock 227 nitto Ronda d 6 die Ex. Ellis 10001. 2 dl. par 2 di, Ditto WM. 2 illy I pm Ditto Small 2 die 1 pat Lottery 71ekets 191. bk. IITOCKS YESTERDAY. Mexican Bond. 54 Ditto Bonds (1P26; Can 59) GO 204 Be 8 Ditto Acct. GO 591 159 iI 9 Si 81 Peruvian Ronda 32 3 Portustiear Bohd4 744 3 Prussian Jlotida Ditto Solids '1822) P 9 4 ltusrlan Ound+ ni di a 8 1 8 9 Ditto Acet..7B 73 Spanish Rondo 9 Ditto Bonds (11/64) low , lion of (ongreett. Among other mohjeets which felt order the notice of the editor, is that or the fi.ntinctal department, and it ap pears frcm his remarks that there was a want of system and method la that branch of the administration, from whi-li he infers that 111 future prospects are chimerical and the indeyendece of the comarr but a name. We extract the following from his remarks on this subject '• Clogged at present with a deht, which, notwithstanding all that has been said and written upon the subject to as. is very con sideratle, it is absurd to talk of the riches of our soil, our re sources, Ste., if we cannot find mean* without inereaahlit whet we already owe, to pay the interest of what we are indebted to foreign capitalists. Before it be ten late r re shoahl reflect seriously on the best means of pmviding for the fume, and that is in our opt nion but short-sighted policy whi c h weed conceal the extent of the abyss because we do not at ones poesehm the proper way to avoid it. It is now upwards of four yesmeeletee this country has been settled under an established form of goventment r and up to this hour not a single plan has been laid bentre the country for the admiring. tration of of our revenue, not a ti:•;;!Ir arpose sumprehensive of the system of our receipts and expenditures, and of the best mode of providing for our current expense*, enlarnitte4 the public eye. The moment however is fast apt ....dfing, when every thing a this kind must be done ; and it were mach better to do this, while there Is time, although but short, to put soots resources as we have to avert impending ruin, into action, than wait until even the beat contrived plan hadeveloping our national wealth would not have oppdttunity to unfold itself and produce the oriticipszted results ; and thus disappoint the well-founded and eager expeoutiens of the country." Alesitan papers to the 111th ult. have reached here by the schooner Lwn. General Wilkinson died in Mexico the latter end of De. cember, and his funeral took place on the Ist of Jannary. Intent. Renee of the surrender of Callao had reached Itlexitti via Goads !exam The 'Mexican Congress Commenced its session on the lac of January. A flattering picture of the scars of the country is given to the message of President Victoria. Makes were received from Rio de Janeiro yesterday to titith December, and front Buenos Ayres tosarth Nov. if ha private letters state tliatinetly that BOLIVAR had taken a step in the contest between the governments of La Plata and Brazil, that evinced his determination to act vigor ously, if neccessty. According to these letters the Liberate tor had ordered his advanced guard to Paraguay, and, as the same time, assured the Republican Government that all his disposable force should march, if the Emperor did not withdraw from the Banda Oriental. If Bor.] VAR has put- . sued this course, he must have done so upon his own re.d sponsibility, without having, consulted the Colombian au thorities, which we were not prepared to expect would have been the case. However, the letters speak so positively upon the subject that they scarcely allow us to be sceptical. The Lady liennaway hat arrived from Bombay in the Downs. She sailed on the 10th November. Her letters are not yet generally deliveted, but we have learned that the negotiations for a cessation of hostilities in the Bur-' mese territories continued, and his Majesty's ship Arrechne was under wiling orders for England, with the official de spatches of the result. The latest advice', from Cutch were brought by the vessels lately detached with troops in that: direction. '1 he predatory bands from ceind had not mo lested the British territory, but continued their attacks against Cutch. The Indian Government having, in the exercise of its functions.. thought it nectialty to withhold information on the subject; the acc`conniii respecting the force and operationi of these iniaiders is Meagre and un satisfactdry. . . . CITY, MONDAY Evicit*go. The English Stock Market was exceedingly firm in ail • early pert of the morning, and considerable transactions were done iii Cotiiols at 77i. Abodt one o'clock a report was circulated that a funding of Exchequer Bali would take plac;, which had an unfavourable effkt, and Consols were done. at 77 to , at which 4uotatiori the, Continued for sonic time, and concluded as low as 76a a. Bank Stock was 204, 202; India Stock, 22t, and .the Bonds s, 6 dis.; Exchequer Bills, 2s. dis,, par., 2s. dis. The set. dement in the English Market to-motet% (this day) is looked forivafal to with intense anxiety ; and that is not to be wondered at, when the fluctuations in Consols dpring this Account are taken into consideration. In the Elclie. goer Bill market there.has been to-day great interest. Government has given officill notice of a payment of these bills on the Slut of March ; and alio that any holder wish ing for money may have it on any previous day, by giving 2t hours' notice at the Exchequer-ofliett. , The agent of the Bank has not purchased any Exchequer Bills this morning. A report was circulated with some degree of industry at the conclusion of business, that two Commis sioners were already appointed by the Ministers to receive deposits bf goods, and gr;int sheds for two-thirds of the amount on the Bank of England, and the Directors of that establishment will be entirely ignorant of the persons ap plying for relief. The Foreign Market, notwithstanding the settling day, was uninteresting. Colombian Boads were reported at 45a t ; Mexican Six per Cents, 581 ;.Creek Bonds, 171 le; Spanish ditto, 94 ; Danish ditto, 521; and Russian, 77a. 