The Sun. — London, England, 1856-02-29 00:00:00

~~~ IMMINO He hoped in conclusion that the house would not consent I to the motion of the hon. member for Birmingham, nor do anything to lessen the position of the country abroad. f Ifx,, WILKINSON could not entertain any hope that, if s act were repealed to-morrow, panics would • BAILLIE believed it was the intention of Sir R. .e, at the end of ten years from the passing of his ~,.inquiry should take place into the operation of At act, and if it was proved to be beneficial that restric tion should be carried still further, and that ho intended to place all private banks upon a similar footing to that of the Bank of England, and to compel them to withdraw their paper circulation. With regard to the motion before the house, he agreed with the Government so far that he thought this was not a favourable time to enter upon any attempt of this kind, but he did think that a time might cease hereafter when it would be advisable to submit the subject to the consideration of a select committee. (Hear.) One cause which operated injurionsly now on the market WAR that within the last three or four ye ars our trade with India was so uufavourable that we had to send 7,000, 00 J 1 • sterling to India is the precious metals. If India was to supply us with great quantities of cotton, as some hon. s e that we g entlemen expected, it was actually impossible could pay for it, for the people of Indiaimwpoouldnot take our manufactures—they did not want them. (Hear.) Mr. GLYN said though he could net vote for the motion of the hon. member for Birmingham, be confessed the sub ject was worthy the consideratio n of the hence.(Hear.) bate were The panics referred to in the course of the created, not by fears of the convertibility of the bank note, they were caused by that which was common to all notes, the knowledge on the pa rt of the people of property that there was a fixed amount beyoud which no advances could The panic in 1847 was cured by the letter Foe (Hear.) issued by the Government at the proper moment when the exchanges had turned, and the proper rate of in terest was fixed by the Government of the day. The effect was instantaneous ; people had hoarded their notes, lent when that letter was issued they produced them, and the market was immediately relieved. He could not concur with the honourable gentleman who spoke last (Mr. H. Braille), that it was the intention of Sir Robert p oe t to prevent private banks at the end of 10 years from being banks of issue, though that, no doubt, in time would be the natural consequence. There was another question which he wished to put to the house — whether, in point of fact, the time was not come when the profit and responsibility of the circulation of this coun try ought no longer to rest with individuals, but with the Government, and before the Bank Act was renewed ho • hoped that the Chancellor of the Exchequer would carry oat his intention of appointing a committee upon this snb toc" t. It was not fair to the bank, or to the country at large, that the matter should be allowed to remain as it was. At the same time he wished to say one word upon the conduct of the directors of the bank, about which there was great misapprehension. Their duties, under tho operation of the present act, were most di cult— (hear, hear)—while, at the same Lime, the machinery was most cramped ; and he was anxious to offer his /need of praise for the manner in which they had performed their ditties. Their conduct had been most admirable, and they had steered through their difficulties in a manner which reflected the highest credit upon the bank. (Hear, hear.) He trusted that the Chancellor of the Exchequer would offer some explanation of what he intended to do. Mr. NEWDEGATE had been the first to call attention to the necessity of extending the limit of 14,000,0001. to 22,000,0001. that being the average of the issue of the Bank of England for the last 20 years. In 1847 the bullion in the Bank of England was reduced by the necessity of paying for corn which had been imported to about 8,000,0001. ; those 8,000,0001. of bullion, and the 14,000,0031. of securities, amounting to 22,000,0001., formed what was commonly termed the "sticking point." The bullion in the Bank of England at the present time was not more than 10,000,0001., and if that should be reduced to 2,000,030/ e the Govern moot would have to interfere again by a letter similar to that of 1847, in order to restore confidence to the commercial world; and what did it matter whether the act of 1844 was actually interfered with by the Government,or whether they gave an assurance that it would be under certain circum stances ? It was the destruction of confidence in 1847 that caused the detnanil for gold, and the consequent alarm, and from the moment that relief was afforded, the depression in Cho value of property berm to cease. The effect of using such a letter as that of 1817 was to place the Government beyond the law, and to alter the value of every man's pro perty in this country ; and lie would ask whether it was safe, whether it was reasonable, to leave the value of the whole property of the kingdom dependent upon the will of the Government? By the operation of the present law, the accommodation which the Bank of England afforded was regulated by the amount of bullion in its coffers, and in consequence the directors were obiiged to withdraw accom modation by raising the rate of interest to 6 or 8 per cent., or to any amount which might bo necessary to create a pressure. The Bank of England had therefore, in fact, a com mand over trade, and consequently over the value of property throughout the country. He was entirely opposed to the act of 1844; and he must say that if the Lon. member for Birmingham divided he should divide with him, because if the motion were carried it would pledge the house to nothing more than this—to inquire whether by any means they could avoid a recurrence of the circerastartces of 1817; and he would ask the Government what would have been the state of credit in this country in 1847 had not the pre sent First Lord of the Admiralty, and the noble lord the member for the City of London, had the courage to use their special authority to inteirupt the operation of the law ? In the present war the credit of the country was the mightiest weapon it possessed; but if the bullion in the Bank of England were to sink to within two millions of the amount allowed by law, it might be well if the Government were to allow an oppoitnnity for considering how far the fictitious necessity of 1817 might be avoided. If a panic were to arise now, similar to that of 1817,1 end the Govern ment were not to interfere, there would be a demand for gold, and there would not be enough of it in the country to convert one-third of the notes in circulation. The rules by which the government of the Bank of England was con ducted were so arbitrary that the institution lost much of the public confidence. He would support the motion, and he hoped the Government would not resist the inquiry for which the hon. gentleman had moved. (Hear, hear.) Sir \V. CLIY said that one peculiarity in the present debate was, that no one h el supported the appointment of the committee on the ground o.i which the hon. gentlemen the member for Bileninglmen lied moved it. All the hon. members who tool: part in the debate appeared anxious not to disturb the great settlement of 1819, and not to do anything which could alter the standard of vilee as hilt down in that act. All the speakers who had risen since the mover had confined themselves to the operation of the Act of 1844. It was an error to suppose that it was pos sible by any legislative enactment to maintain money .in this kingdom .on a different level from that which nre trailed in other countries ; fur money was preserved at an equable rate by the operations of commerce, and, like all ' other commodities, obeyed the law of supply and de mand. (Rear, hear.) Not only had there been a bad harvest, and " a drain from the E Ist," but the allied nations eagegal in carrying on the war, ha .l all been competing in the money market; arid, so far from being surprised at the present rate of interest, hs was astonished thatit was not emelt higher. For his own part, • be wash ,and to say that he saw no good likely to result from the appointm int of the connuitt m sought for. At the same time, if the Chancellor of the Exchequer did not op pose it, be (Sir W. Clew) would not withhold his vote. An HON. MEMBER here hewed that the house be counted. (There were anti° time about 32 members present ; but, when it became known that the !notion had been made, Mr. Creufnna Mr. alurrough, and a Jew other members dis tin suished for their zeal ie securing for the house the bene fit of debates in which they therasslves take no part, rushed into the house, and, having by their presence made up the requisite number of members, immediately returned to more congenial pursuits in the coffee-rooms or library a .1- j ecent ) Mr. CAYLEY expressed his surprise that no member of the Government hail risen to express an opinion on this subject. He had hoped the Chancellor of the Exchequer would have delivered his sentiments, as also the First Lord of the Admiralty, who had taken a very active part in the committee of 1847 and 1848. The hon. gentleman the Se cretary for the Treasury might perhaps favour the house with his opinions on a subject upon which it was believed he did not coincide with his colleagues in the Government. He (Mr. Cayley) agreed with