Star. — London, England, 1819-05-26 00:00:00

I ) . 'll 4 1 1 1 . , . , , r ,i r •••• , rHt 1 . r °S. ,bs. ' -.' 1 `• ~ i. ; IrJ. I I t 16 . , i +,. I ~ I' '° to press k this day. Hewished to know if the Noble Lord would , lo W it to take precedence of other business to . morro w, as if it \ N. ,e,. . 11 11, s , apt cove on then it must go off fora fortnight, and to de. any irkfThe motion ought to be brought forward without delay. L or d CASTLEREAGH said, if the modou were postponed from that night, he should feel it his duty to conform to any . ar cvs t that could be made for bringing it on early to-morrow. motion, after a short conversation, in which Sir C. MOYCK, Mr.unsay, and Lord CAeruuntasia participated, was post poned till to-morrow. ... The SPEAKER begged to inform the House that the private business was now so nearly disposed of, that public business could be entered on at an earlier hour than had been usual of late. Lord CASTLEREAGH moved that the House should resolve itself into a Committee on the Report of the Committee on the EESUMPTON OF CASH PAYMENTS. The House having resolved itself into the Committee, Mr Alderman - HEYGATE, who was in possession of the House on the preceding night when the ad journment was moved, resumed the discussion. No man could more lament the state of our currency than he did, but the remedy suggested in the Report of the Committee was that of which he could not ap prove. He went over the history of the Bank Restric tion Act—traced its effects up to the present period, and contended that Bank-notes were not now, nor had they ever, been depreciated. If the Resolutions before the House were carried, it would go to con tract our currency, and this would produce great mercantile embarrassment and distress ; for -he con tended that in the present situation of the country, the same quantity of circulating medium could not by possibility serve to transact the business of the country which was found sufficient in 1799. The statements which the Right Honourable Gentleman (Mr. Peel) had made last night in opposition to this assertion was fallacioui, as he had left out of his con sideration the issues of the Coiintry Banks, which had greatly increased between the years 1799 and 1809. By some it was argued, that. Gold being now three per cent. above the price of Paper, all that was wanted was a reduction of three per cent. on the issues of Paper to bring every thing right. Never was any argument more fallacious. This he could shew by a reference to facts. The Bank, in November, 1817, - had Notes in circulation amounting to 1:29,544,000. Since that period their amount had been diminished by-0,0000300, and the price of Gold, instead of fall. , ing . ,wit,ls that reduction, had •become considerably higher than it was at that time. He was of opinion, that every argument founded on the price of Gold, as analogous to the value of Paper fell entirely to the ground. Ile therefore thought it would be most im politic to regUlate the issues of the Bank by the price of Gold at all tizzies. He referred to the history of the calamitous year 1816, to shew the misery and mischief whic h must result from a sudden contrac tion OT the circulating medium. He for one should be glad if Gold could be found to supply the place of Paper, but from a premature reduction of the num ber of Bank-notes, he anticipated a repetition of the distress of the year 1816. In the view which he took of the effects of a'diminution of the issues of the sank he was borne out by the evidence of Mr. A. Baring, part of which he read to the - House. Under the most favourable circumstances it would cause great embarrassment, but supposing the ensuing harvest to prove unfavourable, foreign Governments to be still iiegating loans, and the exchanges unfavourable to this cohntry; he was of opinion such a measure would produce calamity exceeding all that had hitherto been known. Those only would profit by it who had fixed incomes, and these would profit in the increased value of those incomes at the expense of the produc tive lab'ourer. He proceeded at great length to shew the evils which would result from the proposed change. He contended the situation of the country now was very different from what it had been at those periods referred to by the Right Honourable Gentle man, for then we bad not a debt of 4:845,000,000, nor a. revenue of £54,000,000. This enormous sum be did not think •it would be possible to raise if the plan in contemplation were carried into effect, which he was confident would have the effect of throwing the poor out,of employment and of increasing the Poor s Rates. Much mischief had already beendone by the agitation of this question. He called upon the [louse to look at the situation of the country now, and compare it with that in which it was found at the, commencement of the present Session. Then public credit was high, and commerce