The Sun. — London, England, 1833-06-29 00:00:00

re, it mist still he borne ;n mind that the circumstance% oader which they were now calhd on to legislate on this 'tihject were different to those whirl, attended any former re newal of the charter. The Noble Lord (the Chancellor the Exchequer) had declared it to be his wish to super ede the whole country circulation, and substitute Bank P „, l P er . Being unable to accomplish that at once, he , f t a posed t o d estroy i t b y s l ow an d was ti ng mean s.— r, hear.) The Noble Lord might think this just and ; but it was very probable that other persons would il ut whether it was either just, politic, or magnanimous. (11ear hear.) With regard to the provisions es to h v aantry bankers, they were comparatively unimportant; 4 e t he tho ug ht that by compelling them to render 0 e "ntar they would, in some instances, create a I°s g ind ucemen t t o f a l s ify their accounts. The measure of 1826, by which the joint stock banks Werei enabled to conduct their operations with greater ; f itl ear was a measure intended for the general advantage , t ue country. He was of opinion that the present „ 'ettle would have the effect of entirely destroying the e'rculation of the country banks. There was no reason to ' l l u PPose th a t any pecun i ary transact i ons h a d been delayed, t' e tlosequ ence o f th e uncerta i n ty w hich existed relative ta t heßank Charter. The importance of the question, a° 4 th e state o f the business now b e f ore t h e H ouse , ren ered it extremely desirable that this question should be erred till th e b eg i nn i ng o f ano th e r session. He hail tof4fl ned himself to showing the importance of many of the Points which must be discussed, in order to prove the :tessity o f g i v i ng t h e matter a h i d investigation, and con : nsentl y of postponing its consideration during the pre -14 session. Its importance rendered it desirable that it 1 1 1 0 41 d be taken into consideration at the very beginning of e session. He had abstained from entering into any dis kao 10 0 respecting the merits of the question itself, and Lad 1 0 1 ? spoken of such points as bore upon the question of tponem e nt ; he hoped that other speakers would a t e his example, and keep to the question of adjournment. Lord ALTHORP denied that the House could be better Il ti r L e Pared to en t er i n to th e question at any other period 1% 14 th e present. If Hon. Members had thought that 0 •,, e Report o f th e C omm itt ee of Inquiry upon the subject ;", not afford sufficient materials for the House to come to nttisio n , th e y oug ht t o h a ve made that part the sui ject oMotion; or ought, at least, to have expressed their it i nion upon the subject. The arguments of two of the „ t in- Members who had spoken upon the present occa -114), were directed against the measure itself. The Hon. '' 4 Gall an t M em b er h a d asserte d that there were varia h'na since 1827 in the amount of notes in circulation, to he amount of fifty per cent. ; but taking the greatest rober d ur i ng t h a t p er i o d, a n d comparing it with the k yt, it wou ld b e f oun d t h at t h e fl uctuat i on did not exceed tt4 Per cen t. Th e H on . an d Gall a nt Member asserted tha t w the ru l e o f th e B an k f or regu 'ating its issues as to have always bullion to the amount of the -third of its notes in circulation. This was not fact ; for Mr. Palmer had stated that the pri nciple of the Bank was to allow the drain of money by t • t he stat e of the foreign exchanges to °petite precisely as if O il currency were metallic ; consequently the amount of O 4 i l t ,e , in circul a tion did not d e p e nd upon the amount of It l ion, but on the securities in the hands of the Bank. v ," great object which the Bank ought to have in view, 4 4 e to keep the fluctuations in the circulating medium at ke t ninimum, by allowing the exchanges to act naturally 2 gradually on the circulation. It could sc iicely be ex : ted that a period should ever arrive when fluctuations ,id be totally prevented; but the great object was to ske these fluctuations the least possible. The Hon, and h 'llant Gentleman had stated it as his opinion, that the r a Posed measure would entirely =seenetinuish the country t 446 ; but, for his part, he could no connexion be• v 'een the measure of Government and the result antici- P l o : t tti from it. It had even been asserted that it had n e n declared to be the intention of his Majesty's " n verornent to annihilate the country banks alto iteth,r- He had certainly said that it was desirable obtain a more perfect system of circulation, and e thought th a t th e M in i s t er i a l meas u r e would pro d ti le that effect ; but be did not think that it would have .4 : effect of annihilating the country banks, and he should 11 Very sorry if it should produce any such effict. It was 443ewhat remarkable, that while the joint stock banks B anks, of the measure as too favourable to the country 1 , 446 , the country banks complained as loudly of the du e ad vantages w hi c h i t wou ld co nfer upon the joint 1 ; 16 c bank s . Th e H on . M e mb e r for Stroud also coin -I:a4led of th e B an k o f E ng l an d as a monopoly ; but it , Ust b e proved that the monopoly was prejudicial. It PPeared to him, after giving the subject his best consi deration, and af ter li s t en i ng to the results of the expe ;ence of p rac ti ca l men , th a t i t wou ld be very detrimental ° establish a competition of banks in London, instead of !'ne bank of issue. It was certainly a monopoly, but i tz t remained to be shown that it was an evil. The Member for Stroud objected to giving the -we ' of regulating the circulation to a body which t°"(lncts its proceedings in secret, and without being Tjected to public opinion. He (Lord Althorp) was °Pini on th at it was d es i ra bl e t o avo id th a t, and, there °,4, he proposed that the proceedings of the Bank : 1 " 41 (1 be public, so that it could no longer be considered a " e ret body, and would have all its proceedings subjected,..,- the revision of public opinion. The Hon. Mernb• r as terted that the Ba n k Directors were not responsible to any utt the Proprietors. That was, no doubt, true in law ; ~I tt to the present state of the public mind, it could t of be " , perly said that any body of men were independent of public opinion. lie thought that public opinion would pla ce any set of m e n who acted improperly, in a sit, ation which to b y t hich wo u ld no t b e d es i ra bl e t o an y man who wis consider e d respectable. He was, therefore, disposed to ernneide with much of what had fallen from the Hon. l elober for Stroud, but he ought to have made some dis tinction between the acts of the Bank itself, and these of th e Government and Parliament. He had admitted, 'tat in the Bank Restriction Act of 1797, as well as ' the return to cash payments in ISIS, the Govern sent and the Parliament had as much to do as the Bank, aa bad at least as much right to share the blame of 0","e measures. He did not think it necessary to follow " Hon. Member through all his observations; Govern °lent had endeavoured to take the best precautions in its r, by adopting what they cnsidered, as far as they Idascertain, to be the best security a g ainst improper Practi ces; and, by taking publicity as the basis of their pla n, they thought they had secured the best check on the of the Bank. The last speaker had said that he o "°tlght it g advisable that the c ountry bankers should publish 4 account of their circulation; but he thought that would b e r" , from satisfaciery, as,the Pat liement having no check upon i te h b- nti there was no reason to prevoit them from sending C h false accounts. By adopting a method for ascertaining e amount of the stamps issued to each