The Sun.
London, England, 1854-05-09 00:00:00

LONDON, TUESDAY EVENING, MAY 9, 1854.

time a single complaint had not real hed him on the sub- obliged to raise the interest on Exchequer-bills to a rate
ject. (Hear, hear.) unduly high. At present they bear interest at 2d. a-day,
METROPOLITAN SEWERS. or 31. per cent. per annum. Is that a rate unduly high or
Mr.W. WILLIAMS asked the Home Secretary when he not ? What is to be the test, and where am Ito get the
would bring in his promised bill to constitute a Metropoli- answer? I decline to take the answer furnished in the
tan Commission of Sewers on the representative principle? mere unsupported statement of an individuale, (Cheers.)
Lord PALMERSTON said the bill was in preparation, I We have the means of ascertaining what is meant by the
and he hoped very shortly to be able to introduce it. term "unduly high." By "unduly high" we mean that
CIVIL SERVICE OF INDIA. which is out of proportion to other transactions. I will
Mr. SEYMOUR asked the President of the Board of take this test. At present it will be admitted that money
Control when the first examination will take place for ad- is tight-not in a very high degree, but son'ewhat above
mission into the civil service, and when the Government I the average of late years. Is the rate of Exchequer-bills
will be able to state what the nature of the examinations above the average of late years? Ever since the peace 31.
will be. ss. is the average rate of interest of Exchequer-bills; and
Sir C. WOOD, in reply to the first question, said the now it is 31. Let me compare it with the rate of discount
examination would take place at Midsummer, but with at the Bank. I have looked at the rate of interest at the
regard to the second question, the form of examination Bank since 1840, and I find there is no occasion since 1840
had not yet been prepared. when the quotation of the rate of discount at the Bank has
OATHS BILL, AND BRIBERY PREVENTION
been, as it now is, at 5 per cent., when the interest on
BILL.
Lord J. RUSSELL said he proposed the Oaths Bill to Exchequer-bills has not either been 2d. a-day or more than
In reply to Sir F. THESIGER, 2d. a-day. On March 15, 1812, the rate of discount of the
Bank was 5 per cent., and the rate of interest on Exche-
comeg saw p
on on the 25th inst. With respect to the other bill,
more pressing business of the country made. (lefear, and goer bills was 24d. a-day ;in June, 1817, the rate of die-
he could not ive an answer until he whatprogress the
count at the Bank wasis per cent., and the rate of interest
on Exchequer-bills was 2d. a-day ;in December, 1817, the
a laugh.) rate of discount at the Bank was 6 per cent., and the rate
SCOTCH EDUCATION BILL.
Lord J. RUSSELL said he intended that this bill should of interest on Exchequer-bills was 3d. a-day ;in March,
terest on Exchequer-bills was renewed at 2d. ; and in
In reply to Mr. BAILLIE, 1848, the Bank discount was 4 per cent., and the in-
come on on Friday next. May, 1854, the rate of discount at the Bank was 5 per
cent., and the rate of interest on Exchequer-bills 2d. a
THE FINANCIAL STATEMENT. day. So far therefore as the standard furnished by the
The order of the day having been moved that the house
Bank rate of discount is concerned, I apprehend you will
resolve itself into a committee of was and means, Mr. agree with me that the rate of interest 2d, a day on Ex-
ychequer-bills is not a rate unreasonably high. I referred
Bouverie in the chair, the other day to another test, and that is the relative effect
The CHANCELLOR of the EXCHEQUER, said-Mr. which the same tightness of money has produced on the
Bouverie, towards the end, sir, of the month of February, interest of temporary Government securities in the only
her Majesty's Government found it to be their duty to other country between which and this country any fair
propose, and the house has been pleased to sanction, such the money rate of interest in April, 1853, on comparison can be drawn-namely, France. In France,
Exchequer-
an addition to the expenditure of the country as would bills, was 2a per cent., and in April, 1, 185, it was 5 per
necessarily entail an addition to its taxation. It was cent. In England, on the other hand, in 1853, it was Li
also the view of the Government that that addition to per cent. • and in 1854 it was 3 per cent. So that, while
taxation, the necessity for which was then demonstrated,
should be made in the form of doubling yearly in England it increased by 100, it increased in France by
the first
120 per cent. Now, I have given you these tests of the
comparative rates in France and England, of the rate of
payment of the income tax. At that period war had not discount at the Bank, and of the average rate of interest
been declared, and it was totally impossible for the Go- of Exchequer-bills, and ask you whether I have not de-
vernment to form any reasonable or trustworthy estimate
monstrated that you have got your Exchequer-bills at e
of the expenses of the year upon a footing of war. It was very reasonable rate of interest, comparing the circum-
stances The first
the
begiobjectionnat wasbeginning
of that
ywhenyear,
also impossible for them to judge at what precise time the wereduoe
fedthtehetirmaetse ?
toolow at
calculations connectedwithstate f things • a 0 happily so that we are obliged to raise it too high in the latter part
novel to the most of us would be completed ; and they had of the year. I have shown that it was neither too low in
to consider that the passing of the income tax, and the the one case, nor too high in the other. But one circum-
doubling of the first yearly payment, was a measure re- stance I ought to mention-namely, that the period of an
easy money market was the period for reducing our un-
quired to be treated at a very early period of the session, funded debt. Although, as I have said, in March there
because the machinery of collection connected with that was no disposition of the holders of that unfunded debt to
tax is so complex and laborious, and the time required in reduce the amount of it, yet in June the circumstances had
preparing it is so considerable, that, unless the house pass changed. 3,000,0001. of Exchequer-bills were sent in in
it at an early period of the session, the tax is thrown cash, and a very great and sensible relief was the result.
