The Press.
London, England, 1857-02-07 00:00:00

LONDON, SATURDAY, FEBRUARY 7, 1857.

THERE were circumstances in the debate on
the Address in the House of Commons, on
Tuesday night, which it is impossible for that
Assembly, or the country which it represents,
to overlook. The leader of Opposition in the
House makes a clear and emphatic. declaration
that a secret Treaty is in existence which nearly
concerns the policy of this nation and the
good faith of its Government. The allegation
is expressly denied by the Prime Minister.
It is derided as a romance. For the honour
of our statesmen and the credit of the first
deliberative assembly in the world, it is essen-
tial that this contradiction should be cleared
up. After what has passed, the country
must know the truth. National honour is of
infinitely higher importance than diplomatic
reserve. When the two come in contact, it is
the latter which must give way.
The excitement which this contradiction
has occasioned in the Houses of the Legisla-
ture, and in all political circles, and the
anxiety universally felt for further explanation,
are a proof of the importance attached by
England to the character of her public men.
On Tuesday evening Lord PALMERSTON had
the last word. The Right Honourable Mem-
ber for Bucks owes it to the confidence re-
posed in him by a great political party—a
confidence, we are bound to say, which time
and the career of the Right Honourable Gen-
tleman continually tend to strengthen—to
show that he was justified in making the
statement which has excited so much interest.
That he bad authority for his assertion no.
one can doubt. We do not believe that he,
will allow the denial of the. Prime Minister to
pass in silence. • .
.1 .

Should it prove ihitt the Premier, in his
anxiety to conceal diplomatic secrets, has
relied. on the technical meaning of a word,
and has denied the existence of stipulations
under one name which subsist under another,
it will be impossible to regard without pity
'the indiscretion which compels him to seek
shelter in subterfuge. We await the issue
with anxiety. The end is not yet.

THE BANK CHARTER.
'TILE proposition of the Government last night
with respect to the renewal of the Bank
'Charter appears to have given general dis-
satisfaction.

They move for a Committee of Inquiry into
the operation of the Bank Act of 1844, and
'also of Joint-stock Banks in general. In doing
•so, they announce that they have no
alterations to 'propose in the Bank Act.

~-

Their minds are made up. Why not, then,
introduce a bill eual,odying the policy which
they recommend ? Why devolve upon a com-
mittee the investigation of subjects on which
the decision ofthe Ministry is already formed,
and propose a committee on which they will
appoint a majority of members, in favour of
the Ministerial conclusion ?

Then, again, the subject of Joint-stock Banks
has nothing to do with the Charter of the
Bank of England. Their regulation is a matter
of urgent interest and general controversy.
If both subjects ought to be inquired into,
they should be investigated by separate com•
mittees. The Ministry have made up their
minds on one point; on the other they offer no
solution. It may be said that there are not suffi-
cient members of special intelligence to form
two committees. The same class of intelli-
gence is not required for the two questions.
For the first, statesmen who have applied
themselves to the fundamental princip'.es of
currency ; for the second, rather lawyers and
men of business, who have personal expe-
rience of these new institutions for the distri-
bution of capital. The prospect of the
Government committee is not propitious.
The committee, so far as the Bank Charter is
concerned, will encounter lengthened laboars,
for every question, and every combination of
questions long settled, will be reopened, while
a bill introduced by the Government for the
settlement of the Bank Charter would pro-
bably have been early and speedily carried ;
on the other hand,l the investigation into
the conduct and operation of Joint-stock
Banks will open considerations and contro-
versies to which we can contemplate no end,
and probably will lead to a report of the
evidence without any conclusion. The general
impression in the House as to the proposition
was, that it was the act of a weak and. timid
Government.

