The British Press; or, Morning Literary Advertiser. — London, England, 1808-02-11 00:00:00

IMPERIAL PARIJAM&TT. HOUSE OF L -- ORDS, Nan. le" -4. . Mr. Mitford presented at the Use the anneal accounts Me, tire to the South Sea FisberimOssed the Beauties granted sopa supplying with Fisu the cities of Lades and West minster. fitedored to he on ilia 2idiamsadjoetrued. MOUSE OF COMMONS. s•-..- •-# ." ' Owe of the deb of She Privy Council presented ell. enpptof the enseent of fees sad passings pont into thee sea by or on of perspus who Rave obtaieed H. aims, to navigate the sega Ore the par t:tads, iog soy lows to the contrary, thez is t of hostilities to May, lih)3. to the plat e of Ordered to lie on the tattle, sad to keiAlll4 . . rt .. A new nedentil to be head for the election of • Alle v t=tt Pt Orlad, in the mom of bird ted the wince of Juiut Muster seer. in Hit T MAS I'UIITON gave entice, that upon Mon day, the 91st of War.h, be inteaticd to 190 Te Ct,tAill Reio lotions fur the aibptioa of the House, as to the Cartssaic =Noma( (Ms luig preview' satire, a be thought Woe of • auntli might be omens:r a y, m order to j lh bo Lteteni . t2 ib li? sisa l : t a rihr e rs w i, to be were t wpua when, t e rws 4 OkatimiSTiervinte . mom iota "committee "pool the Brasil b eTille ppm ressinsieg, the Krpuit was 9 idered to e !Mir thasorrow. CAPTCRES. Sir FRANCIS BURDET r rose, he said, for the - .of raskiog - - • which, - - the -.uuolao--t the laid made di4osal of arising :11EQUER `o give no Neal to it, grant ;lit pro to-inor- would • Inc that he 1 of the should con.ider • duce- I Mr. IDAN, of the :r which ordered to dent of :he Brickewator • 7th of • con- .4ewport. Etcheqner, motion. on awed. smerally , the no accutmly should, • corn , this •eizinq Copen- to-rneve ' Pc'st" itIMENT ,EQUER Ways and rations be- Mikity's before ‘n one lie did ,A of the agreed to of three interest, -stand lie and ieettstouted whether the under ce any sk and width letter, that he of loa- .other, lie intention to business Now t'bstn- Won- "F.l: • Rank %P the Apr:: present star, the printing, .:ted iu Inc '— *watts ....ste at this -4 "rapped ta the Bask 4 the Ba cke 'Ae olian be He did this for the . purpose of bringing the whole anWer into precise teems, mai to submit ittonkeAaultie ft ahaptthat would euulde them ,tomyea,or no tothg phoposition. There was un taltar tap AD-Mimi:plane in the .iusinese of the Ban and the Exchequer, nor any alteration in Ili sir e a lr da °l-41416441 out the accounts. It war de 'there t s meld be setae asstual tlianinu tionnitt money in the hands of the Bank, but * it einti Mater proposed dud that Amok' be effected by breaking at all Upon - the good faith of the par ties. llaviug mid thiaimuoli upon that particular branch of the transaction, he rhould non timer, " That the Henise do go into a Committee of Ways and .Harare," iii water thatlie might lay be fote them the whole Cominunicatiom The House accordingly went into the Cosa mittee 1 ;, 4 ivluin Tice CHANCELLOR of the EXCHEQUER rose, end addressed the Chitinutia. Ile mid be was %bout to draw the attetitioa of the Contutittee to it proceeding so aide intigroas to the public, that he tlinught tilt House cottld not possibly ea tertuia any objection to it, nor feel any difficulty. in ultimately approving of it. The paners that had been lately find before the House relative to • this business, contained so much details of 'matter of arrangement, that it would be only necesary for hint to rewind their of the leading features of the transaction itoelf, and the course wliteli Lk veruinent had taken. Darin.; the last rimainn of Parliament, the Committee of ii'hiance then appointed eliode their last report ueon those braucher of the piddle expenditure, which included the connexion of the Bank with the piddle expense, and in that report they recommended to the House three distinct sthjects of coosideration. -The flirt was, the allowance made to the Bank for the management of the p Odic debt ; the second the amount of the. public helances in the bands of the Bank ; and the ad, that species of bulatice called unclaimed dividends. On all the* poiuta they had represented the advantages that would tailor to the public by adopting the Own whielt they propose:l. In consequence of such reeoinin •itidation the agree tint that had been e need into 'tietween the Bank and himself, sithiete to the revisit and approbation of Parliament, had been arran;ed under the three; following hea s : ' tit- rightist :Meld:set. re. Allowance foe Vuorer of managing the Pahlie Deist . ad. Public Balances kept et the IttWc. He had proposed : i st, That t h.:Hook shall now advance, oat of the Uttelaimei: lhaidoods • 4 their bands, tie sum of 500,0001. for the use of tl e Pub ,e, is addition to the sum already advanced out of ti st In 4, perstiant to tL, Act at Geo. ill. leap. 33, mad tro.er et utter evriatitioos ; prai.thal array, that the ainouat of ,uch Dividooda remaioloy in the Bask shall nut be r,alurcd la k.w inu,onel. :illy, rsat for she in inag.tueat of the public debt, the ' Dank *l%ll henrefirwani be allotted as folio*, . 