The Sun.
London, England, 1848-02-18 00:00:00

NEW HOUSES OF PARLIAMENT.

Mr. G. THOMPSON wished to know from the
Hon. Member for the University of Oxford when it
was his intention to move for the appointment of a
Committee relative to the New Palace at West-
minster ?

Sir R. INGLIS said that he should bring forward
,he motion on Thursday, the 2;1 of March.
FINANCE.

Mr. HERMES then rose to move the following
resolution, of which he had given notice :—That,
looking to the state of distress which has for some
time prevailed among the commercial classes, and to
the general feeling of distrust and alarm by which
the embarrassments of trade have been aggravated,
it is the opinion of this House that her Majesty's
Ministers were justified, during the recess of Par-
liament, in recommending to the Bank of England,
for the purpose of restoring confidence, a
course of proceeding at variance with the
restrictions imposed by the Act 7 and
8 Vic., c. 32. That this House will resolve itself
into a Committee of the whole House upon the said
Act. He proposed further to move in Committee, that
it is expedient that the limitations imposed by the
Act 7 and 8 Vic., c 32, upon the Bank of England,
and the Act 8 and 9 Vic., c. 46 and 37, in relation
to the issue of notes payable on demand, be suspended,
subject to such conditions as may be provided
by any Act to be passed for that purpose.
His motion consisted, in point of fact, of two motions,
and it would be the most correct course if he blended
the two motions in one. The subject of the motions
arose out of the operation of the Bank Act in the last
year. The events of last year created more alarm,
distress, and pain than had ever been produced within
the memory of any person present. Never was there
seen such a period of perfect prostration. The
failures which occurred in the latter end of the
year were in point of magnitude and im-
portance never surpassed. There were no less
than 220 failures of considerable amount, of
these 85 represented property to the amount of
12,000,0001. The total loss occasioned by the whole
of the failures had been estimated at a sum of not
less than 30,000,0001. Such events as these ought
not to be passed without the most anxious and serious
consideration upon the part of those connected
with mercantile affairs—(Hear, hear)—in order
to ascertain if possible the causes of such calamitous
results, and to endeavour to find out some remedy to
prevent their recurrence in future.—(Hear, hear.)
The object of the first part of his resolution was to
record' the opinion of this House respecting the con-
duct of her Majesty's Government, in taking steps
to stay the desolation and ruii which then swept over
the commercial establishments of this country, to
record their opinion that the Government in taking
that step were well advised, because they found
that by taking that step a remedy was really found,
and the mischief averted.—(Hear, hear.) What was
the position in which this house was now placed ? It
was this. Her Majesty had announced to them that
she had been advised to adopt a most extraordinary
course, which, however, was justified afterwards by
the result, and had authorised the violation of a law
recently enacted, having for its very object the en-
forcement of the strictest obedience to its provisions.
—(Hear, hear.) Up to this time the House had not
expressed any opinion:on the subject of that violation,
nothing had been done to ascertain or record the
opinion of this House upon that violation of the
law.—(Hear, hear.) He held that her Majesty's
Government were justified for what they had done,
but it was necessary that some public record of that
opinion should be made.—(Hear.) Why had not