The Statesman. — London, England, 1819-05-11 00:00:00

RI ON I) EF.PORT VEIN THE SIXIVET COMMITTEE, OP TH• LE,Cr Or INK DANK RESUMING GASH PAYMENTS. (Cnntlarea trim ana Paper sf Testrriay.) it If. Your Committee proceed to tbe neat bead of their entieiry—the espodiettey Of reverting to Civil Payments, at the period liked by law for their tesentrition. " It still be seen, by • reference le the Papers in the Appendix, that the Liebk, silliest departing Until the participles epee which their lasses on the discount on merteetilibills have long been regulated, base etude,' very ceesidetabis reduction in the soosnt of notes ootstaediog, ewespared with their amount at the commencement of the year 1818. Vrooe July so Dectrallor. 11117, theatorage assuloot was L19.210.835 11 rim Jamsary to Jew, IBIS k mai July Dreember ditto Ilke literate soosoust for site Ikea sooths to th. rad of North. 1819 •r Should the Legislators determine on the restore. Con of Cash Payments on the sth July mat, the Directors of the Hank would naturally feel them. selves compelled to postpone the consideration of all other interests to the security of the establishmeot over abide th►y preside, and would make a further end •ery midden reduction of that portion of their stormier which they have immediately within their eentroul. " Much imporieut testimony. will be found in the Minutes of Evidence, Kith respect to the effect to be apprehended" front • very rapid diminution of the present meant of currency upon lb. trading and evict:Herat interests of the Empire, of which evi dence your Committee dent it incembent on them to attract a patios, 'efficient to give the House • jolt idea of the opinions upon this subject prevailing amongst the persons whom they examined. " Mr. Alenader Baring being ',quested to state In what easier an attempt to effect the restoring of Cash Nyland' within the period of a year would operate open the centimetre and interest concerns of the Empire, replied, g The resumption of Cash Pay. meal can only be effected by dressing hellion into the contry. by a reduction of the issues of the Bank. I cannot thiok that she Busk could pay in specie, with say eapectstinn of continuing in dirt state, until there was • considerable portion of specie already in the decollation of the country. I spine. bend that by no process, even if the effects of isny sudden ' , mintieu of issues were totally disregarded, coul,! the ass accessary for the papas be brought into the country, within the fortiori mentioned. I sun further of opinion, that the operation of redec 'inn necessary for the porno'e I hate mentioned meet sissy. be accompanied with some restraint anti in. conveniene• to every branch of industry in thereon. try ; sod that if it were forced, with a rapidity at all approaching to what woad be required for the payment in the course of a t•eivessenth, the injury weld be intolerable; the reduction of paper 'retold produce all those effects which arise from the reduction in oho arnoosit of money in any country ; an effect which I think is well de scribed In Mr. 111111116% Rutty on Moncy.—The con. sequences of • cootraction or expansion of the amount of money in a cavalry seem more felt del lo the progress of such contraction and expansion, Ain from any positive amount of money at any one gives period. It Is not, in my opinion, of great 'importance what amount of money may exist is any country; bet that the question of, whether it is on lie increase or decrease is one of great imporlauce to every branch of industry.' " Mr. Moldings's(' stated, ' that he cnneeived it to be necessary that the Bank of England, in order to be enabled to resume the payment of its notes in specie, should reduce their Wesel ainnont to the client of three or more millleins forcibly' Ile explained, • that by the term forcibly he went a redocibra sot avisleg from three or foot millions less being demand ed, bet from three or four millions being demanded ■nd refereed by the Bank to the Public end G'vern. meet. Ile considered this fotred reduction of the issues of the thrill of Eneland to he tt •crsnry, in order to tutor, the rest of the !tape► in circulation to its ancient valve in gold, and the eschanges to par' Beiug asked, if, •in order to produce she effect which be anticipated from a forcible reduction of the issues of the Bank, it