flourished ; but from the moment the Secret Committee was ap pointed, nothing bad been known but stagnation and distress. This too, he would observe, was not con fined to the City of London. The evil extended to the remotest parts of the country. This he knew would furnish an argument for going on. Having auffcred so much already, it would be said we ought CO be content to endure a little more to obtain the sre4 good desired. He should be content to do so, if he did not feel that it was not a little more that would do, and was convinced that it this measure passed, greater distress must be expected in the ensu ing Summer and Autumn - than had yet been expe rienced, Unless it were modified, he was certain that no landlord would be able to• get his rent, and the greatest calamities would fall on the country. He noticed the arguments of other Honourable Mem bers, and contended many of them were fallacious in the extreme. The Bank of England, in the paper which had been laid before the [rouse, interfered with the Government in a way which he could not approve, but still he thought this measure would subject that , body to hardships to which they ought not to be ex posed, He, however, thought the plan of the Corn , soittee would give them a controuling power over the circulating medium which no private company • Aught tOPosrss. More time ought to be allowed ' the lank to prepare for paying in Bello than it was now proposed should be given, and he could only find one recommendation in the present plan that was much calculated upon. This was, that it gave the ptiblic additional security that Cash Payments should be resumed at the period now to be fixed upon. He was, however, of opinion , that without such secu d a they might be satisfied the Bank would comply with what they knew to be the will of Ministry . and .of-that House. They ought then to place that confi dence in them now which their ancestors had always -- ripoied in the Bank, and which the Bank had never forfeited. If it could be proved that they were un-, ~,fir by AIL such confidence, their charter ought to be, abrogaued, and a new liaak established, on which . they, could more securely depend—(Hear, hear.). • ireAllotight 'the public ought to be left to pay the ,turiprgit. o€ ,th e i r debt, which they were willing to meet under the present system. The Bank, he be lieved, would have resumed Cash-payments before, ~~ had they been paid what they had* advanced serviced*. the State. Now he was of opinion ten ought to fund a great part of the unfunded debt, establish a real sinking fund, and meet the difficulties of the country with vigour and decision. When he looked at the falling price of the funds, it appeared to him, that to call on the Bank to pay their notes in gold, at the moment a large loan was about to be negociated, was in fact to throw the money of the public away. He knew not what that House could say to the terms of a loan negociated under such circumstances. Anxiously did he hope that the evils which he anticipated might not occur—but he did confidently expect that they would be severely felt. He therefore called on Ministers to remember the sacrifices which the people had made, and save them from the impending calamity. if those who would stiffer from the measure now in contemplation had over-traded, to use the fashionable phrase, they still deserved the pity and protection of the House, and ought to have time allowed them to recover them selves, by introducing the contemplated change more gradually than was at present proposed. Sir H. PARNELL thought many of the inconve niences which the last speaker expected would arise from the adoption of the plan now under considera tion, could only be felt if the Bank were compelled immediately to resume Cash-payments. The course recommended in the Report was that which appeared best calculated to effect the object in view—for if the House were merely to declare that Cash-pay. ments should be resumed at a distant day' he doubted not, the price of gold would be kept up as it had hi therto been, so that the Bank would have as good a case as ever, when that time should arrive, for cal ling en Parliament again to postpone the period for the resumption of payments in specie. He thought the present measure would only diminish that part of the currency which was founded on fictitious cre dit. For the practice of over-trading, if it should be checked, he thought every friend to the prosperity of the country would have reason to rejoice. Ile did not see, any strong reasons to induce him to think that the plan recommended in the Report of the Committee would compel the Bank materially to 'diminish the amount of their paper at present in cir culation; He felt that the currency of the country was at length likely to he restored to a sound and healthy state, and for one he felt grateful to those who had contributed to effect so