banker, the public ti t 'uld have an opportunity of obtaining correct inlorma °4 resp e cting the amount of the circulation. The Hon. l enatier w as c ompl e t e ly misinformed as to the quentity of buotry hank notes in circulation. He (Lord Altkorp) 4 1 reason to believe that the actual amount in circulation or es from ten to twelve millions. He mentioned this in der to show the absurdity of reasoning upon that point, " e founding any argument upon it, till the actual amount ti f Counry ank circulation wnown. This wa not, °Wey e r, t the real question fur their consideration. s The Itleation which they ought to consider was, whether they to t ° ,1 1 , 1 be in a better situation fur going into the considera ioO of the subject at any future period than they were at present? He admitted that some people might be apt to t o l aggerate the danger of delay; still all must allow that u elay was, if possible, to be avoided ; and all would allow t hat it was impossible, considering the immense interests I , t stake, that those interests might not be injured by being flog up in suspense. Of such force was that argument Nisidered by gentlemen connected with the banking l!ffiiirs of the country, that one Honourable Member 'd urged strongly upon him (Lord Althorp) even last 0 - ' s ‘ion, the necessity of a speedy settlement of the q u estion. It was then, however, utterly impossible to the plan of the Government before die House; but (Lord A.) thought, that should any delay now take " th ''eer after the Govertnnent plan had been promulgated, Consequences might be even worse than if the plan Lo r 4 ' l not linen promulgated at all. The Hon. :Member yna i t l ee tned to think that the plan of Government involved a eer:ot b ; th'esehof faith to the joint stock banks; and he quoted . forte ti e opinion of Inct Government, in 1826, in support of Boat statement, and to show that the Government of that ° t i 9 had give the greatest encourag eme question at issue. nt to joint !tuck 13 1 ?" 13 , 11 That, however, was not the 1C e n e question for the consideration of the House was, 390r0104, " a eth,r it was advisable to lay such restrictions on the cre, sl ) `) banks as should be considered necessary to insure B u te safety of the public.—(Hear, hear.) If those banks 're not on a sound foundation, it was undoubtedly the torf; f O t Y of Government to take steps to place them on a ° d e r i:, t tet footing. He would, for instance, suppose that a '1" . „.11 °- 0 stock bank . bad a national capital of 500,000/, o; I t e 4 ' 1 ::: : i 0 ch only 15,000/. were paidoue would say thot a bank was in a state that ought to be permitted ." the Government.—( Hear, hear.) lie, therefore, T i a et 4 h . , 1 : 1(1 , that it would be desirable to place such restrictions 1) : 00 0;ri, I , o l l, n _n , tho . s e banks as . would place them on . a s . trund and ot : looting. It might, to be sure, be said, that people not, and would not, trust banks which were in such ael l i p 7 oi ; but it was well know:n that the first warn re'tor Ofgencrally given on such occasion was the baekruptcy ee bookers, and every one was aware how tie atralis eV , ov int f ~ 1 )0. e country were para)zed, and the credit of other "kets effected by such failures. He therefore thougl,t .„t Jg' i ;jl ht m oish e , ht to 0 OS , !ti!tioP 10 30 0er le 'sou their' our Ab " t . I v did f i err rin DC *I Lad jai Ag es ttrib° L'ne hi cb le d t iciloP °ll ,l .r , ul d I:p't )I Y• s ooP refi e° Joble (I th e , j" 3cee° - iced i! P°' ;te "„f .iefY etwe e ",, iisterk. t t ibe x ' % o'gedld , ppre_ p )111d :;g1 (1 be opP', is g„ioia:l, • k ► th e ' t k ienc e 5)! tue° that OR every amount it was desiraille that such restric tions should be placed on banks as would insure the pub• lic safety. He hoped and trusted that the House woul i not agree to the proposition of the Hon. and Gallant Member for Bolton. They were then in as proper a situ ation to take the subject into consideration as they could be at any future period ; and keeping a question of such importance in suspense might prove injurious to the best interests of the country. Mr. ATTWOOD said, that the Ministers themselves had always wished to postpone the consideration of the many important questions. brought before the Howe, on account of the lateness of the Session, and this, although perhaps more important than any other, was to be made a sole exception. The consideration of the Usury Laws, the Corn Laws, and some others, had been put off on that account; and still this important question, which in volved the question of the Usury Laws, the standard of value, and the extension of the Bank monopoly further than it had been extended before, was not considered too important to be brought forward at the very end of the session. He (Mr. Attwood) thought that there was rester danger in coming to a rash and inconsiderate reso lotion on this subject than could be incurred by any delay. The plan proposed by the Noble Lord divided itself into three parts—first, the increase of the circulation of the Bank of Eugland ; secondly, the remuneration to be given to the Bank for the management of the public business; and thirdly, the extending of the exclusive privilege to the Bank of England farther than it had ever bee❑ extended before. This involved many most important questions of public economy, which were settled by the Noble Lord's plan in a manner totally at variance with the principles which his Majesty's Ministers were pledged to follow. Did the Noble Lord expect that a question which involved the Usury Laws, the standard arable, and so many other important principles, could pass through the House this session ? The plan proposed rested on principles entirely contrary to those which the Government themselves espoused. He would only apply himself now to the propriety of postponing the consideration of the ques• tion.—(Hear, hear.) Why should they now adopt resolutions which went to establish a new standard of value—which went to establish a paper circulation with out proclamation? This proposition not only altered, but it lowered the standard of value.—(Cries of " No, no.") He would undertake to prove that making Bank of Eng land notes payable in one place only would lower the standard of value. This proposition was the very same in effect as that which but three months ago the Noble Lord h imself moved to be inexpedient. The Noble Lord had moved that it was inexpedient to lower the standard of value when a proposition which might have that effect was brought forward. The proposition now made by the Noble Lord himself lowered the standard of value, and was liable to all the objections which he found to the motion which he then opposed. It was true, as the Noble Lord aid, that people might get gold, but they would re quire to send from Cornwall, Yorkshire, or any other of the most remote parts of the kingdom to London, before they could get it. In proportion to the expense to which the Government would expose country bankers and others to obtain gold for their notes, to that extent would the standard be depreciated. But the Noble Lord went fur ther, fur he proposed to give to the Bank of England the sole right of circulating paper, even to the exclusion of country bank paper, which had grown up with the pro sperity of the country, and of the paper of the joint stock bankers, which the Legislature only seven years ago had introduced as an improvement. In 1826, the system of joint stock banks hail been adopted as an improvement, and now they were called upon to change that system and adopt another improvement. It had been said that the panic of 1825 was owing to the country banks ; but that was not the case. It had been proved that it was owing to the undue circulation of those very Bank of England notes, which were now to be fur ther