The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-12-26

~ eAcusiVely or manly In the Dill. lie belteve0
.nas nsa the instrumens by whom the bill was worked
taken the measures which Il empowered them take
been prevented It was srroneousv alleged that the
sole OBJECT OF the act to control the bank and
bill was three Its first object was that which
he had already admitted had practically resulted
the first The first OF those maintain and guar
anti the convertibty Of the paper currency gold
which arose at all lines as the result Of undue pec%a
ton from the abuse OF paper money In those two last
for its incorporation our present ofcuties would have
been greatly aggravated The ruth was that we were
now suffering from dearth Of capital though many
attempted to visit the blame of difficulties that
measure but for which they would have been mult'pli
ed ten told As TO what had given rise TO tbis dssrth
satisfactory were the statements already made that he
would not feel himself justified in repeating them The
right honorable gentleman then briefly glanced at our
past commercial history, to show that low rate Of in
terest and great prosperity always led to the dim
cutie. and the tame amount Of mi'ery now
suffering from Such the now. A mode Of is
suing paper and rediscounting bills novel to the COM
mercai experience OF this country bad lately sprung up
In country in me Dorid Nth ne tnc.pfion the
u States large spersructure Of paper ersdtt
raf.,don so smdHa tcss Of gold ash This country This
carried the system too far they ght look with certain
ty for the appearance OF difficulties Many were now
Bank directors in fact for more paper In proportion
their gold Should their appeal be favoraby received,
greater futurs difculty The great should be
TO reconcile much Of ease much OF relaxation
possible, and no more with permanent currency He
country conducted on such principles "a had been
houses which had rec.n,y fallen it Would be- in vain
that they looked toegis,tion TO prevent the mischief
which must snsue. Ii was monstrous that the stand
ard Of this country should be put In jeopardy to
and conceal eueh transactions us these Such prnci-
Piles beng acted upon TO greater extent than was at
first suspected they had 10 thank the 8c OF ls44 that
their difficulties were not infinitely greater What
must have been the result bad whole host Of pro-
vinc'a banks been permitted to foster aud
the recent excitement by unlimited issue OF pspsr'
There we're some who blamed the operation of the act
fnrt h. Nah Inf. n,tt
sponsbls for that IL the dearth OF capital that
here again fell and whilst this desrth continued. com
mercs AUST submit to pay high rate for capital As
TO this desrth of capital In times Of great prosper
y would not have been for This country to have
borne the double blow OF hp expenditure OF thirty three
millions for aud ten millions for the subsistence Of
Ireland But sill this not beyond it's str-pg h. nor
would have been unequal to the task OF bearing much
Of the railway expenditure that had occurred had not
been for improydent rcial speculation But. as
" was the railways operated TO enhance the restriction
arising from the other two causes and these three
causes combined certainly tunRcient to account
the Goth of October, he cordially approved Of
the step then taken by the Government He
thought them perfectly right in not having 10.
present difficulties In individual exertion and In tho
contraction OF unnecessary engagements. An earlier
appearance OF the letter might have prevented the aP
plicauon Of the remedy Blu he considered that letter
NJ no impeachment OF the law. 1t no proof that
they should confer discretionary power ON 'he bank
monpg Parliament as soon as they had nterpossd u
the Law had be-n violated would have been their first
duty have asked for indemnity from the House but
there bad been violation OF the law he did not
how, II they asked for 1t, bill Of indemnity could b.
drawn up. The right honorable Bsronet also justified
the rate of interest imposed by the letter He would not
! then enter into the question as to whether there
should be any alteration In the act OF ls44 not -
That would be subject for the confederation
Of the committee His own convictions
in favor Of the maintenance Of the preat principle OF
the act but he would permit notions Of consistency
to stand between him and n change Of opinion with
gard to any part of It, were such change forced
him by undoubted proof OF Its faulty working The
right honorable gentleman concluded with warm
a a
fixed as compared with fuctusting standard, and
sumed his seat amid general cheers
Mr STEWART then moved the adjournment OF the de-
bate
The fouse divided upon this motion, and the num-
For the adjournment. .............l5
Against H.. ..'"'''..... '''2o'
Majority against. ala
Mr. Whsor then withdrew his amsndmsnt, and the
original motion put and carried without division
The house then adjourned
Affairs In Italy.
