The British Press; or, Morning Literary Advertiser. — London, England, 1803-02-12 00:00:00

cir'osll\ " I I • , • A, / gr • one of those who recommended that measure, as he imagined that as much improvement might he obtained in twenty-one days as in twenty-eight days exercise. It was however subsequently thought, by persons whose opinions he held in the highest degree of estimation, to be a system of economy not wo:thy of notice at the present day, when it was so highly necessai y to maintain the constitutional force of the country in a situation to render the most prompt and efficient service. It was thereforeAonsidered a more eligible plan, to exercise for 28 days. He had the e satisfaction of stating to the House, that such ar rangements had been made as would render the ad ditional seven days no great expence ; at present the amount was about 200,0001.,per annum, and an ad dition of 18,0001. only would be the consequence of adopting the measure he had the honour to propose to' the House. • , Leavegiv.en to bring in u Bill accordingly. BANK OF ENGLAND •The CIIAICELLOR of the EXCHEQUER • moved the Order of the Day, far the House to re solve itself into a Committee of the whole House , _ *. to take into consideration the further continuance of the Bank Resttiction Bill. • The ATTORNEY GENERAL moved, that it should .be an instruction to the Committee to amend the Act, by the introduction of a slight alteration. .elly a clause in-the Bank Act, in order to hold per • sons to bail, it was necessary for the Plaintiff to state • in the affidavit of debt,that no tender had been made of the debt, or any part thereof, in notes of the Bank of England. Considerable inconvenience had arisen • from the construction of this clause. When the sum for which a Defendant was arrested, con tained fractions of a pound, it was impossible for the Plaintiff to comply with the Act, because there were no Bank Notes applicable to a fractional part of a pound. This, however, was deemed a sufficient imperfection, and the Defendant was, in consequence of such non-compliance with the strict letter of the Act, discharged nut of custody. This never could have been the intention of the Legislature. Ile meant, therefore, to move a Classe to this effect, that when application was made to the Court to discharge a defendant out of custody upon the Clause in the Bank Act, it should be accompanied by an affidavit on the part of the Defendant, stating that it was pos sible for such tender to have beenmade.—Agreed to. The SPEAKER having left the chair, the House resolved itself into a Committee of the whole House. The CHANCELLOR of the EXCHEQUER rose, and moved, that the Ideas in the said Bill be filled up with the words six weeks after the meet ing of the next Session of Parliament." Mr. BANKS thought a shorter duration of the restriaion would be a measure more satisfaalory to the country at large. He did not mean to offer any opinion on the propriety of the measure ; he thought that the Bank should not immediately resume its payments, nor should he he for inve,ti gation, if it was found to be improper; if he thought so, he should not trouble the Committee in that stage of the business. But he was in such a state of uncertainty for want of proper sources of information, that as a Member of Parliament he should contend no sufficient grounds had been offered for adopting the present measure to the extent proposed. It was to the manner more than to the propriety of the measure he objected, and he thought they should pause before they sanatiimed a measure of such importance, and which affected the vital interests of our commercial concerns— It was a measure originally founded on necessity, :titer a full, satisfatiory, previous enquiry in a com mitteea at that House ; and he believed the enquiry which took place in the year 1797, so far from be ing attended with any danger or inconvenience, tended to establish the solidity of the Bank in the most unquestionable manner, and reflealed the highest honour on the prudence and management of those concerned in that establishment. But now, when Peace was establised, and trade began to fall into the usual channel, it was to be hoped, that the necessity which originally occasioned it, no longer existed. We are told, however, that the course of exchange justifies the adoption of the measure. The exchange, he understood, was at par ; he had also heard, with sensations of delight, that the ex parts and imports were in our favour. Where tnen was the danger of money going out of the country, or that the means which raised the ex change from a state of depression to par should tarn the exchange against us? In feel, we may soon expert to have it le, our favour. lie said, there were two reasons given in support of the Bill, viz. That exchange was at par, and that small notes, including Country Banks, were issued to such an amount, that a very great run would be made on the Bank if pay ment in specie was resumed : but if the number of small notes was an objeCtion now, what state shall we be in at twoor thrceyears hence? It was with pleasure he heard his Right Hon. Friend say, on a former night, that be looked forward with pleasure to the period of the Bank resuming payment in specie; but when will the country be considered in a stable state, if every fluatuation of the course of exchange will be