The Press.
London, England, 1857-12-05 00:00:00

The Address was moved by
Mr. W. MARTIN, who commended the course taken
by the Government in submitting the decision by
which they had authorised a violation of the Bank
Act of 1641 to the judgment of Parliament. In
reviewing the other topics of the Royal Speech, lie
eulogised in warm terms the heroism displayed by
the services in India, civil as well as military, and
congratulated the house and the country upon the
promised fulfilment by Lord Palmerston of the pledge
he had given to deal in the present session with the
great and complicated subject of the representation.
Mr. AKROYD seconded the motion. He discussed
at some length the policy of the Bank Act, which he
regarded with less favour than Mr. Martin, and
was of opinion that the Government would have
done well had they interfered with its operation at
an earlier period. The first symptom of the coming
storm occurred on the 2nd or October, and yet it was
not until the 12th November that the Government
letter appeared.
Mr. DISRAELI, referring to the fact stated by Mr.
Akroyd that the first symptom of commercial distress
occurred on the 2nd of October, said what the house
wished to know was, what was the opinion of her
Majesty's Ministers in October and November
respecting the state and condition of the commerce
of the country ? At the beginning of November
members had recommended the prorogation of Par-
liament to the 18th of December :
There is a member of the Cabinet whose peculiar duty
it is at all times, and under all circumstances, to study our
emimercial c oulition. The President of the Board of
Trade, I apprehend, was present at the deliberations of the
Cabinet when the prorogation of Parliament was decided
upon, and I take it for granted that he communicated to
her Majesty's Ministers the conclusions he had arrived at,
no doubt by painful investg ition and by deep thought.
(A laugh.) I take it for granted the President of the
Board of Trade said to his colleagues—" Be easy so fir as
the commerce of the country is concerned ; be quite sure
of its domestic tranquillity, and be easy respecting the con-
dition of the working classes. The commerce of the
country is established on a sound basis. We have now no
old-fashioned protective restrictions to thwart its develop-
inent—(a laugh)—we have established it on that principle
of unrestricted competition which you have all agreed to
maintain. It is not only proved by its immense extent, by
the increase of our exports and imports, that the principles
Of our c oinnercial system are sound ; but I can tell you not
only that our trade is extensive, b •. it was never in so
healthy a condition as it is at pres. ' That must have
teen the recommendation on 17 r Majesty's Ministers
acted, notwithstanding all that was occurring in the country
—notwithstanding that early in October serious difficulties
bad commenced in the commercial world, that in the middle
of that month danger had accrued, and that at the time
when the Council which fixed the prorogation was sitting
occurrences were taking place tending to shake to its very
centre the *hole of our commercial system. (Hear.)

After pointing out what he considered to be the
inconsistency of Ministers with reference to the
commercial and monetary system of the country, Mr.
Disraeli observed that the house should not agree
to a Bill of Indemnity for an infraction of the Act
of 184 i without well weighing the circumstances
under which the infraction took place. It would
appear, lie said, that the Bank had not applied to the
Government, hut that the Government had recom-
mended the Bank to outstep the limit prescribed by
the existing law. He recommended the house,
therefore, before they passed a Bill of Indemnity, to
require the reasons which had induced the Govern-
ment to take that course. Referring to a notice given
by the Chancellor of the Exchequer of a motion to
reappoint the Bank Committee of last session, he
condemned these frequent inquiries :
In 1847 the country was panic-struck and half ruined.
Parliament was called together, and the country looked to
it for the expression of some distinct opinion. A com-
mittee was appointed. Ten years have elapsed. The
saiie occurrences take place. Parliament is again called
together; anti what is Parliament, and what are Ministers
—the most influential members of Parliament—about to
do ? ( Hear, hear.) Again they are going to evade doing
that which is the great ditty of every statesman in this
country—to lay down in this house the opinion which they
have formed on this subject as to the course which they
think is just. and necessary. and to call on the house to
maintain that opinion. (Hear.) Instead of that we are
t, have another committee on the Bank Charter Act of
1844; and I suppose that in 18(17, after a repetition of the
same mischances and the same miseries, the same fruit-
leas and bootless process will be adopted of appointing a
committee on that subject in this house. (Hear, hear.)
These are no mean or unimportant
subjects that are placed on this paper. This is not a
Queen's Speech like some documents of the kind that it
has been my fate to criticise from this table, embodying
an ambitious enumeration of very petty questions. ( Hear,
hear.) You have it expressed in somewhat mystical
phrase, but, according to the expositions of the authorities
of the evening, we are called on to consult about the form
of government of the greatest of our dependencies—
( Hear, Mar )—we are to consider how we can reconstruct
the constitution of this house—(" Hear, hear," and a
laugh)—and we are also to consider the principle on which