The British Press; or, Morning Literary Advertiser. — London, England, 1826-02-16 00:00:00

PARLIAMENTARY INTELLIGENCE. HOUSE OF LORDS, W _S, _ EDNIUDAY, FicanaaaY 16. MR. RENWICK. Mr. pentium, and other Members from the moues of enenmmte, sought up a message from that House, requesting their Lordships to ellnw Lord Middleton to be examined befnre a Committee of tbe House of Comnions, touching the charges against Mr. Remick. Lord tiIIfPFORD intormed the f.ent!emen their Lordships would rend an anima to the House of Commons by a measenpr of their own. SLAVERY. The Earl of 11/CHEST Eh presented a petition from the inlia triterts of St. Neot's. praying for the abolition of slavery. IRISH POOR LAWS. The Earl of DARNLEY rose fur the purpose of adverting to some obeervations made upon a former occasion relative to the im ponant subject of introducing poor laws into Ireland. There was a Noble Friend (the Earl of Limerick) near him who he believed entertained a strong aversion to the attempt of introducing any such measure into Ireland. It was not his intention to transfer the Eng. I'm system to Ireland, but he could not see any country in which starvation existed without endeavouring to relieve it. It was only Mfg day he saw in one of the newspapers an account of a death in that country by starvation, and it was a most unfortunate truthahat Guth-Instances 'are very common. His loniship would therefore peess upon their Lordships the necessity of adopting some remedy fur this evil. The subject had been introduced upon a former ou. evasion by a Noble Lord (Cathay) whom he did not now see in his piece; that Noble Lord had pledged himself during the last Sett. won of Parliament to bring in some measure for the relief of the Irish poor, and he sincerely hoped the Noble lord would item wore in his intention. His Lordship wished now .o state, that un less the measure were persevered in. he would proyose something on the subject to their Lordships. It was a subject of vital im. portance to that country. and although he felt that the English aratem of poor laws could not be extended to Ireland, he still hoped their lordships would adopt some modified system. to relieve in some degree the sufferings of the unfortunate porn of Ireland. The Earl of LIMERICK was astonished that any Noble Lord should at this time agitate a subject fraught with such serious con sequences as the introduction of poor laws into Ireland ; and he was the more surprised at its coming atom a person of the Node Earl's property and experience in that country. An extract froth a newspaper was not sufficient authority to act upon ; and for one such account from Ireland, the Noble Earl might have met meny respecting England. A few such instances were not sufficient to justify their Lordships in enacting a law so impoverishing as the ' poor laws would be in Ireland. He would refer the Noble Earl to an article by an eminent writer on political economy. who attributes idleness, poverty, and distress to the operation of the poor laws In England. But in Ireland more especially they would hate the most unpoverishing and demoralising effects. Nothing was more likely to induce early marriages. The poor would then increase their fa milies. looking to the poor laws lot support. There would be such an increase of population as must be a curse in that country. No thing more mischievous than the poor laws could be applied to Ireland. There had been many forfeitures there ; but the num nure spoken of would amount to a mend forfeiture. At one time fiveu6ghthe, at another six-eighths of the property had been for feited ; but this would amount to ono general act of forfeiture. The Earl of DARNLEY assured the Noble Lotd that he had entirely misunderstood him. It never was his intention to trans. ter the English system of poor laws; but his Lordship's wish was to bring the subject under their Lordships' most serioui consider- 'lion. with a view and hope of devising some scheme of relief for the unfortunate peasantry of Ireland. Ile could not propose or oollitent to any measure likely to be detrimental to the interest of that country. CORN LAWS. The Earl of LAITDERDALE presented a petition from certain inhabitants of the town of tuilington, in Devonshire, in favour of she Corn Laws. The Noble Earl did not coincide with the wishes (lithe petitioesrs. SMALL NOTES. The Earl of LAUDERDALE wished to oaks some inquiries en the subject of small bank notes. As an inh►bitant of Scotland Oa wished to know whether it was Intended to extend the measure ACM in progress through Parliament to Scotland : and if there wets any such intention on the part of his Majesty's Ministers, s hat ✓MS was it proposed to imminence. Lord BEXLEY, in answer to the Noble Earl, stated that at pre. MK there was nn such intcntlnn on the part of his Illsjesiy's lusters Ilia Noble Friend (the First Lord of the Treasury) would in ■ 'hurt time explain to the House the couese which was la lorded to be pursued. The Earl of LAU DERD.ILE said, that on a subject of so much impor:anca he woe most anxious to ascertain the probable time w:.en it was intended to withdraw the small notes horn Scotland, where a deep Interest was fel: upon the subject. Lord BEXLEY said he was Dot competent to give soy further answer. The Duke of ATHOLL would not at present enter into any dis cussion of the measure; but when the subject should be introduced he would be prepared to prove the mischievous trndency of any "mature altering the present currency of bcAuland. Earl of LI M 1:ItICK hoped that s hen the small motes were so be withdrawn from circulation in Ireland, care would be taken to procure an adequate amount of gold to supply the place of them. In the south end south-west of Ireland the circulation cons;sted Venom exclusively of small notes, anti any sudden measure respect- Oig them might be most injurious to the interests of the country. A Gentleman from the Rolls Office brought up a copy of the Chattel granted to the Bank of England In the reign of William sod Mary. Their Lordships than adjourned. MOUSE OF COMMONS, Wroszstur, rms. 11. ARCADE, LINCOLN'S INN-FIELDS. Mr. T. WILSON presented a petition from certain individuals, he have to bring in a Bill to construct an Arvada from Lincoln's Lao-fleitls to Holborn.— hears granted. PARISH OF CLAPHAM. Mr. R. SUMNER moved for leave to bring in • Bill to erect a Chapel of Ease in the Parish of Clapham. Surrey—Leave granted. BRIDGE OVER THE SEVERN. Alr../. MARTIN moved tertiary to bring to a Bill to construct a Bridge over the river Severn—Leave granted. ABOLITION OF SLAVERY. Sir 'V. GUlSKpresie;teriapetitioaFro;i Yailsworth, In Oleo essdershire. praying for the Abolition of Slavery in the West India Colonies. _ _ _ Mr. ELLICE presented a pet:don from the Protestant Congre gation of Newcutle.upon.Tyne, for the Abolition of Slavery. Similar petitions were presented, by Sir J:lebrlght, from Hitehin; by Mr. Crippa, from Cirencester; and by BIT. Wharton, from Be verley. SILK TRADE. Sir W. OVISE presented a petition from Nailswordr, spinet the importation tit French silks.