The Statesman. — London, England, 1819-05-13 00:00:00

01111 be, as it now is, empinyed in the sawn •torl ettention of stericetter• and of commerce, whether foreign or donsemir ; in the other, it would by OPT.' y Sc addition to the rind stork of the country, pro dosing neither profit nor advantage. It ePriris probable also, that when the Bank I. tenths li able to pay only in bulling, and that only In eschnige for 'snips to a retrain smo i r o t„ it would he chiefly subject to such detwaistle as might arise frnm the Mint price, and the consegund profit epee 'sports- T i , • d..aomud r es• lti ng frnm this source, every hank instil,* paper rtible into either of the pre. nines metal., mess so sit times be liable ; and eaten the market price of geld con be kept within certain limits of deviation • beet the Mint price, either by the rrdertino of the Wets of paper, or by Ilse effect of • fiveerable balance of payments upon the es silence.. the whole system of banking must necessarily fall 10 .he ground. It is no objection, therefore, to this plan, that it don not provide against a possible its tante*, which is, under such circumstance,. en isteripsnete attendant upon ell paper currency se csoss r sit,k ; that is, upon all piper currency, which I. 5010..', ham great and inconeemient variations.— * The plan. I.nweter, contain, in itself, dying the • hid rosy elapse before the market price of geld f Its to the Mint price, a considerable guard me against this danger, a guard which did not nisi In Ile Poised Inn of nor currency. As it would be Impessihle for any person to draw bullion frem the Bush. incept in exchange for Bank cotes, no &mend could i.e made open the Bank to any great event for gold without occasioning • scarcity in 11w currency, which wneld nod to nisi. the Woe of those notes, sod to remove the temptation to present them in ex change for hellion. The same circumstance would event, In check any demand, which might arise from a sodden panic; and the rapidity of such de rnard„ in which its chief danger consists, might be somewhat diminished by the necessity of collecting notes to that amount, In exchange for which pay neat in bullion would be dementlable. And in what. ever degree a disposition may have existed to hard vile, there would probably he less disposition to de motid hellion from the Bank for that purpose. The Committee, in recommending the principle of this plan of resumption to the fsvnerable to the favour able consideration of the Boise, think it nevertheles. their duty to alleges, oriel proviaions as have occurred to them, by which, in their opinion, eithout weaken ing its efficacy, or impairing any of its advautages, its operation would de facitiated and entered. le the first suggestion of the loan, it was proposed that the Bonk, open thermion! of the present re stririon, shoelid womediately pay its hellion at tie Mint price, instead of pining in coin. The Committee have laid before the House, in the former part Otitis Report, the cnnsidnatiens which modem them in think that is must be desirable upon the whole to al low a considerable interval of time before Ilse Bank should he required to resume Cash Payments upon lbe ancient system. These considerations would operate in a greet, althisegh net an meal degree, n ylon the ton early adoption of the plats for billion pat mews at the Mint price. The objection to Ilse in.inirgation of the period in she former case was chicfly skis—that the country would be left during that pelletal, whatever it might be without, the cer. tainty of any progress being made towards the re. adoption of a metallic standard of valise. The inter. position of hellion payments aff nds Mena of obtain. log this security, which cannot be provided with equal advantage under the simipe resumption of Cash Pay merits. TI eresemptien of bolliou payments may,if Earthmen. should think Proper, commence at se earlier time, and at the present market price of gold. s.ccessin petiods might, it thought necessary, be flied, at which the rate of bullion payments should be gradually lowered, until it should finally be brought down to the Mint price. The lame princi. pie of gradate's could not be applied to payments in coils, without the great end obvious inconvenience which most result from successive variations in its circulating value. The eject of this gradestecl scale would be, to re establish from the Grat commencement of its operation the principle of a metallic standard. It would indeed stet at once be a recurrence to the ancient slumlord ; but an uppeciaimation would begradeally made towards it, end at too disia nt