Star. — London, England, 1811-07-10 00:00:00

that! n q ui;Acation, and Bank Stock, in the general, ' pockets full of paper, without the steins of info , was diffused through so many, that they could have nonce. It, would be altogether described by the line no interest in any sinister scheme. All the present which the Italian poet tells us is written over the gates mischief had, in his mind, proceeded trom the Noble of hell — " If you enter you must leave all hopes be- L or d, whose conduct had exhibited an example so hind." h was useless to talk of renewing the Bill ;no pernicious. He was o f op in ion that Parliament, one with a Bank note in his pocket could feel confident, a f ter looking into the affairs of the Bank, should at suspicion once awakened, could not be dismissed ; for, once make notes a legal tender ; this plan is the most as Thomas Paine said, public credit awake is suspicion Simple. Hs thought also, that measu r e s should be asleep. if we went on supporting the depreciation of taken to guard against a n over issue ; not that he paper by legislating, it would soon come to the same feared any such thing, but be thought the prejudices amount as the asssignats of France; even as it was, of the people should be respected. It was necessary l it was nearly the same, as the Right Honourable el l s° that some pledge should be given to the Bank, Gentleman would find, if to the twenty-two;millions that the national expenditure should not be increased. of Bank notes he would add the different descrip and that the one remedy could not be adopted with- tions of paper money at present in circulation.—lt out the other. He spoke favourably of the resources was easy to say, let the Bank make its payments in of. the country, and contended that the National Debt, , gold ; but where was it to be got ? An Honoura it rightly considered, w as n o evil ; on the contrary, 1 ble Gentleman in the course of the night, declar that it was our being in debt that enabled us to carry led that the Bank was solvent. Could the giving of do the war. If we could make it convenient to pay , paper for paper, in answer of debts, be called sol- Yt the sum by which the amount of the Sinking Fund vency ? Under these circumstances, he conceived is eXceeded; we might again return to payments in , that no possible good could result from the Bill 1, epecie ? and thought that if 12 millions were raised .he would therefore oppose it in this, stage. In an., ;el the administration of Lord Sidmouth, that 10 1 swer to the question, what hardships would the Bill could be raised now for that purpose. He hoped ! occasion ?he would suppose a tenant distrained for that next Sessions would bring a remedy for all these, I rent, and his goods sold, the Sheriffs could not get 1 evils, and in the mean time would support the Bill. `gold, how then were they to satisfy the landlord ? Mr. TIERNEY apologized for rising at this stage Thus it would at length come to the Courts of Jut. i of the bill, because he neared he would not be able to tice to determine whether, in such cases, Bank notes attend its future discussion. It was time for the I were a legal tender or not ? He did not see any people to come forward when two such suspicious; possible means of remedying the evil, except by characters, he meant officially suspicious, as a Chan- i changing the whole system. By our present circum cellorof the Exchequer and a Bankbirector, were con- I stances Mr. Pitt was proved to be as snort sighted as tietted upon a subject of this nature ; the crisis was : the Right Honourable Gentleman opposite; the conse -darming ; from every thing he could collect, he sup- : quences which we were now enduriug, were foretold to posed that some dangerous understanding existed be- him. As the case was, it would be better for us to tween them, which would, though the Noble Lord to , look our situation manfully in the e fatee and not to whom this measure is ascribed had never existed, have i think that the country would be ruleed if the Bank produced the bill now before them. Mr. Pitt never , broke. He thought that the Ban* DirectOis should h id, in his opinion, made up his mind to make be made responsible in case of failure, and conceived Bank notes a legal tender. The