The National Register. — London, England, 1819-05-30 00:00:00

MAY SO, that gentleman's testimony would show that be supported the plan. Mr. Woman) then said, he should rote against the resolu tions which followed the first three; the 4th and sth he most decidedly objected to. Mr. lirceituo rose, amidst loud invitations. He said that he was one of those who conceived the resolutions calcalated to effect their ohjeet. From the speech of his hon. friend and ether evi dence, he was induced to think that the Bank wanted to resume each payments, but Jul not know how to put theiiltiilrel in operation. He had heard it declared that the issues of paper bad no effect whatever upon the price of bullion. What supported this assertion, or wets not prods 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 by that house to do so. (Ilear.) It was, therefore, big!' nine that the matter should be taken out of their hands, and that the house ithciald feel itself called upon to look to , the effecting of that measure. He did not think this a question mall , between the flank and the ministers; but more between utinisters and the Ralik and the country. (Ilean) I.e was. therefore, particularly disposed to amour with his tight. bon. friend in any measure which might be devised to keep the ministers also under ematrol. 'Hear.) One principle was clear, that those who had the com mand of the cimulating medium of the country had the power of re elating the price of every commodity. This power clearly resided in the hands of the directors, as controllibg the circu lating medium, and it was a moat formidable one. Why, then. putting thersimestiost shortly, for the application of the measure recommended hy the sonunittee, the result was, that, hey with. drawing ascertain quantity of paper from the circulation, we eitored the remainder of it to the value of hullion, which was to raise it 5-or 3 per cent. Ileetould not, however, go 010 . 131 with the riAt. hon. gent. in hie statement; for in order to rinse the Paper currency to the value of a metallic one, there most be a demand for gold over and above that actually in the market. As to the plan itself undoubtedly lie 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 paper wily ? A most fearful and destructive depreciation had at one time taken place, but flora that we had recovered, and he was happy to rAcie that we had so far retraced ourstepe. We had nearly got home, and he hoped the right hon. gent. would lend them his assistance to en able them to reach it in safety. He would venture to state • that in a very few weeks all Warm would be forgettes, and at the end of the year we should all be surprised to reflect that any alarm hail ever preiaiL d at a prospect of a variation of 3 per cent. in the valuenf the circulating medium. ilie own general opinion was, that an unfavourable state of exchange mast always mixed from a redundant currency. If corn were impertod and paid for in bullion, it was a proof that bullion was the cheapest COMM). dity. Suppose all the Rank notes to be paid in .gold, would not geld become infinitely cheaper? If our paper had been of any intrinsic value, it would, liaising become cheap Bum excess, hare become cheap also. (Hear.) He thought it right here to pay the tribute of his approbation to the late excelknt regulations Of the lie entirely approved of making gold the standard, and of keeping %Byte as a token curiency. It appeared to hie. ei be a solid improvement in the system of our coinage. Nothing could be clearer than that government had the power, by limit ing the quantity, to regulate the value of silver. Tile lion. gent. (Mr..I.T. Grant) indeed tied observed, that the silver coin night be imitated abroad; suppinaing this so be the feet, the value of the silver coin might be lessened, but that of the gold would oat therefore be raised. The siiter was nott a legal tender above 404, and gold might be demanded. It ewe true Chet 1031. might be offered in silver instead of tool.. in gold; but , this could have - to effect in altering the relation between gold and all other commo• He should be happy to argue this question with the hon. member (MreGvannont ttee'•• Old Merchant." (a laugh), on some occaxion when it would be less irrelevant to the subject uncle? consideration. The hon. member sat down amidst loud and general cheering from nil Rides of the house. The question for adjournment was then put and earned, and she other orders of the day. being disposed of, the house adjourned at under two O'clock. TUESDAY. MAT 25. After some routine business the House went into a Committee the Report of the Feleet Committee, reguMing the resumption ni c a .z. paement.