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

THE SUN' LONDON, SATURDAY EVENING,

- -
Subsequently I raw the President of the Board cf
Control, and he told me he had not the slightest recol-
lection of w riting such a letter and receiving such a
reply ; that he had questioned his private secretary and
the Secretary of the Board of Control with the tame
result ; and that he had put himself in communication
with the Peninsular and Oriental Company on the subject,
with what results your lordships are aware. Yet, the
gentleman with whose name we are unacquainted not
only informed the noble earl that he had received this
information from Mr. Anderson, who has gone abroad,
but said he would inquire from another person con-
nected with the company, as to the facts, and returned
with the statement that Mr. Allen declared that it was
perfectly true.
The Earl of DERBY—I did not say that this gentie-
man stated that Mr. Allen declared the information to
be perfectly true, but that Mr. Allen knew Mr. Ander-
son had made such a statement.
The Earl of GRANVILLE—It appears to rae alto-
gether perfectly impossible that such a letter should have
been written, and I beg, therefore, to protest, against
the burden being laid on Mr. V. Smith of making any
further attempts to clear his character. (Hoar, hear.)
Having said thus much, I beg to acknowledge most
cordially the honourable manner in which the noble earl
opposite, not being able to substantiate this accusation,
and after the declaration made by my right hon. friend
on the subject, has expressed for himself his own feelings
on the subject.
THE INDEMNITY BILL.
On the motion for the third reading of this bill,
Lord OVERSTONE presented a petition from Bris-
tol in favour of the principle of the Bank Chatter Act.
Lord STANLEY of ALDERLEY said that their
lordships were aware, from the speech from the throne,
that the immediate cause for which Parliament had been
called together before the usual time was to propose a
bill of indemnity for the violation of an Act of Parlia-
ment. Their lordships were also aware of the principle
on which the Act of 1844 had been passed. The object
of that aet was to secure the country against the recur-
rence of those financial convulsions and commercial
crises which disturbed the country in former periods ;
to secure the country from the excess of paper issues ;
and also to secure the convertibility of the notes into
gold. In 1847, however, three years after the passing
of that act, a monetary disturbance occurred, in conse-
quence, as he believed, of the extensive railway trans-
actions which took place and the large amount of
money which was absorbed in the purchase of corn, and
her Majesty's Government felt it to be their duty to
issue a letter authorising the directors of the Bank of
England to depart from that provision of the act which
obliged them not to extend their note issues beyond
14i millions. The effect of the letter then written was
such as to dissipate very speedily the alarm which then
prevailed. The sanction of Parliament was asked and
given to the act of the Government on that' occasion.
Sir R. Peel, the chief author of the act cf 1844, then
stated that the main object of the act was to secure the
convertibility of the bank note, and that it had suc-
ceeded in that object, and that he sever contemplated
that it would be a complete guarantee or security
against the recurrence of those commercial difficulties
and financial crises which must more or less exist in

every country where cammotion and credit had been
ea ensively developed. On the motion of Mr. Herriez,
the House of Commons passed a resolution txpreseing

