The Sun. — London, England, 1857-12-12 00:00:00

IMPERIAL PARLIAMENT. HOUSB OF LORDS—(YRsTxr,DIT.) Th :3 Lo an C NANCRLLOR took his seat on the woolsack at five o'clock. .1.:;1:: . ./IIGRATION" OF FREE NEGROES. The Earl of SHAFTESBURY, seeing the noble earl the Secretary for Foreign Affairs, called his attention to the scheme for the immigration of free Negroes in the French ceionies. It had come to his (Earl Shafteie bury's) knowledge that a decree had been issued by the French Government for the purpose of carrying the scheme into effect. The question h e begged to ask was, whether it was true that any such decree had been leaned The Earl of CLABIENDON said he was gratified in being able to inform their lordships that the decree to which the noble earl referred had no existence, but he believed that certain contracts bad been entered into with several firms, and which agreements had received the assent of the French Government on the understanding that it should be a bena fide immigration of tree nogroee. Now, it PM impossible for such a con - dition to be fulfilled, as there was no each thing as free immigration from Western Africa. We ourselves had tried the scheme 11 veers ago, ithe negro had been treated with every comfort, and had had his return to his native country guaranteed to him, but the plan utterly and signally failed. It was felt that the further trying the plan would lead to the revival of the slave trade, and the project was finally abandoned. The plan adopted by the French Government was, that a number of African chiefs were to supply a certain number of negroes on board ship, and a form was gone through of asking those ne groom whether they were willing, for a certain amount of money, to work in a French colony for a limited period. Now, it was perfectly clear that, under such circumstances, there could be no free choice, and the contractors to the French Government were brought into contact with the regular Spanish slave dealers. The British Government had entered into communication with the French Government on the point, and the subject had been considered by the French Government, in order to bring the grievance to an end. The French government had informed her Majesty's Ministers that although there was in fact no treaty on the subject, yet they intended to act as if it was in existence, and they further solemnly declared there was no intention of reviving the slave trade, but that they were as anxious at the present moment to put a stop .to the infamous traffic- as they were when they signed the declaration in 1315, for the suppression of the slave trade. The Ear! of DERBY did not for an instant doubt the sincerity of the French Government, but he felt that the echeme of free immigration was a perfect delusion, and Wa3 in fact but the revival of the slave trade in another form. _ _ The Earl of CLARENDON said he believed there was no intention on the part of the Trench Government t.) forcibly put an end to the project. Earl GREY was also of opinion that the scheme could lead to nothing else but a revival of the slave trade. When he lipid the seals of the colonial department he was con stantly urged to permit a trial of the scheme, but he had invariably refused. He hoped her Majesty's Ministers would keep the subject in ♦iew an , l not allow it to The i,ubject then dropped. EARL GRANVILLE AND THE EARL OF DERRY. The Earl of DERBY—As this, my lords, is the last day—if Ibe correctly informed—upon which we are Likely to meet before the recess, I may be allowed to seize the present opportunity of making a few observa tions in reference to the extraordinary controversy which has arisen out of a statement which I made on the open ing night of the session. I may, perhaps, before pro ceeding-to the particular statement to which I refer, remark that I was lad into an inaccuracy—although it was one of no importance so far as my argument was concerned—in stating that one of the first offers made to the Government upon the part of the company to trans port troops across the Isthmus of Suez was made by the directors of the company, that offer hissing, as I am now informed, been made by another company. The offer was made in the month of July, and was rejected ; and I cannot help remarking that it is somewhat singular that in the papers which have been laid within the last few days upon the table of the house a letter of the Governor-General of India, dated August 7, appears, in which he states that if the Government at home were not in communication with the Peninsular and Oriental Steam-packet Company the Government of India were. Another mistake into which I was led was that of stating that the last offer of the Peninsular and Oriental Com pany to convey troops to India across the Isthmus of Suez was made in the latter end of August, whereas I find from the letter of Mr. Wilcox that it was made on the Gth of September. Now, my lords, with reference to the main points involved in the controversy which has taken place between my noble friend opposite (Earl Granville) and myself as to a certain letter alleged to have been written to the Peninsular and Oriental Com parry by the right hon. gentleman the President of the Board of Control, I can only say that even up to the present moment I am at a loss to account for the discre pancy which exists between my noble friend's denial of the justice of my statement, and the infor mation upon which that statement was based. As my noble friend Lord Hardwicke men tioned to your lordships on a former evening, I t 'pressed my disbelief in the possibility that the story in reference to the President of the Board of Control couln be true, when it was mentioned to me by my noble friend in the country. When I came up to town, however, I heard the same statement made in another quarter, and I then began to think it necessary to make tome inquiry into the matter, and I now hold in my hand a letter which I received from the gentleman who was my informant, in answer to one w hi c h I a dd resse d to him on the sulieot. I should rather not mention the name of the writer of the letter, and perhaps it will be sufficient to assure your lordships that he is a man of station and position. The first part of the letter refers to the refusal upon the part of the Government to accept the offer of the company, and it then proceeds to state the circumstance which is the subject of the controversy —namely, that the right hon. gentleman the President of the Board of Control actually wrote a letter to one of the directors of the company—Mr. Anderson—to know whether it was possible to organize a scheme for carry ing troops by means of their steamers ; to which the reply was, it was not only possible, but that the thing hail been already done. I still, however, thought, my lords, that there must be same mistake, and I requested my informant to go back to Mr. Anderson and ascertain still more clearly whether or not the statement was cor rect. He informed me that Mr. Anderson had left England on his any to the East, but he came to me about 11 o'clock on the night before Parliament minim- bled and mentioned to me that he had seen Mr. Allen, another of the directors of the company, who had con- ' firmed what he had said iu reference to Mr. Anderson's having made the statement in question. I, my lord:, being under the impression—not only upon the authority of the gentleman to whom I allude, but because the neat ter was talked of in more than one quarter —that he had done so, thought myself justified in referring to the sub ject in this house ou the first night of the session. The accuracy of my statement upon that occasion having been impugned by the noble earl opposite, however, I requested my informant to write to Mr. Anderson, whom I believed to be still in Paris, pointing out the cir cumstance that a contradiction had been given to an as sertion made epon_itis authority, and asking him to state how the facts of the ease really stood. The contradiction of my noble friend opposite was given on the Monday, and on Lumley a letter, a copy of which I hold in my hand, was addressed to Mr. Anderson in accordance with my desire. I am, however, afraid that Mr. Alder son has left Paris, inasmuch as no answer to this letter has been received, and I may observe in passing that it seems to me to be not a little remarkable that, although teat gentleman was, I b e li eve, i n P ar i s on the Jay when the newspapers containing the reports of the debat-e which took place on the first night of the session, must have reached that city, inasmuch as 'ne has written thence to England since that time, yet he never repn eiated, even in the slightest degree, the troth of the allegation a Well has led to this controversy. (than) No my lords, I hold in my hands a letter from Mn Ailen, which I received yesterday, and which, after re fer, ieg to the circumstance of Me. Anderson's absence trim England, goes on to state that from the impression which exists in his own mind, collided with the subse quent declarations of the right hon. gentleman the Pr - ,ident of the Board of Control, " he has no hesitation in saying there must be some misapprehension upon the point on the part of his colleague." Your lordship, then, will at once perceive that while Mr. Allen is di a posed to give full credit to the denial of the President of the Board of Control, he recognises in his note the exis tence of an impression in the mind of Mr. Anderson that a communication such as I stated passed between him and the right hon. gentleman. Now, how a matter of t'sat nature can be the subject of mere impression I cat.