The British Press; or, Morning Literary Advertiser. — London, England, 1815-03-03 00:00:00

!tits, than th► onole; for. if uluirirs would le Musk ut the a the et:notary. is to vtio.t!ier ..111111e 11% 4:41511 lIUU iu haw.i.l? Adieu of throe: with the %worst read here said L'uusaritia.) isiwpututewl, it diNt theft i e r tictre.y NUS r proceetlangs nanner, or by kuvw nut. iuctseveuirtav I us a gut Amu Owl iambi he In the ex lit, counw, tire the Batik iu tam P k would he lona of thiet the bawls of the alert ni '.rd would u.- the lioveril- tans fur t!tq! kel lIIt may. •il, w tl,c un - •uorawup. au- It moiled auy tj br un. iummucril HI ruitucis uI to the 11:1- u'unroll. it U 014111311 Mere uouceiticut to od for rtstric ut its tinal Ile could us. lie-e advances of the interfere %ill, Ire third sill,- _mil propos:A It the :Noble ou of the re- Jte Batik, he itbquir. hies I or trot must rossible to is*. cut of profits of the :twos hint not t, ss he before Strie of ttie thud:, siiitercbteti thut t►re propuit.t4 UK I ilmor ; UPC 1(1 and 47 yK A rea rd tu dte • "vie lu pug, mous pruhts ; uhti lamented a to alt, waliae -(1/raar, herr) time at r . VII Col;ter111.. ease, it %% as *Dr gitutrut tfluo.t hate 3,..t-itrottiestt ssf At that me :Amos, but Mkt iu large U lx• tiedtit be a-critivil IU lle Lord tier.t tXittinie the Heir elk-b La h he apptr. to tit), 1,e,ik1.11. T.l :e rota-tilt is to e 1:00.0:411C1It t: I to Lilly, 0011 prier; rvz.uit. I Ito m tail that Ihe.e tuinuit: 1 QU ER . 114 . 1 d, if hi s Al. 111.14 'MI bilk to tJ to iiNulte, lEt at !Muse is.x. regulate *thee patio:Wet) du tli.claari,-1: their coutatr ; but DCOilhou them• ilwt I+6:, tail. LS Illt wish to si,rouk. itNelf, tit,* meg to the resimi Med. 114,rtug Nublt l.u,d's lose at rgutneolts the t auth pity letittate ie., Judi, ,he :their,Jee or 1 "ll' IE 4 Y" ustl beet, coin- therefore, had , a Ila;s4lsord time the imam I aleratly bi s .ak country was mender it tie- Max oa Mg to I hatever *taxon- the ittsues had L•oi e, .hoarver, It had been ran ur o f t a i u l ,and had ad alluded to recollected, ha rare its deep- einiched by ph taken Ode/sin tiou was denim lieu of nate4 aas always a sand the-iae- utic-lalf tbt • • o. 1 -ent period, the circulation had reached 31 ruiletaus. The average, however, was about es millions and a half: but notwithstanding this, it was gratifying to phscrse the improvensent which had taken place in the exclum4es with foreign countries ; for in 1811. the exchange at Haniburgh was but 2-1, while from the recta accounts it appeared it had risen to 32.--(litar.)-11r would now state the grounds Upson which lw conceived it inure than probable that cash Iw}•ment• would be resumed in July 1816. If the peace with Aonerieti had, been ratified at the swine time with that ut Puris—if the foreign ex p:•nsw had then been concluded—if the urreers which were due to foreign States had been paid—if the keeping ty a large standing army on the COll - had out been necessary—and if we had out had to trinispori a htrge army across the Atlantic— the short period which had elapsed ►ince the e0:1•• elusion of the peace, he was satisfied, would have so complettly restored theatilsirs of the country to their original situatiim, that the Batik would, without delay, have able to Kaoline their cash pay- Illeldb•—(Heur4 Any Gentleman who compared the progressive improvement ut the rate of exchange since 1814, would at once lie aide to discover the truth of this pmpoeition. In Januory, 1814, the exchange with Ilaniburgh was at 88 ; before Os:toher it was at 31 In January, 1814, the Brice of gold in doriblooes, was 5/. los. per ox. ; before the end of the year it hail Cairo to 4/. 10s. per oz. Tlw price of silver in the anus period bad fallen from tis. l Id. per ox. to 5.. IA With these favourable prospects, he thought he should not be presuming too teeth in nati , •ipatiug such it favour:llde change by July, 1141(1, as would inhere a return to the old currency of the country. Ile held as irecouut in his hand which would show time enormous expenditure of specie, oliicii within the last few years bad been wade on the Continent by this country. In 1811, the forehen payments were 15,182,00 UL in 1812, 18.533,000/. ; in 1613, '2.!,931,000/. mot iu 1814, 3ti,,n44,000/. In the face of such expenditures ire thought it was not extruordinary that restrictions ehouhl be placed on the cash payments of the Bank, but now that they might be considered asin a great