31. i zatillien keit. auesin,, u poll the wltule of the nor:- debt, olaartever it may antismog to sou mahout, sad am eaceed 6uo minium.. 3041. per toilllon ore amain arm, Me whole mama of oar emus of debt aaredonoed abate tin' ottliolis ; the acid On sentoaseientinaing in each case hi be ma naged at the afortend rate of oerl. per asthma pet oil ow. rind. pee minion per asses, neon the whets a:a-deemed ask, whatever it may C:...Cce4 ace rushers, and out Monet to too millions. Awl that with resrert to the rate of allecraser which it easy be proper to fix for the inanagctitent of any debt I,•ss then 300 millions, it lias berm docanot ottriselite to defer the consideration ',that salarct mall the ether! diteleweloa of, the debt may be inch es to 'quire suite detvratutatien ea it. Now upon this second head of the alteration end management alaue, the Cnurn;ttee would see that the public der ye a Iseiseficial envie; of between 6J,0001. and 65,000'. There could be no doubt that whatever might be the advautage offered to the public upon any view of the transaction, the pub tic and the House of Coin•nous could never Wilk they could be justi.itel io attempting to elstato theft benefit by any this ; intended at all to break down any existing met net. lie should, however, lib. stain from stating ady more of that part of the case, until he elionlel h-ar any objection stated as to the policy or justice of the traustetiou. The next part of the agreetneot which lie rhould Illittle to, was thst which related to the a lean of three millions of money, advance 1 by the Puede tit the public ~ in conrideration of the Ina v.:fit 'and advaittatte the Bank had derived from ths mana,eemetit of the public concerns, and the great aineutit of balances uatelairu ad remaining in their lir nils. The overage amount of the balance in the hands of the Bank is stated to be between eleven mid twelve millions but in the calculation they had introduced one item, which could not be considered as a public balance ; be meant the Mina of 4,500,0001. belonging to per sons in the United States Of America, which they themselves might have the power of disputing of to advantage. • Deducting, therefore, that sum from the amount of these balances, there would re main a total of ten millions and a half. It would appear, that from the eennomical utteitiiiiii that had been paid to the awe of the public balance, thee was more reason to suppose that that balance would not inerease during the continuance of the war. The Committee had been led to form this etpeettdoti front the grent anthority of Mr. Pitt, in his communications with the Governor of the Bank, eetablielting the general principle of antici pation of those profits as acing from their est lasive privilege of retainiag pubic: matey in their hands. Having now stated to the !louse what be coneeived to be the amount of these hiatiturea, he efliould next proceettn state what wee the present situation in which the public stool as to she Peek. By the advance of three millions and a half, formerly mairlii -by the. Bank at •hree per cent interest, the 14oese. must feel that a great advantage world hl' likely to arise from its being nutlet the legal rote of interest. The public had the benefit of whatever might be the *amnia of the ter•- tsitwi which t h e difference of these noes of inter at would elf td. He reckoned this saving to ammint to I;7o l l,afth pnilfwis• This W 34 a nagociet'am wfilefi had been en contemplation at the time. of Mr. Pitelerigneiiiioes with the Rank. Ile had now to trader to thh'Uottse au armee...