The British Press; or, Morning Literary Advertiser. — London, England, 1818-04-10 00:00:00

' currency. It could hardly be thought that toe Re• 'atrictiou could be taken away in ciriontstaiges peel. cisely similar In those which first called foe is e en. 'ailment. Nothing could be stronger than the eii donee no the subject from the Ciiittee, when 'the Restriction first inis imposed. The opinioti of the Bank itself, toe, 'Wis of greet iiiihietattee in de ciding the gentian, "and their t r ees had lei'd a m 'stru posed for the Mes o s e ux nelle.-4Here 'the Itight Housoorable ha 'il a resti tution entered into by the lheillt ali gireetoes in the 'PA , 1795—" That the Cuet, Of Dirktors cite 4.1' 111 ssss iisn, that should smelt's loan tate Plata to the Emperor, it irould be Visorless in the AttreVes to the conimeicial totem's and s crodit 'of the `country"--and iinothev peeped in in t. in which it was resole d, " That any further adiancee mole to the "Emperor might cease • failure in 'the Bank of . England."]—All most by aware .- 01 the diffically rff 'eltanging a system 'so eaten rive and so loot t cted ou--at the smite ~iiiite 'none could toe there anxious than flisittelf to return to It *titanic currency when it could s be 'done with 'security ; but the present moment wig ill-chosen, awing very similar to the •era when the Ituetrietimi was originally laid on. It 'Might Ise ob =l that dust wait a time of war, and that the were theft made on the security or the Vo- E• but those were counterveiled by the ' rett of the ',reseal lams. Of the loans te d far with France and Press* it 'ball int =le know bow much was costribeted by l our 4 it might be itsferved that the proporfien was Wiry large. because we knew there was but belloompital in other eoesitries likely to be so em , It imp the external relations of the come. lb, 16111.rendassod the change now peculissly don gerameesseellibmr in the internal gate of the country of dedliselt. He was the more inclined to propose a engfiliattion of the Restriction, from another terOMltcw. be hod to propose, which was calcu lated to contribute to restoring a paper currency so what it ought to be—convertible to metallic currency at the will sof the bolder : a restora 'tints the Book was really desirous to effect. The The last measure would give a degree of solidity to a paper currency. He meant to propose coistinu "ing the liestriction another year, to Sth July, 1819. There was iso doubt, that the most iwrfect cur 'rtnicy was th it mimed of 'leper and metals, in which kpoper should have a large proportion perfectly se oured. Many plans lied hero suggested to obtain . tae last—eue was, to hams paper on security gloves in lauded property, but as able value of that was so changeable, se would the security afforded by it be irregular and flactuating. But this did not apply to property in the funds; and if, at the time of their origin, a !taper spares had been established, 4sy issuing paper ou the stock created, we should taw, perhaps, litre it as perfect as such a eyeless !Cllald be. There was more stability in tbe exist ing iptem iu !Scotland than in tugland. and per. ticuLarly Ireland. There kid long been a ;sta. bibition of the isoue of any uotes uuder the value 'of St.—that probiliiiiou was repealed by the first Act suspending cask payments, and applied only to . those sender Os. lie stow intended to prohibit the issue of any note tinder the value of 5/. by private bankers, %%idiom security deposited. Ile would not extend this to the Musk of England, because use conceived the public lead already from it the saute security as they were to have from private banks in the advances suede to Government.— lir did not ablaut either to extend the measure to - I.6csulasol ; but in England and Ireland his measure would go to prohibit the issue of such outer as he bad dercrilwsl. without stock to double the mouton' Willie, or Exchequer bills equal to that 110111111a' value. deposited isi the hoods of the Commisioncrs fur liquidating the national debt. He also intended that snows so issued should bear iso asldttioual mask, to bilts, that they were issued on security--at the .i,toe tisne the holder would not have the security of the t;overusurist, bat only that of the Bank, mid the collateral security of the deposit. The public would be assawerable in nu other way Outs aa loaders of the deposit. Au objection had tweet stated to him, that from the facility of sic (pairing stock mid Exchequer bill., his measure would etscourage au almost utslintited issue of paper—his ourwer was, Nut more than under the otisting system, without any public security.— •I'llere could he iso doubt that betskers would con. seder the proposed alteration as less advantageous so them than the present mode of doing business, but their feelings could tug, he thought. be put iu competition with the necessity of the additional se s•nrity which the public would derive (ruin the new plan. Resides, the incomenieuce to the banker would be much less thau might beat first imagined ; 'at resew he was obliged to have a large amount ~f cash or Bank of England outer in his bank, fur the plifpla of paying off his totes, as the demand fee their payment might be made at dines *hide he could not foresee, and for which he must at seuy iiimuent be reedy. Now. by the new lilacs, it ass most probable that the public would hike the se :lured mull notes in return for the larger ones; misdeed there could be uo objection, for as these were, by the edditioual stamp. of the most un doubted validity, no man could is eschauging de sire NI letter security. Perhaps it would also be ilesirahle to allow the banker the option, if he pleased, of tonguing any uotes be dill not mean to pay at Isis bank over to the Conautiwiotters who held the stock ur Exclwyster bills deposited for them, who iu .iich a case would be ettipbwered to pay t hem. The 3/. and higher notes Mould remain pre• • s eAtly on tier same futitsisg on winch the esistiug LAW I.l.lCril than, lie was 4'0111:11.i:ed the blusters would have sus fair reason to complain of the pro posed method .r depusitaig security fur a putt of their issue, fur massy of them were at Westin bold- Uri , of stuck tool purchasers of Exthequer bills to n very I urge sossuisot ; they could therefore feel no the deposits r e qu i r e d. i.scolivessience flout islakilig The visa would uaduutstedly hare it tendency, said a most beneficial one, to induce men of large pro perty to embark in baukiug cuucerass, and of course would operate to prevent mete speculators, without .01equate ineatis, to undertake such eit4b!ifillilleists. Tile ieguhstiou would, ou the one hosed. secure the holder of the rittell notes, and use the other would operate to a certsiiii intent to deter btlishefb them s. Ives fruits Clatillq IMO those rush speculanous, which were °fiefs is their result so prejudicial to the public.—lllear.j —thy bringing forward this salty f •cs isow, missy ul the dilliculites to be apprtheudtd if.llit rise serumption uk the Ilsok task isslisient., . • an over save of piper, would be thus dourly pre vented, arid that revulsion whirls some dreaded build bole a greet degree obviated. He thought the twit iseesstes which he bad Mated were both closely connected *Mb each other, and necessary is the rustsng state of the coontry. The one, the Bank Restriction would °oily operate for another year, • the measure relative to the small country ▪ Bank notes, would not come into colwration for two yeas, sad the notice thus early made would in the latter cue lest be effective at the. period when the notes now issued would he worn out, for this 'he Inderstooll took place after a circulation of *bout two 'years ;of course the bankers would be entitled lo the interest accruing from the de posits made with Gover 00000 rill. s's a security for the small mites jested. The Right Rottoorable Gentleman coacladed by moving two Resolutions, on which to knell I Bill—the one, that it is the opinion of the Committee that use Bank Re striction Act ought to be 'continued for souther yetis., and no longer, after the sth of July next; the second, wow fit sanctioning the tileassore of the Country Ranks depositing Stock or Exchequer Bill *cahoots, for the issues of Notes tidier 51. /11t,Tti1teie rose, on the Arst 'resolution being rdiff 'by the Chairman, end amid, that the House could not cettqfhly expect to enter into a discussion 010 fbe'Cliadeellor of the Exchequer's nropo.;tiorw, until Hwy wets esisbiodied in the Bill which he in teudeill to brig its, irlseu their whole delafll would be plait:ly diseensilite.