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

Whole No. 4064, —— — NEW YORK, SUNDAY MORNING, AFFAIRS IN EUROPE. By the Electctc Telegraph and the Eastern Malt. ARRIVAL STEAMSHIP HIBERNIA, 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 Cotton and Grain Markets, Suppression of the Civil War in Switzerland. Opening of the Council of 8 tate in Rome. ke. be. &e, ‘The steamship Hibernia, Capt. Kyrie, arrived at Boston at 8 o’clock yesterday morning. She sailed from Liverpool on.the 4th inst. Annexed is the telegraphic view of the news. It is important to tne commercial community. Thé British Parliament, for some days, had been engaged with the subject of trade, and the finan- cial condition of the country. It is expected that measures of a salutary character would be introduced. We give the debate. The state of Ireland is truly frightful. ‘The land reeks with aséassinations, from one end to the other. Government has proposed a coer- cion bill of a very mild and moderate character. In Switzerland, the civil war has been virtually terminated, by the surrender of Lucern to the troops of the Federalists. The Sonderbund is ceserted and thus the hopes of the Jesuits are ful- ly prostrated. ‘The affairs of Italy are in a fair way for ad- justment. The Pope has opened the new Coun- cil of State of the Vatican, and his speech elicit- ed unmixed approbation. The Royal Bank of Liverpool, the stoppage of which caused so much excitement at the time, has resumed business under favorable circum- stances. The Asiatic cholera is stated to have advanced to the Prussian frontier. The Presse, of Paris, states that the United States government has purchased the islands of Lyra, from Greece, and will at once pay off the mortgage due. [This is Greek to us.—Herald } The Washington arrived at Southampton on the $d inst. She left this port on the 18th ult. The steamer Caledonia arrived out on the 29th ult,, and the packet ships Montezuma and Gar- rick on the 24th ult. The packet ships Fidelia, Capt. Yeaton, and John R. Skiddy, Capt. Luce, hence, each made the passage to Liverpool in fifteen days. This 18 equal to steam. ‘The Speculative Movement of the English Government, {From the Liverpool Mail, Deo, 4.) Tho opening of Parliament, as far as concerns the credit the Government and the interests of the people, has not been propitious. Her Majesty’s Minis- ters treat the victims of a fatal Cet long pursued under specious disguises, false returns, and fallacious arguments. with oalm indifference, if not with scornful and nojust rebuke. What they think, and others think ,of the Ministers themselves, as the prinoipal authors of the ealamity, we shall not here attempt to conjecture. It is clear. however, that their willingness to inquire into th= effects ot Poel’s bill of 1844, affords evidence that they suspeot what they deny, and are conscious of an error, which the oant embodied in Sir C! Woou’s consistency, makes them unwilling to confess. At preseat they are taking shelter behind an imagi: ry screon. They are luxuriating in a new golden sh They ‘ell us that the goid is coming back to the Bank of England. And so it has been for the last fortnight, and will probably continue*te do so forjsome;woeke to come. But whence is it coming from, and un ss circumstances? From parties in Germany, Prussia, Rus- tia, anu Amerioa, in order to meet the bills which they drew upon the corn they exported to England, and wulob bills were dishonored in this country, The corn held iv England on these foreign accounts is not now worth ten ebilliogs in the pound of the amount origi- nally drawn for, Hence the necessity of remitting gold The commercial credit of this country is now 60 low that a bill,on even the best,of the surviving houses, is at present literally o/no value, The gold comes hore as an unavoidable substitute. Do the ministers take credit for this happy turn in affairs? Minds constituted like that of mir Charles Wood, and are influenced by the teaching of others a ttle more cunning and sordid than themselver, are cer- tain to cling to any delusion, the plausibility of which they admice, but the treachery of which they are unable to discover, Will Lord John have the courage to boast that by his invited and encouraged influ of foreign corn he has succeded in cheating the citizens of the United States? Will he swell at the ides that we have got possession of the breadstuffs without paying for them, and have compelled the merchants of New York to re. mit gold to mes the dishonored drafts ? ‘This, wo “nderstand, is treated jocularly in certain Ligh quorers, The gold te returning, and Sir Charles Wood rejoices. But let him beware. This isa game tha®, two cam play at, wide though be: the oosan that Polls between them. The Americans, having been deprived of their expected profs by this very whig-like and very honorable finan- cll operon, wili r-taliate as sure as the sun shines, As we have not paid for the corn they sent us, they will not psy for the manufactured goods we have sent them. Let tho manufacturers of this country enter this “ great tet” ja their books! Important Debate In the British Par:lament, Distress of Great Britain, ch we. , the }8:h ult, the Imperial Parliament asormbied at Westminster Mr Shaw Lefevre was re- vlected Speakez, and the remainder of the week was oo- cupied ta swearing in the new members On Tuesday the following Royal speech was delivered by commis- sion :— “My Lonps ano Gexturmex— “Her Majesty has ordered us to declareto you the vaurea which have induced her to call Parliamsnt to- gether at the present time, “ Her Majesty has seen with great concern the dis- treas which bas fer some time prevailed among the eom- meroial classes. The embarrassments of trade were at one period agg: ston by #0 general « feeling of distru er Me, ood of alarm, th purpose of restor- fog confidence, rT emergency. The course have led to an infringement of the Mojwty bas great satisfaction in belug able to m you that the law has not been infringed—that alarm bas subsided—and that the pressure on the 4 commercial interests has been mitigated it harvest with which thie country has be ed has alleviated the evils which always ac- company ® want of employment in the manufacturing diutriots. * Her Majesty has, however, to lament the recurrence of severe distress in some parte of Ireland, owing to the scarcity of the usual food of th® people. ‘Her Majeaty trusts that this distress will be materi- ally relieved by the exertions which have been made to oarry into effect the law of the last session of Pariiament for the support of the destitute poor. Her Majesty bas learned with satisfaction that landed proprietors have taken advantage of the means at their disposal, by ag liberality of Parliament, for the {mprovement of tani Her Majesty laments that in some counties of Ireland Strocious crimes have been committed, and a spirit of sueubor dination b ganized reristanes to legal rights, The Lord Lieutenant has employed with vigor and energy the menus which the law places at his disporsl to letect offenders, @nd to prevent the repetition of offen- Her Majesty feels it, however, to be her duty to hor peaceable and well disposed subjects to ask the an- Parliament in taking surth recautions etration of crime in certain counties and distriots of ireland. ler Majesty views with the deepest anxiety and In- the present condition of Irelat ud she recom- ‘nends to the consideration of Parl + moneures | terfered becaum which, with due regard to the rights of pro: , ay ‘advance the social condition of the Dati ran to the permanent improvement of that part of the United Kingdom. “Her Majesty bas seen with great concern the break- ing out of civil war in Switzerland. “ Her Majesty is in communication with her ellies on this subject, and has expressed her readiness to use, in coneert with them, her friendly influence for the purpose of restoring to the Swies Comfoderation the blessings of Her Majesty looks with confidence to the mainte- nance of the general peace of Europe. “Her Majesty bas concluded with Equator # treaty for the supprersion of th Her Majesty hag given direotions that this ti be laid before you * Gentlemen of the House of Commons : “ Her Majesty has g! ireotions that tl for the next year should be prepared for tl being laid beiore you. ‘They will be framed witha care ful regard to the exigences of the public service. ‘* My Lords and Gentteren : “Her Majesty recommends te the consideration of Parliament the laws which regulate the navigation of the United Kingdom, with a view to atcertain whether avy changes can be adopted which, without danger to our maratime strength, may promote the commercial and colonial interesta of the empire. “Her Majesty has thought proper to appoint a Com- mission to report on the best means of improving the health of the metropolis ; and her Majesty recommends to your earnest attention such measures as will be laid before you relating to the public health. “ Her Majenty has deeply sympathised with the suffer- ings which afflict the laboring classes in the manufac. turing districts in Great Britain, and in many parts of Ireland ; and has observed with admiration the patience with which these suiferings have beergenerally borne. The distress which has lately prevailed among the commercial classes has affected many important branch- es of the revenue ; but her Mojesty trusts that the time is not distant when, under the blessing of Divine Provi. denoe, the commerce and industry of the United King- dom will have resumed their wonted activity ” In the House of Lords,after the address had been moved, Lord Stanley rose, und at eome length com- mented upon the present state of the country, acknow- ledging the existence of symptoms of returning confi- dence 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 influ- ence had it been earlier adopted, and been at the same time of a more liberal desoription. Tho noble lord then dwelt, at some length, on tha mischivvous consequences of sir Robert Peel's bill. ‘The country was now desirous to know what the Government propoved to do with that bill. He them taunted the free trade party with the utter failure of ull their predic.ious, which the present state of the country afforded. After commenting on other purts of the speech, and ridiculing the insertion of the paragraph Folating bp the State of Ecuador in Her Mnjosty’s speech, whilst all mention of the West Indies was omitted, went on to say, before leaving this mutter, he begged to warn the Government to take care that “bile they were suppreesing the slave trade with the right hand, they were not encouraging it with the lett He did not hesitate to say their past exertions bad given a stimulus to the ala’ rade—had 1 punishment, the labor and exertions ot the as raised bis choose betwi the slave trade, or the withdrawal ite beary exXpense and loss of life on the coust of Africa, and with its aggravations of the evil which it vainly endeavors to put down,he believed that he would choose the form the more innocent and less ruinous of the two.\(Hear, hear). This brought him to another andimportant part of tne subject; and he wished to know if the Government were prepared to lay upon the table of the House all the remontrances they had re- celved from the body of the West India proprietors. There might be exaggeration.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 pro- ducing colonies—the last blow which broke the great commercial houses connected with that trade—was the act which had pltced upon an equality in certain clr. cumatancen, whilat a fearful inequailty existed in other circumstances, our own colonial produce: our squadron. with d Cuba. The, noble lord, who was frequently inaudible, we understood to say, that he had read with pain and grief the apeech of Sir C, Grey, when he spoke in the name of the Gorern- ment, but againat his own honest conviction, and with run staring those whom he addressed in the face, and said that when protection had been withdrawn from corn it could not be maintained for sugar. ‘I'he planters said, “If we are to be compelled to rest upon our own advantages, it our produce is to receive no favor, and no consideration is to be shown us on account of the diffi- culties and obstacles which the legislation of the mother country has thrown in our way, then let us, at all events, send our produce in the cheapest manner.”” if protec tion 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 ational honor, or national fsupremacy, that course might be persevered in till prices were lowered to the utmost possible extent But that was suicidal policy for a country whose depen jes were not confined to the narrow precinots of these islands, but whose commerce ded, and whose own peculiar possessions were d over every t of the world. If all these things were to besacrificed, it must br #0. and the people must bow before the calamity, and submit to it. But if bis inference was correct, that the disasters which bad ocourred were consequent upon the course theyhad taken, then he exhorted them, ere it was too |: and if it were ble, to retrace their stups After som itences which were perfeotly inaudible, the noble Jord w-s undersiood to refer to the reports that were in circulation, to the effect toat the Government, in the distress and difflou! in whioh they fouod themselves, we: out to resort to a desperate attempt, and to aggravate the evils which al- ready existed by direct taxation, (hear, hear) and not only to continue a tax that in the firnt instance was only temporary in character, but to ex:end and increase that tax, under added severity. He hoped that the Government had no such intention. He trusted rather that hor M ty's Government would feel it to be théirfduty, and t Parliament would frel it to be aleo their duty, to resist any attempt to impos: swch & tax, u;on the country ia a Ume of profound peace He trusted that, for the ob- ject of raising revenue, if that had become necessary, from former measures of the Government, sounder prin- rorted tofor that purpose It the leficient in the means ef ‘meeting the igencies of the country—and God forbid he should sand in their way when they bates to supply that do- ficiency—iet thein not aggravate the evils of the country by direct taxation, but resort to those eounder, more solid, and bolder principles universally adop ed’ in all other countries, of raising @ considerable portion of the revenue by other and indirect means. He wottld not trouble the House upon any other topica; it would be suf- ficient for him to indicate that whatsouver measures her Mojesty’s Government should deem it necessary tosubmit to Parliament, should receive trom him the most careful and disparsionate consideration; and this he would add. that nowever strongly he might feel on some matters, and however strong his opposition might be to measures which he thought wrong in principle, yet, as regarded those matters with which the interests of the country or tho safety of the community were involved, no feeling of resentment or hostility existed to prevent him giving the Government a support as warm and cordial ae it he had the honor of sitting upon the same bench, The Marquis of Laxspowne, in replying to the re- marks of Lord Stanley, said, the noble lord had endea- yored to draw the unwarrantuble inference that the al. teration of the corn |i jas Amatin Cause of the dis- tress ; but no supports n of the corn-law ever pretended to hide the inevitable consequence of an ex. traordinary demand for corn ia deranging the resourcen of the country. Did Lord Stanley mean to say, that, rather than have that supply, rather than pay gold to foreigners, he would he referred starvation? Of course not ; and therefore his whole argument fell to the ground. Lord Stanley had spoken wit + some levity and ridicule of the treaty with the Equator; but if it by granted that the slave-trade ought to be put down, there can be no objection to accepting the alliance and aid of any foreign power, emall as woll as great. ihe marquis concluded by expressing # hope that the antiol- pation with which her Mujesty’s speech concluded would s00n be realized; and that, severe though the dletress had been whicn had long prevailed amongst all claraes, the day was not distant when the ekill and industry of the country would resume their