POSTSCRIPT.
SATITILDAY. Some further discussion took place in the House of Commons yester- day, on Mr. Gladstone's South Sea resolutions ; but scarcely anything passed worth attention except his own full and explanatory speech. Mr. GLADSTONE began by explaining the mode in which persons who had been precluded by law would now be empowered to accept of the commuta- tion offered in April last. The amount affected in that way would be about 2,000,0001. The chief part of that, held in trusts, &c., would necessarily have to be reinvested ; and as it would be disengaged about the time for paying the dividends, it would be as inconvenient as it would be needless to throw that sum of money upon the market by withholding facility for its commutation.
Mr. Gladstone bestowed a large part of his speech on showing that the House of Commons already intrusts the Chancellor of the Exchequer with large powers, compared to which that which he now asked was trifling. He is empowered to create 30,000,0001. of Exchequer Bonds, and 17,800,000/. of Exchequer Bills ; by a stroke of his pen he could raise the interest for the current year on the actual amount of Exchequer Bills [14,000,0001.] from 210,0001. to 630,0001. He showed how impossible it is to manage the fi- nance of the country by debate in that House. The Commutation Act had suffered in its working from the delay which it had sustained in that way. They must leave it to the Minister ; and if he is not a person to be trusted, they must get a better. For himself, he confessed that he was no prophet. He had not been able to foretell the bad weather or the changes in foreign politics. He knew that thpre was 4,000,0001. less of bullion in the Bank than there was twelve months ago; but he did not know how much of that might be required in payment of corn. There has been a turn of affairs one way, and there may be a turn the other way ; and he thought that it would be very impolitic to anticipate the arrangements that may be necessary in meeting the payment under the Commutation Act in April next. It must depend upon the state of the public revenue, of the public balances, and of the unfunded debt at that time.
Mr. Gladstone confessed himself disappointed; but he proved that there has been no loss on his operations. Mr. DISRAELI said, he meant the loss of the 100,000/. which Mr. Gladstone counted as gain : he did not mean any absolute loss. Mr. GLADSTONE was glad to understand that. Comparing the state of the unfunded debt with what it was twelve months ago, he showed that, without any appreciable inconvenience to the public, the amount has been reduced by 3,100,000/. paid out of the public balances; that the interest payable this year [367,000/.] will be reduced next year to 215,000/.—a saving of 152,000/. on the Exchequer Bills of the year ; whereas former reductions of the unfunded debt since 1819 have resulted in adding 48,800,0001. to the permanent debt : the comparative saving to the country by the discharge being equivalent to 134,0001., or at least 96,0001. He called upon the House to confirm the resolutions which he had proposed. Nothing like a debate followed this speech. Sir FITZROY KELLY, Mr. J. B. Smrrs, and Sir HENRY WILLOUGHBY, contended that the offer of a fresh commutation would be an injustice to the holders of the new stocks. Mr. GLYN vindicated the financial policy of the Government. Mr. Du:- MARTA added a few words to suggest disparaging doubts. The second re- solution was affirmed by 117 to 67; and the third resolution was agreed to without division.
At the evening sitting, the Government of India Bill was read a third time, and passed. On the question that- it do pass, amendments were proposed—chiefly previous amendments in another shape ; and they were discussed at much
length. Mr. J. G. ParLusronz moved a clause to enable Natives of India to lay their cases of appeal before the Lords Justices, who should be em- powered to refer them to the Judicial Committee of the Privy Council : rejected, by 99 to 48. 'Mr. BRIGHT proposed a clause renewing the plan for a building in Westminster : rejected by 100 to 72. Sir CHARLES WOOD moved a eltune fixing the salaries of the Chairman and Deputy Chairman of the East India Company at 15001. a year, and those of the Directors at 10001.; an increase in conformity with the ex- pressed desire of the House. The House went into Committee to fill up blanks as proposed. It appeared on a division that Sir Charles Wood had mistaken the feeling of the House ; for the proposition was negatived by 99 to 83 ; and the blanks were filled up with the original lower figures, 10001. and 6001.
The House resumed. In reply to Mr. Baron; Sir CHARLES WOOD said he believed the law would oblige any Member of the House nomi- nated to the Directorate to be reelected before he could sit again in the House. The bill passed, with loud Ministerial cheering.
The Scotch University Test Bill passed through Committee. Mr. Scorr attempted to insert, in the declaration to be made by Professors, the words "on the faith of a Christian " believing in the authorized ver- sion of the Holy Bible : but his amendment was rejected by 81 to 57.
Lord JoM4 Russsix, on a formal motion stated that he would take a Committee of Supply on Tuesday and Thursday; and that on Monday he would, in compliance with the wishes of Sir john Pakington, state the intentions of Government with respect to Jamaica.
In the House of Peers, several law and other bills were advanced a stage ; amongst them the Elections Bill ; on the second reading of which, Lord Baormix took the opportunity to urge upon the Government the necessity of bringing forward in the next session of Parliament some large measure of reform, calculated to improve the character of the con- stituent bodies of the country, and by that means to elevate the character of the representatives.
The Duke of Buccraznan put a question to Lord Aberdeen respect- ing the case of Scotch Schoolmasters, who are apprehensive of the cessa- tion of their salaries in consequence of the ambiguity of the act under which they receive them. But the Earl of ABERDEEN assured the Duke that their right is unquestionable. Government had intended to intro- duce a bill on education, but was compelled to postpone it. Next ses- sion however, it might be done ; but if it were not, then a separate bill spaying to the case of the schoolmasters should be introduced. This satisfied the Duke of Bum-Lunen.
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