The Sun.
London, England, 1857-12-08 00:00:00

tleman who was at Paris during the French Revolution;and
who told me that the value of assignats was so much de-
preciated that on going into the theatre you took an assig-
nat of 300 or 400 francs out of your pocket and gave it to
the check-taker, and you did not think it worth your while
asking for change. These were depreciated assignats. If
an assignat of 300 or 400 passed for only 3 or 4 francs, one
understands the meaning of depreciation. That is the sense
in which I deny that the issue of this extra 2,000,000/. of.
notes has depreciated or debased the currency. But then,
it is said, there is another meaning of the word deprecia-
tion, and that when the exchanges are adverse— when the
value of gold falls in this country, and there is consequently
a motive for its exportation to foreign countries, the value
of the entire currency falls, and in that sense the currency
is depreciated. Ido not mean to dispute that the word
may be used in that sense. But, then, in that sense, be it
remarked, the gold of the currency is depreciated just as
much as the paper. There is no inequality in the values
of the gold and paper ; and that is an operation to which'
all currencies are liable in the fluctuation of the values of
the precious metals in different countries. It may be an
inconvenience, but it is not an evil against Which the law
can provide. But the depreciation of the currency, in the
common acceptation of the term, by which the paper does
not pass at its true, legal, and proper value—at the value
which it nominally bears --is an evil against which legis-
lation can provide. It seems to me that to confound these
two ideas is to confound things essentially different in their
nature, and when I denied that these two millions of notes
caused a depreciation of the currency, I used the expres-
sion in the commonly received, and not in the other sense.
(Hear.)

Mr. 'SPOONER repudiated, on his own part and on that
of his hon. colleague (Mr. Newdegate), the Advocacy of an
unlimited issue of convertible paper. He maintained,
however, that every note which promised to pay in gold
ought to be made to pay in gold. We had a currency
purporting on the face of it to pay in gold • and yet
everybody knew that that profession was a perfect fraud.
(No, no.) He repeated that the issue of notes professing to
pay in gold and trusting that they never could be asked so
to pay them was a fraud upon the face of it, and ought
never to be continued. He had also argued that we could
not have a sufficient currency for carrying on the trade of
this country by means of paper convertible into gold ; and,
instead of such a currency, he said, let us openly issue a
national paper convertible into everything else but gold,
and enabling every man to pay his debts and hie taxes—a
paper issued from the public Exchequer, and received
again in payment of taxes. Our currency should not be one
which foreign events could completely overturn, breaking
the terms of every man's bargain without our having any
power to control it. Formerly, when our currency was
payable in gold, it was payable in gold coin not liable to
be exported. It was not a marketable commodity free to
le exported, but it was coin marked and set apart, the ex-
portation of which was prohibited by heavy penalties.
That restriction bad, however, been since taken away;
and hence the essential difference between our gold cur-
rency now and the system adopted when that great states-
man Mr. Pitt declared that gold should not be our master
hut our servant, and came forward to adapt the currency
to the wants of the country. England was now in the
midst of a great Indian crisis, and was she to allow her
efforts to be crippled by a question of gold ? Let the national
security be turned into a sort of currency sufficient to
maintain our local arrangements. Let the Bank issue
notes according to their own discretion, and let those notes
be payable in gold, and then we should be sv-o to find a
way of preventing a drain of gold from this country.
That would be a much more legitimate mode than the high
rate of discount now adopted to check the drain, and which
not only prevented the gold from going abroad, but broke
every current engagement between man and man at home.
He could not conceive how it had entered anybody's head
that the issue of the extra 2,000,0001. of notes had depre-
ciated the currency. He cordially thanked the Chan-
cellor of the Exchequer for what he had done, although
his course had been attended by two drawbacks—viz., that
it was not taken half soon enough, and that it was accom-
panied by the limitation regarding the 10 per cent. The
latter point ought to have been left to the discretion of the
Bank.

Mr. INGRAM thought that if the limit had been fixed
at 8 instead of 10 per cent. it would have been quite high
enough. If they wished to draw more gold into the Bank
of England they ought to legalise the issue of 4,030,000/.
or 5,000,000/. of 1/. notes. He hoped that the Chancellor
of the Exchequer would give these two suggestions his best
consideration, and take the necessary steps for their adop-
tion.

The second reading of the bill was then agreed to, and
the committee fixed for to-morrow (this day).

INDIAN INTELLIGENCE.
Colonel FRENCH said he had heard that telegraphic
news had just been received by the Government from In-
dia, containing information of the relief of Lucknow. If
such were the case perhaps the noble viscount would take
the opportunity of announcing the fact before the house
broke up.

Lord :PALMERSTON—In reply to the question of lel
hon. and gallait friend, I have to inform the house that
a telegram has been received, but it did not come by the
ordinary fortnightly mail, but by a vessel which left Cal-
cutta a week later than the date of the last accounts. The
telegram states that two convoys of provisions had reached
Lucknow; that there had been a good deal of fighting;
and that Sir James Outram had been wonnded. I cannot
help suspecting that this is an echo of the news we re-
ceived before, and that it relates to the convoy of Provi-
sions that reached Lucknow from Alumbagh, which is
three milts from that place. We had heard also that,
during the engagements which took place when Lncknow
was relieved, Sir J. Outram had been wounded; and I ate
afraid, therefore, that this is a mere echo of the news re'
cently received.
MEDICAL CHARITIES (IRELAND). •
Mr. H. HERBERT obtained leave to bring in a bill :to
amend the laws in force for the relief of the destitute poor
in Ireland, and to amend an act of the 15th year of her
Majesty, providing for the better distribution, support,
and management of medical charities in Ireland.. -
The bill was brought in and read a first time.
PRINTING COMMITTEE.

On the motion of Mr. WILSON, the following membars
were appointed a select committee, to assist Mr. Speaker
in all matters which relate to the printing executed by
order of the house, and for the purpose of selecting and ar-
ranging for printing returns and papers presented in pur-
suauce of motions made by members of the house:—The
Chancellor of the Exchequer, Sir J. Pakington, Sir F.
Baring, Mr. Walpole, Mr. Henley, Mr. Cardwell, Mr.
G. A. Hamilton, Mr. Wilson, Mr. S. Estcourt, Mr.
Bonham-Carter, Mr. Greene, Mr. Divott, Mr. Gaskell,
Mr. Thornely.
The house adjourned at 20 minutes to 9 o'clock.