Star. — London, England, 1826-02-10 00:00:00

V r . C. its Lull Meat, and no one would read the papers now before the House, and those fur which he should move, without perceiving the results of the exportation of the precious metals,' produced by the excess to which the issues of small notes had been cartied by Country Bankers. A public writer, who .e wotk had eiready been quoted and justly praised in that House, sn indi vidual, in fact, who united the gloated degree o practical knowledge to the highest theoretical acquire ments, Mr. Tooke, had said, that it was the nature of issues of small notes to form an addition to that part of the capital of the country applied to specula tions, and that they had an immediate tendency to en crease pikes in an artificial 'newer.. He regretted that even in the present state of the law, the check pre sented to those issues by their convertibility into a me tallic curt ency, had not operated sooner. The first effect of those issues was to create an artificial capital: this artificial capital reduced the rate of inteted ;'the re duction of interest facilitated speculations; speculations raised prices and checked the progress of exports—then ieternal distress arose; that great mass of capital was suddenly called back at reduced prices on account of the a'arm excited, and all was convulsion and ruin. All those evils had been produced by the Act of 1823, which had permitted the re-issuing of small notes. It was the duty of Parliament to check those issues as far and as soon as it could be done safely : and he had no fault to find with the period of two years which he un derstood was to be allowed for the extinction of the small•notes in circulation, no fresh notes being permit• ted to issue from the present moment. Yet, concurr rig as he did in the propriety of that measure, he had heard with 'gre t surprise within the last twenty-four hours, that a step had been taken most unnecessarily and most unconstitutionally, to defeat the existing law, Patha n:lent sitting, and without any application to either House. 11 the Government were able to dispense with one existing law, might they not also dispense with others? And if this were done judiciously in the first instance, might not the practice grow into a precedent and o regular system ? It ought to be resisted from the first, and he regretted, that if it were necessary to sus pend the stamping of notes, on the same day when the order had been issued to that effect, a communication had not been made to both Houses, and a resolution obtained from the other House at least, under the authority of which the suspension might have proceeded. Even Now he hoped that his Majesty's Ministers would feel it proper to pr pose a Bill of Indemnity for what they had done, however right their object had been. The measure itself .had his full approbation.— He knew that the circulation of small notes was con sidered by many as a species of accommodation of which the countty stood in need; but before t!er Lordships should venture.to continue the great evil of that system, let them weigh well the value of that ac commoe!ation. For himself, lie saw nothing advanta geous in enabling a person to do that without capital, which would o herwise have been done by individuals vapital, or in creating a rise of prices. Such a systein was sure to be attended by a revolution, at re gular as that of the planets round the sun, and accom panied by the ruin of the persons engaged in it. He was not esen certain after all, that the average of prices mi l -pleat be as great with a metallic currency as with a paper one. The extreme points might differ, but the average might be the same. It would be most bene ficial-, hots ever, to keep a safe medium; but when the precis us metals Went suddenly a vacuum was formed, and p: ices fell lower. The apprehensions that the abc• lition of small no'co might prove injurious, were un founded. A great deal of the apparent prosperity of las: year, which had deceived many persons, had been niantifactured for the occasiOn, and, I:ke all hastily weeked goods, it had proved on trial a very spurious article. This would not he the case were prosperity founded on a solid basis. Of all opinions that he had heard, the most absurd ' was that the moseopulent of all countries in the world could not command that share 01 metallic currency necessary to carry on her own conceins.. He knew the contrary from the Papers on the table. He knew how' soon gold flowed whenever it was wan ed. Notwi h.tatiding that species of mys tery in ash ch the Bank of England surrounded its pro ceedings, mole, he thought, than was strictly necessary, he had been able to ascertain that in two or three years it had been . wale to increase a treasure of three millions of gold into one of fourteen millions, also of gold ; thus, n. king an increase of eleven millions, sufficient for the circulation of the country, within a very shout period. lie felt therefore ne apprehension from the destruction of the paper circulation of Country Banks, and was anzious ro see the Bank of England deptived of the right of issuing note., which led align to that of last year. It would be unfair, however,, in stating this recent transaction, and the voluntary relaxation of its oWli privileges by the B ink, to accelerate the for matiati, of other Banking Companies, not to say that it had done itself honour by its readiness to concede its rights,.and deserved great praise for having arrested the piogress of alarm by an issue of sin ll no es at a pact cular moment. But as far as he was informed on the subject, the former issues of the !Sauk of Eng land had led to the evils of au increased circulation.— It would be seen, from the papers on the table,that not only in 1825, but in 1824, a considerable addition had b.en made to the amount of paper and the discounts of the Baak. Now he had a right to say chat was not a time when an increase ought to have taken place; but, when on the contrary, it would have been more prudent to give e check to circulatiun. During the inquiries of the Bullion Committee some years ago, several members of the Bank listablishment, when asked what was the criterion of an excess of currency? had an swerfed :•••.:64 A siate of currency and trade, in which nioneyotas hawked about everywhere, and many per sons Were indoced to undertake rash speculations." Could 4 more accurate description have been given of the sate of things last year ; and was it not to be deeply lamented that the Bank should not have taken at an , earlier period those steps which it had adopted at a later one to reduce the excess of the currency ? His motion should inclode, besides an account of the issues O; use Bank of England, a Return of its discounts, if it, should consent to produce theni, during the o I ist two or thiee *years, with a view of sit:is ing how they and the issues at the Country Bankers operated on tomes. As to the measure lounged on the relaxation of the exclu sive l rivileges of the Bank iaf England, lie had con i derable hopes of its p:oving itigbly . useful. He did not think that there was any strength in the argument, that beeaose the *hole number of partneis allowed by the law act it now stood, was not always filled up, in& viJuile Would not be found to loom more extensive iii ms. The number being limited to six, many per sons might beglad to have only thiee or 'four part ners; but Alen Ail shjuld be abolished, wry sure would find it advantageous to allow a greater number to embark in the same enterprise, and to give it 'soli dity even thotigh it might diminish the amount' - of -profits. 'At an events - he rejoiced that the experi was about to be ttied. As. too another Mea if *bids he had also heairel, th.r. object of which I blot to **hire security from Bankers, he con fessed that, it appeared to him attended with so much difficulty in its execution that he doubted whe ther it could be carried into effect. He looked for the best security to publicity, if it could be introduced into the operations of Bankers. IF something like a general statement of their affairs could be given from time to time, it would furnish the best kind of security. A provision should also be made for payments wherever their issues took place. He was aware that in the opi nion of many persons these measures would bring back that state of the currency in which the country was placed by Mr. Peel's Bill, and that its taxation and other charges not being fitted for such a state, Ministers had been willing to look to an artificial currency to lighten their weight. He did not believe this. He thought they had prepared to pass their Bill fully and-honourably. If he conceived the country unable to meet all dem.inds, he would say, declare it and adapt your rilicy to your sittrfitiOn, but do not•establish a system which only raises artificial prosperity to plunge deeper into artificial de pre,siOn; leaving no certainty to any man as to what he may possess, and rendering him liable to be thrown back on the world with his stock grown valueless. Out of this course of uncertainty Parliament owed it to the public to rescue the currency and the country. If the country were not equal to her engagements let them be fitted to her capacities; and let Parliament devise a system proper for the occasion. Then all would know what they had to - expect. But lie was confident that no necessityfur such a course would arise. Former measures had placed the currency in a state vicious in principle and mischievous in execution. The proposed system of banking once established, all would be safety and benefit. This system did not apply for the present to Scotland —to Ireland. Of this he did not complain. There were local cir cumstances which might render a longer time necessary for its ad mi,sion into those countries than in England. But he trusted that the Government would try to bring everything throughout the em pire to the principle of a metallic currency, and if commercial dis tresses should again arise, they would right themselves more easily. The Noble Marquis then moved— " For an Account of all the Notes issued by the Bank of England on the 16th of February, May, August, and November, 1119, and the years up to the present time, distinguishing the Notes above and below 51. and all Bank Post Bills, and for similar Returns from the Banks of Ireland and Scotland. " For an Account of all the Notes issued by Country Banks since 1819, up to the present time,ldistinguishing quarters, and the notes above and below 51. and for similar Returns (tom Ireland and Scotland. " For an Account of all Bankruptcies since the first of January, 1819, to the present time, for England, Ireland, and Scotland, andl distinguishing those of Bankers; and " For Copies of all Charters granted by the Crown to Bank ing