Star. — London, England, 1817-02-20 00:00:00

But, to come nearer home—a few years ago, when the Globe Insura9c Company wanted a Charter of Incirrpnrai : on, they offered to transact the 'public business at a much lower rate than the Bank receiv ed. The connection between the Government and the Bank he considered Most dangerous—and, if it went on as it had het etolore exis:ed, all idea of pay. ing their notes in specie would be tould chintericai. This could he di mqnstiated very easily. In 1797, the Bank ailiat,cei to Gesernmeht their whole capi. tal, which was Rl2,ooo,oo9—and, on tenyorary securities, the Laud arsi4 Malt 'fax, Exchequer Bills, &c. they re12,(;00,000 more.. Now, it was very 'clear, that any man who lent double what he really possessed, could no: be :tole to,meet his fair demands. The Bank fatted they were deficient about R 8,000,000, mad they applied to Parliament to relieve them. A Bill w is, in consequence, passed, which protected them from paying io specie. Now, it appeared iron] the present state of things, that the Bank were as completely incapacitated from resuming their cash payments, as they formerly were from continuing them. They had :n 1797 advanced 812,000,000—in 1808, 025.000,000, without interest ; and last Session seiLl,ooo,ooo more, making a total of 5824,000,000. It vas true, they had increased their capital to wis,(a);),(3oa; but, with o ut saying any thing of tht ir fl•etting advances, it was clear, that, with a capital of se15,:)00,000, they had entered iato engagements for 5e:3,000,00J. How, then, could they re time their payments in cash ? By the original Act of Re striction they were bound to pay in specie within a very few I:tombs after the conclusion of peace. The v:ar had now Ceased two years, tint cash payments bad not been resumed. Under these circumstances, it was most clear that the Government knew the Bank could not meet their advances without the Restriction Bill were continued, and, doubtless, it would be again renewed. The system was a bad one ; it was a system of paper accommodation, which always brought ruin on the individual or country that adopted it. During the war, that system affected them intetnally, and they paid more for every ne cessary of life than they would otliervise have done. But, if a paper currency, not convertible into cash, were continued, they would be menaced with evils from without. Every country around would under sell them. They would be under-navigated, under manufactured, and all the scurces of their prosperity would be destroyed. As inquiry appeared eo him to be most necessary, he should give a cordial vote for the motion. Mr. HUSKISSON said, the Honourable Gentle st-an who had submitted the motion to the House, argued all along as if 'the measure of restriction on cash payments had not been debated in Pat liament ; and as if it had net been decided, that it should cease at a fixed period, namely, the .sth of Joly, 1818. It would very much surprise him; should the country remain in its present state, if that House entertained any proposition, or it any pro position were made to it, for enlarging the period of the restriction. Under different circumstances, they might be called on to inquire into the time at which cash payments ought to be resumed ; but that was specified on the face of the Act of last Session, sad, therefore, inquiry was not necessary. The Ho. Pourable Goa:ileum (Mr. Marryatt) argued that the Bonk could not resume their cash payments, on account of their large advances to Government. But here he was completely answered by the Honourable Mover, who stated that £11,000,000 of the public mnuey were deirosa:d in their hands. The Bank had also other advantay,r, which it had a right to make use of, as ocher bank: rs would, and with which the G mein:bent had nothing at all to do. That the profits of the Bank were large, was an undoubted fact, and the accumulation ot those profits they had a right to make use of as they pleased. - He wished to see the day when c..sh payments should be re. sumcd ; tut the intermediate period between the pre sent time and the resumption of cash payments must be one of difficulty, arising from various causes, par - - titularly by the absorption of the circulating me dium, not only of this country, but of every State in Europe. The Honourable Gentleman (Mr.Marryatt) had referred to the Bank of America, to prove how cheaply the public business might be transacted; but to render the comparison complete, he ought to have stated that the American Bank had lent three mil lions, without interest, to the Government—that they had paid a large consideration fir their charter, and they