The Sun.
London, England, 1844-05-21 00:00:00

r;FItE LON:DT

means of employing.-4-te thought it-very desirable-with
respect to the security of three millions, that theAla:A
should have the power of depositing other securities
than those deposited originally. He did not see any dis-
advantage in that as regarded the security afforded to
the public. He apprehended that the Bank would, in
fact, perform all the functions which it' had hitherto per-
formed. There was one point to which he must advert
for one moment; to which he attached some importance,
namely, the desirableness of introducing a principle of
greater permanence into the direction. He was not at
all desirous of imposing a Government officer on the di-
rectors, but he thought that no one, who was
so well " acquainted with the subject as the
Chancellor of the Exchequer, could fail to see
the necessity for alteration. The amount of issue was
fixed at the average of the last two years. That ave-
rage was low, and he thought this was in its faVour.. A
great-deal had been said as to the extreme-hardship to
country banks of being tied down to the average circu-
lation of the Bank of England. It, was said that the
circulation varied very much. Now he had taken the
trouble of examining the variation for the two. last
years, and he had found that the average difference was
about 800,000/. The Right Hon. Gentleman had re-
ferred to country bankers who considered an unlimited
issue absolutely necessary for the farmers and the agri-
cultural interest generally in this country. The grounds
of this objection appeared to him altogether absurd.
The evidence on the subject was contradictory.
It was contended that it would be impossible
for the banks to make advances to the farmers
unless they had this power of issue. An Ipswich banker
was asked in what half-year his circulation was the low-
est. His reply was In the half-year ending in
March." 'He was asked whether the period when he
advanced most to farmers was the period of the lowest
circulation ; and he replied, " Certainly it is." There
There was other.evidence to the same effect. The next
"assertion was, that it would be impossible for the country
bunks to afford to the farmers the means of paying their
rents.. They had the power of obtaining Bank of Eng-
land notes, in addition to their own circulation, to any
amount they pleased. Mr. Gill was asked whether he
apprehended that any inconvenience had arisen to bank
eudtomers from the substitution of Bank of England
.notes for country notes ; and his answer was, that the
only inconvenience consisted in the banks being
more liberal than they otherwise would have been.
With regard to the Scot& banks, he apprehended that
they, were to be subject to the same regulation of issue
and the same publication of accounts as the English
banks. But he could have wished that their publica-
tions of accounts could be made to correspond more
closely =with those- of the English banks. In England
the returns by the banks to the Government included
'the whole amount of their stamped notes; but this was
oot the case with the Scotch banks, and he understood
that the difference in the mode of making the return made
the circulation of the Scotch banks about thirty per cent.
less.then it would be if returned on the same principle
that was adopted in England. 'With regard to the effect
ef the measure, be thought it might perhaps produce
some_ degree of..pressure ; but if the present system was
insecure, the price they must pay for greater stability
and security was -the • loss of. the present facility. lie
believed that the'davantages to trade and commerce of
the aecemmgationefforded by the Bank of England had
been much overrated. He was supported in this opinion
by no•less•un 'authority than Mr. Ricardo. - Having read
the.opiPion of ahat 'writer on . this point.,
.in which he
states.that the effect of this accommodation is often very
insignificant compared with.the accommodation from pri-
arate sourcei, gave, as an illustration a case that oc-
curred in 1829, a year of great pressure, in which all
the.accommodation that could be procured at the Bank
Was 300,000/., to be repaid in one month. This was
utterly inadequate, for the purpose of the parties, who
raised from" private' sourees the sum of 200,0001.
fora an nallinited time.. He also read a statement
of. the circulation of the Bank of England
derieg the: same year; and of the amount . of its dis-
counts for the same period, in order ,to show that the
restriction of its issue did- not 'produce a diminution in
the aliment of its
.acComodation, but the reverse. In
April, 18290 the circulation of the Bank of England was
18;000,000/. ; the. bills it discounted in the same
'month, amounted . to 3,500,0001. In July its
eirculation• was 17,500,000/., and the bills it dis-
mnted, '.6,700,000/. 'October its circulation
was .216,660,000/. ;. 'discounts, " 7,700,000/. In
December its • circulation had fallen to 16,000,0001. •
and the.amount of bills it discounted was 8,500,0001:
This disproved the assertion that the power of the Bank
to accommodate the public -depended on the increase of
its issues. , that the present measure would
effect good by checking the drain of gold at a compara-
tive 'early period of its tendency 'to 'leave the Bank, and
thus lessen the ultimate shock such drains occasioned.
The experience for the last twenty years proved that
monetary embarrassments passed over quietly in propor-
tion as the paper of the country was diminished in com-.
parison with the circuladdn of the country. Such he'
took to be the principle of the Right Hon. Gentleman.
:le believed it would not only check the tendency to a
drain of gold, but go far to prevent the, necessity of its'
occurring at all. He read an extract from the evidence
given before the Committee by Mr. Kennedy, a Scotch
banker, to prove that it was usual for banks to restrict
their issues according as the rate of the exchanges created.
a drain of bullion from the Bank, and that such a restric-
tion in the issue did not cause a loss to the Bank on
count of the increased rate of interest the Bank ob-
tained. He did not think that any Bill, or any plan,
would put an end to all speculation and over-trading, and
rashness in commercial matters. But because he could
not 'do that, It was no reason" he -should not
try to do all in his power to check it, which could only'
be done by a proper regulation of the airculation of the
country. Experienee proved that the convertibility of
notes alone was not sufficient to check this over-specu-
lation ; their systein of currency must; from time to.
time, be regulated in its amount. Such an operation,
and such an operation alone, would provide for their'
Permanent security ; and as far as the measure of the
Right Hon. Hoh. Gentleman was. based on this principle,
he should, as approving that principle, give it his un-
qualified support.
Sir W.. CLAY said that he should have thought the
monetary con-dition of the country, as well as the state'
of public opinion, might have justified the Right Hon.
Gentleman in carrying out his principles more boldly,.
by extending the measure to Scotland and Ireland, and
applying regulations there with regard to the small
notes.. But he was willing , "to admit that the.
Right Hon. Gentleman was better qualified to
form an opinion on this point than himself.
He agreed with the Right Hon. Gentleman in thinking
that if they left the country banks without control, their
circulation would expand as the Bank of England
contracted, which was formerly the case. The measure
of 1819 established as a basis of the monetary system
the principle of the constant and unvarying convertibi-
lity of the paper currency. The proposed measure re-
cognised the same principle, but enforced the necessity
of the issues being placed under strict control, and not to
be entrusted to those who might profit by its 'abuse.
The Hon. Member then 'quoted extracts from the letter
of the Secretary of the Treasury of thp United States to
Congress in 1836, showing how great the circulation of
paper was immediately before the great stoppage of cash
payments-in that country. In 1830. the notes in, circu-
lation amounted to 60,000,000. of dollars ; in` 1834
to 75,000,000; in 1835. to . 87,000,000; in 1836 to
mloo6u,osoeo,,,Oteor(l)t
odto 111 a2ros;ooaon, dOOl
on
dloBll3a7rs it reached The
.thmeeemnbo
er r-
also read an extract from the President's 'Message, in
which he noticed the over-action in every department of.,
trade—the excessive speculation and the increased issue
of paper money—which latter the President assigned as j
the cause of the two fermer results, saying that in.
America, as in England, the excessive issue of Bank
paper had been the cause of the great monetary embar-
rassments Which had' at—different: periods happened in
both countries. He (Sir William Clay) did not think
it necessary that one of them of the amount circulated
by the country banks should be held in bullion at pre-
sent. The security against over-convertibility must rest
upon other grounds. ile would suggest that it be al-
lowable to the bank of issue to give bullion at something
less than 3L 17s. lOid. To the merchants who wished to
export gold in ingots, this would he very desirable; be,
sides, some allowance should . be made for 'the expenses
of coining, which were considerable. He did not agree,
with some lion. Gentlemen in thinking that any addi-
tional power would be conferred on the Bank of Eng-
land by the present measure, which he thought would
rather diminish than augment the power it at present
possessed. At a certain appropriate time he intended to
introduce a resolution for the consideration of the
House—that it be permitted to create and charter country
banks, on condition of their paying up three-
fourths of the Capital they :proposed to commence
upon; and that there be an annual or semi-an-
nual publications of the accounts of such Bank.
He would only repeat what he had already stated, that
this plan had, generally, his cordial approbation.
Mr. S. WORTLEY expresSed his almost entire con-
currence in the plan proposed by the Right Hon.
Baronet, the object of which was, as stated by his Hon.
Friend. the Member for Halifax (Mr. C. Wood), to in-
troduce additional security for the amount of the
invariable standard. He was strongly of opinion
that of all the measures which had been proposed, that
of the Right Hon. Gentleman was, on the whole; the
best that could be adopted. The great feature in this
plan was the separation of the Bank.of England into two
departments. This was the more necessary, as it was
sometimes difficult for the management at the Bank to
decide between its duty to the public and' its private
- interests.' It was impossible to invest, the Bank of Eng-
'land With the power_ which this measure gave it, unless
it was rendered independent of those influences to which
it might besubjected as an ordinary banking establish-
ment. He alluded to the separation of the issue depart-
ment from the banking department; and ren-
dering the farmer a self-acting institution, by
which the amount of exchanges would be
`regulated. His Honourable 'Friend, the Member for
Halifax, had very properly observed that the amount of
circulation would be increased apparently by this plan,
becaus'e the whole of that amount of' treasure in reserve
by the Bank, which exceeded the present amount of eir-
culatien, would ,be transferred to the issue department
from the deposit department, so as to be exchanged into
notes, The Right Hon. Baronet alluded to the subject
of branch banks, with regard to which he (Mr. S. Wort-
ley) put a question to him on a former occasion. He
was sorry to find that the Right Hon, Baronet . did not
111init proper to interfere to prevent 'the extension .of
branches. 'Ho knew no greater source - of risk
than the extension of 'branch banks, and not
only Of branch banks, but what were called
agencies," which were in many cases 'tit a great dis-
Wipe from the central issuiog bank. The Right
HO. litaTopef proposed that there should be a
r. paymPnOf'3o/. Jon' the estatit4 rant- ef every branch
nk: He did 'not think that woulitbe '4113'. eftlettial
checlr, and he thought that some more PaYErfUi ehetclt
aught to be and inigh't he devised. Ife wished to call
the attention of the Government to another point; viz”
-thqt thOught they' ought to hold vutsome greater id:

