The National Register. — London, England, 1819-05-31 00:00:00

MAN 111 that gentleman's testimony would show that lie supported the plan. Mr. MA K NIVG then said, he should vote against the resolu tions which followed the fiat three; the 4th and Silt he most decidedly objected to. Mr. ItteAnno rose, amidst loud invitations. He said that he was one of those who conceived the resolutions calculated to effect their object. From the speech of his hon. friend and other evi dence, he was induced to think that the Dank wanted to resunis cadi payments, but did not know how to put their wishes in operation. Ile had heard it declared that the issues of paper had no effect whatever upon the price of bullion. What supported this assertion, or were not proofs in direct contrariety to it ? Now it appeared that the Bank had failed to resume cash payments, year after year. although year after year called upon h) that house to do so. (Hear.) It was, theiefixe. high time thi.t the matter should be taken out of their hands, and that the house should feel itself celled upon to look to the effecting of that measure. Ile slid not think this a question only between the Bank and the ministers; but more between ministers and the Bank and the country. (Hear.) Ile was, therethre, particulatly disposed to concur with his right. hon. friend in any measure which might be devised to keep the ministers also under control. ((dear.) One principle was clear, that those who had the com mand at' the circulating medium of the country had the power of regulating the price of every commodity. l' is power clearly resided in the hands of the directors, as controlling the circu lating medium, and it was a most formidable one. Why, then. putting the question shortly, fur the application of the measure recommended by the committee, the result was, that, by with thawing a certain quantity of paper from the circulation, we re;toreel the remainder of it to the value of bullion, which was to raise it Yor 3 per cent. He could not, however, go along with the right. hon. gent. in his statement; for in order to raise the paper currency to die value of a metallic one, there must be a demand for gold over and above that actually in the market. As to the plan itself undoubtedly he approved of it: for would they leave to the Bank directors, a power of keeping out all the me tals. and making its currency of parr only ? A most fearful and destructive depreciation had at one time taken place, but from that we had recovered, and he was happy to reflect that we had so far retraced our steps. We had nearly got home, and he hoped the right hon. gent. would lend them his es.istance to en able then) to teach it in safay. Ile would venture to statc, that in a very few weeks all alarm would be forgotten, and at the end of the year w should all be surprised to reflect that any alarm had ever retailed at a prospect of a variation of 3 per cent. in the value of the circulating medium. His own general opinion was, Oat an unfavourable state of exchange must always proceed from a redundant cut rency. If corn were imported and paid for in bullion, it war a proof that bullion was the cheapest commo dity. Suppose all the Bank notes to be paid in gold, would not gold become infinitely cheaper? If our paper had been of any intrinsic value, it would, having become cheap from cacaos, have become cheap also. (Hear.) lie thought it right here to pay the tribute of his approbation to the late excellent regulations of the Mint. He entirely approved of making geld the standard, and of keeping elk, ras a token curtency. It appeared to hint to be a solid improvement in the ryetean of our coinage. Nothing could be clearer than that government had the power, by I - in 2 the quantity, to regulate the value of silver. 'file lion. gent. (Mr..l. Grant) indeed nad observed, that the silver coin might be imitated abroad; supposing this to be the fact, the value of the silver coin might be lessened, but that of the gold would not therefore be raised. The silver was not a legal tender above 405., and gold might be demanded. It was true that mg. might be oflCred in silver instead of lo 01. in gold ; but this could have no erct in nltaring the relation between gold and all other ermano. dities. Ile should be happy to argue this questhin with the lion. member (Mr. Grant), or the **Old Merchant," (a laugh), on some occasion when it would be less irrelevant to the subject under consideration. The hon. member sat down amidst loud and general cheering from all sides of die house. The question