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

-"\ "% Dmperial Parliament. !MOSE OF LORDS. MONDAY, MAY its. Lord ADCICT.AVD TOS.I I-) Writ the third reading of the Bill fir regulating Chimney Sweepers, and stated the prosisions which Lad been adopted in pursuance of the reoammenslation of the Committee of last year. No master was to employ any buy to sweep e; k 1 .. ineys under ten rears of sze. It appeared from the esidenee, that great hardship was inflicted on boys. by obliging them to walk the street, crying t. Sweep." at au early hour in the sunrning. 'rhe Bill therefore provided. that no master shoul I suffer his apprentice to call the streets. The practice of employ ing kaiak children was abolished, and no master was allowed to keep more Clan tour apprentices. The Noble Lord said, the Bid{ had the Approbiitiun of the principal persons in the trade, and it would have the ettCct of removing a sterna. which had perhaps been justly attazhed to the long practice of sweeping chimneys. The LORD CHeireet.t.ou considered the Bill so defective that t would be best to oppose the third residing. It was not such a Bill as the Legislature could adopt. One of the clauses enacted. that if any person, following the trade of a chimney sweeper, wiTully required any servant to go down a flue. until atter the same altall hassled by throwing down water, be shall be subject to trial for misdemeanour, and puslish..d with fine or imprison ment. This clastie. in the opinion of the Lord Chancellor. would prevent persous puttini out tire under the feet of a prosecution. The whole of the Bill was objectionable. After some conscnouton, in which the Bill was opposed by the L int of I.am:classic, and supported by the Marquis of Liutsiiowne Oa Bill was thrown out.—The House adjounnal. 1 Q CAMAY. MAX U. Rad GREY brought in a Bill to abrogate the oaths which Piotettants are required to take against their belief of the doc trine of tiansubstantiation. The Noble Ead described the Bill one to extend relief to a numerott; class of his Majesty's subjects. whose conscience might be affected by the above oath. It was not to tehue to opinions respecting spiritual and temporal styrcimacy. lie concluded his °taw' viitions upon the measure by giviiig notice, that he should move the second reading this day fesrmight.—AAjourucii. WEDNESDAY. WAY Yti. The Honduras Bill and the Marriage Act Amendment Bill were brought up from the Commons. and reoil the first time. COLONIAL CLNUOY.-1 . 114 Earl of li.sunowsic brought in a Bill to enali:e the Arcabishup of Canterbury and the Bis.lop of Loudon to ordain Clergymen for the colonies, tipou picKluchig proper certificates of weir qualification, their intention to go to the plate for which they are ordained, turd also to 'vitae there. A otatersatioa atoi • dunit time ago upon the qu.stion of Colo nial Legislation. relative to the Negro l'epulation is the %%'eo Indies, anti it was scans' that difficulty was felt in procuring a res.i.eieut number of protestant Ministers to reside in the Colo. Mrs. That difficdov was attnbuted to the want of power on the p.m of the Ihshop of London to ordain for the Colonies, t.nd to Insure the residence of Clergymen who went out to officiate. The dill introduced w the House was framed to make Cie necessary reymlations on the subject ;, and after the Noble Earl hail stated or provisions to the Housc, it was read the first ilia:. Thr liouse adjourtusl. TiILIPISDAY, MAY 21'. 1% . ' • Two P•litio.,, w.vc yr, pented ag.thtst the insolvent Deb t r Act, and after the Milt on the table hail been ta•-arJc.l, the llowe odjottrued to Monday se'oui,;ht. HOUSE OF COMMONS.. lip/IDAY. MAT 14. The art OMR. on taking the Chair, stated to the Home, t)at he had neeived a letter iron the Martinis of ('amden, aeknow ledging the receipt of the Resolutions of that House, touchinglits Lordship's public spirited conduct in. resigning his profits of the Tellership of the Exchequer. The Speaker read the letter, er:nort set forth his Luelship'e grateful feeling, that hie resigns don of the profits of au o:Hee graciously conferred. in consequence of Ilia ft.ther's merits, had been so kindly acknowledged by Par liernent, sc.—(licar, hear.) BANK Been RTS. —Mr. Pref. having moved the order of the day, that the House resolve itself into a Committee on the Bank Reporu, rose to bring forward his proposed series of Resolutions. agreed to almost unanimously in the Select Cominitter. That Committee had neglected all party ceesiderations ; they exerted themselves exclusively fur the public good ; and he trusted tint the House would be guided by similar feelm's. As to the Reso tlite were tile Cunimittee's but the sentiments with which they would be supported were his own, aid lie was easererable fur t h em : he however must state, that since lie went moth, Cienieittee his opinion had undergone a material change He now !Treed in the principle of Mr. Horner, and decinred that the support of any contrary principle would defer the resumption of Cash Paymenee to an indefinite period. lie would ask the noose, could it be maintained in argument that the Country reeld proceed as it had done for the last 4? years ? Tne questien was, were they ever to return to a metallic standard ? Had not all writers maintained that there was no security for any country Without any metallic standard ; had not the example of all own tries shown the truth of such position ? But what had been the syetem since 1797 ? They did not lessen the danger by hiding it fsnn them:idea; evcty foreign Jew saw through the fallacy.