customary energy, and those great commercial resources would again be in full play which had contributed so much to the glory, great- ness, and prosperity of England. Lord Asusuaton expressed a hope that m be used to take the opinion of Parlian ject ot the Bank Charter Act. And hy necessity of considering the repesl of th ity laws; for if interest went to rule so high as 8 per cent, {¢ must du stroy the commeroe ot the couatry He did not agree t the repeal of the corn-Iawa bad contributed to the distress which had been felt throughout the year ; beeause the corn-trade would have been pretty much in the same state ns it had been dur- ing the last twelve months, even if the repeal of the corn-law had not taken place. The purchases of cora which hed been rendered necessary had cast the balance of trade against this country, but not to any Very great or serious extent, because the entire amount of bullion sent to America for corn had not exoreded four or five millions. Such an abstraction from the coffers of the bank, at atime when the bank held fitteen or sixteen militons of bullion, could produce no distress whatever. In the House of Commons, on the 30th ult., The Cuanceiror of the Excuequer roseto move for the appointment of arelect committes to inquire into the osuses of the reeent commercial distress, und how far it has been effected by thi we for regulating thi issue of bank-notes payable on demand. In so doleg he entered into an elaborate statement, expl: tory of the circumstances which had induced the government issue the letter of the 26th October, and the causes which, in the opinion of the government, had chiefly contributed to the recent distr Tho slarm aud panic which reeently prevail fe such that no bank act coyld have prevented the revulsion which ensued. It was, therefore, no condemnation of the act of 1844 that it had not prevented it. The government had in- it believed that the circulation of the country was paralyzed by the alarm and panic from which it became necessary to relieve it. The right honorchle gentieman then went into a lengthened ao- count of railway transactions in 1846; the commence- mont of the present year, and of the policy of the bank during that period,animadverting with some sover'ty on the conduct of that instetution, for at one time unwisely letting out its reserve, and at anothor suddenly our- tailing ite operations by raising ‘the rate of interest. Tho first failurey that took place in August lest wero those houres engeged in the corm trade-failures which of free labor *| were scarcely to be wondered at, considering the extra- ordinary fluctuations which had taken place in the price of corn—and failures which, {!n his opinion, were solely attributable to the miecalculations of those engaged in the corn trade. He considered it unfortunate that the bank had come to the decision in September to advance to the 14th of October, on exchequer bills st five percent. The low rate of interest hed effected but little alteration inthe business of the bank itself, but it acted prejudicially in giving an ill grounded con- fidence to many parties connected with the money market. Wp tothe month of October last there was no inadequacy ef bank-note circulation, nor was there any difficulty in obtaining that accommodation veually given io the shape of discounts by the bank The pressure, ashe bad already said, bad been cansed by the abstrac- tion from trade of available capital ‘To show the ex- teat to which this abstraction had taken piace, the right henorable gentleman first advertedto the amount which had been dramed away by purchases of eorn during the jast fifteen months. The first coat of the cora import- ed from 1846 to January, 1847, was £5,139.000 ; of that imported from January to June of this yeur £14 .180.000 aud of that imporied from July to Cetober, no lets than £14,240 000, making in all £33 000.000 paid for corn dur- ing the last Gtteen months right houorable gentleman then odverted to the enor- mous raiiway expenditure which had taken place since the year 1841. ‘Chis was one of the chief causes of the present distress, it being impossible that so large a pro- portion of the floating capital available for trade should be converted into fixed capital without a pressure being caused, As tothe failures which had oecurred, purtivs uccounted for them in two different ways One party attributed them to the stringent operation of the bank act, which ourtalled the circulation. Another, to the undue abstraction of available capital, and the undue expansion of credit. He left the House to judge to which of these they were justly to be aitributed, re- minding them that he had already shown that the bank note circulation was not materially contracted when this took place On the last days of September, the demand for accommodation on the bank had in- creased to an extraordinaty degree, and caused the bank to make the announcement which, at that time, had oreated so great a sensation in the city Short- ly after this the government heard of the fuilure of some of the ipearincia) banks, and of the formidable run which had taken place on one of the branches of the Bankof England. In addition to this, it was under- stood that application had been made to the London banka by some of the Scotch banks for assistance In this state of things, appealing to those more conversant witlt commercial matters, the government found that the opinion was very general that serious calamity would ensue, uales rnment took s ps to restore confide with reluctance that he came (o the conclusion that it was imperative on the The accounts received on the viously to the Saturday on t had voted, were very different as to the state of things from those which had been re- curved betore, In devermining to act, two suggestions ‘¢ made to the goverament—the first t additional issue of notes, but to Hmit this sue by acertain amount. The other, should be put on the minimum et. The latter appeared the better suggestion, and the govern- ment determined that eight per cent should be that mi- nimum, that, under the ciroumstances, apprating to be ‘he most desirable limit. Unless the rate of interest fixed had been hich, the importation of capitel and bul- lion would bave been checked. The removal of panic was the end which the government had in view, and the step which they took was, in their opinion, the best calculated to seoure it. The result of the interference wuich had taken place had beeu prompt and beneficial, ie wus happy tostate that orders were now coming in from abroad—that the demand for cotton wasincreasing, and that the prospects of the menufucturing districts were improving. in addition to this, the exports to the United States were considerably on the increare, end the general trade of the country was being rapidly re- stored toaa.und and healthy state. It was urged by some that the interference should have taken place earii+r, but, in his opinion, by such a course the end of | interfering would not have been attali It was main- tained again by others, but he coacelved errqneousiy, that when they did act they should have acted more largely, and adopted a morw extended system of circula- vere having afilicted the country, when the yatem was in its glory. Ho then’ eulogised (919 and 1844. ‘Che former had been atiuok- the latter, but the acts of ed in its day with as much virulence those who now objected to it were fortunately few and select. It objected to tho act of 1844 that it had not saved us from revulsions in trade. But no one who expected that it would do so had any great Eno yieans of the motives which actuated those eng+ged in the pursuits of commerce. As tothe Bank of England, con- ing the resources at its command, and ita influ- ence on the business of the country, it was of the lust importance that its action should be regulated bya sound discretion. He was sfreid that recent events bad somewhat shaken the confld-nce of the public in that institution. He deemed it unadvirable at present, however, to propose any legislation on the sutgeet, a8 there was no subject the investigation of which requir- +d more calm deliberation and more impartial inquiry. But