- meet which had lwen arseitted its by the Book, to ;:;11. to the pobite e3.5 0 t 1 1,01W/. duriiie the con tinuance of the war. Tal3qli into co.eideretion. therefore, the arretteemegt abiiii time Noble Lo r d opposite fLnnl H. Petty) hail merle feet year. the public wonted have mere than a moiety of that which seas to be their fair proportion of the habuive of isaidalincd dividends : on that the eornin'ittee *ogler see ilint the promerition that had been ten dered by Ciovernn.sut to the Bank, was one that gave the public a fair and Complete participation of throe potits, to the halt exten► of what 'ratc^-been retierfaably expected by ittesq tri• had, framed the original 'ropdre 'Co this. two points liela I to add the loan which the Batik iwur within!, • to advance on or before the sth April nest, for the , public service in the present yew, .oniouuttug to three millions, without interest. That principal was to be secured by Exchequer Bills, to be de posited in the hands of the Bank, payable at the expiration of ale months after the ratification of . a general peace. Some misunderstanding bad arisen at to the unclaimed dividends. What he had sub mitted upon that point was not with the approval of the Bank ; hut he. begged the Couiimtthe to advert to this, that what he had proposed could be done without the consent of the Bank. The dis cussion upon this point had originated from the rummer the propositions - were stated in the repot t. lie had referred the Bank to the statement of nu claimed dividends given in the Act of 1791, when as the Bank gave a different construction. Upon this footing, the Bank said, that they were entitled to take another mode of arrangement; and that they had the consent of their proprietors for with holding their consent from what had been proposed. by Gorerunse.n. He apprehended, therefore, Par liament could have no difficulty in acquiescing in the reason and the legality of the measure adopted by Government, and in seeing that it was an arratigeineui. SallilltilkKeol4o to the public, by diminishing the public burdens. He should he extremely glad to bear any observations that could be made ia opposition to any part of the case. He was perfectly satisfied the more it was examined, the snore it would appear that there could not possibly he any just gromids of complaint on the ' part of the Bank, or that Government had not acted fairly upon the sobject. It was material that the House should nut think that there had been any eadearoors, on the part of the public, to take an unfair advantage, or to make en undoe profit of the Bank. It was important for those who had not followed him in the course of his arrangement, to be informed that it was perfectly competent to Go veriiment to make use of its own money ; and that, in point of fact, what they had seen in the public prints upon this subject, was not a fair representa tion of the case. It bad been represented that the Bank bad been leudii.g. to Goteromein those savings which ought to hare be en divided as u espitul amotigbt its proprietors. That was not the true character of the transaction. It was not money arising from theiesavings, hut it was looney arising out of our own deposit., which, when in their hands, WI prove.' an advantage to them. The Right lloti. Gentleman then vonclialed with moving, " That out of the uattaitactl dividends a sun of 500,0001. shall he in:ranted fOr the seethe of the pertain year, wader silailsr provislot.s to those 'intuit:ell in the Act of 1791, cm,. 33, and in *Manua to the sum of 376,791. already advanced epos that account; but so as to stelae that (Le mount of sae% dividends remaisiag in the lank shill saver be his than "Oo,onol." Mr. BANK ES said, before he could admit that an advantageous ba►gaio hid been made by the I Right Honou:able the Chancellor of the Exche quer with the Bank, he felt it net-every to make a few obsenatiotis. It was most reasaaabk, he would admit, that the public should have the use and advantage of this money, lit o reeled perfect secu rity existed to the pnopvietore. The balance of those monies. net the builds of the Batik, it was wisely provided, by au Act of Parliament made iu 1791, should never Le reduced to kiss than 100,0001. He was glad to perceive that tne Right Honourable Gentleinea had kept within that pro vision. It did not follow, because the Bank bed conic into this agreement, that it was the most ad vantage ous on that account. in 1786, when the public burdens were very great, and very pressing, the Bank, on being applied to, offered to do the national buoiness on terms considerably more bene ficial to the country, than they have teen agreed to. That the Bank should be allowed 3401. a minim for too millions, wets an agreement he could riot help thinking highly injurious and disadvantageous to the public. tie recollected, in 1786, that great Statestsuin, Mr. Pitt, had made arrange meats with the Directors for a loan with the Bank on terms much more ndruntageous than the Right Hon. the Chancellor of the Exchequer had procured in the present instance: yet the Howie was of opi nion, that better terms might have