But as it has been said that this affair of the Exchequer-bills
greatly into arrear ; and, in truth, if the financial state- has reduced the money of the country, I will just statehow
ment had been unusually late, many payments that ought that stands. The charge on the Exchequer-bills of 1853,
to be subject to that tax would have escaped it altogether, payable in 1854, amounts to 342,000/. The charge amounts,
Under these circumstances it was, and because the course in fact, to 347,0001.; but then there is a deduction of 5,0001.
was thought most constitutional by the Government, on account of payments in the selling operation of the bills
at the time of the re-issue. With that I must compare the
that on an early day I made an application to the house charge as it would have been if I had kept the rate of in-
for such a sum as they then thought necessary ; but terest at five farthings, instead of one penny, and therefore,
they instructed me to state, that the demand then made of course, avoided the sending in of any bills for money in
on the representatives of the people was not a demand June, If I had done that, and if in consequence-which
adequate to the purposes of the war-that it was that zi7lusld hadthe been sent in June, the charge would have been
demand which we knew had been entailed by the on the March bills 175,0001., and on the June bills 227,0001.,
fact that we had sent an expedition to the East ; and making together the sum of 402,000/. The actual charge,
that in the event of a declaration of war, and of the con- however, has been 342,0001., and hence there has been an
tinuance of that wax-on which we now must of course actual saving of 60,0001. (Loud cheers.) The right hon.
gentleman (Mr. Disraeli) adverted to my having stated, in
calculate-it would be necessary for me again, on the part estatement financial
of the Government, to appeal to the house for an augmen- saving of 65,0001. upon the Exchequer-bills; but really,
tation of that demand on the resources of the country. Sir, considering what were the vicissitudes of the year,l was
that duty I now rise to discharge ; but, before I discharge not far from the mark in having estimated it at 60,0001. It
it, it is necessary for my own honour, and for the respect is, of course, of little importance that a reproach should be
which I owe to this committee, that I should advert to the cast upon me or any individual minister ; but it is a mat-
accusations that have been made, industriously enough, ter of great importance that this Committee of the House
occasionally within these walls, and elsewhere, both that of Commons should form a clear view as to the principles
the Government is liable to great discredit for the manner on which the department of finance is to be managed. A 1
in which it has dealt with the essential department of minister, and even a Government, is weak to cope with the
finance, and that, in particular, the person who is now ade powers of those who are the dealers in the important com-
dressing you is totally unfit to be entrusted with the modity of money, and who are justified in seeking to give
management of that department. Now, sir, there are value to this commodity. It is impossible for the Execu-
those who say that a period of war is not the time when tive Government to do justice to the country except on one
questions of confidence should be entertained. To that I condition, and that condition is, the support of this house.
reply that the period of war is the very last when (Hear.) Do not let it be said, "This is a time of war, and
that important trust should be committed to the hands of do not let us raise this question." It is being a time of war
a man who would exercise it to the discredit of his corm- that you should make up your minds whether this matter
try ; and it is therefore my duty to advert to those emu- has been mismanaged or not. As to the results, they are
sations ; and lam sure those who hear me-whether or before you. You have got your Exchequer-bills at a mode-
not they agree in all the propositions which I may ad- rate rate of interest-at a rate of interest, in fact, much
vanee, and however largely it may be necessary for me to less than it has ever been, on an average since the peace
tax that patience which I know to be unbounded-will -whilst there has been a saving to the country of
not grudge me the time necessary to make them masters no less than 60,0001. So much for the matter of the Ex-
of the facts, as they have occurred, and inasmuch as they chequer-bills. That is a subject on which there can be no
are the persons ultimately responsible to the people for the doubt as to who is the responsible party. I, for my part,
management of the funds levied on their industry and have no disposition whatever to avoid the responsibility of
their capital, lam bound to place is their bands all the my office. lam bound, indeed, to remind the committee
information necessary to enable them to form a correct that the matter of the unfunded debt is one in reference to
judgment on a matter so important. (Cheers.) Mr. which the minister is peculiarly responsible-and almost
Bouverie, it has been stated, in the first instance-and alone responsible. It is one, of course, on which it is his
although these matters are retrospective, yet they have a duty to get the best advice he can, and having done that,
prospective bearing, and I hope the committee will to act according to the best of his judgment for the benefit
not deny me the time necessary for their discussion-it of the community at large. Ido not seek for one moment
has been stated, in the first instance, that there has been to shirk that responsibility.
a gross mismanagement of the unfunded debt of the " Me, me : adsusm qui feci :in me convertite ferrum."
