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

eln tc recur tt ]:torso )Ir. t Lis sty pre:go ; •ver ir.:o Col rants s neut. Tzign ! LTC? trench vorIcl? he t: roar • :'air: .o ; t::ova •ar ivii, a rtuch ;tea c tru po•t re rse:e c vary n; i.rodu‘ prat that c Paint or wei wt Awl been, He W 4 !nerd; that it Honoi found Stock , hid i their The 1 a ha , most man] plus f plus Pease he the COace tarn Wilk! noun hosti; zeut fuurt shoe] Bulli 182 C D then upot Mr. vAN Le, I wet tatic D re • Was • PP M • Whi4 Ptet rem / the tied dim ▪ Cro witl a ri 11 tint 10 • and tile St; bes • ?a , s art. r not ▪ by tn( , tn 4 • u 1 to co mpel the Bank by kft Act of Parliament to me c as h.payments at a given period. The pro '';stof the Directors by discounts and .the power of 60aernment secrities, were sufficient to answerever , y ~g iporary inconv u enience on the pa e rt of the Bank. A . oil er understanding of the question, and the speedy ~ i,c i s i on of the House,:would allay the fears and :I.3ri ns o f the country i and the people will rejoice r • rl ea they find that certain principles of security are, ..,:totioned by Parliament—(Hear, hear). Mr. MARRY AT said, that, much as he admired speech of the Right Hon. Gentleman who had c . opo ,ed the Resolutions, he had one objection to it he must be allowed to state to the House. He N ald not see any ad vanta g e in all owing the Bank to r ia their notes in bullion at a higher rate than when were first issued, because such a system enabled .... c m" to take advantage of the distress of their cre ,Aar& Besides, it was a, most extraordinary method r ecommend it, by saying that it was•totoall impe ,live. When men found the Funds lowetin k every 1 %, they naturally endeavoured to obtain ullion, ~ e it was always a standard of value. ' Now, wing had declared that the Bank could not to pay in specie, when the price of gold was than 1:3. 17s. 100. per ounce ; and he also Lined that the Bank ought not to pay at a much m taxi what was fixed by the Mint price of He (Mr. Marryat) contended that, besides. the exc., tinges, there were also other•eireu m stances elk!, the Bunk had no controul) to be taken insideration, before a resumption ulcash,isay. should be ordered by the Legislative Oovitop H e would ask, whether the importation of fo :oi a into this country hid been proilectiveof no ? .y, he w ould ask whether the effect of the late h loan had yet ceased to be fek in the commercial ? l'.,r his own part, he thought that it had not; totted that it would yet come down so far as t•..i•er British subjects to invest their capital in is therefore of opinion that a tmier such eir the payment in bullion on the Ist of Fr impose a task upon thej3ank which they ~alsi not be able to fulfil, or which, if they did - , attended with distress to the community.— ;,:nourable Gentleman then proceeded to state, ‘'.)en the Committee had been appointed, he o.nolaincLi that too many theorists had been se : to compose it. Mr. Burke had said, " nothing he conceived more hard than the heart of a ,113hboad metaphysician. He never sees any his projected good but by the road of some and considers man, in his experiments, just as as he would mice in an air-pump, or a ski d mephitic gas r He was fully convinced of uth of this observation before the Committee trade their Report ; if he had not been so, the ,ophic e.tse and calmness with which this Re- Tcommeasied the adoption of measures which ca:lailated to bring great distress, of a tempo upon the country, would have iced such a conviction. For himself, who was ictical man, and no philosopher, he had found our currency had depreciated 3 per cent. the in dispute, therefore, was not whether we were rere not to recover that depreciation, but whether ;ere to recover it three months sooner or later. itch had been said of the confidence which had and which ought to be, reposed in the Bank. rould not enlarge upon that subject, but would ly observe, that at present it appeared to him it was very harshly and unjustly treated. The iourable Member for Portarlington had even id fault with the Directors in his capacity as a k-Proprietor; he• had even stated, that they not taken sufficient care of the interests of • constituents—(Loaf cries of Order, order.) — last declaration of their funds appeared to him ive been such as ought to have satisfied even the rapacious appetite. The Honourable Gentle had expected that there would have been a sur of £10,000,000, but there had only been a sur .of £5,000,000. But the Bank Directors ap peared to have lost the confidence of Ministers also thought this particularly