Chancellor of the , that the Gentlemen of the country should take care Exchequer thinks otherwise ;--but at any rate ; not to be made the victims of endeavours to prop up ihe Chancellor of the Exchequer and the Bank- a ruinous system. With all this before his eyes, he Directors seem to have agreed upon it. The bar- t ; would tell the Right Hon. Gentleman opposite, that :iin is made, and the high contracting parties ; lie had not the least doubt but that our present situa pretend to lay mutual restraints, but be believedltion would lead to a new system of things "Iti the diet' were to have their mutual indulgencies, and ' country. that the Public would have little security be-1 Mr. CREEVEY said, that, finding there were no tween them. He took a view of the plan recom- ; less than forty of the King's Corporation Members of r:ended by Mr. Baring for not running in debt, and I that House, he would, on a tinere occasion, offer a l. al no objection to it, but its impracticability, arising ; Resolution expressive of their being not fit persons to lean the above mentioned understandiug. He con- ; legislate on this subject. In doing this, he would be sidered the nature athat remedy to which this Bill ii enabled to judge how far the assertions of his Noble an introduction, and treated it as chimerical, namely, : Friend I Lord King) went, as compared with those t!iat of transfers. Before this- Bill is passed, there- of the Corporation. It the Right Hon. Gentleman lore,. be would be for a Committee of Secrecy to in i - was to appoint the second reading of the Bill on a epiire into the affairs of the bank. It Was said that a • day when the notices precede the orders, he would Bank-note of one pound is worth twenty shillings; the ; then bring forward the Resolution. pmof of that to him would be its convertibility into I Sir C. BURRELL observed that the merit of this money. He contended that the moment this Bill ! Bill did not belong to his Majesty's Government, hut passes, the Bank is changed in its nature, that it is then to Lord Stanhope. With regard to the other Noble a corporation amenable to Parliamentary examina- I Lord, he was far from saying any thing disrespectful tion, and ought to be so for the satisfaction of the s of his motives, but he thought that he did not see the public. The Hon. Member mentioned the different ! subject in its proper light, and believed that when items of property which the Bank possessed, and ; his leases were expired, he would find a great deal seemed displeased with their traffic in Exchequer Bills, l of difficulty in getting respectable tenants. He :lad thought the confounding and contusing of pro- I never found any difficulty in the circulation of notes, perty favoured the design of those who wished to keep I although he allowed the scarcity of change ; he would their affairs concealed. He thouglit the _Bill would be too happy in receiving an estate of £lOO,OOO a year Weed no remedy against toe. exportation of gold, for ' in Bank-notes. He weed for the Bill on the groundl it was easy to elude all examination. A friend of his of its being necessary to shield the tenant from the had seen 1,600 guineas taken out of the quarter of All !oppression of the landlord. ox,lwhich had been suspended inla ship, that hacl i been l The CHANCELLOR of the EXCHEQUER carefully exami:ied. Nut allowing a scale in paper thought it necessary to take the opportunity of ex money, was in reality injuring those whom they meant Iplaining himself on one or two points. Respecting to protect, but he thought a tenant should be protect- i ! the limitation of the Bill, he was sorry that the House ed during mesne process, as well as any other debtor. should think that the measure was to expire on the No more melancholy proof of the state of the country' 25th March ; he pointed out this, for the purpose of couid be given, than that the public mind was become ; shewing that the Bill was so framed, that Parliament 'so 'sensitive, that the action of one spread a general , w „ u ld, by necessity, have it under consideration in alarm. He concluded by recommending a call oflthe next Session. An Honourable Gentleman oppo. the House, and the appointment of a Committee to site asked how a provision could be made to enforce inspect the concerns of the Bank. the law ? as the Bill came from the Lords, a penal Mr. MANN LNG entered into a satisfactory espial. I clause was not, of course, introduced, but it was his nation of the property of the Bank. if the Charter 1 intention to do so in the Committee. The Right were to expire to-morrow, they had assets to answer .1 Hon. Gentleman was proceeding, when all detnands. Their issues on last Saturday did not I Mr. WHITBR.EAD spoke to order ;he observed, etceed twenty-two millions, and the public is their that the Right Honourable Gentleman was not debtor, on two separate accounts, to the amount of speaking in explanation, and that he had not a right nineteen millions, and on the whole, they had a con- in this stage of the bill to make a second speech. siderable surplus of property ; but he thought that The SPEAKER did not think that the Right Ho- Patliatatent should net separate without passing this. nourable Gentleman was out of order ; as far as he 'Bill, in order to put an end to that alarm that ha d could judge, he had adhered to explanation alone. spread through all ranks. He disclaimed and con- The CHANCELLOR of the EXCHEQUER nection between the Bank and the Government. resumed, he gave Lord King credit for the propriety Mr. BANKES spoke against the Bill, but was not of his motives ; but when he made use of the expres against a second reading, when he hoped that Minis- sion " pedlaring and smuggling," he meant that ex ters would bring their justification and their argu- cept those who by such means sent money out of the mews with them. Gold, alter passing the Bill, might country, none had adopted the practice which the he carried to Ireland without any penalty, where a Noble Lord recommended. He had been induced to traffic between it and notes is openly carried on. He change his opinion on this subject, in consequence of did not approve of Mt. Baring's notion respecting the a body of persons, who bore the name of a party, national debt; on the contrary, he thought it a mill finding it to be their duty to countenance and pane stone about the neck of the country. He would vote gytize the conduct of an individual, whose example t; a' the seiond reading, but would pledge himself no they would not follow. He would reserve for a future ferther.-1-le hoped that no Gentleman could be so stage any further observations, lest he should offend deluded as to suppose that this could,be a temporary I against the delicate sense of order which the Hon. tneasnre ; it would be permanent, unless another mea- I Gentlernan possessed. stare of much more efficacy, hut of greater danger, I Mr. WHITBREAD in explanation said, that on was introduced, this subject he did not know how to act, for the leases .Sir FRANCIS BURDETT rose for the purpose I weregiven on different terms in his part of the country. of refuting the charges against a Noble Lord, whose ! The CHANCELLOR of the EXCHEQUER. conduct, in his opinion, was wise and prudent, and i „ I suppose the Hon. Gentleman means that for an e;tliough jt might be unpalatable to the Ministers of I explanation." (A laugh.) the day, it was beneficial to.the country at large. — The House then divided • ' there appeared—For the Was it to be endured that an individual shou l d be Bill 64--Against it 19—Majority 45. called oppressive for refusing to receive a sum of mere The Bill was accordingly read the first time. nominal value, and for meeting nothing snore than I On our readmission to the Gallery, we found Mr. -vita was literally his doe? Could there be any thing' TIERNEY speaking on the subject of appointing s mile likely than this measure to make confusion in day for the second reading of the. Bill. the country, to set the landlord and tenant by the; The CHANCELLOR of the EXCHEQUER ears, and to place them as it were in hostile array • proposed Monday neat, upon which Mr. TIIERNEY )11 Against each other ? It was customary for persons . moved an amendment, that the House be called over trade, when any thing should affect their interests, to meet together, and to determine on the ir mode of on Monday se'nnight, and that the Bill be read a se crnscl time on that day ; after a few words from Mr. at ting ; but it was not so with the landed propne - Abercrombie, Mr. Fuller, and Mr. Whitbread, the tot, lie was a solitary, unconnected individual ; it house divided on the original motion.