period it would be attained. The ne cessity under which the Bank would be placed of re guls ing its proceedings with • view to the commence. meet of bullion pajamas upon the a> item, would give a security, p.ehaps unnecessary, bet satisfactorily to the Public, that some prowess was actually making tuwards the ultimata o►ject. As the Bank would at she same time would be relieved from an early recur rent, to Cash Payment, upon the ancient system, it would gain a longer interval for the gradual accumu lation •f its tremor.; any reduction of its issues, which might be found necessary, might be gradually made ; and all persons engaged in commerce would aloe be enabled to accommodate their transaction, to the new stale of our circulation. it has been suggested that the Bank might have the option of paying In billion or in coin ; bet the Cnnituerittee are inclined to think, that even at the time when this scale shill have reached the Mint prier, the Bank should begin to pay in bellion only. If t►ere Is any weight in the argument that one of she great advantages of the proposed plan with the modification si/Awed, is this, that it would render IL safe foe the Bank to open with a mach smaller amount of treasure than it might be thought seers. miry for the resumption of Cash Payments upon the ancient system, and therefore that it might begin its operation at an earlier period, it is evident that, were Ike Bank, from a preference to the socient system, to determine to atoll itself st that period of the op. lion between buitinn and Cash Payments by paying in coin only, it mast, in consequence of such deterad. notion, make mote rapid and more eitensis• per. c!,ases al gold ire the interval, sod thereby impede she grades' pregre4s of it. redaction to the Mint prier, w kirk is the main object to be attained. hole is also 'pother esil against which it would he eapediewt to revolt a award, viz. the possibility of in punitive reduction of the circulating medium doting the operation of this plea. This might be p►rvented by imposing open the Bank the obligation I (siting tlrrir notes in caching. fur gold bellies (if 1. , (1..rJ In them) at filed prices, either taken enme. 'Net t.r.nw the Mins price, or, its the first instance, 444. t %LA LeJM the price at stitch the Bank ehoold TTIR firrATF.Sm Ar► cntentenct to ploy in bullion ; or farther, if it sheatil be thostaht proper to intred•re more tho u pus point in a irsdusred vole. et rites somewhat beinw these which might successively he Bled. Either of the let. ter espedients would salmi a greater security egelosit any escrssive redaction of the issues of the amok. hut the, Wight intrndere • degree of enumplicotiow into the system, end might cramp the operstions of the (lank in an i silent in ; end the Com mittee think that, on the whole, • preferiblt secu rity would be effsirded by leaving the Mint open in the Public, by which env considerable deficiency in the paper currency wankd be sitoptied, and its effects counteracted by the coinage of Rshl. In order In bring before the view of the ffnuse, with more distinctness, the whole of the plan which the Committee beg leave to recommend so their con. sideretion, they will stele shortly the different pails of which it consists:— I. That provision ehould he merle by Parliament for • re-payment of the debt of Government to she Batik to a corisideroblo •mu•nt, and that a pert of that re-payment should take plice some time sole. cedent to the first period which may be 6aell for the commencement of bullion payments by the Batik. 2. The t from end after theist of December. 1816. or et latest the Id of February, 11420, the Book of Finland shall be required to pay its notes i• gold billion, duly •sayrd and wattled in his Melody's Mint, if demanded, in sums of pot less than the tale, of GO oz. at the price of -11. I s. per ounce of standard bullion ; that on the lit of November, 1820, •r at sod other period as may be filet% the price shell he reduced to 31. 19s. 6J. uol.•ss the Dank shell have previo•ely reduced it so tl.at rate, it being aloes* understood that the price, when once lotarretl, shall not egain be wised by she Bank ; end that on the It, of May, 1821. the Bank shell p•y its nose•, if de. minded, in gold bullion, In aura nit 11.4 s stun the value of 30 ounces. at tt:e price of 31. 