The Sun. — London, England, 1844-05-21 00:00:00

merchants for making their remittances to India and China, and other places, which he feared must he given up if they rigorously per sisted in confining their issues to gold, and gold alone. lie would now proceed to other parts of his explanation, which referred to joint-stock banks and privite banks. He proposed that every bank which had, on the 6th of May last, the privilege of issuing notes should continue to exercise that privi lege as long as it thought proper. He proposed that the stamp-office should make out immediately an esti mate of the amount which each bank of issue had issued in the two years last preceding the 6th of May, and that every banking establishment having this privilege should continue in possession of it to a limited amount till Par liament should otherwise determine. He proposed, also, that every bank should make a daily return to the Government of the amount of its issues, from which daily return the stamp-office should draw up a weekly return, to be published in the Gazette, or some journal which should ensure equal publicity. He proposed to make a modification of his plan with respect to the excess of the daily circulation of such banks. Thus, instead of taking the circulation of each clay, he pro posed, to avoid penalties, to take the average of the year. Thus, if a bank issued on one day 50/. more than its maximum, and on another day 50/. less, that bank should not be subjected to penalties. He proposed that the stamp-office should also fix the day in the following week on which it would be most con venient to publish the circulatioß of diateit.banks in the week pr ece di ng. This wou*ktilt i •cises be regulated by the distance of each bank from the metropolis. There had been some cases in which there had been a union of banks. In these cases the returns would be made in such a way as to cause the least inconvenience. He had been asked what he intended to do with joint-stock breech banks. He had been asked if joint-stock banks !were to be allowed to add to the number of their branch banks. His answer was that they might ; but that they were not to increase the average maximnni of their issue on that account. It was but just that there should be no ?hjection to this consolidation of the banks, and that the !miles :should amount to the aggregate amount of both thought Wi t h regard to the number of branches, he _hes, he the law required amendment in this respect.— (Hear ' "eta) He thought it would be for the interest of br e a banks themselves that there should not be so many pre ll se e hes, because it was a source of great expense. At on fou n r t l t lr he law required for the payment of duty only .yment :fiches. He would not object to the estab -16111:nem of new branches ; but he would require a 30/. on every new branch established. thelle had been asked if he would permit the substitution of p", on for the father, and allow him to take the father's ace. Certainly he would. All he wished was that the banks should give guarantees for the continuance of !heir privileges, but should not attempt vexatious inter ference in private transactions.—(Hear, hear.) He had been ttaked if he would interfere if there were five new -Partners amongst six. It was like the old stocking that Was darned, of which nothing of the old stocking re ruined. His answer was that he could not interfere with the sale and transfer of banks. If he made a law on the subject it would be evaded. He had been also asked whether he would allow those bankers who now circu • lated Bank of England notes to substitute their own Paper for the Bank of England paper, and take the average of the two years. He did not propose to permit any such arrangement. But then he proposed that the Bank of England should grant those banks accommoda tion on the most favourable terms. The Bank of Eng land had transactions with those banks of a double cha racter. It permitted them, in some cases, to open • a discount account at a rate of three per cent. In other cases the banks have given one per , cent: on the amount of bank notes in circulation. r, The Bank proposed to put an end to the three per cent. lee l account, and to substitute the one one per cent. for the ail, three per cent., and the Bank of England were quite %tie, prepared to enter into engagements with the banks „: issuing its paper for this purpose. He thought it right to make this public declaration on this subject. He did mot think there was any other point of importance which - 'required explanation; and here he might terminate his oServations, and permit the House to resume the dis cusskm, but that lie had been told his chain of argu , Merit on be former occasion was incomplete—that there Was' no e s ecasary connexion between his premises, which some reaul!v admitted, and his conclusion— ' .that he did not scsolf A necessity for interfering with • the circulation of country banks and of joint-stock I .,.. ba nks, or of establishing a central bank of ""aue, and giving increased control to the Bank 'l 4 England. He was not conscious that any link in• the chain was wanting, because he had at : t empted to show'that competition among the issuers of noted was a bad principle, that the same arguments did -°‘ apply to that branch of commerce which applied to bthers. He had shown that unlimited competition in the is T r s , u ,a of notes was had, from the example of America. would let him go to the colonies he could bring 1lor • w ard greater proof that the principle was a bad one; and he would now try to bring it to their conviction, • I t t v ° ol the exp er ience furnished both by England and • al _.ea, that if they were wise they would take I A --- " a ritY against unlimited competition in issue ; H e Y would increase the control of the superintending , • * - anks, and th us p reven t those terrrible alternations and riCissitudes in that medium which was to regulate the title of e ver y_thi ng , an d from which they had so griev • . - "m!.3' suffered. Now, he would take the five great r od. when this principle of convertibility had been in SAogee •, and he would attempt to show that that . li nger h ad arisen from the unwillingness or incornpe eY of country . bankers—he excluded joint-stock banks contract their issue. There were, in fact, live great •E eriods--1825, 1832, 1835, 1836, and 1839. In Novem per 1823, the Bank was possessed of bullion to the amount ( it 13 ,760,0001. In November, P 325, it was reduced 3 ,012,000/. Now, it was quite clear that there nett to have been a great reduction in the Ii oun • ultion. e thought , circ was t entering into a useless conflict b p ersons y attempting to • • •.. - 7;tionstrate that ; but pamphlets, based on the oppo -, to principle, were issued every day. There was one ,Published th a t ver y day—" A Metallic Currency a Bar , ' to the Progress of Civilisation, and the Primary e of Restrictions en International Intercourse, with '''"iggestions for placing the Currency of Britain on a sle w basis." That basis was a paper currency, which said to be adequate to the growing demands of the here was the old doctrine that the State might !..estie whatever it pleased. But he assumed that the •• t nsetjdrity of that House were in favour of one ~,'"otlard, and th a t standard a metallic one. If that • Principle were right, there ought in 1825 to have been a action :in the amount of circulation ; but, in ' .:17:ad of dit t ifaishing, the notes of the country banks increased from four millions to eight. 42 11 , the bullion in the Bank of England amounted to in 1837 it had tlimintshed more than -147Y.,000/. Did the circulation of the country banks ' B et a :me durin g th e l a tter period ? No, it increased—in la the circulation of the country banks was about N °°° ..' ° ° ol ., in 1837 it had increased to 11, 310 , 0001 . - e l'etust, 1836 when the country was on the verge of r t s La in monetary affairs, the circulation of the coun. 404 ta was more than 12,000,0001.—(Hear, hear.) of the wanted to show was that during these periods. :a e . gre at embarrassment, the country banks, so far from 4• l4l Pathisin g i n the embarrassment, were daily increas - . e tll B ll 6th of June and thus aggravating the evil. On June, 1838, the bullion in the Bank of Eng - 4,3 i" was 9,722,0001., in June, 1829, it was reduced to whilst the circulation of the country ,banks ,1 110 ,:att of decrea s i n g had increased from 11,740,0001. Oji e than 12,000,0004, when the Bank of England had 'l,OOO 000 L in its coffers. Making every allowance 4..,tuprovidence on the part of the Bank of England did not wish for a moment to defend that bank Raise it, was liable to the charge), it was quite clear . A f t the country , banks were, even in times of monetary • ehiettLlties regulated by prices, and that their increased • • be n t7 l tion only added fuel to the fire.. The country th "had no doubt rendered great serviue, but he asked advocates to remember that when such disasters 4 411 tre d 8 •S must be now fresh in the mind of every" th r . o 4en t t h leinan who listened to him, and occurred too ha tuts e want of sympathy between the country tlei r VIA . the Bank of England, it must be to - Plat caution was requisite, that they had of , l e -that not against the use but the abuse tNe k ratry banks, and that legislation on ece s „ect, in some shape or other, was imperatively- Motio n -11 'Y, in order to put a stop to improvident circu lal;.--7*( Rear, hear.) When he looked back to the his li.bin‘Private b an k s f or th e last thirty years, he was 8 44 -t Ptised that it was reserved for the 20th of May, Ke w ' to take precautionary measures.—(Hear, hear.) • af.prit'old reel to the House, from a return, the number rely i t a tt: banks which had become bankrupt within a t 4Ptci e ,of time. In 1840 there Were twenty-four bank , Late hi n ePrivate banks—twenty four bankruptcies of pri '11,18.42--;" ;r 1 one year ! In 1841 there were twenty-six ; II th e v w 'ire; and in 1843 eleven. And as an illustration P lene---” ra tem, he would inform them, that out of the , ,te en ovtittour banks, seventeen paid no dividends—seven. *O r ta t ,„,„?f twenty-four banks paid no dividends ! What clue4 - ottY of individual suffering must have been pro tlist.tb:Y these failures.