- not understand. Whether such a communication dil or did net take place ought to be known to Mr. Andeison OHO way or the other. Tnis, however, my lords, is the position in which the matter stands at present. It may become the soij-ct of future inquiry ? bat, be that as it limy, I feel housed to give the right hon. gentleman the President of the Board of Control the full benefit of the •'planation which has been made by my noble friend oppo ser,' in his behalf, and at the same time to express my regret for having made against him a charge which, if I j i tin ,, , , ar c , ou: l d ea n r o ) t but be injurious to him al a public man. lordships will b After what I have said I trust you:- charge, I will riot s ay opinion that I did not make that —far there would without believing it to be correct e but littl e merit in that—but with. out acting o n such infers anion as justified me in think ire.; tat the charg e w think- Hoar, bear.) s not capable of contradiction. quit e s o at t isfied, my lords, E iri GR,AN VILLE telt n roverstht my from the very commeucecee n t of thise to w hi ch h eohle, friend did not make the staternera, refers without firmly believing it to be mall _ my. noble tounded. IMesing that he And after what has fallen from friend this evening, I can quite understand his su had sufficiently good grounds for making tuse'. a Ste which must have been to him a very tempting one to us y . to the course of debate. (A la u g h.) At the same ti me I entirely deny that there was any ;roundhen the noble earl hatever f or the statement respecting this letter. When opposite made the charge before your lordships I sent word to the President of the Board of Control and asked him whether it was t r ue or not. The answer I received was, that it was untrue. Of course, therefore, I contra dicted it, but in consequence of the extreme positiveness of the noble earl's manner and the positive face he p ut upon it (a lau g h), knowing, too, how often and how easily mistakes and misunderstandings arise, I did not con trediet him so decidedly as emieht have done, but cont,:nted myself with a simple denial of the charge, and refrained from making any vehement assertions, ; THE SUN' LONDON, SATURDAY EVENING, - - Subsequently I raw the President of the Board cf Control, and he told me he had not the slightest recol lection of w riting such a letter and receiving such a reply ; that he had questioned his private secretary and the Secretary of the Board of Control with the tame result ; and that he had put himself in communication with the Peninsular and Oriental Company on the subject, with what results your lordships are aware. Yet, the gentleman with whose name we are unacquainted not only informed the noble earl that he had received this information from Mr. Anderson, who has gone abroad, but said he would inquire from another person con nected with the company, as to the facts, and returned with the statement that Mr. Allen declared that it was perfectly true. The Earl of DERBY—I did not say that this gentie man stated that Mr. Allen declared the information to be perfectly true, but that Mr. Allen knew Mr. Ander son had made such a statement. The Earl of GRANVILLE—It appears to rae alto gether perfectly impossible that such a letter should have been written, and I beg, therefore, to protest, against the burden being laid on Mr. V. Smith of m aking any f u rther attempts to clear his character. (Hoar, hear.) Having said thus much, I beg to acknowledge most cordially the honourable manner in which the noble earl opposite, not being able to substantiate this accusation, and after the declaration made by my right hon. friend on the subject, has expressed for himself his own feelings on the subject. THE INDEMNITY BILL. On the motion for the third reading of this bill, Lord OVERSTONE presented a petition from Bris tol in favour of the principle of the Bank Chatter Act. Lord STANLEY of ALDERLEY said that their lordships were aware, from the speech from the throne, that the immediate cause for which Parliament had been called together before the usual time was to propose a bill of indemnity for the violation of an Act of Parlia ment. Their lordships were also aware of the principle on which the Act of 1844 had been passed. The object of that aet was to secure the country against the recur rence of those financial convulsions and commercial crises which disturbed the country in former periods ; to secure the country from the excess of paper issues ; and also to secure the convertibility of the notes into gold. In 1847, however, th r ee years after the passing of that act , a monetary disturbance occurred, in conse quence, as he believed, of the extensive railway trans actions which took place and the large amount of money which was absorbed in the purchase of corn, and her Majesty's Government felt it to be their duty to issue a letter authorising the directors of the Bank of England to depart from that provision of the act which obliged them not to extend their note issues beyond 14i millions. The effect of the letter then written was such as to dissipate very speedily the alarm which then prevailed. The sanction of Parliament was asked and given to the act of the Government on that' occasion. Sir R. Peel, the chief author of the act cf 1844, then stated that the main object of the act was to secure the convertibility of the bank note, and that it had suc ceeded in that object, and that he sever contemplated that it would be a complete guarantee or security against the recurrence of those commercial difficulties and financial crises which must more or less exist in every country where cammotion and credit had been ea ensively developed. On the motion of Mr. Herriez, the House of Commons passed a resolution txpreseing the approval of Parliament at what the Government had done. He woull therefore take it for granted, that Parliament and the country were of opinion that the Government and the country were justified in adopting the course they then took, and since that period he believed it would be admitted that the act bad C 0 ,211• pletely succeeded in the two essential points for which it was passed, namely, in preventing the over issue of paper, and securing the convertibility of the bank note. It had not succeeded in preventing the occurrence of financial crisis, but he believed it was not within the power of human legislation to frame such a law as would Prevent the recurrence of these crises. Situated as this country was, carrying on an extensive commerce with all parts of the world, and therefore liable to be acted on by the monetary panics and commercial distress of other countries, whether arising from unwise legitletien or other circumstances, it was impossible for any legislation to afford security against the occurrence of monetary pressure here. The unlimited issue of paper in the United States unchecked by Government and uncontrolled by government paper, produced a state of things which re suited in great commercial disturbance and convulsion. The condition in the United States reacted on England, but the pressure here was not of equal severity because there was in this country a well regulated paper circula tion which was convertible into gold. In Hamburg, how ever, which bad a purely metallic currency, the pressure had been extremely severe. It was, evident, therefore, that neither the excessive paper issues of America, ncr the purely metallic currency of Hamburg was able to cave a country from periodical commercial distress. The crisis through which they had passed began with the failure of the Borough Bank of Liverpool, which was followed by the failure of the house of Mr. Dennistoun of Glasgow, and the Western and City of Glasgow Banks. If the state of things in 1847 justified the interference of the Government on that occasion, the state of affairs in 1851 afforded the present Government still stronger grounds for interference, as a comparison of the position of the Bank of England at both periods would prove. On the 27th Oct. in the first period the bullion was 8,337,000/., and on the 11th Nov. this year, 7,171,0001. The reserve of notes in 1847 was 1,547,0001., and in ' 11157, 957,0001. In 1847 the bankera' depnsits were 8,580,0001. ;in 1,857 they reached 12,935,000?. In the first-named year the private securities were 19,467.0001.; this year they reached a maximum of 26,113,0001. Such was the state of things on the 11th Nov., and on the 12th the Government, on their own responsibility, and from a full consideration of the urgency of the case, issued their letter. All discounting having ceased, and with a res rye of only 151,0001. in notes in the Bank of England, he would leave it to their imaginations to con ceive what would have followed if the Government had delayed any longer to issue the letter. (Hear.) He believed that no Government, under the circumstances which then existed, could have ventured to insist on the carrying out of the act for 24 hours longer without pro ducing irretrievable ruin. (Hear, hear.) And such an act of daring would bring down upon the Government the censure of Parliament. (Hear, hear.) The Bank of England were obliged to act on the authority given to them, for 2,000,0001. had been transferred from the issue to the banking department. On the 12th Nov. one million had been transferred, and on the next day another million was transferred. But the Act of Parliament was only technically violated to the extent of two million!, because that amount of notes over and above the 14i millions had not been given out to the public, and in a short time the note circulation was reduced to the amount at which it stood before the letter of the Government was issued. On Nov. 14 the excess of notes out to the public was 622,0001., and it increased to 923,000/ on the 20th. Oa the 21st the issue was reduced to 617,000/ , and it went on decreasing till Dec. 1, when the amount of notes remained as before the act had been infringed. On Dec. 10—that was to say last night—the bullion in the Bank was 8,200,0001., and the reserve 4,650,000/. This beneficial effect, which had been produced by the Government letter, was, he believed, in no small degree owing to the Government not having given permission to transgress the !aw at an earlier period. The most important part of the act of 1844 was that it produced a rise in the rate of discount, which righted the exchanges, and prevented gold from leaving the country. Before her Majesty's Government issued the letter the exchanges had already taken a turn ; the export of gold was checked, and since then, instead of gold going oat, it had been gra lually coming into the country. It would be matter for consideration in any future legislation whether it should not be declared that no relaxation of the act should take place till the exchanges had taken a turn. The Government having taken the responsibility of authorising the directors of the Bank of England to vio lete the act of 1844, came before the hence for an in demnity of that act, and for the directors of the Dallis for having acted under that authority. There was a pro. . . vision in this act to which the noble earl objected, narni-ly, the provision which eVended the privilege of issuing notes beyond tho 144 millions for 23 days alter the n xt meeting of Parliament, but he thought the noble earl misapprehended the effect of that provision, because it would be competent for the Bank directors to roduce the rate of discount when they thought fit—the note i , sues have fallen within the statutory limit. It had been said —he thought too hastily—that the act of 1841 was no longer of any value, and that they ought to revert to the state of things which existed before 1314, or adopt some other course. Bat he thought that experience, so fer from showing that the aet was useless and might be abrogated, only showed that it was not able to elf. that which its original