;Debates anb Vrottebings in Varliament.

SIR ROBERT PEEL'S BANKING MEASURE.

On Monday, the House of Commons having gone into Committee on the Bank of England Charter Acts, Sir ROBERT PEEL again brought forward the resolutions embodying his scheme for the future regulation of the Bank of England and of Joint-Stock and Private Banks through- out England and Wales ; further explaining some details in the measure He bad originally proposed that, in anticipation of certain contingencies, such as any deficiency in the Country circulation, the Bank of England should be enabled to increase its circulation on securities, but only with the consent of three Ministers of the Crown. "On consideration of that part of the plan, I think it would be advisable, if possible, to prevent all interference in this matter on the part of the Executive, or of the representatives of the Executive Government ; and yet at the same time I don't think it would be advisable to give to the Bank an absolute power by law to increase its circulation upon se- curities in certain cases, because I am not quite clear, that even where there should be that void on account of the withdrawal of other circulation, it would follow as a matter of course that there shall be a corresponding necessity for lur issue upon securities. Take the case at present : the Bank is possessed of a great amount of bullion—not less than 16,000,000/. The banking-department of the Bank of England is possessed of not less than 30,600,000/. ot bank-notes, 14,000,000/. issued on securities, and 16,000,000/. on bullion : a great proportion

of these bank-notes will necessarily lie dormant in the coffers of tbe banking

department, because it is not possible that mote than 22.600,C0OL can be made available for tbe supply of the legitimate demands of commerce. Supposing, then, this void to be createde-in the county of Cornwall, for instance—a void of say 200,0001 by the withdrawal of Country rotes in circulation, I am not at

all prepared to say that the Bank of England ougl.t at once to increase its issue of notes upon securities. Why should not the Country Banke apportion sonic portion of the dormant notes in the Bank of England to supply this void, paying to the Bank one per cent on account of the accemmodation for issuing these notes ? If it should be desirable to issue fresh motes on securities, then it will be advisable that the Bank should have power to issue them ; but I

don't think it advisable that, under all circumstances, the supply of that void should be made by the Bank on the increase of eecurities. I propose to recon-

cile these two objects in a manner perfectly unexceptionable, avoiding any di- rect interference on the part of the Executive. I propose in the preamble of the clause to recite distinctly what are the grounds which, in the opinion of Parliament, will justify an increased issue by the Bank on securities : these are, the failure of a Country Bank, the voluntary withdrawal by a Country Bank of its issues, or an undertaking by a Country Bank to abolish its own circulation upon the condition of issuing Bank of Eugland notes. The recital of this in the preamble will show the intentions of Parliament. I propose, then, that the Bank, if it should desire to make an increased issue of notes upon securi- ties, should not be allowed to do so except upon application to the Executive Government, and permission given by her Majesty in Council, such permission to be published immediately afterwards in the London Gazette "; the increase to be permitted on the distinct condition that the additional issue should be made on the basis of not lese than one-third in bullion and not more than two- thirds of additional securities. •

It becomes necessary to define what is " bullion." " It means not merely gold coin or bullion of the standard weight, but it means gold in bars— standard gold. Bullion hitherto always has included silver. Now, shall we hereafter Include silver in the amount of securities on which the Bank shall be allowed to issue ? It would seem at first sight., that the strict adherence to principle would compel you to confine the issue of notes to the possession of gold alone—not to classify or include silver as bullion, but to limit the Bank, when it made an issue of notes, to make that issue on gold alone. That would not necessarily deprive the Bank of its possession of silver, because, in its banking-department, if it thought fit, it might appropriate a portion of its banking-funds to the possession of silver, and hold silver in the 'linking-depart- ment; but as that would not be accompanied by any profit to the Bank, we can hardly expect the Bank, however desirable this might be, to lay out consi- derable sums of money in the purchase of silver to be held in the banking-de- partment and not to be the foundation of issue; and therefore, if we peevent the Bank from issuing any portion of its notes upon silver, we must be pre- pared to expect that the Bank will hold very little silver. Hating considered this subject, I think considerable public inconvenience might arise if we pre- vented the Bank altogether from issuing any portion of its notes upon silver. I am not speaking of any compromise of the great principle that gold is the only standard, and that he to whom a debt is due has, right to demand a pay- ment of that debt in gold. I propose that the only legal payment by the Bank shall be in gold ; that he who presents 50/. in notes to the issue-department of the Bank shall have a right to demand 50 sovereigns in gold. I propose that he who takes gold bullion of standard weight to the Bank shall have a right to demand notes in exchange ; that the transactions of the public with the Bank, so far as gold is concerned, shall be perfectly unrestrained ; making a reduction of lid difference in the gold delivered to the Bank in exchange for notes, and the gold to be received from the Bank upon the demand of a person presentivg notes. That is to say, that every person shall have a right to sell gold to the Bank and demand payment in notes on depositing gold, receiving 3/. 17s. 91. per ounce for that gold ; and shall have a right to demand gold in exchange for his notes, in sovereigns or gold of the standard weight and quality at the rate of 3/. 17s. lOid. per ounce, thus allowing lid, for the expense of coinage. or course, I would propose to make no alteration whatever in that respect ; I leave unfet- tered the right of every man to demand gold in exchange for his notes : but the question is, whether I shall permit optional dealings with the Bank with respect to silver. I hope the country will not admit the substitution of silver for gold ; but, at the same time, it does expose us to slight inconvecience with other countries who have adopted silver as a standard in their speculations or international transactions, in case of reference to that different standard : if you will permit the Bank to hold a certain portion of silver, and to pay it to those who are ready to receive it for their notes, you will materially tend to diminish any practical inconvenience from the difference of standard of two countries. When the exchange is high and the price of silver low, at pre- sent the silver is sent out of this country in exchange for gold, and the gold is deposited in the Bank : if you will permit the Bank to pay silver to those willing to receive it, the Bank takes the expenditure and charge of that export of silver and import of gold, and it will be saved to those concerned. There will be another reason for adopting this principle : remittances are now made to a considerable extent from America and China in silver; and, assuming that the Bank in its banking-departnient won't make any investment in silver if we prevent it from issuing notes on silver altogether, there will be no demand for silver in this country ; and, as a necessary consequence, silver must seek for a market in foreign countries. Then, again, there is a great facility in con- ducting commercial transactions in some parts of the world, particularly in India and China, by having access to a stock of silver. Remittances are often made in silver ; and parties would be able tomske these remittances, when neces- sary, direct to India or China, instead of being, as mow, subject to the dis- advantage of having to send to the Continent for the purpose of obtaining that silver. Therefore, it appears to me perfectly consistent with our principle, and to be givingan advantage to commerce' if we permit the Bank to issue a portion of its notes on silver, not limiting the Bank to the sum, but to consider silver as a valuable commodity, to be dealt in according to the option of the buyers. Having a stock of silver secures these advantages—it rectifies the exchanges, and is of advantage to commerce. I am inclined to propose that the Bank shall be allowed to issue a portion of its notes upon silver, but that the amo_unt of silver upon which notes shall be issued shall not exceed one-fourth of the value—that is to say, for the issue on 5,000,000/. of bullion the issue shall be on 4,000,000/. of gold and on 1,000,000/. of silver. If it shall be necessary for the Bank to increase its supply of gold, the Bank must be responsible for the lose, and convert its silver into gold ; and the Baulk must run the risk that there may be in converting its silver Into gold in case there should be a demand for gold which its stock will not satisfy."

