The British Press; or, Morning Literary Advertiser. — London, England, 1819-02-03 00:00:00

the question of ginecures. The demand l 3 have them regulated was treated as an attack on the Itoyal prerogative. It was said to be an attempt to tear the Crown from the Ring's herd. But the " m ow, after a time, were given up—as well as the rin es which were proposed to different branches ti the Royal Family I—(Hear, hear.)—lf the spirit of the country be exerted. there is nothilig the Gentlemen opposite will not concede, except thew he called on to give up their places.—(lPor, Araej—The Right Honourable Gentleman, it sciariir% has s very great instinsetice over th e m i n d, ,rhis friends. Last tea:, lie to ,de them all vote rValtt nu „ liwy ate all ready to vote f u r it. rpi• 1 hope he will rut sto•ceed in getting them to t s!turge important WWI'S from toy motion, to order to introduce others, that are Ira compre hensive and operative than those which I have chosen. The next consideration is. what sort of a ommittee is it to be ? The Right Honour able Gentlemen says, it ought to be a Committer of Secreay. 1 care very little whether it is a Secret or a Select Committee. 'rte one may, if they ilease, be as serviceable as the other. But the mischi..l of the Secret Committee is, that it is to he ele,led by ballot. For my part, I caoront see the wreaks. of a Secret Committee. The glom lity of bullion and tl:e amount of the discounts ef fected by the Bank, were the two great pecrets; and, with respect to them. why may out the same plant he adopted as was meted on in 1797, when those accounts were given, in what are called tuba listic oumbera, the variations or which were made upwards and downwards. By this means the se cret was completely preserved, without shutting out *thee important points of stiformattost." The Right Hon. Gentleman then directed a forri- Me appeal to the House, on the great nuportatiee of ihe appointment of such a Committee as would afford distinct and categorical replies to the matters comprised in his motion. If the Chancellor of the Ilerhequer agreed to that, it was very well ; if lie cid not, every dispassionate man Inua, see that his op position arose from a desire to chew, at the ear iiest moment, his power in the new Parliament, and tot from a conviction that he was right. If any Gentlemen wished to she. their entire devotion to 'Ministers, this was their time; they had now, to use phrase well understood its hunting, en opportu nity of ;dogging themselves the moment they set oat. Should his motion he defeated, he would look upon it as a pitiful triumph of one party over another—entirely distinct from the merits of the hear.)—The Right Hun. Gentle. man then moved, . _ " 'Plat a Committee be appointed lo inquire into tbo effrcts produced on the Exchanges with Foreign Cons erves, and the stale of the Circulatinot Medium, by Ika Restriction on Payments in Cash by the Bank; and to rm. wet hhetber any and wbat MIIIOII% exist for continuing I. same beyond the period now axed by law fur its to.. alma " . . . l'he CHAIIeLLLOR of the EXCkitQUER said, the HIM. Gent. in his whole course of proceeding, end in his speech, bad spewed that 1w contemned conciliation, and expected to carry his point by sdonting the tone and language of delimiter. The Right H. it. Gridirons,' complained of the course that he had taken, when, in fact, all the blame vatted with himself. Ile had given notice of e motiao, which, after a few day.. he had wholly sbandoutd—and now he expressed himself hostile to the m tioo proectetl by I.no (11r. Vansithol) although it called for a inure elistioct awl definite itopiiry than that *bleb the 111.41 it 'divans hitiowlf contemplated. The C:;incel!nr of the Exchequer !lieu proceeded to compare the two muttons, and contended, that that which hr meant to propose as an amestdment, was better calculated, in every point of view, to meet the wishes of the country, than the proposition of the Right lion. Grist. He did not mean, hr observed, to enter iuto the details which the Right lion. Gent. bad affeet eil to lay before the House, particularly those which respected the general conduct of the Goseriiment. But he:would be ready, at ally time, to meet him on thow points, when they were regularly introduced. Government ware accused of rentiv,iiews, hut, in plata of fact, more had been dour, for the emetics. ratans of the revenue and of public cr. dit, during toe last three years of peace, than was ever knowis doling a like period, after any pre►l,:us war, lip to the filth of Jan. 1819, twin : : three years after the conclusion of peace, taxes, which, in that time, would have amounted to upwards of 30.000,00n1. had beets removed. He would also sheiv, takiit4 the Umfunded Debt from Y.l to 30.000,000/ that not only Oil 110 former occasion was any portion of the public debt cut down its the short spare of three years utter a war, but that, in the whole