sufficient to impose a restriaion ? If his Right lion. Friend should say, that any political motives, which it may be dangerous or improper to make public, had occasioned his present interfe rence, he would rest satisfied, confident that the Right lion. Gentleman had been influenced by im portant reasons of State; but no such reasons were assigned. Another Right Hon. Gent. had argued on the danger of enquiry ; but, as he had already observed, the Bank never stood higher than when an enquiry had been made in 1797. The cash and bullion had increased five times as much since that period. It would, therefore, be highly desirable to know if the Bank was preparing against sonic event which, sooner or later, must be known to every Member of the House ? We ought to consi der, that what we do now will be a precedent, and we should look to the influence of such a systern at some future time of alarm, when it is probable the Bank would again avail itself of such a cir-- cemstance to withhold its payments in specie. If this opinion once became general, our credit would be very different from what it is at present. The situation of the Bank has become better known by the reports of Committees, which have given an opportunity for reflection, and shewn, that without a proper controul on its opal ations, and a cheek on the issue of bills, fictitious capital may be increased to an enormous degree. He must also observe, thong}, he by no means intended to insinuate that such is the case at present, that any connection between Go vernment and the Bank must be injurious to public creilit, where one party has such a powcr of al fording protection, and the other the means of giv ing credit to an eleeseive degree. A Noble Ford ~~ • •••.... .••••••••• 1. • (Hawlcesbury) admitted, that to tate a comprehen sive view of the banking business throughout the country may be very necessary, at some future pe riod. He had no objection to such a measure ;he thought it highly necessary, and the sooner it took place the better. But on the present question, which had created so much alarm in the mereamile part of the community, he thought every necessary document should he produced to justify the mea sure. And what documents did we possess? Barely the amount of the issue of Bank notes which lay on the Table. The whole amount of out-standing notes - he believed to he sixteen millions, and he found that the small notes had increased considerably, and the large notes decreased a little. As the time presses towards the expiration of the AEt at present in force, he admitted that some fur further restriction was necessary ; he should there , fiwe be for extending it only to the first of May, as some necessary enquiry may take place in the in termediate time, and then, should a further restric tion he deemed necessary, some parliamentary grounds could he given in support of so extraordi nary a measure. He undertood his Right Hon. Friend had said, no opinion had been received by him on the subject from the Bank Direaors ; he un derstood he acted entic-ly from himself, influenced only by his own motives. (Mr. Addington, across the Table, here seemed to deny the statement.) He begged pardon of the Right Hon. Gent. if he had mistated his expressions. He certainly did not mean to misrepresent his words, and might be inaccurate, either from defect of memory or misconception ; but he really so understood him, and he was the more surprised, because he considered some communica tion of the kind highly necessary. The renewal of the Bank Charter, which had been alluded to, bad no analogy to the present case ; it was merely a con tract relating to finance, and an affair for a Com mittee of Ways and Means ; it was therefOre no ar gument against enquiry on the present momentous question. Ile therefore moved, that the words " six weeks after the meeting of the next Session of Par • Hameln" he struck out, and the words " first of May" be substituted. Mr. PRINSEP justified the restriction, as to the payment of specie by the Bank, and considered its continuance an acl of necessary precauticn. Mr. BURROWS expressed the same opinion— He thought the resrriCtion ought no:: to be lirrfted. The CHANCELLOR of the EXCHEQUER, said, it was not necessary to bring to the recollez tion of his Hon. Friend, what were the circum stances under which the Committee of the Home had formerly proceeded to the enquirv. As to the affairs of the Bank, or what was the object of that enquiry, his Majesty's Government, actuated by a wise precaution, had recommended to the Di ret!tors of the Bank to suspend their pay ments in money. This measure had cei tainly pro duced that sensation and alarm is the mercantile world the Hon. Gentleman bad alluded to. It was therefore with the strictest propriety proposed, that a Committee should be appointed to inquire into the sufficiency of the Bank to discharge its existing en gagements, and into the expediency of confirmmg and continuing the order of Council. Was it at the present moment necessary to institute an en quiry for either of these objects ? Was it now a question whether the Bank was able to discharge the demands upon it ? If any one could entertain a doubt upon the subjea, such doubt would found a sufficient argument in his mind, why an enquiry should take place. At a late period, the Act having been made to hilt only three or four