Establishments during the same period, and for the three kingdoms." The Earl of LAUDERDALE differed from both the Nable Lords as to their views of the cause and effect of the late crisis. He denied that paper connectible with gold for a moment could occasion the late di: tresses. The distress, in his opinion, was not occasioned by the cur rency so much as by the spirit of extravagant speculation which lately prevailed throughout the country. The withdrawing of nine teen millions, as was the amount supposed to be withdrawn, from the circulation of the country, woe the true cause of the calamity. That these speculations had been indulged in was no fault of his— be did all that lay in his power, over and over again, to warp the Public, and prevent them from entering into these rash and ha zardous enterprises, as did also a Noble Lord (Eldon) Whom he re gretted not to see in his place. He advocated the system of Scotch Banks, and said that this was no time to invenigate the basking system, as the country was not yet recovered from its general panic. He mentioned that there were greater evils which followed the resumption of cash payments than from the opposite course. He adduced the instance of 109 Bankers having failed out of 253, the entire number in England, in six weeks in 1792, from the mere effect of withdrawing four millions of paper capital from the coun t' y. He censured the precedent of the late stamp restriction. Lord CARNARVON followed at considerable length. The object of his speech was to skew that the late distresses were not at all owing to the circulation of one or two pound notes. In 1793, a convulsion, much mere extensive than the present, took place; nearly one hundred banks stopped payment. Yet there were no one and two pound notes at that time issued by country bankers. The proper remedy to be provided, was to get a solid security front country bankers; the measure now proposed would not go to cheroot of the evil. He (Lord Carnarvun) was entitled to assert, that it was the circulating of the one and two pound notes which had saved Scotland from that convulsion which England had experienced. The Marquis of LA NSDOWN said, that if the Bank of Eng land felt repugnant to his Motion, he would not press it in its present form. The Earl of LIVERPOOL said, he was enabled to say that the Bank was perfectly willing to give every information demanded by the Noble Marquis, with this proviso, that their so doing should not be laid down as a precedent for similar enquiries. The Earl of LIVERPOOL gave notice, that the first reading of a 13111 fur regulating the Bank Charter would be moved by him on Monday next; and the second reading, on which the subject would be discussed in detail on the succeeding Friday, for which nights the House should be summoned.—Adjourned. HOUSE OF COMMONS. The SPEAKS", took the Chair at four o'clock. Several Petitions for leave to bring in Private Bills were pre acnted, and ordered to be referred to Committees. Mr. STUART WORTLEY moved, according to notice, for the renewal of a Committee, to when all instances of neglect of the Standing Orders of the House, In the cases of Petitions and Private Bills might be referred, in order that they might report their opinion to the House, whether such omission or neglect was of sufficient consequence to render a recommencement of the form 'necessary.—The motion was agreed to. Sir E. KN ATCH BULL presented a Bill for the erecting anew Corn Exchange in Mark-lanes Londen.—Read a second time. Sir C. MONZA N presented a Petition from the Inhabitants of the town and borough of Newport, praying for the abolition of Slavery in the Colonies. A Petition was presented front Newbury, against the importation of French Silks. Mr. HUME moved for a Return of the Number of Light. houses held by individuab on a grant or lea., from the Crown, with the amount of tonnage duty paid by shipping for all lights held by COUNTRY BANKS. Mr. lIUME also moved fur Accounts of Country Bankers issuing units, who had become bankrupts since 1016, the amount of failures, sums paid, &c. The Govenintent had no objection to the account as far as it could be inade up. Mr. P. 6 RENFELL wished the account to be extended to Scotland. Mr. HUME had no abjection. Mr. M A BERLY thought this a very extraordinary measure; if it were granted, he did not know what would prevent like en quiries into all private transactions. Mr. J. SMITH considered that the account was ♦ery proper; The public was interested in the matter. In the I Correspondence with the Bank, Lord Liverpool, and the Chancellor of the Exchequer had, without limita tion, declared that " all" the country banks had sup ported a sys em of speculati in. On the part of many prudent, cauti•+us, and honourable country bankers, be begged to call on the Chancellor of the Exchequer tomorrow night to adduce the evidence e•hich bad induced him at this particular time, to make such a sweeping declaration against all country bankers. The CHANCELLOIt the EXCHEQUER said, a statement of facts made accordi g to the trims of the mot , could by no weans be taken to convey Ass ins putaki non the character of any individuals. If, h w ever, the words could by possibility bear an orrii:ive meaning, all objection might be removed by a slight Alteration,. in which he kit assured that the Hoir.Gen. drama who made the motion would concur. o;,e im. prorement, he conceived, might consist in avoiding the times of , places. It was not designed by the correspondence wt the Bank to convey the slightest imputation against till character of any individOls whatsoever ; the etstire complaint , was directed .asitintt the system 'of private banking, -which un• qUestionably was productive of the most injurious effects to the community—effects totally beyond the contront of the Bankers themselves. In.leed the neces sary pursuits of a Banker could not fail, without any fault of his, to generate evil results ; and even if the charge had been more particularly expressed, it could nut, in fairness, be construed to attach blame to the conduct or character of individuals. Evel capitalist wa. certainly encouraged, by the system now under consideration, to enlarge his schemes of speculation in all mercantile concerns, perhaps ulti mately to his own 104 S, a coati:clue:ice which the Right Honourable Gentleman would be ashamed to see upheld in the present state of the law. Mr. CALCRAFT was glad of the explanation that had been given, for, without it, he could sot have un derstood the terms made use of as applied simply to the banking system. But, whatever the Right Hon. Gentleman's notions were of the system, he denied that ever it had fostered the spirit of speculation. For, ft on) the circumstances in wh ch country bankers issued note;, which everybody knew were convettib:e into Bank of England paper or gold, it was impossible the mischief could be attributed to them, though he would say, that many twitted their business too far : and from the spit it of competition, to which all trades were :ob ject, might have occasionally given issues to persons not trustworthy. When they did so, the evil corrected itself. He concurred in the opinion of the Honourable M. mber for Midhurst as to their respectability ; and when the remits moved for were laid on the table, it would be fou-td how small a share they had in producing the evils undtr which the country labours; other people will he found to have issued paper as well as the country bankers. Ile contended, it was the large quantity of Exchequer Bills that had done all the mischief, and which, he feared, was not yet over not withstanding the confidence with which Ministers flattered them selves the panic in the market had subsided, and that things were reverting to their accustomed course. Sir J. WROT lESLEY spoke in favour of the mo. Lien. He would say but little, as the regular time for discussion approached; but he believed, in fact, that the country bankers were pretty nearly the only people iu the kingdom who bad not speculated. _ . Mr. HUDSON GURNEY said that the Scotch sys tem, if examined, would be found to facilitate speculation more than the English; and it would be found that there was not so much of bankruptcy among the bankers as among those with whom they deal. It was necessary that there should be paper eaosgh in the country to keep up prices as they stood in Mil and 11112, when a depreciation of 35 per Cent. took place. Mr. ROBERTSON eulogized the system of banking in Scotland, which, in his opinion, had raised that country to her present state of prosperity. If the Ministers persisted in tbeir determination to withdraw the one and two pound notes in circu lation, the misfortunes of the country would be aggravated tenfold. He felt astonished at the apathy with which the country in general, and the Country Gentlemen in particular, looked on at the present crisis. He could assure them, however, that the storm had not passed away, and would soon burst with fury on their own heads. Mr. TIERNEY begged to ask the Chancellor of the Exchequer, what was the fate of the proposal on the part of the Bank of England, relative to the establishment of Braach-banks in different parts of the country The CHANCELLOR of the EXCHEQUER re. plied, that there was no specific proposition to that effect on the ' part of the Bank. The only specific forna.in which it appeared, was in the communication of the Earl of Liverpool, and it was there stated in the way of an alternative. Mr. TIERNEY replied, that it was stated by the Bank to have been their own proposition ; and it was material that the error should be corrected, since the proposal originated with Ministers. The CHANCELLOR of the EXCHEQUER re peated the answercwhich he before made. And on the subject of establishing Branch-banks, he observed that, as a remedy, how ever valuable, he yet cleaned it to be an inadequate one. Mr. PEARSE, a Bank Director, said that such a plan had been the subject of conversatioa for three years past, at the Bank. Mr. HUME, in pressing his motion, said that it was not directed against such Bankers as dld not issue notes, nor against any but those whose names had appeared In the Gamete. He would only lay facts before the House. It was stated that the losses were attributable to the failure of banks, and the facts, when ascertained,would skew hew far the assigned cause was the true one. / The CHANCELLOR of the EXCHEQUER wished to set hirnsqf right with reelect to an cbserration which hal fallen from the Hon. Member for Wareham, who appeared to think that he (the Chancellor of the Es ch.quer) had thrown the whole blame of the excess've issue of paper, and the consequent distress, upon the Country Bankers. If any expression conveying such an idea had escaped him, he could only say that he had expressed himself very