Star. — London, England, 1818-05-02 00:00:00

Government a of cash first place, gold. The the rate , watched issues ought • a state With Honourable and • difference be forgotten lee, and could no inserted in the distinction in . affairs in the alteration in the caused as they of regu coinage of the exceeding what- mere pur- Gentleman 'his coun- 1 • . . , •.t• • • :.,the advances made by the Bank to the Gove ought to be repaid before the resumption o 1' 1' . • limit th e of th e k payments. These must,advances t i n the first procure gold facility of acquiring gold must depend upon t of exchanges. These should be carefully w by the Bank, and the amount of their issues :. . to.he cautiously: and gradually reduced to * similar to the circulation in other countries. respect to whaled fallen from the Honoural _ Learned Gentleman, in regard to the differen .tween the gold and silver currency, he had foi • . that silver was no longer a standard of vale , .. that a person carrying . silver.to the Mint co I ' i longer procure coin for it at the rate inserted Mint minute. This made an important distinc the present instance, from the state of affairs reign of Charles IL when a slight alteration 1 l 'i relative values of the gold and silver coinage, the disappearance and restoration of either, : I ) - •happened alternately or respectively to be affec • . The Government now retained the power of ! lating the exact amount of the silver coinage I ' country, and of preventing it from exceeding ever was considered necessary for the men poses of exchange. ' The Right Hon. Gent 1 . - then adverted to the effect produced upon this i I try, and, indeed, upon all the Continent of E by the facility enjoyed by Great Britain &wen i 1 i • her paper circulation. It was like the effect it ,' # been found to arise from the dikotery of the 1 of America, for by increasing the circulating m over the world to the amount of forty milli proportionably facilitated the means of barte gave a stimulus to industry—(Hear, Aear, he IS proportion, however, as the Bank of Englaz found it necessary to purchase gold on the Cot , ! ' , to meet its engagements with the public het 1 1: circulating medium of the Continent was d imity and as the Continental States did not enjoy tl '' l , dit possessed by this country, and were there I i . . barred from increasing their paper t urrency, 1 r stilt was discernible in the great confusion anc riorAtion of property that had taken place on th tiaen during the last two years: indeed, he h I t hesitation in saying, that much of the distress had prevailed upon the Continent was fairly atti • -. ble to the purchase of bullion by theßank of En I He then remarked on the great stimulus the in of the circulating medium had given to the ar industry of this country, but while the genet • , . . pearance of the country was improved, and it: • perky. promoted, it wis much to be lamente the comforts and rewards of the labourers has I much reduced. The population of the county increased in proportioi to the rapidity with • • the circulating medium had advanced; but t . there was an increased demand for labou .L., wages were diminished. This he shewed by ence to the prices of corn for the last century ' I stated, to shew the improvement of the count! from the year 165 S to the year 1754, there h been one Bill of Enclosure, and this country i . ted corn. Thee e were, from 1754 to 1.796, • which time there ';:a.! been a rapid increase circulating medium by imports from the mi America, Bills of Enclosure to the number of and this country became an exporting countr, was very glad to hear that the Hight lion. t man did not think these was so much danger apprehended from the Bank's resuming cas ments, as some individuals seemed to suppose appeared to imagine that a complete revulsion take place in the state of the country if such I sure were resorted to. He believed that nothi tended more to create alarm in the country, th clamour which was raised on the subject of 1 i sumption of cash payments by the Bank. h as he always had done, that the Bank had a ri; soon as possible, to resume those payments fras convinced, that, by a gradual, tempertit cautious conduct, the resumption might talc, without risking any