The Express.
London, England, 1847-04-27 00:00:00

!year, 1,684,0001.; showing it Mentes between the present
year and the last of only 284,0001. Taking the next week,
'here was a considerable diminution. Last year the
diminution between the maximum held by the bank and
Litt tint week of diminution was only 400,0001. ; this year it
wee 1,897,0001. This statement W.ll a complete answer
to the allegation of the noble lord, that the
pressure of the government on the bank had
prevented that institution trout affording the usual accom-
modation. As to the circulation some yeah ago, in 1830
and about that tune, it had never exceeded 18 millions, and
was sometimes as low as 17 millions. Thi refers to suppose
that we were now reduced to the verge of rube whoa the
circulation was upwards of 20 millions, wan a meet wild
sepposition. Neither in the circulation nor in the amount
of bike discounted, was there an/thing to account for the
state of alarm now existing. From all he could bear,
be believed the result would prove the existing
alarm to be wholly unfounded. He believed the
bank had been acting with the greatest possible prudence.
With the cautioned drain of bullion that had been going en
for some months, to a large amount, it was perfectly impas-
sible that there should not be a considerable pressure on all
the inti rests of the country. It had never been otherwise;
1 and he did not believe it ever would. (Hear, hear.) But
when the noble lord ascribed this effect to a diminution of
the circulation, it was evidently nos. the fact. There had
neither been a diminution of the cireulatioo,nor any diminu-
tion in the assistance afforded by the bank to private traders,
from any pressure which the government had made upon the
back in any way whatever. The pressure by the govern-
ment, in tact, had not been so great as it had been at
other times. He might now refer to another statement
which had been made—that the pressure was owing to
sonic extraordinary operation which he (the Chancellor of
the Exchs quer) bad directed, with regard to the fuods of
the savings' banks. (Hear.) All that had been dune was
simply this: de powers had been allowed to withdraw
their dere sit/ as usual; and, of course, the only means
to meet these withdrawals, was the aide of clock.
The broker, therefore, who was charged with the
savings' banks precteds, would na'urally come into
the market to sell stock. But, to avoid this, he had spelled
a portion of the sinking fund, which was also in hie hands,
to meet the withdrawal of deposits, thereby obviating the
necessity for the sale of stock, which must otherwise ueces-
eerily have taken place. (Hear.)
Sir J. GRAHAM said it wee quite necessary, after the
speech of the noble lord the member for Lyon, that the
Chancellor of the Exchequer should have made the state-
ment he had done ; and though that statement was not
altogether satisfectory, he had no doubt it would have the
invariable effect of tenth. He hoped the chairman would
DOW be allowed to report progress.
Mr. II UDSON said the Chancellor of the Etchequt r had
stated what was contrary to truth ; he had said that there
was an intention to grant money indiscriminately to rail-
ways in Ireland, which was not the case. In his statement
with regard to the bank, he had not mid a word about de-
posits. With upwards of 9,000,000 of bullion in the bank,
the advanees were limited most seriously.
Mr. T. BARING said that, though the bank might keep
a full circulation, and though the government might have
caused no extraordinary pressure (in which he did not
agree), yet, with the large amount of bullion in the bank,
everybody was contracting his business, solely owing to dis-
trust. The Chancellor of the Exchequer had not touched
the real question, which was, how was the trade of the
country to be carried on, if facilities were not green it r
Mr. J. A. SMITH said that confidence was shaken from
one aide of the country to the other; but the present state of
things was only what might have been expected Gem the
experiment of the Bank Charter Act. (Hear.)
Mr. NEWDEGATE said that he thought that the whole
stets went which was made by his noble friend (Lord G.
Bentiack) was confirmed by what had fallen from the Chan-
cellor of the Exchequer.
The debate was then adjourned till this day, Mr. MCNTZ
expressing a hope that, before the discussion was resumed,
the Chancellor of the Exchequer would inform himself of
the true state of things.
SERVICE OF HEIRS (SCOTLAND) BILL.
The house went into committee on this bill pro forma,
and it was ordered to be recommitted on Friday next.
CONSTABULARY IN TOWNS.

Sir V. StsMEß.Vllllmovelland obtained leavo to
bring in a bill for consolidating in one act certain provisions
containul in acts for establishing police constables in town,.
CEMETERIES.

Sir W. SOMERN ILLE °bowed leave to bring in a bill
of the same nature, in reference to the provisions of acts for
making cemeteries.
PASSENGERS' ACT.
Mr. HAWES obtained leave to bring in a bill to amend
this act.
The house adjourned at half-past one o'clock.