period of peace, from the Revolution to the year 1816, so much debt had not been redeemed as was got rid of iii the three last years. These circom lit lt,Cell were enough to chew that there was no blurt. dation for charging lot Majesty's Government with waist of system. He could have wished, for the alike of the House and the pulps, thut decided opi nions bad out been stated on dos occasion. Be cause massy persons, who hastily made up their 'mods on • question of this complicated nature, sould afterwards perhaps hurl it necessary to vary their opinion. For his own part, if appoiuted on the Committee, he should enter It wait a mind perfectly open to conviction, and willing to receive informs- Loh. %Vitt' respect to the mode of conducting tri o i n . inlay, lie certainly meant that it should be consigned 11 a Committee of Secresy—for, in his opinion, ina taloa Committee was competent to examine into due private &draws of the Bank. lie tueant, there fore, to !propose the appointment of a Committee ofSecresy on the state of the Bank, with reference to tine eX In I:lelaCy oh the resumption of Cash Pay. "eats at the period at present fixed by law, and dhlo welt other matters as are connected therewith, sod which may be disclosed without any injury to Cie public interest. Such a Committee would have au opportunity of making every inquity, and zit Report commuisicating every information alach an open Committee could make use of ; and Lo w its structure it could have access to sources of iiaurosiation, which it would be impossible, with 'agcy to the public interest, to lay open. No /1.414 could, he thought, be mole strange than the piol...sition of the Right Honourable Gentleman °G.l.•tte, which went to sp'.t one integral motion 9 6 1 '0 two parts, and make one part secret mid the 01,.rrt t f ir u; co that there would be two distinct each acting separately, but with the t. , A tit by that course favouring u conjoint opero t"',l. In this tuanuer the great leading object •,,, I. • .. I „~ , 7- •-lt *mild Le emharrased tool frustrated rather Itt to promoted. If the object of the Right Hon. Gen tleman was full inquires , , his amendment gave him the amplest opportunity of having thet inquiry to the littlest extent ; and with respect to the proposed time of extending the restriction own March, there were many circumstances which rendered th,it particular period desirable ; for then Par. figment would be sitting, and such steps enfold be taken as the nature of the case should require. He meant to !impose, that the Com mittee for which he should move would first di. rest their attention to the danger which may arise from the resumption of cash payments on the 6th July next, the period it which the present Act ex pired. Anti suppose the Committee were of opiuiva that it resumption of cash payments at that period would hazard the best interests of the coin,. try, then they were to inquire into the cantles which had hitherto operated to prevent the resumption of rust► payments. and into those which subsisted at the present period. The next ioquiry which they should itio.ke was into the state and course of the foreign exchanges; aril further, into the original causes which were found to affect the metallic circu lation of the country. They were also to investi. g rte the subject of foreign s, nod the ti t of British capital iii foreign funds, and the effecis of the Corsi Bill. The Committee, after invvs►i gatim• .:11 these important parts of the subject, would then be prepared to give an 0111111011 Oh the Whole, which would be likely ►n lead to a full amid for umider►tanding of this important subject.— lie had oo doubt that such a Committee would do an important service to their couatry—and the real way to mike the busiiiess effective in the course of this import', orottld Ii for Gen tlemen to lay asi te for the moment their theu rte► soul strung opiaiuu►, tied cooseot to judge merely from the facts, us these 14(44 t‘oolcl be sut►- mitted to their consideration.— ( I fear. hear.)—He therefore hoped the Right llou. Gentleman would !mug his mind to dais state of cool deliberation, and conseto to such u modification of his abstract opinions, as the new circumstances which may be brought tooter his observation might warrant. For his own part, he fully concurred iu the importance of the inquiry. and that it ought to be conducted ou the must extended briar, and in the freest and fullest manner. If it weir entered into with such a spirit, uud a fixed deterunisatiou to make theories yield to facts. then he would not abandon the idea that he might have the satisfactioti of bringing the Gentlemen opposite to concur in his view of the subjeet.—(lleer, hear. )—ll e concluded by moy lug, as en amendment. the appointment of a Coin mince of Seemsy on the state of the Bank of England. with reference to the resumption of Cash Payments at the period now fixed by law, and ihto such matters sa are comiected therewith ; and that the said Costiniittee be directed to report such information to the Hint'r as may be disclosed, without injury to the piddle interests.