wereld he necessary shut the seduction should he sudden ?' be replied, • la my opinion every possible disadvantage and ine nnn n knee In the Public would arise (roma sodden reduction ; I should certainly recommend lir being gradual' " Mr. Gladstone, a Member of tie Hew, and a ' merchant principally engaged in trade with the East and West Indies, and occasionally in general snide, gave an opinion, ' that the inffeence which the re election of the Bank issues produces, is el a se. bond:try eaten; shut, in other timer, she slseratise of two or thre► millions in their issues would not have been at all felt, but that io the present stile of the trade of lhe coantry, slier a year of mock em ending, and a greet accumulation of foreign goods itr the country, and of British goods for British ac. count in foreign markets, whatever tends to furrow the means of circulation, gets io a much greater de. gen now thins it would in other INNIS! '• After a full consideration of the evidence, sad' of the several matters to which it is material to ad vert, in considering she espedieney of revenging pay ments in cash on the .sth July nest, the amount of the mimicry of the Bask so Government, the quo. City of bullion in their coffers, the probable effect of a rapid and censiderable redaction of theft issues, In whatever m or with whatever view such 'ethic lion migt t take place, your Committee are decidedly of opinion, that it is espeditut to continue the Re. Oriel ion beyond the 3th July nest " 111. Your Comirtitteiliett novr presented to the nesse their view of the tedimpnrtant points elicit they proposed (seconding to the order of reference) to make the titst subjects of their investigation—ihe owe of the DIA of Enelind; and the eapedioney of ?vermin' Cash Pat merits on the sth July seat.— They new proceed to offer their observations with respect to the period at which it may he @drivable to terminaie the restriclit n. "They will. in the first instenee. where to ti.e g"i'l'lV of gotld wit;ch mts be reqeired. in order to prntthle demand. , upon the Beek, oft the 1 , •••••;itt , o of VII yments in 'rev-. It i# eir:cutt :win r aerVe rfailbite of the THE ft rartsmA sanest of gold in circulation revinosly to the year " The ability of the Bank, however, to resume 17417; aol minters* with respect to that which and continue Cash Payments„ depends Ins upon the oat h erea f ter b e requ i r ed, wee ; o rgersa nty be more actual amount of treasure it may be possible to ace. saw and unsatisfactory. mutate, than upon the state of the (onto exchanges •• In the communication made to the Committee previously and subsequently to ling, resomPtioni and by the. Crust of Directors of the Bank on the 45th to the &grata certaluty there may he that the ado het March, it is observed, ' that the amount of specie price of old can be reduced to and made to conform in circelation before the war was variously esdmated with the Mint Mk.. even by persons hest qualified, from their situation, " VANS/ such a reduction can be effected, and to obtain ioforetxtion, It seems, betas', to have such a conformity established, it will be is vein for been agreed that it was about thirty millions; bet the Bink to expend their capital in the purchase of showier the amount, the whole hes been 'sported. bullion. No accumulation of srees•re. to •haterer " Mr. Human states in his evidence 'That the talent it may be carried, cantrender the Bank comp*. amount •f gold in the country, previous to the re. tent to satisfy the demands, which will inevitably Unction, had been estimated by the late Lord Liver. be made for geld, if the Bank are under an oblige. pool, at 30 millions. Mr. Rose stated it higher; lion to issue it at the rate of 31. 