The Sun.
London, England, 1844-05-06 00:00:00

GOVERNOR-GENERAL OF INDIA.

Upon Sir ROBERT PEEL moving the Order of the
Day for the House resolving itself a Committee on the
Bank Charter,
Lord JOHN RUSSELL said that there was a matter
of great importance for the consideration of the House
which he wished some period to be fixed for bringing it
forward. He alluded to the extraordinary proceedings
that had taken place with respect to the
Governor-General of India. He did not wish
to raise any impediment with respect to the discussion
which stood for to-night, but after what had taken place
it was impossible that the matter could pass over with-
out some explanation as to the course pursued by the
Government, and as to the manner in which, for the
future, India was to be governed. He perceived that
his Hon. Friend, the Member for Montrose, had
a motion for to-morrow evening on the subject,
but it stood low in the list. He admitted that it would
be unfair on Government nights to interfere with the
orders of the day ; but still on a subject of such great
importance as the government of the Indian possessions
of this country, he trusted that Hon. Members who had
notices for to-morrow night would allow the Hon. Mem-
ber for Montrose precedence, in order that he might
bring the subject forward. It was his firm opinion that
some certain time should be fixed when the motion
might be brought on.
Mr. HUME said that his name stood first in the
notice paper for to-morrow with respect to the printing
of a petition, complaining of the magistrates of Shrews-
bury, and his name stood last in the paper with respect
to the motion as to the recal of the Governor-General
of India. Now, he had no objection, if it met with the
approval of the House, to take the last motion first, and
the first last.—(Great laughter.)
Sir R. PEEL stated, that he would not take any ob-
jection to the course proposed to be pursued by the
Hon. Member. It was for Hon. Members who had pre-
cedence to say whether they would give way or not.
Mr. COBDEN stated that he had a motion which
stood second in the pdper for to-morrow. He bad no
desire to put it off ; but if it was the wish of the House,
he would not stand in the way of the Hon. Member for
Montrose. _

Sir R. PEEL could not undertake to say how long the
Hon. Member for Montrose would be, but he could
assure the House that what he (Sir R. Peel) would have
to say would be very short indeed.
The subject then dropped, it being understood that
Mr. Hume would have precedence to-morrow evening.