THE FIRST NIGHT OF THE SESSION.
WHEN financial questions are before the coun-
try, the discussions in the House of Commons
become more specially important than those
in the Upper House. It is in the Commons.
that the Finance Minister sits, as well as
those who have previously filled the post.
The largo mercantile interest in the Com Mons
also, and its direct responsibility, give addi-
tional importance to its debates in times like
these.
When Mr. DISRAELI rose in his place on Tues-
day, as Leader of the Opposition, the Right Hon.
Gentleman evidently recollected the consti-
tutional character of the House of Commons.
Lord DERBY, in the Peers, had dwelt chiefly
upon Foreign Policy, but Mr. DISRAELI had to
remember that the pursestrings of the nation
are held by the Commons. The speech of the
Right Hon. Member for Baclo was nearly
equally apportioned between Foreign Policy
and Finance. The first subject Mr. DISRAELI
treated under the threefold. aspect of past,
present, and future, and it was made abun-
dantly plain to every member in the House
that. without having some distinct understand-
ing of the Foreign Policy intended by the
Premier, it will be impossible for Parliament
to have fixed views on the expenditure of the
country. • "No one,". said the Right Hon.
Gentleman, " supposed that war was going to

" break out with America, or that the United
" States were going to declare war against any
" of the great Powers of Europe ;" and Mr.
DISRAF.LI then drew attention to the fact that
we were founding a great colonial empire, of
illimitable dimensions, and exhaustless re-
sources, by which we secured to our citizens
a career with all the excitement of war with-
out any of its calamities. Mr. DISRAELI then
raised the question why, under such circum-
stances, should there he rumours of war?
and he proceeded to criticise the policy of the
Premier.

As illustrative of that policy, the Right
Hon. Member for Bucks referred to certain
understandings between the Courts of Austria
and France, with the connivance of England.
His statement on this point is of great im-
portance. It attracted the particular notice
of the Right Hon. Gentleman the Member
for Oxford University, and Mr. DISRAELI again
stated that " during the time that Lord CLA•
" RENDON had the conferences with Count
" CAVOUR, the Italian dominions of Austria
" were guaran'
" France, with
" at the instank
To that statemen
an answer, which
reply, He took a tone
it a " romance," and
diplomatic and
RAELI'S positive
substantially true,
doubt. The Prern
" refinements '
the frank and _
Extrinsic evidences
DISRAELI'S revelation.
For there can
now a sincere -
thoroughly soli,.
let it be supposed
that. the assertion
romance "—is
that Austria
have been in
land (after its
had been no un,
to ? Is *it lik(
herself with a'
When did Au:
tation, as she
tion that she
tite Alliance
kind ? It woul4
of such rashuer
But,. op the
Prime Minister,
would have bee
the tinteceden
other couhtries.
America, and
His 3ntanglemen'
gotten. It was
DISRAELI on Tuesday
" Prime Minister

" terminating
" bank." He
sinuously wine
ends in dismal
Mr. DISRAELI
tory course of
the passions oh
if she had mea
and reminded
TON was generall:
". ties' from w?
Which " told "

