The Express.
London, England, 1856-02-29 00:00:00

(Stamped ld. Additional.) [TWOP EN CE.

takes r a ter, the most c,saplate conferion malted.'
Hon. poeticisms seemed inclined to laugh when the 'som-
ber fir Birmingham (Mr. Morris) commenced his history
with William the Coriqemor. He miuht have commenced
at a mashearlirr date. The first mosetery trams ell, on
record occerred when a sentient in percreed a prime for
shekels of silver. It did ant Handy what the coin was
sailed; it was toe um erre cf property whether flowing
c pital or landed estate. It was not so Seed a measure ae
toot rate—it could not be, beraoss there were a c'i disturb-
ing infliteaer as the gold discoveries in Armena and else-
where which might at any time rear. Tt e str t' of timbales
if yid which bad a sly taken pre was the seem as if
the Bank of England bad reed a mem of paper money.
A temporary prosperity had been created, brat a resetiou
mess mosessarily follow. fdannfaktoris had been crested
1•114111 borer the waste of the resumer, and the gold was
absorbed I. laying tae rem. So that miler toe Baok
tired the pries at disoosate, a general bankruptcy mut be
the °anaemia...co. The hon. member for Birmingham bad
said that philosophers were at fault in dealing with this ques•
ties which sherd be left to practical mos. bet there were
some philoeophen wen had given practical I pinions cle-
ansing it. He (Mr. Dreaminen) had no doubt there were
airy people is teat hoses who had read a very amusing
r nears railed t• The History of Easiend," by Mr.
Macaulay (laughter) and would lb. re have seen
the eraser la welch the difficelty wee solved
by two peewee named Newton and Locke—vas wt o had
some alight "trusties fa their day. Both Locke and New
teethed shoo Pete optimise dies to talk et him ties. &el hill
of the treeless metals Iris domatipht lielielletee: At eke
time the Bellies Report was lamed there was not a raker
la the hoses who did oat *epos the ermines' laid down is
it. Be believed that the rosedest reset that amid be
Oven es the bore ea Vile ker. was that whir Arthur
Young hod rival to the French Conventime, is Pork, whoa
summoned before it, to say war laws they should per
respeetiag the prise of corm Order your sink to direst
bib raster dewa the throat of the Best mate wise tells
sheet sem" wee the reply. He (Mr. Drummond) believed
that ff the seise trap were dose sow, and an tarter
threat down the treat of every man sobs talked about the I
earreasy. it would be (Merry best arreagemeat they cord
some S. (14111161".)

Mr. IiALINB %maid that the reenact would meads
to eke resat notice, sad refer 4 to a aossittee, rents-
%tries that the eostrottee of 1818 had Gemmed as optoior
rewerally beadle to the bill.

Mr. POLLABD•IIRQIIHAAT vu opposed to the com-
mittee

Mr. WILKINSON did not Piped any other result
would follow Ins the trtpo,ed (wittily theca waste of time
and Shoat, and theorise he opposed the motion. (Hear.)
Mr. H. BAILLIE onseelved that they sight rratonably
mese it to have bona the intention of Bar Robert Pe. I
that to ere should be ea Janette, into the operatios of the
act at the end of ten years, and that if the result we. favour-
able, the spites of restriction would be e.rried still further
I by withdrawing front the private beaks the right of hoeing
paper nosey. It was °Semite that had sot that been the
intentios the arrangemeot ,hen catered into with
the Beck wool& have bees fixed to formalists
at that pericd. The reply of the Chancellor of the
Itaeoequee the other day, tbatthere were several points to
be Inquired Leto before asp mesas* was brought forward
foe r. nowise the Built Starter, bad bona favourably re-
' mitred, as Westing Vast as inve,tagetion would be testi-
tutml as the part of the sovernmest. (Hear, hear.) With
regard ti the emotion under daseasecte, be c marred with
the govareseet that this was set a f Me time to eater
spot an inquiry ; bat he thought &tine would come when
it Would beady sable to submit the question to the comet-
deratios of a oommittee. There were several swoon be
such an isvestlgatoa. Hs would statics sae. Wthis
the last threes four years, the balance of trade with India
had riled eafsvourahly t a this country, sad had oc a leeed
as aboorptiee of bullion tr the extent of sem millions ;sad
whereas the demand for oar manufactures in buts was sot
equal tv oar &mend for her prachactives, that than was
hail, to continue. This wee • vision for Inquiry ; bet be
did sot think this was the proper time.
Mr. OLYN supported UN notice, showir g came f.r the
roosts' on !ha' trip priceipin on which the noses of Bank
of Engisad cot's wire regulated required revision before
the Bank Charter Ac: wee renewed. The eastinuancs of
that estabUaltsseot is the facetious of national beakers was
also, he thought, a questioo domestics contd. roe...
Mr. Hawaii:rats and Mr. Brow's". aso supported the
men
sir W. CLAY, wills welds* is oppcsitiss to it, wee
iatertapted by as a.umpt to "count oat" the house,
which proved easacets. fat only through a rapid rush of
hon members from Vse lobbies and library.
Mr. CAYLEY consisted at solos les/ th upon the va-
rious definitions that bad bees pm° of "capitol," dwelling
e.p 'Sally upon the opinicn eapr. seed on toot subject in
t.wir speeds.. or writings by metal mem bets of the present
goverment.
M.. L. HEY WORTH denied the possibility of limiting
the price of gold, aid described wasp eitconstaaces in
which any secs attleopt would prove a o at disastrous.