were accountable for any forgeries committed. The Honourable Mover stated, that the Bank had, for the lag twenty years, made large profits, and that the public had sustained a loss equal to their gains. Other great chartered bodies, who had capital at their dispose,. had also amassed wealth during the same period; and the Bank could no more be charged with occasioning a lose to theamblic than they could. None of the statements of the Honourable-Gentle man were new; they had all been brought before the House by the Report of the Committee, in 1807, winch Report was acted on, and a beneficial arrange ment war in consequence made. It• was not at the present moment, when the profits of the Bank were impaired by the intervention of peace, that they ought to come forwar2 and press fur harder terms than they formerly demanded. Nor could he conceive it pro per that they should endeavour, ,year after year, to make alterations in existing contracts. A Committee, be was convinced, would not answer the Honourable Gentleman's object—and, should he come forward with some specific proposition, he would then go into the general cioeitinn. Mr. MANNING complained that the Honourable Gentleman came down to the House, frome time to time, and proposed motions relative to the Bank, without giving due notice to those who were most in terested. The Honourable Gentleman proceeded to notice a few of the leading points of , the Honourable Mover's speech. He denied that the arraugement relative to stamps was occasioned by any suggestion of the Honourable Gentleman. Before he spoke on the subject, the arrangement was nearly completed between the Bank and the Government. He con tended that 7d. in the hundred, for the care of the Sinking Fund, and 1040 per million (at one time they were paid £450), fur transacting the b us i ness connected with the National Debt, were not more than a fair remuneration, when the various expenses of Clerks, &c. were considered. In point ot fact, they received less now, when the Public Debt was 4800,000,000, than they did in 1807, when it was 4605,000,000. Lord A. HAMILTCZ: supported the motion 'The Res.ilution of his Honourable triend called to. a Committee, in order to effect great public savings. He had pointed out various items on which saving. might be made, and not one of his st.ttements had been proved erroneous. If it could be shewn, the' the business now transacted by the Bank could be executed fur halt the sum which was paid for ir, it not incumbent on the House to appoint a Corn. m;ttee, by which so much money might be sate! i The question, iii truth, was one more directly affect ing the Government than the Bank (Hear, hear.) and unless the Right Honourable Gentleman opposite (the Chancellor of the Exchequer), was prepared at once to deny that any saving could be effected for the public, in the mode of arranging their accounts with the Bank, it was impossible for him to meet this motion ail, a negative. Mr. C. SMITH was against the motion—rhea crier of Querti9n. ) • Mr. eiRENFELL, in reply observed, that the main argument of the Right Hon. Gentlemen oppo site (the Chancellor of the Exchequer) went to this— , that the agreement made between Government and the Bank, in 1808, was final and conclusive, and that the hands of the House were tied up front making any further arrangement on the part of the public, as to the management of their accounts or balances. He (Mr. Grenfell) was not aware that the Act oi l 1808 contained any provision of so final or conclusive a nature—nor did lie see what was to prevent that House, if a Committee saw that exorbitant charges were drawn for the management of the Public Debt, from altering or reconsidering the subject, with a view to a more frugal and economical arrangement. The Right Hon. Gentleman had also intimated that nothing could be done in the matter without the pre vious consent of the Bank Directors. This, fur aught lie knew, may be the opinion in Downing -street, bur he trusted that no such preposterous notion would be countenanced in that Hume, which ought to pro ceed in the consideration with or without the coosent of one of the parties mcst inn rested in the result.—; —A Right Hon., Gentleman (Mr. Huskisson) had alluded to what had fallen from an Hon. Gentleman near hint (Mr. Marryatt), on the subject of the-Beek at America Now he (Mr. Grenfell) had lately. read a copy of the Charter of that Bank, and he could tell the Right Hon. Gentleman, that it contained aclause, by %Inch, in consideration of the advance of public money, of which it had the benefit, the Bank agreed to pay the dividends and manage the whole 'unsocial debt for nothing.—(Hear. hear.)—And further, that the Bank of America paid, or agreed to pay, a en tain stipulated remuneration fur the renewal of its Charter —(Hear, hear.)—An Hon. Bank Director (Mr. Manning) bad said that be (Mr. Grenfell) had not given notice of his intention to the parties who were to be affected by the motion; nowAlte contrary was the fact, for he had communicated a distinct view of the nature of his motion to the Governor of the Bank (Mr. Harman) a fortnight before the first day for which its discussion had been fixed. The Honourable Director had said that the Stamp Duty arrangements of the Bank had been matured before he (Mr. Graded) had alluded to the topic • in that House ; it was, notwithstanding, very strange, that when the matter was first touched upon, the Member foe Surrey (Mr. Thornton) had given a very different explanation of the arrangement from that which ac tually appeared to have been entered into by the Bank, and had at the same time resisted that prin ciple, from the adoption of which the public had since derived so much advantage. He (Mr. Grew fell) had been also contradicted in the statement, that the Bank derived a profit of £300,000 from the management of the public debt. In fact he had not mentioned the precise sum of er300,000 ; but gene. rally stated that it was near such a sum, for up to last November it was calculated at exactly 8282,000. The Hon. Member then alluded to the indistinct way in which the £4OOO house money, and the £1598 South Sea Stock sum had been mentioned, and explained the way in which those sums precisely stood. It was quite erroneous, in point of argument, for the Honourable Director (Mr. Manning) to state that the public derived an advantage amounting to £500,000 from the different advances-made by the Bank for the public service, at a reduced rate of interest; for ever since the year 1746 they had been in the baba of making advances on these terms in consequence of their reclusive privileges as public bankers, and th bad continued to do the same for similar reasons since the renewal of the Charter. From a review of all the objections that he had heard ueged, he saw no reason• to depart from his opiginal intention, and would, therefore, call for the decision of the House upon the Motiau which he had the honour to submit. Tne House then divided, when the numbers were-a. For the Motion, 40—. Against it, 90—Majority 50. BANK DIOTICH RILLATiVE TO CASH PAYSIENTS. Lord A. HAMILTON rose to submit a motion, which could not, he imagined, lead to a diversity 01 sentiment. It a as-- • bat there be laid before the House copies of any notice, or notices, given by the Directors of th e Bank of England to the public, the year 1814 respecting the payment of a certain pop. lion of their notes In specie, together web the amount of specie to the paynieut of which they were Wile in consequence of suck . a notice, and also the merit' actually paid In obedience thereof." Tht klOble Lord, in calling the attention of the House to this subject, did so from a conscientious feeling, that the prosperity of the country was con. nec.o.d with the affairs of the Bank. His own expe rience convinced him that the interest and prosperity of the affairs of the Bank, and those of the Country, were mutually connected, but octal upon in au in verse ratio. The prosperity of the Bank always kept pace with the distresses of the country. The one decreased as the other advanced, and so the operation of cause and effect.would continue as long las the present mode of management was protected. The entire regulation of the Bank affairs should not I be vested in the Directors to the exclusion of the in terposition of that House in behalf of the public.— The Noble Lord proceeded to point out with great force, the baneful effects that were aidured by the Public from the ta- Cuence of the Bank upon the circulating medium of the country. which was at one moment greedy augmented, and then soddenly withdrawn by the operation of we issue or read of paper money. —(1/ser.)-.-Admitung that Bank paper bad net been depre ciated, was there nu evil la the fluctuation wb'cb was incidental to the present cmine of thinp t Was the mashies arks, in the articles of Ilk no evil for the Public 1 or bad it not produced the granter pan of the digress which all now deplored I Hs would ask, whether the country bad nut borrowed matey at a rate of I 3s. in 'impound, and was now paying igst a rate of (Ifser.)