Star. — London, England, 1818-04-10 00:00:00

ferred to by the Bank Directors, had amounted to been for a return to a metallic currency. The four millions ank a half ; that against which they pro after the first experiment which he had men- , tested was intended not to exceed three millions. The d, had made another on a more extended scale, I last loan raised for France amounted to twelve mil offering tcapay.,all their notes, issued before the lions. The total amount of the loans raised for her 'Bl7. But circumstances were now changed. in this country might be taken at 50,000,0001. while not wanted to put gold in circulation, but the a loan of 5,00p,W0/. for the service of Prussia was exchanges were different from what they had understood to berin contemplation, and there were no and the result of this second experiment was grounds for supposing capital to be so abundant else ike that of the former. From a Return before where, that it could be raised in any other country, louse, it appeared, and he might therefore now and thus the drain upon England was likely to be be ion the fact, that no less than 2,600,0001. had yond all proportion greater than in 1795 and 1796 paid in cash by the Bank for their outstanding He repeated it was not from the internal state of the and it was a notorious fact, of that immense country, for the Bank were ready to pay in cash, but issued in gold, hardly any part of it remained from external circumstances alone that he wished the .:ulation. Such, he was satisfied, would have Bank Restriction Act to continue in force some time the case, had the Bank formally resumed cash longer. At present he should propose to continue iyments in the last year; and he stated this, to the Bank Restriction Act in force till July 5, 1819. Sow unadvisedly they would act in taking such He had stated thus much to pave the way for the at an improper time. The same objection which introduction of another measure which he had to have been urged in the last year against the re- propose, which had for its object to give the country .ion of cash payments, might at present be urged a more secure paper circulating medium than it had some aggravation from the altered situation of ever possessed before. He wished the paper in cir- InlBl6 there had been a bad harvest, and that culation to be convertible into cash at the pleasure t 7, had not been more than as average one.— of the holder, and the House might rest assured the : circumstances were unfavourable, and to these Bank were as anxious to effect this as they could be mailing might be added for the emigrations which —(a laugh ). He wished the country generally to' taken place, to account for the state of the Ex- have a better paper currency than it had hitherto iges. The number of persons, however, who had had. The most convenient currency that a nation England to reside abroad, was by no means so I had, was that which consisted of a mixture of paper as had been supposed. From a return which and metal. The paper should be large in its amount, held in his hand, it appeared that the number of but yet so well secured that the holder of it should sons who had sailed from Dover to the Continent have the same reliance on its intrinsic value that he -hich the principal emigrations had taken place), Would have on the precious metals themselves. To amounted, from the year 1814 up to the 24th of Fe- effect this various plans had been suggested, by giv- Sruary, to upwards of 90,200. The number that ing securities on land and other securities, but to . returned was 77,530. About 12,700 might him it appeared that these were objectionable from erefore remain abroad. He stated this to shew that the unicertainty attending them. He proposed to • emigrations- which had taken place afforded no found a paper currency oa that which might cer. grounds for alarm, and to prove the opinion er.- tainly vary something in i:s value, but not to a very aired, that not fewer than 40,000 persons had so great extent—he meant funded property. Had this the country was unfounded. Supposing these been tried when our funding system was first esta- TO persons to average an annual expenditure of blished, we should have, probably, now had as per each, which was a large sum to take as the feet a currency as any n arson could possess. If, on ige, the money thus spent out of the country the first Loses being raised, paper money had been id not exceed two millions and a half, and this issued, founded on then, there could be no doubt ' not be sericiusly felt, though it might contri- that gold and silver would have continued to cir in some degree to make the exchanges unfa- culate with them. At present, from no such regu arable. But another circumstance of a different lation having been adopted, our currency was by tature, and most extraordinary in its character, had no means equal in different parts of the country.