the hon. member for East Surrey that the problem of the currency was a most difficult one to solve. Ho recommended the hon. member for Bir mingham to be satisfied with the discussion that had taken, or was likely to take place, far the small attendance of hon. members on that occasion was not . at all a true criterion of the interest which the country felt on this subject. (Hear.) At the same time he thought that an inquiry on the subject would be extremely useful ; hut that inquiry ought to be made not by a committee of that house, but by three of the ablest financiers out of that house. He remembered well the sort of committee that sat upon this subject in 1843 ; ho never in his life saw a greater juggle. That was a packed committee. It was true only one or two members representing the Government sat upon that committee, hut they were always in their places, and they voted directly in the teeth of the evidence. That committee reported in direct opposition to the mass of evidence given before it. (Hear.) The hon. member for Kendal could bear testi mony to that fact. Of the 17 witnesses who ware examined by the committee, only four gave evidence in favour of the Act of 1811. More able men could not have been called be fore the committee than the witnesses they examined. All the witnesses eonneote 1 with the commercial interest were' unanimously of opinion that that act was the proximate b ee. i li l s o e f ol ui the great panic of 1817. Sir R. Peel said that hies would prevent violent oscillations in the money market, but never had the money market been so violently agitated as since therpassing of that measure. For a cen tury previous to 1841, the Bent: of England had not altered Its rate of discount. He (Mr. Cayley) believed that one reason why the currency system of this country was not found to be so satisfactory as it might be, desire Exchequer of the Chancellor of thewas the equeto r make gain of 100,0001. or 200,0001. out of th e Bank of England for per mitting it to manage the mon e t ary affairs of the Govern meat. But But at what a fearfulgc,oisnt t ° ma t d h e e,aortmercial classes of this country was that 100,0001. gained by the Chancellor of the Exchequervel7 of the restrictions upon the Bank of England, cost means„ c intile interest of this country 100,000,000/. By : he m : - notary system of 1819, when, for the first time, gem was made the only standard in this country, this result was produced—a very slight variation in the price of that coin, and there was a tendency towards its efflux. And what measure was adopted to bring it back into this country Just such a measure as was calculated to rain the mer e intik) body, for a great number of forced sales were made, the result of which was to produce a, great fall in prices. A g reat fill in prices tempted the foreigner to come here for goods instead of for gold, and that was the system by which the bullion was brought back to our shores. That system, which was ruinous to the commercial body, had been resorted to from time to time since the peace. (Hoar.) A system morn crude, barbarous, not to say brutal, he had never heard of. The hon. member for Birmingham had said that the phi losophers were all of one mind on this subject, but that was not exactly the truth. Some of the most eminent writers on finance were totally opposed to the principles of the act of 1814. lle (Mr. Ceylev) wanted to give to the commer cial body that which he lislieved they really wante.l, viz., bullion in the haul: to the amount of about : - !0,00),09a1. Be should like to know whether the Chancellor of the Exchequer bad ever endeavoitred to ascertain what was the total amount of our inouetery treneactious under the act of 1841 - as tooted by the clearing-house. The hon. reember for Kendal was chairmau of the clearing hinge, and he (Mr. Cayley) went there the other day to ascertain from hint what the amount of the daily transactions was. He told the hon. member that a return that was made to Parlia ment about 20years ago showed that the daily transactions amounted to about 5,000,0001,, but the hon. gentleman said that that was altogether a misstatement—that the trans actions were private, and could not be reveled to the public. He (Mr. Cayley) believed, however, that the transactions of the clearing-house in London amounted to 15,000,0001. daily, which, multiplied by 300, gave a sum for the whole year of 4,530,000,00 0 '. of transactions. Let them lock at the credit involved in those transactions, They were trams- --. r ~_. THE SUN, LONDON, FRIDAY EvENING:sFEBRUAItY 29, 1856. not press their functions to an exteat which rendered it doubtful whether they had not exceeded them. Bat nothing could be clearer than that' it was not one of their functions to review the proceedings of courts of justice. They were altogether incompetent for such a duty. There might be cases of gross perversion of law, either by intention, cor ruption, or palpable incapacity, that it might be necessary for them to address the Crown to remove a judge. But in this case his hon. and learned friend could not single out the j u dge whom he principally attacked , as bei n g the sole author of the judgment impugned. It was not the judgment of one individual judge, but the collective judg ment of the whole court against the other members, of which no imputation had ever been thrown out. Mr. J. G. PHILLIMORE said, that after the appeal of the noble lord he would not press the motion. Mrs. Talbot had been precluded from all communication with her family. and she had been accused of insanity when she had only lapsed into childishness in consequence of the treatment she had received. The statements wore con firmed by her only brother, and before such evidence he thought the insinuations of the hen. and learned member opposite unjust and unfounded. It was impossible to deny that Mr. Talbot had retained in his service the man who had attempted to violate his wife. The motion was then put and negatived without a division. EQUITABLE COMMITTEE OF CONCILIATION. A select committee was appointed to inquire into this subject, on the motion of Mr. MACKINNON. DRAINAGE ADVANCES ACT AMENDMENT. This sill was read a third time and passed. The Secretary to the Pon-law Commissioners (Ireland) Bill was read a second time. NNUITIES BILL. This bill passed through committee. The Consolidated Fund (1,631,0950 passed through committee. The Exchequer Bills Funding Bill passed through com mittee. The Metropolitan Local Management Bill, and the Marine Mutiny Bill, were severally brought up and read a first time. The house adjourned at a quarter past 12. THEATRE ROYAL, DRURY-LA.NE. Lessee. Mr. E. T. Smith. THIS FvENING, NOt A 'IAD JUDGE. lade with a[EY DIDDLE DIDDLIs ; ar, larlequin King Nonsense and the Seven Ages of Man. TEMAME ROYAL, liii'MARKKT. trnlar the Management of Mr. Buckstona. THIS EVENING, THE BUSY BODY. Followed by THE LITTLE TREAURE. After which the New Comic Christmni Paatorntir..,, entitled TfIE FULL AN'll TILE GR S , ItIOPPEIV3 FE AST ; .or, harlequin and the Genius of the Sprinz. ROYM; PRlgoFnB'3 Tflgt.Tahl, orroito-Bnomt. Under the Management of Ur. CNABLINI KEAN. THIA KING HENRY THE EIGHTH. Queen Katharine, Mrs. C. Kern; Cardin ti Wolsey, Mr. C. Kean. fors of balances and credits. The debts of one banker were balanced by those of another. All those transactions were based upon gold ; therefore every one must naturally feel i anxious when the amount of b ullion in the bank was gra dually decreasing. It was an artificial system, which pro d aced periodical revulsions and disarrangements, unless the necessary amount of gold were replaced by importations from Australia and California. Nothing could be more im portant than the certainty of having a fixed medium of change. 20,000,000 i. were considered sufficient to liquidate the bill and trade transactions of the country. It was be cause the bank might be forced to reduce the amount of notes below 20,000,0001. that panics ensued. The supply of money was usually sufficient, but unfortunately it was cut short by the present system. He wished that the public should always have that amount of the medium of ex change which was necessary for the commercial transac tions of this country. He did not wish to curtail the legi timate profits of the bank, btt he was of opinion that a portion of its capital might be profitably isvestedin foreign securities. He did not use capital in the sense of gold. The right hon. gentleman (Sir C. Weed) belonged to that school which held that capital meant gold— Sir C. WOOD—I never said so. Air. CAY LEY —The right hon. gentleman had repeatedly argued to that effect. Sir C. WOOD—Never. Mr. CAYLEY—It was quite clear, according to the bul lion theory, that if all the gold were taken away from the country, there would be no capital left ; but any man of common sense must know that, if all the gold were taken away, much capital would still remain behind. He only wished that, in the commerce .of this country, the counters used should be of exactly equal, amount. Mr. L. HEYWORTH said his belief was that panics had their origin in the law of nature and in nothing else. If the earth produced a superabundance of food, produce would be cheap,. and trade would be stimulated. He be lieved that large discount was the only remedy for over production, and that gold had nothing to do with it. The CHANCELLOR of the EXCHEQUER said he could assure the hon. member for the North Riding (Ur. Cayley) that it was not out of any disrespect to the house that he had abstained from noticing this question at an