tons. The real question had been, however, previously decided upon a resolution introduced by Mr. Attwood, on the 22nd of April, proposing an inquiry into the monetary system of England. To this resolution, lord Althorp proposed an amendment, declaring that any alteration in the system which should alter the standard of value, would be inexpedient, and dangerous. After some discussion, the house divided, 139 in favour of the motion, and 331 against it. The house then adopted the amendment, 304 to

49.

This vote really decided the question as to the recharter of the bank, and although the resolutions occasioned some discussion, yet they were carried by large majorities, and a bill rechartering the bank was accordingly introduced, and became a law. By this law the bank was to enjoy the exclusive privilege of issuing notes payable in London, or within 65 miles thereof.

The only one of the exclusive privileges of the bank, of which it was proposed to deprive it, was that by which country banks were prohibited from drawing bills on London for any sum less than 50%. No opposition was made to the removal of this restriction; and accordingly it is now provided, that banks beyond the limit of sixty-five miles may make and issue bills and notes, payable on demand or otherwise, by an agent or agents in London, as well as at any other place, for any sum for

which such notes may be issued; that is for any sum not under 51. But the notes must not be reissued in London, or within the circle of sixty-five miles.

There was, however, another. supposed privilege of the Bank, which is declared in the present bill to be one which it neither shall possess for the future, nor ever did possess. It was generally understood that no banking company, having more than six partners, except the bank of England, could do business in London, or within sixty-five miles of it, even as a bank of deposit. The law advisers of the crown, however, after considering the point, came to the conclusion, that this common notion was quite unfounded. A clause was accordingly introduced into the bill, and passed as part of it, expressly authorizing the establishment of banks of deposit, with any number of partners, in the metropolis and its vicinity, as well as in any other part of the kingdom.

Such being the privileges which the bank is to enjoy, the following are the other stipulations of the new agreement. The sum formerly paid to the bank for the management of the public debt is above 250,000l. a year, of which 180,000l. is admitted to be profit. But hereafter the bank is to receive only 120,000l. The debt, also, due by government to the bank being about 14,500,000l., on which is paid interest at the rate of three per cent., one fourth part of that sum is to be repaid. The repayment is to take place

in October, 1834, and the money is to be divided among the bank proprietors, at the rate of 251. for every 100%. of stock which each may hold. Bank paper is to be made a legal tender for all sums above 5l., except by the bank itself or its branches. This regulation is to be in force "from and after the first day of August, 1834, unless and until parliament shall otherwise direct." There is to be in future a periodical publication of the accounts of the bank. A statement of the amount of the assets belonging to the company, and also of the notes which they have in circulation, is to be transmitted weekly to the chancellor of the exchequer ; and from these weekly reports, an average state of the accounts for the preceding three months is to be published every month in the London Gazette. All bills for not more than three months are to be exempted from the operation of the usury laws, or, in other words, may be drawn so as to bear any rate of interest the parties may agree upon. This enactment may be expected greatly to facilitate all mercantile transactions in seasons when money is scarce; and it is, besides, valuable as the first relaxation of a principle which has been till now, vigorously maintained in opposition to the clearest rights of com

merce.

Some other important laws were brought forward by the ministry, reforming existing abuses; but the most important enactments, were those regulating the labour of children in

factories, and allowing depositors in saving banks, to purchase government annuities.

to

By the first of these, children under nine years of age are not to be employed in the factories, those under thirteen, are work not more than nine hours, and those under eighteen not more than twelve hours in the day, and not at all in the night. By the other act, parochial societies are authorized, the rector or resident justice of the peace, being one of the trustees for receiving deposits for the purchase of government annuities. The purchaser, if he live to the time when the annuity is to commence, will be entitled to receive an annuity equivalent to the value of all his payments, with compound interest; if he be unable to continue his yearly instalments, he may have his money back; or if he die before the commencement of the annuity, his family can obtain repayment of the sums paid.

Besides these measures, which looked directly to the improvement of the condition of the labouring classes, and to the relaxation of the monopolies created by the tory party, during its long continuance in power; the ministry also had contributed materially, to reduce the taxation under which the British nation had so long groaned. The reduction was estimated at about 1,545,000l., which added. to 1,709,000l., repealed in 1831-2, would make a total repeal of taxes in three years, of 3,254,0007.

Notwithstanding this reduc

tion, there was still a surplus of receipt over expenditure of 1,513,000l. This would be reduced by the interest on the West India compensation money, so as to permit a repeal of the house tax in 1834, and the landed interest was promised further relief by a commutation of tithes and a reform of the poor laws.

Another subject of first rate importance was brought forward during this session, but with no immediate effect, in relation to a system of national education. A resolution, pledging the house to. take up this subject early in the next session, was moved by Mr. Roebuck, on the 30th of July, in á speech of great ability. The motion gave rise to a short debate, and was eventually withdrawn, members in general appearing to feel that it would be better to defer entering upon the consideration of the question, until it could be brought forward in a more definite shape. A beginning in this work was made in the course of the session by the government, in moving (on the 16th of August) for a grant of 20,000l. "to be issued in aid of private subscriptions for the erection of school-houses for the education of the children of the poorer classes."

One of the debates of the session which excited considera

ble interest, was that which took place on the 15th of August, on Mr. Buckingham's motion against impressment: Having been met by the chancellor of the exchequer with the previous question, it was only lost by a majority of 59 to 54. On the second of April, also, Mr. Hume very nearly carried a motion against flogging in the army, except for the offences of mutiny, or of being drunk when on guard, or of theft; the numbers were, 140 in its favour, and 151 against it. An order was some time after issued from the horseguards, prohibiting this punishment, except for certain specified descriptions of misconduct.

These improvements in the condition of the kingdom, and striking reforms in the public policy and legislation, contributed to restore quiet and tranquillity to the nation. With the exception of a tumult in Cold Bath Fields on the thirteenth of May, occasioned by an attempt on the part of the police to disperse a public meeting of the political unions, England has seldom enjoyed greater tranquillity than in the year 1833.

The people were contented with the government; and the reform of the political abuses of which they complained, seemed to be carried on with vigour, tempered with prudence,

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