extruded, to the exclusion of all other notes. The Hun. Member then proceeded to consider the question of remuneration, which it was intended to give to the Bank for managing the public business of the country. The Noble Lord hail said, that the sum formerly paid to the Bank was 248,0001., and that he had reduced it by 120,0001. ; and he said, " I take that sum, and multiply it by 21, and I find it leaves 3,320,0001., which is much the same as has been paid by the Bank on former occa sions for the renewal of the Charter." But the Noble Lord was mistaken in the foundation of his argument. He had taken long statements from the Bank Directors on which he had founded hie ideas on the subject, and he was deceived by them. The question was, what would be a fair remuneration to the Bank for doing the public busi ness ? The manner in which the Bank was formerly re munerated was, by the payment of a certain sum for every million of the debt. That might have bee❑ a very proper mode at the time when the debt was incurred—it was not so now. The basis of the calculation in ascertaining the amount of remuneration should now be the amount of capital which passed annually through the Bank. The average amount which passed annually through the Bank was about 30,000,000/. Now the highest commission kn wn among merchants was ss. in every 100/., and for that commission bankers transacted all their business. But the bankers had much more trouble than the Bank of Eng land in their business, for they drew bills, and had a variety of trouble which did not fall to the Bank in its transactions with the public. He found that at ss. in every 100/. the remuneration would be 70,000/. a-year, and that was the very interest which should be allowed ; but as pi ivate individuals doing business in the funds were obliged to employ brokers and other persons, all of whom received commission., and in such cases the Bank books were only serviceable as a register of the transfer of stock, he thought that 30,0001. a year would be ample remuneration. The Noble Lord, too, besides extending their charter, allowed their notes to be legal tenders. Was it fit that such a bargain as this should he concluded with that body, for twenty-one or even ten years, without the least provision as to what the public should receive in compensation for such enormous privileges ? Then the Bank Company charged the public 26,600/. for their house-rent, &c. Was this a fair suni for the nation to pay ?—( Hear, hear.) It was the more unfair, too, when it was considered that, although they made the public pay 26,6001. for it, they only valued it at 1,700/., when they had to pay the as• sessed taxes.—(Hear, hear.) He should therefore support tae amendment. Sir H. PARNELL was, throughout his speech, very inaudible, and the difficulty of hearing him was materially it.creased by the noise in the Hioise. He was for some time wholly inaudible; at length we understood him to be commenting on the report of the Committee, which, he said, gave in great measure an ex parte report ; tor, with two or three exceptions, the evidence in favour of the Bank give❑ by a host of Bank Directors, London bankers, and others, all, as it were, parties—(Hear)—had occupied the whole of the Committee's sitting. Indeed, such was the impression produced on the Committee by this ex parte evidence, that he (Sir Henry) had been almost the only Member of it who had objected to the immediate renewal of the Charter. L ist August there were three competent gentlemen whom he knew to be prepared to come forward anal explain the evils of the Bank monopoly ; but, on his men tioning this to the Committee, he was told that it was then too late to hear their evidence, but that the Com mittee was to be renewed next (this) year ; but no further inquiry had taken place. In the early part of the session, the Noble Lord had intimated that this Committee would not be renewed. He was not a Member of the House at that time. Had he been so, he should certainly have thought it his duty to call for a renewal of the Committee. —(Hear, hear.) There had bee❑ no evidence taken on the other si e, to inquire as to whether the Bank mono poly had not been injurious to the community ; yet the great point to be decided wa , , whether the past conduct and management of the Bank Company had been such as to warrant a renewal of their Charter. He himself had a mass of calculations and figures of a most Important description, which could be made available by a Commit tee. Surely there must be a much better chance of elicit ing the real state of the ease, if the Governor of the Bank were examined before a Committee, than by a mete correspondence between him and the Chancellor of the Exchequer. Under all these considerations, he could not but give his vote in favour of the amendment of the Hon. and Gallant Gentleman opposite. There had been no evidence given before the Committee, with reference to the new plans of Government. There had been no evidence at all adduced, to justify Government in intro hieing such innovations in the tnoi.etary system. All the great authorities were against it, and but a few anonymous writers in its favour. He was fully con vinced, from every inquiry lie had made, that this proposition would necessarily establish a paper money system instead of the metallic currency, which would never answer ; and that the effect would be, that in a short time sovereigns would be at a premium. Then, as to the new plan for the joint stock companies, be could not imagine any thing more dangerous ; the sys tem would produce nothing but lucre bubbles. And as to the restrictions which were proposed to be put upon the established joint stock companies, be conceived that such restrictions were nothing short of a breach of public faith. These companies were established under the direct •auction of Government, and there had been no proof whatsoever of fault committed by them. He therefore thought that a Committee ought to be appointed to in quire into what these joint stock companies were doing and had done.—( Hear.) in all that appeared, these restrictions were vexatious and mischievous.—The Hon. Member, to- wards the conclusion of his speech, was extremely inaudi ble ; but we understood his final sentence to be a declara tion that the greatest evils would follow from such hasty legislation, and a recommendation that the decision of this question should he postponed. Mr RICHARDS fully agreed with the Hon. Baronet that sovereigns would, if this measure passed, be soon at a premium. Then, as to the established joint stock com• panies. Seven years ago they were, as it were, called upon to farm themselves by Government. as being con sidered a more stable form of bank. Now, since this, had there been any complaints made against these compa nies? No—quite the contrary. Was a country like this, then, to have its monetary system disturbed in this 'man ner ?—(Hear, hear.) The joint stock company of Knaresborough had been found eminently beneficial to all parties concerned. According to tile Ministerial measure, this bank would have to invest 100,0001. in real securi ties or Government securities. What would be the con sequence ? Why, if invested in real securities, being di. rectiy contrary to all principles of banking, the utter fai'ure of the bank would inevitally be the result. Sir M. W. RIDLEY hoped that the House would adopt a clear and decided opinion upon the main principle contained in the first resolution.