The CHANCELLOR of the EXCHEQUER arid it
was sot from any disresp. ct to the house that he had ab-
stained from presenting himself to it at an earlier hair, but I
only that he desired to eseettain whit were the opinion of
different mambos wbe had *pots as to the expediency of
eppoioting suck • torninittee cc that wlV.ch the motion asked •
for, and to be able to jade* whether there was in the
house • prevailing opinion is fa•oer of its appointment I
Now the motion was, that • eel. ct committee should be ap-
pointed to legatee bow far the present monetary system was
Is as rise* with the requiremeets of the et natty, and to
essider whether it c add not be improved and amended.
I The h n. grail Eau who novel for it, cwiog to the great'!
• funilority with the 'eject which he wss well known to
powers, Lai twee able t. illstrate this :abject with • long
eistorteal deduction, beginning from Willies the Coaqat-
r.r, mad coming down twousgh its tome of Q Wen Elizabeth
t• the &gaol 1819 and of 1844; and be had exemplified it
by leelliketollll instance', ancient and mode's, and had
given his opinion of the defects which he postdated
to exist in the present tyres But h. (the Chan-
cellor of the Eachequet) sin not t ?wisely nederstend
what was the nature of the toga ry watch the boa.
gent:taus proposed this committee to undertake. Before
the hoe. gentlisan at down be stated that the
• essaiitts was to inquire into the mews cf preventing the I
ilisetsatiots is prig-s, and he the rate of diseonat which
meek plasm to the Slur/ of all patties, excepting the elm of
Sakes ; and the bon geattemen sewed that the object
which he had in •iew was to give hippie's., p .wer, and
prosperity to the people. N..w this was • welly tair sabject
of inquiry, and to on. a very lolty and salted olj ct '
which be had in ssw ; but be (the Lhancellt t of the
Ex-
chequer) wool t really put it to the judgment of the house
whether they thought • select toossittee of fifteen suntan
of that house would be emission% he coadoet •
speculative sad theore.ical inquiry of that stature ? (Hear,
bear.) Ts boa. member for the North tidies hid said
root diteassing tlits subject 01 currency ia the Hose of
Cosmos was like attempting to solve • mathen.atieal
problem es the Swinge ia Covent-prdes. Now he (-he
Chancellor of the Exchequer) presumed that in • select
istmitOe there would be sae of the disturbing tads-
eases which the hot. gentleman creaded in the house, bat
that the fifties philisooh rs would sit down to investigate
the subject as if they were in the Academy of Lapse; that
they woiskt ca I bet'se theta perms wh t had examined the
Sees and the theory of the corroncy ; that they would, so
tar as the, Wiese permeate', read all toss abstruse and
Ittillenit volumes which bed been written ow the &eject.
He remembered a speech of Canning'', in which, ups a
=stain for • conseitts to *square lota the catholic gust's,
be drew • formidable picture of the member of great
volumes of the fathers, the councils, and the poisoned
',viten, which the member of such • committee would have
to wady 'eters comics to any conclusion He did sot
know abettor his boo. fame proposes that the committee
which he moved for should sarnake a speculative inquiry
of that to. t; bat if that were his object, he thought the
house would hardly he iodised to undertake it. (Hear,
hes%) Well, asessieg that no sash general inquiry as
that w a to be undertakes by the committee, then ease
what really was the practical gushes for their enusidention,
timely, the operatics of the Bank Act of 1814 That was the
sous. ups • high the question had been argued by the bon.
nod learned member for Wallingford, in the speech in
which he expressed with greet cleanse sad forces his views
en the suljoet. Ho did sot bold out the prop *al of •
genettel epeculative emptily, such as the hon. member for
B!resioghass mined to deice; but he said rliitly, " We
wish to know what hen been the operation of the Bask stet
.1 1844, and we wish to have • teased tea to inquire into
It." Well, that was a pimple quints, on which the house
was gaits able to come to • onsliwien. If it was proposed
that there should be • committee to inquire tot, the
Bank Ast of 1844, it would be better to move
for nob a e musette* directly and esprosaly, in-
stead of wetting forth • motion lhe this, in vague
and &Strom terms sech as the bon. member foe Birming-
ham bad empinyed. Why not sweat ones what it was that
be wanted, and ay," Let us have a comsat** to Inquire
into the operation elite existing att• r policing the cu-
tesy ?" That would be an ieteiflgible p oposition. Then,
' essustiag that to be the real ,bj.it of this motion, and apse
which the hens, would have to sore, let them nest con-
sider whether it wee desirable that they should have • sot-
maims now to inquire into the operates of the Bask Let of
11844. He (the Chancellor of the Exchequer) eould only
I repeat the stateliest which he mate at the beginning of the
I Keeton. is r.ply to • gnostic* from the other side of the
hones, that ea his opinion the preset moment, at this early
period of the cession, was one not similarly well suited
to eadittakiso seen an inquiry. (Hear, hear) The ter-
eitenstaneell if the smart tow were to • cssiderable
intent eteeptiesal sad ext-aordinary. We were in the
mead year of a wet which bad marl a groat drain
apes*, tooarvo of bellies in tilt Beak, for Alpaca% to