country ; and the particular allegations, sir, are these :- It
is said that in the spring of last year the rate of interest on (Loud cheers.) The next question is that of the proposed
Exchequer-bills was rashly and unwisely lowered, with scheme for the conversion of a portion of the public debt ;
great discredit to the security, and with an ultimate loss and here the charge, which was thrown into goodly pro-
to the public, on account of the necessity of raising that Portions during the course of the present year, is, that in
rate of interest to a higher sum than would otherwise have spite of adverse circumstances-that in spite of the warn-
been required. That, sir, undoubtedly is a very serious ings of the wise-a scheme was attempted by the Govern-
matter, because the unfounded debt of the country is of ment which has resulted in heavy loss-a loss not fairly
vital importance, at least in my view, in a time of war. ascribable to the change of circumstances, to the existence
It is then that you require to have the means of its rapid of a war, and to deficient harvests, but to the character of
and easy extension. If you keep your credit in such a state the measure originally proposed. Sir, it is easy to pass
that you can rapidly and easily extend your unfunded debt retrospective judgments. (Cheers.) But if we are to form
in a moment of need, it is perfectly plain that you may a fair opinion upon these questions we must go back to a
dispense, in the interest of the state, with the costly, but day dated about thirteen months ago. This matter was
otherwise necessary practice, of keeping in hand, and not like that of the Exchequer-bills-it was not a question
lying idle, a great sum in the Treasury. Now, I cannot of mere Executive discretion-it was not a vote passed by
pretend that what was done last spring, with respect to the the House of Commons as a mere affair of confidence. It
unfunded debt, was hastily or thoughtlessly done. On the is true there are many members in this house who wished
contrary, I say, it was deliberately and advisedly done ; it to be considered as a matter of confidence ; but a portion
and lam desirous that the committee should form its own of the members of this house, including the right hon.
judgment of this proceeding, because, as I said before, it is gentleman the member for Buckinghamshire and the hon.
the party who are ultimately responsible to the country. member for East Suffolk, demanding the privilege of sifting
The proceeding was founded on these two principles. In and discussing this question, returned to the charge on re-
the first place, the public is entitled to borrow money in peated occasions, and took many discussions during the
the market on the best terms which its credit will com- Passage of this measure through the house. We therefore
mend ; and in the second place, in order that the unfunded had had many admirable opportunities of knowing what
debt may be carried to the full height of its utility and were the real opinions of these gentlemen on the subject,
power in difficult times, you ought to keep it within nar- and what were the declarations that were made ? The
row limits in easy times. These, sir, were the principles right hon. gentleman opposite (Mr. Disraeli) sometimes
on which I thought it my duty to act. What was the state states he will not quote Hansard. After all, when you
of things to which I had to apply them ? A state of things mean to charge your opponent with inconsistency, the best
had grown up in which the premiums on Exchequer-bills way is to quote Hansard. You do not make his case better
in twelve months only amounted frequently to about -you do not make it worse at all events-and if you do
double the whole interest of the twelve months' cur- not quote Hansard, the fear is you will quote something
rainy. What was the effect, first in regard to the much worse than is to be found in Hansard. On the Bth
holders, and secondly in regard to the State ? As regards April the right hon. gentleman the member for Bucking-
the holders, so long as the Exchequer-bills were moving hamshire rose to discuss his scheme, and he said :-" He
upwards all was well ; but it was plain that that state thought it right before this resolution was agreed to, to
of things must come to an end, and that an immense pre- warn the committee that, from the alterations made in
mium was adverse to the well-understood interests of the the resolutions, from the admissions made by the right
holders of those bills, because the amount of the premium hon. the Chancellor of the Exchequer, and from various
was in point of fact the measure of the risk they in- other statements, this (the one creating the new stocks) was
curred. (Hear, hear.) If I may explain ray meaning in fact, the important resolution." What a misfortune
it is this. The man who buys his Exchequer-bills at a that he did not stop there. His evil genius, however, led
premium of ss. or 10s. knows these three things :--First him to go on. (A laugh.) "He wished the committee to
of all that his interest is secure ; secondly, that, at a given bear in mind, and he protested against the supposition that
day, ha can receive the principal; and, thirdly, that the by allowing the resolution to pass, he, for one, assented to
measure of his possible loss is ss. or 10s., that being the it. If the committee agreed to the conversion of the whole
amount of premium he has given. But if, on the other of 500,000,000/. under the second resolution, he must re-
hand, he buys at 60s. or 80s. he knows his loss may amount mind the committee that the profit of the country would
to 60s. or 80s. These are the principles of the proceeding. but little exceed 550,0001. a year ; and they should
To allow your annual securities to float with a premium well consider whether, for such an object as reducing the
of 60s. or 80s. just means that you cannot redeem them at interest of the debt by 500,0001. sterling, they would do
PRIVATE BUSINESS. all. You cannot redeem the whole, because the amount right to fix the rate of interest at 24 per cent. for more
The following bills were read a third time and passed :- is too large, and you cannot redeem a part, because Parlia- than 40. years. This was a most important point, whichthe
meal committee a eared to be disposing of in almost a formal
Executor and Trustee Society ; Ryde Improvement ; St. ment would never endure the redemption of an anneal
manner butt. ~ t was a point to which they must give deli-
Mawes Port, Harbour, and Pier ; Blyth and Tyne Rail- security bearing perhaps 2i per cent. interest, by raising
berate attention. The interest guaranteed was higher than
way ; Caterham Railway ;Darlington and Barnard Castle that interest to sor 6 per cent. What has been the con- _•
„bins 9 he, for one thought would prevail for the next 40 years."
Railway ; Eastern Union Railway ;Lancashire and York- sequence of this in the management of Excheque .