the approval of Parliament at what the Government had
done. He woull therefore take it for granted, that
Parliament and the country were of opinion that the
Government and the country were justified in adopting
the course they then took, and since that period he
believed it would be admitted that the act bad C 0,211•
pletely succeeded in the two essential points for which
it was passed, namely, in preventing the over issue of
paper, and securing the convertibility of the bank note.
It had not succeeded in preventing the occurrence of
financial crisis, but he believed it was not within the
power of human legislation to frame such a law as would
Prevent the recurrence of these crises. Situated as this
country was, carrying on an extensive commerce with all
parts of the world, and therefore liable to be acted on by
the monetary panics and commercial distress of other
countries, whether arising from unwise legitletien or
other circumstances, it was impossible for any legislation
to afford security against the occurrence of monetary
pressure here. The unlimited issue of paper in the United
States unchecked by Government and uncontrolled by
government paper, produced a state of things which re-
suited in great commercial disturbance and convulsion.
The condition in the United States reacted on England,
but the pressure here was not of equal severity because
there was in this country a well regulated paper circula-
tion which was convertible into gold. In Hamburg, how-
ever, which bad a purely metallic currency, the pressure
had been extremely severe. It was, evident, therefore, that
neither the excessive paper issues of America, ncr the
purely metallic currency of Hamburg was able to cave a
country from periodical commercial distress. The crisis
through which they had passed began with the failure of
the Borough Bank of Liverpool, which was followed by
the failure of the house of Mr. Dennistoun of Glasgow,
and the Western and City of Glasgow Banks. If the
state of things in 1847 justified the interference of the
Government on that occasion, the state of affairs in
1851 afforded the present Government still stronger
grounds for interference, as a comparison of the position
of the Bank of England at both periods would prove.
On the 27th Oct. in the first period the bullion was
8,337,000/., and on the 11th Nov. this year, 7,171,0001.
The reserve of notes in 1847 was 1,547,0001., and in
' 11157, 957,0001. In 1847 the bankera' depnsits were
8,580,0001. ;in 1,857 they reached 12,935,000?. In the
first-named year the private securities were 19,467.0001.;
this year they reached a maximum of 26,113,0001. Such
was the state of things on the 11th Nov., and on the
12th the Government, on their own responsibility, and
from a full consideration of the urgency of the case,
issued their letter. All discounting having ceased, and
with a res rye of only 151,0001. in notes in the Bank of
England, he would leave it to their imaginations to con-
ceive what would have followed if the Government had
delayed any longer to issue the letter. (Hear.) He
believed that no Government, under the circumstances
which then existed, could have ventured to insist on the
carrying out of the act for 24 hours longer without pro-
ducing irretrievable ruin. (Hear, hear.) And such an
act of daring would bring down upon the Government
the censure of Parliament. (Hear, hear.) The Bank
of England were obliged to act on the authority given to
them, for 2,000,0001. had been transferred from the issue
to the banking department. On the 12th Nov. one
million had been transferred, and on the next day another
million was transferred. But the Act of Parliament was
only technically violated to the extent of two million!,
because that amount of notes over and above the 14i
millions had not been given out to the public, and in a
short time the note circulation was reduced to the amount
at which it stood before the letter of the Government
was issued. On Nov. 14 the excess of notes out to the
public was 622,0001., and it increased to 923,000/ on the
20th. Oa the 21st the issue was reduced to 617,000/ ,
and it went on decreasing till Dec. 1, when the amount
of notes remained as before the act had been infringed.
On Dec. 10—that was to say last night—the bullion in
the Bank was 8,200,0001., and the reserve 4,650,000/.
This beneficial effect, which had been produced by the
Government letter, was, he believed, in no small degree
owing to the Government not having given permission
to transgress the !aw at an earlier period. The most
important part of the act of 1844 was that it produced a
rise in the rate of discount, which righted the exchanges,
and prevented gold from leaving the country. Before her
Majesty's Government issued the letter the exchanges
had already taken a turn ; the export of gold was checked,
and since then, instead of gold going oat, it had been
gra lually coming into the country. It would be matter
for consideration in any future legislation whether it
should not be declared that no relaxation of the act
should take place till the exchanges had taken a turn.
The Government having taken the responsibility of
authorising the directors of the Bank of England to vio-
lete the act of 1844, came before the hence for an in-
demnity of that act, and for the directors of the Dallis
for having acted under that authority. There was a pro.
. .

