The British Press; or, Morning Literary Advertiser. — London, England, 1826-02-11 00:00:00

respecting the difficulty of getting gold in payment of a one pound net presented at the Bristol Bank. That difficulty produced a certain degree of caution on the part of these who held country nags and they Itegtoe few of Mantras - they oeuld.fiemetralives.alff= acid by prudence . Subsequent to that !mind gold found its way OM NI tomtit) , &Ai, because it was material that bankers should mote ciposed to so notch danger as might accrue did they not keep &certain portion againot any unforeseen contingency. They also found it necessary for their own safety to withdraw a large per. lion of their hones from circulation—those banks which were esta blished upon a solid foondatiOn did so to premme their credit unim paired, while there r:hich were of a weaker charneter contracted their issues also to atoll the prohability of ruin—sod the species of paper, the circulation of which was Shill contracted, was that with which a rim was likely to be commenced, I moan one and two pound notes. There were also a great number of notes scanned which eaull ant get into circulation except gra dually in inmplving the number of those which were wo-n out ray destroyed. Allowing then ti. 000,060 to be the are. mom, thhaugh 1 think the total number in circulation far .port of that, the tt mosso effect of that which I mean to propose will be that in the cortee of the next three years the vacuum to that amount in the eiteutatioc mud be filled up with gold. It should also be re. matted, the in the years lee 4 and 1825 there was a greater abunifeece of paper in cimulation than was consistent with keeping the exeheneme ta a proper state. I conceive that whatever ditficul. ties may impede the premien of •he measure, the ecempt to supply the vacuum in the circulation will not he deemed the result of mad /teem Many, it is true, may thereby be inconvenienced, and inju. ties may be sousitied in particular parts of the country; but the fact is, we are in a difficulty, sand we most get nut of it. (Bear, helm. A rd white we seek the means of doing so, we must alien provide "going getting into it again. (Hear, hear, hear.) It was riot because the means were difficult of accomplishment thlt the attempt was to be characterized as the reault of madnems ;Thut if Parliament was to shut its eyes upon the danger which threatened in perspective and blink the question altogether for the sake of a little temporary ease, such • procedure might indeed be attributed, and justly an, to matinees. (Hear, beer, hear.) If Parliament wilt not act upon sound principle in time of peace, then do I say than sound principle is net worth a farthing, and the country must fad into a scene of chain and confusion. ((leer, hear.) Something ha been said in the emirs, of the several discussions which had take place upon the subject of the Zeta panic in support of the opinion that other causes had contributed to the excess of paper circulation; that in 11123 and 1824 all of that gold which had been previously imported was again carried out of the country, and that this was one cause which led to the recent pressure, and which would impede the execution of the measures in contemplation. Now, Sir, why shnukl the ditlienhies by which We measure is surrounded be dis guised ? I do not deny thee:tent of these difficulties, but 1 a• deny that they ate of a permanent chrumeter. (Hear, hear.) It is true that the paper of the Bank of England had increased in t he yew. 1824 and 1823, as appeared by the returns moved for vest mi slay. and that the average amount of notes issued by the Bank in IV3 was 10.137,0001., but the country bank circulation during that year remained nearly the some as during the year preceding. In 11 1 24. the totem of the Bank of England amounted to upwards of 20,011' 1 ,0094 increasing nearly one million and a halt beyond the rime" of the preceding year. In 1823. they decreased again to In )00,711/. It did not appear that the incre.se of Bank of Eng lard paper had been followed by the increase of country bank paper so as to protium, that effin upon the excharges which had taken plate during the last two years. If the circulation of the Bank of England paper increased, while that of the country banks decreased, or vice error, it of mune followed that there could he intimate con. nezion between them. It has been said that the increase of bank parer, to which the recent distress has been attributed, was entirely owing to the measures of Government m paying off the holders of the 4 per colts., yet it appeared evident that it the Bank had not at that period proceeded to issue notes upon a new pr:nciple (that of lending them upon bonds), the arrangements alluded to would not have raised the Bank issue, more than '2OO 0(W)!. or 200,0001. If Government has acted wrong in this instance, why, let Gemin ating take the blame of their wrong doing. It' I do not enter into a laboured vindication of that pleasure, it is because I flatter myself that the House sill adopt the measures I am about to retrommend, sod if they prove to be pernicious, it may deal with me hereafter, as far as I nut petvonelly concerned, just as it pleases. (Her, hear, hear.) 1 will, therefore, not trouble the House by going into unnecessary details, as, should the measures I am shoot t 3 propose prove inadeqate or pernicious, the House mid at least retain the power of preventing a repetition of each an error. I lope the House will trot shrink from the difficulties which surround the measure. if pucks deserve blame let them bate it—but let not the measure be abandoned because of these Having gone at length into the principles of the question, I will now proceed to state in detail the plan by which flavernment propose to effect the intended alteration, sod make gold the basis of the country circulation in future. There are two vitiate' of effecting this alteration t one is, period —the declaring that re small notes shall be boated after a given pert he other, by allowing those in circulation to run their course, but to grant no cew cam The first of these plans, that of assigning a period after which no notes shall be issued, appears to be liable to ob j.ction. if the period of three years be fixed for suffering the onntinuance of the currency of small notes, and if during that period the stamping of these notes be allowed, it will leave tire circulation of the country in the most unsatisfactory state; and at the expiration of the time the House would fi nd itself and the country beset by every difficulty which they have now to encounter, at 4 the molt will be that the measure cannot be carried into cleat at all. It appears to me, therefore, better to adopt the latter course, and to come to a resolution that no notes shall be stamped from the commencement of the present Session of Parliament, and that, in the course of three years from the same period, country bank small notes should not circulate any more. These are the only pellets in detail which 1 thick it necessary to state, and the foandation of the Bill which I mean to introduce will be com posed in the following Resolution which I shall presently move: •• That it is the opinion of this Committee tha: all promissory notes payable on demand, issued by country bankers, fur any sum less than 31., dated prior to the 6th of February, 1826, shall remain in circulation until the Rh of April, 18211, and no longer." 