for adjournment was then put and carried, and the other orders of the day being disposed of, the house adjourned at near two o'clock. TVESDAY. NAY 25. After some routine buiness the I louse went into a Committee on the Report of the select Committee, regarding the resumption of rash re , tuents; when the debate un Peel's fourth lito lution and Sir. Ellice's Amendment was remmed. Mr. Altlents. n Ileygate spoke at length agatnat the original fleaalutions. and Sir I. Parnell in favour of them. Mr. H. Gravely (of Norwich) then rose, but proceeded in so low a tone that he was not very audible in the gulicry. Ile was understood to r:ply to the arguments of Air. Peel touching the standard of value. Ile added, that the restrictions f 1797 were oorasioned hr a hoiden panic; the debt was then four hundred millions; their golden guineas had then vanishedt .nd how could they expect to get them back again, now that they had a debt of tight hundred millions? What sent down the Funds to ? If the measure were a good one, the Funds ought to have been now at too. Tie reason was this, that the public creditor began to think that he thwu'd never be paid at all; any other feeling would have kert up the prices. The fact was, were they prepared for a great convulsion, or an extended taxatien with dintinlshed means. Lord FOLKESTONE said, that the opinions of the bullion committee were now admitted by all to he well founded. No thing amid more strongly prove the advantage, of discussion, or illustrate the chrtmre that takes place in the mind by continued and elet.e ennsidetation. (Hear. hear.) He was fOTTS that the right hon. gentleman (Mr. Peel) had said, in making a manly eonfessien of his error, that he felt nn shame or regret in don g so. Vt'hen the right him. gentleman had so forcibly and justly described the great distmi. which the system occasioned, and when he Lad at die mine time recollected, that lie had always given hisvoteto ministers in resisting that inquiry ollith had been again and again called for front his lortiship's side of the house, he could not help saying, that the right hon. gent. might have spitted a little reptet, if not feel some shame, that he had assisted in resisting inquiry, and taming the relict' which was required. (Hear.) What were the opinions of the tight hon. gent. (the (lihncellor id' the Exchequer), whom he did nut :cc in his place, no man entild tell. lie adopted these resolutions, end )et lie told the butts., tbat he retained all the opinions he had ever thiertained un the subject, epinions diametrically opplaite to the ixtailtitints. (. 5 haigh ) The ri A ld hon. pint. had not expluitual how thi• crtuld he; and it was extremely tlitfividt to conceive how the re-olutien eventing 11. and Is. to be equal to a guinea, rectitdet: in that lieme, and the resolution giving t 4 ts. for an ounce of gold, (Pohl lir entertained at the .sole time by the same unchanged mind (.5 laugh.) He ,'id not know lie tdcr the noble Lord had changed his opinion; it he Lad, lie hod id his loidsliip *Mild tell the house so. The mole of re curring to cash payment., which the resolution embraced, neuld 'wise all o.oney payments Wheat 3 anti 1-stl per rent. At that rate would interest of the public debt and all fixed sada; ies be increased. lle objected, toe. to the repayment at this tune of 10,0e0,0001. to the Bank. This stint could not be repaid but by a loan. A loan, it was believed, was to be contracted for to the amount of 2201uti,0001. By raising the) üblic debt at the rate of 3 and I-3d per ant., the ck :mu would have to pay 1,590,0v44. snore of taxes. 'f he interest of the loan of 42,000,00 M. would impose another million ; raid thus the country would in of lave to 5 n0. 00 01- More ip ?axes. lie put it. to do: !Imre: ulicther ma- iciitittry Ira' 'able to pay ad great lc inetense got THE NATIONAL REGISTER. taxes as 2,500.0001. This increase of burden, too, was to be unposed at the time when the depression—although he did not believe that so much depression ea some gentlen.en represented, would be occasioned by the resnmption, .intl its preprints - ley ar rangements:. yet he Las convinced some depression would he oceasiot.ed—the increase of burden was to be ttuposcrl a hen this depression made the country trill less capable of bearing it. The graduated scale recommended in the resolutions he thought extremely objectionable. Four pounds one shilling was the brit rate of payment, the next was 3L I7s. ltd. halfpenny. Great difficulty would be occasioned by this in all contracts. A lease would be taken when the tote was iL ;in the course of 3 years the rate would be 31. 