The Sun.
London, England, 1861-04-09 00:00:00

funds derived from savings banks without reference to the
demands of those who were depositors.
The clause was agreed to.
Clauses 6 and 7 were also agreed to.
Clause 8 was omitted from the bill, and
Clause 9 was agreed to.
On clause 10,
Sir H. WILLOUGHBY said he would now propose an
amendment to the effect that whatever moneys were depo-
sited by the working classes in the manner proposed should
be afterwards invested in the manner required by the Savings
Banks Acts, with this exception, that no sale of the stock
should be made except for the purposes of the demands
made by the depositors. If this amendment were agreed
to it would prevent these unpleasant discussions taking
place in that house which all had listened to, and there-
fore he trusted the committee would agree to it. If it were
wise that the commissioners should have the power which
they had exercised in operating upon the money market,
let the committee openly sanction it.
Colonel SYKES said that in the principle expressed in
the amendment he quite concurred. The object of his pre..
vious questiLn was to learn whether, in addition to the
£40,000,000, which had been dealt with by the Commis-
sioners for the Reduction of the National Debt, they would
have the same power to deal with the £20,000,000 which
he anticipated would come into their hands under the opera-
tion of this Measure. (Hear, hear.) The amendment pro-
vided that the Chancellor of the Exchequer should have
no power of dealing with the deposits.
The CHANCELLOR of the EXCHEQUER opposed
the introduction of the words. Cases might occur and had
occurred in which the privilege sought to be withdrawn had
been used with advantage. Last year two millions had been
voted for fortifications, but it so happened that only
£200,000 hal been used. That sum had been supplied by
the Commissioners of the National Debt, and the course
was much more convenient than if the Chancellor of the
Exchequer had been obliged to go into the money market
for so small a sum. The only point for the depositor to
examine was that his money should be ready for him, with
interest, when he required it, and beyond that the less he
knew about the details of its investment the better.
Mr. AYRTON supported the amendment. He contended
that the Chancellor of the Exchequer should have no con-
trol over the funds in the savings banks.

Sir H. AVILLOUGBY observed that the National Debt
Commission was a very shadowy institution. Nobody ever
attended its sittings except the Chancellor of the Exchequer
and the Governor and the Deputy Governor of the Bank of
England.
Sir J. PAXTON recommended the hon. baronet to
withdraw his amendment. So important a change as he
proposed should not be introduced without full and suffi-
cient notice.
Colonel SYKES supported the amendment.

Mr. GRIFFITHS took a similar view, and considered
that the Chancellor of the Exchequer himself had opened a
way for the discussion of the peinciple.
Mr. S. ESTCOURT thought it was undesirable that
they should proceed to a division. He recommended his
hon. friend to withdraw his amendment.

Mr. MALINS said the amendment involved a very im-
portant principle. The Government were to receive the
deposits of persons desirous of placing their money in these
savings banks, and yet the depositors were to have a con-
trol over the action of the Government—in fact, a control
over their bankers. He should certainly vote for the Chan-
cellor of the Exchequer if a division were taken.
The amendment was negatived without a division.
The remaining clauses were agreed to, and the bill was
reported to the house.
LONDON COAL AND WINE DUES CONTINUANCE