— t lear.) The issues of notes resulted from itte purchase of geld; the discounting of mercantile bi!li ; or on Government securities. The great proportias now was on Government securities, sonic of which had no provision nuole for them.. How then could it be said that the issues were centroulable by mercantile le.oee•elings ; or were the issues occasioned by such events. The issues weTe recreates; and the greatest proof of that fact was the value of g.ild. In 1816 the prospects were imagined to be flattering; but .11917, langour, the result of exciemon, followed. The cause AU. exceesive issues producing ruinous enterprises. And simi lar causes would always produce like etKeu. Purchases became extensive and the demand.: aid not equal the supplies ; and these deranged all the regulatiorts of society.—The labourers were ad'xted beyond description; at one time there was a great de mand for labour—at another, labour languished. This was the result of an inconvertible paper ; unlike the principles of nature, or the wise institutions of Mil, there was nothing of counter action. Were they to look the. evil in the face; were toey to postpone cash payments to an incle:iiiite period ? If they post poned indefinitely the resumption of c0.,11 payreer.t,—if they :lid not affirm the second resolution—it would not hove them judge of chervil. that would reetlt from such ' , yew:met:sent from what they had seen, becou-e the resumption ottet,h hail heretofore only been postponed for a short period. They had gone through the circle of expedients ; they must " screw up their courage to the etizking plaint" die 6.paimee of the last tew days 'hewed this; (hear, !into—They must, to do any good. chew that they were wow in earn mot.—(Hear.hmr.)—Many expedients might have been ed :such as bad already been resin tern to, or a liesnasie e :/f tit tt Bank note resuea Tony err: deemed er , w i se , and were net thought of. T.se Committee found that gold was above the 101111 price-.d: was four pounds one shilling per our.ce ; that the flank was in advance to the Co . :eminent, which advance could not be paid ; end they had postponed the resumption of Cash ra f Eft-lita longer than had been contemplated previously to the Beating of the Committee. The plan of r:suming Cash Payments THE NATIONAL REGISTER. - - was known—he need not repeat it..--(Heir 4—To accomplish this plan the re-payment or advances from the Bank was required ; but the re-payment of the 10.‘ , 00.0u02. were not req tired to be dour imntaliutely, hurt gradually. It was also damable that th►re should he a change of the nature of the intercourse be tween the Government and the Bank.—(llear !)—and from anxiety to relieve the Bank from burdens and cares for the public, he called crape House, by a great effort to restore that currency and astem which would put an end to such severe cares.— ( Hell,. hear !)—lie then weat on to deny that s•uclu re•palments ut• the Government advances would narrow the issues ; he denial that such result would necessarily follow; lie was not sure that they might not ust.fully extend their issues. 'fhe plan to be prepared with bars had been ordairly represented ; and he asked whether die price of gull had risen or fallen ? Had gold com manded more of any mitt given article? It was fallacy to say that taxation had advanced tie price of gold. lie concluded with reading the series of toolutioas as those which he was instructed to move:— _ . . That it is expedient to continue the ftestrietion on Payments in Cod; by the Bank of England, Ir yon.l the nut.: to which it IS at present linnteil by law. That it is expedient that a definite period should be fixed for the terininatios of the Itestrictim. on Cash Paym cots ; and that preparatory measure: should be taken, with a view to facilitate and ensure, on the arriva/ of that Feridd. the payment of the Prowl:1;0:y Sotes of the Bank of Lngland in OW legal cot of the realm. _ _ _ _ ..... •• That in order to give to the Bank a greater controul over the inues of their noes than they at present possess, provision ought to be made tor the gradual repayment to the Bank of the sum of Ten Millions; being part of the sum due to the Bank, on account of advance wade by them for the public service, and on account of the purchase of-Exchequer Bills under the authority of Acts of the iwgialeture. •• That it is expedient to provide., by law, that from the Ist February. 