foreign countries. If the committee were appointsi, their
laveatigations meat be directed to a great ~tent icto an
inqaby Into tic axtroerdisary cirounstances of last aistama,
and am t swards the genera operation of Ire act f 1844.
Moreover, the present &cocci elite of the acute, dot not
render this moment the moo' fit for ecstasies in en inquiry
which would maks it aftesstry to isvestipate all th • veriou
operations ia which the Bask wan coot:erased. The ton.
and learned member for Wallingford bed seemed to enter-
tain great alma as to the present pro •perts of the country.
He had threatened us more them once with a national t auk-
ruptey, and had stem d to think each alt event, if not ire-
rainier, was by no means imp,obabl, or at ony rate ems
mire then possible. The hoe. and lumen eectleman hid
inked him (the Chancellor of the Exchequer) what course
he would prelim,' ti take in the event ol tie Bank cot being
able to Mel the demands upon it. Weil, in answer to that
bigotry, he should say ih.t the appointment of a committee,
at all events, would be a very imperfect remedy against
the danger of a national bankruptcy. If we reelly were
threatened with some great end imminent daover affecting
the national credit, or the credit of the Bank of England, it
must be obvious that the appointment at Vito moment of a
select eoramitte• of the House of Commode, to hoer the
oPisidut—ooLirtusaiely, the very discordant opinions—
which prevailed upon the subject of the currency—a com-
mittee which would probably have made bat siigt t pen-
gross in their task at the end of the seseioa (for it ehoidd
be remembered that the last committee who sat to impairs
into the Beak Charter occupied two complete session, la
tliserJagatry). mesa silfard but a very imperfect peewit,
egalaat the danger which the hos. and le.rised gentleman
aatisripatid. Now, what wee the present state of
the Bank of Elicited? Without any Isoctoy statement
of 'gores, he world state the mount of the present circula-
tion sad bullion of the Bonk of England, as it wan on the
ammismr of the 23rd of kebruary. Tee cSeulation was
19,264.0004 ; end the bullion was 10.676,0001. Therefeve
the bullies use considerably more than h It the circulation.
The entire amount of notes was 24.390,00 W. of which the
notes be reserve aliseesired to 6,848.0004 • sad that, se the
house would think, was not a vary critiOal state of thing..
In tie mmechee of hon. gentlemen there had he 11 • girlis-
h's absence of al practical eugg.-stions foe the impiom-
meat of the act of 1844. Mach hostile crittitiem had
hose permed 'pots the
as w:t:bitra now, ry foulittes ofaiificeoants-
teen millions, or it
and a half, by which this circulation of acme,
added to the amount of bullies°, wee measured;
and it had besa said that ao rearm c mid ha assigned for
selecting that zither then nay other amount. New, he
lishees.l the ground upon which that number of millions
was take* wee, that it was believed to be the lowest point
to which the circulation mild ever descend. But amassing
thet objections could be made to that or any whew number,
the queetioa wes, whether anybody wan prepared ti pro-
pose some substitute, as preferable to the fixing of as arbi-
trary amber ? Most gentlemen who took any itterest is
the sultjen of the (turnery bad probably read the recent
pamphlet of Mr. Tooke, whose opinions were of the highest
sutbority; for even at the time of the Bullies Committee
be lasi begun to write upon thaws que.time, and cow,
at a very advanced we, he continued to treat them with
remarkable knowledge and vigour. Mr. Tooke might be
token as tinnier fay arable representative of the opponents
of the ant of 1844 ; and what was the soh/litotes which he
proposed fee the present limit of fourteen millions ? Ho
would remove that restriction, sad would is his listriesmille
at the bullion of the Bank, if not less than twelve =Oboes.
Mr. Tooke, it appeared, did not thick It desirable that the
Emit ehonld be fixed by act of perl•asent, but test these
should be en indentanding betwe ea the directors of the
Bank of Berated and the government, and toot matters
senald seat ups that understanding. Now he (the Chan-
•ellirr of the Exehequer) would •.1t whemi r, It • dietissot
nadentaading,whish most necessarily be reduced to writing,
were entered into between the direc,ore of the Bank and
the esecutive g surceased, that saner no Mecums:anises
they would crow their reserve of ball on to slat below
twelve madams, lb* Bask 'maid Lot feel as numb bound by
each en agreement as it it were embodied is en act of par-
' 1 ascot? Would gentlemen is the petition of those
dinctore, with ouch a responsibility meting upon them, fool
• themselves sate Is allowing the bullion to slat below twelve
million*, when they had entered icto an eisiteresent that
it shoeld he bee than that amount ? Here, then, we
had the oldest, and alma( the foremost writers spot. thtteida
of the question, who, whet be came to approach a pia lied
ougge,Von, had notiing to offer but that which had been