—His pram* Object was thersiy to reek lnhematleae , ma d he holy required the addition of data and sums to the Worms. tiun shandy communicated to the Public. He was far features LONDON. THURSDAY. FEBRUARY 20, 1817.. PRICE OF STOCKS THIS DAY AT TWELVE O'CLOCK s Reduced 6611—Cons. out. 651 66—Cone. for sec. 66 4 per Cent. bit I—s per Cent. Na.r 97 IL:chequer 131 Rh 12e. Me pre. The Report of the Secret Committee of the Com mons nn the subject of Treasons and Conspiracies, was laid before the House last night ; and its sub stance will be found amply detailed in our Parlia mentary Report. It differs but little in its statennons from the Rep a of the Coinmittee c.t the Longs, of which we have this day laid a cctrect copy before our Readers. From the particulars stated, it can hardly be doubted that some individuals have been so base, so wicked, and so mad as to harbour ideas of a Revolu tion ; or, in other wards an entire subversion of our Goeerninent and Constitution. But from neither of these Reports can we make ourselves sufficiently ac quainted with the facts to enable us to form any cor rect opinion of the extent of the danger to which the country was actually exposed ; for they neither give a correct idea of the numbers really joined in any conspiracy that existed, nor a sufficient number. of dates, nor any part of the evidence upon which the Reports are founded. We would not, however, have it inferred that the Committees have not had sufficient evidence before them to warrant the Reports they have presented. We are willing to take it for established, that certain in dividuals have actually been guilty of High Treason: still the .question will remain to be.discussed—whe ther their numbers, rank, influence, and means to perpetrate mischief were, or are such as to warrant any departure from the usual modes of procedure against such criminals ? Whether, because it is ne cessary to restrain and to punish the guilty, any mea sures should be adopted which in their operation may punish the innocent—by suspending any of the laws by which they are protected in their persons, their property, and their privileges ? It would be folly to disguise the fact, that many are of opinion that these Reports are but the precur sors of a Bill to suspend the Habeas Corpus Act. But this may be only a mere conjecture, founded on a precedent in the recollection of all of us ; for the Report of the Commons admits the it:probability of Me tweus of the absurd schemes entertained by a sit o: desperate men ; that the disaffection appeared to hare been confined to the manufacturing and more popu Inns districts, where the distress was the most preva lent; that even in these there had been instancus of exemplary fottitude in the support of great privations, and in resisting the arts of the disaffected; ai:d that there is eveA,reason to believe that the contagion of disaffeetionkti"•cur happy Constitution had reached few or none of the agricultural classes. It seems plain, however, that some strong me-- sure is in contemplation ; for the Committee of the Commoasseport " that the evil is of an extent which the existing laws are not strong enough to controul." Still we are inclined to think that Paliaracut should pause before k pass any act invAving tl e with the guilty. In what respect have the Ltws bt m , found detective ?—un able to Li tog ;Le gui.'y i t , y u _ nishment ? Has their et&t. , i.cy been prop,rly put to the test .-..13ut, for ary . utnent sake, let it. be i4ra..- ted that some restraints, not !ecogn'zed ')y ing laws, are required, wutt!d there lie P.ny dity in drawing a local line of tlentatc:itiw bytwe,n the loyal and the disaffected, has beets often ci. le in Ireland ? It the disaffection is " Collined to the manufacturing districts," tali)! extend the poitishtn;:, t to the agricultural 44(1 We offer tlas timely as a suggestion ; and to us , t appears that the adoption of some exceptiui s t., z • operation of the 111:1, whatever it may be, w !. a salutary effect; were it only in showing tn.& whicli is must exposed to the danger of being n, , that i quiet, inactable, and loyal der/kith/J ur , . culated to exempt them from the ieproacti abct E , . ment which a different line of condt;cl is L...c OWE,: to produce. but, as we have already stated. out the means of firming a correct en; only speak generally ; and the public will do ws.al to wait the discussions to which the considesat..m Reports will give rise in Parliament, belere they lwas any decided judgment on the question. We last night receivzd the Paris Paper: of day, and this morning those of Monday The Chamber of Deputies ccrnmenccd, ix' th e 15th, the particular discussion of the articles IA the Budget, several of which were agreed to, and the discussion was aej..umed. In the Chemins( of Peer! they h .ve then erzaw i l in the consideration of the Plan 1 , 1 Law se.•t uy from the Deputies respecting the Journals. 'Dia nuraer discussion of it i► ac - jotainLltill the 20a. The Duke of OHLEAN3 flas arrived at P.ui., aid had an auJience of the KING. The Duch.• petted to j.,in him about the end of the th • c. Th : Duke of Botatuom is also ssid to have .4441,.!:.c5a London. The Foods !eft off oa Friday at WE. 50c. Kingston Papers to the 13th January have arrived, but they bring no news from South America. 11.1 Governor of Jamaica issued on the 2d Lou Iry 4 Proclamation, warning the Negroes of the oaf of the report which caused the insurrection at IS u!):. does—that the PRINCZ AEGENT had ordered emancipation. The Bermudian sloop of war, fr , m t! , e Mexico to Jamaica, with specie, has been lost. The Stirling, Russ, from Quebec for wrecked in the river St. L 4 vreuc cn Cle .!,• 'ember—crew saved. L.etters from Antigua of the ISt') December mu. don the setting in of North East wends, wi:1:11 it was hoped would terminate the ravages of d:::truc tive fever. This being the QUEEN'S Birth the Pa: s-1 Tower guns were tired ac one o'clock. In the Court of Chancery, yesterday. the Loma CHANCEL:Mt gave judonseet in the case of lgg st. 'I he Waterloo Brittle 4..!•01- pany. His Lordship directed the injuneticia to be dissolvel; but with permission for the plaintiff to bring an action 1;.: damages, and the defendants to give four opulent per.uas as cr. why, to answer whatever dtmages the Jury may give.—in s few minutes after the judgment was pronounced, the wort:fr.:a began to pull down the Wows, which are to make room (or clic new a reet into the Strand from the Bridge. Yesterday, a Court of atectors was held at the EMI Inl'a House, when the appointments took p:ace, v z.:— James Stuart and Charles !Pithier Rickets,, Esqrs to seats Ui tL Supreme Council of Bengal; John Adam, El. Pr oti4n-.1 Counsellor for Beogal; John I iodgison Esq. PriivisitPlAt k: senor for Fort St. George; Alexander Bell and Guy Letwz Prendergast F.Setri. to seats hi the Council of Uonthan Francis Wa rden, toy. Provisiotral Counsellor for Hominy. - El unsleninreotioatd Comarauders took th.ir leave t--;`:;tit il 1. Dale, Sineatharis; Captain r. M' Taggart, Rose; and Capin L. B. GrihNe, Princess Charlotte of Wales—for Madrai an l It appears that the crew of the Campbehown packet fica!!l•:,, wrecked in au• um on a voyage from Campfieltowit to !IT/ S, did not perish as has been saippoted. .1 hey took to •he Ilea, and were picked up by an American vessel outward-lye:A :at New York. he wind blew so violently off shore t h at it impossible to • land them in any part of Scotland or Ireland.— They of course were taken to the United States, awl that friends in this country bare received from them lyre's cing their safe arrival I'ALMOCITII. Fee 17 —Arrived the Prinems Fizatuth * from Malta and Gibraltar—in 17 days from the latter; a!el • Mariam-Kr: Packet, from Jamaica, in 33 days—bath with Ntai . Also the Caroline, Watts, from Bahia for Liverpool, in .;t By the Caroline welearit, that the Sydney Pa-itet, New South Wales for I.llllllt/U, foundered at se: - . to tioveni!) •r tay. flae Captain and crew took to the boars, and artved, ar t s r ten days at sea, oa the mast of the Brazil. One of the ma' • iIIOW aboard the Ca:vlioa. The Congo and Dorn :lay hai el hoc Bahia four days before the Catolnia, far tiw first purr lo E,f• land. By the Manchester packer, we learn that the Certmh!.l 'Auer of war, front the Gutph of hi. aim to Jamaica, tc.c en away. having on board a great quantilt of specie. Ihe oelior , lug transports wiled from Jainalc.t the 11th January for Fiir'.l , l Ship Vittoria, with klaior.Genetal G'llara on board; Ca:a.: Minerva, brig Vittoria. . Deal, El AM:AIRY 19 .— Sailed the 1 ri,1 1 ; .......... 2f.1 flerecr , • "1 shire, Baht ludiamen, fur Mad. AS; and the whole of the bound on their respective voyages. Came down from the Rte.: and hailed the Centurion for Jamaica, and Sisters tor Havart. , `.., Wield u'Clock.—k is doubtful whhther thewinti not come back again, it is now doe North. PUKT3IttOUTII, FtiILOAXT 19.--Sailed the William fit ~• Dicer, for London. The wind having come dawn to the ;:i outward-hound are preparing to sal, and will be (hi at ila!-I:r; tomorrow.—Wind s.E. Abs._ ii h from the quick SliZZC:Slill of Lltterfel i atm wo ".• inclined to imagine that the spirit of adventure in t. is way v''.••• becnne somewhat blunted, yet the conrra'y app.er, •" ra,e, at least if we may jui!.g-, trout Cie erg. rums with • '", • etiquiries are Made for particuh•t NuniberF in the r -nevi •i* Lottery, which is to be drawn on St. Dam's 113/, • March; as the whole Lottery contains but S i p to i kYi • anairty on the part of adverrurers rot to he disaiatinteii Orden has of course produced this pressing deirs id. . The whole of the Tickrs it: the pru.enr %mall estOch there are but 3,000, pace already been issued ir • of England; this has bees done in order that tl`•• keepers aboeld be enabled (the drawing brit.; so : to let their customers have such partictdar y )'• iiis•cy at elite, without waii,;,is to twspeak them h.: number of '1 whets, and the demand already tat for th: is we appreltend, cause a great !molest the Offices dining oi days now to intervene previous to dm drawing, wh;cii plate 1111 tit at at Matele (*.David's 111). • —; irINDONi Printed b r I.tvat Publashed there, and at He fiter-olate, Tatple-Saf• ' gulping any improper Interference with the concerns of the Sant; le merely slashed to ; !leac the Public Irom a serious lops In the management of its general accounts. The Noble Lord condoled by putting the motion wi h which he met eat; Mr. GRENFF.l.Larcondegl the roction. The CHANCELLOR of the EXCHEQUER expresed his anxiety for the resumption of cash payments at the Bank. As to the motion Immediately be!ore the House, nothing, in bitni Wont could he more improper than any inettry on the Fast ot the House into the preliminary means by which the Bank could at any time ress.me those payments werhout being furnisl:ed with ample treasure for that purpose. The particular transaction to which the Nebic Lord's motion referred. was highly creditable to the Bank, for it 'hewed the sincere di.po%itiun of the Directors to pay in specie at the earliest poisibie moment. Their notice stated their readiness to pay a part of their notes in this manner ; and the Right llonoutable Grialeman here repeated his former observation relative to the smallness of amount which was dr. mantled ruin! the Bank, in pursuance of the mulct: alltided to, Ile resumption of cash payments c0i.1.1 only be undertaken' wbh great confidence in the public; and how could this confideece maintained it l'erhamete, in the face of the public, should ex- hibit a jealousy and want of confidence in the Director- ? Phis would overturn the whole arrangement for resuming cash payments. and do as much injury to the re.arte-aratice of t!re metallic currency, as could be effected by an ahsolute The Bank had been now sis months preparing to e tite trta. sure accessary for resuming cash payments, and they were thus to be interrupted in their first public step! If public circum- 1 stances continued. as there was every likelthotxl 'hey would, the Bank would he able to pay in specie on the Sth of July, 1818.— If the state ot exchange cow blued to improve, and the price of bullion to tall, there could lie no doubt that this resuntwion would take place. In this state of thing., with the drain wi.ich necessarily was taken front the countre by non-residents, by slit consumption of the British army beyoed the allowance paid by France, Government was yet able to lame two millions and a hell of silver curreiicy—there were then the most sanguine hopes, that the Bank would be able to carry its intentions into effect. If the bitable Lord's motion were acceded to, it wouisl be only the prelude to others, which would interfere with the existing state of the arrangements making for the resumption of cash payments. He would, therefore, oppose the Flit question was put, and the Motion ejected without a division. 11115CPLLASILS- On the motion of Mr. BENNE I*, Returns were ordered of the number of Appeals now pending before the Commisstonera Aer the Property Tax; together with the number of Officer* still employed in winding up the affairs of that Department, their salaries, &c. Mr. BROUGHAM rose, in the absence of his Hen. Friend 'Sir Henry Parnell) to give lintiCe in his name, that isn the 11th of March he wnulj move, that the HOW6t: do go into a Committee to consider of the Penal Laws a, .w affecting his Majesty Catholic Subjects. Mr. WYNN moved, that on all days fixed for the appoint ment of Committees by ballot, to consider the matter of Lice!. lion Petitions, no Member should spit the [louse after the Speaker had taken the Chair, unless the question was disposed of, or the Committee tirmed. The CHANCELLOR of the EXCHEQUER, in reconding this motion, expressed his warm approbation of the Resolution. The SPEAKER observed, that if k was the pleasure of the House to adopt it, irwould arm the Serjant at Arms with au thority to admonish Members not to reuse on such oscasions.— ( Hoar, Mar.) Mr. COURTEWAY postponed the motion relative to Grand Juries in Ireland until Friday nest. 'the other Orders of the Day wen then read, and the House adjourned to Friday. THE EvENING STAR.