hard, and could scarcely -.eive how the Chancellor of the Exchequer could round upon, them, after the accommodations :h they had previously afforded him. The Ho irable Gentleman concluded by stating, that Igh he could not approve of the Amendment :h had been proposed, he was most decidedly :ile to the original Resolutions. If the Amend it was withdrawn, he should propose that the .rth and fifth Resolutions should be left out, and Told move that the time for the Bank's paying in Cron should be postponed from the Ist February, ;20, to the expiration of the next two years. During part of the Honourable Member's speech, :ere was considerable confusion, and immediately ln his sitting down, Sir JAMES MACKINTOSH and • FRANKLAND LEWIS rose to address the CHAIR ,N. The cries for the former were very great, but , however, gave way. Mr. FRANKLAND LEWIS wished the question ere put to rest, in order to allay the public fermen ion, which was somewhat alarming. If the Bank rectors acknowledged themselves in a dilemma, it • incumbent upon Parliament to relieve them. The esolutions' now proposed were the best remedy .ich could be applied. They ought to be inter;, Toed as the opinions of Parliament. He sincerely limed that the Bank Directors had misinterpreted e meaning of the Committees. Parliament has de al even to the Royal Prerogative the power or iminishing the value of the current Coin. If the rown do not feel degraded by this exclusion, then y should the Bank Directors? If Parliament thheld that power from the Crown, it had certainly right to withhold it from the Bauk. The Resolup nu would reduce the Bank Directors—and he spoke with all due deference—to keep better company, led assume good habits—to attend to their-mercan ile affairs, without believing themselves profound Statesmen or acute Politicians-o.and to use their test endeavours for the speedy resumption of Cash payments—Loud cries of . Queitio*, adestion, nomadedthroughout the Howse. Ix the midst If the Interrupti o ,, Mr.P. MOORE rose, and remarked, that it could not with justice be said that the present plan came ay surprise on t h e Bank, because, from the se-nt.i. meats uniformly expressed on this subject by Parliaa meat, as well as from thegeneral principles of justic e, the Bank must have known that they ‘lbuld be rat oared at some time or other, to pay thaii debts 1.. E lea thear.)—The bnly question fly before do Howe wu, whether the 'present plea was the bast calculated to obtain that object, and whether the time proposed was the most proper ? He trusted that no Member of that House would countenance a suppo sition that the Bank Directors alone were competent to - determine the period fit for discharging their en gagements to the Public. Mr. ABERCROMBIE looked upon the present measure as one of vital importance, and one which would set at rest for ever all those delusions under which the country had so long laboured. It was of the greatest moment that it should go to the Public with every mark of unanimity. He therefore strongly advised hi s Ho n o ura bl e F r i en d, th e M em b er f or Co ventry (Mr. Ellice) to withdraw his amendment. Lord CASTLEREAGH admitted the importance of the present measure. As to the alarm which had arisen among the public, he did not see any thing to justify it, Anxiety might be natural till the question was fully understood ; but he trusted that only a very little time would be necessary to give the public mind a clear view of all its bearings. It was not ex traordinary that individuals should wish to make a provision for any contingencies which they . might think were approaching ; but as they had no fair means of judging correctly of those contingencies, their apprehensions had no foundation whatever.— It was proper, however, to put an end to that anxiety, and it was the duty of Government, with as little delay as possible, to lay before the people the real state, not only of this question, but of the finances cif the country. Let it not be supposed that any chenL had , been given to the prosperity of the'country.