desirable an object. Mr. GURNEY (of Norwich) said that in 1797 the amount of the public debt was £400,000,000, and it was the inability of paying the interest ofthis debt in specie that rendered the Bank Restriction necessary. It was indeed said that a public alarm was the im mediate cause of the Restriction. Let this be granted. What was the cause of this alarm but the conviction that we had gone so far,in debt that it Would be im possible to continue paying the interest of it unless some measure was adopted? Accordingly the Bank Restriction Act was passed ; our guineas were all gone and we could not get them back. The feeling was now, that the plan for removing the Restric tion would Occasion such a reduction of prices that it would be impossible to continue paying the interest of the debt ; and, in consequence, the national cre ditor was alarmed. It now appeared; that of the £25,000,000 issued by the Bank, a 0,000,000 repre • witted the debt of the Government, and this sum, so long as it circulated in paper, was received by the Government . But now the Government were for taking these notes to the Bank, and insisting on having bullion. On this the Bank very naturally said to the Government—" you owe us twenty mil lion pounds, pay us that sum in gold, and we will then agree to circulate that gold, instead of our pa per—(hear.) ' Lord FOLKSTONE said, it appeared to him that the Right Hon. Gentleman who brought forward the Resolutions before the House had not stated the case of ,the Bank quite fairly. It was not exactly true, that all the merit of returning to the standard of currency was due to Qaeen Elizabeth ; because, in fact, she had done no more than what was deter mined on by Edward the Sixth. As to what had been done in the reign of William the Third, it was a return to the ancient standard, but merely fix ing it.' His objection to the pin df the Chairman of the Secret Committee was. not to its principles, but with the mode in which it was intended to put them into operation. The scheme of his ll6nourable Friend seemed to him better. There could be nb doubt that returning to the ancient standard would be attended with many inconveniences ; but the mea sure now proposed, and the quarter whence it pro ceeded, sheaved, most strongly that truth was sure ultimately .t.c, prevail. Yet although there seemed to be considerable unanimity cm the general principle, there was much difference as to the particular mode of returning to a metallic currency. However much he was rejoiced at the change of opinion in the Right Honourable Gentleman and the others who had for merly opposed the Bullion Report, it was impossible not to feel that the Right Honourable Gentleman might have used some expressions of regret that the House had not sooner proceeded to an inquiry, and checked the obstinacy of the Ministry. But the most strange thing was, that the Right Honourable Chan cellor of the Exchequer, while he agreed to the pre .sent plan, protested that all his opinions remained unchanged. How this could 'be, considering . that the principles of the plan were diametrically oppo site to those opinions, he could not understand: whe ther the Noble Lord opposite (Lord Castlereagh) would say that he had given up his old opinions against the Bullion Report, he did not know; but he trusted, if that Noble Lord favoured the House with a statement of his opinions this night, he would enter into the subject somewhat more fully than the Chan cellor of the Exchequer. Part of the proposed plan was to repay £10,000,000 of the debt due by the Government to the Bank, and this sum was to be provided by a loan. It was to be considered, that the interest of this loan, and the various expenses at tending it, would amount to the annual sum of nearly two millions and a half.'He could not see atif way of providing for this new charge, but by an increase of taxes; and he would put it to the House whether the country was in such a state as to bear any new taxes? It was a Very hard thing to cdutpel thepeopletopay the national deciliter in specie the itnqiint of interest due on a debt which bad been contracted nix ie tie, but in paper. But hard as this was, it was ex actly what would'happen in consequeficeiof the Re-' sumption of Cash Payments. If we returned to the old standard by such inconveniencies, any distress prove . ULITAVOUTADW, IC/reign UrCIVCCIIIIMII.4 M., U. a 1... ditor was . , tie&vting loans, and the exchanges unfavourable to alarmed. It no L 2.5,000,000 issued by the this try, he was of opinion such a measure would seance! the debt of the Go% produce calamity exceeding all that had hitherto so long as it circulated in been known. Those only would profit by it who had 1 the Government. But no% . , fixed incomes, and these would profit in the increased for taking these notes to tin ' value of those incomes at the expense of the produc- f : having bullion. On