The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-08-05

and the conditions expressly laid down which szue
pressure be allo~ed. Your committee think that such Q
provision could not be regarded any violation OF the
princpe Of the act Of ls4t TO have introduced such
express provision when the law itself FIRST adopted
by Psrlamcnt-or WHOM In ists Il had only been
lev years In operation and comparatively little
derstood-w@ . far more serious question Of policy and
Of prudence than fairness be regarded az the pre-
sent time. Yet the Interference OF govern neu
rems case must IN fact be taken TO hsve been con:
TO The committee Of 1915 that this subject Was con
sidered when The act under preparation In 1884, and
That SIR Robert Pecfs opinion thus expressed."1f
be necessary 10 assume grave responsibility dare SAY
men viii be found willing 10 assume such responsible
Glen. ground y srosus H. a.. o. @ nm rum
tect under the review OF Para ncn and may probably
await the decision Of the Legislature whn the Other
would, however here take occasion 70 Observe tha, n
new provisions shall II any future time oe made By
,snsnce the ~s Of Se's ss,.Ss '. es N. m..
sdeauaie supply Of bullion should be guarded
Win the utmost caution. In considering these
new provisions, your committee assume that hazard
but tha, the eceu, Of the Law 10 that respect WI
be firmly maintained. The mischief your committee
now considering ID the domestic dram, occasioncd By
panic and evidenced by boarding, which Of
msreia crisis supervescs upon foreign drain and creates
an abrupt With The circulation by Withdraw
ing IRON Tor time, for the purpose of hoardng, part
Of the ordinary circulating medium.
Of small on the credit OF the State the committee
desire should be undersiocd their opinion that tAs
subec on the ssue OF email notes scotland and Ireland,
and OF private issues generally in the United Kingdom,
should be reserved without prejudice for the future
sidsrson Of Parliament ana the pecuusy arrangements
subssiing between the executive government and the
Bank might be et 10 the consideration Of ess numerous
committee "Tbe appointment Of separate committees
may tend 10 produce the useful convfchon that NOS
Necessary 10 unsee the eres principles which regulate
our monetary system merely cecause The escunsry re
between The Treasury and the Bank may require 70
be recopsidered."
The report concludes in the following terms
n appears 10 your committee that no mischief win re-
su iron At least porary continuance Of the present
ssae o things under which the Bank Of England holds tbs
no yer aven by act OF 1874 subject 20 notice Of
Twelve months which may at sny time be given By sne
with The opinion expressed by Mr. Goulburn 1914 rhe
BANK directors had suggested the propriey Of renewing
the for twenty years. with power of giving
potce expiration OF ten, has done In 1881
SIR Robert Pees government preferred the uit which
was actually adopted OF ten years. the act 81 the exrra
ton OF that period 70 be termnable 81 any time upon
notice Of twelve months but, until such notice be given,
continue in force Mr. Goulburn thus accounts FOR this
decision. In making the proposal he says "rhe govern
ment mainly influenced by tne consideration thaA
not advisable unnecessarily 10 assse questions AFFECT
the banking interest and the currency OF the country"
Your committee have stated the reasons by which u n
established 10 their satisfaction that the resent
north Of Europe mainly owing 70 excessive specus
ton and abuse Of credit and also, that IN the time ~
pressure the houses which deserved assistance resolved
from the Bank o. England In msnper In which that e.
tabshment would not have been able 10 give IT, excepf
for the bullion retained In their Golfers and your commh
tee satisfied 70 leave IN the discretion OF the execunve
government the time sndlorudent opportunity OF giving
bty Of the Bank Of England note has been kept above
suspicion