1810, the Bank Iliad be liable to deliver, on demand, Gal of standard finer.ess, having been assayed acid camped at his Majesty's Mint, a quantity ot nut less than 60 ounces, being required in xchange toe states an amount of Notes of the Bank as simll be Null to the value of the Gold su rqutred, at the nue of 41. Is per ounce. That from the lit October, 1840, the Bank shall be liable to deliver. oil demaud. Gold of standard fineness. assayed and stiunped as before mentioned, a quantity of not ices than 60 ounces being required in exchange for such an amount of Notes as shell be equal to d.c value of the.Goll so required, at the rate of 31. 19s. lid. per ounce. •• That front the Is: May, 182 t, the Bank shall be liable to deliver, on demand, Gold of standard latiennts, assayed and stamped as before mentioned, a quantity of t.ot less than sixty ounces being requirod in exchange for such an amount of Notes, as shall be equiu in value to the Gold so required, at the rate of 31. 17-,. io!t1 per ounce. '• Phut the Bankinay, at any period between the Ist February, 11120. and the lit May, tB2l, underuske to deliver Gold of stand ard fuscness, essayed and stamped as before mentioned, at any tate between the sums of 41. Is. per ounce, and 31. 17s. lu4il. per ounce ; but that such intermediate rate having been once fixed by the Bank, that rate shall not be subsequently increased. .• 'filet from the lot May, 1825, the Bank shall pay its Notes, o demand• in the legal coin of the realm. o That his expedient to repeal the laws prohibiting the melt ing and the exportation of die coin of the realm." The the ee fine lbsolutions were agreed to nein. eon. and on the fourth being put, Mr. ELLICE rose to propose WI amendment. Though it might appear plesomptous in him to claim the attention of the house, after the very able speech of the Right lion. Gentleman who had just sat down ; yet he could assure them, that lie lose with no presumptons feelings, but he thought it due to himself to state his objections to the proposed resolution ; when he did so, he did it from no ho tility to the general principles of the report. He would first propose, that the Government should be com pelled to pay the Bank the advances specified to the third resolu tion of the t 0,000.0001. Ilia reason for this was, that the Right I lon. Gent. (the Chencellor of the Exchequer) had already failed in fulfilling his engagements to the 8an . ... In the last year s payment of 9,000.0n01. was promised to the Batik by named). in stahnents of 1,000,0001.; but it appeared that in May only soo,i/.ha. or firytaitail. were litaid. that nothing teas paid in June. nothing in July, and that in Atteitst, instead of paying, he went to bmrew money front them at a lower rate of interest. T he Bank was, therefore. almost justified by the conduct of govern ment to them. The first roniution lie would propose as his amemlinent, was leaving out die words after '• that" in the fourth resolution, to substitute the " it is expedient to order by law, that the sum .'f 9,notennot of the bank advances to go• vernincitt be repaid, by monthly instalments of eiewetol. begin ning with the loth of June. and that no intermission take place till the whole be repaid." Having thus explained the nature and object of his first amendment, he would now proceed to state the other resolutions which ho proposed as amendments of tile ;!.glit lion Gentleman's resolutions. The next was,—•• That, in Lie opinion of this house, the Bank ought not to advance any money to government on Exchequer Billy, or 'l'reasary Bills, beyond the present sum advanced by them, or beyond the sun' that shall remain due to the Bank after the 10.000,000/. are reduced, with• out the authority of Parliament." The object of his next reso• lution was to put it in the option of the Bank to pay in the legal coin, or in gold, at the Nitre price. The revolution was, .• 'flat the Bank linve it in its option to pay after the In of May. IPYI, either in legal coin, or in gold, at 31 t. 101 d. per ounce." lie had one other amendment to propose, which was, That after the lit of May, iBl2, the Bank pay its notes in tbs. legal coin of the realm." With the last resolution most dby the Right Hon. Gent. no person could find fault, all were agreed as to the expe— diency of repealing the laws against the melting and exportation of coin. Ile begged pardon ot the house tor having occupied so much of their time. (Hear.) But from the Norse of conduct adopted by the Right lion. Chancellor of the Exchequer, he felt himeelf bound to say so much respecting the degree ot confidence to be plated in Gover nment on this occasion. Mr. 11.1toontne read the 4th of the original resolutions, and the resultuian proposed as in amendment, and put the question. Mr. I. P. GRANT said he was convinced that di e proposed mea sures would not be of utility.. Mr. W. Pot.e ' , CBI into a long detail of the Mint Regulatioos as attCcring the question of a metallic currency. Mr. Ti ser said belied heard with the utmost satisfaction the Speech of the Right Ilen. Gentleman who hail proposed to the House the Resolutions which they were that evening called upon to discuss. He could as etre him. (Mr. Pee:), that it' a tem pliaient from so humble use individual tit him elf could give him any gratileation, he would gladly offer it; but in truth he- was afraid to do so, lest he ebould be thought to be paying a einntli. rn.fht tu tic principles which himself and many of the friends mound him had been advocating for a lung series of years. It was. I.owever, a source of sincere pleasure to hint to hear those ne:suns for which lie had so long been contending avowed as max ims of true pnliey in tea: house. especially es such ample justice had ben done to them by the Right. Hon. Gentleman who had nos, ibr too lost time, adopted them. lie had to return him his siro.n, thanks for this service, and above ell, he had to return him thanks for the just and eloquent compliment which he had paid trt the m.emory e dear and lamented friend of his. He should have received still higlier gentifintion from the events ot 3IAY SO:. the present evening, hal that friend (Mr. Horner) been alim to witnesi the establishment of those principle; which he (Mr- Horner) had limn the first to propose to the attention of Peell e . cent. Tho elmuence with wliicii lie had explained, and the in • genie ty with which he had defended them, hail always attreeted the admit idiot' of the these, but it was reserved to a later period to aektme ledge that they were no less true than they were low- Moto. '1 here was another instance, to which it wh scarcely me:es:try fee him to refer, where a similar act of jitoice had been done in a man, whose loss was lamented and regretted by every indivela it whom tic had the honour of aldressing—he meant Sir &kernel ; tee plans which that illustrivai character bail proposed for the amendment of the criminal law, though ridi culed and tejected at wild feud itopracticelele theories during his lifetime. had been &domed since his death, and taken itito the most serious yonOderatem which Patlianient could give them.— (Hear). The Hight lion. Gent. had just done intim to one of Mew dioinguielied characters; and he trusted that it would not be long before the House would do justice to the other. (Loud cries of hear.) lie should not have risen, at host at this period et the dehate, lied he not been personally alluded to as the (tide ineinino of the Committee who hail declined giving his assent to this plea; this was not exactly the fact, although he ass the onh persou who luul effectually expressed that difference of °einem.— lie (Mr. T.) much lamented that he could not concur in the pro• position that had been. submitted to the House; no man was more anxious than himself for a resumptica of cash payments; ne man had perhaps shown less lenity to the Bank disenters, but justice ought to be. done to all parties. lie would state plainly and without reserve his reasons for preferring the amendment of his hon. friend e ond for recommending it to the house for adoption. All were *mai. at least he hoped that all or nearly all were agreed, that the sooner the ancient standerd of value was restored tae better. There might be a few indeed who maintained that the Bank restriction could be continued without inconvenience ; such a view of the subject he entirely abjured he disclaimed all community of interest and feeling with them, and although he disagreed with the right honourable gentleman who had intro duced the subject, he perhaps even more widely differed from the monstrous doctrines that had been broached on the other side. He was well convinced that there was no security fur the empire but in a recurrence toe metallic currency, and the only dispute could be, whether the method of restoring it now proposed, wile such as ought to meet with the approbation of discreet race. The plan of the tight honourable gentleman, or rather of the commit tee, lay in a narrow compass. It was, that the Bank, in, Feb. next should pay at the altered standard of M. Is. all demands upon them to the extent of Go ounces of gold ; that in October they should pay them in gold at the rate of 31. tOs. 6d.; and by the Ist of May, le2o, revert to the old Mint standard of 31. 17s, told.: but it did not sop here; for the plan was to cur.