s than four
millions and a half. Nine months afterwards of the same year, there
appeared an increased issue of nearly nine millions, being more than
one-fourth of their circulation. What was the consequence? Such an
advance in prices, that in September last the cost of every article
of import was raised from forty to one hundred per cent. This caused a
falling off of trade. Then again in January last the circulation of the
Bank of England was L31,000,000, and they had four millions to pay that
amount, being little more than half-a-crown in the pound to meet their
engagements. The directors professed to have discovered that the true
principle for regulating their issues was to keep gold to the amount of
one-third of those issues; in so doing they would be safe. But had they
acted upon that principle? At that moment, instead of having one-third,
they had only about one-seventh or one-eighth of their issues in gold.
Mr. Gisborne took a similar view of the conduct of the Bank of England,
and urged the necessity of an inquiry into it by the committee, if, at
least, any inquiry into the banking system was at all necessary. For
his own part he did not think it was; it would only lead to expectations
which it would be impossible to satisfy. The debate was closed by the
chancellor of the exchequer, who objected to an extended inquiry, and
on a division, the original motion was carried by one hundred and
twenty-one to forty-two.

CONSIDERATION OF THE FOREIGN POLICY OF ENGLAND UNDER THE WHIG
ADMINISTRATION.

There was no part of the conduct of the Whig administration which had
been made the subject of more incessant attack than that which related
to their foreign policy. This session the line of policy followed
by Lord Palmerston in reference to Spain afforded a subject for
declamation against him and his coadjutors in the government. At
this time British soldiers were fighting in that country without the
protection of the British flag, exposed to all the shame and hardships
of a disastrous and disgraceful war. In the midst of the public anxiety
on this subject, it was brought forward in the house of commons by
Lord Mahon, who had been under-secretary for foreign affairs during Sir
Robert Peel's administration. His lordship began by expressing a want
of confidence in government, and especially in Lord Palmerston: the
country, he said, had too long reposed a confidence in his exertions,
to which he was neither entitled by p