been obtained. It would he more desirahlc, he conceived, that a larger rate of deduction should be made from our National Debt, than that a loan should be had in the present situation of the country, on terms so manifestly diswelvantageous. He nould call upon the Howie to reflect maturely upon this agreement with the Bank, before they would give their sanc tion to it. It was very well known that the Bank were in pornession of the current coils of the coun try; and that they could, without the smallest inconvenience, hand it over to Government. There could be no difficulty in this, as they had it in their power to substitute paper currency. To those convenient with the banking tnute, this he wits convinced wontd appear perfectly clear. They, the Bauk, might issue paper to any amount, with out, in truth, having advanced any thing real. There was nothing to prevent them ; no trouble, hut that of obtaining paper, engraving, &c. The public, he was willing to acknowledge, had de rived considerable advantage from the conduct of the Bank in many instances. He was not an ad vicate for any practice that had the tendency to create an union between the Bank and the Govern ment. Ile wished to see them completely and to tally independent of each other. Difficulties and disadvantages to the public, he feared, might occur front too close is connexion. The agree ment proposed, and the exorbitant rate of allow ance made to the Bank, he considered radically wrong. If the Right Honourable. the Chancellor of the Exchequer had rtrom„-ly urged these reasons, better and more advantageous terms might; in his mind, have been obtained. He trusted this trade of allowances to the Bank for tareliies advanced for the public service, whet such advanee could be in no manner inconvenient to the Bank, would be put au end to. ►f, however, there was no alternative, and flirt no better terms could he had from the Bank, he would prefer taking the loan, with the dioadra oitxtes, than not at all. Mr. TIERNEY agreed that this important sub ject should be discussed with the utmost temper. as its cowl:tie:libel nature rendered it difficult to be apprehended with clearness. He of uertniol feel it his duty to object to the %hole tratractt ek and was decidedly hostile to the ineasurts th e Chancellor of the Exchequer had entered into with Mae Bank Directors. He admitted they were hound .to sea the Bank Directors should not make LI thing out of the ordinary course by the public, y et they mere-also -bonnet to tree the public should not make any thing by them. They acted, and wa wa always act, as were mercantile men, even on the allkirs of the nation. They had in their eustotl e !large balances of money, from which they de. rived an interest of 5 per cent. annually. M aw , would say it was hnrd they should possess such Ist e balances, when the country cmitil for such not supplies of money. This 1 admit ; but the mode adopted by the Right Hon. Gentlemen was not caleulated to benefit the country by The intended loan. He had expected they should have untie,. taken the onauagementof the public money gy m , nor was this unusual, since every banker in this city would have done the same; or rather weei they not have given a customer, who would de posit in their hands a million sterling, a considerable bonus per annum, for the nee ofthe mone;• in discounting private paper at considersi4 advantage ? especially when this, or great part alit, was permanently placed in the bank - WS band, , b y the depositing of fresh instalments boos tine to time. If the charges of management had cr. th e contrary been subductetl, it would assist in ti t tn eit .. ing the National Debt. This was not a perish above all others for Leaping unnecessary burdens on the public. He did not ooriertoanti what the Right Hon. Gentleman meant toy the nation pat. tiapating in the profits of the Bank. If thes e words were to be undeisbnadliterally, nothing tout,' he more improper; it was an encroachment a lga their peculOur property. if he conceived it right!:., the Bank was undeservedly consuming the rt sourcing of the country. Ile wished to want the Right Honourable Gentleman of the feet thie might produce m riding the expecta tions and encouraging the designs of the enemy ; it was evident that nothing ut present vem-so de sirable as that the resources of this country ofic it hi be competent to the maintenance of the war to HUY definite period. Ministers themselves bud vainstea in that Blowie their sanguine hopes, nay, their con viction, that such were our resources. But how would this uaviumre be interpreted by ties enemy, when, in order to induce .the Bank to lend the tattling sum of 3,000.0001. without interest, the Ministers were obliged to bribe them into this con cession by an exorbitant allowance for the ma. Garment of the public money ? Nor would it he bur even to take the gnuit of the Batik, provided it were not, encumbered with oklber inconvenient results than those immediately eifteling the Beak itself. It should be recolledted. the evraiment of lending money without intent.