The British Press; or, Morning Literary Advertiser. — London, England, 1819-05-25 00:00:00

!~ hind, cordi illy ntorinc tner-ther with web enp. porters to Mot nod ll'ooler, to loon down the great fabric raised by the ittlintot.il howl, rof Pitt —a fahnc which had enabled the country to ram' on a tremendous war, to bring tlx ottanufae• rim-sand rmnmeree of this country safethrough an • ikons period, .eiol ni ike them, in the midst of our difficulties, Boorish its Serious (ursers of tiie giolie I warts the House wginost taking a rash step. which it may not be itgttn able to retrace lifter the injarr Shell he (lone. I appreciate ton hil!hly die plan and the views of Mr. Pitt, to are them hest de departed fern in this manner. I feel 'hat ill the view which I take of this siihj.-ct I am eliiinsed by a very dear relation (his tom); but whets e luau has errat public iluties to perform, his folic fool. are Peramostot, sisal his conscience, rather than the ties of relationship, must ;covens its conduct.— I hold ion highly the respecieblity of this Howse - to 44111T , O*111VSett to hr influenced by any other views than ►hose which a sense of pubiie slaty pressruns oil se great question like this. I respect those who iseisciewionsly differ from in., whin I know their views air holiest and hoisourable.—(Hear, hear.) remember when that druY relation was a child So my arms that 1 will to a distinguishiA man, though , !Mr. Pitt lie greatest Stateritiati of hits lime; I also said, I thought that in a public lint o f file /I mail who discharged his ditty best must at isata lie prepared to act ovum his own opi n eon, and that 'I admired null the man who coisscienti nosh, adhered to then). I then declired, that if it pleakrat Mal to spare my life, and that of my soli, olio was then a child in my arms, I should preload him t,, my l'ollntry. I never had since ren.ini iu tepeot that determination.—(Hear, hear.) —Anil tliotiOi I slitter with that deer relation on public topics. I still respect the man, and know he will ever he governed by a sense of propriety. I know that his head and heart are Its the right place, and that if he is led astray for the moment, he will soon regain his path.--(Hear, hear.)-1 shall not enter further into a questing which we are tin the eve of discussing, but move that the Petition which I stow hold be brought up." (The Petition was then brought up and read, it was of the same nature as that presented to the House of Lords on Friday evening, aud fur which see our Paper of Saturday.] Sir Jona Scaataler,.ia reply to the Hon. Ba ronet, contended that the Committee had eimmintd competent witnesses before they made the P.eport which the Hon. Baronet deemed so objectionable. Hr should irally conceive, from what hail fallen Loin the liamiarable Baronet, that he (mild Pint have read the evidence glifell before that Commit tee, or else be could never hate said, the witnesses were men totally unacquainted with the %object. Ile likewise disagreed with the Hun. Baronet, when he sent that commercial and manufacturing men were alone competeist to pronotiace a just opinion upon the subject. Ile thought, 011 the contrary, that other men were equally cionpeteist to facia all opininti upon aluestioss el this general interest, a question which bore upon every class of society. With respect to some individuals at the late meet. isig, the Hon. Baronet candidly and fairly exone rated them from any . impotution allaying beets dig. orderly. Ile (Sir J. Sebright) looked to measures wild rust to man, and he avueed that the conduct of XI% Hunt and Mr. Vsittoler, so far as lie hail heard it described at the last onto-ling, did them the great est honour. They had stated, if he was rightly in formed. that a power had been given the Bank greater then any gieen to way set of persons in any other tree coif tiny ill the world. In this observation he most entirely concurred, and upon any ;ant tapirs of " ineesuses not men." so long as Hunt and Wooler speak such reiltinients, they shell have toy sup p ort.—(4 tatigA Jima the 2"reamtry littirlies.)-11e would repeat, that s o long as they Skirted its this manner, tiny should have hie support. Ile cum:erred iii what the Hon. Berourt obverted upon the tfiarwter of his son (Mr. Peel.) Ile should always be ready to do justite to the great merit of that distinguished individual ; and if ever there was one moment more than another ni heir whole life. in whit ti he stood iii is more pre.eniiiieut place, lit' thought this was that nioment.—( Hear. Ile then enttiplutiented his IMajest)'s Government tot the part they had taken ois the present item emit, and that the line they had drawn would, sit his opinion, prove . the salvation of their country. Whenever cosh payments were resumed some itte euevrsinnice must be endured, and it was better at nisi a to'prepiare to meet the difficulty.