—Ayes 62 was therefore necessary for the Geritiftlell of Ells- N oes 20—M a j or i t y 4: . land to feel on this occasion, that their property was 1 The Bill was accordingly ordered to be read a se , about no be shaken to its basis, and to seriously re-' f!ect on the dangerous situation iss which they stood. , cond time on Monday next. I On the motion of the CHANCELLOR of thP .Fle would ask, how were the tenants of Lord sing . IiIeCCHEQUER, the Bill was ordered to be printed. • in rpressed ? Did they not take care to make up the : Mr. TIERNEY then mo • ved that a Committee of depreciation of paper, by asking a higher price for Secfecy appointed to enquire into the effects r cora, &c. in the markets (Astir, Aear !) /I duced bj the Order in Council , imposing a restriction inia seas .: one, every Gentleman wateld soon fi nd bit of be pro ne-- ' Ca* Payments on the Bank in 1797: • .. told DILL. • , We sincerely hope that Lord STANIMPEN Bill will receive ample consideration before it pass into a law. Should it pass, we ardentlir wish it may answer eat purpose for ivhich it is intended ; but we are veer apprehensive it Will fail in its object. Nothing can prevent the sale of c6Uffiry an note. Theraie pro: curable in any quantity for p :per of the 8,41 k of England, and may be bought at Any agreed pride anti paid fot in gold -= or term. ' The true, and, we venture to affirm, the only re. medy to prevent the exportation nt bullion to the Continent, is by preventing the importation of Con tinental produce, except in return for British eouno. &ties. Remove the cause of the drain upon our ipecie, and the effect must cease ; but no 14w can prevent effecis from following their caus2s—You might as Well attempt to prevent the periodical return of the seasons. . . Mr. WHITBREAD; in seiondirig this inottok i contended for the propriety and necessity of the House having more specific and official information on a subject of so much importatice. All the infor mation the Right Hon. Gentleman had afforded theini he derived from the Bank Directors ; but was this enough to satisfy the public mind ? One of the Diet-, tors had told them that the Bank was solvent ; bee how was it solvent? This they explained thmselves, by saying that Government was owing theth nearly as much as would cover all the Bank paper they had in circulation; and that if Government paid them in specie, they would be in a situation to cash all their notes. But could Government do this ? Could Go-' vernment pay the Bank unless in paper of another de scription ? What consolation would it be to him while his family was, perhaps, starving, if he should be in formed by a friend owing him money, that if such a one, his neighbour, would pay him, he would be able to answer his demand ? The difficulty might thus be multiplied, but not remedied. But what satisfaction would it be to the note-holder, on goilo; to market without being able to make a purchase, to tie told that the 13ank was solvent, if Government would pay them id specie ? and this he was afraid it would come to-atlast. --T.he only thing that could give security to the note= holder, was the certainty of being able to turh it into gold ter silver, for these, after all, were the fluidal., EAST-INDIA Siill•PP':G. mental medium of exchange.* The Right Horour- ' Advice has been received that the following out able Gentleman had stated that there was as much ward-bound ships were spoke well on the sth of May, faith in Bank notes at presences in 1797 ; but this in lat. 38. N. long. 14. 30. W. viz. the Ma noels as he denied, as the Bank paper in 17D7 was not depre- ELY, LowntEß CASTLE, CenEs, CHARLES Gaiter, ciated, and at that time an association was formed WARLEY, WARREN HA,TINGk, and PERSEVERANCE. very extensively to take paper at its nominal value. The f Homing on the 27th M ry, lat. 38. N. long. and to prevent its depreciation., Was there any such 12. 