He proceeded to explain some details respectingJoint-Stock Banks. First as to the continuance of the privilege to issue notes. " I propose that the Stamp-

office shall make out an immediate estimate of the amount which each issuing- bank has issued for the two years last preceding the 6th May—that is, from the 6th May 1842 to the 6th May 1844; that that shall be the period over which the average issues shall be taken. I propose that every banking-esta- blishment which had the privilege of issue on the 6th May should continue to have that privilege to a limited amount, while Parliament thinks fit, taking as a maximum the average amount for the last two years. I propose that a weekly return shall be made of the amount of these issues, or rather that each bank shall return to Government a daily account of the amount of its issues, through the Stamp-office; that from the daily accounts so made to the Stamp-office there shall be formed a weekly aggregate average, and on some day following

'that week of issue there shall appear in the Gazette, or in some public docu- Inent tantamount to the Gazette, an account of the amount of actual issue of each bank. Some of the banks have stated that this would be inconvenient. They state this, that to limit them upon each day to a maximum amount would subject them possibly to an unintentional violation of the law. Suppos- ing a bank were entitled to issue, for instance, calculating the average of the last two years, 50,0001., my original proposal was that in no day in the week should the issue exceed 50.000/. I propose now to make this modification, in

order to guard against penalties for unintentional violations of the law, that they should take the average of the week, and that, if the average of the week Shall not exceed the amount to which each bank is entitled to issue in that case there shall be no penalty. For instance, if upon the Wednesday they issue 50/. more than they are entitled to issue, and if upon the Thursday or the Friday they issue 50/. less, then there will be no penalty." The Stamp-office would be empowered to fix the day for each bank to make its weekly returns ; the time to depend on the distance and other circum- stances. Where there had been a union of banks under contract and written agreement, the bill would provide for taking the average amount pro- portionate to the aggregate issue of the two ; which the return of two years of the surviving bank might not fairly exhibit. Joint-Stock Banks would be enabled to increase the number of their branches, and to transfer the issue from one branch to another, but not to alter its aggregate amount ; and they would be required to pay for a licence for each new branch established. The rule would be, to prevent the several banks from changing their character, but to

avoid unnecessary or vexatious interference : thus, two Private Banks, each containing three partners, would be allowed to unite and to make an issue equal to the aggregate amount of the two ; but a Joint-Stock Bank would not be allowed to purchase the right of a Private Bank and so to increase its issue. The entrance of new partners into Private Banks would be permitted. Country

Banks now issuing Bank of England notes would not be permitted to substitute their own notes for the others; but, on the other hand, they would be protected against a possible abuse of power by which the Bank of England might reduce Us allowance from 1/. per cent for Issuing its notes to 10s. : he proposed that any bank wishing to relinquish its connexion with theBank of England might be permitted to do so, though not to resume its own issues ; hut should the bank wish to continue its connexion, the Bank of England would be cornpelled to furnish notes on the present terms of 1/. per cent. The Bank, however, will not continue its practice of opening a discount-account with Country Banks at a Lied rate of 3 per Cent; but in such CAWS the 1 per cent account would be Substituted.

He had been told that his chain of argument the other night was incom- plete—that there was no necessary connexion between his premises and his con- clusions—that he did not make out the necessity of interfering with the Country circulation. He was not conscious of the deficiency ; fur be thought lie had shown that competition among the issuers of' notes is a bad principle—that there is no feeling of individual responsibility—and that the issuing.banks, as a private issuer once said, "pay no more regard to the exchanges than to the snow upon the mountains." He would, however, endeavour to supply the missing link ; first from experience in this country. There have been four periods in which great danger has arisen from the incompetency or unwillingness of the Country Banks to reduce their issues-1825, 1832, 1835-6, and 1838-9. To begin with the crisis of 1825: bullion in the Bank was reduced from 13,760,000/. in No- vember 1823 to 3,012,000/. in November 1825; there ought to have been a great reduction in the circulating medium of notes, but the circulation of ICOUntry. notes increased fr.= 4,000,000/. to 8,000,000/. In January 1834, the bullion m the Bank of England amounted to 9,948,000!.; in 1837, it was re- duced to 4,701,000/. ; while the Country Bank circulation had increased from 10,142,000/. in 1834 to 11,031,000/. in 1837; and in the middle of August 1836, when at the very verge of the crisis, the Country Bank circulation was actually at 12,000,000/. There again we have proved by facts, not by reason, nor by the admission of advocates, that at three great periods of great crisis and embarrassment, the Country Bank circulation was increased instead of being diminished. On the 26th of June 1838, the bullion at the Bank was 9,722,000!.; in June 1839, it was reduced to 4,341,000/. ; and the Country Bank circulation, instead of being diminished, was again in- creased : it was 11,740,000/. when the Bank had 10,000,000/. of gold, and it was increased to 12,725,000/. when the Bank had only 4.300,0001. of bullion. "When he looked at the history of Private Banks for the last thirty years, be was only surprised that it should be reserved for the 20th day of May 1844 to take precaution against such monstrous abuses as were disclosed. He read a return for the five years ending 1843, showing the number of Private Banks which had become bankrupt ; 82 in ail, of which 46 paid no dividend, and 12 dividends under 5s. In the years 1814, 1815, and 1816 alone, 140 Country Banks failed, and there were 89 commissions of bankruptcy issued. He had obtained a re- turn from the Court of Bankruptcy of the estates of bankrupts from January 1st 1839 to April 1st 1844: the return for 1839 really makes one shudder that such things should be permitted. Here it is. " Case No. 1. Cause of failure— speculation in Spanish Bonds." That is to say, the cause of failure was a banker carrying on a banking-business in a country town, everything appa- rently going on well, having the confidence of the shopkeeper and farmer placed in him, while at the same moment, with the assets of these people, he is specu- lating in Spanish Bonds ; and then comes a complete crash and no dividend. "2. Banker and spirit-merchant—The spirit-trade was obliged to pay much *lore than its whole profits to the family of the banker's father, and acted as a drain upon the bank. 3. Advances to the partners, and bad speculations entered into by more than one of the partners." That is to say, a partner having a private account takes from the capital of the bank the money he wants to meet his private necessities. " No. 4. Loss on railway speculations." Converting credit into money, not trading at all upon capital, and yet entering into great railway speculations! "5. The bank has been insolvent for many years; loss by bad debts, 145,600/. 6. The banker succeeded to a considerable property ; mortgaged his estate ; overdrew his private accounts with the batik; issued promissory-notes to the amount of 14,000/, bearing interest, to depositors of small sums among the humbler classes of society ; 5,590/. of promissory- notes payable to bearer on demand. 7. This bank had been insolvent for many years ; lost large sums in a sugar. refinery, and 67,000/. in a commercial house at Glasgow. 8. Uncle and nephew partners : in the course of eleven years the nephew dissipated 100,000/. of the partnership-assets; the uncle died in 1838, leaving a large fortune among his relations ; the nephew committed suicide in October 1840, when the frauds were discovered. 9. Liabilities, 157,9601.; divi- dend, none ; assets, 201. 10. Date of fiat, 12th July 1842. No dividend yet made; bankrupt had certain race-horses, from which the sum of 750/. 5s. was netted."

