The New York Herald Newspaper, December 27, 1847, Page 1

THE NEW YORK HERALD. Whale No, 2963. NEW YORK, MONDAY MORNING, DECEMBER 27, 1847. ANNUAL PICTORIAL HERALD. THE ILLUSTRATED HISTORY or THE MEXICAN WAR. The Annual Pictorial Herald, which we have been preparing for several weeks past, is now ready for deli- very. It oam be obtained at the office, in wrappers ready for mailing. It containg nothing but illustrations of Mexioo, not an important one of which will be omitted, from the firet encampment of Mejor General (then Brevet Briga- dier General) Taylor, and bis small army of 3,500 men: at Corpus Christi, to the reduction of the elty of Mexico and the planting of the American standard on the Halls of the Montezumas. The following is a list of the engravings, which are copied from sketches taken on the spot, by competent artists, amd may be relied on for accuracy. That of the storming of Chapultepec by the New York, South Caro- Hnaand Pennsylvania Volunteers, and the battalion of Marines, is a very spirited affair. ‘Tur. List or IniustRations. . Portrait of Mejor General Taylor. Firet Encampment of the Amerloan Army at Cor- pus Christi, under Gen. Taylor. . Portrait of ej Gan. Boott . View of Matemoras, on the Rio Grande. Fort Brown, opposite Matamoras. jae Markct Piasa, Matamoras. argo, looking North. od Plsge at Camargo. View of Marin, New Mexico. View cf Monterey, New Mexico. View of Old Rough and Ready’s Camp Kitchen, near Monterey. . View of Victoria: and the Tale Pass. Vinw of Saitilio, looking North-West. ‘The Battle Field of Buena Vista . View of Campico, and the Panuco River. . View of the Capture of Panuco. View of the Castle of San Juan d’Ulua. The Capvureof Vers Crug and San Juen d’Ulua. . View of the National Bridge, on the road to the City of Mexico. View of the West Perote View of Puebla, from the South-East. View of the City of Puebla. View of Motino Del Rey and Chapultepec. . ‘The Storming of Chapultepec. View ef San Francisco, California. . View of Monterey, California. ‘The Presidia of San Francisoo—The Encampment of the New York Volunteers. View of Santa Barbara, California. . The Californians Lassoing Cattle. . A Mexioan Preparing for the Guerilla Warfare. . Santa Fe, looking West. . View of Campeachy, Yucatan. . The Grand in the City of Mexico. |. View of the City Hall, New York, ed, in honor of theachievements of the Ameri- oun Army in Mexico. View of the City of Mexico, . View of the Henatp Buitpinas, brilliantly illumi- nated for the Victories in Mexico. Tt also contains a list of all the battles, from that of Palo Alto to that of Atlixco, with the names of the com- manders, the day on which they ooourred, the iorce en- geged on each side, and the number of killed and wounded, #0 far as can be ascertained in the absence of full official accounts. It is published at the extremely low price of four dollars per hundred, to agents and others, who buy to fell again, and at six and a quarter cents singly, at the desk of this office. Mantel J, 2, BOGART, Auctioneer —China Toys * Oruaments, Glass Ware, Ke.—This Day, Monday, Dec. 27th, at 10 o’clock, at 93 John street, in lots to suit retailers, toys, mantel ornaments, cut, pressed and’ plain Glass Ware, » ass ortment,: hina, earthenware and fancy ware, hall lamps ‘god auteras. Metailers will do well to ba tin rris 1 ure ucuigueer —catterfield & Toyping, will Dec. 29th —Adminiatrator's Sale, at ‘side of Jalapa, with the Mountain 63 Broadway i on the premises, consi f Haruese, Saddlers, Whine; Kersoya. Kersey Taran of ae Biers, gvod will Ft rhe kerwobe KL ‘Wwe Store, good w. 5 sold without seserve to close an estate ‘The lease of the pre- clos wises is uy such fivorable terms that the oceapaat of the Btore may live almost reat (re Te rms—for all bills of $50, nnd Uoder $100, 6v days credit, over $100 and under $2v0,4 200 and over, 6 moaths, for approved endor: der $59 cash, without discount, in bankable m will be ready, and the goods ‘may be ex-mined un 24 6r*re re, if disposed of imme- lease of the public ‘now doing a good business e Apply immediately, as the pro- s to attend to, and cannot attend ty it. inquire onthe premises. 27 3t*r MPORPANT TO PAE PUBLIC.—F. H. McELuuY & CO. Drapers and Tailors, 234 Broadway, opposite the Yark Fouatain offer for inspection a large aud ‘weil selected assortment of seady made garment & ovel cloaks, dres CI ¥ real of similerestxbiishme ts ia ment to th se wishing »n ourfit for the winter, or an elegan ar- 4:6 @ for the ho idays: the trath of whic! be fally appre- ciated by an inspection .of the atcck, to which they respect- full efiatten tom 6272 *re WV EX NURSE—Sitnation wanted by wyomg healthy womad, with agood breast of milk. She can be weil ommend d at her last place, No 339 Broadway, up where she me 27 3t FANO CAPLLALISTB—~ anted, $10,000 or $15,000 on Real and Pereonal Estate, out of this Strte, with three trun the amount clear of all incumbracces, which w bonus, and clear of any eharge of usury, and exclusive of bonus, paid for the money. It may 1 primary liea for any time, to suit the lender, oF it chacgd into productive stock, if preferred; alsoa willing ty enter iuto @ peculation in land, where a for tune og & 8 aall invest say five thousand dollars, can be mado. Also, wanted, $2,500, on realestate, worth $11,000, ont gf the state,’ clear of iseumbrance.” apply 06 J. SACK: OAH ANTEU—A young man ol good address, who could act ns salesman, and who i r ofthe ¢-ach pain.ing #usiness, can hear of a constant situation He most write a plan d-cent hand; and ashe will be entrasted i his character will be scratiwized. be preferred. He would Applications addressed ; per (within two or three wert). v 22 at eod#re VLikKES SACKS—G. B. CLARKE, Merchant Tailor, / 116 siiam street. opposite the Washington Stores, a vary hutudsome stock of Overcoats and body Backs, the prices of which vary from $'0to $16. Aiso, Cloths, Cassimeres and Vecstings made up to order, at low for cash only. My brow. aud block Sacks are handsomely trimmed, with vi t eolicts aod caffe ond Lined and wadded entirely. Some hw richly worked silk fronts. Overcoats made to measure at me prices at w hey ave sold ready made. 427 6t~ KEANT, 1 WM. JENNINGS & tel, with a view t9 clo h © O, Denpers and American Ho- the present co- onthe first of February next, and siratoreto meet the wauts of an ex- on aud efter this date, offer a large as. Made Gar! nad Fancy Dress Arcicles, ceonts, cloaks, dress rnd frock coats, panta- boys’ overcoats, comprising v' Toot, Veets, creasing Kowns, yosthy’ and eorly. crosnts, hdkfs, gloves, suapenc sC.y At Bpur cent, which wilt be an inducement to tho: wiul he truth of which will be evin he ticle of which w Ye AND IMPORTA \T NEWS FHOM GENERAL T iLO 1 to purchase new cloth- y. are inform Alls who do not wis ing for Now Yen's da frock , droes oF over C equal co new, W 1 New Yenv's must be left previous to ed cn Friday. Coats cleaned for 6s; competition, at 1 Murray, comer me P} eduerday, ts 38; saperior to all ‘ashing ton st. a 426 3m. SOONS—F. AHKENS, the well koown Pants et, ed over 100 nieers faney Cassimer its to order for oaly 88 to $9 a pur. h bliek ens- slineres aud doeskins, from $1 to $8 ver, parr, warranted good or orsle., Gents who are im waat of Pants will do well to Call'et 209g Ann street, Also, a large lot of Pants, Vests and Cots, made to order, and not called for, will be soli at and below coat. dat 1at%re ANGY HALL DAXESS#8 FOR GENTLEMEN —New fal represeatations of the character red USD BIQNGE, 66 Warren str and theatrical properties: mas N ta order dio lae*r .LAR 8Ui 18 CONSIST OF CLOTH vere pants, sud faney vest Also cloaks a overcoats, with rich linings, $2 to $10 encas business conts $1 50 cents to $2 Cash paid for gent’s clothing. Cleaning, dyeing, repairing, and ofering comer of N: nnd Keekman st. ‘'wo buahelmen wanted, d'9 Mter L VY OFF CLOTH GAND FU KNITURE WANT- /D.