Star. — London, England, 1819-05-10 00:00:00

I *. ARO' • I, r ~• tliry Clamierd. . . . • what mild n - ere it could be more • 'e AI restore order dhe and rrecey t o tb. . our ' returnee will now rive the' . , nw. s'e. ''' , " ll . eats width ' , e , t '‘" b . . • se. .g deg - cots • • -L.A. ' . ' Couha ir, y b sv ut tet iess eli v p , o ri n ab i l t• e s th w an ho sa w y ish • noteri em., I . . 4 agreements entered intd) as, for instanee, the IndPismed upon fir e e ann e *l ° '' d' !• • and in. r' ' *.: 4 e! • P ''s an 7•- of it . OS. ' at. m u ' M On i the credit of anneal de fi es, ar.d upon tilhatidv ATACOnater the - erm . - as cient standard uf value •; e m. - .Are, de • • ° tl. as a loan to the Pubi:c, in consideration of the al, of the ternaU . el the ne sumpsioo on ie.*. .On the • 4 • J P. . ftCes.oupour Able, ir i t t . 6 1 ' . :-.1. • tive. : . the, Cash ' • colt •en ' , ,into • . i • *.i • tity of g. r . wit it be regptred f ver,yet established." nauderd a.t • 4 a c a -meta,. • ast e bins " purchased," *advise which iihr taken by the • th n i finatry e mem, of • .. M, .•• e I cannot ' ti ne , „ e„. , • etmitrency ;but e ~,. .. , si .• at iff the , C4 4 .- Q, •' . “ mast be ; r•I a , Prod' If pea FOr the sequel on iris solo eel be e ts ... 3 ' ”• sar .s ii or r ia. Dank (usually ile r en applicatilir t orn e the Tr:. ury), when eh thL that the 'Sks c pay in * • .. itCup.c),don -47. • . ng•ment which they h dve 1 ' f- •tc . )r-re. issue of Exthequer Bine takes ce,,4ttid ether: they canuot td oinoilthudig•in that state, until there Was a tonffnereble pop - es • nor the purpo s e of acquiring' mS4 retaining the gold ia 1 in as hick ' Gold shall be neuee liget'6 „, " ' d e S r " r net .'l sold to the public at a premium. m ile 'twin never credit any thin •tif specie already in the circuLtdon of the country. I * ••-. . - i mei elintresto U preseat umopeantioo. which are i eg oo m r om ern. folknvom fin : ntaryis.t:eacioins:i. a: o m it:: ft 841 a,„ ptemium, nor deduct any dbcotell men! the BUB that taken; prebend, that by no process, even if the effects of goy tuddde hely, by increasing** value of the precious Metals, to thermos I - nor do they resell such Bills to the PON,. • • reduction of issues were totally disregerded, could 'the sum inn '' 4 ProPnnionatlehntroe, the diffeulty of obtaining, within all- day list. :AR of _ An account in the Appendix &hews the total amount of Ex. cessary 'for the purpose be brought into the totkary withinoten *Rod . period, an adequate supply for the use of this country . S ttn. chequer thus* authorized to be issued by. Parliament in every period e mennoned. lam further of opinion, that the operatioti lt appears that the Governments of other countries in iOneme year since the year 1792, and the emount which the Bank was of reduction necessary for the purpose I have Mentioned, must are now occupied in substituting a metallic, , for a large partner Your Committee would b ee p m ute their 1 - atepori, authorized to take of each descrinaion'of bills. :silvans be accomltenied with some restraint and inconvenience of the paper currency, which the necessities of war compelled not think U necessary, shortly to ad t `P' n h if tic , j them to establish ; and that the supply of gold and silver iii- Country limits . Toe notes of all thane vert - t2 ti ''' ` el. tlati!" The amount of the. advances of the 'Bank to Governrint, to every branch of industry in the country ; and that if it were 1 * affect " ila b tt ' 4 4. 4 deducting the sum issued front We Unclaimed Dividends, ye a r forced, with a.rapidity at all approlcbing to what would be re- Ported into Europe of late years, has been diminished In C4411.6c- changeable for the times o f t h e m ei , of ”'" ei :b t i t , shrn. A .T, 7 :7 4 WM . of February and 2d of August of each year, since ther suited for the payment in the ceurse of a twelvemonth, the in- guenee of the disturbed star tof the Spanish Contain. the current - 7, tlr2.retor e , th ey men 1814, and of the Bank N o tes issued during the corresponding jury would be intoleruble ; the reduction of paper would pro- These efforts on the part of other Countries to restore to par in value to when' B an n of pe st i end . It aayh m . . with the precious metals the value off' their respective currencies, consettLently ; will be alike secured from c tu z c t if re fi wet hall i un it half years, appears from the Accounts presented to your Corn- duce all those effects which arise front the reduction in the ucte e m e, Is, would, by making the exchanges more unfavourable to this arratigonent which v.:II rffeettolly imam and mittee to have been as follows: amount of money in any country ; an effect which I think is country, aggravate the evil of a eon -co re restriction, bu . t BAEZ NOW. AnVANCE*. well des c ribed in Mr. Hume's Essay on Money. The conse- °i t . upo n n am par a Bra with w a h me ich t4 ca ri n c they will certainly, by Increasing the value of the precious m e - this mine of the subject, 1814, Jan. to June 25,511,012 ... Feb. 26, 1814 25,607,305 quences of a contraction or expansion of the amount of money ten, resider iucreased exertion on our part necessary for procur- sion, that there can be nothing in the cature of th: " • -- meme ew t 1 t Ja n. to 28,291,852 ... Aim. 2, • ... 34,937,800 in a country, seem more felt during the program of such con. Inls, Jan. to June 27,155,824 '... Feb. 26, 1815 27,156,000 traction and expansion, then from any positive amount of money ing a sufficieft supply. I"u r sta r± da m a r n rai d :t bst tee val a fe ee r ' nl e : ; aAl t : l c .Lew :L l e: Liu fite lit ] The ability of the Bank, however, to resume and continue sumption of Cash Payments upon t h e ph : , se .. rh Menem July to Dec. 96,611+,210 ... Aug. 2, ... 24,079,1C 0 at any one given period. It is not, in my opinion, of greet ins- cash payments, depends less upon the actual amount of treasnre mittze hive rte !- sled , then have Made it thei r w e I ' * :,, j r , , taa• 1816, Jan. to June 26,468,283 ... Felt. 26, 1816 18,938,300 portance what aniount of tonne/ may exist in any country ; but it itay be- pesstble to accumulate, than upon the state of the Inn certain the peoladde ammuit of that cireuntem uthe n l e n s e e• July to Dec. 25,681,306 ... Aug. 2. ... 26,042,600 that the question of whether it is QE the increase or decrease, is 1817, Jan. to June 27,339,76 s ... Feb. 26, 1817 25 390,500 one of great importance to every branch of its industry. reign exelneigee previously and subsequently to their resumptive, nods ; thougt. they have to regret th at t h ey ha : Ten --- ,......•-•ter_ .. , ,, a•id to the degree of' certeinty there may Le, that the nierket to obtain as precise and full infonstation u might b ed -- ` 174 July to Dec. 29,210,035 ..: Aug. u, ... 2r:330,718 Air. Ilaldimmel stated, " that he conceived it to be necessary 1818, Jas. to June 27,934,.'5S ... Feb. 26, 1818 27,002,000 that the Bank of IS:island, in order to be enabled to resume the *spic e of gold can be tidu.ced to and made to conform with th e Tnere El' nut sufScient data f rom w him,.nerd. 0 marts: t e e July to Dec. 26,487,8:i9 ... Aug,. 2, • ... 27,060,900 payment of its Notes in specie, should reduce their present M int Prise- amount ot Coentry Bank Notes at an • ° -1° y one three in cir le e ! Feb. 11, 1819 21,930,000 *mount to the extent of three or four millions forcibly." lie ex- Unkss such a reduction can be effncted, and such a confer. Your Committee cited far accounts from the :Isar. cs From the year 1700 to the year 1797, when the R e striction plained, " that by the termferribly, he meant • a reduction , net mitY established. it will be in vain fur the Rink to expend theit the nem i o of Promissory N ote , tamped in eac - 0 16,, I Act posed, the amount of advances made by the Bank to Go- arising front three or four millions less being demanded , but capital in is purchese of bullion. No accumulation of treasure, querter, from the year 1810; and as thete m en 'e s crelli a me. Ye :nment, and of the Notes outstanding on tae 2.3:h of Fehr.i.. front three or foer milliors being demaudel and refused by the to whatevri extfet it may be carried, cao tender the Bank corn- number of Notes stamped in each of the classes into ' ese e s '- i, e ' 4 aty in each year, Was Bank to the Public and Government. He considered this ' at to satisfyolie demands, which will inevitably be made are *dividednaceordmg to their several tt mu ot ; • nns "I as i t L k, 170 10,217,360 7,008.968 forced reduction of the issues of the Bank of England to be ne- for gold, if the Beak are under an obligation to issue it at she initial value of each is assumed, far the sake of e'° '"' e enhtieu ten 1751 ...... .... 11,699,140 - *emery, in order to restore the rest of the paper in circulation to rate,of XS. 175. 10}d. per ounce, and if the parties having a the highest which rush note coda bear ae n ' - coro na to t he 179.2 11,349,810 ' 9,832,358 its ancient value in gold, and trio exchanges to par." . Being right to demand it can continue ter realise a profit of 5Sr6 pd arazodi the total amount etamPed II emit mete %%manse ct.ll° 1793 11,451,180 '9.064,698 asked if, "in order to pindece the effect which he anticipated rent. upon it.terPOrtation. 1814 6 t 4 .... •• • .... ••••••• •••.. • . it 20,213,mi estee m , 1794 10,96.5,580 8,786,514s from a forcible reduction of the issues of the Bank, it would be T he documents in the Appendix afford ample information. 161$ „ es ._ 8,2e4.0 , .11 1795 15,539,160 ' 11,114,250 necessary that the reduction should be sudden?" Ile replied, ;vies. respect to the state of the Foreign exchanges, and the price 7,10.3. me 1496 11,030,110.........11,7J8.750 "In in opinion, every possible disadvantage and inconvenience of gold memured in Bank notes, for. several years past, and the . .181 4 9,975,98 to the Public would arise from a sudden reduction. I suoidd various opinions of those who were deemed by your Committee 1:1101 ....... mo .... The amount, therefore, of advances to the Goverdment doe s . leanness nnt appear me have borne, for me time previously to the Re- certainly recommend its being gradual." most competent to form a judgment with reepect to the causes If thew Noes um asi average circulate for nee vein, g e seietion Act a much less proportion to the total amount of Mr. Gladstone, a Member of the s. • house, and a . Merchant, which have of late influenced the exchanges, and the price of laiesest arregate amount to whom they em Lee . Notes outstanding, than the advances since 1814 have borne to PrinelPaUY engaged in trade with the Fast and West Indies, and gold, will be ascertained by a reference to the evidence. £35,232,870. c rea d the Notes issued in corresponding periods. occasionally in general trade, gave an opinion, " that the in- Your Committee here already observed, that for a consider- Your Committee are led to conclude, from the *-1 t.. •arinsti et yr It will be seen, that a material reduction of the debt to the flumice which the reduction of the Bank issues prodoces is of a able part of the years 1816 and 1817, the foreign exchennes were Mr. Lloyd, that the whole amount of Notes p a e me n' Bank took plate between the month of August, 1815, and the secondary nature ; that in ether times, the alteration of two or in favour of this country, and that since the month of July of the still remain in such a state as to be circulated , can n C . month of lBl6 ;it haying been reduced in the latter three ntillions in their issues would not have been at all felt ; latter year they have been below. par.—Some of the witnesses been at once In circulatioa. lie lays, a a B an e s , may ill . period to the earn February,of A 18,988,300, deducting the advances front but that in the present state of the trade of the country, after ascribed the unfavourelde change to the effect of the loans which 50,000 niotes'lving by him, his having paid the dilly, ande eeu Unclaifned Dividends. a ye a r of much over-tradin g , and a g reat accumulation of to- had been made about that period by Foreign Powers, to the re.. the Notes ready by no means proves that they are i n circa.' ' This debt was again increased between February, 1816, and reign goods in the country, and of British goods- for British mittance of British capital for the purpose of being invested in Sometimes there may be a very Urge amount lock e d up by.binu4 the August following. account in foreign markets, whatever tends to narrow the means foreign securities and foreign commercial enterprise, and to the at other times they may be almost all is circulation. Itinne ' d In that interval, War Tates to a very considerable amount of circulation, acts in a much greater degree now than it would effete of a very large importation of corn in the courses): the last alarm, be takes care to have them as much at home as 3' . year ; anal some of those witnesses are of °Odom that no rhea - in time of prosperity a nd general conndence, he has I. "bit ' were remitted ; a largo addition, authorized by several Acts of la other times."no Imitate tyres cou ld have been ta k en by the Bank to controul the effect in issuing them on satisfactory security." Parliament, was made to the Unfunded Debt, and to the ad- After a full consideration of the evidence, and of the several of such extensive remittances. Mr. Lloyd expressed an opinion, that the issue of paper In moots for which the Government were indebted to the Bank. matters to which it is material to advert, in considering the ex- Other witnesses, admitting that the canes which have been the Country Burks might be from 40 to 50 millions • but y ou The amount of those advances was again reduced from twenty- pediency of resuming payments in cash on the sth July next, ad verted to bad a tendency to depress the exchanges, conceive Committee are rather led to infer, front the g mai'" ter seven millions sixty thousand nine hundred pounds to twenty the amount of the advances of the Bank to Government, the en. tenor d it that a contraction of the issues of the Bank sufkient to counter - Information before Went, that the amount of thick:lmh o f t h one milli/nu nine hundred and thirty thousand pounds, between quantity of