earlier period of the evening. The object of the discussion was whether or not the house should appoint a select committee to inquire into the subject of the currency, and, before he stated his opinion, he was anxious to hear what might be the opinions of different hon. members, and then he should be able to judge from those opinions whether or not they wore in favour of the appointment of the committee. The motion, which had bean submitted to the house by the hon. member for Birmingham (Mr. Muntz) was, that a select committee should be appointed to inquire how far the pre sent monetary system was in accordance with the require ments of the country, and to consider if it could be im proved or amended. Owing to the great familiarity with the subject of the currency which the hon. member possessed, he had illustrated the subject by historical deductions, be ginning with William the Conqueror, descending to the time of Queen Elizabeth, and thence to the Acts of 1819 and 1814, and he had brought forward numerous instances 1 to establish the facts which he said existed. He (the Chan cellor of thaExchequer) did not precisely understand what would be the nature of the inquiry which was proposed that a committee, if appointed, should undertake. It had been said that the committee would have to inquire into the means of preventing fluctuations in prices of articles and the rate of discount, which was injurious to all classes ex cept the class of bankers. The hon. member for Birinin ;- ham said the object he had in view was to give happiness, power, and prosperity to tie community. Teat was a most extensive subject of inquiry, and a very lofty and excellent object; but he would put it to the judgment of the house whether they thought a select committee of 15 gentlemen would be competent persons to undertaken speculative and theoretical inquiry of that nature? In a select committee philosophers would, no doubt, sit down to examine the subject calmly, and they would call before them persons who had examined into the theory of currency, and they Iwould have to read all those difficult books which had been written upon the subject before they could come to a con clusion. He must be permitted to think that, if the object which the hon. member had in view was this, the house would hardly agree to the appointment of such a committee. Assuming that we such general inquiry as that would be undertaken by a cnnmittee to be appointed by that house, he came to what really was the principal question for con sideration, which was, whether a committee should be ap pointed to consider the operation of the Bank Act of 1814. That was the ground upon which the question bad been argued by the hon. member for Wallingford (Hr. Matins) in a speech of great force and great clearness. The hon. member did not hold out to the house a general speculative inquiry, but he said plainly, " what has been the opera tion of the Act of 1814," and " they wished to have a committee to inquire into that." Now, that was a simple question. It was one which the house was able to come to a conclusion upon. If it were wished to inquire into the operation of the Act of 1814, it would be better to move for a committee to inquire into that act, instead of stating a motion•in the vague and abstract terms which were implied in the motion before the house. Assuming that that was the object of this motion, and one upon which most hon. members would be inclined to give their votes, let the house consider whether it was desirable to inquire into the operations of that act. He would repeat now what he stated on a former evening., that, in his opinion, the present moment was not peculiarly well suited to un dertake an inquiry into the Bank Act of 1811. The cir cumstances of the country were remarkable, inasmuch as they were now in the second year of a war, which had made great demands upon the reserve bullion iti the Bank for the purposes of foreign shipment. Moreover, the state in which the finances of the country were now in did not render the present moment one of the most fitting for en gaging in an inquiry which would render it necessary for an investigation to be made into the various operations in which the Bank had, been concerned. Therefore, it ap peared to bins that, if it was proposed that a committee should be appointed for a general and philosophical inves tigation into the operations of the Act of 1.841, which the words of the motion seemed to imply, the house would not be inclined to appoint such a committee. If it was in tended to confine the researches of the committee to the mere practical operation of the Bank Act, the present mo ment did not seam well suited for the inquiry. The hon. member for Wallingford (Mr. Malins) seemed to entertain great alarm at the prospects of the county. He thought they ware threatened with a national bankruptcy, and if that were not imminent it was by no means improbable. Mr. MALIN'S was understood to dissent. The CHANCELLOR of the EX re' FIE ( 211 E a —Well, such a calamity the hon. member thought possible, and ho asked what eonrse the Government proposed to take in the event of the Bank not beie,g able to meet the demands which might be made upon it. He would say that the appoint- ment of a committee would, at all events, be a very imper fect remedy to prevent a national bankruptcy. If they were threatened with such a great national danger as that 1 affecting the credit of the Bank of England, it mast be ob vious that at this moment the appointment of a committee to take evidence on the subject of the currency would be attended with great inconvenience. When the last com mittee was appointed it occupied two sessions, and he might assume, therefore, that the appointment of a eoms mittee now would offer a very imperfect security against the danger which might be apprehended. Now, what was the present state of the Bank of England? He would not trouble the house with a lore statement of figures, but he would remark that on the 23d of February iust., the circu lation of the Bank wars 19,251,0001., while the bullion was 10,575,000/ , or consi lerably more than one-half the circa lation—a state of thine which, in former times, would have been considered most prosperous, and he thought I he present state of the Bank was most creditable. There had been many hostile criticisms based upon the arbitrary rule of making 111 millions, by which the circulation of the notes should be regulated ; and it was sail, why select that sum snore than any other ? The reason it was eelected was because it was believed that the circulation would never descend lower than that sum. The ques tion was, whether anybody was ready to propose anything hotter? A gentleman interested in the currency had re cc ;fitly published a pamphlet upon the subject of the B ,nk Act of 1841. That gentleman nail been for many years feroiliar with this question, and though now at a very ad vanced ago, he had treated the subject with great vigour. He might be taken as a representative of the opposition to the Bank Act of 1814. What was his substitute ? He pro posed to fix the minimum of billion in the Bank at not less than 12 millions. Now, he did not think it desirable that the minimum should be fixed by act Of Parliament ; but he thought that it should be settled by an arrangement between the Bank and the Government, and that it might be left upon th i understanding. Now, di 1 hon. gentleman think that if an agreement were drawn up—an agreement which would he in writing—between the governors of the B tnk anti the Executive Government, that the reserve of bullion should never ho below 12,000,0001., that the directors of the Bank would not consider themselves as much bound by such au agreement as if it had been embodied in an act of Parliament? Would those gentlemen think themselves safe in allowing the reserve to sink below 12,e00,000/., who hid entered into an agreement of that kind? Hera was the suggestion offered bytheable writeron the subject to whom he had referred. When he came to approach the particular suggestion, he had nothing to offer but what he (the Chan cellor of the Exchequer) had stated. For this reason he (the Chancellor of the Exchequer) thought that if the hon. gentleman should press his motion to a division, he should feel bound to give his vote against the appointment of a select committee at that moment. Nevertheless, he fully admitted that the operations of the Beak Act of 1844 was a fit and proper subject for the consideration of the house by a select committee, when the 'proper moment had ar rived. It not only deserved, bat required investigation by a proper tribunal. He trusted, however, that the ob ject of his hon. friend, which seemed to be rather specula tive than practical, would be attained by a full discussion of the subject, which had now been somewhat prolonged, and that he would not think it necessary to press his mo tion to a division. Before he sat down, however, he would refer to an answer which he had made on a previous occa sion to a question put to him by the hon. member for Inverness-shire, with respect to a provision of the Bank Act of 1844, which will expire in August next. It seemed that he (the Chancellor of the Exchequer) then made an answer which, it seemed, did not satisfy the hon. member as to what the Government proposed to do with reference to the contents of that provision. There was no objection on the part of the bank of the contents of that provision, or that the Government should bring in a bill for the purpose of continuing that provision. He would only