The Statesman. — London, England, 1810-09-21 00:00:00

I the circumstances which called for the restriction. The bullion was taken out of the country by Go vernment to prevent our armies on the Con tinent from perishing, and to pay the subsidies which were stipulated to those Sovereigns who were contending with France for interests in which this country was deeply concerned. The Di rectors of the Bank had presented no less than 29 remonstrances to the Government upon this sub ject, previous to the year 1797. Government saw the evil as well as the Directors of the Bank; but Mr. Pitt, in a comparison of evils, thought it bet ter to risk the smaller, that of the Bank stopping its payment., to the greater one of our brave armies perishing on the barren sands of Germany for want of money to placebos provisions. The interest of the Bank nod the mercantile part of the community were ideotiled; and if the Bank should be ordered to pay is specie after two years, it would produce not merely a consoision, but an earthquake in the trading world. The unavoidable consequence would be that the Bank must imme diately put a stop to its issues, and cease to grant accommodations to commercial men. if he had only judged from the Report itself, he would really suppose it to have emanated from men totally unacquainted with commercial affairs. How could they think it right, that when coiniiierce and its demands were increasing, the issues of the Bank should decrease ? He believed that it was the wish of the Directors, and of the Company, that payment in specie should be made as soon as it was possible. When it was i.ecollected, however, that even the Gentlemen of the Committee professed the greatest approbation of the integrity, .discretion, and self denial with which the Directors of the Bank had administered its affairs, since the year 1797, they might have left it to that integrity, discretion, and self-denial, to judge of the time when it would be possible to pay iu specie. What would be the effect of adopting such a recommendation at pm sent, if before the two years were ended, it would be found absolutely necessary to enlarge the term ? The Committee were also of opi. nion, that the price of bullion has the greatest ititluence in regulating the rates of foreign ex. change. The Merchants, however, whom they examined, were not of that opinion, but stated that it was the general balance of trade upon which the exchange principally depended. There was a very strong instance against the opinion of the Committee in this respect. In 1797, when the price of bulliou was very loci, the exchange upon hlamhurgh was thirty-eight and a fraction. This was just the same as it was in the years 1809 and 1810, wh. n the price of bullion was at the highest. lie hoped the Court would excuse him for having troubled them at so much lengtb.—lt was harti fur any one to know the great aver. sinn he felt to obtrude himself on the notice of the public upon questions foreign to his profession ; brat stilt occasions dial soinetinses , occur in whieh be, felt it a pan nount duty to conquer this repugnance, and to state his outuiceis. He declared that in so doing he was not influenced by any party or private views, but that he stated with sincerity and single ness of bean that which was the firm conviction Mr his mind. He wished that the period of pay. ing in specie should be left to the discretion of the Directors—a discretion which had never. been abused. He hoped that the Directors would exercise _their honest judgment, and not suffer' themselves to be iuffienced by .party leaden, by 'peers, or pamphleteers. They had no other defy but to administer faithfully these affairs which were entrusted to their hands. He indeed thought, that, in 1797, it would have been better to have laid the case before a General Meeting of their con. stituents, than to. have pretested their 29 remon. 'trances to the Government. Ile thought that their best policy was to continua to give their assistance to the public; and if ever a time should come when power shorild attempt to oppress them, the public voice would then be raised in their support, as the public would then feel their interests interwoven and iusakarably connected with the interest of the Bank. (The speech of Mr. Jackson was followd by load applause.) Mr. PasasE (the Governor of the Bank) then rem, sad stated the regret he felt, that lie was -gettable to express his sentiments in a utauner ade. 