It was obvious that some effectual steps must be taken to purify such a system. Ile hoped neither the Country Bankers, the country gentlemen, nor the manu- facturing class would be alarmed at the measure, or oppose it lest " facilities to commerce" should be impeded. "I believe the notions of giving facilities to commerce, when carried beyond a certain point, are fraught with mischief. You have a right to give facilities as to capital ; you have a right to enter the field with capital; let there be unrestricted competition as to capital; but that prin- ciple of coining credit without any deposit for security—that practice of coining mere personal credit into money, so as to he the medium of exchange—is a prin- ciple and a practice which is not interwoven with the prosperity of this country. I say you may advance capital, but I say that the advance of credit for forming the circulating medium of the country is a privilege and an advantage to which, whenyou constitute a new order of things, none are entitled.' it might be said that the people would hesitate to take the Bank of England notes, and that there would not be the old accommodation : now, within a circle of about sixty:five miles round London, the Bank of England has a monopoly of issues and circulation ; that district comprising many important agricultural counties : within that area, the total amount of issues, independently of the Bank of England, was 1,359,0001.; without that circuit, the corresponding flexile was 6,728,497/.; which showed that the Bank of England could supply all neces- sary accommodation. " I want to take the precaution in time for preventing a recurrence of the calamities heretofore experienced. Do not say, • I cannot tell what the action of the Bank would be from the alterations anti fluctuations of the circulating medium '; but establish laws and compel the Bank to take precautions to prevent those vicissitudes. Do not say, " I fear I shall not have the power to deal with the patient when the paroxysm arrives ' ; but take means to prevent the disease. Make your note-currency conform in value with your metallic currency, and fluctuate with its fluctuations. These are the principles which I leave to the consideration of the Committee." He concluded by moving the resolutions, of which the first only was moved pro forma on the 6th of May.

Mr. CstaittEa WOOD descanted at considerable length on the prin- ciples and practice of currency ; expressing approval of the measure. With regard to the plan itself, he must, in justice to the right honourable gentleman, say that the principle he was going on was a sound one; and al- though it might not go the whole way in carrying his principle into effect, yet there were features about it which were calculated to reconcile even those who were most opposed to the principle itself. The right honourable Baronet win entitled to great credit for bringing forward what was an eminently practical and practicable plan. It was imperfect, inasmuch as it did not touch Scotland and Ireland, no doubt ; but, taking it as far it went, he approved of it.There never was a more favourable time for the introduction of a plan of this kind. The great amount of disposable capital, the large stock of bullion, and the low rate of interest. all combined to render the present a most favourable opportu- nity for the introduction of a great change in the system of the currency Of this country. The alteration now announced, giving the public the right of demanding notes for their bullion, was a great improvement ; since it put the transaction as nearly as possible on the footing of coin ; and the alteration respecting the exceptional increase of issues guarded against possible abuses, which had constituted an objection to his mind. But he wished to ask, with regard to the amount of Bank-notes which were in existence but not in circu- lation, to the amount of about 15,000,0004, how they were to be disposed of?

Sir Wri.a.i.an CLAY expressed his approval of the measure in strong terms hut suggested that the Bank might issue gold at somewhat lest than 3/. 17s. 10d., which would to a considerable extent save the ex- pense of coinage; and he announced that, at a future stage, he should propose a resolution to create Charter Banks of limited liabilities, on condition that three-fourths of the capital should be paid up, with annual or semi-annual publication of accounts. Mr. JOHN STUART WORTLEY in like manner signified his entire con- currence in the measure ; hut he thought that the Minister might have gone somewhat further in restraining the enormous and inordinate ex- tension of bank-branches and bank-agencies ; and also that some stronger inducement might have been offered to the Country Banks to use the Bank of England notes.

Mr. PATRICK MAXWELL STEWART concurred generally in the great and well-intentioned plan ; but took some exceptions. He entertained great doubts respecting an intention which bad been un- masked, to establish one general bank of issue,—a bold experiment, and nothing but an experiment, emanating from a band called "the philosophers," and op- posed by every practical authority. The arrangement with the Bank must bring down bullion lower than it is at present ; and if the bullion should go out, as it did in 1825, until there was about one million left, what would become of the securities ? Ile thought that the issue of the Country Banks was too much restricted, and he advocated Joint-Stock Banks as safer than Private Banks : he was not aware of a single instance of a Joint-Stock Bank failing in which the public as depositors were losers ; while in the Southern patt of Sussex, Brighton and its neighbourhood, the result of forcing that important district to live under a system of Private Banks, chiefly or partly under the Bank of England, was forcibly illustrated ; for, with the issue of 1,300,000/. there had been failures and disasters, together with an amount of private loss, which would net have occurred under a system of Joint-Stock Banks. Ile therefore should propose some curtailment of the circle of sixty-five miles. The amendment of the law ef joint-stock partnership was a great improvement ; and be tendered his acknowledgments to Sir Robert Peel, not only for the good that he had done in that respect, but also for the mode of doing it. Ffe only desired to remedy some faults which might impede the success of a bold and patriotic plan. Mr. MONTAGUE GORE cordially supported the plan.

Mr. GISBORNE regarded the unanimity on the question as somewhat awful to those who, like himself, did not altogether agree with the pro- position- He adhered to Sir Robert Peel's interpretation of a pound, but contended for the principle of free trade in money and issues. In the conflict of opinion as to what " currency" meant, the most correct appeared to him to be the Latin definition—. Qeod solver, quest ubique, quest inter omnes "; which also accorded with the opinion of Mr. Jones Layd ; and he believed that the value of money was regulated by the interest which could be obtained for it, not in the Public Funds but at a private bank: and he contended that an enlarge- ment of the circulation would not affect the price of commodities ; but that the effect of the present measure would be to lower the range of prices, by sub- stituting bullion for paper: the measure of 1819 affected prices to the extent of 4 or 5 per cent. The plan would also lock up the bullion at present con- tained in the Bank of England.

Mr. NEWDEGATE only entertained one doubt respecting the measure, which he put in the shape of this question- " How far the extension of the principle of the act of 1819, as carried nut by the alterations in the system of issue and of the reorganization of banking- establishments taken together, as now proposed by the Government, would, by limiting the amount of the circulating medium, taking the average of the last two years, without reference to the increase of production in this country, affect prices ?" For if the quantity of commodities produced increased in amount while money remained stationary, would not the prices of commodities fall in proportion to the increase in their production ? Mr. FRANCIS Tuouratua. BARING avowed his concurrence in th e proposition. What was the right honourable gentleman's object ? That the circulation, composed of metal and of paper, should vary as if there were an entirely metallic circulation. He could effect that object by a single bank of issue ; but it would be impossible, if they left it to a free trade in banking, where there would

be competing banks, ever to attain that object. Let him not, however, be mis- understood: they might sweep away the Bank of England and have a free

trade in issues, and yet the ultimate result of the exchanges would bring them back to a right position. In the case of a single bank, however, they would be brought right by an immediate action on the exchanges—as gold went out

the circulation would be diminished. With respect to a system of Private Banks, the result might be ultimately the same; but there would be a long time

during which there would be no contraction nf the issues, and they would be

brought right by one great crash which carried ruin throughout the country. Be was not frightened at the project of a single bank of issue: if be were to

Jay down in a new state of society the principle which would be most correct,

he would prefer a single bank of issue even to the mixed circulation left by the right honourable gentleman. He admitted that the right honourable gentle-

man had not carried his principles into full effect : he was far, however, from considering that a defect—he was far from regretting it ; because the right ho- nourable gentleman had got rid of the great bodies which might have thrown difficulties in bit course, he was not subject to blame ; he had rather shown prudence and caution, and had not rendered it less probable that be would ar- rive at the object which Mr. Baring for one would not dislike to see attained.

In the debates which would take place, he hoped that, with every considera- tion, he should be able to give to the measure an honest support, with an ear- nest desire to carry it into effect, and not taking any factious objections. Mr. PLUMPTRE, as a private country hanker, wished that Government could be persuaded to extend the time for taking the averages of Coun- try issues from two to five years. Mr. MuNra regarded Sir Robert Peel as at length about to do what he was bound to do—to carry out his own principle completely ; so that they would now see whether his measures were sound.

When the right honourable Baronet had carried out his principle as he now intended to do, if he succeeded, Mr. Munto would be the first to declare that the right honourable gentleman was right and that he had been wrong himself all his

life. When the price of land, and the produce of land. and the value of labour, bore the same relative value to gold and silver as they did at the commencement of the trial—then the principle would be tested, and not till then. He was not surprised at gentlemen on the Opposition side of the House expressing their approbation of this measure, because they were desirous that prices should be reduced to the Continental level : but how those on the other side, who be- lieved filet the price of corn here should be by many per cent higher than on the other side of the Channel, could support the plan, he could not conceive. Be did not justify the Corn-laws as an abstract question, and he bad there- fore Aiwa.% s voted against them ; but it was his duty to state what the effect of the measure would be. The right honourable Baronet one very pleasant the

other evening in referring to a publication from Birmingham, and considering

him as the author. Now, he was not the author ; and he never bad advocated -an inconvertible paper•currency. The only question at issue between him and -the right honourable gentleman was the amount of the precious metals into

which it should be converted. Ile did not object to the conversion into a cer- tain amount, but whether it should be the same amount here as on the Conti-

nent ; o here corn was less in price, he doubted. He said, therefore, that the

Corn-laws must be repealed, or the right honourable gentleman's measure could mot he carried nut and fairly tried. Although the right honourable gentleman was quite right in carrying out his principle, he had encumbered it with much unnecessary mm hinery. He did not believe that it was necessary to interfere with the Country Banks: he was satisfied that without mentioning the Private

Banks, or the Joint-Stock Banks, the whole might be regulated without inter- ferenee. If a law were passed which would work by itself, without any inter- ference by her alajesty's Ministers, or by her Majesty, by which the Bank of England would he obliged at all times to keep certain amount of bullion, the whole good would be effected.

Mr. CHARLES BULLER believed that the measure would have the effect of substituting a more unsafe form of credit than that which at

present peevails ; but postponed developing his reasons,—merely beg- ging the House not to be carried away by conclusions against Private Banks which the facts fail to prove; for among the 81 banks mentioned in the return of failures read by Sir Robert Peel, only 29 were banks of issue.

Sir ROBERT PEEL replied to some objections which had been made.

In answer to Mr. Buller, be said, that when he read the return he was ad- dressing himself to the memorial of the Joint-Stock Banks, which vaunted the

preeeut system of banking as perfect ; and he insisted that, whereas the power of issue constitutes a great encouragement to the establishment of banks and to their teiemanagement, his measure would tend to check abuses. He rejoiced

that Mr. Muntx—whom he never deemed the author of the Birmingham book—made so near an approach to his views. To Mr. Newdegate he re-

plied at some length ; explaining, that the object of his plan was to insure a proportieuate value between gold and paper, and not to alter prices ; any arbitrary alteration of which cannot in the long run be beneficial. As to the supply of notes in the coffers of the Bank, the Bank would have an interest in extending its circulation in various ways, so as to bring them out. As to the averages of the Country issues, within the last six months there has been no panic or great depression in agricultural produce, while the monthly average of the Country issues has ranged from 3,000,000/. to 4,900,0001.; but in the first six months of the period on which the proposed averages would be based. [a table quoted by Sir Robert comprised eight months,] the issues had ranged from 4999,000!. to 5,434,000/. Sir Robert Peel stated that the Bank had no objection to the measure's coming into operation as soon as the separation of the two departments could be effected : the Directors were then engaged in preparatory measures.

The resolutions were all affirmed.

RESTRICTION OF LABOUR IN FACTORIES.

In the House of Lords, on Monday, Lord WHARNCLIFFE moved the second reading of the Factory Bill ; briefly explaining its principal objects; which, as the measure has undergone several changes, may here be recap;tulated. It alters the age at which children may be admitted to work in factories, from tine to eight years of age ; diminishes the working-time of" children," (persons beteseen eight and thirteen years of age,) from nine to six and a half hours; extends the time for daily echool attendance from two hours to two and a half heursii, winter and three hours in summer. At present "young per- sons." (oersems between thirteen and eighteen years of age,) are limited to twelve hurt' labour: the bill continues that restriction, and extends it to the labeler it adult females. The bill deprives Inspectors of the power of acting as Magistrates. or making rules and regulations. In addition to the surgeon's cerufieat e f apparent age, the employer may be compelled to produce the bap- tismal certificate. Fines are lowered in amount, but ate to be imposed in the case of esell child improperly worked, instead of each offence, which may include several children. Machinery is to be properly guarded, under penal- ties Or neglect.

There had been considerable difficulty in passing the bill through the oilier House of Parliament ; but Government had felt it necessary to be firm, and Lord Wharneliffe hoped the House would support the measure.

[A debate of moderate length ensued ; and many arguments for and against the measure were now repeated, though upon the whole more slightly and concisely. In dealing with the several speeches, however, we seek rather to select such passages as indicate the spirit and view peculiar to each speaker, than to trace out his entire coarse of argument.] The Marquis of NORMANBY did not oppose the bill, because he re- garded it as an improvement ; but he thought that it did not carry the principle of intervention far enough. His opinion on this subject was formed duringthe period that he administered the business of the Home Office, and it was at variance with all his impressions previously to that period; but havingbeen employed in the enfranchisement of different sort of labour in a different part of' the world, when the last bill OR this subject was before Parliament, in 1833, the present was the first time that he spoke on the subject. It was true that the Committee of 1840 agreed with the substance of this bill, and reported that twelve hours was the proper limit of labour ; but be thought that the other alterations in the bill of that period were of such advantage, that he did not think it necessary to communicate his own views on this point to his colleagues, and he adopted the measure as it then was, rejoicing that it was not made matter of public discussion. He had always felt that such was the peculiar state of the factory-districts—the accumulation of vast masses employed only in one occupation, without the power of removing to other districts, and absolutely and totally at the mercy of their masters for employment, who had it in their power, by a lower rate of wages, to employ the wife and child, and leave the husband, who might have been employed at a higher rate of wages, in a state of forced idleness—that the Legislature, when once they- interfered, were justified in stopping.at that point only where they would restrict the hours of labour to the hours usual in all other parts of the world where masses were combined at one kind of work. He would be able to prove that the interference proposed in another place was not excessive; and if so, on the supporters of this bill would fall the onus of proving that there would be danger in the opposite course. He thought that there ought to be a reduction of the hours of labour ; and his opinion was founded on the fact that every large mass of labour was regulated by the laws of nature, and that twelve hours all the year round was more than the average amount. In all the operations of nature the time of labour was regulated by the light of day, and though you might have more labour in summer you would have less in winter ; and therefore it was im- possible that the labour in those operations should exceed the amount of actual labour prescribed in this hill. He would take, for instance, labotir in the Tropics. There, in consequence of the night succeeding so rapidly to the day, it would be impossible that a man should labour tothe extent prescribed by this bill. When we were told that they ought not to interfere with labour, his answer was that they had interfered already in the Tropics. He was engaged in superintending regulations of the English Government with respect to labour in the Tropics previously to the emancipation of the slaves. If you left the slaves free to labour, it was impossible for them to work more than twelve hours; • but you were not content with that, but provided that the shell-blow should be at sunrise, that there should be an hour's repose in the middle of the day and an hour for dinner, and that the shell-blow should be again at sunset. This operated as a ten-hours bill: but he heard nothing then of the spoliation of property, though the persons whose labour was interfered with were in point of fact the property of their employers.

Lord Normanhy remarked, that in his view be differed with many noble Lords with whom he generally concurred. [Lord Brougham—" From all of them."] Being thus taunted, he animadverted on the position into which the question bad been brought by Government ; observing, that in the other House, the conduct of Ministers afforded reason for believing that they would have been glad to allow their own friends to give votes in opposition to the measure which would have been popular in some places, and to carry it by means of their political opponents: and, referring to the division-lists, he censured thrift who bad voted for Lord Ashley from conviction and afterwards voted against him on considerations utterly unconnected with the question. He bad been one of those who supported the Reform Bill. At that time he had not been connected with the Government, but he supported the measure; feeling, however, at the same time, that if any part of it was open to objection, it was that it established a Constituency consisting too exclusively of employers, and that in point of fact there appeared to be no representation of the work- ing-classes. And he must say, that if there had ever been a decision likely to excite a feeling among the unrepresented which their Lordships would not wish to tush to extremity, it was the late decision of the other branch of the Legislature. He regretted that decision, as not providing for the education of the young and the care of their children by women ; he regretted it, because it tended to defer the period when that particular class of the community might be admitted to a share in the representation, and because it aggravated their sense of the injus- tice of their exclusion, and created an anxiety to alter the existing system of the Legislature—because it would produce an impression that those who were elected to represent the opinions of the nation did not honestly represent them. If that was the impression, it would he one which every man must deprecate, if created by the conduct of the other House of Parliament and the proceed- ings of her Majesty's Government. Ile considered that the measure had been put upon an erroneous ground, and th it the conduct of the Government had been most injudicious in staking its existence upon it. If the Government had in the hest instance called their supporters together and declared their intention, it would have been far more prudent than to have called upon the popular part of the Legislature to reverse its decision three times distinctly pronounced. Lord BROUGHAM, differing from the Marquis of Normanby, protested against the bill in toto. Why was it that the noble Lord said the interest of the working-classes WSS not represented in Parliament? Because, according to his noble friend, the Parliament refused to say to young men and to women, "You shall nut work above ten hours in the day." Could any mortal who calmly reflected on the subject really string up his mind to believe that it was for the interest of work- ing-men and of working-women to have their hours of work reduced to ten hours a day, when they were able, and when they were willing, and when they were anxious to work for a longer period—that it was not Our their interest that they should be free in disposing of their own time ? They were the dis- ciples of the doctrines of free trade on his (the Opposition) side of the House, and his noble friend was an advocate of free trade; and he could not conceive on what principle they were, while advocating free trade with one breath, to turn round the next moment and say to the working-classes, 'You are not to carry your labour to the best market: you are not to be employed at all hours of the day during which you feel your constitution allows you, or your spirits bear you up, or your perseverance and your industry excite you and comfort you to work." "No," said his noble friend, "it is not for the interest of the labourer to work as long as he likes. Do not let him be free. Do not allow him to carry his labour to the best market. Do not permit him to earn as much as he can by his industry. Do not let him work as long as he is willing— as long as he is anxious to work. Put your legislative shackle on his energies." Alluding to Lord Normanby's argument that the labour of other classes is regulated by the laws of Nature, Lord Brougham declared the condition of agricultural labourers to be worse than that of factory-labourers. "To be sure, their labour is a very hard one, like that of all who are subject to the primeval curse of earning their bread by the sweat of their brows; and permit me to say, theirs is a harder case than that of the workmen in factories. In the first place, it is something towards the health of these latter-1 beg leave humbly to suggest to the advocates of misplaced and perverted humanity on the present Wagon, or, as I prefer calling it, of cruelty and injustice, it is one element of health to be able to appease the cravings of hunger. Eating has been some- where called by some author a popular amusement ; and no doubt noble Lords are much better occupied in that than in the dull amusement of hearing a speech on it ; but it is not only popular, but very wholesome. Nothing tends more to the preservation of life than a due leaning on the staff of life ; and as man lives not by bread alone,' it is but right there should be some little gilding of the staff, and that men should be enabled by some better sort of food more comfortably to support life. There is not the least doubt that the factory-labourers are better paid than the agricultural labourers—they live better, past a doubt. Another thing that tends much to their health and comfort, and makes the same food go a great deal further, is warmth. If any one has seen, as it has been my painful lot to see, the sufferings of the peasantry, compelled to work in the fields in the open air, their hearts must melt just as much on that subject as my noble friend's on that upon which he dilated. I admit many of the statements contained in the reports brought for- ward of the sufferings of the children in factories ; but I pledge myself, if the subject ever comes before your Lordships for discussion—which I hardly expect it will, after what fell from my noble friend at the end of his speech—to bring before your Lordships a frightful picture of the sufferings of farm-labourers, scantily clothed, hardly wrought, rudely exposed to the blast and the rain and the snow ; coming home to an ill-warmed cottage, through which the wind ends access and exit at its will, to rest upon a bed which cannot by possibility be very dry, in a country where fuel is dear, with the clothes which be wears from one end of the winter to the other—in such unhappily-situated counties as that of which I speak from my own personal knowledge and observation— never once really dry during the whole wet season of the year." The having interfered at all is no argument for making the matter worse by contracting the limit of labour to ten hours. "The working-classes, however, when their eyes are open to their real interest, will soon discover that if they work so many hours less, they must earn so many shillings less; and this will have the same effect on them as the operation which was performed in the other House had in inducing its Members to open their eyes. I do not agree with my noble friend, that if there had been no such operation the patient would not have recovered, and the Government would not have obtained a majority. His re- covery might not have been so rapid, nor the revolution perhaps so sudden and thorough—[ certainly did not calculate on a majority of 138; 1 calculated on 30 or 40: and I was extremely gratified, on seeing the division-list, to find I had guessed so near the truth, till I saw there was an unfortunate figure '1 ' before the other figures—though I could scarcely credit my vision, for a mo- ment. My noble friend says it was the act of the Government in staking their existence,on the fate of the measure which gave them the majority : perhaps that alone gave them so great a majority ; but I am perfectly certain they would have had a majority even if no such observation had dropped from any one of the Ministers."

