Newspaper of The New York Herald, December 26, 1847, Page 1

Newspaper of The New York Herald dated December 26, 1847 Page 1
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:r jjr j WlioU No. 41HV4. AFFAIRS IN EUROPE. Hjr ll?e Elcettlc Telrgrnpli anil the Eastern At all. AKRIVAL OP THE STEAMSHIP HIBERNIA, AT TWO WEEKS LATER. IMPORTANT COMMERCIAL INTELLIGENCE. The Debate in the English Parliament on the Commercial Distress of the Nation. Interesting Financial Intelligence. ANOTHER LIST OF FAILURES. Decline in the Ootton and Grain fflarkets Suppression of the Civil War in Switzerland. Opening of the Council of State in Rome. b(. &c, &( The steamship Hibernia, Capt. Ryrie, arrived at Boston at 3 o'clock yesterday morning. JShe sailed from Liverpool on-the 4th inst. Annexed is the telegraphic view of the news. It is important to tne commercial community. Thtf British Parliament, for some days, had ba?n engaged with the subject of trade, and the financial condition of the country. It is expected that measures of a salutary character would be introduced. We give the debate. The sUte of Ireland is truly frightful. The land reeks with assassinations, from one end to the other. Government has proposed a coercion bill of a very mill and moderate character. In Switzerland, the civil war has been virtually terminated, by the surrender of Lucern to the troops oC the Federalists. The Sonderbund is deserted and thus the hopes of the Jesuits are fully prostrated. The affairs of Italy are in a fair way for adjustment. The Pope has opened the new Council of State of the Vatican, and his speech elicited unmixed approbation. The Royal Bank of Liverpool, the stoppage of which Chused so much excitement at the titne, ha* resumed business under favorable circumstances. The Asiatic cholera is stated to have advunced to the Prussian frontier. The Prtttt, of Paris, states that the United States government has purchased the islands of Lyra, from Greece, and will at oncc pay ofl' the mortgage due. [This is Greek to us.?Herald ] The Washington arrived at Southampton on the 3d inst. She left this port on the 18th ult. The steamer Caledonia arrived out on the 29th ult., and the packet ships Montezuma and Garrick on the 21th ult. The packet ships Fidelia, Capt. Yeaton, and John R. Saiddy, Capt. Luce, hence, cach made the parage to Liverpool in fifteen days. This is equal to steam. I'be Speculative Movement of the English Government. [From tbe Liverpool Mail. Deo. 4 1 The opening of Parliament, as far at o<>noerns the credit oft the Government and the interests of the people, has not hern propitious Her M?jesty'a Ministers treat tha victims of a fatal policy, long pursued under specious disguises. false returns, and fallacious t.rtiuon-nts. wltb calm indifference, if not with scornful and 'irjusf rtbuke What the; think, and others think,of the Ministers themselves. as the principal authors of the calamity, we shall not here attempt to conjecture. It is clear, however, that their willingness to Inquire Into theffestg ot Pnel's bill of 1844, affords evidence that thi'y ?usp?ot what they deny, and are oonscious of an errur, trhio'.i the oant embodied in Sir Charles Wood's consistency, makes them unwilling to confess. At prescat they are taking shelter behind an imaginary MM They are luxuriating in a new golden shower They ifll uf? that the goid is comlog back to the Bank of Kcglend. And so it has been for the last fortnight, and will probably oontinu^to do so forborne*week* to ctme But whence is it coming from, and under wha; clr luratlauoesT From parties in Germany, Prussia, Russia. anu America, In order to meet the bills which they irew upon |thn corn they exported to Kngland, and wulnli bills were dishonored in this oountry. The oorn )ield iu F.nglaud on these foreign accounts Is not now worth tea shillings in the pound of the amount originally drawn for. Hence the necessity of remitting gold The commercial oredit of this country is now so low that a bill,on even the best.ot the surviving houses, Is at pn sent literally o/ no value. The gold comes h^re as an unavoidable substitute. Do the mlulj.t?r* take credit for this happy turn in sfTntrs? Minds constituted like that of ?ir Charles Wood, and are influenced by the teaching of others a little more cunning and sordid than themselves, are certain to cling to any delusion, the plausibility of which they adinlie, but the treachery of which they are unable to uUcover. IVill Lot d John hare cAe ten rag* to boail tl.nt Iy h if invittd and encouraged in/lux nf foreign com hr hut tuccitiled in rotating Iht ctttMem of the United Sia'ei I Will h-? swell at the idea that we have go*. possesion of the breadstuffs without paying for t htm, and lnv? compel'^' the merchants of New Vork to remit g< Id to meo^ the dishonored drafts ? Tills, wa 'inderstanJ. is treated jocularly in oertaln high <iv>?r'.^rg. The gnld 11 returning. and Sir Charles Wood rejoloea But let Lira beware This is a game lh**. two can play at, wide though be the that **5>lls between them I he mmcant, having heen deprived of their expected Jiiofi I 6y 'hit very whig-like and vry honorable Jinan11 it <>/?? i a inn, trih r-taliate at sure as the sun thine*. An nr. hnT? not paid for the oorn they sent ns, they will tit t p <y tor the raanufaalured good* wo have sent (liem Let th? manufacturers of this country enter this "great tact" lu their books ' Important Drhnte In the British Parliament, on llie (jHiiimeirlai Olatrea* of Uieat Britain, AC _ rile (^UKSIl't jhsccU ?? On i hurcday, the IS h ult., the Imperial Parliament assembled at WtHminater Mr Kb aw Lefe?re wu reflected MpeAke.-, and the remainder of the we?k was oocupli d (u nwearlog In the new members On Tuesday the f'ifeowiijg Hojal speeoh ?u delivered by oommlssion :? " Mr Lonus ami Oiktliiiiiii ' Her Majeaty has ordered as to declare to you the MU'w whioh have induced her to call Tarllauant together at the present time. " H-r Vlajxsty has seen with great concern the distress wblob has f?r s< me time preTtiled among the commercial classes. The embarrassments of trade were at one p-nod aggravated by so general a feeling of distrust nal of alarm, that her Majesty,1 r the purpose of rest oriu^ eonfldeune, authorized her Ministers t?> recommend to the Dlreotors of the Bank of England a aourae of proceedings suited to ?uob an emergency. The ooursa mi ,k> In en (s.Mn?um.n? ?.f k. la. *11'r M?Jifty h?? great satisfaction In bslog able to In'or-u you that thf It* hi* not been Infringed?that tb<" alarm bas subsided?and that the pressure on the binktm and ooiauiercitl Interests ha* been mltlgtted " I'll, abundant harvest with whleh thin country ha* b--n hl-'R<?d hm alleviated the evils which always ac company a want of employment In thn manufacturing districts lirr Majesty has, however, to lament the recurrence of distress in some part* of Ireland, owing to the scarcity of the usual food of thf people " il?r M?,l"sty truau that this distress will be materlally re!ieveil by the exertion* whlnb have been made to ru:Ty into effect the law of the last session of Parliament for tbv support of the destitute poor Her Majesty baa hw%rn*d with satisfaction that landed proprietors have taken n jrant??(e of the means placed at their disposal, by the liberality of r&rllamcnt, for th? Improvement of land H-r Majegty laments that In some counties of Ireland > ;rocious crlrm * have been committed, and a spirit of tMnibor JinaMon b?s manifested Itself, leading to an or- ' agnized re?i?'*nc? to Ugal right*. 1 be lord Lleutenaut has employed with vigor and | nergy tbe nieaus which the law places at his disposal to detect offender*, and to prevent tha repetition of offen- i Iter Maj-?ty feels It, however, to be her duty to li'ir pence able and well disported subjects to ask the assistance of I'arliamant in taking lurther precautions pains' the perpetration of crime in certain oounties ami distrlots of Ireland. Iler Msjesty views with the deepest anxiety and Intfrrat th>i pri'Reut condition of Ireland, and she recom*?ien<Ji to the r?rsld?r?tlon of ParlluBtst w?a?ur?i .".ry- " ai' '"J.1.. ~?