'quote to the strength of the impressions upon his mind relative to the subject, which had been just brought under the consideration of the Court. It was a satisfaction to him, however, to reflect, that, after the clear and able statement of the Learned Gentleman who had already addressed the Court, little remained to be said, in order to place that subject in its proper light. As to the evi. donee which he had given before the Committee of the House of Commous, and which had been quoted by she Learned Gentleman, he could assure the Court, that in giving that evidence he was in. fluenced by the must conscientious regard to the public interest, and had, to the bust of his judgnielit, 'Wed whet in his opinion were the true principles upon whiclethe state of the currency term-el. The same course he was determined on all occasions to pursue, as long as his conduct should meet the approbation of that Court. No political or undue motives should ever induce him to adopt a different line of cundect. Upon the subject of the Report which had been alluded to, the Court, he ob. served, might be assured, that it was the Wen. Con of the Board of Directors to watch with jealousy any measure which might be attempted to be taken founded upon that Report; and to pre vent, so far as in their power, any injurious con. sequences that might result from it to the Company lie could not omit ou that occasion to express a hope, that the Court and the Public, in forming an opinion upon the subject, would rather look to the evidence than to the Report, that their judg ment might be founded upon the facts in evidence before the Committee, rather than upon the as sumed inferences of the reporters on that evidence. , As to what had been stated respecting kbe increased issue of paper, he must say, that it appeared to him much more astonishing that that issue had in. 3 creased only to so moderate an amount, than that it had increased so much, and. the commence. + ment of the restrictions in 170 g. 2110 inceeise consisted, altogether, in the issue of one iwd two:, pound notes; which became necessary to supply the piece of guineas, when cash issues were restricted' . •••••'••• . •' r~t~de ... Tilt SiAIiSMAN. by the act of the legislature. Independently of the issue of these small notes, the whole of the Bank paper in circulation *as little more than fourteen millions, an amount to which the Bank issues had been carried previous to the year 1707. When, therefore, the vast increase in the commerce of the Country since that period was considered, and con trasted with the small addition which had been made to the issues of the Bank, it would be found really astonishing, that the amount of Bank of England notes in circulation, had proved sufficient for the pur poses of such accumulated and increasing commerce of the country. It had been truly stated from the evidence, that the Directors had not abused their discretion by any over-issue of their paper, with a view to the profits that might be made in dissouot ing bills, In this particular, the conduct of the Bank had been uniformly regulated upon principles of prudence and caution in their advances for the ac cummodation of the commercial community. Even the report admitted that they had not made any im. proper advances ; and whilst such prudential and salutary caution should be observed in regulating the advances from the Bank, he was of opinion that no ovcr.issue could possibly take place. With respect to the state of the exchange with foreign nations, he agreed with the Learned Genlcman, that the precise rate of exchange must arise not so much from the comparative price of hellions, as out of the circum. stances of commerce. When these were favour. able, the exchange would be favourable. Ile then adverted to the amount of the debt due by the pub lic to the Bank, in Exchequer Bills, tkc.; and after repeating his regret at not being able to express his sentiments as forcibly as they impressed his own mind, concluded by declaring, that ever since he , lied been placed iu the direction of the Company's affairs, he had but one object, an object to which be should invariably adhere while be remained in the direction, viz. to promote the ioterest of the Company to the best of his judgment. Mr. PAYN (Banker of Bath and Wells) thought • that the subject which had been alluded to was of too much importance to be passed over with. out some observations, which had not been touch. ed upon by the Learned Gentleman (Mr. JACK sox). Every part of that Gentleman's speech had his entire approbation. But the observa tion which he wished particularly to make, was, that whilst it had been stated that Bank paper had suffered a depreciation, it was desirable to ascertain whether that depreciation was not attri butable to any other cause than that assigned in the Report ? He had not himself had an opportu nity to read the Report; but he understood that it stated that the circulation of Bank of England notes was confined to London and its immediate vicinity : and that the country circulation was sup plied by the country hankers. He was hiinself a country banker, and consequently felt sincerely for the honour and interests of that description of per. sons. He was likewise one of those who, since the restrictiou,shad opposed the circulation of any small notes but those of the. Rank of. England in his neighlateirisood. This oppolitieti he was induced to give for this reason, that he saw persons cum. silencing bankers, 'alter they bad so far lost their credit id other situations that he would nut him self think it safe to afford them accummoda. thaw. When paper issued by such persons gut into circulation, he could nut help considering it as the cause of the progressive rise which had unquestionably taken place in the [nice of pro. visions and other necessaries. The farmers and manufacturers looked to what they were to ob tain for their goods, and put a higher price upon them according to the risk they ran. This was known to he the case with respect to the manufac turers of Sheffield, Manchester, and Birmingham, who usually made a large abatement for ready money. The farmer sold to the corn-dealer, and he to the bread baker; and as the latter was general. ly obliged to take payment in the low coins, which were not considered as good security as the higher coins, he was compelled to pay a higher pave for the corn, and to put a higher price on his bread. This was the real cause of the evil ; and though he could not mean to disparage country bankers, a hilc persons of the description he had alluded to were suffered to carry on the business of bankers, the evil would continue. Ho agreed with the Learned Gentleman, that it would not be safe to resume payments In cash, whilst we had a foreign ex. penditure. Individuals would be found to buy up guineas, and make them the object of commercial speculation if cash payments were to be now re. sawed ; and guineas would, in this instance, as ea. pidly disappear as in the year 1'97. He entertained the same opinion on the subject of an issoe'af t silver coin, according to the old silver otaisdird. felt it a duty to submit these* ebserrations to the Consideration of the Court, he had Onl7- to •add, that in his opinion it was nut possible, in the exist. ing circumstances of the Coentry,' Ica make issues in specie. The question was then put, and unaniinoasly agreed to, as to the amount of the dividend. It was also proposed and assented to, that the diii dend be paid without deduction of the property. dUty- The Court then adjourned. A. I i vid. nt +a he • •. - . ij • ue. 1 Dublin „. .. ,;-. 1 0.• ' Wnterfnrd — •• ea S 0 Cali i a • : • - • 1 0 Lisbnti THE STATESMAN. is dated from Paris, September 9th, and commnai. cites instructions rclitive to the execution of o Decree, not yet received its London, bearing datet from St. Cloud, the 31st of August, which, we are informed, orders that certain vessels, with li cences, shall be allowed to import into France Ira . nous articles of colonial produce enumerated, on condition that they shall export from France grain, meal, oil, wine, and brandy, of a value equal to the urges so imported from Great Britain. The directions are extremely complicated and pro. lit. In order to ascertain with precision that the export and import cargoes are of the same value, it is proVidcd that accounts current shall be kept of the wetth of each of them by the Custom.house Ageats at the respective ports from which the yes. eels shall take their departure. The ships obtain. ing the licences are to catemence their voyages from France, ana export ',cargo previous to their ap. pearance with a loading from • foreign port. If the. value of the import shall exceed Illat of the ex. port cargo by one.third, the one:third is to be placed in entrepor until experts to that extent shall be made, whiclibeing done, the parties are to be entitled to the release of the one.third so in en. (repot. Bonds are to be given by the merchsints in France, for the excess of the impart above that of the export from Francs so deposited in entrepot.— Each ship thus employed is to be furnished with a certificate, and other formal documents, from the Custom.houses, stating the value of the export and return cargoes; and if fraud or collusion shall be discovered in any of the documents thus provided, the cargo is to be subject to seizure and confisca. tion. Some additional letters have reached us from the Rio de la Plata, by which we learn that three of the Judges of the Real Audiencia, and the Fiscals of the Civil and Criminal Courts, accompanied CISNEROS, when he was disposed of on board the Dart schooner, destined for Cadiz. It is asserted that the determination of the new Junta to get rid of these Functionaries arose from their interference a ith the Provisional Government, and from their endeavours to excite dissatisfaction among the people. The Viceroy was allowed in his retirement an annuity of 20,000 dollars, which was equal to half his salary. The Regent, who from his office succeeds to the GOSernment in cast of the death of the Viceroy, and wile was President of the Res! Audit-meta, we! allowed to remain at Buenos Ayres, not