—Ordered to be printed. Similar petitions were prevented, by Sir T. Lethbridge, from Beverley. in Yorkithlre ; and by Mr. Davenport, from Alcvsn. Ben jamin and Dyat Smith, silk throws!ere t lyengleban and Sandwich. TR EASURV. Me. BRIGHT presented a Report from the enmmissioners of h.s Majesty's Treasue l k—arr t e i ll u ttlimsahe table. Sir R. FERG CSSON moved fora return of all linseed, rapeseed, and all other vegetable oils imported Into this country in foreign vessels, during the ytar5 . 1.1 . 23 :, 1824, and 1828. WINDOW TAX. Sir T. LETHBRlD6l 7 :Oresenied7peTition from Beverley, in Yorkshire. praying for a reduction of the Window Tax. BIRMINOHAM AND LIVERPOOL RAILROAD. Mr. DL'UDALE presented a petition for leave to bring in • Bea to construct a Railroad from hiverpool to Birmingham. IRISH PAPER CURRENCY. Mr. S. RICE said that he could not allow the House to enter upon a subject of so much importance to the country to which he belonged, without moving for returns which would ptevent them born adopting measures without Information—which might guide them to a fair and correct decision. From the returns which he would move for it would appear that the circulation of one-pound notes was much greater in Ireland than in this country. No /11em tier of that House could be mote averse to an undue circulation of paper in Ireland titan himself; yet he did not think the measure which was proposed with regard to the paper currency at all nem. wary—and indeed it appeared to him a measure utterly impossible la carry into effect. In England the paper oarrency was always convertible into specie. If there was an undue circulation of paper in Ireland. it was clear that it would be attended with great Injury. The public would never receive their hills in the paper currency when they could enforce a payment in coin. Any niessurrs which might be adopted in this country (whether wise or not) would regu. late the circulation of the paper currency in Ireland as certainly as that the pulsation of the extremities of the human body wet regulated by that of the heart. When the returns which he now moved for were laid before the House, they would ndopt those measures they considered most eligible, and would be able to drawl inferences from them which mold not fail to lead them to a wise decision. He concluded by moving for a return of the average, amount of all five pound notes and Bank post bills issued by the , bsrik of Ireland during the years 11121, 1822, and 18M. Also for a return of Inc number of banks established for the Ist six years, the number of notes stamped and issued by them for the same period, and the places where those banks were situated. TOBACCO AND SNUFF. Mr. CAI.CRA FT moved fora return of the number of pounds weight of tobacco and snuff imported into Eerland during the join, 1823, 1821, and 1825, stating the amount of duty paid tar •ch year. QUA RTERINO OF SOLDIERS. ‘VIIARTON presented a petition from the innkeepers of Beverlry in Yorkshire, against the quartering of soldiers upon Inn keepers. USURY I,.l‘t's. Mr. Sergeant ONSLOW moved for have to bring in a Bill to Laws. From the • low - of voice in which the Rouse year after year, and he could not expect that it would meet with a much better fate on this occasion. (.% laugh.) In his opinion a repeal of the usury / sws would be eery injurious to the agricultural interests of the country. He believed that such en opinion did not belong to him alone, but was participated by many other Members of the House. He thought the subject worthy the consideration of his Majesty's Ministers, and he would venture to tell them, that if they did not look to it they would involve the country in ruin. Mr. BRIGHT thought that in the present state of the country, when such agitation prevailed upon every subject connected with the circulating medium, stitch a question as that then before the House might he well dispensed with. (W ear, hear.) at .. hether the measure was wise or unwise the country should not be disturbed by its agitation. ( Hear, hear.) He hoped the country gentlemen would come forward to defeat a measure which would fall heavily upon them. Mr. C. GRANT thought it would not be neatly; the subject of the Learned Sergeant with fairness ; he was of opinion that in this Bill had been passed before, the distress which now prevailed would not have been PO peat. (Hear, hear.) Mr. IRVING said that whatever might be the policy of pass ina this Bat, he thought that there was no reasonable ground to retuse the Learned Sergeant an opportunity of bringing forward whatever he could urge in favour of the Bill ; it would bo a matter of subsequent coneideratinn whether those views were gond or not. Under those impressions he would support the Bill in its present stage. Mr. BENNET thought that money could be obtained under more disadvantages under the operation of the present laws, than i f the restrictions imposed by the usury laws were removed. He thought that greater security would be afforded to money transec. tions by the repeal of the usury laws, and he would therefore gore the preiemeneasuen his support. Mr. SYKES thought it unfair to oppose the Bill in its first stage, they should become acquainted with the provisions of the Bill be fore they decided so strongly against the expediency of entertaining the measure. He did not think it necessary to enter into consider'. I liana on the general question. There was an observation of the Hon. Member for Bristol (Mr. Bricht) relative to the conduct of Ministers in this affair of which he approved ; he certainly re gretted that this subject did not take a more prominent situation in the debates on the currency. It was said that the repeal of the usury laws would be injurious to the landed interest. He could not think it would have any such effect ; but. on the contrary, would relieve it from great inconvenience and loss. If a country gentleman, on any emergency, had occasion to raise money, in. stead of getting a loan on lair interest at any rate over 4 per cent. he . is obliged to have recourse to a much more ruinous expedient o f ' , procuring it by the annuity system, which was bringing sonic of the noblest estates of the country to ruin. ( Hear, hear, hear.) The question of policy was quite clear ; no one could deny the propriety of repealing those laws which were found by experience. the best possible test, to be prejudicial to the country. The justice of re pealing those laws was equally evident ; when a man had *commo dity in his possession, he nu Ott certainly be allowed to manage it at his own discretion. It was ridiculous to suppose that men were not competent to conduct their 'Midis in the bargains they might think it advisable to make, relative to the rate of interest they should gi re for money. He thought that it was incumbent on Ministers (se the measure was brought before the House) to take up the ques tion, and embody it in a measure of financial relief. Mr. GORDON observed that the Learned