=r E N JS NEV whiob, with due regard to the rights of property, may advanoe the social oondition of the prople, and tend to the permanent Improvement of that part of the United Kingdom. ' Her MajMty haa teen with great oonoern tha break ion ont of civil war in Switt^rland " Her Mijesty if in communication with her ullie* on this subj-ot. and hxn expressed her readiness to uae, in conoert with them, her frienillv InHllAnrA frtr tna mipnniH of restoring to the Swim Ccwfodtratlon the blessings ot pww. "Her Msjesty looks with confluence to the maintenance of the general peace of Europe. "Her Msjetty baa concluded with the Republle of the Equator a treaty for the suppression of the slave trade Her Majesty hat given directions that tbls treaty should be laid before you ' Gtnlitmen of the Haute of Commom : " Her Majesty has given directions that the estimates for the next year should be prepared for the purpose of being laid brlore you. They will be framed with a care ful regard to the exigenoe* of the nubile service. " My Lordt and Gtnlltifren : " ll-r Majesty recommends t? the consideration of Parliament the laws which regulate the navigation of the United. Kingdom, with a view to u'certaiu whether any chance* can be adopted which, without danger to our maritime strength. may promote the commercial and colonial interests of the empire. " Her Majesty has thought proper to appoint a Commiseioa to report on the best means of improving the health of the metropolis ; and her Majesty recommends to your earnest attention suoh measures as will be laid before you relating to the publlo health. " Her Majesty has deeply sympathised with the sufferings which afflict the laboring olasses In the inaoutao luring districts in < Sreat Britain, and In many parts of Ireland ; and has observed with admiration the patienoe with whieh these sufferings have been generally borne " The distress whloh has lately prevailed among the oommerolal classes has affected many Important branches of the revenue ; but her Majesty trusts th*t the time is not distant when, under the blessing of IJlvlne I'rovl denoe, the oommeroe and industry of the United Kino: dom will have resumed their wonted activity " In the House of Lords, after the address had been moved, Lord Stanley rose, and at some length commented upon the present state of the country, acknowledging the existence of symptoms of returning oonftdenoe in the monetary world, and intimating his opinion that the measure of relaxation, promulgated about the end of October, would have had a more beneficial influence ha J it been earlier adopted, and been at the same time of a mure liberal description. The noble lord then d welt, at some length, on that mlschUvous consequences of Sir Robert Ml bill. The country was now desirous to know what the Government propo'ed to do with that bill. He then taunted the free trade party wiO? tbe utter failure of all their uredic ions, which the preseut state of the oountry afforded. After commenting on other parts of the speech, and ridiculing the insertion of the paragraph relating to tbe State of Ecuador in Her ?l?jesty's speech, whilst all mention of tbe West ludi*s .??? omitted, want on to say, before leaving this matter, h? begged to warn the Government to tak* care that ?hlle they were suppressing tbe slave trade with the right hand, they were not enoouraging it with the left He did not hesitate to say that their past exertions bad given a stimulus to the slave trade?had increased the punishment, the labor and exertions ot the slave, as well as raised bis price j and if he (Lord Stanley) had to choose between tbe two alternatives?the restoration ot the slave trade, or the withdrawal of our squadron with its heavy expense and loss of life on the ooast of Africa, and with its aggravations of the evil wbioh it vainly endeavors to put down,he believed that he would choose the former as the more Innocent and less ruinous of the two.[(Hear, hear). This brought him to another and important part of tne subject; and he wished to know if the Government were prepared to lay upon the tablo of the House all the remon-trances ttiey had received from the body of the West India proprietors There might be exaggeratlon.there might be imprudence on their part, but no one of the Government would deny that the last blow to the prosperity of our sugar producing ooloniee?the last blow wbioh broke the great commercial homes connected with that trade?was the aot which had placed upon an equality in certain circumstances, whilst a fearful inequality existed In other ciroumstanoes. our own oolonial produoera of free labor* sugar, aod the slave producers of Brauls and Cuba. Tbe. noble lord, who was frequently Inaudible, we understood to say. that he had read with pain and grief th? speech of Sir C. Grey, when he spok? in tbe name of the Government, but against his own honest oonviction, and with ru n staring those whom he addressed in tbe fane, and said that when protection had b*en withdrawn from oorn it could not be maintained for sugar The planters said, " If we are to be compelled to rest upon our own advantages, II our produce is to reoeive no favor, and no consideration is to be shown us on aoaount of the difficulties and obstacles which the legislation ot the mother conntry h?s thrown in our way. then let us, ai all events, send our produce In the cheapest manner." If protection was to be withdrawn, If free trade was to prevail over everything. If buying in the cheapest market and selling in the dearest, was the principle that was to be the rule, setting aside all considerations of national honor, or national (supremacy, that course might be persevered in till prices were lowered to the utmost possible extent But that was suloidal policy for a country ?uofn uepeuuencies were not oonllnwd to the narrow precincts of these islands, but whose commerce extended, and whose own peculiar possessions were soattered over every part of the world If all these thingi wfro to bo sacrificed.It muiit b>- ao and tbe people must bow before the calamity, and submit to it But it bis inference wai correct, tbat the disasters which bad ocoarred were consequent upon the course they had taken, tbeu he exhorted thwm,-re it was too late, atid if it were possible, to retrace their steps After some -ntences wbioh wi re perfectly Inaudible, the noble jord w>s unders ood to refer to the reports tbat were in oiroulation, to the effect uat tbe Government, in the distress and difficulties in wh oh Ibey found themselves. wers about to resort to a desperate attempt, and to aggravate the e?ils which already existed by direct taxation, (bear, hear ) and not only to continue a tax that lu the first Instance was only temporary in character, but to ex'.ecd and increase that tax, under aggravated circumstances and with added severity, lie hoped lbat the Government had uo such intention. He trusted r*'h*r that h*r Majesty's Government would feel it to be th*irjducy, and th?t I'arliamenl would ft el it to ba also th?Sr duty, to resist any attempt to impos* sw;b c t?x, u; on the oountry ii a time of profouud peace He truste'l that, tor the object of raising revenue, if that had become m-oessary, from former measures of tbe Government, sounder principles would be resorted to for that purpose It the Govern nent were defloleat in the means cf Dseetiag the exigencies of the country ? ami Ood torbid h* should s and In their way wh?n they sought to supply that deficiency?let them net aggravate the evils of the oountry by direct taxation, but resort to tbose eouuder, uiore solid, and bolder principles universally adop ed in all other countries, of raising a cousideiable portion of tb? revenue by other and indirect means. He nottld not trouble the House upon any other topics; it Would be sufficient for him to indicate that whatsoever measures ber Mijesty's Government should deem it nscetsary to submit to farliameut, should receive troin btm the most carutui and diapsralonate consideration; ami this hi would odd that nowever strongly he might f.'rl nn 1 ,m? mi'i.' > and however strong his opj?o>iilon might be to measures which he thought wrong in principle. yet. ax regarded those uia'.ters with which the interests of ths country or the safety of the community were involved. no feeling of resentment ?r hostility dieted to prevent him giving the Government a support aa Harm and cordial as if he bad the honor of sitting upon the hauj? bunch. The Marquis of Lfopowne, in replying to the remarks of Lord Stanley, said, the noble lord had endeavored to draw the unwarrantable inference that the alteration of the corn law waa a main oause or the distress ; but no supporter even of the late corn-law ever pretended to hide the inevitable consequence of an extraordinary demand far corn la deranging the raaournes of the oountry, Did Lord Htanley mean to say, that, rather than have that supply, rather than pay gold to foreigners, he would have preferred etarvst on ' Of oourae not ; and therefore his whole argument fell to the ground. Lord Stanley had epoken wit name 1-vity and ridicule of the treaty with the Equator; but if it b? granted that the slave-trade ought to b? put down, there can be no objection to accepting