—(Cheers.) Sir R. PEEL said, the immediate point before the House was, whether it should affirm the first resolution for the renewal of the Charter of the Bank of England for a limited period, or whether the consideration of it should be postponed until the next Session? He WaS decidedly of opinion that the House would abandon its duty if it did postpone it. He was in favour of one bank of issue, because it ought to have control over the circulat ing medium, in order to give assistance when necessary to commerce; and he thought that the Bank of England was well constructed both fur that purpose and far the purposes of Government. He did not wish the Charter to be renewed for the sake of the Bank, but of commerce generally. Other parts of the resolutions he was also ready to affirm: it was desirable, for instance, to adopt the fifth resolution, for he believed that the effect of the usury laws in restricting accommodation in times of dis tress was very injurious ; by allowing banking establish ments to make the true and legitimate interest of their money, great facilities were often afforded to trade. The terms in the fourth resolution were mat ter for future consideration, and he should also post pone the manner and degree in which some of the other resolutions affected country bankers and joint stock companies; they formed no essential part of the plan of the Noble Laid for the renewal of the Bank Charter : what their effect's might be upon the one and the other, he (Sir Robert Peel) was prepared to discuss, hut at present he should not be justified in detaining the House at suffi cient length to treat the point satisfactorily. One great principle was involved in the resolutions of the Noble Lord, not forming part of the question of, the renewal or the Bank Charter, to which he (Sir R. Peel) could not give his assent ; it was contained in the second resolution, and it made the notes of the Bank of England legal tender in all commercial transactions. He had riot heard from the Noble Lord a single reason for this change, and he must be presumptuous indeed who would venture to predict what the consequences of it might be. The Noble Lord, however, was bound to produce good grounds for the al teration of the law, and ought not to lay the onus upon his opponents, of showing the evils that might arise from it. He confessed that he had heard the proposition with great surprise, for as far as authorities went, he had thought it was a settled maxim in the science of currency, that after the removal of the restriction on the Bank of England, paper, under whatever authority it was is sued, should be convertible into gold. For this Mr. Burke had contended, when he compared the notes of the Bank of England with the assignats of France, and at a more recent date the same doctrine had been maintained by Mr. Huskisson. Although he would not predict the consequences, be looked at the immense alteration proposed with great anxiety ; and he apprehended that the Noble Lord ought to show some great evil which would be averted, or some great advantage to be gained, before he recommended it. The Noble Lord had talked of the effects of panic, but he (Sir R. Peel) heaeed the House to distingui-h between commercial anti voltical panic. A commercial panic had occurred in 1825, and a political panic in May, 1832. The one and two pound notes were abolished in 1826, in consequence of the commercial panic, and he begged to ask the Noble Lord whether he apprehended any new commercial panic? The general effect of the evidence before the Committee on the affairs of the Bank certainly watt, not only that trade and manufactures were flourishing, but that they were established on sound principles, and that the immediate convertibility of bank notes into gold was a sufficient check to undue circulation. If so, why alter the currency, or at hoist why alter it before the House was in possession of the result of the inquiry before the Committee? Then did the Noble Lord expect a political panic? What was a political panic? An apprehension, growing out of po litical causes, that the Government was unstable, anti that there was danger lest the Bank of England, connected wih the Government, might not be able to effect its engage. meats. During the political panic of 1832, in some cases the notes of country bankers were preferred to those of the Bank of England. Even against a commercial I mic a but still more against a political panic, it was impossible to devise an effectual precaution. Did the plan oZ the Noble Lord offer a precaution against a political panic ? Certainly not. In Edinburgh, in 1832, the notea of a private bank were sought in preference to chose of the Bank of England ; true it was, the appre hension was merely idle, but in every panic the pre judices of the ignorant were to be dealt with and com batted. lie feared that one of the effects of the change would be to diminish the quantity of gold in circuletion, and he entirely dissented from those who thought Clot there was anything insecure in the present state of the currency. He doubted if it were possible to place it on a better footing than at present ; for though it did not give effectual security against political panic, it did giv e as good security as could be devised against commercial panic. Suppose a man did not like Bank of England paper, to make it legal tender was to compel him to take it in the country, for he could only obtain gold by taking it to the branch bank, or by sending it to London. The Noble ford hoped, by throwing this impediment in the way— be rendering it necessary for a man to travel 30 or 4-0 Miles before he could obtain gold, to afford an effectual check to political panic. With a view to this part of the subject, it was very material to ascertain the amount of country bank paper in circulation as compared with that at the Bank of England. No wise or prudent States. man would make this great change without first obtain ing that knowledge, and in fact, it was absolutely necessary to warrant the arrival at any conclusion. A near rela tive of th• Vice-President of the Board of Trade had estimated that Boils of England paper formed five-sixths of the whole circulation. Ile (Sir 11. Peel) believed that estimate to be ex otgerated, and he would take it that country paper formed one•fourth or one-fifth of the paper currency of the kingdom ; and was that sufficient to affect the exchanges? The Noble Lord had avowed his object to be to give the Bank of England a mu. nopoly ; but how would that establishment deal with joint stock companies? It would guarantee to each a settled amount of bank issues, upon which the joint stock company was to deal. Suppose coun try bank paper to be abolished, and a joint stock company to issue Bank of England paper, etch joint stock company must have a guarantee that the Bank of England would insure to it a certain amount of its notes. That was inevitable—and the time might at rive when the joint stock companies wished to avail themselves of the whole extent of their credit, and yet the Bank of England might he anxious at the same time to diminish its circu• lation, with a view to the exchanges; but by the guaran tee, whatever were i's amount, the Bank of England must abide. Fit st, be (Sir R. Peel) was not prepared to admit the policy of the monopoly ; next, lie doubted, if the plan of the Noble Lord were entirely successful, whether he was giving to the Bank of England an effectual contrail over the exchanges in cases of commercial or political panic. lie could not help entertaining great apprehensions that one of the consequences of the pl in might be to diminish the amount of the circulating inediutn for small payments, en which he believed the whole superstructure depended. A gold circulation, which was neatly equably spread over England and Wales, was always necessary for small pay-- meets ; and he would a-k whether it wee safer to have gold equaely diffused among the country bankers, or accu mulated in the cuff rs of the Bank of Eng:and and of the branch banks? Nothing could be more fallacious than to say, " You see how well things go on in Scotland and Ireland, where they have one and two pound notes." Why did they go on well ? Merely because they were supported by the gold circulation of England ; but once introduce the same system into England, and the security of the paper circulation, even fur a month, was at an end.