14. W.: DEVONSHIRE, LORD Mstvit.ta, BARINN association now, or were there any Gentlemen who c Aeoe(oE , STREATHAM, Etntops. Loam:H.' t, would come forward now on the same terms. A SCALEEY CASTLit GENKRAE STUART; DILVAYNC3 I And . Committee of Enquiry, therefore, was highly cape- OCEAN. client and necessary. ! ' The following were at Madeira on the Bth of June, Mr. BARING would have had no objection to viz, the CAusauxe, SIR WILLIAM PuoreNav, and this motion could the measure be considered as per- JAMES SIsaALD . manent. Were it in contemplation, for instance, to 1 PLYMeittrit; %Oa s. make Bank paper a legal tender, a Committee of En- I Arrived the JALOVSR Sloop of war, from tee Irish quiry might be necessary, but it would be highly in- Station. A schooner ha/ arrived, which left the Ta-: expedient to enter on such.a question at this late pe- gus on the 23d ult. The VENCE:CR, Sir J. S. tprocE, riod of the Session. In the course of next Session, put in here this afternoon t the other ships o' t his squa. d t such a measure as this might with more propriety be I ton are in the elfin'''. A rive the O. P. privateer, adopted. from e a cruizc. Sailed the STARTA N, to POLISOiOIIth ; Lord FOLKSTONE was surprised to hear the . and .‘ p. HEASANT sloop of war, on a cruize. Hon. Member say, the measure would not be perm*. PORTSMOUTH, JULY 9. nent, as they had been informed by the Right Hod. I - Gentleman opposite, that it would be permanent. The HOTSPUR and her convoy are this day released — , at He thought it was a very proper time to make enquiry from gn :Lat i na , likewise the ZEetoes man of War . when they were entering on a new career, and there- . DEAL. JULY 9. tore supported the motion. Sailed the MARY ',litter on a • cruire of Flushing. Mr. FULLER expressed his indignation at the y Arrived the PIGMY cutter froin a cruize, and re idea that Government was unable to pay its debt tine I mains, Sailed the Peters schooner oast cruize. to the Bank. Their shipping, their ordnance , :oil SHEERNESS, JULY O. stores of all kinds, would pay more than ten times all Sailed the AGGRESSOR with 2 veieelit fotHelienland. they were owing to the Bank—(4 laugh.) He be- We are much concerned to state, that Captain Wit,. wh lieved the Country had the greatest confidence in the t zoology, o f oug ht hi s f r i ga t e i n t h e E ast -I n di es ' Bank paper ; and if a landholder were any ' here ' till she lost nearly every into, is now totally deprived found, who would not take paper from his omant, lof sight : be lost one eye in the action in the Dar-w which he hadreceived in the market for his corn, such dandles, and is now unfartunately deprived of the a man, in any part of this country, should be tossed in o th er , from a wourld he receivsal at Port-au.Ptince. a blanket for his pains—(A I,:ugb.) i The country is tints e a epriied of the services of obey( For the motion, 17 ; against it, 62; Majority, 43. het most gallant and Meritorious Meets.. Mr. CREEVEY ere notice, that on Monday he I NAVAL INTELLIGENCE: should move, that such M►nk Directors as were mem bers of that House, should not be permitted to vote on the question. Adjourned, on the motion of the Chancellorof the xchequer, till Monday next. SPORTING lATELLIGENCIt s ii. • • VLW hIARKET JULY TI Et; i'Ll'IG , ie TUVDAV, JULY 10. Mr 111-4's Is. c. 1.% Boaster, heat Mr. Curtis's F. f. by Ajonro, est. each. Two-yr-G:1 C. in; s. ls. t:.--t to I agst Mr. Bird's b. c. The last year of a Sweepstakes of 10p. each, fit . $ yr-olds, est. 9th. 4-yr-olds, est. Ilb. fe-yr-olds, bet. 101 b. ji-yr-olds, set. ai 4 aged, 9st. Lib. T. Ni. M. Ld Lowther names Trinthusli, 6 yrs old • ' 1 Mr. Wilwrn's Oporto, 4 yrs old . $ Duke of Rutland's Recordon, 4 yrs old • - II Sir J. SLelley's Spider, 4 yrs old - • 4 ato 1 apt Trimbush—S to 1 agst Oporto-4 to 1 agst Re.. oordon-4 to 1 eget Spider. 1111. F,II4',NING STAR. LONDON. WEDNESDAY, JULY 10. , PRICE OF STOCK'S •1 HIS DAY AT ONE O'CLOCK. 3 per Cons. for money and aec3ont cx. 411 v s p r C. Reduced 6‘2i—Navy 5 per Cent. 93-1 ex. dlr. 4 per Cent. 78};—Bonds 131. prem. Exchequer Bells (3d.) par to I s. prem.