The National Register. — London, England, 1811-07-14 00:00:00

THE NATIONAL convinced, Sir, that however much individually I may pre tiously have had reason to he Incensed the repeatedoutrages committed on our flag try Brith4 4 Or 4 war, neithet' itty4as 'ions nor prejltdicce y • taut,. To my counity", I am wei convinced of the importance of the transaction which has implasecliipon rite thb neceisity of mak tin ion this conititimicaticm; I must, therefore, froM inOtives of delicacy, connected with personal consideration, solicit that you will be pleased to request the President to' authorike a formal Inquiry to be inAtituted into ail the circumstances, 'OV/ell into ev,ry part of my conduct connected with the satne. Tare injury sustained by the snip under my command is very trifling, except to the fare and main masts, which I before men tioned ; re, person killed, Enid but one (a boy) wounded.' For further partit'ulars I ruler you to Capt. Caldv,Tll, who is Charged with the delivvii , of this communication. I have the honour to tpe,with great respect, Sir, your obedient - I)ervant, (Signed) JoIiti . RODOERI. Pion. Paul Hamilton, Secretary of the Navy. . . . IMPERIAL PARLIAMENT. VIOUSE OF LORDS. • • • MONDAY, JULY 8. . .. . • . . BANK NOTES BiLi... •. 0 17.)n the Order of the Day being read for the third reading of the Bank Notes Bill, • earl GRosvE NOR thnnght it incumbent on bim to say a few words in opposition to this Bill, conceiving it, Es he did, a Bill pregnant with the most prejudicial consequences to the:country. -I-laving 'been obliged to quit the Hoiase on Tuesday from in disposition, afrer hearing one of the Cabinet Ministers oppose -the Bill as Unnecessary, he was much astonished to learn the Melt morning that the Ministers had determined to support the Bill, and, had lie not been prevented by inciiiposition, he shoted nave felt it his duty to haVe atttnded on Wednesday, to sign the • Protest against it. He now felt It hit duty most solemnly to pro test against the Bill, which he ecnceived must lead to the very ivorat consequences, in making in eftect,•though not technically, ' bank notes a 1. gal tender, at d in fixing a makimem for gold, that it should not be received or paid at above a tertain rate ; and a rninitnuin for bank notes,. that they should not be received or ' paid at below a certain rate. In the adoption of these principles, of a forced eirculation.of paper ctrrrency, and a maximum and a ittinimum, he conceived there was the greatest danger to the Opulence and the permanent interests of the country. He saw tio ef fectual remedy for the existing'state of things, but the Re- Pal of the Bunk Restriction, and though it might not be exile . lent to entry *itch a measure into effect immediately, still no lime ought to be lost in bringing it about. After I short pause, LOrd KING ripreesed his astoniqimct e that no Noble Lord • en the other side should have risen to attempt to justify or to explain the clauses *iiirti had from that side of the ficitise been tritroduced into the Bill, and which so peculiarly called for ex llairation from those who proposed or supported them. As the aw stood the ttniint might satisfy the contract by pa pa ng the .it p i note at its real valUe. That being rendered impo . He by Btfl,ilie tenant mutt take A certain portion of his • duce to ' • kind WI .tt at a lower rate, for the purpose ...procuring _.. _ . NW ' ••ed --d binit this Markin, . 'Old to satisfy fits hindlerd. If those who no , urgt forwart / hit Bill tittxyglit they could the-, eby ward the depreciation of ant hotel', tir prevent the being two prices, one in paper and the other in gold, ttity Were miserably mistaken. Already tht re were iti fatt tWOpriceb, a gold and a,. paper price, and to that the aystetil Minn rottie. It Was . hi vain for their Lordships to pass this Bill; it tOuld•ittrt effect the abject which those who-liad adOptc.Ll tt pr,yiegsed to hoe *.ti view, it could not retard the depreciation of-bank notes, nor mid it r,retent the two prices in gold and pa trr, the nacural effect Of tlr.:t 4e4recietion. . The It it o CuA Nein. :nit felt') hie duty to state the impression Upon his ininti .kith r - esptct - to this BM • .if the -I.ssidlord Terse" orefetTln bringing his action, treatise he :clad not chusse to take tank notes, the tenant would he jo.trf/esi in resorting to every, legal mettle tit fighting out h.% jandiard Upon • the questiot, and ()ringing his writ of error to have the questionsol e mnly deter - - w(.uldthe lamilorti-get by this ofter/ .heal} exhausted on the part of a:itll Aid at last that he mutt take those very tenant had oril;inally tendered to him. , say, that the latititord should not have upon his tenant, merely because the gold, which it was impossible for the s impossible to „gree in the expediency )7, pi trV'etiting a debtor from swing ar .his debt in bank notes ) and not to lie 'le presefst. Bill in plticing the tenant in i the same situation With respect to his goods and stock, where he had tendered his rent in bank notes. The Dill was, besides, rendered necessary In order to prevent individuals from &pre. ei aring the notes cetheliailknt England at their pleasure. 