—. Ail the means o( prosperity continued to exist, but they were suspended in their operation till the people became acquainted with their teal situation. It ?was therefore the duty Of the House to take a manly,iiew Of the present difficulties, and by the energy of its measures to prove that our resources had preserved all their spring, and could easily regain all their activity. He then repelled the charge of inconsistency attempt ed to be cast on his Majesty's Ministers for bringing forward the present measure after having so long continued the Restrictions. He'had never argued in, their favour but on the ground of strong necessity at the time, and on the principle of self-defence. The difference on that question had been exaggerated in the heat of debate, and, when coolly investigated, would be found to consist more in terms than realities. But whilst he felt it necessary to re-establish what he would call the legitimate currency of the country, he could not join with those who described the system of Restrictions as iniquitous. He was convinced that they had saved the nation. But their necessity was passed, and they must cease. He then read several passages of the evidence given before the Committee to prove that Bank .Notes were only depreciated in comparison with the bullion standard of value, bur in no other sense. It was therefore wrong to say that we had a depreciated currency. Could any one believe that we should have been able to make the exertions we have made, and to contend with the enemy as we had done, if the Bank had been-obliged to controul its issues, as it had a right to do so if it pleased ? The Bank had been charged with higher defies, when it undertook the management of the public circulation, than the mere carrying on of its commercial concerns. It was impossible to consider that Body, while en trusted with such measures, as acting nudely in the capacity of Bankers. It was also. much to-the ho nour of the Bank Directors, that whenever the coun try was in distress, they did not suffer any considera tions of expense to deter them from extending all the relief in their power by enlarging their issues. He therefore trusted, that whilst the country rev turned to the legitimate system, which would render such exertions on the part of the Bank useless in fu r ture, what she had done would not be forgotten. With respect to the Resumption of Cash Payments, there appeared but one opinion here: the only diffe rence regarded the means to be employed, and Of these it seemed that the Bank had taken a wrong view. He really thought that nothing ought to giv more satisfaction to that Establishment than to fin that some plan bad been adopted that would Tetley them from any responsibility in the public opinion for whatever duty they might have to perform That they should be required to restore the metallic currency of the land, was no proof of want of` con fidence on the part of the British Parliament.— It was only saying that the time was come when the Restrictions must cease, and they must return to th 4 exercise of those Banking functions to which they had heretofore confined themselves. The plan pro posed gave them no cause to contract their issues. They were not called at once to pay in gold at thd current price. They would, on the contrary, remaid for twenty months under the protecting price of eighty-one shillings, and as the market price now stood, there was no likelihood of a sun on them. On what principle, therefore, could it be feared that thet should contract their issues? The alarm excited on that subject was completely unfounded. It was als# wrong to think that the ten millions to be repaid the Bank would be taken out of the circulation of t country. Nothing so wild could ever be credited. would only be the delusion of one day. No idea the sudden repayment of those advances had ev entered the view of the Committee, or of Parlia ment. They would occupy the course of the next two years, which might be considered .as the time fixed for their liquidatton. But that it should be in tended, instanter, to withdraw so large a sum from the public circulation, must appear to the whole countrkl too wild a plan to have ever entered the mind of mad. But even if it were intended, the Bank, either by the purchase of gold, or the exchange of bills, might throw out to the same amount the very day atter having received it. The nt measure was to iri nigorate the • exertions o L f Pre Bank, not to cripple them. An d what cause could there possihly hop suppose the Bank crippled by u measure which left her, until October, 18d%, cony • of tacting price of eighty-one ,gong reasons to believe that improve and arrive et pas in ire ; and the Bank, it was well _ in this country regulate the rice argument of the state of tbe xchange against the measure,. what a aonshar dons of a similar name might against iti--(ifieer. hoor).—Zhae apprehend that danger could was COL open to meet that dank the Committal did not recommend the measure to commence before t !UP. et which tie* the Parliament would be sitting. Had a later period been proposed, the public would have imagined that the determination of the Com mittee was not final, and that the Restriction might once more be renewed. By fixing the lsh of Fe bruary next, it was at once proclaimed to the whole, country that the intention was real and irrevocable.