17s. lUd. h.dfpcnny, the tent would be in creased three or four per cent. Again, a gentleman would borrow inoo/. when the rate was 4/. Is.; at the end of three or four yeses this gentleman would pay interest thr inure than the wow. which he had borrowed. He felt, he admitted, the three of the objection .against the Legislature acinowletlging the depre ciation of paper. It was Ali undeniable fact that it was depre. elated, but • sters had formerly in toily denital this fact, and mini-ters now wish to uteblieli it in in Lice. One of the prin. ripe' arguments urged in favour of this bill was, that it would keep the gold in the country, and facilitate the resumption of cash payments: yet al: the Bank directors, tooth and nail, opposed this bill, which was to facilitate the iesuroption (Welsh-payments. (Huir.) lie therefore distrusted the Bank directors altogether. The Bank directors, he thought, on these grounds would endea vour to defeat any project for the resumption of cash payments.— ) I is objection to this plan was, that by extending the time for the resumption, and increasing the intlieitcy of the mums by which it was to be cffitit d, they were the better enabled to defeat it. W hen lie opposed the resolutions, he begged leave to say that he entirely concurred in the principles of circulation on which they were founded. ilia Lordship's speech was followed by an excessive long debate, at the end of which the amendment having been with drawn the lte,olutions were agreed to, the report was ordered to be received to-morrow, and the orders of the day having been disposed of, un adjournment took iliee at one o'clock. 11/I:IINE3DAY; MAY 26. BOROVOII CORSI; PTION.Wir H. WILSON preened a pe tition front Chauleigh. Lancashire, praying that the principles extended to l'euryn might be exteneed to other Boroughs where corruption was proved to exist. He took this opportunity of stat ing. that though he had failed in the instance of Barnstaple of transferring the franchise to a populous town (Levis). he should not inc the opportunity of proposing similar alterations; and that he should resist the granting of any additional taxes on the people until sonic such Reform was adopted. Petition read, and ordered to be printed. CESSION OF ['AUG.% TO THE lf t; aits.—Sir Charles Motwca, in rising to submit to the House the motion of which he had given notice relative to the tension of Parga, slid, the people of Parga, after having lived for three year* pea in patient despair, and trembliag on the brink of destruction, now stood at last be the British parliament (hear); and he hoped that no person who now heard hint would livhate to cinitaaistwucte a brave penile struggling to retain Cieir liberty. The lion. baronet then gave a sketch of the political situation of the Grecian Islands and their * continental dependencies , front the 15 h century down to the year Met By the treaty of ifilsit, in 1 e Grecian islands were given up by the lttessiaris to the and it was worthy of being remarked, that afterwards a honourable gent. (Mr. Canning), in an rilScial note to tl ' n court. hod cha:ged theta with a breach of faith in thus 'tieing to France the in dependence of the Septinsular llepublic. The Russians, having recommended to the l'arguinotes to secure a good understanding with the French. completely abandoned them. The Pasha. see ing that France had obtained possession of the lonien lsiAisiti. entered into a negotiation with the French gene:al - tin getting Parga ceded to him. Tire Parguinoos sceingthcse negotiations between the French general and the Pasha, prepare! for their own defence, and at the sante time made etrotig appleation to the French gene al fur taieietaaeu ; who readied. that he could laird them no assistance; that he had no hole for the purpose ; and, if he had, that he could not, without instructions hoot his government, send them to their assistance. They determined, notwithleanding, to make no cosion : they made all the resist sure poesible in the neighbourhood of Picea, and at its wall. The Pasha's army of iso.nuo men was repelled, and his nephew, who commanded it, slain. Was this, he asked. a contemptible people k (hear, hear.) Should we, who were the freest nation in the world, treat lightly a people cal able of ouch struggle; in the cause of freedom e thear, hear.) Conkl we. without tellow-feel ing, iegard the efforts of a people, worthy of the freedom which we enjoyed k Was there a heart in the house that did not corn. paseiecate