New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-03-19
CANADA.



werh. Instead Of debating the address in answer
% the Royal Speech for two or three weeks, as has
often happened on previous occasions, the Legsla-
I've Assembly passed the address at single voting.
Immediately thereafter, the two Houses went &C.
sisssy to work with resolution to dispose q the
buslness before them.
The Postmaster General has introduced a mea'-
ure for increasing the subsidy to the Canadian hoe
Of ocean steamers to Gl0i900 ayaar. The ProPo-
siiioD was .iavorably received by the House; and
the resolutions passed first stage by large ma;
iority. The Company lost 6 1873 600 last year; ana
It is somewhat of mystery how an increase Oh tho
,sabsidy of between $4,000 aud t6O,OOO year
, vii save them harmless future. Ihey arc, nov
ever willing to accept the NIX on ootalulhg tue -"
creased subsidy, which lie to run TIL loo'' INC year
in which the Cunard contract EXPIRES Inc
COMPANY appear to rely upon two tnings
for future suceess-an increase OF business
consequent on the revival OF trade and tEaNel,
and an imperial subsidy. The former they may
ealcSlate with pretty near approach 10 GER
taiuty But il is very doubtful whether the lmpe-
rial Government win grant the expected subsidy.
The increase of the subsidy proposed by the Post
=. master General viii net impose any additional bur
den upon the revenue of the Province, since the
new postal arrangements concluded with the United
States France, Prussia and Belgium, viii yield
4 postage IMAM VIII cover INC lucichso
IN the annual grant to the line. In England,
there is a sort of jealousy of the Canadian
line of steamers; arising, probably from the fact,
that the more postage we get for Atlantic service,
the less goes into the Imperial Treasury. when
eur Postmaster General was Iii England, recently,
he cot embrolled with the officials Of ST. Martins lie
Grand. After he had concluded arrangement
with France and ON the conveyance OF the French
mails in the Canadian vessels, the British Post
Office authorities refused to account for the French
ocean postage even as temporary arrangement, and
the result was to throw over the mails to the Gu
nard line iOrtwO or three weeks. These English
officials took the anomalous position that the Cana
dian line of steamers must be treated as If they were
American aud on this ground they refused for some
time to afford the necessary facilities for carrying
out the arrangement with France. Ultimately our
Postmaster General got the better of them, and sue
eeeded in perlecting his arrangements but not till
. every species of objection had been exhausted on
fhe other side and refuted by HIM. He found
. France far more ready To enter into the arrange
. nent than England was to sanction it. Only in
1858 the British Post Office authorities insisted on
making the ocean rate of postage on our steamers
Sd. sterling instead of Id, and this, although
England pays not farthing of subsidy to our line,
and that we may be presumed Ohave the right to
: carry letters as cheap we think proper, in line
Of steamefs supported wholly out OF our own means
Two new vessels, OF greater power aud speed,
than those at present in to De added to the
line as soon as it will be possible to get them built
The vessels are to touch at some port IN the north
of Ireland, next Summer, when the voyage VIII be
made from land to land in six days. The telegraph
n TO be extended from Father Point Point aux
Peres) TO the Straits of Belle Isle, the Canadian
Government granting $40, 900 year till the earn
ngs pay the company . per cent on the outlay, or
till an Atlantic telegraph is got into successful
operation, when it is TO cease. This extension OF
the telegraph will give us news three days sooner
than at present and reduce the distance across the
Atlantic, for Geographic purposes, to SIX days. 1t
will confer great many other Incidental advantages
in connection with the navigation OF the st. Law
renee The line will run through wilderness, and
will of course, depend for support, and above
what il gets from the Government upon the dis
patches forwarded across the Atlantic.
1t is understood that measure for the reform OF
The banking system and the paper currency of the
country will be introduced during the ses
sien. At present the system of banking very de-
fectiYe and it is almost miracle that 1t has worked
SO well and been attended with so little disaster.
Almost everything now depends upon management;
and dishonest directory could cheat the public to
almost any extent 1t says much for the manage
ment, that hitherto our great banks have been con-
Quoted without the lOss of cent to the public. But
in spite of past experience, it is felt that some more
absolute kind of security for the blllholders than
exists at present lis required. This, believe, the
new measure will secure All the existing charters
s will be swept by the board, though it may be pre-
sGmed that the banks are conserving parties. There
is a very general impression that, under the new
system there will be only single bank Of issue, in
the notes of which al the banks of discount will
deal. Such a character will be given TO the paper
currency as to make it an exact measure of value
In all parts of the country; the notes will be of
equal Yalne in all parts of the country In this re-
spect the paper currency will possess the advan-
tages Of metallic currency. The currency will, |
take it, under the new system, be essentially ma
fional one and there is TO believe that, as
paper currency, il will be about the best that it
would be possible to devise.
After a commercial crisis advocates fora bank
Iupt law are never wanting. SO il Is IN Upper
Canada at present, where no bankrupt OrinsOlvent
hw exists In Lower Canada the law provides for
the distribution of the estate equally among all his
creditors, OF any person against whom judgment
has been obtained; and there is probability that
the commercial laws Ofthe two sections of the Prov
uee will shortly be assimilated. AT present, how
ever it is felt that the laws relating 10 debtor and
creditor furnish subject of inquiry, aud that much
information is requisite before IL viii be safe or de-
srable TO attempt any new legislation. a commit
tee will, therefore, be appointed to examine the
whole subject. There are persons who condemn
this course; persons who want bankrupt law Tor
their own PURPOSES and who treat all inquiry as ut
terly superfuous; but they are IN a minority and
must await the result Of the investigation on which
the Legislature is about to enter. 1t Is IN Upper
Canada that the greatest reckessness among traders
exists and the greatest number OF bankruptcies 0c-
cur; the consequence is that it is here that the
greatest clamOr exists for bankrupt law; but 1t Is
mainly confined TO persons who are now nOt0rl0us-
" bankrupt, and who want q bankrupt law for the
purpose Of withdrawing themselves and their Tel