this 1 • tive lab‘ourer. He proceeded at great length to spew 'I , said to the Government—" the evils which would result from the proposed ;. ' I i change. He contended the situation of the country lion pounds, pay us that i 1 11 ! now was very different from what it had been at those then agree to circulate ti F' 11 r ft periods referred to by the Right Henourable Gentle- paper—(hear.) man, for then we bad not a debt of A:846,000,000, ' Lord FOLKSTONE saic the Right Hon. Gentleman • nor a revenue of £ 54,000,000. This enormous sum be did not think it would be possible to raise if the Resolutions before the Hou Alt. plan in contemplation were carried into effect, which of ,the Bank quite fairly. he was confident would have the effect of throwing that all the merit of retui l' 't the poor out,of employment and of increasing the currency was due to Qa . , Poor s Rates. Much mischief had already been. done in fact, she had done no m by the agitation of this question. He called upon mined on by Edward the ! the House to look at the countrycrow, been done in the reign of V • i • , situation of the and compare it with that in which it was found at .not a return to the ancient the, commencement of the present Session. Then ing it. His objection to t I , public credit was high, and commerce flourished ; of the Secret Committee % / but with the mode in whir . but from the moment the Secret Committee was ap- them into operation. The a I• pointed, nothing bad been known but stagnation and Friend seemed to him be • A distress. This too, he would observe, was not con- 1 , doubt that returning to th fined to the City of London. The evil extended to e i . Is ' .. . the remotest parts of the country. This he knew be attended with man y inc, would furnish an argument for going on. Having sure now proposed, and tli euffcred so much already, it would be said we ought seeded, sheaved. most me . ; s'. t, to be content to endure a little more to obtain the ultimately .tc, prevail. Yet t . gre4 good desired. He illiquid be content to do so, be considerable unanimity , if he did not feel that it was not a little more that there was much difference would do, and was convinced that it this measure of returning to a metallic c passed, greater distrqs must be expected in the ensu- he was rejoiced at the char .., % a, i - lag Summer and Autumn - than had yet been expe- Honourable Gentleman an rimed, Unless it were modified, he was certain nierly opposed the Bullion that no landlord would be able to• get his rent, and not to feel that the Righ the greatest calamities would fall on the country. He might have used some exp I noticed the arguments of other Honourable Mem- House had not sooner pros bens, and contended many of them were fallacious in checked the obstinacy of tl e, , 1 the extreme. The Bank of England, i in the paper which had been laid before the I- ouse, inter( with the Government in a way which he could not approve, strange thing was, that the cellor of the Exchequer, v. .sent plan, protested that but still he thought this measure would subject that, unchanged. How this cc t - 1 , body to hardships to which they ought not to be e l . the principles of the plan rod, He, however, thought the plan of the COM- site to those opinions, he cc , seduce would give them a controuling power over 0 ther the Noble Lord opi the sit medium which no private company r would say that he had 1 i I Ought to' possess. More time ought to be against the Bullion Report posrallowed . ! ' the Bank to prepare for paying in Bullion than it trusted, if that Noble Lord was now proposed should be . given, and he could I • % a statement of his opinions only find one recommendation in the present plan that into the subject somewhat °' il I was much calculated upon. This was, that it gave the public additional security that Cash Payments cellqr of the Exchequer. was to repay £ 10,000,00( 0 should be resumed at the period now to be fixed upon. Government to the Bank, r .'i He was, however, of opinion, that without such secu- provided by a loan. It w 5 I T d iathey might be satisfied the Bank would comply the int erest of this loan, ar qii ' with what they knew to be the will of Ministry an d tending it, would amount I i ,of•that House. They ought then to place that confi_ two millions and a half.'H 1 ' dente in them now which their ancestors had always p rovidin g for this new cha - -- repoied in the Bank, and which the Bank had never taxes; and he would put it ' forfeited. If it could be proved that they were un- country was in such a stet 1 '. .4.0.4, oL such confidence, their charter ought to be It WAS a v er y hard chitt y ' . arrogated , and a new 11:ank established, on which the natiOnal ciedltror in spo , . they could more securely depend—(Hear, hear.) due on a debt which had i • • irefficeight 'the public ought to be left to pat the cie, but in paper. Bet lo . 