—(Hear.) Mr. {_Javan/tr. could not entler the idea of the Hois. Baronet (Sir Robert Peel) in 'go forth, that this Petition represeeted the great body of the met.. chassis and manitlecterers of 'London, without ',Hy ing Oat lie held quite a contrary opinion •Pois that point—for lie had 1141 hesitation iii stating, that he did soot think the Petition was signed by any thing like orse.fourth of the body who comprised thee mer chants mod nsenufecturers of Leaden. Had the Hon. Baronet, when he talked of the evidence Rivet, before the Committee, reed it..? if lie had, it was sorely impossible lie could speak at he had done of the witnesses. He would wet have talked of each m e lt as M r . Raring ben,„o , ineompeteitt—he would out have spoken of such a lino:Peel mutt as Mr. Tooke as being•igoorent of the *object. Ile inert ly roar to deny flint this Petitieti could be said to reprtpent onr.fonoth of the greet niftiest& it pre. tended to re i o,..eot, Mr. Meetly ate stated, that after the es care ful reedy:l.onm tit the Repent. he most say, that lie lirltl l{• knew n mingle proposition it contented whirl; lead born advanced by one witness, that was not cosi it:tattle.; by etiother. Their rvidenve wee, in like the positive and isegetite quasitines copies:oil to each oilier in algebraic ines.siire—stitke them out, and the question stood as it 41.1 at fist' outset. The Petition was thee laid on the table. REPORT OF THE COMNI ITTr.E ON THE AFFAIRS (ifs THE BANK. Mr. l'Et.a. moved the order of the day for the noose rr•olviarg threlf into r Cotrerutttee of the whr.le Moose, to rotmtfer IX the Report of the Committer sippotiltorl to roquire tido the expetitency of the Re,umptiuts of Coati Poymeits by the Rook ut F. laud. The Nott.e havoig resolved it.elf irk, the Com- Mr. PEEL fnd, he could not think it possible for un i nd i►:duel to hr placed iu any •ituahon iu winch 1 *at, 11101, necessary fur hnsi to wake un *mind to fist Mouse, col to *Omit +Trust► thew thvir paties.t. indulgence, titan that ill which he then stood. fit the perfortsiance'of she piddle duty winch had de voles il wit hits as Chairman of the C tore sip pint:aril to itivestigate the 'affairs a the Bank, he was alsOut to call their attention to a subject, which, 'in his consciviire, lie believed, to he of parainouet ini ;seamier, Mfrs:tug, es it did, the toirroitl rela lions, and Keough prosperity of the country-1 subject of not less difficulty than importan.e, to terwsiveit as it was with the minutest concerns, as well as with the moat extensive transoctomis of the empire. This subject hid within no very remote twice!, seriously occupied the deliberete attention of the Legislature —although it involves! in its con sideration principles allstroct and absti use, awl de tails too tedious and usiinviting to afford of general imerest end attraction. It hail, however, employed torsi of the first talents its that House. He believ ed all that could he seel on it. had already been said, in a manner more clear and persoicuone than lie was master of—and lie could ie. ore the House, that whatever ortionsent of novelty it might want, l ie dill hot Benin to Supply, by a reference to party considera l i 111 l s, to petty measures, or to party feel )—lf he referred to such comidera liens, or mode an appeal to such feelings, hr should indeed lie an moven thy °rpm and repreeentative of a Committee, from whose deliherations reel) , sen timent el the kind was entirely banished.— eileur.) —lie tweet saw a Committee from w hich party frellio; was inure rigorously excluded—sir which 1(141114 . MM a anxious disposition to make the Public intrust, mod the public interest Only, the end anti object of its inquiry—and lie was now about to s ' •t to the House the Resolutions to which the Members of that Column tee had ottani mnsoly—lie should rather say almost ottani 1111 l twly. agterii. The Right lion. Geids-nein (11r. Tierne3), also, by n motion, had expressed his dissent, was, lie believed. the only individual who disstuted from them. It was right he eliould state, that though the final recommendation of theComusittee was generally approved—though Gentlemen concurred in the practical involute which ought to he pursued— yet many of them ;strived at the same conclusion by different paths. This circumstance relieved him from much anxiety, because, though lie was called of to recommend the result in which the Commit tee had concurred, he yet spoke only his own sentiments—the setititoents of an humble indivi dual. lie had not consulted with any one—mid, whatever faults he might commit, he alone was responsible for them. He here conceived that he was hound to observe, that since he had entered this Committee, his ideas on the subject wlsich it Was foamed to investigate, load sustained a consider- Ode change. He tittered the Committee, deter mined to obliterate from his mind every idea of the vote he had given on a former