to establish, sooner or later, one bank of issue through-
out the country. There was also a report
out of &ors that the outline of this meu
sure had- been drawn by the late Govern!
ment, and that it had been completed by the pre-
sent Government, and he confessed that he was con-
firmed in that impression from the manner in which it
had been received in the House. This measure was an
experiment and nothing better; it was a new doctrine in
the country, and was not propounded by those great
names to which they were accustomed to adhere, so that
they should regulate the circulation by one branch of
issue. The Bullion-Committee propounded no such
doctrine ; it was a doctrine of the modern 'school, which
like many others required to be well watched. His
'proposition was based on the opinions of those who were.
called the philosophers amongst the witnesses who were
examined,while all the practical men and bankers who gave
evider.ce before the Committee stated that one bank of
issue would be most inexpedient. At a meeting which
was held the other day, and was attended even by
bankers who issued Bank of England notes,
a resolution was come to, adopting the lan-
guage of the general meeting which was held
in 1840. that such a measure would be inexpedient.
There was one expression made use of by the Right
Hon. Baronet that night which put the matter beyond
doubt in his mind. It was, to reduce the circulation to
One. syStem. But it was evident that the same dangers
which threatened us befiire 1825 were impending upon
us now.—(Hear, hear.) He would not occupy the House
at that tijne of the night in going into a discussion of the
details of the question. It seemed to him that the plan
of the Right Honourable Gentleman was compounded
of the plan 'of 1819 and that most objectionable plan of
1837. All that he wished to impress upon the'
House and the Government was, that they should not
lake such measures as would prevent them from return.-
ing to the present system if they should find it necessary.
The proposition which was made to the Government by
the country and provincial bankerswas, that they should
raise the issues to a larger amount for the country banks
than was allowed by this project. The average of the
circulation of the last two years ought not to have been
taken as the maximum of the future circulation; but
as the average. It was absurd to look to
the foreign exchanges as the test for regulating the cir-
culation of the country. But the Right Hon. Baronet
had argued against the principles which he had himself
propounded.—(Hear, hear.) He (Mr. Stewart) inferred
that it was the intention of the Minister to extinguish
altogether the . present country circulation ; but they
would greatly inconvenience the public by stopping that
circulation. '
An Hox. MEMBER—The circulation of jointJstock
banks.