4 utpr o t. of . theiT debt, which they were willing to achy what would'happen meet under the present system. The Bank, he be- sumption of Cash Paymer keyed, would have resumed Cash-payments before, old standard by such in( .. _ the scheme itself. The plan would not considered that for four years, and it was to vrli be " grow to such ich: would 'be occasioned would. within that time th e complaints might be a b tui e perfected for had depreca of confidence. Those Gentlemen., w ho to T 1, , compel Directors the sa nowba nd o compn m the w pl a a at nl, Government , a al b to e g ig e b th t er as . calamities would be with drew its confidence the greatest doubts whether they the consequence. He had Brest ted any alarm, now said, that if en la t b of deserved confidence, and he d oubted the rnoretheir own interest, if he was not wron g prompted to a conduct co ntrar y to • as in his view, interests the of own affairs. In no settled plan of managing their olkstone), that 1816, it had occurred to him (Lord F . the country —(Hear,liear.) Besides, they had shewn it would be desirable to put it to their option t o E pay without giving public notice—(Hear, hear.) very clause to that effect ing public notice. He sheaved a _ to the Chancellor of the Exchequer, who referred Restriction Bill had authorized them to pay on giv- He asked them They ob jected. m this dis cretion? to Mr. Harman, Governor, and Mr. Owen, De puty-Governor.what harm there could be in giving the Mr. Harman said—" It is impossiblet--we are in the hands of the House—if this clause pass we must pay without delay." Now they called for discretion—(Cheers.) They now asked confidence in their discretion—" Let us exercise our discretion— let us do as we like—do not let us be forced to in jurein consequence of Lord King having called up on his the country I"—(Much cheering.) Parliament had, tenants to pay in gold, passed a Bill making Bank notes a legal tender. One of the principal argu ments urged in favour of this Bill was that it would keep the gold in the country, and facilitate the Re sumption of Cash Payments ; yet all the Bank Di rectors, tooth and nail, opposed this Bill — (Hear.) — He therefore distrusted the Bank Directors atltote ther. The Bank Directors, he thought, on these grounds would endeavour to defeat any project for the Resumption of Cash Payments. His objection to this plan was, that by extending the time for the Resumption, and increasing the intricacy of the means by which it was to be etlected, they were the better enabled-to defeat it. When he opposed the Resolu tions, he begged leave to say, that he entirely con curred in the principles of circulation on which they were founded. He had adopted these principles in his youth, and had maintained them ever since he read the Work of Dr. Adam Smith. The presont plan lengthened the term of returning to Bullion Payments. He said, Bullion Payments, because he thought that if Bullion became the standard, instead of Cash, it weuld.he a more economical, and at the same time an equally convenient mode of supporting the value of our currency. To make- Bullion serve this purpose, it might be divided info smaller por -1 tions than the present plan proposed, say a few ounces properly assayed and stamped. He wished he had been able to make himself understood. If he had, he was sure the reasonableness of the project he had mentioned would be acknowledged (Hear.) Mr. CRIPPS said, that it seemed to be agreed on allhands that the resumption of cash payments would be attended with a very considerable shock, and that means should be adopted to make this shock as light as possible. He thought it was not fair to ac-, cuse the Bank of insincerity, merely because the last experiment of gradually returning to cash payments had failed. In his opinion nothing had been shewn to justify the House in withdrawing its confidence from the Bank. The idea of forced issues was car ried to a much greater extent than it ought. A re stricted issue could be nothing else than an absolute refusal to discount certain bills at certain dates. In all agricultural districts it was well known that the amount of discounts varied in exact proportion to the' price of agricultural prodirce. It was a very general opinion that a return to metallic currency would be very desirable if it could be accomplished without distressing the commercial interests. At the same time he did not think that the distress which now pre vailed was attributable to the institution of the in quiries by Parliament. On the contrary, he was in clined to think that the distress was occasioned by the expected depression in the price of corn. As to the Resolutions before the House, he was rather inclined to support the Resolution of the Honourable Member for Coventry (Mr. Ellice) ; but if he were in order, he would propose as an amendment, to erase the 4th and sth of the Resolutions which that