—(Hear, hear.)—All, there fore, he nieaut is iby now was. to beg of theTiouse to look at die - safe au which the cousstry was placed. No matter what should happen in the result to he she merit or (lei:refit of the proposed plan, still the existing state of the 'country was the emitter to which the Heise *mit at once loot. They were now called 01)011 iu a time of profound peace, with out soy jsrevions inilyiry by a Comusiitee—without any exantination into facts, or of any of the pasties whose inte4ests wire to be effected, to tnitke ■ total change iu thisting s'ysteth of banking. Contrary to all the Ttight Hon. nentlemato's sangitine, solemn, and oft-repeated predictions, the Bank Restriction Act was, it forward. to be continued for another year. and also on entire change was to take place in two yeses its the mode of circulating and tf. country !souk norm All this was to be done on the mere ipse Aril of the Right Host. Gentleinati, and on Ins mere oinettimarted opinion of the wisdom of the propored reghliations. it would be in vain to come at a proper scrutissy by a eliscutsiou of that Howie; a iisestion of such de tail r•ould only be done by a Committee, properly empowered to exensiote such witnesses as were fhost likely to communicate proper iiifforlisatiins the subject.—(How. locos. heak.l—Of the men . - sure relative to country hanks, all Ise would stow say was this, that its effect ',mild soeceesarily be to throw the amount of all the small batik notes in circulation into Exchequer hills. Be sides, it went at once to kohl oat to u ttttt erited sus pit ions a large body of must respectable and owl vent Gentlemen, for such, iii nine cases out of ten, were the s °sultry bankers ; their characters were thus to be !Muted, and for the space of two years before this measure was said to be required. He was suit inclined to throw odium on any set of meta without a previous inquiry to authotiar it, and more particularly a set of mess *loose business, when well conducted, was productive of the greet est advantage to the country.—( Hoar, heor.,l— he moiler:third the Right lion. Gentlemen's plan rightly, it war this. that for every lord/. in 1/. and 2/. notes stamped for the country bunker, be must deposit double the not oo ioo value re mock, or the nominal volt* in Exchequer hills; so that, at the present stock sake, he must leave as a deposit about Ilia (according to the existing market price of stocks) for the loM/. oh small notes so stamped, or Oa in Exchequer bills. How any banker would go about issuing small notes on this prinCiple he asset a loss to guess.—(Rettr.)—The great object of the Right Him. Gentles:ran was eo idently to no crease the circulation of Poceliequer bolls, mod to do so as a part of the circulating medium of the coun try. The effect of the measure would no doubt be to compel the banker to deposit security fur his elude issue, for no man in Ins senses wohlol loolcl a 5/. note of a country banker which rested solely on his remind responsohility,w bile by taking that note into Ills hawk he could 'dana for it the smaller ones, fur which security wus already ilepositcd with Government. This was quite hear.j All this looked like the prelude of sonic notable scheme of finance, on %%Inch the night lion. Gen tleman bad been for sonic time musing. Would he now biteik out ? Would he say, was this the whole of his plan ? or was hr loot contemplating a grottd scheme for the issue of debentures ?—(//ear.) If this were toot true. i.e would toot touch on that pert of the subject, lie would pass it over in silence, end adhere to she obi nvistion. de suortois Nisi boitoot.—( A looKh.,l—'Phis subject respired the deepest cutosideration—os single statement from nu °Melia gentlecusto would nut satisfy the country; there must be a previous inquiry. in the only effec tual way it could be obtained—by a Coonniattee.— tHeer.)—=But what astonished him was this, what necessity there Cottld now exist for entering into a prospective regulation oh a subject not 'grain fur two years to comic. do the suloject of stamping the notes, would the Right Him. Gentleman stamp old notes, or must Ilse former ones be cancelled, though in good condition ?—(The Chancellor of the Etehevar. " Not to Stanp old onee.")