hethought some such inquiry as that now proposed before a committee of the House was absolutely indispen- sable in the present state cf the public mind. It was de- sirable that the proposed committee should be constitu- ted of persons of various opinions, whose conjoint labors might result in throwing some light on the complicated problem sought to be submitted to them. [t was not the intention of (he government to propose any measures embodying the principle contained in the letter of the 25th of October, the state of the bank being now such ua to render it highly improbable that any legislative inter- ference ehoutd be necersary. concluded by moving for the appointment o! the com- mitteo. Mr. J. Wison then moved an amendment, limiting the inquiry of the committee to “bow far the recent | commercial distrors has been affected by the laws regu- lating the issue of bank notes p in so doing agreed with tne © Hor of the Exche- q ‘er, a8 to the imperative necessity which existed for the appointment of the committer. but he deprecated ox- tending the Inquiry of the committee to subjects not immediately connected with tho great question which was oow agitating the public mind. He would confine its investigation to the subj+cta of banking and curren cy, ‘There wore also roveral points to which the public mind was now alive. the first of which hud reference to the allegation that those who contended for the couvert- ibility of bank notes, wished to fix the price of gold. | But he denied that by attaching to an ounce of gold the nominal value of £3 17s. 103¢d, they iu reality fixed its price, Tho next point had reference to the usury la Much inconvenience was feit from the fact, that tion of those laws had been euffured ptill to exisc, and he believed that the committees, if appointed, would fo report. Great inconvenience had lately been experi- enced by the importers of the precious metals, who recently found that they could not exchange silyer for notes, An ides was, therefore, abroad thut the Bank of Engiand sbould be allowed to fasue notes on silver, | whilst it would be obliged to pay them in gold But this would be like permitting the Bunk to issue notes on eu- yar or any other commodity, fluctuating fa valuo, He did not think that the legislature bad acted with discre- tion in allowing the bank to hold any portion of its bul- lion in silver, at the time of the passing of the act — ‘Thore was another idea gaining ground, to the effect that the bank, in order te correct the foreiga exchanges, should td fe retain in its hands a certain portion ot the securities of foreign States But such recurities were moro efflotent, as the means of correcting the fureiga ex- changes. in the hands of private bavkers than in thore of the Bonk of England As to the bank act of 1544 hopes had certainly been held out that its effect would be materially to lessen the probability of over specula- tion, and of extreme fluctuation in prices; that it would check the fluctuations which had taken place in the our Tenoy, and diminish the chances of panic and pres- sure, That these expootations had been ill-founded, tne events of the past two years amply proved. ‘The tunda- mental error of that act was that those who framed it conlounded oapitatl with circulation, currency with bul- lion ‘fhe object which it had in view was to regulate the intern | circwiation ot the country by the foreign exchanges. But this they should not attempt to do, nor should they do so could it be done succe: fully. He to- tally dented the power of the bank #0 to affect ita circu. lation when it plessed. The act was based alo upon the assumption that immediate convertibili- t sufficient guaranty against the de- jou of the bank-note. But the convertible bank-note could not be issued in exoess, and hy intained that its immediate converti- suMclent guaranty against depreciation @ denied that the present pressure had perinduced by over-trading and commer- otal improvidence. The want of foresight attributed to the mercantile world had not been confloed to it; but bad pervaded slike the bank and the exchequer. There had been great over-trading in corn and in colonial pro- duce; but, whilst ihe government was answerable for much of the excess in the former, it was chiefly respon- sible for the losses in the lett-r, which were mainly at- tributable to ite colonial policy. But, if merchanis bad been improvident, how came it that thore who were perfectly solvent, experienced the pressure as well as those who were insolvent? I that solvent parties wanted war, that their propert, might be mada available when they required it to meet their engagements The bill of 1844 had neither prevented @ crisit,nor had it mitigated it when it cecur- red It hai fr trial, and had, in many important particulars been found wanting The goverument now proposed # committer, but what wuld suffering country gain in the meantime? measure could be founded on the rep rt of that committee, eigh- teeo months would elapse, during which time ali pariies would remain at the mercy of doubt end anxiety. The country had, for the last year, been iteelf sitting In com- mittae on the bil recent pressure and alarm were the witnesses betore it, aud the government letter of the 25th October was the report. What the commercial body now wanted to know was, whether the step taken tardily in October, was to be again delayed, shoud it be again called for, until deputation after deputatien had waited on the treasury, and firm after firm bad fallen to the ground. He wes unwilling to go into the committee without obtaining from the government some clue as to their intentions, should ® crisi# occur again befors the report of the commitere; or as to how far they were to permit the crisis to proceed before they interfered. [Ho thought that the least they could do, until the report cf the committee appeared, war to suapend the law of 1844, 80 far as it reguiated the issue of notes by the Bank of nd. The adjourned debate was resumed on Thurrday,the 24 inet. The only speeoh worthy of notioe was thas of Mr, Mastenman, the ker, who said that he was surprised With the same view tue | ‘The right hon. gentleman | leon demand,” and | > that the hon. baronet should attempt to depreciate the value of the step which the government had taken on the 25th of October. It was a step of the most impera- | tive necessity, and he was anxious to pay his respect and to exprees bis thanks to the Government for baving taken it. It wes not actual money that was wanted at that time. The panic, which was comparatively ground- lere, sprang from another cause—from the apprehension that money, if wanted, was not to be obtained He had always differed with the framers and promoters of the act of 1844, as to the merits of that measure; and now he concelved, from what had fallen from the Chancellor ot the Exchequer, that the right hon. gentleman himself | was convinced that it would not work well al Anit was very probable that the proposed committee would sit fora long time, he suggested that the House should, in the meantime, adopt @ resolution enabling the Bank, who authorised to do so by the Government, to issue ® pote number of notes than permitted to do by the act of 184 In the House of Lords on the 2d instant, ‘Lhe Marquis of Layspowxe proposed that a nelect committes should be appointed to inquire into the caus sof the recent commercial distress, and as to how far it had been affected by the law regulating the issue of bank notes payable on demand; and in doing so en- tered at considerable length into the state of the country for some period back. For the last twp years circumstances had cecurred to give aa important lesson to the community as regarded the failure of the pro- duce of food, by which lurge masses of the people had been affected, and also with respect to the effect pro- duced by speculations carried te an extent which the capital and circumstances of the country did not justi- fy. Oma former occasion he had been asked whether he thought that the act of 1844 had not been instru- mental in producing the effects which now were felt; but | he, on the part of the Government, was then unable to answer the question, and he was eo at the present time He therefory was not prepared to recommend that it should be repealed. Inquiry was therefore necessary, involving the question as to how far recent events were connected with that act; but he was not prepared to ropose any inquiry which involved their going into an favestigation of the general principle of a currency, the basis of which was its convertibility into the precious metals, The noble Marquis then proceeded to state the peculiar circumstances which occurred during the last autumn, which were calculated to produce @ stringent trial of the measure, and in doing so dwelt particularly upon the large amount of salla which had been made for railwnys, increasing an they had done from £4,500.