—Ladies and Centlomen having saperfluous effects ASPECT OF AFFAIRS IN EUROPE. ADDITIONAL INTELLIGENCE BY THE STEAMSHIP HIBERNIA. The Debate in the British Parliament on the Monetary Pressure. SPEECH OF THE POPE OF ROME SPECIAL DESPATCHES To THE NEW YORK HERALD, &e. &e. &e. France. Panta, Nov. 80, 1347, We are. here more than usually dull of intelligence We are involved in the calm that usually precedes the opening of the Chambers. A royal ordonnance has just appeared in the Moniteur, fixing the event for the 28th December. The publio attention here has been 2. tirely engrossed by the civil! war in Switzerland and th political events of Italy, that domestic politics have been almost forgotten. Nevertheless, the reform banquets are continued, and the most magnificent demonstration of this kind has just taken place at Lyons, where 1,600 persons assembled to manifest their sense of the necos- sity of parliamentary and electoral reform. There, at most other sim! meetings, the toast to the king was steadily refused; in fact, one of the great features ot these public manifestations is the unequivocal odium exhibited towards the person of the sovercign. The Philadelphia arrived at Havre on the 28th, with advices from New York to the 10th, having, therefore, had an eighteen days’ passage. The slowness of these French steamers is complained of. The fact is, they do not posress the requisite power to ensure the necessary al |. The sailing packet Bavaria, which sailed from New York only two daye Previously (the 8th), entered Havre the sameday. This fact speaks volumes. Thus, all the cost of the machinery, fuel, engineers, and me- chanical crew; the bore of the smoke, noise. and dirt; the oocupation of the tonnage of the ship by coals, &o., have been productve of no other advantege than the reduc- tion of the home voyage from twenty to ei iY This will never do. ees Pants, Nov. 30, 1847, During the last week, public securities of every descrip- tion in our market, underwent a slight improvement. The threes rose ten cents, and'the fives 30 cents. The one closed at 77 and the other at 110f. 500. Railway shares suffered little change. On the whole, the market Seems 80 firm that no apprehensions are entertained of its being disturbed in any degree by the approaching set tlement. The prices of the last few days are very near- ly identical with the average of the month. It they can be maintained, as is probable, for a few days, the settlement will produce no diffloulty. The English fands, which for several days have been rising, exercise but a slight influence on our market. The fall which they suffered during the late crisis, had little reaction on our market, and their present recovery is not felt in any greater degree. Nevertheless, it would be absurd to suppose that so serious @ revulsion and recov +8 near us, could be altegether without effect here We certainly look te some beneficial effects, taough they be not yet conspicuously manifested on the Bourss, ‘I’ reduction of “the rate of discount by the Bank of Eu land, the rapid and unexpected augmentation of t! stock of bullion in the cellars of that great establi ment, and the general revival of credit in London, a facta of too important a nature not to affect us. Nothing could be more remarkable in the estimation of our finan- olers, than the sudden manner with which money resp- peared in the city Credit, in fact, was instantly reani- mated the moment t! vernment gave permission to the bank to make advauceson the deposit of cer- tein securities, & fixed rate of interest, uotram- melled by the law of 1844. This circumstance alone, without ‘even the issue of more notes than the act- ual law authorised, has been sufficient to suspend to dispose of, euch as Weering Apparel, Furniture, &e., ean obtain a fair ens. rr ce forthe same, by sending for the sub- seriber tht ngo the Post Office, or otherwive, who will attend atthe r residences. J. LEVENSTYN, 463 Broadway, up stairs, ie Ladies can be attended to by Mra.J. Levenstyn. to acre VASE Ob € CLOTHING A. CA a iitien and Geutleme KRNTPURE WANT- ‘any cast off or super- Aldous clothing or furaiture to di ‘of, can obtain a fair onsh price for th y sending a note, or by calling on the sul woriber at hi which will be pinctnally, H OF! ‘Ca -B—Ladies can be attended to by M joer, ke and job goods bought, of any description and 415 14m jomen who want call at the Tai- tablishment 66 ease, piteh, tar, glue ind e cloth, at the short 4 J.B. NOAE . B. The hig! Opa jaa 1c r BOD Keane ciothes to look tie toring, Dyeing, Cleaning aud Repairing Gold eveet, woere you cau getall f pelt, extreeted without so ling d bot 6 aud ow the most ressonable terms, Gold steet, 2 doors from Beekman street price pol for geathemen’s teftoff weari 420 AUKES OF L AN DF Hela W) count: ‘Gm of Johnshuraly State of New York. “Apply to Sem'l,{t B’ Morton, at Far Hockaway, Log island. Beate of New York, 2h 12 re “Tormerly of Harmony Hall, haa opened the No 98 Centre street, opposite the Halls of Jus. he will be glad to see his friends and Out jc in re p, wes * honse, tee, where qonera}, ‘be crisis, and to cause the reappearance of eapital onthe market. It is sstonishing whee an ispoaeriee- able amount of real commercial accommodation, by the ik, has been sufficient to produce this effect.— Affairs now seom to be in promise of England resumi: monetary affairs it is generally thought here that the Bank of France, encouraged by whet has taken place in London, will soon lower its rate of discount. and restore thelr usual healthy action to our commeroe, our indus- try and ouroredit. The Bank of France guards iteelf, no doubt, against the danger.of the exportation of spe- cle, which # rise in the price of bullion in foreign mar- keis would produce; but it is evident that this danger ceasing to exist, it will hasten, by reducing its rate ot discount, to stimulate the revival of business. This is the conviction of all those financiers who ought to be best acquainted with the sentiments of the Regent of the Bank. It will not be forgotten that this great insti- tution was created for the public good, and not for pri- vate profit By causing confidencs to revive, the bank will avert the chance of a scarcity of money, which is caused at the present moment by those precautions which all prudent houres take towards the close of the year. 30th—6 o'clock, P. M.—The oy very favorably. prices bein, rable firmuess. The threes clos and 77 20 for oash; t @ fi 116 65 for account, and 116 65 jor cash ‘The new Iran was done at 76 8 for oush, and 76 90 for account, being a premium of 1 60 to 165 Thr share markot was steady. The news from Naples improved that class of foreign nee toraat tion at te conflict in Switzerland, pacific mediation of the great powers, have als: had favorable effects. wear septa as Switzerland. Bensn, Nov. 26, 1847. The struggle in this confederation may be said to have arrived at avirtual termination. TheSunderbond, after all ifs blustering threa’ 8 submitted to the federal troops, almost without a blow. Some skirmishes took place on the external line of defencesof Lucerne, on the 2d, and a sharp affair oocurred at Gislikon and Roth, on the right bank of the Reuss, within a league anda half of the city. on the 23d, after which the federal army met with no further opposition, ‘and finally marohed into Lu. cerne on the moroing of the 24th. ‘The General of the Sunderbond, Salis Saglio, and the heads of the cantonal ee or aes off in a steamboat, which was prepared for them on the lake, in the middle of the night, betwaen the 23d and 26th, taking with them the dollars of the Sunderbond ine strong box,and the most important mses ‘Phe troops of the cantons of Sobuy!s aud Ui erwald took to their hills and made the best of their way to their respective homes, aided also by steamers, and the Lucerners were very unceremonio' ily left to shift for themselves Three of the sevon cantons of the league, Lucerne, Thybourg, and Zug, have thus surren- dered, and the two former are, in fact the chief States The remaining cantons of Schuyiz. Uri, and Untarwald, cannot hold out against a force which in twenty-four hours has subdued the capital and driven before it, in route and confusion, the in army of the league, with its general wounded, as {s reported, in the cheek. Col Pchvein bas marched against the Valeis; but in truth the wholo affair has