* lad *On tried in France, and peeved ensucoassd W. The Batik which had the. eillveseed the money, had, in cote sequence of its indiscretion s failed. He did Het Wish to discourage the Bank.viere they inclined to step forward uteeitorionaly fisr' the public 'eerier. It had been Mated, that the Bunk Directors bud cordially arced in the principle on which they huh advanced the lean of 3,000,0001. ; yet come part of the papers would he fou& to contain sentuninge rattier d;fricult to be streaked in support or assertion. It was there stated that it would be highly imprudent in the Bank to lend to Ginfere went one-half of the presumable capital in bawds. • The present conduct was a itilsont precedent. It was an advance of a peculiar nature, and certainly such as the public shonkl not secede to witheut knowing the circumstances of the Bank. It IA been rend they had made considerobk profit., La; these they had ea rapidly spent. Since the yea 1799, they had advanced four millions in dividt uric to the proprietors. They had also increaser: the per ceetage front 7 to 10 per cent, and added ,ti.: millions to the uuttonal debt. These were CCIIJI• deratious of weight, which should keep the coun try from expectorg a large deposit as yet remain tug in their bands. It was then the first duty of the Hattie to take off the restrictions under wilkii Parliament had placed the Bank with respect to the circulation of paper eitrr?ney. lam the present case the Bank had lent the country three millions which bud not cam them threepence. Astir 131 it referred to interest. he conceived it all perfectl) fair, but i.e to the principle so which the lean was made, he totally dissented from the Right Honour able Chancellor of the Exchequer. He thoilatt too much had been given to the pAaprietera 10 entitle them to any ghat applause, or even to art justly to the public. They ha d osteutatiotadv acted on the capital they had formerly poi:seised, sad the protite made by theta. They, like some merchants who Mt up ibeir coaches on other ; cc ple's property, had expended sums of' money at buildings, (perhaps :necessarily), and in raising the numbers, and salaries of the clerks of the Beak ; :, • t these they did not yet molder milcient, and "1i this account the country and her concerns must lie additionally timed and encumbered. if the niodi of managing the public seem had been referred to the Committee which hii se ably drawn ea the Report, they certainly would be able to eiw better advice than such as the Right Honeuml.!o Gentleman had adopted. He conceived the Lciiii might be raised much more effectually by Exch.:- quer Bills not bearing interest fora certain perii ii. This would meet the exigencies of the times, %tith ing infringing on the private property of the Ba. i.. He recollected, on a former cavemen, Mr. Pitt ly.l come off second best, in a contest with the Lie.t The Directors asserting it wen istimeaible tc ' ,ft-- eyed further under such large advances to the ei! , vernment. These advances had been contirin rii, increasing since, and %retold most uaturally be fi gural by the Bank as valid grounds to refuse fur ther loans without additional indacements. Mut he could not see why such arpuitetits .could hare uny weight on the thine:eller of t: c Exchequers to induce hint, of till meu in :lie world, to accept their terms, and, whet he most objected to. to accept them in perpetuity. This was .t . ..!: grand subject of' objection with Lin. If ',h. business were referred, as- he teiggreded, to t! financial committee, he was (1011V111:' , 4 it won'," concur in the oi:inion, that there was not a stile rieot ndrutitoge . given to the Bout in interest, while the principal was utterly extravagant n'd unpreeedeuted. lie thought the Bank lity tracer a great weight of obligation to the Cietneellet of the Eseliripter, oho had, lir hi; provident :41-i• RI the purpme of making a motion, which, uncut . the " face of it, he .ought could tent be objected to, al- though he bad not given such a previous notice as fixed the partieular day for stating it to the Home, tie should move, .• That there be laid before the House :an account of all captures made , • by the naval force of thiscountry, at the chipots' of tie Crown. since 17:2, specifa tug the satin arising from each capture aei to the present day?' The CIIA.NCELLOIt of the EXCHEQUER said, that the most regular mode would be, to give • notiee of each a tnotiou. acid Cheri would be no lour of time in doing so, its some Hotrourtable Mem- 'etre might, perhaps, think of objet tieg to it, *though no real objection might exist to the grant- ing it. If the Illouourable ,Ilaronet thought pro- per to convert his motion into a notice for to-mor- row, he (the Chsiteeilor of the Exclsowser; would then be prepared to state, wh it should not be griatel, or that the terms of it should he motii- Olt-FLOW% BURDETT intimated, that he bad no objeetiom to comply with the wishes of the Right lion. Gentleman, and therefore should withdraw his motion for the prestent, and consider notion given for the production of such a docu- ment to-ntorrow. CURATES' sespExstoN BEPC.%L %ILL. Mr. DICKINSON moved the second readin:: /Sato en bjaet d tdit. andindoi % ei that so, took en e n largedid been v 4 view Mpg to it yesterday. kitarodneetl . Lloqz coneernition, in which Mr. t o omeit tar, Mr. WHITSREAD. and 117. SHERIDAN, eAte against the measure, and Mr. Lusatecrrott Doctor LAWRERCE, and the CHAN IdiLLOR of tin Eat :manes', tinned in favour of it ; after whits). the ell was WWI a second time, and ordered tt be coin maned to-morrow. 117tIDGEWITElt PETTTIOW. ' • Earl TEMPLE moved the postpone nest of ihi day Reed for the coosideratiou of the nridgereate !Election Petit:um, which stool for the 17th o March, So the kith of April ;lit after some con veriest:ion between Mr. Ashley, Sir John Newport Mr. Roar, and the Chaneellnr of the Exchequet the Nobie Earl agreed to withdraw his motion, re sweat of the ohjectione that were therein mired Earl Temple Lid !tr. Henry Martin several!, gave notices fnr the oroluetion of Dupers, the na • tare or substance of witted we could not accurioel • collect. Mr. SHEEI DAN Etre notice, that he shouk on Monday, mo7e foethe production of anyanste municatione or en:uteri:irk-nee between thi • conutry and Stockholm, subsequent to the seizin of the Danish sect and the surrender of Coper hatim The above notice was at fi-st given for to-ewe , ,••• • -tow, but at the desire of Mr. Canning was post paned till Monday. itAnki seGitEFXrICT WITS. t3tIVERIVNIF.NI The CHANCELLOR of the EXCIIE.QUEI was rising to move for a Committee of Ways an Means, is order is submit the comintinicutions twee.'. the Bonk of England cud His Majesty Government to their coasiderstMo; when Lord 11. PETTY expensed a wish, that hero' going into that Committer, he might have or pant cleared up upon the sablect, which IT di not well comprehend. In the liendetions of ti Ilstuk Directors it appeared, that they agreed I the last Resolution, namely, to the luau of thri millions upon Exchequer Bale, without itttrtea daring the war, meter the complete understanf that all trausy•tions between the public ac the Bank shouM be continued in the seedstouti manner. Now he wished to know, whether ti Right Hon. Gentleman had assented to that wade standing ? If it never was totter/tied to wake at :tu a:ter na in the tritiriartions tr.twee:i the Bank sr the Excbellier, how arise that inconsistency whir wars evident in some of the lettere? in one lette that Right Hon. Gentleman bud stated, that I should not be precluded front any excess of b lanes above the three Mt; lions ; and in another, 1 had stated, the it never was his intention elubhiltallejliehlteration in the course of busine beton,. Ole Bonk end the Excherpier. No be (LeitS if. Petty) tlid not know boa the Chit caller of the Exchequer c. rid possibly avail his self of any caeca *bore three incite:as. The CHANCELiAtIt of the EXCHEZ'E aaswered, that the last litter be serf , ?- to the liar • was in order to avoid aty morierigor•it unstinde Mending. The words of that Not.-, upna ti point alluded to, were " net the Cask shrit. on or hef we the sit, or Ar. 8114. SertißCß lie the public service as the prevent st 3 thootoont. by way of :wan, wittiest interest ; the priorir lobo stwand by Excite/tier Esti % to be deposited in t .fast of the talk, payabUt at the expiration of six *not -OMR the ratileatioa a a Debuttire Treaty of " Aud it ie understood that during the enetkeositte of ti •_ einem by the Bank, altrretiort is to be propelled to t piperst COWIN of banner , between the Beek e-t 4 the b , IMP UTy reanletioa introdneed, by wh;rts the s sew he law diverted t he kept al the Bout, shit era *via theaee." • •