Sergeant had re peatedly brought that question before the House, year after year ; it appeared to be a pretty plaything for the Learned Sergeant, but however amusing it might be to the Learned Gentleman to agitate that question, it was no reason why the time of the House should be wasted in its discussion. If the measure were brought forward by Ministers it would alter the case materially, because it would then be put forward under their responsibility ; but lie really thought it too much to expect that the House should attend to a measure of such vast importance, alien brought forward on the responsibility of a single individual, however respectable. It had been said that the country gentlemen should come forward and take a prominent part in support of that measure, but lie thought the country gentlemen might be allowed to judge for themselves. He thought them fully competent to take care of themselves, and notwithstanding the great affection which had been evinced be those who favoured the present measure for the interests of the country gentlemen, he would give it his decided opposition. Mr. WODE HOUSE objected to the time which had been se lected tar the agitation of the question, and considered it altogether a useless experiment. Col. DAVIES said that if the country gentlemen preferred the present preposterous state of the law on this question, they would of course oppose the present measure. The lion. Alentber made some other observations, which were inaudible In consequence of loud cries of •• Question." Mr. MONO( said that the consequence of not allowing money to be taken up eta higher rate of interest than four per cent. was, that persons engaged in trade were obliged to sell their goods at a very great loss to meet sudden demands. The case between country gentlemen and traders was widely different ; the country gentlemen had landed security to o ff er for any money he might want, while the trader could o ver only personal security ; the former could con. sequently procure money at a much fairer and easier rate than the trader. He knew no reason why the hands of the trader should be tied up. There had no doubt been much additional light thrown upon the subject by late discussions. It was clear that while a man was prevented from exercising his judgment in the rate of in. tetest he might give for money, there was no law to prevent him from selling his property; so that, though he was prevented from borrowing money at a higher rate of Interest than 4 per cent, be was allowed to do a much more ruinous thing. Ala J. SMITH said that though the law did not allow a higher rate of interest than 4 per cent., yet the effect of that law was to oblige the trailer in many instances to dispose of his property at such a loss that he virtually paid 75 per cent, lie knew that die. tress prevailed to an extent of which the House could form no idea. Ile concluded by offering his thanks to the Learned Ser. jest= for having brought the measure forward, and hoped the House would agree to his views. Mr. W. WYNN wished to express his entire concurrence in the object which the Bill proposed to effect. lie thought it would be productive of the most essential benefit to the monied transac tions of the community. But he did not think that the benefit would rest there. lie also felt convinced that it would confer the most important benefit on the landed interests of the country. (Hear, hear.) Ile knew many Instances in elucidation of this sup position. Ile would state one which appeared to him to illustrate the subject abundantly. About ten years ago he was acquainted with a gentleman possessed of considerable landed property in the country. On this he had effected a mortgage; and it might be conjectured that there was sufficient safety in the case, when he mentioned that the mortgage was of 30 years standing. In tact, the original sum was 411,1099/., and of this 2(1,0001. had been liqui dated. The remainder was then called in, and it was found int poisible to procure the requisite stun at the rate of 0 per cent. met e s!. he consequence was, that the mortgager was eon. pencil to raise the money by other expedients, which caused the rate to amount to 9 per cent. if even 6 per cent, could have been legally given, thou gentleman of whom lie had spoken would not have had occasion to burden himself with the additional per centage. This was not a solitary case ; for when the Committee sat on the subject at the end of the last Session, several solicitors who were examined on the occasion agreed in testifying that such a difficulty as had been experienced in the case adduced had oc curred to numerous individuals. Many gentlemen seemed to be deeply impressed with a regard for the wisdom of their ancestors, by whom the principle had been adopted. These Hon. Gentlemen tel: a neat reverend respect for the Statutes that had been made on this point in the olden times; but necessity, arising from the great change in commercial circumstances, had induced Parliament to alter many of those Statutes, one of them went so far as to vest in the Lord Chancellor the power of regulating the price of win e . 1t hen such was the foolish principles on which these Statutes were constructed iawas time to rescind them. Mr. CALCRArf said that every time the subject had been introduced to the notice of the House, his Right lion. Friend (Mr. ‘,Vynn ) had delivered the same opinion on this {mint as he had given to night. But when Government was reduced to mist money at 7 or 8 per cent. it was natural to expect that individuals could not get it at less than 5 per cent. Was lie to understand that the Bill was to receive the support of Government ? if so lie would not oppose it. But if the Mouse was so be tented with it Session after Session, he would decidedly throw it out. (Cheers.) His Hon. Friend near him had stated that they were obliged in the City to raise money at 75 per cent, Ile entertained no doubt that such was the case on the system of continuations; but the principle and the practice was illegal. But if the measure raised the legal rate to 10 or 20 per cent, the mode of continuations would increase it to 40 or Sta In spite of any legal provisions to the con. teary, people will be found to sit. at faro, at hazard, and othrr games. But will the Learned Sergeant say that if the Bill passed the effect will be to suppress speculation ? He would request the Learned Sergeant to confine its operations to trade. Let him set it work in that way, if he chose to make the experiment. Let the agriculturists, however, be exempted from its operation. It the landed gentlemen were to adopt the principle, perhaps it would be found that Its effect would be to increase the rate of interest. The present times, however, were too serious to admit the hazard of such experiments. Too many are influenced by spendthrift propensities and if this Bill pass it will have the meat of continuing them. The case of annuities has been brought for ward, but what compsrison did it furnish with mortgages, in mortgages you must pay at the rate of 7 per cent. and by annuity at 14. But the cases of annuities are exceptions and mortgages are I thermic; in fact, they bore no proposition. For instance At the thine of :he last war the property subject to mortgages was in the ratio of forty to one of that vested iii annuities. It was not the way to legislate t o re gar d th e less more than the greater subject. 1 bey should not go on creeping with the measure. He meant no disrespect—he only wished that the Learned Sergeant hail been made a Judge during the vacation. lA laugh.) If such a cireemstance had occurred the House would have been relieved from listening any longer to the discussions on the subject. The measure was calculated to produce a dangerous effect on the money market, and it required to be accompanied by most perfect, temperate, and solemn convictions of its necessity, beture it should be adopted. lie would feel obliged to the Learned Sergeant if, in his tender mercies, lie would indulge himself in something el;e de d r u too rtng k t t o li s e u S p es pont Session (A laugh.) Unl es s his Majesty's Ministers u he would not agree to the passing of the Bill, and he hoped that it would not be persevered in. Mr. Secretary PEEL observed that he was not present at the commencement of the debate, to derive information from any ob servations which might have been made on the subject; indeed he dud not fully comprehend the points at any time. During the last Session of Parliament he felt that the nature of the proposed Bill had not been fully discussed; there were few members in the Bonne on that occasion. his Right Hun. Friend was so occu- pied to-night with important and urgent matters that he wislu a .. t .. repeal the Usury Laws. From the very low tone of voice in which h [ . .... ' the Learned Sergeant spoke, he was very inaudible in the gallery ; el as well as we could collect, he said that the measure which he pro. ill • fi t osed having y been frequently before the House, he did not ronsider ii ' 1 to speak much upon the subject at that early stage. Me thought that the laws which applied to the interest of money c, 1 were unfair, and in their operation Injurious to trade. It was con. v Part , to the common practice of life to restrain a man from making di the oest use of his property his judgment dictated. Is ( ' 1 3lr. DAVE:4I'OIIT meant no disrespect to the Learned Ser. Ii ream who intro , tuced the present Rill, in rising to oppose it at II I 1 that a►ly stags of its progress. The bill had gone in anti out of I Pi l i t r r ; . I _ ', THE BRITISH PRESS„ the Learned Sergeant would name a later date. He would only remark that it was the intention of his Hight Hon. Friend to state his opinion of the Bill on the second reading. His own oyinion (as we undmtood) was, that the princii , le of the lisurf Laws was bad. During the list three months the difficulties of • raising money had been greatly Increased by their operation on tradesmen. Mr. H. GC BS EV spoke, but in so low a tone that his meaning could not be distinctly caught in the gallery. We understood him to approve of the Bill. Mr. MARTIN, in reference to what had been lately observed, hoped tbat the second reading of the Bill ...mid not be postponed, as was the case before. to the close of the Session. Lease was then given to bring in the Bill. On the llouse going into a Committee of IVA AND MEANS, Mr. FIOIHIOUSE said that it would hr in the recollection of the House., that his Majesty's Al inistsrs had promised to Introduce either in this House or in another place, some measure respecting the Bubble Act. He therefore wished to ask the Attorney-General, whether or not it was in the contemplation of his Majesty's Minis. ' ten to introduce any measure to that effect during the present Session ? The reason he asked the question was, that a strong sen timent was felt throug hout the country on the subject. The occur mimes at the Stack Exchange were productive of great injury, and some adequate security ought to be devised to project individnals against their machinations. The ATTORNEY.GENERAIr did not apprehend that there would be any alteration of the nature adverted to. The law ap peered to him to be sufficient in its present state to answer the par. ', pose ; for if a number of individuals were to conspire against the property of any man, they were lisble to be indicted for fraud, ac cording to the existing lass. Mr. HUME wished to know if the House was to be allowed an opportunity, on any earlier day, of becoming acquainted with the details of the financial measures to be brought forward on Friday week by the Chancellor of the Exchequer. The state of the country was changed materially, and it would be proper that Mi nisters should state to what purposes they meant to apply the pub lic money, before it should be actually voted. The state of the country was such that it could not hear the pressure of taxation. The taxes must be reduced. He hoped his Majesty's Ministers *odd take the earliest opportunity of putting down the enormous establishments that afflict the country. lie thought that the pub lic debt should be held sacred, bur in times of peace he could not perceive the necessity of paying 17 or 18 millions tor the establish ments which were kept ap. Mr. HERRIES wished to state, in reply to the question,and on the part of the Chancellor of the Exchequer, who was prevented from attending by indisposition, that it was the intention of his Right lion. Friend to go into the details, when he would submit a ' sta t ement of the estimates. On next Friday week that statement would be given, and it could not reasonably be expected that next Friday or any other intervening day would be devoted to the sari. out details. The only estimates in the Committer: of Supply which would be submitted, were those regarding seamen. The naval de partment was one of primary importance, and should not be neg lected. The votes of last year fur this service were so exhausted, that he could not postpone bringing forward that motion. lie trusted that the reason assigned would be considered satisfactory fur making this exception. Mr. BRIGHT thought that the misery which prevailed was not confined to money matters. It pervaded all classes of the cont. tomtit!. They had) determined to carry the Currency question, and they must he prepared to meet the consequences. It was in. curribent on Parliament to proceed with economy, The country was not in the state of prosperity which had been attributed to it. Experience would prove that it was ineapable of bearing the heavy load of taxation with which it was incumbered. The order of the day being read, Mr. HERRIES said he thought it would not be difficult to ex plain matters to Honourable Gentlemen. The House was not now called on to go into a committee of expenditure. On the con trary, the Committee into which they were to resolve themselves was one which necessarily followed a Committee of Supply. They had already declared that the House should do so. It would be strangely finconslstent, when they had voted the supplies, to re. fuse the means of enabling the expenditure to be completed. It was in fact indispensable that they should proceed. If the House did not go into the Committee, great injury must be indicted by the delay ; for though in a Committee of Supply it was not ne cessary to have a Bill passed, yet In a Committee of Ways and Means it was necessary that a Bill should pass through both Houses. In its progress time would necessarily be lost. An objection had been made by an honourable Gentleman in regard to the annuities, but he (Mr. Herries) was prepared to say that if sufficient was voted to supply the immediate exigencies of the Treasury, he would wave all further dementia Ile would only ask that so much of the Ways and Means as formed a surplus of the last year, should be transferred in aid of the present. This was the ordinary practice, and it had been found very convenient. Mr. PRICE (as we understood) said that as far as he was able to judge, he thought when the House went into the Commit tee it would be proper to consult economy. Mr. MA BENIN agreed with the observations which had been already made, that many circumstances ought to be taken into consideration before the supplies should be granted. There were various matters connected with the money market to which they were bound to look. It was his intention, when the Committee of Supply should be proposed, to object to the measure, and to move that the state of the country be taken into consideration. Mr. HUME said that It was his determination to oppose the pro. position of any other matters than the Exchequer bills and the sur. plus of the %Ways and Means of last year should it be required. He begged leave to remind the house, that before the report had been brought up it was said to be a mere matter of form. He was wil. ling to accede to the two votes which had been specified, but if sugar or any thing else should be introduced he was resolved to oppose. TRANSFER OF AIDS. The House having resolved itselfinto a Committee, ttlr. BERRIES moved that the sum of 9,500,000/. now in the Exchequer, or received before the 30th of January, IMO, be trans ferred to the use of the current year. Mr. 111:51E wished to know what purchases of Exchequer bills had been made by the Bank of England. The country should be protected from sufferitig such miseries as ft had endured last year, in consequence of the operations of the Bank in this way. It was in the power of any individual in the Bank, by intermecidling, to raise or depress the Funds five of ten per cent. in the course of a week. He was of opinon that all banks, including the Bank of England, should give an account of their issues four times a year. The Bank of England should tell what amount of Exche quer bills was in its possession. By its interference in the market there was such a difference caused as forty shillings in the course of one day, lie wished that the Bank should be independent of Government. lie was anxious to know if it was intended to com ply with the request. Mr. Al ABER'S thought It was proper to do so, as it would then be seen what injury was sustained by inundating the market with Exchequer bills. The Bank of England had gone into the market and raised them twenty shillings. lie did not mean to deny the right of the Bank to do so. All he meant was to say that such was the effect produced. Unless the publicity contended for was given, private property would not be safe. They should know the connexion between the Bank and the Government. They had nu right to demand it, but lie trusted the Bank would accede to the proposition. Mr. IRVING, after some inaudible observations, said that the supply furnished by the mercantile discounts was insufficient, and that there should be an issue of notes. lithe quantity of circulating medium was too small, and that the Bank had Exchequer bills to sell, why not sell them ? lie was of opinion that the only regular supply was to be found in a deposit of gold, or in Exchequer bills. It was immaterial to the country from which source they procured the supply. Mr. BRIGHT wished to direct attention to the year 1793. At that time there was great di -dress, as at preoent, as they would see by the Report. Exchequer bills were then issued, and did alleviste the misery suffered. Though he was no advocate for re curring on every occasion to the wisdom of their ancestors, he thought that the House ought to be govet scd by ex perience, and to adopt, in the present instance, a similar expedient to that which was then found beneficial in similar circumstances. It was possible that great capitalists might benefit by the issue of exchequer bills, but what was to become of small capitalists ? lie believed that in many districts of the country there was scarcely any circulation, and the application of three or four hundred thou sand pounds would be a serious relief to the evils which those dis trict,' consequently experienced. Active clerks might be employed for the purpose of issuing certain portions of it upon goods which were an unexceptionable species of security ; and thus might the deficiencies of the circulation be supplied, in a degree which, lie believed, no other measure could effect. Ile hal observed, with considerable regret, that WO much weight had been attached to ab stract principles, and too little to practical measures. Mr. PEARSE spoke in so low a tone that it was with difficulty we could catch a single sentence. He thought it would be un becoming the Bank to make a practice of trafficking in exchequer bills unnecessarily, but the present occasion was an exception to a general rule. It was an occasion which might justify a departure from a general principle. lie had been informed by a gentleman that he had yesterday sold exchequer bills at a discount, in con sequence of the distressed state of the market, and he thought that persons thus situated might have some grounds of complaint if exchequer bills should rise to premium in consequence of the Bank of England having acted upon the suggestion of last night. Mr. HUME said he had no intention of casting the slightest imputation upon the Bank. Ile only stated a fact, that the Bank had the power by buying or selling exchequer bills so to affect the prices as to alter the relative value of every man's property. It was alleged is the City that at various pennis of distress a large sale of exchequer bills produced such an effect upon the market, as to create a gtcat deal of irregularity. He thought that the Bank of England, upon which the currency of the metropolis almost entirely depended, was bound to teed the market, so as to prevent these changes. With respect to the argument of the Hon. Member for Bramber, that there was no means of getting bank notes into circulation except by the purchase of exchequer bilk, he thought it a most singular one. How were they to be got into circulation, he would ask, if these was no public debt, for without a 'public debt there could be no exchequer