vision in this act to which the noble earl objected, narni-ly,
the provision which eVended the privilege of issuing
notes beyond tho 144 millions for 23 days alter the n xt
meeting of Parliament, but he thought the noble earl
misapprehended the effect of that provision, because it
would be competent for the Bank directors to roduce the

rate of discount when they thought fit—the note i,sues
have fallen within the statutory limit. It had been said
—he thought too hastily—that the act of 1841 was no
longer of any value, and that they ought to revert to the
state of things which existed before 1314, or adopt some
other course. Bat he thought that experience, so fer
from showing that the aet was useless and might be
abrogated, only showed that it was not able to elf. that
which its original introducer never said it coald t Met,
but that it completely succeeded in securing the two
other points—the convertibility of the note and the pre-
vention of the over issue of paper. Having succeeded in
securing these two objects he should be sorry if persons
were disposed to get rid of the act because a portion of it
had been suspended. But it would be desirable seriona!y
to consider whether it would not be necessary to intro-
! duce sows new provision with the circumstances and
c euditions under which such a relaxation should be
exercised. Whether it should be effected by the Govern-
ment on its own responsibility by letter, or by an Order
in Council, subject to the approval of Parliament, or by
the self-operation of the Act when the rate of disceunt
was 10 per cent. —these were matters well worthy of the
consideration of Parliament. (Hear.) There were also
other circumstances which required consideration, as the
circulation of one-pound notes in Scotland and Ireland,
which no doubt aggravated the pressure on the Bank of
England. His noble friend (Lord Monteagle) expresed
his opinion that it would diminish the extent of the evil
if the one-pound note circulation of Scotland and Ireland
were done away with. The banks in those countries
sent up for gold in order to make themselves safe, the
result of which was that the Bank of England, at a
moment of great emergency and agony, sent three mil-
lions of sovereigns to the Scotch and Irish banks. It
would also be matter for consideration whether the fre-
quent publications of the Bank of England might nit
have a tendency to aggravate the evil. Tneee matters
were worthy of grave consideration, and he should be
glad to see an inquiry by a committee of the house
into the causes which led to the financial and commercial
crisis—into the mode in which the joint-stock banks
administered their concerns, and how far they ne'gbt
bear on the subject. He should be glad, therefore, to
see such a committee appointed when they met again.
Re had stated the reasons which he thought justified
the Government in taking the course they had done.
They believed that by taking the step they had done
they averted a great disaster b
• and that, under these
circumstances, it would have been impossible to main
tain the strict letter of the Act. He trusted, therefore
that the house would assent to the third reading of the
bill. (Hear, hear.)
Earl GREY said he did not rise for the purpose of
opposing the third reading of the bill, because, though
disposed to agree in principle with his noble friend near .
practically it was
him kLora Overetone), he knew that

not in the power of any government to carry it cut. It
was the duty of parliament, therefore, to grant a bill of
indemnity to the government for what they had done,
and to the Bank directors haring acted on their
advice. What he wished to direct attention to on the
present occasion was the unsatisfactory state in which
the currency law would be left if this bill passed with-
out being followed up by farther and prompt legislation.
He was glad to hear from his noble friend who had just
sat down that the views of her Majesty's government
were somewhat altered since hie noble friend the Presi-
dent of the Conned addressed their lordships on a former
occasion, who then informed them that her Majesty's
government were of opinion that no further legislation
was necessary. He was happy to observe the change,
and to find that the government now saw there were
several subjects with respect to which the existing law
might be improved, and, he hoped, further legislation
called for.

Lord STANLEY of ALDERLEY said he did not go
to the extent which his noble friend supposed. What he
said was that there were many subjects deserving of
consideration which must bear on the decision to be
arrived at.