Honourable Member had moved. The reason why he would erase them was, that he thought the House ought not to dictate to the Chancellor of the Exchequer as to what proportions and in what modes he should repay the debt due to the Bank. He was inclined to use every possible means to allay the present ferment. Air. BROGDEN (the Chairman) said that the best course for the Honourable Gentleman (Mr. Cripps) to pursue, with respect to his amendment, as there was already an amendment before the Committee, would be to vote against the 4th and Sth Resolutions of the amendment, when the question was put. Mr. J. SMITE! said, he never contemplated any question with half the anxiety with which he ap proached the present. Though he approved of the Resolutions, the course which he should have recom mended would have been that of continued .confil deuce in the Directors of the Bank. He did not deny that they might have committed errors ; but when he looked back on their past conduct, he saw much to approve, and little to censure—much to reeky gratitude, and nothing to destroy confidence. - He would not say that they had saved the country during the war ; but he would say, that, by the assistance and c se oz a d ti h o e n ar n od g i l i nogry— aga inst ( Heart,hehmearw).ithoHuet,intliteiposerefoireng, they lent, they had po w e r f u lly contr ib ute d to i ts pre - , h la i t s io fe n eb aga le t i ri as b t ur n f i awpperle as falseause.The as re thy po e its w i e i r i e c . i i r n c i ti u - . rious. In their mode of conducting the business of the establishment they slimed no personal selfishness. He, might mention, what he believed the country did not know, that there was not one of the Bank Direc tors who held more Bank StOck than barely entitled -him to be elected to the office in which he was placed. toh mto be ea a ki Bng-o on thisitor subject 2 s v o They marraged, th ere f ore , t h e a ff a i rs o f ot h ers with him Speakingwith a - :onlfa miall stake themielves in th e i n t erests w hi c h they superintende d. friend in the Direction, that friend said th a t it was a misfortune wise lie tnight have beeorrierieh hyleieg's P ro rie 'tcir of Stock. This tribin e was Clue to a body. of P men whose characters 'had been misrepee s e n eed. With respect to the subject before the House, lie thought the best plan weld have been to have fixed a pe e( for the resumption of cash payments, and • the Bank to have made the preparations w discretion would point out. But the Corm (decided otherwise, and had proposed api certain return, to which he could not see tl objection. There had been an alarm (teal was without the least foundation. He was nothing could be more favourable to the BA' graduated scale proposed for intermediate Mr. PEA RSE (a Bank Director) regrets heard from an Honourable Member (Ms tlratehe Bank were ineapeble of conchic own affairs ; and that they required to be to do. He maintained, on the contrary, were perfect judges of what they ought needed not the advice of the Honourable an advice which the Public did not reou respect to Cash Payments, he could solem, that, from the commencement of the rei the prevent time, there was nothing which tors more earnestly desired than a iettn payments.. They had, three years ago, In rations for that purpose ; and if circums; which they had no controul had prevent( tentions having effect, the fault was not bleed to them. The time, he hoped, w arrive when the e,changes would :urn in and when gold would be plenty vi ithbui city of limiting the Bank issues—(bear, Bank had been accused by some persons gone out of their province, and become The Bank birectors never assumed such and therefore the censure was inapplical some Gentlemen endeavour to bring the blishment into disrepute, most parts of 'continue to look upon it with respect and Those who pretend to know the Bank con, than the Directors themselves, ought to hi, that there were other occurrences whicl assigned for the embarrassments now thi regret thin those noticed. The dilemma engaged the attention cf ParlitAneat an, try had arisen from the situation in whi( was placed by the Repotts 'if the two Co In defiance of facts, some Itentleu eit on side ventured to wander into the wide fiel ranted theories. Look at the price of bu rious occasions, when compared to the pi of Bank-notes. Their arguments were i on any solid basis. They supported their by bald assertions. With respect to th commended for the resumption of cash je did object to the gradations or scales props plan left them to dea rapacity of specula venturers of all descriptions.. It was quit that certain persons, who were known on jobbers, would avail themselves of the and be apt to produce some confusioa. 