The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1844-05-14 00:00:00

HOUSE OF COMMONS.-MONDAY.

On the motion of Sir H. DOUGLAS, the report on the
Liverpool Fire Prevention Bill was brought up and
agreed to.

DANK OF ENGLAND CHARTER.

Mr. Greene in the chair.
Sir R. PEEL then rose and addressed the house on the
important subject of the Bank charter. In 1833 there
had been a renewal of the charter to the period of 1855;
but a power was reserved by parliament to reconsider the
charter within ten years, which period would expire in
August next, and if that time was passed by, the present
charter would continue until 1855. It was therefore un-
der these circumstances that the government wished to
lay their views and plans before the legislature, and he
hoped the most impartial attention would be paid to this
great subject. He did not ask the House of Commons to
come to any decision then, he only asked members to hear
the arguments which would be offered, and well consider
the resolutions which would be proposed. He asked for
no decision on the present occasion, but that the resolu-
tions might be considered pro forma and attentively in-
quired into (hear.) He hoped no hon. member would
come to the discussion on this great question with preju-
diced feelings (hear, hear.) He trusted that nothing
which had taken place at public meetings would bias their
judgment (hear.) His first proposition related to the issue
of promissory notes, and he trusted that proposition would
be fully and maturely discussed before any decision was
pronounced (hear.) He courted discussion on the mea-
sure and value of the standard coin and the principle of
paper currency. The right hon. bart. then took a review
of the changes which bad been made in the currency from
the time of William the Conqueror to the present period.
He then proceeded to propose that the Bank of England
should retain its present privileges, but that there should
be a distinct seraration between its two departments of
banking and issue, which are to be managed by different
sets of officers and under different systems. The issue
department is to be controlled by new powers of super-
vision and publication, but the banking department is to
be left to free and unrestrained competition. The issue
department is to be based on public securities to the ex-
tent of £14,000,000, with a weekly publication of ac-
counts, comprising the amount of notes in circulation,
the quantity of bullion, and the extent of fluctuation.
The same distinction between the business of issue and
banking he proposed to extend to all other banks; and
be also proposed that no new bank of issue should be
congtitwed, but existing banks would be allowed to retain
their privileges, though the amount of their circulation
will be restricted to the averages of their previous issues,
and they will be under the necessity of publishing a
weekly account of their liabilities. He proposed to grant
to joint-stock banks the privilege to sue and be sued in
the name of their secretary or manager—the acts of the
directors to bind the concerns; but the shareholders to
be exempted from the responsibilities of the law of part-
nership. At present joint-stock banks were not allowed
to accept bills under six months' date ; but in this respect
be proposed that they should be placed on a level with
other banks. If they should abuse this privilege, how-
ever, by the multiplication of small bills, he would cer-
tainly ask parliament for power to put a stop to such abuse.
In addition to this he proposed that all banks of issue
should be compelled to publish periodically the names of
all partners in order to enable the public to judge of the
responsibility of the parties. He should not require that
existing banks should invest in the public securities a
certain portion of their paid-up capital, but in the banks
to be hereafter established they would be free to act ac-
cording to their pleasure. He further proposed that no
new joint-stock bank shall be established without the
consent of the government, and with a defined form of
trust deed and a regular periodical audit of accounts.
lie also proposed that the Bank of England might, with
the consent of three members of the government, extend
its issues beyond £14,000,000, but all profit on the in-
creased issue must be transferred to the state. The legal
tender clause would be continued, end the charter thus
altered should run for twenty-one ears, with liberty to
Parliament to .interfere at the end of ten years upon a
given notice. The amount paid by government for the
management of the public debt is not to be increased, an
arrangement which was cordially acquiesced in by the di-
rectors. He did not intend to meddle at present with the
banking systems of Scotland and Ireland, and would say
nothing about small notes lest he should raise a storm
about his ears and encumber the present measure with
details which might be equally as well taken into conside-
ration hereafter. He did purpose, however, to extend
the restriction as to the new banks of issue to Ireland
and Scotland, and to subject future joint-stock banks in
those countries to the proposed regulations.
After a short conversation, the resolutions were agreed
to proforma, and are to be taken into consideration on
Monday next. .

The Lou,e then went into committee on the Factories
Bill, the discussion of the clauses of which occupied the
remainder of the evening.

HOUSE OF LORDS.-TUESDAY.

