The Sun.
London, England, 1848-08-23 00:00:00

I be to compel the Bank of England to keep half its cir-
culation by it in bullion.—(Hear, hear.)' What did the Bill
of 1844 do but that? Upon that occasion he was asked by
the Chancellor of the Exchequer whether such a measure
would cause pressure in the London and country markets,
And he replied in the affirmative, as he believed the effect
of it would be to place the country in a position
of restriction. With regard to the Bill of 1819, his
remained of the same opinion, that it would inflict great
injustice until prices were reduced to the continental level.
The principle of the Bill of 1819 was not half carried out.
The price of land was scarcely touched, but the time was
coming when he would have continued prices and continen-
tal importations, and when the landed interests would he
placed in the same position as they were in fifty years
ago. Let them stick to the Bills of 1819 and 1844, if they
wished—let them be carried out to the letter of the law—
but depend upon it they would blow themselves up. as
everything of unsound principle did.—(Hear, bear.) If a
just and proper alteration were made in the currency it
would confer great benefit upon the industry of the country,
as it would give an advantage in the foreign markets with
respect to nominal prices. The fact was, that taxes would
be taken off industry and placed on property. Conve, ti-
bility was the great point by which a paper circulation was
regulated, and convertibility was nothing more than the be-
lief that we could do a thing which we could not do. It was
said that the Bill of 1844 had not. aggravated the distress of '
the last few years, but if it had not aggravated the distress,
how did it happen that its provisions were relaxed ? it
must have surely had some connexion with the distress, for
as soon as it was relaxed relief was afforded, and the distress
was comparatively banished.—( Hear, hear.) His opinion
was that the Bill of .1844 greatly exaggerated the distress,
because it made the Bank withhold accommodation, and it
induced persons who had money to retain it in the hope of
getting a higher price for it. The fact was the money had
got into the wrong hands, and it would have remained there,
to the great detriment of public trade and commerce, if the
Act had not been relaxed and the money released.—(Hear.)
It was distressing to have a law which required touching
every now and then to make it act properly, and it was dis-
graceful to the country and the Government. The country,
however, entertained the opinion that the Government had
acted very indiscreetly in interfering with a law of which
they evidently knew so very little. That interference had
caused him considerable regret, as he was sure it would en-
tail much misery on the country.—.(Hear, hear.)
Mr. HUME confessed that the explanation of the Right
Hon. Baronet was exceedingly unintelligible. The motion
of the Eight Hon. Gentleman the Member for Stamford did
not require any allusion to the Act of 1819. The statement
of his Right Hon. Friend was quite clear, and the question
the House had to consider was, whether the Committee hp d
arrived at a correct conclusion. Twenty witnesses had given
evidence against the Acts of 1819 and 1844, and
ten of the number were for modifying those Acts. He
maintained that the Select Committee of the House of Com-
mons had arrived at a verdict altogether irreconcilable with
the evidence.—(Hear, hear.) The 'report of the Lords'
Committee, on.the contrary, he believed to be a fair and honest
one, and his only objection to it was, that its recommenda-
tions were not sufliciently intelligible. The principle of the
Right Honourable Gentleman's Bill of 1844 bad not worked
well, neither could it be expected to do so, when the whole
commercial affairs of this kingdom were to be left to the
discretion of a single man. Why, the Chancellor of the
Exchequer might • be a fool—(" Hear, hear," and laugh-
ter)—and the First Lord of the. Treasury might be a
fool—(" Hear, bear," and laughter)—and was it to be
endured that the property of millions of persons was to
be jeopardised by the ignorance or prejudice of one or two
men.—(Hear, hear.) He was of opinion that great credit
was due to the Right Honourable Gentleman the Member
for Stamford, who had brought forward this measure,
and he hoped the fact would go forth to the country. He
considered this a question of the greatest importance. Let
them look at its effects in Scotland. Never wait there such
a piece of unnecessary legislation as this with regard to their
country. There had been no loss during the last fifty or
sixty years ; the people were content; there was riot one pe-
tition for change. No man could read the evidence taken
with respect to Scotland without seeing the evils produced
by this law.—(Hear.) A great deal of the evil arose from
the erroneous opinion held by the Right lion. Baronet (Sir
Robert Peel) and the Chancellor of the Exchequer (the lat-
ter of whom had been talking to-night of unlimited circulas
tion, limited currency, and all sorts of exploded ideas),
that country bankers could issue as much as they
liked, and deluge the country with paper. That
notion was utterly untrue, He denied that there had been
any material pressure in the agricultural districts, or in
Scotland and Ireland ; but it was quite obvious thilt the Bill
of 1844 prevented any assistance being given by them to the
metropolis. He would not say that Bill caused the distress,
but it infinitely augmented it, the people being afraid to part
with their money lest they_ should not get more. He agreed
with the motion of the Right Hon. Gentleman (Mr. Her-
ries) that it was right that the attention of the House should
be called to it as early as possible next session. He did not
however, wish to bind the House, as nobody could know
what might take place in the course of six months, but the
Bill of 1844 must be reconsidered, and he believed that the
Right Hon. Baronet would eventually be of tbat opinion.