(Hear hear f Mr M •
shire Railway (Middleton Branch) ; Lancashire and York- What has happened since the peace e Ever since the peace , , rom . alms.) I hear the hon. and learned
shire Railway (Liverpool Dock Branches) - London, the principle upon
which
we have
acted has bee, this- gentleman the member for Wallingford cheer that expres-
Brighton, and South Coast Railway ; 'Newcastle- when we had got Exchequer-bills at an easy rate of in- Tlon, I shall have a word with him byand bye. (Laughter.)
upon-Tyne and era-lisle Railway ; Perth and Dun- terest, then we let them remain. Times of difficulty have
such
It was an enormous responsibility to undertake to make
keld Railway ; Whitehaven, Cleator, and Egremont come, and you have been obliged to fund at a most die- an arrangement, and he trusted the committee, when
Railway ; Hertford and Welwyn Junction Railway; advantageous rate of interest. In 1819 you funded they came to discuss the subject on a future occasion,
and North London Railway. 27,000,0001. of Exchequer-bills at 51. ss. ,a. per cent. ;in would think it their duty most carefully to consider whe-
The North Railway Bill, and the Swansea Harbour Bill 1821 you funded 7,000,0001. at 4/. 19s. 7d• per cent. ; in ther they would assent to it." Such was the ground of ob-
were considered and agreed to. 1826, you funded 8,000,000 a at 41. 6s. 2d. per cent. ; and action taken by the right hon. gentleman at the time of
The Holyhead Harbours Bill was read a second time, in 1830 you funded 3,000,000/. at 4/. Is. 9d. per cent. the discussion of this scheme, that it would amount to a
and ordered to be committed. In the years 1839 and 1841, however, the rate was sacrifice of the public interests and the interests of the
GOVERNMENT ORDERS. not so disadvantageous, being in the one case 31. 6s. Public creditor, and that that sacrifice would be the more
Lord J. RUSSELL moved that orders of the day should per cent.the other3l.
and in
withwhat 'be convertedunder operation I i
but it was a high rate compared
have precedence of other orders on Thursdays during the pay in easy times. In no single instance was the sin-
recollection of the committee as to what were the objec-
remainder of the Session. funded debt reduced except when
the public credit was tions really taken to the plan. Some of them were very
Mr. FREWEN moved as an amendment that on Thurs.below 90. The good objections-one, '
low, and the price of the funds,
was - ections-one, in particular, taken by the hon.
day, the 25th of May, and on every alternate Thursday, quence is that you never funded 91. in Exchequer-bills member for Lambeth, in reference to the principle of mak-
bills introduced by the Government, or any other Govern- without increasing the unfunded debt at least 101. or 11/., ing additions to the capital of the debt. It was also ob-
ment business, shall have precedence of the other orders inis in t' es that ht je t d that it l • to t2a for 40
and some cases 121. It
of the day till the end of the session. to reduce the debt • because if you wait till difficult times years- One of those objections turned out to be a valid
Mr. L. SING supported the amendment, observing that it ' February, 1853, the one. I think,
you do at an enormous cost. In however, I may answer that objection in the
the state of public business did not justify the original Exchequer-billsin was 17,743,0001., negative. The valid ojection which has turned out is that',
amount of
motion, and the interest was a penny halfpenny per day, or 455. the necessity of turning out the non-assentient South Sea
The Marquis of BLANDFORD also supported the • h bills and on another creditors has led to the withdrawalof the hi' balances
pu la
per annum, upon one portion of t 0 ,
amendment. portion it was 11. 17s. But while that was the rate of in a larger degree than is consistent at a period of war.
Mr. GOULBURN supported the original motion. interest the premium was even 555., and in a short time Who took that objection, I want to know? And now I
Mr. NEWDEGATE opposed it. before it had been considerably higher. On the 15th Feb. come to the hon. and learned member for Wallingford
Mr. F. SCULLY observed that so long as the war ab- ruary it was announced that the new bills were to bear (Mr. Malins). He was perfectly silent on this point. Why
sorbed the public mind in the manner it does now it was interest at a penny a day, and on the 18th February, in was he silent ? Certainly not for want of words, nor the
useless for independent members to be promoting bills of
consequence, the premium those Exchequer-bills was faculty of speech. The hon. and learned gentleman was
e on
therefore
their own. He should support the original mo- only 15s. Now, then, I ask whether the operation that perfectly silent. This objection was not taken by any-
tion.was performed was a justifiable operation or not ? Those body; and I now stand here to say that I was the only man
in the
Mr. HUME thought, existing state of affairs, it ' Exchequer-bills were issued in the middle of February, who stated to the committee of this house on that occasion
Thursdays to the Government.
would be better to give upexplained aY
and in the middle of March the holders of them had an that if the South Sea creditors did not assent, we should
Lord J. RUSSELL
.the reason which induced opportunity of sending in th • securities and getting their require to pay them out of the public balances. The right
their
which was simply to forward money, but not a single person availed himself of that hon. gentleman the member for Buckinghamshire
and
him to propose the motion,as
not to have such
the public business, soan arrear of opportunity. (Hear, hear.) My duty, I say, was to bor- the only man who named the South Sea creditore, h.
happened towards
business as too often the close of the row for the public upon the best terms that the market did so only in an incidental way, and for the pterpose of ex
in reference
session. afforded.r 9 000 000/ of Exchequer-bills were issued on a cluing himself from discussing their position
Mr. SPOONER thought this motion ought not to have „ .