now lost its cbief interest No one doubts ¢f the issue, Meanwhile, a congress of the represent tives of the five great powers—Kngiand, France, Austria, Prussia, and Russia—are about to meet to settle, by friendly mediation, the remaining points in dispute. Melly. Narxes, November 16 1817, Notwithstanding the reries of atrocities perpetrated by the government of this unhappy country, there seems tobe now some glimmering of hope, that, driven by sheer compulsion, King Ferdinand will adopt a system of reform, however limited. If once » beginning be made, there is but little doubt that the progress will be conti- nued. M. Pietra Catella, who has long ocoupied the placo of Minister of State to our Sovereign, has beon impressed with the conviction that in the midst of the reforms which are going on around us, the Kingdom of the Two Sicilies cannot stand still. He has seen for the govern- ment only the alternative of taking the iniative in measures of progress, or encountering the disasters of re- yolution. He has long earnestly expressed this convic tiou to the King, but his counsels have been thwarted and neutralized by the other ministers, such as Campo Basso, but more espocially by the atrocious Minister of Police, Del Carretto. Finding all remonstrance fail, M. Pistra Catella lately demanded an audience of the King, and finally tendered his resignation, aasuring bis Majesty that he did not feel warranted in continuing under the responsibility of offiee, when he felt convinced that the stationary and retrograde ay hod bis colleagues must edily lead to the ruin of the Kingdom, and the fall of the throne, The steady determination of the Ministry, and his undoubted capacity and jnregsis , are repre- sented as having shaken the feith o! the King in the continuance of a despotic policy, and he coord ng'y authorized the minister to prepare’ plan of roform to be submittedto him, M. Pietra Catelia is understood to have accepted the tark, and immediately held confer. ences with the foreign ambassadors, at Naples, on the subject, and more especially with those of England. These conference is needless to say with what pect the result. Meanwhile it h. the king has already agreed to unite with T Rome, and Piedmont, in the customs league ‘¢ formed. It is understood that Siolly he e administration, over which the heredi- tary prince is to preside, with the title of viceroy, Prussia, Benxix, November 13, 1847. ‘This | hope will flad you safe at homo, grateful for hay- ing escaped the dangors of land and seajandluxuriating in ttlement proceeded to- stained with conside- at 77 10 for account these is to forth occupy a considerable space in the Nrrald, as"you have convinced yourself of the kind disposition of its in- habitants towards us, and of the importance of its com- merce to o:r country. After having seen about fifty millions of Germans puffing our tobaccoo day and night, you will be able to tell our growers of that article how important this market is for them, and | trast you will alsoenlighten our ralers in Washington, as hitherto their ignorance of our trade with Germany hasled them into many errors, one of the greatest of which was nego- Uating treaties with ruch smell countries as Hanover, which only contains two millions of inhabitants, and ne- gleoting the great Zollverein, in which there are thi ty millions 4 Bremen, led by their feelings for En; far, refused to join the great German Zoll- will ow soon find that their want of ill be most detrimental to their the Zoilverein hitherto have been their best @ met at now soon, ty differential duties, will either be forced to join the Zollverein, or be excluded from its trade. Great exertions are now iaking to i duoe the King of Denwark to abolish the Soand duti: ia which case Stettin would be the port of tl Zollvervin. It iv very astonishing that, after forcing Dey of Algiers to give up our tribute in the Mediterra- ean. we should sill submit to paying tribute in the Baltio to Denmark. Ou ships are foroed to anchor at a #mall Neer inthe Sound, aud ere then examined by his Danish Majesty’s gan-boats, and obliged to pay a heavy tax on every pound of our produce thet we to Prun- sian, Russian, and other ports inthe Baltio Surely, if we cannot Ee, rid of sueh a state of things by diploma- ey, it is high time to send a couple of our geventy-fours to convoy our vessels. ‘The navigation laws are now attracting great atten- tion, and I feel confident that we will eventually only grant to vessels of great nations, like England, France and the Zollverein, the reciprocity of direct and indirect trade, and rejuse it to all other vessels, as we certainly can have no object to be rivalled by ships of such coun- tries, who have none of their own produce to carry Ve- ry interesting negotiations as to navigation, are now going on between the Zollverein and England, relative to which I will soon write you. There are many Americans here, and our minister, Mr. Donelson, is most kind and hospitable to them all, and treats usas American citizens like to bo treated, who are four thousand miles from their homesand friends He is very popular with the Germans, who admire his in- telligence and frankness Diefenbach, the greatest surgeon in Germany, and probably in the world, died here yesterday of apoplexy. His death, and that of Mendelssohn Bartholdy, thegreat composer, has thrown a gloom over this place, Italy—The Pope’s Speech. Romn, Nov. 18, 1847. Our population here is thrown into another delirium of joy. ‘The first session of the new Roman Parliament—forso it must be called—has just commenced, and the event has been signalized asa grand epoch in the history of the Italian Peninsula. Warned by the ambassedors of all the great powers present at Rome, that the estab- lishment of such a body would lead to revolution and anarchy, Pius 1X ,atrong in the consciousness of his owa the recollections of your E-aropean tour; and I am certain that Germany, now that you know it so well, will hence- | ‘ | who, devond ot © rectitude of purpose, and in his rel gence and devotion of his people, of progrees, in spite of diplomatic contempt of diplomatio threats. He established the now Council of Siate, which has just assembled. This body is composed of representatives elected by all the Roman provinces. Theso delegates, previous to opening their session, waited ins body on the Pope at the Quirinal His Holiness addressed thom in a speech as remarkable for its benignity as for its wisdom. The members of the council then went in solemn procession to St. Peter's, and in order at once to mark the respect in which they were held by the Roman aristocracy, and to surround them with the more propa 3 external splendor, the Ro- man princes and no ‘les aoe ied for their use their state equipages and retinues. The deputies of each province weet in the carriage of a Roman prince drawn by six horses, and attended by a multitude of servants, in state liveri These carriages were reepeotively followed by such of the inhabitants of the provinces, severally, as happened to be inRomeat the time. ‘They panied by bands of mil musio, which ‘m: the air resound with Rossini’s onal hymn to Pius!X. Each deputation bore the of the country; they were preceded by a troop of dragoons, in full dress uniform, and followed by detachments of the new Civic Guard. Thus escorted, the‘cortege went to St. Peter's, where, ia the presence of thousan: f spectators, the muss of the Holy Ghost was celebrated. After this sol ly, the deputies withdrew to the Grand Hall of the Vatican, which is easigned by His Holiness as their place of meet. ing. There they were addressed by the Duke of T lonia, in the name of the Roman people; aft they proceeded to resolve themselves into epe mittees, for the transaction of administrative and legis- lative business, according to the usages of representative acsemblies in conatitutional States. Their deliberations have just commenced, and we await the issue, Fronence, Nov. 19, 1947, The fermentation which prevails throughout the States of Central Italy, and which I have so fully men- tioned in my former letters, continues; nor is it likely to subside, until the organic reforms which have been commenced, shall have produced their first fruits. The diffeulty which arises from the fact of contiguous pet- ty sovereizns adopting different courses of policy in re- pect to reform, has been expecially manifested on the borders of Tuscany. Thedisorders which | have dee- juent upon the recent abdication of than dimi- 10. Pontremo- Ky, itricts, which, according to the treaty of Vienna, were to be transferred to Modena or Parma, have revolted against such @ transfer, the popu- \,tion of Pontrewoli especially, have determined, to a mau, to resist such a measure with armed foros; every individual, except children, women, aad old men, have rushed to arms; the priests have consecrated the ban- ners, and blessed the wespons destined to defend the liberties of their flocks. In some instances, a priest in full canonicals, is seen bearing the national colors in person, at the head of @ troop of armed citizens Without waiting for the formal sanction or authori- zation of the government, a committee of the citizens of Pontrenoli, have undertaken to superintend the ma rauvres of the self appointed civic guard The grand ducal government at Florence have sent numerous de- tachments of regular troops, with artillery, to Pietra | Sante, and other places in the neighborhood of Fioits zano. They have also demanded the evacuation of the latter town by the Modenens troops. ‘The fermentation, however, is not confined to the border towns of Cuscany. It has equally spread to t border towns of Mo ena This haa peoduced repressive oocurrence. tiently by, and submit themselyes to unmitigated despotism, in the immediate vicinity of a State like Tus- cany, governed by an enlightened rovereign, whi atituttonal principles are acknowledged, and » fr esiablished. Either the rovereign of Modema must give way, or his people will emancipate themselves by revo- lution. In the conferences which led to the establis! ment of a customs’ union between Piedmont, Tuscany, and Rome, the duke of Modena was invited to share; but the measure bore too near @ resemblance to a constitu- tional principle to be palatable to that most despotic prince, and he accordingly declined Our State is at present engaged in a quast war with the little duchy of Modena, aud if the city of Fioitrzano be not forthwith evacuated by the Modoneso, there is every present ap- Deatanoe of its being seized by force, and this would b the commencement of hostilities between the two prin- cipalities. At 9 o'clock, A.M, on that day, Cerdinal Antonelli, President of the Consulta, and Monsignor Amiel, its Vice President, with the twenty-four provineial deputies, arrived at the Qui- Il of the Throne, His Hoii- rinal, and took their places in the whioh the Pepe entered shortly afterwards. nes having taken his seat on the thron addressed to bi name of all pi that they would endeavor, by all meaus { to respond to the confidence of their #0" The Pore replied in the following tert “{ thank you tor your good intentions; and as reg the public welfare, | esteem them of vatue. [t was for the public good that since my elevation to the Pontifical throne, | have, in accordance with the councils inrpired by God, accomplished all that | could; and | am still ready, with the assistanoe of God, to do all for the tu- ture, without, however, retrenobing in any degres the sovereignty of the Pontificate ; and, inasmuch as | re- cvived it full and eutire from my predeoersors, 80 shall I transmit this sacred deposit to my successors. | have three millions of subjects as witnesses, and | have hitherto accomplished much to unite my subjects with me, and to ascertain and provide for their necessities, It was particularly to ascertain those wants, and to pro- vide better for the exigencies of the public service, that Ihave assembled you in permanent council. It wa to hear your opmion when necessary, and to aid me in my sovereign resolutions, in which | shall consult’ my oon- sejence, and confer oa them with my Ministers and the Sacred College. Anybody who would take any other view of the functions you are called to tulfil would mis take materially, as well as he that would see in the Council of State I have created the realization of their own Utopias, and the germ of an institution incompa- Uble with the Pontifical sovere! a His Holiness, having pronoun: thone last words with some vivacity aud some heat, stopped a moment, and then resuming his usual mild manner, continued in the following terms :— © Pbis warmth and those words are not eddressed to any; of you whose eocial education, Christian and sovlal probity, as well as the loyelty of your sentiments ond the rectitude of your intentions, have been known to me since the moment | proceeded to your election. Nuither do those words spply to the majority of my sub- Jeots,tor | am sure of their fidelity and their obedience. iknow that the hearts of my subjects unite with mine in the love of order and of concord. But there exist, unfortunately, some persona, (and though few, they still exist) who, having nothing to lose, love disturbance and Tevolt, and even abuse .he concessions made to them It is to those that my words are addressed, and let them well understand their signification. in the co-operation of the deputies, [nee only the firm support of persons not be arrested by the vain language of restless men devoid of judgmen’, You will aid me with your wisdom to discover that which is moet useful for the security of the throne and the real happiness of my subjects.’ After having concluded bis Holy Father admitted the deputies to pay tl ge He then rose, and gave them bis benedi . and added that he their labors with the ‘was sure those labors would be fruitful in good results, and that they would accomplish the wishes of his heart The d afterwards admitted to kiss the feet ferred on them hi leave of th * Proceed, with the blessing of Stare wen, to commence y jabors, a fruitful in beneficial re- desires of my heart % I @ meantime, two battalions of the Civico Guard had been drawn up on the square of the Quirinal, with the troo ich were to escort the cortege. Twenty- carriages, supplied by the Roman nobilit mony, received the deputies, and the cortege forward amid an immense and compact crowd, extending from the Quirinal to the Vatioav, All the houses on its passage were deeorated with flags bearing armorial bearings of Rome and the legations, and a va- riety of inscriptions and devices. A detachment of dragoons opened the march, next came the carriages of the President 4nd the Vice-President of the Consulta, surrounded with the banners of the fourteen wards of Rome, and after them the osrriages of the deputies, preceded each by & trophy of the arms of each provinoe, and two standards, on which were inger:bed the names of the Irgation and its representative. Non-commis- sioned officers of the Civic Guard walked along side each carriage, which was followed by numerous deputations of citisens, sent by each province to participate in that ary national festivity. The march was closed by a dy of Civio Guarda, of which Rome admired fr the frst time the fine appearance and the truly military aspeot. The cortege reached the Chrroh of the of St. Peter at noon, and the deputies were ushered to seats reserved to them close to the altar, under the chair of St. Peter After mas they repaired in the same order to the Vatican, and having entered the hall appointed for their meeting, immediately elected a committee to draw up an address in reply to the Pope’s speech, which Wes composed of Prince Odesealchi, and Mesars. Min; hetti, Paslucei, and Silvani, That committee havin w.th the draught of that decument, which obtained t! sanotion of the assembly. From what had transpired of the contents of the address, it would appear that the Consulta had expressed @ desire thi ita attributes, ri and duties should be properly It more- , Saked if it was empowered to propose reforms and control the acts of On the follow! day the Consulta waited on the Pope with the address which bis Holiness handed to Cardinal Ferretti, after o fow words of acknowledgment. The