Star. — London, England, 1819-02-03 00:00:00

ose .at hal Tokio oantrif this c p rehe hac a . , s kin; , ia Arlen e othe ince paten ..:rests d tsF ! calcu . . low ,l ..troco: erca • piney ate ni ftc .11;de4 e pa 3 ma ! iard •..iICLU cn p eni foe i 7 v :one o f 11C I :1 ill 1 . V c R iii ti • the etcrs , !scot' lt,be r, ain • !ted 1 / 2 Ile F, am ere I tat tl et as rk , ‘aati f W e :You ' Lai 'OM ind ine !nul •.,re 'ire te 11 aot tthic it strcr they ever 2 dere prci it r, is 1, t%e Vl 3 can bar. if L.O V2ll loz vie Eu v the Iva .;• Pa 6 it . thi 6 an ca of tr is c, he had seittieSiesi' aft dilitittous•tv..-,, had befallen those countries.vthere it had been, 'lced. He denied that the system of other a e r ies bore any assimilation to that which existed • ; country, and therefore no such result could be ehentled. Its those countries the paper circula had been enforced- but such was tot the case in ingdont--(//ear, ' ltenr).--lie knew of no own , which the paper system existed in a similar i ncr. France had certainly a National Bank ; in Ater countries on the Continent their currency iced its relative value. The resumption of cash ens was a moasure calculated to injure the. bat its of the country, and if the inquiry was. en. tpon with rashness or precipitation, it would :elated to produce an extreme that would be .injurious, and bear with peculiar hardship on mu classes of society. Owing, as they did, to ,00r man their first protection, it was to be con. red that the inevitable effect of resuming cash eat immediately, would be to throw a very number of persons, out oremployment.—(lledr.) 'sect, that of the specie going out of the country, led a proof of the wisdom of gradually resuming , iayments. it was to be considered, that there sarket price of gold, and that no one would buy. si of cloth at Manchester, or at any other ma wring town in England, if they cinitd, vithH issued by the Bank purchase foreign geods• per cent. cheaper. The Eight lion. Gentliman'l ndeavoured to throw an odium round the Bank, Or his part, he could not but remember that the was the great body which had brought u"s rn through the vortex of revolutionary wars, and insidered it an object of respect, as great as any body can be. Not to tire the House with a o.fstik!ects which were notimmediatelyinvolved present question, he wished to call their atten. o sotac new features in it of importance. There facts of die greatest interest respecting tliii ques whidt had disclosed themselves since last year. e w.as, r.o country like this •in respect of paper • !..nion.. There was . no Government in Europe, h was not employed -in 'endeavouring to ,solve :rebler.l of acquiring•a metallic currency. They every where endeavouring by forced means to hack metallic currency. • A loan for not more . three millions in . Russia, operated . so powerfully ii Bank of even Paris, remote as:it is frontt.Sn rs'eurgh, as nearly to prevent that sank from. He thought that the House should, ,be discouraged. from hoping that the !lank will Anne cash payments, but, it was .rior to be ex 'td that it should do coat present—(fsetrr, hear.) House knew the circumstances which previous ad during the war obliged them to deviate from legitimate course of cash payments, but great as .! die difficulties of the war, let it not be supposed they ended with the war. The interest of money nearly cie'rlsle on the Contiaent w:iat it is in this itry, but he believed that the credit •of this coon will ultimately establish those balances in our sar on the Continent, which will bring the pre ss metals !Ito the country. lle protested that the ...unable Gentleman could not .be more nations the serearns of the Crown are to return. to sash ments. Although he had •ventured to state the Limeats of his mind, yet if 'he should be. ou the i ormninee, he would endeavour •to discharge. his id of pre-coliceived opinions, and Would.be detec ted ' so:el y by the fads and Irgurnents which' idol be pre , eint:ni to' his consideration.' be red that are rit'W iSfanilsers whom he had the plea se to addre , s, were of 111c...same British rnaterials- , - 'nr, It-faro—a,: the niejmity of the last Parliament' is i had decided on this question.. N . hen the light: In. Gentleman could not convince, it . was his 'vac- , endeavour to ` terrify but he . hcnie.l that his' tempt On the.preierit occ&iori would meet tvith the me success as usual. Mr. B. COOPER (ISlemiver for Gloucester), coul4 bat think it strange that • the first question on rhich the .Opposition thought proper to try their rz.r.gtt by dividing the House, was cue on which were 'all agreed—( A laugh.)