—Well, then, resumed Mr. Tierney, that is only a matter of pure taste. though one could heftily see why this distinction should be liken between the sound note and the hew nor.—(A laugh.)—At all events, the subject required r COllll ttttt re, and if ion other per son mowed fur the appoimment of one, lie would I self do so wheel the Report was Iliong)it up on' Nlooday. Indeed. the Right Hon, (lenolemaa had Candidly set oat with expressing the grief he felt at being olsloged to propose these measures; ' as to one of them, the Item ri riot., Act, Ise ;Nlr. T. ) lord only to say, lie was soot in that least degree sur prises! at the motion now made; for. whets !Arne time ago the light Hui.. (;eon. expressed a doubt whether it worth' be necessary to cuuunne the Batik Restriction, It was quite clear allot would be the result, lor the moment the doubt gut into the Itelthi Ilot,. Getttlegotts'i heard, it weed Ott of the Israds of every body /augh)--antl it tre cause Hillitirrst 'hat rash payments annuli not be resumed at the apposii.ted time.— 'lleee.)— The Restrkt.oti was two to fast 1 )1 0 opt .• 0 ‘ and nu longer" '(the word. of the old Act). Now, of this he aid not belie,e one single (Hears her.)-1t was a palpable delusion, for so long as the Right Hon. Gentleman went .on with his career of finance, just so long would the Bank Restriction continue.--(Hear.) —The some story, end the seine promisee, would be held fortis next year; and, indeed, the Right Hon. Gentleman could conic forward with a better face, fur he might then say. " 0! I must have the Restriction for one year snore, and 1110 longer, for how call you think of disturbing my bunk note system, which is to begin the next year with the country bankers?" —(d lasogh.)—lt would be too hard, in 1819, to touch the system prepared two years before-hand for 1830; indeed, no decent man could have the face to 410 it.—(Hear, hear, and a laugh.)— It was quite clear that the Rs %traction must go on from year to year, unless the House compelled the Chancellor of the Exchequer to alter his plan of dealing with the Bank.—(llear.)—He said, in deed, that he was most anxious fur the resumption of cash payments, and that the Gentlemen of the Bank were equally so; he (Mr. T.) fully believed they thought alike on the subject, and that neither were rash etiough to dream of cash payments so long us they kept sip the present system.—(llear.) —Every bady paw what was passing knew that the Chancellor of the Exchequer could not go oil in Ins lieautial prcgress without the flunk, nor the Batik in their increased issues without him.- (Hear.)—Before rush payments can recur, the whole financial system now carried on must be totally altered, or some substitution devised for the paper circulation of the country. The Right (inn. Gentleman knows fall well that he trembles at the idea of the Bank resuming cash isaymelits—(A langh)-740r his system Isis done every thing to render cash mitten's quite impossible—it has in creased the paper circulation to a great extent.— The night on. Gentlemen was aware that lie lad augmented the amount of paper circulation by the suns of two millions and a half. Were the House then to be considered suds " dolts awl idiots" (to borrow the phrase of a Right Hon. Gentleman op posite, Mr. Canning) as tU swallow all this, end not at duce see the operation of the existing sys tem of fitotaree?—(/tear, hear, hear.)—lt was clear enough that if the Bank resumed cash paynansts ins 'the 11th of July next, the revulsion would be of au alarming nature; but was not this very circumstance abetter of grave and serious charge agaisist the Bank, which for the last two years, iustead of honestly squaring their issues with their Proper intetitioll of retiutdiltg cash payments, had done unite the reverse, owl gone ou incress log their issues instead of IratilliWiltig them ? (lfear, Bear.)—Pithy had uniformly gone on, buy. ing or advancing money on Exchequer bills for the use of Cuverinuetit. The Bank continued this system of accoMmodation to the Chancellor of the Excht:quer, who was thus mudded to come down to the house and iu ite flourishing speeches about Ins having kept Joan the rate of interest, while the Bank were putting into their pockets douri.hing profits, by ibis gtittir or playing into each other's hands.