i he alliance and aid of any foreign power, aroall aa well as great. I he marquis concluded by expressing a hope thti the anticipation with whiohher M?j?stj 'a speech oonrluded w<uld soon be realised ; and that, severe though the distress had hren whlon bad long prevailed amongst all oisrsea, the day was not distant wneu the skill and in lustry of the oountry would reaume their customary energy, and those great oommeroial resources would Again be in full piay wnicu nan coutrisui.?j so much to the glory, greain^pi", Mid prosperity of England Lord Ami * viito* expressed a hope that mutniwoiM he used to lake the oploion of I'arllamenl on th? subjeotot the liauk Charter Aet. And be hinted at ihe nroeesity of considering the ropesl of the usury laws; tor If Interest went to rule so high as rt per cent, It mu?t de stroy the cwmmeroe ot the eonotry He did notngiee with those who said that the repeal of the corn-laws had contributed to the distress which had been felt throughout (he year ; berime the corn-trade would h?ve been pretty muob in the same state as it had been during the l?st twelve months, even If the repeal of the corn-law had not taken pl?oe. The purchases of corn whloh had been tendered neoessary had cast the balance of trade against this country, but not to any very great or serious extent, b?oause the eutire amount of bullion sent 10 America for corn had not esoeedsd four or five millions. Much an ab-traction from tbs coffers of the bank, at a time when the bank held fltteeu or slxteeu millions of bullion, could produce do distress whatever. In the House of Commons, on the 3(lth ult , The Chsnlkllox of the Exlmkhukr rose to move for the appointment of a select committee to inquire into the onuses of the recent oummeroial distress, and how far it has been effected by the laws for regulating the Issue i f bank notes payable on demand. In so dolns he entered luto an elabuiata rtatement, explanatory of"the circumstance* which bud Induced the government to Issue tha latter of tba 3#th October, and the e*u*e* which, In the opinion of tha government, had chiefly oontrlbutad to the recent diotreia. Thi alarm an4 panic whlob recently prevailed were euob that no bank not oo^ld have prevented the revultlon which en*ued It wm. therefore, no condemnation of tha aetof 1844 tbat it had not prevented it. The government had interfered b?cau?e it believed tbat the olreulatlon of the country war paralyzed by tba alarm and panlo from wbloh It became necessary to relieve It. The right bonerclile gentleman then went into a lengthened aocount of railway transaction* in IH46, the commencemont of the present year, and of the policy Of the bank during that period,animadverting with Dome severity en the conduct of tbat instetutioo. for at one time unwisely letttlng oat It* reserve, and at another auddenly cur tailing lt? operation* by raising'the rata of Intarent The flrat failure* that took place in Auguit laat were thorn houte* engaged la the eon tn4?*-fkUarea wbleb W Y O 7 YORK, SUNDAY MORJ wsre scarcely to be wonder*<1 at, considering the extraordinary fluctuations which had taken place In the price of corn?and tall tires which. In his opinion, were solely attributable to the miscalculations of thoae engaged in the corn trad*. He considered it unfortunate that the bank had come to the decision in 8rptemb?r to advance to the Nth of October, on exchequer bills at (We per cent The low rate of interest h?d effected but little alteration in the business of the bjLk itself, tuit it acted prejudicially in giving an ill grounded ocnlicence to mnnv parties connected with the money market, tfptotlie mouth of October last there wm? no inadequacy ?f bank-note circulation, nor wis there any difficulty In obtsinlng that accommodation u<uaily given in the ptiapn of discounts by the bauk The urepsure, as he had already said, bad been caused by tiie abstractly trom trade of available capital To show the extent to which this abstraction had takru place, the right henorable gentieuitn first adverted to the amount w lit oh had been dra ned away by purchases of eorn (luring the last tifteeu months The first cost of th? coru imported fr< m lH'iii to Janusry, 1847. w as ?.1,130 000 ; cf that importei from Janu.-tr^ to J"ue of tills yem ,<o 14 180.010 and of that impor ed from .luly to October, no less than i.'14.J40 000 making in all i.'D:i ooo ( 00 paid for corn during the last filletn months With the tame view tuo right houorable geutleman then udverttd to the enormous railway expenditure which had tftkm pluoa since ttie year 1841 This whs one of the chief onusm of the present diotrrss. It being impossible that so Iar^e n proportion of the Hosting oapitsl available for trade should be converted into fixed capital without a pressure being oaused. As to the failures which had oticurr^d. parties fnr fliMtii In ililfHrMiit u/u . a 11nm niirlv attributeil them to the stringent operation of the bank act, vthliih curtailed the circulation Another, to the undue abstraction of available capital, and tbe undue expansion of credit. He left the Jtou.'H to judge to which of thess they were justly to be ai tribute J, reminding them that be had already shown that th? bank note circulation van not materially contracted when this took place Ou tbe lai<t duys of September, tbe demand for accommodation on the hank bad Increased to sn extraordinaty decree, and cauei a the bank to make the announcement which, at that time, had created so great a sensation in the olty Shortly after this tbe government heard of the Jullure of sime of tbe provincial bauks, and of tbe formidable run which had taken place on one of the branches of the Dank of Kngland la addition to this, it was understand that application had been made to the London b*iiks by some ot the Hootob banks for asslntauce In this state of things, appealing to thone mors conversant wall commercial matters, the government found that the opinion was very general that a serious calamity would ensue, unlets tbe government took some steps to restore conlldeuce It was witb reluctance that he came to the con'luslon that it was imperative on tbe government to intei fere. Tbe accounts reoeivod on the Thur'd'y hi d Krlday previously to the Hatunlsy ou which tbe government had ' cred were very different as to tbe statu of things from those which had been received before. In determining to act, two suggestions were raaj" to the government- the first to authorise an additional i,?sue of notes, but to limit this additional issue by a certain amount. The other, that t'le limit should be put on the minimum rate of interest. The latter appeared the better suggestion, and the government determined that eight per ornt should be that minimum. that, under the oircuustanoes, appearing to be ibe most desirable limit. Unless the rate of interest fixed had been hk-h, the importation of capital and bullion would have been checked. Ttie removal of panic was tbe end which the government hid iu view, aud the step whioh they took was, in their opinion, the b<st calculated to secure it. The result of the Interference wnich had taken place had beeu prompt and beneflainl. He was happy to state tbat orders were now coming in from abroad?that the demand for cotton was increasing, and that the prospects of the manufacturing districts wer? improving. In addition to this, the exports to the United States were considerably on tbe increase, and the general trade of the country wss being rapidly restored to a suni and healthy state It whs urg?d by some that the interference should have taken pi ice earlier, but, in his opinion, by such a course the end of interfering would not have been attained It was maintained again by others, but he oo.-icelved erroneously that when they did act they should have acted more 1 largely, and adopted a more extjn led system of circulation aud ourrenoy. Taking agvin a rapid review of tbe 04Uses ot the pressure, tbe right honorable gentleman proceeded at tome length to show that free trade was not answerable for it, as s>me affected <0 suppose ?pressures as ?;ver? having sfilleted tbe country, when tbe protective system was in its glory, tie then eulogised the acts of 1H10 and 1844. The former had been attacked in its day with as muoh virulence as tbe latter, but those who now objeoted to it were fortunutely few and select It was objected to trio act of l"4l that it had cot aaved uk from revulsi'-ns in trada Ilutoo odd *Iio expected that it would do so bad ?uy great knowledge of the motive* which actuated ih ?? nig 'itcil in the pursuit* of commerce. Aa to the D*nk of hugland, con idering the resource* at ita command, and it* iufluence on the busineaa of the country, It was of the last , Importance that ita action ahould b;< regulated by a sound dlacretion He was afraid that reoent evrntu bad somewhat ahaken the confld-nc" of the public in that irwtitutlon. He deemed it ui.a'Jvi. able at prraent. however, to propone any legislation oti the r,ubj ot. a* thi-re waa no eutj-ct the investigation of which rctj'jlred more calm deliberation and more Impartial inquiry Hu'. I t thiught eom? such inquiry as that nowproposed before a committee of the Houst w*i absolutely IndispenI in tlin present state < f the puMIc mind It was de? rable that the proposed committee shnul l be constituted of prisons ol varioua opinions, whose conjoint labora mit'ht result in throwing nome light on the complicated problem sought to be submitted to them. It was ni t the intention ot the government to propose any measures rmboJving the principle contained in the letter of the i.'uh of October, the state of the bank belug now such na to render it highly iaprobab'n that any legislative interferenoe should be necessary The right hon gentleman eonci tided l?y moving tor Ibe appointment oi the committee Mr. J Wilson then mored aa amendment, limiting the inquiry of the committee to " bow far the recent oomoiercial distress has been affected by the Una regu ' UtlU'! ttia issua of baoh n?t s payable on demand, ' an 1 I In bo doin^ i gre <1 with tfie CI anr.ellor of the t.xiiheq er. as tii th? imperative nuceaMly wbich existed for the nopointrr.ent of the committee But ha deprecated extending tha Inquiry or th? committee to nubjuct* not immediately connected with tho great question which wa< now ugitatlng t'ie public mind I!a would confine Its'oa to the sui>j-ct* of bunking un 1 currt-n ' cy. There wora ilio several poiiilH to which the public i rniud was now alive, the first of ?hich h id reference to ; tha allegation that thise who contended for the couvertI Ibilityof liink notes, wished to fix the prion of gold. But lia denied that by attaching to au ounce of (fold the nominal valua of ?3 17*. lUXd, they in reality tiled it* price. Ths next j oiot hid rclerence to tha umry law*. Much inconvenience wan fait frrni tho fact, that a portion ol those Kwh had been (ufT-rrd rtii* to exist. and ha bclif Teil that the committee*, If appointed, wonl I so report Oraat inconvenience had laely b'tn experienced by th? importer* of the precious metal*, who recently found that they could not exchange silver for uotu*. An Idee w<ta, th>-r*for?, abr. ad tiiul tha Dank of Knjiand vbould be allowed to ls.iue notes on stiver, whilst it would be obliged to pay thaw In gold But this , would ba like permitting the Bunk to isaue notes on ?uI K*r or any other commodity, fluctuating tu value Ha ' did not think that the legislature hmlact'd with dlseia tiou in allowing the btlnk to hold any portion of Its bullion in silver, at tha timo of tha passing of tha act ? Thorn was another idea gaining ground, to tha effect tha* tha bank, in nrdar tc correct tha foreign axchmge*. Hhnulll klWHVR retain In IN hur.ili ft oartnlr. r>/>rtlAn ft? securities nl1^ foreign States Uut surh securities were more efUMent, in the means of oorreoting the f reign n ohangt s. in the hand* of private baukers than In those of the B ilk of Knglani A* to the bank act of l&U hopes hud certainly been h?ld nut that iti tffeot would b? luat -rlully to lessen the probability of over speculation and of extreme fluctuation In prteen; that It would ch?ck tbefluc nations which had taken place In the our renoy, and diminish the uhauQes of panic and pres 'ire. That these expnotaf. ons h:nl been ill-founded, tne event* of the past two years amply proved. The lUQ'lamrn'iil error of that aot w?s that those who framed it I'ontounded u tpitai with circulation, currency with bullion I lie otjeot whioh It had lu view wai to regulate the Intern 1 circulation ot the country by the foreign exrhmgen Dut this they should notatieuipt to do, nor ihould they do so could it be done successfully lie totally denied th- power of the back ao to aflect its circulation when it plenfed The uut wai baaed also upon the assumption that immediate oonvertlbilltv wan not a sufficient guaranty against the deprtoiatiou of the bank-note. Uut the convertible bank-note could not b<^ Issued In exoess, and hi : therefore maintained that Its immediate oonverti| biilty was a sufficient guaranty against depreciation Mr T Utai.'sn aeni*d that the present pressure had been* chiefly superinduced by over trading and couiiner] elal Improvidence The want of foresight attributed to I the mercantile world had not been conllnrd tv it; but bad pervaded slili-the bank end the excht'(Her There 1 had b*en great over trading In corn and In colonial pro1 duos; but, whilst he government was answerable for 1 mooh of the exoess In the former, It was chit fly responsible for the lossea in the latt-r, which were mainly attributable to lie colonial policy Hut, if merchauia had been in.prevldent, how came It that those who ?tra perfectly eoivent, experienced the pressure i as w-II as those who were lnsolvett? All that noltfnt parties wanted *lf, that Jhelr propoity might be made available when tbey r< quired it to u<eet their engagements Th? bill of 1h|.| had ui-lth- r prevented a crisis,nor had It mi'iguted It when It oocurri'd It had a fair trial, ai.d had. In many important particulars been found wtntmg Th? g^veriimi nt now proposed a committer, but whnt w. ni l the suffering , country gain in the meantime? Before ?ny measure ! could i>e found-d on tba rap rt of that commfttae, el?hthhd months would elapse, during which limit alt panics would remain at the mercy ot doubt and anxiety. The country had, for the laat year, be.n Itaelf sitting In coinmlttee on the bill; the recent pressure and alirm were the witnessei beloia It, aud the government letter of the J-Uh October was the report. What the oomineroial j body now wanted to know wat, whether the step taten I tardily in October, ?il to be again delayed. skouid It ba 1 again called for. until deputation after deputatien had ; waited on tho treasury, and Orm after tlrm bad fallen to I th'? ground. He wn? unwilling to go lato the Committee 1 without obtaining from the government some clue aa to j their intentions, should a erlsls occur hgain before the report of the committee; or an to hot* tar thfy wi re to permit the crisis to proceed before they Interfered He thought that the least they could do, until the report < f I the committee appeared, was to suspend the law of 1844. I so far at It regulated the issue of note* by the bank of KngUmd Tlie adjourned debate was resumed on Thursday,the 'id ; insi. The only speech worthy of notioe waa tha; of Mr. the Danker, who (aid that he wat lurprtied III will II III? SK B ?NG, DECEMBER 26, If I thittbehon baronet should attempt to depreciate the | value of the it?p which the government had taken on ! the J >th of October It was a step of the most impera! live necessity. and ho wai anxions to pay his rmpeut l and to express his thank* to the Government for having taken It It was not actual monev that was wanted at that time. The panic, which was comparatively groundless sprui.g from another cause? froia the apprehension .that money, if wanted, whs not to be obtained He had always differed with the frameis and promoter* of the act of 11? 44, as to the merit* ?1 that measure : and now he oono'lved from what had failed from the Chancellor (t the Exchequer, that the right lion gentleman himself was MtlJaWM 'hat it would not woik well alone As it was very pro ha He that the proposed committer would siv for a long time, he suggested that the House should, in the meantime, adopt a resolution enabling the Uank. wh ib kUthuriSed to do m by the Government, to issue it greater number ol notes thau permitted to do by tha mot Of 1H44 in th? House of Lord* on the 'Jd instant, The Marquis of La*ii>owr?t proposed that a select co'nmittee stionld be appointed to lrquire into the can* s of the recent commercial distress, and as to how I lar it h id b"en affected by the law regulating the issue of bank notes pHiableou demand; aud in doing so en tered at ccusiJei able length into the state Of the I country for noiue period b*ck Kor tbe last twp yearn i cirininiaUnce* bad cseurred to give no important lesson 1 to the community an regarded the failure of the proI dure of f >0(1, by which large masses of the people hail \ b?en affected, ar.d ulso with respect to the eitect pro: dujed by speculations carried tv an extent which the | capital and oticuiastunces of the country did not justi| fy. On a former occasion he had been asked whether \ he thought that the act of IH44 had not been lustru| mental in producing the effeots which now were felt; but : he, in the part of the Uovernment, was then unable to I answer the question, and he was so at the present time I He therefore was not prepared to reoommend that it should be repealed Inquiry was therefore neoeMary, involving the question as to how far recent (Tents were connected with thai aot; but he was not prepared to propose any inquiry which involved their going Into an investigation ol the general principle of a eurreuoy, the basis of which was its convertibility into the preoious metals The noble Matquis then procneded to state the peculiar circumstances which occurred during the last autumn, which were calculated to produoe a stringent trial of the measure, and in doing so dwelt particularly upon the large amount of calls which had been made for riiilwiiy?, inert asing as they had done from ?4.M)0.