only on account of his age and intinni. ties, but from the general approbation of his conduct. The opposition at Montevideo to the new order of things was attributed entirely to the interference of the Spaniards residing at BlieflOS Ay res. We understand that thstiiiiiadrit of a Royal Veto, in the nominatitin of ROMAN CA+IROLIO Wore, and other DIGNITARIti, is tlelt abandoned, tint. withstanding all the oppokition which has been against it in Ireland ; but that It is to be broognt forward in an early stage Of the next Sessions of Parliament, on the strength of the English Roman Catholics. We take this opportunity of assuring our readers and friends in the Sister Island, that as we are possessed of the means of gaining the earliest and most correct information of whatever relates to this most important tittestion, so we will communi. cafe it with that fidelity and spirit of Independency which, we trust, those readers and friends have uni. formly remarked in the columns of Disc Statesman. At the same time we are obliged to add, that this has not been the line of conduct pursued by some. of our rivals, professing a great devotion to the interests of the Roman Catholics of Ireland. We havegiven a Report of tho proceedings of a Meeting of the BANK PROPRIETORS yesterday, at great length . ; and we seriously call the attention of for Readers to every word of it. They will find lid, these proceedings a curious circumstance, that iitteld be ,really amusing, if the whole affair were nota very serious one. They will find an Orator, ~get up, to defend the Bank, and see him give it wound in almost every sentence. They will find the Bank Proprietors applauding a man, who ,wat letting all their secrets out, one by one, stripping them of all their coverings, and leaving 'them naked to , abide the approaching storm.— They will see a man, whosobusiness it is to plead, and ought to know some of the means of defence, they will behold him arguing upon a plan that ex. poses all his clients' weakness. In short, they will peruse as ecolneht a piece of absurdity as ever was devised to sake men smile. Our Readers are to know that these Gentlemen, the Threadneedle. street &metres, matt° declare the 'dividend upoh their prdflts for the neat qu.orter, which they fixed (having nobody to contend with on that score) at 10 per cent. It would puzzle one to find_ out how they dame to the conclusion, that they have toper cent. profit to divide, if they de not take part of their capital, or issues, into the account of profit, if that phraseology can be made consistent. But we have something more im portant to do with this Meeting than to attend to thiepuzzie purse. On the motion, for the 10 per cent. divideml made by the CHA IRMAN o f th e l i t . wrong, Mr. AattsAt JAcatsoN arose, and spoke a Wog while ) and CO most pathetic consequences' LONDON: faIDAY, SEPTEMBER 21, IVO. ST. MATTUCW.—lioliday at the Public Offices. A Gentleman, who has within these few days arrived from Bourdeaux, and who resided there a considerable time, informs us, that at least to the number of 50,000 men had lately marched from thence towards Bayonne, to reinforce the French armies in Spain and Poriugal. Letters %Tete yesterday recOred from the coast of L fratiev i iailosioi the espy of a Circular of Coma S:guir, bireeter-Geueral of the Customs of rrostpe, to the ;Arlo/ Officer& of the &Yellin. it - • . ,~ . _ r -- -~-'. - _ ..... '.'4 •~r . . ~~- -- e ultiiiielettopiulosrrttchtu.eluiatrciais eceldocst: against the C i;:r i e nn midy m eioutf i sein t stn t we e icao e liein ' tgu, s tilan i ti4nly:t phraishetrafteuu: the consequences lamentable, sy.npatitibing a b ut , ap w a h mu i c ya ttn falling,ww e o c a itihnfrooetrwhtehlle: them, of so much of the the enemy'sieet. behalfsctaruolndgehravaergbueloczsliondl Bullion Committee's Report as injures the Belk, in Mr. RANDAL JAciLlioN's opinion, thAn the whoid of Mr. R. JACKsoN's reasoning in behalf of Na Company. This Barrister (for our Readers are to be told that Mr. R. JACKSON is a Councellur)i, T „ : angry with the Committee fur publibhingf a ll a , ies; and " among those fallacies (he says) the tint o;at strikes me is the assumption, as a fact, that Ca u L, notes are below par, because 1051. in notes would not buy gold enough to make 100 guinea,' , _ If this be a fallacy, it is at least not amon g the number of the selpevident ! It appears pretty nearly self-evident that Banknotes arc Wow par, are depreciated, when 1051. of notes will not buy 100 guineas. But Mr. JACKsoN can make thefallecy of the Committee's proposition very clear by very indistinct argument, which, however, all comes to this—that he can buy as much corn, re goods of any description, with 1051 in nobs, as he Can fur 100 golden guineas. Where is he to d o this ? Let him go to the Farmers, or the markets, and try this ? Let him go with 1051. in notes, and let me go with 100 guineas, and we shall soon set who will carry home most corn, that day, from the famagaateeitknas it ; et! However, the Oummittee having express. ed an idea that 1031. (Notes) won't st an d up the 100 guineas, Mr. JACKS ON is surpr i sed and grieved at this fallacy. Ile had bitter h ave re, and we moist say, that the Committee h ar , shown much more knowledge of the operations of Commerce (althu' he accuses them of being ignorant of their nature) than this Barrister, who under. takes to explain these operations before a Coen. pang of Merchants.