—(llehr. krimi—the Right Hoes. Gentle- Mali bud Very earnestly occupied himself this night, in telling the House wkat had happened ::11 years ago. He appeared 4efy Mottoes to refresh their memorise oh what was of little consequence to re. collect; Indeed, for his argument, lie might as well hate retraced the course of rvse n t to the days of King 11'illiani—tlessi, to state the whole course of exchanges and litices of bullion front that time downwards. %Vilest hurl lieppetied before the present time *us a little consequeoce, what was to happen alter was of much. The .tus;. Irian loan. at a further period, was Alluded to ; but what had beet) the ritiet of that? Two large 'elfin lances d been made to Austria, but gold during that period stood at the Miut price.=;-(Heai..)— The butte of the country created the then appareut scarcity of gold—it, in voila of fact, had not gone wit of the cumitly these hums, but wag hoarded at home by the people, who joist then got alaruled at a slight attempt of the Fiend, to laud on the Welsh coast. The people then thought it a good thing to have a little gold hid in the corner of a cellar; though lately it appeared to please the Chancellor of die Exchequer they had 'hewn a laudable abliorresice of the precious instals, and conkd not be got to exchange payer for them.— The Right I tientleinati had described ill glowing terths the increased commerce or the country ; bin he had entered into a grave detail of plat 'somber of Englishmen now travelling abroad -90,0u0 persona, it seemed, hail gone abroad since the peace, mod about 1.1,000 of them had remained ou the Continent, who were itterai , ed to draw from 1114 country fur their expenses allot two millions and d half sterling. He hiMself was four limes on the It glut Hon. Gentleman's travelling hat. twice going moil twice returning from France during the last two years. The colcolltinoi of expense was, lie thought, an exaggerated one—at least he hoped to be allowed to put ur a lorisisoct orient the average share of it, which on this Mooing be might be sup posed to have incurred, for the proportion as signed was much over •the thdrk.—( largh.)— 'rite foreign loam( formed also a principal part of the reasons which dictated the Right Hon. Gent.'s presto! course. The English contribution to these loans could of course be ascertained ; but how could the SUMS raised in Prance be ascertained ? By au examination of the parties eoncerued, the British share in these transactions could be got at, mud the House could then see the extent of their operation as atlicting the money of this country. It would then, lie had no doubt, be seen that these loans would riot fttriaish the slightest argument for one hour's further continuance of the Restriction Act. —(liter.)—The whole secret lay in the tranaiue thins between the Book Directors dud the Right Hon. Gentleinso, who knew very welt that toe farmer were his waster*. " 1," said Mr. Tierney, " told hint so two years ogo; dud I may use the wood* of the Poet— " I thought dii Horn, sad sow 1/ ;mow it." —(Lafighier.)—Without she Mask advances told deaniogo with the Right Honotirtble Gentlemen, half of his bubbles would have burst while i.e was blowing them up.—(/lear, hear.)—On the subject of the rate of lowest. a few words nay now be said. It was clear that the rate of In terest was now kept down by the system of the \l'heii the Right Hoti.Gesstlrman attacked'. the Sinking Fund some time ago, he said, that it allowed to segment in the accelerated ratio it' vatiW ..f •*, - ' ' ' • ' - Isovieg in, tlic accumblatiou would becotte eo great as to lower the rate of interest beyottit all fair measure; hut his argumetst on the subject of .foreign loans was the. reverW from their ten dency to increase thss.rate of :interest to an nil favourablg height., But he 'forgot that it was Pot the .persatt• *oho weq out of the country .who alone vested their property . .in tie foreign funds; for it was clear thabllie inducement to vest *ay sums there which could be spared warevery cou siderable. . IVltesi, the interest was kept down in this manner, and upheld ou the Continent, it was impossible to prevent this transmission of money to the palace where the. higher rate of interest was to be obtait*d. ~The