bullion in their ci coffers the probable effect of a rapid the 2d of August, 1818, and the'llth of February, 1819. and , considerable reduction of the i r issue*, in whatever manner, balance the operation of these causes, might, and infallibly would paper circulation, throughout Great Britain, hasten: e• . It was proposed, in May, 1818, to repay to the Bank a sum or with whatever view such redaction might take place, have taken plea, had there been an obligation on the Bank to from 20 to 25 millions. pay its notes in specie on d eman d . Whatever may have been the amount, it appears union. a of from eight to nine million , by gradual instalments of one Committee are decidedly of opinion that it is expedient to con- However the exchanges may have been thus affected, in the to have beets liable to great fluctuations, as may indeed be ink. million a month, from the month ot.May ; the Bank having tinue the restriction beyond the sth July next. attu ne then considered that repayment sufficient (according to the evi- On attune of the last and the preceding year; your Committee see nut from the account of stamps the before alluded to, but ea nthe next point of inquiry, namely, the period no reason to apprehend that the causes above mentioned, or any more certainty from accounts famished by the three c hatttrta dente of the Governor)" to enable them to make the experi- ment of the Resumption of Cash Payments. at which it may be advisable to terminate the Re- similar ceases, cart co ntin u e dr affect them In slich a degree as Banks of Scotland, representiug the proportions which the T ed . To meet these Warges, and the services of the year, and also striction, the Committee report as follows: to preclude the Bank of England, by a constant reference to the tett) , averages bear to each other, of the respective condoned to effect a further reduction of the Unfunded Debt, provision 111. Your Committee have nod presented to die H their exchanges andtheprice of each Bank, at three corresponding • gold, and want necessary, by a eau- . periods; the miles by one intim of their paper currency, from gradually approxi - the circulation of these Banks is thus *hewn, establish the dent was made, by .a, loan of thfeeillilliollll in money, and a gradual view of the two important pa ints w hi ch they proposed (accord- dale red muting its value to that of gold, and u l t i mate l y resest monhi ns of the proportionate variations in each respectively ; but it era funding of Exchequer Bills to the amount of about 27 millions, m g to t h e order of s eto coke t h e met subjects tlf their and maintaining It at par. be observed that those scales, being constructed upon dinette with power to the subscribers of making money payments, in- i nvest i gat i on — t h e m ete m the Balk o f * l e ant % an d t h e dead of bringing in Exchequer Bills; and it was understood diency of resuming Cash Payments an the sth July next. 'My num your committee have had submitted to them a calculation of data, afford no means of comparing with one anoth e r th e an d t h e amount of British capital now invested in foreign securities, Mount of their respective Issues. ' 'that the Bank should retain one half of the monies paid in, to now proceed to offer thdy observations with *meet to the Po- and of the remittances, which may probably be required for' Last Qum. Third Qatar. Last feu the extent of the monthly payments abovementioned. d i ed at which it may be advisable to terminate the Restriction. further payments ce account of foreign loans. The calculation •is 1813. 1816. 1814 It appeal, however, that the sum paid in money on account . They will, in the first instance, advert to the supply of Gold founded (*the estimates of three commercial houses, extensively British Linen Company 1,400 - 910 - 1,263 of this loan fell short of the amount which was expected,' and which may berequired • order to meet the probable demands itsengaged in foreign loans, which estimates ermetined to vary to Bank of Scotland - 8,773 - 6,728 - 8,171 the repayment to the Bank did not much exceed five millions at u p on the Bank on the resumption of Payments its speein the end of Jemmy, 1819; one million of which the Bank doan in It is difficult to f •an y est eof the d etetdderable extant; sad ft t. e°l°Pateld this the Royal Bank • - 735. e 967 - 1,131 not ;tinnier as an effective re-payment, intereu to that amount Gold i n a re on° ace . • a &ki t h cap i ta l i n f ore i gn pu b li c mene yd n o s a b out ten =As a very large put of the cursenny Of Scotland ie funietti circulation previously to the year 179 f, and ceeleeatree five hundred thousand pounds, WWI =MOM 10111141161* pp- by those Banks, it met be infersed from the preceding "do beldue'tts the Bulk Upon the whole of their advances. with respect to that which w il l hereafter be required, must no. posed to be its French Stock. This fleelmato Wasidellisbad --- . 