occasion—to act without bias or prejudice—to comisler every twilit dispassionate-1y —and to prepare Mniself to take, by every meatus in his power, a inure minute view of the subject than he had heretofore done. He avowed, without scruple, that a change had been wrought iii his °pion's'. He had voted against the Resolutions proposed by Mr. Horner, in the year 181.5—and probably he should now vote, if it welt again brought before the House, in oppo sit to the practical measure then recommended —but its the principles laid dun° in the first hut teen of those Resolutions—the principles which, in Mr. Hornet's opinion, should have guided the motley system of this country—in those principles, with souse modifications, he was bound, as au honest niris, to declare his concurrence.—(Hear./—He said he would agree in their propriety with some modilicutions ; and he brought, without slime mid without repentance, this tribute to the grave or our, with whom, though he differed on many political questions, he respected for his character, and edniired fir Isis abilities. —( thar,.fiese, hear. I Ile *boutd now call the attention of the House to the immediate subject upon which they were about to decide. After the repeatedly-declared opinion of Pediment, that it was advisable that the Batik should, at the earliest possible period, resume cash Payments, he bad hoped, that the only points sieceirary for them to proceed on this night, would be to fix on the petite! when the restriction should erase, and to *slow the most feasible mode of car rying their ostention Into effect. But it was im pussihle him to conceal from himself that opi nions had been sent forth, which, if the House were prepared to act on them, must inevitably !red to an nolefinite suspension of cash payments. When lie recollected, that the necessity of a resumption of cash payments was recognized its the preausble of different Acts of Perliament—i.when he knew that io sine objection was niade to the principle, he confessed he was net exactly prepared to hear, that • principle the very reverse would be con tended for. But, judging from certain publica tions, by which lie feared the public mind was influenced. it did appear that the return to cash 'posaments was viewed in some quarters with alarm; mid lie came to this conclusion, that, if weight and authority were given to the priticiplee aud sentt mruta contained in those works, the Holier must be prepared to legislate for an itultfitiite suspers. non. It wigs, therefore, absolutely necessary ill the out-et that Pairlienielit should make up its mind nu this point, whether a metallic standard qf value al Id or should not be resorted to? On tins ac ccuot it was, that, in the second Resolution, he had called on the House to affirm nr deity the ne t...say for the adsiptioo of • metallic standard Was it possible for any ruins to rogue, that, because they had been meting ins a %heti-rent principle for 23 year., they ought nut to revert to that which was the true system ? Could it be maititanied, that it was improper I:o have a fixed etatidaid by which the true salve of co 11111 l edifies could be aecettanied—by which the different trading and commercial trims actions between men and man could he accurately measured ? They had the example of all Eurepe —th; y had the example of this country until 4797—in favour of a metallic standard; and they could Sad, that it never was supposed in this country, or in any other, that u paper currency could he a standard of value. He appealed on this subject to all the writers on political economy, sad they, it would be found, recognised nothing bat a metiellre standard as the lassie of value, Cs this doetrisie, all the witnesses beinve the Committee, with the exception of one, concurred. hey held that a metallic standaid was alesolutely uocessary. Mr. Smith, the individual who dirareited, was, lie believed, a very respectable mate But let the those look toshe dectrine be laid down. Hit die titled 01/1114,111 Ilia an intlefinit , „ r cash psyuirnls was the .... tit ttilviiithle course. He ISMS asked, oliether this indetiode suspension 111/4• to rata without ant' Monition of v a lu e ? Hr answered, " pound should be the viand. ard." Ile was reqiiireol too define what Ile meant by the pound ? Ills was. " I I . llld it dillirult to explain it, but every Gentleman iu Euglatiol knows Hear, hear.)