Earl GREY said he was concerned to find that the
government were not sufficiently alive to the necessity
of further and prompt legislation on this subject, which
he (Earl Grey) believed to be inevitable under the
circumstances in which they now stood. The act of
1844 had now been suspended a second time, which
destroyed all the moral force of that act. And that is
the more manifest from what has since taken place.
This bill had been recommended by her Majesty's
government and supported by gentlemen of great weight,
on grounds which would make it impossible for any
future government to avoid taking the same course—
hear)—because it had been laid down distinotly on both
sides of the House of Commons that Government would
deserve the deepest condemnation if they took any other
coarse than the one they had adopted ; and further than
that, they had not only an indemnity for the past, but a
provision for the future. If after what had passed, the
Act of 1844 was not followed up by further legislation,
the act should be forthwith repealed and expunged from
the statute book. You should not retain a law which it
was the avowed intention of all parties to break when
the circumstances arose which he thought would justify
them in taking such a step. (Hear, hear.) He ob-
jected net merely to this sort of a repeal of the provisions
of the act, but to the repealing it at all. By what they
were doing they virtually sanctioned the principle that
in periods of cemmercial distress it was legitimate on the
part of the country to look for relief from that distress to
an issue of paper money, regulated by certain principles
and limited only by the discretion of the issuers and the
wants of the borrowers ; in fact, they formed the sole
restriction of the issue of paper ; that was virtually to
take away the means of maintaining the standard of value
add to abrogate that standard which had been estab-
lished by Parliament. They were told there could be
no depreciation of the currency, no alteration in the stan-
dard of value, so long as they adhered to the principle of
convertibility. In the first place, experience proves that
the currency may be depreciated notwithstanding its con-
vertibility, but the depreciation will be to a limited ex-
tent in point of degree and of time, and as long as con-
vertibility was maintained the ultimate restoration of the
currency was ensured. But for a short time depreciation
may take place, and to a certain extent—and it had
taken plane at the present time. That had been shown by
his noble friend Lord Orerstene. He asked what was
the measure of the value of money but what it would
buy ? The very day a'ter the Government letter was
issued the prices of all commodities fell, and the rate of
interest fell also, so that there was an alteration in the
value of money by the act of Government. The depre
ciation which would take place with a convertible cur-
rency was moderate in degree and limited in point of
time, bat when they entered on this course how would
they ensure that they would be able to maintain the
principle of convertibility. His noble friend had stated
that it would have been impossible for the Government
to have taken the course they did if the exchanges were
not in our favour ; if they had been adverse, the result
would have been a drain on the Bank which would hare
exhausted its last sovereign. If once they taught the
commercial world to look for an issue of paper-meney as
a means of relief, did they think they would be willing
to forego that relief when a pressure came because the
exchanges were against us, and when, of necessity, the
pressure must be greater than it was when the exchanges
were in our favour ! Of course they would look for re-
lief; and precisely the same language would be used as
at present. They would be told "that convertibility was
an abstract principle, which ought not to be allowed to
stand in the way of the safety of the nation ; that the
demand for gold abroad had arisen from accidental cir-
eumstances ; that we should protect ourselves, and
avert national ruin." The same arguments as had lately
been used to induce the Government to suspend the act
of 1844 would then be used to induce them to suspend
cash payments. If they once admitted that in periods of
commercial distress relief was to be looked for from an
excessive issue of paper money, they could not hope that
many years would go over their heads without a suspen-
sion of cash payments : —that result would be very easily
arrived at. Suppose a period of distress arrived when the
exchanges were not against them ; the country wanted
money, and they departed from the rule ; suppose that
on the issue of paper circumstances arose which turned
the exchanges against them, and they could not possibly
be corrected unless by contracting the issue ; if that was
done the result would be a greater pressure and greater
difficulties than if the principle had been adhered to from
the first. He feared they were abciut to make the first
step on a path on which when they were once launched
each successive step was more difficult to be re-
tis';ed, and which must lead to a suspension of cash
payments. Let them look to what took place on the