introducer never said it coald t Met, but that it completely succeeded in securing the two other points—the convertibility of the note and the pre vention of the over issue of paper. Having succeeded in securing these two objects he should be sorry if persons were disposed to get rid of the act because a portion of it had been suspended. But it would be desirable seriona!y to consider whether it would not be necessary to intro ! duce sows new provision with the circumstances and c euditions under which such a relaxation should be exercised. Whether it should be effected by the Govern ment on its own responsibility by letter, or by an Order in Council, subject to the approval of Parliament, or by the self-operation of the Act when the rate of disceunt was 10 per cent. —these were matters well worthy of the consideration of Parliament. (Hear.) There were also other circumstances which required consideration, as the circulation of one-pound notes in Scotland and Ireland, which no doubt aggravated the pressure on the Bank of England. His noble friend (Lord Monteagle) expresed his opinion that it would diminish the extent of the evil if the one-pound note circulation of Scotland and Ireland were done away with. The banks in those countries sent up for gold in order to make themselves safe, the result of which was that the Bank of England, at a moment of great emergency and agony, sent three mil lions of sovereigns to the Scotch and Irish banks. It would also be matter for consideration whether the fre quent publications of the Bank of England might nit have a tendency to aggravate the evil. Tneee matters were worthy of grave consideration, and he should be glad to see an inquiry by a committee of the house into the causes which led to the financial and commercial crisis—into the mode in which the joint-stock banks administered their concerns, and how far they ne'gbt bear on the subject. He should be glad, therefore, to see such a committee appointed when they met again. Re had stated the reasons which he thought justified the Government in taking the course they had done. T hey believ e d t h at by taking the step they had done they averted a great disaster b • and that, under thes e circu mstances, it would have been impossible to main tain the strict letter of the Act. He trusted, therefore that the house would assent to the third reading of the bill. (Hear, hear.) Earl GREY said he did not rise for the purpose of opposing the third reading of the bill, because , though disposed to agree in principle with his noble friend near . practically it wa s him kLora Overetone), he knew that not in the power of any government to carry it cut. It was the duty of parliament, therefore, to grant a bill of indemnity to the government for what they had done, and to the Bank directors haring acted on their advice. What he wished to direct attention to on the present occasion was the unsatisfactory state in which the currency law would be left if this bill passed with out being followed up by farther and prompt legislation. He was glad to hear from his noble friend who had just sat down that the views of her Majesty's government were somewhat altered since hie noble friend the Presi dent of the Conned addressed their lordships on a former occasion, who then informed them that her Majesty's government were of opinion that no further legislation was necessary. He was happy to observe the change, and to find that the government now saw there were several subjects with respect to which the existing law might be improved, and, he hoped, further legislation called for. Lord STANLEY of ALDERLEY said he did not go to the extent which his noble friend supposed. What he said was that there were many subjects deserving of consideration which must bear on the decision to be arrived at. Earl GREY said he was concerned to find that the government were not sufficiently alive to the necessity of further and prompt legislation on this subject, which he (Earl Grey) believed to be inevitable under the circumstances in which they now stood. The act of 1844 had now been suspended a second time, which destroyed all the moral force of that act. And that is the more manifest from what has since taken place. This bill had been recommended by her Majesty's government and supported by gentlemen of great weight, on grounds which would make it impossible for any future government to avoid taking the same course— hear)—because it had been laid down distinotly on both sides of the House of Commons that Government would deserve the deepest condemnation if they took any other coarse than the one they had adopted ; and further than that, they had not only an indemnity for the past, but a provision for the future. If after what had passed, the Act of 1844 was not followed up by further legislation, the act should be forthwith repealed and expunged from the statute book. You should not retain a law which it was the avowed intention of all parties to break when the circumstances arose which he thought would justify them in taking such a step. (Hear, hear.) He ob jected net merely to this sort of a repeal of the provisions of the act, but to the repealing it at all. By what they were doing they virtually sanctioned the principle that in periods of cemmercial distress it was legitimate on the part of the country to look for relief from that distress to an issue of paper money, regulated by certain principles and limited only by the discretion of the issuers and the wants of the borrowers ; in fact, they formed the sole restriction of the issue of paper ; that was virtually to take away the means of maintaining the standard of value add to abrogate that standard which had been estab lished by Parliament. They were told there could be no depreciation of the currency, no alteration in the stan dard of value, so long as they adhered to the principle of convertibility. In the first place, experience proves that the currency may be depreciated notwithstanding its con vertibility, but the depreciation will be to a limited ex tent in point of degree and of time, and as long as con vertibility was maintained the ultimate restoration of the currency was ensured. But for a short time depreciation may take place, and to a certain extent—and it had taken plane at the present time. That had been shown by his noble friend Lord Orerstene. He asked what was the measure of the value of money but what it would buy ? The very day a'ter the Government letter was issued the prices of all commodities fell, and the rate of interest fell also, so that there was an alteration in the value of money by the act of Government. The depre ciation which would take place with a convertible cur rency was moderate in degree and limited in point of time, bat when they entered on this course how would they ensure that they would be able to maintain the principle of convertibility. His noble friend had stated that it would have been impossible for the Government to have taken the course they did if the exchanges were not in our favour ; if they had been adverse, the result would have been a drain on the Bank which would hare exhausted its last sovereign. If once they taught the commercial world to look for an issue of paper-meney as a means of relief, did they think they would be willing to forego that relief when a pressure came because the exchanges were against us, and when, of necessity, the pressure must be greater than it was when the exchanges were in our favour ! Of course they would look for re lief; and precisely the same language would be used as at present. They would be told "that convertibility was an abstract principle, which ought not to be allowed to stand in the way of the safety of the nation ; that the demand for gold abroad had arisen from accidental cir eumstances ; that we should protect ourselves, and avert national ruin." The same argume n ts as h a d lately been used to induce the Government to suspend the act of 1844 would then be used to induce them to suspend cash payments. If they once admitted that in periods of commercial distress relief was to be looked for from an excessive issue of paper money, they could not hope that many years would go over their heads without a suspen sion of cash payments : —that result would be very easily arrived at. Suppose a period of distress arrived when the exchanges were not against them ; the country wanted money, and they departed from the rule ; suppose that on the issue of paper circumstances arose which turned the exchanges against them, and they could not possibly be corrected unless by contracting the issue ; if that was done the result would be a greater pressure and greater difficulties than if the principle had been adhered to from the first. He feared they were abciut to make the first step on a path on which when they were once launched each successive step was more difficult to be re tis';ed, and which must lead to a suspension of cash payments. Let them look to what took place on the lasi occasion of snipension, in 1797. He admitted was then impossible for the Government to have taken any other course. By the previous imprudence on the part of the Government and the Bank in the manage ment of paper money the country was brought to such a situation that it became necessary either to suspend cash payments by an order of the Government or allow the Bank to pay away its last sovereign. Had their lordships forgotten the fatal effects of that measure I Fur a time it did not produce any material consequence, but they knew that the country having once entered on the fatal course was led more and more to abuse its currency. The same argument as was lately used was urged then, that men with good bills had a right to have them discounted ; but while men were contending that there could not be an excessive issue the currency diminished in value until the guinea came to be worth twenty-seven or twenty-eight shillings ; and a very serious and a very great injustice was inflicted on cre ditors and others. When at last the nation became sensible of the imprudence of the course it had adopted, and determined to retrace its steps and re-establish the value of its currency, it was found that during the inter vening years so many transactions had taken place that those who had suffered from the original injustice bene fited very little by the change ; on the other hand, dur ing the depreciation of the currency many transactions had been entered into, the nation had incurred heavy liabilities, as had also private individuals, more especially the landed interest, who in their efforts to meet the demand fur corn had borrowed money for agricultural improvements, and by the change in the currency they were obliged to pay 20s, for every 15s. they had bor. rowed—(hoar, hear)—and so had the nation. The consequence was that while the original injustice was only partial, they committed a grcis injustice on a large portion of the nation, from the effects of which they still suffered and would suffer till the last hour of their existence. Ought not that to be a warning to them not to commence a course which must lead to a renewal of the difficul ties of 1797, and a suspension of cash payments ! He trusted that they would not, by psssing this bill, allow themselves to be prevented from adopting some efficient means of reform of their system of currency. He would not then enter into the question of what that reform ought to be ; but he had no hesitation in saying that a reform, to be complete, should be effected by carrying. out to their legitimate conclusion the sound principles of the act of 1844. The first principle was that a paper currency ought to be assimilated as far as possible to4a, metallic one. It was rightly assumed that while a paper currency has a great advantage in convenience, yet for uniformity of value a metallic currency is superior to e ny other. The value of any currency depends on its amount in proportion to the transactions to be carried out; that being the case, it was assumed that in order to make a paper currency equivalent to a metallic, the amount of it should be made to vary according to the wants of the country, precisely according to the same law as expe rience shows and determines the amount of a metallic cur rency. It was impossible arbitrarily to alter the amount of a metallic currency ; the tendency of the precious metal~ was to fi sve into or out of any country where the value had risen or fallen until the balance was restored, and if the value was temporarily altered in any country, it was soon made to conform to the general value, which ROO determined by the total amount. The tendency was so strong that no law prohibiting the exportation could pro duce any, effect in preventing this self-adjustment. This being so it was necessary to devise a machinery which would preserve the paper currency at a uniform value, The mode adopted was to place the issue of it under such regulation as that the amount at anyone time in circula• tion should vary according to the same proportion and from the same causes as affected the precious metal. Tnis was effected in the act of 1544 by providing that beyond a fixed sum, far below the wants of the country, no paper money should be issued unless in exchange forgold ; and the Bank became a mere ministerial body to carry this out. The principle was sound, but unfortunately the act of 1844 was defective in the machinery to carry out this object; it still left the issue of the paper money in the hands cf the Bank of England, and created a false im pression in the minds of the public that as the Bank had a monopoly of the right to issue paper money it had a right to provide for all their wants. As the same parties were dealers and issuers of paper money, the twe func tions were carried out in such a way as not to make it clear in which capacity the paper was issued. This vt ai a source of great evil. If the principle was to assimilate the paper currency to a metallic, the first thing to be done was to assimilate the two as to the authority by which they were issued. They allowed no private taint, so they ought to allow no money to be issued by a private individual—the Royal Mint, and a royal mint only; and as they tolerated no private coining, so they should not tolerate any private issue of paper. The private issue of paper was more dangerous than that of coin. They ought to put an end to all issues by the Bank of England, and the joint stock banks of England, Ireland, and Scotland, and have one uniform issue by public authority. lie believed that would preventthe recurrence of many evils, and disabuse men's minds of the pernicious idea that the Bank was a body from which assistance might be inde finitely demanded. It would at the same time relieve the Bank from the necessity of making returns, the only effect of which was to create alarm ; and the directors would be left to deal with their capital as was best for their benefit and that of their shareholders, and people would have no more right to expect them to take meaeures to support credit than any private bank. He did not mer.n that the total amount of bullion lodged should be retained in the cellars. A certain quantity should be kept, and the remainder exchanged for stock or Exche quer bills. The officer whoregulated the currency should be appointed by the Crown, and hold his office during good behaviour, so that in time of pre s s ure G overnmen t might ha f e no influence to induce Lira to depert item the strict rule. Ile might bo asked whether this system would prevent the recur. ence of periods of distress 1 He should say that no law of currency could guarantee against a re currence of commercial distress. The present crisis was not brought about by any law, but it bad arisen from the frightful spirit of speculation whi c h h a d t a k en possession of the oomwercial world, and the monstrous abuse of the system of credit in this country, an abuse which recent legislation h a d tended to aggravate. For his part, he believed that in the long run it would be found that the interference of the government in support o commercial credit did more harm than good. Granting that extraordinary emergencies required extraordinary remedies, yet it was clear that the only m o de i n w hi c h government aid and ass istance ought to be given to individuals was by lending them the support of the go vernment credit. Neither parliament nor the govern. ment could create any additional property in the coon try ; all they could do was to transfer it from one hand to the other ; and if that were so assistance to the c mercial world had m ush better be g i ven di rec tl y th an indirec ly, by authorising the Bank to make excessive issue of paper. Let the government be authorised to issue stock or Exchequer Bills. He believed that during the recent difficulties stock always sold high. Those who held stock could always get money. It was only those who had bills to be discounted who could net get it. This showed there was no de fi ci ency o f money i s t h e country. Let thorn, if they would, authorise some meats of this kind to meet extraordinary emergencies, and not meet thorn by tampering with the standard of value. This issue of paper was nothing but the old resource of barbarous rulers, the debasement of the coinage. They might as well issue base coin as issue paper money be yond the regulated amount. He w ou ld on l y t rou bl e t h e i r f great lordships importance, on one other which, however, was one many years ago arrived at orie Fe int, had the conviction that the prohibiti on o f sma ll notes i n t hi s country was most injudicious, and no reform of the cur rency would be complete which did not provide for the circulation of one-pound notes in England as well as in Scotland and Ireland. He had taken great pains to make himself master of the reasons assigned, but they always appeared to him inconclusive, and he saw no reason why, if they used the cheaper medium of paper in large exchanges, they should not use it in small ones also ; he never beard an argument against one pound notes which was not equally applicable to five aid ten. By allowing pound notes, they would ren der unnecessary a large number of sovereigns, and only ren der their currency more secure. If he had time he could show it would increase the security of the whole paper currency, and would manifestly be attended with very great advantage; it would get rid of the absurd anomaly of allowing these notes in Scotland and Ireland, but for bidding them here. The law even went the absurd length of prohibiting them in the border counties, but it was violated every day with impunity, and in Northumber land no one ever attempted to stop them; he believed even a few notes of the Western Bank had got into that county. If one-pound notes were wrong get rid of them altogether, but if they were right let them circulate everywhere. Another advantage which would arise was, that it would afford them immense facilities for the with. drawal of the present privilege from the Bank of England acd other banks of issue. In doing so they ought to treat them with justice and liberality, and see they were no losers. The issue of one-pound notes would enable them to do thie. They might be advanced to those banks in proportion as their own were withdrawn, and thus they would at length cbtain the inestimable advantage of having one national currency. The remarks of his noble fei nd below him (Lord Monteagle) showed that if they had had a national currency they would not have been exposed to the inconvenience arising from the recent de. wand for gold in Scotland and Ireland. The issue of one pound notes would, moreover, afford the country sen sible relief at a time when it was much required. The present disasters had been brought about by great im prudence of some, but still they pressed heavily not only on them, but on the whole community. The effects were visible on all sides—a number of mon were thrown out of work, and a general check given to industry and pro duction for which there was otherwise no real reason- At this moment of pressure the issue of 1/. notes would afford great relief; it would displace some 30 or 40 mil. lions of sovereigns, and add to the national capital a large portion of that sum, and thereby relieve the pres sure. He considered these were reasons why this subject should be taken up by her Majesty's Government; and, without waiting to inquire, they should introduce some measure when Parliament met. He would not then enter more fully into the question ; but before he concluded, he would urgently press on the Government the necessity of taking the subject into consideration during the recess, and being prepared when Parliament re-assembled to bring forward some measure on their own responsibility. He was glad to hear it was intended to have an inquiry into the causes of the recent distress ; it was much wanted, and might lead to useful results, but the state of the currency did not need inquiry ; they might go on inquiring for ten years and not get to the end of what people had to say. (Hear, hear.) Theycould not expect any further information. They had all the facts before them, and all the means of forming an opinion. Under these circumstances it was the duty of the Go vernment not to throw on a Parliamentary committee the respcaeibility of devising measures, but to take the matter into their own hands and propose, on the part of the Crown, such an alteration of the law as he believed would be for the public advantage. He did not wish them to do this at once, or without due deliberation. Ho hoped that they would take time to consider, and that the result of that consideration would be satisfac tory to the country at large. No one else rising, The LORD CHANCELLOR put the question, and the third reading of the bill was agreed to nen. con. The bill they passed. Their lordships adjourned at a quarter after 7 o'clock. HOUSE OF COMMONS.