The Sun. — London, England, 1844-05-07 00:00:00

commerce it- is likely to be taken out of the country. Now I maintain that it is just because gold is an article of commerce—(Hear, hear) — subjected to the same laws which govern other articles of commerce that it is fit to be made the standard ; because Precisely the same laws as regulate the import and the possession of all other articles of com merce regulates the import and the possession by this country of gold. Bullion is distributed according to certain laws which we may not well under stand. It is distributed over several countries, according to the several necessities of each country ; according to principles which the people of those countries do not, perhaps, dive into; but in general I contend that the supply of bullion is regulated by the same principle Which governs other articles of trade. Seine say when We have a deficient harvest, and there is a great demand for corn, all our corn leaves the country because we have no other manufactured article at the time to send in exchange for it. But I believe that bullion has rather a preference over coin for that purpose ; because the ex porters have a guarantee that it is of a certain weight and fineness. Depend upon it, coin will never be sent out of the country, Unless it is more profitable to send it. When corn is dearer compared with other articles, the fact that the laws which govern it, are exactly the same, is proved by this, that when there is a sudden demur' for corn or anything else, if it is more profitable to send woollen, or cot ton, or other manufactures in exchange for it, they will be sent out of the country instead of gold. Therefore ccin . and bullion are identically the same, and•there is no reason why coin should be exported in exchange more than any other article whatever. I have now stated the great elementary truth which I apply to the measure. Now, if there are contradictions I want them to be pointed out by a clear and definite statement on the other side.--(Hear, hear.) I do not bewilder you by any measures of value. I have taken a pound. But I object to the obligation which Hon. Gentlemen might impose upon me of readings pamphlet, or perhaps an octavo, stating 'what the definition of a pound is ; the real fact is, that though these are great truths, yet occasionally there are small occurrences which appear to be contradictions of the m ; and if there are small f a ct s an d c i rcums t ances ad W hich are not easily explained, ingenious writers take vantage of th em , an d say " t h ese d o not conform to great principles, and therefore your principles are not true," Why, when Sir Isaac Newton deduced the stuth that the great planetary movements were owing to 1 1 :e great principles of gravitation, there came slight preem - en e and disturbances which he could not recon in the course of time, subsequent philosophers detest e d his slight errors, and reconciled all those Phenomena and disturbances to the original of the Principle. So that that which at first appeared to be a contradiction, turned out to be a confirmation of the truth, and so it will be here too.—(Hear.) Depend upon it, if you had every cirumstance—everything tending to some apparent deviation fully explained, you would find it would not clash with the great truth originally laid d.own. If these principles are correc t, i t wou ld be core Sustent with them to establish some other measure of value than that which you have taken. You might con sistently with those principles, if you were at li berty to. decide far a new state of society, adopt a silver instead of a gold standard; you might, if You thought it desirable, adopt a new metal ; You might abolish all metals, and might, as Mr. Ricardo said, make notes the standard of value, so that a man, having 501. in notes, might demand bullion or coin from the Bank, and it would be in conformity with this great Principle to adopt that. . But, in our present position, thenothing would be more unw i se t h an a d eparture f rom great principle which regulates the curency of the kingdom. I believe 'seven-eighths of the r e ouse concur with rue on th e su bj ect. You may, however, select some other mode ; but, before you depart from that now "tab lialled, I would entreat you to recollect that the measur e of value you now have, viz. gold, is that measure of value whieh you have had upwards of a the years, always exce pti ng cases o f b an k ruptcy. writers of authority on the subject—Sir W. dttY, Mr. Locke, Mr. Harris, a n d L or d C o k e — were a ll ecidedly in favour of a single standard of value. Locke was of opinion that silver ought to a ne the metal selected for the standard of value. He __s,signed reas ons w hi ch appear to me to be erroneous, way silver instead of gold should be taken as the stand ard of value. But as your transactions have been for 3so lon g a period of time founded upon a single 13 W, and that metal gold, and as you have determined "that it should perform the functions of the lower order llroghout a t l east England arid Wales, I do hope that tah n in g Will induc e this House to disturb that monetary a y . s t fis ent. That w hi c h we have now is in exact conformity s e }" :h e Opinions of th e a bl es t wr it ers on t h e su bj ect, an d o wrote under a different system, and in conformity with re opinion of the greatest recent authority on the sub- Jaset relative to coin—l mean the first Earl of Liverpool; as he, in his letter I. the King, which, I think, contains el, l n.neh truth and sound sense on the subject as any e':olication that ever emanated from the press—he adopt i s argues that the principle which we should p PP t 3 the principle of our coinage; and the after which is now established, Lord Liverpool says, r i, l ,7 r full consideration of this extensive, abstruse, and -eeicult g b• re sult en tect, I humbly offer to your IVlajest, as the th at c e ' aIY deliberations (he was then writing in 1804), t'en, tis better that silver should be made merely a re co ,sentative coin." (The Right Hon. Gentleman proceeded f _lTad the opinion of the Earl of Liverpool, which set Property, that the coin, which was the principal measure of Property, and instrument of commerce, should be made of one metal ; and, secondly, that for many years past, ,:ltne Practice and opinion of the people, gold was the 'nnepal measure of property and instrument of com a, mere e, and that, therefore, gold should be made the z'todard of value, whereas, silver should be merely ;; re, preeentative metal.) This is exactly the prin f,PT Which is in operation at the present time. . 18 the system which still prevails. The humblest 'm nv etabe r of society having a 5/. note has the command gold. In my opinion, by taking this N e rs e , you will provide a greater security for W m ent convertibility than if you merely say, " He IC ° c art Produce 1.001. in gold coin shall be able to take the Banes f ,,, eLloweirculating and there shall be nothing but throughout the country." Sir, ch ange • it has been said that by some cr ease 8 - 7 ., e u might diminish the chance of panic, and in urify Now,_ I very much doubt whether preventyne interference can have the slightest effect in golatin n i g t ar lie. I believe you may adopt certain re lieve B W . ich will give much greater security. I be whiehn will have a greater security against that upon Passible is impossible to reason, and for which it is im frt thp e t° provide, by having a gold circulation through legi sla ountry, and by manifesting confidence, than by NOR, s i,ng to provide against the existence of panic. eterm.lr' I have done with the principles which I think thi s "' i ne the measure of value, and which I think in eeee9untry ought to regulate, so far as coin is con the"len.d, the medium of exchange. I hope I shall not be t n yueht to have exceeded the limits which I ought tar .observe. I thought that considering how ,a,011°134 these great subjects come under our notice, it etaten,-e h e an advant a g e t o g i ve t o my o p en i ng gle ap ,nts, as far as poss ibl e an e l ementary character. — nine '': il ear.) Now, Sir, I come to that which is the I must to subject with which I have to deal. Here, again, pri ec ', , le allowed to state what appears to me to be the Ine l P„'es which should regulate a paper circulation, I hearslle circulation of promissory notes payable to the IPeak . „, I speak of those, and of those only, when I m'tertl . 1 !_lone. I mean by money the coin of the d em o t mean promissory notes, payable to the bearer a t roule e ztll d in the coin of the realm. Now, I will not "nod ' m yself, and I will not disturb the House, by re ties, s p e culations about a variety of other descrip n „°)!. Paper credit. I will say little or nothing 111 th,, -1 ,,, a t great question which was discussed the ft - - uank Committee, as to whether deposits or the i- rt e3 tb elloo bankers or bills of exchange . partake of ° Deet s th " r e of paper currency. I say that in some re teocy, " e Ymay partake of the nature of paper cur b c an on that particular point, with which alone UP% „ eel, namely, the effect which paper currency has' jeect r'tees, the effect which it has upon change, the t Whic h it has in distributing the measure of value, It te °rpm. issory notes, payable to bearer upon demand, efeeet different character, and have an entirely different as coi n. Il the first pla ce , th ose bill s are use d prec i se l y im• rsoent They pass from hand to hand. There is no rneetet guarantee required—there is no new indorse foe.... eam m ev erY transfer, but they are really substitutes '` - lear and operate upon prices as money does.