—But Mr. JACKSON must take a glows at Mr. Conamr. Here, however, he seems conscious of his want of strentith, fur he retires without even one menacing attitude. But Mr. JacKsore goes on, and if our Reader's please, we will just let him rim himself out of breath at once. He says, after turning suddenly sway from COMETT ; 44 The next fallacy with which I hie to charge the Regret is, the allegation that this institution has issued an excel; of paper, to which exceisthe Committee attribute the advance *I h e , t ak e n pike in the necessaries of life and other cominudide Is it pbssible, I would ask, that the Committee can 'enmity meats to Impress upon the lower orders of the people, that * adverted price which they pay for proeisions is °whit to a t coed*: of this institution? But what do the Committee am* In Often of issue? I am prenatal tosbe w, that the !suedes paper was comparatively more, considering all cisme/mike, previous to the Act of Restriction, than► it hus been Crire that re sled. It is, in thet,clearly deducible (ram the evidence,mmtst from notorious circumstances, and fmin admissions, e,ts i some parts of the Report, that year issue has been ratter*. simonious than excessive. In the year 4197, when the me* tints took place, your issue was at about 11 millions, but it* reduced t.• that amount in coosequeoce of ttte alarm which Oa prevailed. Previous to that alarm, your issue wit meaty about 14 millions. That issue inctudiug the 11. and D. now, without wMeh society must item stood still, has for vat years averaged about twenty inilliobs.—"rh . us the iodide el your issue hits not exceeded six millions, and bow ea, that,with any colour of rainless, be pronounced an cremes* sideriog the progressive increase of our commerce, sad alit I increase of country it ask paper ?—lt is known Mk (helm* of out commerce, fruits the year 1803 to low, anion less the 15 Millie*, and 1 believe 1 do not overtratt. when 1 state tie 'acreage of eartomoserce, since the year 1797. at .53 I aril not in pilimention of any memoranda at present to poly this estimate, bet the increase of our commerce is undeoiatil; land it 'steamily undeniable, that the increased issueof your p-17 perhoss been trilling, compared to that increase of commerce.' Mr. Jaexsow is at a loss to know what At' Committee mean by an excess of issue ; and thes follows the greatest rhapsody we ever saw, coming from a man who should reason, to prove tilt the issues of the Bank Paper have been kit ~since than before the restriction, considering ill r circumstances. What arc those circumstances?-' That is the very point. The real trade was greater before the Bank Restriction than since; and there. fore, as the issues should be regulated by the rot ' trade (according to Mr. Ltexsom's own assertiaa further on, to which we refer) the issues should hive then been greater. The Learned Orator, indeed, very sweepingly declares, that our Commerce bas increased since 1797 by so many millions, that we arc afraid, or ashamed, to repeat them after the Learned Speaker. What will our Readers think Of that Gentleman's courage, if we ar.icipate his reading of Mr. JACKSON'S speech, and slate the Learned Counsel's idea of the increase of our Commerce since 97 ? What will he say to the in' Crease, within the calamitous period he has chosen ) of no less than fifty millions y We have been 50 used to millions, merchants, ministers, lawyers, and every body, that we can conjure them up at any time, any where, and for any purpose! All OA may do on paper, or in a speech in the House of Commons, or in the Banking Company':; Meetiog, but the Public will not be mucked with this 50 millions of increased Commerce since 97, Se elc uis the Bank's excessive issues of paper within an same period. But Me. boxsont has another argue meat to show that the issue of Bank of England paper has not lea excessive; and now, if °" s Reader divines thitt, we shall be surprised more On Mr. JACKSON was with the Bullion Committee. The issues of _Country Bank Paper have been (h e states himself) excessive within the period he talks or• lie goes on to enumerate the number of Banks that hate sprung up, and state the excess of their issues. From two hundred the Bank s have increased to 800; and their issues amount t° no less than Thirty Millions. Very sha t •