particular day, and within three weeks, when the holders to the project. But there area great num . ber of those gen-
anti should not affect notices n as to the
a retrospective effect, a already were naturally alarmed, they had an opportunity of get- tlemen who have the most convenient persuasio
_.
and
on the paper. tin their money, and yet not a man of them availed him- force of the objections they take on such occasions,.
the mis
Mr. DISRAELI hoped the noble lord would accede to What was the con- that if the Government had taken their advice
member for North self of that opportunity. (Cheers.)would not
the proposition of the hon. - dition of the Exchequer-bills afterwards ?As you went chievous consequences which they apprehended .
shire, and thereby save them fromdividing on the ques- on, the conditions on which you got credit altered ; but have ensued. This is a very good examplertoafno what
e at the
tion. the very first day on which the word "discount" appears at called mythical history. Events of no impel
k.b
BDEN in favour
After a few remarks from Mr.
forCo
North
tooroiungh back
suggestion of the hon. member
J.
Warwickshire, On that day the discount was ls. On the sth May the upon them, not as they actually were,
wish h
them h
the
and Sir G. GREY, in favour of Lord Russell s motion, 1
Government made a purchase of Exchequer-bills, on haze of distance, and as some persons em to be.
Lord J. RUSSELL said he would agree to alter his mo- which
we were obliged to pay ls• discount; but never Hence we are told there were a number of prophets and
tion, so that after the 20th May Government orders of es rded • but there
the until the sth May were we able to effect a purchase of wise men whose opinions were disregarded , was
other orders of the events that afterwards
day should take precedence of day. j Exchequer-bills at a discount ; and then we got them not one of them who foresaw the
ROMAN CATHOLIC SAILORS. lat a discount of are Well, sir, what followed was ' happened • and the hon. and learned gentleman the me -
type In
of the class.
Mr. BOWYER asked the First Lord of the Admiralty ;this. With the advance of summer end towards the I her for Vallingford is a most respectableadoubtedl irrespective of
whether Roman Catholic sailors are to be compelled to , autumn the circumstances of the country materially i (Laughter and cheers.) But, u
factsy,
attend Protestant religious worship.proportionally affected. I the opinions'changed, of some men, these were at which it was
want to state the •
Sir J. GRAHAM said the law as it at present stood was I the 28th September, we purchased them at ss. discount ; I our duty to look. Ido not casetoo high.
to say that I regret at this moment that
that divine service should be performed every Sabbath on ' and in the month of October the interest was 2d. a-day. 'lt is easy for me
t forward. I do notadmit
board her Majesty's ships according to the ritual of the So far as respects the impropriety of the reduction, there- t the scheme was brough
loss;
it
is
eas that it
Church of England. The instructions further were that, fore, I think I have disposed of that. And now I come to has resulted in pecuniary
in such loss • but it has resulted in i -
the crews of all religious denominations should be "per- 1 the other charge, which is this, that in consequence of that has not resulted
InittetV not compelled, to attend ; and up to the present reduction we have a violent reaction, and we have been VenienCe greater than limitedamount of gain with which

11/R. ALBERT SMITH'S MONT BLANC,
X including the BERNESE OBERLAND and the SIMPLON,
THIS EVENING, and Every Evening at Eight o'Clock, (except
Saturday) ; and Tuesday, Thursday, and Saturday Mornings, at Twu.
Stalls, 3s. (which can be taken at the box• office every day from II
till 4 ; area, 25.; gallery, ls.—Egyptian Hall, Piccadilly.

CONSTANTINOPLE and the WAR at the
EGYPTIAN B ALL.—" Had it not been for the cold, I should
hare believed that I saw the Diorama at the Egyptian Hall, with
the resth-ss tide of London street life surging around me."—The
Eastern Correspondent of the Daily News. The Lecture is delivered
on Wednesdays and Saturdays by Mr. J. H. STOQUELLER, and
on the other days by Mr. C. KENNEY—DaiIy at Half-past Two
and Eight.—Admission, is

LAURENT'S CASINO, ARGYLE Rooms,
(Lessee, Cuas. C. LAURENT, Onslow-house, Fthaam-road),
—The above Rooms are now OPEN FOR TUE SEASON.
and will continue open every evening, with LAURENT's
CELEBRATED BAND. Constantinople Quadrille, Sultan Polka,
Fair Star Waltz, and Overlan4 Mail Galop, by D'Albert; a'so, by 11.
La•irant , the following Waltzes - La belle Francium Leonora, Wil-
kins and his Dinah, Admission, ls. Doors open at half-past 8.
Dancing to commence at 9 o'clock, and terminate at half-past 11.

ATTRACTIVE NOVELTIES.
ROYAL POLYTECHNIC INSTITUTION.
PATRON—H.R.H. PRINCE ALBERT.
The SEAT of WAR, showing the principal places on the DANUBE,
KALAFAT, WID DIN, GIURGEVO, SEB ASTOPOL, the entrance
to the BLACK SEA. BATTLE of SIINOPE, and DESTRUCTION
of the TURKISH FLEET, and other scenes (kindly supplied by
the proprietors of the ` Illustrated London News"), EXBIHITED
in a NEW SERIES of DISSOLVING VIEWS.