e Italian dominions of Austria 7 1
Lnteed by a secret treaty with T ,
li the sanction, approbation, and
.nee of England."
li .
tatement Lord PALMERSTON gave
lid' cannot be considered as a
ook a tone of personality, Galled . .
..
nee," and was simultaneously ,
.nd facetious. That Mr. Die- •
'III
ive statement is literally and
true, we have not the slightest z
Premier's answer exhibited..thaie
" with which he unjustly taunted,. .i. :ri ' •
1 . ,
open hostility of Mr. GLansedbdi.": • 1 !
deuces prove the truth of Ike-
velation.
an be no denial that Austria is*
friend to England, and harbans
for-the last two years. Well, then; ii
posed (for the sake of argument) i
adieu of . Mr.. DISRAELI was " a - r •
i it not an extraordinary thiag p. i
should for the last two years . .
such friendly alliance with Eng- •
•
3 previous estrangement), if there
inderstanding of the kind alluded 1
kely that Austria w,,uld commit I
Such marvellous unreservedness? 1 ,
,stria ever act with such precipi-
would Lave done on the suppose- 4u4t. ti•
committed herself to the Tnpar-
,A.tz ,
without an undertaking of the 1
uld certainly be the first instance- -
°
1
Less on her part. %,-
11.'...
(3 other hand, the conduct ,of the )1. t 1 ji
,er, as described by Mr. Ihsamm if
i, ,
been precigely identica;3l. with all - t 4
• ' ..
[its of his policy with respect to 1.
- b
es. H6-'swaggered in Spain and ir he got severe rebuffs from both. t
rnents with Hungary are not (or-
es wittily and truly said by Mr. I i
Tuesday, " that the policy of the
4 11
ster was like the river Rhine, not
z
in the ocean, but in a mud-, . p
, .
a begins with great • .z•, -, -
nds onwards withive ocitt.; •"11 2
it flatness.
-•„
.Li then referred tq.,th- • _
ti.ii- •, 0 $ 4,1
of Lord PArmaitsuaqi 1,,- 411 Pit,,,k
of the country a. ,j, -,P11,k • 71;yr.r,,sib
. 'fi-.•
cant to recede 'ft... is, 4i-.... -;
I
I the House that ' 4 Aids_ pr,.o -; "d
rally " the create -.• -41,41: '' :00 .
vhieh he extricattli :. t: • ...
' well; and titer am: --7',:1.''4.`,* ) I
,I •
•
, ..
4

F

1

122

i

sure of the irritating course followed by Lord
PALMERSTON, the Right lion. Gentleman ex-
plained distinctly his own views upon finance,
and enforced the necessity of adhering to the
settlement of 1r453. The latter portion of his
speech produced great effect. It was broad
in its views, yet close and practical in its
statement, and contrasted strongly with the
tremulous tone of the CHANCELLOR of the Ex-
CREW:TER, who followed him in tilt debate.
And what said the Right Honourable Gen-
tleman the Member for Oxford University,
with reference to the policy of the Premier?
" It is strange," said Mr. GLADSTONE, "that we
" should always have to break with all the
" world in succession, and that when the
" genius of the Noble Viscount is in the
" ascendant, we should have ten quarrels
" for one that occurs under any other Minis-
" ter." How did the Premier answer Mr.
GLADSTONE ? With jaunty ease, and ban-
tering suavity. To the charge of having
ten times as many quarrels as any other
Minister, the Noble Viscount replied, " I will
" not discuss arithmetic with my right hon
" friend, who is a great master in those
" arts." Lord MELBOURNE could not have
more pleasantly joked on a serious case.
The opinions of Mr. GLADSTONE with refer-
ence to peace establishments were supported by
Lord JOHN RUSSELL, whose speech, from first
to last, was a dexterous piece of oblique incri•
mination. "Itis by relying on the quietness
" of the country, and the spirit of the people,
" that you will be formidable in war, and not
" by any new-fangled system of increased esti-
" mates during a time of peace." The Noble
Lord bitterly mocked the ineffective course of
the Cabinet with respect to Naples ; and, as
if the discomfiture of the Cabinet was not
oomplete, Mr. MILNER GIBSON reminded the
Treasury Benches that '• it was upon finance
" that Governments had been frequently ship-
" wrecked, and that the confidence of the
" House of Commons was more particularly
" tested."

We have given full reports of the powerful
speeches of the Earl of DERBY, Mr. DISRAELI,
and Mr. GLADSTONE. The tone of the whole
discussion has produced much effect in com-
mercial quarters. It was a home-thrust of
Lord DERBY in the House of Peers, when the
Noble Earl alluded to " Mercator and his con-
temporaries," and the witty expression has
been caught up by many persons interested
in finance. It is now repeated (what we re-
cently observed) " that the Whigs always break
" down on finance," and, as the Member for
Westbury knows, " the Whigs never had a
financier since WALPOLE." But the Premier
will make a joke of Mr. WiLsoN (as he has
done before now), though the Treasury Beneh
may find it no laughing matter to look for
a budget to " Mercator and his contempo-
raries."