mcinths, was renewed, and upon that occasion a second enquiry had taken place. What was its object ? It was to satisfy an anxious public what the situation of the Bank had been during the interval, from the com mencement of the restriction, and to what extent that me:ll:tire had improved it. The Act which pried, extended the restriction till six months after the Definitive Treaty of Peace. It was then pro posed to renew it, and the House adopted the pro position without any inquiry whatever, being per fectly satisfied of the complete sufficiency rif the Bank. What were the proceedings of last Session ? He had observed that the course of exchange was such as to produce the effect of encreasing the quan tity of specie, which was carried out of the country. An Hon. Gentleman upon that occasion stated the same objections which have been now brought for ward by my Right Hon. Friend. He was not sa tisfied with the ground upon which the renewal was demanded, and he pressed for a Committee of In quiry. I stated it was material that time should be given to see what would be the effect and operation of peace, with regard to the- exchange between this and other countries. I remarked, that the disjointed and distorted state of those commer- . cial connections, which had subsisted so many year,. rendered it necessary we should wait till things had got into their proper places, and enabled as with more accuracy to judge of the si tuation of Europe and this country before we took such a step as that of resuming the payments of the Bank in specie. But it was expresslyand distinct ly mentioned by me, that it was solely in the state of the course of Exchange the argument rested. It was admitted by me, and I admit it now, that the Exchange with Hamburgh was at par, but I stated that the Exchange with Amsterdam was unfavour able. I admit that specie could not go out of the country to Hamburgh unfavourably-, but it is very doubtful whether such would be the case with re gard to Amstei dam. What was my argument ? It was, that specie should not only be restrained front going oat of the country, while the rate of exchange was as it then stood, but that it would be adviseable to continue the restriction till there should be an in flux of bullion. I observed, that if it was supposed the restriction would be taken off within a short pe riod, Country Bankers would be obliged to sell out at a great disadvantage, in order to enable them selves to meet the demands which would be made on them, and to obtain the means of paying in spe cie. Would it be desirable to make this the period of reviving the termer mode of payment in specie, or ought we not rather to wait till an uniform regu lar and sufficient importation of bullion takes place. Highly as I think of the wisdom of imposing the re striction, I was not so blind as not to suppose them would be a great deal of difficulty in removing it.— The difficulty of suggesting a proper period is to me a subject of regret. My lion. Friend says he, is ready, however, to continue the restriaion till the Ist of May, upon condition that in the mean time an inquiry by a Conunittee should take place. My wish is, that Parliament should not put it out of its power to repeal the Bill, but foreseeing as I do, the l ode probability of - its being able, with safety, to • • • do so, in the tent* of the present Sessions, I look forward to that power which may be exercised by the nexts If therefore I was to adopt the terms of my Honotirable Friend's motion, I should raise de aotnisiaminentthewomu that m e to repeal the Aft altogether. I B u an siv k e er e s x , Pe tha a t a l ti This would oblige i l n d d b s e d able th b e y them to make preparations, which in the present state of things would be unwise. It would have the effect of locking up part of their capital, and it would oblige the Bank to make immediate pur chases of bullion, at a very great disadvantage.— Every one knows the losses which would be sus tained by purchasing bullion at this jundure. And what would bel the consequence ? Though a large supply of bullion would undoubtedly be brought into the Bank, it would certainly find its way to the Continent, white the rate of exchange continued as it was. I would therefore see the course of ex change steady and permanent, before I would de prive the country of the benefit of the restriction on the Bank. By removing it before that period ar rives, I am fully sensible I should only be under the necessity of recurring to it again ; but by waiting for it, I think I am not flattering myself or the country, when I state that there will be every reason able prosped of such a measure being in future entirely unnecessary. These are the grounds on which I rest my opinion, the; there is no occasion- for any inquiry, provided the sufficiency of the Bank is ad mitted. if I really thought there was a consider able part of the community—l mean the refieding community, (for it is a refleding community who entertained the least doubt as to the ability of the Bank to meet all the demands that might be brought against it) I not only would support the motion of my I lonoura.ble Friend, but I would have anticipated it by!moving for a Committee of Inquiry. But I am convinced no necessity for such an in quiry exists. I will never admit that the House is hound to be guided by the opinions of others. It may