material alteration in the • of the empire. -This however, could only be d a proper reference to the circumstances of the try—and taking care that the amount of the c Lion tended to place our course of exchange a with that of other countries. I ! Lord FOLKESTONE argued on the incons . of the opposition to the present motion. He sa two years ago it seemed to be quite understo4 • • the Bank should make preparations for cas • merits, and yet now, without any inquiry, the I were called upon at once to embark in a new of paper-currency, without seeing any end 01 1 ) lle insisted that the speeches from the Tn Bench all differed from each other in priucipl that particularly the speech of the last Righ ) , i ' Member was full of argument against the side " i question on which he was ping to vote—(h 1 t 4 He asked why the most conspicuous orator I side of the House (Mr. Canning) was not ti i support this measure? (Here somebody wh to Lord Folkestone.) Oh ! that explains his at i ; but how was it that his friend, the Right Hon her who spoke lase, was induced to fire red-h as he had done, against all the arguments ofth( , celtor of the Exchequer. He thought it mo that the Bank should, without any inquiry, lowed to raise or depreciate at their pleasure t ii i; perty of every individual in the kingdom—na the Bank should think this so much a matter of ' 1 that not one Gentleman connected with it the ii . worth while to say a word in explanation. Mr. THORNTON would not let this ques to a vote, without asserting that the Bank h 1 1 • every thing that depended on them towards sumption of cash payments. It had by two }4, , 1 sive issues of gold coin endeavoured gradual' / troduce a metallic currency. Inauspicious •• stances, out of the controul of the Bank, ha sioned these attempts to fail, It had please VIDENCE to give us last year an unfavoura vest, and large sums were necessarily dray the country to pay for corn. It occurred soc that several of the great Powers on the C• • were not in a situation to maintain their I meaty without having recourse to loans. Is loans were in a great degree raised in this c but as their produce would partly be ap p I' ll , , • wards the payment of debts to England, th good reason to exct it would in a short dm to this country. To these drains was to be at . expenditure of Englishmen on the Continent i i% 1 - • , .• ~ mending that had the mines medium inillimut, it barter, and hear:)— England had Continent . here, the diminished; joy the cre thereby de , the re and dete , the Con had no which attribute ' England. increase arts and general ap- __ its pros lamented that had been country had which ..ut though labour, its by refer century. He country, that had not impor ciuri,l7 of the mines of - of 3500, country. He Lion. Uentie danger to be cash pay ppose—who revulsion would a mea- nothing had than the the re- He felt, . right 3 a ments--and he iperite, and Lke place re affairs : done by' ;he coun circula- , on a par 'consistency • said that ierstood that 'ash pay le 'louse new career or limit. 'reasury ple, and , ht I tor. lc of the (hear.)-- of that there to whispered s absence ; Hon. Mena i-hot shot .the Chan monstrous Lquiry, be al.- : the pro .nay, that of course, thought it question go .11( had done towards the re vo succes tally to in us circum , had occa pleased PAC. r ourable har iwn from soon after, Continent Govern- These country ; applied to there was time revert added the Continent, which Majority against the Motion was estimated at -not less than 6,000,000/. Under all these circumstances, as a Member of Parliament, he could not but adfnit this was not a favourable time to establish again a metallic currency. As to the issues of the Bank, they had been increased, from 1816, in consequence of the withdrawing about that time of most of the country notes ; a restriction of the issue of the Bank was, in his view of the sub ject, necetsary at the time of the change of system ; and he could assure the House it was the intention of the Bank to adopt it, but it must be done with great caution, and there might be circumstances which, even at the moment of resuming cash pay ments, would render it expedient to pursue a diffe rent conduct. These matters of great delicacy, not withstanding the reflections thrown out against the Directors of the Bank, he would say must be left to their discretion.- • On the question before the Houv, he begged to say there were, in his opinion, sufficient facts to enable Members to form their judgment.— The Bank had done its part, and had no favour to ask; but we, as guardians of the public interest, we must act with prudence and discretion, and not press a measere of this nature at an improper time, whioh he considered to be the object of the present motion. Mr. FRANKLAND LEWIS urged the necessity of going into the Committee. It,was useless to call upon the Bank two years ago to make preparations to resume cash payments, if, at the expiration of that period, the restrictions were to be renewed, and the gold collected to effect those payments was to be dis posed of for other purposes, so that the Bank would find itself as unprepared as ever, whenever .a fresh . call was made for a return to a metallic circulation. Mr. GRENFELL, alluding to the speech of Mr. Huskisson, observed, that it would have been as well if the Right Honourable Gentleman would give the House the benefit of his vote, as well as his opinion, in favour of the appointment of the Committee. He alluded to the various expedients which the Chancel. for of the Exchequer had invented to continue the restriction ; and contended, that, with respect to the remarks he had on former occasions made upon the proceedings of the Bank, that that Corporation had not been treated with any undue asperity. He con ceived that no sufficient reasons had been assigned for continuing the restriction. Lord CASTLEREAGH would, at that late hour of the night, only direct his attention to the argument of inquiry, so strongly urged on the other side. He admitted, that it was one which was always of a plausible nature ; and particularly so, when applied to a subject of intricacy. He confessed, however,', that never had he heard an argument of less plausi bility than the one which this night had been pro-, pounded. The motion of the Right Hon. Gentleman (Mr. Tierney) involved three points of inquiry-Ist,' With regard to the private banking system-2d, as to the currency of the country—and 3d, an inquiry as to what restrictions should be imposed open the Bank, to prevent an improVident issue. Against the latter consideration he strongly protested. It was not, he conceived, the duty of this House to interfere or encroach upon the independence of the Bank. He ' iepresented, in strong terms, the difficulties in which the Bank would be placed if it were obliged to sup -1 ply the country with specie, and to satisfy all the demands upon them, when it was a well-known fact that the 2,600,000 sovereigns and half sovereigns which had been issued, had been sent out of the country. Mr. TIERNEY in reply observed, that the Noble. Lord who spoke last had undertaken to simplify the object of his Motion, and because the inquiry em braced various points, had endeavoured to simplift, it by arguing that there ought to be no incibiry at all. The difference between him and the Noble Lord was this—that the one desired to know what he w.b, about, and the other looked upon this as an anti quated notion. The Noble Lord thought it would embarrass the public mind and create alarm, if the proposed inquiry was insured ; whilst he was of opi nion that the country never could be alarmed at see ing its Representatives inquire before they acted— (hear, hear ).—lie regretted the absence of a Right Honourable Gentliman (Mr. Canning), who had given to the Chancellor of the Exchequer, at the time of the Bullion Committee's discussions—discussions which he had been reproached for not renewing that night—so severe a lecture upon the doctrines he then maintained. Had any body foretold at that time to him, that an I: L nourable Member, so severely lashed for his erroneous opinions on matters of finance, would soon after become Chancellor of the Exchequer, he should have tlxpught the prophet out of his wits (hear) had it been adCed, Oat the lecturer, and a party to the lecture, (Mr. Hus'iisson), would also sit by this Chancehor of the Etc tequer, and support him on occa,ions like the prete tt, it must have