—(Near.) Mr. LEWES said, that it was absolutely necessary a great country like this should have the benefit of a proper, well-secured, and rxtrnsive circulating medium for the transuction of its business. l-le thought that with a view to the attainment of flits object, it was desirable that the Government should inquire into and lay ovum the real solid resorocee of the empire, and not to throw dust tutu the eyes of die people, by holding forth promises by de lay which could never lie realised. For his part he would support the °rightist motion, for lie thought the Member who brought it forward in the first i .stance had e previous claim to the support of the Ilmisr.—( Hear, hear.) . _ . Mr. FRATIKLAND LLWIS said, he had listened attentively to every flung that bud fallen from the Bight Hon. Gentleman opposite, and lie confessed he had not heard a single word to justify the course winch it seemed to be the intention of Goverinnent to take on the present occasion. It bud been already fixed by law that the Bank should resume its cash paymesits on the Sth July next; but now it aopear ed, that, upon an application from the Bank, the Government had discovered that the Batik were upside to resume cash payments at the stipulated time. Whatever effect the incomparable speech of the Mover of the original question had on his (Mr. F. Lews's) mind, beyond all doubt the speech of the Right I loss. Gesitleman opposite (the Chancellor of the Exchequer) made it clear to demonstration to him, that the t riessilt liinnicial system was bad indeed. The whole hinged upon this Bank ques tion—and the country was now, after years of pro mise and years of sintering , to be told that the time was not yet come when th e country had a right to look for the resumption of cash payments. It was not, perhaps, in be wondered at, that during the momentous eeenta of the war this question should have remained io a fluctuating state. He was one of those who never, curler any circumstances, had wished to postpone the consultration of this great question ; on the contrary, at all times he wished to have it placid upon something like a firm - and solid foundation. But time after tiule was suffered to pas* away, and the circula tion of paper motley went on with unabated acti vity, though at each appuilited interval • the most Positive assurances were solemnly given that the restriction would cease at the expiratiou of the then subsisting term. After the last peace, a term of two year. w.:sstipul tied for. that at the expiration of such a period it would be impossible to raise a question upon the expediency of resuming cash payinents.—f Hear, hear.)—Other circumstances in their turn again interposed. and the same ii,de- Minot and procrasiiiiiition were still iu bill force.-- Ileur.)—During all this Period, the public were told that the Bank cullers were daily sitpplied with bullion to prepare for ilia, expected payment in specie. He would beg to call the intention of Parliament to the declarations and expectations made and held out on this subject by the Right Ilotimirlible Gentleman opposite in the course of the last year. It was impossible that these declarations and expec tations could he outdone—the p os tp on em en t, wh en it was last year proposed, was to be a final one. and the matter was to base been set at rest fur ever. But now, like a thunder clap, the fresh proposi tion fur still further time was submitted to the House, on the plea that the Bank were unprepared to resume cash payments. • How did this declara tion aciviril with their inoxii-ry last year to throw the odium of the delay upon Government, and to wish it to be generally understood that they (the Batik) were . not only ready, lint most anxious to fulfil their cash obligations ?—( Hear, hear, hear./ ;'• :•: I • ; •r He conid n'.!.f. Content to etleral 814 further 4'4,1%4.. enee in Oils manner to the Batik, snit be would im peratively mil upon them fur the fulfilment of their obligations. He had always nsaititaintal the ne cessity of taking off the restriction, a n d compelling the Bank to take the only course open for them, namely, to restrict their issues. There Wit/ only one way for the Batik effectually to prepare for their payments, find that was by 6s careful diminution of their notes ill circulation.—(('rice off' Mar, hear.)