—(YEsuiRDAY.) The SrzaKER took the chair at 4 o'clock. NEW MEMBERS. Mr. DEEDES took the 'oath and his seat for Weak Kent, and Mr. BAGSRAW, jun., for Harwich. MAIN DRAINAGE OF THE METROPOLIS. Mr. LAURIE asked the First Commissioner of Works, whether any, and if so, what steps hat been taken for the purpose of carrying out so much of the Act 18 and 19 Vic., c. 120, ae relates to the main drain age of the metropolis. Sir B. HALL at great length minutely entered into the i.t :te of this question, from the passing of the act in 1855, up t. the present time, the partkulars of which have already been made public through the pros* by reporting the proceedings before the Metropolitan Board of Werke, and the conference between that board and the right hon. baronet. He said that what he con• tended for was, that the Metropolitan Board of Works were bound to cleanse the Thames from the pollution that passed through it in the metropolitan area, but the Metropolitan Board of Works contended that they were only called on to carry out that which was generated in the metropolitan area generally, rated outside it. and not anything gene- In answer to a question from General CODRINGTON, Sir B. HALL said that great misapprehension prevailed with reference to the outlet of the drainage. What he had always contended for, and did now, was that the outfalls should be at the points indicated in Captain Birst%ll's report. NEW WRIT. A new writ was ordered for Whitehaven, in the room of Mr. Hildyard, deceased. ISTHMUS OP SUEZ. Mr. GRIFFITHS gave notice that on an early day after the recess he should call the attention of the Government to the application of the French Govern ment to the Turkish Government for permission to con struct the Suez Canal. BARON ROTHSCHILD. Mr. T. DUNCOMBE gave notice that immediately after the recess he should call the attention of the house to the fact, that during the two preceding sessions of Parliameut three of the members for tho City of London only had taken their seats, he should move a► resolution that Mixon Rothschild be permitted to take the oaths as appointed by law most binding on his conscience, and in accordance with the faith he professed. (Cheers.) NEW SOUTH WALES. In answer to a question from Lord A 011IIRCEIILL, Mr. LABOUCHERE said it was intended to sepa rate Moreton Bay in the colony of New South Wales, from that presidency, the boundary to be near the river St. Lawrence. Wi t h regar d t o th e f o rm of legislation it would be on the model of New South Wales, but on what principle, whether strictly what was called execu tive or not be could not then give an answer. TUE PRACTICE OF MEDICINE AND Mr. KINNAIRD asked SURGERY the Vice President of the Council of Ed ucation whether i t was the intention of her Majesty's Government to introduce any measure after the Christmas recess, with the view of amending the laws relatinc to the practice of medicine and surgery in the United Ki ng d om ? Mr. COOPER said it was the intention of the Government t o i ntroduce suc h a m easure. TRANSFER OF LAND (IRELA ND ) Mr. VANCE asked the Attorney - G eneral for Ire land if the G overnment i nten d e d, during the present session, to bring in a bill to facilitate and simplify the transfer of land in Ireland? Mr. FITZGERA.LD said such a measure was under the consideratio n of the Government. THE BANKRUPTCY LAW. Mr. HEADLA.M asked the Attorney-General whe ther it was the intention of the Government to introduce any amendment of the law cf bankruptcy in the present session of Parliament ! The ATTORNEY-GENERAL said the bankruptcy law required legisistive interference. (hear, hear.) The subject was under consideration, but he could not state when a bill would b e i ntro d uce d u pon the subject. TRANSPORTING INDIAN MUTINEERS. Mr. ARTHUR MILLS asked the President of the Board of Control whether the attention of Her Majesty's Government bad been called to the question of t!anse porting a certain number of the mutineers in India to such of the W es t I ndian or ot h er c olonies as may signify their willingness to receive such transported offenders, and their families, and to contribute to the cost of their removal ; for the transportationf such offenders being ado p ted, also, wh e th er, in the event of any m easures the Government of India were empowered to carry out such measures under the Acts of the Governor-General in Council of May and June last, for the punishment of offences against the State, and military offences I Mr. V. mina said it was a question of great; im portance and delicacy. The object bad occupied the 12, 1851', DECEMBER' attention of the Government. It would be very desirable t, have a place to transport those whose lives would be spared ; but the question was, where to send them. Of course they could only be sent to such colonies as were willing to receive them. He behaved no punishment would be dreaded more by tho high-caste ra.t.:7oS especially as transportatiou. SMITHFIELD MARKET. Mr. ELANBURY asked the Chn.ncellor of the Exche quer, whether the consent of the Government was likely to be given to any proposition of the Corporation of the City of L-Indon to build over the site of Smithfield Maiket, whether for a Dead Market or any other pur pose _ _ The CHANCELLOR of the EXCHEQUER said he believed it was the intention of the City of London to introduce in the ordinary manner a private bill for establishing a dead meat market in some part not far from Sinithfield. The question with regard to the ground claimed by the Crown would be left to the decision of the select committee on that bill. • PRIZE MONET. Mr. LAURIE asked the Under Secretary for War, whether any prize money was to be distributed to the Army who were engaged in the Crimea! and, whether the. Queen's troops now is India, who t Kok possession of treasure, would have prize money allotted to them ? Sir J. RAMSDEN said the former was too small to distribute amongst the army, not counting more than 2s. 6d. to each officer, and 63. to each soldier. None would therefore take place. Mr. V. SMITH said with reference to India that prize money would only be allowed where the treasure was taken from the natives. (Hear ' hear.) MINISTER OF JUSTICE Mr. WARREN asked whether any and what pro gress bad been made in the arrangements for establish ing a Department of Justice, in conformity with the pledge given by the Government in the last session ? The ATTORNEY-GENERAL said the matter bad been under consideration. He should be able to give a more satisfactory answer after the recess. THE REBELLION IN INDIA. Mr. BLA.CKBURN asked if the Indian government had resolved to admit the principle that compensation was to be made for property destroyed by the rebellion in India. Mr. VERNON SMITH said the question had not yet been decided. PETITION FROM CA.LCIITTA. Mr. WISE asked why the memorial from the inhabitants of Calcutta, complaining of the Governor General, had not been present4d to the Home of Commons, and by whose authority it had been with• he'd. Lord PALMERSTON said ho hal returned it, because it was contrary to the invariable rule to re ceive such documents, except through the Governor. General, who, at the same time, forwarded his answer to the complaint, by which Government were put into possession of the facts on both sides. BISHOPS' RETIRING PENSIONS. Mr. GRITFITLIS asked the First Lord of the Trea sury, whether it was his intention to bring in a bill this session to provide retiring pensions for bishops resigning their sees, according to his pledge of last session 7 Lord PA LM.E RSTON said the subject was still under the consideration of the government. He was unable to make any pledge on the subject. (Hear, hear.) RIGHT TO PRACTICE IN THE ADMIRALTY COURT. Mr. HADFIELD asked the Attorney-General whether he intended to bring in a bill to abolish the right to practise in the Court of Admiralty, now enjoyed by proctors (eho were empowered under the Probate Bill to become attorneys and solicitors), and to enable the legal profusion generally to practise in that court, as decided by a committee of the whole house in the last session, during the discussion of said Probate Bill The ATTORNEY-GENERAL said the subject was under consideration. Probably a measure to that effect would be brought in after the recess, but he was unable to say when. _ great danger by sending the troops by Egypt. (Hear.) attention of the ho — uL to the fact that, although I did 21.3 t He did not know whether the ben. a , ntlemen had ever venture to give any positive assurance that the c ommon. crossed the desert, but ire knew several gentle men were cial ceisis had, and they all agreed tat it was a groat trial of had reached its termination, nevertheles s I h expressed confidence that the Bank of England wits huenau strength. It was most important that the treoes should arrive sound and w e ll at their destination ; cud, , steadily recovering its p os iti on . I n s upport of that state ean . meat I will m en ti on w h a t I am i n f orme d wa s the state of in fact, they bad arrived every one in a s sound tie they bad left England. (n ea r.) He considered the Bank yesterd a y even i ng O n th e 11th o f November th e that any minister who should send troops by that route bullion in the Bank was 6,666,0001. On the 12th, the trey without the certainty that vessels should be ready to the letter was issued, it was 6,524,0001. Last night I transport them from Suez to their destination would be understandahe amount of bullion was 8,200,0001. worthy of impeachment. The hon. gentleman then i The fieures are not precisely - • because so me returns aeeura e, t entered into a calculation of time with a view to show 1 from * all 1 . 0 y ountr branches had not been received, but for that no advantage would have been gained by ta ad op- e a op- i practical purposes it may be taken to be correct, and that Lion of the route to Suez, and that even if they had • el game if/ 00 0 /- a few days that would have been of no sort of use for the the amount of bullion in the Bank last night was 8,2( , relief of Lucknow. The public were too apt to believe (Hear, hoar .) On the 11th of November the reserve of the that Government had been wanting in energy, and naturally so in the excitement aed anxiety produced by(Cheers.) Bank, including both notes an I coin, was 1,462,000/. 