repeat that the appointment of a committee, he be ste the adi n e e thought, would not be suitable to the present occasion. Steadiness in the value of money and in the rate of dis count was highly desirable, and what he thought ought to s d i e n av t_h oi_ e r e r cu o rr f en ev ey er , y good citizen to pro Mote by every means in his power ; and he might also add, that steadiness q in ue l a e Tt g ih i o s i l l a ho t o i f o uc n suer w rs as quite as desirable a matter as and was equally of the highest importance. with this currency. He n H ot e iF t j h u e d c ic h ir c l e y ll i o n r te o r f fe th re e Exchequer) would not be supposed to sanction the notion of any person entertaining the idea of the convertibility of the currency, but he hoped that they would, under all circumstances, and in all cohlectures, maintain the immu- Estnandsaaridithat at last they t were favoured tab m il r i . ty s o p f o th o a x ' t (Hear, hear.) with the opinion of Government n question ; but ho must say that if anything is most important ior,ip wer e wanting before to confines the opiuion he heel f ,1 itoth refer ence to the cmscipiouces of the A,,t, „ 1811,was sup plied by the answer which the right 11,w. m e m ber t (the ilaucellor of the Exchequer) 113 motion. He dealt with it as a speculative motion — w h ereas his hen. had given to friend was the last man in the world to who'll such epi thet could be justly applied. The motion was expre ss a nn : d distinct on the part of the hon. member for Bir m i ng h am —it was, how fat' the present monetary system of the coun try was in accordance with the requirements of the coun try, and to consider whether it could not be improved and amended. 'Whether or net the hon. member was right h e (Mr. Spooner) had no doubt that he spoke the opinions of a very large majority of the commercial interests of this country. (Hear.) The right hon. member said that the provisions of the act were such that it ought to be consi derably amended, but that the time had not,yot arrived. t Had he given any reason why this was rot a proper time? Why was this not a time for a committee to be appointed to inquire into this most important question ? The right After whtett, HARLEQUIN AND THE M AID AN) TII1 5 : .3tm3rrE; or, the Fairy Paralisa and Hanky Pinky, toe Enchanter. Harlequin, Mr. Cortnack ; Clown, Mr. Ilttline ; Pantaloon, Mr. Paulo; and ColunfAne, Miss Carolina Adams. TamATRE ROYAL Al)KI:P111. Proprietor, Mr. B. Webster.—D!rectress, IVadirne Celeste. THIS 1 7 :1TE NINO, BETSY BAKER. To be Mowed by TLIAT BLESSED BABY. To conclude with T.ICIC AND TIIE BE &N STALK or, Harlequin and Mother Goose at Home Again. In which Messrs. J. Bland, P. 'Redford, Madam Celeste, Miss Wyndham, and Jtiss E, Arden vial apaear. ROYAL OLYMPIC THEATRE. Lessee and Manner, Mr. Altl•el Wigan. THIS EVENING. ST tY AT HOME. After which will be produced a New and ct9ribly-moral, though excessively old, Melodrarnstic Fairy Extravaganza, entitled fiIE DIgfIREET o", the Three DistilTs. in which Messrs. Emery, F. Robson, 11. Cooper, Miss 'ffarstod, and Miss Maskslt will appear. ROYAL SITIREY THEATRE. Lessees, Mews. Shepherd and Creswtck. THIS EVENING JASPER LANGTON; or, A Duel to the Death. To conclude with A PRINCE OF PPIARLS; or, llarlcialn and lane Shore. ROYAL OTUAT4 ,ra Under the direction of Payne. TnIA PEACE AT ANY PRICE. Follovrel by TUE WED° AV. After which, 7.E C El A L E T. To conclude with BLUE JACKETS. imErs ROYAL AMPUITTIF.CATIM. Lessee and Manai•rer. Mr. Win. Cooke. 1 EVENING, Fourrnlltication of the perfect docility of the hone, in acions closely allied to rewion. In a new ilran•i o,ental Eineltrian Spectacle, ealle 1 THE ARAB OF THE r AND 1113 FAITHFUL STEED. The hor.,e trained by Mr. W. Cooke. After which, the DELINEATIONA'of EQUESTRIAN ART in the ARENA. To conclude with HARTYQUIN ANI) T. nzonciE AND THE DRAGON; or, the Seven Champions of Chri3tendom. - - The Performance of the Majestic E'ephants will take place daring file Evening, and the ascent from the ring to the stage. Box-aloe open from Eleven till Four. ataTe Manager, Mr. W. West. Flgnestrian Director. AV. W. Cooke. iun. EMMA. STANLEY'3 SEVEI AGF,'Ii OF W 011.1.5, Every Evening at 8, anti on Saturdays at 3. Prononnced by the nnanlmous vo'ce of the press, anal by nightly increasing audiences, to be the Greatest Artistical Triumph of the day. Stalls, 3s. ; Reserve Seats, 2s. ; Back Seats, le. SAINT MARTIN'S HALL, Long-acre. HIGH WATER AT LONDON BRIDaE. THIS DAY—lfora. 42 main. aft. 6 —Evening 4 min. aft. 7 T , +-NIORRO W—lforn. 32 rain. aft. 7 --F,veuiag 7 min. aft. S THE WEITHER-SUN OFFICE, FEB. 29. THSIOIOIIETER, IN TEM SHADE. 52 highest eineo noon yesterday. 4 -towest this morning and darn;; the night. 51 —this day at noon. - BA.IIOIIICTER-30 59. WIND, S.E. - Light, with very fine, mild, sunshiny weather. 1 1 %) elz„. : ..f , ' ..-:,47,,>:.n., , t i. j. l7: - ---..i,' , ...5; , ?.?.1, '- - [, - ;.7,4:' .cr's__ , lil 7 , t , ,; _,---.:,.- _ 1 t '''''' ---- kVJ .1": i., % tssi z - s , 1 1 , 1 0 1( ' '' t, , ,, sx:',',-,'n,-44-iltz,.. ~.g...-", , )...yyjj,4s/0 LONDON, FRIOAY, FEBRUARY 29, 1856. Last night the Hon. Gentleman the Member for Birmingham brought on his promised motion for the appointment of a select committee " to inquire into how far the present monetary sys tem was in accordance with the requirements of the country, and to consider if it could not be imProva and amended." This was negatived by a majority of 47 in a house of 183 members. It thus appears that on such a question, the most important that could possibly be brought under legislative consideration, not one-fourth of the chosen representatives of the people thought pro per to attend in their places, and that a large majority of those who put in an appearance thought no inquiry was wanting on the interest ing and important topic. Ministers carefully ab stained from taking any part in the discussion until they had, in the first instance, ascertained the feeling of the house. The general apathy, however, encouraged them to adjourn the subject sine die. Their weight thrown into the scale turned the balance, and they were thus enabled to shelve it for an indefinite period. Nor will this be the only result. For Sir G. CORNEWALL LEWIS, who confessed that there were parts of the Bank Charter Act of 1844, which required inves tigation when ct proper time arrived, will be encou raged to throw himself into the . arms of the Cur rency Quacks, and to take to himself counsellors of the Mercator or JONES LOYD School. It will be seen that the motion of Mr. Murcrz was merely for inquiry. It committed the House in no possible manner. It might have been an investigation into the operation of the Act, as sug gested by the Chancellor of the Exchequer. All that was required was that the subject should be properly ventilated, and receive all the light of which it was susceptible, so that parties might have full information before the matter shall be finally disposed of. Notwith standing, however, thg, ' 'ca,ridid admission of the Times in lasi October, that " a .rediscaision of the whole question in Parliament cannot be arranged too soon, it was deliberately shelved, and the Tinics has hurled its ponderous jokes at the head of the independent member who ventured to act on its own suggestion. It is impossible to deny that the subject was nof introduced under favourable auspices. Mr. IVituNtz does not belong to any of the great pa rties into which the House is divided. Many wl to might approve of the inquiry would not give a t riumph to one with whom they were not in an:, degree connected in political affairs. Besides, he - took particular pains to repudiate the notion th:tt he was " the advocate of an inconvertible pa.l?.er circulation." He did not come forward as th(t advocate of the anti-bullionist party, which, altihough not fairly represented in the House of Co:mmons, has still considerable weight with the co camunity. He had no plan to suggest, no ame lioration to offer for consideration. His object wrus merely to inquire—nothing more. We can ' not, therefore, feel greatly surprised at the apathy respecting a matter that ought to have been intro duced by Mr. bisnanu or Mr. JAMES WILSON. The division cannot, therefore, be taken as a dedeat. The Chancellor of the Exchequer has reoorded an admission that will impose a heavy responsibility on Government, if they main tain an unbroken silence on the point. As we have repeatedly pointed out, the Act has virtually expired. It only requires the stipulated notice, and the repayment of the Bank loan to introduce a system more bone fiuial to the nation, and more especially to the commercial classes, who have suffered so severely from the fluctuations in the value of money, that have been the inevitable results of the present most injudicious enactments. An impartial in quiry is all that is required, and if the voice of public opinion is heard in its favour, that inquiry cannot be withheld, or even long postponed. So the nation is to be favoured with another Royal viiit. It is announced that his Majesty the King of the BELGIANS intends to leave Brussels the week after next, in order to spend a few days, not exceeding six, with her MAJESTY and Prince ALBERT. Much mischief, however, may be effected within that time, under existing circum stances. The complimentary visitations of the Ulysses of the House of COBURG have been always so timed as to turn the scale in favour of " Germanism." They are, and have been full of ominous import to England and the English. However great the debt of gratitude