Mr. P. M. STEWART—But, in interfering with
them, you would interfere with the general circulation
hear)—of the banks beyond sixty-fiye miles
out of London.—(A conversation, then took ,place
across the table respecting the effect of the re-
striction, which was not- clearly beard in the gallery.)—
If restrictions had not existed_, there would not have been
those-evils which had been complainect of. He offered
his sincere acknowledgments to the Right Hon. Baronet
for the straightforward manner in which he had met the
claims of the joint-stock banks. He offered his ac-
knowledgments, not for whii. the Pv igb,‘ Hon. _Baronet
had done, but for for the manneria which he did it. The
whole body "of. joist-stock .bankers whom he (Mr. P.
Stewart) so unworthily represented, felt it very much.
In the points which he had stated he knew he was open
to correction, and he foresaw he would meet with that.
correction, but then he had thrown out his ob-

servations for the purpose of rendering the application
of the Right Hon. Baronet's plan more readily practical,
and in making the propOSittens which he had sub-
mitted, fie considered he was only doing his duty. The
Right Hon. Baronet's was a bold patriotic plan, but
like all human propositions, it had its faults, and it was
their duty who thought :they could amend it, to propose,
whatever they thought would be effective for that pur-
pose. It was froth such a sense of duty that he had
made his suggestions.
• Mr: M. GORE referred to the years from 1825 to
1827 inclusive, to' show the evil effects of an excessive
paper issue. With respect to the measure of the Right
Hon. Baronet, it bacillus most cordial support, because
he thought it proceeded upon the just principle-that.
money was a commodity which, like all other commodi-
ties, was influenced in its value by supply, and demand.
It had been said that this measure would depreciate
prices, but he doubted whether the depreciation of prices
was an • evil. Much discussion had taken place with
respect to bullion, but upon that point he thought
no • great danger- was to be apprehended. He
believed that the Right• Hon. Baronet at the head of the
Government had acted most wisely in not attempting to
lower the standard of value. Many of the charges now '
brought forward against the Right lion. Baronet were
brought against the Ministry of 1796, when it was at-
tempted to place the currency of the country upon a
proper footing. He should support the proposition or
the Right lion. Baronet at the head of the Government.
Mr. GISBORNE knew that any person who came
fc;rward as the advocate of free trade in money was the
subject of great animadversion. He adhered to the pound
as prescribed by the Right Hon. _Gentleman. That the
amount of currency operated upon the price of commo-
dities had never been satisfactorily established in his
mind. He believed that what was currency had never
been properly defined except in the Latin—quod semper
—quod übique—quod into' comes. He would reserve to
himself the right 'of objecting to this measure in the
other stages. He would say- at once that his objection
to this meesure arose from his belief that it would have
a tendency to lower the range of prices in this country,
and that it would have a tendency to supersede bullion
for paper to a greater extent than now existed in circu-
lalion. He did not believe that the Bill of the Right Hon.
-Gentleman of 1819 had fixed a right standard, but he did
not impute to that measure the destitution and misery.
which had since resulted to the country, so much as to
other measures which accompanied it; The Bank of
.Englayd had at the present time a most convenient
amount. of gold lying in its coffers. Why did it not
employ that geld ? Because it could not force upon the
country a currency which it did not want. This was a
time of great speculation, yet the Bank of England
could not expand the currency, and he believed it would
never be able to do so without increasing its security.
A great pail 'of what they called circulation was nothing
more than capital. The Bank would now he relieved of
all responsibility with regard to the issues—that was a
responsibility which he , thought they ought never to
have had. He did not give implicit confidence to the-
names that had been quoted. They were to be judged of
with some reserve. When the time came he should be
prepared to oppose the plan.
,Mr. NEWDBGATE said, he rose to call the atten-
tion of the Right Hon. Baronet to one point on which
he should wish him to give an opinion. He believed
that there was something in the plan that might
prove Injurious• to the productive capital of the
country. • He believed_ that the , amount of the cir-
culation or the country materially affected prices.
The point he wished to submit to the atten-
tion of the Right Honourable Baronet was this
--how far the extension of the principle of the
Bill of 1819, as carried out by the alteration of the sys-
tem of issue and the alteration of the banking establish-;
Meat, as propoSed by the Gevbrntrient, will, by limiting
the amount of the circulating meditiin to the average of
the last two years, without reference to the production
of this country, affect prices ? For, if the quantity
of produce increased, and the amount of money remained
• the same, would not prices fall in proportion to the in-
crease of that production ? This point he could assure
the Right Hon. Baronet was - well worthy his con-
sideration. •. _
Mr. F. BARING expressed his satisfaction that the
Government had followed up the principles on which
• the late Government was prepared to have legislated on
this subject. Those gentlemen who had opposed the
plan all seemed inclined to slip out of the consideration
of the position in which the country was at present
placed. He should be happy to learn from them on
what principles they thought the issues of the 'country
'ought to be carried on in the present state of things. In
the last arrangement of the Bank Charter by his Noble
Friend, Earl Spencer, two principles were laid down.
There was in the arrangement a regulation by which it
; was supposed that the Governor and Directors of the.
L Bank would in future conduct their issues, and at-the
• same time' (and for the- first time) it was provided
•, that the averages of these issues and of the
amount of the bullion in the Bank shotild be
published, in order that the private. hanks, -might
a&bi.aing, xn thOsecratirmi, reguhite ''their 'lsgues. Btit
as :far as 'legislation was concerned, they' 'had no
vowel.- of qtif,;reibg -that publicatton by the
Then it was said that the phrpose of the publication'cif
ccollllts was to, guide the privite baulteis

TEN'INeII MAY 21, a 44.