—This was the Duly rairgible colirs,s for the Hank to take fur the purpose of liqrsidating their engagementa with the public. I they made a fair attempt to restrict for it issues, and that this attempt did not produce the result which was anti cipated, then linked the Batik might cosine forward arid claim a special inquiry Into the nature of their iitnssrs with reference to cash payments. But until this atep were taken, he would answer any application of this kind in the language of Hercules to the waggoner in the fable—" Sirew nie first that you have dune your best, and phew use that your efforts have failed, and tilers l'il come down a n d help you." When the Right Ilan. Gesitlensais first talked of his Committee. bottomed on the pre cedent of 1797, it was evident what result be ex pected. That precedent had lasted for '2l years of war, and it was 'RAW perhaps to be tried fur 21 years of peace. But before the House adopted the precettrut, let them revert to the original circiant stances under which Mr. Pitt proposed the measure. That Minister proposed it slime tin puhLc grounds. By a reference to the Reports of the Committees of boils Houses of Parliament tit that period, it would be fouial, that fur the two years antecedent to the suspension, the Bank had been urging Govern ment to take some step to prevent the consequences which they apprehended from die loans taken out of their coffers fur the public service. There had teen, in fact, a lung mid anxious correspondence main tained, in which the Bank pressed for a repayment of the arrears due to them by the Government ; and in the correspondence, the Batik declared, parti cularly in one letter, that if some arrangement were not made, they must shut their (hors. The answers of Government at the time were generally accompanied by a promise of payment, and the renewal of a request for a loan. rllr. Pitt said, " Well pay you 500,000/. if you advance us an other million." At length, when matters were pressed to am extremity, the celebrated Order in Council was issued, which suspended cash pay meta.. This Order was expressly made, as iiitieed its terms denoted, in consequence of the considera ble doubt. which prevailed that the Bank would he usable to torainue its cash payments as matters stood, and at the same time make the advancer which the exigencies of the public tequired. It was on public grounds alone that the measure was thrriughant contended far ; where now was thee public ground for its continuance >. If the mist ponesnetat were merely on the private nffeirs of the Bank, then his answer was, tine I lump. bad no thing to du with its private affors. Ile knew well the class of persons who were arsximas for a continu ance of the present system, ;:iirl he alto knew that they were those in whose behalf the Legislature hurl no right to interfere—they were of that class who speculated in the money market lit every thing that came in their way, and who cootaarsoly involved each other in the ruin which followed their mu tual acts. It WAS 00111ellie to talk of upholding the credit of the Bank or of the country by propping up such a system as this, it must every day become snore involved, and the remedy more complicated and uncertain.—(llear.)—The only way to avoid the impending evil, was to return without delay to the unsold old English principle of a metallic currency. and to adhere firmly to its Operation.—(Hear.)—The question should be at mice decided upon as a whole—he was an enemy to all palliatives. and partial correctives. The Bank had taken all nowise step when they made a partial issue of gull. Any attempt of that kind must wove obviously futile so long as the Bank did not make a corresponding effort by reatrictiug their paper issue.—afear.j— lu fact, it was against the uniform principle own, which the House proceed ed, and certainly against its recommendation, to snake this partial attempt, unaccompanied by the concoinitant measures necessary to elect the main object in view. Till the time arose when the Batik were prepared to show that they had seriously prepared for the resumptiou of cash payments, and that their efforts were opposed by unforeseen mod unexpected obstacles, lie cer tainly would deprecate ally iraterlereirce such as that recommended by the Right HOll. Geraletiotra in the private affairs of that Corporation. It was time that sonic step should be taken to place the finances of the country upon a safe system. The Finance Committee had hitherto been tamable to effect any great object ; they had made no advances towards the reduction of the National Debt, and with the exception of the 3,000,000/. whirls re maim d in the Treasury, after the war of the one hundred days, and which was then applied to public uses, he was not aware that a iligle step in financial economy had been effectesl.—( flear.)— The original motion should certainly receive his cordial support.— (Hear.) Lord CASTLEREAGLI affirmed, that the only dif ferersce between the tion of the Right flan. Gen tleman apposite and the ametirlinent of his Right Hoo. Friend. was, that the latter went really inure to the question at issue, and embraced a tar more general and entensive inquiry. —(Hear. hear.)-011 the principle of the inquiry, there was no difference between them. Ili concurred with his Right Hon. Friend, that it scout(' be mole eratential to have re served until the ensuing year the general inquiry into the affairs of the Bank.