reguletion which, ase;r;bodiniOst see,
would in c Wain is et be mere nstriotive oe tie Beak dna
the huh which wee filed by the present act F. r thee*
'noose, if the hoe. member for Birminghem should prose
kis motion, he (the Chancellor of the Exchequer) could
feel bound to vote natal% the appointment of a select nom-
miAeo, at the preset t m nettle, to ingaire into this subject.
He would fully admit that the operation of the act of
1844 woe a lit and proper subject for an leveed-
settee by a committee of that house woes the proper
time should arrive. and when the cirturns.ano, s should ap.
pear f _
.le
_for prosecut un of such en. iaqu•ry.
He t
quite admitted the there stele many parts of its °pc's-
! lion which not only deserved but required fel' i,quiry be-
fore a competent awhcrity, and be mulct be quite willing
' when the prow period arrived foment to the ppointmect
of a committee. He hatted, however, that the otj net of
his hon. friend, which seemed to him, so tar as he could
kedge from the terms of the motion, to be rather specula-
tive thin practical, bed been to a great ethnic satiqied by
fns discussion which the ruhjset bad undergoes th t night,
end that he would cot shish it necessary t cress his motion
to a division. B fare he sat down be would notice a 'mark
of 'hi hon. member Ur luverneeashire with respect to the
first provision c f the act of 1844, which 'spired in August
next. His too. friend stemet to think th,t the answer
which he gave the previous evening was reserved. He
(the Chancellor of the Exchequer) would row state
that the Busk of England had no objection (as
was understood) to tie continuance of the provision is
question, and that he himself would be prepared, at the
proper time, to introduce • bill for that putt or. An bon.
member opponte had truly remarked that etre/I'llmin the
quantity of mosey and in the r ste of discount w• re objects
hiphly desirable. He (the Chancellor of the Itze,eqeee)
would make atother remark in connexion with that point,
which was that steadiness in legialaticn with ri spec' to so
delicate a matter is the entreaty was also highly desirable—
(bear)—and that it was important that that house should
not, without besiege distinct prettiest object in view, inset-
fere with tie operation of the currency. Hs trusted that
the house could tot take any sup which vole, by shy mit.-
eonstructioo, be thought to sanction an idea that there wss
any party In that house which cot 'nf d sny doubt of the
sanctity of the pit cip'e of the convertibility of the ent-
reaty, and of matatatoine, under all a rcunistanct 1, and in
all anjanctureo, the immutability of the standard of
value. (Hear, hear.)
.