—(Hear, hear.) It was said • 1 1 !It wh a r t °lile might have refused to take 'their notes, hr eh° Ic .e hadta the po or f armer or re t a il d ea l er to d o ? • he ? This description of persons had ous e , (Hear, hear.) It was impossible for the tat-it "" 'et the occasion pass without giving some se . h, LY against es! oeee the recurrence of these evils. A return made of the number of bankruptcies from the 7ould r Court from April, 1839 to 1844, and he ° Mee s ea " t° the House extracts from 'this return, in t h‘ e ° show the e-ter-alteculat4t nature and cause of these bankruptcies. instance, the cause of bankruptcy was otint ey t _ ton in Spanish bonds. A bank in a Ping otr yo, in which everything appeared to be o nce well, and in which the utmost confi- L i taged 7:13a most was at the same time 7 1 1 , 1da, and when hazardous speculation in Spanish is `caula „ tl „7'co the sudden crash came upon the bank Ali icy v ii x , Y_ no dividend. In the second instance the wTaisleariipirit-mercliant, and the cause of his bank third ease tto dividen. .eged to have been paying his father's the was no dividend in this case either. In I rt avtiti bad speculations too, and there was °e casio ne d b .the fourth instance the bankruptcy was "atakrop ts l oan on railway speculation These wer e supplied the of exchange—they e—they 14,• ot trading in c e h di ey uln were converting credit :2 _,a e p u ital— m t bony' the fifth case the bankrupt 111 the entering into 21;r as :, and overdrawn his private r u e p a t t r a a d i 1 s w u a c y . . ed to considerable pr P s orbin . notes to the amoisunpt he had mortgaged his ri o v f ate l4 7 ooo cou t n , ts, issued pro ruttheprofit of the bank, felled, after ab bei the whole ..e able t o the bank any return to his creditors. In the some without retrime bankruen insolvent for many years $ - ura b l 3', had be and 66,t,t001ny although apparently going on &- having lost large sums in sugar at length a commercial house in Was- Lae onei the seventh case the bank was conducted by 100 e and th I A/U4 nePhew, and the nephew dissipated -- 1148 the uncle died, 'varying a large fo _ rnE SUN, LONDON, ZUESDAY EVENING, MAY 21, 844. tune to his relatives, and in 1840 the nephew committed means of employing. He thought it very desirable with suicide when the frauds were about to be disco- respect to the security of three millions, that the Bank vered. In the eighth case, a bank failed with should have the power of depositing other securities liabilities to the amount of 157,9501.—n0 dividends. than those deposited originally. He did not see any dis- How much did the assets amount to ? Just 20/. advantage in that as regarded the security afforded to (Laughter, and cries of "Hear, hear.") And yet there the public. He apprehended that the Bauk would, in were persons to be found who would steed up and say fact, perform all the functions which it had hitherto per this system was perfect, and required no change. Now formed. There was one point to which he must advert it might be thought that it was impossible to exceed this, for one moment, to which he attached some importance, but he would give them one case more. In the ninth in- namely, the desirableness of introducing_ a principle of stance, the fiat was made out on th e 12 t h o f J u l y 1842 ; grea t er permanence i nto t h e di rect i on . He was not at no dividend had yet been made ; but the creditors had all desirous of imposing a Government officer on the di this consolation, that 7501. had. been made by race- rectors, but he thought that no one, who was horses.—(Great laughter.) Now he proposed to take so well acquainted with the subject as the some steps to purify this system. He did not wish to Chancellor of the Exchequer, could fail to see injure existing interests ; but if the safety and welfare of the necessity for alteration. The amount of issue was the community required a change, be thought the fixed at the average of the last two years. That ave present proprietors of private banks would have no rage was low, and he thought this was in its favour. A just right to protest against the establishment of great deal had been said as to the extreme hardship to joint-stock banks on a safe and sure foundation on paid- country banks of being tied down to the average circu up capital. He had shown the House that it was ha. lation of the Bank of England. It was said that the possible to allow the present system of unlimited corn - circulation varied very much. Now he had taken the petition to go on. He did not object to increased cem- trouble of examining the variation for the two last petition, but to the principle of coining mere credit into years, and he had found that the average difference was money with ou t d e p os i t i ng security.—(Hear, hear.) about 800,000/. Tho Right Hon. Gentleman had re- Such a system he believed was not in anywise inter (erred to country bankers who considered an unlimited woven with the prosperity of this country. It was said issue absolutely necessary for the farmers and the agri that great inconvenience would be suffered from the pro- cultural interest generally in this country. The grounds posed restriction—perhaps there might be some, but of this objection appeared to him altogether absurd. that would be but a slight argument against any change. The evidence on the subject was contradictory. It was further urged that the people were not habituated It was contended that it would be impossible to the Bank of England; that there would be a great for the banks to . make advances to the farmers objection to take Bank of England notes; and that agri- unless they had this power of issue. An Ipswich banker cultural prices would tall if accommodation could not be was asked in what half-year his circulation was the low obtained from the country banks. He apprehended that est. His reply was :—" In the half-year ending in these fears were merely visionary. Now at present March." He was asked whether the period when he the Bank of England had a monopoly of circula- advanced most to farmers was the period of the lowest tion and issue w ithi n s i x ty-fiv e miles of the circulation ; and he r e pli e d, " C erta i n l y i t i s. " Th ere metropolis. Now this radius included most of the im- There was other evidence to the same effect. The next portant agricultural districts, either all or a !portion of assertion was, that it would be impossible for the country the following agricultural districts:—Essex, Kent, Suf- banks to afford to the farmers the means of paying their folk, Norfolk, Hampshire, Oxfordshire, Northampton- rents. They had the power of obtaining Bank of Eng shire, Buckinghamshire, and Bedfordshire. Now the land notes, in addition to their own circulation, to any total amount of issue within this district, by banks, other amount they pleased. Mr. Gill was as k e d w h et h er h e than theßank of E ng l an d, was 1,000,329/., which showed apprehended that any inconvenience had arisen to bank that no great advantage had been taken of private banks. customers from the substitution of Bank of England He had now laid down the principles on which' her Ma- notes for country notes ; and his answer was, that the jesty's Government had determined to act. The time only inconvenience eonsisted in the banks being was now come when some check must be placed to pre- more liberal than they otherwise would have been. vent the recurrence of those evils. The proposed With regard to the Scotch banks, he apprehended that measures would be adopted with a perfect regard to the they were to be subject to the same regulation of issue convenience of the subject, and a perfect consistency with and the same publication of accounts as the English liberal treatment to existing interests, but, above banks. But he could have wished that their publica all, to prevent those shocks upon the commerce tions of accounts could be made to correspond more and ariculture of the country which had hitherto closely with those of the English banks. In England proved so ruinous. He trusted that the sense the returns by the banks to the Government included and feeling of the House would be entirely with him in the whole amount of their stamped notes; but this was making a just compromise, and in placing this check not the ease with the Scotch banks, and he understood upon the recurrence of those evils which, he trusted, that the difference in the mode of making the return made would tend ultimately to the establishment of sound and the circulation of the Scotch banks about thirty per cent. just legislation.—(Cheers.) less than it would be if returned on the same principle Mr. C. WOOD said that, as he had been ,chairman of that was adopted in England. With regard to the effect the Committee of Banks of Issue, he would say a few of the measure, he thought it might perhaps produce words to the House. He thought it was of the highest some degree of pressure ; but if the present system was importance that a principle should be laid done insecure, the price they must pay for greater stability by which the monetary system should be and security was the loss of the present facility. lie guided.—(Hear, hear.) The last time an attempt believed that the advantages to trade and commerce of had been made to regulate the currency was in 1819. the accommodation afforded by the Bank of England had By that measure a return was made to a metallic been much overrated. He was supported in this opinion standard, and he hoped it would continue. None of the by no less an authority than Mr. Ri car d o . H av i ng read metals was so unch angea bl e as go ld , an d t h at a l one was the opinion of that writer on this point, in which he a reason with him why he preferred a gold standard to states that the effect of this accommodation is often very any other. He believed those who were anxious for it insignificant compared with the accommodation from prt silver standard were so with a view to depreciation, for vete sources, he gave as an illustration a case that oc silver had fallen more in proportion than gold. At the curred in 1829, a year of great pressure, in which all present ntoment there was reason to believe the supply the accommodation that could be procured at the Bank of gold was increasing faster than the supply of was 300,000/., to be repaid in one month. This was silver, and if that were so, those who were anxious utterly -inadequate for the purpose of the parties, who raised from private sources th e sum of 600,0001 for a depreciation oug ht t o b e caut i ous h ow they changed the standard from gold to silver. The ounce for .an unlimited time. He also read a statement of gold was at present valued at 3/ 17s. mid., and the of the • circulation of the Bank of England pound in gold contained 123 grains and a fraction; and ,luring the same year, and of the amount of its dis by that he hoped