—(lierti, hear.) For the stcurit), there fore, of all circulation, and especially for the security of that of Seto land and Ireland, it was not necessary merely to have gold in the coffers of the Bank of England and its ht ancbes, but in the hands of country bankers. By the proposed plan, an interest was given to every party to get rid or gold ; and supposing there were 500 country batiks in the kingdom, the Noble Lord would at once close 500 founts of the most precious metal. But it should be fur ther considered that small payments must be made, and though tne Noble Lord was unwilling to think of the issue of small notes, that might conic to pass. There was no law against issuing notes for 51. 101. or for 5/. 55., and by nieans of these, small payments might ha mails: That might be a more effectual means of banishing gold from circulation than issuing Si. notes. For example, people having to pay one sovereign might give a 61. note and re ceive a Si., and thus get rid of the gold in circulation. He believed that something of the kind occurred in Ireland, where the issue of notes for 355. and 255., banished silver from circulation. Another objection he had to the pro posed measure was, th it it would be a relaxation of the currency. If the Noble Lord carried his motion, it would be on the ground that it would have that effect. That such would be the effect was not disclaimed, though it was not avowed that such was the intention of making the Bank of England paper a legal tender. The Noble Lord, however, would find his proposition supported on the ground that ma king the note a legal tender would produce a depreciation, and banish gold from the circulation. It was loosening the screw of the currency. He did not know if such would really be the effect, but if the effect should be that of substituting paper for gold—if all credit should rest with the Bank of England, and all the liabilities of the country bankers be thrown on it—if, as he had before said, 500 avenues for the issue of gold should he closed, and paper substituted for it, that would be a most prejudicial effect. It might be that the Noble Lord's measure would produce an opposite effect. It was possible that country hankers would be unable to contend against the advantages of joint stock banks ; but he doubted if that would be beneficial. He conceived that it was possible that its ultimate effect might be to drive country bankers out of existence. There were instances where trade was perfectly flee, in which a combination of capitalists had driven, at some loss to themselves in the first instance, a competition out of the market. Assuming that country bankers, with undivided, unlimited responsi bility, were to be extinguished, he could not think that a benefit. They were the best adapted to issue country paper, provide.' security were taken. They had a more intimate knowledge of the people in their neighbourhood than could be obtained by any joint stock bank, or by the agents of the Bank of England. They could, therefore, deal out credit more liberally than the Bank of Eng land. Country hankers could issue paper cheaper than joint stock banks. What objection, then, could ther e be to such banks using their paper convertible into gold ? He doubted, therefore, if they would gain th e object they had in view—of giving advan taees to the agricultural and commercial part of the coin munity by a measure which might destroy the country bankers. Before the Noble Lord departed from the great principle of making a man responsible for what he pro mised—before the Noble Lord exonerated him from dis charging his debt except by giving the paper promises of e Company favoured by Government, the Noble Lord was bound to make out a very strong case. The Noble Lord proposed to go further than the Bank Restriction Act of 1797. That did not make Bank of Enalan i notes a legal tender—it only relieved the issuer from the responsibility of answering for the payment by summary process. The parties were still responsible for the payment. The Noble Lord proposed not only to protect the parties against BUM. mary process, but even gave them their discharge on tendering the paper of the Btnk of England. That paper was to be legal payment also, not only for public taxes, but for all deposits and all debts. To that arrange ment, considering it a departure from the principle of the Act of 1819, he could not give his support.—(Hear.) Lord ALTHORP said, the Right Hon. Gentleman assumed that he proposed this plan in order to avoid poli tical panics. If, however, the Right Hon. Gentl-m in recollected the evidence given before the Committee of last session, he would recollect that all the witnesses, without any exception, gave it as their opinion that it was not possible by any means to guard against political panics. That, therefore, was not his object. He did not expect to guard against them. He never had sup posed it possible to guard against political panics. The object he had in view in making the proposition was this —all the persons who gave evidence as to the cause of commercial panics agree in this : that at the very time they take place, all the bankers who issued notes were obliged to provide themselves with coin in proportion to the demand likely to be made on them. To do that, the country bankers took care not only to collect all the coin possible in their own neighbourhood, but they made large demands on the metropolis for coin. The consequence was, that there was this internal drain on the Bank of England for gold at the very moment that there was also a large drain on it from abroad, in consequence of the exchange being against us. There were thus two drains to the Bank—the internal drain, and the drain from abroad.—(Hear, hear.) It appeared, therefore, to him, that it would be a great advantage if he could get rid of one of those drains ; and for that reason be had proposed this change. Tee Right Hon. Gentleman seemed to think that the 500 banks now kept a reserve of cash, but the evidence did not altogether bear out the sup position of the Right Hon. Baronet. It was given in evidence before the Committee last year, that the country bankers generally kept gold in proportion only to one twentieth of their liabilities.—(Hear, hear.) They possessed all of their convertible securities, and whenever they were pressed for cash, these securities were seat to London, and coin required for them. He did not see, therefore, that his plan would have the effect of driving the coin out of circulation, though he readily admitted, that, if one-pound notes vere issued, they would drive the coin from circulatioa.— (Hear, hear.) Experience had proved that paper and coin of the same denomination could not circulate together; but if the paper were of a higher denomination than the coin, it did not supersede the use of it, and both might circulate together. The Right Hon. Gentleman argued as if the country hankers seldom got coin from London, but he believed that the country hankers seldom collected much coin from their own neighbourhood, but rather lrew it in large sums at once from London. The Right Hun. Gentleman s lid that the plait would be supported as tend ing to depreciation—he had not proposed it with that view. He agreed with the Right Hon. Baronet that de preciation was most undesirable ; but he did not see, look ing at the state of the country—looking at the facility of communication with every part of it—he did not see how it was possible for a different value to exist for paper con vertible into gold, and gold, in any part of the country. felt convinced that the facility of communication would keep the convertible paper and the metallic currency every where at the same value. Ile could not conceive it possible that there should be any difference of value of the-r, two articles in any part of the country. The Right Hon. Gentleman said that it would entirely annihilate the country hankers ; but he (Lord Alteorp) could not con ceive that such would be the effect. It would only make the country bankers circulate the Bank of England notes, lodging proper securities. II the B ink of England took care that the amount of the secutities remained about the same, there could be no great variation in the amount of the issues. The effect would be the same as if the Bank dis counted the bills of other dealers.