lasi occasion of snipension, in 1797. He admitted

was then impossible for the Government to have taken
any other course. By the previous imprudence on the
part of the Government and the Bank in the manage-
ment of paper money the country was brought to such
a situation that it became necessary either to suspend
cash payments by an order of the Government or allow
the Bank to pay away its last sovereign. Had their
lordships forgotten the fatal effects of that measure I
Fur a time it did not produce any material consequence,
but they knew that the country having once entered
on the fatal course was led more and more to abuse its
currency. The same argument as was lately used was
urged then, that men with good bills had a right to have
them discounted ; but while men were contending that
there could not be an excessive issue the currency
diminished in value until the guinea came to be worth
twenty-seven or twenty-eight shillings ; and a very
serious and a very great injustice was inflicted on cre-
ditors and others. When at last the nation became
sensible of the imprudence of the course it had adopted,
and determined to retrace its steps and re-establish the
value of its currency, it was found that during the inter-
vening years so many transactions had taken place that
those who had suffered from the original injustice bene-
fited very little by the change ; on the other hand, dur-
ing the depreciation of the currency many transactions
had been entered into, the nation had incurred heavy
liabilities, as had also private individuals, more especially
the landed interest, who in their efforts to meet the
demand fur corn had borrowed money for agricultural
improvements, and by the change in the currency they
were obliged to pay 20s, for every 15s. they had bor.
rowed—(hoar, hear)—and so had the nation. The
consequence was that while the original injustice
was only partial, they committed a grcis injustice on a
large portion of the nation, from the effects of which
they still suffered and would suffer till the
last hour of their existence. Ought not that
to be a warning to them not to commence a
course which must lead to a renewal of the difficul-
ties of 1797, and a suspension of cash payments ! He
trusted that they would not, by psssing this bill, allow
themselves to be prevented from adopting some efficient
means of reform of their system of currency. He would
not then enter into the question of what that reform
ought to be ; but he had no hesitation in saying that a
reform, to be complete, should be effected by carrying.
out to their legitimate conclusion the sound principles of
the act of 1844. The first principle was that a paper
currency ought to be assimilated as far as possible to4a,
metallic one. It was rightly assumed that while a paper
currency has a great advantage in convenience, yet for
uniformity of value a metallic currency is superior to e ny
other. The value of any currency depends on its amount
in proportion to the transactions to be carried out; that
being the case, it was assumed that in order to make a
paper currency equivalent to a metallic, the amount of
it should be made to vary according to the wants of the
country, precisely according to the same law as expe-
rience shows and determines the amount of a metallic cur-
rency. It was impossible arbitrarily to alter the amount
of a metallic currency ; the tendency of the precious metal~
was to fi sve into or out of any country where the value
had risen or fallen until the balance was restored, and if
the value was temporarily altered in any country, it was
soon made to conform to the general value, which ROO
determined by the total amount. The tendency was so
strong that no law prohibiting the exportation could pro-
duce any, effect in preventing this self-adjustment. This
being so it was necessary to devise a machinery which
would preserve the paper currency at a uniform value,
The mode adopted was to place the issue of it under such
regulation as that the amount at anyone time in circula•
tion should vary according to the same proportion and
from the same causes as affected the precious metal. Tnis
was effected in the act of 1544 by providing that beyond a
fixed sum, far below the wants of the country, no paper
money should be issued unless in exchange forgold ; and
the Bank became a mere ministerial body to carry this
out. The principle was sound, but unfortunately the act
of 1844 was defective in the machinery to carry out this
object; it still left the issue of the paper money in the
hands cf the Bank of England, and created a false im-
pression in the minds of the public that as the Bank had a
monopoly of the right to issue paper money it had a
right to provide for all their wants. As the same parties
were dealers and issuers of paper money, the twe func-
tions were carried out in such a way as not to make it
clear in which capacity the paper was issued. This vt ai
a source of great evil. If the principle was to assimilate
the paper currency to a metallic, the first thing to be
done was to assimilate the two as to the authority by
which they were issued. They allowed no private taint,
so they ought to allow no money to be issued by a private
individual—the Royal Mint, and a royal mint only; and
as they tolerated no private coining, so they should not
tolerate any private issue of paper. The private issue of
paper was more dangerous than that of coin. They ought
to put an end to all issues by the Bank of England, and
the joint stock banks of England, Ireland, and Scotland,
and have one uniform issue by public authority. lie
believed that would preventthe recurrence of many evils,
and disabuse men's minds of the pernicious idea that the
Bank was a body from which assistance might be inde-
finitely demanded. It would at the same time relieve the
Bank from the necessity of making returns, the only
effect of which was to create alarm ; and the directors
would be left to deal with their capital as was best for
their benefit and that of their shareholders, and people
would have no more right to expect them to take meaeures