17s. luid per ounce of sten4ard Lullir u 3. That a weekly ercoent of the average 'risotto, of notes in circulation dosing the precedult week, doll be transmitted to 1.. e Privy Gowned ; stool a quarterly account of the a g• mosso, of nos e s i n the it...coifing quarter, shall be circulation ilorinit published ifs the London Gu:ette : 4. That fir t 4 •• y ears, from and after the Ist of May, MI, the Bank shall pay its notes in gold bullion only at the Mint price; and that •h•neser Parliament shall (WA pr , per to require ils• Book to pas ifs noses in coin, notice throeof shall be given to the Bank one year brreoff. Asstd, such notice slot to be given before the Ist of M•s, Should l'adiamont think ti•ovvr set adopt this plan for the resul..tion of the Bet k s.f England. it is evi dent that provisis•os must Ite made fur applying the same principle to the Bonk of Ireland. The Committee are perfectly aware of an objection which may be stated to this plan, wiz. that during its operation the country will probably hate no cur rency swept paper, for payments beyond forty shil lings, and that the advantages resulting from the con wertibility of Bank-nofes iota bullion appears to ba given, at least in the first instance, only to the holders of large sums. in answer to this It mast be remembered, that an long as the price of gold shall caution high enough to 'ford a profit upon tho melting and esportation of coin, framed according to the present Mint rept teflon, there can be no circulation of gold coin In the contry. Under sock cireesestaeces, any farther Issue of gold nit would be useless. It would le. deed be worse than useless, as the purchase of the bullion to be coined would raise the price of gold, and the repent.* of coining it would be a ante of public money. Seth an issue could only he useful whenever the price of gold is so far below the Mint price as to competente for the interest Inst during the time of citing,. Bet, although the Committee entertain great hopes that, during the operation of the plan in weenies, the price of gold will fall to the Mint price at an earlier period they what is Used for Its completion, yet the plots itself presumes that such fall may net take place and have been esta blished before the Ist of May, 1821. Under this certainty it would be difficult, if net Impossible, to foresee any moment previous to that date, at which it might be npedient to make tech an issue, or at which the Public would be able to avail itself of the power of retorting to the Mint for the conversion of bullion into coin. Bet it will be able to avail itself of tkat power under the operation of this plan at as early a period as could reasonably be espected ender any plan for the simple resumption of Cash Payments. In the interval, the currency mast consist (as it hes Nog consisted) of paper alone; but from the moment this plan begins to operate, this paper would have whet it has not had since the Bank restriction, and what It could not have in the interval preceding a simple resumption of Cash Payments—a metallic standard for its regulator. The bolder of large sums in notes world indeed have the power of correcting them into bullion at a iced price by pre senting them at the Bank ; bet the bolder of a small sem its notes ham net new, and could not base the power of converting it into coin, ender dreamt stances when, •s Isom beets betor• stated, uta coin could remain end circulate in the country. The latter, therefore, Is esposed to no disadvantage what ever daring the *parttime of the pretest plan, to which be would mot be @spend during the interval which must precede a simple resumption of Cash Pay ments. Bet he derives from the first moment of its commencement a participation in the security giant Initiation afforded to the holder of large sums. 'his detail of the plan now proposed by the Com. millet will they hope be sufficient to rupiah, both its 'More and Its objects. Above all, they frost it will , be manifest that the plan is now recommended by them as a temporary meesere, as the mode which are pears to them at once the most desirable, and the must effectual for the attainment of the object which the Parliament basin view—the restoration of our currency to its ancient standard of metallic value. They think it probable, us they have already stated, that this object may thus be attained at a period com paratively toiler than that for which they have ulti mately provided. Bat they entertain a confident es pectation, that in this mode it will be effected at that period. it not before, end with the least prettiest is convenience to any of the 'notes!, which it msy effect. Aber a* attainment of ibis first sad vest object, many linpoilaat questions otil still temsio to be de lis miued by the Lreflalitt tmec• it% tl.a 13 stem 011 which nor earrenry, when recolated hy a metallic standard, ono, in other inspects, with most advan. tar, he