17s. 100. per ounce, bet perhaps if we were to take it at 6 10 millions, that ,sad if the parties having • right to demand it, can might be the annum which was ii circulation pee. continue to realise a profit of five or sit per cent. villas to the Restriction Act' H. adds, • that be I spots its exportation. thinks he is warranted in saying, that if '2O millions " The dominion in the Appendix afford ample besides what remained in the Bonk was necessary for information with respect to the state of the foreign the scale of espenditure before the liestfiction Act, eichanges, sod the price of geld measured in Mink it is taking it moderately to contend that as much notes, for several r ears past, and the various opi. would be necesstry now.' nines of those who were deemed by your Committee " Mr. Alexander Baring nb rrrr 6 That it is most competent to form • judgment with respect to difficult, indeed impossible, to form any accurate es. i the nunswhich have of late intluenced the 'Rehears, timely; but his impression is, that with • new and I and the price of gold will be ascertained by a refer. perfect cob', such as the sovereion, which, its his i .nee to the evieence. opinion would eschille the 11. and 21. notes, whether! " Your Committee have slimily observed, that they are by law 'lauded or not, the amount of such for a considerable part of the years 1816 and 1817, a gold cods, would not be much less than from 40 to I the foreign etching's' were in favour of this country, 45 millions. Ile does not mean that the whole and that since the mouth of July of th e latter year minuet waybill* required before Cash Payments could ! they have been below par. Some of the witnesses be resumed; but he thinks that they could not be ascribed the enf ble change to the rant of the safely undertaken with mach less than half of that I loons which had been made about that period by fat. amount actually in the country, which its circa.. I reign Posen, to the remittal:no of British capital for thin would ultimately abseil); sad that the half the purpose of being invested in foreign securities could not he accumulated, without great presser. , and (foreign commercial miterpria, and to the effect open the country, in less than few or lee years of a very large importation of corn in the course of from the pretest time.' the last year ; sod some of those witnesses are of opi. " The data om which any r a ng with respect nion, that so measures could here been taken by to the amount of metallic currency that will be re- ' the Book to contrast the effect of sock exteosint re voked subsequently to the removal of the restriction, 'Moaners. are so Imperfect, that your Committee abstain from I " Other witnesses admitting that the castes which offering any de t aine opinion open the subject; but have been adverted to had • tendency to depress the they think that Mr. Baring has overrated that exchanges, conceive that a contraction of the issues amount. With•rtspect also to the disposition of the of the Bank sufficient to comiterbalaoce the opera- Public, to require gold coin as currency la pre. ben of these causes, might, aid infallibly would have ference to aloes under fire pounds, a conclesion may taken place, had there been ea obligation os the be drawn, bona the testimony of other witnesses,' Bank to pay its notes in specie en demand. differing from that which Mr. Baring has formed.— " Homier the exchanges may have been thus sf. It has been observed in a former part of the Report, retied, in the course of the last awl the preceding year, that when the Bank undertook so pay their notes in your Committee see no 10340 N to apprehend that (he cash in the year 1817, no preference for coin was causes above mentioued, or icy noses, can • soil the foreign Picking's caused a demand continue to affect them I.a surh a &ere, as to pre. for the purpose of exportation. Mr. Harman states chide the Binh of Evened, by a constant reference in his evidence, • That, at that penci l !, he was i n . to the exchanges end the price of gold, and when ne. diced to latter himself that the loon of the Bank emery, by a cautious reduction of their paper cu touts, be opened—that (if he might use the eapres. they, from gradually appeosimating it% vitae to that Sion) the Public would hardly know whether the •of phi, and ultimately re.establishing and maintaiu. Bank roes open or shh—that it was in a moment of hog it at par. tranquillity—that People seemed indifferent about " Your Committee ban hail &witted to them a gold—that instead of cuisine to the Binh for gold, caleolatirn of the amount of British ca l sitsl now they brought their gold to the Bank ;—that remain. vested in fotrign 'notifies, and of the remittances ed, sill the finamcial operations in France began,asd which may probably be required for further pay. us soon as they were talked of, the tide turned.' I merits on 'cement of foreign loans. The calculation " Mr. Stakey,a Gentleman very