- z ..4 - 4 iiittbankers 1 cßor."l
.dneement to-Joint-stock-banks to-accept: thr cirouhttiopi the' private er not compe e • lisLet
.of Bank of England notes than the payment of one perkthePi eiceptas malter.of eirriosity. - -H-e-might he told-
cent., which' he thought was too- small. .to • induce' those ' that- it was better to 'leave ibis without regulation :; but
banks to suppress their own circulation and adopt that the evils of an over-is Sue-were just the, same, whether
of the Bank of England. He via§:glad that the Govern- ther;arose from the Bank of England or. frem the pri-
meat had taken this opportunivy of . proposiag. this plan vato banks. He contended that it was the system they:
to Parliament, and he should be sorry if they allowed ought to amend; and they ought to endeavour to-place
to pass by without making an ,attempt to place the env. the circulation of the country under preper, regulation,
rency on a sounderfootifig. The greatest credit was due If there was a tendency in the plan towards establishing
to the Right' Hon. Baronet for the-manner-in which, in one bank of issue, he thought the principle on
conformity with his character as a stateBman, he proposed , which they were proceeding ought not to be concealed':
this- measure* which would secure great. kivaatPLge to, the ::He concerted in the opinion that thesefest course was to
country without disturbing these habitual arrangeinents have only a 'single:bank of issue, and thought: nothing.
hiCh subsisted: in many parts•of the country. He must could be more unsafe than unrestricted competition,
say he thought it was perfeetly tight:, that in consenting which had already; been the means .of a great crash in
to allow private issuers who existed at preSent to on the monetary affairs of this country. He admitted that
tinue their issues, a necessary limitation was imposed the Right Hon. Gentleman could not carry his principle
apon them"- of, confining their issues within a: certain to the•fell extent,• but he thought the principle, on the
amount ; ' but it was- also-right that those on whom these whole, a right one, and hoped the Right Hon. Baronet
privileges were coriferred,Abould be treated with ten- would persevere in it. For .the details of the measure
derness,`and that there should be no risk of shaking the' lie Would reserve further remarks, but could not sit down
'public credit or publiC enterprise and industry,'-which without Saving-that lie would give the Government plan
their suppression would give rise to. He was glad that his honest support.—(Cheers.)
'this opportunity of making a change was not passed by, Mr. FLXIMVTRE said there were some principles
because the time was not far distant when its principle propounded in the measure in which •he • concurred, but
would be tested. ,In many parts of the country' he'fcared 'the plan would cause a contraction of the cur-•
those same causes which had produced the crisis culation, and lead to the .reduction of, prices. If that
they had seen before were coming int) operation, and would be the effect, he was,sure the Right lion. Baronet
it would be matter of great interest to observe the effect would be the first to withdraw it.
which an alteration of this kind would have on such 31i. MUgTZ, said 'he would not have made any re;
transactions as-those he alluded to. It the plan sue-' mark, but that' he had- been alluded to •by the Hon.
ceeded and had the effect of mitigating those fluctuations Member for Halifax. . 'He never said what he did not
and changes which they befUre experienced, he would believe, and never wrote anything he was ashamed to
have the' comfort of performing a benefit towards the put his . name to. He had, ho*ever, been misquoted on
country which would do him the utmost credit, and for this stibjeot. 'had -given- the ' greatest atteir-
which he would receive, sooner or later, the thanks of tion 'to the matter; ' and had read every.
the cduntry. . . _ _ authority -worth reading on the currency ques-
Mr. P. M.- STEWART said that, while he was will- lion—Locke, Smith,,, Harris, MiCtilloch, and RiL
ing to pay homage'to the general plan proposed by the cardo—and read them, too, before the Right Honourable
Right Hon..Baronct, yet he felt it his duty at this early Baronet, had done so.—(Laughter.) Yes, when the
stage to call attention to one or two points which, if 'Right Hon. Baronet was Secretary: for, Ireland. The
adopted, would, he thought, have the effect of making it Right Hon, Baronet would not, he believed, carry out his
more *complete. He thought the Right lion. Baronet principles. He (Mr. Muniz) would agree in them pro-
bed acted wisely in. not- interfering with the one-pound vide& the Right Hon. Baronet would make the prices
note circulation of Scotland and Ireland, which would of land and its produce the same as before the change of
only have •brought a hornet's nest abont his ears—he currency had. taken place. It: was very natural.that
thought he had acted better in limiting the measure to Hon. Members on that side of the House should support
England and Wales in the first instance. There was a ge- the Goveininent propesitien, because it would lower
neral rumour that it was the intention of the Government prices, and :lend to accelerate the repeal of the corn-
_ _

laws ; but how was it that Hon. Members opposite could
support' the Government plan? He professsed he was at
a loss to understand the motive upon which they acted.
—(hear, hear.) . Why those Hon. Gentlemen wished tn
have cora 50 per cent. higher in this country than on
the Continent. The Right Hon. Gentleman had been
very pleasant npon some remarks he (Mr. Muntz) had
addressed to his constituents in Birminghith, but he had
not advocated those principles Which ' the Right
Honourable Baronet represented as - his. If the
Right Honburable Baronet fully carried
.out the
principles he now propounded, there could be
little rent paid and less taxes, . for a general depreciation
of the produce of land, and of land itself, would be the
result. • It was said the country banks- were regulated
by exchanges.. This was a• great mistake—he did not
believe one in fifty of these country banks understood
anything about foreign exchanges. • How could they
regulate the issues by foreign exchanges? He thought
the Right Hon. Barones had.encumbered the measure by
unnecessary ..machinery. If the country banks were
allowed to manage their affairs without the interference
of her Majesty's GoVernment, or her Majesty, both of
which were unnecessary, .the whole would be regulated
without any other assistance. He asked the Right Hon.
Baronet to consider this minutely. - He did not think it
was right that the banks .of issue and* the banks of.
business should be under the same roof and direction.
He thought that both should be kept,entirely separate,
and tbat the Bank of England ought to be a bank of
business. There were two other points to which he
wished shortly to allude. In all instances of panic, he
never knew any instance in which the Bank took early
measures to contract their issues, and it was not fair to
control the country banks when the Bank had not taken
ilie-Proper mfisures to preserve themselves and the other
banks. Then the Right Hon.- Gentleman -talked of
persons ruining themselves by unwise-speculations, and
instanced -a case of a person who had been ruined by-
speculating in Spanish Bonds. How could the Right
Hon. Baronet prevent persons from speculating as they
Wished ? He thought the Right Hon. Baronet was
bound to carry out his principle-completely, and not say
he, would do so. They would then see whether the
measure was sound or unsound. If Hon. Gentlemen
opposite, who were landlords, supported the Bill, no other
person had any reason to complain.
Mr. C. BULLER said he would briefly state the rea
sons which made :him reluctant to admit the merits of
the Bill. His opinion was, that the measure would not
have the effect of placing the commercial transactions of
the country on a sounder footing, which was the object of
it, but would substitute more unsafe forms of credit than
.existed at present. There seemed to be a great con-
fusion between sound principles of banking and sound
principles of currency ; and the machinery.of the mea-

sure was directed to regulating the circulating medium.
The Right Hon. Baronet said it was necessary to con-
trol the issues of private banks ; but when he came to
say what were banks of issue, and what were not, it
seemed to him that his argument tended more against
the system of banking, and that the mischief to which
he referred arose from a "different cause than the issue of
notes by private banks. All the arguments which he
had heard had not convinced him that the question had
been fully considered. He thought that the public
ought to have the privilege of investing their money in
what bank they pleas d.
Sir.ROBERT PEEL said that it would be for the
Public to consider in what institution it would place its
confidence. Although the Hon. Member for Birming-
ham was not pleased with the measure of the Govern-
ment, he was glad to see that he had no strong measure
'o propose against it. -In answer to the Hon. Gentle.