altiostely and perantayntly founded. list in thole points the Committee think they ehnold love e1e...1.1 the 1;1014 of their dot y, if they had rentarrl it the resent 1...1.1•.. to l'ottn. mooch innr• if the, hod tohaoittird to Parliament, any final or &KWH. MutAyr the whole of our circulation and currency Thal' th►orefnrth he replaced either entirely ea Its session, fooling, or with whet degree of alteration, perticelaty in respect of the smaller notes, she use of which was formerly prohibited ; whether the pay m►nts of the Bank shall be made at their option in bellies or in coin ; or those payments eon limping to he made in hellion only, the Mint shall he opened to the Public for coining such bullion into gold coin, with or without a seignorsge or b r ge ; or whether, with a view to realise to the country • writ equal In the whole value of the gold employed as deed capital for the pupas, of circulation, an en deavour shill be made to confine the whole of oar currency (except for the small payments now made in silver) to paper only, bet to paper regulated by convertibility into bullion ; these with the numerous details connected with and dependant on them, are paints upon which the Ilereee will find much useful information in 'alines parts of the evidence contained in the Minot's, and upon which the Committee are satisfied that a better jedgmeat than can he formed at ',teapot, will he derived from the esperience of the operation of the plan immediately In question. With reapers to the decision to he taken as to the filter* circulation of the smaller notes, the Committee are fully sensible that all views of espediency or pro fit in this respect mast be combined with another most important consideration, that of the comparative facility with which such paper, or the coins for whirls it is suhoioused t may ►espectiv►ly be counterfeited. This point is essential to the success of any measure on this subj►ct, sad It is of great weight in the opi won of the Committee, as connected with the tom prattle degree of temptation or encouragement, shirh any of these systems may afford to crime, and the consequent neces►ity of frequent aid betas pu nishment. Under these impressions the Committee have en. deavourell with much anxiety to obtain infiirtnatios as to tl.e progress and probable resoles of the en quiries which have lately been made, under the ao. I thorny of his Naivety's Commission, into the means of preventing, or rendering mach more difficult than l at present, the forgery of Bonk paper. They have learnt that these results an not jet sufficiently ma. ivied to be brought with this view in • complete shape under the consideration of Parliament; bet they find that the very able persons whose attes ting, has been so bene6cially employed in the vs , amination of this subject, entertain sanguine ex. pectations that the principles which they have adopted for this ()Given will, in their applies. lion, provide, if not a comple'e, at least a much more effective check than has been provided by any means yet adopted for the security of the Bank and of the Public. IN so far as the Committee has felt It. self competent to judge of the probable operation of them principles, they fully partake in this hope ; and it is winch strengthened by learning, front the testimony of the Governor of the Bank of Ireland, that the ap plication even of a part of thrive priaciplea has been found there, la a very great degree, effectual for that purpose. There is another point to which the Committee think it of greet importance that Parliament should advert. The large amount and nature of the advances made by the Bank for the public service have been stated, on different occasions, as opposing consider able obstacles to the measures which would otherwise have been 'dilated by the Beak ; sad the plan now recommended essentially depends upon a previous re. diction of them. Bet the inconvenience of this mode of habitually providing for the public esigencies, to so great an esteot, is not merely temporary. It in. 'plats principles of considerable moment, with re ference to Ova relating in which Government and the &link are thereby placed towards each other. This system is not, however, of recent date. It bed been acted upon to a large extent, foe a long period of jeers before the first restriction upon the Bask. The amount of the advances appears to base subse quently increased with the secceedieg embarrassmands of the public service, end the extraordinary *tertian' of the concluding years of the last war Naturally produced an unprecedented extension of them. A considerable reduction of these advances has since been elected, and a still further diminution of than is recommended in this Report. It will be for the wisdom of Parliament to determine, whether, in or der to guard against the unobserved recourses of this practice, some permanent regidadons ought not to be established, attending the very sorrow ',Waist under which the Bank was originally placed in this respect ; but imposing some new prieciple of limits. ties', so as oaths one band to allow the Bank such a fire use of its capital, as might enable it (as it up. pears t• have done previously the Bank Restriction) tog burst either lake whole or some limited proportion thereof, if not demanded for commercial discounts, in the purchase of Government securities, and, on the other, to pretest it from engaging in such par. chases for the accommodation of Goveinment, when its own convenience or interest did not require them, or from entering into any engagement, impress air its. plied, which shall prevent its bringing thus* secatitie. freely into the market. It is Anions, that in im peeing any new principle of limitation, exception must he made for cases of greet emergency, to be stated to Pallismeut, and provided for by its express authority. _ . What'eser may be the decision of Parliament spool ell or soy of the measures now in contemplation, the 1 Committee think it still be desirable to repent the lees which prowibit the melting and expatiation of the coin, and which enact that all bullion intended for eaportation, shall be sworn to midst of feleign gold or silver. The policy of these laws has loos been held by the best 'film on the sub ject to be at least dobiess. From the notate of the Reticle, so portable and so easily courealed, they could hardly be 'towed to he efficacious, 'sod experience has abandantly proved their inefficacy. Notwithstavad , log the esisterwe of these la vis, the oliole, or nearly the whale of the gold coin of this kiortiloes. sotousit- I lim probably, I. between twenty end thirty l lionv s bu mire, disappear's!, awl scarce') a rem- nant new /eosins of the sovereigns ich seed in the )esr 1817. The prohibition, in :eel% adds sooething to Oho difficulty, and m19' 1 . 114 . 1 1, .„ the exportation, and may, therefore, be rot unse.l t.. irpesate, in +owe degree, as a seignotage upon ear coin—bol it is a seiguerage perpetually Isr)ing, sc. cordiag in the greater •r lesser facilities fee sump filing which may at different moments elicit, and i d. fording therefore an uncertain, and, in v«iot of fact, an Inadequate protection. Ilse mewls also, by which this protection is afford. ed are highly ohjectimsable.t here being no po•sibility of distinguishing betimes Wilms produced by the melt. lag of foreign or of English coin. The only security 'is that of an oath ; and the law, therefore, has a. other operation than to offer a greet, sal, as ex perience p , • soccessfol sereptetioss to perjury. Etta upon our ancient ')stem of coinage, in obit* the vales of the metal in coin is equal to that of the metal in bullion, and the whole @Amore of the coins age falls open the Public, it may be doubted whe ther the prohibition does not incense rather thee dis minish that esponre; although the latter was pros Mbly one of the chief °Netts which the law had in view. As our coin is cow either melted previously to exportation, or melted is the country he which it is exported, beaten it is not there known oe current, when it returns, it returns in the shape of hotline, end if the Mint is open, sod the price tech as to make it worh coining, it is carried to the Mint tad coimed at the public expeoce. Whereas, if our cola were legally exportable, it would probably return late this country as coin, whenever the state of the sachems.% rendered it more profitable remittance than bills or merchandis. No reentry in Eorope has 'maintained so large a metallic cerrency es France, without any prohibition upon the stetting, the export, or the sato of the coin. The Committee cannot courier's their Report with. out adverting to the opinions which have been ex. pressed sod very folly explained by some of the wit. stems, that the present regulations of the Mint for the coinage of silver must of theetseive• occasion e perpetual drain nf gold from this country, and ?horrify oppose an insurmountable obstacle tot he resu mpti on of metallic payment. by the Bank at she ancient stand ard of Woe. These opinions have been directly •14 straggly controverted toy other wit n es se s, The Cern. miltee more persiculerly refer to the evidence of Mr. Page and Mr. Fletcher on one side,and Mr. Moshol