The Sun.
London, England, 1847-12-03 00:00:00

ujening

LONDON, FRIDAY. DECEMBER 3, 1847.

In the House of Lords last night the Marquis of
LANSDOWNE proposed the appointment of a Com-
mittee similar to that moved for by the Chancellor
of the Exchequer in the House of Commons. The
motion was carried without a division, after a rather
interesting debate, a slight alteration in the terms of
the resolution having been adopted on the suggestion
of Lord STANLEY. It will therefore be the duty of
their Lordships' Committee to "inquire into the causes
of the distress which has for some time prevailed
amongst the commercial classes, and how far that
has been affected by the laws for regulating the issue
of bank-notes payable on demand." Although there is
no real diffirence as to the questions that may form
legitimate subjects of inquiry, the form that
has been adopted is undoubtedly more
correct than that proposed, which, in speaking
of the "recent" commercial distress, would seem
to imply that the pressure had passed away, and
the national prosperity been restored, a proposition to
which, we regret to say, we can by no means assent,
so long as the minimum rate of discount charged by
the Bank of England shall be maintained, at even the
diminished rate of six per cent., to which it was yes-
terday reduced by a resolution of the directors, as
announced in The Sun of last evening. The exten-
sive range of the inquiry was alluded to by Lords
BROUGHAM and ASHBURTON, the last-named Noble
Lord happily observing that, "judging from the mul-
tiplicity and magnitude of the subjects which would
probably be submitted to it, it seemed likely to last as
long as the siege of Troy." Free trade, the large ex-
penditure on railways, the usury laws, must come
before the Committee ; but we are told by the Noble
Marquis who brought forward the motion, " that it
must be clearly understood the Committee would not
be instructed to inquire into the whole monetary
nacre of the country ;" " that he had no intention
appointmentrurpoprlnsoefthoein.. of a Committee for the
vision of the Binto inquiries with a view to a re-
convertibility into currencytl. as it now existed, subject to
to
proitireepftroecdieopuasrtmefrtaomls—ththaatt
basis."
The
no intention
The Act of 1819, therefore, and its effects upon the
trade and commerce of country is to be wholly
excluded from the consideration of
a
whose
especial business it is to report :n
a" the laws for
regulating the issue of hank-notes payable on de-
mand." This is, indeed, a perform
the part of Hamlet being omitted.
and law
copse_ TcZonf Hamlet,
of 1844, which rnnidn o.was merely the corollary
qaence of the principal measure, the only object
of which was to afford a greater security that the
provisions of the former Act of 1819 should not,
under any possible circumstances, be violated or in-
fringed upon, is to be subjected to the strictest in.
quiry, but the chief delinquent—that which really oc-
casioned our difficulties and embarassments—although
there is no doubt that the pressure was materially
Increased by the more stringent provisions of the
more recent law—is to be passed by sub silentio
—its very name is not to be breathed amongst the
laws for regulating the issue of banknotes payable
on demand."
:'We suppose that such is likewise the intention of
i'lfr OHARLBe Woon, and that in like manner the
_ . i s to be " tabooed " in the Committee of the
:,
egirot
~
--is