inaccurately, and that such was not his meaning. He bad, if he was not mistaken, de clsrel in precise terms, that the late distresses were not attributable to the Country Banks, but arose from those speculations incident to all commercial countries, where persons were naturally anxious to take advantage of every apparently feasible mode of employing their capital to advantage. He had, with a view of shewing that such distresses were not to be considered as neces sarily permanent in their duration, referred to the year 1819, when a period of great distress was succeeded by one of equally great prosperity. The motion was then carried, as was also a similar motion with regard to the banks of Scotland. Sir GEORGE CLERK brought up the Navy Estimate; which were ordered to be primed. IMPORTATION OF SILL. Sir T. LETHBRIDGE presented a Petition from two indivi duals, Silk Throwsters ' against the importation of French Silks. Mr. ROBERTSON said, that a protecting duty of thirty per sent. for the Si k Trade was quite inefficacious. French wrought silks could be had at a cheaper rate than the English manufacturer could provide the raw mattrial to put ioto his loom. The late measures would destroy a trade which we had brought to great perfec tion. Tne French wete beyond the reach of our com• petition, and their msdufactutes would surely be sought after and exclusively employed by people of fashion in England. The French had no heavy debt to burthen them, and how could England hopeto get out of difficulties, if there were no excitement for the industry of her population ? The Petition was read and laid on the table. Mr. DENISON moved that certain Noblemen should be requested to attend at the bar of the Nouse, whose evidence was deemed necessary to the defence of Mr. Kenrick. The SPEAKER poi.sted out the propriety of wait;ng to see whether or not the house could entertain the charge, a point which was not yet determined ; and, if carried in the negative, would render any evidence intended for the defence useless. Mr. Secretary PEEL mile some termitic upon having the papers reprinted in sufficient time for the use of the Memuers.—The motion was postponed tilkTuesday next. FOREIGN SILLS. Mr. BARING presented a Petition from the Inhabi tants' of Taunton, signed by two thousand persons against the importation of Foreign Silk*. The con sideration of public distress arising from the influx of Foreign Silks, he said, would press itself in many shapes %poi' the attention of the Hou.e. The con• sequence was ruinousio thousands of unhappy sufferers, who were enduring the last degree of misery At the pr sent time, and. tier-etme, he hoped that h:s voice w0...1d be iIe4ILL on third. bLI:AIs. was sorry not to see the Right Hon. President of the Board of Trait in his place. He (Mr. Huskisson) would see the necessity of setting the question at rest, not merely in his own mind, but in that of the country at large. The question now was, whether the House would support Ministers in the desperate plan to which they had resorted ? Manufacturers could not afford employment to men, until they were aware of their tate. They were per suaded—(whether sight or wrong in their opinion was not now the point to be considered)— . that they could not sell a single yard of silk in competition with the French. The question coull only be set at rest by 4 Bill. Matters were now in quite an unsettled state. The conduct of Government had justified a suspicion that they would not scruple to take liberties with the law. The late order sent to prevent the issuing of stamps from the Stamp-office wai a direct violation of the existing law, He was as anxious as any man to get rid of the one and two pound notes, but he wished to see them abolished gradually, and by legal means. The conduct of Ministers might be justifiable, but they should have paid that reasonable and proper ! respect to the Legislature, to state the urgency of the occasion which induced diem to contravene the ex isting law, and not leave it to the accidental explanation of the Secretary of the Treasnry. He had to complain of a similar infraction wi:h respect to the silk laws— After discussion it had been agreed to afford t' e Silk Throwster a protection of 7s. 6J. per lb. thus giving him an advantage over the manufacturer. In the course of that discussion, he (Mr. Baring) warned the House that such a measure would tend to the destruct on of the manufacturer, and by a natur tl consacpreisce to that of the throwster also. It was now found that resu is confirmed his anticipations, and the 7s. 61. WA a likely to dwindle down to 2s. 6d. As if laws were of no effect, an Order in Council was sent down to receive ss. in lien of the 75.6 d. This surely was unconstitrition and could not be endured. To talk of our prosperity, amidst this intensity of distress, was equally .absurd as to tell a sick man that be was in perfect health. An lion. Bart. Member for the county of Somerset, on presenting a Petition, had stated that the inhabitants of that County were satisfied with the Corn Laws. He (Mr. IS.) was commissioned to say that they were not. Here was a Petition signed by 2,000, who ►ay that the re moval of restrictions, not to be injurious, must be extended to the Corn Laws. ' Mr. HUSKISSON wished to excuse himself for not being present sooner, according to the wishes ex pressed by his Hon. Friend, the Member for Taunton. —His only