of the pledge given to Parliament. As to the proposition now before the Committee, he gave his approval to it. "It may perhaps be thought strange that I, who offered the best resistance in my power when it was proposed to increase the tea and sugar duties, should now follow a different course. But all the considerations which led me to offer that resistance prove how improper it would be to renew At the period of resistance, Parliament was under no pledge with reference to the great questions before the country. Parliament had done nothing to affirm in any manner the policy of the Government with respect to the Persian war; and with regard to the expenditure for the Persian war, it was estimated at an amount altogether trifling. Respecting the war in China, so far from having approved, the House passed a vote in condemnation of that policy. The estimates which were presented in the early part of the year were presented as peace estimates, and it was a most important question for consideration on what scale our peace estimates ought to be framed. The question of military force is intimately connected with the spirit of our foreign policy. The spirit of our foreign policy, along with the estimates, has since then passed under the review of the country; and I am bound frankly to own that the opinion of the country with respect to that foreign policy, though it may be only temporary, differs widely from mine. It seems plain, therefore, that nothing can be more unfair than, when the country is disposed to recommend a policy involving great expenditure, to interfere with the Minister of Finance, who wishes to make timely provision, so far as is in his power, for that expenditure." Mr. Gladstone added, that he was perplexed by the increase of the miscellaneous estimates. The House might strike out a vote here and there, but the Government only could cut them down. His views were not the views of the Government; but if they were, were those views supported by the House? Within the previous fortnight, the House had carried a Bill unprecedented in our history, making a wholesale increase in the salaries of public servants. That proved that the temper of the public, reflected in the House, was not favourable to economy. "Above all," concluded the right hon. gentleman, I rejoice in the proposal on this account, that when we come near to a state of financial embarrassment, we always have to recollect that two alternatives may happen to us, either of them worse than an increase of taxation-one, an attempt to shuffle and shamble on from year to year with successive deficiencies; the other, to make loans to meet the ordinary expenditure of the country in time of peace. In my opinion, either of these courses is most detrimental, and most disgraceful to the country, and I frankly own that I feel the more grateful to my right honourable friend on the present occasion because I interpret the proposal as a clear sign that he is impressed with similar opinions with regard to the weakness, the imbecility, and the disgrace of having recourse to either of those expedients, and as a pledge that if the necessity arises he will propose at once to meet the expenditure of the country by the only wise, honest, and manly course-an addition to its burdens." (Loud cheers.) Mr. Disraeli made some remarks confirming the trustworthiness of the return referred to by the Chancellor of the Exchequer, and he dissented from an opinion expressed by Sir H. Willoughby, that the ways and means of the year had been in any way furnished by borrowed money. Next year, he said, we must be prepared for a large deficiency, but this might be discussed when the House met again. The resolutions were then agreed to. The business of the session having now been brought to a conclusion, and the month of August being near to its close, the dismissal of Parliament for the recess was determined on, and on the 28th of that month the prorogation took place, by commission, when the Lord Chancellor delivered from the Throne the following Speech on behalf of Her Majesty : "My Lords and Gentlemen,"We are commanded by Her Majesty to release you from further attendance in Parliament, and at the same time to express to you Her Majesty's cordial acknowledgments for the zeal and assiduity with which you have performed your important duties during a session which, though shorter than usual, has nevertheless been unusually laborious. "Her Majesty commands us to express to you her satisfaction that the present state of affairs in Europe inspires a well-grounded confidence in the continuance of peace. "The arrangements connected with the full execution of the stipulations of the Treaty of Paris have, from various causes, not yet been