Year: 1867




Debate in Parliament.


In yesterdays HERALD we printed at con-
siderable length the details of the opening of the
British Parliament on the 5th instant, with the
prindpal speeches delivered on the occasion
in both Lords and Commons. The details
are highly interesting. The speeches Of
Earls Derby and Russell in the one house and
Of Disraeli and Gladstone in the other are de-
serving of special study, indicating, as they do,
the attitude of the two great parties towards
the leading questions Of the day, and which
had their due prominence assigned them in
the speech from the throne.


That which is chiefly interesting to us on this
side is the prominence which is given to the
relations sustained by the British government
towards that of the United States. When We
remember the hasteur which was manifested
towards us during the period Of the late rebel
lion, and the tone and spirit in which Earl
Russell replied to Mr.. Stewards communication
in regard to the Alabama claims, it is impos-
sible not to feel that q change for the better
has come oyer the spirit Of the dream Of
British statesmen of all shades of politics.
In the address from the throne the i'm
portance of maintaining friendly rela-
tions with the United States was well
and gracefully put Occurring, as it did, early
in the royal address, the allusion to the United
States evidently implied willingness on the
part Of the government to pave the way to an
amicable solution of all outstanding difficulties
between the two countries. In the debate
which ensued In the House of Lords Earl
Russell openly and honestly admitted that she
saw no reason why, because ne, al the head Of
the Foreign Office, did not accept certain
propositions which were made to him, the
noble lord Stanley now at the head Of that
department should not come to a different
conclusion" Earl Derby is equally explicit
Having stated the form which, as it seemed to
Lin, the question had assumed, he said "If
the United States admit the principle of arbi-
tration, if they can point out the precise ques-
tions which they desire to have submitted to
the arbiter, and the grounds upon which they
seek for redress and compensation, we shall be
quite willing to meet them in friendly spirit
to discuss the points upon which arbitration is
sought, and, if we can find an impartial arbiter,
to refer to his decision the questions at issue"
In the opinion of his lordship 'sthere are no two
countries between which friendly relations are
more entirely for the interests of both than Great
Britain and the great republic on the other
side Of the Atlantic" Mr.. Gladstone's remarks
on the same subject in the Commons, were not
substantially different from those of his friend
l,<o -, IL
So far, we say. so good. The change Of tone
is ~ marked rs it is agreeable. There is no
reason known to US why VIC should not recip-
rocate the sentiments which have been thus
expressed, and give utterance to the hope that
the two nations, bound together by SO many
ties, not one of which can be sundered but
to the mutual disadvantage of both, may ad-
vance, hand in hand, on the great pathway of
progress in which each has been helpful to
the other and in which both have exhibited
such magnificent examples to all the rest Of
the world. II is not without reason that the
American people feel aggrieved by the policy
pursued by Great Britain during the late re-
bellion. Reparation for the wrong, however,
is all that can be looked for. II that be made,
and made in the spirit in which it is promised,
we shall have cause to be satisfied. 1t will
be well for British statesmen meanwhile to
remember that words will not suffice if deeds
be wanting.


BiII to Redeem the Compound Interest Notes.


The bill TO redeem the compound interest
notes that fall due during the fiscal year, which
passed the House of Representatives on Friday
by vote Of nincty-five yeas to sixty-ive nays,
shows the progress Congress and the country
are making toward a sound policy with regard
to The rational finances and currency. The
national bank interest and the capitalists Of
the East were shown to be less powerful than
was supposed. Messrs. Hooper, Pomeroy and
others made desperate effort TO carry the
original bill TO redeem the compound interest
notes by an issue OF other interest bearing
notes, and they threw every obstacle possible
in the way Of amendments and the introduc-
ton OF the new bill that passed, but unavail-
ingly. Against all the parliamentary tactics
used there proved to be such powerful party
in the House against the currency contracting
and national bank influence that this measure
was put through in the neatest and most de-
cisivc manner possible. Instead Of redeem
ing The compound interest notes by .
new issue of certificates bearing interest
at three and sixty five hundredths per cent.
as Mr.. Hoopcr's bill proposed, the re-
demption is TO be made by non-interest bear
ing legal tenders. The amount Of legal tenders
authorized to he issued for this purpose is one
hundred millions Thus, instead Of paying six
millions year, "a at present paid in interest on
the compound notes, or three millions six hun
dred and fifty thousand, as proposed by Mr..
Hooper's bill, the government will save the
:.isooni. Instead Of the national banks draw.
ing either OF these sums annually. in addition to
their other enormous profits, the Treasury aud