question, how-far the extension of the principle of
the Act of 1819 was carried out by the system of issue,
he (Sir R. Peel) did not admit that this was an exten-
sion of the principle of the Act:of 1819. It-was a comple-
ment of that Act—it was a measure fulfilling that Act;
but it was not an extension of the principle of it. The
Act of 1819 recognised the principle that there
should be a. standard of value in this coun-
try, and that that standard should be golf"
that he who issued .his paper should be obliged to fulfil
his engagements, and pay his paper in gold. The mea-
sure which he (Sir R. Peel) now proposed did not carry
that principle further. His answer to the question of
his Hon. Friend (Mr. Newdegate) was, that there was a
standard of value, and that that standard was a definite
quantity of gold of a certain finenes—that it was intended
that that should be the measure of all worth. The per-
son who issued paper promised to pay, on the face of
that paper, a certain amount of gold. That paper, there- '
fore, ought to conform to the gold. He admitted to his
Hon. Friend that there might be, for a time, by that
measure, a limitatiOn in prices ; but all increase in prices
that arose from an excess of paper was illegitimate, and
could not be permanent. There was no advantage from'
'any increase of price that arose from an issue of paper
beyond the value of the metal they represented. He
brought it to this simple issue : supposing they depre-
ciated their paper, and their paper was still convertible
into gold, would not every man who had a right to insist
on .5 sovereigns for a 5/. note, exercise that right; the
moment he found the gold more valuable than the
paper ? The moment Mr. Rothschild found that
500,000 sovereigns were more valuable than 500,000 L in
notes, would he not immediately convert his notes into
gold, and would not every man act in like manner ?
Among a competition of issues there might for a time
be an increase of price, but all experience showed that a
re-action would ensue, and that by a sudden contraction
of the currency, prices were again reduced. His answer
then was that no increase of prices caused by an issue of
paper beyond its value in gold could be of the slightest
advantage to the country. The effect of this measure
would be to compel an early contraction, to prevent
sudden rises and sudden falls. He cortended that equality
of price was a much greater advantage than any sudden
rise or fall. The moment they removed the convertibi-
lity they found the number of private banks increased.
In the year 1797 there were only 240 private banks,
whereas when all convertibility was removed, they in-
creased to 800, so much importance did they attach to
inconvertibility.
Lord WORSLEY said that there had been great
fluctuations of the issues in the rural districts, particu-
larly in Lincolnshire, and he thought, therefore, it would
be only fair, that instead of taking the last two years
as the period within which the circulation of notes should
be the criterion of the future issue of the country banks,
it should be extended to five or six years. He thought
that the banks in the country ought .to be enabled to
issue notes to as great an extent as they had ever done.
Mr. DARBY agreed with all the Right Hon. Baronet
had said as to a metallic currency; but the question
with him was, whether what was proposed would not so
far contract the issues .as to lead to the reduction of
prices?
In answer to a question from Mr. T. BARING,
Sir R. PEEL said he thought they might assume that
the Bank of England would hare an interest and desire
Co prevent fluctuations in the amount of their notes, and
they would desire, unless accompanied by a sacrifice to
themselves,-to extend their own circulation. Supposing
the Bank of England had a surplus of notes in its coffers
for which it had no means of profitable employment, the
Bank of England in that case would employ with profit
a portion of its notes in taking a substitution for coun-
try bank paper. Supposing that six millions of Bank notes
werelying in the Bank of England Without profit, clearly
it would be advantageous to the Bank of England to
substitute two millions -of country bank paper for
two millions of Bank of England- paper lying in
their coffers, without profit. Supposing, on the other
hand, that there was no surplus of Bank notes in the
banking department of the Bank ,of England, it would
not be obligatory on the Bank of England to substitute
their notes for country bank paper. Supposing again,
that the Bank of England wished to gain a
control over the circulation and desired to extend its issue,
and could not extend its issue by applying the notes
of the banking• department, in that case it would make.
application to the Government to substitute its own
notes for country bank paper, 'and'thus they would he
able to increase their notes on security, The Privy
Council might, if they thought fit, sanction that measure,'
but there would clearly be a profit to the Bank of
'England in making those notes on securities.
The resolutions were then agreed to.
Sir W. CLAY gave notice, that he would, in a future
stage of the measure, propose an amendment on the last
resolution relating to joint-stock banks.
' In answer to a question from anHort.-MmupEn,
.'tllat 0.6 ;,,A1 should take _
.Sir B. PEEL said .he hoped the Goveva.+- exit would
be able to introduce the Bill before the Whitsu tide
holidays, and he gropps4
nta: The Direct Ors were
rfet as, r.nkt' as' it`- pdssiae.to 'inal,q the required se-
Oration in the two'ilepartnr'
' orcupie4 in takitig every necevetro—t ;fp n-c`w,
.
;s'epartgioij, , •
The House then•resnmeccaud: the report was ordered
•
• o be '1;0%14 up to-mo;•rQwi
.: • •

Meesengere from the Lord. brought up soTerel Billy.
-------GOLD •WARES BILL-- ---
.T 4 House vvel4 ipto Qopgnittee, on this . •
Several elidses had been agreed to without discussion,
. .
when . - .

beotlan—li;the, piGrt of -A.Uerlaiia that UN' 4clis"fiftih.
knowing the. advantages of temperance principled, 14
determined; at the outset; to introduce them on beard tho
vessel Tin which they were embarked; At: first ho exps." rienced some difficulty, but lang.befure they arrived at
the equator, he had succeeded in winning
-h
the support of
the whple. ship's crew, as well as the etnigrants who bad
been entrusted to his care. On board they f4merd a
soft pf,societyt I afterwards. introduced into the island;
,
aril( so good had ft Wbrkeel aniongstthe inhabitants,
that previous to his _returning home,.he had the honour
of- receiving the thank's- of:the Government; He was
now' about to go to establish a British hospital and
school of . medicince in the ''Holy Land—in the city of
Damitseus-and he hoped to be able to introduce prin-
.ciples• of temperance under that tropical climate. ,He
had great pleasure in seconding theresoiution which .kad
PrevionSly be'eti Submitiod to them. • 7
Professor Arntillir; .of ',Philadelphia, supported the; re-
solution, and -gave -similar gratifying details of tem-
perance in that vast republic. -
The resoliitionivas then mianiniously agreed to. .
- The- second resolution was moved- by J,-8. Bncictiva-
HAM, Esq., in ayery appropriate address, wluch was very
much 'cheered: He concluded by reading. it :—" That
the crime, ignorance, poverty, and dit-ease of the land,
being chiefly 'attributable to intoxicating _chinks, this
ineeting'wmild rejoice to find the pliblic and the Legis-
lature7prepared to refuse a legal sanction to the immo-
rality arising frOm the milking and sale of these liqu4rs."
The ieSolnii(in was aCebnded by Mr. 1.1.661, who at-
. tributed the prevalenee'of crime throughout the country
to the dissolute and intemperate habits` of the people ;
and thought that Government ought to suppress the
licensing of houses for-the sale of :spirituous liquors.
This resolution; having been put by the CLIAIRMA-Y,
was carried amid acclamation.

_., . . .
Mi:'.WAIII3fURTON said -there were great 'objections
to the Bill ;.'it: gave a. jurisdiction: to the Goldsmith's
gOmpany in country districts which it did not before
possese.