utensure stopped, if no new cause occurred to resi der their comitemauce necessary, it was but natural to suppose these sums would revert to their Old ; amid if this should be the ease, the, ! was tio &mold that, by time period he hail fixed, the Bunk would resume its payments in specie. F ItANKLAND LKWIS contended, that time con. elusions to which the Bullion Committee had come hurl been fully verified by every circumstance which had since occurred. When the resolutions of that Com 11l ittee were submitted to the House, it was vonteuded that the depreciation, which was asserted to exist, arose only from temporary causes, and would he removed with the return of peare. At this moment the country was in mi state of pease, there was no foreign expenditure, and yet the same evils still existed. It was well known too, that upon a comp arisou of the iniports and exports for the lest twelve months, the exports were greater than were ever before known in this country. Tile t7•,-c,... evoorts naturally produced 3 favournble effect on the exellausee. as far as this country was concerned, but still we were without gold or silver. lib remembered in 1795, when the Duke of York was with the army on the Continent, that the ex penditures were infinitely greeter their or late years, and yet no such depreciation of exchanges existed ns hail been observable of late years. Another so. letion hail been given for the large export of gold and silver, by reference to the iunueuseirrtporta tiuus of corn at that period. Why corn should be selected guy more than other coniniudities, as II source of dhrburseinents in specie, lie knew not ; but be certainly knew that similar large importutimis had taken place at former periods, without being productive of the same effect. In Fraud, gold surd silver had never been scarce, nor had its price sever risen in the market; and if the old hypothesis was true, it should never have risen in this country. There should, in fact, be nu ditieremim in thee; irrice of gold and silver in EllrOpV. He felt nu inctimia tiou to inquire into the f Is of tire Bank, or when they would he able to res cash payments, be cause he thought the !loner, fur their own rakes, aright to look with confideuce upon their vane power to do so. Ile did, however, consider that ilm quiry was necessary, in ureter that the ground of the evils which existed might be useerteined, amid that some measures might be adopted towards placing the country in a situation to revert to its old state of currency —a circuinstauce winch, lie was sitiviied, would never happen as lOW.' as the issues of Bank Dotes amounted to fromn 2G to 31 millions. Torre Was wine radical error winch wanted correctien ; and until that correction had taker plaice, the gui nea would not plow fur tweutyoure shillings. fie should vote in favour of the 1111 l Mita of the Noble Lord. Mr. Rose diffcred entirely with the Thor. Gel:- &slum who had just sat down, as to the neetssity of a Committee on this subject. In no instance, since he had been in Parliament, did be hear a s.:onunittee moved for upon so slight a ground as iu the present instance. lie agreed that tke tiara: was no party to the restrictions, and he knew that they had no Unin:knurl of the intention to inllusse them. mail the very morning on which they took place. Aker the restrictions had beet, ittiptswil, ma examination took place into the funds- of the Bank, and they were found to exceed, try sixteen rnilhous sterling, all &noon's uirms o.—After this their solidity could not be doubted. The market pi;ve of bullion at the present period was 41. 9a. and the Rank price ikas 3/. 17s. MI. The louse would see, therefore, that ut present no illiVitth tage would result from the issue of gold, as it would be ho sl,oller in circulation than it would be melted trial sold it, ingots. Ile was free to confers that the average of die present issue of notes was *27 mil lions; and that the average before the re:Ai-it:lion . pima* was 15 millions. The increase, had only been 12 millions, while at the were first stopped, the gold of the calculated at 44 millions. It the hest isiansgemetit, therefore, that not gone fair beyond twelve millions. said shut in France gold had been pleu til not increased in price: it should be however, that that country had been 'loader, and that whenever a.coutribu landed from the town of an enemy, it stipulation, that, if gold airs the suua should be taken.. The laight. - ttona t cittlettinti