to support credit than any private bank. He did not
mer.n that the total amount of bullion lodged should be
retained in the cellars. A certain quantity should be
kept, and the remainder exchanged for stock or Exche-
quer bills. The officer whoregulated the currency should
be appointed by the Crown, and hold his office during
good behaviour, so that in time of pressure Government
might ha fe no influence to induce Lira to depert item the
strict rule. Ile might bo asked whether this system would
prevent the recur. ence of periods of distress 1 He should
say that no law of currency could guarantee against a re-
currence of commercial distress. The present crisis
was not brought about by any law, but it bad arisen
from the frightful spirit of speculation which had taken
possession of the oomwercial world, and the monstrous
abuse of the system of credit in this country, an abuse
which recent legislation had tended to aggravate. For
his part, he believed that in the long run it would be
found that the interference of the government in support
o commercial credit did more harm than good. Granting
that extraordinary emergencies required extraordinary
remedies, yet it was clear that the only mode in which
government aid and assistance ought to be given to
individuals was by lending them the support of the go-
vernment credit. Neither parliament nor the govern.
ment could create any additional property in the coon
try ; all they could do was to transfer it from one hand
to the other ; and if that were so assistance to the c
mercial world had mush better be given directly than
indirec ly, by authorising the Bank to make excessive
issue of paper. Let the government be authorised to
issue stock or Exchequer Bills. He believed that during
the recent difficulties stock always sold high. Those who
held stock could always get money. It was only those
who had bills to be discounted who could net get it.
This showed there was no deficiency of money is the
country. Let thorn, if they would, authorise some meats
of this kind to meet extraordinary emergencies, and not
meet thorn by tampering with the standard of value.
This issue of paper was nothing but the old resource of
barbarous rulers, the debasement of the coinage. They
might as well issue base coin as issue paper money be-
yond the regulated amount. He would only trouble their
f greatlordships
importance, on one other
which, however, was one
many years ago arrived at
orie Feint,
had
the conviction that the prohibition of small notes in this
country was most injudicious, and no reform of the cur-
rency would be complete which did not provide for the
circulation of one-pound notes in England as well as in
Scotland and Ireland. He had taken great pains to
make himself master of the reasons assigned, but they
always appeared to him inconclusive, and he saw no
reason why, if they used the cheaper medium of paper
in large exchanges, they should not use it in small
ones also ; he never beard an argument against one-
pound notes which was not equally applicable to five
aid ten. By allowing pound notes, they would ren-
der unnecessary a large number of sovereigns, and only ren-
der their currency more secure. If he had time he could
show it would increase the security of the whole paper
currency, and would manifestly be attended with very
great advantage; it would get rid of the absurd anomaly
of allowing these notes in Scotland and Ireland, but for-
bidding them here. The law even went the absurd length
of prohibiting them in the border counties, but it was
violated every day with impunity, and in Northumber-
land no one ever attempted to stop them; he believed
even a few notes of the Western Bank had got into that
county. If one-pound notes were wrong get rid of them
altogether, but if they were right let them circulate
everywhere. Another advantage which would arise was,
that it would afford them immense facilities for the with.
drawal of the present privilege from the Bank of England
acd other banks of issue. In doing so they ought to treat
them with justice and liberality, and see they were no
losers. The issue of one-pound notes would enable them
to do thie. They might be advanced to those banks in
proportion as their own were withdrawn, and thus they
would at length cbtain the inestimable advantage of
having one national currency. The remarks of his noble
fei nd below him (Lord Monteagle) showed that if they
had had a national currency they would not have been
exposed to the inconvenience arising from the recent de.
wand for gold in Scotland and Ireland. The issue of one-
pound notes would, moreover, afford the country sen-
sible relief at a time when it was much required. The
present disasters had been brought about by great im-
prudence of some, but still they pressed heavily not only
on them, but on the whole community. The effects were
visible on all sides—a number of mon were thrown out
of work, and a general check given to industry and pro-
duction for which there was otherwise no real reason-
At this moment of pressure the issue of 1/. notes would
afford great relief; it would displace some 30 or 40 mil.
lions of sovereigns, and add to the national capital a
large portion of that sum, and thereby relieve the pres-
sure. He considered these were reasons why this subject
should be taken up by her Majesty's Government; and,
without waiting to inquire, they should introduce some
measure when Parliament met. He would not then
enter more fully into the question ; but before he
concluded, he would urgently press on the Government
the necessity of taking the subject into consideration
during the recess, and being prepared when Parliament
re-assembled to bring forward some measure on their own
responsibility. He was glad to hear it was intended to
have an inquiry into the causes of the recent distress ; it
was much wanted, and might lead to useful results, but
the state of the currency did not need inquiry ; they
might go on inquiring for ten years and not get to the
end of what people had to say. (Hear, hear.) Theycould
not expect any further information. They had all the
facts before them, and all the means of forming an opinion.
Under these circumstances it was the duty of the Go-
vernment not to throw on a Parliamentary committee
the respcaeibility of devising measures, but to take the
matter into their own hands and propose, on the part of
the Crown, such an alteration of the law as he believed
would be for the public advantage. He did not wish
them to do this at once, or without due deliberation.
Ho hoped that they would take time to consider, and
that the result of that consideration would be satisfac-
tory to the country at large.
No one else rising,
The LORD CHANCELLOR put the question, and
the third reading of the bill was agreed to nen. con.
The bill they passed.
Their lordships adjourned at a quarter after 7 o'clock.