the brave Parguinotes? (cheers.) The Pasha retreated: lie wits repelled, not routed. They bad rot numbers enough to pursue Idni. He built a mausoleum to his nephew, an altar on which the blood of the Parguinotes must flow. (hear, hear.) Seeing that they could get no assistance front the French, they tent a deputation to General Campbell, with an offer to withdraw their fortunes froth France, and to place theillidWeb under Width protection. to iiillow the destinies ut the lonian islands. Ile granted their request, and sent air. Forestv's (the English Anis baseador'e) Sod and sir Charles (:orlon with a strong detachment, to assist in forcing the French out of l'axu, which was opposite to Parga. on the terms that an English garrison should be re ceived, and that Parga should follow the destinies of the lonian Island , . (hear.) Captain Haste arrived there at the sante time with two frigates. They sent a deputation to hint. who recited then wall, bat replied that he could do nothing for them. that he could not attack the fortrev ; but that if they coedit get the British Bag hoisted on Paxu, he avian draw up his frigates under it et all hazards. They got the British hag conveyed into the fortress by an old woman under her clothes; the inhabitants, who hied formerly fought against the Pasha, at the same time attacked the sentinels. The British flag aaa hoisted, the frigates were drawn up under the fortress, anti the garrison were made prisoners. The place was in tranquillity in two or three hour; after the first movement. (blear.) '!'his brought hint so the point. The Parguinotes were dow under British prmection.— 'Elie object of his motion was to obtain th e lamer which contained the conditions on which the comma - alert, by sea and land. gave as eistan& to the l'arguinotes. 'Tibia document mint have been sent brine to ministers. Ile also wished to obtain the answer aver governite:nt, if there was any, authorizing what pailical govern ment was to be placed over Parkas by tile 1;c1Vollor of the !MINUS bLilill, 'I brae gpi i itt-11,free, smlrps•liticlil 16.41 riots 110* sow themselves mad,' a stem hire of in their tinplate:lWe enemy. (Hear, hear.) They 1 d themselves tam this en to the 1111 , 1mulive lit making the ,eat °filbert) , their wave, art of doing into exile—an evil hellrePlW lest erns I. lie could mit, liowi see, suppose that the nuide Lurid 01.I.w.iir is 0 , 114 1 , i r•Cer 11 in hie pint wise. Ile rebid not ' , oppose 11.41 II V I (Tie, ii hinfe indepenitenee had kern reepi•mcal by des. pate KC% eniments,alimild he deprived of their liheity, or driven from their country by a tiatiiiit nu et i n ch tiny had placed the gre•tesi orliai.re, and hod place': i.i it It bailee because they %sere themetives free—by a tiaiiiiii a ho had neurally received them tinder their pi otection. nod plus wised to retain 111..i1i ill Ilene Clll l / 1 11C4'a of ft erilian. i limo, hear.) lie hoped that, if tile Halite wo r ld steno it proper (eetm op the PullJil'ls the ia.bar 1.....1 invest erases-lii. , steps. rCheerittc.) The •telia taken eerie not tris:cTt l aVe..4.. Coda it be cndureZ, that the last spot of (iiiii:e ellt‘h 171 retaitied freedom, whirls ►etained CI . •• oily, should be surrendered to despotism mail cruelly Could it he en dured, that the cross should be surmounted by the re u-- cetit ? (Cheers.) Could we neglect the oppolionity of wailing so free and brave a people in bonds of fraternity %Oh us? Could we fail to attach their hearts tn• as by gsatit►rle for the preservation of their lases ty ? (Cheers.) There was nothing which they dreaded tome than to be given up to the power of the rink : and here he would again ask, what tight the Turk had to &Humid this eye slot'? hr founded his claim ul the treaty of 1890, be should show that lie had himself fulfilled Sisal I that lie bad taunted protection to the other cities %hick were then placed under his case. What had he done to wards them from which it could be hoped 1114( be would act with justice towards those unfortunate people? lie (Sir C. Motiek) manitained, that ham all wluch had tran spired el the conduct of this cruel tyrant Inwards those people—fount the confidence they had reposed in this government, and from the protection we had afforded them, that it would be unjust, and a breath of faith on our part, to deliver them up to their gre3l. at sur•my.