exceeded all human credulity—(Haar, Right Hon. Gentleman, indeed, seemed, after much deliberation, to have made up his mind, that the best way after all was to speak the truth, and the first confession was, that stock debentures were not worth a farthing. With regard to the preamble, indeed, the Right Hon. Gentleman asserted that he had had nothing to do with it, and that it was entirely - a mistake. The person employed to draw it up had probably applied for some reason to prefix to such a measure, and the Right lion. Gentleman not having one at hand, desired him to find the best he could ; the consequence of which was that he took the preamble assigned to the last.-- The present motion would probably be negatived ; and he sincerely regreted it, because he believed it to be the last struggle upon the subject of the national currency. The consequence must be,.to persuade the public that there was a powerful Body somewhere, interested in maintaining the currency upon its pre sent system. That the ultimate effects of this perse verance must be dreadful he had no doubt. One of the worst omens was, that we had a Chancellor of the Exchequer, under such circumstances, who evi dently had a leaning against all sound opinions, and who had no other anxiety than to keep up the circu lation. The day of reckoning would, however, ar. rive, and he should be sorry to be one of those on whose heads the shame must then lie—(hear,lear) The question was then loudly called for, and stran gers were ordered to withdraw.—On a division, the numbers were: Ayes Noes ..111. , 61 The CHANCELLOR of the EXCHEQUER then moved, *at the Bank Restriction Bill should be read a second time.—Mr. BENNET immediately mo'vei that the House do adjourn. Mr. TIERNZY rose and quitted the House amidst loud cheers from•the Opposition Benches. Strangers were ordered to withdraw, but no divi sion took place. On returning to the Gallery, we found that the Bill had been read a second time, and was ordered to be committed on Monday next. The other Orders of the Day were then disposed of, and at half-past two o'clock-the House adjourned. THE EVENING STAR. LONDON. SATURDAY, MAY 2, 1818. THE FUNDS. PRICE OE STOCKS THIS DAY AT TWELVE O'CLOCK : Reduced 7914—Consols 80}1 —fur Acc. 80:i 4 per Cent. 96j 97—Navy Anns.lo7i India Bonds 96 97 pr.--Exch. Bills 19 22 pr. • The important question of the Bank Restriction came on last night, in the House of Commons, and gave rise to a very long and able discussion—to our full Report of which, we beg to refer our Readers for every necessary information on the subject. The Paris Papers of Tuesday and Wednesday have arrived since yesterday. Nothing farther of parti cular importance has occurred in the Chamber of Deputies. The trials at Albi are still going on, and at every new step increasing in embarrassment.— Madame MANION now distinctly declares that she recognized individuals in the party concerned in the assassination of M. FuALmts, who are not among the Isuntber 9l'Me accused, but whose names she declines for the present to mention.—M. CROQUEMBERO, the Belgic Officer who was imprisoned about two months ago on certain political charges, has been set at liberty. French 5 per Cents. left off on Tuesday at 68 fr. Some further intelligence has been received from India. The Marquis of HASTINGS has removed his head-quarters to Terah. The Bhurtpore Rajah, st ho had been called upon to furnish his contingent, has sent an aid of 1200 horse, who joined Major-General DONKIN on the sth November. Letters from Bun dlecund state, that a body of findarees had plun dered Howe, near to Chatterpore, and had after wards advanced near to Banda, with the intention of _crossing the Jumna, when they took alarm and fell back. Sir DAVID OcurrßLoxY had proceeded from Goorgong to Rewaree. Major O'DONNELL, com manding the Eth Native Infantry, has been murdered by a trooper of that corps. Letters have been received in town from Cadiz, dated the 10th ultizno, which state, that a part of the Squadron purchased from Russia is ft possible to he dispatched early this month, with a bo.iy of troops to issist the Royalist cause in Lima. The great im pediment to all enterprizes of this description is the v.