then procee►tect to state; tint within the last year, the pitrehasel of cdrii front foreign countries had tint fallen short of two mil lions—and to this, adding the monthly payments of one million in dollars to Portugal, and the neces sary payments to the army in Belgium, it was not surprising that wild was raised in price in this coun try. while it fell in others. As soon as ever these drains were stopped, he had no doubt that bullion would fill to the mintprice ; hut till that had conic to pass. lie was or opinion that it was not in the power of the Bank to pay iu specie. Mr. HORNER commenced, by expresser!, his surprise at what had fallen from the Right lions Gent. opposite (llr. Rose), namely, that there never was a question which came with less ground before the House. Surely the Right I-lon. Geo tleman could not have heard the real question be fore them, when he uttered this opinion. Tiy greater part of his speech went to spew the imprac.• ticability of the Bank's paying in specie at the pre sent moment, as if the question was, that it shouhl now commence its cash disbursements.—(•' No," from Mr. Rose.)--" Then," resumed Mr, Horner, •• I am glad the Right Hon. Geinleman himself admits the ineoasisteney of his own argumeist, for if it leads to any thing, it leads to the points to which I have referred."—There was an utter mid unacc:motable inconsistency—after ten mouths had elapsed since the return of peace—in proposiug the continuance of a measure which legally expired within six months after the termination of hostilities. It was not enough to say, its renewal was utmeces sary—thut did not settle the question ; but it was imperative to convince Parliament of that necessity before 4 prolongation was at all admissible. To wards the uttaiam en t o f this information, a previous inquiry was essential ; and, he was at a loss to see what objection could be urged against such a pre liminary proceeding. It lia.l been stated, that the circumstances of the Bank were now tht• same as when the restrictions were enacted in 1797, and that the state of exchange was an all respects cor rtaipatalent.—(•, No," front Mr. Rose across the table.)—Mr. Homer here apologized for his mis conception of the Right Hon. Gentleman, whose winds he thought he had perfectly collected, nor would he pursue this point, after the disavowal windh had just taken place. The Right Houourahle Gentleman opposite (the Chancellor of the Exchequer.) had held out a prospect of the resumption of cash payments on the ltith July, 1816. - This was merely pursuing the old plan, promising a definitive period by a sort of sanguine anticipation. He (Mr. Horner) did not refuse credit to the Right Hon. Gentleman's sin cerity in the delivery of this opinion, although lie could not participate with him in the same ban.. ;mine hope ; on the contrary, it was his firm 6e r lief, that in 1816, after twteyears peace, the Right 1 Hon. Gentleman would come down with the same cote, and would have it in his power to make pre- viarly the same excuse relative to the price of gold as he did on the preseut occasion; for in his (Mr. H.'s) opiniou, there could he no material reduction in that, until the Bauk was restricted in the issue of its paper.--(Hear./—Three years ago the Bank Committee laid determined that the arrival of peace would he the proper time for the re-issue of specie, hut that a reasonable interval should he ! Mowed to make the necessary preparation. To that he had not the smallest objection ; but the time should be a definitive one, previously ascer tained by the deliberate inquiry of a Select Com mittee of that House.—(t/ear.)—Let it be two, three, or four years hence, if necessary, but let it not exceed the positive and bona Ale time for the f a ir accomplishment of the object.—(llear.) Thp Right Hon. Gentleman (the Chancellor of the Exchequer) hint said, that much of the restrictions of the Bank must depend upon the future state of the country. It' every war was to etubruee this operation, what security was there, he would ask, Liar public! property ? tither countries, to be state, had dune the same, sod had done t 4.1 ill the manic uncontrolled and disreputable propor tion. France had pursued this system with her assignats ; let she got rid of that burden, certainly with monstrous perfidy to the public creditor—with iirofliguey and injustic e t o a l arge p or ti on of iudi viduals in that nation ; but she got rid of the bur den, and the consequence was, that, since that time, France nithehl a largi metallic currency. She did this, the Right non. Geode:nail ithe Chancellor of the Exchequer) said, by ',louder. But the mn sideration was, bow did the specie remain in that contary ?