9 11 the 12th of November it was 581,0001. Last night it wall the news from India, for every one was anxious that aid 4,650,000/. , (Hear.) Therefore, if we deduct 2,00,0601. of should be sent as speedily as possible, without exactly over-issues, there still remains in reserve 2,650,0001,, which knowing how that was to be done. (Hear.) He then is a sum by which it is possible to work the banki n g d° referred to what was slid the other ni g ht a b ou t th e s cr e w par t mon t. Th e motion which lam now about to makeiships taken up by the East India Company. Though hean d the re-appointment of the committee of last session, fact might say that he was not responsible for that, he would I will again call the attention of the House to the say, to show that he did not want to shirk responsibility, ' a of that he fully approved what they had done, and that te that the committee, after concluding the examine- I°n , Government had laid thereine on the neck and put spurs evidence last session, agreed unanimously to recommena in the Bides of the Court of Directors, who had made the its re-appointment in the present session. These were the utmost exertions. He thought that when the committee words of the resolution •:----" Your committee have aSl'p©d had investigated the matter, and the facts became better to report to the House the evidence which referredhay° known and understood, the Government, instead of being blamed, would receive credit fcr the most strenuous s for received, and, as their investigation of the subject to them is still incomplete, they beg leave to recommend i t u h a the t e select ensuing session e a f p p.eoei Parliament." l t i e l d m to ee t . resume my t h r jegibutq h e o ir i l exertions. (Hear.) Sir J. PAKINGTON admitted that there was some inconvenience in the raising of the question at this friend (Mr. Gladstone) and the right hon. gentleman point, and especially without notice—(hear)—but every opposite l:aloea ? c f i r t . be Disj i all e a et we both members oftlit c 50,.... heart in the country was beating with anxiety on this tion. ' The que r stion, then, object at the time to that . . i 'L to be considered to-night is matter, and as Parliament was about to adjourn he whether circumstances have since arisen which render it thought the hon. member right to avail himself of an op. inexpedient for the House to adopt the recommen d°. portunity perfectly legitimate in a parliamentary sense. tion of the committee. My right honourable friend (Mr. Gladstone) on a previou s o ccasion spoke with (Hear.) He was astonished th a t G overnmen t should assent to the motion, which he considered to be one of some want of appreciation of the evidence taken i b l censure upon them —( hear ) — and the assent to which the committee of last session, and conceived a dou t appeared to him to be confessing that they were in the w f hether any . advantage would accrue from a reappointre e ! . o the committee to inquire into the question of the eut , wrong. He controverted the arguments urged in defence rency. Having been a member of that committee last see of the course which had been adopted. sion, I must be permitted briefly to vindicate its proceed- Col, SYKES defended the couree taken by the Court ings. I cannot see that the evidence taken is in any degree of Directors, and said that, so far from requiring the inferior to the evidence taken by previous committees on spur to be applied to the flanks, they had galloped ahead former occasions. Gentlemen of very goat eminence, both of the Government. from their position and from their experience and acquire- Sir J. ELPHINSTONE said that though it would per- manta, were examined. We examined 113 y hon. friend the haps have been impossible to send a large quantity of member for Southampton (Mr. Weguelin), formerly goeer troops by the overland route, yet, if they had sent 500 or nor, now director of the Bank. We examined the present 600 at a time, the moral effect would have been very great governor and deputy governor. We examined Mr. Hobe when it should become known in India that troops were bard, a very able and intelligent witness, also a Bank striving in that manner in addition to those from all other director. We examined Mr. Norman, whose characte r, directions. At that time of the year the winds were light lam sure , I need no t eulo g ise . (Hear, hear.) We ex from from this to the line, and the saili n g vessels might have amined Lord Overstone, whose authority stands so high be been to that part, but for the rest of the distance the winds fore all committees on this subject; and we also received were favourable. He inquired what provision had been the evidence of Mr. Newmarch, a writer of great ability, made for the protection of the troops in the hot season re- who is associated with Mr. Tooke in the completion of hie . ferring to the efforts of Lord Dalhousie to improve the work on prices, and who represents the 'wheel of opinion ta barrack accommodation. It would be impossible for them which Mr. Tooke belongs. We also examined Mr. Joha to live under canvas in that season at Bengal. The result Mill, whose merits, ability, and ocalduct eeed no eulogiuui of all this was that when the prices increased there would from me. I think that list of witnesses exonerates thecone not be sufficient accommodation for the men who would be mittee from the charge of having laid worthless evidence' coneantrated in Bengal. He thought it was very necessary on the table of the house. I cannot see that the practice that the attention of the Government should be directed of putting long questions, which was remarked on by reY, to that point. (Hear, hear). right hon. friend, has interfered much with the value en Mr. P. OIaRIEN said he wished to ask a question which the evidence taken by the committee. It vary often bziP; he had on the paper, namely, to ask the Under-Secretary pens in committee that gentlemen, wishing t o suggest an for War, whether the Government intend to make up our argument to a witness, are obliged to put long qn.ostioes- the Home Cavalry establishment to the number in existence It is not like examinations in a court of justic e, where before the w ithdrawal of regiments to Indial and if so, object is to extract matters of facts ; but in or der to carr/ t whether they will ag a i n cons tit u t e th e sth R eg iment of on an argument between the witness and the com mittee° Royal Irish Dra goons ? is necessary to put questions sometimes of a rath er in con' Lord J. MANNERS p ro t es t e d aga i ns t suc h ques ti ons venient length, I am not sure, however, that the etelf3 n 0; being introduced, becau se th ey were en ti re ly i rre l evan t t o mittee of last session can be justly charged with a n eb e ee of that practice. I must maintain, therefore the question under con s id era ti on . The SPEAKER said th a t as th e h ouse h a d d ec id e d th a t deference to my right honourable friend's C with gr character ef t .... the question should be put wh e th er su pply w a s to be p os t- that committee, that it did materially promote the enact.. poned.—the hon. member was qu it e i n order. standing of that subject which was referred to its levee ld Mr. O'BRIEN then again put the question of which he gation, an d that those gentlemen who wish to understahb had given notice. the present position of the currency question self Sir J. RAMSDEN rose to reply, but referenceto the Act of 1814 will derive, as I confess ll°Y rre The SPEAKER called upon derived, groat instruction from the opinions and the in .., Mr. SCOTT, who rose at the same time. Tho hon. million of the witnesses examined before it. (Haan) I De b i member said that he likewise had a question on the paper, come to the amendment which is to be moved by the orderrig but he did not intend to press it, although he believed that hon. gentleman the member for Buckinghamshire. en t there could be no question that more interested the people to see what would be the effect of that amendment, I et'. just now than the rewards which were to be given to our call the attention of the house to the course which thencaa'e gallant soldiers in India for the services they had rendered, mittee actually pursued. What the committee did i 'lf a The house had been told that evening by th e r i g ht h on . last session was to examine into the general operation at gentleman the President of the Board of C on t ro l th a t it the Act of 1841 with reference to the Bank of England._ 10f was the duty of a Government to fo re se e danger, and then confined itself to the question of the issues of the Ban u e e to guard against it. It was b e c ause h e thought the Go- England alone, and the law as affecting the liwitatioe at; vernment had not foreseen th e d anger , an d h a d no t p ro . those issues. That part of the inquiry appears to Inc__ party guarded against it th a t h e o bj ec t e d t o th e course th e y have been completed by the committee. W hat lun t e e% had adopted., (Hoar.) It had been said on a recent stand the committee to have intended to do, if reappointaiop festive occasion that the country ought to , thank its stars was to inquire into the country issues in England, and 1 .„, that it had a Government that was equal to the emergency, into the banking system of Scotland and Ireland, beets:, That occasion was a dinner at the Mansion-house, and h e the Acts referred to that committee were not only the A° had no doubt whatever that her Majesty's Government of 1814 but also the Act of 1845 with respect to Scotland was equal to such an emergency. (Laughter.) Ho might and Ireland. Therefore, if the commercial crisis bad . '-'," remind the house that 200 days had elapsed since the news occurred the committee, I apprehend, when reappoint"! of the mutiny reached this country, and not one single would have treated the question of the Bank of E n gland band of men had been sent out that had taken part in the disp osed of, and would have taken evidenceupon taeEngli recent troubles. It would have been well, he thought, if count y issues, and also upon the Scotch and Irish issues,e such a Governor for India had been sent out as Lord and then they might have agreed to a report. But hose Elgin ; but instead of that noble lord, India was to be does the amendment of the right hon. gentleman affec t governed by a noble viscount whom nobody considered this state of affairs ? He proposes, as an ridaendment t equal to the occasion. When it had been urged upon the my motion,—which. would of conßenet of it alto- Government that they should have sent out troops by the gether—to resolve ` that, in the opinion of this House, Red Sea, it had been said that therelwould have bee no further inquiry is necessary into crisis e operation of the danger in that course, but the Government never seemed Act of 1844." If the commercial crisis had not occurred to have apprehended the dangers likely to arise from the I should have been prepared to assent to that resolu disaffection of the sepoys, or what might take place at tion, for Ido not think . that any further inquiry is novae Lucknow, At the present time, when ever heart in Eng- eery into the operation of the Act of 184 t so far as the objected th eexeteopt b io ie n re o s f el t u h t e ion co . unßtery't land was throbbing reference to what was taking place Bank of England is concerned, and if he would have in' before Lucknow, there was an apparent coldtsbis on the part tseeeruteedsAesbwouolrddseet"bweirteh of the Government, and even the President of the Board of Control hardly ventured to say what was to be done if how does the matter stand ? The right hon. gentleman says Lucknow were to fall. (Hear.) There were many car- there is to be no further inquiry, but is the committee to cumstances connected with this question which ought to be precluded from reporting upon the operation of the MS be well considered, and he hardly understood why Gen. of 1844 ! It has collected very valuable evidence in refer- Havelock had not been raised to the peerage when the mere once to the Act of 1814, and it has-not hitherto even con" historian had been preferred to that high honour. a e sidered any resolution founded upon it. As I understa nd Sir J. RAMSDEN said he wished to give an answer to it, the effect of this resolution would be to preclude the the question which had been put to him by Mr. O'Brien. committee from comi n g to any resolution u p on the ell' Arrangements had been made to give the best acsommoda- denco taken last session with respect to the Bank of En Lion for for the cavalry in India, and to accomplish that ob. land , an d it would also p reclude them from taking el' ject the existing regiments would be strengthened, but no Bence with respect to English country banks of i ssue, new regiments would be created. and the Scotch and Irish banks. Upon the latter Sir DE LACY EVANS said that as the Government point the right hon. gentleman is altogether silent_ had consented to the committee of inquiry he had p ro- Under these circumstances, I confess it appears to 113! posed, he would not say anything except to ask whether that the amendment altogether fails to meet the 0 11 the noble lord would allow the committee to be appointed g encies of the case. It renders the labours of the coal,. to-morrow ? mittee of last session comparatively useless, it stops the In' Lord J. RUSSELL said that before the question was quiry at present incomplete, and it prevents any re.olu: pnt he wished to say a word or two, because it might tion being founded on the evidence already taken. (Hearl. affect the proceedings of the Government. The P resident But, sir, we do not stand now as we ex p ected to stand at of the Board of Control had made a most important an- the end of last session. (Hear.) Since that resolution al nouncement, namely, that the committee on this most itn- the committee was agreed to we h ave h a d a commerci o portant question would be acceded to by the Government. crisis, and it is, I think, a fair object for the considerati o a The right hon. bart. the member for Droitwich (Sir J. of this committee how far the general operation of the A C ! Pakington) had expressed some surprise that the Govern - of 1844 has received any light from the events of Jae' merit should have acceded to such an inquiry. Now ho month. (Hear.) At all events, Parliament m ight wish t o thought that on a question a hich had been so much die- institute an inquiry into the causes of the commercial dies cussed, upon which there had been so many and such tress, and to see whether any connection can be traced be: varied statements of fact s th a t the Government had exec- tween the o p eration of those causes and the Aot of 1844. la cased a very constitution a l co urse in acceding to inquiry ; is on that account that I have prop ose d to m o ve that i t b e an instruction to the committee to inquire into the clauses of but, at the same time, w h e ther it would nit be better and more confor ma bl e t o anc i en t p ra ctice for the whole house the recent commercial distress, and to investigate how far • to resolve itself i n t o comm itt e e for inquiry upon the sub- it has been affected by the laws for regulating the issue of ject. At the pr o p er time he should submit that amendment. bank-notes payable on demand. In that way the committees The committ ee of s upply was then ordered to be ad- if it pursued the inquiry of last session in accordance wit! journed until F r id a y, F e b . 5 . the views of the committee of last session, would ab SIR HENRY HAVELOCK'S ANNUITY BILL. stain from any general inquiry into the Bank of Englant, The CHANCELLOR of th e EXCHEQUER having It would take a n y additional evidence re q uisite in cone : moved that the committee on this Bill should be adjourned quence of the commercial crisis, and inquire into the ups, to Thursday, February the 4th, ject of the English country banks of issue, and the operr Lord PAamEis s eToN , w h o, h av i ng s p o ken on the pre- tion of the Scotch and Irish Acts. In that way a comp vious question, could not until it was disposed of reply to and satisfactory inquiry would be obtained. But, sir, 1 te . the questio n of Sir D e L ac y Evans, said—l understood that by no means true that no light has been oast on the opera_ my hon. and gallant friend had given notice of his motion tion of this act in the course of years, and that we are awe for Thursday next, and I therefore treated it as one which with the evidence taken by previous committees, to form a. could not be disposed of before the adjournment. As far complete judgment on our present system of bankin g . as the Government is concerned, I should have no objec - would only direct the attention of the ho use to a f a ct well Lion to its coming on to-morrow,which the sylv Sir DE LACY EVANS--I have altered the terms of my class of subjects—viz., the great expansion known to all persons who are at all acquainted with thy' notice so as I believe to enable me to move the resolution tern of holding money on call has received within thelast to-morrow. few years. It is, undoubtedly, to a greaaextent, to 01 Tho motion w as th en agree d t o. abuse of that system —which I believe is in the main THE AUSTRALIAN POSTAL SERVICE. wholesome and bene ficial s y stem, tending to collect and Mr. Alderman COPELAND, had • whogiven no eno o bl b 0 ' eminently ha eto a use, and contai , intention to move for a return of all the vessels employed but, nevertheless, e . f hi s turn to good account the scattered . resources of the country', within it elements of danger--that many of the evil/ 0 1 by the European and Australian Company, said that the delay which had arisen in the conveyance of the mails bylf i t a li g e recent crisis ma be attributed. (Hear.) It is the s/ e• tem of giving interest upon bankers' deposits _form this company entailed such serious injury upon the almostcoin unknown in this country, but for many years prae7 martial interests of the country that he was sure he need only call the attention of the Government to the subject in change in the working banking law* tired to a great extent in Scotland —which h as ma de 1 ' great practical sots order to get the screw put on and the grievance removed• that there is great difference betty With the exception of the chartered ship the Sidmouth d with a banker for the sake of safe ousted/ none of the vessels employed by the company had performed deposits place the depositor Every one must seea and the convenience of drawing—whore ,. ere their voyages in the stipulated time, and the company had incurred heavy penalties, which he was glad to hoar thatlleums, as via l the Government had enforced. It , was now understood Payments, and where he draws it out in s keeps only the smallest sum which is sufficient for online that this company was really defunct, and it was prettywhoredeposits the depositor of the nature investments, At evident that the persons now concerned in the same wore almos t in formerly the case in England,—and the ma which are the West India Mail Company. The country had hoard receives a to diminish thorn, and where (particularly ilia: with dismay that this compauy would not be able to dis- insed of high rate of interest, where he seeks to augine ee he has occasion to draw out large sums at tnu charge their duties with efficiency until the month of May, is banker) sbo a rtest possible notice. The difference between the to ° and meanwhile persons leaving . for Australia to-morrow is manifestly great, and it is not dependent on the 1 0 ' (this day) would have to remain in Egypt a month because but it has a great effect on our banking systate• there would ho no vessel ready to take them on. As he With reference to this subject I will take the libert/ understood that no returns could be made in addition to o . f directing the attention of the house to a passag e those already supplied, he should not proceed with the motion of which he had given uotice ; but he implored the in a letter from Mr. Cotton, addressed to me i ° Government to expo i e d't this company in the performance October, 18 .6—more than a year ago—which is e printed i A of its contract. 'hey undertook to launch and purchase the a pp endix to the report of the Bank Committe e ,. ne, ata'' var ious vessels. As yet they h a d launched none, nor had which, I think, shows some foresight as to the o p r they chartered any which were adapted to the work which of this system. Mr. Cotton says : they had to perform. Th e r a was one ship, M the editorra- " The system of banking in Scotland which has lately o b s e i l/ n e an, the trial trip of which was quite satisfactory ; but introduced into London—viz . , to a ll ow interest on d e r e° to she, instead of being sent to the colonial station was char- at call, or on short notices, has given, and will give, to f i tired for the conveyance of tro s The on. member serious incenience, as the depositors, in tho er e° d Dot concluded by withdrawing his motion for the h returns. monetary crisi onv s, will demand payment when they would Sir C. WOOD said the Admiralty would take care as far sell their own securities." - of the as possible to enforce upon the contractors the perform- This I think shows a foresight and a consciousnosaen f this ante of their duty. e oleo 0 THE LAST INDIAN NEWS, part of Mr. Cotton of what was likely to be Sir G. WOOD said the to extent system. The question which was in feat which Government had that moment committee of last session, and which wa s to agr see h of received an additional telegram, which, if that to vim rd the house would exhausted by them in their inquiries, was permit him, he would read to them. rsity of Ozfo , silence while the right hole gentl There was complete right hon. friend the member for the U n iversity po a c y to t. dated " Alexandria, Deo. 5," ewara read a telegram , adverted the other night when he spoke t the donbt a : which will be found in our developing the Actof 1844. There can be no Indian new', and upon its conclu • satisfaction • eke , " a le conclusion the of Sir Robert Peel, when he introduced this eene the hon. members was evinced by cheers.came for .