LECTURES by J. H. PEPPER, Esq., on the CHEMISTRY of our
DAILY BREAD, in special relation to that made by the NEW
PROCESS at the MARYLEMONE WORKHOUSE, daily at Two
o'clock ; and in the Evenings on the MANUFACTURE and
DECORATION of PAPER.
LECTURE by DR. BACRROFFNER on ELECTRICITY, and the
ELECTRIC LIGHT. Exhibition of Trestrail's Method of Raising
Sunken Vessels, &c.. &c.
Open Mornings and Evenings. Admission, is.; Schools and
Children under Ten years of age, Half-price.

MPERIAL PARLIAMENT.

HOUSE OF LORDS—(YESTERDAY.)
The house net at the usual hour.
The Earl of EGLINTON presented a petition from
16 of the surviving soldiers of the last Peninsular war,
praying for an inquiry into their cases, relative to the
distribution of medals.
The LORD CHANCELLOR presented a petition
from several mercantile firms in Edinburgh against the
assimilation of the bankruptcy law of Scotland to that of
E n gland.
The Earl of EGLINTON supported the prayer of the
petition, and expressed a hope that a full opportunity
would be given for the consideration of the bill.
Lord BROUGHAM considered that the opposition to
the bill was founded altogether on wrong impressions.
He believed that the bill would confer great advantages
upon Scotland, and that it would be received with
general satisfaction. On to-morrow he would state what
his intentions were with regard to the further progress of
the measure.
COMMUTATION OF SENTENCE OF DEATH IN

IRELAND.
The Marquis of WESTMEATH moved for a copy of
any memorial or petition to the Lord-Lieutenant of Ire-
land in favour of a commutation of the sentence of death
passed upon Hugh Tierney for murder, at the late Spring
Assizes for the county of Westmeath, with the signa-
ture attached thereto ; also, a copy of the notes taken
for the Crown of the address made by the Chief Justice
Monaghan, when passing sentence upon the convict ;
and also a transcript of any note or observation made
by the Chief Justice Monaghan, or any memorial
or petition which had been forwarded to the Irish Go-
vernment in favour of a commutation of the sentence on
Hugh Tierney aforesaid. The noble marquis said the
prisoner was convicted on the clearest possible evidence
of an atrocious murder ; and the learned judge, in pass-
ing sentence, held out not the slightest possible hope of
his life being spared, and the people in the county of
Westmeath were quite thunderstruck when they heard
that the Lord-Lieutenant had commuted the punishment,
though the day of execution had been fixed. He
understood that the only reason why the me-
morial in favour of the prisoner was got up was
that they were against an execution taking place in the
town. The Government were bound to state what mo-
tive they had for obstructing the ordinary course of
justice in this case. The noble lord then alluded to
other cases in which sentences were set aside, and com-
plained that the landlords in the county, the protection
of whose property depended upon the rigorous execu-
tion of the law, bad not been consulted.
The Earl of ABERDEEN explained that, when the
memorial was received by the Lord Lieutenant, he trans-
mitted it to Chief Justice Monaghan for his opinion.
After full consideration, and making further inquiries
into the case, the learned judge recommended to the
Lord Lieutenant to commute the sentence of death to
transportation for life. Re did so on the ground that,
though death ensued, the intention of the prisoner was
clearly robbery and not murder, and that death
did not take place at the time of the robbery,
for it appeared that the deceased was able to walk after-
wards, and never complained of any personal injury.
Was there any of their lordships who 'would say that the
Lord-Lieutenant should have hung the man, notwith-
standing the recommendation of the judge ? The Lord-
Lieutenant could not have done anything else than
act on such recommendation. He had no objection
to the return with the exception of the note of the Chief
Justice to the Lord-Lieutenant, which, being of a con-
fidential nature, he could not consent to produce.
Lord CAMPBELL hoped the noble marquis would
be satisfied with the answer of the noble earl.
After some remarks from Lord CAMPBELL and the
Earl of EGLINTON,
The Marquis of CLANRICARDE complained that
in the criminal convictions in Ireland offences against
property were more heavily punished than those against
persons.
The LORD CHANCELLOR admitted that such an
impression was to be gathered from the reports of the
trials, but remarked that the shades of criminality in
each case were very delicate, and the best reports might
often mislead.
Lord WESTMEATH replied, and the motion for
papers was agreed to.
The Chnrch Building Acts Continuance Bill was read
a second time.
Some other bills were advanced a stage, and their
.ordships adjourned at half- past 6 o'clock.

HOUSE OF COMMONS--(YESTERDAY.)
The SPEAKER took the chair at 4 o'clock.

NEW MEMBER.
The Hon. C. FITZWILLIAM took the oaths and his seat
'or Malton.

it m: ty be attended. I regret it ; and if an error has been
eomnsitted, be it small or great, I am the man upon whose
h 'sad the blame ought to rest. But let us look at the
ee se as it really stands. In the year 1852 the bullion in
th, Ba nk rose to a higher point than it had ever before
rea, theft; it was close upon 22,000,000/. sterling. In the
men tit of January, 1853, it had diminished to 19,170,0001.