—He thould, how per, vote for the motion of the Chancellor of the zchelner—(Heat, bear, hear,)—because hc consi ered it more precise, and much more suited to the ,ere. Last year be gave a - silent vote for the con ai,tilee of the Restriction ; but he could not do so lw without stating his sentiments. The reasons for ~ ..posing the continuance last year were very plain. was then said by Ministers. that they thought there a: at that time no prospect of any thing to prevent ic resumption of cash payments in July, 1819. . then were now the causes to prevent it ? There !re causes he did not doubt, and in his view the chief tu .4 was the immense load of unfunded debt in the Lads of . the Bank of England. The remedy which roposed for this was, that, a great proportion or, it were 'passible, the whole of - this unfunded debt, :ould lie funded. lie hid no doubt that tale Chan :llor of the Exchequer felt the inconvenience of such a and.wouldhe much obliged to any one who would few him how to get rid of it—Viear, and lau.ghter)— :4. his own opinion clearly was, that - this debt should ave been funded long ago and ',attire foreigners had . : - .hdriwn.our capital from us. Another cause why :e iestriction could not now be removed was, the art of specie. To remedy•thit, he proposed that 'ailiament should compel the Batik t° lay • oat the Lmount of the debt due to them be Government, as t was paid, in the purchase of specie, to prepare lei be resumption Of cash payments. 'Jamie was still mother cause for preventing the resumption, and that was :he state of the exchange. In his view of the ..a‘e, these were the three great difficulties. It would, .11e...eli)re, be necessary to revise the whole system of Jur :taxation. if this were done, he was sure that many great savings might be m.:de, and the revenue ,:ch raised. The expenses of collecting the revenue .-.iFkt be exceedingly reduced. Besides this, he was convi.xed that at least £4,000,000 annually might be saved by changing the taxes. He would have the system of as , ,essed taxes, so oppressive to the of the middle and lower orders, removed. lie (night he asked what he would substitute in lieu c these taxes ?" To this he would reply, that he would propose a property tax—(Laughter and much tviughing.)—Not an inquisitorial income tax, but a tax to tall merely on property.—( The rest of the Ho nourable Member's speech was so much interrupted by toughin . . and other noises, that few sentence. Ladd be distinctly heard.) —The Hon. Member concluded with !i;;llifying his approbation of the atriendmear.. mt. lidAs . RL , r.v, having given a silent vote op the former occasion, when the. Honourable Gentle man who had just left the House (Mr. Tierney) had brought forward this question, thought it requisite to explain the grounds of his present opinions re specting it. In the year 1313, there were three rea sons which operated to carry the restrictions:-Ist, Foreign loans; 2d, The number of British travellers who were spending their property in foreign coun tries ; 'and, lastly, The badness of the harvests.— Pat now our armies have come home, our internal' a!fairs are going on prosperously. 'What, then, are 'the causes which should continue the Restrictions? Whenever the Bank resumes Cash Payments, the re venue must decrease; the House Should, tllercfore, meet the means of guarding against the evil of a de falcation in the revenue; and in order to do this, it appeared to him that some general system of taxa tion should be resorted to. One cause which should prevent the immediate return to Cash Payments was the consideration, was the Bank prepared to do so ? There could not be any doubt that the Bank will be ;disposed to part with some of its gains, in order to prbvide specie. It appeared to hiitt an mtwise mea sure to consent to pay small sums 4 but if the Bank would pay in large sums, although the specie might at first go abroad, it would in time return, and tile . payment in 'specie would remedy itself. The Ilonourf, 'able Member next suggested the propriety of making some great revision in the taxes by repealing the As sessed Taxes, and the House and Window Taxes, which he estimated as amounting to about six millions,' 'and by substituting a tax which would affect the pro perty of the absentee, and of those who hoard up wealth without distyibuting it fur purposes of gene . ral service. _ Mr. DERNAL (Member for Lincolu).said, he had endeavoured to q ialify himself for the duties of that Mouse, by bringing into it a small share of common sense and a latter stock of independence—(Hear, hear).