Sir C. WOOD gaits 'greed with the last ntertrestiou of
his boo. Mood (er. ep enter); but he could rot help think-
ing Met the hoe. cattleman bad himself confounded the
too things—currency and tepitsi—in the most patent and
glsriag magas", M more thee one portico of his rpreet.
('Hear," and laughter.) The boa. member bad dose so
to speaking of the relatios of the eirculatiot of the currency
to interest; era which foist, moreover, he bad fallen into
an error of fest. The boa. member had said that when the
circulatiag medium was plentiful listens% wee low; plsidy
eonioundiag martearty with moats). In fact, ea had.
bees shows in • forte, debate on this subject, it
often bappesed that when eireslatioa was high
interest •a. high, and vice arms Ti. grounds which had
lo,en stated in .upsort of this motion had been moat con-
tradictory ; paih.pe this was to be expected of the sal jeet.
He (Bir C. Wood), however, could not but • onder at the
dialers; asey between the 'seethe. of the hoe. mover end his
mopeds,. The lather hon. ge. tleman (Mr. Spoon. a) seemed
to consider tre sat of 1814 as the origin of all the mi chief
which prevailed is connexion with this enbjec't but the
speech of th. tenser (Mr. Maws) dearly showed that long
prior to that act, nut ose panic, bat a series of Votes, had
takes place. It wee made very plain to his mind from
the different speeches of thee, who sop,rted this
motion, that it wan much to be regretted Met the
vocabulary of monetary settees was not better agreed etas.
A vast amoont of digestion would be raved if get t. 1.-
maa bad only a clear notion of the deflait ons of the things
about wh eh t'my w• re talking, and would moreover he e at-
test with defining these things in • Ws n, sad
atraightfcrward way loomed of atteamptirg long and unin-
teiligible methods ..f serialising malt.. which had no &M-
-e ally i. hermit is them. A greet deal of trouble woe, M-
eatus bon. masa would always be talkie, of haying
gold at Si 17.. 9d. on os., end selling it at 31. 17.. 104 d.
Why what was • pound ? (Laughter.) It was 123 creme
of staadard gold—(Mar)—and whets the Bank based • 81.
note it undertook to bead oar oa demand Bee tars 123
grains of standard geld. This was • simple ezplenati tee
of that which is the hands of some hon. gentlemen, who
would go out of their woe, because qui,u • long et ry.
He had been twisted in the .o arse of the debate with having
said t•at gold wits the e 0.1 of the country. Now h. was
willies to admit that it was • very imp trtsot p. r .on of
that capital, but it woe so more thee • portios—(hear)—
and ha alt mum that whoever had understood him to gay
that gold wt the sly capital, bad greaty saimporehended
his ansaiag. With rsg.rd to the motion itsall, he felt
bound to oppose it. It might be amid that *equity only
w.• its WOO. Bet no °es could doubt, who had heard tho
speech of the hen. mover, bet that his otimt was t a get aid
of the sets of 1819 sad 1844. If hos. member. wished to
discover what would be the 'Met of the repeal of those r eta,
they bad Italy to read from the work cf Mr. Macaulay, to
chick refereatte had already bees made, an account of the
distress whist' prevailed previously to the prolog o. the art
of 1819. He could set but think that if ate hon. member
succeeded in his object, the rights oft re petty vrmld be tan
settled, end world be *teed into the deepest litres..
Mr. MUNIZ rented. He had been greet y misrepre-
tented by various speakers in this debate, sad br note so. re
1141/ 107 OK tight hod. batratt wts bad jut mimed