Vope’s speech had produced a painful impression, which the reply of the Consulta had partly dispelled — The absence of the deputations of the different States of Italy,with their respective banners, and of theEuropean residents who were to have joined in the procession, was anotaer cause of popular displeasure. Eeverything had been prepared for that purpose ; the necessary au- thorisation was granted, when, on tho morning of the 16th, # counter order arrested the preparations in pro- gress. It was reported that a quarrel for precedence had arisen among the English and French ambassadors, and that Count Rossi, not being able to arrange the difference, had insisted on that article of the programme not being carried into execution. In the evening, however, amidst the general illumination of ths city and the immense crowd which filled the Corso, the excluded , banners were carried about by « band of young men be- Tonging to all classes of the population, and saluted with defeaning cheors, The British flag figured amongst them, next to thet Italian national colors, green, whit and red,to which had been added, as at Florence, a & yellow stripe in honor of the Pope, and « red cross — ‘Those young men repaired in succession to the palaces of the Ministers of Sardinia and Tuscany The latter presented himself on hia balcony, holding in his hand the Tuscan fivg, and addressed a few words of thanks to the people, which were rece with enthusiasm — They then proceeded to the residence of Lord Minto, who came forward aod oried, “Viva the Italian League, ely ud italian iudependence ” Those cries were received with loud and continued applause. “But,” ad the correspondent of the Univer: this was not all.— Ps of Torlonia wished to crown the tivity in a b-comming manner. The aplendid theatre belonging to him was opened in thi ening for # brilliant hy at which the citizens of all ranks were admitted. The pr: ceeds Of the tickets were to be given to the charitable asylum of the quarter, and it was cal leas than 4,000. or 5,000 Roman ecudi were thi Mont of the men wore the uniform of the Cty ‘The deputies, on entering their boxes, were loudly cheered. The Minister of Tuscany, dressed in his full uniform, and Lord Minto, were likewise saluted with en- thusteem; Count Rossi did not think proper to appeur at this feast, and the remarks elicited by his absence were anything but creditable to that diplomatist * ‘he Pope, yielding to the advice ef Cardinal Amici, and, it is believed, of Couni Rossi, rejected the law on the press, prepared by M. Pletro Ferretti, brother of the Secretary of State. The <Consulta had formed itself into sections. The ided over by M. Silvani ; the by M. Prolucei ; the financial section, by M. i; and thatofwar, public works, &e., by Prince Odescalcht. There was no truth in the report that the Pope in- tended to suppress the Order of Jesuits. The private letters from Rome, of the 18th ultimo, hold outa hope that the affair of Ferrara would be amicably and speedily adjusted. Lord Minto had two long interviews with the ope—the one of the 11th, and the second in the eveningof the 12th. The affairs of ireland were said to have been the principal topic dis- cussed between them The celebrated popular leader, Cicerrusochi, had paid his lordship a long visit. The Jewish remdents of Rome had presented to the Pope, a5 an acknowledgment of their gratitude for the blessings he had conferred upon them, « copy of the Bibie. splendidly bouod and illuminated,which had cost upwards of 1,000 scudi. ‘The Debate in the British Parliament on the Commercial Distress of the Nation, On the 30th of November, the CHANCELLOR oF THE Excuxquen rose andsaid: '* * * Let me point out to this house how strong a contrast the events of this year present to what took place in 1837 and 1839, In 1437 there was severe commercial pressure, though not to be compared to that which has existed this year ; in 1839 there waa the severest drain for the purchase of corn we had had for years, though not to be compared with the recent; but the two came sepa- rately. the one was over before the other began, and the consequence was, that, although the demand for money had been great, the amount of notes with the public, and the amount ef the accommodation afforded them by the Bank of England, were far less in the autumo of 1839 than in the corresponding period of this and no pressure was felt at that time upon the commercial and mercan- tile interests. 1.do not mean to ay, comparison of the amount of notes, or the amount of accommodation, affords @ precise teat of the pressure at different times, beowuse circumstances no doubt may affect the periods ; at the same time, when [ stats to the house the differ- ence, I think they will seo that there are no circum- in the present year which oall for so great — dif- ce as that between it and 1839. | yaxious to to nothing but documents, as far as { can, of which this house is in ponsession, On October 1, 1889, the eir- culatlon—by which I mean notes in the h«nds of the publio, including Bank post-bills (which wore then in cluded in the “ciroulation,”’) was £16,857,000; on Octo- ber 2, 1847, the amount ef notes in the hands of the pub- Me, again including Bank post-billa, was £19,677,000, be- ing an increase of nearly £3,000,000. ‘The private secu- rities held by the Bank were £13.290,000 on October 1, 1939, and £21, 260,000 on October 2, 1947; making, #0 far as that isa test of the aceommodation afforded by the Ban kto the publio,e difference of no less than £3,000,000. At this time to whioh | have been referring.there was no Pressure whatever upon the commercial world, and why? Because at that time trade was in a sound and heaitby state; the events of 1837 had removed from commerce thore houses that had unduly extended their credit Persons at that time were oarrying on a healthy and sound trade; andthe diminution in the amount of notes with the public and in the amount of accommodation afforded to them by the Bank entailed no pren pon them, beoaure they were sound. It seems, | must say, the most conclusive proof, that in the autumn of thir year it was not from the mere want of notes with the public nor of Bank accommodation, but because tra: was not in # healthy and sound state,that a pressure was folt which had no existence in the corresponding period of the former yrar. (fear, hear) Now, | will tra very rapidly the course of events up to the preeent thine; and in doing so, I will refer very shortly to the state of trade and of affairs in the summer of 1846, because that, I conceive, partly for the reasons I stated on @ former occasion, to be the turning point in the commercial af- fairs of this country, In the summer of 1946 | believe there was a state of unlimited expansion of credit It is true that in 1844 the Bank of England discounted at « lower rate, namely, 2 per cent ; they raised that to 3 wnd 3} in’ the autama of 1845, but in the summer of 1846 there was an enormous amount of bullion in the Bank, and they reduced the rate of interest to 3 per cent.; tuey had £16,000,000 of bullion in their coffers, anda reserve of about £9,500,000;' proving from the state of the Bank the existence of £5. £6,000,000 of capital in (he sbape of bullion in the circulation for the purposes of trade. [ bell there was though to no great extent, an accumula tion of deposits of railroad companies. ‘But from that time there was sebange. In the first place, the bi vest of 1846 failed, the potatoes failed, and, of cours there was a great drain of capital for the demand for importationsof food. It wasalso in the summer of 1346 that the great increased demand for the purpose of railroad r the first high price of cotton ranged through 1845 from the known shortness of the crop; aud! be- lieve, also, the great price which porsons in’ this coun- try had to pay for their food had dimivished the de- wand for the ‘manufactured products of the country. From the beginning of the autumn a drain of geld took place. This state of things prevailed throughout the wutumn, Up to January, no step was taken by the Rank of England, or by any body, which might act