(K)0 in 1842-3 to jE'IO 400.00C for the year 184(1; while for tlte tlrst lull year of 1817 the demand was j? J6,770 OliO, and for the half year up to December next, the oalls were for ?38,000,000, making altogether ?63 770 000 tor the year It was ridiculous to suppose that MUsh xn available nmouut of capital existed, the uppllca' ion of which to such or other purposes was ' prevented by the operation of Sir Robert Peel's bill ! Circumstances independent of the pressure for the call* ou railway payments had operated to produce an effect on the general state of the country, and above all by the enormous expenditure wlucH was required tor foreign corn, in consequence cf the great national calamity I which had befallen the country by the band of Provl; denae, in the shape of tbe dearth that prevailed. The amount paid for foreign coru imported In 1810, amountI ed to maoy millions, and during the present year, during I tlte h'llf year, ftotu January to July U was estimated | t hat the charge for such p'trpos- wiuld he A'14 184 000 ; It would be a question fur the committee to deteruiiue as to the operation of thole two sources of expenditure I upon the woi Uicg of the last or previous aota regarding the bank He did not for his own pa;t believe that the ! U?t tiauk measure had tended to produoe the state of disorder wblcb had arisen in the monetary affairs of tbe (Miiititrv Tim iir?*AAiirM from thu nmiMPM which had on?*> rated,must have arisen with or without the not. of lrtl4 HI* own opinion km that the operation of the act of I'jjliameut utlu ?'Q the bank. enabled the commercial das?es gsner.iiiv to perceive that a course of enterprise had been entered uj on which could not bo carried out with the atatUble mean* of the country at the present t me, and that therefore they had beeii enabled gradually to draw Id the extent of their operation! The true circumstanre* up to what bad been going on, trhen made known, wnded to produce something like a general panic fi>Bb n.-d perhaps with what might be called a left* iate |.ri??ur? to prev. nt inordinate speculation; ba eff>ots had been such us to onli for the uttention ' and invtsilgatiou of Parliament. There h?d been ex riled la the country a disposition to indulge in extensive specula Ion f-tr surpassing what ordinary circumitanees would justify, and with this view every endeavor was male to draw money from all possible sources Lord MrA^iLrrtbea expressed hit concurrence as to the ' sppolntmrnt of a committee of the House of Lords af I proposed, us he thought that the inquiry should b? car I rUdou simultaneously by both l?oue?e. The Marquii of Lansdowne bad very lar from overstated the degrei or extant of the distress which prevailed, and when th< government culled the Parliament together at that uou su:il period of the year, it ought to have been prepared to come forward with some measure, if not to remedy, at least to palliate the extent of the distress which prevailed They had been told by the noble marquis that be should go Into the oommittee with his opinion uncommitted on th4 subject. 1( such were the case, and if the committee was not to provide a remedy, It would have b' en better on the part of the government to h ivo postponed tho inquiry until they ha I made up their minds on.the suhjeot. It was probable that neither the bank charter act. nor any other single measure, was the cause of producing this distress. Lord Manley | avowed that lie wns a party to supporting the carrying of th-it act in 1841, as a peer in Parliament and as a ' member of the government Hut the chairman of the oommittee upon whose report it was founded was the present Chancellor of the Kxchequer, nod It had been supported at every stage by the noblo marquis The government. before they issued the letter of the 25th ol October, ought to have mude up their minds an tc whither or not the oommeroial crisis followed by the panic had been produced by the act of PailifRinnt If they were not satisfied that ft had I had a Imd efTeot. they ought lint to have issued a letter sanctioning the violation of the law. If the effect of inter!' ma had been Mth ?* bad been described there could be little doubt but that an earlier Interference would hare prevented the ruin of many houses which wight bare been euahled to hare avoided (allure It wiif* iuipossibl* for any government of leglslxture prevent thus* dif trices which resulted 'lrom deficient hurreiiior from over speculation In railways; but much might hum been don? to obvlute the calamities which occurred, It steps had been taken to meet tho difficulties tit an earlier period. Little or nothing, also, wait yet known hs to the elTect of tbn failures on foreign countries, and, above all, In India, lie should not oppose tin motion Sevtral other Lord* addressed the House, approving ol j the appointment of the committee, after which the mo. tion was agreed to nrm can. Ou the following evening, Dec. 3, Lord Lansdown* ; proposed th j appointment cf a number of Peers on tb? ! c.ominlttee for inquiring into the causes of oommeroial distress. The following were the names of the l'e-rs ap 1 pointed: The Duke ol' Richmond, K.arl CJrey, Karl ol Auckland, Marquis of Salisbury, Karl of Aebburton j Lord BlMfkM, Karl of KlIenborough.Kerl Ht.Omni Lnrd UUnelg, Lord lleaumoat, Karl ' irenvill* I.otil,, .on I (,rtl K i,??,1 I rft I or,I W h n r.wl i If* llllk?>.l ' Montroae. Muinuiit of C lanricarde, Lord Stanley, Lord Campbell, Lord Monteagle, Marquis of Lanadowne I Che motion wu. alter a abort diacu-Hion. agreed to. The Dull* <f Hii'iimoho then tnoVud for aome paparn reapectlng the condition of Ireland, and In doing no, ex ' preaaed a hope that the hovernment, If ita propoaed ineaanre of coerolon failed, would not heaiUte In detunndlng further powera from the legislature lie oared not how great thu powera granted were, ao Irng aa en trusted to the present Lord Lieutenant. The Marquis cf La^ioownk aatured the bona* that the governintnt would bare 110 hesitation In doing ao II necessary Tbelr lordships then adjourned In the llouar. or COMMuisa, I The adjourned debate on commercial distress waa then | resumed hy Thu Mari]nla of Gaaiar, who ol aarved that,whatever bopra the oMMMMM olnsaea nrght have entertalueil ' from the letter of the 'Jiith of October, tbey had beet, Ixaalcd liy ttie speech ot the Cbaucellor of the Ktcba quer. One would have thought, from th? tenor of that *peecb, that the act of IM44 had be n in satistactor) operation for upwarda of ? quarter of a century, where as It of very recent blrin. and hud already, during lta brief career. fully realized all the predii tiona of ill opponents It was ita Inflexibility, and lta denial of dia oretlon U> the directors, that Imparted to It ao mis".bi* voua a tendency. The bank waa not empower^ d by theao i to raia? tbe rate of Interest at the proper time, in orde; ( to check over-speculation, and avert ita ruinoua oonse quenera The chancellor of tbe Exchequer, in exone I rating the bank net from all ahare in originating our pre j a?nt difncult lea, bad improperly oaat th- whole blame up | on iheabatracilonofcapitalfrom the ordinary purpoaeao commerce bjr tbe construction of railways and in pitymetil I tor foreign corn But he (Lard (Jrnoby) deuled that capi j tal spent In thla country waa abstracted from the ordinary I cbannela of circulation, which met the allegation ao for ai tbe railmiya were ooiieerned. Aa to the 33 millions pall j away for corn, he regretted to aay that to all intents an, ihu Urct trulta of free-trade. Bat he wak rearty t< prove, from the speech of the ' hanctl'or of the K* oh? '|u?r hm.ielf. that tbn r*al cause of our dlftreaa wai not the want of capital In panic lay on? chief dilH cully ?a alifn *uliy created by the operation of the Batil Itself, and