—( Hear, hear, hear.) Certainly, it would give the Bank a more comolete control over the circulation thin at present, should any occasion arise, when, from the competition, of banks or other circumstances, there might be an in crease of circulation. He was in hopes that the plan would supply great additional accommodation, and at the same time he believed that it would prevent fluctuations and danger. It was known that at the time when the exchange first became against us, the demand for accom mudation increased, which the country banks, little affected by the rate of the exchanges, were ready to supply. The consequence was, te ere was more paper got into cir culation when it ought to he diminished, and that great fluctuations and great danger ensued. He concurred with the Right Hon. Baronet in his opinions ef the Scotch system, which did very well as long as they had the stores of the Rink of England to apply to. That system owed its safety to the bullion kept in the Batik of England. He concurred with the Right Hon. Geri letnan, that if the Scotch system were spread into England it would place the country in great danger. The Noble Lord, in con clusion, said he hail been required, he thought, to explain, and therefore lie had done so immediately after the Right Hon. Batonet.—(Calls of " Question !" and "Divide.") Mr. FORSTER had no objection to the first pat t of the plan, but he had great objections to establishing local banks with partn ers o f limited responsibility. He had al s o great objections to make to that pat t of the plan which went to make Bank of England notes a 'egal tender.—(Question.) Major HANDLEY professed himself hostile to the B •rik of England, which lay like an incubus on the country ; but, fur good or for evil, it was titne that this matter should he set at rest. He should oppose some of the re solutions, but be should think it his duty to vote for now considering the subj-ct.—(Question.) Mr. BARING (who was met by cries of " Oh," and " Divide") said, it was impessible to look at the question, and tint regret the period of the session at which it was brought on. It was now past ;Midsummer, and it was brought forward for the first time. It was impossible to see what wen, forward in that House, at least nobody acquainted with the House, but must know that this was a season wh en h ar dly any subject could be ur ge d which could fairly attract the attention of the House. One half of their time they were counted out, and the other half they attended ti; reluctantly, that it was almost physically impossible that any important business o could be adequately discussed. There was the qtlestion o f the West Ind ies , an d o f vot i ng twenty million..—(" Ques tion, nn, question" the important as if some Hen. Member were willing to show Mr. Bating question th ttthere r e wasoi the o H l o to o s s s e i . b ) i i t ofy Hoo e discussing otende d that the Bank Committee had ; not inquired into all the subjects connected with the ronowal of the Charter-Im' not inquired at all into the b irgain made with the Bank— had not inquired into the mode of dealing with country hankers ; and, therefore, he was of opinion that they were not then ready to discuss the question. He thought it would have been proper to postpone this question, had the Government, in the first instance, resolved to do it ; but as it hail been discussed, and as the resolutions bad been proposed. he thought it ought to be settled at once, for otherwise they might shake the confidence of the country. Certainly the essential puts of this question ought now to be settled. The immediate question they had now to decide was, whether the first resolution should be agreed to. That resolution was, " That it was the opinion of this Committee that the Bank Charter should be renewed." On that subject he believed that the opinion of all the witnesses had been in favour of the renewal. Their universal opinion was that the Bank was a useful institution, had been honourably conducted, and that it would be injurious to the public• to establish any other bank of issue in the neighbourhood of the metropolis. The Hon. Baronet, the Member for Dundee, who had attempted to make out the reverse of that proposition, had entirely failed in doing so. So far, then, it seemed that the first resolution was established. He had a few observations to make on'the second resolu tion, on which the Right Hon. Baronet, the Member ft r Tamworth, had made a speech, which had produced, like most of his speeches, a great impression on the House. He himself must say, that he thought it was a Judicious proceeding to make Bank paper a legal tender in the country, and in the country banks. He had long thought that a measure of that sort would be benefi• cial. It was not that he thought it possible to bring paper altogether into competition with specie, hut it was because he euts.rtained a strong suspicion that such a measure would have the effect of placing the currency on a safer foundation, and maintaining the par value l i of the coin. It would, in fact, be only doing that by law, which was now done by individuals, for their pri vate convenience. At this time, though a man was liable to pay his debts in gold, Le did, in fact, pay them by a check, yet no one thought that that custom was injurious to the safety of public credit; although the check was, in the first instance, paid in paper, and that paper circulated before it was converted into gold. The great object, indeed, of this country was to preserve, in its paper currency, a power of quick convertibility into gold. He saw no possible danger, but great benefit, from such a measure. If there was a general panic, and all the public concurred in making a run for gold, injury to the public must, under the present state of cnrrency, ne cessarily arise; for there was no state of currency that could stand such a shock. But that case—the case of a political panic—was of rare occurrence. In the case of a commercial panic, the state of things was totally altered, and there were ten of the latter for one of the former. It was against the latter, therefore, that they ought chiefly to attempt to provide ; for the former was pretty well beyond their power. With respect to a commercial panic, one example was worth fifty arguments. In that of 1823, the panic arose—not from any unfortunate state of foreign exchanges with reference to this country, but from a want of confidence in the bankers of the country ; and the run was upon the Bank of England, but not for gold ; for the run was put an end to by payments in Bank paper. It seemed to him, therefore, that the second resolution might be with propriety adopted; and he could not, there fore, hesitate in declaring his concurrence with it. With respect to the bargain made by the Government with the Bank, it was said by some gentlemen that the interests of the country had been sacrificed. If that were so, the Bank could hardly make a sufficient compensation ; but it was not, He must admit