Star. — London, England, 1815-03-03 00:00:00

girie.."•••••• as the Noble Lord. With respect to what he had said as referable to the Chief Magistrate of tlfe City of London, it proceeded merely upon what was at tributed to him in a daily print, and upon the suppo sition or belief that it could not be'correctly stated ; but he would repeat, that such language, whether it proceeded from the Lord Mayor or the Noble Lord, was likely to be productive of mischief among the most uninformed part of the community. • Earl STANHOPE, in further explanation, and in reference to what was said respecting the Maid stone Meeting, observed, that if he were there, he would Ivive begged and prayed of the people to have heard the Noble Lord, because he was sure he could not have convinced them. The Petition was then ordered to lie on the table. Adjourned till to morrow. HOUSE OF COMMONS. Mr. GORE LANGTON presented a Petition from the City of Bath, ?glinst any alteration in the Corn Laws, signed by 10,e34 persons.--ort:etc to lic on the table. Lord LASCIA.LES presented a Petition from the rs anii 0; her. of the Town of Hull, in Yorkshire, praying that the House would cract some provisions to prevent Asia and India boil: ships from enieung the 'torts of this kingdom.—Ordered to lie on the table. • Sir JANI F.S SHAW obtained leave to bring in a Bill to render the Pcrt of London more commodious. Mr. LOCKI 'ARP prestlittd a Petition from the Lord N•layor aid Ctopo , ation of the City of Oxford against the insolvent Del,ion. Act. POLF CARE\V obtained leave, after some conversation, ts.:th Mr. :•ITAW I.rk t Mr. CAWTHORN, and Mr. PIRO TON, to 11 , it, e ; is a iitli to amend the Act of the 12th year of hie late binjr-ty, (;trrge 1L for the more easy assessing, collecting, and levying County Rates. The Bill was brought hi, read a brat time, and ordered for a second reading on Friday sennieht. Mr. 13A1t CLAY presented a Petition from the Inhabitants of the Parish of St. Claire's Southwark, praying that no change should take place in the Corn Laws. He trusted that it would - no longer be said the people were indifferent to the measure now in the colt to/dation of Parliamt nt.—Ordered to lie on the table. Mr. NI ELLIsH presented a Petition from the Parish of St. Luke's, in MillleA-z, Figni.d by SKUO persons, against any al teration in the Corn Laws.—Ordered to lie on the table. Returns of the Eapeose of Pavirg and Lighting the Parish of St. Mary la-bonne were laid oil the table. Mi. H. ADIANG'rON would call the attention of the House for one minute to a statement which affected the credit of the office to which he belonged. It would be recollected, that the Honourable Member for Bedford hkd last night stated, as coming from his own knowledge—[Here Mr. Whitbread gave a sign of dissent]--and had put a question to him, whether it was not the fact, that a Portuguese of the name of Correia bad been shipped off, that was his own expression, to the Brazils—[No; from Mr. SVhitbreadJ—because he had not a passport, signed by the Aroiassador of his nation ? To this lie had replied, that he had never heard either of the case or 01 the name of the individual : that it was possible the tact was real, but that he would make proper en quiry. He irad since made that enquiry : he had applied to his Noble relation. and warcia:d the books in the office, and found that no such case had occur red since he had resisted in that department, and that the very name of Correia was unknown. The same Honourable Gentleman had also asked, whether there was a rule in the Alien Office, by which Fo reigners, he applied it more particularly to Porto guest:, were prevented from remaining in,this country without the signature of their respective Ministers ? He had also to state, that no such rule did exist, or hAd never existed. Mr. WHI I'BREAD bad not mentioned the case from his own knowledge. He now held in his head the written infoiniation which he bad received, and of which not being in possessi.o the night before, he had comniitted some error as to dates. iiad the Right Honourable Gentleman extended his enquiry beyond the time he had occupied his present office, lie would have found dm in other respects the state ment wai correct. r.ior to the expiration of the Alien Act last year, no subject of our good ally the Pi ince Regent of Portugal, was allowed to remain in this country v.ithout a passport countersigned by the Portuguese Ambassador. The Chevalier Ansalmo Correia, formerly Minister of the Court of Lisbon at Stockholm, it appeared from the documents in his hand, had some years ago been sent from London, accompanied by a Messenger from Mr. Ryder's office, and transported to Lisbon, for he had not said to the Brazils. His going there was an act of his own will, and led to his receiving honours, the re wards of his merits. Mr. H. ADDINGTON asked why the Honour able Gentleman had put his questions so pointedly to him, since he well knew that it was not in his power to have and to produce any information on the soling WHITBREAD complimented the Right Honourable Ceentlensan on his activity in making The enquiry:, - and wished him to extend it beyond its fOIIIISf . Mr. WHIT'SHED KEENE held a paper in his ' band, The Calcutta . Gnats, to which he thought it necessary to call the attention of the House.. He was proceeding to state that it contained some charges on British Offirar for levying contributions in India for his own reseE—When -- - - The SPEAKER interfered, and stated that Unless the Honourable Gentleman intended to give notice da motion, he could not bring any thing befQye the ouse. It would be atteuded with the worst conse quences to make it a place for general conversation. Mr. WALLACE, to prevent any erroneoas no tions from going abroad, mentioned, that it had always been an object seriously_ attended to by the East India Directors, to protect all persons against any species of oppression. The SPEAKER _bad thought it his duty to ob serve, that no Honourable Gentleman should preface a motion by indulging in declamatory invectives against persons absent. Sir CHARLES MONCK presented a Petition from the County of Northumberland against the re vival of the Property Tax.