the want of confidence to which It gave rise The noble lord thru returned to hi* charge* a,>ain< free trade, which he held answerable for ra?ny, If noi mint, < f the failures whtoh had icOently taken place, an* which *hi ruining cur colonies and our trade and, bj nonn> quenee, the prosperity c f our laboring population It wan now Raid that the ureal object of the net was tr secure the cnnvertlblllty of paper, but for this olject no Bank act waa renuired. With atlll another tirade against free trade, uhli h, is an experiment, he designated an utter (allure, the noble lord concluded the opening iprech of tbe third night's dlacuis?lon. Mr V. 3*a tin, after paying a high compliment to Mr. Wilson, s.ssuiedhlra that it waa impossible to l.uilt the Inquiry of a committee by the form* of a mere resolution Aa oetween the motion and the amendment before the Mouse his preference wis for tbe farmer, although, Indeed, he tboughtthe practical result,no far aa the nonduct of the committee waa concerned, would be the same, no matter which prevailed. lie would hare been better pleas> d, hewerer. had the term" of the motion contained a more specific reference to th? letter of th* 'J.'ilh ot October to the committee It waa with reltictanoe that he found ..Imsrir compelled to approve of lh? conduct of the government in Usuing that letur It waa iisueu. too, at the rip<ht time. but the failure nl tho Act of Iw44, aa soon aa it waa put to a real teat, bad gone far to shake public ooofldenee in Ita provisions The Government had restored confidence by suspending it, but they would find It harder talk to rwtor* oo? ftOTygM. N.t f f. n - j,v ^aaarjtm I ERA 347. ttdence la the principle* which now regulated our currency. In one respect hi* expectations, an regarded the bill, had been fulfilled, inasmuch a* it had checked ot?t Issuei by pi Irate bauks No Bank bill could possibly , check speculation. The object of the promoters of the Act of 1844 wai to prevent the excitement caused by over Issues to be superadded to any other excitements which might. trnm time to time, pervade the commercisl world. Me did not take the same gloomy view of the railways as roine were Inclined to do, #1i though lit admitted that they had been over done; but he locked with apprebenrion at any uttempt on the part cf the government or the house to regulate the channels in which investments should flow He thought thst no harm woald acarue to'the coui try If all the tallway bills which would be brought forward this session were thrown out; but wtien the House undertook to say that orly as much capital should be invested in railways as could be spared from other branches of business, they were undertaking a ta*k of doubtful propriety, it not utterly beyond their strength. Another expectation in which he indulged in reference to the aet, and whinh hud ulse been realised, was that the exchanges would be set right before the bank wns reduced to extreme ne?kn?ss. If ?>ur money system had continued the same as It was when he left rfllce, it %hs by no I >?.... u im??? th.t ut li u t V,u,l I since ooourred, the bank would have itapped payment. Indeed. his conviction was, that if the reoent storm bad come upon us without any other bulwark against it* tury ttian we had before the act of 1844, the consequent disasters would have been infinitely greater. But there was another expontation in whloh he had indulged, which he must admit had been falsified. He Dad h< ped that act wonld bava compelled the Mack to commence its operations in time, and gradually to draw in Its uctoa from cirouiation, as the gold was being withdrawn from the country, and thus to operate gradually on commercial interests, and mitigate such difficulties as might arise Looking at the crisis of April, bud that of October. h? must a unit thut, in this respeot, bis hope had been frustrated In his opinion, the operations of the reserve of the Dank had not been sufficiently considered, either by the friend* or the op ponents of the bill, liut it was that reserve which bad enabled the Bank to do what It should not have done, to permit seven millions of gold, as they did within the past year, to run off without diminishing its circulation by a single pwund 1 hat certainly was an anomaly not contemplated at the enactment of law, and required investigation Having thin stated bow far, in his opi nion. the bill had answered or had frustrated its purposes. the right honorable gentleman adverted to th- ob jectious which had been offered against the hill, and which, in his judgment, had been of the most diseordant character guiun described it as an inefficient. ui*a*uru. whilst thers deuounoed It lor its over-? fflcieuoy Others sgiiin. condemned it because it fettered the discretion o> tike Hank directors, but tie would remind gem kni-n of ' t he denunciation which bad issued rum* years t g>>. from i the Chamber of Commerce of Mauchuster aK*lust it e discretion tlieu vested Id the bank corpoiatinu Hiwould iro Into tbe proposed committee with h view to sscertain the working of the ?m, and to arrive at th<sc conclusions to which truth and experience pointed He earnestly entreated the House to t*ke no sudden jump one way or the other. Let It not be sosr?d into any preolpitate aotion by the notion urg>-d by uiany, that It wan necessary now to do something. for or *11 the follies which it oould commit, the greatest would I e to do some tiling whan it knew not what to do. Calm Investigation w?H what (hey now required. The lo?n of mon'h* was nothing to the misohlef which might accrue from precipitate action * * . ? ? Lord John Uusskix, after adverting to the varl ty of topics which bad been touched upon during the diacu?aion, stated at the outset that the conclusion to which he desired to brlnt; the House waa very different fiom that to which Mr llerries wished to lead it It wonld in bia opinion be the height ot folly to decide, without inquiry, upon the abandonment "f the present rystem, which had been adopted with such general consent in 1844 Ho tar Irom Mich ft course giving confidence to the commercial clause*, be knew nothing more calculated to shake that confidence thau to listen to the propositi to repeal tbe praseut law whilst the substitute for it was to be lett a matter of doubt and speculation lor another year or so In properly estimating the merit* of the Hank Aot, It was Impossible to overlook the occurrences or the last SO years, which the noble lord proceeded rapidly to recapitulate, with a view to show the necessity which existed In 1844 for an alteration of our monetary system, if w* wished to s*oura he convertibility of the bank-note. Ifwas his conviction that, to acooslderable degree, the government of 1844 had sucoeeded In giving grerter seourltytothat ooi.v??ttbillty,*ndh?J thui averted evils which would, probably, otherwise have oo< , curved But for the operation of the act. the probability was tint the drain of gold between April and June lanl , would bave been such a* miglit have brought us, a* *e , were brought In lfctt9, to the verge of a suspension of , oaab payments The i hancollor of the Exchequer bad already detailed in the ra< at ample manner the olrcumI stances wblch had preceded and Induced tba issuing of the letter of the 'Jftth of Ocober, but to satisfy those who still b?li?v?d that thfie circumstances wi re held back fioin thrm, the noble lord proceeded to detail them anow, In doing which he britfly reviewed the transactions which had occurred Irow the commencement ol ISM. The railway expenditure, large though it wan, nrght have been singly borne; but when we added to that a disbursement of twenty-three millions for corn and largo appropriation* for the subsistence of the Irish p-op!e, It was no wonder that capital, which waa abundant before, should become soaree and dear, 'i lnnoble lord then dwelt for some time upon the peculiarly perplexing sltuatiou of the bank, obliged an it was at one time to consult its own interests, and at another to subserve those of the publio.. as a reason whv in critiolr.lng its conduct, they should make much allowance for the dif f Acuities ol Ita position He would say, once for all, that i he never anticipated that the act of 1PM could prevent I [ anio and distress The chief object of the measure in this respect was that wheu a convulsion oc curred,Up occurrence would not afreet our convertible currency.? Mad the bank considered merely its own interests at the commencement of October, It would have been more cautious in its discounts, and would have been perfectly safe, with a sufficient amount of reserve But pressed as it was on all sides tOvlverell f to (ufTering commerce, the bank made large advances to such houies ha it. corisid-ri d solvent About the middle of the week n ling - n . ii. 314 o' October. h<> began to think that ! our difficulties might h.ive been got over, an<l indeed la the metropolis I.Hey seemed to be disappearing But i tln-re arose at that time great panic and distrust in the country. A bank had given way at Newcastle, and another had been formidably run upon, and apprehensions , were entertained of similar occurrences in other part* of the country, and of a dreadful oonvulslon an their f consequence. The Governor the hank then frankly conles-i d that if such events multlpllud, the bank nould not give further accommodation, ami would be obliged , further to restrict that which it had giren. It wi.s in , the"? circumstance* that the government confide <td I that thu 11 i:i" had at length came when, in order to avert the greatest evils, It was neaessary to take rome extraf ordinary step. The prudence of the government In t taking that step bad scarcely been questioned It was a step well a lculated to restore confident!