that he thought the Bank had had a little the advantage of the Noble Lord on this occasion, or rather that the Noble Lord hail not made all that he could in the bargain. With respect to that part of the Noble Lord's resolutions which related to the country bankers, he wished the Noble Lord to consider whether he could not put it off till the next session. That part of the resolutions formed no part of the agreement with the Bank of England ; and the Noble Lord might consider whether it was not possible for Iron to pass the rest of the resolutions, and postpone that part of the plan to another time. He, himself, had always been rather favourable to joint stock companies; but if these branch banks were to drive out the smaller banks, he should think that the consequences of such measure were greatly to be dreaded. The meter banks gave accommodatioa which great establishments could not do—they wept into petty details with the farmers and smaller traders in their neighbourhood in a manner which the larger banks could not possibly do—and they acted in that way much to the benefit of the country. He should also propose to the Noble Lord to adopt the following al teration in the wording of the resolution. As it now stood, it declared " That it is the opinion of this Com mittee, provided the Bank of England shall be hound by law to discharge its notes in gold." Why the Bank was I bound by law so to discharge their notes ; and the words ought to be "so long as the Bank shall continue to dis charge its liabilities." He should only now add that he should prefer the resolution, if the payment were to be confined to London. Sir F. BURDETT should give his assent to the first and second resolutions. The Hon. Baronet, who had attempted to show that the principle of free trade ought to be applied to this system, had failed in the object - , f his argument. He was friendly to what he tr,ight te••m a relaxation of the currency, if that could be effected, as he thought it could, without danger to the public. lie thought it might be effected in the present instance. Mr. HUME said, that after an expression in the speech of the Hon. Baronet opposite, he could not remain siltnt, more especially when he rem ,mbered the vote the) had lately given against the depreciation of the currency. The Hon. Baronet talked of " a relaxation of the currency." Why, what was a relaxation of the currency but a depre ciation of the currency ? If that was to be the effect of these resolutions he should oppose them. He agreed with the arguments of the Right Hon. Baronet below him, and believed that the result of the whole plan would be to produce a depreciated currency. Yet what had the Noble Lord said on that subject not long since ? Why, that a currency ought not to be maintained but on the principle of perfect convertibility. If that principle was not main tained—ii we were to have a depreciated currency, we should he descending the ladder again. He believed that the bargain the Governrc;rit had made with the Bank was improvident for the public, and looking at that, and look ing at the fact that the Bank-notes were only to be con vertible in London, he could not consent to adopt the Noble Lord's resolutions. He should certainly vote for postponing the consideration of the resolutions to another Session. Colonel TORRENS and Lord ALTIIORP mutually ex plained as to the sums quoted by the former from the Appendix, with a view to prove a diminished circu lation. The Committee then divided, when there appeared— For the Amendment EZ Against it Majority On re-entering the gallery, we found Lord ALTHORP addressing the House, but the noise of strangers taking their seats rendered his Lordship inaudible. Mr. P. SCROPE protested against the original resolu tion, but his speech was drowned 14 loud cries of " ()ora tion !" " Bah !" " Divide !" " Adjourn !" " Oh, oh !" yawns, and what appeared to us to be an imitation of the crowing of a cock. Mr. O'DWYER rose, and declared that he was a mem ber of the Political Unions so much abused in that House, but in no Political Union bad he witnessed such uproar as he had just heard.—(" Oh, oh," and confusion.) This was a question which deeply affected the interests of the empire, and it was monstrous that Hon. Members should come down to this House apparently with a determination not to listen to what was said, and to drown everything iA uproar.—(Confusion, and imitation of a cock crowing repeated.) He cated not for these interruptions, but he must say such a question ought to be debated at least with decency.—(Hear.) The CHAIRMAN said, the question was,that he should repot progress and ask leave to sit again. . _ Lord ALTHORP objected to adjourning before passing the resolution. This was certainly a question deserving serious consideration ; but after the House had been so long addressed on the subject as it had been, it was not surprising that it should exhibit some symptoms of im patience. After a somewhat desultory conversation, the resolution was then agreed to, and the Chairman reported progress, and obtained leave to sit again. SIMPLE LARCENY BILL. Col. DAVIES moved the second reading of this Bill. The SOLICITOR-GENERAL moved that it be read this day nix months. After a few words from Mr. O'D•vyer, Mr. Alderman Th,mpson, Mr. J. H. Lloyd, Mr. Frederick Shaw, Mr. Aglionhy, Mr. Pease, and Mr. W. Tooke, The House divided, when there appeared_ For the Motion 43 Against it Majority --3 CUSTOMS' CON:3O.I•IDATION BILLS. Mr. POULE TT THONISON, in answer to a qua. tion put to him, said that he hoped to go into these Bills this day fortnight. The delay had not origirmtid with him, -"w i but tar! teon m.enainneA h y tt,e proasrea•lloll44 . ~ important huNitirt.. ' e ltr`;( . ,'. 7 :l 1 , EAST INDIA BICVA "\ -::"/ Mr. C. GRANT in0v,..1 the first i•til4ELtopth India Charter Bill. ~,,_,C= „ l The Bill was real a first time, and ordered • a second time on M on d ay wee k. ' ' l ' 4110, The remaining orders of the day were disposed of, and the House adjourned at a quarter to three o'clock. 'E MINORITY ens' M.,tion, that the Consi 'hurter be postponed till next LIST OF TH . Who voted for Colon,' Torn sideratinn of the Bank C Session. ENGLAND. Aglionhy, '' '—:Cockermouth Andover, Vise.— Malmesbury A stley, Sir Jacob—West Norfolk Attwood, M.—Whitehaven Bainbridge, E. T.—Taunton \ Baring, E.—Th e tf er d Beaumont, T. W.—South Nor-, thumberland Berkeley, G. C. F.—West Glou cestershire Biddulph, R.—Hereford Blamire, W.—East Cumberland i Blackstone, W. S.—Wallingford Bowes, John—South Durham Brotherton, J.—Salford Brocklehurst, J.—Macclesfield Bulwer, H. L.—Coventry Calvert, N.—Hertfordshire Cayley, E S.—North Yorkshire Chaytor, Sir W.—Sunderland Chaytor, W. R. C.—Durham Duncomhe, Hon. W.—North Yorkshire Faithfull, G.—Brighton Fellowes, N.—North Devon Fielden, John—Oldham eorester, G. C. W.—Wenlock Forster, C. S.—Walsall Gaskell, D.—Wakefield Gisborne, T.—North Derbysh. Godson, R.—Kidderminster Guest, J. J.—Merthyr Tydvil Hawkins, J. H.—Newport, Isle' of Wight Hoskins, K.—Herefordshire Hume, Joseph—Middlesex Hutt, W.—Kingston-on-Hull Irton, John—Cumberland James, W.—Carlisle_ Lister: E. Cunliffe—Bradford Lowther,Viscount—Westmore. land Lowther, Col.—Westmoreland Moreton, Hon. H.—Gloucester Morrison, J.—lpswich Parker, Sir H.—West Suffolk Peel, Col. J.—Huntingdon 'Pigot, R.—Bridgewater Potter, R.—Wigan Plumptre, J. P.—East Kent Richards, J.—Knaresbarough Rick ford, W.—Aylesbury \Scholefield J.—Birmingham Scott, Sir E. D.—Lichfield iSerope, Poulette—Stroud IShawe, R. N.—East Suffolk 'Stanley, E.—West Cumberland !Strutt, Edmund—Derby ITancred, H. W.—Banbury Tayleur, W.—Bridgewater Trelawney, W. L. S.—East Cornwall Tyrell, G.—West Suffolk Wanon, Rigby—lpswich Welby, G. E.—Grantham Whalley, Sir s.—Marylebone Williams, G.—Ashton Williams, W. A.