'to that whoever was the imount at the dose of 1813, not WI tin Tice' amount of the advances of the Bank to Government eeme m b e and tida y more vaguetutu dory. the Committee by Mr. Hadimand, who taiga atm ii a'pnisd. one-third had been withdrawn front circulation in 1816, mutt was, en the 99th of April last, X 19,438,900, the sum of In the communication mode to the Goltunittee by the Cook bility of error, to the extent of one or nirotallices. He is or which period sat nod amount has been re-issued. X1,091,8!0 being deducted from the account furnished by the of Directors of the Bank, on the 25th March, it Is Boole as the amount of adeances on sums issued for the pay- a th, the of l o circulation before t h e opinion , that little '''' "'bin more will be apt t rai l dal "Wl' A n ' wnalik ' n ' cuiTee P cildfn g Iv " thl° is point °l69r;issd . f t amount . meat IS dividends . . • war was try on amesent of theet t ett Wee% now in oranhe eesetym e nt,, least, equal in degree, emirate to have taken place in tat pan I , frionfirrnioh f their . _ variously estimated,' ever by persons beet qualified, from their Mr. Ha l m', a p artner i n t h e imps in' , d m , issued by the Country Banks to England. The' number dile! iopinion yank respect to the situation . to obtain information. it seems, however, to have not consider the whole w elte d i n A s _ establishments lieeened.lin 011 e wee 940; in 1817, was 7 5 2. neallity of Chinigment repaying Jrut of what they been agreed that It was about thirty millions ;bin whatnot the includin g ' amount 4 al" reign, American Funds, to be ten millions; be speak. Mr. Iloyd stated, that the circulation of the Country Beth owe the Bank; previous to any Resumption of Cash asnount, the whole leas been exported. of capital permanently invested, and does not take into the am was at its highes t In 1813 and 1814, but was confidently re Mr.llarman states in his evidence, " 'That the ansonnt of count t h at w hi c h may haveheen • empioyei is ep eu t a tien lb duced in 1816, and the beginning of 1817; and being ained ass PaymOnts, the Committee state : gold' tn the country• previous to the restriction, bad been esti- 'ln confirmation of this view of the subject, the Committee mate d b y t h e nue Lori ms,-----i ...sm. at thirty millions. Mr. Rom dra w n back • • Foreign F u nds, a great p ar t o f which, b e o b serve d. h a d b een the amount outstanding at the latter periud,when conipaintivria beg leave to refer to the evidence of Mr. lialdimand, now one'watt proth to this country. Hi does our think that the former, he answered, " I can hardly say, I should thinks stated it higher ; but p erhaps if we were to it at twenty of the Bank Directors . lie states, that "it is his opinion that m il lions, that might be abo ut Ps the amount which was in circa! more than three militia° of Belt" proper " ' are permanently was reduced twarli one-ball." a sum of from eight to ten millions should be repaid to the'Bank. Invested in FreneleStock, ind IV of opinion, thet if it advances Your Committee were furnished by Mr. Stuckey wet th lation previous to the Restriction Aet."' He " by Government, supposing the public balances to remain with- thinks he is warranted in saying , that if twenty nullit adds, besid es in price, a considerable nion of that will be withdrawai and following Scale of the Circulation of a considerable Cahn nut any considerable decrease in amount" . And being asked, what remained in the Bank ts for the of e that there is no P • lky t h a t an y e mnid era hi e sum w ill b e Bank for the East four years : " Does the aggregate amount of such balances operate as a dimi- dit before the Restriction Act, ittaking • Is lt moderately to tracked for abroad. expels- remitted from thisscountry, in conseemence of loans wowttoo- Match I 816... ......to-........r.• -...--. 11 / nutian of the amuunt of the total advances made by the Bank in• coutend that as much would be necessary soot." to the Public?" he answers, " lies, it does." Mn Alexander Baring observed, "'Dem it is difficult, indeed changes YQIlf Committee are of °pluton, that the .future effect do n ...... -. 1516..., .5....—...111 For the reasons alleged, it appears to your Committee, that impossible, to form any accurate estimate • but his im r i is, the of remittances on account of Foresee Lewin •••..•••• ...... 