as a warning tothe conutry. The drain of gold went on for some time unchecked ; the stock of bullion was #0 large, that the bank were able to allow it to operate upon thelr own coffers alone, without being obliged to affect in any way the public. In January, however, they raised their rate of interest first to 3% and then to 4 r cent, But the drain of capital for the railroads and for corn then increased most rapidly ; the importations of corn became infinitely larger in the earlier months of the year; end the usual effect of that war perceived ry pereopai interest, will labus with me, by their advice, for the public good, and who will in tho risy of the rate of interest, not by the Bank of England, but in the ocommeroial world, | cannot giv better proof of itthan by mentioning that notice was published early in Ry by the chairman of one of the best railroad companies in England, the North-Westero, annonncing that the company prepared to pay 5 per cent for all the meney they borrowed--the highest amount which by lew they were able to About the same time the Bank of England, thor too late, I be- lieve, raised their rate to 6 per cent. (Hear, hear.) Then came what was called the panic of the pring I stated at the time from what causes that occurred. I stated, and | have seen no reason since to change the opinion | then formed, that it was meinly,! may say entirely, caused by the imprudence of the Bank, who, having been warned of the demand there would be. im- prudently let out the money they had provided for pay- ment of dividends over the period when those dividends dee: ey were not im funds when funds were required ; they let out the money, not to be repaid till May,and consequently found their reserve inadequate to pay the dividends. (Hear, hear.) The statement of the bank accounts that was published one Saturdey, early in April, it is notorious, spread connid- ereble alarm in the commercial world. The bank then took a severe step ; they restricted the amount of dis- counts; they pulled up aa suddenly as they bad un- wisely let out their reserve before; and the couse- quence was the alarm which we all remember. The slarm was increased at the time by the state of the Exchequer-bill market, The government then took measures which they deemed calculated to mest the emergency, and it will bs in the recol- lection of the house that after considerable appre- hension the state of monetary affairs generally resumed its ordinary course. But | well remember that in June 1 saw in more than one newspaper, not only in the Lon- don but the country press, warnings against the soecu- lative tendency which was again developing itself, not only in railroad shares but in other things No referring to the accounts in the Gazette of the the Bank, I find that the notes 1m the hands of the pub- No at that time, in the early part of June, were about £18,250,000, and they were discounting at 5 were paid in July, when the same state On the 30th of July the amount of iroulation was, in round numbers, £18,900.000, the bank atill discounting at 6 per cent. 1 do not know how it is possible to say that there was » deficiency of circulation to meet the wante of the coun- ty at that period, so far as the Bank was concerned There was no extra demand upon the Bank for dis- counts, no pressure for advances, while the amount of notes in circulation was infloitely larger than that in the corresponding period of the previous year On the 5th of August the Bank inoreased their rate of discount to 536 per cent.; and beit observed, that the first great failure which took place was on the 10th of that month, when the house of Messrs. Leslie, Alexander and Co. stopped payment. {t is worthy of observation, that mort of the early failures were with houses engaged in the corn trade. With the exception of the firm of Messrs. Reid, Irving and Co , nearly the whole failures in the first instance were of houses engaged in that trade. Was it possible that these houses should fail without involving others more or less closely counected with them? [seo no reason however to justity its being said that these failures were occasioned by the operation of the act of 1844 I believ it has paaraly happened that when a considerable fall has taken place in the price of any article of general demand, failures have oc- curred with those engaged in trading in that particular article Hon. gentlemen will remember that between the month of May and the month of September the price of corn fell no less than 60 per cent. In May it was 102s. a quarter, and in September it was 488 Thore therefore who purchased in May aad sold in the autumn at such a disproportionate rate of prices could not but experience very severe losses. | remember receiving in May accounts of the great prosperity of trade, and re ports of the importations being exceedingly Al- though it was no part of my duty to warn those who were engaged in the trade and commerce of the country, yet I certainly never did omit the opportunity of stating in this house the extraordinary amount of importation of corn that was going on, in order that the coun'ry should, ite pons: those engaged in such extensive transactions. fears that induced me to do so were not entertained by those whose inte: immed Whatever calculations I may made, they calculated otherwise ; and now, that the catastrophe is known, | can ovly say, that they have paid the penalty of their miscalculation Under other circumstances, the parties engaged in these transactions might have proved great benefactors to the country; far be it from me, there- fore. to impute to them any intentional misconduct = It is sufficient to know, that they made ® miscalculation, and it would not be fair to attribute that misculoulation to causes which could not by possibility have influeuced them. When these early failures took place. | found the veneral impression to be, that they were entirely owing to the state of the coru trade. ‘There was a belief, ab that time, that the failures would be m: inly confined to “hounes en; Min that trade; and it was on that ocea- sion, when addreesing the house, | used an expression, which has since been a good deal commented upon--that I believed the worst had passed. ‘That was not my im- pression alone An honorable friend has put into my hand a circular issued by # well-known firm in Liverpool, that of Messrs Littledale & Co,in which they state that, in their bi-monthly circular of the 2ist ult , (Sep- tember,) they expressed their hope that the worst wan passed, but they regretted to say that, ao far from thot being the case, every day had brought forward some new From such a statement as this, it may be pre- sumed, that even if | was wrong in the eonfidence | ex pressed, that ciroumstances were about to Improve, I had at least some ground to justify my anticipations ‘It ap- pears that the oorrespondenta of these parties led them to the same conclusion to which I had been led by the information placed before me—namely, that the failures would be confined to those engaged in the corn trade. [am sorry, however, to say, that our anticipations were erroneous, and that failures of afar more extensive na- ture very soon occurred. Throughout the month of September, failures of houses engaged in various branches of trade took pl rapid and melancholy succession But, were these failures to be attributed to a deficiency inthe amount of bank notes then in circulation! | think not. It was imposolble to make that the test Karly in September an occurrence took place to which I think an exaggerated importance has been given | mean the fact of the bank making advances noarly up to the time when the dividends became payable. Early in September the Bank of England announced that they would make advances up to the 14th of October at 6 per cent. twas exceedingly unfortunate that they adopted that low rate, (hear, hear,) becauas parties in the city do not so much attend to the published accounts of the bank, as they do to the acts of the bank and the rate of interest actuailycharged on advances. { do not think that this determination on the part of the bank pro- duced any great