--itaiety have arrived there by plunder and dishonesty, lint hoW happeoed it to remaitt ? It was at fact that it did so remain, and that when France had aerial her armies almost to the extremibet of the eat ih, she Ain maiiitaiited act house Wil Innindalit. ni:o nee I'LlfteneV. It was certainly true, that the very fact of such a floatiog suet at home, proved strongly the impoveridied state of commerce in France. It was in Itself nU solid proof of national wealth. Ile ( tlr. limner) did not. waist to see this unapplied circulation of 'Tern. in this minty? ; lie, as well as these , with whotn he acted, were totally tuismnler stood, it they were suppo.ed to want u total metal lie circulation. All they wanted was, not to restrict the circulation of Plink notes, but to make them, at any time, voneettil:!e into male and mod some arratigement to effect this was dosie, nothing final could be properly adopted.—l Lbw, hear, hear.) — With reference to the allusion to Jew brokers, he could n u t see the force of the argument. Ilinnintl. t10)11 LIMA be sought for there, if any could he Initial in such quarters. IVhen Sir Isaac Newton was Muster of the Mint, and drew up that celebrate ed statemetit on the comparative value of the car reney, Hot only of this country, but of the other mafiosi of Europe, which, in fact, was now the text . of every subsequent inqniry, lie (Mr. II.) had no .doubt that the celebrated character whom he had muned, felt it necessary to resort to every source of information which was open to him, and perhaps, among the rest, to Jew brokers. It wool.' thew fore be no iliagrace for a Committee to avail it self of the same channels of inquiry which were deemed essential by so celebrated a mum But lie (Mr. llortier) held it imperative that Parliament • should ascertain how the Bunk stood in point of speeie to trivet their engagements., Whether it had deranged its own concerto, or the Govermneut had t I done so for it, the it:spiky was equally occessury— above all, how it stood since the restriction wan rim- Wed in 17y7. Of the. character of the Bunk Di rectors lie had the fullest confidence.; but he could • hot erErtu~ that cOndeke 'Mil, The question was Apt ita to tke dhstract pro fits of the Baok, as TO. the ''6ollatent; ong aris ing from the p;fc•ater to 101 . 01 tht reitiietion pl:teed at their diaposal.-41/044,4:Tning to thl advanbrge, they became larger purrhasersan th'' could have bPen otherwise oflooldieseenritiefw. All this was of less consequence than the plain and ob vious consideration, that, throifgh the system of Goverauhmt, paper was 18;r0 imocireulation,, the profit of which solely cedtcred in the Bank.— So•long as the Bank paid in speeie, and became the purchasers of Exchequer Bills, then the traimaction 'vas open and fair; hut when this coutraernAed, and the Bank took 10,0D0,000/. of Excherpier Bills for, their own notes, and received exclusively the interest accruing therefrom, what Willi it , in fact, but an issue to the Beak, of (ioverimient paper, for the discount ofavhich they alone received the emo lument. —(1 - le tr.)—With referenre to the itight Hon. Gentle al la's statement of the rates of Ex change, and the foreign expeaditure, there acre some contradictory points which rendered previous inquiry. necessary. it Icad been already laid down that the standard price of metal wag not dependant upon the price of other•commodifies, hat that these bore a relative proportion to ire nominal value; but li' the price of commodities so affected that manilla! currency that it far exceeded its due proportion, then the standard of money was lost, and its.value became a (batting regal:46,M. fit the former Committee up stairs, it appeared that conimereial minters affected the currency, but when 5/. pis. tries paid as the market price of gold, it was never conceoed that this depreciation arose from the Bank restriction, but from the state in which Europe was placed two years ago. Those circumstances had ouw passed away. The return of peace had rentoved those causes which, by the expenditure of transferring vast armies, had given a vacillatiou to the pecuitiary resolvers of the conn try, and it was full time to tuquire itito the subject with a view to its permanent adjustment.. In 1810, the price of gold was 4/. 