'lt was still the more rendered .necessery,. by the decision which the Judges had been persuaded to come to in the ease of De-Yonge. The Bill was absolutely necessary, in order, that KWh's* the Same dairies of justice, might be placed Upon the same footing of equality by the legislature. Lord Gl' E N V 1 LL r. combated theobservations of the L.ord Chan dellor, in a long and animated speech, to which we ogurnoseittempt to do justice. :4c Earl S reel HOPP; said, there was no ease in which the engage ments to the public creditor ought not to be performed. • Lord Hinters') could not help thinking that the Misunder standings which had arisen in consequence of this Bill, had pro duced a sort of mental earthquake in this Hoesc.—He had suf fered by this as well as others, and his opinions had been much misunderstood. With respect to the cash payment of the Bank, hr thought indeed, that the only effectual way of effecting this, would be by an immediate payment. This was his bias; but those to whom superior abilities and information he paid the highest deference, hail maintained, that the immediate resump tion of kaymeilts would be attended with great difficulties. His Noble krieiel had said, that there was not a sufficient, quantity of cash in the whole country ; hut he wonid'ask - him's* there was a sufficient quantity of cash in 1799 p .He meant . tolene, was there then sufficient gold in the country Iller the conversion kelthe bank paper into cash ? But when there was curtfulenceHri the 'country; gold was seldom or uever demanded, and that argu ment, therefore, fell to the ground. All he wanted:to etitoblish was, that gold should be paid when demanded, or, hi other words, that p4er should be convertible into cash. He kfiew no way by which the keeping up the depreciation of - tiertertency of the country could Support the war but by the defrauding of the public creditor. He could understand well enough the po licy of issuing assignats. He r'ec'ollected being told by one well versed in that matter, long before the depreeitition,:itkafftiey would serve their turn—that they would pay their armies in the mean time. But he would ask, if this was what Ministers une derstood by supporting the war ? Here was first a declaration of, I am a most honest man ! and then turning round, andlecenne mencing that system of legislation which will make the creditor not worth one farthing'. Was that the assistance which was wanted ? lie had heard of facilities in the raising of money ; but they had been explained sufficiently toltim ;, and he could not bet perceive, that what they gained on the one hand, they more than lost on the other, by the additional expence of these expeditions to the Continent. His Lordship then, went into a plan of his own, as a remedy to the evil, which lie meant to propose in the way of a rider to the Bill. He understood the great evil which Would consist in the certain inconveniences attending immediate payment ; but he was convinced the hank Proprietors an Stock holders had a clear interest in maintaining the present, state of things, and that, therefore, if they were to fix a particulagperiod, two years osleii years for the resumption of cash payment, it would be aehTere BRUTUM FULNIEN, and the same difficulties would then in to be got over, which subsisted at present. He knew 11$71tray, therefore, of effecting this object, but by making it the inlerest of the Bank themselves to agree to the re sumption. He wished to prevent the Bank from deriving any profit from their issues of tokens and dollars. ,He thought it was but fair that they should derive no additional profit trom that state of things. He did not, however , wish to take from the Bank the pro fi ts which they should make, or to interfese with private bankers in their concerti's ; but if they had OterteleOtect ed so long by you, it was but fair that they should ivt,.be per. .mitted to divide the additional profits taken under that.prordction. The provision which he meant to propose then, wattle prevent the Bank from paying any Dividends greater than a certain sum, which he had left blank, because some might be of opmion that it might be proper to revert to the amount of theinvidenai in 1797, and others to those of a later period, 6tc. Lord KA ititowav said, that many - observations- had been made on the impropriety of producing this measure at so. late 4 period of the Session : but as Ministers were not the original "authors of the Bill, the censure could not be fairly appiiedito `them. Lord MORTON stated, that in the great northern road from Darlington ti Ldinbergli, of 150 miles extent, there was na dif. ference made between Bank of England .and Scotch Notes; if, therefore, as had been stated, - Scotch Notes were at par, it followed that there at least Bunk Of England paper had' not de- predated. Lord Lr:zst , ner., in a long and animated speech, supported the Bill. The arOments which had been urged against .the present Bill, were rather directed aping the whole system of the finance of the einintry for the last 14 yeurs, than against. the measure then immediate* hifofe 'them,. though they were tend questions tv}4o, he coatehded iferilude . peodent of eact tither •• mined. - What, hoWever, v Itvery jrgal prtneeding lied sind his tenant, by weld fill bank notes which his tetra Was it then too much to sa • the - pjwyt of (detraining t .. i td . Cliose ip dem:nd go 4.. ittt .suctirt ? It was il 4. ‘\. t ~.- 4 , ,,;,_it . ent. f 1797. . i *. r * 47 4. 4 VI I 1 tl:9. i . , f ..A4 1 l i o ,, f thi 6 14 a 4 W • al' ' • , 41 ‘ n* , 111 Pr .", . ra y L 1.).?,1 ;:r ta w :,: