The Sun.
London, England, 1826-03-17 00:00:00

be no inducement to make a young man acquire any knowledge
beyond. that which was necessary to curry bun through his exit-
mmatioM Where there was competition, as was the case at
present, the result wits very difibrent. Now he begged to
ask, what was to be done with the patronage of the Mist India
Company, if the existing system were abandoned ?- Was it
meant to throw-open the writer-ships to all the young men of
the country ? 'Were they to be made the reward of successful
competition ? If so, the question must be argued on other
grounds. At present those appointments were made by the
Directors of the East India Company, and were granted at
their will. Every appointment was viewed, not as a mattar,
that was to be contended for, but as a vested interest which'
some individual had already obtained through his connection,
—So far from its being looked upon as a thing that might be
, contended for, many eases could be adduced, where even ,when
some delinquency was proved, it had been considered a great
hardship to deprive the student of that which had been pro-
mised to him. This wits a very nice point to deal with. The
present system,. he conceived, was well calculated for sending
out efficient servants to India; but if a better could be devised,
be the expence of time or. money what it might, he certainly
would support it.
11r. 1111114 M MORE, believed that Ilaileybury College had
fully completed its functions by furnishing India with a suffi-
ciency of well-educated. young Men for the civil and military
services. At the time establishing the college, there wawa
great deficiency of the proper means of education. Never. did
any functionaries -hequire more honour and credit than the
young men sent out front the college.
Mr. 'I'RA NT said, that he did not think so highly of the
education Of this college. Ills experience.of the effiicts of it
in India, led him to prefer the young men educated at the
Universities. The present measure was particularly desirable,
so far as it allowed officers in India to repair to the Cape for the
recovery of their health.
Mr. LINDSAY thought that the education of Ilaileybury-
college was all-that was necessary to qualify them for their
situations in India. _

......
Mr. WYNN repited.—Leave was then given to bring in
the Bill.
PROMISSORY NOTE BILL.

'rho CHANCELLOR of the EXCIIEQUER said, that
after the ample discussion which the subjects of banking and
promissory notes had undergone, and the opportunities which
he had enryed ofexpressing his opinion upon them, it was not
his intention to detain the Ilouse at any length, on the present
occasion. lie confessed that the more he had applied his at.
tention to them, the more he had become persuaded that the
opponents to the new regulations were without any ground
whereon they could rely for refusing in adopt them in the case
of Scotland. Ile confessed that there was a material difference
between the cases of behold and Scotland, and that it was ne-
cessary to take all circumstances into consideration before
they proceeded to legislate. Parliament was hound in fairness
to listen to the expression of the opinions of all who were op-
posed to it, and of allowing them an opportunby of either
proving their case, or having the grounds of their complaint re-
moved, if their case could not be proved. It appeared to hint,
therefore, that the most prudent and effectual mode for all par-
ties would be to allow a full, free, and unreserved consid,fration
to he given to the subject before a Select Committee. It had-
been said that former Committees which had sat upon the cur-
rency and upon the differences between paper and gold, its well
as to the effects of those differences upon it, had not taken into
their consideration the circumstances of Scotch currency—that
even the committee oflBl9 had somehow °rather overlooked that
branch of The Subject, nor could it he said that it had ever under-
gone sufficient investigation. lie agreed that they ought not to
charge those who opposed the application of the new measures to
Scotland with any unfairness in their purposes or theirarguments,
until theyhad first of all heard and endeavoured to convince them;
hut he must be allowed to remark, that Parliament, in dealing
with this subject first of all, had begun with this very case of
Scotland ; for in 1785, it had restrained the issues of small
notes, which were then in circulation in that country, as a me-
dium wholly incompatible wish the interests of those into
whose hands it was most likely to go. Undoubtedly, though
Parliament was bound in the present case to legislate for the
general interests of the empire, it ought to take every possible
precaution, consistently with its sense of duty, not to preju-.
dice Scotland. As to Ireland, there appeared to be no such.
strong disinclination to the measure contemplated. The dr-
cumstunces of Ireland differ ti materially from those of Eng.
land or of Scotland. The Parli-ment of Ireland, in 1799, two
years after the Restoration Act, had suspended the issue of
small notes in that country. In 1804, the British Parliament
thought it neeess_ary to assimilate the regulations of the cur.
rency of the two kingdoms. Nothing could be more different
than the feelings of Scotland anti Ireland on this subject. For
the present, he was resolved to abstain from all further remark.
being particularly desirous to avoid all topics which might lead
to irritation, or divert the sober judgment of the House by
exciting angry passions, from :Oust consideration of the inte-
rests of all parties concerned. Ile therefore moved that a
Select Committee be appointed to inquire into the state of the
circulation of promissory notes, under AL value, in Scotland
and Ireland, and to report their opinion thereupon, in refe-
rence to the expediency. of an alteration of the laws relating
thereto.

Mr. IL GURNEY thought that it would be much safer to
abstain front this inquiry, which could only add to the ferment
lately experienced and still lingering in the public mind. The
experience of the operations of three Committees, including
the Bullion Committee, which hail sat eke:tilt , ()ugh. to con-
vince them that the
,only effbct would be, renewed agitation,
depression, and distress, in the aflitirs of the country. At least
let them forbear from interfering with that land until they bad
tried the effect of the measurtfon England. Scotland bad gone
on increasing in prosperity Under that system of circulation,
while Ireland was continually convulsed by distress for want of
a circulation. lie objected to any further interference on the
part of Government or Parliament with the money affairs of
the country.
Mr. KEITH DOUGLAS said, that Parliament ought to
Phew some deference for the petitions which were coming up
from all parts of Scotland in opposition to the proposed altera-
tion of their currency. During the whole period of the Scotch
banking system, nothing had occurred which would warrant
the proposed interference in their concerns. The state of
things which had arisen in England, and called for a change,
sprung from the late panic, occasion in part by the insolvency
of some of the smaller bankers ; but not so in Scotland,
where the people were perfectly satisfied with the solvency of
their bankers, and the accommodution which they afforded.
In Englund the evils to be corrected were, first, the too great
extent of the small hunk-note system ; and the remedy to be
applied was, the suppression of all notes under 5/. value, leav-
ing their place to be supplied by gold. But then it was said,
for uniformity sake, the same systein must be extentleo to Ire.
land and Scotland, end particularly in the case of the letter;
for it' the small-note circulation were still upheld there, it must
necessarily interfere with and injuriously ufl'ect the British gold -
currency, by being mixed up wait it. Now he denied that this
could ever take place in the manner apprehended ; nobody in
England would countenance the circulation of Scottish notes in
preference to their own gold coin. The 11(4 Member then
entered into a brief history of the Scottish banking system
since its establishmem in the year 1704; and pointed out, that
as no inconvenience whatever was found in its practical opera-
! tion, it was most unwise to meddle with It. As to the appoint.
ment of the proposed Committee, feeling the case of Scotland
to bit so strong, he should not resist inquiry. All be hoped was
that the proceedings of the Committee should be so directed as
to avoid mischief. Care ought to be taken that while iuvesti.
gating the syitem,no discredit should be cast upon individUal
institutions.—(llear, bear!)—The subject in that view was one
extreme delicacy To any inquiry into the amount of Scotch.
bank notes, circulated at any given time, he could see no ob.
jection,
Captain CORDON could not anticipate any good from the
appointment of this Committee. The system of banking in
Scotland wits solid and substantial, and required no change.—
The people had gone on well tinder it, and their unanimous!
voice was raised against the meditated altergtion.
W. DUN DA S entirely differed front his lion: Friends
in their view of tho subject; ter he thanked (and •so Might all..
the Northern Members) the Government for bringing this mat-
ter to the test of inquiry, having no doubt that the resmtlt would
be satisfactory to his fellow countrymen. An inquiry was
wanted into the probable consequences. of withdrawing front
their circulation the 11. notes. The British Parliament could
not be expected to take the mere words of the Scotch Members
upon such a question, it was therefore reasonable to call for a
Committee, where alone the requisite proof could be furnished.
He was attached to the present system, and therefore courted
rather than feared inquiry..---( Hear 1)
Mr. DRUMMOND said that it was universally admitted
there was no neeeisity for the proposed change. An inquiry,
however, could do no harm, and might be productive of good.
With respect to what had been said elsewhere of the alarm with
which British interference was held in Scotland, he for himself,
and he believed he might add for the whole Of the Scottish Mem.
tiers, disclaimed entertaining the remotest jealousy of that in.
terference.(flear, hear I)—On the. contrary, he thought the
national prosperity was likely to be promoted by British inquiry
and co.oaeration.
Mr. MAURICE -FITZGERALD said, that nothing had
been touched upon respecting the effect of the proposed measure
in Ireland, which wart in-this respect differently situated front
either Etntland or Scotland.. To be sure their northern neigh-
bours had taken up the subject most warmly, and rushed Into
- a rebellion upon it,.--(hear, hear I)—he meant only a rebellion
of paper uguinstgold.....4A laugh.
}--Ireland, quite passive, -and )---Ireland, however, had re-
and perhaps for the reasons assigned by
her oldest hisunians—that she never knew how to rebel at the
proper time._. 4
(A 1,4)
stability —He then proceeded to sneak highly
of the
of the present banking system in Ireland, where