The British Press; or, Morning Literary Advertiser. — London, England, 1818-05-02 00:00:00

loins; these eculil only be amid to have immediate „prrolion—their itifluettee was any thing but per nialient; they must be closed in less than twelve m ouths. and frost the nature of the circumstances to which they applied they were not likely to recur. On the subject of the country banks, the Right Hon. Gentleman had laid it down as illegal mud uncouititutional, toquestion the right of individuals to issue a piper circulation on their own security.— (Mr.'rieruey, "I merely questioned the policy.")-- Nose lie would, on the contrary, contend, that there existed the strongest reason fur inquiring into this . species of issue, mule's it were maintained that a coinage of such a description could be allow*d to pass without control. The Right Ho:mumble Gentleman had aid, that the ef feet of the country bank measure would be to throw the ciiculatiou into the hoods of Govern. meat. This he would distincty deny ; for it, on the contrary, gave a valid security to the country book paper, which, for the purposes of immediate circulation, gave it a preference to the Government pspef, from its being free from the comparatively disadvantageous forms which were necessary in pro curing cash for the latter. He would here beg to disclaim that which had been so often alluded to, of his having ever entertained any idea of an issue of stock debentures. He had tio such iutentiou, as he thought the public securities were already issued to as great au extent as was either necessary or do sir.ble. He would also deny that the beurfit of the rise of price .in the funds hail fatless merely into the hands of the large capitalist; how toasty small stock-holds;rs. were there who had tonally partici pated.in this beuefit ?—(Hear.).—The rise iu the price had also diffused • considerable capital throughout the country, and influenced ite general trade. As to the general character of the country being at stake, all he would say was this. that while 16,000,0001. f the Unfuuded Debt had within a short period. been reduced, and the credit of Eng land been fur years uuinspaireel, and her resources triumphing with this, as it was called, paper issue, there could be little apprehension of her character suffering from her system. She had taken a plea utorible and active part io the liberation of the Continent—she had subVidized all Europe with this paper treasury, which the Right Hon. Gentlemen had so often declared 'valueless. and redeemed within the lust three years 50,000,0001. of debt—while ou the opposite side, she had certainly created another debt, but which in a comparison with her state at the Peace of Ainieus, left her with 15,000.000/. leas of unfunded debt. This was a snore favouraltle hnancial state than could be shewu by soy other country in Europe. • America had been loudly talked of, and he would only sac that he respected his Transatlantic Brethren, and hoped that the sin cerest rod most cordial intercourse would costume to subsist anioug them and the Eurepesu Stites.— But the sort of relief the people of America gut was a reduction of internal taxation, the support of the country being provided for by their commercial duties, which spewed at once that America had thrown herself entirely on • peace establishment. burl .elinquished any idea of holdin g to the Powers of Etiontr• a hostile front. In England 17.000.0001. of taxes were relinquished since tbe.pe.ce, besides the edopii,,i i of other advantages. It was in vain for the Right Hon. Gentleman to enforce the necrsoty of ciniti payments in this manner. In the partial arrangement of last year for it cash circula tion two millions and a half of the Milli coined lied almost immediately disappeared. It tyro true that the remorse of exclmoges might be turned by cash payer gists, but nothing to the talent of the opera. tinii of the 30.000,000/. loan. In acceding to the proposition of the Right Honourable Gesilleanan he saw at one side nothing bat dangers, while on the other he saw ito possible incouveniesice from the prolongation of the Restriction Act fur one year —(4 largh.)—He felt it therefore necessary to , ;inse the nation.—(Hea r.) Cord ALTHono observed, that the prindipel ar goinetit whereby the Right Hun. Gentleman en deavoured to persuade the Howe to agree to the further suspension of cash payments by the Bonk, cal, the danger of a large exportation of gold by the operation of the French loans ; whereas, it was far more convenient to make reinittamcos by soy other commodities than gold ; and that this was the case in the Austrian loan. had been proved in evidence before the House. The pnnetple of foreign loans exercising such an influence on our internal concerns was perfectly new; it was throwing the state of the currency of the country altogether on the niercy of foreigners--• principle to be acted on et all times, whatever our own internsl coin. thtion, whether adverse or prnsperoes. He thought s Committee was necessary to cumin., if there existed a necessity for a continuation of the restric. and if so. to guard apisist its recurrence. The measure still contemplated by time Right Hou. Gentleman for the regulation of prorate bauks, paid regard to capital only, whereas the credit of such concerns was far from depending altogether on their capital. The prudence, integrity, attention to busi ness of the managers, no less deserved to be taken into theaccoutit. Gold and silver formed the natural ilstidard to regulate the value of other cotninudi het, as being least liable to vary iu their value ; but the Right /lon. Gentleman had taken the price of stocks as his standard. The Right floe. Gen tleman intended to make it imperative on private buskers to make a deposit of stock or other secu ;Ales, while the first principle governing such con temns should he, that their whole capitol should be at their own disposal. The Right Hon. Gentle man proposed to take half their capital. and put li,s ow n cotters. Whether the state of the ruantry such a violent interference with 1 , 11.4te athor., could form a proper subject of 1 1"rry for a Committee. The only ttitjrCtiOo U "de by the Right Hon. Gent. to the Committee lasi that lie had been unable to come to arty clear himself on such a complicated matter ; nut drat would have sheen an argument against the con.plerali oli of slay great measure. On • questiou alter inch novel principles of cotumerce had been by the Right Hon. Gentleman. be it impossible the House should not agree, o tl.• at a Committee. 11. PARNLI.I. t•aid, at had been *4914 by the Noble Lord (Althorp), that • teat p art of the Austrian loan had been remitted (1,1111 1/04111eS. TO confirm this, lie would ob r`P, that for two or three years tininetlitstely•pre 74;sie th e time whets that loan had been contracted the export, amounted to but two or three mil* I " ' • titles. whereas tinting the afen s tl en e t the lass, they rose to tee. a feet ailiewitig that when a couis try was obliged to make great reenttances, expor tations would naturally follow. Ireland fussed it pos sible to 'Valli two ur three milliotw annually to her absentees, without either specie or coin. What then Could it be in—filit eXportations of goods, which overthrew the Right Hoe. Gentleman's opinion. that remittaiices lions a country were orcesserily smutted with a disappearance of the corretcy ? The Right Hon. Gentleman hail referred to the opinion of the Bank; but in his apprelieusion it aliewed no arguing uu prineipleie mud nothing but an retention to their own interests. The first and principal objection to the plan of the Right Flan. Gentleman was, that by adopting it. we lost the op portunity of Coadibededig a gradual return to cash payments. Another great incoevenience resulting from it would b e , t h a t it would cause a great ad ditional issue of paper by the Bank of England, and by country banks. If this went on, the same things *soukl happen as had already. Gold would rise—the exchange would fall...emu! the Chancellor of the Excliegser Would again conic down to the House, and say it was impossible to returu to cash payments. It appeared to him that the plan week' go on from year to year, and was little likely soon to terminate It appeared to him that so long as a loan was urcessiary to the Chancellor of the Exchequer, so long there would be no sincere desire on the part of the Government that we should have a resumpt of call payments. He accord ingly cense to this. conclusion—that as loans were reit dered necessary by the excess of OUT expenditure over our income. it was our ,grand object to briug down the former to the latter. He trusted • more rigid lo quiry on that subject would Le Distituted than had yet taken place : till that was done we should newel he able to get out of the difficulties that sur rounded us. both with regard to our currency. cud of arisen other descriptiosis. Ms. C. theatre aid, that there was one great practical questiess before the House, to be decided on its own grouude-seiantely, whether this was a proper waste, to resume cash payineuts ? The Right Hon. Gentlenesu had introduced other and important ones, but whether his views of them had been correct or not. it was better to discuss them separately. The Redd Han. Gentleman had gone so far as to sly, that to continue the restriction would be brake% faith with the country—a viola lion of the-pledge publicly giveu. But hew could that be said ?—lsom far had a pledge been given ? Could it be for a moment supposed that the Legis lature hail hosed itself to resume cash payments at a specific time without any r e ference to cir cumstances ? It had undoubtedly so far pledged itself, that it was sincerely desirous to resume cash payments the tempest it could safely be done,' bet no further. Two dings might prevent • re sumption of cash payuseets—an inability on the part of the Bank; or. supposing that not to exist, something in the siesatinn of affairs to render it inconvenient and impolitic. To remove the for mer, Goverument have done every thing they could. sod the Bank were quite ready to pay their notes in specie, whenever the Legislature might deem it prudent to allow them..-but the situation of the country was such. that it was not in the power of the Government to recommend, or the Legislature to permit that. while the general aspect of things remained as at present. It was not at all necessary to prove that our present situation was precisely parallel to that of 1797. The question now came on its own merits. To return to a metallic cur rency now, neght mat strongly rivet in the aphids of the people that prejudice which had been lung growing up in them. The saddeu distress which might possibly flow from it. might more deeply ha• press on them the belief that they Could altoge ther dispose with such • currency. The measure would at any time he attended with • considerable pressor,. How unwise then to choose that time, when the circumstances were most unfavourable. the difficulties most formidable ? The contraction hi the paper issue would be attended moreover with the difficulties of the greet operations on the Con tinua. On the occasion of the Austrian loon of only four millions. in the year 1796, Mr. Boyd said it was impossible to be effected without a great fall iu the exchange. The question altogether Wad one least fit for • Committee. All they could give would be opinions and conjectures an fact. equally well knowu to the House as to them. and on which it could just as easily come to any certain conclusion. He said this front the carious contending coaaiderations that west be brought into the calculation—the stateof commerce in foreign countries—the exchanges—and the consequences of the politics! convulsions all through the Continent fie contended that prices had its. financed the currency, and net that the currency had had au influence on prices. Of the Bulliou Committee he must always speak with the graitest respect; bathe could not shut his eyes to what had since been forced on him by facts—that they had not attributed sufficient effitascy to the effects of the great agitations of Europe. If, then, such men as the Members of that Committee had falleu into error, could more be expected from another. how ever constituted. They indeed had carried their inquiries to a certain stage, but there they stopped. They brought the readers of their Report to the verge of a besoltr ; they had, in point of fact, attempted to define what was in its nature indefin able ; the distinct effects of various, multiform causes operating on a system, at a time when all the establishments of the world were in agitation. One circumstance (he believed not generally taken into account) 'night materially contribute to raise the price of gold, namely, that Europe was undagoisig the same operation new, as England had undergone at the cousineneenient of the last century, that gold was becoming the standard of value iii place of sil ver. Using into the Committee. probably without any practical results, would produce a great apts. totem in the country, not to be counterbalanced by ray alight benefit it might eventually give rise to. Mr. J. P. GRANT said, that the grounds pro pared by the Right lion. Gentleman (the Chan cellor of the Exchequer) for continuing the re striction on cash payments, were of two descrip tions : some so clear to himself, that lie did not think it worth his while to explain them to the House—oed others which he professed himself un able to explain to himself. He by no MORN RS' seated to the position. that, became the itate'wes complicated end difficult, it was therefore unfit for the consideratiou of a Committee ; On the . • r Contrary, l its - ellimplesity wed diffietilty Wilt the very reason why it shamed be referred to one.—(llear.) He now understood that the operations of other commie. were to be converted into a general prin ciple. applicable to the state of our own currency, us regularly exercising a inateriol Maurice over it. Before the House sanctioned the estOlslisliment of such ■ principle. on the words of the Chancellor of ,he Eveheiturr, it were well to have the matter fairly and fully rerouted, and sifted to the bot tom by a Committee.