they would abide. The Hon. Gentle. counts for the same period, in order to show that the man referred to some evidence which had been given restriction - of its issue did not produce a diminution in before the Bank Committee, of which he was chairman, the amount of its accomodation, but the reverse. In and said that th e s y s t em o f f ree tra d e i n b anking had April, 1829, the circulation of th e B an k o f E ngland was been followed by the most disastrous consequences hi 18,000,000/ ; the bills it discounted in the same America. In 1830 there were 329 banks in the United month, amounted to 3,500,0001. In July its States, with a capital of 145,000,000 dollars, and - an circulation was 17,500,0001., and the bills it dis issue of 61,000,000 dollars. In 1837 it had in- counted, 6,700,0001. In October its circulation creased to 677, being more than double ; was 16,500,0001. ; its discounts, 7,700,000/. In the capital was 378,000,000 dollars, and the circulation December its circulation had fallen to 16,000,000/. • had more than trebled, being 186,000,000. But in th e and the amount of bills it discounted was 8,500,000/: May of that year cash payments had been suspended This disproved the assertion that the power of the Bank through the Union. All the evils against which they to accommodate the public depended on the increase of were anxious to provide had desolated that country from its issues. He believed that the present measure would one extremity to the other. But if they looked to what effect good by checking the drain of gold at a compare had taken place in this country in 1839 it would show live early period of its tendency to leave the Bank, and they were not quite so far off from such a state of thi ngs thus lessen the ulti m ate s h oc k suc h d ra i ns occas i one d. themselves, and it was only by a d opt i ng t h e unusua l The experience for the last twenty years proved that course of applying for foreign credit—a course not very monetary embarrassments passed over quietly in propora honourable to the character of the country—th a t th e y tion as the paper of the country was diminished in coin were able to avert those evils which took place in America. Parison with the circulation of the country. Such he This was owing to the unlimited circulation of paper ; took to be the principle of the Right Hon. Gentleman. and it was worthy of remark that, previous to this time, lie believed it would not only check the tendency to a the circulation was greater than at any former period. drain of gold, but go far to prevent the necessity of its He did not mean to deny that the circulation of paper occurring at all. He read an extract from the evidence was a great benefit, but, in order t o ren d er i t sa f e , proper given before the Committ ee by M r . K enne d y, a S cotch securities should be taken. Those precautions were banker, to prove that it was usual for banks to restri c t such as would give paper as much as possible the value their issues according as the rate of the exchanges created - of gold, by subjecting it to the same regulations. There a drain of bullion from the Bank, and that such a restric should be as much paper as was just necessary, and no tion in the issue did not cause a loss to the Bank on ac more, and previous deposits of bullion equal to the count of the increased rate of interest the Bank ob amount of paper required should be made. This tained. He did not think that any Bill, or any plan, would ensure convertibility ; but something more than would put an end to all spsculation and overt:trading, and convertibility was required. That would provide means rashness in commercial matters. But because he could of circulation, but it was inadequate to check paper be- not do that, it was no reason he should not ing put into circulation. Thera were other checks, no try to do all in his power to check it, which could only doubt, such as the fear of consequences ; but there be done by a proper regulation of the circulation of the were not the same checks as existed in a metallic circu- country. Experience preyed that the convertibility of lation, for bullion had to be taken to the Mint, and it notes alone was not sufficient to check this over-specu they applied the same check to paper, they took all the lation e • their system of currency must, from time to security that could be required. The most proper course time, be regulated in its amount. Such an operation, they could adopt was, in his opinion, to requi re d e p os i ts and such an operation alone, would provide for their of bullion previous to the increase of the paper circulation, permanent security ; and as far as the measure of the Up to 1833, all that the Bank of England required was Right lion. Hon. Gentleman was based on this principle, to have good commercial securities ; but, in 1833, a new he should, as approving that principle, give it his un rule was adopted, which was a nearer approach to s oun d qualified supp or t. principle, and it was, in point of fact, that which the Sir W. CLAY said that he should have thought the Right Hon. Baronet adopted. Beginning from the year monetary condition of the country, as well as the state 1832, during the eight years in which that rule was in of public Opinion, might have justified th e Right Hon. operation, the difference between the highest and lowest Gentleman in carrying out his principles more boldly, amount of security was 10,804,0001., and that betwe en by extending the measure to Scotland and Ireland, and the highest and lowest amount of bullion was 8,178,0001., applying regulations there with regard to the small and the difference between the highest and lowest notes. But he was willing to admit that the amount of circulation was 3,334,0001. Th a t w hi c h Right Hon. Gentleman was better qualified to ought to vary, varied to the amount of three millions ; form an opinion on this point than himself. and that which oht not to vary , varied to the He a g reed with the Right lion, Gentlem an i n thi n ki ng amount of 10,800,000 The rule, which was suited to that if they left the country banks without control, their ordinary circumstances, was found to be broken through circulation would expand as the Bank of England when a pressure came. lie was convinced of the in- contracted , which was formerly _the cas e . Th e measure justice of the attacks which had been made against the of 1819 established as a b as i s o f t h e monetary system Bank directors. Whatever they did, it was from a con- the principle of the constant and unvarying convertibi viction that it was the best for the public, uninfluenced lily of the paper currency. The proposed measure re by say consideration of private interest. Still less did cognised the same principle, but enforced the necessity he blame the issuers of country banks. They acted of the issues being placed under strict control, and not to upon no rule. They did not profess to regulate their be entrusted to those who might profit by its abuse. issue by any particular rule. Mr. Hobhouse, in his The Hon. Member then quoted extracts from the letter evidence, stated of the country bankers that they never of the Secretary of the Treasury of the United States to pretended to exercise any power over the circulation. Congress in 1836, showing how great the circulation of The consequence was, that while the ag grega t e paper was immediately before the great stoppage of cash circulation increased largely only from March, payments in that country. lii 1830 the notes in circus 1838, to. September in the same year, the lation amounted to 60,000,000 of dollars ; in 1834 country issues increased largely from the former period to 75,000,000; in 1835 to 87,000,000; in 1836 to up 'to June 1839. They were at a minimum when 106,000,000 dollars, and in 1837 it reached the enor bullion -was at a maximum, and they were at a maximum mous extent of 120,000,000 dollars. The Hon. Member when bullion decreased six per cent. He believed that also read an extract from the President's Message, in the principles laid down by the Right Hon. Gentleman which he noticed the over-action in every department of were sound as far they went, and the question really trade—the excessive speculation and the increased issue was by what means they could introduce principl es s till of paper money—which latter the President assigned as .sounder. He believed that the power of the public over the cause of the two former results, saying that in a paper circulation would be just what it was over a America, as in England, the excessive issue of Bank metallic circulation. But he was bound to say the Right paper had been the cause of the great monetary ember . Hon. Gentleman was entitled ..to the credit of having rassments which had at different periods happened in brought forward an eminently practical plan. There both countries. lie (Sir William Clay) did not think were other considerations connected with the matter, it necessary that one of them of the amount circulated but taking the plan as far as it went, he was by the country banks should be held in bullion at pre bound to say it was eminently practical.—(Hear.) sent. The security against over-convertibility must rest It was impossible that a drain should happen when the upon other grounds. He would suggest that it be al bullion was so low, although the knowledge that it was low able to the bank-of issue to give bullion at something so might tend to increase the drain. On the whole, less than 3/ 17s. 10Id. •To the merchants who wished to taking all the cireumstatices of the case into considera- export gold in ingots, this would' be very desirable; be tion, he felt bound to say that although at first he felt sides, some allowance should be made for the expenses some doubts upon the subject, he was not all prepared of coining, which were considerable. He did not agree to quarrel with the amount of security. It was exceed- with some Hon. Gentlemen in thinking that any addi ingly desirable that per s ons should be aware what was tional power would be conferred on the Bank of Eng the first apparent drain in the returns of the circulation, land by the present measure, which bethought would 'least any alarm' should be excited in the public mind. rather diminish than augment the power it at present He believed there were about twenty-one millions of notes possessed. At a certain appropriate time he intended to in circulation—he believed rather more indeed. The introduce a resolution for the consideration of the first returns "for the . issuing department would show an House—that it be permitted to create and charter country apparent increase of bank notes to the amount of nine banks, on condition of their paying up three millions. That amount would rather startle the public fourths of the capital they proposed to commence unless they were apprised that the increase would be upon; and that there be an annual or semi-an ntore in.appearance than in reality. What each depart- I nual publications of the accounts of such Bank. ment did -with these notes would, of course, appear in I He would only repeat what he had already stated, that the fettirns ;he was only anxious that the public should this plan had, generally, his cordial approbation. be apprised that there would be an increase of ' Mr. S. WORTLEY expressed his almost entire con nine' millions in the Bank circulation.