which King , LEOPOLD owes to France and England, it is cer tain that he has unreservedly cast his lot with Austria, more especially since the matrimonial alliance between his son and one of the Imperial family. To his sinister influence may in no ordinary degree be attributed many of the evils that have been so deeply deplored by the British people, and which most probably occasioned and protracted the War. It is not necessary to inquire into the objects which he desires to promote. They can scarcely be ac ceptable to those of whom he has been the pen sioner of forty years' standing, and to whom ho is indebted for his position as a parvenu monarch. We need not yet ask as to the probability of a kingdom of Thuringia being created out of the materials existing at the present crisis, nor the possibility of such a reward being considered rea sonable for those who materially advance the Austrian policy, and turn the scale in favour of the neutral game. It is sufficient to know that the Conferences at Basis are now going on—that the most important questions will be under discussion at the time selected for the threatened visit, and that the instructions forwarded to the British. Plenipotentiaries may prove of vital importance to the welfare and prosperity of the nation. In any case we have everything to fear, and nothing Ito hope from the untoward event. We can only call on the Parliament and People of the country to Ise doubly vigilant, and by their vigorous and energetic demonstrations to neutralise, so far as practicable, the threatened danger—to take care that the evils of the Austro-Coburg Alliance be reduced to the minimum amount. We must be prepared for insidious suggestions—be it the duty of the popular representatives to provide an ade quate antidote that may avert the most serious part of the threatened mischief. The protectionists in the great Sabbath ques tion are composed of several curiously inconsistent classes, but no class amongst them is so singularly and suicidally inconsistent Rs the PROTESTANT DISSENTERS ; a few victories like that of this day last week must annihilate all their power as the supporters of an unquestionably noble principle— that of no State protection for religion. A prin ciple to which even those who oppose * it cannot deny the merit of simplicity, and of unfaltering reliance on the Divine power of religion. All our respect for Dissenters, as a great public party, rests upon their adherence to the fundamental principle of their nonconformity. If the Leaguers bad asked for protection to the hundredth part of a farthing for E►rglish trade, or for any govern mental legislation on behalf of the branch of commerce to which the majority of them were attached, we should have exposed them unmer cifully, and we must think our Dissenting friends cut but a sorry figure ou the evening alluded to, as the coadjutors of the religious protectionists. The vast majority of that evening was com posed, first, of the practically inconsistent ;—the members who voted to retain to the full the pre sent Government protection for the Sabbath, but who do in every conceivable form the very things they vote against. Forbidding men either to work or play on the first day of the week, they do one or both, perhaps, themselves. Morning duty having been done, or done, it may be, like that of Sir BALA.AM, by proxy, through the " family and wife," what festivity or entertain ment afforded by their country seats, their grounds or mansions, do these gentlemen deny themselves? ' The poor man can have his diversion of the same kind only through public institutions. lie needs recreation and change as much as Sir ROBERT and Sir JOEL; but because he has no means of obtaining it individually, those who have the latter forbid him to provide it on tho joint-stock system. The men of the town man sion and the villa legislate for the men of the garret and the cellar, and legislate in forgetful. ness of their own Sunday dinners, parties, and entertainments. Then there were the theologically inconsistent —the men who abhor Jews, and would think their introduction to Parliament the ruin of Christianity. Yet these gentlemen argue as glibly from Jewish observances as if it were universally acknowledged that the law of Mesas was the law of Christianity. Without the vestige of au argu ment from New Testament authority they appeal to the Old as if the New had never come. It were as easy to prove the obligation of circum cision as of Sabbatism from the Old Testament ; and the New Testament as explicitly denounces Sabbaths as alien to Christianity as it does the circumcision of the Gentiles. The only oon• sistent theologians on this subject are a sect, we believe, extinct in. England, but still I existing in the United States allied Seventh• day litptiss, who, with the Jewish notions of abstinence from labour on the Sabbath, observe also the same day of the .week with the Jews. Whatever we may think of their opinions we can not withhold from them the praise of that excel lence which Englishmen especially prize—consis tency. The politically inconsistent vote, of course, with their theological brethren, and enact by penalties that we shall borrow a Sabbath from the Jew, but refuse him the palfry recempence of a seat or two in the House of Commons. One party was quite consistent in its votes-- the High-Church party. Believing in the power of the Church to create festival and fast days, to ordain rites and ceremonies, and to seek the co operation of the State iu obtaining compliance with Church institutions, this considerable party may so far be regarded as consistent enough. In their view the "secular arm" is but the secretary to register and enforce their decrees. The Dis senters, on the other hand, repudiate all resort to State support ; they assert the self-sufficiency of Religion, and its perfect independence of Senates and Rulers. They maintain, like the Free-traders, that protection but enfeebles the protected. Not only do they with all public speakers denounce persecution, but they represent protection of a sect or doctrine as a persecution to all of dif ferent views, and really injurious to the favoared party. How is it, then, that petitions from Dissenters deluged the house this day week ? Did they re flect on the only principle which could justify them ?—justify, we mean invoking, as most of them did, the protection of the State for the re ligious rest of the Sunday. Had the petitions only prayed that a day, which had been preserved hitherto as a holiday to our over-worked popu lace, might be preserved so still, we could have understood it. It would have been consistent to allege that for generations it had been a day of all practicable cessation from labour, and that this was not a privilege to be lightly tampered with. This, however, was not the ground taken by the vast majority of petitioners and Honour able Members. The Sunday they said was sacred to GOD and religion—the Bible forbade men to work on the Seventh day of the week— therefore they demanded that the State should compel men to obey the Bible, and to abstain from labour on religious, not on secular grounds. This concedes the whole question of a State Church. Dissenters will henceforth, by their own act, be out of court on that question. Lord STANLEY understood the Voluntary principle far better than they did, and his defence of it, though not in so many words, was a masterpiece of independent and honest reasoning. If religion can be upheld only by our compelling others to act on the views which we think right, let it fall. Christianity knows nothing of compulsion, either to do, or to abstain from doing. A compulsory Church rate is as defensible in principle as a compulsory abstinence from work or amusement, on religions grOnnds. It is the latter amusement which entrap Dissenting Sabbatarians. The ab stinence from work can be defended on secular grounds—abstinence from amusements cannot. Hence in their zeal to carry out the Puritan view on the latter point they surrender the pecu liar characteristic of modern dissent, and fall back on the State Church views of their Puritan ancestors. Whatever may be the duty of a free and I powerful nation with regard to nationalities, races, classes, or individuals labouring under the brutal oppression and savagery of foreign despots —whether it should interfere on their behalf at all (and on this head there can be little question), or should confine that interference to diplomatic appeal, one thing will not admit of a doubt, viz., that it is under the most imperative obligation in treating for peace to provide not only for the safety of its Allies, but also of the inhabitants of the districts it has invaded and means to evacuate, who, weary of the tyranny of their taskmasters, and confiding in its power, have voluntarily come in and lent their beSt aid to the maintenance and progress of its Armies. This obligation, probably, never pressed more urgently on an Eaglish Government than it does on that of Lard PAMERSTON at the present time in relation / to the inhabi tants of the Tauric Chersonese, for never were claienst to protection of such a nature more valid or less susceptible of depreciation. The case of the poor Tartars is not that of Russian übjects who have incurred the charge of treason to their legitimate ruler, by rendering assistance to his foes, though hopeless oppression destroys all bonds of allegiance, bat of the inhabitants, the industrious inhabitants, of a recently-con quered district, who have lent such assistance, and that at the cost of one-half of their numbers, because they were wearied of the tyranny of a ruler to whom they never rendered other than a reluctant allegiance, and from whose all-compre hensive revenge, bounded neither by honour nor pity, they can only anticipate the severest punish ment if again brought under his dominion. To re sign these poor creatures to the tender mercies of Russia, of that villanous power whose atrocities in Poland have been signalised by more than the brutality, and none of the magnanimity of the savage, would be to stereotype us for infamy to all posterity, and would expose the Ministry to uni versal execration. We rely, therefore, on whatever steps necessary for the safety and well-being of these poor Tartars, under present circumstances, being taken by Government, even should these involve their transportation to Anatolia, to which we should fancy they would have no objection ; and where, under the sway of the SULTAN, they may yet further develope that activity, industry, and intelligence, before which the Russ has been put to shame, and by ,which the resources of Asiatic Turkey may le m tile to contribute to the stability of the Turkisn empire. Such a step would insure their safety, respecting which they are now in great dread, and read their oppressor a lesson he might be disposed to profit by to the advantage of ether of his victims. MR. ROEBUCK'S MOTION.