bills? Ile was not blaming the Bank for what they had done an consequence of what passed yesterday, he was only contending that they had it in their power, under the present state of things, to ruin any individual. Mr. IRVING wished to ask, exchequer bills were not issued how it was possible for the Bank to procure the meats of supplying the country with a circulation of notes ? In his opinion exchequer bills were the most convenient method of getting notes into circulation, though, perhaps, the liack ought not to rely wholly upon that alone. Still it would prove, he believed, to be as useful a foundation as any other, because it would afford a more regular and coustaut supply. In December and Jatikary the met. .ES YESTERDA I . rES. SIIA! xr Share. Pahl. Premium perfrisare. Angle-Mexican £lOO 40 15 dis Arigna Iron mad Coal llO 12 7 dis Jlolanos British Iron Pasco-Peruvian Potosi, La Paz, and Peruvian 60 b 3f dis Royal Irish United Mexican Ditto New 4O 12{ die Welsh Iron and Coal Si SO 9j dis DRURY-LANE THEATRE. This Evening, THURSDAY Feb. Irt, will be performed the new National Ballad opera of 41. VINA. The principal Character. by Memel's.% Mitten, Sinclair, Horn, Bedford, Hawley, and litzwilliam; Hisses Stephens. Puvey, and Kelly. - - • - • - • To conclude with the Pantomime of 11 /*HUI:QUIN, J WK. OF ALI. TRADES. Illarloguln, Mr. Howell; Pantaloon, Mr. T. Blanchard; Clown, Yr Hill; Columbine, Miss Harnett. COVENT-GARDEN THEATRE. This ITGAillg, THURSDAY, Feb. I. will be performed the new Flay of THE FRENCH LIBERTINE. The principal Characters by Messrs. C. Kenible, Ward., Power, and 6.-K.Per; Mesdames Monism, l'hatterley. and Glover. To cone:tide with the opera Of TIIE MAR RIAGE OF FitiAßO. Count Almatriva, Mr. Jones; Figaro, Mr. Otinteet; Antonia, Mr. Pawcrtt; Cherubino, Mrs. Chatterley. Countess almaviva, Miss Paton t autanna, Madame Vestris. COVENT-GARDEN THEATRE. ()RAND PERFORMANCE OF ANCIENT AND MODERN MUSIC. 1:110104 TNN PIAMAC MMMMM OP Ilk V. SMART. To-morrow, FRIDAY. Feb. 17, wig I,•e performed Handers Sacred orto THE MESSIAH. With additional Accompaniments by Istotart. At the end of Purt I. a FAIlt44lll extempore on the °spin by Mr. Thorny Adams. Prinelpal Vocal Performers—Messrs. Praharn, HoeMeastle,Peerrnan, Phillips, Robinson, and ; Master Harker; atlases H. Caws,. Coward, Love, Paton, and Stephens; gad Madame Yestrls. cantile' transactions of the country were sufficient of themselves to cdl forth a supply, but at the present time those tramtictions were limited, and the consequence was, that there was a scarcity in the circulation. The plan suggested to relieve the mercantile distresses might operate in some measure towards the object it had in view, but only to a very limited extent. IVA regard to the frivolous objection which had been thrown out to the proposal made the preceding evening by the Hon. Member for the City (31r. T. Wilson), that. such a proposal, if acceded to, would operate as an encouragement to future improvident speculations, he telt it neces sary to state that before the application was made he thought it would be instantly acceded to, and that Government would not require any stimulus to induce them to accede to the wishes of the mercantile interests of the country so reasonable a boon. Mr. M A BERM' thought that the argument, that the country must be without bank notes unless the country was in debt thirty millions, and unless there was an issue of tech quer bills, totally untenable ; but with respect to the mercantile distresses, he thought a Bill might. be passed to allow goods to be received as a deposit for sums which Government might be authorised to advance for the relief of the commercial interests. Pin IRVING explained. lir. HUME thought that a proper currency might be provided according to a judicious system of banking, without any public debt. It was not of much consequence whether the Bank kept one. half, one.third, or one.fourth of the amount of its circulation in actual gold, for he believed that it was the quantity of gold kept by the Bank tome time back which led to the distresses. It was incon. sistent with their principles of profit to keep a large quantity of gold unemployed, and the endeavours to force it into circulation led to the spirit of speculation which had been so much reprobated. The national banks of France and of America were conducted upon different principles to those which governed the Bank of England, and he feared the latter would never be to well conducted as it ought to be, unless their accounts and the amount of their profits was laid beliwe the public. Mr. BRIGHT said that he could not understand in what man ner the issue of exchequer hills could affect the rates of exchange, but he thought a temporary relief might be found by adopting the proposition be had thrown out, of transmitting to those districts which were In want of it a small circulating medium. Mr. C. GRANT said that he exceedingly regretted that remarks had been thrown out impugning the conduct of his Majesty's Mi nisters, and charging them with treating lightly a subject of such serious importance as that which had been adverted to the preced ing evening. He was sure that no man who dispassionately viewed their conduct while endeavouring to alleviate the distresses of the country, even if he might be of opinion that had they acted errone ously, could yet say that they were not guided by a strong sense of duty and an earnest attention to theinterestsotthecountry. He was I still more surprised at perceiving that the charge of want of feeling and lightness had proceeded from a gentleman who was in the ha. hit of supporting his Majesty's Ministers upon most occasions, and he then rose for the purpose of testifying to the anxiety with which they had considered the subjects which had been pressed upon their attention by various interested parties, and he wished above all things at the present moment to deprecate every thing which could give the slightest impression that there existed any sweat of confidence in their measures. They were situated in the midst of difficulties—they were assailed from all quarters, and with all manner of propositions, almost all of which were at variance with each other. With regard to an observation made by the lion. Gentleman on his side or the House (Mr. Irving) as to the effect likely to be produced by issuing notes by means of exchequer bills, he would just remark that it appeared to him to be quite immate rial how the bank 'totem were got into the market, so that by their getting there the currency should be maintained in a proper si tuation. _ _ Mr. T. WILSON thought that the emission of exchequer bills upon the part ot the (invent/tient was quite a different thing from their emission by the Bank, and calculated to produce quite a different effect. If the principle of free trade was to he adopted, it must be begun by an introduction into the country of linen and other foreign manufactures, and if these were not convertible into cash, a state of distress was the inevitable consequence. The proposition which he had last night adverted to would, lie was convinced, be the means of restoring confidence, and thus relieving the distressed state of the mercantile interests. Upon these views of the coal, he felt it his duty to declare that it was his opinion that Ministers were proceeding erroneously. Mr. C. GRANT explained. Mr. HUTCHINSON said that he believed his Majesty's Ministers had examined with the greatest anxiety into the causes of the recent distress—that they had canvassed every species of remedy which had been suggested, and that the poignancy of their feelings was only to be equalled by their earnestness to join heart and hand in relieving the country from such a lamentable crisis. For his own part he had the utmost confidence in their sincerity, and felt it his duty not merely to them, but to the public also, to render them the justice of openly declaring his opinion. Still, however, he believed that no measures could prove effectual until the country WAS relieved front the enormous taxation by which it was oppressed. Sir F. BLAKE made an observation, but from the noise in the gallery we could not hear it. Mr. BERRIES said he felt that at moment he ctiOt not to reply to the various subjects which had been introduced by different Members as remedies for the distressed state of the country ; but a word had escaped Wirt an Hon. Member behind him (Mr. T. Wilson), which he believed hail been spoken without consideration. He had intimated that Ministers were inclined to treat the die. tresses of the commercial interests " lightly." He hoped he had not considered the full weight of the word—indeed he felt certain that it he had more carefully nttended to its lull implication the word never would have escaped him. ( Hear.) It lie (Mr. Herrin) did not answer the various topics which had been introduced in the shape in which they had been placed before the House, it wit because he could not do so without entering into an elaborate discussion, which would be altogether inconsistent with the state of the House at that time. The lion. Member for the City of London had adverted to the species of relief which had been held out by means of the pur chase of exchequer bills, and seemed to think that its effect would be extremely trifling, soil that it was to be considered rather as a measure of the Bank than of the Government; but he would refer him to what passed last night, by which lie would perceive that it was a measure of Government, for the Bank could not proceed, if the Government had not pledged itself to bring forwind in the course of the Session a measure to enable them to repay to the Bank such advances as they might make, in accordance with what hail been then stated. The resolution was then agreed to ; several other resolutions for the supply were also agreed to; after which the Mouse resumed, and the Report was ordered to he received to-morrow. ANNUAL INDEMNITY BILL. Mr. BERRIES obtained leave foe bringing in the usual annual Indemnity Bill of persons in office. BANKERS' PROMISSORY NOTES BILL. On the motion of Mr. BERRIES, a Bill for limiting to a cer tain period. and after that period to prohibit, the circulation of pro missory notes, payable on demand, under a certain sum, in Eng. land, was read a lust time, and ordered to be read a second time on Friday next. The llouse then adjourned at half-past seven. PRICES OF BRITISH Bank Stock 196 3 per Cent. Red. 7(i 76 75j 6 754 3 per Cent. Cont. 744 a 754 74 Ditto Acct. 744 75 74 75a 74i 75 74! 34 per Cent. 84 (TUCKS YESTERD Y. 3; per Cent. Red. 831 1 New 4 per Cent. V 2 j 1 1 Long Ann. 18 11-16 India Bonds 16 10 1 Bdia fix. Balls 1.000 f. 3 die par Ditto, 3001. 1 pno !die Ditto Small 1 pm 2 di* Pitit:h;s tor I.oltElii:sl neatilian Bonds3o 484 50 Ditto Aeet. 49 51 Baanos Ayres Bonds 50 Calombian Bonds Ditto Bonds (1824) 41 403 1 39 42 393 9 41 40$ D!tia Acct. 41 40 42 40 f i 304 41 40i Danish Bonds 51 Ditto Acct. 51 French Bente. 5 per Ct. 951.2 k. 95f. 50e. Exchange 25E bk. 50e. s'11)11104 YESTEH DAN . Greek Roods (IWO 18 17} 1 10} Ditto Aeet, 181 Guatemala Bonds .Ditto Scrip 25 dim Mexican Bonds Ditto Bonds (1825) 80 49 62 So} 14 1 Ditto Acct. 51 AO 52 60 4 1 4 1 Russian Bonds 73 Ditto Acct. 73 4 2i Swinish Bonds 9 84 9 64 9 dltta Bonds (1023) if 6 !lino Acct. );. rittoh apreos. The ENTux ratio commenced publuhing 7ss —I amnia ( ae six o'clock. LONDON, THURSDAY, F&DaYAaT 1 6, MN. By out Parliamentary Report it will be seen that th e Bill for prohibiting, after a certain period, the circulation of promissory notes payable on demand under a ce rta i n sum, in England, was read a first time last night in th e House of Commons. The Paris Papers of Monday that arrived last night are very uninteresting. The . Journal de Par; t, up on 6,e authority of its Frankfort correspondent, statrs that ti m Emperor NictiorAs is about to take a tour to MOSM4 and the southerb provinces of his empire, and afterwards to make a reconnoissance of the armies of the Unit and West. His Imperial MAJESTY subsequently is. tends to visit Warsaw, and proceed with the Gnu! Duke CONSTANTINF. to Bessarabia, from whence it teems a threatening demonstration will be made towards Wal. lacitia and Moldavia, if the PORTE persists in re. , taining military possession of those principalities. Th e Quolidienne publishes a paragraph from Trieste of the 91st of January, which is very sarcastic in its remarks upon the statements that have lately appeared in the French and German Journals, relative to the advantages they hair:, announced that the Greeks have gairad over their op ponents. The writer remarks, "it in extraordinary that intelligence from Corfu should reach Paris anti Augshurgh before it arrives here." The (Currier Francais gives a re. port that the Algerines had declared war against Spain. By an article front Brussels of the eith instant it appears that some difficulties have arisen among the clergy there about the religious ceremony to be used at the interment cf David, the painter, who had not called in the assiatanceoF religion at his death. These difficulties had however bike removed, and the funeral was to take place on the 16th. [From the Journal des Paris of Monday.] PARIS, Fs. Our correspondent a t F ran kf ort on t h e Oder informs us that the last letters from St. Petersburgh seem to leave no doubt of the • intention of the Emperor Nicholas to pay a visit to Moscow and the southern provinces of the empire, and also to visit t h e arm i es of the south and wes t. His Imperial Majesty will then go to Warsaw. whence, after a short stay, he will go, accompanied by his brother the Grand Duke Constantine, to Bessarabia, to review toe army of General Sabanieff. It was reported in the circles of St. Pctersburgh that it is from Bessarabia that a threatening demons ration will be m a d e towar d s M o ld av i a and Wallachia, I unless the Porte at length causes those principalities to be evacuated by its troops, according to the stipulations of the treaty of Bucharest. (From the Quolidienne.) TRTESTE, lA'. 