and ought to he guided by its own aggregate wisdom and experience. It is not necessary that you should inquire into that which, from the former reports of your Committees, you are perfectly ac queinted with. The object of a Committee could only be to inquire into the situation of the Bank ; and what would be the inference ? It would imply that doubts existed which it is not possible can exist, with the information of which you are already in pos session. I trust that the House will pause before it aerees to a general inquiry. But if at any time such general inquiry into the state of our paper credit, and the affairs of the Bank, should be necessary, it could not be entered upon with more propriety than during the continuance of the restriction. There is no connection whatever between a general inquiry into the affairs of the Bank, and the duration of this Bill. My Learned and Hon. Friend says, I stated that the Bank had expressed no opinion upon this subject. In this he is incorrect. I said the Bank Directors had given their opinion, but had. expressed no wish. They answered every question put to them with the candour which might have been ex pected from them. My Honourable Friend seems to think it is material to ascertain, whether the Bank Directors have done their duty. On this subject I think an inquiry peculiarly unnecessary. The concurrent opinion of all those who have ever adverted to the conduct of the Bank Directors, -is a 1 proof they possess the confidence and approbation of the public in general ; but if there could be a doubt, the paper on the Table is an ample proof that the Directors, since the restriction was imposed, have made no improper use of the issue of paper money, or turned the power with which they were invested to account in an unbecoming manner. It is the power of issuing accredited paper money, that constitutes one of the sources of the wealth and strength of the country. The confidence with which it is received, is one of the circumstan ces by which the trade and commerce of the empire has been made to flourish under every difficulty; it is one which has afforded, and whenever it shall again become necessary, wi!l afford the surest ground of national hope and consolation. XVIII:, is there who does not recollect, that in the year 1793, when money suddenly disappeared without any one knowing to what cause to attribute its disappearance, it was not by importing bullion, at a considerable and certain loss, a remedy for the evil was provided, but it was by introducing a new circulating medium ? the mischief which threatened the commercial world was prevented ?—What was and is now the case of the Bank. It appears when the exchange was against us, the issue of paper money increased; and now, when the former is get ting nearly at par, the latter is diminished, with the exception of one pound notes, which have been is sued as a substitution for guineas. If you compare the quantity of paper in circulation now, with what it. was in 1793, you will find the increase trivial considering the great export of money for the pur char of cont. The circulation is, at present, six teen millions, including four millions for small notes, which is a sum less by one million than it was at the period immediately preceding the restridion. My learned friend says, every one must lament the want of gold for the purposes of trade and com merce. lam convinced by his observation, that he cannot have considered the consequence and effect of paper circulation in our trade and commerce. We might trace the increase of our wealth to our paper circulation, and shew that it is among the primary causes of those resources. Does the Hon. Gentleman imagine, that by opening the Bank, the inconvenience of wanting gold would he obviated— No t the rate of exchange must be uniform. , Without this, whatever may be the influx 'of bullion, it must return to the Continent. My Hon. Friend, with reference to the renewal of the Bank charter considered merely as a financial arrangement; I consider it as a measure far more im portant. It was a measure founded on a full confi dence that the public were satisfied with the wisdom of those who had the conduct of an institution of great national importance, and in which the welfare and prosperity of the whole community are deeply interested. He says he does not wish to see too close an intimacy between Government and the Bank. To this sentiment, in the abstract, I ac cede but I deny that any intimacy does exist which is not as advantageous to the affairs of the Bank as those of the Government. He does not wish the Bank should give unlimited credit to Government. In answer to this I have only to remark that the amount of the advances by the Bank to Govern ment are less than they were immediately- before the restriction took place ; and sure I am it will not be said that any outstanding demands due from Go . vernment constitute the slightest impediment to the Bank resuming its payments in specie. Conceiving as I do, that the grounds on which the propo sition I have stated rests, arc so notorious, that it would he absurd to have a Committee to en , quire into the state of the exchange between this and other countries, or the effect the measure would have on Country Banks—Persuaded too, that it is highly material we should make up our ; minds to the continued restrietion of the Bank pay ments till the rate of exchange is settled on that solid and firm foundation, which will preclude the ne cessity of recurring to a similar measure—Con sidering the proposition of my Hon. Friend im proper, as it would hold out an hope, that we might be able to take off the restriCtion at an earlier period than it will be praCticable, and that the Bank would be obliged to make preparations fur that event, at this time much to the disadvantage of the country—Thinking also, that no good purpose can be answered by rt, I shall adhere to the origi nal proposition I made for continuing the re strietion till six months after the next Session of Parliament, with the reserve for repealing► and altering it, if necessary, during the present one.