—Ordered to lie on the table. Sir JOHN NEWPORT gave notice of a Motion for Tuesday nest, on the Finances of Ireland, and moved for as ateount of all Sums of Money paid to . the Solicitors of the Customs, Excise, and Stamps in Ireland, for law expenses, during the last seven years. object was to show what enormous sums • of 'money were WWII from the public by law expenses. Ordered. PLTITIONS AGAINST A CHANG'S IN, THE CORN LAWS. . Sir JA a JAMES SHAW presented Petition from the inhabitants of the Ward of Cripplegate against the proposed alteration in the Corn Laws, signed by 4060 ticirddeabi. • He been instructed to state, that • . the Meeting had been . held in the Parish Church, and attended by greater numbevythan any previoutmeet ing in the same pariih ; that •it had been attended with great temper and perfect unanimity ; that no application had been made to induce individuals to attend, but a simple notice given that a petition lay for signature at a certain place, and that no diffe rence of party, profession, or religion, had prevented the attendance of any person ; but that as all had but one object they had but one feeling on the subject.— The petition was then ordered to lie on the table. Mr. P ROT H E ROE stated that he held in his hand a petition signed by upwards of 40,000 inhabitants of the city of Bristol, praying that no alteration should take place in the Corn Laws, on account of its ruinous tendency to the rest of the community. Notwith standing the number of names affixed to this petition, many had been left behind, owing to the eagerness of the city to have it laid before Parliament. They thought they had no time to lose in expressing their sentiments to the House. He had assured them, that the Legislature would not allow a measure of this importance to pass without the necessary delays for deep investigation. But be was sorry to say, he had been disappointed in his expectations,and the assuran ces which he had given had proved unfounded. The Gentlemen who had gained so much credit for the moderation with which the measure had been intro dined, had departed from their course, and hurried the discussion in a manner and with a tone of which he did not approve. He always felt much jealousy at the expression of popular clamour. He thought it was unbecoming a Member of that House, unless in extreme cases. It prevented the fair expression of public sentiment. Persons who might have ably stated their opinion on war and finances, were deterred from doing it, lest they should be told they wished to excite a popular clamour. He thought it would be better these sentiments should have a vent ; and on the subject of bread, he wished to know the feelings of the people. To one who, like him, represented a popu lous city, those feelings could not be hidden. He had witnessed their expression, and although it had been said that they were altered in favour of the measure, he could positively state, that those of the people of Bristol remained the same. Mr. DAVIS had received a letter, informing him, that the universal voice at Bristol was against the measure. In giving his vote against it, as he had done every night, he, however, spoke less his own feelings than those of his constituents. This was, perhaps, the only time in which he departed from the direction of his own judgment ; but he thought he owed it to his constituents, and entreated the House, in case it should be practicable, to allow a longer pe riod for the consideration of the measure. The Petition was then read, and ordered to lie on the table. Lord MILTON presented a Petition from the Town of Sheffield, signed by 18,000 persons, against any change in the Corn Laws.—Ordered to lie on the table. • • et i• tI . t.. PI f t • • • • • WINDOW DUTIES. Lord MILTON had been directed by his Consti. went' to ask the Chancellor of the Exchequer, with respect to his new Window.duties, whether factories for the cotton trade, and large buildings known by the denomination of cloth.halls, would be subject to them ? The CHANCELLOR of the EXCHEQUER observed, that if the Noble Lord had attended to the order of the day, he would have seen, that the sub ject to which he bad alluded would have come on more regularly at c later part of the evening. He should then aster into a greater explanation respect. ing the factories, which he, however, was inciituid to think would be subject to the payment of a guinea. As to clash-halls, he would make some inquiry. Lord LASCELLES stated, that clotb.halls were large buildings, almost all windows, but only used as warehouses when the goods which they contained could not be disposed of in the course of the day. They would therefore come more regularly under the denomination of markets. THE SANK RESTRICTION ACT. Lord A. HAMILTON then rose to bring for ward his Motion for the appointment of a Select Committee, to take into consideration the subject of the Bank Restrictions. The Act under which these restrictions existed, would expire in a very short time if not renewed ; and the object of his motion would be, to inquire whether it was necessary to re-enact l these restrictions or not At the time the restrictions were first imposed, the amount of Bank-paper in circulation was about £10,000,000. The last return made the amount upwards of 30 millions, and, in , fact, now there was no standard value of paper at' all. He would ask whether, under these circum. stances, it was not become necessary that the House should inquire into the situation of the Bank ? It had been said that the solvency of the Bank was not to be doubted. He did not mean to express any doubts of it ; but still he wished for some inquiry. A con nection 11 had always existed between the Government, and the Bank, both before and since this measure of restriction had been adopted--a connection which had always excited jealousy in the minds of-the House, and was, in his opinion, another reason why inquiry should ta kel place. 'the capital of the Bank, the Noble Lord observed, was only 411.600,000, and previous to the restriction taking place, the - di vidend made by them to the Proprietors was seven per cent. ; but in 1797 they had a bonus also to di vide; and from the best information he could obtain it appeared that the whole bonus divided since 1797 was 5 per cent. or a sum of i 17,000,000. .This, since 1797 gave the Proprietors a dividend of 10 per cent. He did not regret that the profits of the Bank were great, but he did regret that they should be so at the expence of the public. The Noble Lord then alluded to the advance in the price of the necessaries 'of life since 1797 ; and contended that it was greatly owing to the suspension of cash payments by the Bank, and the increased issue of paper. And he wished now to know'how far the Bank were to be liable, at the expence of their profits, or otherwise, to restore the currency of the country to the same state as it was previous to 1797 ? It had been said by some persons, that the Bank•paper was not :creed into circulation, and that no one need take it but by choice. He contended it was otherwise. Since Bank-notes were made a legal tender, they were forced into circulation, whether the public wished to take Mem or net. The increase of paper was not an evil which would cease of itself, or that would even stop where. it was; if not stoptby tha interfe rence of the Legislature, it would increase. The: occuped th e attention of. the House foe several Noble Lora said, a question of great ittpertsnee had i e cash a h s ofh pr ic eei y r every of n n c o: n s wieNho awdni s t t ig u a d h ied Pes l e e d"t°abn subject, t te tt o a fip t linn if a re stored, corn would soon be reduced to 60s. When the cash payments of the Bank were suspended, sold was at re 3 17s. per ounce, he wished now to know at what price the Bank would feel themselves autho rized to resume their payments ? The Noble Lord then proceeded to comment at length on the incon venience and evil consequences resulting to the public from the continuation of the present system, and con cluded by moving, 4g That a Committee be appointed to inquire into the amount of outstanding demands on the Bank of England, and their funds for the dis charge of the same ; and also to inquire at what time, and under what circumstances, it would be convenient to resume the cash payments by the Bank?" The CHANCELLOR of the EXCHEQUER, after complimenting the Noble Lord on the manner in which he had brought forward this subject, ob. served, that though he was not now in a situation to propose the immediate resumption of cash payments by the Bank, yet he should have to propose a time at which the Bank should do so. The Restrictions had never been imposed on the Bank from any choice of its own, but as a measure of Government ; and, therefore, it was with Goverrment alone that the time for resuming their payments rested. He should, therefore, now name a time for resuming those payments under the sancticn of Government. The time he should name would be the sth of July, 1816; at the same time he should propose the new Bill to continue in force till near the conclusion of the next Session of Parliament, and he had no doubt but the Bank would be prepared to resume their pay iments by that period. He would now proceed to examine the Noble Lord's proposition, which was, that a Committee should be appointed, to enquire into the power of the Bank to resume its cash pay ments at this time ; next, into the nature of the pro- fits of the Bank ; next, into its connection with Go vernment ; and lastly, at what period of time, and at what price, the Bank should proceed to purchase bul. lion for the purpose of resuming its cash payments. The first measure of enquiry suggested by the Noble Lord, if adopted, would prove extremely mischievous, as it would give to the speculators in bullion, precise and accurate information as to the state of the bullion in the Bank, and would open the door for evils greater than the Noble Lord seemed aware of; ill was an enquiry, which even the Select Committee formerly appointed, had never thought of going into. The next subject proposed for the consideration of the Committee, was the profits made by the Bank. If it could be prove;!, that improper profits had been made, that would furnish a ground for enquiry. Bat he denied the fact. It would be recollected, that the Restriction was a matter of State policy ; therefore, to enquire into those circumstances, would be a mat ter of delicacy, which the House would not desire. Another Member, whose loss was a matter of regret, (Mr. H. Thornton) had stated, that previous to the restriction, any person might have made 18 per cent. by dealing in those securities which were considered marketable. The subject was one which a Commit tee could nut examine with safety to the public ; anti tie must thercfote object to the motion.—[Lord A. Hamilton and the Chancellor of the Exchequer mu , tuany explained in respect to the object of the Com m.tte...:ll—The Right Honourable Gentleman then proceeded : With respect to the'issne of silver tokens, he conceived, that at all times the Bank would be prepared to replace them with silver or gold curr ency ; but that must occur subsequent to the time when the gold currency should be restored. The Honourable Gentleman had insisted, that the evil complained of would continue, and grow worse and worse. But he must reply to that, the evil would,cease to exist when the Cash Payments should be resumed. He contended, that the difference be tween Bank-paper and Bullion was greatly dimi nished. In July 1811 the'amount of Bank-paper in circulation was something less than twenty-lour mil lions and a half. The exchange with Hsniburgh was, at that time, twenty-four, and it is now thirty. twc. The Right Hon. Gentleman contended, that the depreciation in the price of gold and silver was a very satisfactory ground for believing, that payment in specie would be resorted to much earlier than might be expected. In respect to the issue of specie, our foreign payments in 1811, amounted to £15,182,000 —in 1812 to re18,533,000—in 1813 to £22,931,000 —in 1814 to £30,284,000. This large expenditure arose and increased, from the circumstances and nature of the glorious struggle which had terminated so happily. He put it to Gentlemen, with such an expenditure to say, whether, if the war could have been closed, there would not have been reason to suppose that the cash payments must be resumed.— Indeed, he expected, with the exchanges in our fa vour, that by a little perseverance in the presses course, the Bank would be enibled to resume their payments at a much earlier period than could be ex pected from the labours of a Committee of Enquiry. Mr. F. LEWIS drew a comparative view of the state of the country during the latter part of Out war, and its situation now in time of peace. He presumed there was nothing to stew that the necessity for keep ing up the restriction does actually exist, because all the circumstances which tended to make the measure of restriction a necessary expedient were now done away. He entered into an examination of the report of the Bullion Committee, which he denominated a plurnomenon, so far as it respected the exchanges, and 'maintained that no increase having taken place in the price of French currency, it was at: anonialy in currencies to say, that any great exchanze hod oc curred in the prices of gold and silver ia Europe.— With respect to the resumption of cast payments, he was inclined to submit to the pleasure of the House in fixing the time for so doing. He was convinced that whenever the time came the Bank would be in a situation to satisfy the public of their capability and power to fulfil aU their engagements. The Right Honourable Gentleman had stated July, 1816, as the probable time for the resumption ; lie was anxious to know by a Committee, what was intended. it at the end of a year and a half it shoold not take place.— For this reason he was friendly to the motion. Mr. ROSE differed entirely from the Honourable Gentleman in his view of the question. He was at a loss to conceive the ground upon which the Noble Lord made his motion. At the time of the original restrictions it was proved, to •the satistactioa of the Goverment. that - the Bank had a =nine 6T s'ateir. millions over and above their issues in notes, and dor other demands that thight be made upon them. He 'maintained, that k was impossible the Bank, in the event of taking off the restriction, could snake good their payments, because the price of bolliqm was set. 9s.—the Bank only paid £3. 17s. Md. The temptation, therefore, to melt down, w.uil be sc great, that it would be dangerous, at present, to per. mit them to pay in gold. He stated many cite= stances to :hew, that it was extraordinary the ex• changes were against us. One million of dollars po month were regularly sent from Portugal, to pay tilt army in Belgium. His Right Hon. Friend (thi Chancellor of the Exchequer) had stated; that within the last tour years, the money sent out of the countr , increased from fi fteen to thirty millions, and, the stoppages could be effected, and the exchang, were at par, it was impossible to resume cash i. • rants. Mr. HORNER observed, that the motion was 1.