The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-12-27

not be arrested by the vain language Of restless
levod Of judgmfn'. You will aid with your wisdom
discover that which IL moet useful for the security Of
The throne and the real happiness Of my subjects,
admitted the deputies to pay their homsge He then
rose aud them his benedicton and added that he
assistance Of Heaven, and that he those abors
would be fruitful In good results and that they would
accomplish the wishes OF his heat.
deputies were admitted to kiss the feet
OF the Pope who having risen, conferred them his
benedicton and took leave Of them In these words
" Proceed, with the blessing OF Heaven, to commence
suits, and conformabls to the desires OF my heart
In the meantime, two battaions Of the Civic Guard
mad been drawn up the square Of the Quirnal with
the troops which to escort the oortegs Twenty
four state carriages supplied by the Roman nobility for
moved forward amid an immense and compact crowd.
extending from the Qurinal to the Vatican. All the
houses on its passage decorated with flags bearing
armoriai bearings Of Rome and the legations, and
rety OF inscriptions and devices. A detachment Of
opened the march next the carriages Of
the President and the VicePresdent Of the Consulta
surrounded with banners OF the fourteen wards of
Rome, and after them the carriages Of the deputies
preceded each by trophy Of the Of each province
ana TWO standards, On which nsor bed the
OF the legation and its representative Non. commits
stoned omcers OF Civic Guard walked along each
Of oitssns sent by each province to in that
great national festivity The march Was closed by n
the 6rst time the appearance and the truly military
aspect The cortege reached the Church of the Of st.
Peter at noon, and the deputies ushered seats
reserved to them close to the altar under the chair Of
st Peter After mass they repaired In the order
to the Vatican and having entered the hall appointed
for their meeting, Immediately elected a committee
draw up address in reply the Popss speech which
wss composed Of Prince Odescachi, and Messrs Ming
hetti, Pasucc, and Sivani That committee having
retired to An adjoining hall returned shortly afterwards
with the draught Of that document which obtained the
sanction Of the assembly From what had transpired
Consulta had expressed desire that ts attributes
rights and duties should be properly defined more
over asked 1t WAS empowered TO propose reforms and
control the acts Of the government On the following
day the Consulta waited the Pope with tho address
which his Holiness handed to Cardinal Fsrrett after
few word, Of acknowledgment.
The Popes speech hsd produced painful impression,
which the reply Of the Consuta had partly dispeled
The absence Of the deputatons Of the different States of
residents who to have joined in the procession
another cause Of popular displeasure Eevery thing
tborsaton was granted, when, the morning Of the
5th counter order arrested the preparations In pro-
gress 1t was reported that quarrel for precedence
had arisen the English and French ambassadors
and that Count Rossi, not being able to arrange the
difference had insisted that article Of the programme
not being carried into execution. In the evening.
the immense rowd which led the Corso the excluded
banners we're carried about by baud of young b.
longing to all classes Of the population and sauted with
defeaning cheers. The British flag figured amongst
them next to tibet Italian national coors green white
yellow stripe in honor Of the Pope, and red
Those young repaired in succession to the palaces
OF the Ministers Of Sardinia and Tuscany The latter
presented himself on his balcony, holding in his hand
the Tuscan flag and addressed few words Of thanks
to the people which received with enthusiasm
They then proceeded to the residence Of Lord Miuto
who came forward and Dried "Viva the Italian League
TX Italy aud italian Independence u Those cries
received with loud and continued applause But" adds
Prince Of Torlonis wished to crown the festvity In
bcowming manner The splendid theatre belonging to
him was opened in the evening for brilliant ball, At
which the citizens Of all ranks admitted The pro-
cssds OF the tickets to he given to the charitable
asylum Of the quarter and calculated that not
less than 4000or 5000 Roman scud thus collected
Most Of the men the uniform Of the Civic Guard
The deputies, on enterins their ooxes were iouaiy
uniform, and Lord Mimic, ikew wise saluted with
thusiasm Count Ross did not think to appear at
anything but crsditable to that diplomatist
The Pope, yielding to the advice Of Cardinal Amic
and it Is believed Of Count Rosai rejected the law on
the press prepared by Petro Ferrett brother Of the
Secretary of State.
