Star. — London, England, 1818-03-05 00:00:00

less feu) , than other boards leis of that House. On the :ount had been moved for, :,ht of great importance. It destruction of the 'Property mt offices had become sine ✓ nine or eleven inspectors, ed to- travel, for the purpose which was technically called persons being reduced, it o give them pensions. Eleven i ries of 9001. or nine on sala tot which,—(hear, hear), and at the parties were, and whe situation under Government, wed for by an Hon. Friend now elapsed since it had use, and it did not appear been made. From the Trea ✓ department than the Tax e a return would have been re was no. correspondence e the motion could be an- Might therefore have been hich had elapsed. He, how was very much the ton at be that House. What theym . riding to interrupt or impede . They were, in truth, not t present than they had been irs ago. For the returns, he ! part of the country, so far destroyed, part had been oc occupied with them, where h the names erased, no doubt, passed over in such a manner atch them out of such a de harp as those accustomed to ts, might read them without tory that was told two years Id. A person could not send the chandler's shop, without e with what he purchased, 's return, or his own—(hear.) e told that some one died, and a sold, and these were a part might be had by those who a purchase. This known, !solve to see that the returns :ir own eyes. It was a maxim hould be trusted in his own stroy papers like the returns s not in the department of Kfice. Had the business to ieir department; had ft been lay on a surcharge, no one han he was to give credit to ctivity of the worthy persons riswer for the success of their iuty to be performed was te ax so dear to them all—a tax pf the Exchequer could never F a dirge to its memory—it ing. He concluded by mov ie should be appointed to in een taken towards destroying 3orporate, and of Individuals, Et of the EXCHEQUER said, leman had understood he was a motion like the present, he it he was very far from think inted for the purpose set forth do any g'od whatever. The n with al► the Boards under er ready to - comply with the He could exculpate the Tax which had been brought for able Gentleman. Those who le Office respecting the return Lst know that it had long been House, and had been printed ar.) The Return was ordered -louse by a Resolution of the February 10, they had ordered rated ; so that it was clear the as early as it could have been' .ar, hear.) Now, with respect whatever he might do in the was not his intention to pro revived during the continuance It had been eminently ser ;ad carried the country trium greatest difficulties with which contend ; but he thought it e, as he trusted it would be un- the nation should be blessed r, hear.) With respect to the ty Tax, he tvg.vited that some toyed, as, if they bad been pre— lave been useful in recovering g frauds which had taken place. o wish that any of the Returns Jule B, which related to the af- . should be preserved. It was pp os e that he could wish such , with a view to the revival of to must know that papers which umstances of commercial men d, if the Tax were again to be of little or no use now. He be preserved which could be of ter when imposing any new tax ; but to landed property ; which ter of secrecy, and which never ing of importance. The present s premature, for there still re from 200,000/. to 300,0001. of . Under all the circumstances, ye a negative to the motion for did not wish to revive discus ished to prevent any misappre .cretary to the Board of Taxes ie unfavourable character given ust congratulate the House and ag now stated by the Chancel that the Income Tax was never )f peace. He thought no rea- Nhy the Motion should not be dmadverted on the conduct of es, in over-rating houses with quiry. llc particularly alluded iclenham and lsleworth. could not help wondering at ►he course adopted by the Chancellor of the Exche- I quer in opposing the Motion. An inquiry was all that was wanted. If there was any portion of the papers which, consistently with the public service, ought not to be destroyed, they need not be touched. But the Right Honourable Gentleman acted in a way very incons►stent with his usual candour with respect to this Motion, and he could not help imputing the opposition which he now gave to it as originating in a m►stake in some other quarter. The Right lion. Gentleman sent the Secretary of the Treasury to him (Mr. Brougham) to ask what was to be the nature of his motion? Upon which he put into that Honour able Gentleman's hands a copy of the Motion itself, which very copy was carried across the House, and put into the hands of the Chancellor of the Exche quer, who, he was told, said that he did not object to a Committee. When he was informed of this, he told many of