—No can state, in positive terns, that Government has done everything in its power, through the medium of its most devoted friends to prevail on Mr. Roebuck to withdraw his motion, which stands for this evening. We can further state that Ministers are in great alarm as to the result—being fuliy aware that, even should they have an ample nu• aterical majority, the debate will be eminently damaging to them.—/If orninv Advertiser. The Right Hon. B. Disraeli and Mrs. Disraeli enter tained at dinner yesterday, at, their residence, Grosvenor gate, his Excelieney Count Colloredo, the Marquis of Breadaibane, the Marquis and Marchioness of Bland ford, Lord and Lady Harry Vane, Mr. Thomas Baring, the Countess of Glengall and Lady Mary Butler, the Right Hon. Cecil Fsrester, the Dowager Lady Cowley, Lard Chelsea, Count Vitztlium, Lord and Lady William Powlett, and the Marquis of Bath. We are happy, sayc the Brighton Gazette, to announce the arrival of Lord Adolphus Fitzclarence at the Bed ford Hotel ; and we trust that the Brighton air amy have the effect of completely reestablishing his lord ship's health. ST. PHILIP'S CHAPEL, REGENT-STREET.—A testimo nial of esteem and respect, amounting to 4801. 18s., ha., we are requested to state, been presented to the Rev. G. D. Hill, late assistant minister at this chapel, and received by him with expressions of heartfelt gratitude for the generous token of regard. GREECE. —Spiro Mylios, who was one of the ministers of King Otho during the breach of neutrality by Greece, and who was placed on-his trial for aiding the insurrec tion in Turkey with the money of the - state, has been acquitted, to the great joy of the court of Athens. hon. gentleman had said not an iota as to the monetary system of the country; he had not said that ho would con firm the Act of 1844, but that he would inquire into it. Bat what was all-important was that he should inquire in to the general monetary system of the country. No remedy had heenlproposed but that of going before a committee ; but what was the use of a committee for inquiry unless something was recommended to that committee to be in quired into? What was it they had to inquire into? Whe ther the act of 1844 had answered the purpose for which it was passed, as expressed by Sir R. Peel to the house namely, prevented a change in the value of money, and the recurrence of panics. Was not that a fair matter for in quiry ? Had the act prevented a change in the value of money, and the recurrence of panics? In 1815 there were no less than eight alterations in the rate of discount charged by the Bank of England,—the amount beginning at two and-a-half and going to four per cent., and downwards again to two and-a-half and rising to three, six, and seven par cent., and yet they were told that there was no need of inquiry, because no case had been made out showing that the act had completely failed in its object. There never were such panics as those of 1844 and 1845. In 1325 there was a considerable panic, but a much wove one oc curred in 1847 and 1848, and iethey traced the whole his tory of panics they would find that the Act of 1814, so far from preventing them, had tended to bring them about. It was said that no acts of Parliament or recommendations of a committee could puts stop to panics. Ile, however, knew ' no law of nature whioh could account for them, and he at- tri buted them entirely to our present monetary system, un der which they compelled the bank to buy gold whether it wanted it or not at a given price, and to sell it at a given price, however much might be wanted. It would, perhaps, be answered that the bank might only give notes ; but by doing so they might increase the amount of notes in the market without any regard to whether the demands of trade required more or not. What would be the effect of that? It would lower the general rate of interest; and, as soon as the rate of interest fell, all sorts of speculations would start up in the country. Tuere could be no doubt that very serious evils arose from that hollow state of pros perity which was caused by this forced, unnatural, and un called-for issue of notes. The motion of the hon. member for Birmingham pledged the house to no opinion—it as serted no theory either as to convertible or inconvertible currency. That was a question which he should be sorry to argue with the house, for very few members took the trouble to understand it ; and on such a subject it was utterly im possible, therefore, to make one's-self intelligible ; and, moreover, th , se who made the attempt were sure to have imputed to them opinions very diff.rant from those which they held. All they asked now was to have the operation of the act of 1811 submitted to the calm consideration of a select committee. The very fact of there being cycles of property and misfortune, and of their being obliged to take measures occasionally to prevent a drain of gold emp tying the coffers of the bank, was sufficient to convince the house that an inquiry ought to take place. Was it a right and fitting state for the currency of a great country like this to be in—that the bank should be placed in a position —not by any proceeding of its own, but by an act of that house directing and controlling its management—which rendered it necessary for a Miaister of the Crown at cer tain periods to break that Act of Parliament by a letter, and then come to that house for an indemnity? (Hear.) He regretted that the hon. gentleman the Secretary for the Treasury (Mr. Wilson) was not present, because he was going to allude to a book of which he was the author. He would advise hon. members who had not seen it to send for " Wilson on Capital and Currency," published in 1-47. The strongest possible arguments were sot forth in that work as to the evils of the Act of 1841, and as to its sure and certain consequences. It was a singular fact that the contents of the book, which consisted almost entirely of documents, appeared originally in a weekly publication without the name of the writer. They were afterwards embodied in the work to which he now referred, and were owned by the hon. gentleman. He did not blame the hon. member for this volume—it did him great credit, and he (Mr. Spooner) had derived much instruction from its pages. It was somewhat extraordinary that, in the ean-e publication in which the articles forming the book were taken, there appeared, in January last, an article in which he thought ho could trace a resemblance to the style of the hon. member. The article summed up by stating that the two grounds on which the Act of 1841 was de fended— viz., preventing panics and balancing the rate of interest—were proved, not only by argument, but by the test of experience, to be equally fallacious. It went on say, " That the act is calculated, at particular times, to be a serious mischief and inconvenience, no one will deny, and if it be proved that the only advantage expected from it is based on error, it will hereafter have to be shown whether such an act should be left upon the statute-book in its present shape." Had anything fallen from the Chan cellor of the Exchequer to induce the house to refuse an inquiry into the co !s Nuances of an act which was so gra phicaliy the cibeel—denounced byone holding the high and important situation of Secretary to the Treasury? The hon. and learned member for Wallingford had shown good grounds for an immediate inquiry, for he had proved by do cuments that during the last six or seven months the bullion in the bank had decreased upwards of 8,000,0001., and that they were now within 2,000,0001. of the point whero they were inlBl7. Before, then, they arrived at that point, would it not be better, instead of waiting until it was too late, to inquire into the subject calmly and quietly, and in such a way as to carry with them the respect and confidence of the country ? He maintained that, by the present law, the bank was obliged to extend its currency to a degree which was uncalled-fol and unwarranted, and that produced a prosperity which raised prices and took the gold out of the country. He believed the house would grievously neglect its duty if it did not have au inquiry into this question, which