The National Register. — London, England, 1819-05-24 00:00:00

A ITEN DI X TO THE COMMONS' REPORT ON B.INR . At a Court of Directors of the Rank of England, held on 1 hursday the With March, 1819 1 The Court, having taken into serious consideration the follow Ina questions, proposed by the Secret Committee of the Dunne of Commons, viz.— J. To sabot further period, in the opinion of the Bank, ought the rests icciuss 00 cash-paynows to he continues!? 4. Hive the Bank any suggestions to offer, with rtspett to an) assi.tance that can be afforded to the Batik, by le4iclative coat intent or (ahem ise, for fucilitat.ng their reosinp 'if caoh.pts)stirnts ? nese)lsed, That the restrietwn on rash-payments was Ilitnurt her a measure of state nermsits : awl that the object tor inquiry non is presumed to be, not a hen the Bank will he prepared to resume payments in specie, hut whether the public will be able to hear that reduction of the circulating sirdiuiss whirha speedy adoptiou of the measure would ren- Co • indispensable. That previous to the war, the nmnunt of specie in circu lation was vatiuuvly estimated, even by persons hest quali fied front their situatiorw to obtain information; it seems, however, to he :iv red that it was about 30,000P/04; but vi hate err the amount, the whole has hem exported. That this Court has never ceased to he duly impressed with the great additional responsibility which devolved upon 1 1 . e Hank on the passing she Restriction Art, and the direc t.ii s have mtfi•sraly endeavoured conscientiously to discharge a most delicatv and impartaut That considerations of profit to the Rank have never influenced the Directors in the issues of their paper, hut they have invariably endeavoured. •nt much as possible, to limit the amount ; and, when a circumstances are con sidered, it may justly admit of a question, whether, instead oft nmplaininz of excess, there it not rather around for sur prise that the ai ..... int lint been so circumberilsed. That i a the course of the yearn 1816 and 1817, - a favourable turn in the ritchaoses enabled the Rank to collect a sent of treasure, whii+, in addition to what was already in its cof fer', wunlet litre itren Adficirnt to meet the opening, if the hopes whick were then emertained had been realized: - mare especially, as the loan, to Government of 6,000,0004 and 3.600,000 i. were in course of pi ,inunt, owl the greater part of the other ailvisoce, on ear liever bills became tine -before thr itb of July 1816, the day nn •which the Restric tion Bill was to espire ; that the sr stem of finance which it ills been thought proper to adopt has not favoured the sub sequent liquidation of these advances, is in no drgree attri butable to the Bank. That this Court, helii vine there Wag a positive evil in keeping out of the general circulation the a hole of Hie large ninionnt of gold which had been collected, determined, in some degree, to anticipate the opening ; and accordingly, iu pelt, 1311, advertised the payment of all Doles under 54 dated prim to January, 1816: and subsequently, in the month September, further advertised the payment of 1101(.5 Or ever, deseript.on dated prior to January, 1811, being to the amount of many millions. That the public, instead of availing themselves of the op portunity thus afforded of gold fur auks, brought .o.m guineas into the Lank ; used this continued to he the case till tie iswe of the rovereignvond half-sovereigns, for • which there nes an Mimi dime tletaaud, though at first only as objects of curiosity. That thus f a short mason there appeared every reason In hope that the re orription of cash payments, an event 10 which all had looked with more or loom taken place imperceptibly ; but this Battering prospect was of short duration r the ex ten,ier financial operations on the continent, in which British sulr4rets had taken au large a share, Cfllilirtl the etchanges, which perhaps had been forced above their natural iiebel, to fall so greatly below pair, as to make told. mu re especially the new coin, a vers advantage -111114 rPillittance ; and thus the Bank has bee° uraiired of a large portion of what had beenseccumulated s That, w ith the ert or rience already towored, and after the most mature deliberation, this Court is of opinion, that, In order to the re-rstablisliment of a metallic currency, it will he necessity that the 711,1‘ should sine only he provided with a sufficient fund to inert the demands w hich may he matte U unit it, with reference to the If it► antes in eirculas t.on, hut is supply must SIIPI he oh:ainetl, neatly if nut filly equal In the amount of specie iti the country previou► la the year 1797. That it then becomes a question, filial what sioarers, and in how short a space of time, such ft sum 411 gold is likely to ►e obtained. That it appears certain, that little is to be es peeled at present from S••uth