The Sun.
London, England, 1839-08-20 00:00:00

minable annuities of 100 years, the public would not I
purchase the latter so willingly. Hence, he (the Chan-
cellor of the Exchequer) feared that had he attempted
it, he would not have secured for the public very fa-
vourable terms. If he had created a new stock for this
particular transaction, a five or a six per cent. stock
for example, he feared that it would not have found a
very favourable market. The public were extremely
fastidious as to stock which had the largest sale, and
would fetch the highest price in the market, as might be
exemplified in the comparative indifference as to the
South Sea Stock, which was in all real respects as va-
luable. In conclusion, the R ght Hon. Gentleman
thanked the House for the attention with which they had
heard him, and he moved the first of his resolutions.
This resolution was then read by the Chairman. It
merely provided for the completion of the contract with
• the Bank.
The resolution was agreed to.
On the second resolution, providing that every per-
son sending in his Exchequer bills to be cancelled be-
fore the 23d instant, on the Government terms. should
be entitled to have the contract on these terms,
Mr. HU ME said whatever objections he might en
tertain to the Chancellor of the Exchequer's plan, he did
not object to the admission of public competition. On
the contrary, he thought that was the wisest and the most
equitable that could have been adopted. But he considered
that the Right Hon. Gentleman should have taken stockin
a higher denomination, trusting to a possible reduction
in favour of the public. By a well conducted system
of finances, he trusted that the country would
be able to effect considerable reduction. And
he believed that experience undoubtedly established
the opinion that it was most advantageous to
fund in the higher and not in the smaller stocks.
He therefore had hoped that an attempt would have
been made to borrow the money in the 3} per cents.
If the Chancellor of the Exchequer had acceded to the
inquiry for which he (Mr. Hume) had moved last year
and the year before, he would have shown the erro-
neous principles on which the Bank was acting, and by
guarding against those errors the evils that had taken
place might have been prevented, He thought the
Chancellor of the Exchequer was highly blameable for
not having brought this subject forward before the
Budget, when the state of the pecuniary affairs of the
country were developed. The Right Hon. Gentleman
ought before this to have reduced the amount of un-
funded debt, and he ( Mr. Hume) was sorry the Bank
did not take the whole of the tender that had been made.
_ Sir J. R. REID felt satisfied that the conduct of the

Bank on this particular question would meet with the
approbation of every Member in that House, except
perhaps the Hon. Member for Kilkenny.—(Hear, hear,
and No, no.)—The conduct of the Bank had been
most liberal, and he would take that opportunity of
affirming what had been stated by the Chancellor of
the Exchequer, that no communication whatever had
passed between that Right Hon. Gentleman or any
member of the Bank of England. He stated this,
because a certain journal had taken every opportu-
nity of writing down the conduct of the Bank.
He held in his hand an extract from the Times, in
which the writer, after the usual abuse, said " they
made an offer on the part of the Corporation, towards
which they stand in the character of Trustees as well

as Managers, which was an improvident one ; and they
may take their choice of being supposed negligent, or
of acting in subservience to a Ministry whose good-will
they imagine it essential to cultivate with a view to the
renewal of their Charter. They even went in their
zeal beyond what was necessary for a time-serving, spi-
rit." He denied that he had been, or was subservient
tooany Government, particularly to the Governmont of
the present day.—( Hear, hear, and laughter.) He de-
clared solemnly that on no occasion whatever had he
been subservient to the Right Hon. Gentleman.—
(A laugh.)
The CHANCELLOR of the EXCHEQUER.—
Never since I can remember.
Sir J. R. REID said, I detest the source from
which these imputations came, and I throw them back
with all the scorn they deserve. (The Hon. Baronet
with great excitement threw the extract on the floor of