84. 6.1. to 4/. 10s.the exchange at ten per cent. The prices were now correspondent, and althoughalie exchange was nominally in our favour, it was, in fact, ten per cent. against us. How was this to be explitioed hut by the depreciation of the currency.--( Hear ! The Right Holt. Gentleman had said, as a proof of the prospective redaction in the value of guild, that it was now to be laid fur 4/. '24. or 4/. 44. Now this may he accounted for in a variety of ways. The sudden influx gf leold driven from the Con tinent; the failure of the country banks, limiting the circulation of bunk paper, and thereby reduc ing the relative value of specie. Other causes may have contributed to produce thii effect. But it was an important fact, that there was generally a rise in the value of gold throughout the world. Inde pendent of its consumption in carrying on the Northern wars, the internal state of the new world, by preventing time working of the mines, greatly interrupter) the supply ; similar muses operated at Brazil ; but the state of Mexico parti cularly affected the quantity of silver. Troia circumstances not unconnected with them arose that artificial circulation .4 Bank mica which M its effect not only depreciated the currency of the country, but embraced the nomey market in all its bearings, involving . the feitional finance in a manner not to be coutemplated without a forebod ing which it was impossible for the Bank to re move in the mode likely to be adopted, unless they set out forthwith by a diminution of its paper issue. (Hear, hear ./) Mr. Rosa and Mr. Honseft explained. Mr. MARRYATT contended, that the restriction pia into the pockets of the Bank a profit of 900,0001. annually. The Hon. Gentleman went throogh a minute detail to prove this fact. Exclu sive of jltis profit, which in a great degree arose from Exchequer Bills, were their mercantile discounts, • which had increased seven-fold. Formerly they bonny opened se di count with unv man, now they had accomits every where with the London Bankers, who . , in fact, were agents for the country ones; and, front hence arose that - hiauspicious iucrease of the latter, who spruag tip like mushrooms, and were us eph e m era l, • Connected with this, was that mono poly which.upheld tl e price of produce beyond lz; per cent. and thereby created 4 greater evil that the Property Tax. The Hon. Gentleman then ad verted to the unfavourable state of foreign exchange and to the comparative value of guineas and Bank notes in several parts of the Continent, which eras a practical illustration of the depreciation of the cur rency. When the Batik culled for a further re striction, it was for the House to consider the pro tection which it would ;And the community. He could easily aecennt for the interest taken by the Government to promote this object—for it was the saying of a wise man (Solomon) " that the bor rower was the servant of the lender;" and here it was exemplified. The Honourable Gentleman concluded by enforcing the necectity of a Com mittee. Mr. TIF,RNEY said the inquiry was not what were the profits of the Bank.; but when the unnatural system of its paper issue should cease, and whether any reasonable expectation was to be indulg,ill - that cash payments con:d be resumed in J ulv, 1816 ?—. For his own part, It* firmly believed tbere was no chance of that. The asz•istance of the llouselto in-. quire into the subject was wanted. This, it was said, would be iacutiveitient --so it would continue to be us luag as the present cutinecttuil between the Go vernment and the Bank continued to subsist ; and, in fact, he (;11r. 'l'.) never saw a set of gentlemen more willing to submit to restrictious.—( A hut gh• ) Ile would not ask what were the profits of the [hulk, but he would like to know what other cir cumstance but this connection between the parties caused the adjournment during this Session. Ile shrewelb , suspected that the 3,000,0001. would not hay,. been fort licoming if the renewal of the restriction was not agreed upon. It was not uncharitable to sup pose that the Parties plated into each other's hands, and that t►e• Bank tendered its aid, and the Minister repaid it. He reineinbifred, when the Act was first brought iutu pine, liming asked the Governor of the Bank whether the proposal tier the continued restric tion emanated from liim or front Mr. Pitt? The latter met tl* question