In reply to Lord Brougham, the Marquis of NORMANDY read extracts from Mr. Chadwick's report on the sanatory condition of the labouring classes in 1842; which states that the average duration of life among the agricultural labourers of Rutlandsbire is as great as among the higher classes in Manchester, and nearly double what it is among the factory-labourers ; and it attests the superior morality, sobriety, and in- dustry of the agricultural labourers.

The Earl of WINCHILSEA agreed that the bill would effect a great im- provement; but regretted that it had not gone to the extent of limiting labour to ten hours.

Lord CAMPBELL contended that there are cases in which it is very necessary to interfere for the regulation of labour ; that the present bill went just far enough, but that it would be unsafe for it to go any further. He had made some inquiries on this subject, and he could not find any instance in which a limitation below twelve hours had been imposed upon labour, except in a certain country of which an account had been gicen.by Sir Thomas More— Utopia. The limitation in Utopia did not extend to ten hours; it was for six. Be had translated very literally the Latin passages in More's work which re- ferred to the limitation of labour in Utopia ; and if they could depend upon the statement of its effects there, they might be greatly encouraged to adopt a similar measure in this country, for although the people worked only six hours, they had all the comforts and necessaries of life. "Nor is an Utopian severely worked," says More, "like a beast of burden, from early in the morning till late at night. This would be worse than the life of a slave, although operatives are generally condemned to it, except in Utopia ; but there, day and night being divided into twenty-four hours, they allot only six hours to labour,— three before noon, when they dine, and after they have reposed two hours they work three hours more, when they sup. The rest of their time they employ in reading, hearing lectures, and in recreation and amusement. It might be appre- hended that from their working only six hours a day, a scarcity of necessary things might be experienced among them but this is so far from being the Case. that from the portion of time allotted to labour they have not only a sufficiency but a superfluity of all the necessaries and comforts of life." [Lord LYNDHURST exclaimed, "I wish I lived in that happy land."] An Irish Bishop was said to have remarked on one occasion, that he feared Captain Gulliver told a great many lies in his celebrated " Travels " : if he could rely upon the statement of More be had just quoted, be might be prepared to support a Ten- hours Bill; but, till he could be persuaded that this was a true account, he could not consent to carry the limitation of labour beyond twelve hours.

The Earl of HADDINGTON defended the Government against the un- founded charge of seeking support for an unpopular measure from their political opponents in order to favour their friends ; and maintained that it was quite natural for Lord Ashley, with his influential support, to have carried a vast number of votes at first, which were afterwards converted by force of argument. • The Earl of MINTO objected to the measure, on account of its inter- ference with labour, and especially with adult labour.

• Earl FITZWILLIAM was surprised that Government did not show the care to obtain a majority in the first instance which they took in the last : but he supposed they did not see such difficulty would have arisen. "Lord WHARNCLIFFE having replied, the bill was read a second time ; to be committed on Friday the 31st instant.

LORD BROUGHAM AND THE RAILWAY COMPANY.

[Some curious scenes have occurred in the House of Lords respecting a dispute which Lord Brougham has had with the Company projecting the Carlisle and Lancaster Railway, with the House of Commons, and by consequence with sundry Peers. The subject-matter we gather to be this. The railway passes near Lord Brougham's property, though not close to it. He at first opposed the bill, but withdrew his opposition on certain conditions, among which was the erection of some gates on the high-road which crosses the railway, at some dis- tance—three-quarters of a mile—from the point of transection. The ompany assented : and on the report of the bill in the Upper House, Lord Brougham moved a clause authorizing the erection ot the gates ; which was adopted. When the bill went back to the Commons, how- ever, the Commons struck out the clause ; which they said was con- trary to their Standing Orders. A conference with the Lords was to ensue.] On Monday, the Marquis of CLANRICARDE presented a petition from parties interested in the railway, alluding to the conference, and pray- ing the House to take some steps to settle the dispute. Lord BROUGHAM then loudly complained that the compact with him had been broken : he intimated that he could adduce evidence of some

incorrect means by which the opposition in the House of Commous had been got up ; and gave notice that he should move for an inquiry into the case.

Nothing further, however, was done till Thursday ; when the Marquis of CLANRICARDE proceeded to close the question as between the two Houses, by moving that their Lordships should not insist upon their reasons.