*. and in taking | it, the evili which (lowed from a violation of the law f were much Ires than the mischief and disorder which I their Interference had averted The noble lord then proceeded to Justify the high rate of interest whloh bad been Inserted as a condition into the letter The iepulis i of that omdltlon had turned out precisely as enticlpated An influx of gold took place, and had continI ued, until now their bullion in the bank amouuted to nearly eleven millions, whilst Its reserve was no less I than six millions Ma had no canfldeuce that, without, suoh a condition, so advantageous a result would have taken place The object on the one band wae to restore confidence, and en the other to discourse that degree ol ( speculation which would have turned the exchanx?? against us, and prevented the influx of bullion The noble lord then Inquired of those who olamored lor some Intermediate step, If they had yet fixed In tbelr ?wn minds what they would do, and to what, If done. It i wouiu lead wnatever tna nouae <jiu, n? nopeu may would not adopt the advice of Mr llerrlea, and Ukl any intermediate (top until inquiry be made Notwith I standing all the diseuaai nil which had taken pla?e 01 i 1 the curiency. there ?er? "till many truths to learn re i spent lug it. lie b-lleved It poaeible to effect som? us?fa modulations of the Aat of IH44, but ho maintained : h* i it wn? n great improvement on our lormer monetary i \ < t? in. aud had to a gre<t d-<ree answeiet it? pnrpoac .Ha entreated the llouie then to appoint the propos?< committee, which might gravely li h iiie Into the ?hol< cms. and not by any sudden ai.d precipitate Pes,.lutior to cause many to doubt whether It waa th?ir lntei. t<r to retain the convertibility of their currency, atid t< keep up thalr standard HIr II l'ir.L, after ?ome preliminary observajlons in which ha complimented the Hon** on rh>- return to it ol Mr. Ileurlea, denied that he had given any public anu ranee, as Mr Ur<juhartand Mr. Ilejnoldi had cl ar^id him with giving. that the not of IH-II rhnuld not extend to (Scotland or Ireland 80 far Iroui having given any tuoh assurance, be bad expressly declared ibat the prlu clple of the act waa to extend to both Scotland an t Ireland, so iarastha creation of new bank* of laaue ?m cono'rncd. As to the Immediate autysct before the House. ha thought that wlieu t'ie government demanded a committee at tha hauda of the Mouae ot < oiomor.a, whatever opinion* they might individually eut?rtaln. they could not bealtate to grant It There wan no pr?cttcai difl renee between the inotiou aud the amendment lie did not wish to devolve upon any other par t,i?n any share of ?h* responsibility whloh attach'd It lum for the part which he bad t*k n In the restoration n? thu Undurd In 1H Ml and in th*? ntlxniit to mill gat* the evils which had b??ft our currency system previously to 1X44 Ad<1 when he said thai. ha did not.Jr* prut the port lie had taken on both these ocri* slons. lie could not hut observe that It w?< scarcely fair, whilst It was not very respectful to the oharao'tr of deliberative assemblies,to charge upon one member the respousibll.ty which properly attached to the legtslat ure Aa to the act of wan a measure Indlspeuslbl* to the security of propyl ty. aud to th? just remuneration of iudutlry if previously to propoelug the act of |h44, be had uut proponed a committee of inquiry, It w?i !> cause thai Chad been five different oomrnittre* appointed since l-at> upon the currency, which had led to no prac Ileal result The measure wan, therefor*, presented at once to the IIoum, and on It jnetly rented the responsibility of the nieusurn. The subject was still open to In<{Uliy. aud there whs no reaa'in why, on so complicated asuojrot, a man should b? omumittwd In 1*47, totll* opinions entertained by him In IH44 There was 01 e part of the bill In refer'Bce to the working of which, he wal hound to aay, he was somewhat rfisapp' inted. The part to whinli hn alluded was that which Imposed a moral, If not a legal, obligation upon the I bank to prevent the uensnit/ for a recorl to measure* 1 of extraordinary stringency, by timely precautions and early contraction Uut. whilst admitting this, he w?? I bound to lay that It was In the power (if the bank, ba-l It taken those early precaution* whlcb It *n Is It/ LD. t*rlc? Two C?nli< power to take, had It mot the first difficulties by early and p?r>?varln|( contraction, to have averted the necessity for the extraordinary Intervention to wh chtha go?| eminent hail at last to resort The deficit. therefore, ' "i?1 xr|u?'*?ly or inainly In the Mil Ha believed that bad the instruments by whom the bill waa worked taken the measures which it empowered theui to taka. th? necessity for the violation of the law would hava been piHveiitwd It w? erroneous!y alleged that th? sole object of the act wm to control the bank, and to prevent panic and difficulty The object of the bill waa three-fold. Its first object w?i that whieh he had already admitted had practically resulted In failure. The other two were each a* Important a? the first The first of those waa to maiLtaiu and guaranty the convertibility of the paper currency into gold; aud the second to prevent the a uravailon uf confusion which aro^e at all times, ?s the result of undue speculation. from the abuts of P'P*r money lu those two last objects the bill bad been completely successful : aud but for Its interposition rur present difficulties would hava been Kreatly a^ravated The ruth was, (hat w? were now suffering from a dearth of capital, though u>?i.y attempted to visit the blame ' f our difficulties or that uieature. but for which they would have been multiplied ten fold As to what had i;lven ili.e to tblj dairUi. so mi latactory *rr? the Katt tin it- H'.va'1) bi? J-', ID?l In w ill J not feel hiomelf JuatlAed ia repenting them The ripht honorable gentleman th?n hi ny glanced at our pact commercial hittnry, to ahow that it low rate of tntrrcat ana iireut proepeilly always l??i to the iiuie difflaullie" and the raiue amount ot mifeiy an *? were now nulferlng from Hui'h w>ntbi< cup do* A mode of llauiug paper and re Jlacou'.U.g bill*. novel to the commercial experience ot thin oruntry. had lately apruug up. In no country in tfir with ih* txc'ptiun u / th* U. SnUti, uim i'i Inrte a tn/<e??irnrtur* of poptr trriiit ruiirii un to tmulhi 4<. ??? oftold at i < (Ait numry ThU had ita advantagea but it al*o had It* evil*. and if 'bey carried the ayatem too far they might looii with certalr.' ty tor the appearance of difllcultie* Yauy were now culling lor relaxation, for giving more dlaurrtlon to ttao Ban* director*. In fact, for more paper in proportion to their gold Should their appeal be favorably received, they might enjoy prerent rate, but only as the pielude o greater future difficulty The great oiject. ahould be to reconoiln a* inuch of ea??, a* tuuoh of relaxation, a* t>oatlble. aud no more, with a permanent currency, tie did not heaitate to nay, that if the commerce ot the country were conducted on aucb principle* a* had been at the foundation of the operation* of *ome of the hou*ea which had rec?n'ly fallen, it would be in ? !? that thew Innke.l l? l?n?l .11.,.. t. >1.. -i.