Star. — London, England, 1828-06-04 00:00:00

IMPERIAL PARLIAMENT . HOUSE OF LORDS, Anne S. The Earl of MA LTA F.SBU RY presented a Petition from an individual of the sane of Johh Pew". ;wolfing to be beard their Lordships in Committee. The information be parasite would enable him, be said, to jnake the most imporpnt cottontail cations to theit - Lordshir, connected with the welfare of manufac tures, .commerce, 'and agriculture. His plans were created by bienielf, and were calculated to promote the prosperity of every interest of the cooewbaud to restore Great flritain to its socleat splendour. The Petitioner stated. moreviver, that this great end would be accomplished by his plans, withoo the violation of any established principle . — The Petition was read at length, and dared to lie upon the table. The Earl of HADDINGTON presented a Petition from the owners and occupiers a land in the county of Haddington, in which he was happy to say they expressed their general approba tion of the system of the repotted Cern Bill Thy feUy approved of the duties as applied to the hig lamented her scale of prise; but that any deviation should be intended in the lower scale front the measure of last year. They prayed also that the Irish and Scotch markets should be included in the average, and that the duty upon foreign corn should be , levied according to the actual price at the period of its importation. The Earl of WINCHILSEA presented Petitions from the owners and occupiers of land of several parishes in the counties of Brecon and Lincoln, praying that the duty upon foreign corn might he rated according to the price at the time it was imported. Earl STAN HOPE presented a Petition from the Owners and Occupiers of Land of a Parish in the County of Bucks, praying that no alteration might be made in the Corn Law of 1822. Lord SKIMM ERSDA LE presented a Petition from Roch dale. in Lancashire, against any further Concession to the Roman Catholics. The Ksti of WIN CHILSEA presented similar Petitions from Stanley, Bletchley. Olney,.and several other Parishes in the County of Bucks, and from a Parish In the County of Mayo. • The Bishop of BATH and WELLS presented a,Petition to the same effect from the Arch deacon and Clergy el the Arch deaconry of Bath. The Right Reverend Prelate said, that he would abstain from offering any observation at the present mo ment upon these P e titions, as the important subject to which they related was so shortly to come under the consideration of their Lordships. Lord WA LLACE Treseated a similar Petition from the Bo roughs of Weymouth and Melcombe Regis. Archbishop of CANTERBURY had a Bill to present to their Lordships to relieve perlOns subject to ecclesiastical penalties. He would merely move that the Bill be read a first time, and that it be printed.—Agreed to. Lord DUN DAS .presented Petitions from Halifax, Yorkshire, from New Melton sod from Kingston-upon-Hull, for the Aboli tion of Negro Slat:ety. The Earl of LONSDALE presented a Petition from the Mort. gagers and Owners of Plantations, residing in Exeter and its vici nity, for the Protection of Property in the West Indies. Lord WHA liNCLI FFE presented a Petition for the Abolition of. Slavery, from the Inhabitants of Huddersfield, in the County of York. Lod WALLACE presented a Petition from Weymouth, pray ing the Repeal of the Act Prohibiting the Circulation of Notes under Si. On the motion of the Earl o f ROSEBERRY., the Mad Houses Regulation (Scotland.) Din was read a second time, and ordered to be committed on Wednesday, ths 11th of Jone. The Scotch Justiciary Courts Bill went through a Committee, and the Report was weaved- The Duke of WELLINGTON presented a Petition from tbe Silk Manufacture of Maccle.deld and its vicinity, praying for a revisal of the laws affecting that branch of industry. The Report of the Committee on the Salmon Fishery (Scotland) Bill was received. the Amendments introduced in the Committee having bean previossly objected to by the Earl of ROUATE, and usgstived. Lord IWH4RItICLPFE presented a Petition from the Ley payers of Manchester. against the Manchester Police Bill. The House then adjourned at a Qualms' woes Six tiCt.occ, until unimorrow (this day). HOUSE OF COMMONS. O n the modem of Mr. M. FITZGERALD, the Tralee Harbour Bill was read a third time and passed. The Covent Garden Market improvement Bill was read a third dose and passed. Mr. BLACKBURN presented a Petition from certain Inha bitants of Reohdak against 'any further concession to the Catholics. A Wow from the Lads announced their Lordships agree ment to the Irish Promissory Notes Bill, the Ulster Canal Bill, and other Ras, wit!~ any amendment. Mr. W. PEEL brought up certain Returns and Reports of the Committee appointed to inquire into Charities. The same Hots. Maus moved that there be laid before the House copies of the Reports of the Commissiooers appointed to inquire into the State of the Common Law and the Law of Real Propetty.