—TheCommit!ce repeated the question, and Mr. Smith NOSW• red, " It i• some thing that has existed without variation In tins mouthy fur eight hundred years—three hawked years before the introduction of goolol." fir turned 'front the theory of 51r. Stool', 11110 he examined the works of Mr. Locke. He had written on INT initial identity, of duration, oil space, no various abstruse sobjects, but he did not miderstand the meaning of an abstract pow's& lie wow Sir Isaac Newton retiring Irons the sublime studies in which he chiefly passed his life—from the contemplation of the heavenly bodies—from an investigation of the laws by which their motions were guided—and eideling on the examination of this subject. lie formal this great man coning", back, at last, to the otil, she vulgar doctrine. as it was called by some, that the true standard of value toosisted 111 a tle. thole cpialotty of gold bullion. Every sound writer int the subject come t,o the same conclusion, that certain weight of gold Imllion, wills au impression j of it, demoting it to be of a certain weight, mud of j a certain fineness, constituted the true metallic standard. New let the /louse look to «hat the sys tem had been sitter 17!t7. It was Ist vows to close their eyrs ma it. Their danger would riot be learreusf ed because they did not like to face it.—(llear.)-- If they hi•l it from themselves, they could net, conceal it froin °them It was known by every ; country in Europe—and every foreign Jew was able to calculate oil it.—( Ilear, hear.) —Snice the year 1797, the issue of the circulating medium was intrusted to 26 individuals. the Directors of the Bank of England, and, in the country, to six or 700 bankess—but it was on the security of the Bank of England that the great superstructure of the country 11:111k11 Wit 4 built. On what were the issues of the Bank of England made ? Either on the purchase of gold—the discount of mercantile bills—or on Government securities. In this country objections were made to the Government paper issued in other States—and they made distinctions between paper drawn by foreign Goveroments, and that drawn by the Batik of England.—(Hear.)— The question was, whether the distinction was a just one ?--(Hear, bear.) —The issue by the Bank of Englund, for the purchase of bullion, or the discount of bills, was comparatively little. lii 1815, the amount of issues of circulating medium, on Government securities, was 35,000,0001.—m0d, tBl6, 1817. and the present year, the issue of Batik of England notes on Government security amounted to .20,000,000 h—the whole amount of circulationissued by the Bank of England being, at the same time, about 25,000,000/. The notes thus issued fur the public aervice were advanced in the anticipation of taxes, or ditties, or on Exchequer lolls, issued by the Government, which would he hereafter redeemed, but fur the ultimate redemp tion of which no provision had yet been made. flow. then, was it possible to say that the issues of the Bank of England were regulated by the neces silica of the mercantile world ? flow could a dis tinction be drawn between paper issued on Govern ment securities, and that which wits set afloat by the Government itself ?—(Hear, hear, hear.) — It might indeed be said, that if the issue made through the medium of the Bank was effected directly by the Government. au interest of three and a half per cent. would he saved. The only difference between the issue of paper by the Bank, on Government securities, and the issue directly by the Government itself, was, that the former cre ated an capsule of a million a-year.—(Hear.)-1 t was however argued, that thin was not a forced issue. Was that a valid distinction ? What did the public creditor receive in payment of the interest of his money ? Did he not receive Bank notes ? Was not his sole remedy, if he disliked paper motley, to decline receiving it, and to make up his mind to wait till that period should arrive when cash payments would be resumed? Again, it was said that the Bank was perfectly stable—that it pot seised funds for the liquidation of all its debt. He admitted this—and, therefore, there was a clear distinction between the issue of Bank paper and that to which foreign Governments gave currency— because the latter did not possess the solid founda tion of which the former had just cause to he proud. But, was that any reason for declaring, that the issue of Bank notes might not be excessive ? It' it were a goad argument then the reasoning of Mr. Law was correct. who said •r they might convert the land , and all its produce, into paper issues--.and, pro vided there was a foundation to support them, those, issues were nut excessive." These was, however, no proof that there was not an excessive paper issue, escept when paper was absolutely on a par with gold. They had example, and authority, and mi st/II also, for the adoption of a metallic circulation. If they looked back only three yews they would' recollect a state of things which ought to fill them with a sincere desire to put an end to the existing system. In 181.;-15 a considerable increare of trade and commerce took place. Every thing appeared to prosper. Exports and imports increased wonderfully and they flattered themselves that the prospect %Inch opened so brightly upon them, would not speedily be overshadowed—bet. in 1816.17 came the necessary result of the unnatural excitation which temporary circumstances had occasioned.