he had lost no time in taking action: hence the proposed bill. "From speeches of honourable gentlemen," concluded Mr. Gladstone, "it might be supposed that a dreadful bill had been introduced, giving exorbitant powers to the Chancellor of the Exchequer. The fact is, however, that there is not a power given which he does not already possess, and in one or two respects the surrender of powers is very large." "It is impossible that Savings Bank funds can now be used by Government as a trust; they must be reserved for the discretion of the House." The bill for the first time gives a positive title in law to the deposits in Savings Banks, and it will further provide a true account,--"for nobody has ever yet seen a true account,"--of the National Debt; and for these reasons Mr. Gladstone hoped it would be allowed to pass into law. _Mr. Thomas Baring_, and _Mr. Ayrton_, unconvinced by the Chancellor's arguments, opposed the bill; and _Mr. T. Collins_ contented himself, as usual, with dividing the House on his motion to throw it out. The motion was negatived by a majority of twenty-four, and there was a similar majority on a motion for adjournment made by Sir Henry Willoughby. On the 20th of July, 1860, the bill was considered in Committee, and the discussion was taken on the first clause--the existing stock to be cancelled--when Mr. Hubbard approved of the measure. By the bill the greater part of the money of Savings Banks, viz., that treated as a book debt, would be placed beyond the reach of jobbery. Sir Francis Baring spoke in favour of, and Sir H. Willoughby, Mr. Hankey, and Colonel Sykes again opposed, the clause. The opposition to the measure had gathered strength since the last occasion;[109] and on a division, the Savings Bank managers once more triumphed by a majority of 38, in a morning sitting and a House of 192 members.