1,19 although the amuunt of the advances of the Bank upon Go- - that with anu and perfect coin, such ' the w verntitent secerietee is accurately stated • . in the Appendix, yet in in his opinion would exclude the A 3 and fil notes , S whe l c i la s er they Cash Payments will tend to diminish that e ff ect; and that nib. evidence of Mr. John Smith, a Member of the Home, Kele determining the effect which these admixes have, of dminish-seguently to their resumption it will be subject to a constantly inuel Gurney, and Mr. Gikkrist. . . are by law excluded or not, the ant tof oak agold ' ing the cuntroul of the Bank over their issues, a deduction must would not be much {psi than from 40 to 4$ 01111loos. He operating controuL In torrobora s tion of this opinion, the Cote- Whatever may have been the diminution in the mean be made corresponding in amount to the average lutes held furmittee refer to the manner in which the Exchanges of France the circulation of Country Banks in 1816 and 1817, it waste mean that the whole amount would be req before cash and Holland ( countries having a metallic currency), have been la 'degree caused by a diminution of the issues of the Bei any given period by •the Bank as a deposit of public money, payments could be resumed , but he thinks that the could sot since that deposit-, by lessening the amount of Notes in circula- be safely undertaken with muck less than half of that amount affected by similar remittances. of Insgland. 'Else circulation of country paper is li able to it tion, restores to the Bank in proportioa to its extent, the power The Dutch Capitalists have embarked to a very c ons id era bl e affected by wait of confidence, generally brought on by ens tually its the country, which its circulation would ab- of acceding to the applications made to them fur the discount of ultimatel y - extent in the Foreign Loans that have recently be e n ma d e , an d slue failures in some of those establishments, and the Jesse a sorb; a mid that the half could not be accumulated without great mercantile bills. are supposed to have taken Read). three-fourths of those nude which is, that either Country Banks, however solvent, pressure u p on upon the country, In lees than four or five years from b y Ru ss i a ; •Your Committee trust they shall not be considered to have but no sensible elect has been produced open the pate more or less in the general Oiscredit, and are obligen too Incthe present time." cooped into unnecessary details in having thus given a full ex- • Lxchanges or Currency of Hoiland. France, notwithstanding strict their Lewes, from a regard to their own security. b* The data on which any reasonin g with respect to the taunt position of the relations between the Government and the Bank.the great extent of Contributions to Foreign Powers, w hi c h (video of Mr. Tooke " a like effect is sometimes product of metallic currency *at will be required subsequentl y to the It will he seen by reference to the evidence, that the amount a have been defrayed by that Country, has maintained an ampl e and in a much greater ' degree, from the discredit of their or removal of the restriction , so imperfect, that y our C mi their advances to the l'eblie is urged by the Bank as one of themetallic currency. It appears in the evidence of Mr. Holland tomers, to whom they are In the habit of advancing roman abstain from offering anynkcisive opinion upon the subject , but main intim-dime:ay to the early resumption of cash payments; they think that Mr. Baring has over-rated that (man Kith and Mr. Irving, that the price of Gold has remained neatly most oft heir customers being holders of articles which are ha , . and that in order to nuke preparations for their resumption,stationary at I'aris for th e last four years ; that in 1807, when to be affected by a general depression of price. respect also to the disposition of thepublic, to require gold coin • • • mon I the Bank require a repayment to the extent of ten 'Militias. as c urrency • us pr efe rence to notes under five pounds, a conchs- The Conurtittee was anxious therefore that the amount and opmof seven per cent. there was none in Paris ; and that between the witnesses mast ' conversant with the management et Courei sion m ay be drawn, front the testimony of e.. witnesses, dif- ration of these advances, and the degree to which thee e ff ect is feting from that which Mr. Bari n g ha s formed. It has the sth October and the 29d December last,' whilst the varia.. Rinks, and to whose evidence your Committee te•g leans counteracted by the balences of public money held by the Bank o b eerve d i n a former part of the Report, that when the Bank don In the Exchanges between Paris and this Country amounted refer, that a reduction in the Amount of the Notes issued 0 should be clearly understood ; and this appeared to them the to four per cent. the greatest variation between Paris arid any the Bank of England would speedily and necessarily be foil