— that h ; " n ear.) But it must not be understood eiNis b ul l of exchange do not affect the pre proven Metals. .They economise the metals, and c ads t t th e necessity of so much geld being required in 'he e f fee s ,.t would otherwise be wanted. They may have eh. _ of Ma i s displacing four or five millions of gold, f gold ,„,n effect hardly perceptible, altering the value irgeee...:lft,itt. reference to other countries in a very slight lulls b ir Le ar, hear.) But the promissory notes of the - es of be - g Payable on demand are very different from te irt er theleh ange. The effect of the issues of the. Bank, • thi n e restriction was to raise the value of the guinea l'ellr neL Silill ings• The Bank lent money to the Go en de to private individuals and advanced largely .I "'"'rned l)° ,. sit s• But they found that the exchanges were er Dere o ' e atlY against this country; and, by the advice tote s 14 well-informed, they limited the number of their 4 ' a nd th e r 1 ,4 3 0 it exchanges were again turned in our favouf. °Ftheisauwe.aS,in Scotland. In consequence of 'the largeness tt (,;?Untry. But the exchanges became very much against that f lue Jout the banks there took the same course that , s ottie, 4,Pr England had taken, and the result was the ' l . lit e d . ' ll , T e, issues were limited, and the exchanges were re seee :,h se who have paid attention to this subject l _oes e of Go er the very able report presented to the seele ad. e„eortirrions, 1804, on the subjeot of the Bank cittrit,ilz.,ehree exchanges, as between Ireland and this at that time very much against Ireland. !ere- !nue , ,notes Issued by the Bank of Ireland were epreciae It required about ti" of th e 1181 . of Bank F ° tea et 'lank of Ireland to purchase 100/. of Bank eatly enh e irs t_ank of England. The guinea, too, was 'lrish not es an ted in value as compared with • g,„,_ The Committee appeared to consider that ~( h Ireland ought to contract their issues. ati t 0 f Ireland denied that they had over issued. le Y 114 ( 1 not ad issued anything, they said, but what was told the legitimate course of business. The s 4 f t .les, unle they diminished the y would never restore the ex ^fh de c li n ed to - -eY diminished their issues . They at e lean, considers do so. The exchanges never improved. t‘ try the z7-econid that perhaps it might be as well to mendations of the Committee. They re teneeee(lo,their circulation from 3,000,0001. to 2,400,000/. • e Ir t ' s h sec luf nee was that the exchanges improved, and Bank note regained its relative value to the 441,4e.sevy naonteksnote. Noiv are not these proofs that pro 4, i e h b ill _ o_e exercise an influence over exchanges, tiet ? It ri_xchange, deposits, and cheques of bankers it Otis_q ex c h an s __ ll ,selss, then, to tell us that there are the $ Erianie es „ P 7 W the amount of 3 00,000,000 L, and that "L they were all presented at the same time 44 4 that the Bank could not pay, and that it would be of no use to adopt rules with regar to promissory notes, which we are not prepared to adopt with regard to bills of exchange, deposits, and cheques.—(Hear, hear.) I hope this House, therefore, will admit the principle that promissory notes payable on demand constitute matter worthy of separate consi deration, and having nothing to do with other forms of the circulating medium. An attempt was made at the period of the Bank restriction to make use of the same kind of argument, but what said that wise man, the first Earl of Liverpool ? In the book from which I have already quoted, the Earl of Liverpool says :—" It is a common artifice"—l do not wish to apply so harsh a term to those who adopt the same coarse in the present day—" It is a common artifice on those who write in favour of paper currency to confound paper credit with paper currency."—(Hear, hear.) Now this was written between the years 1802 and 1805. " There may be many circumstances necessary to be con sidered relative to paper credit which is necessary to carry on trade, and which is based on the circulating medium, which do not apply to paper currency, which is in itself of an undefined nature, and is used as a species of circulating medium; but those who support this paper currency endeavour to confound it with paper credit, so that the arguments by which paper credit is supported may also be brought forward in support of paper cur rency." Why, is not such the feet at the present mo ment ? As Lord Liverpool says:—" Paper currency, strictly speaking, consists only of bills, or notes liable or convertible into cash by persons issuing them, at the will of the holder." Then I assume that a paper currency differs in that essential character which entitles us to deal with it as with a currency otherwise founded, and that a metallic standard is alone the one which can guard us against depreciation directly or indirectly. Further it has been established that the only satisfactory way of guarding against excessive issue is to be found in immediate convertibility. That doc trine has been founded and maintained under the autho rity of Adam Smith, Mr. Ricardo, and others of the most eminent writers of our country. But whilst main taining all doctrines which time and experience have proved to be correct, it will not do to shut our eyes te the new discoveries which have broken in upon us. Let us profit by experience, but do not let us be deterred from adopting those doctrines which our judgments tell us are for the safety and welfare of society. Now, I am about to contend that convertibility with gold, with unlimited competition as to issue, does not give the required security; that tree competition is calculated to procure the article you require at the cheapest rate; but in commenting upon that it must be remembered that a paper currency is governed entirely upon different principles to those which govern almost any other commodity. I don't want the greatest quantity of currency at the cheapest rate ; what I want is this, to have an ample supply of paper currency, the supply of which is conformable to gold, and that the supply shall be given to me by the party on whose honour and integrity I have the greatest confidence. I want the best article, but the quantity is to be governed by other principles than those by which other commodities are governed. The amount and quantity of papercurrency must be determined by the pre cious metal, and if exceeding that, it is issued to excess. A different doctrine has been supported by those who contend for unlimited competition. Now, we contend that it must be a true principle that, where there is an unlimited competition, although the value of the notes issued might ultimately conform, there must be a con siderable interval elapse before the conformity is estab lished, and that the means of establishing it, although certain, would produce great embarrassment and dis tress before completed. The predominance of the power of gold was denied by many of the country bankers, and many persons who gave evidence on the subject, but they were all at last obliged to adopt its influence. One gentleman, Mr. Hobhouse, brother to the Right Hon. the Member for Nottingham, a country banker, was examined before the Select Committee appointed to inquire into the banking system. He was the selected organ of the private bankers. When asked if there would with rise of price be an increase in paper issue by the country banks, he answered, th a t i n hi s opinion there would be an increase in the local circulation of the country, when the prices would rise. And, again,' this witness said there might be " a glut of gold as well as a scarcity." He was asked if there ought not to be a con traction of the circulation under such circumstances, and he answered, " Whether there ought or not I can't tell. lam perfectly satisfied that it is quite impossible for country bankers to tell how far the currency is in fluenced by foreign exchanges." He was asked if it did not often happen that the circulation increased in the beginning of a drain of gold ? He said it did frequently so happen, and that their circulation was not guided by gold. And another intelligent witness, examined before the same Committee, said that the system of banking in the West of England had little or nothing to do with foreign exchanges. The fact is (said the Right Hon. Baronet), the country bankers have no control over issue, the amount of issue with them depending on prices. When speculation is afloat and prices rise, that is the period chosen for the increase of issue by country banks. The activity is thus stimulated which it is most desirable to check.—(Hear, hear.) There is a competition as to issue. What I seek to establish is that unless there be some control, or some check, the danger will increase just at that very period when warning is given. The country bankers have no con trol, and there is among them a total abnegation of all attention to the foreign exchanges. It often happens that the circulation is increased in the beginning of a drain for gold; whereas, if at the critical period there were a simultaneous check a healthy action would be restored and nobody would he injured. There is little use in individual contraction, and so individuals reason with themselves ; the increase of issue goes on until ;the period arrives when the paper is discredited and the de mand for gold arises, and then comes the severe ordeal of distress and individual suffering and ruined fortunes. It then becomes necessary to establish an equilibrium between gold and paper. Competition may be very useful in its way, but it will not give you security in the fluctuation of the value of paper. If we con sult experience as well as reason it will confirm jus in the justice of these views. What has been the condition of the United States ? Let us learn by the misfortunes of our neighbours. Their private banks, joint-stock banks, which were established under excel4ett regulations—they had immediate convertibility into gold —there was unfettered liability of the shareholders —th e issue was increased, for there was no control—a sudden crash and a total suspension of cash payments—indi vidual fortunes were ruined, public credit was destroyed, and the industry of the United States was paralysed.— (Hear, hear.) If convertibility be security against de pression, why did it fail in the United States?