—He was mn inclined to prejudice, nor had he made up his mind.upon any coursewhen coming into that - House-;-(Heer, -heir).—The , impression which the'llight Honourable Gentleman's (Mr. Tier ney's) statement had made upon his mind, was not' effaced by any thing which had fallen from the Ifo. nourable Gentleman who sat down last, or the Nobie Lord,- to whom he had paid the most serious atten; tion. They had warned ns from taking a false step in the apposed inquiry ; but it behoved us to be care r fish that 'we were not; even now, making a hasty _progress in these false steps—( Meer, hear,..4ear).— The Noble -Lord had talked _much of " a legitimate element," but he was at a loss to conceive the bean ing of these words. Theonly idea which he attached to the term 'legitimacy, and which he should ever advocate; was a legitimate metallic currency ; not to be annihilated, by a paper substitution, which, how ever we may dress np, waqted solidity, and owed all its value to an association of ideal reality. The Right Hon. Mover had been charged with an affected ob scurity in his statements, but in his mind, nothing could be clearer, and he sought in vain among the arguments of the Chancellor of the Exchequer a re futation of his statements.—(l - lear, hear.)—The Go. verement did not really evince a willingness to go into. the inquiry, though they professed .so mach in aerest in the result. He was of opinion that the Honourable Member, by Lis Amendment, destroyed the-original virtue'ef the proposition, and had so me tdiatiseci its terms as to destroy the effect. • He de ified that point of etiquette was the only matter of issue; . for a Committee by ballot was such a one as would satisfy Gentlemen entrusted with the dearest iaterests of their constituents. He begged of the new: Members not to be deceived by the shadow of a Cornrdttte-;-Wear, hoer ; )--and he would deem it an abaadopinent of his duty if he did not support the motion.of the Right Hon. •Gentleinan.---(llear.) Mr.CANNlNG.—Although all the arguments on the question now propounded for the decision - of the House might be better postponed till the Report of that Committee which it was proposed to appoint, and although with this view he would now trespass but a very short time on the patience of the House, yet, he trusted, it would be felt that after the appeal which the Right lionourable.Gentleman (Mr. Tier. ney) had so civilly Made to him, he would acting fairly by himself or by the House, if he did not shortly state the grounds on which his vote would be -given.- The question on which- the sense of thie House was to betaken, seas not whether the restric tion ought to be continued an such grounds as were matter of coalmen notoriety, or on such as each Mem ber might lay don for himself on the ialormation and research into the subject . which h is industri. , might afford. it was-not whether the restrictit should be continued without .any:inquiry being tuted under the direction of-the House; but, being on all sides resolved that such aniaquiry,should made, the only point at issue was, howthe inquiry : should be made and how the Committee should be ecistituted? After the speech of the Right Bonotir able Gentleman, whose motion was before. the House, and after the course which the debate had taken, it was impossible for any man who had considered this great subject, however imperfectly, .not to NIS thought what opinions he would take into the Cobb- mittee, and to What result he would most fondly wrid anxiously look. For himself helod alt ays viewed the Restriction in one -light. From the time when it was first adopted, he. had considered it as a great departure from the principles of our mone :ar) system ; and he had always looked with 'great solicitude to the period when it could be removed. He could assure the Right Hon. Gentleman opposite, that he himself, and all those who sat beside him, when they- last year proposed the further continuance of the restriction for a limited period, they thought they did so for the last time ; and up to a very late period in the autumn, at least till the month of Oc tober, they saw nothing to make it necessary to ap ply t 3 Parliament for another renewal of it. Since then, however, circumstances had arisen to produce an honest and conscientious conviction, that a farther renewal would be necessary. though they trusted but for a very