—Ditto (31d.) 6s. pre. We find that it is now deterftroed not to send either Lord PAGET or the Hussar brigade on service for the present. It appears by letters received yesterday from •hel East'of Spain, that a battle was fought on the 11 h of May, between a party of Patriots, and A &LAC: • ment of the French, under the walls of Pamplona, in which the enemy were forced to retire, after having . twenty-seven of their number killed,' and fourteen made prisoners. There were about 150 on each side. the Spaniards were commanded by Don F. C. Men dez, and who has been lately very successful in his enterprizes. Since our• last publication, reports of a most dis astrous complexion have been circulated. Audi:nil* intelligence was said to be conveyed by the lat.ots, that a most obstinate and bloody action had been fought during six consecutive days ; that during the first four the British army had been successful ; that on the sth the tide of victory had turned in favour of the French; and that, on the sixth, our armies had been completely defeated and destroyed, and Lord WELLINGTON and other Generals had been killed—• Di mehora plis, erroremque hostibus ilium ! Accounts from Constantinople, vid G ibraltar • dated the beginning of May, state that an universal anxiety pi evaged there fur peace, and that the Goiernment, in compli.ince with the wishes of the people, was endea vouringbyallmeans consistent with itshonour,to hi - mg it about. Much disttesscrevailed there on account of the deficiency of provisions, and the Janissaries were again threatening a commotion. The minds of the people were so mtich agitated, that it was supposed if pence were not obtained, the Grand Seignior was in great danger of assassination. Mr. Howe started front Oxford-street yesterday morning, to go to Bristol and return C.2...3 miles) in 40 hours, with two resting houtsallowed. He was 36 miles on the road in ten minutes more than six hdurs alter starting-6 to 4on time. Betting is 6to 4 on Power against Sing. The combat will take place next Monday. There is no truth whatever in the foregoing ru• mours, which must have been circulated from the worst of motives. No accounts of any battle have been received, nor do we think such an event by any means so probable as it appeared a few days ago. We confess that we have our apprehensions on the event of a battle; but we place a sufficient confidence in the skill and gallantry of our brave Commander, to be convinced that he will not risk an engagement against overwhelming odds, but retreat to one of those advantageous positions, in which the superiority of the enemy in numbers and cavalry-cannot easily be exerted. He will not throw the existence of our interest in the Peninsula on the chance of a die.—The real information brought by the ZEALOUS was nts more than we stated yesterday. It is now said, that the Plaintiff in the extraordi• nary suit pending in one of the Courts at Edinburgh, a ll e ves,that he does not sue for the return of the £5OOO riimseit ; Lut to secure it for the child, the supposed issue of the imputed amour. Curiosity was most amply gratified by the &MU tion of Aquatic Fireworks }a.st night at Rinelagh, Millbank ; they were of a most splendid nature, and received the warmest plaudits, not only f-oni the nu• memos spectators within, but also from the admiring thousands which lined both sides of the Ricer; and . The GLEANER ketch, whose destination was stated to be Corunna and Lisbon, is gone with dispatches (it is now said) to America, to demand an explana• tion of the late affair between the PRESIDENT and LITTLE BELT. She is to return immediately, and wait in a certain latitude for Sir J. %rouge; and on the result of her dispatches will depend his line of conduct. we are happy to add, that owing to the judiciona arrangerre::ts of the Proprietor, the whole p a n e d o f without a tingle accident, and will, we are informed* be repeated tomorrow evening. Maas Latits.—.We have but few further arrivali4 , Wheat to-day t the trade again rather heavy sale, an i last Odes hardly maintained—Rye rather "ilearer—..' v Barley and Malt continue to t.iry but little—But few white of Grey Peas, and each clearer—Tick )3eanis likewise-. There are also but ft w fresh arrivals of Oats, and those of first quality ate voted honiewhat higher—Flour at late His MAJESTY did not take his usual exetclse on Windsor Terrace on Monday or yesterdays it is therefore considered that an unfavourable change has taken place. Yesterday afternoon a grand and full Cabinet Council was held at the Treaaury,Chambers, White- ,~ • _ Idd ~ y ~. C •~ ~.. ~~ , _A MI M. Oh. 1