—(ilear, hear, .tio+.4 the Oppositios Benches.)—Fle would state why lie thought that would hive beets the better course. Early next year a better opportunity would be af forded of lookiug at the situation of those circians 'tauter which rendered the present suspension expedient. The inquiry could then he 'wide iii a snore satisfactory manner, with greater safety to all the important interests at stake, to the general industry of the swop's., and the Isappiiress of the State. As to the communication which had been made from the Bank to hi. Right lion. Friend, since he had gives: his notice, he would contend it Wail right and proper—the making this corrinsurrica buts, so far from bring a reproach to that body, was candid arid honourable proceeding. It was not the fact that die Bank had ever stated, ay time Flan. 51enttier who spoke last insinuated, that they were • unable to restme cash payments, mid therefore re• . quired the aid of the Legit , lattire—they send no such thing—what they said was thus—that they were ready, so far as cotiternei: their own affairs, or the ',liven* interests of the flank, to pay in specie; but they could not promise to give the timid ussirtinire for public affairs in the event of the Act 'being stir ' feted to expire ou the sth July. They did cer tainly express Sill opinion, that there w.is a very pro'. brbrlity of the foreign exchanges settling iii r steady course, in the course of the col relit p-ar, by which they wiieild be eisabled taut Holy to make their iboiuet4 in bpi vie, lint slut to I the I. er%- sitry quantity of to keep up di, circulation of the comiti-i-. The Hon. 6 !..tie'il who spoke last had lAA is great stress tau tv!,:it int described to be the pl edylrs givro by .dr.rini per. sins its that [louse, for the resumption of cash pay. tarots at is given period. These were but the iipi- Mons of individuals, formed liotti the hest view they could take at the time of the qtie,tiou ; but surely there upinimis could not lie vtippiised Wu& hog ad agaillbt the puhhe interests to a ..thyrtitirot view. tits Right [lon. Friend °lily looked at the subject with a due reg.itil to the public interests, the public safety, suit the nitmoial credit—it was important that the Legislature should bike a 111 d• lure view of the subject, and not legislate loosely upon a question of such eminent.—(/hear, hear.) — They had all agreed upon a comptelleissive inquiry: why fritter away that by dividing its parts, mid submitting to tau t7iiitimitteer, one of whom could not act without ht reference to the other. He could assure the ROA Hon. Gentleman opposite, diet he did not desire a of opinions on a sies tiun like this; ou the comniry, lie was tno4 anxious to grasp at any point of agreement diet could be found between the two motion,. Upon the neces sity of an inquiry there was only one opinion ; then the only question was as to making it by a COM. tnittee of Secresy ; and he thought that. in point of delicacy towards the Batik, no other course but that of secrecy was proper in this inquiry, so far as their affairs were investigated by Porliament, and investigated too, it should be considered, by au act of violence, or at least of strung endue. rity on the part of the Legislature—an act which, in fact, could only be justified by public safety. It would be, he thought, a misfortune, if the sub ject were taken op in parts, and information theu sent forth in detail, accompanied by loose facts and loose inferences. The Committee of Secrecy would take the mauler up as a whole, and after deliberate inquiry, record a safe end steady opinion upon all the bearings of the question. It may he raid that they had agreed upon the necessity of a Committee of Secrecy. The next question then was, how this Committee should be appointed?—(Hear, hear, from the Opposition Benches)—Titen cone the old attack upon the ballot, winds was always made whets there was not another leg to stand on—it was a last resource, an expiring effort, to make the ballot the ground of complaint. A similar attack was made in the fist year of the last Parliament, and to the refutation it then met with he must refer those who had not heard the speech which, on the tetcasiots to which he alluded, fell from the Honourable Member for Bramber (Mr. Wilberforce). The s.ime attempt had also received tut appropriate answer front Isis Right Honourable Friend (Mr. Huskisson) on a former occasion. He hoped, however, that notwithstanding the renewal of the old story about ballot or no ballot, they would, after going into the Committee, under stand each other better, and really view the busi ness before them with coolness and temperance. He would defy the Right Honourable Gentleman to produce soy instance its the Committees by bal lot where unanimity slid not its a great degree pre vail, and where even the Honourable Gentlemen who sat on the Opposition benches , were not found generally concurring in the measures proposed in such Committees by their political opponents. But he particularly hoped that the Rt. Hon. Gentleman would devote more uttention in the Committee (if one were now adopted) than he had dune en a former occasion, when lie deserted at mute the mo ment he could not carry his own point. Ile trusted he would not repeat that course, and turn tail on the next occasion when his services were required. This was, he readily admitted, a question of the greatest importance, not only to the Bank (fur the Bank was only, in this case, the represetentive of the public interests), but to die social interests of the empire; nay, of the world at large. The Bank was only as a fly on the wheel, when com pared with the momentous interests which grew out of the question. It was, therefore, iticumbent upe on the Legislature to approach the subject with calmness, and avoid a false step which may entail a large suns of misery upon society.—(Heur.)--It was a confusion of terms to say, that the circulat ing paper medium of this country was a forced currency ; it in no settee bore any resemblance to such a deuuteitiation. He denied the fact, that this was the only country in which the creditor of the State could not demand his debt in specie ; on the con trary he knew no country in such a state as this re specting its cut rency— (I !ear, hear, from the Op position lienchesj—tie meant in so fair and solvent u state. lie Liew, indeed, that the Bask of Fence paid in cash; but then the system of currency upon the Continent was by HO means similar to that adopted here, and the cases bore en resemblance to each other. He was reedy to admit that the sb setice of a metallic currency deranged the system of iiitunce which ought to he upheld its this country, but in the attempt in reinstate it upon its proper footing, lie could not consent to destroy the repro ductive energies of the country. The poor num was entitled to the most considerate protection, but the benefit he wrothd derive from a inimeory cliwitmess of subsiste..ce, would be soon outees4 tied by the speedy loos of r topl:iyment which tomy low. It was said that the Batik had acted inju diciously in a partial resumption of cash payments lie denied, tior at the time there was every prospect of a settled comse of foreign exchange, though micurnstuncee afterwards affected it,, amid the Batik took the pi oper course in taking steps to gradually fill the market with specie, and prevent thist transition and convulsion which might tither. I wise attend a stiddemesumptnits of rash py meets— (Bear, hear.) —See what would be the result in the present state of things if the Beek were to issue a new cumage. There was I:0W H of 7 per ceet. between the price of gold in the m ir ks" and in the Mint ; the itionient therefore, ehde this difference subsiste d, shut CV:1!/16,.:ode 1 . i. ~ t 4 y . • isstid, it retalil he removed out of the country, emit the manufacturer, whose goods now found their way to the foreign market, would be shut out from this advantage, unless he made a sacrifice propor• tioned to the diftereiice between the Mint sod ma►• ket prier of gold, mid all this for the beorfit of the foreign consumer. So far from Enghind tieing %ingotsr in the state of her CUlteill y she 'tend superior to every country in Etienne on this point, for at the present moment the nations of the Continent were ■ll engaged in amputate the Problem of their metallic curtencv. " Thew are trying' by forced menus to correct it, HA the cwnses l urur•e ls, art so inutalsirml ifs ;a males the for. like's, the hit! aene, l of svl cat is sensibly felt iti other States—se much se, iorieed, that Englund, :I she were no the sense state in which she wile before 1797, would feel it severely tit her meitthic currency. The tate three nulling loan in Russia, from the high premium it bore, idles:led the markets of Europe, and even at ousels a distance as Paris wee horn St. Peiersliorgh, it almost shook the menthe currency of the of France. There were also great speculations afloat by nolividuals, and the p i e -syrup operation of the whole made the present tone il' adapted for the ertjestmestt of so important a coti•ideratio,, as the origilial motion involved. ft was e•livious that there existed in this country a tentletiev to share its capital with other States, and front the high rate of interest (needy double that of this country) there was a strong h.. ducement for speculators to embark with foreign capitelists. This interest, lie believed was but temporary in its operation, and he had tin doubt that in a eery short period the course of commerce would turn the scale in the Cootie nettle, market, and establish such a belenee in favour of this country, as would destroy 11.