was no speculative idea of his hon. friend the mem ber for Birmingham (Mr. Muntz). He believed that many bubbles had burst owing to our forcing the bank to raise its circulation, and that all the commercial difficulties which had arisen were caused by the fetters imposed upon the bank. He had not a shadow of doubt that if a com mittee were granted they would establish a Case for a good and sufficient currency, and that a plan could be devised for securing to the holders of that currency everything they could wish. This was a question in which the power of this country to maint,in itself among the nations of the world was involved, and he therefore trusted the house would grant a committee to inquire into it. Sir C. WoOD would detain the house for a very few moments while he replied to two or three observations made on transactions in which he had taken a part. Ho denied that the rate of interest depended xpon the means of circulation. The means of circulation depended upon the means of obtaining capital, and the rate of interest bore no relation to the amount of circulation. The hon. member for Birmingham had referred to the various panics that had happened previous to the year 1814, :al those, therefore, could not have been caused by the act of that year, and it was only reasonable to suppose that those of 1815 and iBl6 arose from natural causes, such us over speculation, and not from the operation of that act. Great confusion had been introduced into the deb ate by not understanding the meaning of the term " pound," which was simply a given quantity of standard gold, namely, 123 grains, and the bank was bound to give a 5/. note in exchange for every amount of five times 123 grains of standard geld deposited with them. Speaking of 31. 171. 9,1. as the price or value of an ounce of gold only confused the question, and the confusion would be alto gether avoided by bearing is mind the true meaning of the term " pound sterling." The hon. member for York (Mr. Cayloy) had put, into his (Sir C. Wood's) mouth the ex pression that go'd only was "capital ;" he was quite sure that he had never said anything which could in any way be so construe-I. 1 t had been said by an hon. member that the committee which had inquired into the subject was a packed committee, such as to insure a majority for the Govcrnmen'n and at the same time he said that it was only b 7 the accidental absence of two members that the majority of two was secured. How the hon. gentleman could reconcile his two propositions, he (Sir C. WooJ) was unable to say, but he was confident that the committee was a perfectly fair one, and desirous to arrive at a just conclusion. The hon. member for Birmingham had said that he did not approve of the Act of 1841; that that act was necessary, however, so long as the Act of 1819 was in existence, but that the Act of 1819. ought to be repealed. It came, therefore, to this, that in his opinion both the acts ought to be repealed, and the country reduced to the state in which it was prior to the passing of the Act of 1819. As the hon. member's motion was founded upon this principle, which he (Sir C. Wood) believed to be very dangerous, and likely, if carried out, to entail great misery upon the country, be tineted that the house would not agree to the appointment of the committee. Mr. MUNTZ then replied. He sail that he had good reason to complain of the manner-in which the question had been dealt with. Every member who had spoken had misrepresented what he (Mr. Muntz) had stated—(hear, bear)—end more especially the' right. hon, baronet who had just addressed the house. He had never stated that he wished to get rid of the acts of 1819 and 1841. What he said was that the Act of 1814 had not answered the expec tations which had been held out respecting it. Ono hon. member (Mr. Drummond) had recommended that the iukpot should bo thrust down the throat of any one who brought forward such a question—(laughter)—but it was not every one who could swallow an ink-pot—(continued laughter)—and as long as ho (Mr. Muntz) had the honour of a seat in that house, he should go there as an indepen dent man, elected by iudependent men, to do what he thought right—(hear, hear)—and to bring forward such subjects as he considered proper. (Hear, hear.) He asked the house to pledge itself to nothing. He simply asked for a committee to inquire into the matter ; and when the Chancellor of the Exchequer said that a committee would take a long time to inquire, it was only the greater reason why it should be appointed at once. He hoped, therefore, that the committee would be granted. The house then divided, and the numbers were— For the motion 6B Against it ll5 Majority against the motion --47 ELECTIVE FRANCHISE. ._ .. Major REED said that ho should postpone the motion which stood in his name for leave to introduce a bill " for conferring the elective franchise , upon persons (not being aliens) assessed to the income tax, but not upon a register of electors for Great Britain and Ireland," for fear, if he brought it on, he should meet with the fate so narrowly escaped already this evening by the hon. member for Bir mingham (dr. Muntz)—a count oat. He complained that the Government did not take measures to prevent such a scandal as that to which he had referred occurring on even ings devoted to the private business of the house. THE CASE OF TALI3O2 V. TALBOT. Mr. J. G. PHILLIMORE then moved for the docu ments connected with the case of Talbot against Talbot, tried by Mr. Justice Torrens in May Fast. Ho entered at some length into the circumstances of the case, which was a char a r,o of adultery against Mrs. Talbot, and he con tended that the judge had, through incapacity or the infirmities of age, taken a totally incorrect view of the case, misquoted the evidence, and misapprehended the effect of what was laid before him. He contended that if these allegations were borne out by the facts, this house ought to interfere, and prevent the judge who tried the case from committing other instances of injustice through his incapacity. Mr. EWART seconded the motion. Mr. WHITESIDE defended the decision, an d went over the evidence to show that it bore out the conclusion of the judge. The judgment delivered by Judge Torrens was the judgment of the whole court, consisting of five members, but the hon. gentleman opposite chose to ignore that part, and to attack only the venerable judge who presided. Tim bill for a divorce was now pending in the _douse of Lords, where all the witnesses might be examined over again, but this motion was brought forward to fore stal the decision of the case. He commented with great severity upon these repeated attempts to interfere with the independence of the Irish judges. The SOLICITOR-GENERAL for IRELAND alto ad vised the house to negative the motion. Mr. PACSF: and Mr. WALroLE concurred in advising Mr. Phillimore to withdraw his motion, as the House of Commons was no fit tribunal for the trial of such cases. Lord PALMERSTON also appealed to the hon. member for Leominster not to press his motion. Nobody could have listened to his speech without doing justice to the motives that had led him to bring the case before the house. It was a dimoult thing to assign limits to the func tions that hem. But it was desirable that they should AllD 8N TB EA T - MR. PEARSON'S BENEFIT. M. Harry Pearson, the popular representative of Henry the took his benefit at the above theatre last night. The representative of the despotic and licen tious monarch was warmly received by a crowded audi tory ; and in his delineation of the character of Sergeant Mu-quitoon, in " Gibicrey," showed versatile powers of a high order. Mr. Pearson is about starting upon a provincial tour, and we wish him every success. PROFESSOR ANDERSON'S BENEFIT. Of all the marvellous entertainments with which the Great Wizard has regaled the public, the most astound ing figures in the bill of fare which he has issued for his " carnival benefit" at this theatre in the early portion of next week. Six separate pieces de theatre are announced for Monday, namely, an opera, a pan'tourime, a drama, a melodrama, a farce, and a squib ; the grand star among the galaxy of talent who have in most handsome and commendable manner volunteered their services for the deserving beneficiaire, being Charles Mathews, in propria persona, from the large "house over the way." We thus find that the amicable feud between the rival houses of Covent garden and Drury lane has resulted in an armistice. In return for the assistance of Mr. Charles Mathews and others of the Drury-lane corps, Mr. Anderson will aopear at Drury-lane on Wednesday, for the benefit of Mr. Smith. There hag been nothing, like this bounteous " feast of reason and flow of soul' since the days of the ancients, when the citizens of Rome used to cing,regate in the amphitheatre from rise to set of sun. On Tuesday, the close of the Professor's present sea son, a Grand Bal Basque will coestitute the climax of the festival. He might under any circumstances securely reckon on the good support of his friends, the public ; but there is something 83 extraordinary in the produc tion of a series of excellent performances commenc• ing at 1 p.m. and going on till midnight, that We suspect the theatre will scarcely accommodate the applicants for admis , ion on Monday ; and the votaries of Terpsichore are sure to rush in thou sands to the festive scene on Tuesday evening. The Professor is, of a truth, a man of gigantic minds wondrous alike in conception and execution ; and, es none have exerted