extensively con. is founded •n the estimates of three commercial meted with books in the county of Somerset, gave houses, extensively engaged in foreign Loos, which f i evidence to the following effect in the latter estimates are aced to vary to an inconsiderable h ood of the year 1816 and beginning of 1817, we had 'tent : and it is computed that the amount of British 1111 a tirculttlen of coin for some months ; it cost us at capital in foreign public securities, is aboet ten mil that period nearly sae hundred pounds to transmit lions and a half, seven millions of which are supposed the surplus quantity of coin to London, of which to be in French stork. This estimate was forelsked four.fitfhs in value, at least, consisted of gold. We to the Committee by Mr. Ilaldiutand, who thinks could 'not get rid of it in the country, our customers there is a possibility of error, to the event of one preferingoor stoles. lathe spring of 11117, I brought or two millions. He is of opinion, that little or with me to town near 1000 guineas from one of our I nothing more will be seat from this country on ec. banks; on taking them to our London beaker, be count of foreign loons, now is course of payment. requested, as a favour, I would not leave them ! " Mr. Holland, a partner in the house of M . there. They had lately sent so many to the Burk of ! Baring, does not consider the whole amount of iirl England, that they did not like to trouble them any tish copilot hunted in foreign, iseleding American, more; besides, the Beak only took those which were fends, to be tea millions; he speaks of capital per. of fell weight. I mentally invested, sad does not take into the account " Notwithstanding this evidence, it must be ad. • that which may have been employed in speculation in mined, that no setiafactory conclusion can be drawn ! foreign Lindy, a great part of which, he observed, from the experience of so short an interval as that bad been drawn back with profit to this country.-- which is referred to by Mr. Herman and Mr. Steekey. I He does not think that more than three million% of Great socertainly most prevail with respect to the li.itish property are permanently invested its French amount of gold which may be ',gaited for the per. I stock, awl is of opinion, that Hit tad in price poses of internal circulation; aad the Bank most be l• considerable portico, of that • ill be withdrawn ; prepared, not only for the possibility of a much and that there is no probability that soy consider. larger demand for those purposes than will probably I able aunt will be remitted from this country, In coo lie made, but for the consequences of a drain upon I sequence of loans now contracted for abroad. their treasure, induced either by such a temporary " Your Committee are of opinion, that the felon depression of the eathangeses shall afford a profitou effect open the exchanges a remittances on account the exportation of the precious metals, or by a din. of foreign loons, will be very limited ; that peepers. position to hoard thee, arising from sadden panic tions for the resumption of Cosh Payments will tend and temporary want of confidence in paper currency. t to diminish that elect ; and that subsequently to It must be cootidered also, that the stock of gold I their resumption it will be • subject to a constantly now in this country is very limited. The long con. 'operating controal. In corroboration of this opi. ti of the Restriction Ins caused the experts. nion, the Committee refer to the manner in uloich the lion of nearly the whole of that which circulated l eachanges of France sod Holland (countries having a !lifelessly, and the balers, inducement to transmit metallic curtsey) hate beta affected by shni:ar re. thecoin from this coultry, where it was ton neceisary ' mittanen. Ito other places where it cosh! be more profitably em. " The Dutch capitalists have embarked to a very I played, hes heroin • very trilling degree contended considerable cutest in the Foreign Loans that have by the Legislative emetaseets which prohibit such an recently been made, end are supposed toile,. taken appplicatiou of it. meanly three.fourtha of those made by Itusiii ; but " It is possible, is the .pintos of your Commlllet,ltio sensible effect has been produced upon she es. spin to procure any quaintly of geld width is likely , changes