'lids Resolution, as I have already stated, will form the feundation of the Bill, so that in point of detail I have nothing further to add. It appears however to me to be of great importance that I should state to the House the views taken by his Majesty's Government relative to the existence of a considerable circulation of small paper, which will not be affected by the Bill I am about to introduce. It had been asked the other night what were the intentions of hit Majesty's Ministers with regard to Scotland? I believe Ireland was not mentioned; but as the currency of all parts of the empire is of importance, I will state the nature of the views which are entertained a hh regard to those countries. In Scotland there was no prohibitory law as regarded the circulation of small notes until the year 1763, when a Bill passed declaring that no notes should be circulated under the value of 20s. Subsequently however this Act was repealed, and no restriction now existed in that portion of the empire. In Ireland also there existed no restrictive law with regard to mall notes, but it was found totally impeach. cable there to get them into circulation. In the north of Ire. land, at all events, all their lesser payments were made in gold. it being found impossible to gct one-pound notes into circulation. In 'the year 1799 the Irish Parliament adopted a course of procedure, the very reverse of that resorted to by the English Parliament about the same period. They passed a law priOnbiting the issue of small notes altogether, and that law had the edict of keeping the gold in the country. lo the year 1804, when the laws of both countries, as regarded paper currency, were mairdlated. the immediate consequence was the almost total ex clusion of gold coin from Ireland. In Scotland the banks have no exclusive privileges, though it is true that the chartered banks are I:able only to the extent of their shares, and in 1812 the Bank of Ireland waved its charter, except within fifty miles of the city of Dublin. The first question then to be considered is—supposing tita proposed measure to be beneficial—upon what grounds they could maintain a difference . as regarded the currency between Eng. land and the other parts of the empire. (Cheers) I do not mean to say that, in carrying the present measure into execution, it ovoid be advisable to apply it to those parts of the empire at the same period at %latch I propose to effect a change in the currency of Milt country. In Scotland the currency was not founded upon a metallic basis, nor at such a time could the measure be adopted as re. minded Ireland without beingguilty of great imprudence. It is, therm lON, not toy intention to move any resolution respecting those coca. tries (hear) at present, but at a future period I shall feel myself called upon to state a time from whence their currency inay be also altered. for 1 cannot see upon what principle a partial change only stool/ be tarried into execution. I do not know that I have any Snakier observation to offer respecting that part of the otiestisn, nor imbed can I say more respecting the home of notes in this country, except in reply to the isloterestsons as to the danger of the measure to the landholders, which had been thrown out by the Hon. Meru bee for Cricklade (31r. Gordon). That Hon. Manlier argued that the effect which the measures were calculated to produce upon the fended interests was of the most pernicious character, and he ap pealed to the country gentlemen to combine with him in defeating my Abets ta carry this measure through the House. Now, if they. are any set of persons in the kingdom who can benefit by the mea sure I mean to propose more than ancther, those persons are the country gentlemen, whom he has called upon to join him in op. poste, that which is really calculated to rends,' them an essential sconce. Is it likely, I will ask them, that they can have any county as to the payment of their rents, while their tenants are runuir.g with their mem to hank against ' which Mee is a run, tootle this very nun was calculated to extend the alarm and in t a u etainrdit ern other banks, which might otherwise be as solid nod as seettre as the Bank of IS'agiand ? Norersons an be mere tateresten in haying a solid currency titan the hus.dholders, anti toe the ask., ail the temporary ease which their tenantry may gain by t h e , * ps a a. I hopeabat they will not run blindfold em their oven deteruction (Haim bear, hear), and oppeot e measure which 1 ant sure is c iicti'aied for the well-being of etery person m the commits tory. 1 will now tall the attention of the House to the second pan of the mote man the privileges of tne Bank of England. 1 really shotibt not have anticipated any objection to th e measure o f eurtaili ig the extent of its pets ilegea, for I well recollect when the Bank of Ireland consented to a similar abridgment of their privi leges. no ore apprehended that any injury could allow to the pull -I.c. • on the contrary, the people of Irehmd profited, inasmuch re toe measure ware a greater degree of stability to the country banks. I remember that when the measure was before the House last year, to eyerterel wish stoniest to be to go farther than was proposed. and 1 lied no little dirlisulty in preveming the curtailment 'tithe privileges Inlet d beyond the point previously agreed upon between them aid gore rnmeut, and winch had been warranted by that agreement. I do not mean to say that it will prevent ever issues; but in regard the o rarity to he afforded, I think that it would he promoted if she barking sestem were placed on the same footing as that of locullotad. It had been Raid on a former night dui, in point of fact, same& six partners were allowed by law in English: banks, they eeidoni orsever consisted armee than five, and very open did not lintriber so ovanyi It might besot sir might be topically in ionic in-latices acc‘rding to ti.c species of nuinagentent, bet 11w House .cgmett - look for-dne-oiseseer so the observation to which he had alluded as having bet') made on a former occasion, in the establish ments sad arum pursued in Scotland. In lreland, since passing the, Act which regulated the banking system of that country, two banks were formed, one of which bad between sixty anti seventy partners, and that which is called I believe the Provincial Bank a larger mouber, and the great ptudenee with which these concerns have been carried on has been felt to lie most beneficial -and satisfactory. It Is my intention to move a Resolution as to the period when ti's issui..g of small notes shall cease, and as to the establishment of country banks ; it is intended that that mearttre should commence In the other House of Perlis mew ; bet, should this House not Weill to my proposition, and die resolution should not receive the assent of the House, then it would be another question as to what line of conduct was to be put sued. It li-d been asked en a former night Whether any time would be Cffiwed before the new system should come into opera tion, and it was intimated that considerable difficulty would be felt by the banks at present in existence if the new system were at once brought into operation a ithcut giving them an opportunity of in creasing the number of their partners. Ido not think that any danger is to be appreheeded on that head; for I feel convinced that those establishments which are firmly established upon princi ples of credit and honour will have nothing to fear from the pro posed alteration. Some time would necessarily elapse, and I should have no ohjection to insert in the Pill some pretise period for their commencing their issues, not extending beyond the fish of July it would necessarily take some time tu the formation of the establishment, and therefore I apprehend that may be a pro per period at which they may come into operation. I am not aware that I hare anything further to state to the House at present, though 1 fear a thousand things may have mesped me in the very imperfect statement I have laid before it. (ffear, hear.) If the House should refuse to entertain the propositions I have to offer, or after having entertained them, should refuse to adopt them, then 1 fear that it will deprive the country of a great good, anti lead to comequenees of the greatest danger totredit and confidence, and frequent returns of calamities such as the country had lately expe rienced might be expected to arrive, and which it was the impe rious duty of Parliament to prevent. The more frequent return of injury will be the consequence of resisting the measure now pro posed, and the danger of fluctuation augmented and increased. 