—(Hear.) currence in . the plan proposed by the Right Hon. He now came to the exceptional pewee of increasing Baronet , the object of which wa s , as s t ate d b y his lion. the issue upon depositing security, and he was willing Friend the Memb er f or H a li fax (Mr. C. Wood), to in that this should take place in the cases stated by the troduce additional secur i ty for the amount of the Right 1 - 16 n. Gentleman. The House was willing that, so invariable standard. H e was strongly of opinion long as the Right Hon. Gentleman was Prime Minister that of all the measures w hi c h h ad been proposed, that of this country. This power should remain with him of the Right Hon. Gentleman w as , on t h e w h o l e, the —(1-Tear, hear)—but before he had got out of doors, best that could be adopt e d. Th e great feature in this after listening to the Right Hon. Gentleman's proposal, plan was the separation of th e B an k of England into two he was told that this was considered in the Bank parlour departments. This was the more necessary, as i t was sometimes difficult for the m anagement at the Bank to an exceedingly convenient mode of increa s in g th e i ssu e ! whenever the Bank might desire. He thought that was decide between its duty to th e pu bli c and its private a most serious objection to the proposal, and the objec- interests. It was impossible to inv es t th e B an k o f Eng tion was stronger when the power was in the h an d s o f land with the power which this m easure gave i t, unless the Government than when it was in the hands of the it was rendered independent of those influences to which Bank. Let them only imagine a weak Government pro. it might be subjected as an ordinary 'banking establish ceeding to exercise the power, and he felt sure they ment. He alluded to the separation of the issue depart would conclude that must be most dangerous ;in fact, it ment from the banking department, and ren might take away the very essence of the present plan, dering the former a self-acting institution, by which was itself a check to issue. However, he . which the amount of exchanges would be thought the alteration proposed by the Right Hon. regulated. His Honourable Friend, the Member f or Gentleman tended materially to remove this objecti o n. Halifax, had very properly observed that the amount o f He confessed he did not tee the netteesity for such an'' circulation would be increased apparently by this plan, arrangement. It was quite clear that so long as because the whole of that amount of treasure in reserve tution was made out of the reserve the Bank would gain by the 'Bank, which exceeded the present amount of cir the whole profit of the transaction, but if it was obliged culation, would be transferred to the issue department to obtain notes by depositing, a larger amount of security from the deposit department, so as to be exchanged into the whole profit would go to the Government. The _ notes. The Right Hon. Baronet alluded to the subject Bank had no inducement to come to the (lov,srnment - of breneb banks, with regard to which he (Mr. S. Wort to obtain that power so long as they had in their own ley) put a question to him on a former occasion. He hands a sufficient supply of notes to enable them to make was sorry to find that the Right Hon. Baronet did not the substitution. He quite agreed with the Right Hon, think proper to interfere to prevent the extension of Gentleman as to the propriety of the Government in not branches. Ile knew no greater source of risk cenueuniegting with those parties whose own interests than the extension of branch banks, and not were more immediately concerned,' and he thought it only of branch b an k s , b u t w h a t were called highly creditable tQ the Right Hon , GM ! m , e an and his agencies," which were in many cases a t a grea t dis colleagues that they had shown every diees : sitieri to tense from off, centred issuing bank, The Ri g ht amend the law as far as amendment was required, He Hon. baronet proposed that there should be a thought it was exeeedipgly desirous that banks should payment of 301. on the establishment of every branch know what was the amount ,of the not -in- reserve at bank. lie did not think that would be any effectual the Bank of Fngland. There was an immense money!cheek, and he tho ug ht th a t some more power f u l check power its the Bentsat that moment, if it ought to Pe eed might bp devised. He w i s h e d to ca ll Government to another point, viz., had in reserve nine iniilion4 In9neY that he th ought in notes, the attention There might bo buraeme ewe of wiixe# /Ad - they ought tit, hold out s ows •Orotqr }ll4 . . . ducem eat to johit-stock banks to accept the circulation of Bank' of England notes than the payment of one per cent., which he thought was too small to induce those banks to suppree:s their own circulation and adept that of the Bank of E nglarid. lie was glad that the Govern ment had taken :.this opportunity of proposing this plan to Parliament, and he should be sorry if they allowed it to pass by without ;making an attempt to place the cur rency on a sounder footing. The greatest credit was due to the Right Hon. Baronet for the manner in which, in conformity with his character as a statesman, he proposed this measure, which would secure great advantage to the country without disturbing those habitual arrangements which subsisted in many parts of the country. He must say he thought it was perfectly right, that in consenting to allow private issuers who existed at present to con• tinue their issues, a necessary limitation was imposed upon them of confining their issues within a certain amount ; but it was also right that those on whom these privileges were conferred should be treated with ten derness, and that there should be no risk of shaking the public credit or public enterprise and industry, which their suppression would give rise to. He was glad that this opportunity of making a change was not passed by, because the time was not far distant when its principle would be testsd. In many parts of the country those same causes which had produced the crisis they had seen before were coming int) operation, and it would be matter of great interest to observe the effect which an alteration of this kind would have on such transactions as those he alluded to. If the plan suc ceeded and had the effect of mitigating those fluctuations and changes which they before experienced, he would have the comfort of performing a benefit towards the country which would do him the utmost credit, and for which he would receive, sooner or later, the thanks of the country. Mr. P. M. STEWART said that, while he was will ing to pay homage to the general plan proposed by the Right Hon. Baronet, yet he felt it his duty at this early stage to call attention to one or two points which, if adopted, would, he thought, have the effect of making it more complete. He thought the Right Hon. Baronet had acted wisely in not interfering with the one-pound note circul a ti on o f S cot l an d and eland, which would only have brought a hornet's nest about his ears—he thought he had acted better in limiting the measure to England and Wales in the first instance. There was a ge neral rumour that it was the intention of the Government to establish, sooner or later, one bank of issue through out the country. There was also a report out of doors that tho outline of this mea sure had been drawn by the late Govern ment, and that it had been completed by the pre sent Government, and he confessed that he was con firmed in that impression from the manner in which it had been received in the House. This measure was an experiment and nothing better ; it was a new doctrine in the country, and was not propounded by those great names to which they were accustomed to adhere, so that they should regulate the circulation by one branch of issue. The Bullion Committee propounded no such doctrine ; it was a doctrine of the modern school, which like many others required to be well watched. His Proposition was based on the opinions of those who were called the philosophers amongst the witnesses who were examined,while all the practiCal men and bankers who gave evidence before the Committee stated that one bank of issue would be most inexpedient. At a meeting which was held the other day, and was attended even by bankers who issued Bank of England notes, a resolution was come to, adopting the lan guage of the general meeting which was held in 1840, that such a measure would be inexpedient. There was one expression made use of by the Right Hon. Baronet that night which put the matter beyond doubt in his mind. It was, to reduce the circulation to one system. But it was evident that the same dangers which threatened us before 1825 were impending upon us now.—(Hear, hear.) He would not occupy the House at that time of the night in going into a discussion of the details of the question. It seemed to him that the plan of the Right Honourable Gentleman was compounded of the plan of 1819 and that most objectionable plan of 1837. All that he wished to impress upon the House and the Government was, that they should not take such measures as would prevent them from return ing to the present system if they should find it necessary. The proposition which was made to the Government by the country and provincial bankers was, that they should raise the issues to a larger amount for the country banks than was allowed by this project. The average of the circulation of the last two years ought not to have been taken as the maximum of the future circulation, but as the average. It was absurd to look to the foreign exchanges as the test for regulating the cir culation of the country. But the Right Hon. Baronet had argued against the principles which he had himself propounded.