or currency of Holland. Flame, notwith. to be required for the purposes of currency; but a !stattcling the great esteut of contributions to F. !moan amount of the capital of the cavalry I reign Powers, which have been defrayed hr that must be withdthwe frbin productive employmeot, for country, has maintained an ample mstillic cos resse . the purpose of smelting and retaining the gold in It appears, in the ',Mena of Mr. Holland sod M.. circulation; and asses are at present in operation, Irving, that the price a gold has fetnained neal!y which are likely, by incredsing the value of the pre. stationary at Paris for the last four )ears; ear. in hoes 'Wails to increase in • proportionate degree, 1807, when there was in this ceinstry a variation the difficulty of obtaining, 'Mit. a limited period, its price to the extent of seven per rent. there •so an adequate sapply for the use of this zealotry. none in Pari. ;and that between the S•ti Oztober as.d " It appears that the Goveinsneuts of other . the 2't.l December last, whilst the variation if, tries is FArope ere now occupied in substithing a the exchanges Woven Paris and this country swell'', for a large portion of the paper currency, amounted to four per tent, tie grfntest vsfistion which the necessities of war compelled them to esta. between Voris end any country, w6u h had a mein. Wish: and that the supply of gold and silver imported lie nineties - , did not eaceed one-half too (rat. into Ramp, of late years, has been diminished in " Mr. Rothschild being elatoined, as to tie elf, rt roasequeuce of the disturbed state of the Spassish Co. of the contrthutioos which France has paid to In. 1 loonier. reign counifley, upon her exchsroge., replied, • Per- i " These efforts nn the part of ether entintriri In 1 0.0101010 par •ith the !strikes metals the sake of itheir respective ructenties, would, by milting the , eicbsors more unfavourable to this country. aggro. tart tho esil of a long essoinised resttictinn ; bet they wlil cettainly, by increasing the value of the preriees Imetals, render inciessed esertion on our part nen. sig; r.:r reocui!ni • siGtient stirray. . . ham from one to one anal a I.alf per cent.' •• When your Committee consider the West and •aloe of the exportable produce of thi4 country, they eon hare nn sleight of its ability In command tech • portion of the precious mehis as rim be necessary for the imposes of internal currenry, end to main tain them i.. circulation by "le same mein, by which they are oishilained in othri must:its, %bete, fres am isperfect stale of credit and ennfidoncr, ah I 11.0 absence or banking establiskosents, a nova izr 4 v r metallic carrenty is oetee•ary than this country respire, iu proportion to its forrigo trade •...1 nal commercial des lingi. " DiSnide, east be encountered durili the pr. pervious for the reveropt;tm of pi) Meld. in •pe c :o but those difficulties Ire, in the estimation r.f yvt r Committee, outweighed by the libparicut scd r.t. mamma benefit of ~,torsos the •tant:erd, by oh ch. preciously to the year 1797, the value lit crui r n i i i _ ties toss measured, and which, though verisble in certain degree, is much less exposed to autistic's' then any other that can be devised. " Your Committee abstain from mitering more at large into this important topic, from a considoratiew that the 'Asian' ere has on various occasions, rupees ty pronounced its opinion, oe the policy of rte.'s's. blishing the metallic randard of value; and that the duty which it has devolved es your Committee, la no ether than that of considering, et what period. mid by what means, that great object can be best effect.: ed. They see nothing in the circumstances of ibid country, or of Europe, which ran tender it espedient Ito postpone preparstioes for the resemption of Cash Payments, end by thus deferring, moat probably to aggravate, the difficulties which may be issepartrln f.em that measure. If, however, the Committee Cali suggest to the House any plan, by which, is their opinion the restore of such dilficeities may be prat. ly relieved, cud at the same time the moot important of the advantages which would accompany • retorts to Cash Payments can be realized, they treat they shall net be considered to sacred the powers com mitted to them, by the 'lngestion of each • plan, though it may involve • temporary demists from the laws rollick regulated oar cerrinny previously to the Restriction. "Apia's of this naturals's been eatierthe consider.. ation of your Committee; and before they explain its details, or assign the groeads 011 %Ilkley they are dis posed to recomaserid the I measures which farm a part of it, they will preseut its potent oallioa to the !loom 'They prnpose.—That after the Ist of May, 1921, the Bank %hall be liable to deliver a cosatity of gold, not less than 60 &Witt' of standard fieeness, to be Aral assayed and stamped at his Majesty'alllnt, at the establial•ed Mint price of 31. 17s. per oz. in exchange for such an amount of arson presented to them et shall represent, at tint rale, the sale. of the gold demanded. " That this liability of the Bank to deliver gold in Partner for their notes, shall conlinse for net lea, than inn nor more than three years; from the lst of May, 1821 ; end that at the end of that period, Casts Pa) mews Act be resumed. " That on • day, In be Reed by Parliament, not later than the Ist of F.bruary, 199'.0, the Bank shall be required to deliver gold, of standard fineness, as. rayed and stamped as before.mentioned, in rschanen for their notes (so meant of not less than BO citric a of gold bring demanded) et 41. 12. per os. that being nearly the market price of standard gold in bane* an average e 1 the last three einatha. " That on or before the let of October. 1620, lb. Beak shall pay their notes in geld of standard lime. ness, at the rate of 31. 19s. 6d., and en or before she Ist of May. 1921. as before.mentieaed, at limeades' staadatd rate of 31. 17s. 10/d. [Th be continued) POLICE. Bow-sestm.—Yesterdey IWO euhappy claire, * only 13 years old. nutted Stank and Tortle were committed to the 'louse of Correction for striking an elderly lady while she was looking at two children asleep on some door steps, and *basis* her in len ges/4e of the aunt obscene and horrible kiod. It seems these unfortunate children were harboured by an infamous • retch of their own sea in White-yard, and were sent net by her for oho porpoms of prosti. teflon, in a state of somi-nudity. The Magistrate esproosed his surprise that the Pari•ls had taken no steps towards pawing as abatement of a nuisance so shocking. _ _ _ _ An r!derly man, mewl Romband, was charged by hj a rife fl ab sissiontly besting per and standing over her nitb a case iota', and tbresiening to rip her up. His def►nre was, ibis 'bough he was the father of se veral children, his wife nos cnnstantfy skuiing hie of being Melon', Impore et loco, in insinuation then he could ■et eudere.—Committed fur waist of sere• ties. HATTON-Glaarof.—Yesterday I fashionably dress ed youth, son of I celebrated vocal performer, wee eisrged with stestiog a book, the property of a book seer In Ursdforci-street, Bedford row. Pie 'oath, it it said, is sehappily addicted to arming ; and hrs ing Imt his !art shilling, be resorted to this petty pil fering. in which be was detected by the book.eller himself; but who new, on *m d *moot of his 'odoes, war unwilling to prosecute. Vie thistnate thought a short cOnfiitement would do the young men no injury. Qtrttu-sQoAlta.—Yesterday J. Simms', a VW.. merchant. appeared to three informations, for not hating sent oneter's tickets regularly sind• oat, with three writon lords of coals, In the 'bug. o f L. 14 Vcrulirn. in Grnorenor-sluare. The itlermations were hid by soothe., coal-merchant, names' Brad. 11•41, who, it ust slid, hail formes ly ,areal his Lord ship ; but they were ell riosa!:e(l (nr rout of proofs Biitrns. On the Bei ;not. nt th. 14.. n r bone, IVAnJ4wiwill. Ulf Lady of Alderunee, M (11.1. •an. On tie irb 11..1. at the Wis, of her foils. Jo .4. ft .erell. Er. t: I, i..e 1 ndv of Peter hendn , l, I:.q. of a MARRIED. Os the Bth in.t Tottea,arn Cheri It. 17. 11. ;par •f' Tutteshaos. 1.. ratio). trvßltaruf ti. Ir.*. I. R.brit•. % !C.a . of the a.m.r plate. fru the rt. t 0... at G. Marfa. New intro's. Z.. 1. l'orrlt. F.O. or Neoinftori.olorr. Surrey. to Martioi, yooopit r ri J. Ha), of the. oe plat.. MED. (In the Toll in.t. aced ?f, I;:nai it". .1* it ion I.( R. DZ. tie., htl S my/LA*4lh. 1; ill.- I Jih last, at re. need Cart. ('.ter 1 ....Pg. a the !Mt t g oil'. tof \au•r I. If inxv , )N: nrd Pohlo-lonl by "I. V. r. rt v. at `tat: '4 - .lcf, biliiebUt) 1013t1., I ARIL f I