• when tt.e debate on Mr. Vitra. fowl:: Hoes. lotion and Mr. Ell ice's Amendment was resumed. 'Mr. Aldermen Heywite spoke at length against the original Itcstilutions..end Sir I. Panel; in favour of them- Mr. 11. GitaliEY (td Norwich) then rose, but proceeded in so iow a tone that he was not very audible in the gallery. lie was nrdcrstnod to reply to the oirgitineata of Mr. l'eel vouching the st;,ndard of value. ile added, that the restrictions of 1;97 were 'occasioned by A surttlen panic; the debt was then four hundred .rillions; their golden guineas had then vanished; and how • ould they expect Liget tlncrri hack again. cow that they had a debt of eight litindrtil millions? What 'UM( clown the Funds to • - a;r If the measure were a good one, the Fonds's:lett to have been now at inn. The reason was this, that the public creditor began to think that he Amu d never Ise paid at all; any other feeling would have kept op the prices. The fact was, were they prepared for a great aivulsion, or an extended taxation with diminished nscans. ...... Lord FOLK EIITOVE nail, that the opinions of the bullion committee were now admitted by all to he well founised. No thing could more strongly prove the advantages of discussion,. or idustrate the change that ta . “..; place in the mind by continued end doe consideration. (hear, hear.) Ile was worry that the right hon. gentleman (Mr. reel) had said, in iodising a manly confession of his error, that be felt no shame or regret in doing so. When the right hon. gentleman had at forcibly and justly iii• tribal! the great distress which the •systen) occaeinned, anti s fen he bad at the same dine eurolleeted, that tie had always .iron his vote to ministers in resisting that inquiry which had been again and again called' for from his lookirlitp's side of the house, he could mu help saying, that the right hon. gent. might Marc spared a little regret, )(not feel SOME shame, that lie lad isisted in resisting inquiry, :Intl refusing the relief which was requind. filext.) What were • the opinions of the right hon. pt vet. (the Chancellor of the Excheqster), whom beef', not see in hi. place. no man could tell. Ile adopted these resolutions, and yet he told the henise that he retained all the opinions lie had ever catertsineh on the subject, opinions diametrically opposite to the resolutions. (A laugh) The viglit hem .gent. had not teplained how this emiLl be; and it was extremely difficult to conceive how the resolution declaring il. and is. to be equal to a guinea, recorded in that hence, and the resolution giving 41. 15. fisr an ounce of gold. could he entertained at the same time by tlt none unchanged mind (.‘ laugh.) Ile did not know whe ther the noble'l.ord Ind changed his opinion; if he had, he hoped his lordship would •seii the house so. The ulnae of re curring tough payments. which the revolution embraced, would raise all money payments about 3 end 5.34 per cent, At that •rate would the interest (lithe public debt owl art died salaries be it:creased, lie objected, ton. to the •repayment at this time 0) . 0,0001. to the Dank. This nuts could not be repaid but by a lean. A loan, it was believed, was to be enntrarted for to the amount of Xit.ooo,ftnil. llyruispig the public debt at the rate of 3 and per cent., the mutiny would bare to pay L.soo,ontil. mire of taxes. The intereit of the loan of S'l,ort.i.tX OL would imp( se soother millLm ; and thus the country would hi effect have to pay 2,3u:es - tot more in taxes. lie put it to the house, whether the country was able to pay so gust an increase of THE NATIONAL REGISTER. takes as 4,500,0001. This increase of burden, too, was to be impoLed at the time when the depression—although he did not believe that so much depression as some gentlemen represented, would be occasioned by the resumption, and its preparatory ar rangements; yet be was convinc:d some depression would be occasioned—the increase of burden was to be smposed when this depression made the country 'AI less capable of bearing it. The graduated scale recommended in the resolutions he thought dartniely objectionable. Four pounds one shilling was the hest sate of payment; the next was V. 17s. 101. halfpenny. Great difficulty would be occasioned by this in all contracts. A lease would he (taken when the rate was 41. Is.: in the course of years the rate would be 31. t7s Intl. halfpenny, the rent would