1, therefore, call upon Parliament to step in and atop the den. gee, and not allow that system to be followed which will lead to a state of things destructive to the credit of the country. If the House should refuse to entertain the proposition, or to carry into erect the Bill intended to be founded upon it, it would take a most fatal step; and I shall not envy that man who may then bold the situation which I have now the honour to fill, if Parlia ment refuse to deal with the exigency-1 say I shall not envy that man the heavy responsibility which will attach to him, in the meat and set-loos difficulty in which he will be placed. I trust the House will not be terrified by the difficulty of the case, but apply itself boldly and heartily in preventing a return of such calamities as the country had lately endured t and show to the world that, whatever the difficulty of the situation might be, Parliament would given remedy; but if it should not on act. it would produce a more serious state of things than that from which the country had lately escaped. 1 cannot but think that the difficulty of the proposed plan is overrated, and that the fear of the country banks is carried to too great t. length. The error is the error of the law, and the law ought to be altered. Integrity and honour is the solidity of banks, and with those qualifications the confidence of the country would not be shaken as to those on whom they were dis posed to place their contidenee. l Hear, hear.) The Right Hon. Gentleman then read the resolution as above. Mr. A. BARING begged t , ) a.k the Right Hon. tlentleman the Chantal°, of the Exchequer if that was the only resolution he intended to submit ? The CHANCELLOR of the EXCHEQUER—" The only one on that subject." Mr. A. BARING said the resolution then went only to say that the holders of one and two pound notes should not circulate them beyond three years. There was no resolution respecting the Issue of new notes, as to whether they might not be issued immediately, or from the commencement of the new system. On that point the resolution said nothing. The Right Hon. Gentleman bad complained of hostility existing against him on that side of the House. The CHANCELLOR of the EXCHEQUER—"OnIy hos. tility to the principle of the measure as to the expediency of with. drawing one and two pound notes. Mr. A. BARING said that the present was a question oft which no party feeling could possibly exist : he could refer back to instances in which party feeling had certainly showed them selves ; but that was not the ease now ; indeed there never was a period when less existed ; but the R:ght Hon. Gentleman must expect to find difference of opinion, without reference to politics. In the matter of the question of currency it was out of the question, and the country would not endure the supposition that such was the case. It must be quite clear that the sensation created in the City by the paper of his Majesty's Ministers addressed to the Bank, was cakulated to excite hostility, when that paper stated the distress of the country was past. He (Mr. Bating) must say that he had Fathered from the speech of the Right lion. Gentleman that his Majesty's Ministers had done nothing at all; or if they had dons anything, that little went to aggravate the present state of the country. They should go to the Royal Exchange to hear the real state of things. He ( Mr. Baring) had every respect for the Right Hon. Gent., but he must say that his speech had shown that he was ignorant of the distress of the country: the view he had taken of it, had only been skin deep. It had been an unfortunate circumstance that theoretical men had thought they could perfect a system by the study of books alone, and not look to the fact of exper!ence ; but it was Impossible not to see that such a subject could not be attained by a straight mad—not as the crow flies. Many years ago, when.the bullion question was brought before the P.ou.e, it would be recol lected that he (Mr. Baring) opposed the bullion retort, and he re collected that the Right Hon. Secretary, (Mr. Canning) and the President of the Board of Trade concurred in it, and the House camel to the resolution that on the lit of the following January the issue of specie should take place. Mr. CANNING—I do not concur. Dlr. BARING said that his Majesty's Ministers had kept out of sight the fact of the Government having participated in the COOSs of the late distress; in making this statement, he could assure the House he should do it candidly and fairly. As to the country banks, he wished to speak without the slightest imputation. In speaking of the Bank of Englend,from having lived among them on terms of of intimacy, from his connexion with the establishment, he would wish to speak with the greatest respect ; at the same time the truth must be spoken plainly an to that institution. The sae as re garded them was this. Upon the cessation of the war great facili. tie+ existed of getting back metallic currency ; the whole thing was new, and gen demon said, because it war got so easy then it could be so now, but that was not the case. They should, when they had got this gold, have,placed the currency on a proper footing ; resist ance might have been made by the country bankg, but from the magnanimity expressed that night, that was the time to h ave se t I t in order. There was great difference at times among all trades as to the pressure of distress or of prosperity. At the end of 1823, or beginning of 1824, though it was difficult to know the !IRO facts, from the secrecy which was punned in the affairs of the Book—from circumstances connected as it was to be supposed with the quantity of ettecie they postessed, they de. dared a dividend of ten per cent. profit, and a bonus ; thus increas. ing their profits and advantages when they ought to have set about reducing the circulation of its paper. The thing weuton, and large issues of Bank paper took plate ; that circumstance always encou raging and promoting a mailer extent of issue on the part of the country banks. The great question then was, what was to be done with money, and mortgage transactions varied finm five to two and a half per cent., and the consequence was, that both the country and London bankers pet out their money In that way. and conse. Euently it became out of their r ea ch an d di e posol. The Bank of ngland feud out their error, and began to draw in ; they jerked up the horse, having bettor given him his head with a loose rein. 1 he find step they took was to draw in, and to call upon the coun try banks to dr aw in also ; every body tailed upon his debtor. and gentlemen must be aware that every addition to the pante brought weak parties to the ground—the firsi.claes houses went, and then the second ; when they were gone the panic was ir.ereased ; men went and drew their money out oldie', bankers' bends, and locked it up: first came those who had to make a real demand, and then those who were afraid to leave their balances ; and if the banker had not Bank of England notes or hellion. he wee reduced to that state of difficulty which led to such fatal consequences. There never was a period when in so short a space of time so much of public credit was destroyed, and many of the first respectability had been caught in the storm. Men who six months before were worth ent l ,oool. could not hare been more astonished if the sky had fallen upon their heads, than to find the situation In which they Merl plan 1. To think of removing all the difficulties which at present ember. rutted commercial es.gagements, by taking objections to the fur. they arculatian of one-pound notes by the Bank of Englaptl. was in hie opinion quite absurd, but since they were so very anxious to dispense with the circulation of those notes he thought it • great pity they did not get rid of them when they could have drote it without danger; but row when much diettesewrevailed, and wt.