- 4 -1 Should any unforeseen calamity occur, it would be, preferable for Parliament to act upon it *hen it rose, than to do it now by speculative views. Parliament would be assembled when the measure would come into operation, but he could hardly figure to himself a state of things which could induce the Legislature again to throw loose this question-(Hear, hear.)- On these grounds it was evident that no ratienal danger could be apprehended from the measure. None could be more mild in its operation. With the exception of two Honourable Members of this House, and a Noble Lord belonging to. another place, in all three individuals, the measure had nia with the united approbation of the Committees of both Houses, so divided on other subjects. Even on the part of the Bank Directors, this measure came as much recom mended, as any that had ever come before Parliament. Three out of four Bank Directors had given their de cided opinion in favour of its principle. Two others had afterwards supported it, without counting the great name of Mr. Baring. It was clear, therefore, that no measure had ever come before Pa 'liament with greater authority than the present. Re could not understand the reason of the alarm excited. It must proceed from a want of information which pre vented the plan from being understood. But he was satisfied that when the measure and the financial ar-' rangements' of the year should be clearly explained,' the whole of the alarm would be removed. On those' wounds he gave his cordial support to the Resolu tions, in perfect confidence (even greater than he had ever felt before) that it was taking the wisest course -(Hear, hear, hear). Mr. ELLICE rose to reply to the remarks which had been made on his conduct personally, as also on the Amendments he had proposed. It was said that he had been one of those who had waited upon the Chancellor of the Exchequer 'and Lord Liverpool, to deprecate the toe speedy re-payment of the advances of the Bank. It should be recollected that he was one of four, differing from the other three in prin ciples. He had declared at that time, that it was a bad way to cover one extreme by running into ano ther. He had deprecated the* sudden re-payment of the advances at a critical moment, though he wishes those advances had not been made. His Amendment was consistent with this view of the subject. In his Amendment, he hid not contradicted any of the principles of the original Resolution. His object was to guard, in the first place, against that mischief, the sudden reduction of the currency by means of the re payments of the Bank advances, which he had feared last year ; and in the next place, to make the Bank and the Government independent of each Other, that they might not hereafter, as they had' done hereto fore, shift from one to the other the responsibility of the failure of those measures which Parliament had entrusted to them for the restoration of a sound cur.. rency-( Hear, hear).-He wished also to avoid 1114 necessity of adinitting, by a legislative measure, the ,depreciation of the currency. As to his ResoAtieti forbidding the Bank to make advances to the Go his Hopourable Friend (Mr. Ricardo) had, raid, that the Bank should riot be restrained from the I 'Diplomatic of their capital as they pleased. In this M(Mt, Ellice) perfectly agreed ; but he would say, them first satisfy their debts. Let them pay their *ate: •in cash on demand-( Hear, hear). -As the 'Committee, however, seemed so nearly agreed in opi i(ion, kb was unwilling to distort') their unanimity by pressing his Amendment -( Near, hear).-It was of latch importance that the principles should be agreed, LONPON MAlitlpTB, MAT es. that he would waive his objectionsin detail. lie was PRICK of Ruu.tos.-Portegal gOid,' in coin, was T sorry cliat . the Noble Lord (Lord Castlereagh) at £4. 0•04. Sayer , ~i n bars, standard,' gili4d. bad held out the possibility that the question might Corro7.-TheY.e India Company have &tiered lie . again brought into discussion next Session- 292 balei Sni-it Cotton for site IFtli 'Neve '; it"is (dear, hear).-He hoped when once settled it would -however, believed, that the private traders will not never be reconsidered-(Hear, hear). bring forward any Cotton at so early a day ; para. 