America, and therefore it is to the timthient of Europe the country must chiefly look for suppiies. That in deliberating on ibis most imprwitont subject, this Coal t anumes it to be on incontrovertible proposition, that every attempt to bring in All.l retain the preemie+ metals, silMe the est:lotuses are below car, must be anima:l°4. Thai shim only can a country he Slid, (11 be VON ing rich is gold and salver, when k receives them as the balance of exported granis actually paid fur. Viet although it •niust he obviate+. that the retorts frown the Coslori house /...Ik , art• lin fire Cu iteriati of the produc tiveness wf an exiting trade, hecouse adventurous persons vdten rapist protium+ and manufactures fur which they receive little (if no return ; still the Court is not disposed to take an nufavaticalile view of the state of our farr•ign com merce: it must nevelt heless he acknowledpcd ,, jtid in g from the Perham :es, that whatever Rte balance of trade may he, eke balance of pa) limits is greatly against the comitey ; ;u m in the opinion of lhisCourt • there is not much encouragement to expect nay material amelioration int he exchanges for the present; nor wield a sudden improvement, to whatever rxt•vnf, .decide the rose,4s4o, as it is on a gradual and permanent rise only that full reliance ought to be placed. That, with respect to the continental finance operations already alluded to, hluio Court does not consider their imiorions r Erects to be hounded by the investments which ants hays already been made for account of British rub jees ; but it is apprehended that these operations, during their continnat:cc, will contribute to keep the foreign ex changes in an unsettled state. That this Court cannot refrain from adverting to en opinion, btronaly inbisted oil by some, that the Bank has only to reduce its ibsnes, to obtain a favourAle torn in the exchanges, and a consequent influx of the precious metals ; the Court conceives it to be its ditty to declare, that it iv unable to divcover any solid foundation for such a healilaf at. That gold is not supetahnndant on the Continent is folly ascertained; and it follows, that a new competitor going into the market fur an enormous sum, must, by increasing the demand upon a limited siipple,matetially enhance the price, while the quantity would remain the ►ame. That even if gold could be procured, the Bauk could only pay fur it with its Imes, That it is contended liy those who recommend a reduc tion of the paper currency. that it will have the efft ct of lowering In ices, and that fm.eigliers will thereby Lie in duced to take niore of the produce and manufactures of the . country That tbt:'Court conceives this expectation to be founded in error, inasmuch as a low rateef exchange has always been considered mast favourable to exports; but that even should a temporary effect be produced, it would probably be only a disadvantageous anticipation of the regular consumption, and Jesuit in a serious re-action upon the trade of the country. That this Com t can confidently assert, that the Bank has never pursued its own advantages at the expense of the public interest; and whenever Parliament in its wis dom shall deem it to be most condom ve to the good of the country to take uff the restriction, this Court will be pre pared to meet the exigency with every reasonable sacri fice ; but to expect the Wolk to issue gold at 31.17..4.101d. per oz., however high the price in the market may be, would be to impose a heavy loss ut t!le corporation, without tendering any adequate benefit to the public. That this Court having thus deliberately expressed its sentiments, feels compelled to decline giving any preci,e answer to the tiist question proposed by the committee, deep:y impressed as tile dirt ctors are, that the resumption of cash payments, with safely to the country, nust depend upon circumstances, which it is impossibl e tin- th e m to foresee, and over which they could exercise no essential control. That in reply to the second question. this Court is not 'male of any legislative enactments nhich could at the present moment accelerate that fa souralde alteration and permanent impi ov emelt( in the foreign exchanges, essen tial, in the orinion of this Court, to the restoration of a metallic currency ; but fur reasons already assigned, it is deemed highly desirable that, prior to the remos al of the restriction, the Government debt to the Batik should be gl adually reduced to the extent of 10,000,0004 The following, is an extract of a private letter from Paris, dated May 15:—" The effect of the late decision in the Asir of Camillon and Marinet on the Parisians, may be conceis ed by the .British. Public ; but it is in Ffilree only that the consequences will be felt by the English. Already is the insulting demeanor of the French towards our countrymen who reside here, in creased to a pitch of insolence. Witaiever may have been the eondliet nI a kw indiiithials from England, who hare disgraced the British character by their folly or Injto,tice. the great !body of English resident in France by no hid ititi destine the insults which tliey experience tidily. Hitherto these insults have beet' the eiliointis ul mortification arising from defeat. Now, they are ren dered more insupportable by a pretended vindication of national honour. Cantillon and Marina ate acquitted; the French rejoice in their acquittal : that is natural, fur they are Frenchmen, and the Duke *1 Wellington isa foreigner. Now, from the general feeling of the French on this stiliject, there is little doubt that the situation of the English, in this country, will be rendered peculiarly disagreeable. The hostility of the French is not con fined to the British. The Swiss regiments in the French service, notwithstanding their exemplary ornidisct, stiffer considerably from the ungenerous conduct of this nation In some of ihe departments, the inhabitants refuse to re ceive Swiss officers into their society, and the same ill beral atrangeseesst has been made by seseral Parisian Tamil es. A dreadful crime has spread consternation in Berlin ; it has made the greatest impression, as people think they recognize in it the same kind of delusion which placed in the hand of Satoh the dagger of an essassito. Dr. Netimaim, -Physician to the Hospital La Chinni., had just laid I self down in bed with his wife, when the latter seizing a small kitchen knife which she had con. cealed tinder the bed-clothes, stabbed hint in the breast. The Doctor leaped out of bed, and called for help. Ho. servant came, but being terrified, lust his welcome of mind, and rail away. Mrs. Neumann pursued her hus band, and, in spite of his resistance, wounded hits in I 7 places. Otte wotiod fully is through the side, but it is thottglit to be mortal. The guard, at length mastered this fury. She merely said to the Nlattistrate WIIO inter. ro•tated her, " NVltat I hate dune it was our duty to dn." This deliberate cruelty is the mote astimisltiot./., because, tali this brie, this %%mum) had lived on good terms with bur husband, and by whom she had several children. Z•lie earttcstly desires that the may not be supposed to be mad ; how. rer, from the nature of her conversation, and the choice of her books, in WOOS to be en tertained that this mill ippy woman indulged in intri cate speculations, which stay hate disordered her brain, after having deur:teed her moral character. importaht Information to Faroters.—fly the Act 59 Geo. 111. cup. 13, the reduced rates of duties on husbandry horses arc continued for two years longer ; and the horses may be used in the follow. ing marincr, without Pubjecting them Yo the guinea duty us heretofiire, viz. they may be lent or let for the purposes of agriculture—for making or repairing of roads—fOr drawing coal, wood, peat, or turf, and for fuel in private houses. BAN K RESTRIC7IOAS. On Tuesday one of the most numerous meetings that ever aisembied upon a commercial occasion took place at the City of London Tavern ; it consisted of Merchants, Bankers, Trude, b, and others, Orate City of London, and the of of those alto called it aas to agree to a Pi liliuu to Parliament, praying the Legislature against any measures at this time, which by afore:it, 'precipitate, or undue cantraction of the necessary anti a Is.tlesonte currency of these kingdoms, may tend to eanharrasi still further the general trade of the country, domcsite and foreign, depress the value of landed and all other property, and injure alike the public credit, agriculture, inalinfat tures, and commerce. `The Chairman uut having arrived ut the exact time appointed, Mr. Hunt got upon the table, and was saluted with the amid compliments. At thii. 00000000 ent Mr. Bainbridge, ac companied by Sir Rotten l'eel, Sir C. Fluaer, Mr. Rim croft, &e. entered the Mr. Bainbridge leaving been called to the Chair, said it was umtecessars to state to the meeting the matt. r for their discussion. Some of ehe nem swipe's Mid, s insinuate,' that those who culled the merlin.; were under the influence of the Bonk of England ; and tithe's, that t ,cy hail got their lesson from Government. lie concei%ed them to be quite independent.. Si . r B. Peele rose to propose the res.ilutions on which the Petition was to be founded. tie had, he said, been in Par liament in 1191, when the Bank Restrictions were fir .1 introduced by Mr. Pitt—( All might not have ap proved of the measure, hut they admitted the integrity of the man. Those restrictions were caused by dire necessity, when I he enemiesiof latgland, unable to meet her iii the field, tried to ruin her fiiitoces. Upon their first introrlui - lion the meeting plated the utmost confident e in the Bank. and he trusted that equal credit wined now be given to that great body. Flue country went on prospereusle, hut if the paper circulatin; , , medium hid been withheld, Great Bo itaiu would, by this time, have been a province of some foreign power. He °messed, although his near relation was upon one of the Comunitees from w hick the ri pints hail issued, he was far front agreeing in them. The meeting well knew the accommodation afforded by paper, awl be had no hesita tion in declaring, that the ceuntry was, in his opinion, through the means of that circulation, in a better slide t h aw it had enjoyed 'rehire the struggle for the likens of the woi 111. ( Disapprobation, milted with applause.) De then moved resolution, slating, that if Goverment forced a cash medium ul•on the pu , ilic, the interests of commerce, &c. vi villa be prejudiced. Mr. Atwood. a Banker, of Birmingham, seconded the resolution, in a long spece li , w hick he read from a paper, and st hich same cried out he had copied from the MOrt•itig Putt. Mr. Inglis, of Mark-lane, began to read a Petition, but 11w uoi a at., so deafening, we could not catch a word of it. Mr. Charles Pearson opposed the resolutions, and referred the meeting to the Giazette fur intelligence on the subject of paper circulation. Ile moved an amendment to this effect : •• T 1331 Slll It arbitrary - passer, as that of niating a paper me inii,ht oat be pu rmitted in any mercantile country, inasmuch as metallic cure. ney could nut give, even to Sovereignty itself, that parser, and therefore ought to he abolished. That it was therefore high time to return to metallic ru►rency, as thevuly 1111111 n of saving the country Crum impending ruin." Mr. Woofer seconded the amendment. lie said the a hole business was a quit rut beta een the Bank and the Govern ment. He and his friemis had been accnsed of not approving the proceedings of Government ; hut they looked opall the proceeding as an attempt upon the part of the Blink to pre veut the resumption of Owls Payments, and 14 - 0111 d support Ile 'Henson., although one which had gro all up tinder tan hands of .Ministers. 'file country was now on the threshold of the loom of its rights. It It id given them op cite by nor, and aims now called upon to a ise consent to the taking out of a commission of lunacy against it. As ILI the conduct of the Legislature, he gave them credit for sincerity, and believed they a mild compel the Bank so pay cash in a certain time. But aka 14115 the urgistnent against the resumption Of Cade Pay mews—meaty hat it ought not to take place until it a as tonvenired to the body. That time, he tutu red the meeting. si bold never arrive. 'Vhe Bank had fatten. doa the public like hugs on blind oxen, and a lien they arie glut ed more blind Eisen acre supplied to them. They haul even bullied the Goverment, and seemingly promised In resume Cash Payments when tiosernment paid lit their debt In that body. 'l' he Hank were never surer,. They 'lover a could lie Oder.) In:tur what they badso frequently prunusrd. 91 r. N under concluded with enling the an...aion of the nicetiog to the system pursued by the Batik in the punishment of those con victed of forgery. Major Tut rem opposed the Amendment. 1:11(1 . 55iVe Cayes had, he said, banished trade nod commerce from Holland. If great ewe was not takes. they a ould have the slime elliet this country. The price of gold was five per clad :those it, value, 111111 tlfCllollllle the re-umpth on of v0..1a pay mews a "aid make tin addition to the totes of 5 per rant. Betide‘, the present eirculminginedium cliabled fanner, to employ morelaboneen. Ile was decidedly against t I , e plait of sob. stitioing gold bullion for coin, as bars were inure liable to he carried out of the country, and there was a heavy penalty attached to the practice of taking sway the coin of the Mr. Hunt Nppearecl amidst loud (rie• of " OW. Off." fle said hr would Hot unable the friendielf lee Ilan:. if the) w Auld coment pay a fro notes se hi. It he and 11. s ft lend., Med in cash. lie euppoited she Amendment 111.111161 uproar, Mr. Low e also supported tl a Amendment. Mr. Osseo, of Lanai k, the queslinn was between the upper aml the ;not, orders of the people—whether the fer fter. should have the rte:lns of criiplo)ing the loiter or not. There exist. d cot doubt of the neressia of restrirdiei iu the 'ear 1107. The ueees•tts had int renti d. It oas in fat t iugnuuiblr for the Hunk ever to re urn to Cosh Pay ments. There s us not in the whole mold specie enouch to pay the immense issue of notes. Ile supported on those grounds them igisial resolut i nns. Mr. ion odes spoke in favour of the oriehnil re•nitteinnt amidst loud osits of question, not other es 'deuces of impatience. the,sof hands was matte upon both questions.—lt appeared to 8 , t.. he decided!) in favnur of the amendment. The Chairman stated, that the assijririt j. •ere for the THE NATIONAL REGISTER. ~' . MAY E.'4. 166