- -urged: he alluded to •the negociations which had In Scotland no inconvenience had ever been felt from . place within the last taro years for loans in this theamper currency. In England, and still more in ntry for the service of foreign Powers. In 1815 Ireland, he was sorry to say, such was not the case. loan was raised for the French Government, He would not enlarge on the many inconveniences -sating to about 5,000,0001. sterling, and subse- which had been felt, as with these every Gentleman . loans had made the total amount 27,000,0001. must be familiar. It was his intention to propose, effect of these had been to depress the exchanges, that after July, 11120, no private Bank in England the price of gold had advanced from 3/.175.3d. should be permitted to issue notes under 51. without 2s. 6d. Such had been the effect of these loans, having previously deposited some adequate security tgli he had every reason to believe that the indi- for them. As to Scotland, he meant to propose a Duals who advanced them, had they conceived different plan, suitable to the exigency of the case, in -to be injurious to their country, would by no that part of the United Kingdom. The securities :eans have been concerned in them. They, how- which he should require were, that the country ban - had a legal right to dispose of their property as kers should transfer to the Commissioners for the re pleased for their own advantage, and the Go- duction of the national debt, double the nominal 'eminent, in such a case, had no right in any way to value of his notes, in stock, or an amount equal to uerfere. So those who had emigrated had a right them in Exchequer Bills. The double amount of the leave the country, and probably would not have stock was necessary to be deposited on account of the abroad had they thought they should in any variation in its value. The notes issued under this iikpate it; but the practical effect of what had arrangement should be sent t i the Stamp Office to dons was to take aanually two millions and a be stamped; but in addition to the stamp, they should oat of the country. In the course of the present receive at the same office an impression which could loans had been negociated for to the amount of not be easily imitated, and which would be an at -2,000,0001. But for these he should hardly have testation of the particular species of security under • himself justified iti calling on the House to adopt which they were issued. $o t iat the public, upon re extraordinary measure with respect to the circa- ceiving the note, would at o ice be enabled to see the • medium of the couatry._ The House must be security to whi:h they cogtded—(l-le-r , hear)—lr , , are g that by the Treaty of Paris the Allied Army ?ht be withdrawn from France at the close of the esent year, or might be continued there for two longer. In the latter case it might be eaten that the French Government would want a new to the amount of 2.,3,000,000/. to meet the ex penses which they would have to defray ; and in sach rase a resumption of cash payments by the Bank England would be most injurious. He stated this prove that it was not from any thing in the inter nal state of the country that he was desirous of con ing for some time longer the Bank Restriction in farce. Internally there was no danger, but it I necessary to provide for an unfavourable state of exchanges, and the question on which the House to decide was this, whether th" inconveniences' ' would flow from - a resumption of cash payments an improper moment, did not greatly outweigh we that would result from its temporary prolon ion ? It would hardly be thought by any one ad ible for the Bank to resume cash payments under mmstances extremely similar to those in which Restriction Act was resorted to. He confidently icipatel the opinicr. of the House would be, that ought to take such a course. To shew that the :unistances of the two periods differed he would ' certain documents to them. He then read a :solution come t) by the Court of Directors at the September 15, 1795, in which they declared, should a new ITan of 3,900,0001. be granted to Emperor, they were of opinion, from the actual cog of the former loan, that a drain of bullion fight be expected, which would afford cogent yea as for apprehending the most alarming conse iences. On the 11th February, 1796, they came to resolution still stronger, in which they declared That it is the opinion of this Court, founded on the acts of the last Imperial Loan, that any further an granted to the Emperor, or any•other Foreign ate, will in all probability proye fatal to the Bank England; and we therefore r , protest against any :h measure, and should it be adopted, disclaim all .ponsibility for the calan,ities which may follow :ovens: He might be asked, if our return to a me lic currency was to depend upon the arrangements foreign Powers? Hewould reply to this and similar icstions, that we ought not to return to cash pay tnts till we could do it securely, and that moment )old be very ill chosen for doing it, when the cir mrnstances of the country were similar to those 'rich marked the period when the Bank Restriction tct was first resorted to. But, it might be said, the loans which preceded the Bank Restriction Act were guaranteed br the Government. He admitted there was a difference between such loans and loans like those lately negotiated, or now negotiating. This, owever, was hot so important as might be supposed, ' was more than made up for by the difference in amount of the loans. The Imperial Loan, re was obvious, tAt these . an f other matters of detail would require much coniileration from the House, and he was anxious-to give as much time as possible for reflectian upon the subje:t—r hear, hear, hear ).-t% He should state, that as ti the security of one class or the other, the public were in no bther way respon sible for f.:e payment of the notes, than merely as a stake-holder. Two ob:eczions he had heard against this plan in private ,:onversation: They were some what of a Contradictory nature. The first was, that it tended to increase the paper circulation. His an swer to this was brief, and he hoped it would be sa tisfactory. It was irrp ,- ;:ssible that the wish should+ be stronger in favour of issuing paper, for which solid security should be given, than that for which no security wasdiver.—(Near, hear.)—The other objection stated, tat a circulation o - paper under a. and under these restrictions, woul 1 not be so pro fitable to the Country Bai.kers as t ) reider it desi rable for them . ' to issue much paper at all. That, of course, was a matter which rest .d solely with the individuals themselves. Certain he was, that the safety of the public demanded such security ; and he was not in the least appnehensive that, even with the restrictions, the Couutry Bankers had not still sufficient inducements for the issue of small notes. At present, that issue was unlimited ; but the per mission for such unlimited issue was only a tempo rary measure, and the plan would not deprive the Country Bankers of an old or invariable right.— Neither would it be attended with any great mcon venience to them. If they were holders of stock, where was the inconvenience of transferring it ?—lf they were possessed of capital, where was the diffi culty of purchasing Exchequer Bills? One advanta geous consequence at least would result from the plan, that it would induce men of large property to embark in Banking concerns, and exclude men from such concerns, who possessed but small properties, and who were unable to give sufficient security— (hear, hear). The Legislature, in regulating this weighty matter, was placed in an option of difficul . ties. There might be various opinions as to the uti , lity and efficacy of the plan; but there was no man of business who would not agree in this, that a me tallic currency for all sums under .51. woald be highly • inconvenient. The question then was, whether, on : the one hand, the public should be guarded from 'an issue of precarious securities, and that on the other, the Bankers themselves should be guarded from issuing more notes than they could pay--- j ( h ear, hear). It was desirable, under all the cir cumstances, that the system should he improved.-- : There were still two years to pass before the limita tion would operate ; and, taking the calculations of the bankers, this was a period sufficient to wear out 'the number of small notes now in circulation. As !to the Bank of England Restriction Act, he thought it essential to the public interest, that it should be , - 1 mienTs had been for Bank, after I tioned, had by offering t year 1817. It was not w foreign each been, and tb not like that the House, i mention the been paid in notes ; and i sum issued i' 1 in circulatioi been the case r payments it shew how in a step at an i' might have sum ption of 4 3 with some a things. In lE 4 of 1817, ha, 1 s , i! These circur something IT had taken pl changes. T 11 left kaiglan great as had he held in 1 persons who i (to which th amounted, f . . bruary, to 1 Lad re :urne • therefore ref , the emigrati just ground: tertatned, tl , i , . • left the con 12,700 pees .1 2001. each, average, th would not c would not I I bute in som t ' vourable. nature, and ~, i i occurred: 1 taken place country for a loan via ax.ountiag q lent loans The effect: wliie the p 4, 0 ' it, 4.25. 60 ' . though be i - viduals wt I t':= to be weans bar 1 ever, had a they please if •'''',..* vemtuent, i , • i' interfere. • to leave th gone abrot . way ir4t4t4 been dans 1 half oat of dear loans 12,000,00 C ) felt himsel aai extras, Litmg med aware that n:',l , llt be pt vent ye, pars lour , Lited that 1 ) loin to the penses vAli • a :;ase are of Enn , lan, .t, to prove tl nal state o tinning foi Act in for, was necess '1 the exchar bad to dec that woulc at an imp those that t rtion? I 'liable fen ei:cumsta the Restri antiCipate they ougl eh:mu:sr.: Teta ecru Resolutia I . Bank., fie ) i that ghou] I 1 . ; the Empe effects of • might be sons for quences. i lt t . . a resoluti j , ) " That it effects of Loan gra State, wi of Eagla int,:h met , ii rsponsib thereat:: i` tailic cur 1 of foreigt question! meats ti would be curnstam which m, Act was . . , loans whi gum - ante , . i was a chf • those late ( however, ' and was ! the amou i' , . ; A.s. ',. 4. . continued for at least another year. The plan whick he proposed would do away, at least, one of the argu ments against the continuation of the Restriction Act _namely, that it created an excessive issue of small paper. The loss which would be sustained by the existence of a great number of them in circulation at the time when the limitation would Le renewed, was sufficient to keep down the issue cf small paper for the next two years. The plan was, therefore, a security against it. He was fully impressed with the conviction that the measure was necessary, under the circumstances of the country.—(Hear, her:o— care should be taken to prevent the public from being imposed upon by inadequate or fictitious securities, and no exertion should be spared to render the measure as effectual as possible. As soon as the preparatory arrangements were made, the country bankers might begin to deposit their securities. He knew that some of them would be anxious to issue stock notes as soon as possible. The Right Hon. Gen tleman concluded with moving two Resolutions: Test, That it was the opinion of the Committfie art leave should be given to bring in a Bill authorizing the continuance of the Bank Restriction Act for a time to be limited. " Second, That leave be given to bring in a Bill to authorize Bankers in I"'land sod Irt.h.nd to issue Promissory Notes, on the security of Stock in the l'ublic Funds or other Government Securities." Mr. TIERNEY said, that he did not mean to follow the Right Hon. Gentleman through the de tailed statement which he had just made. He should, however, beg of the Committee to take one thing into their most serious consideration, namely, that the Legislature was now called upon to adopt all at once a new system, and that in a time of peace, with out any one reason having been advanced to support it, without any previous examination of it by a Com mittee—(hear, hear). Upon the second Bill he shduld not at present offer any opinion. Of its general hearing he could not yet form an idea ; and even if he had, he should not upon such a subject trust entirely to his own opinion—(hear, hear). He did not know whether the Bill was meant to sweep away the whole of the country paper circulation, and place it in the hands of the Bank of England.— He could not say whether it was destined to dimi, nish the profits of the Country Bankers, and increase those of the National Bank ; but he certainly did think it a little hard that a Bill should be brought into Parliament now, which was not to h*ve effect for two years to come—(Hear, hear, hear). — Was it intended by this manoeuvre to create a kin of a prejudice against the Country Bankers, at the same time that it held out the means of enabling every man to put himself upon his guard against them ? And was it right that these men should be held up before the public for two years ?—(Hear, hear, hear.) Ile did not profess to understand the whole of the plan which the Right Hon. Gentleman had but par tially explained ; but it was pretty clear to his view that not one man in the country would be found foolish enough to deposit stock which should be double the amount of the paper he meant to issue.— The plan required of a banker who was about to issue 1001. in small notes, to lay down previously 2001. that was to purchase the issue of 1001. with 2001. (hear, hear, hear.) How could it be expected that any man would issue small paper under such circum stances as these ? But then the Right Hon. Gentle man said, he might lodge in Exchequer Bills an amount equal to that which he wished to issue. What was this then after all but giving effect to that sys tem which the Right Honourable Gentleman made the constant employment of his thoughts, namely, the increase of the paper circulation by composing part of it of Exchequer Bills ?—(/ear, hear, hear.) — He would ask also, whether, under this arrangement, the issue of small notes would be in the least af fected. Who would take a 51. note, when he could have five separate pound notes, which would be ade quately secured, while the 51. note was mines such security ?--(lscar, hear)—Was this the well digested measure which the Chancellor of the Exchequer had in contemplation for some months? Would he pre tend that he had not a much inure extensive plan if he had not been corrected by others ? Of the Deben tures, however, which were not issued, he should say nothing—dernortuis nil nisi bomare. The subject should be submitted to a Committee, where all parties might be heard, and where the matter might be fully in quired into upon their various information--kheer).— He looked, he confessed, with a good deal of jealousy at the introduction of a Bill into the House two full years before it was to have any effect. There must have been some reason for this proceeding, which it was not in his power to fathom, unless it was, that the Right Honourable Gentleman wished the House to pledge itself now to the principle. But there was no ree. , on why the Bill should be brought in now, 110: was there any thing necessarily requiring the House now to adopt the princple, and he hoped that' neither would be even entertained without e most serious consideration. As to the plan, if nobody , else should move for a Committee to examine it, he should take that duty upon himself. He was rather surprised to hear the Right lion. Gentleman de clare his intention of renewing the Restriction Act, as if he had supposed it was quite new to the House. There were not nine persons out of ten in the house who did not foresee that intention from the com mencement of the Session, or at least from the mo ment that the Right Honourable Gentleman acknow ledged that be had some doubts upon the subject. As soon as those doubts got into the mind of the Right Honourable Gentleman, they got out of the mind of every person in the country—(hear, hear.) The restriction had been asked for one year and " no longer." But he felt confident that it would be con tinued every future year, until the House would take steps to compel the Bank to resume cash payments. The Right Honourable Gentleman had indeed said, that he was sincerely sorry that it was not advisable to terminate the restriction ; and by way of illustration, he said the Bank was as sincerely sorry for it as himself. This, he (Mr. Tierney) fully believed. The Bank had no sorrow at all upon the subject (hear, hear), conse quently, neither had the Chancellor of the Exche quer. It was the interest of the Bank that the Re striction should be continued—it was profitable to them, and the Bank Directors were the Chancellor of the Exchequer's masters; he could not go on with out them. " I," said Mr. Tierney, " told the Right Hon. Gentleman so two years ago; and I may use the words of the Poet—. • I thought AO then, and now I know it!" —!Lanchter). Without the Bank advances and deal ings viith ;lie Right lion. Gentleman, half of his bob- bles would have burst while he up—jhear, hear). Great fear wa, revulsion in public credit, whici cash payments would create. Bul doing for the last seven yeah? ' they made in order to render the as possible? Why, they increase, rency by two millions and a hal then to be considered such " di borrow the phrase of a nigh, tleman opposite, Mr. Canning) this, and not at once see the of isting system of finance ?-0, But it all was no matter—the 11 the Rizilt Hunonrable Gentlem enabled him to make flourisi enabled themLelves to make ( Hear, Lear.:—The restriction in the teeth ~f the Right Hone own assurances. He began h them what happened some cii ago ; he might as well have givei William-1A laugh.)—What h. the restriction, was nothing to thi shoold look only at what was tr —(hear, hear, hear.}—The Rigi tleman said, there was a moil of metallic currency in the ct were really become so delicate, bear the very sight of part of it was said to have bet country by the 90,000 traveller . the Continent, and of whom LS mg abroad. The amount was t at two millions and a half. For that he was one of those travel'to say that he did not carry wit tion of these millions—(hear, He was much more anxious to had gone, and was still likely I try, to make up those various were concluded, ur were nil! hear). He believed the prob; such a one as to render an which should be derived from of the Rtstrietion Act. But the Right Hon. Gentleman ag If so, then he should sit do A n certainly take an opportunity He had a jealousy about eve the renewal of the Restrictio half the Right Hen. Gentlernai, burst hear, hear). Every tl lower the interest of money quently sent it to the foreign interest was to be obtained. more wealth unemployed in F: Hon. Gentleman was aware o to keep up a great paper circ , . which he hoped the House w least until it had taken all yeas into the situation in which tl If the report should be brougl should move for its postpor Committee. of Inquiry--(hecr, Mr. GRENFELL said, he ment propcsed respecting Cc importance to the proposal f' Restriction Act. In 1 . 816 the and the exchange in our (avow that a certain time must be all side and settle before the RI moved, and that two years we for that purpose. With respeo the bad barve)t of 1816, he dif to observe, that the exchange our favour as in the beginninl was the reason now assigned striction ? It amounted to n because a German merchant I and an English merchant had fore cash payments ought not Bank of England. He would servations to the future stages mean time, he begged to knot be deposited by country banker as a security of the stamped , also to five pound notes and our The CHANCELLOR of the fcrring to what had been said tleman (Mr. Tierney) disclaimed ing any imputation on the Gee Banking Establishments. He' intention of the kind, nor war measure itself which implied the credit of those most rer that which must always be nature of the currency which to the rest of the currency of question of the Hononrable last, whether the stock depose dered as a general security for depositors, he certainly meant it should be a security only I two-pound notes, bearing th As to the rest, the security, or faction of the stamped notes, cable for the benefit of genera] had been said of the effect of tl in 1795, on the price of bull from the evidence of Mr. N , the Bank of England, that tl . in 1795 had been 21. 10s. per high as 4/. 4s. per ounce. II a sort of taunt, whether the had been intended, and whet, Debentures had not been at o In answer to this, he must disti did intend to propose a scheme —Much noise had been mr. about such a scheme, and an ted a plan of the kind to him soon given to that individual, his plan was, it was not desirs when so many Exchequer Bi answered every purpose that Debentures. At the same time a general negative to the stile under certain circumstance! with much advantage. But adopted at the present time, cessary effect would be, the quer Bills would be very mu, Mr. GRENFELL said, th Newland's evidence, that Get ► gate that the market price o' :le r he ‘‘.a 7 e . i s ,tertai bio • v io d rnit„ . .. 1795 to which the result% i 1 - r . I n I te. But Willa was th. Ic - es? M'hat preparat: Berk der that revulsion ..°:.-.4„ mc i n a nswer I 11CreaSed their pip e . ,•,,- a half. Were t h e H„,.. --!.. t chaegel ,: ts lodged ch " dolts and id:r 4s - - -.. The CHA= Right Honerarahie ,to be. e :.....rgoantictihii. inning) as to 5 , -- 1 - . . ," the operation (,-, ••••7 .7 ! ?—(hear, hear, i: - '' -the Bank accom- '-- Monday w entleman, avid ir' :: ::, tt . lourishiLg spee c h es. ,• 17 ,r. ABRRC sake ilouris:ting r ,,,_.:..., 1 . y move fo ration was now coil: • money twko t Honourahle Gentat", . 1 m o.rat GA: hickb.. t .0 s iikcottsdhcoalosit:sidititeici chants Tra, ;an his speech with •,, •-,," 11 . avour Of a I me eight-and- t w c , ~ : 1 2 . t o a C re girea Me he; : r r . .. ) ,:,7, tot. Vhat happerad ; .•'' .;;°. e n G .11 g to the Eil W.:: _t : : . ' • I- • ers of HMI! • ••• ,_,, se • . ing the 1 was to hantn i,..: • n li ):!ti v il 1 im e lcne— ‘a b ‘t e ce e :4c'e l !l i tica c rlui;: a :rdl r r .::1-41z illij i l l et: : :.: : : . -c' a : s' t- 1 , , ;* 1:1: : 71.. 1 :: 1 : .l3lr77c i r' L l:sel' e teA) ; (ra r - te nael...:l4‘l"hnd e t: r Ain(edu ctic lh)iwOeliell -1.•,. ./ 1• et ou the 1 atreilen; who ? , I.;c d (.„ . - I ver ts MG 13 .___... 4 i 8W. MU 12 ,(.100 sv , !re still remaia. k . I si''''„ „„ t was even i.:ceii• t i cc • .. 1 . a 0 '*° , For itirnstlf.i:.e • '''' ''. Or. BEN% c..L., ',IT. . . end arl travelers, and Le r.-0.: , ' .ted or , rry with him i - •is ',, '7 ~... t . i j , era in favou hear, hear, a..., . . . • Petitions nus to learn h - .v ' (lithe mod . HPl ' ' -'' S ess i o n fel likely to g° out : i ' l l-„ ; c-...: - . o hs, a nd r arious fe,reig;‘. laa...s -. '.. : - , .n, to the I re still in ni . •.-" ~' •--‘.._ '.... -Ise also in ~ . .r:. - t•-• - : enema V probable one, of 0: !T any at:guile...l • tted to t from it icr the c,- .. . Inspectors But to :ha:. c-. 1 c,• : ,, _ , : hair an it an ag-re. to the c. 7.,. , opting to 'di at prep de .vn ; hut if cot. 1: ~ .'.l Lave been 1 unity of mashy; f-- ••••• meriu wig it every mint; wr:ch :e . :. . cm . . .. -pct ; hot -,- : ! ;c E.-k , -k , ta , ,' EGER tieltlau's buishit's .r. , .: . ...: hre J o hn Va . t very thing he d'.,l ii'... .!. a :e to ' AtCtb; C°l , 1121 loney a: home, a n d ~,,..e . , pelted to weign market, where ::: , '-er ork, ihr Ile Mr. WfLI led. There was a great .:4 the Pethio in France than the Ili, :it :otter mold ware of. But his object iaa • ole impres er circulation in this courarr, en copies oard. )use would not agree to, a Si r rE tl o El all reasonable pains to inn lire . been air hich the country was p,.., - .ed. • .1 it coma brought up on Morale-, he • li 'ober Mr. SMY :ostponement, and prc p•,ie a Cambride , .(hear, heart. Act, fi d, he considered the arra:-N‘ Sir B BB ing Country Banks of niiTsr way th % Y osal for continuing the KMt S M A ..nos burp 16 the price of gala w .!cr, .. fa Davin favour; the House was :' - ;.d Mr. .101 : be allowed for tbir.7. to. sub- tits and :he Restriction eJ•lid be r-:- ~•a to p , whirl ears would be suiicient ti-e - of this i respect to what was Sid of - ore pr , he thought it quite ia , Airt Alr. C. V • Publish Lange never was so rar.th is , At Act, ;inning of ISI7. And what aniski...d. igned l'iir coa.tinaiag the :le. The Mho 3 to no more than ..hi,. -....1 .r :hant had settled in E-1,2. r.,, at had setted in France. C.,:.- - i• -,ht not to be resulted b- the would reserve hh further 0'.:,- stages of the measure. I. the :o know whether the r.‘. - :k is bankers was to be cons:acrul rnped motes, or as crter.d'al renter c and others for larger stnr.::' keduc it of the EXCHEQUER. tr- Cons. n said by Right Ho z. Ger.- 4 per' sclaimed all intention et' car.- India the Gentlemen of Cc...,=7 This be s. He had not 0.1. ..:1 - ...ett .10i;, t:t or was there any t...g ir. the at th , plied any greater ciimit is • at E lit respectable perstiat. than soon ys be felt from :he f c:::.::ar - a which which they issued, as rppc!el at twelve Icy of the country. As to:he so 1-4th. Table Gentleman who sp,,,e r...a.t of ti deposited was to he cs. - .li- '- peeted the rity for aU notes issz:ed by the meant that in fie fast instance A Fl: only for tii• one-pound and `we lean ing the stamp of stock antes• against rity, of course, after the satis- about t notes, would be assets appli- general creditors. As to :,tat A N i wt of the former foreigd !ats, paragr: f bullion, he read an et: al FRANC Mr. Newland, the Cashier ef COL LE that the price of go:,'.. rhich ue, • seg. Os. per ounce. in 1797 w•Lso3 •cl ..e. He had been asked , ' itit anger T the present plan was ....1 that to adoi I t . g ( 1 whether a scheme of S: 0:i k, ti ceed m at one time resilved oa!--- ' Leace ; ist distinctly state that Le Lever tr.. - this scheme for Stock I), , 'cutures. of dis, ten made in the public prints Bouste .nd an individual had saam .t- The to him ; but notice was vry EMU ridual, that however ity,craeus ..e 1). t desirable at the prewat 71 e, .om vier Bills were afloat, as t.tcy ter I se that could he atatned by i n e e s t t i i m ie e m h e e o s f ra p s etia;;-11::1-3(.1-i.1sbuivi:1::014 ; a s .n c o oi l stances might be rest:led ta . •. a Ni But it was °helot: s , th at i ab time, the immedia:e a-Iti r.e- ae I be, that either they cr lischt- co: ry much depreciated 'tai ~ alae. 'la: aid, that, with respect to Mr. II . 14 at Gentleman never :newt to h tar rice of i i ehl in the tv l : : ea , '7 . .