1 good old times, merchants were the im: exporters of gold *bullion : but now, ft set of men who might be termed gamblers, in the fair mercantile world, invested thee the office of agents, and supplied the m, Honourable Member, on this account, obj 'graduate scale of resuming cash paymei 'such adventurers might aggravate the meat. In addition to the dignified charact men and politicians, the Bank Directors 'charged with becoming philosophers and If any 'of these characters appeared to be them, which he denied, he had to lament. were forced into such company. Gentlemen to recollect that the gold which had gone - country, in consequence of the last long . cedented war, had not yet returned. The rapidly approaching when it wonld agai appearance—(Hear, hear.) Whenever got the market price, it was a proof that it be made available as a metallic currency, trials and difficulties which the Bank De to encounter, they had uniformly condo , selves with prudence and circumspection they to-morrow to set their stupid heads some Gentlemen delighted in representin issue an undue proportion of paper, be able to keep such an influx afloat (Hear, hear.) A diminution of our paper would give the monied market in some advantages in respect to the precious after the effect of artifical causes, the na would soon correct the' excess. (The Member offered his'apology for engrossil of tie time of the House, and sit down cheerinn.) Mr. RICARDO, in explanation, denied said that the &ink were insincere in their He meant no personal hostility to them duals, or as a public body ; but he was I that hey had taken wrong steps, and the not understand the subject of the currene• Mr. WILMOT agreed with the last Member, that the Bank Directors were their declarations for the resumption of meets. If any doubt arose on this head, need only refer to the period when the Ban some millions of sovereigns in addition culating medium of t he country. If, h, Directors had evince d the regard and an: public which they now professed, all those would not have so suddenly disappear public embarrassments would have been The Honourable Member, speaking, no sentiments of his brother Directors, had r a set'of men by terming them jobbers an , They could not prevent jobbers and gam! persons so denominated were imitating their superiors. He confessed his astonishment at the objections of the Bank Directors to the graduated scale recommended by the Committee, because be (Mr. Wilmot) believed, that had the Directors been left to themselves, the plan now under consideration would have been' that which they would have adopted. In the discharge of every moral obligation commercially, this country has always stood higher than any other country is the world. Parliament was now acting with its usual wisdom in recommending the adoption of the present measure to the Bank. It would revive pub lic - credit, and produce that confidence in the Bani, which they had never before experienced. The opi nions within these walls were highly favourable to th. Bank of England ; birt the -opinions without door , fostered by the clamours which had been noticed were'dengerous to public credit. The Honourable fieittlemait'saide that-. the difference of exchange' arose from an excess of Wilk:note% It was faeces ed a pezit.l to pe..-rn' l tef slich 6 0 tel ited, s; de 5 Ctttlf!Ocei aiS sa :ted to have . Ir.- Ricardo) th rcting 'heir F r told what WI th:tt they co to do, and Fa 3lember— kure. NV6 t1:1 inly declar e J ig . . estrctiQn to tU h the Thee. am to c a b J~ made p:L- 4 . be stances ~ ve. ted their. aii t to be at m would co e2 our favour, lr it any neces. P' hear,. The iLL is of having (.' e politicians. in h character, tble. W h il e t Bank Esta- )f the world ei I admiration. ncerns better be informed, :It might be ti to subject C it a which nor id the Con;. ich the Bark ei )rnmittees.— die opposite 7 eld of unwar. t' ullion on re lice or value not founded new theories t. the mode re- payments. he (Tessa. 'lle stnrs and ad- tl ite notorious, n e di fficuha, p, Formerly in nporters and frequently, a ers, unknown iirsel vet with a narket. The t I hjected to the eras, because e embarrass- ,cter of stamp ors had been td legislators e assumed by zit that they 1 lemen ought ne out of the f F and unpre. he time we fain make is Ad veal abr it could not r. In all the hrectors had ducted them- a ; and were s together, as ing them -to 7 would 114 for a week— per currency instances the metals—but Latural effects Honourable ing so much a amidst loud ed his having : declarations trn as iadin- s of opinion, that they did icy. t Honourable ere sincere in of Cash-gar d, Gentlemen ank advanced n to tae cir- however, the nziety for the ose sovereigns ared, and the en prevented. no doubt, the 1 stigmatized ad gambler , ablers, as the ieir superiors. ections of the ecommended not) believed, =selves, the live beers slim the discharge , this country er country it :ing with its option of the revive pub in the Bard , td. The (pi- ourable to chi ithout door been noticed a llonourAlt of exchange: r was Mel 1111