- 000 in 1842-3 to £56,400,00C for the year 184 for the first halt year of 1817 the demand was £26,770.000, and for the half year up to December next, the calls were for £35,000,000, making altogether £63,770 000 for the year. It was ridiculous to suppese an available amount of capital existed, the ation of which to such or other purposes was prevented by the operation of Sir Robert 6 bill Circumstances independent of the presaure for the culls onrailway payments had operated to produce an effect on the general state of the country, and above all. by the enormous expenditure which was required for foreign corn, in consequence cf the great national calamity h had befallen the country by the hand of Provi- #, in the shape of the dearth that prevailed. The amount paid for foreign corn imported in 1846, amount- ed to many millions, and during the present year, during the half year, from January to July it wan estimated that the charge for such purpose would be £14 184.000 It would be a question for the committee to determine as | to the operation of those two sources of expenditure upon the working of the last or previous acts regarding the bank. He did not for his own part believe that the last bank measure had tended to produce the state of disorder which had arisen in the monetary affairs of the country ‘Tho pressure from the causes which had ope- rated,must have arisen with or without the act of 1544 His own opinion was that the operation of the act of Parliament acting on the bank, enabled the commercial classes generally to peresive that a course of enterprise had been entered upon which could not be carried out with the available means of the country at the present t therefore they had been enabled gradu- xtent of their operations The true | hat had been going on, when made | kwown, tended to produce something li | panic, combined perhaps with whot migh \ate pressure to prevent inordinate a «ne effeots had been such as to oall for t investigation of Parliament. There cited in the country # disposition to indulge in extensive | specula'ton far surpassing what ordinary circumstances would justity, and with this view every endeavor was | made to draw money from sible aources. Lord Srancry thea expressed his concurrence asto the eppointment of a committee of the House of Lords as propoged, aa he thought that the inquiry ehould be car- ried on simultane th houses, The Marquli of Lansdowne ba jar from overstated the degre or extent of the distress which prevailed, and when the government called the Parliament together at that uou- sual period ofthe year, it ought to have been prepared to come forward with some measure, if not to remedy, at least to paliiate the extent of the distress which pre- vailed = Thry had been told by the noble marquis that he should go intothe committes with his opinion un- committed on the subject. If such were the case, and if the committee was not to provide a remedy, it would have. been better on the part of the government to have postponed tho inquiry until they bad made up their minds on,the subject. It was probable that neither | the bank charter act, nor avy other single measure, was the cause of producing this distress. Lord Stanley avowed thet he was a party to supporting the carrying of that actin 1844, as peer in Parliament and asa member of the government. But the chairman of the committees upon whore report it was founded was the present Chancellor of the Exchequer, and it had been supported at every stage by the noble marquis, The government, before they issued the letter of the 25th of October, ought to bave made up their minds as to whether or not the commercial crisis followed by the panic had been produced by the act | of Pailiement. If they were not satisfied that it had pad effect, they ought not to have issued a let- anctioning the violation of the law. If the effect of interference had been such as had been described, there could be little doubt but that an earlier interfer- ence would hi prevented the ruin of many houses which might have been enabled to have avoided failure it was impoasible for any government of legislature to hose dittrewtes which resulted ‘from deffeient hatves(sor from over speculation in railways; but much might have been done to obviate the calamities which occurred, if steps had been taken to meet the difficulties atau earlier period. Little or nothing, also, was yet koown as to the effect of the failures on foreign coun- tries, and, above ull, in india. He should not oppose the | motion Several other Lords addressed the House, approving of the appeintment of the committee, after which the mo- tion was agreed to nem con. On the following evening, Dec. 3, Lord Lansdowne proposed thy appointment of a number of Peers on the committee for inquiring into the causes of commercial distress, The following were the names of the Parrs ap- pointed: The Duke of Richmond, Earl Grey, Auckland, Marquis of Salisbury, 1 of Ashburton, Lord Brougham, Earl of Ellenborough,Kerl 8t.Germans, Lord Glenelg, Lord Beaumont, Earl Grenville. Lord Ardrorsan, Lord Kinnaird, Lord Wharncliffe, Duke of Montrose, Marquis of Clapricarde, Lord Stanley, Lord Carapbell, Lord Monteugle, Marquis of Lansdowne The motion was. er a short discu-sion, agreed to. The Duke cf Ricnmonp then moved for some papers | respesting the condition of Ireland, and In doing 80, ex- pressed a hope that the government, if its proposed measure of coercion failed, would not hesitste in de- raanding further powers trom the legirlature. He oared not how great the powers granted wer, so long 88 en- trusted to the present Lord Lieutenant, The Marquis of Lanspowse assured the house that the government would have no hesitation in doing so if necessar Their Tordshtpe then adjourned. In the House or Commons, * ’ * The adjourned debate on commercial distress was then resumed by The Marqnis of Gransy, who observed that,whatever hopes the commerotal classes might have enterteined | frow the letter of the 26th of October, they had been | binbted by Ube speech of the Chancellor of the Exche- quer, One would have thought, from the tenor of that epeech, thet the act of 1844 had ben in ratistactory operation for upwards of « quarter of @ century, where- as it was of very recent birin. aod bad already, during ly realized all the predictions of ite its inflexibility, and its dental of di direotors, that imparted to it so mise! ‘oy. ‘The bank was not empower: d by the act 0 of interest at the proper time, in order peculation, and avert its ruinous conse- The Chancellor of the Exchequer, in exone- quences, rating the bank act from all share in originating our pre sent difeulties, bad improperly oast the whole blame up- on the abstracifon of capital from the ordinary purpores of commerce,by the construction of railways and in psyment for foreign corn But he (Lord Grenby) denied that capi- tal spent in this country was abstracted from the ordinary obanoels of circulation, which met the allegation no for as the railways were concerned. As to the 33 millions paid away for corn, he regretted to say that to all intents and purposes that enormous amount was {rretrievably gone vhe first fruits of free-trade. But he was ready to prove, from the speech of the Chancellor of the Ex- ohe quer himself, that the real cause of our distress wa not the want of capital In panic lay one chief diff. culty--s diMecul:y created by the operation of the Bank