New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-12-27
Debate In the Houses Of Lords and Commons
on the ,sinIc of the NnIion.

Lord stanley allHliug 20 a passage in n, speech,
asserting thst the nk Of England bad not iniringet
Pes act OF 1854 sst that the Directors 81 the Bank q
England were IN this condition, thst whereas the reserve
n the bark ought according % ordinary management 70
have been 5000 001 tAooo0o0 AZ least AZ one pc
rOt the whole amount OF the reserve dt no, exceed
$4,000 e 400 oOo. ~ the tine when the CONNER
cia pressure xreAst-a that period from the knoW-
edge that under the operations OF the Bank Charter Act
r would be necessary for The bank 70 suspend accon0-
tat0n . houses they In the habit o. atir
doubted security this result. though doubtless unexpected
by rs authors, was produced tna while there was css-
sa,0n VI he power Of The bank % make farther issues,
AL The other banks ana also pryste person. hoard
Ing up their bullion fir beyond the amount they required
10 the transaction Of their business and this IN addition
70 e. 900 0Oo Of bullion Ia the coolers q the osnkso that
an unusual amount Of bullion locked up. and uni
versa panic was thus produced (Hear, hear A. the
same tine people became mere ana more unwilling 70
bring the money they possessed the bank had every
70 be eve that gold voul1 come 10 a. early
period, yet under The stringent operation OF the law o.
lsfs. tie bank unable 10 issue single note pevonl
IL then circulation, though AZ that time t,,OoeOOO 81
gold were lying untouched IN The Golfers OF the bank
/ (hcAr)
Ministers proposed that the Government, should 30
halves IN hs PROFITS, while they hxed eight per ceHt as
the aiEg rate, AMI compelled the bank TO al pt that
ae u procedure lie should have been glad " ask the
noble ear the Of the address. when the co.,
morcl distress 70 No doubt there had oeeo great
commercial distress dcuo; tire had been great embar
rassmen from the investment OF large amount OF cap.
railroads but the noble earl, who had admitted ne
great OF COMMERCIAL distress. bad stated that tns
quarters Of foreign corn The noble earl attributed he
commercial difficulties Of the country, mainly 70 The large
required 10 pay FOR foreign corn. In lci letter
from M Golden had drawn picture OF the aOurishing
condition which this c0anty would attain II the Corn
Laws were aboshed-new mills would be erected, manu-
factories would arise trade would increase, artisans would
he employed and the reputation would be contenied We
imported corn and exported baion cur MANUFACTURES
were stAtsnary our artisan, wOrAt alOwer Wages
with 100000 quarters imported we had dminuuon
II the great article OF export mills we're stopped aru
u Tort M. at na
failed could not export cur manufactures 10 foreign
counties foreign The foreign markets for
goods comparatively Insignificant compared with me
home market.
The Marquis OF Linsdowne said the history Of the last
few mshihs had isc osed an amour Of actual insolvency
quite alarming, against which no acts OF Parliament ana
precautions Of The Government could have provided
Not only had insosent houses been sverturnea bat the
solid and cautious establishments In the country hsd
been places u jeopardy.
firm engAged In spscuaons. whether good OF bad be
,onl the means extent his own capital But CAPT al
was made up Of credit To talk of sold capital
and t. say the trade Of this country could be carried
without credit was az ahsurci.y. A man might very
egtmaeiy trade 10 three times the amount OF his actual
capita al the trade Of The country carried on upon
credit and II all were 70 be called oyerraders who dett
upon credit aud to be destroyed without symfaih!
niy they would be- IN fact destroying the great mass Of
the commerce and trade Of the country and Govern
ment had called Parliament together with the intent 30 u
maintaining the act oi leia Ia us integrity they hai
merely lied parliament TO gather 70 themselves a.
great an amount OF unpopul1riiy rs any administration
had ever Incurred. lie strongly condemned. as most
absurd contfissnce, the shifting the Bank Of Eng'
| land, as 10 were, into two binks-s bank OF issue
and bank Of deposit The result had been that the
/ establishment had tecn on the brink Of stopping
with g. 900 eco useless sold In ts Golfers In place OF
regulating their issues Of old the directors OF the bank
had endeavnref 10 regulate the demands upon them by
raising their discounts 10 usnrous rate which they were
enabled 10 do by the partial repeal Of the usury Inc
operation OF the corn laws had not had much TO do with
he crsi.at least not IN prcduciugt. The corn trade
aid have been pretty much the same rs u had been even
alhon.h q laws had not b,eH touched. The im-
rortatou witch had taken place had turned the balance
If rate against tbs country IN Amerc1 only becaHe du
ring the whole Of the importation from the continent TIE
exchanges we're favor. The gold sent 10 Amcrci
amounted only to fi0U00O0 or f5,O000O0 aud that az
time when the gold IN the ba amounted 10 fl6000,O00
when the bank encum red with gold, the whdTa
# such a sum As { iOO00 coo fj,oO000O would have
! produced distress whatever.