very system of the Chancellor of the Exchequer had a tendency to keep up this inequality, and 'create thevery inconvenience which he professed to remedy. When the rate of lute. rest fell in a country by natural and fair means, it was so far a lima!' of prosperity ; lint such ! tees not the fact when the seduction was artificially caused. The Right Hon. Genthmais• did tint, of course, forget his famous project of last June, when he bor rowed 300,0001. at the Bank on tht security:of the woods and forests. By artificial *means it was also made to appear that the produce of the Sink ing Fund in November alitl : Deceinber, was made equal to that of the whole (leader, ...ilia the Right Hon. Gentleman seemed to oven k the fact of the unproductiveness of the Sinking unel,..eind the failltre of his anticipatiou to pit the !keg per 0 0 l cents. The very doubts he had created on the subject of the resumption of cash payments, had led to that fluctuation and uticertaiittLiti.the goo stied market winch was productive of so much evil. This was now settled for another year—the evil day was for so long forced off; there was in deed a danger in the arrival of the (liar, come when it may, but the longer it was put off, the greater would be found the inconvenience, which sooner or litter must be felt when cash payments are resumed. Whatever confidence the House may be disposed to place in the Chancellor of the Exchequer, he (Mr. T.) hoped such a subject as this would not he deemed eligible on the mere statement of one in dividual. Let a Committee decide upon the goes tion, and say whether this was the only nation which was to be left without a circulating medium in specie. The Right thin. Gentleman calculated badly on the strength of the monied interests in France, when he supposed that she looked to this and to other countries fur her locum On the con trary, lie knew that there was an extelit of wealth unemployed io that country greatly exceeding what !night at first sight be conjectured; they would, without much trouble, find at home a great part of the pecuniary supplies they wanted. It was, therefore, time for England to look at home at her financial situatioll, and refrain from building cal culations on the appearances of such matters ita other Stater. The House should above all luck into the affairs of the Bank, Hllll take the ieso•t effectuill measures to compel that corporation to resume cash payments with the least possible de lay : their increasing lamer circuit must he checked, or else they never can pay in specie. Toe Right honourable Gentletwin concluded by giving notice that be would move fur a Com mittee on this subject. Thu inquiry could, he said, he fiisialir4l lit the course of three weeks, stud it was mom-trims to suppose they could go to such a 4urstion without it, on the mere confidence they may place in the Chancellor of the Exchequer --a comidtatee which he was sure Mr. Pitt, in the plenitude of his power, would tit vet have dreamt of applying fur.—( He i m j Mr. GituarEl.l. concurred in the sentiments which acre just so Oily delivered by his Right Honourable Friend. He would not on the present occasion enter into details, but lie could nut refrain from making a few allusions on many pretextson which the Restriction Act had been prolouged, and which, if continued, would have so injurious an effect Upon all the pl-operty oldie kingdom, and necessarily produce litre the rime ihischie4 that suds a system had unifointiv produced in every Country iii the civilii te d world which was kit to depend un a paper issue not Convertible to a metallic currency.— ( Hear.j—Tlie Right Hun. Gentleman had stated something ate three reasons for the continuance of the Restriction Act (that of the country banks he looked to as a uhiiwr consideration in comparison with this.)