— There is one more observation of the Hon. Gentle man I must notice. He says, if he thought the political state of this country and Europe required the continuation of the restriction, he would waive his objeClions. This observation, and the disposition it manifests, is worthy his candour. I shall rot now enter into the subject, but shall content myself with appealing to him, whether the state of this country and of Europe is such as would make this a period politically proper to repeal an At which has been so beneficial in its operations ? Does it not, on the contrary, tell him, that it will be more prudent to pause before we get rid of a measure, the temporary inconvenience of which we know, but the dangers of the want of which we arc not aware ? Mr. BANKS said a few words in explanation. Mr. HENRY TILORNTON said, he was quite unconcerned as to which of the Motions vas adopt ed. The one proposed by the Hon. Gentleman (Mr. Bant:s) would impart mere solemnity to the proceeding, and would shew that the continuance of the restriction was not a matter of course. He admitted that it would be attended with extreme inconvenience to the Country Banks, to be ob liged to prepare for paying their notes in specie. —He thought, however, it would not be right to continue the restriction till the exchange was at par. He considered that the circulation of paper money was, in some degree, the cause of its not being so, and its redudion he had no doubt would be followed by an increase of commerce. The CHANCELLOR of the EXCHEQUER said, the restrktion on the Bank favoured the ex change. it was not till after the harvest of 1799, the exchange became unfavourable to this country. The original Motion was put and carried without a division. The ATTORNEY GENERAL moved his Cause, which was added to the Bill. The House resumed, the Report was received and agreed to, and the Bill was ordered to be read a third time on Monday. After some routine business, the House ad journed till Monday. THEATRE-ROTAL, DRUET-LANE. THIS EVENING will be . r e s ented the Comedy a HEAR BOTH SIDES. The Characters by Mr. Dowton, Mr. Bannister, Jun. Mr. C. Kemble, Mr. Raymond, Mr. Swett, Mr. Wroughton„ Mr. Cherry, Mr. Wewitzer, Mr. Collins. Mrs Pepe, and Mrs. Jordan. The Prologue to be spoken by Mr. Bannister, Jun. and the Epilogue by Mrs. Jordan. LOVE AND MAGIC. On Monday, the Comedy of The Way to Keep Him. On Saturday the 19th inst. will be produced a new Ma.4.al Drama, called The Hero of the North. THEATRE-ROTAL, COVENT-GARDEN. Tills EVENING will Co performed the Comic Opera of THE CA BINET. Orlando, Mr. Brabant; Peter, Mr. Munden; Mr. Fawcett; Cbunt Curyosn, Mr. Emery; Marquis de Grand Chateau, Mr. Blat.chard ; and Lorenzo, Mr. hick-don. Ct.- rloso, Mrs. Mattocks; Constantia, Mrs. H. Joimston ; and Floretta, Signora Storace. To which will be added, The REVIEW; or, The WAGS of WINDSOR. On Monday, the Tragedy of Hamlet—Hainlet by a Geu•le mau, being hi; Third Appearance. A New Cmnetly is in rehearsal, called John Bull; or, Ara Englishman', FKe- S ide. THE It RITISH PRESS. LONDON, SATURDAY, FEN. 12. The French Government has not worked of late, with all the promptitude and facility that distin guished the former motions of that machine. The plans of the Fi asr Cost are not merely canvassed, but many of them have met with considerable delay and opposition.—This has been particularly ob servable in the case of the FIRST CONSUL'S in tended title, which has been so long announced, and has not yet been carried into execution. The Courier de !Andres of last night, contains als article in which this change is accounted for in s satsifaftory manner. It attributes the obstrudionq which the Fiasr CONSUL encounters, to they Senate, the members of which body, holding their places for life, are therefore enabled to speak and ast with some degree of independance. Among the etfeds produced by their exertions, it places the alteration in the form of the Ads of the Execu tive, which are now entitled, in the name of the Government ; a term that equally embraces the Three Consuls. The following is the article to which we It is true that BONAPARTE has had reason to complain of his Senate, and that for some months past he has not experienced that tractability in it, which he had reason to expect, in return for the outward consideration which he had bestov.ed upon it. The primitive composition of the Senate, as well as that of the other deliberative bodies, is a great obstacle to the entire submission which is pre+ scribed to them In the first moments of the easy victory of the Idth Brumaire, it was neceawy ttz .....el