The Express.
London, England, 1847-12-01 00:00:00

OIIMMENCY—THE FINANCIAL CllllllB.
The CRANONLLOR of the 31.011.11QU1M nee hr
the wpm of waking the nuilira wink steal had ea the
gir the day, ineely, "That a West seandtteetz
le ininire lain the einem of the nowt ssoi
Ilmi bow it it it bees afested in the
_inn her
theirs* of benk metes mane ardinsand," see%
I:ikons of the pembewhisk li wee en the firrt ndedi
rostion. ba thend end idereit el the opportunity of
mat weir lea se width Ininted_rnerninent to
gin 11•Mnaleilila to lia WIZ ft Bagrawd, which
Iris naiad .in the ham at* nth et October,
, signed* la . anis Mind the Viet Lord el the Tres-
*op aid klereit lot nee the Awn which govern-
ment aliseleined of tie near whin lizia ay es nee to the
neon ensairelei alma Ile seed that ft wit
Men we uswillinponeithsr et
la pin govereniet Or
ender* that this obilenent wee net noes at an earlier
pin& el the modon, Imeene seas* sehapprelwasina had
=es to slaw *imp chide hal taken place as *make
the intenentef memammat than it was thole dint
is sisters he re hose and the canny et Mi
Tin duty, birirever, new 11=
Lienbirreleinia. in* csty ilist be Mt limy
whisk Mein te YIN imam
liirrilgellatillt reseithreVrblertoimedir
t.vo. . ......sor Ilk
. ft.... - . v-t---..-.Auffi
~ to . . ..
ItitBW . .
apply be the hem hr a bill if ,inclemy.
But 'Witter Makesigh geeerenent felt it tilde duty at he
earliest period alibi erden, end it was for that pupae that
parliament had bass &led together at an earlier period
than usual, to submit tlieliasivas to the judgment of parlia-
ment us respect to the memo which they had taken in this
matter. In taking the melee they had pursued govern-
ment had been prepared to meet with that blame which
attached to all perdet who took a middle worm ; and, inde-
pendent of that, it wea•bvious that the view which would
be taken of their lesslact would be influenced in • consi-
derable degree by the opinions entertained of the act of
1844. Those who approved of that measure would blame
the government for having sanctioned any departure from
it, others who disapproved of it would blame them for not
having departed (ruin it before, and accordingly, since par-
liament had met, they bad been told, on the one hand, that
they ought not to have interfered at all, and that they had
done no good by their interference ; while, on the tither' it
had been said that they ought to have interfered at
as earlier period, and that not having done so they were
answerable for ranch of the evil that Ned milted. And fur-
ther, there were not wanting those who contended that they
weight to have departed from the prindplee of the act of 1844
altogether ; andadopted a system diametrically opposed to the
law ea it existed. These were heavy charges to bring spinet
the government, but he thought he might amml to those
who were most conversant with the oommacill affairs of the
country whether from the iota:fames of the government,
such as it was, beneficial effects had not ensued ? (Cheers.)
Now as to those who argued that ministers ought to have in-
terfered at en earlier period—they, he apprehended, would
have to show that an earlier interference would not have
proved mischievous instead of beneficial ; and be hoped to be
able to show, before he sat down, that no inch interference as
the authorising the True of a few more bank notes would
have affected the pressure which had been experienced. In
answer to those who held that government should bare
departed still farther front the principle of- the bill
of 1844, be would say that If they had done so they
would have acted directly contrary to their own firm
eonvictione—(hear, hear), for the principle for regulating
the issue of bank notes as contained in that act they be-
lieved to be sound, and its operation they believed to tiara
been salutary to the country. But although he bed (ma-
dames to that principle he was not one of those who would
metthat it should at all times and hazards be carried into
There were eternal principles from which so circum-
stances would justify a deviation, but to principle' that were
the invention of human wisdom he could attach no such
rule; and this he said, not only of the sot of 1844 but of
other acts. He meant by this to say of the bill of 1844 that it
was not one which it was necessary under ell circumstance'
strictly to carry out ; and that a deviation from it wee justi.
fled by a heavy dram upon the capital of the country, end
a general die r st in the commercial world, s,
as it had dome sin weeks w , into • state of alarm sma ,
And what legislatios, Or wluk 'pion, Maid provide spinet •
the effects of alarm and plait ; Every legialatae, and
every system, proceeded on the supposition that man would