- tinue for two years from that date, during which the Bank was to pay its notes in bullion at the Mint-price. The drift of the whole was, that in 4 years from the present date, that is, in the ninth year of peace, the country then have a prospect, though a distant one, of emoying once more the blessing Ma metallic cur • reney. The country was much indebted to his lionentrablefriend (Mr. Ricardo) for employing his mind, in well eninkeettl ul.on all subjects, upon this: but he was by no meant convinced that the plan he had suggested ought to be adopted. The house, how ever, would bear in mind that the project of the committee was not iris plan : it was a pnepoeition of a totally different description, for it. deferred all payments in bullion for two years, and did not at last give the country a specie currency until the lapse of two years more. It was true that some sort M steeping-stone to Mr. Hicardo's plan (for it was idle to conceal the name) niight be prudent e but he could not Without alarm and abhorrence eve an attempt thus made unintrodace for no Ins than is suenths, a standard of value unknown to the usages of this kingdom : it was in feet raising the price of gold because the price of paper was lowered. As to the opinion or the Bank, was it unfair to suppose that the Link directors might be converted ? • did not contend that the whole of those gentle mea were all warranted in entertaining . the strange and oild notions they had promulgated ; but practically hoe did the mat ter stand? 'fhe Committee maintained as an abstract principle, and as staterorien and philosophers, that the tome of paper governed the peace of gold; but the directors not preteitedne to be judges of political economy merely replied, that there would be a run upon them, and they must call in their paper for the purpose of protecting themselves. The issue then was between statesmen and philompliere, acting upon solid principles of poli tical economy, and Bank directors who considered only their own peculiar coovenience and private interests. The argument un the other side amounted to this, and nothing else—the the Bank of England was no longer to be fruited, became it is evident, from some expressions meld by the Directors, that they will not take the proper and necessary measures for paying their own notes.— But the Chancellor of the Exchequer stated in the House with the utmost triumph, that the Bank were paying geld, and that a epecie currency was actually commenced. Tnis was the same Chancellor of the Exchequer who now declared, that the Bank was not to be trusted.—(Hear.) Was it not then most extract:. dihaey, that uo security was to be taken from the Chancellor of the Exchequer, while the right honourable gentleman was extorting chewiest. peremptory securities from tee Bank ; in short, the shepherd was to be iltat into the stocks while the wolf was to be allowed to prey upon the flock.—(Hear and laughter.) He (Mr. l'iernetn could not figure to himself any thing more we e:devious than for the government to hold up the Bank as UTI• worthy of public cooßdence. As lung as there was a Dark it was our interest to maintain its character; open that depended the estimation in which tne public would hold the currency; and a more eetraonlinary recipe fbr government was never heard of than this—that because some new light bad broken in upon those hitherto ° in middle and utter darkness," the stets:test meuritici were to be demanded, and the utmost rigour displayed. It the directors deservedly forfeited confidence, away with them ; but it was most unfair that ministers should insist that the machinery of Threadneedle-street should work as easily as ever, aid with hold the very oil from which it derived its facility. (liter, hear.) His arm conviction was, that after what had passed, if the loexm,oool. were paid, the Bank would be ready in two year; or spoiler to. resume catili-payinente.—(llcan)e-Was it not a tend object at a time like this, when them was somuch alarm. anal* melt CalbS2 fee k, to do every thing which could trait quillize nregs minds? Oh but, says the Chancellor of the Exchequer—J. Who cares for elute'? Hely upon me. and all will be right." He should reconimerd the aniend,nern of his honourable friend, an most likciy to truciliate the public mind, miel to allay those alarms which lead sprung out of the bad managetnent of the Chancellor of (he Exthequee— He should therefore propose, either that the amendment be adopted, or that the House should &Ahearn the further consideration of this momentous question.—(Continued cheering. The CUANCELLOU of time EXCHEQUER mithi.thet he wadi not give a silent vote on this °melon; .bitt it might he imeuted to him that he gave merely a sullen approbation to the plan pro pose(' ; 011 the contrary, he begged to express his meet coma' assert to the plan, dialling as ire slid that it was most admirably calculated to eresure that most desirable object, the resumption of cash payments. lie had always been of opinion that it was highly important that the restrictions should be removed a henever the commercild and political relations of the country rendered such a measure safe and practicable. The right hon. gentleman (Mr. 'f ierney) had referred to the evidence or Mr. Bannm as being in opposition to the plan now proposed: but a careful perusal of ,*\* \ aellei 179 \