-ant of money ; for as soon as any treasure reaches the parent country from her colonies, or from any other source, its debts, engagements and difficulties are such that the application of the sum acquired is wholly anticipated, and nothing remains for future services. Messrs. GALLATIN and EUSTIS, the American Com missioners sent to France for the purpose of negocia ting a Commercial Treaty, have failed in obtaining their object, and a meeting of the American Mer chants it Havre, has in consequence been held, at which the Merchants passed several violent Resolu tions, reflecting on the French Government and cer tain exactions, which are described as very gtievous, imposed on the trade of America. ENGAGEMENT BETWEEN SPANISH AND SOUTH AMERICAN SQUADRONS. From a further series of New Orleans Papers which we have received to the 6th March, we extract the following imperfect account of a severe engagement which has taken place between two squadrons, the one belonging to Old Spain, and the other to the South American Republicans, which ended in the complete triumph of the latter. When we observe that the Spanish squadron was bound for the coast of Africa, with the intention, doubtless, of engaging in a villainous traffic which has been proscribed by the whole civilized world, can we din otherwise than rejoice in the result of the conflict? NEW ORLEANS, MARCH 4. Captain Morton, of the sloop Commodore Patter son, from Havannah, furnishes the following in teresting information :—" On the 6th and 7th Fe bruary, a fleet of Guineamen and Merchant vessels, under convoy of the Maria Isabella sloop of war, the gun-brig Campeador, (formerly the Grand Turk, of Boston), and another brig, name not recollected, sailed from Havannah, bound to the coast of Africa. On the 12th or 13th fell in with a Patriot squadron, of two brigs and one schooner—a severe action en sued, which ended in the complete discomfiture of the Spaniards. Two of the Guineamen had arrived at Matanzas, and brought the news, they left the squadron still engaged, the sloop of war believed that she, as well as the remainder of the convoy, were captured." A Jamaica Mail has brought us this morning papers and letters to the 15th of March. The intel ligence which they contain relates almost entirely to the varying struggle between Spain and her South American Colonies. A letter from Havannah, dated the 28th February, states, that in addition to the loss of the Guinea squadron, noticed above, a convoy twenty-four Spanish ships, which sailed from the vannah for Cadiz, had been dispersed in tempest uoo , weather, and most of. them afterwards captuml • Insurgent privateers, only two of them being k c , to hare arrived at their destination. The Buenos Ayres privateers are stated to be trz.:z• ing in great numbers in the Gulf of Mexico, a n d, have captured in less.than three months, upward, twenty vessels, the cargoes of which ha-e bee r , sc and the vessels fitted out new privateers. the Republicans are thus all •powerful c.. it would appear that their cause on land !,1 rienced some rather serinas reverses. rs. Royal Gazette of th:. 14th March, cons; Tam from a Carthagens letter of the 17th if which arms that an official account 'al 4! ceived there of Merida hiving bct.n rc:Aptzen the Royalist troops, and ,of BOLIVAR'S hVilz defeated, driven to fly nobody knows ultere . deserted by great part of his troops. The Kingston °lroniclo of March 11 stz:es far. on the authority ot the schooner Antonio, which I arrived from Campeachy, that the fort of San G gorio, the last strong hold which the Patriots re•,ai in Mexico, has at length been taken by the R er oi but as no dates are given, we are unable to detcrrri: the accuracy of this report by a comparison wirh accounts which we gave in the STAR of Mor.dar which came down as late as the 27th of December, at which time it is certain no such evert had ta; place or was likely to occur till the Viceroy silo.. recover of the i 4 cholic,” brought upon him Ir.