'Lord MILTON attempted to address the House, cularly in the present depressed gate of the market. but the.confapien was so great, and the calls of Ques- The demand *for Cotton suitable for exportation con lion so unt4.4A4 reiterated, that in a few moments siderably subsided list week ; the Bengals were - in he sat down:. , consequenee offered on lower terms, 400 balts*ere `Mr. WIARRYAT, and several other Members, of- taken at 6d. ici l eid. for good fair quality, and 6trd. fered themielves to the Coinniitteet but the clamour for good, the prices may be stated at the rednctioei of ,was so great that it wet impossible to hear what was Id. per pound ; the Bengals offering are end fin ~pod. In the midst of this confusion, small parcels , which a moderat e d e m a nd would wen Mr. WILLIAM SMITH moved the adjpurnment take off the market ; the other purchases coesist of of the House. a fewMaranhamsl7d . Demeraras 18d. and Suriname Mr. CANNING then presented himself. 'lie did at ISd. per pound. I not rise to obtrude on the Committee his sentiments on Socian.-=There was little business done in Masco this subject, as_ they were already 'known-she was vales last week by private contract ; the new Sugars I not anxious to state the reasons which induced him were offered freely, bat, from the dull state of trade, to vote for this measure, or to scrutinize the reasons very few sales were effected : fine white realised 87s, which actuated others-but he rose AO tenjere the to 90s. 6d. good 844. to 355. the other. descriptions, ComMittee, if they valued the effect which their de- brown and yellow, sold 765. to 335. cision on this subject would have on the country, to' COFFEE.-Wednesday a public sale was brought give a patient hearing to every Gentleman who wished' forward, Consisting OEIO3 casks and 159 hags Co&e, to state his opinions on the plan proposed, more es- the whole sold heavily, at a reduction of 10s. pet cwt. penally to those who dissented from the Resolutions.. Que.-There is little variation in Oil'; generally, One effect of their unanimity this night would be lost, the market is heavy t Sperm maintains the late . prices, 'if any grounds were given for supposing that it had on account of the scarcity ; there is an arrival of been obtained either by Members suppressing their Cape Oil, but no price's are yet Cled. own opinions, or, what was worse, by clamouring I..TVERPWL, MA* if.. down the opinions of others-(Loud cheers.) . , The arrivals efecitoti'have continued to be heavy, Mr. IRVING expressed his opposition to the fourti and many of the importers beidg disposed to sell, and fifth Resolutions. , Poweds and Orleans have given way nearly Id. per Mr. T. WILSON expressed an opinion different'potind ; there has, however, been a fair demand, from that of the Report of tha,Committee, with re- principally for home use, but partly foe exportation Bard to the degree of confidence which ought to be also, and the sales amount to about 11,M0 bags, reposed in the Bank; for it ought, in his judgment, , consisting . of 3800 Roweds 11 id. to 12d. for etdi. to he left to the discretion of the Bank to decide at nary to fair, 12id. to 13d. good fair to good, duty what period - the Resumption of Cash Payments 4)0, and 110 to 122 ti. for good fair to very pH, should commence, and thus a su ffi cient opportunity in bond ; 1360 Orleans , Ild. t o 12 d . f o r inferior to would he afforded to the Directors of that Corpora- fair-and 10 bales prime 16.ad."166 Sea islands Lion to prepare for such Resumption. This course 2s. Old. to 3s. for middling to very fine,. including of proceeding , in his view, the more expedient, some stained 16d. to 16id.120 Peinams 17d. to 18d. . _ the. --flees in which the Bank was i duty paid, and 17d. to 1711 inhond • 2050 Marin being materially dide-hams 16d. andat few 16id. 430 Bahi an I.sid. to 17d. heretofore, when this question 30 Minaa 154.60 rams Idd. 120 Demeraras laid. ' consideration, of Parliament. to 183,4. for goba fair to very fine, and 110 sdtd Yes for the Resumption of terday by auction 14i to 1514. for middfing to good decidedly of opinion , that, ', fair t 10 West India 14d. the provision of that.' _: •' • ' • 01..ASO0Vir, NAY M. the natural ?perations ! - Catrox.The salts' of the week amount to 1451 his parr ; he had no h e. Sea Island Omits 96, at e s. 2d. to 2s. 6d.-111421nrd itt r: Bank was as fully corn- p 19d * - buca 70, 4 a 6 t l4 4 ai i to t4 l l. t°13141.--"Utie r i tl l :4 s4: resume Cash Payment s . ll7o.--nshis 10, at 17t1.-r•Daneraa $4 , at 1114..- 4 baluadas I: knelt discretion, as the at tod.-Carriacou to, at ran.- - T iessee its, at 5940-Sant iv all i ts diffi cu lties ? W i ts I at toad.-Benpla 155, at W. t0.e14. 