apology was s that he bad been absent for the discharge of the duties of that office which be so unworthily filled, and from which he had Repaired to the House with the least possible loss of time. As t , ) the order of the Treasury s sundown to lower the duty on thrown silk, it was a mistake to state it as an act done without authority from Parliament. The Board of Trade having satisfied themselves that ss. was a suffi cient protection, they had directed so much of the duty to be taken, and that bonds should be given for the excess of 2s. 6d. per pound, should Parliament not c n cur with the Government. The House would see at once that the whole of the duty was secured to the public, should Parliament think proper to exact it, and that Ministers had by no means assumed an ifidependent controul, or a dispensing power over it. His Hon. Friend must be aware that it was not unusual lo take bonds for duties likely to be remi•ted by P.rli intent. He would not now go into the discussion of 'Pik ques tion; a time wculd soon arrive. The derangemeuts i the trade an.' currency of the country, he deeply re. erected. He trusted, if the views and conduct of Minivters were to be called in question, it would be done upon regular motion, and by a fair discussion of the merits of tbose.plan. which rarliament bad thought fit, on the recommendation of Government, to adopt. He was use afraid, on these conditions, to meet his lion. Friend, even upon this alarming subject of the silk trade. His Hon. Friend himself would condemn him, should he suffer himself to be drawn into a premature discussion of those measures of last Session, with respect to which be avowed that he felt no change of opinion. Mr. DAVENPORT impressed on the H u•e the necessity which existed of taking some speedy measures for the re. lid of the starving Silk Manufacturers. The state of distress in that body was such as called aloud for the most instant relief that was possible. Sir T. LETHBRIDGE said, that with respect to the Petition presented by the Hon Member (Mr. Barinz), be knew the Petitioners in this instance did not complain of the price of provi sions at the moment, but feared for the total destruction of their trade by the measures about to be pursued by Ministers. Mr. ELLICE said, that no real evil was so bad as the uncer tainty which at present existed. Mr. BARING said, he never had encouraged this partkuiar measure respecting silk, but quite the contrary, fur he was almost the only peruse who had raised his voice against it from the outset. Still it was rather hard, be must admit, to throw the whole responsibility of the Bill upon the Ministers, when it passed through the House with almost unanimous approbation. Mr. HUSKISSON expla:ned, that he never intended to Intimate that his Hon. Friend bad supported this particular measure, for had he done so he would have been incorrect. All he meant to state was, that the opening of the colonial trade, aid the removal of the duty ou the raw material, had • his Honourable Friend's approbation. The Petition fromTaunton was then laid on the tabls,and order,il to be printed. Mr. BARING rose, tti aile his Illnitirinle Friend on the opposite side of the House (Mr. Huskiston), whether it were true which he had heard reported, that a Gentleman had been employed travelling abroad collecting information of the state of the Corn Trade, and Wench report would be presented to the House? • Mr. HUSKISSON, in reply in the coe.tion iron, his Honourable Friend, had no difficulty iu stating, that a persists had been employed by him in travelling to make inquiries on the sub ject, at the principal foreign ports connected with the Corn Trade. The Right Hon. Gentleman said, that the individual had returne 1, and his report would, at a future period, be laid before the House. He concluded with moving that the Petition of the Silk Manufac turers be pro tented. PUBLIC BALANCES IN THE BANK. Mr. PASCOE GRENFELL moved for the produc tion of the account of public balances in the hands of the Bank. The aggregate sum of the public moni s locked up in the hands of the B ink had, when be first made a similar motion to the present, about twelve or thirteen years ago, amounted to no lets than eleven or twelve millions, which, fortunately, had been' reduced until it came down from twelve to four millions in 1821. He was sorry to see it now had risen on the average of 1824 and 18'25, to about 7,200,00 W. of course the Bank thrived a profit from this investme it, in the same way as Country Bankers did from oriyta y investments. Ha had only to object to the price at which the business was done, for no one could deny that the regularity, skill, and promp.itude with which the Bank conducted this department, namely, the management of the Public Debt, was entitled to the highest praise. When the Bank Charter was under their consideration again, he thought that by a fair arrangement net less than 250,0001. might be secured to the public out of these profits. The Hompitrable Member then moved for an Account of the aggre gate amount of all balances of money of the Public in tke hands of the Bank of England, including all limey taken in exchange tor Fackequer Bills; also an Account of Uncl.irued Dividends, an Account of Payments by the Avouutant-Geticrala and of Lott ri Prises unpaid. Mr. PEAKSE felt no objection to the production I the accouath He hoped, whenever the questtou of t