The Sun.
London, England, 1866-08-01 00:00:00

IMPERIAL PARLIAMENT

HOUSE OF LORDS.—LAST EVENING.
The LORD CHANCELLOR took his seat on the woolsack
at five o'clock.

PRIVATE BITSINES S.
The following bills were read a third time and passed:—
Manchester Division Petty Sessions Court, Millwall Canal
Company, Newport Pagnell Railway, Caledonian Railway
(Lanarkshire, &c., Ranches), and Caledonian and Scottish
North-Eastern Railway Companies.
FEDERATION OF THE BRITISH NORTH
AMERICAN PROVINCES.
Lord LYVEDEN asked if Government had made up
their mind in respect to the question of the proposed fede-
ration of the British North American colonies, to which
the representatives of public opinion in those colonies were
favourable. He availed himself of the opportunity of pass-
ing a high eulogium on the loyalty of the inhabitants of
the colonies in question.
The Earl of CARNARVON said that delegates from
Upper and Lower Canada, Nova Scotia, Newfoundland,
New Brunswick, and Prince Edward's Island, assembled
at Quebec in October, 1864, to consider this very question.
The colonies were in favour of the federation, and the
Government felt disposed to give due effect to their feel-
ing, but having succeeded so recently to office they did
not feel justified in bringing forward any measure on so
important a subject, particularly at the close of the
session.

The Suburban Commons Bill went through committe
Several other bills were forwarded a stage, and their
lordships then adjourned.

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HOUSE OF COMMONS—LAST E
The SPEAKER. took the chair shortly after 12EoN'cIllloGck..
LORDS' AMENDMENTS.
aggroTrevheedeStoLra:on_redEhs;Ratharaainilewnvadyam!fisenetastiotno. the following bills were
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BILLS CONSIDERED.
The Downpatrick, Dundrum, and Newcastle Railway
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be read a
third time.
Mr. WATKIN rose to move that an humble address be
presented to her Majesty, praying that she will be gra-
ciously pleased to issue a royal commission directed to the
investigation of the causes which have led to the late se-
vere and protracted pressure in the money market, and to
the continuance, for a long period,
of a minimum rate of
discount of 10 per cent. at the Bank of England ; and also
to investigate the laws at present affecting
currency and
banking in the United Kingdom, and to report what (if
any) alterations have become expedient therein ; and fur-
ther, that it be an instruction to the commissioners to pre-
sent their report and the evidence taken by them on or
before the Ist February, 1867. In doing so he remarked
that the Chancellor of the Exchequer the other day in-
formed his hearers that all that was read to restore the
money market to its former condition was time, peace, and
st
a good harve • peace had now been brought about, and
there was every prospect of a good harvest ; yet, notwith-
standing these circumstances, the minimum rate o! discount
was still 10 per cent., while in Paris it was 81 per cent.,
in Brussels 6 per cent., in Amsterdam 7
per cent., and in
Vienna 5 per cent. Whether the cause might be found in
defective legislation, or in rash speculations of individuals
under legislation in itself good and satisfactory, he con-
tended that in either case those who made the laws ought
make them but to watch over theirworking, not only to
fathom the difficulties, d t
in or er o see what further legisla-
tion was necessary, and, if possible, next year to carry it
into effect. Replying to the question why he had not
moved fora committee instead of for a commission, he re-
marked that they had arrived at such a late period of the
session that a committee would simply mean the shelving
of the subject till next year. The committee would then
occupy the whole of next session, and instead of legislation
in 1867 the whole thing would be shelved till 1868, when
a period of prosperity may have set in, and be delayed and
forgotten till 1876 or 1877. Consequently they ought to
as they could not inquire by a com-
mitter, they ought to do so by a commission. Since -he
gave notice of his motion he had received letters from
many persons in England and the Continent, and he must
say the whole tone of them was in favour of inquiry. The
language of the public press was also in favour of inquiry,
in proof of which he quoted from the Economist, which re-
presented the monetary classes, and other newspapers. He
deprecated the pressure which had been put upon Mr.
Gladstone from half-past two till twelve o'clock at night
on the day when the panic was at its height to suspend
for the third time the Bank Charter of 1844. The letter
which was issued in consequence of that pressure held
out a prospect which certainly gave great encourage-
ment, but it was followed by a most remarkable
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