completed; but Her Majesty trusts that, by the earnest efforts of the contracting parties to that treaty, all that remains to be done with reference to its stipulations may, ere long, be satisfactorily settled. "Her Majesty commands us to inform you that the extensive mutinies which have broken out among the native troops of the army of Bengal, followed by serious disturbances in many parts of that presidency, have occasioned to Her Majesty extreme concern, and the barbarities which have been inflicted upon many of Her Majesty's subjects in India and the sufferings which have been endured have filled Her Majesty's heart with the deepest grief; while the conduct of many civil and military officers who have been placed in circumstances of much difficulty, and have been exposed to great danger, has excited Her Majesty's warmest admiration. "Her Majesty commands us to inform you that she will omit no measure calculated to quell these grave disorders; and Her Majesty is confident that, with the blessing of Providence, the powerful means at her disposal will enable her to accomplish that end. "Gentlemen of the House of Commons, "Her Majesty commands us to thank you for the liberal supplies which you have voted for the service of the present year, and for the assurances which you have given her of your readiness to afford Her Majesty whatever support may be necessary for the restoration of tranquillity in India. "Her Majesty has been gratified to find that you have been enabled to provide the amount required to be paid to Denmark for the redemption of the Sound Dues with out, on that account, adding to the National Debt. "My Lords and Gentlemen, Her Majesty commands us to convey to you her heartfelt acknowledgments for the provision which you have made for her beloved daughter, the Princess Royal, on her approaching marriage with his Royal Highness Prince Frederick William of Prussia. "Her Majesty commands us to inform you that she has seen with satisfaction that, although the present session has been short, you have been able to pass many Acts of great importance, to which Her Majesty has given her cordial assent. The Acts for establishing a more efficient jurisdiction for the proving of wills in England and Ireland correct defects which have for many years been complained of. "The Act for amending the Law relating to Divorce and to Matrimonial Causes will remedy evils which have long been felt. "The several Acts for the Punishment of Fraudulent Breaches of Trust; "For amending the Law relating to Secondary Punishments; "For amending the Law concerning Joint-Stock Banks; "For consolidating and amending the Law relating to Bankruptcy and Insolvency in Ireland; "For the better care and treatment of Pauper Lunatics in Scotland; "For improving the organization of the County Police in Scotland; "Together with other Acts of less importance, but likewise tending to the progressive improvement of the law, have met with Her Majesty's ready assent. "We are commanded by Her Majesty to express to you her confidence that on your return to your several counties, you will employ that influence which so justly belongs to you to promote the welfare and happiness of her loyal and faithful people; and she prays that the blessing of Almighty God may attend and prosper your endeavours." Thus ended the first session of the new Parliament, which, considering the late period of its commencement, may be regarded as having been not unproductive in useful legislative results. CHAPTER IX. Unexpected occasion of meeting of Parliament in December-Severe monetary crisis and panic, originating in bank failures in AmericaSeveral Joint-Stock Banks in London and the Provinces suspend payment―The rate of discount at the Bank of England is raised to 10 per cent., the bullion being little above seven millions-The Bank Directors apply to the Government to relax the restrictions of the Act of 1844-They accede to the application-Parliament is thereupon summoned to meet on the 3rd of December, in order to pass an Act of Indemnity-The Session is opened by the Queen in person— Her Majesty's Speech from the Throne-The Address in the House of Lords is moved by Lord Portman and seconded by Lord CarewThe Earl of Derby enters at length into a review of the conduct of Government, and descants on the state of commercial affairs and on the recent occurrences in India-He is answered by Earl Granville— Lord Ellenborough complains of the want of energy of the Government in regard to affairs in India-Observations of the Duke of Argyll, Earl Grey, Lord Overstone, and other Peers-The Address is I carried nem. con.