Lord Broughnm said that Ireland stood before the world
in position Of shameful prominence. There was not
country the whole world. however savage and baroa
IN which ire was notnore secureani the ev Pc
remntoriy checked by u9Eerul means, ust undouotod
extend itself lie informed that the last foul murder
/ committed b. that country was committed upon per-
son who had lent money q his tenants and because he
applied for The repayment OF H. the debtors combined to
saoo him.
The Esr u Roden supposed that the very first must be
\ measure for dsArming The peons. Was u not fright
ul state Of things 70 see the workmen whom they were
Obliged 10 employ come into their nelds with their mus
| kots on iheir sholiers'
Earl Fizviam OH not think that there could be less
than 100000 persons who would require food during
the ensuing Winter. From inquiries that had been mada,
A. was ascertanet that the quantity Of potatoes grown
was only sufficient support 100000 OF the people lie
| should Vish 70 know what was 10 become OF the re
I msinicr Of the population
Earl GREY sad that II was the intention Of the Govern
ment 70 institute inquiry INTO the causes VI The recent
commercial embarrassment more particularly as regarded
the relating 20 the Issue Of notes payable On demand
The address iACn agreed 20 mem con-
House. o. COMMONS, Tuesday, Nov %.
The speaker took the chair at Y O'clock but as carly
as aremarka5le aaa ancient ceremony was performed.
har Of going through aud other Apartment
urssrresb both Houses Of Parliament, order guard
against the possibility Of any attempt similar 20 that IN
de taken by Guy Fswks. This search IS made on the
first day OF every session with as much care ana As hue
minute pIccauOn danger were really Appfehended
every passage and every nook being with the ad O lamps
aud lamb aux, fully examined IS u there existed any
rational GROUND Qicion. Engaged 10 tins duty were
twelve women OF the guard two eXons two marshamen
Mr. Pnipqs (in officer from the Department Of the Woods
AID Forests, Mr. fincham CLERK OF The Works) Sir Au-
gustus Clifford Mr.. Pullman, the Lord Great Chamber
| lain, sc.
December for the purpose u nqui'ing into the means BY
which the union between England and Ireland was e.
| fcCtcd.
afr Urqhtrt gave Dotiee 81 a address 20
| her Majesty 70 call an Irish Parliament
Mr. Hey wood moved The address. He regretted that
tie commercial 40 irs Cf this country had been Tor some
The cause II hat tepr WAS T. DC found IN uHdae pee
ultonn undae speculation with respect 20 raj way
which would probably make this period 20 be character
lied Ina history a. the iron sge England The amount OF
captsl authorized hy Parliament 10 be Invested IN rail-
| wsys WAS f2s9 100000. Of which sum tiol OOO,vUo
had actually been paid. ether shares or loans, and
there were engagements outstanding ilr tiSo"o'po'
more Toe investment OF this eapfmuus Capital was IN
,ef enough TO cause d crss 10 any country and vines
u th. we're added deficient harvest Of last year. Al
the failure of the potato crop, causing not only pyaio
ia this country bug the continent u was natural
10 suppose that the manufacturing Interest offhs county
/ would be thereby seriously afsce ed. Consequently Il
would he found that Ia Lancashire, where the Cotton
ade va principally settled, the consumption Of Cotton
ht greatly decreased and that where's IN 4.io the ave-
rage weekly consumption 5000 bales and In LID
81 eco bales this year had only been -pOOo 1Aes
There h. T. beside. been overspeculaons IN taenttt
NJ : Adair seconded the address, dwelling srongly on
the necessity . tazng decisive measures ior the re
oss OF murders Ia Ireland the number and atrocliy
OF which cAuse heart 10 sink within hm 10 render
NE desirable II must be protected and better resort a.
once 10 m sria law than suffer crime 10 stalk abroad IS Il
ala Al ure.ent The honorable gentleman alluded 70 me
lisa priesthood who. y suggestive denuneatons' De-
.ns ACCESSORIES Of crime; Who BY Dot giving up Ire
| criminal when know r.. matter b. what meas "eis
ooen 10 ,ho charge u defeating the ends Of justice
Sir H. Grzitsn said Il not BY the bAyonet o. 'D1
soldier that they could nope 70 heal the wound. OF liei-
The poor.aw had proved ALLURE TO meet me asIe,s
tih prevailed IN that country. M IrAi d2senees m0d
.fls-~ 81 ffret T. ireland.