limited time, - a time so short as to make it evident that a sincere belief was entertained that the opening would take place at the time fixed in this' further renewal. With this conviction, first, that it would be impossible for the Rank to open atthe dme now fi xed by Act of Parliament; but withahe equally strong conviction, that the winding up of those un foreseen circumstances which had made the coating? ance necessary last yew., would soon remove a!1 dife. ficulty on that ecore.VLookieg'to as early a paticat at the beginning of the year 1820, Governnititt meant ' to propose to Parliament that the restriction should be continued till that time without any inquiry. And here, to put the Hous? in possession of a complete detail of all the circumstances which brought the question to its present aspect, he must state that . which his Right Hon. Friend (the Chancellor of the! i Exchequer) and his Noble Friend (Lord Castlete:tgh) I I had omitted. The period to which Government at first meant to propose the continuance of the restric- ' tion, was the Ist of January, 1820 ; then they fixed ' upon the month of March, as more desirable from .' the probability that Parliament might then be sit- 1 ting ; and at the same time another intention was ) eatertained—_hat if next year any thing should I occur to disappoint their expectatians, no farther 1 renewal should take place without themselves origi- '1 eating a proposal in Parliament for the fullest inquiry. In this disposition the Session was opened. On the ; very first night of the Session the Right llon. gen- deman gave a notice, evidently with the view of an ticipating any notice from his Right Hon. Friend (the Chancellor of the Exchequer) on the same sub, ject. , But there was not on that account any dispo salon to change the intentions of Government. Next *day however, a circumstance arose which had the effect of inducing a change in their councils—namely, the communication from the Bank. But instead of im puting this change to any subserviency on the part of Government to any body 9£ men, let it only be con sidered in what a laew situation the Government was placed by such a communication. In all the discus sions as to the removal or teoewal of the Restriction, a constant admission had been emnlously and stn.- diously made from both sides of the House, that there was a disposition on the part of the , B ank to remain passive, in the hands of Parliament.. But how different was it when the Government was given to understand by the Bank, itself, that at the. period to. which they proposed to limit the Restriction, it was ,not likely cheek could be removed. The Right Hon. Gentleman taunted .his ,Bight , Hon. Friend for his easy,• facile, and flexible concession to the Bank.— ,But how would the Right Hon. Gentleman have tauntedihim r .if being in possession of such a corn imspication, he h;d, gone on .to propose the continu ance of the Restriction, without any proposal for 'that inquiry which was Ivislied by the_Bank itself. It would have been dealing unfairly by the public and Ilre,Bank, if after such a communication his • Right Honourable Friend had, on the one hand, persevered in his course, or, on.the other hand, had changed it, and concealed the motive. , In, such circumstances his Majesty's. Ministers bad but one clear course to pursue, to eualale them to meet all the taunt's of the Right Flopourable Gentleman, namely, to bring be fore the public that fair and frank communication, and say that it had induced them to change their in tended course. In stating thus the season which had induced-Government to follow the course. they were now pursuing; he had anticipated the question as to the propriety of a Secret Committee. The change was made in compliance with the express desire of the Bank. If the affairs of the Bank were to be exa mined, the CoMmittee must be a secret one. With that, must come the ballot, and on this the Right Honourable Gentleman had revived the trite and worn-out jokes ,about : balloting,- with which the old . Parliament had been quite svearted,'but which it'we's thought might be borne by a new one--:( LaulAter.) In what did an appointment of a Committee &y bal lot differ from any other mode? • In one respect it was better, because it gave Members an Opportunity' of judging consecutively of the meritkof the various Members proposed. For what purpose had ballots been originally resorted to? Why, to destrOy in fluence—.