Mr. HERRIES was willing to withdraw:his motion, after
what had been stated in this debate, and particularly by the
Right Hon. Baronet ( Sir R. Peel), from which it was clear
the House could not allow this subject to remain long with-
out making an attempt to come to the merits of the subject.
That he thought was the opinion of a majority of the House.
and he was aware that the 22d of August was not the time to
propose to go into the whole merits of the question. The
Right Hon. Baronet had said that in the next session lie
should be prepared to maintain the Act of 1844 in all its in-
tegrity; and he (Mr. Herries) also would pledge himself to
attempt to obtain an alteration in an Act which has brought
all the evils from which we have been suffering on the coun-
try, and fulfilled the worst expectations of unfortunate re-
sults which its opponents entertained.—(Hear, hear.) The
relaxation of the Government was a condemnation of
the Bill itself, as a means of relieving the pressure of panic.
But what created the panic ?—that was the question.
Why, the apprehensions created by the Bill.—(Hear, hear.)
Tne evidence was full of it. Mr. Gurney had stated that in
his opinion if the Bill of 1844 had not passed—if there had
been no division of the departments of the Batik, the alarm
of 1847 would not have occurred, and the pressure would
have passed over without difficulty. The Bill, then, not only
aggravated the distress when it came, but it caused the pain,.
—(Cheers.) He condemned the report as an inaiduous ore,
the concluding paragraph suggesting the idea that it was
founded on the evidence. But he could show that it was not
so founded—that it was contrary to the evidence—and that
was his motive for brinking forward the question. The Go-
vernment had met it by moving the previous question—they
did not venture to deny that the sub ect must be recon-
sidered early next session. That being the case his views in
proposing the motion were fully answered; and if no one
more competent took up the subjr ct, he intended at an early
period next session to draw the attention of the House to a
matter of such vital importance.—(Cheers.)
The motion was then negatived without a division.
CHARITABLE LEGACIES.
The Legacies to Charitable Institutions Bill, which stood
for a second reading, was postponed until next session by
Mr. Raphael, who had introduced the measure.
CONTAGION AMONG SHEEP.
The Sheep, &c., Contagious Disorders Prevention Bill was
read a third time and passed.
IRISH COURT OF CHANCERY.
Sir W. SOMERVILLE moved the second reading of the
Taxing Masters Court of Chancery (Ireland) Bill. There
were at the present time 1,764 bills of costs to be taxed in
arrears, and the object of the Bill was, to increase the effi-
ciency of that department. There was at present one Master
with a salary of 1,0001., and one assistant with a salary of
400!. a year. It was proposed in the Bill to have three
Masters, one at 1,0001., and two others at 800 i., involving
an increased expenditure of 1,200/. a year, which would be
money well spent in increasing the efficiency of that Court.
