The Sun.
London, England, 1862-02-11 00:00:00

PAROCHIAL ASSESSMENTS BILL.

Mr. CLIVE obtained leave to bring in a bill to amend
the law relating to parochial assessments.

FIRES IN THE METROPOLIS.

Mr. HANKEY moved for a committee to inquire into
the existing state of legislation, and of any existing arrange-
ments, for the protection of life and property against fires
in the metropolis.

Mr. H. B. SHERIDAN said that this was a subject that
required particular attention on the part of Government,
and entered into details to sustain his position.
Sir G. GREY said the law on this subject had not under-
gone anyalteration since 1774,and he considered the existing
means for protection of life and property through accidents
were very efficient. The right hon. gentleman referred in
terms of eulogy to the exertions of the fire brigades, and
alluded to the late Mr. Braidwood. He thought, however,
that the subject was one that might be submitted to a com-
mittee with benefit to the public.
EXCHEQUER BILLS.

The CHANCELLOR of the EXCHEQUER—I have
to ask for leave to bring in a bill relating to two points,
neither of which is altogether new, nor will the bill create
any difficulty in the practice of this house. The first pro-
vision is one to amend an Act of last year with respect to
the re-issue of what are termed Supply Exchequer. bills. The
necessity of this provision arose from the act of last year.
The principle on which these Exchequer-bills are issued is
tbis,—that they are capable of re-issue within the period of
their currency, if they come back into the hands of the
Government. Formerly the period of currency was one
year only, and consequently any re-issue of Exchequer-
bills under the powers given by law only affected the
finances of a single year, and was a matter only capable of
being taken in view by the house at the time when the
bill for the annual issue of Exchequer Bills was brought
under the notice of the house. But last year we passed an
Act of, I think, a very beneficial character, under which
Exchequer-bills are not renewed from year to year, although
the intereA is paid annually, but the instrument of the bill
itself will have a currency of five years. It was justly ob-
served last year by the right hon. gentleman (Mr. Henley)
that the power of re-issue under the old law ought not to be
extended over a period of five years, because it might so hap-
pen that a very large number of Exchequer-bills might be
taken up and accumulate in the hands of the Government,
and that it might be in the power of the Government, be-
fore the five years were expired, to make a large re-issue of
these instruments of public credit without the direct con-
trol or cognizance of Parliament. I propose to re-establish
the provision of the old law, and to limit the power of re-issue
to the year, within which the bills shall be issued or paid in.
The effect will be to apply the principle of the old law to
the amended law now in force. The other provision of the
bill relates to a subject which has been often under the con-
sideration of this house—namely, the power now possessed
by the Government, through the medium of the Commis-
sioners for the Reduction of the National Debt, or funding
Exchequer bills of various descriptions. That power is, in
point of fact, twofold. It applies to those Exchequer bills,
which are called Deficiency, or Consolidated Fund Bills,
instruments ;of credit which only pass between the Tree.
sury and the Bank, and never go into the hands of the pub-
lic. The power of funding bills of that description is alto-
gether " abusive." Whether that power was originally
intended to be given or not, or whether it came into
the hands of the Government by the unforeseen operation
of certain words in an Act of Parliament, is a question
which it is not now necessary to examine. I believe,
however, that it is the universal opinion of the officers
of the Government, and of those members of this House
who have applied their minds to this subject, that the
power to which I have alluded is altogether "abusive"
and mischievous. It has not been exercised for a great
length of time, and I propose by this bill to extinguish
it altogether, and to take away the power of funding
supply Exchequer-bills—meaning those Exchequer-bills
which are in the hands of the public. It has been found conve-
nient, at periods of extended expenditure and of great finan-
cial pressure, that the Commissioners for the Reduction of
the National Debt should themselves become possessed of
certain amounts of Exchequer. bills, and a power exists by
law under which it is competent to these Commissioners,
acting with the authority of the Treasury, to COnvert them
at certain fixed rates into permanent stock. The effect is
to enable the Executive Government to make additions to
the funded debt of the country without the authority
of Parliament. So far as I know, the greater operations of
the Executive Government in the exercise of this power
have been useful and beneficial operations, and I therefore
distinguish as broadly as possible between those operations
and those which have taken place with regard to Deficiency
and Consolidated Fund Bills which have been neither use-
ful nor beneficial. I do not desire that the benefiical
and useful powers to which I have adverted shall be i
brought to an end like the others, but the effect of the
bill will be to bring these operations under the direct view
and control of Parliament. It is not that the power is a
bad power, but that it is not necessary to be in the hands of
the Executive, and from its nature I doubt not that Parlia-
ment will give its approval to the principle that such mea-
sures ought not to be taken without the approval of the
Legislature. The right hon. gentleman then moved for
leave to bring in a bill to amend an Act entitled " An

Act to amend the Law relating to Supply Exchequer• bills
and to charge the same to the Consolidated Fund, "and to
repeal the provisions of an Act by which authority is given
to the Commissioners of her Majesty's Treasury to fund
Exchequer-bills.
After some remarks from Sir H. WILLOUGHI3Y, the
motion was agreed to.
EAST INDIA STOCK TRANSFER.

Sir C. WOOD obtained leave to bring in a bill to provide
for the registration and transfer of the East India Five per
Centum Stock at the Bank of Ireland, and for the mutual
transfer of such stock from and to the banks of England
and Ireland respectively.
The bill was afterwards read a first time.
The house adjourned at ten minutes to six o'clock.