- lie did not think that she real ground of his measure was that aasigned by the Right HonOunible Gentleman—be thought the foreign loans had uothing to do with the neat. ter. The Right Hooeumble Geutlemais had stated that there was a mistakein the preamble of his Bill. and that it watt° be altered. He supposed alto Sind words to the following effect w ere mean t t o b; intredseed Whereas, the French Government is about to costract 4 loan, or loans. iti which British merelsauts will probably take a part...mid Whereas, it is au established- principle that such operations ,materially influence the price of specie," etc. If the Right Honou ra bl e Gentle man would thins correct NS mistake. end lie supposed he would, be was entirely mistaken ; and if he could skew that the Right Hou. Gent. was mistakes. h. would have.skew e d a ground for the appointibent of tl Coutimithet. He would admit, that the Bank was now unable to resume its paymenti. but this was another reason to accede to the Committee. riot one of the alleged reasons fur Slit coutiusatioo of the restriction, whether the foreign operations, or the state of oar coin, or any other, but was a fit subject of consideration for, it. Geutletuen wished to have it thought that the Austrian luau was the cause of the sm. peusion of cosh payments in the year 1797. But on this he would observe. Ist, that that loan never took place ; 4d, that Mr. Pitt said, the Bank were wrong in their opinion; 3d, that the Prussian loan in 1793, produced no such effect as they appre heisted. The evidence given by Mr. Boyd. the agent fur inausging and remittime the Austrian loan, proved that the whole of the money remitted pissed through his handa—that a very great :pro portion of it consisted of bills of exchange and foreign bullimi—thet the cash remittances were principally 1.043,000 Swinish dollars, and 150,000 French . louia-d'ore, of which the greatest Iran was purchased at the Bank of England. That of the loan in 1796. the principal was also remitted in bills of exchange, cud none in coin or bullion. The House would find, on referring to his evidence, that during the greater part of the tune while these operations were going on, 110 guess could have remitted gold to Hamburg% without loos—that gold could heve been imported with profit. Yet we were told that foreign loans caused the suspen siou of cash payments, lest all our specie should be drained away to the Continent. The Hon. Mem ber quoted Mr. Locke, to phew that gold end silver should be considered in reference to the causes of their rise or depression iu value. like any other commodities ; that a scarcity would produce an increase in price, mod a glut *lan. The fact was, *that the !esthetic/a hid out ariMegfrom any riweiga transactions, but the idea** to the Govern ment. The correspondence .between the Bank and the Government. at the time they were get l i - ting into ditficultiee. was full of applications entreaties, and remonrences on the part ofremonstrance. the Bank for the re-paysnelit of tbeir advances.-- The result of this correspondence was, that the danger, such as it was, arose altogether from. au excess of issues on the part of the Beak. Us their desire to accommodate the Government; and that the remedy, according to the evidence of Mr. Giles before the Lords' Committees, was to be found in the repayment to the Bank of these advances. Whet then, be asked, was the difference between the state- of affairs iu 1797. and the present ono. smut, that could induce the House to refuse a Committee of Inquiry now, when it was considered so essentially necessary at the former period? An Hon. Gantlet:mu (Mr. C. Giant) hail stated (me reason for th e increased price •f gold, namely, that it had become the standard of value all over the Continent. The force of this argument lie could not pretend to understand. hut lie could easily conceive how the price of gold might be af fected in this country, by the circumstance of there being in circulation at the same moment a gold coinage at its full value, and a silver coinage much below its actual value, the result of which was dis cernible in the disproportion between the prices of gold and silver in the market. Gold had now risen to 4/. 2s. while silver lied risen to Si. 3d.; but while gold was estimated at the Mint at 31. 171.104 d. he could see no reason why persons would pay in gold, when they might make several payments in silver at a cheaper rate. While these circumstances operated. lie could entertain uo hopes of having the Bank resume its cash payments. it being, iu foci, as impossible fur the Bank to maimain the gold cirs ciliation of the country. as it MIS to build a reser voir with a hole in it. Every seirereigu coined would vanish es speedily as did the sem of 2.500,000/. lately issued to the country. This, however, was nu reason for continuing the resole. Sion on cash payments. without a.previoas inquiry; and, indeed, from the specimens of 'modal verso'. cuity and decision lately evinced by the Chancellor of the Exchequer, he did not fed himself very .ready to pM his faith upon the Right Hon. Gentle men's assertions. Mr. Hoax tssON rose amidst cries Of " chemfors which rendered