The Sun.
London, England, 1837-08-24 00:00:00

UPPER CANADA.

On the 11th of July the Lieutenant-Governor, Sir F. B.
Head, prorogued the Assembly of the Upper Province for
an indefinite term. On the previous day the House and
Council had passed the Bill allowing a suspension of specie
payments, of which the following are the particular heads :
" Clause 1. That any chartered bank judging it necessary
to suspend, and making a disclosure of its affairs, the Go-
vernor in Council shall, if proper and advisable, by an or-
der, to be published in the Upper Canada Gazette, autho-
rise them to continue their business, without a forfeiture of
their charter.

" Clause 2. Governor and Council may call for any in.
Formation under oath.

" Clause 3. So long as the suspension may continue, any
creditors refusing to receive their notes, and prosecuting
for their recovery, the court may stay the proceedings with-
out cost., proi ided it appear to the court that such action
ii brought not for ascertaining the amount due, or unvviii. in.mess of defendants to pay.
" Clause 4. No action shall be brought against any bank
so suspending, to compel payment of its notes, and if any
action shall be brought the court may stay the proceedings
as in the foregoing clause.
" Clause 5. No bank to have in circulation a. rreater
amout than its paid-np )ck.
" Clause 6. No bank to sell gold or silver, except to pay
Lac onal parts of a dollar, and its one-dollar notes and
the amount of its one-dollar notes never to be less than five
per cent. of its circulation.

" Clause 7. No actions to be brought against the banks,
except in the Queen's Bench or district court.
" Clause 8. False swearin; to be deemed perjury.
" Clause 9. Banks to make monthly returns, or oftener,
if required, under oath.
" C ause 10. Act to continue in force till the end of the
next session of the Legislature.
" C cruse 11. The Legislature may alter, repeal, or amend
this Act at any time."

Only one of the banks bad decided upon conforming with
the terms of the above-mentioned Bill, and that was the
Commercial Bank of Kingston.

The following 'a the speech of the Lieutenant-Governor
n closing the Assembly :

" Honourable Gentlemen of the Legislative Councl, and
Gentlemen of the House of Assembly,
" I thank you for the zeal and assiduity with which you
have deliberated on the important subject for which you
were esdecially convened ; amd I am gratified at the prospect
of the 1-gislative relief you have afforded to the agricultural
and mercantile interests of the province._

The banking institutions of Upper Canada arc now re-
lieved 'rorn all fear of forfeiture or penalty, in case, by ex-
tending accommodation to the public, they should find it
necessary to discontinue for a time the redemption of their
notes in specie,

" I am making arrangements for the issue of the money
appropriated during the last Session for the improvement
of 1111 roads, and I have pleasure in informing you that I
shall be enabled to cause the payment of a considerable
portion of it w:thout delay.
" The alteration allowed to be made in the terms of the
debentures authorized to be issued by the construction of
Macadamized roads will, it is expected, facilitate the nego-
tiation of the loan ; and the outlay of these moneys during
e)e present moment of embarrassment, will, I trust, afford
timely relief.
" In the exercise of the powers which you have con-
ferred upon me, no exertions shall be wanting on my part to
give the measures you have agreed on their most beneficial
effects ; and I trust that the Banks and the people, by mu-
tually supporting each other, will assist the Government in
meeting the unexampled difficulties at the present crisis
with steadiness and resolution."