Mr. GLADSTONE'Etated that the-objections alluded
to hacfbeen'removed froth the Bill in its present form.
After. a-f4w.wobis. from, Mr. WARBURTON;
• The Bill went through Committee; report on Friday,
CUSTOMS' . DUTIES' BILL..
On the Order .'orthe 'Dij• for the farther dthsicleration
of the Report:on the'Customs' Duties Bill being read,
Mr. T. -D-UNCOMBE said there was one , principle
introduced into the Bill which was so objectionable that,
_tnilesl. it waS struck out; he could not consent to the
progress of the'Bill at that hour. It was proposed to
make the proprietors of _wharfs responsible for. any
smuggling that might occur on them.. This was
business of - the Custom-house
,o eery .themselveft.
Unless the 13ill-Was delayed, he mUitake- the-sense of
the House upon the-clause. - •• • :
Mr. GLADSTONE then Postponed the consideration.
of the repoFt till this day; • •
On 'the motion fOr the ECclesigstical Courts! Bill going
into Committee,.
Colonel SIBTHORP Wished to hirve- the, • day fixed
on,w,hich- this Bill would be.. again brought under the
consideration of the House. . .
Sir J. GRAHAM fixed it, with the consent of the
House, for Friday next. '
' The West India Relief 'Bill was - then read a third
time and passed.
-It was then moved that a new writ be issued for Chi-
chester in the' room`' of 'Lord Arthur Lennox, who hal
become one of the Lords of the Treasury. '
Lord JOHN MANNERS moved for the nomination
of a Scle,ct Committee,on Mortmain:—Lord John Man-.
ners, , Mr. Shaw, Mr. Nichol!, MT. Charles Buller,
Viscount Clive; Mr. Sniythe, Mr.BrOtherton,.Sir George
Grey, Mr: Eliot Yorke, Mr; James- WOrtley, the Earl of
Arundel and Surrey,: Sir John Yarde huller, Mr.
Milnes Mr. Sotheron, and Mr.'Dickinson,
The CoMmittee was appointed accordingly.
HOLDING OP VESTRIES IN CHURCHES.
Mr. S. O'BRIEN obtaiiied le6ve•to biing in a Bill to
prevent the holding of vestries in churches, which was
read a first time.

The Rev. Mr..Srovrix,' in a very able and energetic
address, in which he denounced the use of wines of every
description. amongst -the clergy, thought that they, as
pastors, ought.to lead the way in every act Of refiirma-
don •• he, therefore, with great pleasure, proposed the
third, resolution :—" That, considering the inde-
scribable evils' produced by the use of intoxicating
drinks, this meeting calls upon all who love their fellow-
creatures to renounce even the moderate use of them as
dangerous in practice and destructive in example."
The resolution having been seconded by Mr. S. now-
LET, was Carried unanimously.
J: GtitazErmoved - the last resolution, which
,was as follows .:--" That accurate statistical returns of
the•extent and evils of intemperance in any part of the
kingdom are absolutely neuessary to make out a complete
case for the purpose of Parliamentary application. and
thii meeting pledges itself to use every effort and influ-
ence to obtain sfieh returns.
It.was seconded by Mr. PRICE, and supported by Mr.
MARTIN, of Cork, who gave a very animated description
of his own labours as the founder of the temperance
movement in Ireland.

. _
The other Orders of the. Day were then disposed of,
and the House adjourned O,l:kW-past One"o'Clock.

THE NATIONAL TEMPERANCE
SOCIETY. •
Yesterday evening the annual general meeting of the
friends and supporters of this Society. was held at
Exeter Hall. George W. Alexander, Esq., TreaSurer of
the SoCiety, in the chair. .
AMong the gentlemen on the platform we observed
Dr. Lovell, . Dr. Oxley, Mr. Mitchell, Mr. Juliiis
Jeffreys, F.R.S., W. Janson, Esq., W. Cash, Esq., Jas.
Day, Esq., and John Hill, Esq.
The CIi:URMAN said, that feeling his inadequacy to
fill the important office of Chairman so worthily as
many:of the gentlemen there present, he rejoiced that
his duties would he comparatively light, as the object of
the Society would be eloquently explained by the
speakers'who would follow him. It would be needless
for him to explain the vast importance of that Society.
Its.. object was to remove intemperance from
every land on the face of the earth. It was
_notorious
that England,noiwithstanding its many noble institutions,
and the strong hold which • religion. had upon the minds
of its people, was yet degraded by its intemperance ;
nor has that intemperance been- confined to herself; she
his disseminated the same in every part of 'the globe to
which her ships haie sailed. • Till within the last four

years there was no immediate check ,upon this great
evil. It was a cheering fact, hoWever, that at
length some light had dawned upon- the darkness
which had so long enveloped our country, for that
Society had in some measure succeeded in removing
evils which hitherto had appeared to be incredible.
It was a cheering circumstance that, in the United
States of America, which contained a population of
16,000,000, above 4,000,000 were connected with tem-
perance societies, while another fourth acted partly, if
not wholly, upon temperance principles. That reforma-
tion had scarcely a parallel in modern times. However,
he hoped the country would flourish in another respect,
and ere long sweep away the stain of slavery. He hoped_
that they would copy the example of England in libe-
rating those persons whom they at present kept and sold
as chattels. But he would not wander from the subject.
He'believed that there. was no place in which a tempe-
rance society had been established, where it had not
been the Means of producing great improyements in the
general character and habits of the people, and reducing
the number of idle and profligate drunkards. Those
were objects well worth the support and consideration of
every enlightened Christian. Before sitting down he
might be permitted to state that while he earnestly re-
commended that Society to the fostering care of every
Christian, he would by no means wish to be understood
as placing it on a level with the Gospel. Religion was
necessary to the welfare of a future state, but tempe-
rance tended to benefit their physical condition, and led
them seriously to consider their duty to God and their
fellow-men. He would not .enlarge further upon the
subject, but call upon the Secretary to read extracts
from the report.
The SECRETARY; before reading the report, begged to
inform them that he had received letters of apology from
the Lord Bishop of Norwich, Lord Ashley, the Rev. Pye
Smith, and the Venerable Thomas Clarkson, the latter
of whom had written a long letter. from his bed-room,
expatiating at considerable length on the advantages
derivable from habits of abstemiousness. This letter
the Secretary read to the meeting.
The report stated that the charm of novelty first
attracted the curious and the opposition of individuals to