- unfa vourable operation of the foreign exchanger, :eta leave the market ope❑ to the Bank for the impor tation of bullion upon fair and just terms. Tha war, o f course, invidved this country in an artioneeo expenditure, and the Batik eitsbled the count': to meet the exigencies which pressed upon it, awl in achieve all that it had done for its own honour and the safety of the world. Some period must sweetie study intervene, even in a time of peace, before the wishes of the country can be accomplished, iii ing its affairs restored to the steady and even track which marked their progress before the late colord. He would publicly proteit, that neither the Bight lion. Gentleman, nor any of those who acted with him, were more anxious to see the Bank reiuru to cash payments, than were the Servants of the Crown. fie saw nothing in the conduct of the Bank Directors, he saw no individual interest tney could have fur the renewal of the Bank re. striction that could at all induce them to act monist the fair dictates of their public duty. lie believed they looked MS the subject as its. telligeet men, who saw that they cotild not but injure the public interests in a tnaterial de• gree, tt• they were to resume cash payments at a time when these bad to contend with an iinfevoure able rate of exchange. Their great (injection to the return to cash payments was, because, to fact, it would be' incompatible with the general interests. The time, he said, had not arr".ed, in which the Batik could safely return to cash payments, nett this was the holiest and anxious desire of his Ma jesty's Ministers. As fur the observations which the Right Hots. Gentleman thought fit re direct to the new Members, as to the taunt of Hotortirahle Gentlemen pledging themselves in support of Administration, he would only hope that times Honourable Gentlemen had too much true British spirit about them, to become the instrinnetits of any party. He was sure that they would be as little influenced as their predecessors bad been by the attempt of the Honourable Gentlemen, which certainly was not a novel one, to frighten when lie cannot convince; all attempt which would, he was sure, be attended this night with as little success as it had been upon former occasions. A new Member, whose name we could not learn, said that nothing was more foreign to his intention, when he came into the House, than that of troubling the House with any ob servations of his upon this most important sub ject. But us new Members (of which he was one) had bees mentioned in the speech of the Right Hon. Gentleman who opened the debate, he felt it his duty, as one, to say that the vote lie would give would be according to the hottest opinions lie could form. indeed, it appeared to him that the 'object of dispute was very narrow; both sides agreed on the material pointy; both sides agreed that it would be wise to put an end to the Reettice tion Act as soon as it could be done with safety ; both side* agreed, that it would be right to resume cash payments as soon as it could be alone with security; all are agreed, that an inquiry should ha made, and the dispute is on a mere pent of ferru. lle would, called on as he was to give his opinion, for the first time in Parliament, give his vote for the proposition of the • Chancellor of the Exchequer, because it was more getters! and more decisive than the measure of the Right flittionr- I iibie G•utlernuti at the opposite side of the Welty*. Mr. NIABEal.lf said. that having given a silent vote on this subject when it was last beanie .t before Parliament. he felt it his duty test to that vote on the present occasion without us itig a few observations. Like those who hail el. ready delivered their sentiment?, lie conside,ed it to be a question of the most vital importance, connected as it immediately was with the fitteuree and the commerce of the country. Every our, lie soul, knew that the cause which prevented the re. turn to cash payments, depended as weal „p„ external as normal relations, and lie I.or one could Rut mein ge the hope of' seeing th e nieta of the Resttiction Act, without alvo witneeoieg a material change its the system of taxatio n . Oii.eo iner occasion*, he %lid various reasons were essige for renewing that Act :—the foreign loans that "ere made—the maintenance of our army in foreign Our tries, mid various other,reasons, were' given mitt toe. diming the restriction. Maity,pf these reasons 'ceased to exist :--our armies have been brought home—our expenditure has been 'decreased—our tiatertsal of. fairs have been considered as prosperous—our re venue has increused--snd yet he saw lid revision to hove to see, under the peseta circutmotaiteX the Bank of England resetmitig cash Issysnenti.'"rhe truth was, there were othee'and weighty' Faiiete, winch operated, to prevent that itesirible there was a great unfunded debt. He In7liesed • -..... - emu .......... _._. . . • • ' „,,1 ..,.. . ,r,..b ,„*„„,.,.....----.4. 4 ,,,,,, 4. 0161 .-- .4.,,„.6... , - • 4...- 4 .;,, _ .."....... 4.. fo . ..- ;;~ 1 s .„ • rr • . V . ~..~' ME MI