The Sun.
London, England, 1847-12-02 00:00:00

ettrb Mtitionl

SUN OFFICE, Seven o' Clock

EXCHEQUER.-(THIS DAY.)
(Sittings in Banco after Term.)
CASS U. MULLER.

This was a declaration on promise, charging the de-
fendant, who is the lessee of the plaintiff; with breach of
a contract, in which the defendant undertook within a
month to build and complete a coach-house and stable
for the plaintiff. The defendant excused himself by way
of plea, which was now demurred to, that he was unable
to complete the contract in consequence of a severe
frost, which stopped the progress of the building.
Mr. ATHERTON, in support of the demurrer, said
that inasmuch as the defendant had entered into an
express contract, he could not plead the act of God for
non-performance of his contract, because in so under-
taking he must be supposed to have taken the act of
God into consideration.
The COURT said there could be no doubt that the
plea was a bad one, and judgment should, therefore, be
entered for the plaintiff.
Mr. WARREN, for the defendant, said that his client
had wished him to come there, but that he felt that it
would be absurd to argue the point.

IMPERIAL PARLIAMENT.
(THIS EVENING.)

HOUSE OF LORDS.

The Earl of SHAFTESBURY, in the absence of the
Lord Chancellor, took his seat upon the Woolsack
shortly after Five o'clock.
IRELAND.—COERCION BILL.

The Duke of RICHMOND gave notice that he
should, to-morrow, move for a return of the number
of persons who had been tried under the provisions
of tile Coercion Act introduced by Lord Grey's
Government.
Lord FARNHAM presented a petition from Sun-
derland (as we understood) praying their Lordships
to adopt immediate measures for the restoration of
tranquillity in Ireland. He did not consider the
measure introduced by the Government of a suffi-
ciently stringent nature to put an end to the system
of murder which was the disgrace of Ireland, and he
besought their Lordships and the Government to adopt
measures of such a stringent character as should
effectually put an end to the system of terror at pre-
sent existing in Ireland.
DEFENCES OF THE COUNTRY.
The Earl of HARD WICKE gave notice of a
motion after Christmas on the state of the defences of
the country.
CHIEF POOR-LAW COMMISSIONER.
Lord BROUGHAM asked when the Chief Poor-
law Commissioner would be appointed ?
The Marquis of LANSDOWNE was understood
to say that the subject was under the consideration of
the Government.