- repeated defeats his troops had suffered before fort. The communication between the City and the coast is also stated to be now perfectly open, so that large sums of specie are expected to End dr way as before to Vera Crut, ar.d thence to dye' •her Country. The Spanish frigate IpFgenia, was bound to the Havannah with eight redicra dollars, has been condemned at Campeachy as sea worthy, and the specie landed. THE ARMY. Colonel BLACKWELL, on the lialflay of the k is appointed Commandant of the Royal Ibbern School, Dublin. It is reported that one or two .'da . ;or Generals to rocccd tlndia. The dc , itinatioi, of the 38th Re anent is the C of good li.pe, and that. of the 35th t"../Eibec. Monday upwards of frao fl eu :he 11.v:ilid I pot, Fort fin, marched from Chervil to r! , 'se Wednesday, a strong dezachnipo , . larders, all fine active young terl3uri, from Edinburgh, O. :heir rout. t. r;vt.,l .0 aim NAVAL INTELLIGENCE. PORTSMOUTH, IIAY I. Wind West.—Salled the Fir, Timor, and the 'Um, for Starga:c Creek; and the Latex, XLI.`IOS, COWES, MAY I. Arrived the Ann, Thompson, from London, with tam, ' to take troops from Albany barracks to Hakim PLY MOUTH, APRIL 30. Passed up Channel the Alia, from Ceylon, for Leedom FALMOUTiI, APRIL 29. Wind S.S.E. moderate, and fine wtather.—Arrived the Hobart packet, with a mail from Jamaica, in fort) -two dad SCILLY, APRIL W. Wind W.&W.—Came in the Ajar, from CM' Cambria, Jenkinsei, from Havannah ; and the Medics, ley, from Antigua, all for London ; and Swish ddp In Areyes, from Cadiz to Portsmouth. Spoke by the Aim, Peter, glis, from Liverpool, on the Ist of Aril, is lax. id S. long. 18. 9.. W. On the 9th of March, at the Island cf .b sends, spoke the Royal George and Donetsk/re, all welL—Syeee by the Meade, on the 17th of April, in lat. 17. N. {tette ' W. the ship Builder, from London to Quebec, all well. Aram 27.—Came in the Amelia, Bettie, from Lmdm FayaL The vessels will all sail next tide. DEAL, MAY 1. Wind S.W.—Sailed the whole of the Spanish moment, -- the Rowlett Officers and utlors, for Russia, under the ceastmal of Rear-Admiral Muller, and Commodore Hamilton. Ain and sailed for the River the Fame, Dale, from Cainitta: venture, Stokes, fmrn Leghorn; Goodwood, Ntsham, frog Oporto; Richmond, Clark,. from Ber,gal; Nlinerra, llndmi. from Liverpool; Donegal, Courtney, from BeiLst. Cam down from the River and remain in the Lhowns, she 111 : 0 "mk Thomas, for Dublin; Mum; for lialifas; hod* Pond, for Miramichi ; Sappho sloop of war, for the East laid; Coldstremn,Coxwcll, for Calcutta ; Boyne, Fergtwon,kr &DPI MARGATE, MAY 1. Wind W. blows fresh.—Came in the Hope, Fovies, Teignmouth, having been on shore on the lan sand. The of the Thetis continues to be landing, but the vessel is new of water, and no hopes are entertained of getting her MG SHEERNESS, MAY I. Arrived the Glory, convict ,hip, from the Rivet Thant% and will take on board convicts for New South Wales. GRAVESEND. DIAY 1. Arrived the Marquis of Angleseh, Watkins, from Antwerp Ranger, Wood. from Dantrie ; Joint, Peaky, horn Rotten'' Thomas and John, Bell, from Amsterdam ; . th• - • Fr.ocis regg, from Smyrna ; and the Albion, Hall, front H.X.lb4 —Sailed the lirissett, Munro, fur J.unalca; Fumy, Mi.' Madeira and Pernambuco ' • Canadian parker , Rettn , r ,f° "` bec ; Waterloo, Junes, for Dublin ; Plea, Parry, for 41 'w. Three Friends, Scott, for Havre • Flyieg StrithO cs , Leine ; Ebenezer Edmonds, fur itarburgli ; itucA an d French; Venerable, Burton ; Patriot, Cuter tom" ar " and William, Nicholson, for Ebbe:lir, lite. Jinn, Wso'be' Pillau ; and 'Huber, Joagemboo, for Copenhagen.We understand that — ariiie line of battle the 2d and Sd rate, stationed at the different pert guard-ships, are ordered to acsemble at Ply tnoul the end of the present month ; we know the cause that ~ r ives rite to Ibis laureroen\ perhaps there is nothing political in it, we gnA not heard that there is any order to aull t respective complements of men. not a ire EIRTITS. On tke t7th ult. it Bark the Lady - of Dr. lifidtklntrY.d Monday, in Piccadilly. the Lady of John Barrow, Leek Admiralty, of a son. MARDI ED. - Tuesday, at Harpenden, the Rev. Joseph Damon, ek Wheathanistead, to Mics Oeorgiana Wade, yaw of the late Mr. Wade, formerly Master of the Catuu Brighton. DIED At Irishtown, county of Westmeath, aged I'+, MrL Gemon, youngest daughter of the Dowager Comae" ad ' of the Count Magats,ley. LOUDON; Printed and pubbsbral by I.svu. 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