— ( Hear, kear.)—There was a great increase of pro perly, but they could nut create au increase of demand. The prices fell—rind many of the coon try bookers were ruined, while others, terrified for their own security, refused any accommodation. The country recovered from tins shock. its 1917-I 'S an increased issue of Bank paper took place. The Issue of Batik notes in 1813.14 did nut exceed 23,000,000 i.; in 1814-15 it was brought up to 45 or 26,000,000 h; sod 1816.17 presented the pros pect which he bud alluded to. llit 1815.16 the amount of the circulating medium was limited to 26,000,0001. iii the latter end of the ve..r 1817 It was suddenly increased to 29,000,1,00 h and there was also a large issue of gold. What was the con sequence ? Immense speculations : were again ens balked in—intportati )))) s were made front every part of the world—and individuals were deluded Its believe, that because they could procure 7/. for that which 047 had only paid 6/. the prosperity of the entintq tens placfal on tt Pure fauntlition, and that n e er ilv.ee‘t latiaao wool,' continue iortoperniso to the end. The market beesuirglutted—the country hanks Were sgAiti distreed —soul 01..1111'111e Went or I 1 6 woo meted over Coufideoce was destroyed— cotton fell 31) or 40 per cent.—individuals sold I.:the HMI krt at a 11114-111 e bankers were attain alarmed, and withheld their oupply —end miseries, not &mired to the saute extent as 111 1816, but arising from the Imo .. ca uses, lieCOrred. TO the evidence on this point. his 11011. F. 141111 (Mr. .I rryatt) could not object.— ( Mr. Neel, un directing bin egyv toward; the pl ace where 411 r. Alarryart sat. abscreed Mat the Alenther laid appeared as if he was napping.) —He W4ll extremely sorry that In, Hun. Friend dill not take so •li interest iu the gip %Ilan as he expected lie would have done.—(AltreA laughter.) - practical illustration of the correctness of what lie had advanced. he would introduce hue statement—and one was as good its twenty.— Mr. Gladstone, the Member for Liveritoll, and who was very exteturivAy engaged in trade, stated, that, in the year 1817, the imports or grain and provisions, from Ire' Ind, into the port of Liver. I, amounted to 4.240,0001. —acid in 1918, to 1,955,01101. The tof cotton Imp Iteil into Liverpool, and lying there, In 11116 In 1111/ lu ISIS If there were a demand for this proverty, it would be a great sourer sit coograttslation—brit, if three were sin demand --if the different commodities felt vudilenit 40 per cent. in value—iihl if iii the end of 1418, to use the word. of Mr. Gladstone. there were greids, to the Hinman! of 3,000,00 d. lying In the port of Liverpool, n!) , •ve the tiumitity winch; were deposited there in ler, —w list was the conse quence ? The importer did ant derive ally Lem tit from these speculations—but what was the Inevita ble eoniequelll'e to the labouring classes of society ? Those alterations of trade, prosperous at one time, and languishing at another, might, perhaps via the *hole, appear of little importance—but they certainly deranged, and deranged in a very great degree, the state of the lower orders of the community.—( Hear, Itear.j—There was no certainty with respect to the price of labour, which was at one time high, and at another period low, as circumstances operated. Ile wished to speak boldly on this subject, and not to conceal the impressions which his mind hail received. %Vheo lie heard of such distress as that to which the Hon. Member fur Carlisle (Mr. Citrwen) had recently drawn their attention, he could not help thinking. that however flattering were the accounts and figures they pro cured from the Custom-house, those outward and external symptoms of misery roust lead think ing men to entertain a suspicion that there was seine thing unsound within.—(Hear, hear.)—Was it possible to look to the amount of the prior's rates without coming to this decision—that the present system was not a good one ?—(Hear, keur.)— This was the effect of au inconvertible paper circu lation. Unlike the works of Nature, it carried no counteractiug principle within itself. Speculation ought rise to its utmost height—every mars would seek, by discounting mercantile hills, to derive his share ofprofit from the agitation of the moment— but when disappointment induced a state of languor and depressiun, that which administered excitation in the moment of fever, would afford no relief at the period of exhaustion. Then the manufacturer found it necessary to contract his issues he would be guided by the signs of the times"—lie would even press his claims sin solvent customers, in or der that he might not suffer from the evil which lie apprehended. This added to the general server time because the manufacturer mid the 'Horned men wished to provide for their own security—they did so, by refusing assistance