iteelf, and the want of confidence to which it gave rise The noble lord thenreturned to his charges ayainst free trade, which he held answerable for many, if not mort, of the failures which had 1coently taken and which was ruining our colonies and our trade. cons: quence, the prosperity of our laboring pop It was now said that the great object of the act wan to secure the convertibility of paper, but for this ol, Bank act wasrequired. With still another tirade free trade, which, %s an experiment, he design utter fuilure, the noble lord concluded the openlog speech of the third night's discusesion. Mr F. Baniva, after paying « high compliment to Mr. Wilson, sseured him thatit was impossible to limit the inquiry of a committee by the forms of a mere resolution As vetwoen the motion and the amendment before the House his preference was for the former, although, in- deed, he thought the practical result, #0 farsa the con- duct of the committee was concerned, would be the fame, no matter which prevailed. Iie would have been better pleased, hewever, had the terms of the motion contained @ more specific reference to the letter of the 2dch of October to the committer, It was with reluo- tence that he found wimself compelled to approve of the conduct of the government in issuing that letter. It was ineued, too, at the right time. But the failure of the Aot of 1844, as roon an itwas putto m real tent, had ‘one far to shake public confidence in ite provisions. (he Government had restored confidence by suspending it, but they would find its harder task to restore oon- fidence in the principles which now regulated our cur- Tenoy. In one respect bis expectations, af regarded the bill, ha issues by private banks. No Bank bill could possibly check speculation. ‘he object of the promoters of the Act of 1844 was to prevent the excitement caused by over issues to be superadded to any other ex- citements which might, trom time to time, pervade the commercial world. Hedid not take the same gloom view of the railway rome were inclined to do, al- though he admitte: at they bed been overdone; but he looked with apprebension at apy attempt on the part of the government or the house to regulate the channels in which jovestments should flow He thought that no harm woald accrue to:the country if all the ral bills which would be brought forward this session w thrown out; but whenthe House undertook ti thi only as much capital should be invested in rai could be spared from other branches of business, they were undertaking a tark of doubtful propriety, if not utterly beyond their strength. Another expectation in which he indulged in reference to the act, and which had also been realized, was that the exchanges would be set right before the bank was reduced to extreme If our money system had continued the it was when he left office, it was by no improbable that, considering what had means since occurred, the bank would have stepped pay- was, that if the re- ment. Indeed, his convicti cent storm had come upon us wark a 1844, the consequent disasters would have been infi- nitely greater. But there was another expectation in which he had indulged, which he must admit had been falsified. He bad hcped that act would bave compelled the Bank to commence its operations in time, and gra- dually to draw in its notes from circulation, as the gold was being withdrawn from the country, and thus to op- erate gradually on commercial interests, and mitigate such difficuities as might arise, Looking at the crisis of April, and that of October, he must aumit thst, in this respect, bis hope had been frustrated In his opinion. the operations of the reserve of the Bank had not been sufficiently considered, either by the friends or the op- ponents of the bill. But 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 dimivishing its circulation by « single pound. That certainly was an anomaly not con- templated at the enactment of law, and required in- vestigation Having thus stated how far, in his opi pion, the bill had answered or had frustrated ites purpo- nes, the right honorable gentleman adverted to th- ob jections which had been offered against the bill. and whicb, in his judgment. had been of the most discordant character. Some described it as an inefficient measure, whilat thers denoanced it for its over-t ficiency Others again, condemned It because it tettered the discretion o! the Bank directors, but he would remind gentlemen of the denunciation which bad issued rome years go. from the Chamber of Commerce of Manobwster. againrt we discretion then vested in the Bank corporation. He would go into tbe proposed committes with a view to ax: certain the working of the Act, and to arrive at there conclusions to which truth and experience pointed. He earnesily entreated the House to take no nudden jump one way or the other. was necessary now to do something, for of «Ii the folll which it could commit, the greatest would be to do som thing when it knew not what todo. Calm investigation was what they pow required. The loss of months was nothing to the mischief which might accrue from pre cipitate action m * . . ° . Lord Joun Russece, after adverting to the vari-ty of topics which had been touched upon during the discus sion, stated at the outset that the conclusion which he desired to bring the House was very different from that to which Mr. Herries wished to lead it. It would in bis opinion be the height of folly to decide. without inquiry, upon the abandonment of the present system, which had been adopted with such genrral con- sent in 1844, So far trom such a course giving cofi- dence to the commercial classes, he knew nothing more calculated to shake that coniidence than to listen to the propane to repeal the prevent law, whilst the substitute for it was to be left a matter of doubt and speculation jor another year or so. In properly estimating the mer- its of the Bank Act, it was impossible to overlook the oo- currences of the laat 30 years, which the noble lord pro- ceeded rapidly to recapitulate, with a view to show the necessity which existed in 1844 for an alteration of our monetary system, if we wished Loseoure |he convertibility of the bank-note. It;was his conviction tl to acouside- nt of 1444 had succeeded in tt oo. v er tibility,and had thus ‘probably, otherwise have oo- Pp ion of the act, the probability was that the drain of gold between April and June last would bave been such a4 might have brought us, as we were brought in 1839, to the verge of » suspension of cash payments. The (hancellor of the Exchequer had already detailed in the most ample manner the circum- atonces which had preceded and induced the issuing of the letter of the 25th of October, but to satisfy those who till believed that these circumstances were held back from them, the noble lord proceeded to detail them anew, in doing which he brirfly reviewed tions which had occurred trom the comm: 1846, The railway expenditure, large though it was, might hi been singly borne; but when we added to that isbursement of twenty-three millions for corn and large appropriations for the subsistence of the Irish prople, it was no wonder that oapital, which was abun- dant before, should become scaree and dear. The noble lord then dwelt for some time upon the pe- cullarly perplexing situation of the bank, obliged as it was at one time to consult its own in- tereets, and at another to subserve those of the ablic.. a8 A reason why, in criticizing its con- uct, they should make much allowance for the dif- ficulties of ite position. He would say, onee for all, that he never anticipated that the act of 1844 could prevent panio and distress’ The chief object of the measure in this respect was that when a convulsion occurred itr oc- ourrence would not affect our convertible currency.