the House.) He believed there were no individuals
who worked harder, and who had a greater quantity
of abuse thrown on them than himself and the Chan-
cellor of the Exchequer.--(Laughter.) As long as he
retained the situation which he had the honour to hold,
he would endeavour faithfully and honestly to discharge
his duty as Governor of the Bank without fear, favour, or
affection, and his anxious wish always had been and
would continue to be, as long as he filled that post, to
promote by all the means in his power, the prosperity
of the country and the prosperity of the Bank with which
he felt the interests of the country were materially con-
nected. Looking at the sum subscribed—looking at the im-
provement of trade and the state of the foreign exchanges,
he had no hesitation in declaring it as his opinion that the
Chancellor of the Exchequer would obtain the money
he required, and on the terms he had stated. He
should not for the future care what was said about him,
and although he had no doubt that he would to-morrow
get a scourging, yet be would endeavour honestly to
pursue the same course he had hitherto adopted.—
(Hear, hear.)
Mr. HERUIES could not but express his regret
that this proposition had not been made at an earlier
period, when a greater number of Members would be
present to discuss a subject of so grave importance, and
the Chancellor of the Exchequer had stated no good
reason for bringing forward, on the 16th of August, a
measure that ought to have been introduced on the
16th of March. That Honourable Gentleman ought
to have mentioned when he made his financial state-
ment that he meditated so material a change in
the financial condition of the country. With respect
to the terms of this funding of Exchequer Bills, he did
not object to the price fixed by the Chancellor of the
Exchequer, nor to the mode adopted, and he hoped that
effect would be produced which the Chancellor of the
Exchequer anticipated. There was one thing, however,
which the Right Hon. Gentleman had not adverted to
in any part of his speech. He had not stated any-
thing of the permanent provision to be made for this
permanent addition to the national debt. He could not
but deeply regret that the Chancellor of the Exchequer
should have brought forward such a measure at the
present period of the Session.
The CHANCELLOR of the EXCHEQUER de
fended the course he had adopted. He did not think
a Minister of the Crown could have adopted any other
course.

Sir THOMAS FREEMANTLE regretted ex-
tremely that the measure had not been brought for-
ward at an earlier period of the Session. For this mi-
seralAe sum of 4,000,0001., Exchequer Bills the Right
Hon. Gentleman had been compelled to resort to three

different expedients, and it was doubtful whether he
would be finally successful. He believed the old plan
was not so objectionable in principle as it appeared to
be. But the Right Hon. Gentleman having adopted
one principle was compelled to act on the other; having
obtained only one-eighth on the principle of com-
petition, the Right Hon. Gentleman adopted the other
principle. It had been stated that the public credit of
the country stood as high as ever it did, and he really
thought it did, but he could not admit the statement
without some warning. And if we were to go on for
many years longer with the income less than the expen-
diture, the public credit could not retain the ascendancy
which it now did. There had been a deficiency for the
last two years of 1,800,0001., and there was an antici
patcd deficiency for the next year, and he asked where
the amount was to come from ? He feared that they
might be compelled to resort to a property-tax, in time
of peace.—( Hear, hear.) This was the only tax which
could be made available for producing a large amount
of income, and it ought to be reserved for a period of
war. If the deficiency should next year be fairly met
by the Government, there would be nothing to com-
plain of, but if another year should be allowed to pass
over, the effects might be very serious.

After a few remarks from Mr. FINCH (as we under-
stood) against the impolicy of funding, the resolutions
were agreed to, and the Report ordered to be received

;o-morrow.

LIGHTING THE HOUSE.
Sir F. TRENCH moved that compensation, at the
discretion of the Treasury. be granted to Mr. Gurney
for the expense of experiments respecting lighting the
House.

The SPEAKER said the motion could not be en-
tertained without the consent of the Crown, and in a
Committee of the whole House.
Sir F. TRENCH said he would leave the matter
in the hands of the Chancellor of the Exchequer.
Mr. HUME said the Committee provided for the
payment of Mr. Gurney—than whom a more disin-
terested scientific man did not exist. He thought the
experiment had succeeded.
Lord ELIOT expressed a similar opinion.
BANK OF IRELAND.
Mr. ELLIS asked what time this debate was to
come on to-morrow.
Mr. BARING said, twelve o'clock.
Mr. O'CONNELL considered it was understood
that it was to be four o'clock ; and gave notice that he
should move that it be postponed to that hour to-
morrow, and repeat his motion till he succeeded.
The House then adjourned.

been pleased to appoint a
authority that his Majesty has
HANOVER, AUG. 11.—We learn from good
Commission of nine members to prepare the proposals
which are to serve, in the cases of future discussion, in
order to come to an agreement with the Estates of the
Kingdom. Not only is tranquillity restored, but the minds
of the people seem also to be calm ;
the measures ordered
by the police, such as closing the houses at an early hour,
have ceased ; and the military that have been called in will
lulus us this week, to return to their garrisons. ,
..The
criminal investigation is proceeding, but it is believed that
the Government will nqt continue it.
VIENNA, AUG.9.--wrln the 7th instant, at ten
in the morning, died an eminent benker, Baron von Es-
keles, after a few days illness, at his country seat at Hit-
zing. He was in his eighty-seventh year. His eminent
services, especially as founder of the Austrian National
Bank, bas e.o.t4led him to the gratitude of the country.
Advanced Ili life as he vrkts, his loss will be felt and uni-
versally regretted.