DISTRESS OF THE COUNTRY.
The Marquis of LANSDOWNE then rose to
move for a Select Committee to inquire into the
causes of the Decent commercial distress, and how far
it has been affected by the laws for regulating the
issue of bank-notes payable on demand. In bring-
ing forward this motion, he might be permitted
to preface • it by some observations on the
causes of the existing distress. It had
pleased Providence to destroy a large portion of the
produce of the earth, and it was not in the power of
any Government to supply the loss ; that fact was ge-
nerally admitted. Another source of that distress
bad been the reckless speculation which had been
indulged in during the last three years—specu-
lation which had gone far beyond anything
which the capital of the country would warrant
and which no Government could be expected or
could benble to supply. Two years ago he had been
asked whether he .was prepared, under all circum-
stances, to maintain the Bank Charter Bill ; he had
said that he was not prepared to commit himself on
the subject at that time, neither was he prepared to
commit himself on the subject now any more than he
should be prepared to say, that because a vessel
of a certain particular construction had come safe
into port under certain circumstances, that, there-
fore, it was a construction best fitted to cope with
circumstances entirely different. It was a matter
for inquiry; and, therefore, he moved for the ap-
ntraent of this Committee ; but he thought it
right, in order to prevent any misapprehension, that
he did not propose to abrogate the law, under which
the currency had been regulated for twenty years,
and which enforced a metallic standard. It struck
him that the main subjects of inquiry would be, Ist,
what were the provisions of the Act of 1844? 2dlv,
what were the circumstances producing the present
distress ? and idly, what effect had the Act of 1844
had in producing these circumstances ?—(llear.
It had been the opinion of many that the Act of
1819 would be sufficient to establish the currency
upon a secure basis, but it appeared that under cer-
tain circumstances an over issue of paper had taken
place, and that on some occasions the lank of Eng-
land had been on the verge of being unable to comply
with the requisites of the law. The Bill of 1844
had been introduced to bring about a state
of greater safety, at the same time securing
to the country the advantages of leaving as much
paper to perform the offices of gold, as could be left
with safety to the system, and Kith safety to the
country. The Bank was permitted to issue
14,000,000 of notes, but for every note beyond, it
must have gold in their coffers ready to meet it.
Such were the provisions of the law of 1844. At the
beginning of last autumn the commercial world
was suffering from a panic unequalled in intensity.
The demand for capital was enormous—the demand
of capital for railways in 1841 1842, and 1843, was
four millions and a half; in 1844, 6,000,0001.; 184.5,
it had increased to 14,000,0001. In the first half of
1846, the demand was 9,800,000/. ; up to the second
it was 26,000,000, making 36,000,0001.; and, in 1847,
it was 63,777,000, thus doubling the demand for capital
of the preceding year. Where was all this capital to
come from, which there was no visible means of sup-
plying? He. knew not it he si.ould be told that
there was some inexhaustible mine of wealth, the ac-
cess to which had bean cut off by Sir R. Peel's
Bill, lie believed in no such mine, and it had only
existence in the heated fancies of speculators!
This demand for railways had been aggravated by the
deinand for capital to pay for foreign corn. In 1846
Mils demand amounted to 5,139,000/. In 1847 we
had to pay for foreign c-rn 14,184,0001. It was
these great demands upon our capital that he
attributed the pressure, and that pressure
would have existed whether the Bill of 1844
had existed or no. It, perhaps, had caused the
pressure to be felt somewhat sooner, but he believed
that the value of that Bill had been proved, by
bringing on the pressure gradually, instead of sud-
denly, and thus avoiding a sudden and abrupt
oonvulsion, which it is the objenct of all
Legislation to obviate. He was not, however,
prepared to say in what manner the existence
of that law may have aggravated the panic
which was itself a great calamity independently of
the pressure. With respect to the pressure, he did
not think any Act of Government could relieve it,
but he thought that the Government might act upon
the panic. The panic induced persons to hoard the
precious metals which produced great inconvenience,
and he believed that the panic had been greatly miti-
gated by the measures adopted by the Government.
The effect of the letter of the Prime Minister
to the Bank had been highly satisfactory,
and had restored confidenee without any infringe-
ment of the provisions of the Act of 1844. It would
be for their Lordships to determine how far they
would maintain the principle of that Act or how far
they would be inclined to modify its provisions.
The operation of the Act of 1844 'would form one
most important subject of inquiry before the pro-
posed Committee. He had in 1844 given a silent
vote in favour of the Bill, because, admitting
the defects of the measure of 1819 he was willing to
give this measure, which professed to remedy those
defects, a fair trial. It had had that trial, and it
-would be for the committee to inquire how the mea-
sure had worked.

(LEFT SPEAKING.)

HOUSE OF COMMONS.
o'cl
The Sposisaa tcok the Chair shortly before Four
ock.

Several
A
new -,,i,e
mbers took the oaths and their seats.
MP' Report
c omblro,u,g
LIGHTHOUSES
sh_t up and laid on the table.
for 1846 was of the Commissioners' of Lighthouses
petition from th
Mr. J. CLA-i'v""relAL DEPRESSION.
dent, vice-presidents, a
memberse opfr resi-
dent,
e-
ratzon
Chamber of Commerce o7Turl'' Pi%lying the House to
depression of
take into its immediate consideration
inquiry into the
the country, and to institute the
monetary Jaws, in order that sunciiin
be devised as might seem expedient. remedies might
SOAP.
Dr. BOWRING presented a petition from
Normandey, as we understood, stating that he
Dr.
h
invented an important improvement in the manu-
facture facture or soap, of which he wished to give the public
•the benefit, that he manufactured a quantity which
'had been seizt d by the Excise as liable to duty. The
Hon. and Learned Member stated after the recess, if
a Committee on the Excise-laws were appointed, that
he should move that this petition be referred to them.
IRELAND.
Colonel THOMPSON presented a petition from a
place in Yorkshire against coercive, and in favour of
ae medial, measures, such as the reclamation of waste
lands, for Ireland.
Mr. HINDLEY presented a petition, agreed to at
~-, oublic meeting recently held at Ashton-under-
-1 ..1, se,t praying the House to adopt measures which,
w,il,, they would repress assassination in Ireland,
::01.14 restore peace and tranquillity to that unhappy