(Hear, hear, bear.) He knew places where ballots were resorted' to for this very purpose, and whet e, if that mode of appointment were relinquished, f. there would be no end to the complaints ofjelluence. !Grant it, that they had no secrets with new 'Mem !bets : some would receive lists of Members for a Committee from one side of the House, and some from the other side. It had been the practice to hand about lists on both sides of the House, and in his younger days in the House it was constantly so One. Then the young and inexperienced Mem. ' I hers, for whom the Right Honourable Gentleman !had so much concern, (Laughter) might consider in private, in their closets, if they pleased, and there, 'caliing if: ti'e aid of friends .as young and as tender es themselves, they might staike out and insert in the list such names as they pleased; and then, he would'' ask, when these lists, so corrected or altered, were put into the glass, how was it to be known how each Member, had niodifisd his list?—(Hear, /war.) •Dat ha must telktlae .young Members that they did not yet know all the joke about balloting. There Nees yet another' joke--a very old one, it was true ; ' hilt' still it isasaasie which bad very °free been tried, and•whiclt nsighs be ventured on a new Parliament; for, it was only-necessary for some Member on the other side 'of the House to get one of the lists banded aboet 9n this aide, and then, rising in his place, lie is graVely to propound a question to the Speaker, whether it be allowable to offer a wager in the House ? and is only prevented by the answer of the Speaker, - from wagering that he would read the names .ot,the C.Citnnuttee before the ballot for its ap pointment is begun, and: then very solemnly" he is to read the list. 'Phis never fails to convulse the House. The task generally falls on some Member on the se-' cond bench on. the other side ; who that might be on ' this occasion he could not yet guess—(Lasieter.)— Ilewould be sorry, however, if what he had now said should have the effect of preventing the joke.—, But without anticipating or trenching on the preroga tive of the Members to Whose lot the delivery of this ! piece of wit might fall, he would venture to state! whom such a Committee ought. to contain. Such a' Committee would,' in his'opinion, be ill formed if it; did not compromise every Member, of whatever party, to whom common fame would point es having turned his attention to the study of the questioo. He would consider such a Committee ill formed if it did not include the Right Hon. Gentleman and such a pro portion of those Who sat around him, as would with him feel that he was not unsupported; and also if it did not contain a similar proportion of those on his ! (Mr. Canning's) side. of . the House, net. exceeding in I number those on the other side; he Would say too, that such a Committee was arconstituted, if in ad dition•te . such ss he had mentioned, it did not con e %in a,uusnbetaoia impartial men 'unattached to either -tv, - so that the proceedings of the, Committee - -at bee : contest of political. parties when it was ' 4 eished to he a search Mier political truth (gedr, be For his own part, If he were to haee the honour or being A Member. of this Cnmarittee. I c would -carry into it a sincere desire to find, not the shortest but the - safest mode of attaining the object they ha,l in view. And here he must say, that he was glad that the course was so far changed that an inquii y was now to take place. Since the meeting of Parliament the old controversies on this great question hal been re- • vived. A new flight of pamphlets had lighted on. • the town. In this state of things it was evident, that . where a dispute On such . a subject was so warmly carried on, it must be decided somewhere, and surely no /Slue was so 'fit for the decision as this Houses In some of the pamphlets 'whichhad appeared, he foutui the doctrines and method of his old friend Cocker maintained •and pursued with great vigour la others a very short and summary mode was proposed kr attaining the end in view. Front the opposite et tiernes he recoiled with equal horrnr and repugnance.. But seeing these conflicting schemes proposed amt canvassed, he was glad that a full, ample, ensile wished he might add, impartial discussion Was to take place, foe that he hoped would at length settle the public mind.