to sortie, and by pressing others. Thus the distress was ren iered more general and more severe. If these were the cone quelices of an inconvertible paper currency, was it not proper that they should look the diffi culty in the I.ce, and exert all their energies to meet it T—lllcor, hear./—lf the Legislature g ve way to the arguments in favour of an iudetittite 505- pension, let them nut judge of future ruiefortune by that which the country had formerly suffered. En the former periods of distress they still hid in view the resumption of cash payments, at a fu ture day. The monitor had indeed been removed .to a distaisce, but the voice was not totally lost. Repeated declarations imposed some check on ex cessive issues. But if they once told the parties that they might go on as they pleased (and eu they would if those delusive argument. were successful), there ivpuld be no control whatever over them. Every thaw would be left to their own sense, to • their own discretion, to their own •judgment—sand what security was there, that they would nut bow to the principle which all men felt, and exert the power thus given them to support their own interest and further their siren welfare. He, therefore, called oil the House to agree to the second Resolution, and deelare that it wits necessary to put an end to this system. If they conceded that proposition w he would ; then ask them to coueider the mode in which their. determination might must couveniently be effected. In order to discuss the plan which the Committee recommended for the resumption of eash,paymeutp, he thought he could not choose a battee'coutse than to detail to the Douse, in the first itistanix, the alternatives that were presented to them, accompa , stied by the objections that were opposed to those alternatives. -The Committee had it in their power to select one• of foot Caches—first, they might have cemented theesseleys with a declaration that it was inexpedient tectisumence cash nepotists on the esti of jets tally, but that they ought to be resumed at some futtireiseviOd. Ijut, suppose they had dime this. would &my man have believed .they were in garuest ?--(jieur, hear.)--What had appeared, since die Hewn of the Committee was published. oleurly proved they would not. It was necessary for them to " screw their courage to the dick i.ig in order to convince the meld that they had set seriously about the work.—(Mass. hear,) . five different occasions Pediment declared that cash payment* ought to be resumed as soon as possible ; but the public doubted the sincerity of those declarations. A few nights ego. hie flight Hots. Friend (Mr. Vansittatt) was taunted on ac count of the Reeelutiouti proposed by him iis 161 t. Rut in those sery Iteliolot it was dimitictly af firmed, that though' it was not then convenient to proceed to cash payments, yet that they ought to be aeserted to as irpcesbly as posbasle, Those who voted for the It-solution% recognised this prinripl,' decidedly. In the years 1814, 1X15,41111 1816, t L e resumption of cult p %%Amiga. ssas regul t. le potted—lnd nOw, in 1819. it wits hr..l•osed to toe. haute the restr.etinu iii a muddied ham. 1011. Here it was nevets:ry that !ley timid(' de soinethiiig more than merely restate th r i, ni „„i tto that cash paps'. atm ought to be retooled. A di , other alternative, which, he was ready to *.loin, he was at first Inc•:turd in favour, was—that the Legislature should, in the preamble of the of ratliatnent, after ttattog the eittietlient".• ;11 postponing cash paymentP, lay dowis ration of principle by whir.' the Batik ►iiiito in future Ise guided. But, he thought it impossi ble, on mature comoderatiosi, for any person tort.. the evi d rist ., wven 11rfilre the Cutaitaittlet., withaut seeing that this plan could not be pursued with any prospect of benefit. It would be, io t i, first place, a declaration of principle by one 1...r1y, leaving it to another to adhere to, or di.tent `re,,, that principle, as it might appear to them correct or incorrect.—(//tor/—Now, If tie laiitly were .required to act on this principle, acre to deny that the proposition wits v.ell 6111114,1, •lid stated, iu colltwqUettCP, to the Commuter, their upittiois, that it wus lint borne out hr truth nr experience, he was sure no Gentleruses *A I I4 "„ e , tend that it would be fair to ask 'hem to .1(Ito1,t line of action, the justice and arettrary of they denied. The Resolution of the Culotta(' D reciots of the Eitlt of ,larch, pia: ell t h is leuirt to a clearer 1%14. The Comienttee thaitisd it Liss cessary to ask the Bank for ma answer la the ton following irestiont : To what further periuil, in the opinion of the Itault,tteel4 the restrict ))))) ou cash payments to Lr cottimit-it Aire the flank any sogiretition• to Mitt waa is t.sp- et 1,1 any assistance that can he affirdeit to the It auk. La e ¢... I.lllVe enactment or otherwise, fur