= great commercial difficulty was eepericreed in every quarter, it would be fitly to inert"- thou difficultiee to atop the circulation of those notes. They had allowed the time it could be done with safety to pass by. Now the Mouse waxen fire, and they threw all the lighter anieles nut of the garret windows when they could not preserve the furniture. The reitohition which the Right Hon. Genii:Trim proposed was one he could not aove, and he hoped it would be got rid of. The Bank. in hi s o p inion , pr bed bolt eight of the true system on which their affairs ought to be coaduct ed ; by the rester:. they had in the proof hive, cc pursued they were rot prepared foe the difficulties that came on, and by they eirgegemerts with florernmeet they wars completely elelted up. (Hear, hear.) Ile could not co n ceive what means could be found to justify the measure which wits propelled, anti which he thought mole ie./ail:doe' and absurd. (flux, hear. hear.) liVhen they entered into secculltions ?elating to the Long Antitiithet they Imagined they bad is sum of five millions to fort a sinking fund. (flew. herr ) The Bank had eight millions in hard. and six lions of Exchequer Bills were Issued. Whenever difficulty arose those Exchemier Bills were turned to for the purpose of meeting din exigencies of the time, and a quantity of them had been sold nut at the period of dieters'. The Bank had a dead weight of eight millions. The consequence of the engagements between the Batik and the Government was to create a considerable deficiency on the pan of Government. to meet which the Bank made a.) ad. vitnee of Revert millions, by which it was ',addled with a deficiency of five millions and a half. A fnrilter advance 1114611 liters ar,lR ' made to enable Government to pry the dividend., en that theme ad vent( I of the flunk to assist the finances of rite OoTernme 3 t ° vie dourly saddled that estebliehenent with the burden it removed fitter U THE BRITISH PRESS. another quarter. Theme draughts on the mousers of thie Bank Um' (lend it accessary for them to real their taper currency, through fete of any sudden demands upon them, a n ti consequent) induced dello- induced die Direntors to retime to cash payments. To supply th ency iu the paper circulation he thought the conduct of the Bank rendering so much of their capital unavailable very injudicious; they had by this means brctight upon them a dead weight of eighr mil lions. They advanced two millions to Government to enable it to pay off the 4 per Cents. They invested a million and a half in morn gage upon land, and had altogether allowed 2 4 millions to VI so completely locked up, that that sum became quite unavailable f or any casual demand which might be made noon them. The greet object of a bank should be to have all its funds available by every possible means. He considered it a very aliened spier.: of finance to draw upon the resources of the Bank as had been done by Go vernment. If any great distress prevailed, if any unforemen na tienel calamity had sprung up to destroy public confidence and public faith, the importance of the case might justify such extraor dinary conduct; but, when the country was in a state of the greatest prosperity, when the funds were up to 911, lie thought the policy of Govemntent in this instance a most chimer piece of lie considered that the Bank had acted eontrary to all sound rfficiples of commerce when they were rendering 24 millions of money guides.. The Bank had no capital. and consequently could not be justified in lending money, which they might be called upon to pay on demand. In the year 1783, upon the close of' the American war, the Bank was reduced to the greatest difficulties. It was so muc h embarrassed, that it was almost insolvent. At that time Government was indebted to the Bank to the full amount of ten millions; and he believed no one would deny that the difficulty in which the Bank was then involved was mainly attributable to the Government of that day. The year 1797 was a period of great die. tress; compleints were made on all sides, and the Bank, to emerge from its difficulties, was obliged to play pranks. It was disgrace ful to have recourse to tricks to support any line of finance. The first measure he would recommend the Bank to adopt would be, to give themselves morn elbowroom. By having their resources at command they could bring them forward so as to obviate any tem porary derangement that might occur. Ile was convinced that the difficulties which at present appeared so alarming, and struck such universal panic among commercial men, possessed nothing of a permanent character. He was convinced they were only temporary. (Hear, hear .) This state of things grew out of the measures pur sued by the Bank. The Bank was the heart of the whole circulat ing medium. If that was not sound, the entire circulation must be equally unsound. The aspect of affairs was, to a certain extent, alarming; it originated in one of those manias which sometimes happen, and which baffled the most experienced to account for. It was like the wind " which bloweth, but not knows from whence it comes or whither it goes." No circulation of the paper currency could hove given rise to such madness. The Bank had, by choking up its resources, produced those disasters. They should have done as a judicious Government would do in a time of peace; who would, though there was no immediate danger, notwithstanding. have its ships reedy for any sudden emer gency. The Bank should have their means available for any mo ment of dfficuly—like a ship, which though in harbour. should be always ready for a start. But the Bank, full of its foolish conceits, paralysed its own resources, This was a great error ; the great and real power of this country was centered in her treasury. She wns nets military nation. During the entire war which wu carried on, she never had more than 45,000 men upon the Continent at one time. The great commander who achieved so much for the glory of the country never commanded during that war a larger British force. It was the money of this country that set in motion the military force of Austria and Russia. They had a naval force adequate to the defence of their commerce, and they should always take care to have such force. That was the best end most efficient defence this country could and ought to have. The Bank, he would repeat again, had acted most absurdly, and he would tell them that before they came to the conclusion that the banking system was bad and would not work, they should get rid of that mode of transacting business which choked up their resources. The Bank should be always ready with four or five . millions for any emergency. If the Bank was unincumbcred by Government, they could have prevented much of the difficulty that had arisen. The panic which prevailed was similar to that which OMITS sometimes in a theatre ; an alarm is given which is imme diately communicated to the is holeaudience; the entireassembly rush forward, and in their anxiety fur personal safety, crush each other, without any knowledge of real danger. The Bank is the banker of the country. In private commercial transactions, if an individual get into difficulty, he applies to his banker for assistance, but if the banker have not his resources within retch he cannot afford him any relief. The Government will sometimes require the same ac commodation, and it is the duty of the Bank to be provided with means to afford it. They have rendered themselves inadequate to perform that duty, from the desire to derive too large a profit. He would listen with great attention to any arguments which might be offered to allow the expediency of establishing a new bank, and to prove it was advisable on the expiration of the Dank charter to raise up a rival establishment. He would hear any thing on that subject with great attention. He was, however, satisfied such a' remedy would Le inefficient, and could not look upon sachet rnea. sure io any other! ight than u • trick. He thought the circulation of the paper currency sufficient for ail purposes, as far as such a bank would form a reconl,ofproperty, It would be useful, but any thing that would check the circulation of the paper currency would, he thought, only increase the difficulty (Hear, hear.) If they had two banks, one east and the other west, those banks, far from lessening difficulties, would increase the confusion.— (Hear, hear.) Though the conduct of the Bank of England had excited an alarm of danger. The establishment of a branch bank would increase the confusion ; but if they could devise any means of strengthening the Bank they would do much good. The Right Hon. Geotlemun has said that the Bank had made concessions of ila privileges, is allowing more than six persons to carry on a bank. ing establishment ; but if out of all the banks in England only six had availed themselves of this concession, it was fair to conclude that no great confidence was reposed in that expedient ; and if any persons were found to follow the advice of the Right Hon. Gen. tleman, he was quite sure that they would be guilty of an act of folly. (Hear, bear, hear.) He was favourable to the establishment of joint-stock companies, because they would form a record of the prosperity of the country. The affairs of such banks would be under control and subject to annual examination, and the consequence would be that no man could be involved in any speculations beyond his inclination. lie thought that silver and gold being made the circulating medium would be productive of much ativanage to the country. In every other country silver is a legal tender; he knew no objection to its being ' made so In this ; and if they looked into the history of the circula tion of this country, they would find that it had been a legal tender in this also. Some persons had a fanciful idea of the value of the standard currency; the value of that standard depended on ita sta bility. Its immutability wen: also an important consideration ; if that was lessened, the value of the standard was likewise de creased. They were now obliged to get gold by merchandise, but silver was at all times available. He thought that silver and gold might with great safety be made the circulating medium. In funnier times no injury had been experienced in consequence of the use of silver, and he did cot see why we might not proceed on a similar plan at the present period. When the Amewican war had brought this country into a state of great distress, peace was con cluded In order to save the Bank of England from bankruptcy. In the French war a &imaar policy would have been gladly adopted, but the French would not terminate hostilities. "The history of Pat tratsacnoes was necessary to be referred to, in order to show that it was derivable and requisite to the safety of the country that the Bank shou'd be independent of the Government. As the Bank was subject to tee control of individuals, he did not like to mention to the Committee all he knew on the subject. He could not under stand why this country should not have recourse to the mode of cur rency which was previlent throughout the Continent. Experience of the difficulties which have been endured by perseverance in the system of a gold stautiard, should have induced the Parliament to try whether a rem thy for the evils so constantly recurring might not be discovered in the adoption of the continental plan. The corsequence of edlierieg to the gold standard is, that when from any cause the Bank of England is obliged to contract its Issues, the ruin and calainitini which T.:Tuley r es ult to the community are of a most formidahlo description. lie would instance the case of I France, in which cottony gold and silver proceeded together in the most perfect harmony. During the time that he wail in Franca, the difference between the two descriptions of currency was only ten pet cent. Since that period, however, it was true that there had been an increase of one and a half or two per cent. This addition was occasioned by the immense demands which were made by the Bank of England, in cyder to uphold , the beautiful and philanthro pical system on wh ichl it had acted, and which it seemed there was no determination to. alter, notwithstanding its pcniicieus effects. Against the ten per cent. difference to which lie had adverted, he would place the thirty or forty per cent. in the value of the various articles affected by the gold standard system In this country. (Hear, hear.) He was not, lodeed. very fond of the introduction of novel. ties, for they were frequently found timorous experiments. He liked to sift and to examine principle , ' thoroughly before they were reduced to practice, yet he thotight the present sule;ixt was a ease which was entitled to a fair trial, for the mc.usure had been atteaded with success In other phac a. Oa this matter lie wou'at make an additional observation. He would give an ruleice that the low de nominations of silver coinage Omuta be left as they are at present. With sixpeoceq, shillings, and half-crowns he would not meddle ; but lie would call In the crown pieces. and ha would re-issue them es a legal tender at the rate of 41 quarter of u sovereign each piece. For this purpose, however, he would not adopt the present value of silver as a test, for it was notoriously depreciated. The pro Tor . lion betweee gold and silver in this county m was as fifteen and a half to one. Ile was of opinicn that the French proportion of fifteen to one would answer better, and would therefore suggest its adoption in preference. That rate would keep them both uniformly togs thee, and couldcouldnot Injure the currency o f t h e sma ll er co i n . I t might be urged objection 'JIM a personinnueh a ease might then, wits 10 sixpences of the present curreacy,which it wee nut proposed to disturb, purchase cormitudiths so the value of 12 sixpeuces at the rate of the supposed standard. But sucb a proceeding might be poetised at present. The standard would indeed remain timpani° as it le now. but the Bank would posses. greater security. That wee A COOSiastatiOU Of greut importance. Another argument might be adnrced against the adoption of his sug gestion in respect to the inconvenience which wo u ld b e experienced in the carriage of pieces of such hulk as crown pieces, but it would not be difficult to ob. viate this eanee of objection, for any person might easily relieve himself of the annoyance, as by the payment of 2s. in the loot. he might convert the silver into gold. If tide gold were to be sent out of the country, according to the present system, the ruin would be almost irremediable, but in the ether cue the silver standard would affird a temporisation. According to the old principle, when the e xcharge was against this country. it was difficult to remove the g old from this country, but now mere was every facility a ff or d e d t o i t s transmiuion in fact there was a legality in the case of sending aleoad. rot tnerly the transaction was of such a fraudulent chit. meter, that respectable men loathe profit to be derived from it to low peddling persons, who were hulloed to eon the risk. But now it frequently happens that respectable merchants carry thou sands of sovereigns to foreign countries, as they may without danger 'eke them in a bag, and they are considered Refer than a bill. This Is a common practice, and hundreds of thousands are Rent off in th 1; way. The little speculations are lett to the small jobbers. But if it were to be supposed that any slight impropriety sheik) occur in the system, the double standard would rectify it ; there would . also be some expectation of paying the debts Which hare been in curred by this country. In his humble opinion; the Right Hon. Gentleman (the Chancellor of the Exchequer) has not suggested any remedy for the prefer.' distress. Hie measure is, in both, worse than nothieg, for ha tendency is to aggravate those evils which he proposed to alleviate. The Right lion. Gentleman had stated the circulation of country bank notes to amount to six mil. lions, and to-night he has reduced them to four millions. Not many eights since they were reckoned at eight millions by the same Right Honourable Gentleman, who mem' to adopt in this instance a mode of counting in the inverse ratio of " Falstaff'e" men in buckram. It has been asserted that the amount is of little consequence: but this leen° answer to th e existence of distress, for it is erroneous to judge of the effect pro. duced on the country by reference to the metropolis. Here a sum of 20.000/. would of course be regarded as insignificant in any operation to affect the metropolis: but in a small circle or district in the country, the injury that its loss might occasion might be of corslderuhle importance. The Right Hon. Gent. has assured us that a great deal has been already done to rectify matters ; but if any thing has been effected, it has been by a process of screwing. Alen who do not like to take the chance of the three years proposed for getting their money, are now obliged to dun their debtors for payment. He believed that a great many of the country bankers, who were respectable men. had contrivesinirestly to remove some of the diliculties which had been experienced during the late penic; and that they were coetriving means to adjust the remainder. But still great distress prevailed, and the Right lion. Gentleman did not appear to he acquainted with ies Intensit. (Hear, hear.) He would not give any opposition to the Right l ion. Gentleman, if he was either inclined to amend his resolution or to show what his meaning was. lie (the Chancellor' of the Exchequer) had merely stated that In three years the notes should be discontinued ; but he had not told the House that no more shall be stamped. He (Mr. Baring) would recommend that matters should be lett in their present state for the period of three years, or that the coml. iteration of the subject should be deferre d to next pose lie was sure that the country would soon arrive at the pint-the metallic currency. But in the interim the principle that was wanted should not be a a kind to screw and grind the country. The Right Hon. Gentleman should not aggravate the distress which a perseverance in his present project would necessarily tend to pmcnete. It was injudicious to tamper with the state of affairs, for if people were left to reflect on their present condition, they would loon discover that three-fourths of the distress was purely the effect of the panic which perveded all classes of the community. The proceedings which attended the recent period of difficulty were similar to what occurred during a storm—fear always exaggerated the danger where there was the slightest foundation for apprehension. He would re commend the establishment of banks as joint-stock companies, as he did not think that the difficulties were to be ascribed to the banking system. In the next place, he would suggest the adop tion of a silver standard ; and in conclusion, he strenuously.recom mended that the bank system should undergo a fair trial, to order to effect which, it necessary to relieve the Bank of England from the incumbrancea which had been imposed on its capability. Lord FOLKSTONE called on the !Louie to pause before they assented to the Resolution which had been proposed by the Right lion. Gentleman. He hail listened with great pleasure to the statement cf hie Hon. Friend • and though there were many things in which he heartily concurred, there were some points to which he wished to cdvert. The House had been called on to remedy a great evil without understanding the cause in which it originated. It appeared to him, that an important crisis had occurred, which had produced a serious revulsion of property throughout the coon. try. No man knows on what to calculate as hie own, for from re cent experience it was easy to perceive that there was something unsound in the principles which had hitherto regulated the country. The Right Hon. Gentleman (the Chancellor of the Exchequer) was mistaken if he thought him (Lord Folkstone) inclined to such fluctuations as had taken place. On the unwary; be was of opi nion that nothing was more pernicious to the censor' , than the recurrence of such fluctuations. He thought that the Right Hon. Gentleman was taking a wrong course in his endeavours to check the evil by the measure wince he has in contemplation. In this opinion he tees confirmed by the exposition which bad been made on the subject by his lion. Friend (31;. Baring). If he did not misunderstand the meaning, that Hon. Gentleman had stated that the proper remedy was not seen by his Majesty'e Ministers. The Right Honourable Gentleman never, in the course of his speech, adverted to the real causes of the distress. He had left them to peke about for a remedy, and they were now in a state of ignorance as profound as if the Right Honourable Gentleman had not opened his mouth oat the subject. Fome apology was really due frem the Right Hon. Gentleman and his colleagues to the House. The only remedy consists in the repeal of the measure of 1842, in the promotion of which the Right Hen. Gentleman was instrumental. He (Lord Folkestone) did nut think it right that the Bill should pass without some concomitant measures. The bill was brought fey wan; in 1822, after a period of great distrem, but since that time the Right lion. Gentleman stated that matters assumed a more favourable appearance. The great distress prevailed in the year 1824.3. It was then miscued that the 11111 was introduced to increase the circuiating medium of the coun try. It has produced a rise of prices, for since its passing prices have gradually risen. In IWO, the Bill which was called Mr. Peel's provided that after 1C23 there should be no further issue of notes. The consequence was that the Bank of England began to collect gold to meet the exigency. and also to contract its issues. This was a matter of prudence on the part of the Bank, though produc tive of great distress. To remedy this evil the Bill passed, and the natural event followed. Now, will not the same cause bring on similar distress y There was nothing more calamitous than the fluctuations (hear, hear) to every description of persons in the kingdom. There was di/geese in the first instance, and then Mr. Peel's Bill followed—then succeeded a rise of prices—and now it is proposed to proceed with similar incansistency. No person knows what to do, or how to provide against the uncertainty that _prevails in this respect . The poor man, however, is the greatest sufferer in these cases, to more ways than that stated by the Right Hon. Gen tlemen. The poor man Is affected by the rise and by the fall of prices. Ni'hile all the fluctuations were going forward, the poor rates were accordingly progressively advancing beyond any com parison which the Corn l.aws would j ustify. There might have been a slight deviation or diminution, but the principle of the poor rates was progressive. The poor man might be employed in a rise of prices, 'but at a fall he had no other resource than the poor-rates. The poor man of the present day was not of such a character es he was twenty-five years ago. The rate is now changed to his prejudice. 'l'he poor.rates con. I tinued to increase ; they were increasing during all the periods of three fluctuations. The first scale of poor-rates established in the county where he acted as &magistrate Sall Is. the and a loaf of bread per week foe every man ; Is. 2d. and a loaf of bread for every woman ; aril is. and a loaf for every child. In another county, where he also acted as a magistrate, it was nearly the same, but now it coq considerably reduced. These fluctuations, which were always, he thought, principally attributed to the policy of the Government, operated fatally upon the lower orders; at. though the poor rates were increasing, the allowance to the poor ass considerably diminished. He could not give his support to the resolutions of the lion. -Gentleman, unless they were accom panied with some concomitant memures. lie was not prepared to state, nor did he believe the House was prepared nesay, what these measures were. There was not sufficient information before the House to enable theirs to decide. A great outcry had been raised against the issues of one and two pound notes, but he did not think the fluctuations were at all attributable to them. Thee were not the cause cf the embarrassments in 1783, nor of those of 1793. There was something peculiar in this country which required explana tion. With respect to the other measure, there were many objec tions to it. If he understood these joint-stock companies, %hien it was intended should be formed, instead of giv ing relief they must eperato injuriously. Tice distress upon the Continent at this moment was as great as in this smithery, How could this be captained ? And as to those measures giving relief in time, of difficulty, it was impossible. There wns no security that these measures would relieve the people. The Right Hon. Gentle man will get into a *crepe by attempting to withdraw the owe and two pound notes. The Right Hon. Gentleman says those merle surer are intended to give security to the holders of notes ; at an other time they were only intended to guard twain.