themselves more strenuously in the cause of popular entertainment, so we feel assured that those to whom he has so frequently and so long been a source of exhilaration will rally round him o n his fine t ovation at Covent-garden, and give him, what he merits well, a signal bumper at parting for " auld lang syne." MR. E. P. HINGSTON'S BENEFIT. In everything that has occurred since the opening on ' Boxing-night, it is admitted on every side that the W:zard ha 4 fully redeemed his premises to his liberal patron, " the public." There was one point, however, on which considerable disappointment was manifested . It was felt that a suitable opportunity ought to hav e been afforded of manifesting the gratitude which every person who participated in the advantages offered moot have felt to the invaluable secretary and treasurer of the Wizard, Mr. E. P. Hingston. This, we rejoice to find, will be removed, although a different venue has necessarily been selected for the ovation. On Tuesday, the 11th March, Mr. Ilingston will take a benefit at ti , Lyceum, in which the excellent beneficiaire will perform the role of Box, in the well-known piece of " Box so" ) , (1 Cox." The elite of the company have volunteered thelf services for the occasion, and amongst others the inirol; • table Flexmoro has registered a vow to excel himself, 11 poi-ible. Madile. Auriul and other celebrities will al!l ° render important aid in the good cause. There must I such a ca, , e be a bumper, and every one will do•well to make a minute in his diary " to take a ticket," and 9,18° to make early application. STATE OF TRADE. MANCHESTER, Feb. 23 —The market has not been quite so active as on Tuesday, but retains its &tones . ' As at Blackburn yesterday, yarns are in some cal ° again rather dearer. The demand embraces moat kina e of twist, and 40's are very scarce, and consequently deer. The higher numbers of yarn are also inquired for. Ma° , facturers are not buying much in anticipation of futur e wants, and both in cloth and yarn there is far front e general confidence in the prices of cotton, which are t he f main source of the higher value of manufactured goods: but a natural and equable state of the market is looke d on as almost impossible for some time to come, and bur. o" ers have no course left them but t.) supply their vinn, t meantime, with as cautious a look ahead as they may to future contingencies. There is very little inducemen t speculation. PROBABLE FATE OF THE PACIFIC• LIVERPOOL, THUIsDAY._ The following was posted in the Underwriters' r oom' to-day : " Glasgow, Feb. 27. be " The Edinburgh, screw steamer, which arrived l l on the 14th inst. from New York, passed on the 7'" lost. a large quantity of broken ice, and in it salt a quantity of broken cabin furniture, fine ornamental dor/ with white or glass handles, such as might have belong ed to a first class steamer or ship." The Pacific sailed for this port on the 23d nit. DARING ROBBERS'.—Yesterday evening, about In a !, past six, a very impudent robbery was committed (3 •• • the premises of Mr. Walter, a pawnbroker, carrying ° li t business: at No. 106, Alderegate-street. It appears the the shop window was broken by a large paving ston e, thrown by one of the thieves, and several watches, ring and other valuable property, exhibited for sale, secur e ': iet - his accomplices. The booty amounts to upwards (3 _ 701. The thieves effected their design in so short a space of 'ime that no attempt of capture could be tn aa vi e. THE PARISH OF ST. PANCRAS AND THE POORAIt BOARD.—Yesterday a special meeting of the owl elected vestry of St. Pancras was held in the great King's-road, Camden-town—the Rev. T. Dale, IV l • l n . i the vicar, in the chair—when the subject of the pre se t state of the workhouses, and the administration of tn e f poor relief, in that parish, as detailed in the r eport ° r Dr. Bence Jones, was brought under discussion. A ft r , a few observations from Mr. Baker, the letter wa s s' e dered to be entered on the minutes, as was also theLL: port of the committee of the board of directors. '-`" e i subject will be brought under discussion at the ne meeting of the vestry. T fou l TRADE IN CHINA.—The telegraphic advises China yesterday were to the 15th of January. The eat ports of tea to date were 54,000,0001 b., ae iP e r, corresponding49,Boo,ooolo. up to the period of last Y, r e- be Of silk they were 28,000 bales, agai n st 28,860. '; ‘ , o rate of exchange had experienced a m o vemen t at Cant td calculated to give an increased stimulus to the shipin ell „j of silver from this side, the quo t a ti on h av i ng adven e lt from 4s. 101-d. to ss. 04,1. At Shanghai, however , ' 0 f - was 6s. 9d., which shows a fractional decline. Stocka de , tea are described to be generally light. Comra° fl scriptions were scarce, aed the price of fine was e, ep,. maintained. The rates of silk were also firm. Wi t ` l : g, gard to the import trade the accounts are encourag hlj oi the demand for manufactured goods, especialli 46 , metals, having shown decided symptoms of icier(/' relent. THE NEW LOAN.—A hill for raising 5,000,000/. 5 way of annuities, now before the Commons' Hooded t 0 acts that every contributor of 1001 . shall be entitled 0 1111. 2e. 2d. in the 3 per Cent. Consols. The contributchi who have already deposited 10 per centum on the 8 ,1111 %0 them subscribed are to pay the remainder by instalve rs 3j as follows—viz., 10/. per cent, on the 3d of llarchrb ot ; per cent. on the 13th of March, 251. per cent. on the : 4 ' o . of March, 151 per cent. on the 10th of April, a nd the 0 maining 15/. per cent. on or before the 24th of April T he ensuing. Guardians may subscribe for infants. dividend on the stock will be 3 per c en t. on an ant - e, of 111/. 2s. 2d. to commence from the sth of Jant - il 1856, and to be payabl e h a ft-y ear l y . C ontr ib u tors '`' - o e anticipate payment of their instalments, but no discocif will be allowed thereon. Subscriptions paid in part CdPj o i' and not completed will beforfeited. The Bank is to be lowed 5001. for every 1.000,000 L of the said loan f°l . o r expenses of management, equivalent to the rate of 1 11 : n riet cent.. Th e 3 per cent. Annuities are to be added to the / - th e stock of Consols. A sinking fund will be formed f° r extinction of this new debt until, by means of a yel o f payment of 250 , 0001., a sum of 5,555.4161. 13s. 4 °: tie t the funded debt has been cancelled. A. second bill , :Jae issued, provides for funding of Exchequer-bills to amount of 3,000,000/ , the terms allowed being 1 11/. o' 2d, in Consols for every 1001. of Exchequer-bine• t he terect on the Is will be allowed from the date do , same up to the days on which they are deposited. beg scriber ; may pay money instead of Exchequeiebil!a giving a premium of ss. per cent, on the money P ald, eV THE RUGELEY POISONING CASE AND THE TRIJt.-030 OFFENDERS BlLL.—This new bill, empowering be Court of Queen's Bench to order certain offenders i t° „ e iti tried at the Central Criminal Court, has been sentr us e. from the Lords for confirmation by the Lower P fi s ier The former court is hereby empowered to any indictment which bag been removed into P i pet cer!iorari to be tried at the Central Cr i° the Court, if it shill appear to be expedient ttebe° ends of justice (as in a recent notorious case). re' such order has been made the depositions are to ,° N ef turned to the Central Criminal Court, and the Pri t s- ebe is to be safely removed to Newgate, the keeper e ( orieinal prison being required to do so simply ;boat production of an office copy of the said order 0.1 ",. le writ of Wens corpus. No defendant need aPPel'cee' person bef ire the Court of Queen's Bench. TO er t.al Criminal Court may order the payment of the So penscs of prosecutors and witnesses, rewards, ke• l ber objection can be raised to any writ of certiorari , l ott er in the Criminal Court or in a court of error. A Prr ac t convicted at the Central Criminal Court under tlll f/ t eres may be punished either in the country where the pit" was committed, or within the jurisdiction of the c o e fr at the discretion of the judges. Where the Crovi i3 oo o tains a trial at the Central Criminal Court the °Pp° of witnesses is to be advanced to the defendant . fitted treasurer of the county where the offence was coin must pay for the prisoner's maintenance in Nevrga t fse -' ST. PAUL'S CHURCII-YARD AND ITS IMPROVE 3IO D O° It would appear that the Corporation of Londo n , t oe m issed the opportunity of removing the large I . ° D er which abuts upon St. Paul's Church yard, at the e ° E nd of Watling.street, and extends to Old 'Chang e ' a rea which would materially have aided in rendering th e Ito uniform with St. P a ul' s S c hools on the east sicl e 'ea occupant, Mr. Frederick Goodyear, however, fete shrewd eye to the commercial advantages of the wo one of the best in London —has converted the house. boo . extensive wareroorns for the wholesale disposal. °I "lit nets fabricated in every quarter of the world, ane l . ll .! ° left• here for re - dispersion over the greater part of v it an Goodyear, while profiting largely by the presen t ao tions, may well chuckle over the anticipation °' u i e ite creased bonus in the event of his removal bein g recl d hereafter by the authorities for the much-requ ire pronments of this portion of the Curoblard, 4 L Tribu Mini; by th for U Depu inst., relati had 13 toilitt Aci diet t Ilend, War c ?4yl) th e li a par Erzei have OCcasi Of th •Per 3 Othsai North Ilono Xt edit Cott, ST Perin of Ca in 1 inf wil ~i