—(Hear, hear.) He (Mr. Stewart) inferred that it was the intention of the Minister to extinguish altogether the present country circulation ; but they would greatly inconvenience the public by stopping that circulation. An Hox. MEmnEa—The circulation of joint-stock banks. But the private bankers were not compelled to look a them except as a matter of curiosity. He might be told that it was better to leave this without regulation ; but the evils of an over-issue were just the same, whether they arose from the Bank of England or from the pri vate banks. He contended that it was the system they ought to amend, and they ought to endeavour to place the circulation of the country under proper regulation. If there was a tendency in the plan towards establishing one bank of issue, he thought the principle on which they were proceeding ought not to be concealed. He concurred in the opinion that the safest course was to have only a single bank of issue, and thought nothing could be more unsafe than unrestricted competition, which had already been the means of a great crash in the monetary affairs of this country. He admitted that the Right Hon. Gentleman could not carry his principle to the full extent, but he thought the principle, on the whole, a right one, and hoped the Right Hon. Baronet would persevere in it. For the details of the measure he would reserve further remarks, but could not sit down without saying that he would give the Government plan his honest support.—(Cheers.) Mr. PLUMPTRE • said there were some principles propounded in the measure in which he concurred, but he feared the plan would cause a contraction of the cir culation, and lead to the reduction of prices. If that would be the effect, he was sure the Right Hon. Baronet would be the first to withdraw it. Mr. MUNTZ said he would not have made any re mark, but that he had been alluded to by the lion. Member for Halifax. He never said what he did not believe, and never wrote anything he was ashamed to put his name to. He had, however, been misquoted on this subject. He had given the greatest atten tion to the matter, and had read every authority worth reading on the currency ques tion—Locke, Smith, Harris, M'Culloch, and Ri cardo—and read them, too, before the Right Honourable Baronet had done so. — (Laughter.) Yes, when the Right Hon. Baronet was Secretary for Ireland. The Right Hon. Baronet would not, he believed, carry out his principles. He (Mr. Muntz) would agree in them pro vided the Right Hon. Baronet would make the prices of land and its produce the same as before the change of currency had taken place. It was very natural that Hon. Members on that side of the House should support the Government proposition, because it would lower prices, and :tend to accelerate the repeal of the corn laws ; but how was it that Hon. Members opposite could support the Government plan? He professsed he was at a loss to understand the motive upon which they acted. —(Hear, hear.) Why those Hon. Gentlemen wished to have corn 50 per cent. higher in this country than on the Continent. The Right Hon. Gentleman had been very pleasant upon 'some remarks he (Mr. Muntz) had addressed to his constituents in Birmingham, but he had not advocated those principles which the Right Honourable Baronet represented as his. If the Right Honourable Baronet fully carried out the principles he now propounded, there could be little rent paid and less taxes, for a general depreciation of the produce of land, and of land itself, would be the result. It was said the country banks were regulated by exchanges. This was a great mistake--he did not believe one in fifty of these country banks understood anything about foreign exchanges. How could they regulate the issues by foreign exchanges ? He thought the Right Hon. Barones had encumbered the measure by unnecessary machinery. If the country banks were allowed to manage their affairs without the interference of her Majesty's Government, or her Majesty, both of which were unnecessary, the whole would be regulated without any other assistance. He asked the Right Hon. Baronet to consider this minutely. He did not think it was right that the banks of issue and the banks of business should be under the same roof and direction. He thought that both should be kept entirely separate, and that the Bank of England ought to be a bank of business. There were two other points to which he wished shortly to allude. In all instances of panic, he never knew any instance in which the Bank took early measures to contract their issues, and it was not fair to control the country banks when the Bank had not taken the proper masures to preserve themselves and the other banks. Then the Right Hon. Gentleinan talked of persons ruining themselves by unwise speculations, and instanced a case of a p erson w h o h ad b een ruined by speculating in Spanish Bonds. How could the Right Hon. Baronet prevent persons from speculating as they wished ? He thought the Right Hon. Baronet was bound to carry out his principle completely, and not say he would do so. They would then see whether the measure was sound or unsound. If Hon. Gentlemen opposite, who were landlords, supported the Bill, no other person had any reason to complain. Mr. C. BULLER said he would briefly state the rea sons which made s him reluctant to admit the merits of the Bill. His opinion was, that the measure would not have the effect of placing the commercial transactions of the countryon a sounder footing, which was the object of it, but would substitute more unsafe forms of credit than existed at present. There seemed to be a great con fusion between sound principles of banking and sound principles of currency ; and the machinery of the mea sure was direct e d to regulating the circulating medium. The Right Hon. Baronet said it was necessary to con trol the issues of private banks ; but when he came to say what were banks of issue, and what were not, it seemed to him that his argument tended more against the system of banking, and that the mischief to which he referred arose from a different cause than the issue of notes by private banks. All the arguments which he had heard had not convinced him that the question had been fully considered. He thought that the public ought to have the privilege of investing their money in what bank they pleased. Sir ROBERT PEEL said that it would be for the public to consider in what institution it would place its confidence. Although the Hon. Member for Birming ham was not pleased with the measure of the Govern ment, he was glad to see that he had no strong measure to propose against it. In answer to the Hon. Gentle man's question, how far the extension of the principle of the Act of 1819 was carried out by the system of issue, he (Sir R. Peel) did not admit that this was an exten sion of the principle of the Act of 1819. It was a comple ment of that Act—it was a measure fulfilling that Act; but it was not an extension of the principle of it. The Act of 1819 recognised the principle that there should be a standard of value in this coun try, and that that standard should be gold that he who issued his paper should be obliged to fulfil his engagements, and pay his paper in gold. The mea sure which he (Sir R. Peel) now proposed did not carry that principle further. His answer to the question of his Hon. Friend (Mr. Newdegate) was, that there was a standard of value, and that that standard was a definite quantity of gold of a certain finenes—that it was intended that that should be the measure of all worth. The per son who issued paper promised to pay, on the face of that paper, a certain amount of gold. • That paper, there fore, ought to conform to the gold. He admitted to his Hon. Friend that there might be, for a time, by that measure, a limitation in prices ; but all increase in prices that arose from an excess of paper was illegitimate, and could not be permanent. There was no advantage from any increase of price that arose from an issue of paper beyond the value of the metal they represented. He brought it to this simple issue : supposing they depre ciated their paper, and their paper was still convertible into gold, would not every man who had a right to insist on 5 sovereigns for a Si. note, exercise that right, the moment he found the gold more valuable than the paper ? The moment Mr. Rothschild found that 500,000 sovereigns were more valuable than 500,0002 in notes, would he not immediately convert his notes into gold, and would not every man act in like manner ? Among a competition of issues there might for a time be an increase of price, but all experience showed that a re-action would ensue, and that by a sudden contraction of the currency, prices were again reduced. His answer then was that no increase of prices caused by an issue of paper beyond its value in gold could be of the sligh_test advantage to the country. The effect of Oda measure would be to compel an early contraction, to prevent sudden rises and sudden falls. He contended that equality of price was a much greater advantage than any sudden rise or fall. The moment they removed the convertibi lity they found the number of private banks increased. In the year 1797 there were only 240 private banks, whereas when all convertibility was removed, they in creased to 800, so much importance did they attach to inconvertibility. Lord WORSLEY said that there had been great fluctuations of the issues in the rural districts, particu larly in Lincolnshire, and he thought, therefore, it would be only fair, that instead of taking the last two years as the period within which the circulation of notes should be the criterion of the future issue of the country banks, it should be extended to five or six years. He thought that the banks in the country ought to be enabled to issue notes to as great an extent as they had ever done. Mr. DARBY agreed with all the Right Hon. Baronet had said as to a metallic currency ; but the question with him was, whether what was proposed would not so far contract the issues as to lead to the reduction of prices? Mr. P. M. STEWART—But, in interfering with the m, you would interfere with the general circulation —(Hear, hear)—of the banks beyond sixty-five miles out of London.—(A conversation then took place across the table respecting the effect of the re striction, whi c h w as not cle ar y heard in the gallery.)— If restrictions had iidt existed, there would not hare been those evils which had been complained of. He offered his sincere acknowledgments to the Right Hon. Baronet for the straightforward manner in which he had met the claims of the joint-stock banks. He offered his ac knowledgments, not for what the Right Hon. Baronet had done, but for for the manner in which he did it. The whole body of joint-stock bankers whom ho (Mr. P. Stewart) so unworthily • represented, felt it very much. In the points which he had stated he knew ho was open to correction, and he foresaw he would meet with that correction, but then he had thrown out his ob servations for the purpose of rendering the application of the Right Hon. Baronet's plan more readily practical, and in making the propositions which he had sub mitted, he considered be was only doing his duty. The Right Hon. Baronet's was a bold patriotic plan, but like all human propositions, it had its faults, and it was their duty who thought they could amend it, to propose whatever they thought would be effective for that pur pose. It was from such a sense of duty that he had made his suggestions. Mr. M. GORE re f erred to the years from 1825 to 1827 inclusive, to show the evil effects of an excessive paper issue. With respect to the measure of the Right Hon. Baronet, it hadihis most cordial support, because he thought it proceeded upon the just principle that money was a commodity which, like all other commodi ties, was influenced in its value by supply and demand. It had been said that this measure would depreciate prices, but he doubted whether the depreciation of prices was an evil. Much discussion had taken place with respect to bullion, but upon that point he thought no great danger was to be apprehended. He believed that the Right Hon. Baronet at the head of the Government had acted most wisely in not attempting to lower the standard of value. Many of the charges now brought forward against the Right Hon. Baronet were brought against the Ministry of 1796, when it was at tempted to place the currency of the country upon a proper f oo ti ng. He should support the proposition of the Right Llon. Baronet at the head of the Government. Mr. GISBORNE knew that any person who came forward as the advocate of free trade in money was the subject of great animadversion. He adhered to the pound as prescribed by the Right Hon. Gentleman. That the amount of currency operated upon the price of commo dities had never been satisfactorily established in his mind. He believed that what was currency had never been properly defined except in the Latin—quod rover --quod übique—quod inter omnes. He would reserve to himself the right of objecting to this measure in the other stages. He would say at once that his objection to this meesure arose from his belief that it would have a tendency to lower the range of prices in this country, and that it would have a tendency to supersede bullion for paper to a greater extent than now existed in circu lation. Ile did not believe that the Bill of the Right Hon. Gentleman of 1819 had fixed a right standard, but he did not impute to that measure the destitution and misery which had since resulted to the country, so much as to other measures which accompanied it. The Bank of England had at the present time a most convenient amount of gold lying in its coffers. Why did it not employ that gold ? Because it could not force upon the country a currency which it did not want. This was a time of great speculation, yet the Bank of England could not expand the currency, and he believed it would never be able to do so without increasing its security. A great part of what they called circulation was nothing more than capital. The Bank would now be relieved of all responsibility with regard to the issues—that was a responsibility which he thought they ought never to have had. lie did not give implicit confidence to the names that had been quoted. They were to be judged of with some reserve. When the time came he should be prepared to oppose the plan. Mr. NEWDEGATE said, he rose to call the atten tion of the Right Hon. Baronet to one point on which he should wish him to give an opinion. He believed that there was something in the plan that might prove injurious to the productive capital of the country. He believed that the amount of the cir culation of the country materially affected prices. The point he wished to submit to the atten tion of the Right Honourable Baronet was this —how far the extension of the principle of the Bill of 1619, as carried out by the alteration of the sys tem of issue and the alteration of the banking establish ment, as proposed by the Government, will, by limiting the amount of the circulating medium to the average of the last two years, without reference to the production of this country, affect prices ? For, if the quantity of produce increased, and the amount of money remained the same, would not prices fall in proportion to the in crease of that production ? This point he could assure the Right Hon. Baronet was well worthy his con sideration. In answer to a question from Mr. T. BARING, Sir R. PEEL said he thought they might assume that the Bank of England would have an interest and desire to prevent fluctuations in the amount of their notes, and they would desire, unless accompanied by a sacrifice to themselves, to extend thei r own c i rcu l at i on. Supposing the Bank f England had a surplus of notes in its coffers for which it had no means of profitable employment, the Bank of England in that case would employ with profit a portion of its notes in taking a substitution for coun try bank paper. Supposing that six millions of Bank notes were lying in the Bank of England without profit, clearly it would be advantageous to the Bank of England to substitute two millions of country bank paper for two millions of Bank of England paper lying in their coffers, without profit. Supposing, on the other hand, that there was no surplus of Bank notes in the banking department of the Bank of England, it would not be obligatory on the Bank of England to substitute their notes for country bank paper. Supposing again, that the Bank of England wished to gain a control over the circulation and desired to extend its issue, and could not extend its issue by applying the notes of the banking department, in that case it would make application to the Government to substitute its own notes for country bank paper, and thus they would he able to increase their notes on security. The Privy Council might, if they thought fit, sanction that measure, but there would clearly be a profit to the Bank of England in making those notes on securities. The resolutions were then agreed to. Sir W. CLAY gave notice, that he would, in a future stage of the measure, propose an amendment on the last resolution relating to joint-stock banks. In answer to a question from an HON. MEMBER, Sir R. PEEL said he hoped the Government would be able to introduce the Bill before the Whitsuntide holidays, and he proposed that the Bill should take ef fect as soon as it was poisibre' to make the required se paration in the two departments. The Directors wore now separ occupied in taking every necessary step for effecting the ation. . • . Thb' House then resumed, and the report wa4 ordered obe sbrou.o to-morrow, Mr. F. BARING expressed his satisfaction that the Government had followed up the principles on which the late Government was prepared to have legislated on this subject. Those gentlemen who had opposed the plan all seemed inclined to slip out of the consideration of the position in which the country was at present placed. He should be happy to learn from them on what principles they thought the issues of the country ought to be carried on in the present state of things. In the last arrangement of the Bank Charter by his Noble Friend, Earl Spencer, two principles were laid down. There was in the arrangement a regulation by which it was supposed that the Governor and Directors of the Bank would in future conduct their issues, and at the same time (and for the first time) it was provided that tho aYPrfig@s of these issues and of the amount of the bullion in the Bank should be published, in order that the ,private banks, might according to those returns, regulate their issues. But as far as legislation was concerned, they had no power of enforcing that publieatton by the Bank. Then it was said that the purpose of the publication'Of ccoßts 194 tq dude t4e untie biinliers tioir issue. Messengers from the Lords brought up several Bills. GOLD AND SILVER WARES BILL. The House went into Committee on this Bill. Several clauses had been agreed to without discussion, when-- Mr. WARBURTON said there were great objections to the Bill ; it gave a jurisdiction to the Goldsm . this Company in country districts which it did not before possess.. Mr. GLADSTONE stated that the objections alluded to had been removed, from the Bill in iti present form. After a few words from Mr. WARBURTON, The Bill went through Coinmittee; report on Friday. CUSTOMS' DUTIES 'Bal. On the Order of the Day for the further consideration of the Report on the Customs' Duties Bill being read, Mr. T. DUNCOMBE said there was one principle introduced into the Bill which was so objectionable that, unless it. was struck out, he could not consent to the progress of the Bill at that hour. It was proposed to make the proprietois of wharfs responsible for any smuggling that .might occur on them. This was the business of - the Custom -house ,officers themselves. Unless the Bill was delayed, he must take the sense of the House upon the clause. Mr. GLADSTONE then postponed the consideration of the report till this day. • On the motion for the Ecclesiastical Courts' Bill going into Committee, Colonel SIBTHORP wished to have the day fixed on whiCh this Bill would be again brought under the consideration of the House. Sir J. GRAHAM fixed it, with the consent of the House, for Friday next. The West India Relief Bill was then read a third time and passed. It was then moved that a new writ be issued for Chi chester in the room of Lord Arthur Lennox, who. has become one of the Lords of the Treasury. Lord JOHN MANNERS moved for the nomination of a Select Committee on Mortmain:—Lord John Man ners, Mr. Shaw, Mr. Nichol], Mr. Charles Buller, Viscount Clive, Mr. Smythe, Mr. Brotherton, Sir George Grey, Mr. Eliot Yorke, Mr. James Wortley, the Earl of Arundel and Surrey, Sir John Yarde Buller, Mr. Milnes, Mr. Sotheron, and Mr. Dickinson. The Committee was appointed accordingly. HOLDING OF VESTRIES IN CHURCHES. Mr. S. O'BRIEN obtained leave to bring in a Bill to prefent the holding of vestries in churches, which was read a first time. The other Orders of the Day were