—Monmouth shire SCOTLAND. Parnell, Sir H.—Dundee IRELAND. Baldwin, Dr. IL—Cork City !Blake, Martin—Galway [Butler, lion. P.—Kilkenny Co. Evans, G. —Dublin Co. 'Finn, W. F.—Kilkenny Fitzsimon, C.—Dublin ['o. Galway, J. M.—Waterford Co. Nagle, Sir R.—Westmeath O'Connell, John—Youghall 0 Connell, Morgan—Meath [O'Brien, Cornelius—Clare O'Dwyer, A. C.—Drogheda Roche, D.—Limerick Ronayne, D.—Clonmell Ruthven, E. S.—Dublin Ruthven, Edward—Kildare Vigor., N. A.—Carlow Wallace, T.—Carlow T ELL E3 E O R it s. on (Torrent, COURT OF EXCHEQUER, J UNE 28. LIBEL --constrr V. LAWSON AND OTHERS. This was an action for libel, brought by the M.P. for Oldham,agninst the printer and proprietors of the Times. C. PHILLIT3 stated the case. For the first time in Mr. Cottbett's life he appeared in a court of justice, claiming compensation for a libel; had it been an attack upon his character as a public man, he would have scorned to come there; he would have relied upon his public life; hut this was an attack upon him as a private individual. It was well known that for a long time his object had been to get a seat in the House of Commons, and his nu merous enemies, among whom the most violent was the Times, used all their efforts to prevent his success. A month before he was entitled to take his seat, this para graph appeared in the most influential paper in London : " Cobbett.—lt is hinted to us that Cobbett is an uncerti. ficated bankrupt, therefore cannot sit in the House of Corn moos.—Leeds Intelligencer." In consequence of the complaints of his constituents, Mr. C. was obliged to bring actions against every paper that had copied this libel ; but every one had made a sa tisfactory apology except the Times, which he most wil lingly accepted, for money was not his object. Mr. C. had once had the misfortune to become a bankrupt, but so far from having been refused his certificate, he got it at once, and without the slightest hesitation. The libel evidently meant to imply that his conduct had been so fraudulent, that his creditors had refused it him, but here was a complete refutation. Sir JAMES Scaittxrr, for the defendants, said, was Mr. Cobbett a man to seek damages for a libel, he who had a remedy always in his own hands—be might have inserted in the next Register, that false, lying, and corrupt paper, the Leeds Intelligencer had told some most malignant falsehoods of him, and that there the thing would have ended. Or, he might have said that ‘‘ the bloody old Times has again been at its dirty work," —or, as lie had included two females, Fanny Reit, and Anna Brodie, in the prosecution, could not he have used some such language as this :—" I would tell those two she bullies—those two blackguard women editors of the bloody old Times, who have abused me in terms more foul than the foulest tongued hacks on the pave, that they bad better beware how they attack me, or they must be treated like bullies and kicked down stairs." Now would not that have been forcible and striking, as well as elegant language, and was it not a style in which he was well versed? That was the course he should have taken, and not come like a common person seeking fur damage.. Damages, why far what ? Was his reputation damaged ? Mr. C. did not stand before the world as a tradesman with a shop and one window, but as an eminent—a moe' erni -.ent literary man, who could write equally well on both sides of a question ; a man who could confute, change side, and confute again. The Learned Counsel then quoted a number of passages from the plaintiff's works, diametrically opposed to each other. The Jury, after nearly half an hour's deliberation,re turned a verdict for the plaintiff—Damages, 100/. The London and Birmingham Railway is proposed to be 1121 miles long, and rise 256 feet. The different levels require one rise of 315 feet in 15 mil-s, or 1 1 minutes only. There will be ten tunnels, and two lines, six feet distant, with places for turning out. It will pass under Primrose Hill, by Watford, Northampton, and Kilsby, entering Warwickshire near Farnborough. For 15 miles, it will pass through clay ; for 19, chalk ; 20, marl and clay ; 16, lias marl; and 241, red marl and sand-stone ; the travelling rate will he 20 miles an hour, and the distance be performed in 5 hours, or between breakfast and dinner. A similar railway is in progress from Birmingham to Manchester, of 4} hours' distance.— Hereford Journal. STEAM-CARRIAGE. Much interest vrais excited among the fashionable* yesterday, in consequence of R. OGLE, Esq., having signified his intention of start ing his light and elegant steam carriage, which has re. cenily undergone various improvements ; and at half-past eleven this admired vehicle was launaed from the Bazaar, King -street, Portman-square, and took up in Henrietta street, Cavendish-square, the Hon. Mrs. PERCIVAL, Mrs. R. PERCIVAL, the M►sses TREVELYAN, Miss BLACKET, Mrs. T. G. MAeGmtv, and other Ladies of dist►nct►on. It proceeded to Portland-place, and received Lady Rap. STOCK, Lord RADSTOCK, Capt. PIXWELL, and cPveral other gentlemen. The party then proceeded to Lady CARR'S, at Ealing, and partook of a sumptuous cold collation ; after which they returned to the place from whence they started. The distance to Ealing, which is seven miles, was performed in seventeen minutes! His Grace the Duke of RICHMON D and several of the Nobility were present when this unique and elegant vehicle started. THUNDER-STORM AND PROVIDENTIAL ESCAPE.—Greenwich and its vicinity were visited on Monday last, about half-past one, r.m., with one of the most violent thunder-storms ever witnessed by the oldest inhabitants. It was sudden and unexpected, the sun hay. ing shone with brilliancy just before. Its effects were most terrific in the southern part of the town, and in Black h• ath-road: The tremendous claps of thunder made the horses on the road apparently frantic; and bad it not been fur the extraordinary dexterity of the waggoner, a team of horses would have effected very serious injury to the front of the warehouse of Mr. GRIFFITHS, wine merchant and auctioneer_ The electric fluid descended on the premises of Mr. SNELTON, grocer, Blackheath-hill, and its destruc tive effects were singular. It appeared to have descended in an oblique direction, destroying a part of a stack of chimneys, shattering the back part of the premises, driv ing in the window and frame of the back attic, shivering the in .er walls, and destroying the inner floors of that apart.. merit. I seems to have passed through the front room of the first flmr, where it destroyed every thing down the staircase, through the shop, and to have buried itself in the footpath before the adjoining shop window. As the flash came through the shop, it knocked down the carman of Mr. WARREN, blacking manufacturer, who was deliver ing goods at the time, but without doing him the 1 , eat injury. Mr. Sxm.Tow, who was standing behind the counter, remained untouched. A policeman, walking before the window, was struck down and much injured, whilst another individual near him received no injury whatever, and the poor horse in WARREN'S vehicle waseiso laid prostrate. Miss SKELTON was sitting in a beck-room, reading the newspaper, and although the room was appa. rently filled with the electric fluid, and the chairs and tables were turned over, she experienced no other sena ;ion than that of extreme terror. The roof et Air. MIL LER'S schoolroom, next door, w i ts in part destroyed. Tne shock fortunately did not happen during school-hours, or the consequences might have been mote serious. The premises of Mr. SKELTON present the appe.r..nce of a complete wreck, but it is underato id that the fire-otfice iu London in which he is insured pill act liberally upon the occasion. MPROW k 't , • 1 _1,7711, 16r4r . 1 • • li s t, • ~: