The Sun. — London, England, 1836-05-13 00:00:00

a t , dlhan • q. ti e I 1 !37 far the ;-•reater portion of joint-stock banks at is a Ileetthilate course of proceeding on the part of that ft d ; an y I)lnut existing the ultimate solvency could not be doubt - - I t'Mitt)ration, combining, as it evidently does combine, an by how flightful a b e Put to th process would that salt increase of the currency, which may not be required, with but c test ! But the mere misery thus 'aeated is a temptation to the joint-stocks thus supplied with their a should small portion, of the evil to be dreadeel, If a period notes to afford indiscreet accommodation, Another prace ma ever erri • sho u ld b ain which several of those establishments tics to which I may allude of these companies is the making against jecome embarrassed, and itval proceedings be had advance' on tio , iP Will shares—a practice cleaely liable to would • shar e h o ld ers it is certain th a t susp i c i on a b use, Ag a w hi ch might, if carried td its ties3ible extent, arise gene ra lly with regard to shareholders in all dcptive the public of the whole tk.etttrity apparently afforded S uch con ee , - rated th . • The House will not think that I have °vet , by a paid-up eapital.. seme of the Companies now in the c mind th, portancc of this consideration when it bears in course of fetatition propose in their advertiseinentS to a nearly sixteen thousand persons, many of them make to their shareholders an advanee equal to two coeutor,,.. to. -lel men of considerable eminence in the great tititat a what they may pay en thtir shares. The prac eme.,e England, are partners in these Companies. Them rise, again, of reserving thres on the first formation of are of aer evils attendant on the present state of the law a Company to le lS'eued subsequently at a premikti has al y t tu joint-stock banks of no inconsiderable inegnitude. I been reseetied to by Companies highly re'aliettable ; and it 4 , v il e ° Igh trifling compared with those to which I have jest wale We e d, h a rdly to be exoeted that any companies 10e3t, the I d. Prominent among these is the facility afforded should hesitate to avail. enmselves of a profit so easy, and lnent existing law for getting un in a moment of recite- which th e Legislature had taken no steps to discourage. bubble companies—compeAcs, I mean, of which the It is, however, in my opinion, a source of profit inad -I::thpetors have no other object than to make a profit by miscible under a sound system, opening the door, as I conceive in th e shares. It is scarcely possible, indeed, to have already said, to delusion, and leading to the con. ti u n a n e l i r v id e a state of the "taw affording a more direct tempta- coction of schemes having no other object than jobbing tinder ..encourageme•at, to such schemes than the present. and speculation in shares. I ought not to omit to men ;__ George IV ,, a company for joint-stock bank- tion that some of the existing joint-stock banking com -4_l'3 may be forme?, with a nominal capital, we will . suppose panics, and among the most respectable too, have availed 'w a million-1%) OM shar es o f 1001. each—it may com- themselves to an extent which I considered inexpedient me n businee '5OO to can t , - A with or 100 shares really taken—f or cf the permission of the Legislature to establish branches. ! itute. eient the company according to the Act, it is suffi- Some have from forty to fifty branches, the most re the, that half-a-dozen shareholders and two officers enter mote from the centre being one or two hundred ;` - s narae. s at the Stamp-office. Upon those shares 40s. miles apart. And noW, Sir, havine stated what I con'. Ili • etch may be paid up, for the Act requires no paid ceive to be the defects in the laws b by which joint-stock , utt P4 Pital ; and if the projectors can provide funds to pro- banking is regulated, and adverted to the evidence which I maho gany d es k s and brass door-plates, they are autho- existing circumstances afford of the evil consequences flow lsed to establish bran c h b an k s i n every town i n the king- ing from these defects, it is my duty to point out how rellr sixty-fire miles from the metropolis, for in the Act those defects may be remedied. lam convinced that the , e is n o li m i tat i on of the number. A fictitious dividend defects in our present system are capable of remedy ; and I 4 ', 3he declared, for the Act prescribes no publicity—and, shall, therefore, in conclusion, state briefly the nature of h _ e 7,10) this, or' any other contrivance, the shares have the remedy I would recommend. It consists merely in the raised to a premium, the reserved shares may b e adoption of three great principles—limited liability, paid !vled—the profit thus obtained furnishing a fund from up capital, and perfect publicity. Of these three, I have r tueli further dividends may be made and fresh delusions no hesitation in sayin" , that I must rely on the first, with practised on the public. Even the principle of responsi- out which, indeed,. the two latter will be comparatively. of ~_l lt 3' of the individual shareholder is it-I.th existing law by little value. By permitting only joint-stock banks, with ';'ootmeans efficiently worked out. Having, Sir, now st a t e d limited liability, I would crush at once the spurious credit he House what I conceive to be the defects 'in the ex- at present enjoyed by these establishments from the re 1111g law, and the evils likely to flow from those defects, it sponsibility of the individual shareholders, and -reduce 3 , mbe exttected that I s h a ll state to w h at extent ex i sting the credit to be obtained by a joint-stock bank, with i!'ettstarices illustrate the arguments I have used, and in its legitimate bounds--viz ,to the exact extent of its s.lvrbether t h ere b e any symptoms indicating the near ap- paid-up and available money. It is impossible, in my P °a d'. of tho se d angers and inconvoniencies which I h ave o pi n i on , th at t hi s H ouse, or the public, can be too at ated to be, in my apprehension, of probable occurrence, deeply impressed with the importance of this principle. 111 the „, first pla ce it w ill b e o b served, that a large propor- The collection and distribution of monied capital, is "Kin of the joint-stock banks comprehended in the return the only legitimate object of banking. The money actually e e the tabl e —th e on l y b an k s yet fa i rly in operation —were possessed by a bank, or held by it on the deposit, is stabli s h e d b e f ore the present excitement, and are, there- the only sure and safe basis on which its engagements, and fo re, not open to the suspicion of being got up with any the extent of the accommodation it should afford, can be "tiler than the avowed object. In the next place, lam calculated. All credit beyond this is spurious and unsafe. quite persuaded that, with regard to very many of these To encourage the intervention in the monetary system of establishments no no want of cau ti on can b e f a i r l y i mputed the country of a circulating credit, grounded upon the sup -1:8 those by whom they are conducted ; and where a course posed aggregate fortunes of the shareholders, is to attempt been pursued open to objection the error is rather to coin into money the lands, the houses, the factories, the be attributed to our own faulty legislation than to fixed capital of the country. By the permission to estae . " 050 h y whom the mistaken principles sanctioned by the blish banks of limited liability we should acquire the most St St se itself have been practically brought into operation. important of all securities for the good conduct of such there are facts and circumstances connected with the establishments, namely, a certainty that the most respect actual of the * • working he stated with a due regard to the caution which it appears them. • Once remove the well-founded alarm which the nMe every man, but especially every Member of either being engaged in indefinite responsibility inspires, and you - "Lous e of Parliament, is bound to observe in making state- would have spring up in every part of the kingdom bank toents which can by possibility affect the commercial credit ing companies, comprehending in their proprietary all the O f the country. For the following table lam indebted to wealth and intelligence of the district, conducted on sound th e courtesy of the Directors of the Several banks principles, because the shareholders would be well con 113' r JOINT STOCK BANKS. tented with moderate profits, the very keystone of sound etu rn from Stamp-office, dated 21st March, 1836 61 bankin O mitted 1 s nil charters, however, only on the tw o con diti ons —fi rs t, o f —62 ' th e whole capital of the bank being paid up ; and, secondly of entire publicity. From these provisions many important advantages would flow--they would effectually put an end to any getting up of these companies as mere bubbles for the purposes of speculation. There could be no holding back of shares, subsequently to be issued at a premium— , no fictitious profits to be created out of those very pre miums, and, as a real outlay would be required, no banks could be set on foot by persons without substance. The publicity that I would require, moreover, would be real, searching, and effective—making clear to the apprehension of all men the circumstances of bank both as to assets and 'liabilities. On this head the House will permit me to read an extract of a-letter from the manager of one of the existing joint-stock companies :—" On first establishing this concern the directors came to their vocation with all the bias respecting the absolute necessity of secrecy which pre vails in private banks. A gradual change has, however, arisen in the midst of the directors, as they have watched the progress of the joint-stock banking system.. Seeing the great additional.security which it would afford for good ma nagement, the necessity under which it would lay weak banks - to call up more capital, and the confidence which the public would derive from an actual knowledge of the state of their affairs, we should now feel little objection to give the greatest publicity to the state of our issues, liabilities, and assets, provided such publication were ge nerally required." Into the detail of the regulations by which I would propose to work out these great principles I do not now enter—they will be proper matter for con sideration in the committee which I shall propose to the House to appoint. lam well aware that many schemes have been proposed for rendering joint-stock banking -safe which do not involve an admission of the three great prin ciples I have stated as essential ; but valid objections may in my opinion be raised against all those schemes, and it is still less necessary, therefore, that I should occupy the time of the House in discussing them. The application of these principles' involves in my opinion, all within the power of legislation to effect towards the establishment of a sound system of banking ; but I also think that those principles, if judiciously applied, will be effectual for the accomplishment of that object. I have yet to hear one valid argument against the so' applying them. To the adoption of these principles all experience points. The Bank of England presents an example of stability which has never been doubted ; but it has had limited lia bility and large paid up capital. Can any one doubt but that, if publicity had been enforced on it, great errors would have been avoided, and great calamities spared to the country? Scotland I know may be quoted as furnishing an exception to the rule I would establish ; but I believe it may be shown, by a reference to the history of Scotch banking, that the excep tion is more in appearance than reality, and that peculiar circumstances in Scotland have caused the banks of that country to fail in one important particular, viz., paid up capital within the rules I would lay down. It should not he forgotten that the three Scotch banks which preceded by many years the establishment of the others, and gave the tone to public opinion on, the subject of banking, viz., the Bank of Scotland, the Royal Bank of Scotland, and the British Linen Company, were chartered banks of limited liability and large paid-up capital. In the United States of America the same conclusion has been come to by a people than whom none exists more intelligent, more saga cious, more practically wise, or more capable of, drawing useful lessons from experience. In the United States the trade of banking has never, with I believe but one instance of exception, been carried on by individuals or firms of a small number of partners ; it has always been in the hands either of joint-stock or incorporated companies. The peo ple of that country have, therefore, extensive, and, in. but too many instances, calamitous experience of the working of a system yet in its infancy with us. The results of that ex perience is the adoption almost universally of the principles I have laid down—viz., limited liability, paid-up capital, and perfect publicity. In 1833 the President determined to withdraw the Government balances from the Bank of the United States. For this purpose twenty. three banks in different parts of the Union were selected. Of course the banks selected were among the first, in point of character and solidity. The charters of all were laid before Con gress. I have looked carefully through those charters, and can assure the House that, with some slight and doubtful modifications in one or two, as to the liability of share holders, they embody those principles. Several of the leading States of the Union—Pennsylvania, New York, and Massachussets—hav e enacted general laws for the re gulation of banking. Those laws are pervaded by the same principles. Many other and stringent regulations arc laid down for the roverement of b an k s , w hi c h an exper i ence o f the calamities flowing from malversation in such establish ments has led the people of the United States to adopt ; but in no laws that I have seen are the principles of limited liabi lity, paid-up cupitel, and publicity in the main departed from. In 1817 a law was passed by Congress for the regulation of banking in Columbia. What were the provisions of that l aw ? At that time there were in that district joint-stock banks ; the Act constituted theM all Corporations, on com pliance with certain conditions, the most important of which were that their whole capital should be paid up before the Ist of January, 1819, and that they should every year lay a complete statement of their affairs bef ore th e S ecre t ary o f the Treasury ; it further prohibited, by heavy penalties, all other parties from carrying on the trade of banking. To the example of America I must add the example of some of those Statesmen among ourselves most worthy to be lis tened to on such subjects in favour of liability. In a dis cussion in the . House of Lords on the Bank Charter Amendment Bill, on the 17th of February, 1826, Lord Liverpool said—" The measure he had t o propose was b ut a half measure, and why was it so ? Because they had the chartered rights of the Bank of England to contend with. This was an obstacle to their going further at present— they•ought to go further whenever they could. The Bank had consented to allow the restriction as to the number of partners in country banks to be removed, and so far one difficulty was removed." In a discussion on the same Bill in the C ommons on t h e 10th of February of that year, of the above— In process of formati on 3 Private although included in return, having more than six partners 4 No returns from ..... 9 —l6 t anks. Shares . Shares 46 Nominal Cap ital 46 issue , L capital. pai d up. 821,050 5 99,397 £30,930,000 £5,922,505 .---. of share 463 per cent. of capital 19 per cent. Of the above 46 banks, four, having a nominal capital of 0e500,0004 and paid-up capital of 1,474,6001., do not issue th eir own. totes. The present circulation of notes by the Whole of the joint-stock banks, including of course those of , W hieh. I have not b een a bl e to state t h e capital, is 3,094,025/. -Lo December, 1833, it was 1,315,3011., no great increase Mier' the increase of their number is taken into account, atui it is also r eco ll ecte d t h at the private bank circulation has fallen off .500,0001. in the same period. But it is by no means by the amount of issue of notes alone that the effect of the o p erat i ons of the joint-stock banks upon the mone t:y system of the coun t ry i s to b e measured. The means 4 : l etlY Within the p ower o f such of these establishments as not issue notes of affording accommodation to their e lt usto mers cons i st, o f course , fi rst, o f their paid-up capital ; t 14.1, secondly, of the money deposited in their hands. Of v' a mount of this l a tt er it em I h ave no means of forming a "r rect estimate, but as th ese esta b l i shments are corn taratiVely of recent formation, and large deposit accounts only be th e growt h o f years, i t is not probable that Ithe 'deposits with the joint-stock banks can be very' large, th e PS not commonly grea tl y excee di ng t h e amount of the Paid-up capit a l. I n t h e case o f such as issue notes, e amount of circulation must be added to their means of • ISlVing accommod a ti on . B ut I b e li eve l am j ustified in ' 4 ting that the accommodation afforded in many instances these banks very considerably ex cee d s the combined .Itl h ount of paid-up capital, deposit s , an d c i rcu l a ti on . Th ey r: enabled t o g i ve t hi s accommodation by a re-discounting 'the London market. Now, I believe lam justified in i ring that thi s pract i ce o f re-discounting is not considered 'the most skilful and prudent among pr i va t e b an k ers as a to r t qeditable or business-like p rocee di ng , nor one w hi c h h.t . sl be carr i e d to any considerable extent by a private ,a7.4ing establi s h men t wit h out exposing it to suspicion and T s credit ; as showing conclusively that it was in want of 1 10 sable funds and getting into engagements beyond its Zeogth to manage. But this practice thus repudiated by r o: tate ba n k ers i s f reely resorted to by some at least of the tt:nt-stock batiks. The endorsement of a bank known to 4:lain among five or six hundred members many indivi of great wealth will give currency to any bill. "Do t i o "nr,t observe (said a broker to a person who expressed a th. ar,t of the character of a bill offered to him for discount) 4 1 4 it ha s a t h ousan d i n d orsers? " It i 3 quite clear, l ia r . any j o i n t- stoc k b an k possess i ng, from the estimated tt . I litY of its many partners, an a l most unbounded died [t, may give a fearful stimulus to overtrading without de nting or procuringto be re-discounted one single bill tiout drawn in discharge of a bona fidc mercantile transac- Nt n But is the credit of these joint-stock banks when so D 'Yd a sound and wholesome credit ? Is it not, on t: S, a credit in the highest degree hollow and dan k ta ns, and one which would, in a period of difficulty, but o o • tionProbably prove unsound? To what extent the opera tpe of the joint-stock banks may have contributed to R ohl the present state of excitement in the commercial must of course be mere matter of conjecture. That th asr have h a d some cons id era b le influence is probable from tr a fact that th e exc it ement and rage for speculation is tit Ntest in those parts of the kingdom where the operations 14 4 those establishments have been most active. London ta. been comparatively unmoved, but Liverpool and Man 1140ester have witnessed a mushroom growth of schemes kik,exceeded by the memorable year 1825. I hold in my t l t e l .` . ! a list of twenty contemplated companies for every p otl e,'es of undertaking, which have appeared in the Liver /t . 4 and Manchester papers within the last three months. • 1 1 . e h ,. possible, I think, not to suspect that the facility of 14'4 and consequent encouragement to speculation an v e ,c of b een without its effect in producing the great increase oo t ree in alm os t a ll t h e ch i ef articles of consumption b e , r aw materials of manufactures. That increase has Nta enormous —{lot less than 20 to 50, a n d even 100 k lari l e , t • in 'Lastly of the chief ar ti c l es o f p ro d uce o f con lvot.7l°a. and materials of our manufactures. lam quite pr ice L t lnt there is every indication of this advance of tl at- t hieing sound—that' it has risen from consumption I_ min g supply—and that our manufacturers are work 4tirent...iorclers rather than on speculation. But I . . can t nyt Ntb„,‘Qat the excitement of 1825 commenced legitimately the rise of prices will iafallibly check consumption, kOl O 4- ; it stimulates supply ; and when we look at the : 14 of our paper currency, resting at this moment on eiel:atewhat narrow metallic basis of the bullion and spe- Nt t - e vaults of the Bank of England, it is impossible ,9` eel apprehension, or at least the propriety of caution forethought. The circulation of the Bank of England, C. Ilpears by the last average in the Gazelle, is— •vepoZion of the Bank £18,063,000 With ditto „, 14,751,000 1 1 ,.; 32,814,000 4nd 32,814,000 -Stock B7.nks rob abi C amount of S co t c h and Irish Currency 1 44 0,00 ,261 0 , ,00 919 0 reti e 54,261,919 t is ,444 Bullion at the Bank .....f7,801,000 40terIgtilili_t that I should say that I cannot approve of , the ti 'rect o "n by the Bank of England in this matter. flie ti l e t o : of that establishment, acting, I doubt not, with servo co nscientious desire to protect the interests of tL% t irs - to irl _nit , •:, have not taken, in m . y s . wisestcr. ttict that object. _ With a iltsirt, to . discourage •, eircu ! 4 tlan of the notes of joint-stock banks, they - k m Ni t . n otes les yas have said to such as issue Bank of . Lie„- cannot think that this mode of forcing issues StN, -LON DON, Pni DAY, iNiA_Y ig, Mr. A. Baring said—" If persons had been allowed to combine, on condition of depositing their capital, and of limiting their responsibility to that capital, plenty of in dividuals would have been found ready to engage in such nssociations. Landed gentlemen would put down their 6,000/., 10,000/, or 20,0001., as might be convenient, and banks would then be formed all over the country on the best ptineiples ; solid establishments would be created, with which prudent men with families would be very willing to tonnett themselves." In the same debate Mr. Huskisson gatd " lie allowed it would be a great improvement if, under a proper system, charter banks were established, with only a limited liability. It would, no doubt, induce many per sbni! dr great credit and fortune to invest their money in shares in such banks. But the Bank objected to the ex tension of this limited liability." I have only further to state why I determined in bringing under the consideration of the House the propriety of an alteration of the existing law, to move for the appointment of a Select Committee, rather than for leave to bring in a Bill for that purpose. I was, Sir, first induced by the belief that by a Select Com mittee important evidence might be collected, and placed on record, illustrating the defects in our present system. I was yet more strongly induced, I can assure the House, by an unaffected anxiety to have the assistance of a Committee, in devising a measure on a subject of such vast importance,. and with respect to which, although it has long occupied my laborious consideration, I could not but be conscious I might have failed to advert to many important considera tions. The opinion that some alteration of the laws are necessary is, if I may judge from the communications I have received, all but universal ; but opinion, both without and perhaps within these walls, is much divided as to what may be the most expedient alteration. The labours of a Committee may usefully guide us in a path yet new to us in legislation. The CHANCELLOR of the EXCHEQUER said • that it was his intention to express his concurrence in the motion of his Hon. Friend for the appointment of a Corn mittee.--(Cheers.) Neither the public nor himself had any right to complain of the manner in which his Hon. Friend had brought forward his motion. His Hon. Friend ' had said or done nothing to excite alarm ; and if he (the Chancellor of the Exchequer) thought that the effect of the motion would be to throw any discredit upon commer cial transactions or speculations throughout the country he should not have concurred in it. He thought there was enough pointed out by his Hon. Friend to induce an ac quiescence in the motion, and at the same time to avoid creating public distrust. His Hon. Friend had pointed out many inconveniences, risks, and responsibilities that were well deservinc , of a strict inquiry. With respect to the danger which his Hon. Friend seemed to apprehend from joint-stock companies, he confessed that he did not join in those fears. All parties should be at liberty, in a great com- • mercial country like this, to exercise their own reason in the laying out and partition of their own property. The ques tion on the present occasion was, what effect the joint-stock system of banking was likely to have on the public in terests, and not how it might operate against or for indivi dual benefit. This he thought was a just ground for Parlia ment to institute an inquiry into. Within a few years Par liament had passed new laws respecting banking, which were now in operation in many parts of the country, and he would say that with respect to those laws or any other laws of an experimental kind, as those were, it was a fair subject of inquiry, what had been the result of the experi ment, had the laws been beneficial in their operation, did they require amendments, and if they did, what that amend ment should be ? These were proper subjects of inquiry, and if such an inquiry was the object of his Hon. Friend, he, for one, did not hesitate to concur in it. This inquiry would perhaps be looked upon as the more necessary on ac count of the large investments that were seen to be made daily in joint-stock companies ; but he would caution the House even in this view against the vice, or rather the er ror, into which popular assemblies were apt to fall, of making frequent changes in these laws, thereby depriving them, from year to year, of that stability which was neces sary to their fair operation. In 1826 he perfectly recol lected the cry was that all the distress and misery which was then produced was attributed to the want of joint stock companies—(Hear, hear)—and that the system of private banking that then prevailed was responsible for all the evils of the day, and that joint-stock compa nies alone was the only safe system. He hoped they would not now be betrayed into the opposite extreme. His own opinion of joint-stock companies was, that they were one of the greatest improvements that had been introduced in modern years. He looked upon them as the element of all successful enterprise—(Hear, hear)—and, above all others, as applied to banking. A case of abuse in this system, or in any other, however perfect, might occur ; but that would be no argument against the principle itself. The reason for his agreeing to the present Itotiob was, that Joint Stock Companies wore extending not only to the Banking s , stem, but to many other objects for which he considered them as totally inapplicable ; and the House had a right to see that in these cases, and even as regarded Banks, there was not springing up under colour of a whole some system of Banking a set of mere bubble Companies where there was no real capital. It was a fit consideration, therefore, whether or no the present state of the law was good ? He was quite sure it would be a delusion if it were for a moment supposed that agreeing with this motion could in the least degree affect credit. His Hon. Friend (lid not mean that it should have that effect in,proposing it, an4l he (the Chancellor of the Exchequer) had no such mean ing in agreeing to it. If the House should agree to go into the Committee he thought the most prudent course would be not to express an opinion upon any particular Company more than another. He had turned his attention a good deal to the subject ; but if the motion was not resisted, he thought a debate on it at present had better be avoided, as it would be opening the whole question, might do mischief, and could tend to no good. On this ground he should not go into the principles laid down by his Hon. Friend, from many of whose doctrines he widely differed, and while he ac quiesced in some he must be understood as not agreeing to all. His object was to remedy as far as was possible the inconveniences which his Hon. Friend had pointed out, without at all touching the principle. He should now say one word as to the course which the Government in tended to pursue on this occasion. He would take the li berty of saying that such an inquiry as this should not be left in the hands of any private individual.—(Hear, hear.) It should be in the hands of the responsible Government of the country. There was much information to be ac quired, which should not be rashly called for or divulged-- which should only be confidentially communicated, and the results alone be made known to the public. In 189.6, the Right Hon. Baronet the Member for Tamworth obtained a committee which was to inquire into the private transac tions of private banks, and therefore it was necessary that it should be in the hands of the Government. To this propo sition he believed his Hon. Friend would not object. In conclusion he should only saY that he hoped and be lieved that those who were interested in the inquiry as bankers would see that, so far from the inquiry being de signed or calculated to excite their jealousy or suspicion, it would be the best means of affording the opportunity of proving the solvency of the system, and the prudence, honour, and discretion, with which it was conducted. They. would not, he hoped, view the inquiry with suspicion, distrust, or alarm, but would readily furnish all the informa tion that ought fairly to be required at their bands. He was of opinion that the same discretion should be used in the present inquiry as in that which had taken place with the Bank charter, and he would, therefore, suggest that the committee be a select and secret committee of fifteen. t would of course be open to all the Merraers of the House, but it would not be expedient to have it entirely open. It must be altogether needless to divulge mat ters that were entirely of a private nature. Suppose one prticular bank was charged with imprudence iu the ma nagement of its affairs, would it not be extremely unfair to let such a charge go abroad without hearing :vhat the bank in question had to say in extenuation or de ram ? O❑ these grounds he should propose that the committee be a secret one. He should name the committee to-morrow, and such other arrangements as would insure the production of all necessary evidence for the develope ment of truth and facts. The inquiry ought to be a practi cal one,. with a view to the amendment of the law, and with that object alone he should proceed.—(Cheers.) Mr. O'CONNELI said that if the motion rested solely on the arguments of the Hon. Member who h id brought it fbrivard, he should have felt it his duty to divi.le the House against it. He had never heard fewer principles laid down to govern a committee upon any important subject than in the speech of the Hon. Gentleman. He was ready, how ever, to agree with the proposition of the Chancellor of the Exchequer, who had fairly and intelligibly laid down the only (*rounds upon which such a committee ought to be granted. He differed from the Chancellor of the Ex chequer only on one point, and that was as to the committee being a secret one. The Hon. Member who introduced the motion bad referred to the number of banks that had failed before and at the period of 1826, but the Hon. Gen tleman forgot to tell the House that these were not joint stock banks, but private banks ; and the Hon. Member had not said a word about Scotland. In that country only one bank had failed, for the very reason that the system was on the joint-stock principle, and even that one afterwards paid 2es. in the pound. But, besides, it should be considered that those failures took place at the period of a panic, when persons were changing their notes for gold, not with a view to circulating it, but - to hoard it, because they were afraid of the private banks in which it was deposited. But in joint-stock banking companies the depositors would injure themselves by withdrawing their money, be cause it was their interest to let it remain. He could not help noticing what the Honourable Member had said as to limiting the responsibility of parties in joint-stock companies. Nothing could be more absurd than to permit a man to embark in a risk'of 104, rather than his whole property. It would be a fit qtieStion for the Committee to Inquire whether it should be 26i. or 301. that ought to be paid up, and 701. or 801. to be called for. With respect to the Committee being a secret one, he thought it ought to be public. The public had a right to know everything in which they were interested. They were entitled to know the assets and effects of those in whose hands they entrusted their property. The only necessary additioh to the law that he could see was, to provide for the public a better security. If they combined increased circulation witn increased security they would be doing a great public benefit. Ike confessed be had himself atendency to the currency, although he was glad that this question was not to be confined either to paper or gold. He had seen the ruin which the change to gold currency had brought upon his own country.— (Hear.) That change had produced more social mis chief than the French revolution. Ia England there was the consolation that although it did great mischief it be nefitted the agricultural labourers ; but in Ireland it made the agricultural labourers worse, if possible, than they were before. He should, however, consider this question unmixed with the currency subject, and he was glad that it was to he inquired into on the principles laid down by the Chancellor of the Exchequer. Mr. GISBORNE approved of the tone of the Right Hon. Gentleman's speech, and was glad to find that there was no design to direct others how they ought to conduct their own affairs. He had a motion on this subject, which he should now defer until the appointment of the Commit tee, provided the Chancellor of the Exchequer had no ob jection that lie should then introduce it. The CHANCELLOR of the EXCHEQUER was understood to say that he did not give any pledge on the subject. - Mr. RICHARDS could not help believing that an un derstanding existed between the Government and the Hon. Member for the Tower Hamlets on this subject. The Hon. Member defended the joint-stock banks, and begged to ask whether, since 1826, there had been any failure in these banks? Not one. He should view the appointment of this Committee with a jealous eye. He had observed the con versation carried on between the Governor of the Bank of England and the Right Hon. Gentleman opposite, and he should like to know if any understanding existed with the Bank of England on this subject ? Mr. PATTESON begged to assure the Hon. Member that he had not said a word about joint-stock banks, but had merely asked the Right Hon. Gentleman when it would be convenient for him to receive a deputation of his constituents ? Mr. HUME approved of the conduct of the Chan cellor of the Exchequer in taking twenty-four hours for the appointment of so important a Committee. He thought, however, the inquiries of the Committee ought to extend to the clause introduced by Lord Althorp into the charter of the Bank of England respecting joint-stock banks, to meet the demands upon them in paPei of the Bank of Eng land, instead of gold. As to the risk incurred in joint-stock companies, he thought that one of the best guarantees against excess of speculation which the public could possibly have ; nor did he think it possible to have too much paper in circul a ti on , p rov id e d it was convertible into gold on demand. The CHANCELLOR of the EXCHEQUER ob jected to the proposition of the Hon. Member for Middle sex, as foreign to the present enquiry ; and, with respect to the charges thrown out against the Government, he begged to assure the Hon. Member opposite that he was not in the least aware of the present motion till he read it in the paper, and though he intended to have brought forward something to the same effect, he did not think it decorous or consistent with the usages of Parliament to take it out of the hands of the Hon. Member for the Tower Hamlets. Mr. RICHARDS begged to express his conviction that he had been in error in this respect. Mr. CAYLEY thought the Hon. Member for lie Tower Hamlets had failed in showing any cause for this Committee, though on the footing on which the Chancellor of the Ex chequet put it he should not object to it. After a few words from Mr. GUEST, which were in audible, Mr. HANDLEY defended the joint-stock banks, and maintained that this interference would be highly dan gerous. Mr. PEASE thought that respectable joint-stock banks would have nothing to fear from the inquiry. Mr. HAWES supported the view of the Hon. Member for Middlesex. Mr. HUME moved his amendment formally. Mr. P. THOMSON objected to the amendment, which would lead the Committee into inquiries altogether foreign to the immediate subject. The inquiries of the Committee were to be wholly devoted to the formation and operation of joint-stock banks, their advantages and evils, and the mode of increasing the former and providing against the latter ; whereas the amendment would lead them into a general discussion as to the circulation of the country. Mr. WARBURTON supported the amendment, but objected to a Secret Committee. Mr. M. ATT WOOD said that a great experiment was in progress, and it was not the success of that experiment that they now proposed to investigate. It was clear that if the paper of these banks secured prosperity, the depen dence on it was also secure. The reasons stated by the Hon. Member for the Tower Hamlets as grounds for ap pointing this committee did not appear sufficient. It might have been prudent originally to limit the amount of capital, but if all were now called upon to pay up the full amount subscribed, it might be _productive of serious difficulties and dangers. Though he saw no good that could arise from the c ommittee, neither did he see any evil, if it was con ducted with proper caution. He would not, therefore, op pose the motion. Mr. CLAY would oppose the amendment of the Hon. Member for Middlesex. He never intended to insinuate the least doubt as to the solvency of these banks, and no man was more friendly to them under proper regu- _ lotions. The House then divided— For the original motion For Mr. amendment l2 Majority for the Committee ...... —B6 On the suggestion of Lord John Russell—Mr. Gillon, Dr. Bowring, and Mr. Sergeant Goulburn, postponed their motions to a future day, for the purpose of enabling lie House to go into committee on the English Tithe Bill. TITHE BILL. Lord J. RUSSELL moved the Order of the Day for going into Committee on the Tithe Bill. Mr. E. BULLER proposed that the word " net" should be substituted for " gross" in clause 34. Lord J. RUSSELL opposed the amendment, as tending to disturb the agreement entered into, which was this, that where the average amount of tithe received for the last seven years was from 601. to 751. inclusive, all such cases should remain undisturbed by the Bill ; where it was from 80/. to 90/. it should be reduced to 751. ; and where it was under 60/. it might be raised, if it should appear to the Commis sioners that it was fit. to do so. He did not understand upon what principle the Hon. Member proposed his amend ment. It was not the principle of this Bill which took the gross, and not the net amount. Mr. BULLER explained. He proposed a reduction of 10/. per cent. where the lull value of the tithe had been received for the last seven years. Lord J. RUSSELL so understood the Hon. Gen- emun. Mr. BULLER said his proposition amounted to this : If the tithepayers were not satisfied with the average of the last seven years they would be at liberty to demand a new va luation of the gross tithe. If upon the average it was found to amount to any sum from 901. to 1001., then from such amount a deduction of 10!. per cent. should ho made Where the amount was between 7.5/. and 80/. he %You'll make no reduction.. and if it was under 751. be would raise it to 751. The effect of his proposal would be to allow all proprietors of tithes throughout the country to retan the advantages they at present possessed, at the same time that it would allow of the raising to the 751. per cent. su h tithes as were now, from the expense of collection, below that rate. If the Noble Lord proposed to take off 25 per cent. from the gross amount in certain cases, why might n3t 101. per cent. be deducted from the net amount in the others? Lord J. RUSSELL thought, now that he understood the proposition of the Right Hon. Gentleman, that it was not founded on the same principle of justice as his own. He could not see the ground for acceding to a proposition which might practically have the effect of giving a tithe owner in one case 80 per cent., and another titheowncr in another 35 per cent. only, thus leaving a difference of 45 per cent. He thought that a proposition yhich esta blished one equalised rate to apply to all ctises was a more just one, and one which must have a more beneficial effect than a plan liable in operation to such inequalities: • Mr. BENETT said there was no question that the gross demand of the titheowner was for 100 per cent. ; the dif ference lay in the expenses of collection. That was the argument for commutation, because by commutation all that expense of collection, now lost to both parties, was saved. S►r R. INGLIA thought that where, on an average of the seven preceding years, the titheowner had received the whole of his right, that right ought to be preserved to him under the measure of commutation. _ _ _ Mr. BL A MIRE said that the more equitable plan would be that whi c h s h ou ld ascer t a i n the amount actually re ceived, and award that and no more. His opinion was, al though he was aware that many differed from him in it, that tithe was a contingent, not a positive property ; and the tact was, that, practically, in most parts of the country, the landowner had the power of invading or fencing with the property of the titheowner, until he brought the demand of the latter to what he (the landowner) thought reason able,. or conveni en t t o himself. In his (Mr. l)lamire's) part of the country the land was managed in a way of their own. — (A laugh.) He did not mean to say that they wished to deprive th e c l ergyman o f one f ar thing th a t was f a irly his due ; but the plan actoVed was this-the lands were so subdivided and the tenures mfdfdodl4tiious that it frequently happened that while one part of a &Miele land was tithe able tl:e other was not. When a farmer, thefdifei entered 911 his farm his first step was to endeavour to etTeet COI' venient dOrtiprv:Dise ; and if the titheowncr did not accede to his demands the farm' t9ok care that the titheable por tion of the land should yield the worst corps.—( Hear, hear.) He felt so strongly that tithes were a contingent property, that lie thought they wore entitled to demand from the titheattner some consideration in return for ren dering them a posithe prapetty, As rerarded, the collec tiou tithes ; there we lie little difficulty where they were in poosesskin of lay impropriatelts ) but this fact did not apply to the great ithesss of tithes—those receited at once by the clergy. Here 1/et thought that a great ititrove- Ment would be to enforce otl Vtlialf of the clergy in each parish the payment of the titfie. The most simple mode of doing this would be to allow a certain consi- deration for the improved value, and a certain other consi deration for the collection of the revenue, arising out of the rent-charge to be substituted for tithes ; and instead of having the amount recovered at once from the tithe-payer, he thought it would be better to give the Commissioners a large discretionary power in order that anything like injus tice might be avoided. With respect to the Noble Lord's plan of appeal against the decision of the valuers, he must say that it would, in his opinion, be literally worthless, be cause it. was anything but likely that they would change the opinion which they had previously formed. He also disap proved of the proposition of the Hon. Gentleman the Member for Bomerset, giving the appeal to the Quarter Sessions instead of the Commissioners, and he thought that the best and safest course that could be punned would be to constitute an open Board for the purpose of settling all disputes respecting the value of tithes. Now, he proposed that such a Board should consist of a certain number of ' Assistant Commissioners, barristers of. a particular standing at the bar, and practical men, conversant with the subject of tithes, and that the Board so constituted should go from place to place in order to adjust all differences that might exist in reference to the value of tithes. When this tribu nal had heard and decided on the matters in dispute they were to report to the Commissioners, and the Commissioners were to be empowered to enforce the decisions of the Board in all cases, but subject, of course, to certain restric tions and limitations. As a check, however, on the pro ceedings of the Commissioners, he proposed that they should have power to raise or diminish the amount of the tithe to a given extent only, and, as further protection to the tithe-payer and tithe-receiver, he would :wpose upon the Commissioners the necessity of stating in the Schedule to be annexed to the final award, the reasons which had in duced them to alter the determination of the Board of Va luers. He hoped the Noble Lord would consider the pro priety of making some alteration in his plan, so far as re lated to the appeal, and although the suggestion which he had thrown out might be objected to on the ground of ex pense, he was satisfied it would not occasion more expense than that now proposed for adoption. There were very er roneous notions entertained throughout the country with respect to the Noble Lord's Bill, and he believed the great reason why people generally were favourable to it was, be cause they supposed that the one-fourth which was to be taken from the tithe-owner was to be given to the tithe payer. Now this was a great mistake, and the sooner the public mind was set right on the subject the better. Al though he was by no means in favour of compulsion, if it could be avoided, yet he still feared that no arrangement could be come to without it.—(Hear, hear.) He was aware that an opinion prevailed out of doors that it would be better to have no Bill at all than to pass this measure in its present shape ; but, for his part, he had arrived at the conclusion that some Bill must be passed, in order to relieve the country from the further agitation of the tithe question.—(Hear, bear, and cries of " Withdraw, with draw," and " Divide.") Mr. E. BULLER, although unconvinced that reduction of 251. per cent. in the one case, and 40/. in the other, were erroneous, would not, as he saw the Committee were indisposed to divide, persist in his amendment.—(Hear.) The amendment was consequently withdrawn, and a fresh one proposed by another Hon. Gentleman. Mr. C. BULLER said that, unless the Noble Lord made some arrangement as to the way in which amend ments were to be proposed, he should feel it his duty to move the omission of all the words in the clause after the word " That," as it would seem that it was equally ob jectionable to both sides of the House. Lord J. RUSSELL was understood to say that after the amendments proposed to be made in the clause had been disposed of, the Hon. Gentleman might propose the omission of the clause if he deemed that course expedient, but he could not do so until the amendments had first been decided upon by the Committee.—(Hear, hear.) Mr. PARROT was understood to propose a verbal amendment, to the effect that the gross value of tithes should be calculated according to the average value of all descriptions of tithes taken during the last seven years. After a few words from Sir R. PRICE, the SOLICITOR GENERAL, and Sir R. INGLIS, which were inaudible in the Gallery, Mr. GOUL BURN wished to know from the Noble Lord opposite upon what principle it was that he had fixed 601. or 75/. as the maximum and minimum to be paid to the titheowner in lieu of his tithes ; for he (Mr. Goulburn) could not understand why these sums more than any other amounts should have been taken by the Noble Lord ? The more he heard upon the subject the more he was convinced that any compulsory system they might adopt must produce in individual cases the grossest injustice. Sir OHN WROTTESLEY considered that the pro portions which had been fixed by his Noble Friend were just and fair ones, under all the circumstances. Lord J. RUSSELL said the Right Hon. Gentleman asked him to explain the principle on which the reductions which he proposed to make in the gross value of tithes proceeded, and all be could do now was to repeat that which he had so frequently stated. He thought it would be un fair in making a commutation of tithes to take individual cases ; and, therefore, what he had done was to form his limits by reference to a general average. If he had taken 761. per cent. as a general average thoughout the country he did not think he would have fairly represented the value of tithes, and therefore it was that he had thought it advis ►ble to fix two sums—a higher and a lower sum —as comprehending most accurately that which was the real value of tithes in the great proportion of cases. This had become necessary owing to the differecc3 that existed with regard to collection, and a great variety of other customs connected with tithes. His Hon. Friend the Member for Somerset had shewn the reason why the . - higher limit, namely, the reduction of 2.5/., had been adoptel ; and from all the information he had received re specting. the expense of collection, he was still of the opi rron that this deduction in the cases in which it was meant to apply was a perfectly fair one. The difference between seventy-five pounds and sixty pounds arose from arrange ments which had ken made between the tithe-receiver and the tithe-payer, and which it was not thought expe dient to disturb ; but still there were a great number of instances in which the costs of collection and other charges incident thereto Aid actually amount to 401. In such cases, then. he thought that givin.. 601. out of every 1001. was a just arrangement; but at the same time he was bound to state that his doubt .originally had been whether the limits should not have been 501. and 80/. instead of those now proposal. The only reason why he had not named these sums w-s, because he thought that, under all the circum stances, a difference of 1.51. would be more satisfactory than any larger amount, and if the nature of tithes and ►e necessity for adopting a course which would not, after ►c lapse of five or six years, give rise to discontent, were ►irly considered, he was convinced that, it would be found he proportions which he had selected were the right ones. Mr. MILES then moved the following atneadment— •. namely, to substitute the word "fifty " for " sixty," and the omission of all the words in the fifteenth line of the same clause, after the word "limit," and the insertion of the following proviso, that when the average sum paid, or a2reed to be paid, shall be more than 5017, and less than 75'., for every 100/. of such average gross value of the tithes taken in kind, the said commissioner or assistant commi,sioners arc empowered, due regard being paid to the peculiar nature or the tithe in individual parishes, to award such fair and equitable suet for the permanent commutation thereof as upon such inquiry they shall k:.eem expedient. After a few observations. from Sir R. Price and Mr. C. BULLER, Lord EBRINGTON was understood to support the amendment. Lord HOWICK thought it unnecessary. The necessity of passing some law on this subject was so urgent that ,he hoped objections and amendments to the measure before the House would not be pushed to extremities. After a few words from Mr. Childers, Col. Thompson, Mr. Hume, Mr. Bennett, Mr. Parrott, and Mr. E. Buller, The House divided, when there appeared— For the clause... ... q 5 Against it - 71 Majority .. - " )4 The House then resumed. The other Orders of the Day were then disposed of, and tl.;e house adjourned at half-past 12. TIIE STUDENT. By the author of " Eugene Aram," &c.—There is a vein of tenderness and kindly affec tion running through much of this brilliant work that shows of what high things the human soul is capable. Really Mr. Ilulwer teaches us to draw sweet uses from adversity, and that when we suffer most, and suffer nobly, we are approaching nearest to perfection. Who can read his " Consolations in 11lners," and his " New Phwdo," without experiencing the high consciousness o f hi s i mmor t a lity. " The Student"is a noble work, nobly sustai ne d, A third edition of this p o p ular book has just appeared. COURT CIRCULAR, The King, attended by Sir Benjamin Stephen&'n. James's, at seven o' c l oc k l as t even i ng , f o r the fence of the Earl and Count ess o f E rro l at Ri c hmond, wi :ere his Alajesty dined, and afterwards returned to town. 'rho Queen honoured the King's Theatre. with her pre sence lass evening. The performance was I Puritani, bind the new ballet. left S ...... ... His Majesty gave audiences yesterday to Baron d'Omrs teda, the Hanoverian Minister, and the Marquis of Winchester. The Duchess of Kent -and the Princess Victoria drove and walked at an early hour yesterday morring in the Parks. The party at Gloucester House on Wedt..sday to meet the Queen, consisted of the Duke of Cumherlan. 4 . the Arch bishop of York and Miss Vernon Harcourt. Earl e.nd Coun tess Cawdor, Earl and Countess Howe, Lord and Lady Burghersh. The Landgravine of Hesse Homburg- and the Prit..cess Augusta dined with the King on Wednesday, at St. James's. Their Royal Highnesses the Prince of Orange, and titre Princes William and Alexander, visited the Duchess of Kent and the Princess Victoria yesterday afternoon. The Landgravine of Hesse Homburi, the Duchess of Gloucester, and the Princess Sophia visite% their Majesties yesterday. Baroness d'Ompteda and the Duchess of Northumber land had interviews yesterday with the Queen. The Lord Lieutenant of Ireland had an interview with the Duchess of Kent yesterday. The Queen visited the Princess Augusta yesterday. Prince Ernest of Hesse, accompanied by the Earl of Den bigh, visited the Greenwich Railway yesterday. The Landgravine, l of Hesse Homburg and the Princess Augusta honoured the Earl and Countess Brownlow with their company at dinner last evening, in Belgrave-square. Viscount Melbourne was better yesterday. Messrs. Gayler, Hewitt, Bennet, and Livingston, a Dc putation from Manchester, had an interview yesterday with the Chancellor of the Exchequer, respecting the stamp du ties. Tile Deputation was accompanied by Mr. Mark Phil lips and Mr. Brotherton." The French Ambassador transacted business yesterday at the Foreign Office. Deputions from the London Newspapers had interviews yesterday, and on Wednesday, with the Chancellor of the Exchequer. - A Meeting of the Church Commission was held yester day, in Whitehall-place ; Lord John Russelland the Chan cdlor of the Exchequer attended. SPORTING INTELLIGENCE. T AgiTER BALL' S—YESTERDA The greater portion of the afternoon was occupied in comparing books for the Derby and Oaks, the betting on them not being by any means so brisk as might have been expected from the near ap proach of the day. The " crack" Was in great force at 2 to 1 (taken freely), and Ebberston at 13 to 2, at which price he was backed for ten or twelve pounds. Three or four hundred pounds were laid out upon Mr. Wags at 7 to I, and nearly as much upon Sepoy at 15 to 1; Slane and Gladiator not in ,any demand. Some changes took place amongst the outsiders ; E mn :eline and Master of the Rolls were backed rather freely , while Tipple ' Cider declined to 50 to 1, and Mr. Ridsdale's lot disappeared altogether from the betting; they are reported to be amiss. Nothing said About Chif ney's two. THE OAKS. Vesper and Toga backed at less odds than on Monday, the former hawing plenty of friends. Nothing fresh beyond this. Clo.,ing prices : LIVERPOOL. ST. LEGER.-(THIS DAY). 6 to 4 on Locomotive agst Trapball—taken THE DERBY (THURSDAY WEEK). 2 to 1 agst Lord Jersey's 80 , Middleton—taken freely 11 to 2 agst Colonel Peel's —taken 13 to 2 agst Mr. Osbaldeston's I:hberston- 7 taken 7 to 1 agst Colonel Peel's Mr. IVggs—taken 15 to 1 agst Duke of Richmond's Sepoy—taken 18 to 1 agst Colonel Peel's Slane 20 to 1 agst Mr. Scott's Gladiator 25 to 1 agst Lord Egremont's EmmelinE colt-28 to 1 taken :35 to 1 agst Lord Chesterfield's Alfred—taien • 35 to 1 agst Mr. Allen's Master of the Rolls--taken 35 to 1 agst Mr. Thornhill's Mendizabal 50 to 1 agst Mr. Fox's Tipple Cider—taken 3 to 1 on Ebberston and Mr. Wags—taken 20 to 1 on Master of the Rolls and Tipple Cider—taxen; Lord Wilton is reported to have purchased Gladiator. THE OAKS (FRIDAY NEXT). 7 to 2 agst Mr. Dawson's Fair Jane 5 to 1 agst Mr. Artnfilge's Vesper—take 11 % )10 to 1 agst Lord Exeter's Toga—taken No others inentioned. ST. LEGI:R• 8 to 1 agst Mr. Blakelock's Black Diamond—take 10 to 1 LIVERPOOL CRAVEN ME.g.TING, TVEDNESDA r. The Aintree Stakes, of 15 sovs. each, 10 ft., with 20 added. One mile and a half. Three vrs, 6st. 41b.; four, Bst. 51b. ; five, Bst. 121 b. ; six and aged, 9st. 21b. Mares ann geldings allowed 31b. 6 Subs. Hon. E. M. L.Mostyn's Tom Shipman, 3 yrs... Jones 1 Sir J. Boswell's Bella, 5 yrs Mr. J. Nanny's Bravo, 3 yrs The following were not placed :—Lord Derby's Donald, 5 yrs ; Sir T. Stanley's Lana, 3 yrs ; and Mr. Houldsworth's Ruben, 3 yrs. Betting-6 to 4 agst Tpria Shipman, sto 2 agst Donald, and 4to 1 agst Bella. A good race. The Wilton Stakes of 50 sovs. each, h. ft., with 50 sovs. added *by the Proprietors of the Stand, for three yrs old fillies, Bst. 31b. One mile and a half. Sir R. W. Bulkeley's ch. f. by Tenicrs.. ...... Darling 1 Lord Derby's eh. f. Ermina Rqtting—.s to 4on Sir R. W. Bulkeley's colt. Won easy. The Trelesman's Cup, value 100 sovs., with 100 sovs. in specie added to a H an ,:licap Stakes of 20 soya. each, 10 ft., but only 5 if declared by Maah 1. The second horse to receive 50 soya. Two miles. 26 Sut.:s• _ _ _ Sir J. Boswell's Gen. Chasse, 5 yrs,9st. 41b...Holmes I Mr. W. R. Ramsay's 13:. h. Inheritor, 5 yrs, 9st. 21b 2 Mr. E. Peel's Tamworth, .5 yrs, Bst. 41b The following were not placed :-- Mr. Barrow's Catherine, 6 yrs, ,t3st. 13ib Lord Derby's ch. f. Verbena, 4 yri7 Bst. 31b Mr. Cook's Fop, 4 yrs, 7st Betting-7 too agst TamwiTth, sto 2 agst General Chasse, 4to 1 agst Inheritor, 7to 1 agst Catherinz, 9to agst Verbena, and 12 to 1 agst Fop. Inheritor took the lead, and made slow running for the first three quarters of a mile, when Fop went up and increased the pace. Ge nei;tl Chasse lying close behind Tamworth ; at the low turn Inhe ritor began to creep up, and about a quarter of a mile from home it was a blautiful race with Chasse, Inheritor and Tamworth, the latter, however, gave way, leaving the two former to struggle home head and bead. Chasse just did him by a head. Catherina and Verbena were beaten early in the race. A Maiden Plate, value 50 .ors., for all ages, that have never won 501. before the day pc entry. Heats, two miles. Three yrs old, 7:+t. ; four, Bst. 21b. ; fi ve, Bst. 71b. ; six and aged, Bst. 101 b. ; mares and geldings alklevo 31b. Mr. Dawson'sDoubtfidd vrs Sir J. Boswell's Silvio, 3 . yrL Mr. Nanney's Lady Blessinotos., Lye 1 2 1 3 1 2 2 3 3 ..--.. 77 . — RIFLE SHOO:MG. Crabstick and Mr. Sing- The crack match for 50/., between Alr, ri. gpect a good sporting tree, came off yesterday. It was in every p .-esent day in Eng match, and between the two hist shots of the ied to each other, land. They had been on a previous occasion oppu. the other gen and Mr. Crabst. ick, after a severe struggle, defeatet.. t contest that tleman by two or three shots. So close had been .`ha the gentlemen were determined to try their . sk ill agajn.• The match yesterday was at fifty shots each from the shoulder, L•nr; includin two hun dred from the target. Mr. Singtree made f ort y -three, g seven bull's-eyes. Betting was in favour of Mr. Crabsti,it. The ground was well attended. • The German papers affirm that the reductions in the Austrian army, which we have already mentioned, have been officially notified to all the European Courts. We have some, rcas3a fur believing that this is true, and that the Austrian G.aveinment does not, as has been asserted in some Rench jnurnals. merely put forth reports ofintended reductions, which are nut to be carried into effect, in order to facilitate the rais ing another loan. A QUAKER. WOMAN'S SERMON.--Dear Friends— There are three things I wonder very much at :—The first is, that children should be so foolish as to throw up stones, brick bats, and clubs into fruit trees, to knock down the fruit ; if they would let it alone, it would fall of itself: The second is, that men should be so foolish and even so wicked as to go to war, and kill one another ; if they would only let one another :don-, they would die of themselves. And the third and last thing which I wonder at is, that young men should be so unwise as to go after the young women; if they Would only stay at home, the young women would come after them. MOUNT VE3UVll,3,—Persons have actually gone there for •the purpose of comm::'ing suicide by precipitating themselvei i:ito the yawning gulf. Duels have also taken place on its summit, and ahnoit clone fa crater. Baron Gerambe, of whiskered celebrity, here' "celebood " himself by an - exploit of this kind, when it was stipulated that the sur vivor in the contest should fling hhnself down into the cni‘c!• ! Perhaps this was' a piece of empty gasconade. It is cert wa that the Baron did not bury himself in the " fiery furnace." because he became afterwards an inmate of the Convent of 1,4 Tra , ppe—for such a character an exit from the world q mituite as sing, or even more so than the other would ha,f , This Tory-ridden county will, ere long, be relieved of the odious burden of havingl'or one of its representatives, a Nobleman convicted, as a military officer, of conduct "revo!t.-, ing to every proper and honourable feeling of a gen tlem " It is an ill wind that blows nobody g ood," and auspicious" will that day be for Northamptonshire, which witnesses the Noble Lord's departure for India. Our best wishes attend him on his voyage ; and long may he live in the East to reap golden opinions from the natives, and win laurels that shall hide the dishonotrs heaped upon him in this country.—Nor th Chronicle. e have this week to record a shocking instance of heartlessness. A poor and inoffensive old man in a neighbour ing s tra ti ' (near Athol) , had his little wealth embarked in his horse and cow , w hich were his only ineans of subsistence the houseThc horse tvher'edi Some individual, the night of the ith ult., actuated, it is supposed, by a motive of pique, enteredt b l animals were kept, and stabbed the e d next morning—the cow is still alive. The horse was struck twice ; the invtrument, in the first it , • . t • • ant,e ! appearing to have ghinced on a. rib The second bl was aimed more fatally ; and, from the appearance of the wound, ow te miscreant appears to have turned..and run the knife l the Every attempt brute's _body, so us to make its destruction in , wit a lb o l n e g ibe ing male to discover the guilty ' person , ''C ' r) and, , the meantime, a subscription has been started" thc sufferer ' s behalf, towards which his proprietor has han tomely contributed. I