his friends that the sense of the House could not be taken on the Motion, as it was to be agreed to. As those Honourable Members were in consequence not now present, and as he knew they would wish to testify their opinions upon the subject by their vote, he felt it his duty to adjourn the de bate upon this Motion till Tuesday next. Mr. LAMBTON bore testimony to the truth of the' .statement of his Honourable Friend (Mr. Brougham)' respecting the communication of a copy of his motion. The CHANCELLOR of the EXCHEQUER said he had no objection to the postponing of the present motion. It was very true, as stated by the Honour able and Learned Gentleman (Mr. Brougham), that he had communicated a copy of his motion to him. But what he said on that occasion was, that a Motion for a Committee would be less objectionable than if it were in another form ; and that he did not oppose the motion if it were put off till a Committee was amicably appointed. To this the Honourable and Learned Gentleman refused to accede ; then of course he (Mr. Vansittart) conceived the negociation to be entirely broken off. Mr. BROUGHAM certainly' understood that it was not intended to oppose the motion. Mr. LAMBTON wished the House to observe, that the Chancellor of the Exchequer did not oppose the Motion for a Committee, until he understood it was to be composed of a majority against himself—(Loud laughterfrona the . Ministerial Benches.) The debatessiai thed adjourned till Tuesday. " meet 110 NS,. • L ; eed l Alderman WOOD Presentedra Petition from in Yorkshire, against a Bill of Indemnity, and pray ing for the impeachment of Ministers. It Trued likewise for Parliamentary Reform, and staked, that without a radical reform in their " then would-be honourable House," the Petitioners would not have it in their power to pay taxes.—Ordered to be laid on the table: He then presented a Petition from the Town of Birmingham, as the petition of 20,000 in dividuals, and signed, in their name, by George Ed- Monds, their chairman. The petition prayed for Re form, complained of the conduct of spies and in former?, who, like Satan, went about seeking whom they Might devour, and entreated the House to stand between a despotic Ministry and an enslaved people. Ordered to be laid on the table, and to be printed. Sir M. W. RIDLEY presented a Petition from twenty persons, inhabitants of Newcastle, praying for Reform in Parliament, and that no Bill of In demnity to Ministers might be passed this Session.- -Read, and ordered to lie on the table, ARMY. Lord ALTHORP wished to know when the Mu tiny Bill was to be brought in? Lord PALMERSTO}I.—To-morrow. Lord ALTHORP then gave notice, that he wool( ,o-morrow move a reduction of 5,000 men in thi amount of the force in the Army Estimates. TIIE BANK. Lord ARCHIBALD HAMILTON said, that it being now understood that the Restrictions on Cash Payments were to be continued for some time fur ther, it was desirable that the House should know what progress had been made, or what the effect was of the steps which had been taken, towards the re suming of cash payments ? To a motion of the same kind last year, the objection urged was, that as the Bank was preparing to resume their payments, it would be improper to enter into premature discus sions upon the steps they were taking with that view. Now it was extremely probable that payments were not to be resumed at the time fixed, and therefore the same reason could not be urged against his Mo tion. When he said that the resumption of payment was improbable, he did not conceive any transaction with foreign countries an adequate reason. A great deal of money had been floating in this country of late. Some account of its management became ab solutely necessary. He trusted the House, consider ing the immense importance of the subject, would not be satisfied with such information as the Bank Directors chose to communicate, but would feel themselves called on to take some steps in order to know how a matter of such vital interest to the country was conducted. The notices in question must have had some effect. Was it a beneficial effect, or what effect had they ? He wished some answer should be given to this question, and hoped, at least, that some explanation would be given before this motion was refused. He concluded by moving for " A Copy of any Notice issued by the Bank in 1817, respecting the Payment of their Notes, the Amount of Payment to which they became liable in conse quence of such Notice, and the Amount which they actually paid." The CHANCELLOR of the EXCHEQUER said, the Noble Lord might easily have anticipated the objections to his motion, if he recollected the discus sion that took place last year. Any interference on the part of the House with the proceedings of the Bank, was of all things most likely to derange