that Society, and then proceeded to give a brief review of
the state of the temperance cause in different parts of
the world. The United States of America were making
steady progress in the work of reformation. It was
computed that one in four of the population, or above
4.000,000, abstained from all intoxicating drinks, while
another fourth had nearly eschewed them. The im-
portation of spirituous'and other liquors had decreased in
a similar ratio ; but it was not all ascribed to the temperance
reformation, part of it being supposed to arise from
commercial thanes and tariff regulations. The num-
ber of distillers in the-United States in 1810 was some-
what more than 40,000, but in 1840 the number had
fallen to 10,906, and in a few more years, it was hoped,
they would be entirely extinct. In Montreal. the prin-
cipal merchants were coming forward in the temperance
cause, iecoinmending temperance marine insurance, and
giving preference to vessels not carrying spirits. The
Committee were glad to state that the principal inhabit-
ants of Montreal had petitioned the Governor of Ca-
nada Sir Charles • T. Metcalfe, K.C.8., praying his
Excellency to refuse all applications for licenses to sell
intoxicating- liquors, and respectfully requesting him
to take such steps as might appear best calculated
to suppress the - unlicensed and • consequently
illegal traffic in these drinks. His Excellency,
in reply, expressed himself fully sensible of the great
blessing conkfred on the inhabitants of any country by
abtaining from the use_ of intoxicating drinks, and pro-
mised to encourage the adoption of any measure calcu-
lated to effect so very desirable an object. In St. John's,
Newfoundland, the temperance cause was progressing,
While in the Bahamas in the West Indies, temperance
societies had been formed of large numbers of the in-
habitants. In Berbice and Bermuda the returns
exhibited a falling .off in the consumption of spirituous
liquors, which was attributable to the growing habits of-
temperance exhibited by the inhabitants. At St. Kitt'S a
society bad been formed which already numbered 4,000.
Similar results were reported of Jamaica, the Mauritius,
Montsurat, Antigua, Anguilla, Tobago, &c. In the
Sandwich Islands, New. Zealand,. China, India, Africa,
Sierra Leone, Norway,- Sweden, Denmark, Bavaria,
Germany, the cause of temperance had greatly
triumphed. In Ireland Father Mathew was still en-
gaged in his patriotie efforts among the dissipated per-"
tion of his countrymen, while in Scotland and Wales,
large sums of money were subscribed' tow ards advanc-
ing habits of temperance amongst the people. In Eng-
land the consumption of spirituous liquors had decreased,
while the number of persons who had joined temperance
societies amounted to upwards of 1,000,000. The
receipts of the past year had been 1,098/, 9s. 3d., while
the expenditure had amounted to 645/. 9s. 11d., leaving
a balance in the bands of the treasurer of 492/. 19s. 4d.
The Rev. JAMES SHERMAN in moving the following
resolution—" That whilst this meeting regards with
thankfulness the gratifying progress of the -temperance
cause, both at home and abroad, as detailed in the re-
port now read ; it at the same time feels bound to ex-
press the conviction, that the efforts hitherto made, have
exposed a' ass of evil yet remaining, which calls loudly
for renewed and increased exertions on the part of Bri-
tish philanthropists"—said, that he had spoken so many
timesin that Hall daring that month, that he thought he
might have been excused from appearing before them
again. His friends, however, thought otherwise, and he
did not qUite regret the having the opportunity of stat-
ing before the meeting that his heart was still warmly
attached to the good cause.—(Cheers,) He hoped to
live and die a teetotaller.—(Cheers.) Public men, occu-
pying stations such as he had the happiness to cliln, mightand
expect to have a great many things said of ttettl,
some of them not very. true. It had been reported Of him,
from one end of the kingdom to the other, that he occa-
sionally took a little drop.—(Laughter.) But whoeyet had
undertaken to state that, he would tell them that for the
last eight years he had not taken this smallest quantity of
liquor of any description excepting when' he was QUQe
deceivedhy his medical attendant, who brought in a plik-
sic bottle some alcohol disecilowd, shtolead him to
believe it • was medicine. • He
most distinatly.to his friends that his heasrteawag t:s vo :itua•mtu
as it had.ever been in favour of teetotallam„ and as un-
' deviating as ever was hesinabataini.ng from- mioxicati ng
drinks. He was anxier that a large portion of 'the time
of that Meeting should be occupied by gentlemen whose
faces they had :seldom the
opportunity of seeing—gen •
tlemen from the country.-,gentlerneh from distant parts
Rme, he understOocl, from New Zealand and the United
States of Americ.a. He should have , desired that the
whole of :the report should have been read to
the • .meeting, but atili he must. say the Secretary
had displayed much good sense in not taxing the
liatienco of the meeting with it all.
.To him its details
-were most gratifying. They stimulated him 'to further
exertions, and he should-- again enter the haunts of Ow
,destitute,:tke 4Auses of the irreligious, and the retreats
of the Itie4Qus, to exhibit the beneAta and advantages of
total abstine9o .pr --
iuclplea.(Cheers.) He would not
detain thenk4raier, but simply request the ntecAng to
give their serious 'attention to the gentlemen who would
succeed him, and, atlppt., the .resolution -which had been
entrusted to his clAre.--(cAwers.)
' Dr. TnoatisoN, in seconding the "leacilatioat, gave a
d'et.ftiAdAceetint of the progress-4 abstemious habits
araoegstrthe .inhab;tants Of New Zealand.' He had, been
sent atilt in the year 1842, in care pr 409 emigrants from

This resolution, like the others, was unanimously car-
ried;_and a vote having been accorded to the Chairman,
who briefly acknowledged it, the meeting, which was
numerous, and highly respectable, then separated. '

MR. BRAHAM'S CONCERT.
Mr., Witham gave a monster concert at Covent-garden
Theatre last evening. The programme contained a list
of no less than thirty-nine different pieces of music. The
vocal performers were the Brahams, father and sons,
Staudigl, Madame • Dorus Gras, Mrs, Alexander New-
ton, Miss Alleyne, and the Misses Williams, while the
solo instrumental performers were Lindley on the vio-
lincello, and Blagrove on the violin. While the quan-
tity, therefore, was sufficient to satisfy the most inordi-
nate appetite, the quality was such as could not fail to
gratify the most fastidious tastes. No wonder, there- '
fore, that the house was filled almost immediately after
the doors were open. The first part consisted entirely
of sacred music, and the gem of this part was Handel's
" Gentle Airs," beautifully sung. by Braham, and deli- '
ciously accompanied by Lindley on the violincello. It
was delightful to hear these the two last representa-
tives of the old school thus once more coming forward
and fairly distancing all their junior competitors.
There is a delicious sweetness about Lindley's perform-
ance on the violencello, which seems unattainable by
any other artist. In the inere,trickery of execution he
may be surpassed ; but in the pureness of his intona-
tion, in the richness of his melody, in taste and expres-
sion, no one can come near him ; and as for Braham, he
stands as he ever has stood, alone—the prince of singers.
In the second part Lindley gave us a delightful con-
certo, played in his own rich flowing style. The
audience were enraptured into the breathless
silence of delight while listening to the 'delicious
tones " in linked sweetness long drawn out," and at
the conclusion there was a burst of real hearty genuine
applause, such as has not been heard within the walls
of a theatre since " the good old days when George the
Third was King." Mr. Blagrove performed a concerto
on the violin with much taste, and exhibited mar-
vellous powers of execution. He reminded us
not • unfrequently of poor Kieswelter, and to say
• this is, as . Mr. Blagrove is well aware, to award
him no small amount of praise. Staudigl was eneored
in Benedict's song, "Rage on thou angry storm," which
he sang magnificently, and Braham's own beautiful duet,
" When thy bosom," was delightfully sung by himself
and Madame Dorus Gras. We cannot close this notice
without congratulating Mr. Charles Braham on the
marked improvement which has taken place in his style
of singing within the last few months ; his voice seems
to have acquired not only greater accuracy of intonation,
but greater power and greater compass. He sung Ros-
sini's bravura, " The trump of fame," last evening in
manner worthy of the name lie bears. •

