§ Order of the Day for the Second Reading read.
§ Moved, That the Bill be now read 2ª.
§ LORD MONTEAGLEsaid, he took the opportunity of renewing the question which he had put to the Government in the month of June last, but which was not answered then for reasons in which he quite concurred. It related to an important matter. In April last, it was generally understood, and admitted by the highest authority in the other House, that a difference of opinion existed on an important question of finance between the Government and the Bank of England. Those differences between the Treasury and the Bank did not concern them alone, but were important with reference to the monetary concerns of the country generally; and therefore, as it was admitted that this difference did exist, and that the opinion of the law officers of the Crown was to be taken, he, on the 2nd of June, put a question to the noble Earl (Earl Granville) on the subject, and called for copies of all correspondence which had taken place between the Government and the Bank in 1854, respecting the advances required on deficiency bills, and the state of the public balances. On that occasion, the noble Earl admitted that there was a question pending, and that a controversy was going on, but that in the then state of the transactions it was inexpedient to give the information asked for. Two months had elapsed since that reply, and Parliament was about to separate under circumstances, which—though he rejoiced that the Bill now under consideration afforded the strongest evidence of the unexampled liberality of Parliament in the support of the Crown, and implied also a mark of confidence in the Government—yet were circumstances of such complication in regard to our monetary affairs, as to render it necessary that it should be known whether or not the differences between the Government and the Bank were at an end; and whether the Government could, either by replying to his question, or by laying papers on the table of the House, put the country in possession of the whole matter. The present Bill was one of unexampled importance. At no period of our history was Parliament ever called on to give greater proofs of its desire to sup- 1509 port the Government in a war. There were in this Bill 4,000,000l. or 5,000,000l. appropriated, of which 3,000,000l. was placed at the unreserved disposal of the Government, and 5,000,000l. or 6,000,000l. had been by recent legislation added to the financial business of the Treasury; besides causing a great amount of additional business in the House of Commons. He was glad to see that the ordinary powers of an Appropriation Act were in full force with regard to those new sums so to be dealt with, and that it was rendered penal to put any of those new sums to any other use than that to which they were appropriated, and that these 5,000,000l. or 6,000,000l.. were still subject to the control and appropriation, which was applicable to all other sums. He would conclude by repeating the question whether the Government was now in a position to lay before Parliament and the country the result of the transactions with regard to loans between the Treasury and the Bank, whether the Treasury and the Bank had come to an understanding on that subject, and what that understanding was?
§ EARL GRANVILLEsaid, he thought his noble Friend was pretty nearly correct in his statement of what had occurred in June last. He (Earl Granville) then said, that there had been a correspondence between the Chancellor of the Exchequer—not the Treasury—and the Bank; that it was to a certain degree of a private nature, and was not recorded at the Treasury, and that it was of a kind which it was not usual to produce to Parliament; that the Chancellor of the Exchequer and the Bank had had some difference of opinion, the subject of which had been referred to the law officers of the Crown. He was afraid he could give his noble Friend no other answer now. The matter had been considered by the law officers of the Crown, but, owing to the great pressure of Parliamentary business, they had not yet sent in their opinions. At the same time he should be happy to give his noble Friend, as early as possible, information as to what that opinion was.
§ LORD MONTEAGLEhoped that the result would be communicated to the public. He again urged that the correspondence might be produced.
§ EARL GRANVILLEsaid, that no correspondence of this nature was ever produced. On Question, agreed to.
Bill read 2ª accordingly.
Committee negatived; and Bill to be read 3ª. To-morrow.