31. The North winds which have blown in the Adriatic during the whole of the month of January have prevented arrivals from the ',event. Several vessels have been obliged to stop at Capo d'ls tria. We see by the French and German Journals that &dean rages hare been taken of this want of news to fabricate and circulate fables respecting the affairs of Greece. It has ap. peered very surprising to us that things relative to the Mores should be known at Paris and Augsburg, of which we are ignorant here. We ask what route have the letters from Zante and Cotfa taken which your papers quote with surprising assurance? The kind readers of these papers may, in fact, have believed that the Peloponnesus had swallowed up in a few weeks the numerous army of Ibrahim. According to the news-mskers, Ibrahim Pacha is taken or wounded, he has lost above half his army in battle, the Turkish fleet is almost destroyed, and Tripolizza taken by storm by Colocorroni. These doubtless are marvelous events; unhappily the reality presents a very different picture. The news we have from Greece is not recent, as no vessel could keep at sea for some weeks past. However, the Lombard-Venetian. an Austrian brig, arrived here yes erday, by which we have letters from Corfu, of December 29. The latest accounts from the Mores, which had at that time been received in that island, stated that Ibrahim Pacha continued to traverse the Peninsula in all directions ; he had madela great nom. bee of prisoners, whom he had sent to ['Teresa. It seem that the Egyptian General lays waste all the districts through which he passes, in order to leave the Greeks no means of subsistence. If we may believe the same Inters from Corfu, Miasolonghi has surrendered to the Turks, but hitherto this news is not confirmed by any official document. It seems that the (Jreek naval force. after having quitted the lonian Sea, has gone to the island et Argentine, to repair. A banking house at Trieste has just had returned to it bills of exchange to the amount of above two millione of franks, drawn by the Government of Napoli on the Greek Committee at Londoi, and which have been protested for want of acceptance. The hire have been paid by the first endorser, a rich merchant of Venice. . • [From the Courrier Francois.] MURCIA, FM 1. The Velage French brig has just arrived at Carthagetia. in two days from Port Mahon. The Captain says that the Etoile French schooner had arrived at Mahon the 19th January from A Igieri, with the news that that Government had declared war ag a: Spain, and that our Consul Mr. Ortiz de Zugaste and his Secretary. who were lately conveyed to Algiers, on board the Egeria, had been obliged to take refuge in the house of the French Consul, after having Keen both of them ill treated.• The Spanish corvette, the Zephyr, lately sailed from Carthegena for Cadiz. It is said that it will go with the Guerrero to the Havannah. FRENCH Fu 'mg.—Pants, Iron. 13.—Five per Cents, M. 40z.: Three per Cents. 63f. 70c.; Bank Stock. 2,025 f.; Bente de Naples, 72f. ; Royal Spanish Loan, 47f. ; Haytien Loan, 775 f Ex• charge on London—One mouth, 25f. 50c. ; Three months, 251.3ik. —Court Authentique. • An order of the day in the Ilarcelotta Gazette of Feb. 4 eon• firms this news brought by the Emile corvette, Capt. Cunes.—Note of the Editor. A file of Madras Papers to the 7th October have arrived, and also letters from Penang to the 524th Oct. Althongh this place is within a few days sail of Rangoon, the com munications from it furnish no intelligence of a decisive nature from the seat of war. The following extracts from the Madras Papers show the uncertainty that still exists regarding aff.irs at Prome; but the fact of the enemy hav ing snared so much of the rainy season to pass over with out making an effort to annoy Sir ARCHIBALD CAHPBIO.I in his p )sition, proves that the confidence of the Burmese is shaken when they dare not avail themselves of this fa vourable opportunity of attacking the British Commardcr. M•DRAI, SE PT. .27.. We noticed in our last the report of warlike preparations on the part of the Burmese near Profile; but while ready to yield belief to the story, on the authority of one letter, we are almost driven from it, no less strongly, by the statements of another. A letter from an officer, enjoying the best opportunities of becoming ac quainted with what is going forward, speaks of the rumours that reach head-quarters. of an army gathering to-day, and dispersing ta-morrow, as au common, so vague, and unsatisfactory, as to meet with very little attention. That a rabble of some kind or other is collected above Nome, there can be no doubt, from the in telligence lately received from that quarter, but we doubt how tar they ought to be dignified with the name of an army ; and it would seem to say little for their Commander's judgment. or their own valour, to have allowed so much of the rainy season to pass over, without an attempt to annoy Sir A. Campbell in his position. In short, the uncertainty as to ultimate operations of either the Burmese or the British, seems rather together strength at this mo. ment than otherwise; how far the appearance of a Commissioner ready to make peace, should the enemy be inclined to propose terms, may enlighten our darkness, remains to be seen, but can not now be very long a subject of doubt. The strain-vessel has been found very useful at Prime, and been employed latterly in conveying the party that reconnoitered the po sition of the enemy at Meayday. If it prove correct that the Bur mese are stockading themselves strongly at this and other place distant from our position, anti are to attempt disputing our march. it wmild indicate a change in their mode of defence, wh e 1, while our troops were at Rangoon, was more offensive than defensive. SEPTgMBFR 20. We have accounts from Rangoon and Prome; ;t the latter place the force of the enemy, which was said to be in front, is reported to have been ordered to the capital. The Monsoon had not been heavy at Nome, or immediately in its vicinity ; but rain must have fallen in great abundance further '.nrthward, as the river had swollen extremely, so much so as to Inundate the place. At Ran goon the rain had betn heavy, but tar less annoyance Mad been experienced than at Prome. It is said the greatest consternation prevailed in the capital ; and, although the King gives to each man 150 tickals, that his troops de•ett in great numbers, saying, they cannot tight against us--and that opposing the British tortes is of no use._ At lugpore, it appears that the measures adopted by the Ranee are far front meeting the approbation of the British Resident, who has left the fort until the native authorities come to a better tinder startling wherein their own best interests consist —Cakutla Joke Bull. SEPTIMIZZ 19. The latest aceounts front Prince of Wales's Island represent the intentions of the Rajah of Ligore to have entirely subsided. The ltaj.di had disbanded the force collected tor attsckii.g 6sdaugore, V i