% fluctuations. These inconsistencies proved how unfit and how unprepared the lion. lientlernau was to state his reasons for the introduction of these measures. With respect to the correspondence between the First Lord of the Treasury end Chancellor of the Exchequer and the Bank of England, it was not perhaps necessary that either party should know how to write correct English, but it was evident that the correspondence contained the greatest inconsistencies. At one time commerce was restored to its accustomed chanr.cls, but then there existed difficulties. Once it is attributable to the revenue : another time it was beyond all Parliamentary interference; and now they were called upon to legislate: but the House would do wisely to pause, and consider well before.they legislated upon the subject. No person contributed more to the present difficulties than the Right Hon. Geetlece.an who cried up the prosperity of the country—the unexampled prosperity, as he called it—cud those who thought his prosperity fictitious, and that there was something hollow in there statements, were laughed at. It was this cry of prosperity that led to the wild ,peculation; which produced so much ruin. Air. MA BE RIX—So strongly did he feel the dependence of the Bank of England upon the Government that he would readily acquiesce in any measure likely to disjoint the connexion, had it not been for the way in which the Bank had come forward to re lieve the difficulties under which tho community laboured. Ile could nut concur in the idea of a mixed currency, and though he might incur the censure of his lion. Friend (31r. Baring) he must say he preferred one standard to two. Such a course would brieg the value of gold down to that of silver. Let the House enusider what was the effect of such reguletitai in South America. , lie regretted with the Noble Lord (Fo lks tone) that the Chancellor, of the Exchequer did not give the House more information, to enable them to ascertain the canacs of the late embarrassments • ' but lie would state his views. The difficulties were not attributable to the over-issues of the Hank of England ; he thought them mere attributable to over trading, and to the mania for wild speculations. It was maintained that prosperity produced a low rate of interest, and that this led to wild speculations, but the supporters of this opinion forgot that the speculations preceded the tall of interest. Ile denied that there had been any over-issue ; if there had been it would be indicated by the exchanges. This point was moat mate rial. If there had been an over-issue the Bank and the Government producing paper. and this again causi ng w ild speculation -- are to blame, and they alone were to blame; but t h ere was no over. issue, and lie was happy in being supported i n t in e op i n i on by man y . l ie overeiion. Gentlemen of .With regard to the low rate o f interest .-"eucing ssue he must contend that if there had been an increase of nommen I Of our manufactures beyond the mummy( supply, item had risen in coneequence of this demand. All this went on well for a time, Lai it did not continue; the supply, after a time, equalled the demand, and soon exceeded it. The consequeace was, that paymerse could not be made; and when purchasers could not pay ard dinreis commenced, which arose to a panic, and a wannof confidence are, i t e h lu at t. it wailed throughout the commercial community, the Bask of En g : land stepped in, and by its liberal conduct arrested the panic. It was by the over-trading that much of the embarrassments we, caused. It was a sad lesson, hot he holed it would be a usef u l one. lie would now come to the proposed remedies, the tint of winch he thought totally inefficient. By what magical charm could the Right lion. Gentleman edge solvent men to supply the place of those who at present conducted the country banks ? Ile was favourable to the establishment of branch banks from the Rank of England. It was stated in thenorreepondeoce between the Govern mend and the Rank that the withdrawing of one and two pound or not eg es c w i :M ges dim by ini s e r h e d:e di p n r g ess it ur: ve in r ci a de w n i t d t er o an su ruranfeaevou, andntb would cause such pressure to he earlier felt, and thereby insure an earlier and more general adoption of piecautionary meati er " necessary for counteracting the inconveniencies incident to an export of the precious metals; but it should be reeollected that the exchanges were the symptoms, not the effetta, of over. trading. He (31r. 31aberly) coutended that the circulation of ore and two pound note, were highly beneficial to the country. It hut been suggested that Commissio.iers should be appointed by h o . 'moment to superintend and control the circulation of the country, but upon commercial as well as political grounds. he must protest against such a proceeding; it would give a power to (rovernment which might be dangerous, and which he thought very unsafe. The lion. Member then observed, that in former diecussiose ho had uniformly supported the opinior.s of the late 31ember for Pont. arlington (Mr. Ricardo), which were favourable to the continuance of paper currency, which, whatever objections might lie against it in • political point of view, had an undoubted superiority in the eyes of the economist ; but, while he advocmed paper currency, he objected to its being placed under the control of,any Commissioners who possessing high privileges, under the denomination of barkers, might have it in their power to increase or diminish the issues of the circulating medium, as caprice or their interests directed. This arrangement would be objectionable, even if the Commissioners were totally disjointed from Government and exepapt from its trifle. enee, but still entire objectionable when the Goiternment can, as in a recent instance, prescribe to them the amount and manner of their issues, and direct all their operations. But this inconvenience would also extend to issues of gold and silver, ao that on this ground could not be supported the proposition for the alteration of the cur. rency; In fact, a bullion currency, with all its advantages, had its concomitant disadvantages. To use the expressive words of Dr. Adam Smith, " gold and silver currency resembled the public highway, which. while they arc subordinate and accessory to the increase of wealth, by eiroalating the fruits of the soil and the pro. duce of labour, ere yet themselves withdrawn from the productive surface and consigned to barrenness." It is the same with bullion, when made the circulating medium, and every substitution of paper currency makes an addition pro Panto so the wealth of the country ; rimy substitution of it may he eoneidared as an accession of pro duetive capital; but the contrary edict takes plan when gold is substituted 'or paper money. ant: the available capital is reduced by the amount of the gold brought into ciremlotioa. This win a very serious consideration, if the adoption of gold and barer cur. rency offered no additional security against ductuatitem in the mo ney market. 'i'hese considerations, together with the sueerior can. vet:deuce of small notes, rendered him decidedly adverse to the idea of withdrawing them from circulation ; but tee Right lion. Gentleman had completely demroyed hie own propositions when ho admitted that they did by no means reach so the root of the evil. The truth of this admission, indeed, would be evident, by referring to the commercial history of the country. In the year 1793, when the cannery had a gold currency, the commercial distress was se great and alarming that Government was induced to issue Exche quer BRIe to a considerable amount for the relief cliche sufferers; on the other hand, in Scotland there lies been no commercial con. volition. no shock to the general credit within the last 3e years, while the entire circulating medium of that country consisted of paper. These examples corroborated the Right Hon. Gentleman's own confession, and tended to show inefficient were the measures he brought forward. But there was still another proof of the little additional security arising from the subtraction of the paper cur rency ; if we Mere to lock to Liverpool. London, and .Manchester, where the whole circulating medium was bullion, or, what wasequi. relent, Bank of England paper, and noting all the fiilolll3t ions in the price of commie:lints or in credit which took place in those markets, if we compare them with the fluctuations that took plan in Scotland, we should find the balance in favour of the latter country. What. ever might be the otmetional disadvantages of a paper currency, he did not think it could by any possibility produce such confusion as was lately evinced in the commercial world. He (Mr 3laberly) belit,ed this to have arisen from over-trading. He could fairly ascribe it to nothing but to a spirit of mad speculation, nor was this opinion paradoxical, it was borne oat by the events of a period so similar to the present, that he would trouble the /louse by referring to the original description of it, as drawn by Alacphersen in his " Annals of Commerce." The House might easily conjecture that he alluded to the South Sea bubble, a speculation so enormous and visionary that all which we have witnessed was but a drop of water In the ocean when compared twit. The author mated that, during thee period, the nowt ^wee so great in 'Chaege-alley, from morning till night, as to ender It almost impassable ; every week and day had its new speculadons. On some of the shares was deposited one shilling per hundred pounds, on some sixpence, line some were sold so low even as one shilling on every thousand pounds. Some of these speculations dieeppeared on the very day which gave them birth, and the offices which issued the shares in the morning were eyed at night. Persons of rank and quality, of every profession, and of both sexes, were deeply engaged in these wild schemes, so completely did avarice then prevail over every other consideration. (Hear.) So great was the confu s ion which reigned in the markenam cording to Slaepherson's account, that the same bubble sold ten per cent. higher at one end of the market than at the other. The mad spirit of these speculations would ba easily seen from the amount of the subscriptions proposed. The Royal Fishing Association wanted a capital of ten minions ; the Society for Jail riving Potter four millions. Nay, there was also a Society for Bearing Silk. worms and Planting 3lulberry Trees—(Cries of " Hear, ' and much laughter.) There was a Society to make salt water fresh, end another to make a fish-pond to bring fresh fish to London. However mad these schemes might appear, not only the shares. but even permissions to purchase shares rate to a price of 701. This rage of speculation (observed the Hon. Gentleman) exhi bited in every stage of the disease a close similarity to what we have witnessed in the present day. When the ineolidity of these schemes was become manifest a general gloom pervaded the com munity. They lamented the want of money, and sought nide nations of the universal distress, while many persons of respect. Lisle rank sunk at once to abject povenn, and died of brakes heart'. h ere unhappily there were many points of resemblance to the present times, and this coincidence fortified the Hon. Gentle. man in his opinion that we ought to attribute the late difficulties solely to overttading. At all events, said the Hon. Member, I plan: entire confidence in the intent ens of the Right Hon. Gentle. man. I believe that he sincerely labours for the improvement of the commerce of this country, after the most liberal and enligbt. ened principles, ard I trust that he will he able to establish it on a more solid and substantial basis. Mr. II IeSKISSON began by observing, that although he could not concur with the lion. Member who had just sat down, onto the cause of the late embarrassments, he felt indebted to him for the manliness and moderation of his language ; but his lion. Friend and the Noble Lord who preceded had animadverted on what they were pleased to call the insensibility of the Noble Lord at the head of the Treasury and his Right Hon. Friend, the Chancellor of the Exchequer. They commented in the correspondence carried on with the Bank, without considering minutely the circumstances of the time when it took place. It was not neemeary for him (Mr. limitisson) to undertake the exculpation of his Right lion. Friend : a reference to simple facts would do that. It was true his Right Hon. Friend had said that the panic had subsided. Nuw he would ask his lion. Friend the Member for Taursoin who was hunsclt well acquainted with what took place in the City, what was the state of affairs in November last Was there not such a panic es caused a total suspension of confidence ? Was it not true that dur ing a space of 48 hours there wee so total a suspension of credit that the beet public securities could not be sold ; nor was this from any idea of the insolvency of the Government, but from the general dis inclination to advance money. This panic, or rather pendyels, could not have continued beyond the 48 hours without producing tremendous cor.sequenees ; it must have involved the whole coun try in incurable distress. But this panic hod subside!, and trade had returned to its accustomed channels. When the correspond ence with the Bank took place, the Bank in fact stepped forward. and by its prompt assistance had prevented the most calamitous consequences, and perhaps, too. had prevented its own failure. Nor had the Bank done this wholly of themselves; they attended when they made three ' , alumni , exertions to the suggestions and re commendations of his Right Honourable .Friend. But his Nnble Friend and the Right Honourable Gentlemen, when they used those expreinions„ made reference to a particular state of things . They did not intend,thew to extend to all commercial distress, but only to a particular pate of it. The lion. (lestleman who spoke last had well distinguished between commercial distress and the diuresis of the 'money market, which distinction solved the diffi culty in question. But it bad been said by his Linn. Friend that there had been no instance of insolvency in Scotland. Could his lion. Friend be so ignorant of facts es not to be aware of the con. teary, or did he not know that the dealings of the Scotch banks contributed not a little to the embarrassments we were lamenting, and so long as we had paper currency we must subunit to run at least all the rinks ti which the Scotch' system is exposed. The Hon. Gentleman Caen proceeded to say, that there was no part of the King'aSpeech in which he more heartily concurred than that which deplored the general distress of the community, and puede°. Ludy of the labountig claw.. lie was sorry also to fire: teat lee lion. Friend had end in point of fact in representing the relntione which the Beek stood in to Government; they were the voluntary bankers of the Government, and there was nothing in their contract which bound them not to part with any portion of the annuity they pleased. lu like manner, his Honourable Friend did not distinguish between the original capital of the Bank. which bail been given so Government for their charter, and the free ca pital which " they had since amassed ; th e y wets i n e ff ec t the bankers of the State. sod instead of advancing to Govern. ment twenty-four millions, as the Honourable Gentleman stated, never, perhaps exceeded six millions in their advances. His Ho nourable Friend had also blathed Government for not adopting cash payments at the close of the late war, and rimming gold from ii f