The Statesman. — London, England, 1815-03-03 00:00:00

pare into the feud!' of the Bank, and they were fo wl to exceed, by sixteen millions sterling, all de weds upon if. After this. inlidity could riot he doubted. The market price of bullion at the pre: periodnt we s ,4l.9s. anti the Bank price was V. 775 : io d . The House would , see, therefore, that at „ e goist no advantage wooldteeeolt from tile issue of : o ld, as it would be sae easiest in circulati o n th a n i t '', 0 0,1 be melted aluksoitt in ingots. He WO free to. crofts that the-average of the present issue of noted ia , , 27 minions; and shaethe trier:op beforethe re striction on cash paynients win 15 millions: The' in. clew , therefore, hats only heist 12 millions, while at l t he tir.se the issues were first stepped; the gold of the' „ loll y was calculated sit4*miuieas. It teas owing' s he best msnagetnent, therefore, that the issues , had „ o t gone far beyond 12 millioni. It had been sa id that in France gold hail been plentiful', and had lot i„ ere asni in priCe :.. it should be recollected, how ever, that that country had been enriched by plunder,, and that whetter& a contribution was demanded f r om the town of an enemy, it was always a stipula6 thet, if gold was paid,- one heir of the sum should be taken. '!'h. Right nom Gentleman then l "' ore eded to state, that within the last year, th e pur chases of corn from foreign countries had not fallen :h o e of two millions-e-arid to thie,addiug thernonth.• Ic elytneuts of one million in dollars to Portugal, end the necessary payments to the army in Belgium, it was not surprising that gold was raised in price in this country, while it fell in others. As soon as ever these balm were stopped. he had no doubt that bul t:on wasaid fall to the mint price; but till that had come to pit", be was- of opinion that it was not in the power of the. Bank- to pay in specie: Mr. HORNER commenced, by expressing his surprise at what had fallen from the Right Honour able Gentleman opposite (Mr. Rose), namely, that there nerssr was a question which came with less I pound before the (louse. Surely the Right Hon. Gentleman could net three heard the Teat question b,•lore them, when he uttered this opinion. The greater part of his speech went to show the imprac.; tic,tbility of the Rank's paying in specie at the pre- t* sent moment, as if the question was, that' it should new commence its cash disbursementie---t" No," from Mr. hose.}--" Then," resumed Mr. Horner, 66 lam glad' the Right Honourable Gentleman him self atimitethn inconsistency of his own argument, , for if it leads to ratty thing',, it leads to the points to • ' which I have referred'—abere was aft utter and unaccountable hictiaetstenty--rafter ten months had elapsed since the returro•of pekoe—in proposing the continuancer of a measure- which legally expired within six months *fter the termination of hostilities. Jr was not enougls to say, its renewal was unneces sary—that did not settle the question • bet It was imperative to convince Parllanteet of that necessity before a prolongation was- all admissible. • To wards the attainment of this infortinition, a previous enquiry was essential ; and be was at a loss to see Oat objection could be urged- against such a pre liminary proceeding. It had been stated, that the circumstances of the Bank were new the same as when the restrictions were enacted in 1797, and that the state of exchange was in all respects cor mposelent.—[" No," from Mr: Rose across the table.)-11r. homer here apologiard for his mis. conception of the Right Honourable Gentleman, whose words he thought he had perfectly collected, nor would he pursue this point, after the disavowal which had just taken place. The Right Hon. Gen tleman opposite (the Chancellor of the Exchequer) had held outs prospect of the resumption of cash payments on the 16tb of July, 1816. This was, merely pursuing the old plan, promisinga definitive period by a sort of sanguine anticipation. He (Mr. Homer) did not refuse credit to the Right lion. Geu. *mates sincerity in , the delivery of this opinion, although he could not participate with' him in the same sanguine hope; on the contrary, it was his firm belief, that-in 18-161, after two yeanspeace v the ' Right-Ron. Gentleman would. come down with the: tame note, end. ould, hate* it in his power to make' precisely the same escuss relative to the price of gold as he did on the present occasion ; for. in his. (Mr. it's) opinion,, there mild be no material re duction in that, avail ; the Bank was restricted in the . issue of its paper.—[hear!] .. l'hree years ago the Bank Committee lied determined that the arrival of peace would be the proper time foe the re-issue of specie, but that a seasonable interval should be allow ed to make the necessary prepteratiote. To that he had not the smalleell.ebjection ;• but tite time should• be a definitive once/ previnuely ascertained by the deliberate enquiry. of a Serrate,, Committee of thee; house.- Iffarq—Cee It be two, three, or four years !euce, if necessary, but let it not exceed the positive and bona file time for the•fair accomplish anent of tie object.-Ibkor!3—'fise Right Hots. Gentleman (the Chancellor of the Exchequer) had said, that much of the Rr"etrictiOns of the Bank mast depend neon the future stale of the country. •it every war was teembrace this operation ; what secu rity vests there, he would" lilt, for * Ptailte Preteet'll 2 Other countries, to be sure, had done the same,' and hail (one so in the same uncontrolled and disreput able peoportioe. France bad pursued-this "systenn with h er amignata; but she get rid of that burden, certainly with rdonstrois perfidy So the public creditoe—Witts profligacy mid injestieeito a WO' porde* of iadi. Quail in thsif nation; bit' She go( rid. of the bur.: den, and the consequence was 4, tkist, sinee.tilet time, 'France upheld a large metallic cemuneyt. She did this, the Right lion. Geetlesnie (the'Chancelfor of the Exchequer) said, bY plunder. But• the con. sideration was, how did the specie' remain- in that ':Jamey?—it may have arrived there by plunder and dishouesty, but how happened it to remain ? It was a fact that it did so remain, and that when. France had carried her armies almost to the extremities of the earth, she still maintained at home an abundant money currency. It was certainly true, that the very fart of such a floating sum at home, proved strongly the impoverished state of commerce in France. It was, in itself, no solid proof of nationalavealth. lie (Mr. Horsier) did not want to see this unapplied eircuietion of specie in this country; he, as well as thew with whom he acted, were totally misunder stood, if they were supposed 10 want a total metal lic circeletien. Alt they wanted was., not to restrict the circulation of Mink notes, but to make them, at any time, critsiertible idle Calif, and mutt some esraugement to et oct this wet done, nothing final c' u:d be prnp f iy adopted.—Cilear l heat) TUZ .STATESMAN ;;:zazs=r;ii refeience to the allusion 'to" Jew brOkere; he' . ata if prices to be 16 per cen and to have been at could not see the force of the argument. Infortna. the time of this calculation, stilt increasing. This, frog. must be sought for there, if any could be then, was a heavier tax than that upon prOperty, The ,found in such quarte rs . Wh en, Si r I saac N ewton latter, produced fourteen millions, , the former cost was Master o f th e Mint and drew up that ce l e br a t e d th e country twenty millions, and he feared was !statement On the coniparitive Value of the cur- likely to do so to the end of time. 'tVe appeared to' !fetich nit' only be dila country, but of the either - Mm to be in a constant elate of vacillation between * ;Defined of 19nrone,. %illicit,• in ftibt• was nose the tekt the buoyancy of our exports, and the depression of of every. sobsenuent,inquiry, he (Mr. IL) had be. our domestic. currency. If a person were to go to doubt that the celebrated character whom be had Paris, and carry with him, as he probably would, named, felt it necessary to resort to every source of few light- guineas, he might procure for each 20, information . which wag open to liite„andperhaps,. livrea two sous , which would be an exc h ange i n hi s. iniOng the seat, to' Jett' Wiese. It Weald:there- (flout. Let him buy a bill with his Bank-notes, five bbtilldisgracer fOr a Goultelttain at Unit itself', and he would' get but 22 livres for his pound, kti ex. of the sate - clurnntlite of Inquiry whirls Were] change cousiderdbiy against him: Such was the dd. deemedessential by so celebrated a man.- But he; feretice between London and Parkin thereat and the (Mr. Horner) held it imperative that Parliament) nominal exchange, or between French and English should ascertain how the Bank stood in point of ; gold on the o ne h an d, an d F rench gold and English specie to meet their engage ments . Wh et he r it h a d ; paper on the other. deranged its own concerns, or the• Government had Mr...TIERNEY said, the enquiry was not what thine so fork, the inquirf warequally necessary... were the profits of the Bank, hut when the unnatural above all; how it s t oo d s i nce t h e restriction' waif ens - system of its ' paper issue sh ou ld cease, an d w h ether 'ected in 1707. Of the character of the; Bank Di. any reasonable expectation was. to be indulged that rectors he had the fullest confidence ; but he could• cash payments could be resumed in July, 1816. ? not extend that confidence to an interminable periodd For his own part, he firmly believed there was no the gustation was not as to the abstractprofils of the chance of that. The assistance of the House to en. 'Mink, but as to the collateral ones arising froth the': quire into the subject wits wanted. This, it Was gild, greater Melina Which the restriction placed at thek would be inconvenient—So it would continue to be dispoui.—[Nees'!]-ohring to this advantage,, they I ill long as-the present connection between the Go. became larger purchasers than they could have been ; verement and the Bank continued to subsist ; aud, otherwise of public , securities. All this was of less in fact, he (Mr. T.) never saw a set of Gentlemen consequence than the plain and obvious considems more willing to submit to restrietions.—[,l laugh.] tion, that, through the systetis of Government, paper --Be would not ask, what were the profits of the was forced into circutititin, the profit of which solely Bank, but he would like to know what other cir. centred in the think. So' long as the Bank paid in cantistance but this connection between the parties specie. and became; the purchasers' of Exchequer !canted the adjournment during this Session. He Bills, then the transaction was. open and -fair ; but shrewdly suspected that the 3,000,0001: would not ' when this controul ceased, and the Bank took have been forthcoming if the renewal of the restriction 16,000,0001. of Exchequer Bills for their own notes, was not agreed upon. It Was not uncharitable to suLL and received exclusively the interest accruing there- ! pose that the parties played into each other hinds;' from, what was it, in f ac t, b u t an i ssue to the Batik, ' and that' the Batik tendered its aid; and the Minister] of Government paper, for the discount of which they repaid' it. He remembered s when. the Act • waifirit alone received the emolument.—[lleur !]—With re.i brobght into play, having asked-the Governor of the Terence to the Right Hon. Gentleman's statement of Balk whether the proposal for the continued re. the rates of Exchange, and the foreign expenditure, striction emanated from him or from Mr. Pi& f—The I there were some contradictory points which rendered ' latter met the question with one'of his eltiquent see. I previous enquiry necessary. It had been already teeces, which was certainly very'fineibiadid notcon. laid down that the standard price of mend was not taro one word to the point. The whole tissue of the dependant upon the price of other commodities, but system of Exchequer Bills, as discounted by the I that these bore a relative proportion to its nomi- Bank of England, was nothing else:but an advance nal value; bit if the price of commodities so of-Ito Government, which they could h o t o bt a i n i n any fected that nominal currency that it far exceeded , other shape: To all intents and pu r p o ses, f or th e its due proportion, they the st an d ar d o f money llast three years, Ministers were incapable of rea. was lost, and its value became a floating regulation. tiding their financial propositions, without the con. In the former Committee up stairs, it appeared that currence of the Bank. Here was, at once, a east ad. commercial matters affected the currency, but when i vantage to those concersed in the Bank, from the 51. I Is. was paid as the market price of gold, it was ; pre.information thereby obtained, and its intim& never conceived that this depreciation arose from the ence in the monied market.—CHear, hear 11 — Bank restriction, but from the state in which Europe Notethat peace had returned, a new system should was placed two years ago. Those circumstances had be adopted. Whatever expence it entailed, a be. now passed away. The return of peace had removed lance should be struck, and the Governme n t a t a ll ; those causes which, by the e x pe n dit u r e o f t rans f er . events should stand independent of the Bank.— ring vast armies, had given a vacillation to the peen. Without this adjustment nothing could satisfactorily niary resources of the country, and it wasfulitime to or usefully bti effected.—Here the Right Honour. enquire into the subject with a view to its permanent elk . Gentleman entered into an abk and elabo. adjustment. In 1810, the price of gold was,4l. 8140 d. rate review of the proceedings of th e 'B'ullion Com. to 41. 10s. the exchange at te n pe r cent. The prices . mikes in 1810, and subsequently; and ably exp ose d were now correspondent, and although the eitehaege.ittheisiillcy of the Bank, and the injurious connection was nominally in our favour, it was, infect, teii per width iinbaisted between the Government and it's Di. cent. against us. How was this to be explained bat vectors. The Beek of England . has never observed by the depreciation of the currency.—Ellear ajust impartiality between the different Administra. The Right lion. Gentleman- bad said, as a proof Lions of this country; or'could• any Minister, whom of the prospective reduction in the value of gold, the Sovereign may wish to place at the helm, retain that it was now to be had for 41. 2s. or 41. 4s.— that situation unless supported by the Bank ' • but if Now this may be accounted fo r in a variety of ways,' the Directors were hostile to him, he would he in. The sudden influx of gold driven from the Cott. waved in such financial difficulties, as it would be ; the failure of the country banks, limiting Impossible for him to surmount. He even firmly be. the circulation of bank paper, and thereby reduo. lieved, if at any time a Member were determined, ing the relative value of specie. Other causes may from.a sincere desire of promoting the public interest, have contributed to produce this effect. But it we" to Compel the Hank ,to renew its payments Ia cash, an important fact, that there was generally a rise •that the anitiortif a • ttio . mot woued prbcore aMt in the . *aloe of gold throughout the world. Indit.! of the - House fit °lwo:tads:oi tie/inure at its commence. pendent of its consumption in carry on the meet. The- Weise itself wilt ceetainly censurable - for Northern wars, the internal state of the new this, bat no blante could attach to the Bank. These world, by preventing the working of the mines gnat- reasons induced him to desire the appointment of a ly interrupted the supply; similar causes operated Committee to examine into the measures adopted for at Brazil ; but the state. of Mexico particularly the resumption of payments in specie. affected the quantity of ;piker.. From circumstances Mr. M AR:HYATT explained. nut unconnected with them arose that artificial cir - Mr. HUSKISSON reMarked, that he had been so culation of Bitola; notes which in it's effect not only often alluded to, that he must say a-few words..--•-• ' depreciated the currency of the country, hut em- Whatever °Onion he had formerly entertained with braced .thentoney market in all its bearings, involving respect to the currency of the country, that opinion the national finance in a manner not to be column. he still retained. He had no hesitatio n in saying that plated without a foreboding which it was impossible the .currency was depreciated'. At :the same time, for the Bank to remove in the mode likely to. be if had seen any reason foe changing his opinion on .adopted, unless they set out forthwith by a diminution this subject, he should have declared that change in an of its paper issue.—[flear, hear,!] • • honest and open manner. As to the present clues. Mr. ROSE and Mr. HORNER explained. lion, it seemed to have been assumed by at least one Mr. MARRY AT concurred with a Right Hon. [pnourable Gentleman, that we had been in a state Gentleman (Mr. Rose) that the restriction ought to -of peace for nine months : this was certainly not the be 'Make(' on as the act of the Legislature . .Act : and he must say that the same necessity which It was the effect, however, and not the object of the': lwride t : cv the Act deaf plead fon it's 'trotted conti. restrintion that was now under consideration, and : 14 ; nation . : 'The Chancelloe of the &chequer had said, I contended," that the Bank- ought no longer to be aIL4 the restrictions might be removed in Jell, 18'lG: lowed the possession of such enormous profits, withr no doubt he would not have sead.e such an assertion out the participation of the public. [lieu t? !]: thout authority, and tie' trusted that hefgre the, former circulation of the Bank previous to there-. Anclusion of the debate tbis declaration would hi' striction was between 11 and 13 millions; in the einfirrned by the Gentlemen of the Batik. He would !year of the restriction it was about eight, and wait teat readily allow th at Cash paymenti ought • not to ' now thirty millions. Taking the subsequent kittens. remain suspended after the proposed time, unleie of their issues at 18 millions, here was in the ins ciraimatanceli shook] arise as otsraordivary os those serest drill that sum, a clear additional annual pro. of the late war. He did not regret the vote which fit of 01/0,0001. To this were to be added, the di& he-bad given on this matter in 1811, tkough at the firma (*onuses they had distributed, and an increase sometime he was grad that his opinion had been over ,of 11 per cent. on their dividends from other causes, ruled. Ab that time no human fonesklit co'uld have —The public interest did not require that the Bahl anticipated whet had shinetapplsinetf. Re *mild not, should receive interest 'upon' Exchetpref Bills, not i.e.;seev *noir, that thin cask suspension was an in , . commercial credit require that the .discounts of the! aides* necessary to a *tate' of war; nothing could Bank should have been increased sevenfold,. since justify it, bat imperetite emergency. He thought , they ceased to pay in specie. 'Wore the year 1797, no benefit Could result from the proposed enqtry. it was a regulation of the Bank. not to open, any dis 4 OARING, in rising. to give his opinion on , comic account with the Laotian bankers . - Since that this subjent„ wished merely to be considered es speak. period, this rule had been ab and o ned ; and the con'. hag ladieidehh4 ; fir ihougk he was one connected sequence war, that 'moat of the London banker's with the Bank Directors, he bad hot been httel'y I being the corresehedents of bankers iti the country, amens thew. nor was he nuthotised .to glee tiwir the piper of. the latter . became convertible at cpHecttva j„ndpsent. Ile Was "Woo; te.Attlichte ; times into paper of the Bank of England. Country the Bank against the charge of pert:Way teen nor_ Wes u*e,. en . 21 ; 01 been per bankers had, acco r dingly , sprung up tike mush. :dealer rooms, and, as too many k,pew to their cost, had stated, g overnment; at it gave the Teitereickwehtethent fo . been as ephemeral in their duration. The operation insetted, or that it consul ted Its own interest withon of this unfortunate system had been to create a rage sang regard-to the public. indeed; the interest- of ' for mercantile speculation, and to raise the prices of each ledleideet . Directsw le all c o mmodities in this cannery. 4 Right Bonaire. ling to soilwit vox, tkor. w (.. o woose their r. Tr ilassit il ',twit was too trif. *ho he . was glad ittovi to sett od'the own edviiikegete fiat tke comespelly, The Bon. ble Gentle Man, Treasury Bench (Mr ! ' asiiM lA% tad ;Waited Gentlesbut 0111 i preilede to Mate, thlet having been mweins a Director, he would now give his humble 8, Wort that, notwithstanding the eXpeclations held out by the Chancellor of the Exchequer, there was no more chance of the Bank being able to pay In specie in July twelve months, than there was that it would he able to pay in specie to-morrow. He founded this opinion chiefly on the artificial state of our currency, and the avowed determination to raise the import pride of corn to 80s. in order to keep up the produce of the taxes at their present amount, and to Ake sum of 50 millions annually for the revenue of the country. While this artificial state lasted, We could notget pounds sterling to pay the inte r e s t o f ou r 'debt'. His opinion was, that it would have been wise to sink hits n sound state of oar currency gra& dually ; but 'he Would watn the House not to expect that the high taxes proposed to he raised, and the high prices on every article of subsistence, could tie- ver be paid in guineas: They should look also to the gradual manner in which the circulation of Bank notes had crept up, from 11 millions at the period Of the restriction, to 25 or ft millions, and With which the increase of country notes had kept paces On all thesti accounts he thought the return to clash pay. ments a• very improbable event at airy specific period. Mr. PONSONBY Contended that the very 'pow.. site opinions which the ileutie had• heard loudly pla t ir; I ed for the proposed enquiry. Mr. W. SMITH took I similar line of itgliment, and related an anecdote of Mr. Fot, al 'a proof of the , superior foresight of that distingbished* mail. The very day after the Bank ceased paying in Welt, be happened