The Statesman. — London, England, 1819-05-25 00:00:00

THE s flier ESP chided It. Report. j o d u j oe from the teadeocy of these fotaillmiale' 4 Pay alatigie Caolii A. 16 Wei Ika publications which had become favourites with the km. established as Mireatood allevnatikle, tie gem enimmermal sad trading world. Tim question n e wai l whbriter lie sperstioa could his way left pop/sled to the Hoes* was, whether the enootly o the discretion of that body. Ile thought it Meld s'inelti obtain a future metallic standard, or whether not. for k world produces division of responaibility, the system upon which the country had been acting which wet ti . bertaideti. Beside, nettle Rink were these I'2 veers mold continue. The Committee hod of opinion that each • principle as the Committee re. pfellaPd as Its opinion that we could not go ea commended was neitherformee in truth nor sanction. fairly, regulating the trensactioes between men and ell by repository, It would tat be fair that they man, without resorting to • metallic currency. All !hostel beboand by it. If they bused their attention the writer, upon politics, economy had recognised • to *armlet presented by the Beek, they *toed eel rnmellk standard as the Daly safe standard. It we* drolly see how oreemery it was tw have • particular mess kahle how those eke departed from the pried. regard paid to the price of gold, previously to the I,le led themselves into error. One of the witneeme. reamPlien of Cash Paymouts. 'Phil belly bed a very respectable man, who had avowed he saw ore loon requested to mower same qmstleas as Go objection to contionieg so ledefielie and coMplete the period of seat • resemption, but so elfish . sespeneion, provided that the pound mooting worst*. tory or conclusive answers bad been made. The Ward as a standard; whew eaked to dela what he Right Hmmerable Gentlemen then read en mired tweet bg.thesseeed ? admitted It wee digit -elf to do. from their letter to the Committee, and obiewsd, he fine what it wee. bet that almost soy Gentleman or slily reed it to show that the Book would not act as they rose of edscatiee might form to himself sou t optesior were wished to do, unless ampelled to it by Perlis. ides .f what he kneaded to she endastried by the meat •rhe third alternative was, a positive lineta• term. then it had 800 yeas applied as • standard, lion of Bank soles; bet that he considered unwise. preceding the goideo standard upwards of 300 years. They could not beforehand prescribe what amount —[4 lough.)—Fro• the pages of Mr. Ads. Smith should or not be issued, for eireemistances alter d, he had serried to these of that great ernsoseet of the and the cirmtation of the country would necessarily intellectual world, Mr. Locke. who had wish so mach vary in • greater or lesser degree with them. If, es ingenuity frosted of thou most aborts, sobjects,itien. in the yes, 1797, the market price did not taped the tity, space.deratioa, end morally; bet meet from the Mint price then the issues of the Bank might bees. weeks of this greet lose it was impossible to collect ' tended rat her then diminished; if, however, the wee any precise end satisfactory debilities* d the posed. I verse occurred, then there would be no alterative bet —With similar wail of memos bed he seerebed s fossil the lasses to the eiteemstances of the times the works of the Immortal Sir I. Newton, the disco. The fourth alternative was that they had adepted..— wirer of the motions of the plasma, system and ea. And the plan proceeded on the principle, that they pounder of the lowa of nature. He ton, after being I should regulate its issues in the same molter as they at the heed of the Mint fir yeas, had here obliged had done previous to the Restriction. They fated to pet op with the maga, fineries that a definite I the Bank coatiderably lower in treasure lbws wadi quantity of bellies' mum coostitele the tree standard. enable them at once to resume Cash Psymote. The The Couterittee had, after laborious investigation, market price of gold was higher than the Mint peke; nuns* tile resolution that a certain weight of gold of the Beek wet considerably in advance to theGovere. • certain fineeas ought to oonstitate the steadied. meat ; the (internment could net speedily ropey Such and so vague bad bees the &Melees ester. I them, sod they, therefore, wished to protract she Mined and seed epos up to 1797. The danger of I period of the resumption of Cash Payments (or a each theoretic principles being reduced to practicel term of fenyears. That term was far more diets'sl could set be increased by looking it full its the face, than had evet been contemplated at the time when end examining it most minutely. 1 here plificiples on. ' the Restrictions were first ireposed,or than amid have tired into every am of our transactions with foreign i been calculated oa by the Rank themselves. The in. nations, and every foreign Jew was able to detect j diligence was extreme, bet the case required it, their fallacious teadency end tern them to edrestsge. and he regretted say cireemstsuots shosid have !)—Tbe peewit tinseled°, of the country I occurred to make it necessary for them to es. tpoiadetsd from the Bank of &gifted and six or I seven • teed it, or the Bank to hare required it. Every hundred private baskets t h roug h out t h e coun t r y.— one around him too well understood the Resole. The decided's of Bank of England notes had its rise' tious be had to !impart, formula soy detail of their in purchases made of gold end edger bellies and i prieciples or provisions Necessary stall. It was tree coin, advisors made en Government securities. and they requited the Bank to pay in gnarl, after a period at bills of *schema fee mercantile accommodation. I of two years, but ender seek emdilications as ren. The issues of Back notes, which, is 1815, amiseated doted she measure both practicable end expedient.— fa 27 rellioes, in 1818 'meowed to only 25 milUeas. They had, however, proposed a plan to prevent the It was worth *lids ezamining on what they were ad. imported's el that article, from being carried to any! ematettl. Were they advanced on the Teas?—No. , improper or lojerious rowers ; and he should thee ! They were adesoced ea the anticipation of the Re. proceed to notice some of the objections to the wee. motet, upon the faith of Government, and of Par. sore. As a preheat:wry reinsure, they recommend. linment. How then would it be possible to distill. ell the repayment to the Bank of its advances t• Go.! gush the issue of the Rank from hoses by the Go. vernment, but in making that recommendation, he • ? There would he Ibis difference. hilai if feared, they had been meets misendersteed. They the• isms werosniente by the Goveraumet there world I be a saving of 34. pee mot. to the reentry. Eve, the j lions they bad advanced. They amid set team. atm-It-holder received Banknotes in payment of Ms ' mend the lament repayment of seek s sem. because it dividend. The difference between tie issees of oar I would, by abstracting so much from she teetotaller', paper ciresiatiem sod that of other cagoules was, have • tendency to cruse all merle, end add to that in this country the security rested both on the a flognalion which was already so severely felt faith of the Bank sod of Government, in other cm. for • gradual repayment they had used. the to-cessiry tries ma that of the Bunk alone. If the pritseiplee now errangeuveuts. In his epitome, he saw no necessity eontended for were adopted, the doctrine of Mr. I whatsoever that the 10 million. of ethane., theold be Law, of perniciees memory, most prevail, that lands, repaid, es a prelionioary measure to the resemptilms goods, chattels. and every thing might be converted !of Cash Peyments. Bet the Committee recommended into a circulstlni capital, provided it were repro- t the advances should be repaid, braes* the Bunk de. rented by estmething generally transferable. The I dared they wanted them; mud it was incumbent ea true criteriee was, that paper should be en a par them to pay their debts before they indeed on Cash with gold. Eva ince the year 1816, it was halm. Payments for the future. There should be mutuality Bible not to see that the evils of nor system had ar. in the transaction. Ou armee grounds, he did sot rived at an abusing height. In the year 1815, trade think a considerable repsymeet would he thee ed. bad appereatly revived, all was eipeastiers ; bet in visable. He could not advert to a pore which bad sad 1817, the natural result of our siteedee been laid on the table (the doceilant fees the Bask) at hear, sad the 'schemes with foreigo coontries without expressing his wish that the betimes+ between was, that prices failed, trade slackened, and general the Government and the Bank shoed be cheesed as commercial leaguer prevailed. The reentry basks speedily as possible.—(liter, hear!)—The power withdrew their eireelation tor their own security, mid of limiting the d.ties of the Beak to its origins% bendreds failed through excessive speculation. He object could net be too speedily enforced. lie did here traced the gradesl rise of the haves of the Beek not blame the Bank for the tone of that docement of Mote whoa they had net mach *needed the 20th ioniser; but he should take the liberty of twenty-three millions, until the year 1818, when, reeding a few of the paregrepbs to the Horse, ad. exclusive of an latressed (desolation of gold, they , milting as he did that they contained a meletscboly amounted to twesty.nine millions. The cupidity of I truth, us to the midst and improper Influence pas sim merchants, and even of the artistry bankers, I stored by that body. 'l'bu peregrephs relative to the being by this means Packed, all resolved to share practicability of the plan proposed by Parliament for in the yoke of a speculatiow en the state of ear I a resumption of Cash Payment, he did not portico. circulation ; the scene of 1816 was sorted ova ! tarty object t.. Tb. Bask, like another commercial j o i n , cot e,. 641 hum 301. so 401. per esow.... I body, had • right to give their opinions; and teat The evidence et Mr. Gladstone, of Liverpo o l , preyed, they had done an, very etiareseolously, would be diet In 1818 the Import of cotton amounted le evident on the perusal. 170,000 Mies, In 1817 to 350,000, dad in 1818 he Here he reed to i$ certain point from the sit 451,000 bales; tee whieb, bed the Liverpool mets lions of the Bank y ,and the. observed, bet the Bank chants had a morket, ell would have been well ; bet had certainly goat a step toe trevelletrieme. It. erremoseestre of Mei• net bowie, a corremmicling abet beyond their proper peovincy, when they deemed, them bad been left on heeds a semis, of cossideted tbeemelves bound to take an of suit aloe in this one article emounties N 8,000,0001. the provide for the Security of the commercial regale. lealteble conwqmotres of which were, that labour time el this great empire. beanie enommtedy depressed in price, and the most He confirmed reeding tetrads frees the same does. fatal eekettegoetroto were felt by the /sheering poor. divot, when he Old, hewing so far trespassed on the These simeatiome of made hid perhaps little to de attention of the House with these important attracts, with the Rotation. At ewe time the price of taboos he should bog to remind them of the potted of the bad been thought ton high by every well.wisber of establishment of the Bank, in 1688. They geoid their country, at another It certainly bed sunk so not (ergot the objects for which it was insikused, low, es io lead site country to surest, that net with. they could not forget its advantages, its importsoce, steed the thierishie4 details as do ocr commercial without teribig an adeqoate interest in its concerns, condition, es slated in returns rade from the Cum and regrettiog they shoeld have launched beyoud their towhees* entries (for he shaskl net attempt to Cool depth, and changed places with the responsible ad. real soy thing) —[lleer, I—intr prospects of fleets of the Crowe. For blown, he ea s t o bleb r e. the missals of eammyreitel prosperity were very I spect for the Beek as a body, for many iadivolesis feint indeed, end that something very tonsured hodeed t oho composed it he had the highest ponible respect t lurked beneath the serfsee of our political economy. , nor did he wonder much at what he hail jest reed.—; Hitherto, Cash Payments being likely to be rear. ; But •bila be gave diem credit for their mosteet, he red to at sew fixed period, had restrained the tOe !could net bend to their jedgaserits es an lostoilible ardent spirit 4 speeeletion in the cavalry ; but whet I geide. Like all other largo bodies, they took their woitd be its consequences, or who would attempt t • l oon view, of the subject, and he felt courier:ad they pet a mound to the inendation of fictitious capital, I should be relieved from the toilsome lobos, of attend. which would be the malt of making indefinite the int to " she interests of the whole conirownity."-... period of a resumption of Cash Payments? lie pert. --[Hear. Ater!]—Tbe feat wee not ist the blab, veiled, directed the attention of the House to the l bet ie the Government ; thoy .-a neferred some of -mond Resolution, mad most sesiously looked for ifs their dedet into their hands, anti obey flood& wet sopped en this head. The Committee aborted there shriek front receiving soreldeine as they dims ad.— we, only • choke left them of four alternatives, wad Mock of starts had been excited by die pieposed in the first of Rem felt it particelsrly necessary to plan but an esiminstion of its practical resells i m pe l s the H rr igity of preparing by degree, for the would best emit hew moth Il was eafoiaded. Sup- t sf ik4effiritere obliged to tele Olt . Pi y mess Is le fdergelkthe rate of ,Offht. at Oven owl disteet genibilb (riles each ether, is February 1870, in Octobei - le2o, sod at equally distant end soh... wand periods, sorely ell inconessionce would be com pletely avelded - by their sp>ortioniwg the sewn they obtaisted Ire& the Govetemeet set the purchase of bullion with the nue half, and the keeping op their ;altos with the otter. The Gnvernment proposed to pay diem 500,0001. at each instalment; so thin any centractiest of their issues need sot late place because of their paying their notes in bullion or in coin.— The price of gold should no doubt regulate the issue, tif the Bush ; bet if the objectless to payinght geld was well (needed, because it was then 41. Is. per ounce, efoitiori, geld would never be paid et oil, if reduced to the old standard price of 31. 19s. per ounce. There also seemed a grist apprehensions of e considerable drains open the Bank : but If the House looked at the periods between 1774 and 1197. whets the Bank bound down their paper. and regulated their issues by Ilse price of gold, which *met esceeded 31. 171. dd. an ounce, they would find a. incoovenierice resulted to the Bank or to the Public. Whoa they were obliged to pay in gold, they did se. but the price of gold never increeseil le ecoiseqeence of their paviug it. If a person had 2501. in notes, be had a right to dewed Mho. of gold bullion at the regulated tosadard plies. By the regulations if the Mint, 44 guineas were coined out of every pound of bullion, and fire times that sum could be diteasederd, or GO minces of gold; end in despite of ell the laws 'visit the et poriation of that article, every body knew it was mot out of the kiegdoes whenever there oh cerred such a variation it its ;Ate as to aford • temptation to the copitelist or speculator.—lt was said the revenge and trade of the country bad greatly increeeed,aod that a corresponding incurs's is. Inc currency became necessary ; that private for tunes h . td also increased, and that, as a jest infer tome, the timelines of the currency should keep pace with them. Bet that be dottier!, and should I prove by en instance an illustration of Lis position, that it had an inverse °pennon. If they compared two different puled., as to teatime and circulation, namely, 1792 and 1809, a period (1809) when there was 110 romplaloi of a dekient circulation, and ino. mediately previous to the appointment of the Bellion Committee, they would fled the circulating me. diem which, according to their theory, should hare increased, had actually diminished, and thereby completely upset the doctrine of those persons who contended that an increasin; reve nue ilemeolleri an increasing circulatiog mediae'. la 1192, the We Lord Liverpool calculated there was Gimlet 30 millions of geld in eircelation. H• shoot(' *appetite it even five million less, as it merle the ergo. meat anomie, spinet him ; there was I I millions of Bank -notes, or a gross circulation of 30 millions The Interest of the Nanette! Debt in 1702 was nine millions; number of vessels employed was tee thou sand, and the °idol vales of the commodities trans. potted by them aimless millions. Tn.* if they looked at the 'mould of the interior t of the National Debt is 1809, they would see it amounted to thirty. one millions. The reeds employed were a third greater, being 15.000; tied the official seine of the goods they carried oetwards, had increased one half more, and amounted to nearly 30 minutes. So that sc. cording to the doctrine he bad before alluded to, an in c rease of the cites tenni media must Mee increased, sod the veleeof gold have increased,but neither wee the fact. In 1809, 19 minutes was the aliment of the circu lating mediae, and it cautioned to discharge an im mense 'elation, en increase of trade, eselasive of all its other *rotating' between men and man, that could not be made a matter of calculation. Such facts de stroyed at once the theories he bad mentioned ; but it would be diffirelt to have accounted for such an occurrence, if it wets set for a deceitful oboe% had been produced is another place—a document o' inestimable value, and one which threw a new end convincing light on • very dry and compli cated 'object. It shoved conclusively how im proper it would be, essoamst other things, to prescribe any lined end tortsis limits to the is sues of the Bank. It showed the celerity with which mercatitile transactions had been dispatched, and bow three times the business oat effected, which, ender different circemstaaces, coultl cot hare been goes through. It contained an account of the notes issued from the Bank of various denominations or amounts, with a view to lain how loag each mote had remained in circulation for two defer ent periods, the first of 1792, and the second that of 1817. The total outolotr of all the notes iassed 179.1 was 819.000, sod the amount of all the trans actions they discharged, of trade, revenue, &e. was 874 millions. In 1818, the total member of all sates issued by the Bank, discharged transactions of a public nature algae, to 232,44,0001. more than in 1792. The progress of wealth arid refineener.t, have this IA Sercantile concerns as well as in other cases, operated greater facilities than formerly. lo 1791 there were 40.000 notes of 10001. each in tirade anon, discharging an utmost town to 40 millions.— in 1818 therm were 111,400, sod the annual of the pecuniary transactions they represented was not less than 111 millious, esciesive of what they operated between iodrvidert and individesi. In 1794 they resonated out 136 days—in 1818, 137 dais. It Mss said by moiyaehe wished to recite to a metslile stand ard of value, that a variable standard 'meld mime the nation to great a od intelerible incosmoulence.Theysaw for 11 yarn, they hail been able to go on without a metallic cermet", mad that it would be doegerooa to adopt it at the rodent slay. The old rineiple wes t that gold should hi the sienderd, sod Bonk-note% by certain operetioes, bo seed* to eporoech k as nearly es possible; bet the wow principle coneeedMl for woldal ga to establish gold on a per whb paper. The restompstaw of Cash Payments would watt, In Me opitiiama tooducte that effect in the 'echoers so often aid so tench dreaded from it ; nor Could the tlebesemrot of our coin protect it from espertstion. The foreigner would knew what rreecoity of alloy it contained as well as we did 011rifier.1 ‘ and his spa. silitiow in its peaches@ world, of count, be rest- Sated by the waste of the Continent to preemie it, ov the facilities free its price at home, of -being able to recent ham it a profit. A filed siondsrd of value was necteeary fee the secerity of the ceeotry, and the security of the public creditor.—Re turning to tko muting stem/era would do so in. Plidice to any party • all the oontreeti *Mt th . Ile we& relterMl ist4mt a. Moedarsl gaffer, and the discharge of these imipagemients ,sold ant be impig,. peel, Gentili by*Worrertet to that standard seen. Great embarrassments might ornately attend Ike Waage; hot the sebeeqeeet (vaults wauld mete than eompeesete for proven* shakable*. Ile reed net dis guise from himself, and *geld got from the Beam, that east entanglements net, 1.1.47 t. Ito hit befrae the goosernmatioo of that objectine country so de. goody wished; but no diners world typal hitt, end no alarm* frighten blot frees the coovietion, that the reeempvion of Cash Payments at a filed and certain period wee obsoletely nemetsary. le the history of the cottony, there had hero Arm petiode et which the cads bed been rewind, go d i n nese of them had the old standard been The Mgt of these had been in the reign of Edward 1. othe amidst his wars both with Fraser and Seethed, hod foetid ledger. for the reformation of the eels.— Tim wood era had been In the reign of Elisabeth, which held oat en .ample for the pressed day. le the times of ll.nry VHI. and of Edward YE. the coin bad been debased to lee retest of 400 per cent. —l4 the second year of her reign, Owe Elisabeth, 1 by the advice of her Minister Berleigh, in to of web public danger, sestered the coin of the realm to the old standard. The circeostance of her basing festered the coin hid been mentioned in tits insersption on her atonement, *mom/ the ether me t morable ewes of her reit., sisonela &jails, ad jag. i foot valorem. reads. The last of these periods bad been in the Frig. of Wilism 111. is the year 1695, at a time when that Monarch bed isms forged is a Moody and protracted we r for the liberties of Europe. .--At that time the silver cortesey bed been depts. ;dated 30 rr cent , and the thee Chancellor of the Eschequer had been opposed merely fir the parposs of opposition. At that time the restoration of this coin had bees media party qoestion and in that point of view, the premed time offered a happy cos trust, as all parties were happily suited for the pur pose of accomplishing the same important sad. The same arguments bad then bees made use if against tho alteration in the currency that had been employed in die time of Elisabeth. Ile hoped the Hesse wield look to the works of Mr. Lowndes sad Mr. Lech., upon the *abject, the former the advocate for depreciating the coin, sad the other its able end en. lightened opponent. It bed hems stated by Mr. Lowndes, the Secretary to the'Tressory, that a ghillies was the standard of valor; while en the otherhind, it was maietained by Mr. Locke, that the vele. eat not determined by the denomination bat the weight ; that though in the depreciated currency the price of an nonce of silver might be vs stated by Leonides, fir. 3d. yet that the same pointity cook! be bought for if. good weight. Happily for the country, the opinions of Mr. Locke prevailed. The impence of the coinage amounted to three manna, - end the same ergemonars were urged egsiest the she Chancellor of the Esebeqaer, Mr. Montagu, that hod bent wide es. of by soonest the present time. These argements hod been det.iled in the work .4 the late Lord Liverpool ; and ley were, that the time was sn it' see count,, being engaged le war; that all teed, wepeld stand still, and neatly, that mach confides would ease*. On the other heed, it had heeds's/nod by Ille.Mentegoe, that thedisordorweeld beano* impeller ablo,if some respod) *woof applied; sod that the ratios of the coinage ti its ancient verity, woold raise theebaraeter of troperrentrysinonsforeigenetions.There was nothing in the peewits state of the country that timid laden the Brow to postpone the improventeet of the currency, or Its reiteration to the old standard. The prosperity of the coostry had Dot been owing to ea inconteetibie parr convene', as the cottony bed nourished keg before 1797, end she public faith had been always scropelessly withheld, insomuch se that the property of foreigners in the &Mob feeds bad never been eased. Bat the eases esample of good faith oboold be observed in pest*, as well as ie war. The subject of the Mint Regulations bid been alleded to in another place, as affectiog the (laundry-tor the circulating medteet; but he sew foo thill solid in that obeervatloa, which had not pre- Misled itself to any Member of the Committee.— Frees 1774 le 1797 the silver bad bee% in a very depreciated state, and then it had Iwo a legal tender to the 111111111116 i of 251. whereas at present it could only be legally tendered to the amoest of 40s. the disappearance of the geld could sot be ascribed to the Mint Revelations. ft bed pro posed that the Bank should pay in geld at the mar ket price, but such a plan would destroy the wad ers!, and substitute the discretion of the Bask for the prerogative of the Crown. Ile thanked the noise for the attendee with which they had heard hian,end as he bed differed from the opinions be bad formerly entertaised on the subject, be frosted the Boise would regard that ass proof of Ids sincerity. He hod also on the present Genghis presumed to differ UN one (Sir R. Peel), whose opinions ea that and trey other *object it was Me defy le limes t. with writ and reverence. Tb. three following Reselethes were thee pit from the Chair and agreed to s -1. Thor it Is ezpolieet to cousiese the itestrirtine es Par wool ie Casio by she gook of latghtN, toyent the thee whim ir Nat promos limited by low. 9. Thal It Is eared** that a deirsite perhsd shArtrl he diet few she teredeattea of the gantries** on Cml I as mews ; ChM preparatory oorwn shasal.l be tat n. Ilk • ales*. fir' UMW had irons. ma the orrlool of an* s o-rsirs. she p l umes of Site Prwolasory Notes of the Bank sof Foal** is me Segal Na of the mole. 3. That he alder to eke to the Boot a sewer essouroad wet star awed et their twee than 'boy as pin ••••1 re* S. pooos* ma t hs t. he made roe the Owbail orra,serve so the Seat d the sum of a e Milbims Wog part of she row doe 5.. tae 1 101 . en merest of eloaares made by thew fur 144 phew 4 yes. end as examine of the pasebnie of isebegose bell. saki tee ▪ Wity if Ams of eft Legislator,. The fourth Resolution Whig put in the felloolog terms :- 4. That is Li et pear* to provide by law. that fr elite Lt or February. 1620. the gook shalt be so Ir. no di. gold ..fdandard final/14644i. inertia...4%re .011 4hoses* us his Alojesty's Mini, a quoatity aa* se-than at *was being required * eschew f se han •Onens. ssf 0.4 ; use Book *Aloft be tenet to is. Tahoe of the p. 10 .o re t o,sed, at the rose of 41.1.. ter utusx. Mr. ELLICE addressed the House. chi principles that bad been laid down 4......414 , 40, CVO* curried ; bet he differed is to the sppli, t to ,re principles to the state of the enettory. la Igifr tee debt to the Bank bad been ',deceit to 19 milhdidt and the public baleoces had been tor... iiawe see amount of whet they were is the p•ea..nt pelf ; teed a gradual inns: of the precious metal. is.. 11.004 into the conot.y. The state of o !ISO/