be in creased three or four per cent. Again, a gentleman would boner, 10001. when the rate was 4!. Is.; at the end of direr or four years this gentleman week! pay interest for more than the IMO!. which he had burrowed. lietek, he admitted, the force of the objection against the Legislature acknowledging the &pre dation of paper. It was an undeniable fact that it was depre ciated, but ministers had formerly in folly denied shit fact, and mini-tern now wish to establish it is• injustice. One of the prin. cilial arguments urged in favour of this bill was, that it would keep the gold in the country, and facilitate the resumption of dish payments; yet all the Bank directors, tooth sad nail, opposed this bill, which was to facilitate the resumption oldish-payments. (Mar.) lie therefore distrusted the *Sauk directors altogether. The Bank directors, he thought, on these erounds would endea vour to defeat any project fur the resumption of cash payments.— lite objection to this plan was, dot by extending the time for die resumption, and increasing the in ta icary or the means by which it was to be tffected, they were the better enabled to defeat it. When he opposed the resolutions, he hewed leave to say that he entirely concurred in the principles of urculatieli on which they were founded. His Lordship's speech was follaweil by an excessive long debate, at the end of which the ;intendment having been with drawn the Resolutions were airrixstl to, the report sits ordered to be secured tomorrow, and cue ordersof the day having Limn disposed of, an adjournment took place at one o'clock. tVEDstsbair. sta.. , VOL BOttolTOrt •CoultilrrioS.—S r K. WI Lace- pretreat& I pe• t,tion from Chatileigh, Lancashire, praying that the principles extended to Pertryn might be extent el to ne!ser ltomtiglia where corruption was proved tee exist. lie took this °Awl -utility tel stat ing, that though he had failed in the in•tance tie Barnstaple of transferring the franchise to a istpulutis town (lauds), he should not lose the opportunity of proposing similar alterations; and that tie should rear* thegranting of any additional taxes on the people until some such Itefoan was adopted. Petition read, and ordered to be printed. CEssioN OF VARGA TO THE TURls.—Rireliarles Moszee, in•eising re submit to the 1111 u ie the motion of which he had given notice relative to the cession of ['raga, aid, the . people of Purge, after having lived for three year.: past in patient despair, and trembling on the brink of destruction, now SEMI at -last be orc the British parliament (hear); and he honed that no person who new heard him would hedtate to compel. donate a brave people struggling to retain their liberty. The lion. baronet then gave a skexii of the political situation of the Greciaa Islands and their continental dependencies. from the tsth canary down to the year I ergo. By the treaty of Tilsit, in 1 t 0.7. the Grecian islands were given up by the Han-liana to the French ; and it was worthy of being remarked, that afterwards a right honourable gent. (Mr. (:anniug), in an official note In -the Russian court, had cha:ged them with a breach •of faith in thus sacrificing to France the in dependenew of the Septinsular Republic. The Ruaians, having recowimended to the Parguinotes to secure a good understanding with the French. completely abandoned them. The Pasha, :aw ing that France had obtained - possession of the lonian Islatuls, entered into a negotiation with thee French general to: getting Parga ceded to him. The Parguinotes seeing these negotiations between the French general and the Paella, prepared for their own defence, and at the same time made strong application to the French general for assistance.; who replied. that he could adind them no aristance; that Ise had no uoops tor the purpose ; and, if he had, that he could clot, without sevtructions from lox government, seed them to their assisuence. They deterntincd, notwithstanding, to :mac no cession : they made all the rii-t -ance possible in the neighbourhood of Par..a, and at its wall. The Pasha's army of iro,ooo men was repelled. and hit nephew, s wim commanded it, slain. Was this, he asked, a contemptible people ? (licit, hear.) Should we, who were the freest nation in the world, treat lightly a people capable of such struggles in the cause of freedom ? (hear, hear.) ('owlet we, without lel/ow-feel lug, regard the efforts of a people, worthy 91 the freedom which e enjoyed ? %Vita there a heart in the (roux that did not come pass.nerate the brave Purguinotes ? (cheers.) Thee Pasha retreated: he was repelled, not routed. '('hey had not nunibtra enough to pursue him. He built a IMIIISOIC.4III/ tee his nephew, an altar on which the blood of the Pargninotes muse flow. (hear. hear.) Seeing that they (Aoki get no assistance from the French, they Pent a deputation to General Campbell, with an offer to withdraw their fortunes from France, and to place themselves ander British protection, to follow the destinies of the lonian islands. He granted their request, and xent Mr. Foresty's (the Engl.sh Am bassador's) son and Sir Charles Gordon with a strong detachment, I to waist in forcing the French out of Plum, which was opposite to raga, on the terms that an English garrison slstuid be fe -1 ceived, and that Parga should follow the destinies of the lonian Islands. (hear.) l'-aptain Hoare arrived there at the since nine with two frigates. 'rimy sent a deputation to him, who rcceiced them well, but replied that he could do nothing for them, that he could not attack the fortress.; but that if they could get the . British flag hoistixlon Paxii, tee would draw up los e'rigates tinder it at all hazards. They got the British flag conveyer, into the fortress by an old wanaei under her clothes; the inhabitants, who had formerly Aught spite: the Paalta at the same time attacked the senunels. The British flag was hoisted, the frigates were dotewn up under thee fortreaa, and the garrison were made prisoners. The place was in tranquillity in two or dune hours . after the first movement. (Hear.) This brought hint so the riot. The Pargunintes were dow under flriutt pmtection.— t tie ohjeet of lits motion was to tvlotain the paper which contained tbeeontlitions on which the commanders. by a a and land, gairens tutance to the Parguanetes. This document must have been sent lame to franisters. fto also wished m obtain the Linnetr of our government, it there was any. authorizing whet political govern ment was to be placed over l'arga by the Governor of the lonian Islands. '1 byre 401 01E4301 re, iptlep, 'Writ pal cider% now 1.4 W tlewnielves wade a siterince of to their implacable enemy. (Hear, hour.) 'l'lsey (mind themselves now driven to the alternative of making the seat of liberty their glove, or of going into exile—an evil scarcely less motel. He could not, however, suppose that the noble Laid opposite would proceed in less itorpose. He timid tint suppose ilia' u people, whose independence bail been respected by des-. poric goy ei boletus, should be deprived of their libel ty, or di iven from their Count y by lunation tits which they bad placed the greatest reliance, anal had placed that reliance because they as ere themselves free—lay a riati 4444 who had actually receir ed the m cinch r their prultelion. and pro stii.eil to retain dyne ni the embraces of treedom. ( Hear, hear.) He lulled I kr!, if lite House would show a proper feeling on the sullerl, the noble Lord 11111/1t retrace his steps. (Cheering.) The •leps taken were not irreversible. Cutilit it be endured, that Uee lust spot of (*.recce which 111 retained freedom, which retained Christianity, slionld surrendered to despotism and crnelty ? Could it lie en dured, that the cross should be surmounts il by the cres cent? (Cheers.) Could we neglect the opportunity of uniting so free anti bootee a people M bonds of fraternity aith us? Conk/ we fail to attach their hearts to its by gratitude fur the preservation of their liberty? (Cheeri.; There was nothing which they dreaded more thou to bp given up to the power of the Turk : and here be want.; again ark, what right the Turk had to demand this ces sion? If he founded his claim upon the treaty of ISOU, lie should show that he had himself fulfilled that trees!, that he bad afforded ptuteetion to the other cities which were then plrced under Mit care, What haul be done to. wards them trout which it could be hoped that lie tvoull set aRh justice towards those nnfortnitate people ? kin (Sir C, Musick) maintained, that from all which had tran• spired (tithe conduct of this cruel tyrant toward. dic i e peoplr—from the confidence they had reposed in this government, and from the protection we haul of them, that it wumld be unjust, and a breach of fiaith on our past, to Au-liver them up to their greatest enemy.