The Sun.
London, England, 1858-02-12 00:00:00

TURNPIKE BARS ROUND THE METROPOLIS,

Mr. BYNG asked the First Lord of the Treasury,.

any and what steps bad been taken, according to-the
pledge given last session, to inquire into the practioability
of removing the turnpike gates and bars round the me•
tropolis I
Lord PALMERSTON said ne steps bad yet been
taken, from the conflicting interests involved in the
question.
CHINA.

Lord JOHN RUSSELL gave notice that he
should, to-morrow, on the motion of adjournment, ask
the First Lord of the Treasury what instructions were
given to Lord Elgin previous to his departure for China.
What the terms were it was said the noble lord had
proposed to China, and if they had been refused.
ARMY ESTIMATES.

Sir J. RA MSDEN laid the army estimates on the
,able of the house, which were ordered to be printed.

JOINT-STOCK BANKS.

Mr. HEADLIM moved for leave to introduce a bi;

to abolish the distinction between joint stock banks and
other joint stock companies, with reference to the liabi-
lity of their partners. The hen, and learned gentleman
reviewed the laws relative to banking, and his speech to
a great extent was a repetition of his former statements
on this question. The practical result of their legislation
on this subject had been that, during the late panic,
although all kinds of theories had been put forward with
respect to monetary affairs, he had not seen one sugges-
tion that we should retrace our steps, and again return
to the principle of ur.limited liability in opposi-
tion to that of limited liability. The principle
that had worked so well with reference to
joint-stock companies might with propriety be extended
to banks. He considered it unnecessary to send the
subject to a committee before legislating on it, because
all the facts in reference to it were patent to all,
and generally admitted elicitsd principally un-
der the partnership commission appointed about six
years since. It was desirable that these banks should
publish their accounts, and the effect of his bill would
be not to place restrictions on these banks, but give
them facilities for conducting efficiently their business.
If his views had been adopted in 1848, we should not have
bad so mrny commercial disasters in 1857, and unless
they adopted them now they would be repealed in ano-
ther crisis in 1868. His sole object in pressing this bill
upon the house was the prevention' of so many disasters
as had just occurred when another crisis happened,
which past experience showed them recurred at certain
intervals.
Mr. SLANEY seconded the motion.

The CHANCELLOR of the EXCHEQUER said this
was the second time this subject had been introduced to
the notice of the house this session by the hon. and
learned gentleman. On the first occasion the house re-
fused on a division to agree to the question, it being of
a specific nature. Now the hoc, gentleman had changed
his motion, and asked leave only for the introduction of
the bill, which he (the Chancellor of the Exchequer)
would not oppose. The hon. and learned member did
not appear to make a proper distinction of banks of issue
and banks of deposit. He thought the note-holder
should be deprived of unlimited liability, but with re-
gard to deposits it was different because with the
latter it was a matter of contract and it was the duty of
the depositor to use proper caution before
entering into it. The former might be said not to have
much practical choice in holding notes of issue, from his
being called often to take country and other notes in
payment from debtors, and he accepted them on the
faith that the credit of the bank was good.
Mr. BAXTER expressed his satisfaction at the con- '
sent of the Government to the introduction of this bill.
Undue confidence and caution had been placed in these
banks, from the fact of the unlimited liability of the
shareholders, which induced many of them to carry on
a larger business than their capital warranted. It had
greatly contributed to the distress of the late commer-
cial crisis.

Mr. HANKEY said he considered the Chancellor of
;he Exchequer had acceded to the principle of the bill.
After some further discussion, leave was given to in-
troduce the bill.