The .Consulta had formed itself into sections. The
section of the Interior by NJ. PRODUCED the financial
section, BY M Reechi and that Of war, public works
Sc, by Prince Odescalchi.
There WAS truth In the report that the Pope In
tended to suppress the Order of Jesuits.
The private letters from Rome, of the 18th ultimo
hold out hope that the affair of Ferrara would be
smcabiy and speedily adjusted. Lord Mimic had two
long interviews with tho Pops-the of the lth and
the second in the evepngof tie l2th. The affairs OF
Ireland said to have been the principal topic dis
cussed between them The celebrated popular leader
Cicerruaochi had paid his lordship long visit. The
JeWbn roslucnLs OF hOm0 nau presented TO inc
as an acknowledgment of their gratitude for the
blessings he had conferred upon them, copy Of the
Bible splendidly bound and illuminated which had cost
upwards OF 900 scudi
The Debate Ia the British ParIia ent on the
Commercial Distress or the Nation.
On the soth of November the CHAScELLoH OF THE
Let point to this house how strong contrast
the events OF this present to what took place in
1887 and 1889 In 1887 there was severe commercial
pressure though not to be compared to that which has
xsted this In 1889 there the drain
the purchase of had had years though
be pared with the recent but the two sepa
ratey the before the other began and the
consequence was that although the demand for money
had been great the amount Of notes with the public and
the OF the notation afforded them by the
Bank England less in the autumn Of s39 than
in the period Of this year. and
was felt at that time upon the commercial and mercsn-
tile interests do not mean to say, that comparison
Of the amount Of notes. the amount Of accommodation
affords precise test Of tbs pressure at different times
because circumstances doubt may affect the periods
at the same time when stats to the house thu differ
snce, | think they will that there are no circum
stances In the present which call for so great diff
ference that between 1t and 1889 am anxious 10
refer TO nothing but documents far as can OF which
this house lie In possession On October 1882 the cir
which mean notes h IN the ;h Of the
cuded in the circulation, was fl8 1871 600; on Oco-
Der lsa7 the Of notes in the hands Of the pub
lie again including Bank post bills fi9677 O00 be-
ing increase of nearly CO 100000 The private
rifles held by the Bank f3 900 900 on October l.
1882 and cal 260 600 October p ls47 making far
Ban kto the public, difference less than ES 900
At this time to which have been referring there
pressure whatever upon the commercial world and why
Because ut that time trade In sound and healthy
state the events Of 1897 had removed from commerce
those houses that had unduly extended their credit
Persons at that time carrying healthy and
sound trade and the diminuon in the amount OF notes
with the public aud In the amount Of accommodation
afforded to them by the Bank entaed pressure upon
them, because they we're sound. 1t seems must say,
the most conclusive proof that in the autumn Of this
year 1t not from the want Of notes with the
public OF Bank accommodation, but because trade
was not in healthy and sound state that pressure was
fet which had existence in the corresponding period
OF the former year. (Hear, hear Now, will trace
very rapidly the Of events to the present time
and In doing Will refer very shortly to the state Of
trade and OF affairs in the Of 1896 because that
cohesive partly for the reasons stated former
OCCASION to be the turning point In the commercial af
fairs Of this country the Of isA6 believe
there state Of unlimited expansion of credit IL Is
true that In s4t the Bank OF England discounted at
lower rate, namely ~ per cent they raised that to
and 81 In the auamn Of lSi5, but In the summer Of
1916 there was enormous amount Of bullion In the
Bank and they reduced the rate Of interest to per
cent they had E6O00 900 Of bullion in their Golfers,
and Of about GO 500 000 proving even from