(Hear, hear.) The right hon. gentleman the member for
Buck. he gharnshire, in discussing this question on a.f o rmer
night, looted the quantity o f bullion in April, w.,7uel-'was
18;816,4 'CO/. ; he likewise quoted the very high pein t at
b had stood some months before, and he g'' v it to
be understood—at least he did not prevent froma benL
•
and erste od—that there had been something in the nature'of a .tout inuous decline in the quantity of bullion in the
Barils at the end of 1852. At that time the Bank raised
the re to of interest upon discount nom 2 eo 21 per cent.,
and at s,erwards it raised it to3er cent. The bullion,
p815y3, ;
which ,i:ad been 21,876,00 ei.
in
000/. in the month of February,
e
mouth of J
sank to ..17,672,
t
that wag not the time when we made ourthien.boupollsal. The
18b511. 2
tines was on the Bth of April. How was
The bullioi then bad risen to 18,816,0001., or inlooreetlell?
one Milieu in the course of the preceding four week.tcine
(Hear, hear.) The drain of bullion which had taken la
was at t hat tune generally accounted for by a reference to
causes wlaich were short-lived and local in operation. It
was the de:eland for gold in Australia which occasioned it
in a great d e,gree the state of the exchanges with India
and China occasioned it in a further degree ; in short,
there were ;many causes but they were not looked to as
causes which would have a permanent operation ; on the
contrary, they were expected after A time to cease. And
now, with regard to the harvest, we have seen corn so
high' since that we are apt to forget what it was then. At
that period, although our prospects were certainly not the
best, yet that they were not very gloomy is evident from
the fact that the average price of wheat in April was 465.
4d. The price of Consols was, on the 4th of April, 100 k
to $ ; after the publiCation of our plan they were 100 a.
There could not be a more distinct proof that, in the
opinion of the moneyed world, money was about to bo
cheaper, because the expectation of cheaper money is at
the moment the cause of a rise in the Funds. The mini-
mum of the public balances in tile Bank in the quarter im-
mediately before had been no less than 4,940,0001.; and,
as I have already said, the export of bullion was imputed
to temporary causes. But other operations were going on
at the same time. A great operation of that kind had just
been completed in France ; another great operation was
going on, in the conversion and reduction of the debt of
the East India Company, an operation, moreover, which,
up to the present moment, has met with the most perfect
success. The bonds of the East India Company have been
put out since the month of May last year at a lower rate
of interest than was experienced before. I say, let us
keep these facts in view, as well as the discussions in this
house ; and I really think I may venture to hope that I
have given something like proof that these warnings of
plain, palpable facts, that could not be misunderstood, and
especially these warnings of sages who were all perfectly
aware of what would take place, do partake of that mythi-
cal character which I have dared to impute to them. (Hear,
hear.) Sir, Ido not like to dwell much upon a question
of minor interest, namely, the pecuniary result of the ope-
ration, but I may be permitted to say a few words. It is
perfectly true that we thought it necessary to borrow a
certain sum of money, which we have paid away, and that
we have had to do that at a loss ; but on the other hand,
I do not see why you should enter into calculations which
have no reference to the reality. I think I can demonstrate
that the effect of the operations as it stands is a loss of
from 60,0001. to 100,0001. a-year only ; a sum which,
though undoubtedly quite large enough, is not a matter to
be much considered, when we aro discussing the policy of
an operation of so serious a character. But, sir, as I have
said, there is one other point connected with this conver-
sion scheme, upon which it is necessary that I should ad-
dress a few observations to the committee, because it is
one of great importance at a moment when, in consequence
of a change of circumstances, we certainly must have to meet
great, and may have to meet unexpected, demands upon the
public revenue. I have just now adverted to that which
has turned out to be the only real object to the conversion
scheme, though it was an objection not anticipated by any-
body, namely, the inconvenience of withdrawing from the
Exchequer so large a sum of money as has been necessary
in order to pay 8,000,0001. to non-assenting stockholders.
And now, sir, it is not only desirable for my own sake,
and for the sake of the Government, but it is in my judg-
ment most necessary for the public interests, that I should
endeavour to dispel the masses of misapprehensions which
have gathered round this part of the question. Some por-
tion oft hem, I think, are already disposed of by what was
stated on a former night, but I hope at present to make
a yet more complete clearance of them. Now, sir, I think
it will not be denied that I am correct when I say that
the current belief both within and without these walls has
been to the following effect that very large sums of
money, in the nature of advances or temporary loans,
have been demanded by the Government from the Bank
of England ; that this demand has been in violation of the
spirit of an agreement made between the Government and
the Bank in 1814 ; that it has been made in the present
instance without forethought, and without due notice be-
ing given to the Bank ; that it has been made to the great
detriment and inconvenience of trade ; and that, more-
over, though the loans may be regarded as a favour and au
accommodation, yet that they have been taken from the
Bank upon a very low rate of interest. Now, sir, having
mentioned the Bank of England, let me here dispel out
serious misapprehension. If lam arguing with respect to
the Bank of England, that the demands have not been
made upon it which are commonly supposed ; that the
compact of 1844 has not been violated ; that the rate of
interest has not been low, and so forth, do not let it be
understood for a moment that I intend to cast the
slightest imputation upon the Bank. I apprehend
that, although there ought always to he harmony and
co-operation between the Bank and the Government, yet
that sometimes the Governor and Deputy-Governor of the
Bank, on the one side, are the special guardians of the sepa-