— Had 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 e sufficient amount of reserve. But prested as it wason all sides to vive reli f to suffering commerce, the bank made large advances to such houses asit considered solvent. About the middle of the week ending on the 232 of October, he began to think that our difficulties might have been got over, and indeed in the metropolis they seemed to be disappearing But there arose at that time great panic and distrust in the country. A bank had given way at Newcastle, and ano- ther had been formidably run upon, and apprebensions were entertained of similar occurrences in other parts of the country, and of @ dreadful convulsion as their consequence. The Governor of the bank then frankly contested that if such events multiplied, the bank eould not give further accommodation, and would be obliged further to restrict that which it had given. It was in these circumstances that the government conside ed that the time had at length come when, in order to avert the greatest evils, it was necessary to take some extra- ordinary step, The prudence of the government in taking that siep had scarcely been queationed It was a atep well o lcnlated to restore confidenor, and in taking it, the evils which flowed from a violation of the law were much less than the mischief and disorder which their interference had averted. The noble lord then proceeded to justify the of interest which bad been inserted ase condition into the letter The results of that condition had turned out Agen a6 wnticl- pated. An influx of gold took place, and had contin- ued, until now their bullion in the bank amounted to nearly eleven millions, whilst ita reserve w than sixmillions He had no confidence thi such a condition, so advantageous a result would have taken place. The object.on the one hi confidence, and on the other to discourage that dearee of speculation which would have turned the exchanges against us, and prevented the influx of bullion The noble lord then inquired of those who clamored tor some intermediate step, if they had yet fixed in their own minds what they would do, and to what, if douse, it would lead. Whatever the house did, he hoped they would not adopt the advice of Mr Herries, and take apy intermediate step until inquiry be made. | Notwith- standing all the discussi ns which had taken place on the currency, there were ntill many truths to learn re apecting it. He believed it poanible to effect some usefal it was & great improvement on our former monetary ty4 tem, aud had to a gret degree auawered its purpose He entreated the House then to appoiut the proposed committee, which wight gravely Inquire into the whole case, and not by Soy sudden ard precipitate Peaulution to cause many to doubt whether it was their intention to retain the convertibility of thelr currency, aud to = up their standard. Sir R Peet, after somo preliminary observations, in which he pomplimented the House on the return to it of ciple of the act was to extend to both Scotmud 4 Ireland, 60 far asthe creation of new banks of issue was conorrned. As to the immediate subject before the House, he thought that when the government demanded & committee at the hands of the House of Commons, whatever opinions they might imdividuaily entertsio, they could not heaitate togrant It. There was no prac- tieal difference between the motion aud the amend- ment He did not wish to devolve upon any other par tive any abare of the responsibility which attached to him for the part which he bad tak nin the restoration of the standard in 1819, and in the attempt to mitt- gate the evile which had beset our currency system previously to 1844 And when he said that he did notirepent the part he had taken on both these ocon- ions, he could not bat observe that it was roarcely fair, whilst it was not very respectful to the charac'er of de- Mberative sesemblies,to charge upon one member the re- Aponsibility which properly attached to the legislature An to the act of 1819, it was ® measure indispeuribie to the seourlty of property, sod to the just remui on of industry. If previourly to proposing the act of 1844, he had not proposed # committee of inquiry, it was be- cause there had been five different committees appointed since 1536 upon the currency, which bed led to a0 prac tical result. The measure was, therefore, presented at once to the House, andon it justly rested the retponsi- bility of the measure, The subject was still open to Su- quiry, and there was no reason why, on #0 complicated a sudject, aman should be committed in 1847, to the opinions entertained by bimin 1844 There was ove part of the bill in reference to the working of which, he was bound to say, he was somewhat disappoint- ed. The part to which he alinded was that which impoeed a moral, if not @ legal, obligation upon the bank to prevent the —— for & resort to measures of extraordinary stringency, by timely precautions and early contractiva, Bat whilet admitting this, he war bound to say that It was in the power of the bank, had it taken those early precautions which is was in ite Let it not be scared into any | Ipitate action by the notion urged hy many, that it | to | moditioations of the Act of 1844, but he matotained that | power to take, had it met the firat difficulties by early | nd persevering contraction, to have averted the neces- been fulfilled, inaemuch ag it had checked over | sity for the extraordinary intervention to wh ch the gor- ernment had at last to resort. The deficit, therefore, was not exclusively or mainly in the bill. He believed that bad the instruments by whom the bill was worked taken the measures which tt empowered them to take. the necessity for the violation of the law would havi been prevented It was erroneously alleged that the sole object of the act was to control the bank, and to prevent panic and difficulty. The object of the bill was three-fold. Its first object C which he had already admitted had practically resulted in failure. ‘The other two were cach as important as the first The first of those was to maintain and guar- ant, the convertibility of the paper currency into gold; and the second to prevent the @ gravation of confusion which rose at all times, as the result of undue specula- tion. from the abuse of paper money. In thone two last objects the bill been completely ruccessful ; avd bat for its interposition our present difficulties would have been greatl; The ruth was, that we were now suffering from # dearth of capital, though many attempted to visit the blame cf our difficulties on that measure, but for which they would hi been muitipli- ed ten fold. As to what hed given rise to this dearth, so satisfactory were the tate ts already made, that he would not fee] himacif justified in repeating them. The right honorable gentleman then briefly glanced at our pat commercial history, to show that ® low rate of in- d great prosperity always led to the same diff- and the fame amount of mirery as we were DOW suffering from. Such wanthe case pow. A mode of is- suing paper and rediscounting bills, novel to the com- mercial experience of this country, bad lately sprung up. Inno country in the world, with the exception of the VU. Siates, was 40 large a supersiructure of paper eredit ruisedon so smalla besis of gold ast» this country. This had its advantages but it alo hed its evils, andif they carried the system too far they migbt look with certain- ty for the appearance of difficulties Many were now calling tor relaxation, for giving more discretion to the Bank directors, in fact, for more paper in proportion to their gold Should their appew! be favorabiy received, they wight enjoy present ease, but only as the prelude © greater future diffloulty. The grept otject should be to reconoile as much of ease, as he: of relaxation, a possible, and no more, with a permanent currency, ‘lie did not hesitate to esy, that if the commerce of the country were conducted on such principles as had been at the foundation of the operations of some of the houses which had recen:ly fallen, it would be in vain that they looked to legislation to preveut the mischief which must ensue, It was wonstrous that the stand- ard of this country should be put in jeopardy to cover and conceal eueh transactions us these Such princi- ples being acted upon to ® greater extent than was at first suspected, they had to thepk the act of 1644 that their difficulties wera not infinitely greater. Whet must have been the result bad a whole bost of pro- vinclal banks bean permitted to foster aod enocurage