—Ordered: $505.0 'LATEST. Mr. LITTLETON presented a Petition from West Drainage, in Stafford, and ten other Parishes in the County of Stafford, pray • ing the Abolition of Negro Slavery. Mr. Ii ALOHA L L presented three similar Petitions from York. Sir E. KN ATCHBULL presented a similar Petition from a Parish in Kent Sir JOHN LOWTHER presented a Petition from Whitdhaven. Lord PALM RRSTON +presented a similar Petition from the University of Cambridge. lt,gave bins pleasure to state, tbat he fully concurred in the prayer of the P etition. He bad long advo cated the abolition of Slavery; but then be was welt aware bow muds more simple it was to wish than let effect k, consistently with the many interests engaged in m important a question. The en lightened Petkinnets prayed that the R e solutions entered into by "%Mamma in NW Amid be carried into effect, but they did not feel it their duty to ask for more at present. Mr. a. GORDON said be was not aware that the I Noble Lord was one of those who pressed so anxiously on this sobject. He thought that the people had at last come to their senses—(Hear, hear, float Mr. W. Smith). He thought this•couotry had by this time been ds abused of those notious , whkh had been so industriously circulated. He bad intended to bring this subject be- I fore the House; but in consequence of the change ii *e Colonial Department, he felt some difficulty as to the course be should pursue.• believed the Gallant Officer now at the -head otrtlie.Cotonial Government, would act as a man of sense, but suit he (Mr. Gordon) bad tax got rid of those difficulties with which the ge neral question was sturrsuroded. Lotd,rALMERSTON left proud in being the chan nel through which the Petition was forwarded to Par liament, as it contained the unanimous sentiments of the University ot Cambridge, as well as his own, and continued no rash condemnatory allegations. He was surprised that an attempt to suppress the sentiments ot an Honourable Member's constituents should come from an Honourable Member's side of the House. Mr. S. RICE wished that the Honourable Member would bring forward the question, as be said he had in tended, and thus afford the House an opportunity of expressing the sense of its merits. Slavery was repot cant to the leelingi of the people of England, and could not be too heartily condemned. The Petition did not complain of the masters of slaves, but merely called • apoo the House to act upon its own resolutions. Mr. BERNAL regretted that his lion. Friend (Mr. Gordon) had not persisted in bringing forward his mo.' tion relative to negro slavery ; for beentertained no fear for the result, so far ,as the West India proprietors are concerned. 'that body • courted inquiry, and he hoped theretote that it would be altos% ed to them. They meant virtually and literally to act upon the spirit of the 11esolutions of 1822, but not to be goaded farther. The SOLICRO It GENERAL could not but remind the Hone that the Petitioners were learned individuals, that could not be influenced by the feelings usually im-' puted to the zealous advocates of the aboliticai of negro slavery ; and that the Petition was couched in the most judicious and calm language. After a few words from Hr. W. Sierra an d Mr. & A mu is ex_ gimation, the Petition was ordered to be primed.' A similar Petition was presented trans Elms by Ifr.Weennus. - The same- HONOURAIILt Manta pretreated a Peti tion from Colchester against the Act for suppreasiag the circulation ot one a n d two p ound poets, the p rayer of *t high t he Hon. Member supported. Mr. D. W. HARVEY contended, that Petitions like that before the House originated is a disposition to high dlpoinuThntetiteirtes' maintain the country vricb aw prig ort worthless paper a currency. 'channel of employing it; and it was impossible e tial cur. co want of looney in the country. but only of i a bl pro tn fit e ble up a system of high taxation without a He therefore cou ld not seppret the Petitioo of eessey. his constituents. Mr. WESTERN and Sir M. W. RIDLEY main tained the necessity of a small note currency to main. tain the rate of price necessary to meet with the heavy taxes of the State. The Petition was ordered to be printed. • Mr. HUME presented a Petition from Dalkeith, praying for a reduction of the duty on beer. The Hon.' Member urged the expedsency of equally lessening the duty on beer with that on •spiritS; for the former was more wholesome liquor, end its consumption was les sened by the low duty on spirits. When Ministers pro posed to reduce the duty on spirits, he urged them also to reduce chit on malt and beer; and the great depre ciation that had taken place in the consumption of beer, proved the policy of his suggestion. it was a question of public morals, and he trusted would meet with chef attention of the House and the Government. The CHANCELLOR of the EICHEQUEII wasi happy to inform the Honourable Member that a great increase had taken place in the, consumption bf malt by brewers in the last year. He was not then prepared to argue in debate the question of the effects of the re duction of the duty on spirits. but could state generally that the effects were beneficial to the revenue. Sir J. NEWPORT supported the prayer of the Petition. Mr. MONCK ascribed the diminution in the con sumption of beer and malt that had taken place within the last twenty years to the change of habits in the peo ple. consequent upon a lower rate of wages. Mr. HOBHOUSE would not increase the duty on spirits, but would reduce that on beer, as a remedy for the evil complained of by the Petitioners. There was no doubt that thepoorer classes did not possess the means rf enjoying the pleasures of their progenitors, and it was incumbent upon the House to adopt every mode that could restore them to.those enjoyments. The Petition was ordered to be printed. Sir F. BURDETT gave notice, that he should on an early day bring the subject of the supply of water to the Metropolis under the consideration .of the House. Mr. HEATHCOTE presented a Petition from certain occupiers of land in Lincolnshire, on the subject of the manufacture of wool, and praying for a protection for that article. The Hon. Member complained that the late Members of the Government more immediately connected with this part of the trade of the country, bad not thought the subject worth consideratiou—‘at least, they had not paid attention to it. Mr. F. LEWIS defended his late colleagues from the imputation; every attention had been paid to the sub ject. It' was not because Ministers entertained a diffe rent view of the subject, that therefore the Honourable Member was to suppose no attention had been given to the complaints. It must be recollected that wool was the staple commodity of the kingdom, and the emblem of that commodity in the other House—the woolsack—' recognised it as such : of course it was the duty of Go vernment to attend to it. Mr. Alderman WOOD said, that wool bad been greatly reduced in price. By the free importation of wool, cloth was now sold at 25 per cent. cheaper than formerly. Sir C. BURRELL thought the landed interest ought to be protected apainst the oppression arising from tax ation. He wished to know why the manufacturers of wool were not to be equally protected with other ma nufacturers ? He contended that' the reciprocity system .was not effective, for every protection was given to the .foreigner, while the British manufacturer did not es petience any benefit from that system. For instance, the article of carpets was in that state. French carpets were now selling in London at 12 per cent. duty. This showed the want of due protection. . • Mr. F. LEWIS would be prepared to discuss the subject in questinti at the proper opportunity. Mr. IRVING said. the prohibitory system was at this moment about being acted upon in variousforeign coun tries. -The United States of America were taking mea sures to manufacture for themselves, and devising means to exclude altogether the manufactures of this country. The whole Russian empire, which used to take from this country this species of manufacture (the woollen), were now pursuing a similar system as that adopted in the United States. Under such circumstances, it was of great and paramount importance, and absolutely aecessaty, that the woollen manufacturers of this coun try should be sustained, by procuring for them the raw material, not only of such a quality, but at such a price, as to enable them to compete with the manufacturers of foreign countries. Mr. F. LEWIS said, it had been the practice of the commercial policy of this country to encourage the im portation of the raw material. For centuries an average price of wool much below the price received in other countries bad been enjoyed in England. On the motion of Mr. A. BARING, an Account of the Silver Coin coined and issued each year, since the present system. the Price paid for Silver, &c. was ordered to be laid before the House. • Mr. Secretary PEEL requested the Right Hon. Gentleman (Mr. Al. Fitzgerald) to postpone his motion respecting the Union, on account of the importance of the question which stood for dis cussion (the 'Currency) this evening. Mr. FITZGERALD consented to postpone his motion until the 19th instant. SMALL NOTE CURRENOT. The CHANCELLOR of the EXCHEQUER said, that when he had first given notice of his intention to submit to the consideration of the House a motion for the purpose of restraining the circulation of Scotcp, notes in England, he certainly had not expected that the introduction of such a measure would render it neces sary for him to enter into a more general detail. From what bad taken place, it was considered necessary to withdraw from Scotland what had been withheld from the Country Bankers of England; and, therefore, his' motion was merely proceeding on a recognised prin ciple. As the Bill which he was about to submit embraced no other provisions than those which were already admitted, be certainly had expected that it would not have been necessary for him to do more than refer tr!, the Statute already enacted, as affording a satisfac tory explanation of the Bill that he was about to present, to the House. Bat an Hon. 'Alpena opposite (Sir J. Graham) has intimated his intention to propose an in. quiry into the whole of the small note circulation, for the purpose of making some alterations in the law upon that subject, by the repeal of the Act passed in the year 1826, limiting the circulation of those notes in this country till the year 1829. Upon the motion, therefore, ro restrain the circulation of Scotch bank notes in Eng land, he now proposed to state the motives which in- 1 duced his Majesty's Government to adhere to that mea sure respecting the small note circulation, which was determined upon in the year 1819, and carried into effect in the year 1826. By the Act passed in that year, the ciftsdation of small notes was limited to the l yeat 1829. Before, however, he entered into a consi deration of that subject, he felt it right to say a few' words upon an accusation which had beel more than once brought against his Majesty's Government—that they had not felt it incumbent upon them to stale at the . commencement of the Session their ifitention to adhere to their original determination with regard to the small note circulation, and to snake no alteration in the same. They had been told from more than one quarter that it ; was the bounden duty of the Government to declare at l once they did not intend to depart from the principles , upon which they had already regulated the corrency,. and that they ought to have made that declara tion at the earliest possible moment. Upon the sob ject of these declarations he felt himself called upon to differ from those who preferred the accusation.— He conceived that it was by no means the duty of Go vernment, at the commencement of every Session, to state formally to the Members of the House of Commons what particular laws they proposed to adhere to in the course of that year. Nothing was more likely to en-1 1 comber the business of the Session, and delay the ordi nary proceedings of the House, than any declaration from the Government as to their intention of adhering to this or that particular Act of Parliament, or particular line of policy. But if this course of conduct was expo. dient and necessary upon any proceeding in the ordi-, nary march of legislation, it must be pronounced still more necessary with reference to a question so delicate as that of the meddling with the state of the currency; a question too of the greatest delicacy,which all viewed with apprehension, and the least attempt to approach which excited in every class of the country the greatest agita tion and alarm, not onlrwitb respect to the measures to be taken, but still 'more with respect, to the results which may grow out of tbose measures. For these rea sons he was induced to think that the Government would not have acted discreetly in making any profes sion of their intentions t'but he appealed to the House whether he had not, when called upon, stated plainly and distinctly the course which the Government intended to adopt ? To that course he now,declared they were de termined to adhere,.and he hoped that the expression of that determination. would tend to calm the anxiety which had been created by the. proceedings and state ments of the few who had shown a disposition to change the law as. it now existed. Upon the subject of that law, or rather upon the subject of the Act which passed in the year 1826, the greatest delusion and ex aggeration had got abroad. There never was a case in which the facts had been more misrepresented or more imperfectly understood ; and he thought, therefore, that he could not do better than commence what he had to say upon this subject by a plain statement of the facts, and of the law upon which that. House was now called to exercise its -judgment. Is would appear, therefore, that the course which he had to adopt with reference to the facts and the law. called him in the first instance to endeavour to ascertain,the exact amount of small notes now in circulation; in the next place, to an inquiry into the precise object and operation of the law of the year 1826; and lastly, to ascertain what were the means which the country possessed of supplying, by a metallic currency,that paper currency which the law passed in the year 1826 bound them to withdraw from the circula tion of the country. It had always appeared to him that one great defect pervaded all the laws upon the subject of the small note circulation—he °alluded to the want of any regulation for obtaining such information upon the subject of that circulation as would render Parliament aware of the quantity of. Notes which had been issued by the Country Bankers—(Hear, heu).---Re was satisfied that many of the evils which attended the. small note circulation arose tot - of the want of this in formation—a species of knocvledge not only necessary to the Government, but to the parties engaged in the business of bankers, and who circulated large quantities of notes in different parts of the country, without being aware of the estent of the issues made by others, and through which their own were materially affected.— From this want of information much of the evils which existed at one time in the country mainly proceeded, In making calculations upon the subject of the present amount of small notes. in circulation, he had pro ceeded, however, in the absence of all positive infor mation. upon data accessible to all, and upon such local 'information as the nature of 'the case allowed him to obtain. He hoped. therefore, the House would pardon him if be entered into a slight detail of the particular calculation by which he arrived at a conclusion upon the subject of the probable number of small notes now in circulation. The law. sup poses that each note brought into circulation continues in that_ circulation for a period of three years, at the end of which time they are not liable to be re-issued. If, therefore, a bank note continues in circulation for a period of no longer than these three years, by a reference to the number of stainps issued for the small notes they would be able to obtain a tolerably accurate calculation. It was found, however. that a great number of these notes,.from various causes, remained in .circulation for a longer period than the three years the law assigned I to them; and that taking one with another, every small note might be said to remain in circulation forthe period of four years. In the first calculation, therefore, he had taken as a basis the period of four years for the time when a note might be supposed to be worn out. — Upon that calculation, and taking the four years from 1822—namely, 1822,1823,1824,1825 -be found that the total number of stamps issued for small notes amounted to 9,700,0001. Those. however, who were conversant with the business of a country banker, knew very well that of the number of stamps thus issued for small . notes, that is. notes under the amount of .five pounds—a considerable proportion: was not put into circulation, but remained in the hands of the banker.— From the best information afforded by those whose practical experience enabled them to form an accu rate judgment upon the subject, it was supposed that a fourth or a fifth part of all the notes stamped for the country bankers remained locked up in this manner, without being brought into circulation. He had pre ferred taking the fifth part on this occasion, because it might be considered the most unfavourable to the opi nion he had to maintain. Deducting, th erefore, the amount of th at fifth, thus kept. out of circulation, which amounted to about 1,900,000 from the total amount stamped, which was 9,700,000, there appeared to have been in circulation, in the year 1826, about 7,800,000 of notes under the amount of five pounds ; and that was, of course, the amount which they were supposed to hare in circulation up to the year 1829. They must, how. ever, deduct from this amount the small note circula-, iLion of Scotland. In 1826, the Committee of Inquiry ap pointed to examine into the state of the Scotch small. note` circulation, ascertained its amount to be about 2,000,0003 of notes under five pounds, that statement being formed upon more accurate data than any which they pos. seised at present, because it was taken from the admis sions of the persons who actually issued the notes, made. fairly and confidentially upon examination before the Committee. Deducting. however, from this amount i the one-fifth part, which is supposed not to be put into, circulation, namely, four hundred thousand, that would leave 1.600,000 of Scotch notes to be deducted from the amount of 7,800,000, there would remain for the English small note circulation about 6,200,000 in the year 1826. They must tecollect,howiver, that Ibis was the total number of stamps issued for notes previous to the time' when the panic pervaded this country. and the whop Small notecirculation became a matter of distrust. It ap peared from the hest accounts hich could be obtained, the number of notes which had been discredited to the failure of the bankers, cancelled at the Stamp Office, oe worn nut and consequently a rthdrawn font eiresit,i, „ n, amounted in the whole to about 2100000. It app• aced AO, in the.opinion of thoe connected Nub the Is-me of Ismail notes, that from the operation of thesame causes about 1,300,000 may be ato said to be witl , elra an front 'cirettlition. He seated, upon the very .-best autimeity 4 that there had been this gradual withdrawal at small notes from circulation; and he was confirmed in that l opinion by findingthat the returns from the StampOlhoe showed a corresponding increase in the amount of the stamps issued for 51. notes. It appeared, therefore,/het there had been worn out, cancelled, and withdrawn in ea riou sways from circulation, about four millions ;end this sum deducted from the original amount of 6,2000004 leaves the present circulation of small notes aboes 2,200,0001. He was well awareof this calculation being liable to some objections; but if the result of the calm. , lation founded upon another basis proved to be nearly the same, s he thought it went far to prove that the ca l . culations were not very erroneous. Fin- the other basis he would take the number of stamps issneil in the Stamp Office during the year 1825 as 3,292 081, and it would be recollected that none were issued since that period. Taking the number of those notes withdt asen on account of the tailures.during the panic to be 592 000, and a sun of 72,0001. to have been cancelled at- the. Sta.rip the coe; and supposing that there has been withdrawn Iron t h e 'circulation of Scotland a sum of 216.8801:out of theme millions of its circulation, then there would remain about 2,400,00 .as the amount in circulation, shelving h rt h e .one calculation the amount to be 2,200,0001. :lid by th e !other 2,400,0001. of small metes; which the railtainent are cAled upon to deal.with. At two milli , as and a half he was confident he .had.not undar.ted the pis. sent amount of circulation. He came now to the con. sideration of the general provisions of the Act of 1826. t Upon that he found it necessary to say a few words, from the very great ignorance and .misrepresentation which prevailed as t'a its enactments. le had he. n re presented, that by that Act every sma I note became nothing better than waste paper on the sth ot A t a i 1,18294 that no one . who held them atter that pm, d had any chance of payment ; that every one a as prohibited hoot !passing them; that those who disi'beied the prohihana were liable to the penalties of the la w ; and that all th e 'notes should be withdrawal on a particular day.. Nothing, 'however. could be more erroneous. The Act silver ,provided that no notes should be issued in the 1.1.ce of those issued from the Stamp (Ace in the year 185 ; -but that they should be permitted gradually andria perceptibly to wear out. It was very well knowathat 'the greatest inconvenience would result from the saddest •and Instantaneous withdrawal of these notes, and the law, therefore, provided that they should continue is :circulation as long as the paver would endure, and evea .prohibited the re-issue of any others in their place atter that period. The next point to which he would advert was the power which they possessed of substituting a, metallic currency for ihe..paper which Might be watt drawn ; and he was happy. to say that, upon an re. amination of the amount of gold aVailable - for the purpose, it was found that it Jar exqiited the etmot possible calculation of the quantity _Which critad.ba required to supply -the- vacuum created .by the. re moval of the paper. currency,-4flear, hear). There might, it was supposed by some, hen difficulty ie sub stituting the one currency for • the other ; but he was also happy to say, that the amount of gold already dis persed . through the country, and in the hands of the I Bankers, was more than sufficient to meet the demand created by the withdrawal of •all the small notes. — I'M& House- would therefore bear it in nund, the Ithe amount of the small notes in circulation did not exceed 2,400,0001. —that the withdrawal of those notes was to be gradual, not instantaneous, surd that the gold lathe country was quite sufficient to or Iply :the deficiency in the circulation of the country. The simple questiorr.therefore was, whether it might now be considered Expedient to abide by the Reso lution of 1826 P Hip was as willing as the Hon. Mew bee to put the whole question upon the plain ground of expediency, but it was not the expediency which, tor the ,tiake.ot a little.present ease, would g ive up the cer tainty of a permanent good ; but that expediency of a much higher character, which, looking at once at the events of..the past, and the contingencies of the Moue. provided .a security for the permanent interests of the country—(Hear).—Upon that principle, and casting back a . slight.consideration to the dangers and alarm sf the past, and the poPibiliy of the occurrence of e vents injurious to even a greater extent in the future, he hart .no fear but the House would came to an almost una nimous decision that the determination of the Legisla ture was to be adhered to, and - the Act of 1826 preserved in-its original force. He was, for his parr, very mei at a loss- to understand how those who supportel the return to cash . paytnents in the year 1819, can nor 'advocate a return to the small . nee system. Tie system of small notes was not introduced for 'the he nefit of the country, but as an attendant upon, and a consequence of, the Bank Restriction .Act—tollowing it and renewed with it as a part of the expedients of the time, .and only:intended to be continued as long Is there was an inipossihrility of procuring gold ter t td circulating medium of the country. They all k nelt the antipathy which subsisted bet ween the, so" reign and the one pound note—an ant i p ath y so reins that the one pound note, when br ou g ht into ciree• lotion with the sovereign, never fail ed to destref it. t it was impossible, therefore,- to understand 60ar the advocates of the cash payments could supped im return to a •paper circulation. They all recollectoi the misery and .alarms which were created in the country during the years 1895 and 18`:6, from Ibe extent of the circulation of the one round note .He did not mean to deny that under some peculiar cumstances, a small note circulation may be of -lc" s advantage; but he thought no man could contendtbaia, metallic-currency was not essential to the well-beinss. the country. Some persons said that this was note" period to withdraw the one pound notes.; but he rall ig say-that, if this was not the period, he knew not ado it would arrive; and he believed he might swine • assert, that there never was a period when the o ° l4 was in a situation mote favourable for the full eve , tion of the intentions of the Legislature. L was at present prepared for the he Ina Banking as it 'was established .in 1626; and Bear ° convinced of 'the willingness of the Country to abide by that establishment. if the door 1.-- e increse now opened for. affording facilities for the systemlohfe Sc.:7ol4i° of the circulation, the increase would natural', r proportionate to the restriction which had prow s " existed, and the evils that -would arise front ti e mission of an unlimited issue of this kind were man 7, could not be easily calculated. It was not too, to apprehend that it wou ld. lead almost lot:arta ly the recurrence of that confusion and distres... that.eare _treClirgalce to that sy coveredanclalar . m, i from ndeed w o h s tem P. — the the country had •out r notes 2,4011 was t' ruillio In the that tl trf 2,4 ;Were sidera the p! Ho l ' circul And I Incres was i *mon ted th might certai 'one a such i woutc Comp to per ferem circul this O pet ior circa] He There ,hid well wat h chant near, sand there 'one ip the, 1 bank tsveni 1814 ' 29,2( was poun aPPe , 'a ch vet.. i *TM, appei the p if the been, rate. positi of cir sonat at OU .Teie Still. le .00 . uci • firC poun , he hr t smal . coon • over, I most r 1 mere Hear). --Upon that principle, hr cons ideration to the dangers and alarm s ins id the popibili:y of the occurrence of even% with even a greater extent in the Intuit , he bad ant the House would come to an alm ost one- • L :ision that the determination o f the Legisla- -ade be adhered to, and - the Act of 1826 preserw 4 nal force. He was, for his part, very marl Cunderstand how those who supported the mitt :ash payments in the year 18.19, can nor Inc II return to the small *like -system. • The Bart mall notes was not introduced f or ' t lfe be. cow country, but as an attendant uP oo i anis hill ce of, the Bank Restriction .Act—foilown4 thin :wed with it as a part of the exped ients ot the teen soy shit only. intended edtoofbeprcoucnutriinnugedgoalsd lo io n t g ttig at n impossibility the medium of the country. They all knee athy which subsisted between he sou& tilat the one pound note—an antipathy so g an h one pound note, when brought into civets. `whit th the sovereign, never failed to desire! Bari as impossible, therefore, - to understand boar I kat ates of the cash payments could s upped th: "PI a ,paper circulation. They all recollects( Mat y and .alarms which were created n in tba vale luring the years 1895 and 18 6, from it* ei the circulation of the one pound notes.- - "re ot mean to deny that under some peculiar cir- with es, a small note circulation may be of sang The e; but he thought no man could conten d that Use :urrency was not essential to the w eil.beingni ry. Some persons said that this was not d• mmY withdraw the one pound notes.; but he raa• if this was not the period, he knew not Om arrive; and he believed he might veetere • lat there never was a period when the 03 • 144 L situation more favourable fo r the full exec, we el l se intentions of the Legislature. The tonna resent prepared for the system of Coon/ • 6 as it w as ' established in 1826; and he s° dof . the willingness of the Country Baa el • by that establishment. If the door wo e • !ned for. affording facilities fur the incresir iraulation, the increase would aaturdlly e mate to the restriction which had and the evils that .would arise from t! e . of an unlimited issue of ,this kind were such ° 1.64 i )t be easily calculated. It was not too :hod that it would.leid e. almost intwitahlY • r p„„,0,..., a, il :Tana of that confusion agd digses.. P 8154 Tra, horn which the country bad .bet I?tely Indeed, - recurgence millets/ st em fro °b . . li 11 41 1' ) 1 1 , 11 A ..: I , I , i 1 I 1 IiVI t i that I plaa take 'was 'heti the 1 icy ezpos of coo 'pen tar whoUl `House is. I ,pea id II Pint: Ifkit