their measures, to render them dilatory, and to retard the very object proposed by such interference. All chances of the resumption of cash payments depend ed upon their proceeding in the most imperceptible manner possible. The payments made by the Bank were considerable; and in making those payments they had anticipated by several months the period fixed by Parliament. What circumstances might prevent the resumption of payments was not the question. He should only say, that the Gentlemen of the Bank were most willing to resume payment, and that any general discussion, or general disclosure, on the subject would only retard that object. The happiest manner of resuming payments was to do it imperceptibly, and without publicity or discussion. Tf they were allowed to pursue their measures with out interference or interruption, they would carry into effect the intention of Parliament as early as possible. Mr. GRENFELL, seeing not less than four Di rectors in the House, could not sufficiently admire the readiness and alacrity with which the Right Ho nourable Gentleman stood forward the advocate and champion of the Bank. The conduct of the Right Hon. Gentleman in this respect was always remark able, but particularly so on the present occasion.— When he had on former occasions animadverted on the allowance of halfa million to the Bank for acting the part of bankers to the public—when he had ani madverted on allowing them 300,0001. for managing the debt which would have been managed for half that sum, the Chancellor always replied—" You know nothing of it; the Bank is of great benefit to Ministers, and to the country, of which you know nothing, and of which I will take care you shall know nothing." On the Bth of July last he had made a motion similar in substance to the Noble Lord's. The Right Hon. Gentleman then said, the object of the motion was to gratify idle curiosity, because the Bank had virtually resumed cash payments. It was not now pretended that it had virtually resumed cash ,payments, nor was there much prospect of a resump tion at the period fixed by Parliament ; therefore the ground of the present motion was different. The Chancellor of the Exchequer had stated no inconve nience to the Bank from the motion, and it materially bore on the subject of the resumption of payments on the sth of July next.—The House then divided— ;Ayes 11—Noes 34—Majority against the motion 23. RESUMPTION OP 'EASII rA A V RENTS. Mr. TWRNEY said, that he rose for the purpose of movilig for the production of certain- Papers con nected with the issues of the hank of England, to which ht understood no objection was intended. His motion went to the further continuation of the weekly accounts of issues of the Bank, from the 3d of Fe bruary, to the 3d of the present month. It was not his wish to enter into many observations at present, willing rather to take the subject into consideration as a whole question, than in detached parts. It was, however, necessary, to advert to some circumstances, in order to put the House in possession of what his object was in moving for the production of the Ac counts of the Weekly Issues, and of the course which, 'dependent on the information these Accounts gave, it might become his duty to take, respecting'the en. gagements of the Bank with the country, as to its :resumption of Cash Payments. And, in the first place, he begged to deny that he had ever expressed any doubt as to the fact of the Bank having accu mulated a large amount of specie, greater, he be lieved, than at any former period in the history of their concerns, .in their vaults. But what availed that accumulation with reference to the return of Payments in Cash, if there was such a progressive increase in the amount of the outstanding notes, as tended to counteract the specie accumulated?— He was most anxious in these inquiries to deal very amicably with the Bank Directors. Many, many of them he knew were truly solicitous to fulfil their en. gagements with the public, and amongst those he knew that the very worthy Gentleman (Mr. Harman) who filled the chair, stood pre-eminently forsvard. It was, indeed, to be expected of him, who was a tho rough bred English Merchant, and who therefore knew the value of a wholesome state of the circula sitat to the commercial world. The papers presented bid thrown so much light, or rathe; he would say darkness, on the subject, that he could not well see his way. At the end of the last Session the Right Hon. the Chancellor of the Exchequer had declared, .hat there was no doubt of the resumption of cash payments by the Bank, at the expiration of the time specified by law. He had since gone further, by stating that the Bank had virtually commenced such payments. Now all must agree, that whenever that resumption should take place, it must be attended with a considerable diminution of their issues. Ile was fully aware that such an inconvenience, as incon venience it must be, was a subject with many of great and natural alarm. And therefore he was anxi ous on that point not to be misunderstood as at all wishing, in the event of the Bank paying its notes in cash on the sth of July next, that even a' measure so desirable on many grounds, should be brought about by any sudden stoppage of its issues. His desire was to see the Bank gradually withdraw its outstanding notes. The House must see that the inconvenience will be felt, more or lest, according to the preparation of the Bank to narrow its issues. Nose what inference did the conduct of the Bank, since the last meeting of Parliament, afford on this head ? The Session had scarcely terminated, when the Bank changed its previous course, and issued a very large amount of notes. There were on the table of the House the Accounts of issues for the eighteen months from July, 1816, to December, 1817 ; and from these it appeared, that the issues in the first six months of that period amounted to '26,000,0001. and upwards ; in the second to 27,000,000/. and upwards; and in the last, (that was to December, 1817,) to 29,000,0001. and upwards. Thus it was evident that if the Bank, in place of preparing for the resumption of their payments in cash at the time specified by law, had determined to multiply impediments to such a result, they could not have more dexterously managed to effect the latter object than by the con duct they were pursuing. What course, he would ask, was more calculated to augment all the inconve niences which would naturally attend the resumption ? Was it meant to create such a state of circumstances by the excess of issues, as would have• the effect of frightening the country from the return to cash pay ments, by the apprehension of the convulsion which such an amount of circulation would produce? It was unintelligible to him how these large issues arose, for the House must recollect, that the accommoda tion to the Government formed no part of it. Would the Right Honourable the Chancellor of the Exche quer say, that if the Bank had abstained from these issues, he would have been enabled to make those flattering statements of our financial interests in which he sometimes indulged.? Could he have disposed of his Exchequer Bills ? The advances of the Bank to the Government, he took at 10,000,0001. that left 19,000,0001. unaccounted for. The average of the discounts he calcUlated at '2,000,000/. at the most. Under these circumstances, without acting hostilely to the Bank, did it not become every man who looked to a wholesome state of the circulation, to watch its proceedings narrowly, in order to ascertain what were the preparations making to enable it to fulfil its engagements with the public—(hear, hear, hear)?— . If these preparations tended to multiply difficulties rather than to facilitate the return to paymentY I. cash, then he must say, there was a juggle going on disgraceful to the Bank, and discreditable to the Go vernment—{hear, hear.)—ln that case the Bank had turned its back upon its duties, either to amass property for itself, or to shew its subserviency to the Treasury—(hear, hear.) He would give them a month longer, if in the accounts he now moved for, and in those for which in April he intended to move, he should see progressive reduction, then he would feel the Bank were in earnest in their preparations.-- r Should a contrary appe arance p resen t itself, it would become his duty to take the consideration of the House on the Resolutions he should submit for that purpose. His sole object, as he before stated, was to restore the circulation to a healthy state. That was also the bounden duty of the Bank towards the public ; and it was of importance that they should conduct their concerns to that end—{dear, hear.) — Ile could not see, now that we were at peace and no panic whatsoever existing, that in the event of the restriction being taken off, should induce men to ex change their Bank Paper for Gold. But at all events no one could deny, that whilst the present fluctuating state of circulation continued, the private property of every man in the kingdom was placed in the greatest jeopardy, and that some great calamity must, sooner or later, be the inevitable result. It was impossible but that an inconvertible paper currency without limit, must end in ruin. It might be the case that some of the Directors of the Bank would explain the motives - for these increased issues of their paper.