(, for resuming payments. but for a Committee to 0-ri quire when it will be possible to resume such pa.; ments. The arguments of the Right lionourabi, Gentleman and his Colleague had proceeded up : the former snpposition : but, however, k was Ira them to institute an enquiry, or, at least, to state the grounds for refusing to allow the Bank to r ay I: specie. A promise had been held out that the perioc would arrive in July twelvemonth. It must be collected these promises had been held out ever tin , : 1797. He had confidently the same promise ti4:l the Right Hon. Gentleman (if he continued in office g in the Spring of 1816, for he could very sa!e:, pre dict the same causes for objecting to the resuinptiot would exist then. I-k contended, that it was expedient, ripen principle, that Parliament sl.ould immediately take measures fur providi.g that th. Bank should, whenever it could be done with safety be in a situation to resume their paymenust, Th-a being done, he had no objection to allow them (if i: was merely a matter of security) to cone: sue d:e pro. hibition for one, two, three, or lour years. All tha he would desire was, the assurance that, at thu pope time, the Public were safe, and would receive cash for their notes and securities. The Hon. Gentlemin contended it WAS not a qucstic . . how the money canie: but whether it remained France, in a state of war, still preserved a large, sound, and abundant metals;, : currency ; and, therefore, the People of that countr!. had security for their demands. It was a matter o State policy, of public convenience, and of pubic, security, to have at all times a convertible currency With respect to the information to be derived on du subject of currency, the Right Hon. Gentleman hat thrown out a sort of sneer against Jew Brokers When Sir Isaac Newton, the Master of the Mint. drew up his admirable work upon this subject, he rather thought he had recourse to the assistance of Jew Brokers. The Committee would not, perhaps, is it was appointed, be the worse for the assistance an:. information which they would gain from this descrcp. don of persons. The Honourable Gentleman wa inclined to place every reliance upon the honour oi the Bank Directors, in respect to their profits, but h , wished the House to understand that the Restriction placed wkhin their power the means of making large profits. The vast fluctuations in the price of the pre cious metals, occasioned by the movements of larg , armies on the Continent, and the consequent larF remittances, had ceased ; yet the price or gold in country was £4 10s. ; and in 1810 it fluctuated from £4 Bs. 6d. to about se4 10s. But he appiehendei. that any one conversant with this subject would hay been of opinion, that the price of gold mast rise consequence of several trading countries, such a Saxony, having been made the seat cf war. Besides that might have been occasioned by the intetroptita, of the supply of silver from the mines of Mexico. The effect of all these circumstances had been to con firm his former opinion; and the effect then was, te convince him that we were in a state of cleprecietc currency. The consequences of the evil of the ex cessive issues of the Bank of England, over which th:- Government did not hold a hand stnlici::Ttly strong. was such, that no one could contemplate Wialta apprehension. Mr. MA RRYATT agreed that t,,c Bank Restrk Lion Act was not an act of the Bank, but of the Le gislature. It certainly was made at the representa tion of the Directors, because they could nit conti nue their payments. At the same time the Ban!: should not have been allowed to receive the scle be nefit of this restriction, without the Public receisin;, any advantage from their profits consequent on tin; Act. The Bank was in the habit of purchasing with their notes large quantities of Exchequer Bills, by which their profits were very great. Another sourcc of advantage to the Bank was its mercantile dis counts. He could not conceive that this immense issu., of Bank notes was necessary for the public benefit. — They had produced great mercantile speculations. and had enhanced the value of most commodities This then was a case that required some serious en. quiries. In proof of this the real exchange was i:t favour of this country, though the nominal exckang, was against us. He did not blame the Bank Direc tors for making all the profits they could under th Act ; but now that they called for a renewal of tha Act, he thought it a very fit subject for a Committee He, therefore, thought t h a t a Committee should 11 appointed to inquire into the profits of the Bank which, he thought, would soon terminate its labour: Mr. TIERNEY said, his object was not that o the last speaker, but to find out at what time th. Bank would be able to renew its payments; anJ he thought that in July, 11116, the Bank would r: sume its cash payments, for his own part he wood' . be satisfied. But he did not think that he should live to see cash payments from the Bank again. Ger. tlemen more willing ip be in a state of restraint thw the Bank Directors lie had never known. He want to know if the Chancellor of the Exchequer, wk . r he asked the Bank to renew the loan of three IOU lions without interest, promised to propose toC . House to renew the flank Restriction Act? V.. 111 out a Committee of the House, and embodyi , lg set of Resolutions into a Bill, he was cOilviluxd House and the country could have no dependent. on the time that the Bank would resume its to cash. Exchequer Bills he know were purchasm by the Bank for the accommodation of Government and it was evident they obtained from that large ad vantages. He believed that without it the Chancellor of the Exchequer would come down to the Housewitl one of the most frightful - *tails of finance that ever wax