- -In the House of Commons the Address is moved by Mr. Wykeham Martin, seconded by Mr. Akroyd-Speeches of Mr. Disraeli and Lord Palmerston-The Motion is agreed to nem. con.The Chancellor of the Exchequer moves in a Committee of the whole House for leave to bring in a Bill of Indemnity in regard to the recent contravention of the Bank Act-His able and lucid SpeechSpeeches of Mr. Gladstone, Mr. Spooner, Mr. Glyn, Mr. Henley, Lord John Russell, and Mr. Disraeli-The Bill passes a Second Reading after some debate, and is finally passed without a DivisionSome discussion in the House of Lords on the Third ReadingSpeeches of Lord Stanley of Alderley and Earl Grey-The Bill becomes law-On the 11th of December the Chancellor of the Exchequer moves the re-appointment of the Select Committee of the former Session to inquire into the operation of the Banking Laws— Mr. Disraeli moves an Amendment to the effect that no further inquiry is necessary-After a debate, in which Mr. Gladstone, Mr. Cardwell, Mr. Malins, Mr. Horsfall, and Mr. Weguelin take part, the Amendment is negatived on a Division by 295 to 117-JEWISH DISABILITIES -Lord John Russell moves to bring in a Bill to alter the terms of the Oath required from Jewish Members of Parliament-Sir F. Thesiger declines to oppose the introduction of the Bill, but reserves his opposition to a future stage-After a brief debate, leave is given to bring in the Measure-COMMERCIAL LAW REFORM-Mr. Headlam moves Resolution in favour of limiting the liability of shareholders in JointStock Banks-The Motion is opposed by the Chancellor of the Exchequer, Mr. Cowan, and Mr. Weguelin, supported by Mr. Collier and a FAVOUR OF IN Mr. Malins-Mr. Hankey moves an Amendment-The Resolution and Amendment are both negatived MOVEMENT IN CREASED FACILITIES OF RELIGIOUS WORSHIP FOR THE POOR-Institution of Special Services on Sundays at Exeter Hall-Conflict of authority between the Incumbent of the Parish and the Bishop of London -The Earl of Shaftesbury brings in a Bill with a view to remove the difficulty-It is opposed by the Bishop of Oxford and some other Peers-Lord Shaftesbury postpones the Second Reading till after Christmas, at the same time indicating the provisions of the BillRemarks of the Earl of Derby, the Bishops of London, St. Davids, and Ripon, Lord Campbell, and Lord Panmure-The further progress of the Bill is postponed-GENERAL SIR HENRY HAVELOCK-Proceedings in Parliament respecting an annuity to be conferred on this distinguished officer-The Government introduce a Bill for settling 1000%. a-year on him for life—A general opinion is expressed in the House of Commons that the provision is inadequate-The Ministers consent to extend the annuity to General Havelock's son, and for this purpose withdraw the Bill-The General's death is subsequently ascertained to have occurred prior to the proposing of the Bill. WHEN Parliament was pro- of its bullion, by relaxing the pro rogued, at an unusually late period in the summer, it was little expected that any occasion would arise for its reassembling before the customary time in the following year. But late in the autumn of 1857, circumstances occurred which imposed the necessity of calling the Legislature together, in order to sanction measures which the Executive Government, under the pressure of a great emergency, had felt itself obliged to resort to. A monetary crisis of great severity, originating in a commercial revulsion and extensive stoppage of banks in the United States, spread embarrassment and consternation among the mercantile classes of this country. The pressure on the trading and money-dealing classes considerably exceeded that which had been felt just ten years before, in the autumn of 1847, when the Ministers of the day had interposed by an act of extra-legal authority to relieve the Bank of England from the danger that threatened it of an exhaustion visions of the Bank Act of 1844, and allowing an issue of notes in excess of the prescribed limits. On that occasion, the rate of discount at the Bank of England had risen to 8 per cent., and the bullion in its coffers had been reduced to 8,313,000l. But in the present year the rate of discount had been raised, on the 9th of November, to 10 per cent., and the stock of specie in both departments of the Bank had sunk, on the 11th November, as low as 7,171,000l. Several large joint-stock banks, in England and Scotland, were compelled to suspend payment, and many failures of mercantile houses, some of which involved engagements to an enormous amount, took place. The alarm and anxiety universally prevalent in mercantile circles were extreme, and the actual difficulties of the crisis were, as usual, greatly aggravated by panic. One circumstance which distinguished the present crisis from the preceding one was, that while in 1847 considerable blame |