— Should they afford no such explanation, but shelter themselves under the majorities of the Chancellor of the Exchequer, he, for one, and he believed the whole kingdom, would entertain their suspicions of such conduct. The Right lion. Gentleman concluded with moving for the total weekly account of issues from the 3d of February to the 3d of March, distin guishing the Bank Notes from the Bank Post Bills. The CHANCELLOR of the EXCHEQUER did not mean to oppose the motion, and only rose to say that he was to be understood as assenting only, with some limitation, to the proposition, that in order to prepare for the resumption of cash payments, the Bank should withdraw a great proportion of the paper in circulation. Mr. MANNING said, with respect to the increas e within the last year in the issues of the Bank, it had no connect;on with the adjournment of Parliament. About the month of July the payment of the divi dends of the S per Cents. must 6f necessity have occa sioned an increase in the issues of the Bank. Mr. GRENFELL said, that the increase of the amount of the issues of the Bank, which his Right Honourable Friend (Mr. Tierney) had referred to, WAS not confined to the month of July, but was on the average of the whole last six months. He com plained that the uncertainty which now prevailed re lative to the resumption of cash payments, was pro ductive of much evil in the City, and occasioned the fluctuations and speculations in the Funds. The de lay of the Chancellor of the Exchequer in the decla ration of his financial plans had also the effect of in creasing these fluctuations, and gave individuals to whom any hints relative to those plans were commu nicated an opportunity of engaging in these specula tions. He,,, therefore, hoped the Right Honourable ,Gentleman would put an end to this by an explicit declaration to the House of what was intended with respect to the Restriction Act, and the plans of finance for the year. Such a declaration would have the effect of rescuing the daily victims of the present very un necesary and unjustifiable uncertainty. The CHANCELLOR of the EXCHEQUER said, he must utterly deny that any thing had been said by him, in this House or elsewhere, or could have been said by any person in his confidence, to occasion the fluctuations in the Funds, or to enable any such spe culations as the Honourable Gentleman (Mr. Gren fell), alluded to. He positively denied the truth of the imputation which seemed to be conveyed by the Honourable Gentleman, and must repel it with the contempt which it deserved—(hear). He would leave the Honourable Gentleman himself to decide whe ther any premature or partial statement by him on either of the two subjects mentioned would not have the effect of promoting those speculations which ought so much to be discouraged? Mr. TIERNEY said, that if he fonnd that the Bank did not before the end of March withdraw some part of the immense amount of paper in circulation, so as to prepare for the resumption of cash payments, he would move a resolution for the purpose of adopt ing some precautionary measure against.such a pro ceeding on the part of the Bank, as would bring the personal property of the country into great danger. Mr. GRENFELL said nothing was farther from his intention than to impute any improper or corrupt motive to the Right Honourable Gentleman the Chan cellor of the Exchequer, who, of all who had ever filled that high station, was, he verily believed, the last man wllo would be capable of such an act. (Hear). The motion was then agreed to. The other orders of the day were disposed of, and the House adjourned. The new satirical Novel, announced under the title of THE &MYNA, already begins to excite much curio sity. —Our Readers may form some idea of the Work from the motto, which is_taken from the Preface to Glenan:on, and is as follows : " With re• gard to the characters, the painter well knows, that when he is sketching the personages of history, or the creatures of his imagination, the lineaments with which he is most familiar will sometimes almost in. voluntarily rise beneath the touch of his pencil." Yesterday Morning, at Eleven o'Clock, the Lottery began, immediately after which, 6,963 Was drawn, and being the first-drawn Blank, was entitled to Four Pipes of Port Wine. The Ticket was shared by T. Blau, in Two Quarters, Two Eighths, an d Four Sixteenths.—ln the course of the day the fol lowing Capital Prizes were drawn, the whole of which were also sold and shared by T. Buns, viz. _ No. 3,107, a Prise of £5,000 - £1,000 , 1 11,3611 - 11,771 £4lO 310 300 5, 017 - 500 . s,oos 1Y,070 - - 500 11,605 4,863 . - 410 When this Paragraph went to Press, neither of the £BO,OOO Prizes had made their appearance ; but T. Blum hopes he shail have the gratification (as sosua!) of stating, that they were divided amongst his Friends. The Second Day of Drawing is the 17th instant. t 4 '. , 1 1 1 I t 1 p : 1 l ' I Nii . 1 /i$ ,Pof / 1 r 4 4 . i 'I i 1 1 . • . ,i , dill ' ' • • ';1 !I 1 i 1 tk . 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