fact It tat ing tt,r telMitipliuti of rash payments! The 11.11,k deliberated upon tlrrsr rinesnois.. l . roil in their answer the lolluseing passage «as no Le That this Court cannot refrain from advertirtg to an op.. Ilion strongly insisted on by Norm., that the Kink hAs oily to reduce its ISstip3 to oblain a Citmutahle lard in the changes, toil a ennsequent influx of lac preemita metal.; the Gina CPUCCIVeIi it to be duty to declare•, Ihal it t. unable to discover any solid foundation, for such a senti ment. He believ , cl that this was their conscientiou• feeling—and he only mentioned the circti-ii.talice to sliest/ the impulicy of asking a body to act oil a principle which they thought untenable. The third alternative was, a posit ive linfitati.ni with re. *tract to the amount of Bunk noir. 1.. con nhauan. He, for one, confused that this always apprmrtd In flint to he a very unwise proceeding—and, tar this reason, that, at one moment, circumstances might occur, requiring an extension of the I.soirs. while, at toothyr a cut t iilment might he ireceteari. If ir period arrived, when, as in 1797. a run was made on the Bank. from a failure of confidence. and the market price of gold did nut veered Ow mho pric-, then it was the opinion annuity et.iw rienced 'tiro. that the ILIA issues might he ex tended. But, if there were a run on the Bank st a time wheat the state of the exchange a s s vow:Ale, and there was a rise in the price of void. there was no other remedy but a drerrame ut issue., They must therefore crone to this conch u4ion, nothing certain could he inferred from the amount of Bank notes nutstunditig—and, therefore, it would not be right to prescribe the qualitiry of Bank notes that should be issued. The l'ourth alterna tive was that which they had adopted—il.e v 1 , 3, which was contented in the Report he had honour of laying before the House. It wont nor the principle, that the Mink should regulate rt issues ricer's-thug to the price of gold. The Keit acted ou this priuciple previous to the restriction to 1797. They found the Bank with probably a smaller quantity of treasure than would he required for the restimption of cash paymeirts—tliev found the price of gold iii the last three months 4/. Is. per ounce. They found the Bank in advance to Govern ment, and those advances not convenient to he paid immediately—and, under these circumstairo a, they conceived it would be a great convenience t• the mercantile and manufacturing interest., to postpone the resumption of cash payments, roof this was dune to * period longer perhaps than was contemplated when the Committee wes first formed. The t ortoni proposed was four years from the present tittle— , but the proposition was accompanied with r•tich ar rangements us would prove to the ensintly they acre in earnest in what they had dune.—(Here the Right Hun. Gentleman briefly deteiled the plat', as set f in the Resolutious.F.The modifications under which the return to cash payments would be effeeteel. required, by this plan, much leas treiroure than if the Bank were called on to pay at once in specie. The demand for gold front the B oak would be for circulation—for curiosity, to which utuch of the issue of 1816-17 was attributed...or far regulating the course of exchange, by procur -1 ing bullion, in order to export it fur a profit. AS a part of this plan, and preliminary to the re• sumptiou of cash payments. they recommended did part of the advance made by the Bonk to Goverii ment should be repaid. This eircnintsatice had missed much alarm, and been greatly tntsund- stood. It was thought by twine that there wool I be au immediate repayment of the 10,000,4Pr0., due; which, to that amount, would be an akt).tsae. tion front the circulation, and would tem! cramp trade; but no such prorserhog was c 0..- templated. The object of the Commiitee woo. be perfectly attained by a gradual repayin- , it nor was it necessary, in Ili, opi iiiii tr. that r e I payineed should insate,• in order to Bank to proceed on the new systemrat Felonies 1820. But they thought it was necessary to i<-pas the money gradually. because the Wok -AA. they required it—and, if they chose to their.itof it, .they certainly had a right to do va, aid to see that steps were taken for the liquidation of the debt before any restrictions were imposed on them. Still; as he before observed, lie saw Ira necessity for refunding the whale sum. lie cauf.l nut peruse the paper emanating from the Bank, which had bee° laid before the House that .lac, without feeling a strong desire that die Ctlttlitt , Gun between Governineut and the Bank should be changed eltogellser.—iffertr, iteur.l—He wished to limit the Bank to those traiiiiactiona which that body ores orignaally formes' to esresse sosl ert , oJe user.—(flcer, hear.)-111 that paper there miss the following possaxe:— " But as it is iscumbeat on them Dirretyi•; to cos- F 0