then disposed of, and the House adjourned at Half-past One o'Clock. --- THE NATIONAL TEMPERANCE SOCIETY. Yesterday evening the annual general meeting of the •friends and supporters of this Society was held at Exeter Hall. George , W. Alexander, Esq., Treasurer of the Society, in the chair. Among the gentlemen on the platform we observed Di. Lovell, Dr. Oxley, Mr. Mitchell, Mr. Julius Jeffreys, F.R.S., W. Janson, Esq., W. Cash, Esq., Jas. Day, Esq., and John Hill, Esq. The CHAIRMAN said, that feeling his inadequacy to fill the important office of Chairman so worthily as many of the gentlemen- there present, he rejoiced that his duties would be comparatively light, as the object of the Society would be eloquently explained by the speakers who. would follow him. It would be needless for him to explain the vast importance of that Society. Its object was to remove intemperance from every land on the face of the earth. It was , notorious that England, notwithstanding its many noble institution's, and the strong hold which religion had upon the minds of its people, was yet degraded by its intemperance; nor has that intemperance been confined to herself; she has disseminated the same in every part of the globe to which her ships have sailed. Till within the last four years there was n o i mme di ate check upon this great evil. It was a cheering fact, however, that at length some light had dawned upon the darkness which had so long enveloped our country, for that Society had in some measure succeeded in removing evils which hitherto had appeared to be incredible. It was a cheering circumstance that, in the United States of America, which contained a population of 16,000,000, above 4,000,000 were connected with tem perance societies, while another fourth acted partly, if not wholly, upon temperance principles. That reforma tion had scarcely a parallel in modern times. However, he hoped the country would flourish in another respect, and ere long sweep away the stain of slavery. He hoped that they would copy the example of England in libe rating those persons whom they at present Rept anti sold as chattels. But he would not wander from the subject He believed that there was no place in which a tempe rance society had been established, where it had not been the means of producing great improvements in the general character and habits of the people, and reducing the number of idle and profligate drunkards. Those were objects well worth the support and consideration of every enlightened Christian. Before sitting down ho might be permitted to state that while he earnestly re commended that Society to the fostering care of every Christian, he would by no means wish to be understood as placing it on a level with the Gospel. Religion was necessary to the welfare of a future state, but tempe rance tended to benefit their physical condition, and led them seriously to consider their duty to God and their fellow-men. He would not enlarge further upon the subject, but call upon the Secretary to read extracts from the report. The SECRETARY, before reading the report, begged to inform them that he had received letters of apology from the Lord Bishop of Norwich, Lord Ashley, the Rev. Pye ' Smith, and the Venerable Thomas Clarkson, the latter of whom had written a long letter from his bed-ro6in, expatiating at considerable length on the advantages derivable from habits of abstemiousness. This letter the Secretary read to the meeting. The report stated that the charm of novelty first attracted the curious and the opposition of individuals to that Society, and then proceeded to give a brief review of the state of the temperance cause in different parts of the world. The United States of America were making steady progress in the work of reformation. It was computed that one in four of the population, or above 4.000,000, abstained from all intoxicating drinks, while another fourth had nearly eschewed them. The im portation of spirituous and other liquors had decreased in a similar ratio ; but it was not all ascribed to the temperance reformation, part of it being supposed to arise from commercial changes and tariff regulations. The num ber of distillers in the United States in 1810 was some what more than 40,000, but in 1840 the number had fallen to 10,906, and in a few more years, it was hoped, they would be entirely extinct. In Montreal the prin cipal merchants were coming forward in the temperance cause, recommending temperance marine insurance, and Cwing pref erence to vessels not carrying spirits. The ommittee were glad to state that the principal inhabit ants of Montreal had petitioned the Governor of Ca nada, Sir Charles T. Metcalfe, K.C.8., praying his Excellency to refuse all applications for licenses to sell intoxicating liquors, and respectfully requesting him to take such steps as might appear best calculated to suppress the unlicensed and consequently illegal traffic in these drinks. His Excellency, in reply, expressed hi mse lf f u ll y sens i ble of the great blessing conferred on the inhabitants of any country by abtaining from the use of intoxicating drinks, and pro mised to encourage the adoption of any measure calcu lated to effect so very desirable an object. In St. John's, Newfoundland, the temperance cause was progressing, while in the Bahamas in the West Indies, temperance societies had been formed of large numbers of the in habitants. In Berbice and Bermuda the returns exhibited a falling blf i n th e consumption of spirituous liquOrs, whiet was attributable to the growing habits of tereneMnee exhibited by the inhabitants. At St. Kitt's a Fe*,biety bad been formed which already numbered 4,000. Similar results were reported of Jamaica, the Mauritius, Montsurat, Antigua, Anguilla, Tobago, &c. In the Sandwich Islands, New Zealand, Chi na, I nd i a, Africa, Sierra Leone, Norway, Sweden, Denmark, Bavaria, Germany, the cause of temperance had greatly , triumphed. In Ireland Father Mathew was still en gaged in his patriotic efforts among the dissipated por tion of his countrymen, while in Scotland and Wales, large sums of money were subscribed towards advanc ing habits of temperance amongst the people. In Eng land the consumption of spirituous liquors had decreased, while the number o f p ersons w h o had joined temperance Societies amounted to upwards of 1,000,000. The receipts of the past year had been 1,0981. 9s. 3d., while the expenditure had amounted to 645 L 9s. lid., leaving a balance in the hands of the treasurer of 4921. 19s, 4d. The Rev. JAMES SHERMAN in moving the following resolution—" That whilst this meeting regards with thankfulness the gratifying progress of the temperance cause, both at home and abroad, as detailed in the re port now read ; it at the same time feels bound to ex press the conviction, that the efforts hitherto made, have exposed a mass of evil yet remaining, which calls loudly for renewed and increased exertions on the part of Bri tish philanthropists"—said, that he had spoken so many heny times in that Hall durin g th a t month, th at .ng before h them he oug h i might have been excused from appean again. His friends, however, thoughtoth o therwi se, and he 'did not quite regret the having the opport u nity of stat ing before the meeting that his heart was still warmly attached to the good cause.--(Cheers.) He hop e d t o live and die a teetotaller.—(Cheers.) Public men, occu pying stations such as he had the happiness to do, might expect to have a great many things said of them, an d some of them not very true, It had been reported of him, from one end of the kingdom to the other, that he occa sionally took a little drop.—(Laughter.) But whoever had undertaken to state that, he would tell them that for the last eight years he had not taken the smallest quantity o f liquor of any description excepting when be was Once deceived' by his medical attendant, who brought in a phy sic bottle some alcohol discoloured, so as to lead him to believe it was medicine. He wished to state most distinctly to his friends that, his heart was as warm as it had ever been in favour of teetotalism, and as un deviating as ever w as h e in abstaining from ' intoxica ting drinks. He wa s anx i ous that a laig6-portion of the time of that meeting should b e occupied by gentlemen whos e faces the y had seld om the opportunity of seeing—gen • tlemen from the co untry —gentlemen from distant parts— some, he understood, from New Zealand and the - United States of America. He should have desired that the whole of l'the 'report should have been read to the meeting, hue still he must say the Secretary had displayed much good sense in not taxing the patience of the meeting with it all. To him its details were most gratifying-, They stimulated him to further exertions, and be should again enter the haunta.a the destitute, the houses of the irreligious, awl the_ retreats of the vicious, to exhibit the benef,ts and advantages of total abstinenc e principle,;, ..(-Cheers,) He would not detain them fu rther, but simply request the meeting to givi4hOir- serious attention to the gentlemen who would succeed him, and adopt th e resolution which h a d b een entrusted to his care,-- (Cheers.) Dr. TuomPs9,N, in seconding the resolution, gam a detailed azeount of the progress . of übsta_m!e ^ :nis habits amongst the inhabitants of Lealand. He had been ..ar 1842, in " 4 4 ia the ."