THE BANS CHARTER.
The order of the day for going into Committee on the
Bank Charter Act was then read, and the Speaker
having left the Chair, the House went into Committee,
Mr. Greene in the Chair.
Sir R. PEEL then rose for the purpose of moving
resolutions. He said there must occasionally be some
questions of such vast and manifest importance, and
which prefer such a claim, or I should rather say, such
a demand, on the attention of a Legislature, that all
rhetorical proofs, all dilation on the value of the
subject, or injunctions of the duty of giving
it an attentive consideration, become superfluous
and needless. I shall, therefore, proceed at once to call
the attention of the Committee to a matter which enters
into every transaction of which money forms the basis ;
there is no contract public or private, no engagement
national or individual, the enterprise of commerce, pri-
vate trade, the arrangements to be made in all the do-
mestic relations of society, the wages of labour, the
transactions of the highest amount as well as those of
the lowest, the payment of the National Debt, the pro-
vision for the national expenditure on the one hand, and
the command which the coin, of the smallest denomina-
tion, has over the necessaries of life—all these are
affected by the decision to which we may come on
that great question which I am about to sub-
mit to the consideration of this Committee. The
circumstances out of which this duty imposed on me
arises, are shortly these. In the year 1833 an Act of
Parliament was passed which continued to the Bank of
England certain privileges until the year 1855, and after
the year 1855 until Parliament should determine to
give one year's notice to the Bank of its intention to
revise the charter. Before, however, the expiration of
the full period of 21 years—before the arrival of that
term of 1855, there was reserved to Parliament the power,
after the lapse of ten years, by giving notice to the
Bank, of revising and reconsidering the charter.
That period will arrive in August, and it will be then
competent to the House, by notice to the Speaker, to
signify that within six months then following the House
will consider the charter of the Bank of England ; but
if this opportunity were permitted to go by, the charter
of the Bank, and all the privileges it confers,
would necessarily endure till 1855. In the present state
of this country—in the present state of the currency—
after the inquiries instituted—after public attention has
been called to the subject—her Majesty's Government
feel it to be their duty to avail themselves of the oppor-
tunity thus given to them by law, and to submit their
views to Parliament on the subject. They are of opi-
nion that inquiry has been exhausted—(Hear, hear)—
that all the information essential to a satisfactory judg-
ment has been acquired, and they think they would be
abandoing their duty if they did not undertake maturely
to consider the subject, and to take upon themselves the
responsibility. of submitting to Parliament, at once,
without waiting for protracted inquiry, the measures
which in their opinion it is desirable to adopt.—(Hear,
hear.) Sir, I am perfectly satisfied the Members
of this House, rising superior to all party
considerations and all private interests,:will consider
it their duty to apply their deliberate and impartial con-
sideration to this great subject. I have that confidence
in the House of Commons, from past experience of their
superiority to mere party views or personal interests,
when matters of deep importance are under considera-
tion, and I feel convinced that will be the course they
will pursue on the present occasion. I ask them to-
night for no decision.—(Hear, hear.) In fact, I would
deprecate the delivery of any positive opinions
now. I ask them to listen to the proposal
I am about to make, to hear the evidence and
arguments I adduce, and to read and consider the resolu-
tions which I shall move in Committee pro forma, and,
having maturely deliberated on them, to come then to a
discussion, and pronounce their final judgment.—(Hear.)
I am not ;hake"' in the confidence I have in the House, in
consequence of having seen publications inviting the atten-
dance of Members on the subject. I hold in my hand the
resolutions of a meeting of private country bankers,
held on the 17th of April last. I find they have re-
solved that the refusal of the Government to give in-
formation on the subject of their measure concerning
banks of issue naturally leads to the conclusion of their
intention to prepare some measure affecting country
banks generally, and that this meeting considers
it most probable it related to the local circulalation
of country banks. Under these circumstances, it is
most desirable that all banks of issue, whether private
or joint-stock banks, should unite to prevent any altera-
tion in the local circulation of those banks, or in the
condition in which it is now placed by law. They
say that joint-stock banks and private bankers
should unite in opposing any such alteration.
Sir, I complain not of these resolutions—l complain not
of the inviting Members of Parliament to attend here to
here determined
Parliamentand
will
not willeo resiste
down themsubstance
the subject. But Ido hope that Members of
of those
to
oresolutions,ppo se
any
alteration before
they consider the subject. I ask you to
consider the great principles which an alteration in the
currency involves. I ask you, are you so satisfied with the
existing state of things—are you so convinced that it is
utterly impossible to suggest any alteration in the exist-
ing law, that you will come down here, before hearing
any discussion on this subject, prepared to offer an in-
superable obstacle, by. previous concert and understand-
ing, to any alteration in the existing law. I know that
to be impossible. I hold in my hand the evidence which
should make it impossible that any such previous com-
pact and understanding, if entered into, should be
acted upon. Sir, my immediate proposition ap-
pears to relate to bank concerns, and in particular
to the issue of promissory notes. But, considering that
ten years have now elapsed since this subject was brought
under consideration, I hope I shall be excused if I do
not limit myself to a consideration of those principles
which, in a superficial view, appear to determine the
issue of promissory notes, I hope I shall be allowed to
go deeper into the principle—(Hear, hear)—which
governs this great matter. I cannot discuss here the
principles on which we should establish an engage-
ment to pay a certain definite value unless we
are agreed upon the principle as to what constitutes the
measure of value in this country.—(Hear, hear.) That
is the foundation of the whole subject. It is impossible
to raise any superstructure, merely regarding the circu-
lation of paper credit and paper currency
unless we first consider the principle which determines
the:value of that of which paper is the mere representa-
tive, and it is impossible that we can come to a common
agreement as to the issue of paper unless we are
agreed as to certain great principles relating to the
measure of value and the medium of exchange. Now,
Sir, I very much fear that there is not that common
agreement as to this other and greater principle to