'f he Share Market continued inaCti^e. FAIR lONAB f The tiowager Marchioness of Salisbury's conversed:o6e; oil Runciay evening, was attended by an elegant assemblage of the haut ton ; among whom were his Royal Highness Prince Leopold. Prince Gortachaeoff, se. reral of the Fore.gu Ambassadors and sh• r lr ladies. the Marquis and Mar chitmetu Palmella, the Marchiouess of Hertibrd, the Marquis and Mar chioness of Salisbury, the Countess of Tenkervilie, Dowager Lady Hampden, the Count and Countess Ludolf, the rui of Westmorland; Lady G. Pane, Lord and Lady Burghersh, Lord and Lady Tullemore, the Marquis of Graham, . Lord St. Helens, Sir Henry IVlBoughby, Sir Charles and Lady Ogle, Lord Palmerston, the Vitt-Chancelldr sir William Bur roughs, Sir Gore, Lady, and liJiss, Ousley, Colonel Roans, Colonel Wal. pole, Colonel Watley, Mrs. Lou, Pox, Mr. Taylor, Mr. Glies, Mr. Hoare. The following distinguished personages had dinner parties on Sunday . Mr. Secretary Peel, Sir George 'it:to-render, the Right Hon. William Hu.. kisson, tine Itight Hon. Charles Wyan, tied W. Egerton, Esq. M.P. Viscountess Hampden had a dinner party yesterday at her house In Green-street, Grosveilorsquart. Lady Ogle has Issued cants of Invitation for a musical party, on the I.lth March, at her house in Hill-street, Berkeley-square. - Emily Marchioness of Londonderry entertained a large party of the bout ton yesterday evening, at her house In S.. James's-square. The Countess of Tankersilles intended party last night was postponed till Monday next, the 6th proximo. Lady . Davey had a musical party yesterday evening, at her house Pali-st-cet. The Deice of Devonshire arrived ih town on Saturday, from his seat, Chatsworth, Derbyshire. The Duke of St. Albans left town yesterday, for the seat of Sir Olbert East, Bart. Hall-place, 4erk. The Marquis of Camden arrived in .own yesterday, from his sent, the Wilderness, Kent. The Marchioness of Tavistrick left town yesterday, for her seat, Oakley House, Bergfordshire. Stuart, Esq. and Lade Stuart arrived yesterday at the Marquis Camden's, Arlington-street, ftom Ireland. Sir Charles Saxton, Bart. arrived in town yesterday, frim l.is seat. Cincouft, Berks. Sir W. Wray, Hail. arrived yesterday, at his house in St. James's. place, from Scotland. Henry AntwLsie, Esq. arrived yesterday, at Miller's Hetet, Jermyn - street, Tram 114 , 41ng4. Departures :—Lord Henry Fitzgerald; Barone, de Boo.; and the Flonouralste Miss tie Roos. lAA) , Mulesworth, ?MAO Molesworth, and the Rev. W. Molesworth, lett the Waterloo Hotel, Jerrnyn-street, yesterday, fur Surrey. Mrs..klorgan.and Mr. Cooper left tile London Hotel, Albentarle-street, yesterwty, fur their seat In Wades. Walter Boyd, Esq. M.P., Mrs. Boyd, and fhmily, left the Burlington Hotel, Old Burlington-street, yesterday, fur their seat in Kent. Arrivals at the Clarendon Hotel, Mond-street :—John Fleming, EN. M.P. frdm Southampton ; Watt-Russell„ -Esq. AI,P. from a tour. De parture. --The Marquis of Sligo, for Ms seat In Ireland. Departures from the British Hotel 1--Captain and Mrs. Walton, for Bath Captain Whatley, for Brighton ; Win. Selby, Esq. for Oxford. The Earl of Harrowby, Mr. Secretary Canning, and the Chancellor of the Exchequer, had a long consultation yesterday with the Earl of Liverpool, at the residence of the Noble Earl in Yesterday the Lord Mayor transacted business at the secretary of State'i office for the Home Department. Mr. Moore, the King's Messenger, arrived st the Secre tary of State's office for Foreign Affairs yesterday, with despatches from the Right Hon. Henry IVellesley, our Ambassador at Vienna, to Mr. Secretary Canning. ' . Kean is very likely to resume his situation at Drury , lane Theatre next year. By his success in America he ham been enabled to repair, in part, his dilapidated fortune; and, as enmities should not be eternal, be hopes to meet a favourable reception on his return. After performing one more season in London, he intends to retire to his little castle, in Scotland, there to remain in domestic quiet fur the remainder of his life. Illustrious, noble, and distinguished, Indeed, is the list of Vice-Presidents for the Covent-garden Fund Festival on Friday, at which his Royal Highness the Duke of York (we are authorised to state) will positively preside. His Royal Brother, the Duke of Sussex, has also graciousty promised his attendance. Mathews will, as usual, pre sent the company with a specimen of his new En ment ; Sinclair, Broadhurst, D ur uset, Taylor, I'emsan, and a long list of vocals, comic and sanous, will tmitie thew talents to reader the amusements of the day superior to any other public dinner in the metropolis.