HOUSE OF COMMONS.—(YEsuiRDAY.)
The SrzaKER took the chair at 4 o'clock.
NEW MEMBERS.
Mr. DEEDES took the 'oath and his seat for Weak Kent,
and Mr. BAGSRAW, jun., for Harwich.
MAIN DRAINAGE OF THE METROPOLIS.
Mr. LAURIE asked the First Commissioner of
Works, whether any, and if so, what steps hat been
taken for the purpose of carrying out so much of the
Act 18 and 19 Vic., c. 120, ae relates to the main drain-
age of the metropolis.
Sir B. HALL at great length minutely entered into
the i.t :te of this question, from the passing of the act in
1855, up t. the present time, the partkulars of which
have already been made public through the pros* by
reporting the proceedings before the Metropolitan Board
of Werke, and the conference between that board and
the right hon. baronet. He said that what he con•
tended for was, that the Metropolitan Board of Works
were bound to cleanse the Thames from the pollution
that passed through it in the metropolitan area, but the
Metropolitan Board of Works contended that they were
only called on to carry out that which was generated in
the metropolitan area generally,
rated outside it. and not anything gene-

In answer to a question from General CODRINGTON,
Sir B. HALL said that great misapprehension
prevailed with reference to the outlet of the drainage.
What he had always contended for, and did now, was
that the outfalls should be at the points indicated in
Captain Birst%ll's report.
NEW WRIT.
A new writ was ordered for Whitehaven, in the room
of Mr. Hildyard, deceased.
ISTHMUS OP SUEZ.
Mr. GRIFFITHS gave notice that on an early day
after the recess he should call the attention of the
Government to the application of the French Govern-
ment to the Turkish Government for permission to con-
struct the Suez Canal.

BARON ROTHSCHILD.
Mr. T. DUNCOMBE gave notice that immediately
after the recess he should call the attention of the house
to the fact, that during the two preceding sessions of
Parliameut three of the members for tho City of London
only had taken their seats, he should move a► resolution
that Mixon Rothschild be permitted to take the oaths
as appointed by law most binding on his conscience,
and in accordance with the faith he professed. (Cheers.)