practical effect onthe amount of the advances actually made, but I do believe that it did roduce @ very considerable effect in other respects, by Inducing an undue confidence in the money market. It was, therefore,in its result an unfortunate and mischiev- our proceeding. But, although the advances were not increased, yet what was really done was this ;—It is no- torious that previous to the payment of the dividends every quarter government balances are allowed to ac cumulate in the bank ; and it ir everybody conve: tice of the bank their tills unemployed, thereby depriving the public of the extent of the accommodation which they were en- titled toexpect, but te lend them for short periods in ums to be repaid previous to the time when the divi- dends become due. This was the course adopted by the bank in September and October They made advances out of the Government balances repayable be- fore the dividends became due in the month of October It is also equally true, that upon all former occasions the practice of the bank has been, that when they mads a loan to be repaid within a limited period they charged a different rate of discount. The loans on this oecasion were made at 534 per cont. What, then, was the effect of these proceedings of the bank in regard to the amount of bank notes inthe hands of the public? In the early part of June the ammount of notes in circulation was £18 260,000. Onthe 30th of July the amouat was £18,892,000. Now, it ia notorious that just before and during the period of the payment of the dividends the amount of notes in circulation decreases, and after that period increases again. Accordingly, on the 11th of September the amount of notes in the hands of the pub- lic had gone down to £17,840,000; but om the 2d of Oc- tober, when the advances of which | have just spoken, had been ma ount of notes in circulation was £18,712,000 the amount of no! tthetime when all this pressure been attributed to a deficiency of the bank lation, was actually more by the sum of £300,000, it was in the early part of the month of June, when everything was going on prosperously, and the importa- tiona were upon a most extensive soale) | will now refor co the accommodation afforded by the bank upon what in called“ other seeurities ” On the 24th of July the sum advanced on private securities amounted to £16,- 326,000; while the amount of accommodation afforded ‘at the time of the most pressure was not less than dou- ble wh tit was in '844, being no less than £21,259,000 ~ that it is to eay, during the two months of August and September the accommodation of the bank to the pub- lic on private eecurities was luoreased upwards of £6,000.000, The amount advanced on “other securl- ties’ in former years stood thus :— ‘On the Sth of October, 1844. . ith . 1845. + £10,510,000 woe 18,188,000 ad Ms 1546. +++ «10,086 000 sod on the Id of October, 1847, (as | stated before) the amount was £21 259000. | do not think that from these figures, any inference can be drawn'thet there bas been any want of amount of bank notes ia cl. culation, or any want of accommodation on the part of the Baok of Eng land to the publi Another proof that the circulation ‘was not contracted so much aa ithas been alleged at the period when this pressure came upon the country in the fact that the amount of the circulation of country bank notes had not been reduced in any considerable degree. The amount of English bank notes incircalation |. the montba of August and September last was only £400 000 or £260,000 below the amount in circulation in the oor- responding months of the preoeaing year, while the olr- culation was upwards of £1,000 000 below the Irgal limit of their issues, There was no reason, therefore, why the circulation of country notes might not hove been increased. In Scotland there was litle or no difference September, 1846, and August and September, 1847, The only country notes which were considerably lower in amount of circulation in August and September lant than in the correrponding moothe of last year, are the country bank notes of Ireland, but in Ireland no com mercial failures have occurred Up to that tiae—the month of September—and indeed throughout the whole of the pressure, the Bank of England never refused to discount any bill which at any other period it would have discounted, They charged a higher rate ot dis- count, it is true, but from the by of the year up to the present time, they have not retused to discount between the circulation inthe months of August and | er Price Two Cents. any single bill which came under the ordinary rule ob- served by them in ordinary timer. | think I have shown that, up to October. there was no great inadequacy in the amount of notes in the hands of the public; and that there was no great difficulty in obtaining discounte from the Bank of England But, | have already said, that there has been a grevt abstraction of lable capital from the usual purpoees of trade; and my belief in, that the abrtraction of that capt mainly, if not alto- gether.caured the pressure which bas been recently felt in the commercial world. | will proceed mowut of oapital has been abstr the ords- purposes of commerce during the year 1846; and [ ing the enormous sums diverted from 1 channels in that year, the house will see suf- ficient cause for the hich har since been ex- Pp In the ye, I will refer to the sume pald for the purchase of foreign corn. | wish the house to observe that, with regard to corn, as in the case of railroads, the abstraction of capital has proceeded in a most rapidly increasing ratio, | have a rough returo prepared by Mr Porter, whom I desired to collect the result, anc he has done ft, as | believe, with very great accuracy. The cost of to the 5th of January, 18% corn imported from January to July 5, 1847, was £14,- 184.000; and the cost of corn imported from July 5 to Oc- tober 10 (only three months) was £14,240.000 —(Hear, hear) This is a statement of the cost to the importer. It will be seen that the cost for the three months ending the 10th of, October was greater than that for the pre- ceding six months But during those three months the pressure in the money market waa the greatest. and may not this extraordinary amount of meney paid for foreign corn account, in a great degree, for that pres- sure? Here, then, we see, that no lees a eum than £33,- 563.476, was expended for foreign corn within tie space of fitteen months, In like manner, the demand for oapit al on account of railways has been equally great, and hag produced equally serious effects And here | may per- baps, be permitted to correct « mistake into whioh I fell on # former night when speaking on this subject. 1 stated that the amount of capital sanctioned to be ex- pended on railways in each of the yeare 1841 and 1842 was between £1 500,000 and £2,000,000 It appears that J was considerably under the figure In 1841, 1842 and 1843, the amount sanctioned to be expended w: each year, about £4 500.000 ; in 1844 It was £6,106 000 ; in 1845 it was £14135 000; in the first balf of the year of 1846 ft was £9.815.000 ; in the last half of that year it wan £26,670,000 ; in the first hulf of the year 1847 it was £25,770,000 ; und it the expenditure should proeved im the same increasing ratio the amount sanctioned to be expended for the half year ending the Slet of Deeember, 1847, will amount to £38,000 000 ‘These vast ruma do not include one penny for preliminary expenses It is clear, therefore, that on account of railways alone the amount of available capital to be abstracted from other avo during the present year (including expenses) 8 10 less than £30.000,000 er £90,000 000 . , * . . In October, an occurrence took place which caused » T considerable change in the state of public fexling have already mentioned that early in September th bank issued for ® mited time to the public advan from the Governm :nt balances i their hands; of cours: that could be done only for limi 'ed period, beeause the money would be required for the payment of the divi- dends ‘The bank accordingly declared that they would lend the money only till the Lith of October. The bank