The movement in Italy has spread TO the island 81
Sardinia. letter from Casari, Of the gath ult
"The Sandman population has been for some days In
great agitation, making demonstrations in favor Of the
Italian alliance About n fortnight pgo a young man
arrested and thrown into pr,on for crying in
the theatre The Italian ALLIANCES for = An order
was also issued forbiddDg all political demonstrations
but this order was afterwards withdrawn In this way
On the morning Of the 10th all the students OF CsgAr
open space before the Pasce out Charles Albert
forever y The Italian Union for They then
called on the Vceroy TO appear at the balcony which
demand, after some delay, he complied with He sd-
dressed them briefly declaring that from his long resi-
dsnce in the island he had become Sandman, and
that no would expose to the King the OF the peo
pie of Sardinia The troops called out and eleven
cartridges distributed to each man sanguinery col
sion was expected but the day passed of without dis
turbsuce On the goth tho OF the University.
fearing another popular Meeting applied to the police to
act but the students repulsed them and forced them c
withdraw The Archbishop then repaired to the Uni
versity and succeeded in calming the students who
him In to his palsc. towards
however UOpulatlOU
the Students and upwards OF 900 cookades were seen
together at the enterance 81 the hese On the arrival
of the Vicsroy, cries Of Long live Plus TX Italy
for ever Reforms forever . heard from all sides,
aud oookadr was handed him by the people He at
tached to his breast, aud all the civil and military
tnorties did the same The national hymn was then
sung by the astors, whilst the people Joined in On
leaving the theatre the Vceoy % tho
palace by the professors and students Of the University
to the sound Of military music On the 2st which was
Sunday, the mayor OF the town on his way to hear
at the church Of St Lucifsr, met AMI accom-
pauied by the students and part Of the population who
afterwards escorted him to the Hotel Vile In pass
ing palace OF The Archbishop they chsunted the
hymn of Plus TX the Archbishop appeared NJ one OF
then numbering about ten thousssd persons and he az
trwards received the cockade In the evening there
was grand iumiration mt the theatre, cocsades
were distributed to every one mat paesen Dc enc
| dared refuse them On the 22d tbs troops were or
d.red to keep their barracks In order to not In case OF
emergency but on the people insntins on their being
left at brty YiceToy compiled with their demand
Every by this time, women, aud children, wore
national cockade no one could venture to appear
without IL Ga the % the meeting at the theatre
SIN more brilliant. The Pi-dmontese, the ssvoysrds
and the embraced zach other in sign Of fra
ternity amidst cries Of Long live the King ~ Italy
for ever ~ This day tbs 24thJ dsputation, with tho
Archbishop at s head IL to set out for G. 20 ask
King 20 ocud tbe island Of Sardinia in TIE CONT
mental reform Of Piedmont aud In the ALI with italy
II IL supposed that Charles Alosrt viii not r.fuse The
city Of Csgliari sends two nsss II Alliance to Genoa
aud Turin Upwards OF s0 900 persoDs will accompany
| the deput alton to the steamer ~
Tne last letters from LeRhorD state that order hss
been rs-estabfhsd The srmiDg Of Iosouny va, being
pushed forward with great zeal
The War In Switzerland.
The war In SviI ,rrand Is at an end We have re-
cevsd letters from Lausanne OF the 10th ult which
the day the canton OF Vass had
capitusted and that the morning OF the 10Th tho
troops entered the territory and took possession
Of the canton without opposition The canton of Uri
has also uated that tho Is everywhere put
down and the Son der buDd In at an end
The note oftbe Prussan Government to the Dict has