on the other; and to a peperreceived Goon Iho Master of his Majesty@ Mint; bet much important Worse. lion on this part of the subject may likewise be collected front the testimony of others, whose sen timents and authority upon sorb manners most of great weight. The Committee being folly sen sible, that if the opinings of the two first witnesses be well founded, any attempt to moose the restric tion upon the Bulk must prove ineffectual, unless Ilse Mint regulations for the coinage of silver were first 'Pored, according to the principle snow which opinion appears to be founded, have given this part of the subject toll consideration ; end they think it their duty to state, that they sve no ground to ape prebend that the present Mint regulations respectietc the silver coinage, so long as such silver coin shall no t be • legal tender beyowd the mount of forty shillings, and the Mint shall not be open to the Public for the coinage of that metal, will oppose any Mots cis to the successful emotion of the plan, which they have ventured to recommend. The House will rind its varies, peril, of the evi. deuce, and in the Appeudis, a great mass of valuable I information, illustrating set only these points which the Committee have dwelt upon lo their iteport, bet also many other points of imperssacs, to which they did not think it necessary to advert. They hese judged it best to confine themselves as much as pos. Bible to a practical view of the wrestles referred them by the House, and to rest the proposal which ' they have brought forward upon grounds which might tecosnmeed it suit:Wetly, if not equally, to person widely differisig is opinion upon ■any of the ems , siderations involved in any discussion epee se eaten. sis. sod complicated a subject. POLICE. allillastow•Nsittili.—Webersilsy Cheeks Wlselletri, • respectable cassireisass, bar &rally einstired spas a shine ef brakes sliest lb emirs' is wesert..ese Norio, sr.d sober mete cri', member of triskeir, sot mbar rowel. belmll - rs Nr. Newtown, or Tsser-ette.t, w wbare earpls,rsistl he Wig bet.. Hawke the istiret d ibe pretest erre. tsrse war fosse it bit bus three esike warrant., sot some palms .1 teasiderahlt wale,. whit,' hod ales beta malen. mad k.r rwrr a kick ar. sate it(101. Nes viferett. The bos ems &Ur tienotiited tot trial. alias %NM we, alias Gessespe the goldbeaser. was twasight a tie sake by Phew:old. ame nable of lambed', charged by Mr. 11•11 nos. of Mika lessor street. ties browelt, aim hat srg ra the pscarsisra mien sobbed bin al three gold seal., a key. and part ofa gold watch-cassia. Mr. Harisoar ,tri. d, 'hog brat Si,, Obelisk, is St. assorir"- ieldr, be bad uttassue, abort half-pa-t owe, he trio ail bia wrtrh, Sae she purpose of review a 11.4 she h.•r ass; sodas es misused it. she Prisoner snetchtd at ghettoise'. ousel peat!. end be rats away will past of the claw semi.. sod key. Mr: Massie*. par the alarm. sad sbe Pens/owe era. .ecored Hy.on. sod AbrastoW, two ess•trbles. also "ratted ails dire be had garde areal seratatete. A academes Bcl.BB was !noire ' as ob. lies, sew the Prarraer throw anise Mr. U.lstossr soca.. Ar. asses he 014 .41 .p. ...8 s. cc I r 1.9.• oared iheas is the 1A.,. sod Mr. Hammes ides Vbs.' stool. so Li. prapretr. Ti. m.v.irate tworerea K the Prses orris.* soil these to stJ, is bees he Ma cord that be was shoots 61 Ow Weer 15.11 tb. olives gate As Praeger a detract's, r.lssiesg greasea Wet is its glrod..—He ass folly toosswitud vial. lIAIIIIIILD. On t►e 10111 Murk. is il;;;;;Z: Riehird Cobham. talb. Jr 'gr a t►. Virr•Adwiral.y t.. Cisibotae As *Uri, serv.vi.ft da+q►tr of Ittrinnl ti►iaurr. t►dl DIED. On the IA inu. at litstiap. Wm. Piaui, Ri. t.ftpr as ilt.. se-. et many yews. Os the dilt sac M giber. Nee. Ilsittee, wiiveCtifLlONewe R. N. . -- COMO: OF SICHANC4. TIMIOAT. Nit il. 40m.eedant. 0 0 B. U U. Leib, erit..l4 Ditto. at ,ixltt.o 0 • Vesta., 1; Amotertbset. II 0 C. F. 61411. 4 fat Ditto, at fight. II 5 . %caste, ti Itotteranin. II 9 U. a aiti.,,, 41 Antuerp, 11 10 ev. M. I i Palermo. 1?3 per us. Ilasabarek, 3i 8 I.'. Lisbon 661 Album. SI V U. ( Oporto..). ' Kai*, 3 das:v•lght. 14 so U. Km .I.tne;rn. of 1)itt....:4 31j U. 1 I4 , snliu. 14 per Lent. 11.0nr.le..un. 94 611 U. Cork. 14 per rest. Frank ow the Waine,ll44 ex... Agt...of doe Canaan 11..11.4. ‘l,l4nd. 34 effective Portntal Got& in Cam, 4.. tti. i "Jr.Ci 314, elective 6d. per I , Z. I 'WWII, So i 11.14 in Ka., perdu. se•Ille, 3:6 Yew 1/.11:4r.. liihr..lint. 91 itlver.,u Km, .t..Aapi 107111130 Pellemed log Pabii•beil by P. Portly. at Obt StaTIAII4II ()rms. X.._4. S.O sbury•ka....e. k.rat West., V J