with one of his eloquent sen tences, which was cei tautly very tine, but did not con tain nue tiurtl to the point. Tile wade tissue of the . system of Exchequer bills, as discounted by the ba4 of Englund, was nothing else bat au advance les dovermicui. whickihst r oat - u L. ...41341 • • • tither A ll iliTen Pirriaisr•s; or the lag. three years, Ministers *ere -iteateable of re' their 'financial iithpositions, without the toricurrelice of the Bank. Here veus, - tit mire, a vast - advantage to Mose conserned in the Bank, from the pre-iiiformaiion thereby obtained, and its influence in. the monied market:—(//Car.) — Now that peace had returned, a new system should be adopted. IVhatever exist-Me it entailed, a ba lance should be attack, and the Government at all events should stand indepeudent of the: Batik.— Without this adjustment nothing could satisfacto rily or usefully be effiscted. Here the !tight Himourahle Gait. entered into all able and rate review of the proceedings of the Bullion Com mittee iii 19 to, and sobsequently ; amp ably exposed the policy of the Itstik, and the injurious co n nection which subsisted between dieGoverinneut and its Di rectors. The Beek of Euglaiul has never observed a juit impartiality bete een the differ-eta Administra tions of this country ; or could any Minister, whom the Sovereign may wish to place at the hrlrn, retain that situation .unless supported by time Bank ; but if the Directors were hostile to him, he could involved in seek flume:lid difficulties, as it would be impossible for hint to surmou n t. Ile even firmly believed, if at auy time a Menibei' were deter wined, front a sincere de s ire of promoting the public interest, to enamel the Bank to tesume its payments in cash, that the nuthority of the Batik would proctire a call of the House to oppose the measure at its commeneesseut. The House itettlf was certainly ce;:simible foi this, but no blame could attach to the Bunk. Theo. reasons induced hint to desire the appointment of a Committee to examine into the measures adopted fur the resump tion of payments in specie. Mr. Ma RaYarr explained. Mr. Hystussost declared, that the sentiments which he formerly entertained on this subject, as they were the result of a dispassionate inquiry, still remained unaltered. Ile acknoaledged, that •on the occasion of the Bullion Committee he had ex pressed his opinion, that on excess of paper would tend•to depreciate the enrrency of the country, and it' any arguments were adduced in invalidate that opinion, lie would never be ashamed candidly to avow his error. But. he would still maintain that any deviation from the general stand:kill, whether it be metallic or of paper, Would cause au ittisound state of the circulation. liaising thus far alluded to his senti ments, and the general principle, he would eon flue himself fo the ,cooeidenition of the question practically. As to thrsaseertion of our being for Mae months iii testate of peace,* lie did not con ceive that the question was in the least utfected by that; fur as to any eircuinstances comiected there with, the advantages of peace have not as yet been felt. Our forei g n expenditure has sti i continued to a g reat extent ; and as those causes which in ducede the necessity of originally imposing the re striction as yet exist, the ineasuce itself cannot be expected tie terminate. It is true, that the suspen sion of cash payments is a great political evil, and an atiotnaly in the 'circulations of the country ; but .he cancel veil, that us the Bullion Committee in their Report thought •the resumption of payments in specie could not safely take place until the expira tion of two years after the conclusion of peace, and as the present time is accompanied with all the disadvantages of war, that the period of 15 mouths now demanded is by no means too distant fur the issue of specie by the Bank of England, particii lark' as not es-en the Minister himself could say, how long the foreign expenditure may continue; and that the former opinion, respiaaiug the resump tion of cash payments, was expressed before the great exhaustion of gold which has since occurred in this country. The Right Honourable Gentle man next alluded- to the hopes entertained by the Chancellor of the Exchequer, that a specie circulation would he alihrded in July, 1916, declared his confidence, that those expectations would be confirmed by the Directors of the Batik, now present. Nor could he believe but that, when a responsible Minister of the Crown would make such a sautement in the !louse, in consequence, as he supposed, of a previous cornmunicaitiou with the Directors, these gentlemen would feel their characters committed with the country to fulfil time expectations thus publicly raised. But hewers free to confess, that every investigation into their affitirs appeared to him as tending to obviate any measure undertaken by them to effect the wished-fur ob ject. It had lien proved, that in consequence of the Bunk entering the market for the purchase of bullion, that article must necessarily become dear; but, besides this, the Batik had to contend with another difficulty, in "the way of obtaining a sup ply of gold ; he meant the great purchases that had been made during the war by the Treasury, for the supply of our large armies, and in proportion to the magnitude of those, the difficulties of the Batik must be increased. He was extremely happy that the opteeition lie had formerly made to the re stricting usensure lisd been unsuccessful. Nor when he now made this co n fe ss i on , did h e conce i ve it to imply u vacillation in his policy ; for surely no human foresight could have contemplated the glorious result of the great exertions of this country. And it would be likewise fseely confessed, that the facilities afforded thereby of procuring money were a fair object of constitutio n al jealousy. And he had no hesitation iu saying, that if the Batik made. good its paymeWts in 15 mouths, the country wou!el be perfectly satisfied. The Right HMI. Gentleman opposite (Mr. Tiesney) had anticipated that this would not take place, mid had spoken much of a system of favouritism existing in the Bunk between different Administrations. 'Tis true that it that of Lord 11. Petty, SI per cent. bud beeti changed on three millions advanced hy the Batik ; but that caused a difference of only go,ooo/. —( Loud cries of Hear! from the Opposition Benches.)--He begged leave not to be mismiderstoed ; but be conceived, from what fell front the Right Hon. Gentleman, that the principal object to which lie alluded was the advance of the money, and that the expense attenditig it was of little coesi d erat i on.--- But, in fsct, the - Right Hon. Gentleman had ccei founded two different sums of money : that en which the interest was paid, had been advanced for the renewal of the Charter, while the: the exigencies of the State was tiered with that charge. He would that no war but inch as we have he could justify a recurrence to spelt a the Facilities it A;` .rJs U t or inetlrritig eat reuse ttottj from the regular standard innst .couleise all ti, pecuniary concerns in the empire. lie eoulc therelore, enter Ms protest against it; but tliougl that iii the present circumstances no advauta 6 arise the proposed irivestignboo. Mr. Bseisin. desired it to be distinetly.ondel stood that the opinion lie was about to give on tl. present question ; Shou:d not be considered as the of the Dtrectors of the Batik generally, bat as li own individual septitacists. But as the quern(' seemed to ufh!ct the conduct of the Bank, I. thought it proper to say soutethieg relative to st several iiisinuations which hail been uttered u..;ailt it, respecting the peatirdity said to litive heed di! play e d tniend i a favoured Administration ; begged leave to disclaim it alto;.;ether, ns far t lte ever sus concerned, nor would lie sit in sin Court %here serCh seotimeots could be e.,tei taithel. Ile vise; read } ' to ackinotle.dge that til Bank did refuse to Lord Henry Petty a sum t mmicy, suhscquently!..rituted to his succ!ssor. lii the case w as t hi s : idenind had beet' wide b Governmeut in the fOriner ad ininistratron, which acceded to in the latter, after a fair comes', whit had been equally to tint:tined agaiust both. an wit which the iniprit..d favouritism had no co mi.:silt The Emil: has at all firms liberally met the publi wishes, and did not merit the accusation of blindly devotAl to their private interests. So to from putting out their notes, like a banker in couutry village, the object of their wishes evt was to cheek the issues. The restrietiou we. never a Bank question, but one of State pc lies; and he would say of tins, as many lair said of die Property Tax, that without it th vast expenditure could never be met with. Th,„ were the two main pillars of our public strength and among the many heroes who hove d.vided tl public opinion during the great contest, these poi sonuges claim a distinguished rank. As to the asset not], that Government are dependant on the Bald: this must be understood as far only as the nionit interest is concerned. Every Government must 1; depeinlaut, in a great degree, on the means of tit tinning its pecuniary supplies; but as to the cat] trolling influence, that could exist in no other mite ner than us the advice of well informed men, their opinion on the general effect of monied train action:;. The state of this country is now quit and is consequence of the high prices t corn, &c. an artificial circulation is necessary. h Hon. Gentleman, however, considered that :my it: q Airy into the uffaies or determinations of the Bank relating to the paytneut of cash, would he attentle with pernicious consequences, and therefore uppust, the motion. Mr. PoxsonnY thought that the opposition c opinion between the Chancellor of the Exchequt u..d the Hou.Crentlemati who spoke last, and who , sentiments, us being a Bank Director, ate of ion portance on the question, with respect to the ton of the resumption of cash payments ' was a sulliciee cause for instituti ng an inquiry. The Chancellc of the Exchequer explained the cause of the dc preciatian of the currency to be the great rorc.4 expenditure; but can he (asked Mr. Ponsatiby) as plain by such means why gold, which had fattenl' 41. 6s. should now rise to 41. 9i. when all our g foreign expense has ceased ?. The Chancellor tit th Exchequer has given his promise, that cash papaw shall take place in July 1816. While the Hon. Gen (Mr. Baring) has declared such cannot take plat for five years. This was good reason for approi ing of his Noble Friend's proposition. He shoal be anxious to hear the opinion of the Governor t the Bank of England. He believed that the Bau and others were interested iu keeping up the pr, rent artificial state of tliv country • and the How should reso l ve on eompe lliO g the Directors to tad immediate steps to issue a circulation in specie. Mr. SMITH spoke in favour of the motion. Mr. W. Smurfit said, that he should biter fire the silence of the Governor of the Bank, that II hopes of the Chancellor of the Exchequer were tt. sanguine. He next alluded to a prediction of NI Fox, the very day after the Bank had l'u'st stmt pc paymeot. flaring observed to Mr. fox that ti.ei was seine consolation in thinking it could not le. long, that great Statesman replied, tint lie shun' never live to see the end of it. He did ,sot see slightest chance of the Bank ever opening ugan Nothing but vague hopes and expectatious wei held out on that head. Mr. Bur: it A slll , . W contended, that the coin try had benefited us %%ell the Hank by the 1114..; sure ; sand as he had every confidence in the hitt grily of the Chancellor of the Exchequer, he suw n rew, un sufficient to induce hint to vita fur th motion. The CllANccumn of the ExclixuvEu spoke consideralile length in explanation. Mr. CaEN FELL said, that if the motion was a agreed to, be should move au amendment in ti Committee on the Bill, proposing that to the wort " sth of J iily, I 8 lti," should be added the wort " and no longer,".as was the case in the rroPero fax Bill. After some observations from Lord A. HAMTI TON in reply, the House dividati, when there at pared— _ For the Motion Against it Majority Immediately crier the division, Mr. PoissoNa addrtseed the Nleinhers in the lobby, declaring lc intention of dividing the House on Mr. Gie.;kil annindinent. The result would skew wi.44 coati deuce the Chalcellor of the Exchequer had in It own prophesy. On beiug readmitted to the Gallery, we bona the House in Committee on the Liaiik Restrietio Act, and the CHANCELLOR. Of the EXCHLQUEIt or) jecting to Mr. Grenrell's amendment, upon tl: ground that it would stein to (link the discretion u the Houk,. Mr. HOIINEII inferred, end wns sure the firms would infer, front the silence of the Governor of Bonk of England, that he looked to tie event the resuniption of cash payments with ugly thini but hope cud satisfaction.—(A laugh.) Tten:mr thought the words or the Amend• tnent would she , hut they --- ' went would chew that th e y were more ta e.4rra. sum g 'lV eli to thou' was usual oil such subjects. If k CASSC could 61, t$ uu eucual" made out to justify the adolitimi of the me s !:e acknowledge terwards, it would be competent to the may -suffered tiourrible Gentlrma., to inure ir. measure; cut sir. o ssoistsl called upon the noose to 1