Lord BROUGHAM wished for further delay, as some arrangement might be entered into with the parties. Be hoped that, notwithstanding what had occurred, no party-feeling—(Cries of " No, no!")—would be allowed to frustrate that which lie maintained to be only just and equitable. ("No, no !") Then, if there were no party-feeling, what was the sentiment which prevailed in this matter ? was it personal ? (" No, no I ") Then, he would say, let the course which on former occasions he urged upon the adoption of the Rouse be now pursued.

The Marquis of CLANRICARDE indignantly repudiated party or per- sonal motives ; and averred that the Railway Company had no wish to annoy Lord Brougham ; only they were not willing to lose their bill because the Commons would not agree to his amendment.

Lord CAMPBELL took Lord Brougham's conduct for proof of the great danger which always occurs when a man is his own counsel ; ac- cording to the saying, " A man who is his own counsel has a fool for his client.' He maintained that the clause had been irregularly intro- duced ; and that the gates on the Lancaster and Carlisle high road had nothing to do with the railway or the bill ; but that if erected at all, it ought to be under a turnpike-bill. He asked Lord Shaftesbury, whether a clause could be introduced on the third reading, without notice— [Lord BROUGHAM—.* No, no !"] Well, on the report ?

The Earl of SHAFTESBURY said, that a clause might he so introduced, though it was not usual ; but that if the gates were to he erected three- quarters of a mile from the railway, the clause was dchars the bill, and ought not to be admitted into it.

The Earl of DEVON said, that to postpone the debate till after the recess would only make four-and-twenty hours' difference in its ulti- mate passing ; and lie moved to adjourn the debate till the first day after the recess.

Lord BROUGHAM said, he was perfectly ashamed to detain the House on what might appear a personal and trumpery matter relating to him- self: but the treatment he had met with, and the manner in which he had been trepanned into giving up his opposition to the bill, formed a matter of great importance to the conduct of private business in that House. He insisted on the necessity of an inquiry; and reiterated his charge of party motives. He wished to ask, when did their Lordships ever see the noble Marquis and his friends around him so anxious about a clause in a railway. bill before ? when so loud on such a subject—some on their legs, and some not on their legs ? Why, could any man doubt, that if this had not been his (Lord Brougham's) clause, the case would have been different ? If his noble friends would say that the same piece of work would have been made—the same fuss, and the same movements adopted, the same tone used—that they would have employed the same cries, and uttered the same calls, if the property of his noble friend the late Premier or of his noble and learned friend who had succeeded him on the Woolsack (Lord Cottenham) had been concerned—his mind would be altered. But till he heard that, he should believe that this had been considered a good opportunity for thwarting him. His noble and learned friend had inti- mated that, if retained as counsel in the cause, he would abaticlon his client. [Lord CAMPEELL" For the sake of the character of the client! I No! tor his own ease; for if he abandoned the clause, he must abandon the client also.

The Marquis of CLANRICARDE asked, why Lord Brougham had not moved for inquiry on Tuesday ; and reminded the Ilouse that parties had been detained in town at great expense. He still more indignantly rebutted the charge of party motives made by Lord Brougham. He again made that attack upon him ; which he defied his noble and learned friend to substantiate, and which he told his noble and learned friend was so gross and unfounded that few men but himself would dare to make it against him. (Loud cries of" Order ! ") He begged pardon of the House ; but he would say that the charge was one which few men would have m ale, and which no man ought to make who was not able to substantiate it. There was no want of opportunity to substantiate it, if it were possible to make it good. He had been for some time a Member of their Lordships' House ; he had sat on Committees before they were selected as at present ; he had sat on a great many Committees on private bills, and on railway bills ; and he asked his noble and learned friend to show that on any one of these bills he had ever acted im- properly, or upon party or personal views. (" Hear, hear ! " from Lord Brougham.) "Hear, hear "1 why, then, were they told of this charge, and why was this insinuation now made ? He bad undertaken the duty imposed upon him most unwillingly ; and though he defied any noble Lord to show that . he was in the habit of discharging duties of this nature lukewarmly, he did at first shriek from bringing up this report ; for he was not ashamed to say, that it was not a pleasant thin to come in collision with his noble and learned friend in a discussion of this kind, with his abilities, and power, and practice. It was not a pleasant thing to attempt to cope with abilities of his class—far from it. His nobk and learned friend bad intimated that party-feeling was at the bot- tom of the course which the opponents of the clause had pursued. But his noble and learned friend must allow him to Bay, that when he spoke of the pleasure which he said it must give them to oppose his wishes, he a little over- rated his own importance. (Loud cries of "hear, hear ! ") His noble and learned friend must allow him to tell him, that he a little overrated the fact that their opposition to the clause was occasioned by his hostility to certain noble lords, near whom, for some reason or other, he close to sit. He kuew no - one who, in argument or reasoning, could give greater support to a party than his noble and learned friend ; he knew how great was the power which his noble and learned friend lent to a debate ; he knew how much aid he extended to the Adatiniatration, and to the noble and learned Laid on the Woolsack.: but power in this country was not only founded on eloquence, or on energy—other attributes were required; and he was not afraid to say, that if they willed to single out their most dangerous enemy, and the one that was perhaps in the first class of those to whom they would he most disposed to hold .tut a bait and , to conciliate, he for one should not put his noble and learned friend in that , class. Be thought that great advantages might be derived from his stupendous a abilities, his wonderful acquirements and great resources, and the readiness with which he applied them ; but, if he imagined that he would for those ad- vegtagee think it worth his while, putting the thing merely as a matter of mer- cantile value, to forfeit one particle of character from any motive, or abate one kg of a proper appreciation of duty and honesty, his noble and learned friend was widely mistaken. Lord BROUGHAM admitted that it was always unpleasant to get into altercations with a friend—a valued friend, or to listen to altercations ; and he gave full belief to Lord Clanricarde's disavowal of motives ; pro- fessin; also great satisfaction on another point— it was said that, in the opinion of some noble Lords, his hostility was a very right matter, and that they on the Opposition side of the House did not care about it : he was happy to hear that—he heartily rejoiced at it ; because it was always painful to find your friends receiving pain from your conduct, guided though it might be by considerations of public duty; and he was glad to think that what be had been led to do by a sense of public duty was not only no dis- appointment to his noble friends, but that they were indifferent about it, and thought it a matter of no consequence whatever. He was very, glad of this; for it relieved his mind and disembarrassed him exceedingly, and he should con- sider henceforth that he could pursue his duty with a degree of freedom and lightness of mind. Ile had been accused of overrating his own importance. He did not overrate his own importance, he could assure his noble friends, nor un- derrate their public-spirit, though, perhaps, he overrated their party-zeal ; which, however, would not be easy, for their Lordships had now fallen upon days when party, like the trunk of the elephant, found nothing too in- significant for it to pick up, nothing too powerful for it to grapple with—sometimes uproolutg a rock or an oak, sometimes lifting a needle. New, he thought of himself not as the rock or the oak, but the smal- ler subject of party ; and he regretted coming within the party-probos- cis, and was not conscious of giving himself any airs or signs of undue im- pmance. Perhaps, however, at the bottom of all this annoyance to his noble friends, was his sometimes supporting her Majesty's Government, and not them. They perceived, however, that the difference between the two parties wee not always so very trifling as that a little dust or a needle in the balance could turn the scale; and they said that they did not mind him throwing that dust, that little needle, into the opposite scale. But then, they ought not to abuse him so much, or complain of him ; for he went over in good company. He %billed his noble friend Lord Bowden was there; he would have applied to him to confirm what he said, for Lord Bowden had made a most able and eloquent speech the other night in support of Ministers ; and Lord Grey had written to Lord Bowden approving of his speech, and saying that if he had been in his place in Parliament he also should have supported Ministers.