The Marquis of NORMANBY asked Lord Ripon whe-
ther he had any objection to the production of the cor-
respondence with the Board of Directors of the East India
Company relative to the recal of Lord Ellenborough.
The Earl of RIPON objected to the production of the
papers, on grounds similar to those stated by Sir Robert
Peel in the House of Commons.
Earl FITZWILLIAM said he was desirous of ascertain-
ing from the noble earl opposite (the Earl of Dalhousie)
whether her Majesty's government entertained any ob-
jection to the motion of which he had given notice for
to-day, for an address to her Majesty for the appointment
of a commission on the subject of railways, and whether
they intended to meet it by a negative ?
The Earl of DALHOUSIE said be would briefly state
the reasons which induced the government not to give
their consent at present to the motion of the noble earl.
The question connected with railways was now, and had
been during the present session of parliament, under the
careful and laborious consideration of a committee of the
other house. On an early day in this session the Presi-
dent of the Board of Trade brought the whole subject of
railways under the notice of the other house ; and an in-
struction was given to the committee on this subject, to
take into consideration all suggestions which might seem
adapted to advance the public interest and convenience.
The committee had laid three reports upon the table of
the other house, two of them having reference to bills
which had been proposed during the present session, and
the third taking a much wider range. If the noble earl
bad seen that report, he would be convinced that the
committee had gone very deeply into the question, and
be would be aware that they had proposed some impor-
tant alterations in the railroad system. The committee
had taken into special consideration the facilities afforded
for travelling by third-class trains. The inconveniences
to which passengers by these trains were subject were
most discreditable to the railway companies (hear, hear),
and it would be a discredit to parliament to allow them
to continue. The committee had therefore recommended
that all future railway companies should be required to
provide trains at convenient times every day, the car-
riages being " seated" and defended from the weather,
for the conveyance of third-class passengers. It was de-
termined to prevent those shifts to which railway compa-
nies had had recourse, such as sending off the passengers
by the third-class trains at nine o'clock at night, in car-
riages without seats, and occupying sixteen or seventeen
hours in performing a journey which, by the ordinary
trains, was performed in six or seven hours. Although
he could not state the fact positively, he bad no doubt
that some measures would be adopted to make it compul-
sory upon railway companies already in existence to ex-
tend the facilities for travelling by third-class trains. It
was, of course, a matter of delicacy and difficulty to
interfere with companies already established, because,
granting that they inflicted hardship by demanding a high
rate of fares, and by other means, still the powers and
repulations under which they acted had been granted and
confirmed by parliament, with its eyes open, within a
comparatively recent period. It was proposed to place
everything connected with railways under the strict su-
perintendence of a government board. The committee
of the House of Commons bad also recommended that
it should be made a condition in all future railway bills,
that, at the expiration of fifteen years from the time of
the passing of the bill, the companies should submit to
this alternative—either that when their dividends amount-
ed to upwards of 10 per cent. they should consent to a
revision of their fares, giving at the same time a guarantee
that their profits should not sink below 10 per cent., or
that the government should have the option of purchasing
the line at 25 years' purchase upon the visible profit. He
had referred to these points to satisfy their lordships that
the committee of the other house was going to work on
this subject in earnest. The question as to whether an
examination of projected lines of railway by a government
board should be required was now under the consitlera-
tion of the committee. He thought it might be advisable
that, previous to the adoption of any line of railway, a
reference should be made to the Board of Trade, and that
the proposed bill should be submitted to them for the
purpose of examination and inquiry—the inquiry relating
to such questions as the amount of trifle that might be
anticipated, the engineering difficulties to be overcome,
and such other matters as a committee of the House of
Commons might recommend.

HOUSE OF COMMONS.-TIIESDAY.

Mr. Hindi& moved for copies of the correspondence

\\V

' between the Court of Directors and the Government re-
specting the recal of Lord Ellenborough.
Sir ROBERT PEEL said he should feel it his duty to offer
to this motion the most decided resistance in his power.
To a motion which involved a discussion of Lord Ellen-
borough's character and conduct, it might be a sufficient
answer that such a discussion ought not to take place in
Lord Ellenborough's ab-ence : but his present ground of
resistance was a sal higher one—the welfare of the pub-
lic service. The government, looking at India as it was
when Lord Ellenborough went thither, and as it was at
this day, had certainly approved of his conduct. When
the directors had resolved to recal him, the government,
though not concurring in that measure, yet thought it
desirable that the two ruling powers, the directors and
the government, should act in concert with respect-to the
appointment of the successor. He had himself seen the
chairman and the deputy-chairman ; had told them that
all recollections of what had passed ought. in his opinion,
to merge in the consideration of what would thereafter be
best for the public; and that he would name no successor
who would not be favourably regarded by the directors.
They concurred in these sentiments. He then inquired
whether Sir H. Hardinge would be acceptable to them.
They answered that they had already thought of Sir H.
Hardinge as the fittest man in England for the office.
Upon this he had proposed the appointment to his gallant
friend, pressing him to allow no private consideration to
withhold him from performing this great .service to his
country. Sir H. Hard nge, without hesitation, had com-
plied with the request, and was to sail by the earliest
conveyance. But it was not to be suffered that by that
same conveyance a published correspondence, the history
of past differences, should go out to India, raising the
most inconvenient discussions in that country, and em-
barrassing the very commencement of Sir H. Hardinge's
administration. He would appeal to the directors now
present whether such a publication would not be highly
injurious to the public?
Mr. ASTELL declared that the directors had never de-
sired the publication of these papers ; and that, in his
judgment, that publication would be injurious to the ge-
neral interests in India. The directors had thought it
their duty to effect the recal of the Governor-General;
but, this being now accomplished. they had no desire to
raise any question implicating his proceedings, which,
undoubtedly, had been taken with the most upright in-
tentions. _

Mr. ROEBUCK wished to know whether the government
meant to make Lord Ellenborough's conduct the guide of
the future governor? Whether Lord Ellenborough had
not been removed for his private conduct rather than for
his public policy?
Sir R. PEEL said there had been nothing of compro-
mh;e between the government and the directors. As to
the principles on which India was to be governed, Sir H.
Hardinge would determine them for himself; and he was
convinced that they would be principles of sound discre-
tion and high integrity.

The house then divided—
Against Mr. Hutne's motion 197
Font....

Majority against it • 176
Lord JOHN MANNERS moved for a select committee
to inquire into the operation of the laws of mortmain and
charitable bequest, and the expediency of revising them.
Not only land, in the ordinary sense of the word, but
every interest in land, even shares in railroads, were tied
up by the existing law. He was not now proposing its
actual repeal : he asked only a committee before whom
he might adduce his proofs.
Sir J. GRAHAM. though he had before opposed the
immediate repeal of the laws in question, had no obj tion
fe
to the appointment of the select committee now pro ed.
The report of the Factory Bill being brought up, was
received, with some 'additions introduced by Sir J. Gra-
ham in points of detail.
Some matters of routine were then disposed of, and the
house adjourned.