—(Hear.) Irr the United States, so long as there existed control over the action of minor banks by the central bank, *the issue was in some measure restricted, although it could not prevent occasional failures. The other issue banks were, in the first instance, bousd to conform to the prin. ciple of cikulation practised by the bank of the United States. But, when these wholesome restrictions were removed, unlimited competition ensued, and desperate speculation, and a vastly extended issue, and, finally, almost national bankruptcy it s elf. With respect to the coinage and the currency, and the prin ciple which regulates the currency, promissory notes payable in demand, I have stated the broad and general principles which ought to regulate those three great elements of the monetary system. On this, as well as on other occasions of a similar nature, I have stated great leading principles by which I think the Go vernment should be guided, without the slightest compro mise. I have treated them as principles, and gone the full length to which I think in candour I could go. I know to what I expose myself if do not carry out those principles- to the full extent. I shall be told—" Those are very good principles you have laid down in the abstract, but you shrink from putting them into practice." But I think, Sir, it is of great importance that a public man should lay down general principles and elementary rules. I would much rather have it said of me, in discussing a question of this magnitude, "You have fallen short in the application of your principle," than that "You have concealed and perverted principles for the purpose of achieving a tem porary object." I shall always state, when I address the House, in the first place what I believe to be the correct principles—what doctrines our future legislation should be based upon—and then I will consider, with the same unreservedness, how far attention to existing circum stances and interests, and habits of the community, will modify the manner of immediate application. All that I can premise is; that I will propose no practical measure inconsistent a ith the application of the principles I have laid down, and which does not lead to the ultimate and complete establishment of these principles. But it is the part of prudent men, responsible for the management of the affairs of a great country, to hesitate before they take any course which may so seriously affect private wants, which may create a panic, and which may raise an undue prejudice against these very principles, and make men believe that they could not be carried into effect without bringing ruin on the people. Care should be taken to secure the ultimate adoption of those prin ciples, but with as little risk as possible. Some con tended, and he was not prepared to deny the force of the argument, that if we were in a less artificial state of society, and about to establish principles of banking, by far the worst plan would be to claim from the State the exclusive privilege of issue as well as the exclusive privi lege of coinage ; but I do not think, under the present state of things, that such a system would answer. Lord Althorp, with whom I altogether differ in political matters, is, I must say, sound in his views and well intentioned in his motives —a man every way entitled to hold a high place in public estimation—Lord Althorp said, when this question was tinder consideration in 1833, that though there was the benefit of greater security in the responsibility of a Government, yet still he thought that the present system of banking could not be changed without injury to the community, and any advantage arising from increased security, would be more than counterbalanced by the State having a complete cont ro l over the circulating medium. The Noble Lord said he thought such a system would be most mischievous. I entirely concur with the Noble Lord, that the Bank of England is pre ferable to a Government bank. This brings me to the measure which I have to propose to the House for the future regulation of banks. I will state them without comment, and fully, in order that the House may be put in full possession of them. I think it is of great im portance to increase the controlling power of a single bank of issue. I think it is better, as I said before, to work with established instruments, and to guarantee to the Bank of England that con trol which it formerly possessed that it should continue as a central and controlling body o f issue, rather than appoint Commissioners, acting under the authority of Parliament. I propose, with respect to the Bank of England, that it should continue in posses sion of its present privileges, but that it shall be com pletely divided into two departments, which shall be kept entirely separate and distinct : the issue and the banking departnients. That the banking business shall be administered-'-on a principle perfectly different from that by which the department of issue shall be regu gulated, shall have separate offices, and a separate system of accounts. I propose that to the issue department shall be transferred the whole amount of bullion now in pos session of the Bank, that the issue of the Bank shall hereafter take place upon two foundations and two foundations only. The first is, that there be a definite amount of security ; and, secondly, with regard to the bullion, the banking department shall have no power to issue notes upon de posits—the discounting of bills be transferred to the issue department. The amount to which I propose the Bank may issue notes is 14,000,000/. I pro pose that there be frequent reviews of the accounts of the Bank—both of the banking and issue departments. Objections have been hitherto made to the publication of these accounts, but I confess I see no reason why these accounts should not be published ; and I think publi cation of these accounts would be highly salutary. I propose that it be enacted by law that there shall be returns to the Government from the Bank weekly of the accounts of the issue of notes; of the amount of bullion ; of the fluctuation of bullion ; of the deposits ; accounts of every banking transaction in the issue and banking departments of the Bank of England. With respect to the other banking establishments, I will state the changes which I propose, with the sanc tion of Parliament, to carry into effeet. I must remind the House, that the principle upon which these banks are regulated is different from that by which the Bank of England is guided. Infect, they stand on a different basis altogether. I believe that the privilege of issue is one which may be very wisely controlled by the State. But with respect to the privilege of banking, I am of opinion that there cannot be too unlimited and unrestricted competition. In respect to the privi lege of banking, the Bank of England has no exclusive privileges beyond other banking establishments. We propose from this time that no new bank of issue shall be constituted except under certain conditions. We do not propose—as I stated before, our object is to effect the great changes we propose with as little incon venience as possible to individual interests—we do not propose to deprive existing banking establishments that are banks of issue of the privilege they possess. We do not wish to raise that alarm, which we fear would be raised if we did not adopt the course we are now about to pursue ; but we propose that they shall not exceed, the amount of their issues past a certain extent. We propose that existing banks shall retain their privileges, but they shall not issue more than they have issued within the last two or three years. This decision has not been taken without mature deliberation. I know I may be told that the Banks issue more at one period than another. Now, on that subject I have obtained returns from ten of the beet conducted banks in the country, from four joint-stock banks in different parts of the country, and, according to those returns the va riation in the issues is very small. But, supposing there should be a demand for an increased issue, nothing will be more easy than for the bank to sell its securities, and get notes from the Bank of England—it will always be in the power of the banks to command Bank notes for their purposes. Now, while we restrain issue we intend to facilitate the business of banking. The joint stock banks complain that they have not the privilege of suing and being and being sued ; now there are two principles of joint-stock banks, one established i n 182 6, and the other i n 1832, and the time has now arrived when the question should be decided whether you will retain the system of joint-stock banks or put an end to it. If you are determined to adhere to the sys tem, then give them every facility which other banks have.—(Hear, hear.) The banks ask for the privilege of suing and being sued, aed we intend to amend the law in that respect. The joint-stock banks complain that they are bound by the acts of unauthorised part ners. Now, it seems to me that it is harsh to make any concern answerable for the acts of an individual partner, and we propose to alter the law by making provisions that the acts of individual directors, instead of partners, shall bind the whole concern.—(Hear.) By that means I think we shall compel parties try select competent, efficient, and responsible directors. —(Hear, hear.) Now the great complaint of the joint stock banks in London is this, that they cannot accept bills for a less date than six months, while the private banks have an unlimited power to do so. Now we pro pose to place the joint-stock banks in London upon a perfect equality with the other banks, and to give them the power of accepting bills to any amount or at any date. It is thought by many that such a privilege will be absurd, and that it will lead to small circulation. Now, for my part, I do not see why joint-stock banks should abuse the privilege more than private b an k s . —(H ear , h ear .) But I distinctly state this, that if it is abused—if there is any attempt to circulate small bills to the detriment of the Bank of England I shall not hesitate to apply to Parliament on the sub ject. These are the facilities. I now come to the con ditions I propose to apply to all. We intend to require, in the case of all banks, that there shall be a periodical publication of the names of all directors and partners. The London and Westminster Bank voluntarily do so. Another condition we have a perfect right to exact is, that while we are going to give existing banks the privilege of issue, we are entitled to have an account of that issue. We propose to have a weekly account of the issue of the Bank of England, and I cannot see how any other banks should have any objection to it. They say the effect of this would be, that their rivals would take advantage of a weak place. Now, that is just what I want, as I am sure it will be advantageous to the whole conduct of banking. It is the complete publicity of transactions of this kind that is a sure guarantee against fraud and abuse.—(Hear, hear.) With respect to existing banks, I don't want to pry into their aff a i rs , b ecause I think the attempt to do so would not be very useful. I should not require from any existing banks any formal balance sheets, .because I have had several such balance sbeete and the more I looked at them, the more dissatisfied I was. Many persons thought that joint-stock banks should not have shares of less than 100/. Now, there are many banks which have shares of the value of 201. only, and it would not be right to consolidate those shares, and therefore the Government intend to introduce no measure on the subject. Then, with respect to requiring banks to invest part of their paid-up capital in Government securities, lam afraid I should do no good by Government interference in that respect. Then with respect to future joint-stock banks, we propose that no new joint-stock bank shall be es tablished without application to some department of the Government ; that the bank shall be registered, to gether with the amount of paid-up capital, that the deed of settlement shall be properly drawn up and strictly adhered to. Than deed must also regulate the mode of appointing directors, and, above all, th e means o f issu ing audits. By these means joint-stock banks may be established, entering into negotiations with the Bank of England, and issuing the Bank of England notes as their own issue. Now, we will not exclude from these advantages, if advantages they be, any existing banks. —(Hear, hear.) Now, having made this statement, I will now revert to the position of the Bank of England and its relations with the Government. I said that we intended to call upon the Bank for a division of the issuing of the banking department, that there s h ou ld b e a fixed amount of securities, and that that amo un t should be 14,000,0004—(E - fear, hear.) We p ropose that the Bank shall continue upon its present footing, and that it shall have the power to diminish the amount of its issues. But then we propose this—that every issue that takes place beyond that t l b 4 e ,oo s o, t o a o te o . l. — , t ( h H e e p a r r, ofi b t eoefr.i)t The belong ßae exclusively k sball eetb to allowed to issue notes for more than fourteen millions, e thetha t Gev e r portion n. m without transferring the entire nett plofeethte.—is(sHueeator,thbeeaGno) Butvernm erenbtfoe w rth i e o u fi use off will it e be necessary to introduce some controlling check upon the Bank, be cause if the Bank have an unfettered discretion, they may transfer the profit of that issue to the Go.ver.n enareeneet,edb l ie t s e i e t upon ost sh m ou ay l d s te ll ba b s e e d m --(Cries of " Hear, hear.") We therefore give the unwise e e t e h d a e t e e t h e d e n s - . power of increased issue on deposits, but do not permit any additional issue on securities, except after making a report to the Government, and procuring the assent of three members of it to that issue. Suppose the Bank entered into negotiations with some of the existing banks of issue, that these latter should annihi late 2,000,000/. of their issue, and substitute for this issue two millions of Bank paper ; there would, in that case, be a gap in the circulation of the country to the amount of two millions. It would then be perfectly legi timate on the part of the Bank, as this void would exist, to make an increased issue of notes. But if that issue is made the profit of it will belong to the Govern ment. But, of course, the power to make that increased issue will not depend on the mere will of the Bank, it must have the sanction of three members of the Go vernment.—(Hear, hear.) The only circumstance that can justify this increase of issue on securities is the fill ing up of the void caused by the withdrawal of that amount from circulation. It is for this purpose, and not for the purpose of meddling with the affairs of the Bank, that the Government introduce an additional guarantee that the Bank shall not increase its issue at its discretion. In order to make my statement as full as possible, I will now advert to the question of the legal tender. -There is now a clause in the Bank charter which enables any benk of issue to exchange its notes for notes of the Bank of England. At the time that clause was passed, I opposed it. But while making changes, I think it better to make as few changes as possible, and I therefore propose to continue to tho Bank that power. I now come to the pecuniary arrangements which the Government has made with the Bank. The Bank is to retain the privilege of issuing notes to the amount of 14,000,0001. All issues upon bullion cannot, it is clear, be a source of profit. The Bank does not gain by its issue on gold; but it does gain materially by its issues on security. The gross gain and profit of the Bank is estimated at 420,0001. The Bank, for the advan tage of the public, conducts its affairs in a very liberal manner. It never re-issues a note, but it provides are cord of every note issued for the last ten years, and gives every facility to the public for trac ing the business of the Bank for that period by giving immediate access to the notes thus cancelled. The cost of the issue of notes is about 117,000/., then take this 117,000/. from the 420,0001, and it will leave 303,000/. as the gross profit on the issue of notes. Then there is a deduction to be made of upwards of 60,000/., which .the Bank pays to the Stamp-office on account of the privilege of issuing notes. In addition, there is about 24,000/. more paid by the Bank of England to those county banks, and those banks of issue which un dertake to issue notes of the Bank of England. The result of these several deductions will be, that the nett profit left to the Bank out of 420,000/., will be reduced to 219,000/. We are going to affect the privileges of the Bank to this extent, to give to the public the profit on the issues above a certain amount, and the question is what does the Beak claim in return ? Now, though, in some respects we af fect the interests of the Bank, yet, in some respects, we glee it increased stability • and we, therefore, demand tsehatllbesie•emerarineegtleime e sa e m te e l a e s m at b p e r u e n se d nt ie an e d ay w that the p a y ment by the Bank to the Governinent it th h a t res h p a e v c e never seen men influenced by a more disinterested spirit than the Directors of the Bank have shown throughout the whole course of their negotiations with the Govern ment. They have reconciled two duties, their duty as the managers of that great establishment, and the duty they owe the proprietors. Their chief object has been to prosnote the public interest ; they were unwilling to stipulate fo r any one exclusive privilege ; and, in fact, their conduct throughout has been marked with great liberality and a desire to promote the public interests. We propose that the sum the Bank now pays the Go vernment for their privileges, under the Act of 1833, shall continue the same, namely, 180,0001. I believe the total amount of nett profit the Bank derives from tha issue of notes does not exceed 100,0001. Now, on the other hand, the Government is obliged to pay the Bank 280,0001. a year for the management of the public debt. From that 280,0001. we shall continue to deduct 180,000/., which will so far diminish the pay ment made by the Bank to the Government. Now as to the period of the duration of the Bank charter. We pis:pose to continue the charter for the same term as the present one ; but we intend to vary from it in the con ditions with respect to its revision. On its present conditions the charter would continue for twenty-one years, but a power is given to Parliament to revise it at the end of ten years. If Parliament, however, should suffer that period to pass without giving it that revision, it did not possess the power of going into it again till the lapse of another ten years. We propose that, after the lapse of the first ten years, the Parliament shall have the power of revising it in any one of the suc ceeding ten years, on giving one year's notice of its in tention to de so. Now, with respect to other banks, I trust that it will be considered that we are dealing justly. I wish them to consider that they are to be placed on the same foot ing as the Bank of England. I wish them to consider this as a notice and a long notice, that the Parliament has a right to deal with the private banks, and with banks of issue, as it has done with the Bank of England. I wish it to be considered that from motives of reluct ance to interfere with existing interests and from anxiety not to raise an alarm, or to restrict accommodation, we do not put any restriction in existing banks of issue, but it must be distinctly understood that Parliament has an undoubted right to reconsider this question, and, if it should so please, to establish one central bank of issue, and annihilate all present banks of issue. I now come to the case of the Bank of Ireland. I wish to reserve the consideration of the state of the Bank of Ireland until we shall have established sound principles in England—till we have had opportunity of holding personal communications with those im mediately interested in the currency of that country I am, therefore, not desirous of including in the present Bill any legislative enactment with respect to Scotland or Ireland, except one preventing the establishment of any new joint-stock banks, or banks of issue, unless after a process of registration, subscription to certain rules, and such rules as the Government may think it fit to impose. The case of Ireland is a peculiar one. The privileges of the Bank of Ireland differ, in sonic respects, from the Bank of England. It would require mature considera tion, and that consideration we are prepared to give it if the House will allow us the opportunity of that commu nication with Ireland and Scotland which we think is due to both countries. I have not said a word here of small notes. Let us establish these principles. I do not feel disposed to encumber this question with un necessary difficulty, or bring round my head the storm that I should raise. —(Hear, hear.) This is the way to succeed in legislation—not to provoke any opposition which you are not prepared to overcome. I cannot apolo gise to the House for the length to which I have engaged its attention. The principles I have stated, I believe, are sound, and I wished to make myself intelligible te all. The House, therefore, will not require me to make any apology. I may now place before it a statement, in the way of recapitulation, of my proposal. It is the reten tion by the Bank of England of its present privileges, but restricting its privilege of issue to a circle around the metropolis, of which 65 miles shall be its radius. From the Bank of England we shall require a complete separa tion of accounts, and a separation of departments ; one for banking, and another for issue. The business of the banking department to be governed on perfectly different principles from those which regulate the issue, there being no power to issue a single note in the banking department, except it shall have been received from the issue department. We propose that an issue shall take place of 14,060,0001. upon securities, and the remainder in bullion ; the Bank being at likely to claim from the issuing department as many notes above 14,000,0001. as they may require, the public having a right to receive notes in exchange for its gold, and to demand gold in exchange for its notes. We propose to compel a weekly publication by the Bank of all Its transactions, so that every dealer will be able to regulate his business by a knowledge of the exact state of the issue department of the Bank. We propose that no new bank of issue shall be formed in any part of the United Kingdom, and that no joint-stock bank shall hereafter be established except on a distinct understanding ; the subscription to contain conditions and regulations for audit of their accounts. these regulations are not meant as an interference with the concerns of such establishments, but for insuring all the security that legislation can ensure to the country. Then we propose that existing banks being now banks of issue, shall ceutinue to have that liberty, provided in no case their issue shall exceei a certain definite amount. And we propose that no bank of issue having ceased to exercise its privilege of issuing notes shall afterwards resume it. We propose, that in cases of all banks there shall be a complete and fair publication of the names of all partners. We propose, that in cases of banks of issue, and joint-stock banks, and private banks, which shall choose to retain and exercise its pri vileges—in the case of those banks, as in the case of the Bank of England, we propose a weekly publication of the amount of issues. Thus the Bank of England will know the extent of the issues of other banks, and it will by this regulation be enabled to contract the currency, if contraction be required, at an early period. And there need not be much alarm about this contraction, for, till they shall see means by which they may extend their issues to the maximum amount, there is any easy mode by which they can command the amount of issues in addition to the present amount, namely, by the sale of securities, or the application to the Bank of England for notes, or by exchanging these notes for securities or gold. I believe have now com pleted the task I have undertaken. I have given a full outline of the measure which her Majesty's Government will propose, of the principles upon which it is founded, of the limits beyond which we think it would be unwise to interfere with existing interests. —(Hear.) I ask for no vote or opinion to-night. I hope there will be no expression of individual opinion _s(Hear, hear)--but that the House and individual Members will maturely consider the whole of this great and comprehensive measure in all its parts and probable bearings on the country before pronouncing an opinion either in its favour or against it. In the course of to morrow I will unreservedly lay before the House the correspondence which has taken place between the atGo vernment and th e B ank of England, in which will be I found a more full develop ment of the principles on which we have proceed e d , and a more complete explanation of the terms on - which -we have secur e d th e c o nc urrence f (g o l f ie ea t a h t imßhpaeonarkrt..) n he' to cannot p h o e ss f e do s re s mn i y o a n t tho o an f t tf h that t isl ol d n o hn c e u d m t 00 e n p t ieo i per .— e. 1 70 g sonally a source of gratification if, after the lapse of now a quarter of a century—(Hear, hear)—after pro posing, in 1819, that great measure which has, I trust, for ever abolished the mischief of inconvertible paper— (Cheers) —and placed the currency of the country on a firm basis—l cannot deny, I say, that it will be personally most gratifying to me, if I, as the organ of the Government, shall be successful in inducing the-House to assent to this measure, which is but the complement of that other measure, and which is calculated to fortify and give an assurance of stability to that former one of 1819 by pre venting fluctuations in the medium of exchange.— (Hear, hear.) But my gratificatien will be of a higher and purer nature than any I derive from any satisfaction of mere personal vanity, when I contemplate the suf ferings this country has endured within the last twenty years at the periods of 1826, 1834, and 1839 —when I see the danger incurred, the results which have been produced by the -Bank of Eng land having recourse to foreign establishments— (Hear, hear)—when I see the fluctuations of the currency, the ruin of private fortunes—(Hear, hear) — the defeat of all calculations of commercial enterprise— when I look back to all those things—when I look to details—the failure of joint-stock banks—to the amount of dividends which have been paid; but when I know that the amount of dividends is no test of the circu lation—when I see the sufferings and anxieties of the humbler classes of society—(Hear, hear)—when I see the amount of assets—when, in the case of joint stock banks, though we may know that they are ulti mately solvent, we see the long course and tedious pro cess which creditors have to go through, before they can recover what is due to them—yet, when I see the names of original proprietors having la or 201. shares, and that persons in a humble situation of life are induced by flattering prospectuses to enter into specu lations, and looking to the ruin brought upon them - - I cannot now enter into the details —but when I look to those things—then, indeed, I shall be gratified if I can prevail on the House now to adopt a, measure which will give value and just confidence to the medium of exchange—which shall diminish the inducements to fraudulent speculations, and gambling, and shall insure its just rewards, and just profits, to commercial enter prise, conducted with perfect honesty, and controlled by steady prudence.—(The Right Hon. G ent l eman sat down amidst loud cheers, having occupied three hours in the delivery of his speech.) Lord JOHN RUSSELL said, he presumed the reso lutions would be printed with the correspondence, so that the House might have the whole plan before it. He supposed the Right Hon. Gentleman would give ample time for considering the subject ? Sir ROBERT PEEL said he was anxious to have the subject fully understood, because the more it was under stood, the more he hoped it would be supported. He should therefore be willing to allow ample time for con sideration. Mr. HUME wished to know whether the Right lion. Gentleman would give a return of the number and names of all the banks that had failed ? Sir ROBERT PEEL said he had no objection to give a return of the names of all the joint-stock banks which had failed, and he would also give a return of the number of private banks, but he would not give their names. Mr. HUME asked whether he would give a return of of the loss to the depositors ? Sir R. PEEL said that if the Hon. Gentleman would put his question in a proper shape he would be ready on another occasion to give an answer. 1)r. BOWRING said it would be important to know the loss to the public. - Mr.-BULLER- wished to know whether it would be possible fur the Right Hon. Gentleman, in that return, to inform the House what amount of *notes were outstand ing for each bank at th. 3 time of its failure. Sir R. PEEL replied in the affirmative. Ur. GISBORNE wished to know whether, if he had a note to be changed. he should take it to the Issue-office or the Bank department. Sir R. PEEL was understood to say that it would be optional. In answer to a question from Mr. S. WORTLEY, resenting the right of existing banks to continue the number of their branches, Sir R. PEEL said that he was very unwilling unne ce3surily to interfere with the privileges of existing banks as to the number of branches they might have. But with regard to new banks, if it should be desirable to provide that no branch should be established within ten or twenty miles from the parent bank, it would be easy to provide for that.. Mr. S. WORTLEY said there was evidence taken before Committees of the House showing that a prac tice prevailed of one branch not paying the notes issued by another branch. He wished to know if that was con trary to law ? Sir R. PEEL apprehended that it was contrary to law. Mr. P. M. STEWART wished to know if the notes of these banks of issue would be received in payment on account of the revenue. Sir R. PEEL—Certainly not. Mr. M. PHILIPS wished to know whether it was the intention of the Government that there should be a general return of the stock, bullion, &c., from each bank, or whether a separate return from each branch established in the country would be required ? Sir R. PEEL said it would be difficult to make the returns simultaneously, but he hoped the Hon. Gentle man would allow him time to prepare an answer. Mr. M. PHILIPS wished to know whether the re turns of stock, bullion, &c., would be published in the Gazette? Sir R. PEEL said he did not as yet know whether the returns would be published in the London Gazette or in a separate publication of a similar description. The following resolutions were then read:- 1. That it is expedient to continue to the Bank of Eng land, for a time to be limited, certain of the, privileges now by law vested in that Corporation, subject to such con ditions as may be provided by any Act to be passed for that purpose. 2. That it isexpedient to provide by law that the Bank of England should henceforth be divided into two separate de partments —one exclusively confined to the issue and circula tion of notes—the other to the conduct of banking business. 3. That it is expedient to limit the amount of securities upon which it shall henceforth be lawful for the Bank of England to issue promissory notes payable to bearer on demand, and that such amount shall only be increased under certain con ditions to be prescribed by law. 4. That it is expedient to provide by law that a weekly publication should be made by the Bank of England of the state both of the circulation and of the banking de partments. 5. That it is expedient to repeal the law which subjects the notes of the Bank of England to the payment of the com position for stamp duty. 8. That in consideration of the privileges to be continued to the Bank of England, the rate of fixed annual payment to be made by the Bank to the public shall be 180,0001. per annum, and shall be defrayed by deducting the said sum from the sum now by law payable to the Bank, for the manage ment of the public debt. 7. That in the event of any increase of the securities upon which it shall be lawful for the Bank of England to issue such promissory notes, as aforesaid, a further annual payment shall be made by the Bank of England to the public, over and above the said fixed payment of 180,0001., equal in amount to the nett profit derived from the promissory notes issued on such additional securities. 8. That it is expedient to prohibit by law the issue of promissory notes payable to bearer on demand, by any bank not now issuing such notes, or by any bank hereafter to be established in any part of the United Kingdom. 9. That it is expedient to provide by law that such banks in England and Wales as now issue promissory notes payable to bearer on demand shall continue to issue such notes, subject to such conditions and to such limitations as to the amount of ,issue as may be provided for by any Act to be passed for that purpose. 10. That it is expedient to provide by law for the weekly publication of the amount of promissory notes payable to bearer on demand, circulated by any bank authorised to issue such notes. 11. That it is expedient to make further provision by law with regard to joint-stock banking . companies. The House resumed, the Chairman reported progress, and obtained leave to sit again on this day fortnight. FACTORIES BILL—COMMITTEE. On the motion of Sir J. GRAHAM, the House went into Committee on the Factories Bill ; Mr. GREENE in the Chair. On the 22d clause, which relates to compensation for accidents to operatives in factories, being read, Mr. MARK PHILIPS objected to the clause, on the ground that it was not called for. They might just as well legislate for accidents occurring in the ordinary course of domestic life. Dr. BOWRING and Mr. HUME also objected to the clause. Sir J. GRAHAM said that the clause was in accord ance with the recommendations of the Committee of 1841. Dr. BOWRING cited a return to show that fatal acci dents occurred only to ten persons out of 116,000 opera tives in factories, in the course of a year ; and he con tended that in such a state of things there should not be that interference in the management of factories which this clause proposed. Sir. J.' GRAHAM said that if accidents were so rare, still more rare would prosecutions be. The power given by this clause was not likely to be abused, and he con sidered it of great value. Mr. BERNAL said that the return quoted by the Hon. Member for Bolton (Dr. Bowring) contained fatal accidents only, and made no mention of those accidents that were more likely to occur in factories, such as the mutilation and maiming of limbs, which might disable a man for life. It could not, therefore, be relied on in the present case. Mr. AL PHILIPS thought the return a very fair one. It showed that the fatal accidents in cotton factories were in the proportion of 29 to 85 to those in coal-pits, and it was a fair inference that the same proportion existed in minor accidents. Mr. HUME asked why it was the Government had not got a return respecting accidents in factories for the last ten years? The Government had it in their power to collect the requisite information. He thought that there ought to be some general account of how matters really were in this respect, to show that they were war ranted in such interference. "Sir J. GRAHAM, at the suggestion of Mr. C. Wood, consented to an alteration in the clause, allowing twenty four hours' notice to be sent by a messenger. The clause, with amendments, was agreed to. Clause 23 was also agreed to. dejs In O t n ,r. .b c e l i a iin u ug s I pf 2 rEo 4 p , mor proposed, v a d e t , i d n g t o to i n prosecutions o r in d case s ,p r o o f v a i caceid such machinery shall not be properly secured and guarded as required by this Act." Sir J. GRAHAM opposed the clause, on the ground that if an action were commenced, and it should turn out the machine had been properly guarded, no damages would, in that case be awarded. It was a question-en tirely for the jury. The amendment was negatived, and the clause agreed to. Clauses 25 and 26 were agreed to without discussion. On the reading of clause 37, M. r. STRUTT obje c t e d t o th at port i on of the clause which would render the owners of mills liable to actions under circumstances in which they must be sure to suffer heavy costs, whether they had infringed the laws or not. He moved the omission of that part of the clause. Sir JAMES GRAHAM did not think that the clause would, as it stood, have so much hardship in effect as the lion. Member supposed. The Right Ildif. i ßarenet suggested a verbal amendment, which would remove all possibility of doubt as to the intention of the Legis lature. The amendment was after a short conversation con sented to, and the clause so amended was agreed to. Clause 28 was also agreed to with verbal amendments. On the reading of clause 29, to the effect that children above the age of eight years might be employed in factories, Mr. FOX MAULE said that this was an innovation against the children, for, as the practice was at present, children under the age of nine years were not allowed to be employed. Mr. FIELDEN opposed the clause, and assured the Right Hon. Baronet, from his own practical experience, that (as we understood the Hon. Member, who spoke at some length, but in a tone scarcely audible) children of so tender an age were not capable of enduring the labour of the factory. He moved that the clause be omitted. Sir JAMES GRAHAM said that the clause, taken with that which followed (the 30th clause), would greatly limit the hours of labour during which children should be employed. The hours of labour for young children would be restricted to six hours and a half.—(Hear.) Mr. FOX MAULE was disposed to support the mo tion of the Hon, Member for Oldham. He did not think that the additional protection to be afforded- to the children would be a compensation for their employment at so early an age as eight years. Sir J. JAMES GRAHAM said he would take the sense of the Committee, if the Hon. Member for Oldham persevered in his amendment. Mr. FIELDEN again addressed the Committee in support of his amendment. Mr. AGLIONBY wished the Hon. Member for Old ham would repeat what he had said at the table, for really no one had heard what he said—(Laughter) —and if he meant to divide the Committee, it would be most desirable that gentlemen should be able to understand what were the reasons derived from his great practical experience, upon which he now opposed the clause. After a few words from Mr. FIELDEN, Strangers were ordered to withdraw. The Committee then divided, when there were— For the clause For Mr. Fieldea's Amendment Majority —97 On the 30th clause being proposed, for regulating the manner in which relays of children were to be worked, Mr. STUART WORTLEY expressed a wish for a relaxation of some of the provisions of the clause. In places where there was a dense population the clause would work well, but it would inflict great hardship in places where the population was scattered, more espe cially in mills which were worked by water power. He therefore put it to the Right Hon. Baronet whether it would not be right to introduce some relaxation of the clause. Mr. STRUTT said the effect of the clause would be to destroy all the small manufacturers. It would inflict great injury upon the woollen manufacture which was carried on in country places, where it would be, in many instances, impossible to procure relays of children. H e therefore proposed the addition of a proviso, to the effect that if it could be proved to the satisfaction of the in spector, that from local or other causes great inconveni ence would arise in the working of woollen mills driven by waterpower, in consequence of the enactment f this Secretary clause, it should be in the power o f the of State for the Home Department to issue a license autho rising the working of children in those mills for any period not exceeding eight hours in th e d ay, or forty eight hours in the week. Om J. GRAHAM opposed the proviso. The clause, THE SUN, LONDON, TUESDAY EVENING, MAY 7, 1844. Clause 32 was then proposed. Viscount EBRINGTON opposed it. He was not satisfied with the arrangements with re-pect to adult labour, and he should, therefore, move the expunging of the - clause. Mr. HUME would vote against the clause, consider ing that it offered a premium to prostitution under the disguise of morality. Mr. F. MAULE objected to the clause, but trusted the Noble Lord would not divide upon it. Mr. HINDLEY objected to the clause. Lord EBRING TON said his only object was to re cord his vote againq the clause. He was in the hands of the Committee whether he should divide or not. After some short discussion, Mr. HUME said he was determined to divide the Committee upon the clause. Strangers were then ordered to withdraw, and the Committee divided, when there appeared— For the clause.. 161 Against it 22 Majority in favour of the el jor..y of cause... 139 The clause was then ordered to stand part of the Bih, Clauses up to 36 were agreed to with a few verba, amendments. On clause 37 being proposed, Lord J. MANNERS moved the amendment of which he had given notice, that the words " Good Friday and Ascension Day," be substituted for the words " Good Friday," as a day to be observed by a cessation of labour. The day he proposed to add was peculiarly fitted, by the time of the year at which it occurred, for the amuse ment and recreation of the working-people. With every anxiety to promote the views of the Noble Lord the Member for Dorsetshire, he thought it would be to the advantage of the working-classes that they should have one clear day ; though their hours of labour might be limited, yet they could not have much time for recrea tion.. He, therefore, moved the insertion of the words as an amendment. Mr. COLLETT would have no objection to the day as a day of amusement, but as it was a mixing up religious observances with that relaxation, he should oppose it. Mr. WARBURTON said if a holiday was required, they had better take the Queen's Birth-day than • one that was no longer celebrated as a festival even in their owa church.—(oh, oh.) At all events it was not cele brated by him.—(Laughter.) Sir J. GRAHAM said the present clause was only in tended to give effect to the existing law. He was not prepared to enter into the discussion of the day, nor could he support the amendment. Mr. M. PHILIPS said if the working people were desirous of a holiday, they had only to represent it to their employers, and they would obtain k. The question was then put, and the CHAIRMAN de clared that the Noes had it, but a divisioa was de , manded, and the numbers were— For the amendment • 26 Against it ll5 Majority against the amendment -89 Clause 38 was agreed to. - On clause 39 being put, Mr. HAWES moved the followino. vided always, that if an inspect or , on his personal exa mination, or on the report of a sub-inspector, shall be oi opinion that any schoolmaster who grants certificates of the school attendance of children employed in a fac tory, is unfit to instruct children by reason of his in capacity to teach them to read and write, from his gross ignorance, or from his not having the books and ma terials necessary to teach reading and writing, or because of his immoral conduct, or of his continued neglect to fill up and sign the certificates of school attendance required by this Act, the inspector or sub-inspector of the district may annul any certificate granted by such dis qualified schoolmaster, by a notice in writing addressed to the occupier of the factory in which the children named in the certificate are employed, or his principal agent, setting forth the grounds on which he deems such schoolmaster to be unfit ; and after the date of such notice, no certificate of school attendance granted by such schoolmaster shall be valid for the purposes of this Act, unless with the consent in writing of the inspector of the district ; but no in spector shall annul any such certificate unless in the aforesaid notice he shall name some other school, situated within two miles of the factory where the children named in the certificate are employed. Provided, also, that any schoolmaster whose certificate shall have been annulled, or the occupier of the factory in which the children named in the said certificate are employed, on behalf of „the schoolmaster, may appeal to the Secretary of State against such decision of the inspector, and the Secretary of State may, if he think fit, rescind such decision. Provided also, that every inspector shall, in his annual report to the Se cretary of State for the Home Departinent, stikte the instances (if any) in which lie shall have had occasion to annul any such certificate, together with the reasons which he has in each case assigned for so doing. The proviso was ag reed to, and the clause passed. Clauses from 40 to 44, inclusive, were agreed to, with a few verbal amendments. On clause 45, which related to costs, being proposed, Mr. GRANGER objected to the power proposed to be given by the clause of seizing all goods found on the premises. He thought that the onus of proving that the goods belonged to the party subject to the seizure should lie with the party levying the distress. After a desultory, conversation, in which Mr, Aglionby, Mr. Stuart Wortley, and several other Hon, Members took part, Strangers were ordered to withdraw, and the Com mittee divided, when the numbers were, - For the clause 77 For the amendment 22 Majority Clauses up to 64, inclusive, were agreed to with some verbal amendments. Clauses 65, 66, 67, and 68, were then agreed to. Clause 69 was then proposed, and, after a short dis cussion agreed to, as were also clauses 70, 71, and 72. The remaining clauses were then agreed to without discussion. The House then resumed, and the Chairman reported prozress. The Gold and Silver Wares Bill went through Com mittee. The House then went into Committee of Ways and Means, when the 2d,:3d, and sth resolutions relative, to the alterations of duties proposed in the Budget, were agreed to, and the House resumed. The House then adjourned at aQuarter to Two o'clock. • On Tuesday morning last this town was thrown into a state of consternation by its being reported that James Thompson, Esq., the late chief constable, had died suddenly at Harrogate on the previous day. On making inquiry we found that the report was too true. It appears that Mr. Thompson, who had been a few days at Harrogate, had retired, on the Monday evening, to rest before the family with whom he was staying; immediately after getting to bed, it is said he was seized with illness, and got up and dressed himself, and requested a friend who was at Harrogate with just him to be sent for. His fri en d arr i ve d only before life was extinct. Mr. Thompson was much respected in the,town by men of all parties. It is somewhat singular ' that the late Mr. Hartley called at our office with the information of the death of Mr. Rishworth, the banker; in a very short time we had to announce Mr. Hartley's decease, Mr. Thompson being one of the first to inform us of it, little expecting that we should so soon have to chronicle him in our obituary. How true that in " the midst of life we are in death. "—Wakefield Journal. SIGHT AND HEARING TESTIMONIALS, 39, ALBE.. MA RLE -STREET, PICCADILLY.—Major -General Sir Ho ward Elphinstone begs to say that the Spectacles he has now had some time in use. have fully redeemed the ' assurance of the Messrs. S. and B. Solomons as to their excellence, excellence, and having found so m uc h c omfort andtid vantage from their use, far preferable to every ot h er From kind of glasses, 13, Norfolk-street, Park lane.—From and B. So the Hon. George Cavendish, to Messrs. S. lomons, 39, Albemarle-street, Piccadilly, York Hotel.—Gentlemen, I approvelha ve ve r- made use of y mucha opposite o f theth e Spectacles I purchased from you h les a s ny inc to on e v n e: able me to see equal to glasses for many years, yoursandandneve.r yours obediently, G. Caven. inconve nience to my eyes. I am, dish, Leixlip comfort m e Ni t 'i w t t and advantage be Castle, Ireland General Browne Clayton feels desirous to express the 7o the use of Messrs. S. and B. Solo has derived, at his advanced age of years, and after two years' trial, from dSpectacles. Their valuable mons' Newly in ventions fully merit the patronage they have received. Address, Adlington Hall, Lancashire.--Improved Achro matic Telescopes, Opera Glasses, Microscopes, &e., of the same kind of Lenses, to surpass any ever yet in yonted.—The Hessrs. S. and B. Solomons' Invisible Operative Voice Conductor Sound Magnifiers, for deaf persons, give immediate relief to old standing extreme cases mon, s o so f e t d i o e i a a fn n s e s s a . n — d C A a u u t r i i o s n t not i ssrs Sn. anyan i ß v a . y S c o o l n o -- nected with a person of the same name in their imme diate neighbourhood, nor in an y part oft h e country. T o prevent mistakes be cautious, and observe—Only to be had at 39, Albemarle -street, Piccadilly, opposite the York Hotel. ADVERTISEMENT.]—NEW AND UNPARALLELED CURE BY HOLLOWAY'S OINTMENT AND PILLS.—A poor woman residing at Leeds, and another at Manchester, would, from cancerous breasts, have lost their lives but for these miraculous medicines. A discharged soldier at Chatham prevented the amputation of his leg, which was in a mass of ulcerations, by the great powers of the ointment and pills. A young man in the neighbourhood of Croydon has completely recovered the use of his limbs, which were paralysed, by undergoing a regular course of these wonderful remedies. They cure every settled ache or pain, even if of twenty years' standing. Sold at Professor Irollowai , 's establishment, 244, Strand, (where advice may be ha - cl gratis), and by almcst all respectable venders of medicine throughout the civilised world. as it stood, was in exact conformity with the recommen dations of the Select Committee. The effect of the clause would be to render the employment of four chil dren necessary where three were now employed ; but as a countervailing advantage, the age at which children might be employed was reduced from nine to . eight years of age. The provisions of the ful:owing clause, which allowed children of thirte en t o wor k on alternate days for ten hours, had been introduced at the recommenda tion of parties - connected with the woollen manufacture, and employing water power. They were meant to meet the case where a supply of children was scanty. Mr. C. WOOD supported the clause as it originally stood. The advantages of the relay system were very great, and he had been informed by manufacturers who had adopted the relay system, that they felt no inconve aienco in obtaining relays. The plan afforded the chil dren an additional hour a day for attendance at school. Mr. ALDAM said that the effect of the clause would be to make manufacturers concentrate themselves in large towns. The clause was agreed to after some further discussion. Clause 3 t was then proposed, and after a few words from Mr. HINDLEY and Mr. COLLETT, was agreed to. . COURT CIRCULAR. TIE QUEEN DOIVAGEIt—IIer" Majesty, we are gratified to state, is very much better. Yesterday her Majesty left Marlborough House in an open barouche and. four, attended by the Hon. Charlotte Hudson, Maid of Honour in Waiting, and took an airing for the fir: t time since her recent indispo sition. After a long drive her Majesty returned.to Marlbo rough House. TILE 'DUCHESS or GLOUCESTER. —Her Royal Highness continue.; slowly but grad ua ll y to recover from the effects of her recent accident,. The Nobility and Gentry called yester day at Gloucester House to inquire after the health of her Royal Highness. The Queen and Prince Albert took an airing late on Sun day afternoon in the vicinity of Claremont in a pony car riage. Yesterday morning, at 10 o'clock, his Royal Highness Prince Albert left Claremont on horseback, attended by Colonel Wylde, Equerry in Waiting, and rode to Richmond. His Royal Highness left Richmond in a travelling carriage and four for town, and proceeded to the Hanover-square Rooms, where his Royal Highness remained during the re hearsal of the Concert of Ancient Music, which had been se lected by his Royal Highness, the Prince being the director orthe concert to-morrow. After the rehearsal, Prince Albert, attended by Colonel 'Arylde, went from the Hanover-square Rooms to Buckingham Palace, where his Royal Highness arrived at ten minutes past two o'clock. The Prince, after lunching at the Palace, took his departure in a carriage and four, and returned to Claremont at half-past four o'clock, attended by Col. Wyldo. Their Royal Highnesses the Prince of Wales, the Princess Royal, and the Princess Alice, were taken airings yesterday in Claremont Park. The Hon. and Rev. C. Leslie C►urtenay took his departure from Claremont yesterday. His Royal Highness the Duke of Cambridge left town on Sunday evening, for his residence at Kew. The Governor of the Bank of England, and the Deputy- Governor had an interview with the Chancellor of the Ex chaquer yesterday, at his official residence in Downing-street. SP ORTING INTELLIGENCE. --..---- TAT TERSALL'S.—YEsTERDAT. MATCH.-THIS DAY. Even betting between Semiseria and Extempore. SUFFOLK STAKES.-WEDNESDAY. 6 to 4 agst Mr. Williamson's the Cure—taken 9 to 4 agst Duke of Bedford's Minotaur 6 to 4 offered on the two The following horses, engaged in this stake, are now at Newm arket: —Semiseria, Scalteen, I- am-not-aware, Minotaur, Cataract, Albion, Hartshorn, Sister to Potentia, the Cure, Bourra Tomacha, the M an t o fill y , B uzz, Deuce ' Ace, Lucy Long, and Candidate. Ben-y-Ghlo and St. Lawrence were expected yesterday. Semiseria, the Manto filly, and two or three others are not expected to run. THE DERBY. 5 to 2 agst Mr. Crockford's Ratan 5 to 2 aget Mr. John Day's The Ugly Buck 10 to 1 agst Mr. Lichtwald's Leander—t and aft off 20 to 1 agst Col. Peel's Orlando 20 to 1 agst Col. Peel's lonian 25 to I agA Sir G. Heathcote's Campanero—taken 25 to 1 agst Sir G. Heathcote's Akbar—t and aft off 25 to 1 agst Mr. Osborne's Mount Charles - 25 to 1 agst Mr. Wood's Running Rein 30 to 1 agst Mr. Ongley's King of the Gipsies—taken 35 to 1 agst Mr. Quin's Loadstone—take 40 to 1 1000 to 15 agst Mr. Quin named Foig-a-ballagh—taken 40 to 1 agst Mr. Ford's Qui Tani—taken 1000 to 15 agst Dawson's lot—taken 20 to 1 agst Ugly Buck winning this and St. Leger—t 5 to 1 on U g l y B uc k agst Akbar—taken A liberal outlay upon the Ugly Buck at 3 to 1, and repeated offers to go on had the effect of making him quite as good a favourite as Ratan, upon whom we did not see any money laid outright. The betting touched upon most of the other favourites, but generally in small sums, and without much influence on their positions. lonian was backed at - erre period at . lB to 1, but went back a couple of points and finished without friends, Orlando once more being in the ascendant. A reported trial of Sir G. Heathcote's horses, in which Akbar was second best, and Campanero beaten 100 yards ; and from' which arose the offer of 40 to 1 mentioned in our last, would appear to have been all moonshine, as nothing said or done yesterday will justify our quoting either of them at more than 25 to 1. OAKS. 7 to 1 agst Mr. Osbaldeston's sister to Martingale—t. 7 to 1 agst Mr. Gregory's Barricade. 12 to 1 agst Duke of Rutland's Crenoline—taken freely. 12 to 1 agst Lord Exeter's Merope (14 to 1 laid once). 30 to 1 agst Mr. Gratwicke's Cestus filly—taken. 40 to 1 agst Mr. Dixon's Arethusa—taken. NEWMARKET SECOND SPRING MEETING. The matches between Oakley and St. Lawrence, and Oakley and Emma, will not be run; nor will any of the Duke of Portland's horses start. It is said lonian will run for the T.M.M. Plate. INTELLIGENCE EXTRA. MANCHESTER, 1844.—TuEsDAy. Handicap for the Manchester Cup, added to a Sweepstakes of 20 soys. each, 10 ft, and 5 ft if declared on or before Monday next. Aristotle, 5 yrs, 9st—Winesour, 4yrs, Bst 61b—Trueboy, 4 vrs, Bst 21b—David, 5 yrs, Sat 21b—Thirsk, 6 yrs, Bst The Bashaw, 4 yrs , 7st 121b—Lady Mary, 6 y r s, 7 s t 101 b Hooton, 4 yrs, 7 s t b—The Attorney-General, 4 yrs, 7st 71b —Red Rose, 6 yrs, 7st 61b--The Biddy, 5 yrs, 7st 41b—Irony, 5 yrs, 7st 41b—.Naworth, aged, 7st 41b—Aurungzebe, 4 yrs, 7st—Jamie Falshaw, 4 yrs, Est 121b—Betsy Bird, 4 yrs, 6st 101b—Vin Ordinaire, 3 yrs, sst 101 b—Ambition, 3 yrs, sst 101b—Mickey Free, 3 yrs, sst 101b—Polish, 4 yrs, paid. WEDNESDAY. A Cup of 100 soys. given by the Owners of the Race-course, added to a Handicap of 15 sovs. each, 10 ft, and 5 only if declared on or before Monday next. Aristides, 4 yrs, Bst 91b—Philip, 4 yrs, Bst 91b—David, 5 yrs, Bst 61b—Margaret, aged, 7st 91b—Hudibras, 6 yrs, 7st Gib—The Biddy, 5 yrs, 7st 51b—Palnrnon, 6 yrs, 7st 41b —Brevity, 4 yrs, 7st 21b—The Attorney-General, 4 yrs, 7st 21b—Broadholm, 4 yrs, 7st 21b—Poussin, 4 yrs, 7st—Na worth, aged, 7st—The Dog Billy, 3 yrs, Est 81b—Mole catcher, 3 vrs, Ordinaire, 3 yrs, 6st—Dr. Husband, 3 yrs, 6st—Mickey Free, 3 yrs, sst 101b—Fair Ellen, 4 yrs, sst 101b—Miniature, 4 yrs, sst—Polish, 4 yrs, and Lady Mil ton, 4 yrs, paid. Another incendiatw fire took place at Exning, about two miles from Newmarket, on Saturday night. The farm destroyed is the property of Mr. Stigwood. The extent of the mischief had not transpired wh en our l e tt er was poi • TRACTARIAN INSPECTORS OF SCHOOLS. TO THE EDITOR OF THE SUN. SlR—The Ministry, through a subservient majority, have succeeded in throwing cut Mr. Fox Maule's Bib. The Scotch Universities are still to be branded with religion tests. It matters little, perhaps, to the Free Independent Church of Scotland ; but it may prove fatal to the Established Church—the Church of the minority. _ _ _ While the Ministry impose this stigma upon Scot land, what, I ask, ought to be the feelings of England, when it knows that open anl avowed Tractarians of the Oxford school have been appointed to watch over, direct, and guide the education of the fourth of the country ? I refer to the Gazette of the 19th of April last, in which appeared the names of three additional inspectors of schools, and amongst them was the name of a clergyman of acknowledged and avowed High Church, Tractarian views. Stockport will supply the illustration. Lord ‘Vharncliffe, as President or the Council, is at the head of the Educational Committee. To him be longs the responsibility of this appointment. London, May 3, 1844. A PRESBYTERIAN. --- THE EXCHEQUER.—An account has been pub shed, by order of the House of Commons, of all monies received during the year ended April 5, 1844, to the ac count of her Majesty's Exchequer at the Bank of Eng land and Of - Ireland ; the amount of all Royal orders and Treasury warrants received ; and of the credits and transfers made by the Controller-General of the Ex chequer, the payments by the Bank of England, and the balance remaining to the account of the Exchequer at each bank on the sth day of April, 1844 (Good Friday), per Act of 4th William, cap. 15. It appears, from the paper thus prepared by the clerks of the Exchequer offices, that the total receipts during the past year, 1843, amounted to the sum of 77,024,004/. •, that there re mained a balance of income in the Bank of England on Good Friday last amounting to 1,679,5781. and one i n the Bank of Ireland amounting to 633,671;ma 1,, altogether a gross sum total amounting to 79 ,3 37,254!. on the The balance of credits at the Bank of En gland B.id on the sth of April, 1813, amounted to 65%87 , sth of April, 1844, to 601,264/. d The to ta l paymentspast year made by the Bank of England _ , Oakley l3NAY and NEXT t . kat Second Spring Meeting—The Suffolk MAY 12.—Newmarket " BELL'S L . amounted altogether Le the sum of 73,279_,6, Handicap and important hambury Races—Shrewsbury and other of &or Steeple-chasing, and Fox-hunting at Rome Lawrence—Semiserm and Extempore—Pegasus's fore atheringslFß 'tanlNt rni:Nclpie:llbetwoeren daces — Ra cing, _Angling, by Ephemera—The Cricketters' Register-- Aquatics —Sailing-matches and Regattas on the Thames— P e d es trianism —Coursing—Alphabetical Li s t o f " R un-up Dogs ”_...pigeon Shooting—Fancy d o i ngs on Tuesday, and orßtienlglevLarifieetoiefsinstPsriunce Sunday, May 5, , g fi a d v . e o t ffi kr c ee e, thel7o, usual Strand. p long and wide folio colum ns o f C hester Races, 100 advertise ments connected with s p ort i ng matters, Marylebone, Cam bridge and Oxford Cricketting, Meetings S eettugs ofthe Royal Thames Yacht and Thames Regatta Clubs, &c. BRIDGE OVER TUE SEVERN.--The project of a bridge over the Severn at Newnham, is, we under stand, connected with the contemplated Railway, to be called the " South Wales and Great Western Union Railway," communicating with the Great Western Branch near Gloucester, and leading through Mon mouth, Chepstow, Newport, Neath, and Carmarthen, to Pembroke ; thus giving a direct communication w ith the South of Ireland. The estimate for this line is about 2,500,000 L, and so abundant is capital that sub scriptions are fast filling up. Mr. Brunel is the engioeer. employed.— Wiltshire Independent. THE FACTORY BILL AND LORD ASHLEY.—The . Noble Lord the Member for the c o un ty o f Dorsetshire, gave formal notice on Friday ni g ht, th a t on the third' reading of the Factories Bill (N o . 2) he will propose the: following clause after clause 31.—" And be it enacte d , &c., that from and after the Ist day of October, in the present year, no young person shall be employed in or m day, a o n r y e factory more than eleven hours in any week; and and that from than sixty-four hours in any one and after tho Ist day of October, 184 7 , no young person shall be employed in any factory more t h an ten hours in any one day, or more th a n fifty-eight hours in any one convicted of week; and that any person who shall b person for any longer time th an employing a youti ,e. is in and by this clause permitted , shall for every such offence be adjudged to pay a penalty of not less than 31, and not more than 10/." OLYMPIC THEATRE.—Mr. C. Baker, late stage manag,r at this establishment, takes a benefit there this evening. The merits of this gentleman are too well known to require to be particularised, but his politeness and gentlemanly deportment on all occasions cannot be 3 too warmly commended. After having sustained a long and severe illness, we hope the public will not overlook his claims to kindness and sympathy. The performances announced are not only ample, but highly attractive, embracing a combination and variety of talent seldom witnessed on the same boards on the same evening.