--. The Hon. Bart. ern:chided, amidst lottul cheers, by mooing that ito bittuide arid' eSS he presented to hi. Ruyal Higb ne•atlsc Prince Regent, playing that lie might be gra cioutly pleased to give directions that there be laid berme the House a copy of the instructions sent by lien. Camp hell to CM. tikurdon in 4.314, respecting Ilse occupation of Paces; also a copy of the intti sretiusts Selit BTI2IOII on the saint, subject; likewise a copy Di ant coma monications froas lit ish otticers its the Pargatuoter, tenoning them .of protection, ass! the ColieentillieatiOga of the Parginnotes ft, whirl, II .-r were a reply. There were reeeral other papers istelarlerl w the littu.liaiimet's mutton respecting the uccupsitionof Parga. MAXWELL iiit;tiOn. d LasiLERKAGII .aid, as Ike lion. Bart. had only oafs d fur in turalateuss r lse heti •uu titthetalty larsodlissg ft, h 1• 'Downs. The question win% put, awl parried.—Adjourned. runt! WI 1, V, :7 , 4N. ..keennati Were pr.- eared of the Irish 13ank li,ues of Coin. Sir W. Co G LN . K preareitid a Petition' from Pt...wimp, and Unitarian Di...enters or I. , verpool aironot the pristrio form: of lie. forming the Abase:4r Cereiatoiy. Ordered to he on the table. Mr. WA no grve -notice, lira he should, en Wednerdav next, hi iv; Fortson! the Orihaoce Lbtimalcs. it: t trA Li.ERS —l)nihe mocha or st.», the CommOtee ou iive Vif tuailros . %oh pott lwed to iVedsiestla) hem. Sir J.(ia*stall hrouiht in a BRI (A atartia the, ACV., c•ing Coe Siampin4 of Woollen Clues in the M r.t lt Khoo RII Vorktho..—K,aJ a d.'st time. . . . The (louse went into a Gummi. ter no the Colonial Acta. Repw•t uu Wtdoesday. The resulation moved by Mrs Lushiogton, was fin Irene to introduce a Bill to allow imiior lotions to, and exiitortusioes froiu, BCTUNAL mud AUITTiCU in foreiga weaTelis. BANKRUPT L tvp.--11r. J. SMITH presented n Petition from Henri Brown, a Windsor, Backer, prat iie4 for the alteral of such part of the Bitil!c co vt L sa t ac compelled bankrupts to answer BA. enqairies of f:innitii.akner..—(A laugh ) Ordered to lie mrThe table. FLA:cr.—Mr. G. LAMA moved for !rave la bring in a bill to amend the law regarding actions agriust the Warden of the Fleet fur ebcapt , , &e. As Cic LIM atinui the et et:itor bad no remedy agaisot the ai wilco, if n isimee who got R. rule at the mid of a Term appeared b) the begiutting of the mac ceiling F..m.—Agreed to. Imat'a.tierea.th moved thnt the 11m/seat t 's f j,in g sLonld lotion, it to I% ednesday next.—Ord. trJ A ineunge front the Lot ds annnurcett that th-irLordchila had uweed to the Country 11.1at.ers' Ibit nit s, some amendments; which amendments ta..ae aftern ants agreed to. - The li.tare then went Won Committee on the Grimpouiwi R. ibery indielment MIL V. iitterw.s wr re e.aniiiied, and the C:i.riris an reported .rrngtt:ss, aid obt.tined L ave tel sit . . 13SO CII Nce Limit *if the ExCIIF.QCF.R tilnuz.lit in tbe 11.1nk Fa.nlew ?vet ie RM.—Read ti,st 1111 W. SCi und leading OM Wrdur•day nest. Adjitrited to Wed;lesJily oett. P.4RLI.4.ISEATAItY .P.IPERS. An account of all Distrihntions made by the Bank of England amongst thePruprietois of Bank Stock, whe ther by tourney. payments, transfer of 5 per Cent. Annui ties. or otherwive, under the head of bonne; increase of dividend; and increase of capital; betwixt the SlStb ef Frbrna►y, 1797, and Ise of Alay, 1819, in addition to the ordinary stwtlwl dividerwl.et,7 percent. on the Ca pital Stock of thaoCorpuratitmrx;sting in 4797, it►clud tng therein the whole 'divider/8 paid Otter June, 1816, ow their increased capitals stating the period when surly thsttilititions were nude, eatd eg3vegate amount of the la June. 1799. la percent; Bonus in 3 permits. the '1797 on 11.641.4001. is In May, lAni. 5 per cent. Bonus in Nawyll per cents on ti.6-$2.4011..u. In Nov. 1801.1 and a lis;f per cant. Bonus on Navy 3 tier cents. on 11.812.4401. In October. 1103. 5 per cent. Homo in Cash en 11.612.4iX11. it In October. IF(A. 5 per cent. Bonus in Cash on 11,641,4001. i 3 front April. 1807. to April, 1819. both inclusive. Increase of Dividend, at the rate of it per cent. per annum, on 11.642,4001. is 12 year: and a half, or 371..105. per cent. 4.363.906 In .tune, 1916. _ 58t,120 Stt.l2o 382.1/0 Inetease of tapizal, at t3l. rr cent. it :,110,61.3 From 4 )ct. 18 16, to A pril, 1619, both inellibive. Dividend at the rata of MI. per cent. per annum on 410,600 Increased Capital. is 3 years Dividends, or 301. per cent. on e,910,600:. is F 71.1 R 1 Aggregate Amount of the whole... Cl I 3 ,4141 Annual Toiyable on liank Stock. in 1M; .nn a Capital of 11,642,4001. at the rate of 71. par amt. _ _ per 1T,11.1/M Annual Ditt,lend payable sante Jure, tal6. and at present on e Capital 414,53‘01001. at the Tate of 101. per ctnt—per A:mum SI4,XA