the commencing words of the Right • Hon. Gent. somewhat inaudible. Proceeding. he referred to the Report of the Bullion Committee, which, whatever reproach and ridicule might Enoch to the assertion, be could net avoid coneideriug es au able, luminous, and satisfactory exposition of the interesting subject of which it treated. II had been prepared by a Gentlemen (Mr. Horner) whose enlarged mind was well calculated to iuirWstigate any subject with precision, but which bed been applied to this question with peculiar success. He could not coached* this brief observation of that distingssiehed individual, without imperilling his regret that he were not then present to emir their deliberations with the -force of his eteerming. end the accuracy of his judgment.—/Loud chesriag.l —The Right Hon. Geodemen then adverted to the state of the question immediately before them, and observed, that he had that night come down to the House, its the full conviction that 110 dissent could have b een expressed to the principle that an Mere** of a paper currency must have the effect of iucreas- ~:. ... .1. ' . lug the Aces :is: of eu ur ., :t gold and salver, ai,d bills ott . oelcheirge; for klet s yeal de fi nition of • 101 l ilknitchange.oves " ar. i!oaetitnent to one country of so sailsokoMe bsltimn of reuniter, as was represented by that .The reverse had, however, beet, .vested. IFlefiere read some extracts from a hook lately pliblishad. l iiifftleff " Ua the Approachisig Crisis," which. to his u:ind, was writtee w extremely errotwous principles. 'The principal argument advanced in suippurt ofthe Bird: •restriction WAS. that, if the Bank were cusupel!erl to resume train peyinerrei, the issues must be' *so very much contracted as to be attended with canoe. quences-very istjunitos to the cousitry. and that die• mine confusion must lie exPected. from it as had , beets wituesseil in Idle sad 1816. This, iiideesl, was the only argunieut theeeould be urged- - in fit.' vow of the Measure. The ideas of the.Bauk had, however, in lus mind, a very considerable Videotext optic the rate of foreign eichenges. These must bid: ' come utifaeouraible to a cou n t r y witnessing only • paper correticy, not transferable at will iuto cash, should it incre a se beyond' a fair proportitne with the currencies of other countries. Its 1816, when the curreocy of the country was considerably diminished, the foreign eschatology,s were forced to au unnatural state in favour of (least Britain ; and in hi. tenet that was a favourable time at which the Batik of Emden,' Might hare resumed earth pay. meets—/. Hear, hear, fro". the Opposithial,-if . prepared in other respects. He was also of.opiisiou, that had the Hank then resumed .cash payments, the amodut of geld already issued. and which has. so suddenly disappeared, would have been sufficient • to have enabled the Batik to maintain the cash ctn. culation of the country,—/ Load cries of Hear, hear, from the ()pposiiims.)—The state of straws was. however, widely deifereut et the present pe. riod ; and he would ask the House if they were prepared to compel the resumption of cash pay. silents at the moment when the Government of France were about to uegociate a loan of thirty millions sterling, and when the Govern. lutist of Prussia had just concluded one in this country, of which a very large proportion bad been transmitted in specie? It had been slaked, what dif ference existed between a loan to a foreign Govern ment, and the effects of .the usual desire displayed by tunny persons of seeking a larger interest for their money its foreign countries ? To his, mind there was a great difference, because it appeared from experience. and from the very necessity of con. tricting the limns in this country, that the foreign Governments lard slot succeeded in inducing persons its this country to transfer their capital into the foreign finish*, and that without this supply of British capital those Governments were wholly incepts* of performingauy great financial operation. It had been stated that Mr. Boyd had given in evidence before the Committee, that lie had transmitted but a very inconsiderable pert of the Austrian loom in speck ; and it was thence argued that a foreign losu , was not calculated to produce any greet effect upon the price of bullion. But of the actual amoutst witted in matey its ally one luau it would be dials cult to speak with accuracy. It was not cornet that loans lien generally transmitted tierchan. dise. The fact was, they were snore usually trans. mitted in bills of exchange—/Hear, hear, from the Opposition)—which lie was ready to admit might have beets purchased by merchandise— (ifter, hear)—but should the result of this cow inertial operation leave against the country -41 balance, it must be eveutually paid in gold .04 silver. He then adverted to the unfavourable elfeet produced on the fureigu exchanges, even by the Austrian Loan in 1797, when the issues of the Bsaak of England had been very much contracted.. The distress which occurred at that period had been at. tributed by Mr. Henry Thornton, iu Isis evidence before the Lord.' Committees, to the great diminu. Lion of the paper issues of the 121ank ; and even Mr. Giles, whose authority had hero so triumplututly stated on the opposite side, had given his opinion. that were it not for the restriction the Bank would still further contract the circulation. With respect to the immediate resumption of cash payment., the measure seemed to him in-. compatible with the existing state of affairs, nor did lie think that the Home could in any degree interfere with the internal regulatiass of Ilse Bauk for determining uu the best means for attaining that object. Hr feared that in, any attempt they could make, they were pieced very much in the betide of the Bank of England.-- (Load cries of Hear, hear!)—He meant thni the House could do nothing more than deeleee-j the tinte for resuming cash payments, but meeo leave the means with the Bank itself. He thought that all the advances made by the Bank to the' Government ought to be repaid before the re** sumptioss of awls payments. These advances moat, in the first plaice, lonic the meatus of the Bank to, procure gold. The facility of acquiring gold must depend upon the rate of exclinges. Theseshould be carefully watched by the Batik; and the 'mount of their issues uught to be cautiously and graduelly reduced to a state similar to the circulation its other countries , . With respect to what had fallen from the Honourable and Learned Geutleanan. in. regard to the differeuce between the gold and silver currency, he had forgotten that silver was uo longer a standard of value, and that a person core trying silver to the Mint could no longer prpcure. coin for it at the rate inserted in the . Mint minute. This made en important distinction its the present A , fi tlie Continent ; av lire cont..- ..rout! States did trot eujny the credit possessed Icy this eiruotry. and were thereby debarred fioin creissiug their paper currency; the result was discernible iu the ,great confusion inn, deteriora tion of property that had, taken place on die Continent during the two lost ye.irs. r Indeed he had no liesitalani w sayiug that much of the ilo.• tress which had prevailed ; ippon the Cnotinemi was family attributable to the purchase of b u llion by tile Bank of England.. He thou arum l . rd on.the great. stimuli* the tnerehve of the circulating neediurn 'had gleams° the arts and industry of lists, cool/try, Ijut while the I;elirral appeardoce of the couanry was improved, and its prosperity promoted, it WA mach to be laitented• that the comforts and rewards of the labourere had 'ken mutely redoced. The populatiou of the country hid increased iu proportiou to the rapidity with which the c..ree luting medium had advAliced ; hot ,th o u g h th ere was asincreaied demand ter labou r , its wages were diminished. "This he chewed i,y referenCe to the prices of corn for' the. taut crow ry. He. m stated, to she" the ininreveent of the country, that from •the ye5...1.658'1u 1754, .there had not been one Hill of Enclosure, 'end this ministry im ported corn. There were, from 1754 t o 1796 4 daring which limit there had been a rapid increase of the circulating medium ,by imparts from the . es of America,. Bill* of Euclosure to thicuutti ber of 3,500, mind tins tountry became ass 'limits ing country. 'He. was very glad to heir that the Right Hon. Gritilemendid not think there was so much - danger to be, apprelwieled from the Illink'* - resuniug cash .payments, es some iudividuals teemed to suppose --who appeared. to imagine that a complete revulsion would _take ptave in the state of the.country if such 4 Measure were resorted to He believed that nothiit had tended more k, create alum in the country. than- the clatumor which was raised on 4he subjees , of ;he resaintitinis of cash permute by the-Book. - He felt, ow he at. ways had done, that theilleukheit•arielit, *slime es possible, to resume thugs iirryissenrawssuid 'he wes convinced, that, by a grediteletemperete, and ea tim tions cooduet, the resumption might take plate without risking any materiel elteestion.,iu the fairs of the empire. This, however, could only. be ,done by a proper Fervency to the circuuntences of the country—and toting care that the emotion 4. t the circulation tended. to place our course yf ex change on a par with that of 'other countries. Lard Foi.xstoNe said, that, two years ago the ' Batik were declared to be preparing for the resump tion of cash paymeeti-,-that period had elapsed, and it was tint a little extraordinary to find, that they had matte so little propels, as to be obliged again to call for • renewal of the Surpetoriois Before they proceeded further, en inquiry Night to like place. Ministers,. however, appeared deter.: mined to persevere. They wore, he perceived, . going to embark in this melancholy career, witleeit a single Bout Directcir its the House.—/ !lean. ) Not only that, but with a decided difference of opinion ail • those individuals who spoke from tise, Treestary es t. -for 41‘•• Holm •wowld collect, that lb* Right .Hotioorable Geistlesnau who spoke last, - had absolutely. laboured to over. • turn the whole of the tensioning made use of by the Right Hon. Gentleman who - first *poke from the opposite side ; And it was not a little rerintrkable. • that one of th e leadiug Members of the Cabinet (Lord Castlereagh) lied offered no opinion whatever • on the subject.—(Cries re" He is iudisposell.")— The Noble Lord concluded hie speech by calling on the dodge, if. they Valued their character; to concede the Motion. • Mr. S. Tnoltutrolt-observed, that, on .two nets. lions, the Bank were elution* to resume their cask payments, but circumstaocits, over which they had no control, had prevented them ! ' The resumption of atilt payments would ingke them comparatively • isidependent rain—for.they would then be nis longer subject to those questioas.which were daily pressed , on theni. and those asperities that were hourly used towards them. • In the present Sessiou, he believed. 17 haressing Motion* 'Were subtnitted tostlie House - on Bank affair*, cud several others Vrete•now prints ing. Mr. P. Lewts argued strenuously in support of the appointment of n Cothmittee.- .• Mr. OftERIP9LL took a succinct view of the vs. • rious reasons which the Chancellor oftise Exchequer had adduced, at different periods, for continuiug • the Blink Restriction Act, which. he conteuded.• were utterly insufficient to satisfy any wind that had taken the subject into consideration. Lord CASTLERBAGIN opposed the appointment of a Committee. He defendtd the grounds ou which . the restriction of cash payments was coiled fer, and observed, that the appointment of X Committee of . lbquiry would only 'produce false iinprelsions, and . . mislead the public mind on this important subject. Mr. TutyxisT replied. This, lie woo perfectly cOmiineed,sein the last struggle for the resumptitni of each payments—and if. alter one night's discus. sloe, the House. 'hewed themselves determined .to • resist inquiry, there could be, itocingst the public. but one opinion, 'ninety, that, for, some concealed reason or other, Government were determined nut . to suffer cosh payments to be resumed. . • • The question being loudly called for, the Flow" divided, when there appeared— Foe tbehlotiso Agaisst . it • edrie..iLe 164 instance, from the state of affairs in the • reign . of , Majority. ***** ••• tiS • Charlesll. when • slight alteration in the relotioe * On our re... Omission to the gallery, we found the CitaxcuLunt of the EXCIIERVER snothog the ~ values of the geld and silver coinage. caused the . coi m sd r. reo ß ti o lg ue of u t e ji be , B oppe atik ied itee it t ip ric a ti s ol l l lo ß d i e ll b . a disappearance and restoration of either; its, they • happened alternately or respectively to be affected. The Government now retained the power of regu. been taken on int principle. - - • • deba te had laUng the exact smostet of, the silver coinage of the Mr. BRAN ITT mooed, as an etnendarent, " That cowatry, and of preventing it front exceeding what-• this House do tow adjourn." ewer wee considered tiecessery for the tnere par. . The gallery was cleared, but the question did poses a exchange. The Right Hon. Gentlemen , not go to o dimwit. then adverted to the effect :produced • upOn - this • The Bill was then rata:the second time.—To be. country, end, iudeed, upon all. th 4 Cimtinent of committed on Monday. Europe, by the facility enjoyed by Great Britain of • The House went into a Committee on the Slave ' exteudistg her paper .circulutisn.• h was•like th e l Trade COWIIIIOII. A Resoluutou mi s s agreed to. effect that had teen found •to arise froM the dui.. • The• House resumed..—lteport on Monday. cevery of the 'nines of America, for byincreasing • Sir T. ACLAND moved tor, and obtained leave. • the circulating medium over the world to this I to bring in a Bill' to prevent the destruction of 'mount of forty miktio - oe, it proportionably facile- I Salmon in the Rivers of Eiliclaiiilt • The IPiti. toted site means of Wrier, mod gave a stimulus t o 'Baronet ivauealiatrly biought in the Bill, which industry. In proportion, however, as the Batik of I was read the fir.t. awl ordered tube read the England had found it necessary to purchase second time, on Monday next. _ - .gold on the Continent to meet its enga,,, ,, eineuts t Adjourned at HALF-PAST TWO O'CLOCK with the public litre, the circulating medium of I till Monday. . I F. , Po r , I it Its