The discussion went on thus irregularly somewhat longer ; the Duke of Weamisomat and the Marquis of SALISBURY advocating the post- ponement of the question ; the Earl of RADNOR and Lerd MONTEAGLE opposing it. On a division, the adjournment was negatived, by 33 to 32. There was then a little more disputation ; which Lord BROUGHAM wound up by saying, with great emphasis—" I will take very good care of these people when they come with their next bill : they will find it tivery difficult task to induce me to withdraw my opposition to their next bill." Lord Clanricarde's motion was, agreed to ; Lord Bnotrunara announcing a protest.

LEVANT JUSTICE.

In the House of Lords, on Tuesday, Lord BEAUMONT drew atten- tion to a diplomatic dispute at Tunis. Xuebab, a native of Malta, com- mitted a very barbarous murder at Tunis; was called to account under the laws of the country, with the sanction of Sir Thomas Reade, the British Consul ; and was sentenced to death. Here, however, the 'trench Consul interfered; alleging, that under a treaty with Syria, (hot Tunis,) protection was extended to all Christians in that part of the world. The French Consul was hacked by the very dregs and re- fine of the society of Tunis, who called themselves Christians, by all the other Consuls except the American, and by the Maltese public ; a great cry being raised against Sir Thomas Heade. The case is not singular ; as, in the lax state of criminal law in the Levant, notorious criminals escape punishment under the pretext of Christianity. If made a precedent, it would be destructive of British influence in that quarter of the world ; and he sincerely hoped that some plan might be devised which would restore the independence of Turkey in the matter of criminal jurisdiction. He moved for extracts of correspondence on the subject.

The Earl of ABERDEEN admitted the evils arising from the feeble administration of justice in the Levant; but he hoped that the provi- sions of the bill which he had introduced last year would enable him to apply some of those remedies which the necessity of the case appeared to require. He would not notice the conduct of the functionaries at 'Ihtnis, as it bad been made the subject of' communications between the flioyeraments concerned, by whom it had been duly noticed. He laid Copies of the papers on the table.

MISCELLANEOUS.

NEW Werra were ordered to issue, on Monday, for the borough of Bucking- ham, in the room of Sir Thomas Fremantle, who has accepted the office of Secretary at War ; and for the city of Chichester, in the room of Lord Arthur hennas, appointed one of the Commissioners of the Treasury.

T-ne laser, Brta introduced by Lord CAMPBELL early in the Session, and altered by a Select Committee in several parts, was read a second time on Tues- day, without remark.

DESECRATION OF CHURCHES. Mr. STAFFORD O'BRIEN obtained leave, ea Monday, to bring in a bill to prohibit the holding of vestries in churches.

Tug UNIVERSITIES. Mr. CHRISTIE rose to move, on Thursday, for "an address to her Majesty, praying that she will be graciously pleased to issue a commission to inquire into all matters relating to the statutes, revenues, trusts,. privileges, and present general condition, as regards education, learning, and religion, of the Universities of Oxford and Cambridge, and the Colleges and Maga iu those Universities." He had but begun, however, when the House wag," counted out."

Law OF MORTMAIN. On Monday, on the motion of Lord JOHN Mari- mba, the following Members were appointed a Select Committee on the law of mortmain—Lord John Manners, Mr. Shaw, Mr. Eicholl, Mr. Charles Roller. Viscount Clive, Mr. Smythe, Mr. Brotherton, Sir George Grey, Mr. Eliot Yorke, Mr. James Wortley, the Earl of Arundel and Surrey, Sir John liarde Buller, Mr. Milne', Mr. Sotheron, and Mr. Dickinson.

MALADMINISTRATION OP CHARITIES. On Thursday, Mr. W. 0. STAN- LEY mmed for a Select Committee to inquire into the management of the Briars Bangor Free School, instituted to teach poor children, but now used by the.rieh. Sir JAMES GRAHAM opposed the motion, the House not being the steeper tribunal; but announced that Government intended to carry a measure thiaseasiun to provide a summary and judicial remedy in every case of abuse, Irsas to enforce the application of the funds in accordance with the wishes of theaestator. IRISH VALUATIONS. On the motion of Sir JAMES GRAHAM, on Monday, a Select Committe was appointed on valuations in Ireland—namely, Lord Ellutre: Sir Denham Norreya, Mr. Parker, Mr. Shaw, Mr. French, Mr. Young, Sir Henry Winston Barron, Viscount Jocelyn, Mr. Philip Shirley, M. Coliquhonn, Lord Courtenay, Mr. Carew, Mr. Vesey, Sir Eimond Hayes, and Mr. Morgan John O'Connell.

PAYMENT FOR HONOURS. On Thursday, Mr. HUME moved for "an act- dress to her Majesty, that her Majesty will be pleased to give directions that whenever her Majesty shall grant the honour of the Peerage, or Baronetcy, or Knighthood, or Order, for eminent public services, no fees shall be charged thereon." The CHANCELLOR of the EXCHEQUER said, that the fees ut many cases were positively vested by Common Law in the holders of these offices. The fees upon appointments had formerly been borne by the Crown. Afterwards, when the Civil List was reduced and put upon a new arrange- ment, Parliament undertook to relieve the Crown from this burden; and here- by, at the preseut day, Parliament, when called on in each particular instance to defray a charge of this description, had an opportunity to pronounce its opinion upon the fitness of the advice given by Ministers in the particular pro- motion ; a useful check. He feared that any change would produce, rather than remove, inconvenience.

Cons-Laws. Mr. CHARLES VILLIERS has fixed his motion on the subject of the Corn-laws for Tuesday the 4th June.

THE WHITSUNTIDE RECESS. The House of Lords adjourned on Thum, dey, till Thursday the 30.h instant.