-." care of 400 emigrant* frors U _ ....... _____, MR. BRAHAM'S ` C ANCER T'. Mr. Braham gave a monster concert at Covent-garden Theatre last evening. The programme oontained a lis* of no less than thirty-nine different pieces of music. The vocal performers were the 13rahams, father and sons, Shindig', Madame Dorus Gras, Mrs. Alexandt-r New ton, Miss Alleyne, and the Misses Williams, while the solo instrumental performers were Lindley on the vie lincello, and Blagrove on the violin. While the . que.n. tity, therefore, was sufficient to satisfy the most in.ordi nate appetite, the quality was such as could not fail to gratify the most fastidious tastes. No wonder., there fore, that the house was filled almost immediately after. the doors were open. The first part consisted entire/y of sacred mu - sie, and the gem of this part was Ilandel's sung by graham, and deli " Gentle Airs," beautifully ciously accompanied by Lindley on the violineello. It was delightful to hear these the two last representa tives of the old school thus once more coining forward and fairly distancing all their junior competitors. There is a delicious sweetness about Lindley's perform ance on the violencello, which seems unattainable by any other artist. In the mere trickery of execution he may be surpassed ; but in the pureness of his intona tion, in the richness of his melody, in taste and expres sion, no one can come near him ; and as for Braham, he stands as he ever has stood, alone,the prince of singers. In the second part Lindley gave us a delightful con certo, played in his own rich flOwing style. The audience were enraptured into the breathless silence of delight while listening to the delicious tones "in linked sweetness long drawn out," and at the conclusion there was a burst of real hearty genuine applause, such as has not been heard within the Ivalls of a theatre since " the good old days when George the Third was King." Mr. Blagrove performed a concerto on the violin with much taste, and exhibited mar vellous powers. of execution. He reminded not unfrequ ent l y of poor liieswelter, and to sau s y this is, as Mr. Blagrove is well aware, t o aw ar d him no small amount of praise. Staudigl was encored in Benedict's song, " Rage on thou an;.7.y gtorm," which he sang magnificently, and Braham'e own beautiful duet, " When thy bosom, ' was deliglltt:allng himself and Madame Dor us G ras. We cannot su close b th y is nobles without congratulating Mr. Charles Bred/tam on the marked improvement Which has taken place in his style of singing within the last few months ; his voice seems to have acquired ntpt only greater accuracy of intonation, but greater pow€r and greater compass. He sung Ros sini's bravure„, " The trump of fame," last evening as a manner W'orthy of the name he bears. --- LYCEUM THEATRE. The White Feather is the title of an amusing trifle which was produced at this theatre last evening, with complete success. The scene is laid in France, where Colonel Previllo (Mr. Craven) is about to join a vegi ment, to which he has been recently appointed, but Love, who from the days of Jupiter downwards has de lighted in disguising his vetariesi causes Amy (Miss Woolgar), the sister of Madame Preville, to assume the disguise of the Colonel, and accompanies her sister in the character of her husband, in order to ascertain the true state of the affections of a certain Captain Duval (Mr. F. Vining). Her adventures among the officers may be easily imagined. Penades and champagne break fasts follow each other with such rapidity that poor Amy's head is fairly in a whirl, when the arrival of the real Colonel, after nearly involving her in a duel, brings about the catastrophe, and holding up a " pretty white feather," while to the audience she speaks the tag, and the curtain falls. Miss Woolgar looked exceedingly fascinating in her male costume, and acted with th e most b ew i tch i ng espieglierie, andwe have no doubt but that she will show " the white feather " for many nights to come. The house was very well attended. -- COURT CIRCULAR. The Queen and Prince Albert walked yesterday in the Royal Gardens of Buckingham Palace. His Royal Highness Prince Albert afterwards rode out on horse back, attended by Col. Wylde, Equerry in Waiting. „ Their Royal Highnesses the Prince of Wales an the Princess Royal, were taken their accustomed daily airings yesterday in the Royal Gardens. The Royal dinner p ar t y at Buckingham Palace yes terday evening included the Duke of Devonshire, the Earl and Countess of Granville, Viscount aid Viscoun tess Emlyn, and Sir Arthur and the Hon. Lady Brooke. His Royal Highness the Duke of Cambridge, at tended by Baron Knesebeck, honoured Mr. Mills with his company at dinner yesterday evening at Camelford House. His Royal Highness afterwards honoured the Countess de Salts with his company at her residence in Carlton-gardens. Her Royal Highness the Duchess of Gloucester visited her Majesty the Queen Dowager yesterday, at Marlborough House. Her Royal Highness the Duchess of Cambridge honoured the performance of the French Playa with her presence yesterday evening. Baron de Thile, Prussian Charge d'Affaires, transacted business yesterday, at the Foreign-office. _ The Governo r o f th e B an k o f E ng l an d and the Deputy Governor had an interview with Sir R. Peel yesterday. Mr. Wickham, Chairman of the Stamps and Taxes, had an interview with the Chancellor of the Exchequer yesterday, at his official residence, in Downing -street. The Right Hon. Henry Ellis transacted bushie% yes terday at the Foreign. office. Dispatches were received yesterday at the office, fron the Governor of Gibraltar. The Governor of the Bank of England and the De puty Governor had an interview with the Chancellor of the Exchequer yesterday. Lord Granville Somerset had an interview with Mr. Gladstone yesterday, at the office of the Board of Trade. The Judicial Committee of her Majesty's Most Ho nourable Privy Council sat yesterday. The Lords pre sent were the Lord President, Lordl3rougham, the Vice- Chancellor Knight Bruce, and the Judge of the Admi ralty Court. The Vice Chancellor Knight Bruce gave judgment on an appeal from the Prerogative Court of Canterbury, " Mackenzie v. Yeo," relative to the validity of a Codicil to the will of Mr. Barber, who died is 1839, o f the amount of 5,0001. Their Lordships pronounced einet the validity o f t h e i nstrument propounded, and armed the judgment of the Court below, with costs. The Solicitor-General was heard, on Derosne's patent for refining sugar; applying for an extension of the term of the patent. Witnesses on the part of the patentee were examined' before the Court. Lord Brougham, on the part of their Lordships, granted an extension of the patent for the term of six years. The Court then rose. L, ife in London- of Sunday, May 26, will give the most correct account of the four days' sport at Epsom, with a portrait of the winner of the Derby. Contents of Bell's Life of last Sunday, May 19:—Fifteen columns of Sporting events, including Paris Races, and a peep at the French Derby (Chantilly), an epitome of The week's mis cellaneous news, and 100 advertisements, chiefly connected with Sporting matters. The insertion of a single advertise. ment in Bell's Life may be equally beneficial to that of lialf a dozen in some journals. A sixpence. or six penny Sta mps, to Mr. Clement, Jun., 170, Strand, *ill at all times insure a cop of Bell's Lift by return of post. Th e weekly sale of Bell's Life exceeds 20,0G0 copies. It is regularly published in time for the Saturda,y kfternoon railwas. Bell's Life of June 2 will contain engraving of the As cot Cup. TAU' NEW ROYAL EXCIIANGU AND :THE W. L.MGTON STATUE.—For some days past several men have been employed in laying a foundatio n and basement, in whi c h great progress has bee n made, in front of the New R o y a l Exchange, for the reception of the Wellington statue. The spot selected for the erection of it is about the extrema end westward of the Bank -buildings, and opposite the Glob* Assurance-office: A very strong foundation of concrete has been laid down to a depth of above twelve feet, and on th will be raised a solid block of brickwork, vrtich, it is expecte d, will be finished in it few days. Opposite the western front of The New Royal Exchange a lofty scaffolding is now raised, o a level with The pediment, for the purpose of having placed there the figures, from the d es i gns and execution of Ur. West. mecott and his assistant& , - S Scotland t o t h e port of Auc k land in >v s is knowing the adv an t ages of tempera ea t..l l determined, at the outset, to introduce Wilipp iv* e vessel in which they were embarked. tte.l": rienced some di ffi culty, but long before , iek: the equator, he had succeeded in winninmWdrvits Aka the whole ship's crew, as well'as the emigrants who had been entrusted to his care. On board they formed a sort of society, afterwards introduced into the isluirti; and so much good had it worked amongst the inhabitants, that previous, to his returning home, he had the honour of receiving the thanks of the Government. lle was now about to go to establish a British hospital and school of medicince in the Holy Land —in the city of Damascus —and he hoped to be able to introduce prin- - ciples of temperance under that tropical climate. H. had great pleasure in seconding. tfie:resoltition which kad r : , ,- previously been submitted to them, Professor WRIGHT, of Philadelphia, supported the riks solution, and gav e s i m il ar gratifying details of te r perance in that vast republic. The resolution *as then unanimously agrred to. The second resolution was moved by J. S. Bucpxo- HAM, Esq.-, in a Very appropriate address, vlhich was very much cheered. He concluded by reading it :—" That crime, ignorance, poverty, :and disease of the land, being chiefly attributable to intoxicating drinks, this meeting would rejoice to find the public and the Legis lature prepared to . refuse a legal sanction to the immo rality arising from the making and sale of these liquors." The resolution - was seconded by Mr. ROCHE, Kho at tributed the prevalence of crime throughout the country to the dissolute and inte mperate habit s o f t h e people ; and thought that Government ought to suppress the licensing of houses for the sale of spirituous liquors. This resolution, having been put by the CHAIRMAN, was carried amid acclamation. The-Rev. Mr. STOVELL, in a very able and energetic address, in which he denounced the use of wines of every description amongst the clergy, thought that they, as pastors, ought to lead the way in every act of reforma tion ; he, therefore, with great pleasure, proposed the third resolution :—" That, considering the inde scribable evils produced by the use of intoxicating drinks, this meeting calls upon all who love their fellow creatures to renounce even the moderate use of them as dangerous in practice and destructive in example." The resolution having been seconded by Mr. S. Bow. LEY, was carried unanimously. Mr. J. J. GuastErimoved the last resolution, which was as follows :—" That accurate statistical ,returns of the extent and evils of intemperance in any part of tha kingdom are absolutely necessary to make out a complete case for the purpose of Parliamentary application, and this meeting pledges itself to use every effort and influ ence to obtain sueh returns. It was seconded by Mr. PRICE, and supported by Mr. MARTIN, of Cork, who gave a very animated description of his own labours as the founder of the temper movement in Ireland. This resolution, like the others, was unanimously car ried; and a vote having been accorded to the Chairman, who briefly acknowledged it, the meeting, which wals numerous, and highly respectable, then separated. • ~ '"~ 1 I