be actuated by the ordinary motives of human action; and
against the consequences of their conduct, when influenced
by other motives, no system end no legislation, could pos-
sibly provide. It was, there:fore no fault of the bill of 1844
that it had been unable to provide against that which no
ether measure or system ever invented could have provided
against. A depreciation of the standard advocated by some,
or a free trade m banking advocated by Mhos *mkt ant
have prevented what took place last autumn, whin the ass-
mom of the country was in a stagnant state, sad when a
,mach smaller moans of now was required than the est if
1844 allowed. He held, tiernare, that it was no inniennu.
nom of that en that It wee amble to
_pireetile he the
entiegney wink den pronand ineU benne thet
=sonybszerseandloyeahre fp
came to
IT aria et let=
invented scald have peviddg he are
.thentrct of 1844.
Bat although no p
tabus nald be ands hr aircunnesees
at this kind, it was not bemuse they won unbosom
Kr. Joins Loyd, one of the moot of
Unto',
the set, cone in 1840, le • work wdb=abli7h in 1844,
Het • tinge in the ontanee of the country might render
• nienatissi of the en • sad cotes Mr. Hu-
Idnee—" that if sun • occur aring
• Innesed clung, that assns. et Mid moot d
be
left to the wisdom of those he porn .at the tine."
" Theo, remarks of Mr. Nankeen," says Mr. I.
Lsyd, " form a true answer to the memorial of the
London benkm, in_ which they aged the introduction of •
=ll 'doom loanititing the "Maass of the bill in
1 et poseber tepee of the men nerket. To sonde
to auk a prepetll s.~nwo•let be Wank to destroy the Ml-
erg et the mean, The umearieumst • t a drain or
posisre non the wen inerket is the tine in which the
1 earelikne tithe baboons the ant imported, and,
Midi rained* the whole aninare beixoneenzeaMet
la lallibillaliern wink en be , end
=th am ovule
anoint Masi lew. He
the MD b esendiel.
AlliestilirWeeenemose of which an net
nshisel betel !mess. et law, but which ere
elbsinher inpunible, the bOl affords the bed pro-.
nation midi ma In einned. fibrald • Oda IMO
Miliellogspall ordierry abialsties, end not
mast
the ti sop erase* pdnela the mit
be set in the openition ti bat fa tke .
tile these who thee be it the of nine,
le their own ty, sad to the Judgment of par-
ilisnent." Mr. Loyd in to. _
eat said : "To
a igabli coninerelal eon is an n. direst or
a
referesar
=.:of the bin. To inigeet yens inns le ark
e iii sewn their it oneirtvg
with and ennanuntly Ask lameilefe essi
at all times Inn mien terney, b He to
the provision of the -cause en dinoted."
He believed that yen a anste if led Mew gni Het
the dreieleeka hod been andel . by dna nod
riblelnywita,. the PrimiPpeolatent."4 it lira
tilt.
Cc en Ha skated it wee Moir . to
the isms Mon lei taken sod would are the
rho hops& inde, that as deennolunen whin lei to It
linden edited in this gantry he the let curter el • en-
=i =
het baturiered, not bemuse they thought they
theseasonow who bad so good essuzbir to
oast led bernnee bed oberreil that the cireaktion was
Lrehby the Mkt el shun and peado IPKEL
end priensy bed Impel to Mine It. nil their
oniennen novel onseeliel n ft. see a
*niwe of the
= fie Mann krrry end ems p nand.
the inn of toe or We .niMlFein el beak
none., kwoe=i,saof
lees. . Awl then wile attributed whet bed
tekenpire ill NI hripere 511111116 Mai butlittie eppro.
Mb f
ib okeimetenses of tb4=2l•oll* lele.
..1.
V111=1184466 by the errs-
ties of the jpreencnont memedipil as the
ears of that room wee Mde—Mist bc In gramain
el Ma d amain of ponlelde ' WA-
lei was brought tato ONG pc*/ is On pur-
chase of tem partl de peineinat imanaggise
is nilways—that that psi the is en main amen el
oredit, fro whin, homer, the tenlntenttil tithe oranry was
ei* the_ between tint en
ZdltenilleigLin IMBBrimi MIL, In 1811 then was d a
won sonnieeisi ,penteire, illeinlinet to be eangered to
nets
Mil f bib lien lope Fred yeir.
_ln 1118 then
in--- - -
men. *ugh
GASS emir
=
i
'tit
taxied
bat he

•
wend,
mad th.

1171
Meek p
ast to be isegend lb, meat Bat
deb due eareadly; ese meow bide lbe edam
W addiesso vas, dot allbeeet as peer
✓d~s Liz
serreat et sesseasidasa
ad hank* las is tbe
1111) la As seameb.asp
ltrtadsMagtkdlM
d prides bet et do =lt West tins,
s weed Ids as ted de edema, seedidse.
he la et Odder. 1" de droakairs, by
L trod tie *dr la Ohs be* d the
band= Bub pod tab, vas 18,800,0001. Oa
Odder tide pie leek mead wee 19,17,0001.
es
laserit daddy 11,0141 M The Find seed&
die de Mak CI tbe LI et Odder, Val) vete
y:011, galas MA et Ostobir, 11147h2edet •
iVesamiablibil elate kir:
d sobs Om WOK Iliot lbw
so preade daider is the addesedel
, beanie Ma bete wee is:s east ad We/ date,
mo Maladies la tbe sada et deadedidd by die