LYCEUM THEATRE.
The White Feather is the title of an amusing trifle
which was produced at this theatre last evening, with
complete success. The scene is laid in France, -where
Colonel Previllo (Mr. Craven) is about to join a regi-
ment, to which he has been recently appointed, but
Love, who from the days of Jupiter downwards has de-
lighted in disguising his votaries, causes Amy' (Miss
1Voolgar), the sister of Madame Preville, to assume the
disguise of the Colonel, and accompanies her sister in the
character of her husband, in order to ascertain the true
state.of the affections of a, certain Captain Duval (Mr.
F. Vining). Her adventures among the officers may be
easily imagined. Penades and champagne break-
fasts follow each other with such rapidity that.
poor Amy's head is fairly in a whirl, when the
arrival of the real Colonel, after nearly involving
her in a duel, brings about the catastrophe, and holdieg
up a " pretty white feather," while to the audience she
speaks the tag, and the curtain falls. Miss Woolgar
looked:exceedingly fascinating in her male costume, and
acted with the most bewitching espieglierie, and we have
no doubt but that she will show " the white feather " for
many nights to come. The house was very well
attended.

COURT CIRCULAR.
The Queen and Prince Albert walked yesterday in
the Royal Gardens of Buckingham Palace. His Royal
Highness Prince Albert afterwards rode outon horse
back, attended by Col. Wylde, Equerry in Waiting.
Their Royal Highnesses the Prince of Wales an
the Princess Royal, were taken their accustomed daily
airings yesterday in the Royal Ga-rdens.
The Royal dinner party at Buckingham Palace yes-
terday evening included the Duke of Devonshire, the
Earl and Countess of Granville, Viscount and Viscoun-
tess Emlyn, and Sir Arthur and the Hon. Lady Brooke.
His Rolfe' Highness the Duke of Cambridge, at-
tended by*Baron litiesebeek, honoured Mr. Mills with
his company at dinner yesterday evening at Camelford
House. His Royal Highness afterwards honoured the
COuniess de Salis with his company at her residence in
Carlton-gardens.
Her Royal Highness the • Duchess of Gloucester
visited her Majesty the Queen Dowager yesterday, at
Marlborough House.
Her Royal Highness the Duchess of Cambridge
honoured the performance of the French Plays with
her presence yesterday evening.
Baron de Thile, Prussian Charg6 d'Affaires, transacted
business yesterday, at the Foreign-office.
The Governor of the Bank of England and the Deputy
Govoinor had an interview with Sir R, Peel yesterday.
Mr. Wickham, Chairinan of the Stamps and Taxes,
had an interview with the Chancellor of the Exchequer
yesterday, at his official residence, in Downing-street.
The Right Hon. Henry Ellis transacted business ye-
terday at the Foreign- office.
Dispatches were received yesterday at the Colonial-
office, from the Governor of Gibraltar.

The Governor of the Bank of England and the De-
puty Governor had an interview with the Chancellor of
the Exchequer yesterday.
Lord Granville Somerset had an interview with Mr.
Gladstone yesterday, at the office of the Board of Trade.
The Judicial Committee of her Majesty's Most Ho-
nourable Privy Council sat yesterday. The Lords pre-
sent were the Lord President, Lord Brougham, the Vice-
Chancellor Knight Bruce, and the Judge of the Admi-
ralty Court.
The Vice Chancellor Knight Bruce gave judgment on
an appeal from the Prerogative Court of Canterbury,
" Mackenzie u. Yeo," relative to the validity of a codicil
to the, will of Mr. Barber, who died in 1839, of the
amount of 5,0001. Their Lordships pronounced against
the validity of the instrument propounded, and affirmed
the judgment of the Court below, with costs.
The Solicitor-General was heard, on Derosne's patent
fbr refining sugar • applying for an extension of the term
of the patent, Witnesses on the part of the patentee
were examined before the Court. Lord Brougham, on
the part of their Lordships, granted an extension of the
patent for the term of six years, The Court then rose.

Bell's Life in London of Sunday, May 26, will
give the most correct account of the !bur days' sport at Epsom,
with a portrait
.of the winner of the Derby. Contents of
Bent- ',tie of last Sunday, May 19 ;—Fifteen columns of
Sporting. events, including Paris Races, and a peep at the
French Derby (Chantilly), an epitome of the week's mis-
cellaneous news, and 100 advertisements, chiefly connected
with Sporting matters. The insertion of a single advertise-
ment in Bell's Lifi may be equally beneficial to that of half
a dozen in some journals. A sixpence, or six penny stamps,
jto Mr. Clement, jun., l'7o, Strand, will at all times ineupe a
copy of Bell's Lift
iy return of posh
isTrbegeull'erlek.lpyttbesietishedof
Belts" Lire exceeds 20,000 copies,
in time ibr the Saturday afternoon railways. _Belts Lire of
June 2 will contain an engraving of the Ascot Cup.
THE NATt ROYAL ExcHAN(ail AND THE WEL-
LINATpif SrATUE.:-For soma days past several' men have
bean employed in lvinaa fOundation
_and basement, in
which great progWie has been made, in front of the New
Royal FAchange,.ftm the reception of the Wellington statue.
The spot selected for the erection of it is about
the extreme
end westward of the Bauloildi/ and opbsite the Globe
Assurance-office,l A <7...•
vAy strong foundation of concrete has
been '44 11.0 N DA to a depth of above twelve feet, and on that
will be raised a solid block of brickwork, which, it is expected,
will be finished in a few days. Opposite the western front or
the New Royal Exchange a lofty scaftblding is now raised, o
a level with the pediment, for the purpose of having ced
"there the figures,from the desigfia and execution of 8.4. West-
ulacott and his assistants. .• - •