1 - intrinsic energies wow. 114-4miliaasi oosly . directed. . . Mr. PEEL rose to reply. Ite was not desirous to trouble the Howe with any unnecessary speeches, and he was too anxious to carry the Resolutions, to trespass upon the indulgence of the House usually granted to persons in Ins situation. 9u. 6ne or two points he had been misunderstood; but he did not think the misconception of sufficient importance to waste time in explanation. He congratulated the Czimmittee that they were no* abont to attain the objett which they had in contemplation, and that they were now in sight of the' goalifnain wlielithey had started 22 years ago. Ile sincerely &Ted that the difficulties which some had anticipated would not prove so great as their apprehensions had repre sented them, and he hoped that Parliament would derive from their recent experience this salutary lesson—not to resort again to any variable substi ' tate for the ancient standard of the country. (Hear.) He had to propose a verbal alteration in one of the Resolutions : it was this—that is, whereas the 7th Resolution states, that " the Bank may, at any pe riod between the Ist February, 1820, and the Ist May, 1321, undertake to deliver gold of standard fineness, assayed and stamped as before-mentioned, at any rate between the sums of 124. Is. per ounce, and £3. 17s. lov. per ounce ; but that such intermediate rate having been once fixed by the Bank, that rate shall not be subsequently increased ;' the maximum rate here stated should be Es. 19s. 6d. which mould make it consistent with the fourth Resolution, which fixes the periactfor paying at £4.ls. not to extend beyond October, 1820. When Mr. Pm snt down, and the CUATIIMAN rose to put the question, there was a loud cry-of " withdraw," accompanied with some exelainations of " No, no," which continued for a minute or two in the mid:,[ of the confusion Mr. CANNING rose and said, the Committee would remember that h_e had no disposition to trespass on their time ; but he had then hoped that the decision would be unanimous, as had been the case in the other House. But, as he now found that these Resolutions were to be opposed —as he found that the sense of the House was to be taken—as he found that the decision of the House was to go forth as a divided, and not as an unanimous di= cicinn—he hoped that the part which he had taken ill a Member of the Committee would justify him in s tating - h i s rea sons for recom men d ing th ese Resolutions. [The Eight Hon. Gentleman was proceedinr, when several Menders called out " Agreed, agreed r and a Member intimated to him that Mr. Crinps with dres4bis Amendment.l-11, resumed the Right Hon. Gentleman, he was to understand that th_ rionour ' able Member withdrew his opposition, he (Mr. Can ', fling) arctuld give the hest pledge of the sincerity of his iatenfi not to consume the time of the House, bYi siitnido on, wn Inniediately. The Riglit `lion: Gentleman then sat down ; and ' Mr. Caffilvii withdrew his Amendment. _ Ia answer to an observation by Mr. hlAxstise, Mr. CAnnzto said, that undoubtedly the 'ace l oa r Ristit 7 ancen-ahle Genttertian on this occasion d not preclude himAcen - the right ordisctissing the' • tails of 'the • theas4re when the Bill came before the House # bbt hoilonld not take the conCiartence of any' Gentleman this night for lees than an acknowledg ment of the propriety of returning to Cash taimentA, and ar re*ertipkto the ancient princiisle or IS7eial lie CtirrencY..-The Beighitions were theOgcreed to. dThe House resigned, and the Report *nu ordered to be resumetrthii day. . The other Orders of. the Day Were then'disposed of, and the lloi4e adjourned at One o'clock. COMMERCE. -- • , 'plate mistress o f a pm- of proceeding was, in his view shillings. There were considering the.circumstances at the &change w orld pliced—those circumstances I the coarse rof the sett rent from any period heretofor ell knows, oould.alwaye was brought under the conside rice of gold. U the With regard to preparations fo bachaege were twougl# Cash Payments, he was decid number of other 01400 6 , lastend of chas ing W tht not always owed g ird . b pirather be left to Mae wu no ground ocrrof heal On 1 I arise when Parliament g that the E iger. The Ugandans of. riot. 111 IA it willing, will amend the execution of if left to 31r esercisii of he fits 3114 lit pf P, ill. wis.;o suppopits I i -1 .1 I I I I , i I k ' • 1 i 1 ' I I , 1 I i. 1 il 1 ' 1 1 ' 1 ,1, , i 11 il i 0 I I 1 i ' i ' 1 ' f : b . 1 i , 1 1 i 1 ~.. • 1 , . ( . , . ~ . . i i • 1 --: . , I Il' A ' • ,1 ,1 i 1 '. t 'l , li . . ' • l '.. i 1 i • I