rate interests of the Bank, and the Chancellor of the Ex-
chequer, on the other side, is the peculiar guardian of the
interests of the public—(hear, hear)—and I say it is the
duty of the Chancellor of the Exchequer, on the one side,
as it is the duty of the Governor of the Bank on the other
side, to assert in friendly argument together whatever they
think the separate interests of which they aro the special
advocates require. I have the happiness to entertain the
greatest respect for the present Deputy-Governor of the
Bank ; the Governor of the Bank I have the pleasure and
satisfaction of having long called my friend, and I am,
quite certain that we shall never be the worse friends be-
cause, when we discuss the subject of the public balances,
the accommodation due to the public, and the remunera-
tion due to the Bank, he may urge what appears to be for
the interest of the Bank, and I may urge what appears to
be for the interest of the public. I do not think that on
that account we shall have one jot less of cordial satisfac-
tion in co-operating together in what concerns the public
interests. (Hear, hear.) In fact, those matters upon
which I am now going to enter do not bear upon the de-
mands made by me upon the Bank, nor upon the demands
made by the Bank upon me. There has been no demand
made by me upon the Bank which is not satisfied. There
has been no demand made by the Bank which is not satis-
fied. They bear retrospectively upon the question what
has been; they bear prospectively upon the question what
should be the right arrangement to make hereafter ; but,
as I have already stated, the Government has never asked
the Bank to sacrifice its separate interests, and I am in-
formed by my hon. friend, the Governor of the Bank, that
he has announced, in a meeting of the proprietors, that
he has never, upon any occasion, received from me any
such demand, but, on the contrary, has always heard me
recognise the perfect right—nay, the duty—of the Bank to
guard its own interests, as those of an institution eminently
useful and beneficial to the community. (Hear.) I hope,
therefore, it will not be understood that I enter into this
discussion with the slightest feeling in regard to tie relations
between the Government and the Bank. Now, sir, I be-
lieve a noble lord in another place, who holds an important
financial office—l may say at once that I refer to Lord
Monteagle—has been loudest in his complaints of the
great amount of deficiency bills taken from the Bank. I
confess I am surprised at the source from which these
complaints proceed, because, if action may be taken as an
illustration of opinion, which appears not an unfair prin-
ciple to lay down, I should have thought the noble lord
had a very tender feeling towards deficiency bills. (A
laugh.) My deficiency bills have been taken under extra-
ordinary and peculiar circumstances, the result of an abor-
tive operation ; his deficiency bills were taken from year
to year, under circumstances of a usual kind, with his eyes
open, with a perfect knowledge of what ho was about, and
with no disturbing circumstances to contend against. My
deficiency bills, upon the average of the last three quar-
ters, have amounted to 3,540,0001.; his deficiency bills the
first year ho was in office amountd to 4,287,0001.; in the
second year he improved them, and they amounted to
4,346,0001. ; in the third year he improved them
still further, and they amounted to 5,380,0001. ; in
the fourth year he again improved them, and they
amounted to 5,455,0001. (Cheers and laughter.) If the
noble lord had happily for the country continued in
the office of Chancellor of the Exchequer till the present
day, what, sir, do you think the amount of his denictiemnacy
bills would have been now. (Laughter.) Perhaps
B nk now are based
be said—l hope it will not be said—that this was beforey
the act of 1814 ; that the issues oft the
t that time the issues
upon a metallic foundation ; h
re then mere creations of
were not based upon a metallicta circulation ; and that,
consequently, deficiency
(la yt
ho
eumr
paper. I say I hope thabtillosbwseervation will not be made,
because it really amounts butshat present
• • real money, at t owpeaaP
obligations in
in money created ad libitum, without any reference
to gold. But I am noti
makng a charae uPon
this subject; I am only expressing my surprise
at the charge made against me by the noble lord. And
now, sir, I beg to call the attention of the committee to
what I have described as the great misapprehensions which
prevail respecting the advances demanded by the Govern-
inent from the Bank. This is not the first time that no-
tions of that kind have been abroad. The same fate, in a
much smaller degree, befell my right lion. friend the mem-
ber for Halifax, in the spring of 1847. At that period there
was a very considerable difficulty as to trading accommo-
dation. Money was much tighter than at the present time.
Various gentlemen in this house—among others, the hon.
member for Montrose, the right hon. gentleman the mem-
ber for Buckinghamshire, and the hon. member for Hun-
tingdon—found great fault with my right hon. friend for
having withdrawn from the Bank, in the form of a tem-
porary loan, the money that was necessary for the accom-
modation of the trade of the country. That charge I find
contained in the declaration in thishouse of au hon. friend
of mine, of great commercial experience, one of the mem-
bers for the city of London, a man who, I believe, what-
ever his party connections may happen to be, never utters
a word under the influence of party feeling or party preju-
dice. Mr. Masterman, in May, 1847, censured what he
termed " the improper arrangements made by the Chan-
cellor of the Exchequer," and declared it to be his opinion
that "it was impossible for the Bank, under the existing
act, to advance every quarter two or three millions of de-
ficiency bills, and at the same time to do justice to the
commercial community." Having made that speech
he went on to make a motion, the purport of which
was that, when Government required deficiency bills,
they should take them, not from the banking
department, but from the issue department of the Banic
(Loud cries of hear, hear, from Mr. Manna.) That
a is
cheered by the learned member for Wallingford.
were
very plausible arrangement indeed, and if the facts
for
fo
true, I would join in the cheer ; but the hon.
member
Walling-
London was then, and the learned member _
un.
ford is now, Mooring under the moat complete 4