The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-16

anticipated and whose authority would be discrefited
hescrehand but IL q 70 be into facts this, he
could bs asked 90 explain the circumstances under
which they had got into dfncufy. II such IN
he taken in secret and that, OF course would deprive
the report of much authority. Il would be wiser
se instituted by the French government vi published
During the he engaged that the government would
give their serious attention TO the working OF ine details
OF The act and they found possible on inquiry they
would gladly introduce a remedial measure, but II thoy
were able 20 propose beneficial legislation they
Observation-Disclosures Of the session Sir J. Norhco,e then
defended Mr. Dsraels Ayiesbaiy speech, explaining
that was capital available for the purposes OF loan
which was there said deficient, and he argued that
the locking much OF tho savings OF the country
Ia securities which cond not be made immediately avail
able was ono OF the chief causes Of the pressure Il can
not be denied that as run upon bank may DC occas-
toned by small Incidental or accidental circumstance
so q upon country ike England
may be occasioned by matter which 10 those who
dersand IL, and understand the working OF system,
may appear small and insignificant but which to foreign
countries a serious ard Alarming matter When they
hear Of the suspension OF Av they naturally think
Is peculiar reason for withholding confidence
from England; aud Il cannot be doubted that at this mo-
nent there Is in foreign countries want OF the conf
should be always felt in the soIdy and the credit Of
England. When we admit that to certain extent that
want OF confidence is occasoDcd aggravated BY the
action of the iaw and by the action OF the government
supervenng apon tho law do not let IL be- supposed for
moment that that is the whole explanation OF the mat
ter. DO let u be supposed fo moment that by alter
ing the law getting rid Of o, aa1los stat gf hngs
you tcW really restore he credit ~ England. II have
yenured upon these observations and this discussion,
which may seem somewhat unnecessary at the present
moment tear, hcaf) IL is because am anxious TO I'M
press upon the House and the country that the govern
men does not believe aud We earnestly hope the coun
Try will not believe that the hcaites under which our
credit abors and the want OF confidence That has been
engendered be removed, are Capable OF being
removed by any tamperng with your currency or bank
ing laws. Admitting as DO, that there are inconye
ncncas in the stands, ard tia. i 70 desirable, u
you can do H. to alter the law lar TO get rid OF
those inconveniences, think those Inconvenience are
| nothing compared Win tho disaster which
would result from its being held out 70 the
world and the commercial pubic that it - possible
by any remodeIng OF those portions ., our "a" 20
| obviatc the consequences Of the impradence or ui
SOUND trading, OF which, unfortunately, We must aunt
there has been TOO muc1. II we arc 70 go upon the
principle soiienng poss bic tho consequences
of men nprudence ihsnselyes and others, VIC must
beware that do not encourage that inprudence and
transportation whiah we have 80 much reason 20 Ia
ment IN the great Of com1,crciG, enterprise
there s0a,etg Dot fascinating % rs, and RS are
our aroe capital a, he ssors II sssk largo capital
and therefore, il is part cuarly necessary we should IN
pre- S upon The people OF Engand that II We were
is too much danger OF enterprise rapidly growing INTO
insane speculation IL tho government were Indifferent
| to tho snnerngs OF Tho commerce OF this
country, no doubt they woald be greatly 70
blame. II they we're Hing to investigate the
| possible appfcation OF remedies, so Ter az u ere
sunerngs we're occasioned or aggravated by legisla
| ton, doubt they would DO greatly 70 blame
In my opinion they would be still more TO blame they
were by any language Of theirs 10 encourage
the mAcn.evous belief that il Is possible to avert the
consequences Oh speSu'
lation by any measure tamperng with our banking oi
lava. In assuring tho honorable gentleman
that the government viii look into this matter most
carefully, and that is thor earnest desire. II possible
to iegisl3e The SUBJECT or IA invite The attention
the House To The subject a. the hst moment at whct
they give practical eff .t 10 ia Ii Views which can
not DO earlier lhap he commencement Of the next scs
son would venture 10 press upon him the Importance
OF allowing time consider thn natte ana ~ legs
late calmly and, ncr due consideration, would pre-
MIN withdraw the motion he has now brought ofwar
upon that assurance, and npon the ground more es
pecaily, that II issued n commission, ne iaaa
b. roisag ,se xpscGors, md pro!uc re- at god, b
mt serioas spii, ,niscktT cad daiger d nc country
Cheers