—(ilear, hear, hear.) The Right Hon. Gentleman (:•Ir. Tierney) might t:erhaps re collect that he(Mr. Canning) had always been against fixing a precise and limited pet iod beyond which the Reetrietion should not in any case extend. And he would nay, even now, that if his own mind was made tip as to the nropriety of opening the Bank at ern particular periodnyet, if he then'aund in mercantiie men -A strong persuasion that the measure would be 'attended withinimieent danger, and a tendency from that persuasion to create a danger which was only apprehended, he would, under such circumstances, rather defer than precipitate the measure. Froni that difficulty, however, they -were at present relieved, and he rejoiced in the appointment of the Committee. In the course. of the debate the question had been asked, how the exchanges operated against the re sumption of cash payments? To this it had been answered, that the amount of the issues by the Bank regulated the rate of exchange, and that if the issue! . were diminished, the etcharge might turn in our fa vour. On this point, however, there were conflicting, opinions. His own opinion certainly was, to dims nish the issues would have that effect ; but at what. cost ?—(1-lear,hcer, hear). He did not start this with the view of labouring the point ; but when, it was ' considered what effect such a diminution would pro duce on all the complicated concerns of the country, he must confess he could not so easily see his way through ail the difficulties that must occur. One Honourable Member said that he would not hear the Rank state their case to induce Parliement to pro long the Restrictioa. But it 'was not for this pur pose that the.inquiry was proposed. His Faaht 130. nourable Friend had said that he changed his course in consequence of the communicatimbirom the Bank. The main consideration in this view was that the Bank now gave its opinion, for. the first time iitfri years. This was a new feature in the case. His Right Honourable Friend then said he took the Bank at their word, and would have an inquiry. This in quiry must be secrht—and why ? for the s.:ke of the aank ? All its concerns must be inspected—all its transactions with Government—all its preparations for payhig'in specie—and were these At subjects for an open inquiry ? Great fault had been found with the partial experiment of opening the Bank 411816. He himself had hailed it as a most wise and prudent measure ; but, on a retrcespect,he thought differently. Front the experi nice of that trial, itwas a planwhich he would not adeihe should be attempted again n e. What had beta the result of the first attempt f e With out adding one grans of gold to the circulation of the country, it had cog the Bank five millions and a half. And yet eve:y bodyhtt the lime thought it a wise measute. if cite Back erred in it, they erred not only with ene sage, but with all mankind—and no one was then more ready with his praise than the Bight Hon. Gentleman. " Here is a fine Bank," said he, " that Las wisely and prudently began gee dually to resume its cash paernents, and thue leseea the evils of a sudden change, both to itself and the country." But when the result spewed that the ex periment failed, the Right Hon. - Gentleman turned upon the Bank, and all the gratitude which he owed to it was thrown of it--(Lair The two Com mittees—that proposed by the Right Hon. Gentleman and the other by his Right ..Hon. Friend, were now not only before' the new Members, but also befo:e the House. In the former the affairs. of the Beek could not.be examined ; in the latter, that examination was a principal reason fur appointing the Commit tee. Between these two the House mite choose. But in an inquiry relating to the resumption of cash payments; he did not understand how the affairs of the Bank7could be . left out of view. There was no form, no style, no phraseology belonging to our lan guage which could enable the• Committee to avoid Mentioning - the Bank in their Report. The Bank must inevitably be its great thente. In the beginning, the middle; and the end—in eve y sentence, the sank must come in. How the Right' HonOurable gentle man would propose to get oventhis difficulty, he did not understand; but his metion reminded him Of two rival theatres in a country tonal, at which the only play which could be Fr:hi-mei was Hamlet. At length one of them, to !ileac tonic variety, annotmeed this play with the attractive tar eelty of leaving out the character of Hawk. This was oast the plan of the Right Honourable Genatenan, Who called 'open the House to vote for the plan of leevieg out the principal character—(Laug/der, and loud cheering.) Mr. MANNING said the Bank had proposed no thing with a view to their own interests. This was