—The first wai the state of foreign ex changes, and the prices of gold. Now lie recol lected that in I§ls the reasons urged WM`, that the course of exchange vl:us 11 per cent. against us, unit the price of bullion 14 per cent. But what had been dime in the following yelir (1816) to redeem the solemn pledges made ? The exchange was then in our favour; gold was only 3 per cent. above par, and silver considerably below it. Not withstanding this favOurable change, nothing had been done by the Right Honourable Gentle •mait, who said that it were better at such a mo ment to have mattes subside and settle. The state of the harveit of 1816 was also alluded to, and also that of the following year ; hut the Right lion. Gentleman could not forget that tot the whole lining and summer of 1417, the course of exchange was greatly in our favour, and the price of the precious metals at par. It was in the autumn that these advantages ceased, and then trot on account . 40 the harvest, hitt in consequence of the increased issue of Bank notes Whirl; then took place. There 16 8 the index and the barometer by which the real cause and its progress Could be distinctly estpliiined. The last reason was, the foreign loans. This was 'equally futile. if a wealthy Germsn unerehant happen to settle here, end contract for a Prairies) !oau--and a rich ErtgliMi merchant should go over to Paris and treat for a French one, was it to be ben* that for such a region incalculable mischiefs should be borne lty ai whole people ?—(Hay, tear.) —He could not darn without warmth ou such flimsy pretexts ; but lie would at present minim himself, awl defer his farther observations • until after the Bill was brought in. On the subject of the country banks; would at !Weald mil) put one question to the Right Hou. Gentleman; and that was, whether the stock deposits were to be held as security for the I/. and 21. notes 0n1y....0r for the 51. and higher ones also ? The Cuiiiicattou of the EXCHEQUER', in re ply, denied that he meant to imply any eliitruot of the security or the country bankers in general. 441110 wiser wry natunilly arise from a laudable um, GA. the public security. With' respect te the ipteition put by the llionoutable Geti= tlenisn, whether the Exchequer Bills were to L., only securities for the one and two pound lades, or for all the issues of the country bankers % wished to state. that, in the first place, it was meant that the deposit should cover the one •two pound notes--and. shou!d any surplus reiniiiii, it was intended to be considered as • general salt.- .faction for the other imams , . Any other regelatio i a would be useless, with respect to the higher is.tten of the country banker—it would, in fact, be quit, unavailing, when they considered those into whao hoods the country notes were likely to be pl iced. Ile note wished to notice the observation of lilt Right Ron. Gentleman (Mr. Tierney). Ile trust be mistaken in supposing that the foreign bonsai lions,. frith : refereuce to loans, to the year i79, - „ 114 a considerable effect on the course of exchane , . The shortest and most convincing statemeilt I.r cruld advance no this subject, was, to read tn.. or three linos (tom. the evideuce given by Mi. Newland, in rm. Ile stated, that, w 1796, *- price of gold was taut, at any tune, higher 31. It's. lop. 'per ounce ; and there was then re; . . son to apprehend that it would be clandestinely e - ported ; but he (Mr. Newland! believed, that, la. the two last years, gold bad risen to four ass ounce . , and upwards, which induced iudiesduat to keep it iu this country% He hail now only to advert to an observation of the Right lion. Gent. opposite Jr.( l'irruey), who asked, in a lone of taunt and esi'clism, whether the present plat) was all he meant to lay before Parliament, or whether a scheme, for an extensive issue or debentures, was not content- Nailed ? : to this lie should answer, distinctly and plainly, that suchot measure never was at all enter tained by him. Many rumours had beers circu lated through the public papers on this subject-- they bad mode a very considerable noise—but there was no foundation for them. The Gentleman (we 'Understand a Mr. Dune,) who hod given birth to those statements--apd who had written to him (Nli. Vonsiitart) on the subject, he, had at once answered. Ile felt that it would not be expedient to adopt /inch a system, He du not, however, give is direct (nut general negative to the proposition.