— The Hun. Dart. concluded, 'midst loud cheers, by moving that an lismiLle address be presented to his Royal High . sae s the Trieste Regent, pi a,sing that he might be g is slowly pleased to give directions find there be laid helms the House a copy of the instructions sriit hy Oen. Camp. heil to Col. Gordon in 1311, respecting the neciipm ion of Varga; also a copy of the instructions sent to Lientenaut Hr1:1011 ou Use saute subject I likewise a copy of any cum. anions from British olGeess to the Pargainotes„ assuring them of protection, and the coin 11111 l ticatioos oY the Par, tinutecto which those weer 4 reply. There carte severed other papers included in the Hun.f.taroners motion respecting the occupation of l'art a. Mr. NIA %%1,1.1. ,ceuntled the Lord Caw - matt mitt bald, MI the Run. Batt. had only called fur #### had uo difficulty iu acceding to him suotion. The gut stion was pot, and ' d.-. Adjourned. TUUIt*DAY, MAY tci. tenturtr were prereuteu riCt the la irh Bank intim of Coif►. tier r,. CON c pretieurr d a Wilt oil Ours Pratestakt and Ucitarturr Dissenters of Lverpoill sigaitist the presci t forms ,if pre forminj the Marriage Cereaarary. Orieried to Ile •.n fk nark. Mr. WAKE) grve nmire , Ihtt he should. on Wedooday seat, brio{ forward the Or lounee i.trinnaes. LICEN9BO VIC ell LL —MI the 11101w:I ui Mr.BERIN ITT, the Committee on the Valualleix . Licensing Bill tins pint. pond to Wediesday next. Sir J. Gni brought in it Bill in amend the ACiR, rrsp.•e:in the Stampiue of Woollen Clothe in the West Ruin% at 1 orkiiiire.—Read a teat time. The flume went into a Comsat. tee MI the Colonial AM. Report od Wtdne.M.y. rei.olution moved 117 Air. 1.4'01414t0n, ono for leave to iiitrodcre a Bill to allow• impoi. tolignis to, nod eximmitiom flow, Bemoan mud America iii fitreio vessels. BANKRUrr Laws.—Nlr..Y. S%ifit presented it Petition from Hew) Brown, of Windsor, Bank...r, praying far the alteration of but h put of the Baukrupt Crwti ar cou.peilcd bankiii,ohh hi itioluer the enquiries of Connui.4i.ucre.—(A 1.1101.) —Ordered to lie ou th. intik. G. LA Nu ittated fur leave to brine in a Bill to minced the law regarding •,rtioll agninvt the It Arden of the Fleet for escapes, A. the Lin ,total the creditor bad au remedy Agaabt toe Warden, if a pri.oner nho got a rule at the end of a Term appeared by the b.:ginning of the sac• %ceding Tem.—Artier.' to. Lord Ciadtereagli moved that the House at its rising should adjourn to Werinewity next.—Oidered A me.aace limn the Lords announced that their Lor•lships bad a; reed to the Country flanker.' Rego:Aims 81:i will. some ainenameunig which alumalinesits ware a (lent firdd agreed to. - "the 11.Nne then went into a Committee on the Grranpounti Briber) Indictment Bill. Witnesses were es; ;;;; i l tett, end the Cirairisan reported progrc,s, and utitained lease to it rialtos. The CIIA NCRLLOR Of the EXCIIIFQC ER brought in the Beek Pe% men' iu specie Bal.—hemd a hilt time. Sccuuti raudrnXon Wedurintity next. ditkj,;untett to Wedsit..otty next. P. InLIa.IjEAI4NF PaPERS. An account of all I)ktributioni made by the Rank of Ette.itt,l amongst the Proprietors o f Hank Stock, he ther by motley 113)111:MS, tratnAr 015 per C. nt. ties, or others ire, under the head of boons ; increase of divalend ; and increase oh capital; (relit tat the F,lruary, 1797, and Ist of Miv, It:19. in addition to the ordinary annual dividend of 7 ,it r ern,. on the (.a pical Stnek . of that Corporation cai, its;! iu 1797, itichtl. ing therein the wholo di, paid siiice June, 1816, on their increased capital ; stat ing tile period tvhcn sand& distr;bluitins were: tank, and il.:!,regair UOIOIIIII of the • in June. to percent. nom; ins per cents. the 1v.,7 on 11,611,4001. is In May. I ti , n, 3 percent. Bonus in Navy 3 percents oil 11.644.4r01. is In Nov. iateiot and s Ita7f per cent. Bonus on Navy 3 per cents. en 11.(42.1001. In October, 11ei3, 5 per cent. Bonus in Cash on 11.642.1401. i., In October. 1566, 3 per cat. Bonus in Cash on 11,612,4 0 0 1 . is From Apia, I+ol7, to April. 11119, both inclusive. Increase or Dividend, at the rate of 3 /al cent. per annum, on 11.642,400]. is 11} ears and a halt', ur 371. 10s. per can. In June, tarn. Increase of Capital, at 231. per cert. is From Oct. I h I G. to April, 1st::, bo; . :1 niv;dtnd at the rate if !la. pet per nnottut on (.f nn It:cruised Cs!.ii.J. is 3 ),.ars 1 1 isiJerlds. .3k):. icr cwt. on 3/52,1!i0 291,M0 SitZ,l2o 552,1:0 , - 4,363,9r0 2,40,c-po N 77,1811 A 7rgr: rate Anir , int of the Anneal DiviJetul vityd,le on 11-1111( St./ek, in 1797.0 n a cari;nl of I t,C42,ianl. r.t tlie :at': in V. per col:. per Ll,lllllll I sipw.4tmv, isle, and e t _11:414.1145: . cpq1. At, ! vv . . 4 , rtt'tat er :tnYUin • 1,4!5,CC0 614,965