to cell upon Mr. F'ox, and mentioning td . him the circumstance, added, " but it can't hat " Can't last lone" replied Mr: Pox, " t desp e t.ltildir What yeti may do, but I think 1 shalt neveithirtiit see it opened again." Mr. B.SRAW spoke shortly of the great aceosto: modation afforded by the Bank to commercial suits. l'he CHANCELLOR of the EXCH EQU spoke' 1 at considerable length in explanation: among otter. thiege, he observed, that the weight of the late ex. Pensive war must necessarily press upon the country fora considerable time. But he did not augur gtoo. mily : fears about the diminutio n o f t r ad e , and the !'high price of provisions, had be e n the bujgbeers of this country for generations back; and he could quote, from pamphlets a century old, expressions of as great alarm on those accounts as any they had late. ly heard. Mr. GRENFELLgave notice that he should mere, on the proper opportunity, an amendment founded on the expressient Used in the Property Tax Act; • namely, that the restriction should last till the , sth of July, 1816, and ne longer." • Lord A. HAMlLTON'replis4 at length. On the division the numbers were Noes, 'l34—Ayet, SB—Majurity artittgt the looting!, 93. When the Gallery re-opened the Haase win ha Committee. The CHANCELLOR of the IrACHEQUER objected to tying up the 'House by the particular of. Mr. Grenfell's athendment, which, we 'understood, had been moved while the gallery wUclosed. Mr. HORNER etwalbseled on the' : Wanes 14.1 he Vtovernor of the . 7_ . • . 4 Mr. TIERNEY pressed the doyenne for filp off: nion ; if the words proposed were not adopted; petiFir the public nor the Bank would beliese the Helen in earnest. • • , • Mr. BARING objbcted to the emeodmeilt; net thinking the cash resumptions probable at the time specified. Mr. DOUGLAS said a few words. A ditision took place on the amendment..—. Nnes, 92—Ayes, 15—Majority, hi. Report ordered for Monday nut. The Local Poor Bill was read a third time, and passed. Sdveral Orders were disposed of. • Aseourned'at one o'clock. LAM M' L LIGENCE. COURT OF KlNG's BENCR, timid CON. • RANDALL V. PENVOLD. The Plaintiff and Defendant were carpenters, and carried on business, in partnership, in St. John's- I square, Clerkenwell. One of their men, as be Was One day at work in the shop, heard a noise inn room over his head, called the tool room, and thinking , somebody was there going to steal the tools, he went up very softly and peeped through the key hole,when 10! instead of finding a man breaking the command. meet of " Thou; shalt not steal," he discovered a 1 woman violating that which says 44 Thou shalt not commit adultery." Hardly willing to believe the evidence of his eyes,he looked through a broken pane L in the 'window, and had " confirmation strong as proof of 'holy writ." He quietly retired, without di,- Curbing the happy pair ; but he no sooner crept to the bottom of the stairs, than he ran op again, meking all the noise he possibly could, with a view to alarm the ckumutis peesonits of this curious scene, in which the Defendant had been playing the pirt of a very '6f4YESertner, to the probable increase of the Plain.. ilff'ittock in trade. The witness' found the Indus ; • trious tradesman adjusting his dress, and the &none inent of this performaace, which may be called " Love among the Shavangs, ff was particularly striking and allectltig. The witness not being well read in the law of Partnership Property, or not being acquainted. with the particular conditions of the partnership deed between his two • masters, or frOm sonic Other Caine which did not appear, took no notice to the one of the way in which the other had been employing himself ; and about three months iafter left the service of the cupenters, and went to Portugal with the army. On his return, however, to this Country, he stated what he hacheen, and hence the present action for criminal conversation arose. In support eg the• Plaintiff's case, after the mar riage had been proved, evidence was called to speak to the terms_ upon which the plaintiff and his wife appeared to 'live, end the material fiett were stated by the witness, to whom we have already alluded. On the part of the Defendant s the ATTORNNW ; GENERAL said, he should t*ske out a case which would entitle , hier to a verdict. The tale that had Linen told . b x Peeping Tom" was 'but little en. titled to mat ; it reminded him of a Reverend Pre. .006 n befng told'an amorous tale of a man and wotalto tilsetiveied in k green-hoast ) iu Ireland, w