lent euch sumaas they deemed advisable, to parties whom they approved of, and the demand for loans had nearly ceased, when, on the last two days of September, an extraordinary increase in the demand took place. ‘The usual demand had not exceeded £20,000, £380,000, or £70,000 & day, but on the 29th of Sept. the oalls for loans amounted to £149,000, and on the 30th to £362 000. On the 2d Ootober, the bank ennounced, not that the: must prematurely withdraw any of the advanoes whio! they lad made, but that they could not increase the amount of their advances. and that the loans must be repaid within the specified time, in order that the money might be applied tothe payment of the dividends. It 1s certainly the fact that the whole commercial world of London seems to have been surprised at this an- nouncement, upon it as being one of the most upjasti that gentlemen in th that it appears to me his senses to view it in thet light. (° Hear,” and o laugh.) It was@ matter of notoriety that t would be wanted for the payment of the dividends, an: I may be excused for observing that in the cours of last apring, | expressly referred to such an occurrence ta When ia ive me for saying h for apy man in I stated thas it complained of, because, whether the Government asked for defloienoy bills, or drew their balanee from the bank, the effect would be the same, namely, that the acocmmodation which the bank extended to parties must be temporarily withd! m2 from them ut the time the dividends became due, It must be obvieus te any person who will cousi der the matter, that must be the case, and there! the apnouncenient by the bunk ought not to bi tuken any person by sulpriee. An impression prevaile very generally that the ances of the bank were very much limited after thin period; but thatix not the case The uggregute advancesof the bank on the 20th of Sept were £4725,000, and on the 9h of October they were £4,544,000, showing a diminution of not quite £200,000 in fine, the bank, in the transaction in question, did only what was their bounden duty in recalling loans, in order that they might be prepared for the pay- ment of the dividends I munt also state, that the parties who applied to us, generally speaking, told us thet, in sanctioning aa issue of bank-notes, it was essential, for the purposes of dis- count, that there should be @ limit to the smount of notes issuable. Butin the state of alarm which then prevailed, it appeared to us that it would be unwise to tix any limit of ‘he kind, because, whether the limit was £1,000,000 oF £2.000,000 of notes, parties would nataral- ly have possessed themselves of the amount as soon af they could, and, when apprebension was again aroused, the same thing would have occurred with a ciroalstion of £21.000,000, as with £19,000000 or £20.000,000 — Another apd a better suggestion offered to us was. that # limit should be put on the rate of interest. We con- sidered it eeseotial in the recommendation that we made to the bank that igh rate of interest should be charged, notso much regarding whether 7 or 8 or 9 per cent war charged, but considering it essential that the rate of in terest should be high. Unless we did that, we thonght that we should not impose any limit whatever on tho ixsue of notes, and that we should do what was very mis chievous, namely, check the importation of bullion into thjs country. At the same time, we were very anxious not to impose a higher rate of interest than was necee- sary for the time, and instesd of 10 per cent, which had been auggested (o us, we adopted a rate of 8 per cent. A rate of interest of 7 per cent would not have answered the purpose intended and when gentlemen say that the high rate of 8 per cent was fixed by the direction of the government and the Bank of Eegiand, they leave out of consideration the rate of interest out of deors, On the 2ad of October the ra‘e of interert at Hamburgh was 7 per cent, and | have « letter from oar Consul at Ham- burgh, in which he says that the rate of interest was not much lees in any part of Germany. Even the rate of iuterest charged by the Bank of England ap to that time was greater than is commonly suppored. ‘| he mioimum rate of 536 per cent was not charged on any considerable portion of the bills which they discounted. That was certainly the amount for which they discounted some bills whioh had but a short time to run, bul the average amount of their rate of discount was 754 per cent. The real amount, therefore, of the rise in the rate of interest recommended by us was, at any rate, not much more than }¢ per cent, and w: ly | per cent above the rate of interest on the oonti nd in America. No doubt a pressure remains, because it is occasioned by those cireumstances to which | have alluded before. Failures have taken place since, and may ‘ake place still, because, after the assurances which were made to us Inst summer reepeoting the round state of trade have been #0 aingularly falsified, | cannot place much confi- dence in the representations of « similar charact:r now What we prevented was a general and contemporaneous failure, the consequences of which it would have been terrible to contemplate. Iam happy to siate (bat, from the best information which | can obtain, orders from a recomingin. * ‘ . . * It is most satisfactory to find that the employment of artizans has increased. I believe it to be true,alao, that the exports to the United States are considerably tn- creasing, and I hope that, a8 there ina good deal of builion come from the United States, goods will go back in its piace | trust that this state of things is far dif- forent from that atate cf rhame and bankruptcy which wos decribed to us the other night. I may add that the bills which have run off in the course of the last month have been punctually paid, and | believe that the general state of trade in the country—not all, fer from itis healthy and sound, and that we may hope, with prudence and caution, that commerce may rteadily end tlowly revive. | am asked why we did not interfere sooner’ | takeit that it will be considered by ever: gentleman to he no ight matter to overturn the provi- sions of the law, particularly of one w! cently been sanctioned by Parliament, and which was paseed through this house by an overwhelming ranjority . (Hear, hear.) It i¢ no light matter, and we required ic be firmly convinced that the necessity had arisen for our interposition, and thatthe representations made to us were to be relied upon, There was a panic to April, and representations were then made to us berdly lees etroug than those made to us in October, and wo were told that £2,000,000 or £3 000,000 nent down to Liverpool wae the least sum that could prevent the failure of that town. No such sum however. was sent down ; uo failures took piace; the lar passed off ; aud it is clear, that tbere was no necessity for our interference. So, again, all the pre- dictions which were made to us ia the early part of Or- tober were falsified by the event Lc was not vill extra ordinary circumstaaces bad arisen, beyond ail human caiculaiion, that we felt prepared t» act. When we were convinced censity we did wet, aod, | think I have sho rucoessfully, But it in said thet we ht to have sot on & larger and to have adopted more exteusive ¢ on wud currency some parties even 4 say that the Bauk are notonly go beyond the bound to discount every bill, but to do it at ® lower rate of interest than they now charge. We are (old tas it 1s unheard of that the Bank of England should no vance any Aum of money that may be asked for «m ep- proved reourtty It ia Only necessary to state there do mands to show that, if they are complied with, 101 use leas to talk of a convertible currency (Hear, hear.) If gentlemen wish to see bank notes isued whenever ther are naked for, it would be useless to contend with cam [with to address myself to thor who are desirous of maintaining the convertibility of the curreney, and the; ‘admit that, at some time or other, the irrue of ben! notes must b: okhed [thew hewn emid that there waa no necessity for 8 per cent., at» aa rate oi imt tas o when the Bank had 9,000,000! im