The Sun.
London, England, 1866-07-31 00:00:00

CURRENCY AND BANKING.

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
formed his hearers that all that was required to restore the
money market to its former condition was time, peace, and
a good harvest. Peace had now been brought about, and
there was every prospect of a good harvest ; yet, notwith-
standing these circumstances, the minimum rate a`, discount
was still 10 per cent., while in Paris it was 3.1- 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
not only to make them but to watch over their working, to
fathom the difficulties, in order to 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 for a committee instead of for a commission, ho 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 sot in, and be delayed and
forgotten till 1876 or 1877. Consequently they ought to
inquire now, and, as they could not inquire by a com-
mittee, 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.
[LEFT SPEAKING.]

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

ROYAL COMMISSION.

The Royal assent was given by commission to the fol-
lowing bills :—Sheriff Court Houses (Scotland) Act for
1860, Revising Banisters Qualifications, Postmaster-General,
Charitable Trusts Deeds Enrolment, Metropolis Sewage
and Essex Reclamation, Devon Valley and North British
Railway Companies, Berwickshire Railway, Laugharne
Railway, Aberdare and Central Wales Junction Rail-
way, London, Brighton, and South Coast Railway (Various
Powers) London, Chatham, and Dover Railway (Chatham
and Dover Dockyards and Branches), North British Rail-
way (Glasgow Branches), Sheffield Water, Groat Eastern
Railway (Alexandria Bank Branches), and about thirty
other private bills.
The Commissioners were the Lord Chancellor, the Duke
of Somerset, and Lord Colville.