-- But; he felt, that whatever general expediency might attach to it, it was not desirable, while theme was so great au amount of Govertiment douting debt, in the shape. of Eichequer bills, winch an swered every purpose that debentures could be ap plied to which were, in their nature, imooolotril to stock debentures--to introduce a large issue of the latter. He therefore stated, that it was not his wish to adopt the system. ((ere he wished, because he was unwilling to pass over iu ailesice the claims of other persons, who had suggested financial re, gulations, to advert to untidier plan,, which wsa pro posed some years ago. This was an issue of paper on the security of stock. It was proposed to Mr. Pitt, iii the year 1800, by en etunieot Nlr. Weston. lie (Mr. Vansittort) conceiveil his plan to be, in most respects, impracticable—and. its some instances. imploper. But Isis siiggestion of the advantages of au issue of paper, srcisreliois stock, was supported by reasons suflicient to cal! for its adoption—and he waill•eeto confess, that he wits indebted to Mr. Weston for the. idea. With respect to the observation made by the Right Host. Gentleman (Mr. Tierney) as to the probahnoy of the larger notes issued by country bunkers not bring received, he should only say. that the pre venting an insecure currency from obtaining co latiou through the couutry, though it might be up tended with alone incouvenierice, yet that incom:: iiituce was infinitely less than what must be pro duced by the circolatiou of batik notes of a higher value. when wit properly secured. Mr. GUENFELL rose to speak to a matter of fact, and he hoped s iii e of the Directors of the Bunk were now present, as he did not wish to offer an observation on a point which any of them might decide upon, in their absence. In the first place, lie mast observe, that it was strange, Milikerr, who were in possession of the pamphlet alluded to by the Chancellor of the Exchequer, for 17 years. should never' have thought it worth while to ac t upon, until that moment. With respect to th, statement of Mr. Newland, he pea fectly retiolli (led it—mud he would state the fact, the inference hem very ditterent from that drawn by the Chancellor of the Exchequer. When Mr. Newland said that gold was as high as four guineas an ounce, ho t answer meant only this, not that the market price of gold, iu the London market, was su great—(and, looking to the tables of that period, it would hr found that it had not arrived at such a height)— but that the Bank had imported a certain moonily of gold, through the house of Elution, at Ham burgh, which, when it arrived at its destination, really stood the Bank in the sum stated—numely, four guineas per ounce; but that was not the mar ket price here. The motion was then put and agreed to. The CHANCELLOR Of th, EXCHEQUER then moved— " That the Minoan of the Committee ie directe.l to move for leave to bring in a Bill, to authorise Haulm, 111 England and Ireland to issue certain Promissory Nut, secured on the public Funds or other Courtroom, Securities In answer to • question of Mr. J. P. GRANT, which, in consequence of the bustle made by (ti. tlemen quitting the nOtlie; we could not d .uucil ~• hear, we understood the CuAticer.Log of the Ex aminee to say, that the Bills for the Reetrienua of Cash Payrbents, by the Bank, and fur the regu lation of Issuer by the Country Bankers, wool,' not he introduced before Moudsy. The motion Was then agreed to. The House resumed—and Mr. BROGDEN Ote'- ed. hi 6onforniity with the Resolutions of the Com mittee, for " Leave to bring in a Bill to contiooe the Bank of England Restriction Act, fur a t:ais to be timited."—Agreed to. The Hon. Gentleman nest moved for " Leave to bring in a Bill to authorise Bankers in Eogiamt and Ireland. to issue certain Promissory Notes. se cured on public Funds, or o th er -Gusermueo, Security." Mr. GRENFEEt inquired what expense the room. try bankers would be subjected to, in tusking Ott: &petits? The CHANCELLOR of the EXCHEQUER ADlwereA, they would be asked to pay. on the unwind Ittliti,'" of stock, 2.. 6d. per ceut.—and is. per atn,u.n during its continuance. Leave was then giieu to bring in the Bill. The other Oiders of the Day were then die posed ofi and tlik Rouse adjoutued. INC h!4 Clot 'hip !tali light) Otte This 10 . 4 4 the Oil Wlllll HARE Whet fhe N 11111111 JOhlll.ll 'lllon tl Tlit! F the Pus Dart of Ott t ere I/1 Glouc e Illt foto into pu had I* * Ile had tub of t /441,h t nr. mdo, rr drberibt M a j tv) . 411 pram of % hid , lilted, t dispatch • I • '" I ' 1 1 • 1 4 111