the recent excitement, by an unlimited issue of paper? There were some who blutned the operation of the act for the high rate of interest, But it was inno sponsible forthat, It was the dearth of oapitel th bere again fell; and whilst this dearth continued, oom- aust submit to pry ® high rate for capitel As is dearth of cepital, even in times of great prosperi- ty it would not hove been easy for ibis country to bave orne the double blow of au expenuiture of thirty-three millions for corn. nud ten millions for the subsistence of | Ireland — But siill thts was not beyond its streng'h. nor would it have been unequal to the task’of beariog much of the railway expenditure that had occurred, bad it not been for improvident commercial speculation, But. as it was, the railways operated to eubance the restriction arieing from the other two causes, and these three auses combined were certainly sufficient to secount for the present ttagnation As to the letter of the 26th of October, he cordially approved of the step then taken by the Government. He thought them perfectly right in not having is- surd tbat letter nooner. The true remedy for our present difficulttes was in individual exertion, and in the contraction of unnecessary engagements. An earlier appearance of the letter might have prevented the ap- plication of the remedy. Bu: he considered that letter *8 Oo impeachment of the jaw. Jt was no proof that they should confer a discretionary power on the Bank directors, The Government were alto tHght in sum- moning Parliament as soon as they had interposed. If the law had been violated, it would have been their first duty to have asked for indemnity from the House, but an there bad been no violation of the law, he did not see how, if they asked for it, a bill of indemnity could be drawn up. The right honorable Baronet also justified the rate of interest imposed by the letter. He would not then enter into the question as to whether there should be any alteration in the act of Ix440r not — That would be a subject for the conrideration of the committer. His own convictions were in favor of the maintenance of the great principle of the act, but he would permit no notions of consistency nd between Lim and « change of opinion with re- gard to it, or any part of it, were such change forced on him by undoubted proof of its faulty working. The right ble gentleman concluded with a warm logy of the principle of a metallic currenc: do} fixed, as compared with a fluctuating siandard, and re- sumed his seat amid general cheers. ‘i Mr. Stewanr then moved the adjournment of the de- ate, ‘The flouse divided upon this motion, and the num- bers were— For the adjournment... Against it...... Majority against...........212 Mr, Wi.son then withdrew bis amendment, and the original motion yd oe and carried without a division. The house then adjourned Affairs in Italy. The movement in Italy bas spread to the island of Sardinia, A letter from Cagliari, of the 24th ult, says: — *“ The Sardinian population has been for some days in great agitation, making demonstrations in favor of the Italian alliance, Abeuta fortnight ogo a young man wan arrested and thrown into priton for crying out in the theatre’ The Italian alliance for ever |’ An order was also issued forbidding ail political demonstrations, but this order was afterwards withdrawn in this way On the morning of the 19th all the students of Cagliart met at the University, and proceeded thence to the open space before the Palace, orying out’ Cbarles- Albert forever |’ * The Italian Union for ever!) They then called on the Viceroy to appear at the balcony. which demand, after some delay,be complied with. Hw ad- dressed them briefly, declaring that from his long real- dence in the island he bad vecome w Sardinian, ond that he would ts of the peo- ple of Sardinia ut, and eleven cartridges distributed to each man ; a sanguinery col- lision was expected, but the day passed off without dis- turbance Onthe 20th the censor of the University, fearing another popular meeting, applied to the police to act, but the students repulsed them and forced them te withdraw. The Archbishop then repaired to the Uni- versity, and succeeded in calming the students. who escorted him in the utmost order to his palace ; to the evening. howe part of the population joined the students, and vpwarus of 600 cookades were seen together at theenterance of the theatre On the arrival of the Viesroy, cries of ‘Long live Pius IX" * Italy for ever! ‘Reforms forever |’ were heard from all sider, and a cockade was handed him by the people. He at- tached St to his breast, aad all the civil and military au- thorities did the same. The national hymn was then sung by the actors, whilst the people joined in. On leaving the theatre the Viceroy was accompanied to the palace by the professorsand students of (he Universtiy, to the sound of military music On the 2ist, which wan a Sunday, the mayor of the town on his way to hear mass at the church of St. Lucifer, was met ao: socom- pauled by the students and part of the popnlation, who aiterwarda escorted him tothe Hotel-de- Ville. In pass- ing by the palace of ihe Archbishop they chaunted the hymna cfPius |X Tne Archbishop appeared at one of the windows. and gave his benediction to the people, treo numbering about ten thousaed persons, and he af terwards received the cockade. In the evening there was ® grand iilumication at the theatre were iatribated to every one that passed ; the 22d the troops were or- On | emergency; but on the p | left at liberty, the Viceroy eo | Every one by the national witbout it suill more briitiaut and (he Sardinisos embraced rach other in sign turmity, amidat eries of * Long live the King ;” “Italy for ever This day (the 24th) & deputation, with the | Archbishop at ia head, is to set out for G- nos, to ask the King to toclud» the island of Sardinia in the conti their demand p. wod onildren, wore uld venture to appear Ing at the theetre wae The Pisdmontese, the Savoyar: if Mr. Heuries, denied that he had given any public aseu natal reform of Ptedinont, mud Lit coe with ital rence, as Mr Urquhartand Mr. Reynolds nad charged | Renal FelolM that SR ree Alpert will pot refuse. The suoh assurance, be bad expressly declered tbat the prin. | 24 Turin Upwards ot 80 000 persog — the deputation to the steamer ”? The last lettere from Leghorn state that order hae ben re-established, Tbe arming of Dosoany was being pushed forward with great zeal | ‘the War in Switseriand, | Thewarin Swilzeriand {s at amend We hy | ovived letters from Laurnone of the 20th ult stote that on the previous day theeanton of V capitulated, and that oo the morning of the 20th the federal troops entered the territory and took possession of the canton without opposition The canton of Uri has alo capitulated, vo thet the war is everywhere put down, and tbe Sonderbund Jn at an end The note of the Prursian Government to the Diet. has created # rensation in Berne, and fears were ent rtelved that it m gnt lead to further complications The Jour- | nal des Debars appears to fear (or to hope) that the oon- sequence of it will be the immediate occupation of Neufehatel by the federal army. We have no such ap- prehensions. ‘The Diet has throughout the whole of the war shown | a decided wish not to push matters further than was ab- lutely neoessary, and it is not, therefore, likely that it ioto the error of invadiog Neut- a very time when the European Powers b | their united mediation. We cannot, however, help sa ing that the hote of the Prussian government Is to be re- grovied It in calculated to exarperste the people of | Switzerland, and cannot by any possibility lead to any ood ‘pi ‘The Debats makes the following remarks on the com- | muntoetion made ty the Prussian envoy to the Swine diet | * The communteatioa of the note of the Prussian am | barsador to the Swias Diet has caused great emotion in | the official regions of Berne. A stormy site took place on the 27th in the Diet, (twas at one moment be Heved that the occupation of Newtobatel would be deel; | ded in that y ritting, as a reply to this phrase of bis | note His Make ty will consider any viviation of the