- t he sanguine expectation that before the time •, .0 fit for THE CURRENCY. in it the provisions which he had embodied a tali The CHANCELLOR of the EXCHEQUER then rose extinction of the country bank issues would .have viola and said—The house must, I think, consider itself indebted effect, and that over the whole of England tu a eee et t : to the right hon. gentlemen the only be Bank of England notes in circulation. am ter 03104 opposite (Mr. Disraeli) for sur some words in a clause of the Act which seem a 1 e gusting an arrangement by which the discussion on the point clearly to the expectation that before they ! mie e o: Indemnity Bill has been disengaged fromtho question which it was not impossible that all the country ban,,1, 0 eala is now about to occupy its attention. Undoubtedly, it has England should cease. There are the words 0 1 "L' been fo o of the Act : ble tlj r the convenience of the house that that subject sec , t . i A n n d be it coanted that all the compositions Partaacto should have been considered without reference to this the several bankers mentioned in the schedulowiath tel further questi on ; an d I ma y, perhaps, be permitted, now marked (C), and such other bankers as shall agr ee of ° lf ', that the Indemnity Bill bee been read a third time, and said governor and company to diseontinuo the iss ue o o oy , da i lo a , own bank-notes as aforesaid, shell, If not previous] p rey' a been sent to the other House of Parliament, to express my mined by the act of such bankers as hereinbeto e p * f sense of the fair and candid treatment which that question (ease and determine on the Ist of August, 1856, o r . ool o ° has received on both sides of the house. (Hear.) Gentle earlier day on which Parliament raay prohibit the 1 liii 3i ‘ men in all parts of the house have,as it seems to me, shown bank-notes." ro 0 tth re') to th , a disposition to avoid all captious criticism, to treat the The words of the Act clearly sheer tha land e° • Y ° 3 question on its merits, and to make duo allowance for the tion of bank-notes by private banks in Eng, c , 1-1,, 1. 3 1 , contemlation of its author. The plan which Ptl ea t, 0,, difficult position of the Government, called upon to deal must be considered to have contemplated was T o otl e with a matter which necessarily involved an immediate single b oak of issue for England.—that was unci!ie',„lo4 l 7 decision. (Hear.) Nothing can more encourage rospon- within his immediate contemplatiea. How fbara:seaeu-0,12a; siblo Ministers in the proper performance of their duties an entire extinction of the Scotch and Iris i 11 obsible tha:_i'a than a consciousness that their conduct will be viewed by certainmay consider it as not imprc. look o j 5 „ 4 and others who were the promoters of that act e 7 0e ee o '. equitable and impartial judges. (Hear.) Having advertedbank of 2 e , a probable event to the existence of a single„ ea a west to the Indemnity Bill, I may perhaps be allowed to call the the United Kingdom. That was one a the quo." REFORM OF THE CORPORATION OF LONDON. In answer to a question from Sir D. L. EVANB, • Sir G. GREY said he intended to bring in a bill for the reformation of the Corporation of London imme diately after the recess. (Cheers.) THE KING OF DELHI. Mr. HORSMAN inquired upon whose authority the life of the King of Delhi wag saved t (Hear ' hear.) Mr. V. SMITH said that if it was proved on the trial of the King of Delhi he was not implicated in the rebel lion, his life would be spared. He would them be sent to Allahabad, and afterwards out of the country. Captain Hodson found that ho could not capture him without making the promise he had, and under that promise it was impossible for the Government to do otherwise than abide by it. (Hear, hear.) EDUCATION. Sir J. PAKINGTON gate notice that on an early day after the recess he intended to move a committee for inquiry into the present state of education in Eng land. (Herr, hear.) TELEGRAM FROM INDIA. Mr. S. WARREN asked it any additional telegram had been received from India, and to what purport ! Mr. T. SMlTii—Only that published in all the papers. Colonel KNOX Raked which was correct. Two had been published, one stating that when Gen. Campbell crossed the Ganges on the 10th, it was with 1,500 mem, and the other was the 9th. aad with 5,000 men. (Rear, hear.) He wished too know which was correct. Mr. SMITS said he was only answerable for the in formation received by the Government. Mistakes, how ever, might arise iu figures in transmission. PURCHASE IN THE ARMY. Sir DE LACY EVANS gave notice that, early after the recess, he should call the attention of the house to purchase in the army. (Hear, hear.) SUPPLY-DR. LIVINGSTONE. Tho CHANCELLOR of the EXCHEQUER in moving a postponement of the Committee of Supply said that it was proposed by the government to devote a sum of money to Dr. Livingstone to prosecute his discoveries in Africa and especially the Z imbesee river, believing it might lead to important commercial consideration, as it Was a district likely to produce cotton. (Elear.) As it was not in tended to take votes in supply before the recess, he asked permission of Parliament to allow Government to advanca 5001. out of the Civil Contin- geneieF, and take a discussion on it when it came on in proper order. The reason for so doing was that if Dr. Livingstone did not start in January, the expedition would be delayed another year.—Agreed to. THE ADJOURNMENT OF THE HOUSE. Lord PALMERSTON said that as the course Government wished to pursue was not to kehp the House sitting after to-morrow, it was not his intention to move the adjournment of the house till Monday, if the debate on the motion for appointing the Bank committee was agreed to to night. (Hear.) The house would then meat to-morrow for the royal assent to the Indemnity Bill, and adjourn for the holidays till Thursday, 4th February. GENERAL HAVELOCK'S PENSION. Lord PA LMERSTON said that the Government, in accordance with the wish of the house, would grant the pension to General Havelock fur two lives. That would entail on the house the necessity of passing another resolution on which to found another bill, and that would be d eferred till after the recess. (Hear, hear.) SENDING TROOPS THROUGH. EGYPT. SEYMOUR FITZGERALD was unwilling to allow . the house to adjourn for the holidays without mak ing a few observations, on a subject closely linked with the consideration of the claims of General Havelock. Distinguished as had been the services of that gallant officer they would have been still more efficient, had ho received sufficient support from Government, and at an earlier period. (Hear.) We should not have to endure the aexiety so universally felt for the fate of General Havelock and his garrison at Lucknow. Under the woet favourable circumstances Lucknow could not be relieved before the 16th or 17th, arid by that time, as appeared by the last accounts, they were 27 days eating their carriage bullocks—(hear, hear)—and that time they were exposed to all the dangers of famine. lie considered that the statement made by the President of the Board of Centre], in answer to the question of the right hon. member fur Droitwich, by no metiers satisfactory. The hon, member proceeded to contend that troops ought to have been sent by Suez in detachments of 400 or 500, if not iu larger bodies ; and that the reasoes all ged for preferring sailing vessels to screw steamers were falla• cious. He was sure there was a general feeling out of doors that Government had been culpably deficient in eneigy and promptitude. (Hear, from the Opposition.) The SPEAKER, as a matter of order, reminded the hon. member that the question before the house was the adjournment of the committee of supply, and not that of the pension of General Havelock. He suggested that it would be more convenient if th e house 'would first allow the order to be postponed, and then the question raised by the hon. member might be discussed on the following motion, which related to Sir H. Havelook'e pension, which would be in order. Lord J. RUSSELL suggested that it would be better to allow the discussion—if, indeed, any were necessary • after tee explanations of his right hon. friend (Mr. V. Smith)—to proceed on the question of the adjournment I of the committee of supply rather than on that of the pension of Sir H. Havelock, even if it were somewhat less regular. Mr. V. SMITH said—Sir, if there ever was a rule so established in practice as to become almost equal to one of the forms of the house, it is that when the house is about to give to merit its duo reward, there should be a total absence of any kind of party or personal attack. I Was therefore astonished at the hon. member saying that he had picked out that opportunity for making an attack upon her Majesty's Ministers, a court e, however, to which I cannot objsct, because of the very fact that we were not discussing the question of Sir H. Haycock's pension, but that of supply. I wish, however, that the hon. member had begun as be ended, by asking whether Government would grant that committee, for it so hap• pens that her Majesty's Government do intend to giant that committee, and the whole question will be brought before them. (Hear, hear.) But he wants no such com mittee. He has made up his mind that tt - e Government were in the wrong, and that it Sir 11. Havelock ia exposed to danger, which I hope is no longer the case, that a e are entirely to blame for it. (Hear, and a Laugh.) The right hon. gentleman proceeded to say that the state uncut of his right hon. friend was to his mind perfectly satisfactory. The hon. gentleman had avoided the con sideration of the question whether England as mistress of the seas ought to go cap in hand, to any other Power and beg for aid to put down insurrection in her own do minions. (Hear.) He (Mr. V. Smith) had never said there were difficulties in the way of sending troops to Suez, for though there were so, yetministriee were made • .to overcome difficulties, and if a Ministry could not do that it had better not be a Mini, try. (Applause.) Bat it WAJ also wade to look to danger, and there would be •