The Press.
London, England, 1857-12-12 00:00:00

BANK ISSUES INDEMNITY BILL.

On the motion for the second reading,
Mr. GLADSTONE objected to the manner in which
one of the clauses was drawn up. He thought it
wrong that unqualified indemnity should be given to
financial transactions of which the house knew no-
thing. He wished also to know whether the profits
arising from the relaxation would include the profits
both of the additional issue and of the discounts?
These profits should go to the Exchequer.
Sir HENRY WILLOUGHBY spoke of the necessity of
the house being accurately informed as to the truth
or falsehood of the rumour that there was complicity
in bringing about the juncture which led to the
issue of the letter. The parties implicated are certain
joint-stock banks and bill.brokers.
Mr. CAYLEY attributed all the mischief which had
occurred to the present currency system. That
system ought either to be altered or carried out to
its full extent. This course, however, its supporters
would not venture to take. _ _ _ _ _

Mr. MAratis heartily approved of the issue of the
letter, and expressed his regret that the relaxation
had not been authorised at an earlier period. in his
opinion Parliament ought not to have been allowed
to separate last session without Ministers being
armed with legal power to tn2et the crisis which was
evidently approaching. He hoped the result would
be to lead to an etfectaal correction of the existing
vicious system.
Mr. CROSSLEY was of opinion that the monopoly
enjoyed by the Bank of England should be
abolished. He would pay the Bank liberally for
doing the banking business of the country, but the
profits ought to be applied to the reduction of
taxation.

Mr. R. N. Prnwrs gave the utmost credit to the
Bank Directors for the manner in which they had
conducted operations during the crisis. He did not
attribute the evils which had arisen to the Bank Act,
but to the Russian and Indian wars, in combination
with the proceedings of certain banks and bill-
brokers. _ _ .

Mr. NEWDEGATE thought it essential that the in-
formation asked for by Sir Henry Willoughby
should be given—namely, whether certain parties
possessed of large resources had not acted in concert,
so as to embarrass the Bank of England.
Mr. BUCHANAN defended the Glasgow Chamber of
Commerce from the charge of holding will and
visionary doctrines on the subject of the currency.
For himself, be thought the power of relaxing the
Act of 1844 ought to be placed in the hands of the
Bank Directors. This would be much safer than
leaving the power in the hands of Ministers, who
were not likely to interfere till much mischief had
been done. _ _

Mr. KIRK remarked that two points had been
clearly elucidated during the debate—namely, that the
opinion of members was in favour of the converti-
bility of the bank-note, and next that the Act of
1844 ought to undergo amendment.
The CHANCELLOR of the EXCHEQUER, in answer to
the suggestion of Sir Henry Willoughby, stated that
he had no knowledge whatever of, or belief in, any
conspiracy on the part of capitalists to embarrass the
Bank of England, and that, so far as he could judge,
there was no foundation for the rumour. With
regard to Mr. Gladstone's question as to the appro-
priation of the profits arising from the authorised
relaxation, he could state that as the matter is still in
progress, be had not thought it necessary to come to
any determination on the point.