a great national question. The Noble Lord truly said that it involved considerations so great that the Bank was but as a fly upon the wheel. The Right Honourable Gentleman thin Tierney) said the Baek had acted very foolishly in issuing gold in 161 S ; hut it might be recollected that it was hailed as an omen that the Bank were in earnest. They were 'a earnest, and not only at that time, but clown to the latest period which had been mentioned. But the Right Honourable Gentleman said, that at the very time when the five millions and a half of gold, were issued, the Bank were so far from being in earnest, that they had not diminished their paper issue.. The very contrary . was the fact, for the Bank lard at that time diminished. their paper issues. The issues of the Bank from January to June,. 1818, were 27,954,000 and in the half year from July to December, they were reduced to 2ei,487,000/. .~~ ---r 7 system ; and he had always looked with great this occasion he couid not yet guess—(Lasigerer.)— CLIC itugaiL • WSW .11.0“.. ,, Iko ,a . • •• .310 S. 4111. - 1.4 Wirni , I 1 rcitude to the period when it could be removed. He would be sorry, however, if what he had now the House to vote for the plan of leaving out the • could assure the Bight Hon. Gentleman opposite, said should have the effect of preventing the joke.— principal character—(Laughter, and loud cncerfng.) st he himself, and all those who sat beside him, But without anticipating or trenching on the preroga- Mr. MANNING said the Bank had proposed no. I ten they last year proposed the further continuance t ive of the Members to Whose lot the delivery of this thing with a view to t heir own inte re st s. This was the restriction for a limited period, they thought piece of wit might fall, he would venture to state a great national question. The Noble Lord truly eT did so for the last time; .and up to a very late whom such a Committee ought.to contain. Such a said that it involved considerations so great that tile Trod in the autumn, at least till the month of Oc- Committee would, in his opinion, be ill formed if it, Bank was but as a fly upon the wheel. The Right ber, they saw nothing to make it necessary to ap- did not compromise every Member, of whatever party, Honourable Gentleman i,Mr. Tierney) said the Bark yt3 Parliament for another renewal of it. Since to whom common fame would point as having turned had acted very foolishly in issuing gold in 1618 ; 1,1 en, however, circumstances had arisen to produce his attention to the study of the question. He would hut it might be recollected that it was hailed as an I ' i honest and conscientious conviction, that a farther consider such a Committee ill formed if it did not omen that the Bank were in earnest. They were 'a newal would be necessary. though they trusted but include the Right Hon. Gentleman and such a pro- earnest, and not only at that time, but down to the r a very limited time,.a time so short as to make it portion of thoee 'who sat around him, as would with latest period which had been mentioned. But the . . ) 'ident that a sincere belief was entert ained that the him feel that he was not unsupported; and also if it Right Honourable Gentleman said, that at the very I .iening would take place at the time fi xed in this did not c ontain a similar proportion of those on his time when the five millions and a half of gold, sere \ "1 et ir ther renew. With this conviction , firs t, that I t ( Mr. Cannin g 's) side. of the House, net, exceeding in issued, the Bank were so far from being in teams:, 1 • : w unld be imporaible for the Bank to open: atthe time number those ou the other side; he would say too, that they had not diminished their paper issues. nye fixed by Act of Parliament; but witletheegually that such a Committee was aconstituted, if in ad- The very contrary . was the fact, for the Bank had Tong conviction, that the winding up of those un- dition•te . such as he had mentioned, it did not con-. at that time diminished their paper issues. The weseen circumstances which had made the coning- Min a nuMber:o impartial men unattached to either issues of the Bank from January to J une ,. leis , nee necessary last yew. would soon remove aft la. party, so that the proceedings of the, Committee were 27,954,0001. and in the half year from July culty oil that ecore.Viadokieg'to as early a peti • • alight sot be•a: contest of political. parties when it was to December, they were reduced to 26,487,000/. - . • ~ - • . • . . , • . ~_ • _ , . .... . I 9 ~i