-tuf which munt ensue. It wax wonatroua that tbe standard of this country should be put In Jeopardy to cover and conceal ?ueh transactions >m these Xuoh principles beln.j noted upon to a vrtater extent thmi was at tirat suspected, tlii-y bud to dunk dm uv1 of 1844 that their difficulties wit? n< t infinitely greater What must have b-tn the result bad a whole host of provincial banks lean permitted to footer and ano->urag? die rcoent ?xcitemei.t. by an uuitunted issue of paparT Ihere were aome who bin tiled the op-ration of the aet for the high rate of interest. But it was in no way responsible for that. It wan the dearth of capital tbat wm t lure again fell; and whiiit tblw dearth continued, o<m uerca Ljuat submit to pny a high rate for capital A* 1 10 this dearth of cepltal, oven lu times of great proaperi| ly it would not have been eaey for ihia onunfry to bare | borra the double blow of kd xpenuiture of thirty-three millions for oorn uud ten millions for the subsistence of ' Ireland But mill thin was not b.yud lie atreng h. nor , would it have been unequal to die task'of bearintr much of the ruilway expenditure that kind occurred, had it not been for improvident cemineroial speculation Dut. an ' it wan, the railway* op> r?te I to enhance the reatriction I urising from the other two causes. and these three auses combined were certainly sufflaient to aaoount for the priarnt stagnation As to the letter of the -Jflth of October, he cordially approved of the step then taken by tbu Government He thought tbeiu perfectly right In net having lasued that letter sooner The true r- m?dy for oar prea>nt difficulties was In individual exertion, and In the contraction of unnecessary engagement!!. An earlier appearance of the letter might have prevented the application of the remedy. Bu he considered that letter ?B no impeachment of the law. It wna no proof that they should confer a discretionary power on the Bank directors The Government were also tight in summoning Parliament as soou as they had interposed. If the law had been violated, It would have been their first du'y to have aaked for indemnity from the House, but as there bad been no violation ol tbe law, be did not see how. if thev anked for it. a bill of Indemnitv could be i iliawn up. The rl^ciit honorable Baronet slso Justified the rate of Interest imposed by the letter He would not r then enter Into the question as to whether there sliwuid l>e any alteration lii the act ot I "14 or not? That would bu a subject for the consideration cf the committer. His own convictions were iu fuvir of the maintenance of the yreut principle of the act. but be would permit no notions of contsUncv tu stand between Ulm arid a change of opinion with regurd to it, or any part of it, were Much change foroed on blm by undoubted prool of it* faulty working The ri|;ht Honorable gentleman oonclud'd with a warm <? logy of the principle oj a metallic currency, and of a iixed, as compared with a fluctuating s'an lard, and resumed his seat amid general cheers. Mr Htlh ahi then moved the adjournment of the dabate The Hous? divided upon this motion, and the numbers were? Kor the adjournment 4a Against it J67 Majority against 3l'i Mr. Wii.ioi* tben withdrew his amendment, and ihe original motion was put and lurried without division The house then adjourned Affairs In Italy. The movement In Italy has spread to the island if Sardinia. A letter from < s^llari. of the 34th ult , says ? " The Sardinian population has been for some days In great HgtUtion. inaKtiig deuionsirations in favor of the Italian alliance \hut a fortu'ght ago a young man was arrested and thrown into prlron for crying out in tiie theatre 1 The Italian alllam-.n fnr hv, r ' An itnlar wan also Issued forbidding ail political demonstrations, but thla order was afterward* withdrawn In this way On the morning of the If?ih all the students of < agliart met at tha I'niversitv, ntnl proceeded thence to the open apnea before th? 1'alece, crying out' ( barlea-Albert forever !' Tim Italian t'nljn for ever !' They then nailed on the Viceroy to appear at the balcony which demand, after s>.ine delay.he complied with II' ad dreaaed them briefly declaring that Irorn bin long r>-aldeuce in the inland ha bad oecbma a Sardinian, and l that bo would expose to the King tha wants of the people ot Sardinia The troops ?crn called out. and elev. n nartridgea distributed to each man , a saugmnary col Union wan expected, but the day panned off wuhout dia turbauoe On tha 'Juth tha orswr of the I'niverslty, fearing another popular meeting. applied to the pollca to ant. but the studeuta repulsed them and furred them t<withdraw The Archbishop then repaired to tha Inlveralty. and succeeded in calming tha students who escorted him In the utmost ord*-r to hi* palace; towards t.lie evening. however, a pirt ot tha population joined i he students, and upwards o! ti Hi cockades were seen together at thaenteranre of tba theatre On tha arrival of tha Vioeroy, oriea of ' Long live Plus IX " ' Italy f ir e*er ' "Reforms forever ' w t? heird from all sides, and a cockade wai handed hint by the people lie attached it to hi* breast, ami all the oiwil and military authorities did tba same The national hyirn waa theo Hung by the a i tor a. whilst the people joined in On leurliiK tha tbeatra tlir Viceroy wan accompanied t > tha palace by the professors and students of ihe L'nlversliy, | to the sound of military hi unit On the 11st. which waa r a Munday. tha mayor of ttie town on his way to hear | maaa at the nhuroh of Ht Lucifer, waa met an i accompanied by the students and part of the population, who ' alt-rwarda eacorted him to the Hotel de Ville In paat' lug by toe palace of iha Archbishop tt.ey ohaunted tha 1 hymn ?. f 1'iua IX "Cue Archbishop apptated at one of ' the windows ai.d gave his benedtotion to thr people, than numbering about ten thousand persons, and he sf' towards received the <> ickade In the evening there was a grand llluinlcetlou at the theatre cockade* ' 1 were uiatrlhutad to everv one that passed , is rue . dared relus- them On the JJd fh? troops were or, dared to keep their barracks In ordei to not. in case of emergency, liuf. on the people insisting on their being | left. at. lib-rty, Ihe Viceroy ooinplod with their demand i Kr>ry otie by this tune, inrn. women aud children, wnro ! me nstional cockade , no one could venture to appear ' ,1.1 It (In > lie 'JR I the meeting at the tlie.Ire waa ' mill mom hr.lhaut The Piedmoutree, the ha?njr?r J#, nil ilie Sariinleoa embraced i-anh other in al|(ii of fra' rnitT . iBldat rrle" of' Loi>k llvo the Kill* Italy i l'.r vyrt ' ' Thta day (the J4thi a deputation. with the I ArehMahop at hmd, I* to eet ?iic (or O Ar t, to wk ! l 'in King to tnclud ih? laland of Sardinia iq it? contil|i"ll>ll T>ft). m f I'll llmoi t. and III IbH ftlll LCe With Italy j It U dupfroful I bur I htrlttt Aloeit will uot r*fua? 1 he city of < Hullm-t c<T'l? two flag" ?-f Alliance to Uenoa, mid I'urlu Upwurda ot flu 000 prraoga *111 aroouipany tbn deputation to the ateamer " I tie l??t !?tfer? from leghorn "fate that order ha? hf< n r'-?e(?Mtfh?<l The arming of i tuoativ w*? hetun pushed forward with (treat leal 'I he War In XwlMtrland. The war In Swll l-riand 1* at an end We hater" neired letter* from l.eutnone of the JOth utt . which utile that on lh* pr<-*l"U? day the canton of Vn'?l? had J eapltulet-d and that on fh? morning of the Mih the 1 fed-raj troopa entered the territory and tor k p'neeaelon of the canton without oppoatilon The canton of Url haa alao capitulated > > that the war la everywhere pnt down, and tbn Soiiderbuod la at an end The note of ma f'rueeun t?OT*rriraent to the Dl*t. ha" created a "enaatlon In Berne, and fear* were ent- rtali ed that it m ght lead to further oompllcxtiona The J?ur. ! ?uf itti DrLait appear* to fear (or to hope) that thrf oonI - ?~ * '? " II IK* iHimmltjIu nnnnnallnn t\f NeuMiatal by the feiNral ariiy, We hare no niieh ap prehenalOD* Th'" Dint baa throughout the whole of the war ?1hwd <1 'ci 1 d wlnh not to pu?ti matter* further than ?m *b ' *<,lutely neoeMary. and It M not, therefor*. likely that It w:ll allow Itself to tall loto tb? error ol Invaulog N?ufi cbatel, at tha veiy tiisa when the l.uropean Pow*-r* Li?*a tbelr united mediation VVa oanuot, howaver help ?ay lug that the liota ot the Truaelac goTernmei t In to l>a r? Knitted It la calcinated to tiafperat* the people of *wlti?rland, and cannot by any poMlbtllty le.d to aov good 'I be luhntt in*ke? the following remark* on the oomi inunloetU u made ty ttan l'ruM>ian entoy to the HwIm I Diet i | " 1 h? noinaunlo&ttoa of the note of the IruMinn am i liaxador to the Hwlim l>l?t hat onuaed (treat emotion lu i i the off.ritti region* < f Bern* A stormy fitting took I | place on the J7th In iha l?l*t It waa at one mom?nt be i 1 lleyad thnt the oorup?'l< n of Nenfohatel would be rteel I dad In tnat vary alliu m >i? a r-ply t? tbl? plir 1 * I not* III* MaJ??ly will cn?i J?r any vMaiioa of tha

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