undertook to pa, their notes in cash in the year no more necessary, as the Committee feel it their duty tocloee this y ear 1817 , p re- Country, which had a metallic currency, did not exceed one by a proportionate reduction of the Country Bank Paper; 01 ference for coin was sh • ewn, until the foreign exchanges caused liar cent. • It must be obvious, that, independently of that cause, the ler branch of their inquiry with an earnest recommendation to the a demand for the of exp ortation . House to make immediate provision for the gradual repayment hit. Hat states in his evid ence, "that . at that period. he • Rothschild being examined, as to the effect of the Cots_ ,is liable to a sudden and highly inconvenient contraction, use occurred in itit to the Bulk of that portion of the debt which the Bank requiretnbutions which France has paid to Foreign Countries, upir such circumstances of distrust and difficulty IS was induced to flatter himself thit the doors of the Bank would to be repaid, and to eetablish some permanent provisions, lin be —that (if be might use the expression) the public orb it rifting and defining- the authority of the Bank to make advancesp e r nt." CC , ing increase in the issues of the Bank of Er.glandi the would hardly know whether the Bank w* open or shut—that it sinaikr tr. to the Government, sad to purchase Government securities • was in a moment of tranquilli -mhatpeople see med indifferent " When your Committee considers the extent and which is fortunately unassailable by the influence of and bringing under the coasters/ inspection of Parliament the ' about gold—tbu instead of co7nir. th e for gold, "g to Bank they value," Scc..see, as given in the STAR of Sat da ur y, o f euntstances, must have a tendency, by diminishing the asPiA extent to which that authority may be in future exercised. brought their gold tc the Bank—that remained, till the financial. down to the reference to the opinions of M r. Bari the ' t Pape Currency, to raise eke value tit the whole. t aheefen On the second head of the inquiry, the conclusion operations in France began, and as soon as they were talked of, ti r. ng Thin in the opinion of your Constrittee, was one a . . produced by the rapid contraction of our Currency in Mlles. of which we gave in our last, the Couitaittee report, the tide turned."fall ill the no il In speaking of this p lan, Mr. Baring observes , "under be andbed in part the? . as follows: Mr. Stuckey, a gentleman very extensively connected with a system, the whole amount of Bullion that would be required Bold, and the favourableatate of the Foreign km nes 11. Your Committee proceed to the next head of their in- Banks in the county of Somerset, gave evidence to the slowin g musrbe that amount which the Bank would be under • ' - that interval. motet'-' In the latter end of the year 1816 and beginning of • . quiry, the expediency *lnverting to Cash Payments at the pin . - cesuty of keeping for the purpose of bal a ncing th e variations S uc h co ntraction is an evil to which the system o f C° .., 73121 pod Seed by law for their resumpt i on. 1817 , we had a circulation of coin for some months; it cost us .that may from time to time occur in the amount of currency , Banks, resting up's iedi;idual credit,may be occasiaall7 at that period n early one bun y, It will be seen by a rekrence to the Papers in the Appea- hundred pounds to transmit the sure which at different periods the state of the C oun try Committee are inclined to hope that it will Aft dix, that the Bank, without departing from the principles upon plus quantity of coin to London, of which 4-sth may require, but your 6in °aloe+ at and farther, any amount w hich the Public may be disposed likely either to prevail to the same extent, or to endure for n e -winch thee Issues on the &seabed of mercantile bills have thug kart , consisted of gold. We could not get rid of it in We coon- hoard. I should not think that the amount req uired so •to period, "hich an intoner° , by the long a when the fluctuations to a. e been regulated, have made a very considerable reduction in thepreferring oar notes . Ir th try, our customers Would paper currency exposed, shall be I brought with me to town near one thousand guineas from one e gradual rouniptiost tie r oat ot notes °OMINOUS& compered with their amount at not think that the contraction and ex • • pension of Currency at the plan which they reminntend for dr 1 tie conmeracentent of tOe year 181*: . of our Banks; on taking them to our London banker% he re- different periods could go much beyond that amount. di d Cash car -Payments, v• e whit It Front July to Detentbee,llll7, the average amount - quested, as a favour, I would not leave them there. They had ' um mg wo go certainly to a leu extent than unde r further to pro el a system of Whether ft may be practicable . ~..._a is wh i c haur was 419,210.085 lately sent so many to th e Bank of England, that they did not mo n b ee , )mouse there could be no small hoards, and persons convenience to the public and the loss to in meali _,, in. , From January below, 1818 g7,954,518 like to trouble them any more; besides, the Bank oily took would be less disposed to hoard larger sums when they had not from the occasional insolvency of Country Banks , l ~4 s, those that were if full weight." prom July to December, ditto.... ......... ......, aG i iay i ti;,iithe means of noting them as currency, if the' stiouln be die. such provision without an interference with tee rifles's' i founded (r' for the three mouths to The average Monet Notvethstandin u t this evidence it must be admitted, that no . posed to do co, otherwise than by selling or carrying them to penv and the , transactious of the community fowl ,sitt rice rood March, 1819 - "?• •• Of difficulty, resPeca n t t s • cu tances, incline to menial credit are questous great short al interval as that which is ref erred' to by Should the Legislature determine on the restoration of cash Mr . Ilallnan i Shink, that ten millions of Bullion would be aou n d a n Committ ee ' could not, without further evideuce sad t fur your . .___ oil rice sth July sleat. the. Directors of the Balk would and Mr. Stuckey. Gieat uncertainty must prevail with I espc-ct papu.so. se.every ptrpose; but it is di ffi cult to s oak Stith enabled th Ives to aubtait au 00' 4 p 1 accuracy of an derable delay, have • • to the amount of gold which way be required for the purposes naturally feel themselves compelled to posmone the mummers- ton ef all other interests to the security of the establishnient of internal c i rculat ion; and the Bank must be prepared net onto whir . rt y s p ert to the preservation of the standard ' , Your C have forborne from ettarint ee° le ' ... de, and • would make a further and very for the peesibility of a much larger demand for utose purpcses ef r ; b a ring gtitai, 44 Than h e e s - u ti e 6 tid .o. va.ue, . Mist rd mei the value of Cur C11:::S.: . of q c n ent that the scan- soutug upou the Mist pr a upon e es.ae': of that portion ot . their currency winch ' they than will probably be made , but for the•cousequencee of a drain ogee e 4 t h e -C omfy , of the amps !"redi` ea , mei course the par video of the P*per , by variations in the numerical antount, a • lib ii. , re • ' upon their tre a sure induced enter by such a tam e -imam depres- ' aid 1-,nrioute.t...u. . , wtthin their comets the - reed in much • e Keel, , .greater Purity than undu any Bank of England. se many dm- e•t ne ..,: ~. ~e x i testimony will be fouod In the Minutes of . don of the exchanges as shall afford a profit on eipkrtation . r i o ste . t h a it ,. 4 the precious Moab, to by a dimpoelion to Mead them, airrta.l. he r: ffielhdel that value ; such, ior inbtan..••, as t...e var . ) ii.g,5 , 7, , ar .„ .1! .1 te amik ir a t m i , to tke effect to be apprehended from a sing front sudden . inn semidelivered aPa the Committee iri retirenee' - Hal triedkt and cettliduste—the fluctuations in . , ay . ii .rhabo wan% of ' • c opt m• %leek, rapid • of the present amount of currency upon Panicto Me flood ifullore'Payrnentt, in which'he the, ei niews•Eis countrrhtelt parer—therliihrentdeg reea44 l u '•'' -0 i nterests o f s h e E mp i re o f wh i ch paper curreney. It oast be coadderedden, the iw o i a ~,,„0.:. 'ef rot i ~• them • - '• .1 ' ..- T -1 ......11 : 61 I Carl 144:610111tEVYAStierte as m ipr a eh m e tnin e.,r P me bun& Otte tame •Mu 1 t cur: -trey citcuLete. at . e , m ne• . deem it incumbent on t i em to et. i end now hi this country is very limited. „ Tia ge,oatinuauce I • t mole be..linl • • if, ame ellEe.it' , se ** 44. ° ."pin io n,' that re selisie.ori .. retie. • '• • riche Rtyrriet:oB ILI conod the emanative s o neyn t heO r han ~ • e • h i n - / ,•.. , ,_! --, ----ty.... earfoog is late dot year t umlauts, are 61 u — ...4 , . e 10 , th e 1...:14"" . t wo s p otion adlicient to give the Houet a just idea of the i_ rm _, ....,.,_,. _.__,___, ___,..„,,, . t ___.,...„..._., et j.t ' tit nin not unnecemanty cramp citchtattup; that chignon con be all wal o truil " al"1"'re" j '" i. PROPUMIIi • 4 • 3 !d *i n_ ' -t Utt'' op i,a o 4. upon his eabjcd prevniling amongst the panes whd.r. ri. ".r... ---,-,..-- _ _7°.' rOm`e'm m sonme in "7 'rid *in_ 0/Ilkl e y meneuree stm owe of G • -e inount 4 t.he Lsees os the pact uf.ieAeila.: to cninsaut use cow Ir.= MI , vatere•tenae autsaCcet-qur eiti. • Weeded* 4: .. . Uninitfility) but that, on tbe eustralf•fl it . oargtven thaw..-:nay t, leff.•