Mr. GOULBURN opposed the Bill and called attention
to the disposition there was in Ireland to increase legal
offices. If " arrears" were to constitute a sufficient reason
for increased offices, reasons would be as plentiful as black-
berries. He denied, however, that there ought to be any
arrears. There were formerly two Taxing Masters,: and it
was found that they never worked more than three hours
a day, and one of the Masters, Mr. Clancy, had said more
than that would kill any body with hard work. Upon that
one officer had been abolished, and the work was not really
too much.
Mr. NAPIER supported the Bill. If there was no change
in the present system it would be practically a denial of
justice.
Au HON. GENTLEMAN here moved that the House be
counted, and
Only thirty Members being present the House adjourned
at Five Minutes to Two o'Clock.

RAILWAY INTELLIGENCE.
SOUTH-EASTERN.
[The following reports have been omitted for want of room.]
The half-yearly meeting of this company was held at the
Bridge House Hotel, London-bridge, on Thursday, Mr. T.
M. Pritchard, the deputy chairman, presiding.
The CHAIRMAN said that, owing to the absence of Mr.
M Gregor, occasioned by severe illness, principally brought
on by his exertions in the service of the company, the share •
holders would join with him in wishing that gentleman a
speeedy recovery, that he might again till the chair which he
(Mr. Pritchard) then occupied.—(Cheers.) The honourable
gentleman then called upon
Mr. HERBERT (the Secretary) to read the notice con-
vening the meeting, and the following report:—
The accounts of the South Eastern Railway, for the half-
year ending the 31st of July, 1848, show that the receipts of
the company have amounted, during that period, to
219,365/. ss. 6d.; and that the working expenses have been
67,102/. I Is. sd. ; the rent of the Greenwich Railway, and of
the Whitstable Railway, 21,572/. 10s.; the rates and Govern -
ment duty, 17,9701. 6s ; making the expenditure on revenue
account, 106,6451. 7s. sd.
The balance carried to account of profit and loss is
112,7191. 18s. Id.; and that account shows an amount at
the disposal of the proprietors of 108,836/. 14s. 10d.
On reference to the statement of receipts and expendi-
ture on capital account during the half-year, the proprietors
will observe, that the sum of 713,146/. 13s. 4d., has been
received on account of calls; and during the same period
the sum of 457,141/. ss. Id. has been expended on construc-
tion account, and 176,7501. for mortgage bonds and loan
notes paid off.
It will be in the recollection of the proprietors, that the
directors, in their last report, stated their unwillingness to
urge forward the works of great speed, being only too sen-
sible of the severity of calls; this will, in some measure, ac.
count for the delay in the opening of the North Rent line.
The directors, on reviewing the state of the comPanv's
affairs, considering that to pay interest on so large a sum of
unproductive capital as the No. 3 and No. 4 shares represent
is prejudicial to the interests of the company, have resolved on
finishing the works with as much rapidity as is consistent
with economy and durability.
The directors have to announce to the proprietors that
they have ample means for completing the whole of the
works of the South-Eastern Railway Company.
The agreement made with the London, Brighton, and South
Coast Railway Company, alluded to in the last report, bas
been sealed by both companies, and the tolls usually intro-
duced into the accounts are now excluded.
In consequence of the near completion of the North Kent
Railway, the directors have considered it necessary to pre-
pare for a large accession of traffic, and have in consequence,
given notice to the London, Brightoi, and South Coast
Railway for the division of the London-bridge station. '1 he
necessary alterations required on the part of this company
will cost a sum not exceeding 40,000/. The directors feel
confident that no objection will be offered to the carrying
out of this arrangement on the part of the directors of the
London, Brighton, and South Coast Railway; but, on the
contrary, expect rom them the same co-operation as they
have shown in the recent negotiation; and your directors
will on all occasions meet them in the same spirit to carry
out any measures of economy they may contemplate.
The directors have received an intimation from the en-
gineer-in-chief of the Great Northern Railway of France,
that the 26th inst. would probably be fixed for the opening
of that line, and, in consequence of this intimation,
your
directors lost no time in completing An arrangement with the
South-Eastern and Continental Steam Packet Company, to
place steam-ships on the station between Dover and Calais
From the opening of the Great Northern Railway of France
great advantages are expected; as from an understanding
0 your directors came to at Paris with the directors of that line,