The British Press; or, Morning Literary Advertiser. — London, England, 1826-02-14 00:00:00

n ,:.: ~n the difficulties; which pressed upon ua 1821 and 1822 t ed . erom the principles of the Bullion Committee. J et:. Secrets', CANNING said, that before he proceeded to dies. cues the very Important question which was the subject of this r i f le's detente, and which he meant to do within • short compels, • b it eil leave to wet himself right with some lion. Gentlemen at err a e e r ode of the Houce, by apattring them that in what he had ' o f he del not Intend eny disparagement to the mode in which the i t etent system of banking was cadet' un what he had to Nay proposed measure orierating upon a „t o e to the cannon of the ▪ by no means perfect. lie d:d not mean to Impute blame "O a to insinuate simpleton wailed that respectable betty of men, tateed it i new stood.n the mature and %needles of administrators of the cur. o Ile believed that theism men had done much win e • , t he country, and were entitled to its dank, Ile be- bevel that they had given a erlsom orne stimulus to industry ; that t e e , h a d been the instrumeras of openieg new channels to coin. '' and successful enterprise, and that if they hail done amiss it was from the nature of Ihe %roan, and from the power neon. re ly lodged in their hands. lie had thought it necessary to make epee preliminary obeervatioes, herniae, in the ardour of de cim ate, he trieht unintentionally use expressions of any equirccd character, which, although intended only to apply nistienatuay be applied to persona. He now said to the wintry honkers what he had betere taken the liberty to Pay to the Bank vir.ctols, a eat, mrafe et t . a s they were. end deserving of con& & ewe . t hey were not tit I. eternise the prerogatives of he Crown. (lime.) Taa l en not disparaging to any body of men ; it related only to the testae : ane..o hatever the House thought it its ditty to canes into effect may now be tarried on and brought into practice' o per a tion with less difTi late and has danger than at any other onie. It was a Ga r and reaeonable inference, founded on cape- TIMM that there were miry banking estaidishments through. cut the country startling en steady, solid, and unquestionable inundations. They had stout, the violence of the storm when aCJLef fibrin had fallen to the earth, and this was the beet 'edema of their debility. He believed the di . ..Years of many talking establishment* were excessively esageerated, but the mo l t h a d proved that those mine whom the country I litters Wen I kely to fall, and those who eere likely to fall upon them. would argue most inconsequently. nod pro duce a vast deal of contusion without any omeomitant ativantage, if on the one hand the banker seed harsbnees towards his debtor, ter if on the other the hank cre. ak ar was precipitant in exchanging his notes for gold. The time /Mowed by the proposed Resolutions of ha Right Honourable Friend was ample. without justifying a bomb appeal on the put of the banker, or justifying in the holder a precipitate application for gold in return for notes. Ile had said thus much upon clear " an d., to avoid being charged with invidious imputations, be. fine he prepared to meet the subject now under discussion. The Gentlemau (Mr. Gurney ) had most accurately divided the queeten into two parts, and his speech was the best answer to m a the imputation's thrown upon the measures recommended by his Right lion. Friend. By wins lion. Members the measures were de signated as inefficient, as mere niite.an... tater measures, whilst by whoa they were accused of beirg Maly to produce a pressure which the country was at present unable to bear. Both these accusations were untrue—both may be and were unfounded. His Honourable Friend had proved how fallacious was the reasoning spun which the burlier accusation was founded; and, as to the letter, it was based spun a gratuitous easereltemion of the effect of the proposed measure., on that with which it was not intended they should meddle. The causes of the present distress came fairly within the point now under discussion. One of those causes car. tainly was the extravagant spirit of adventure and maculation which rows to such a height during the last year. That extravagant spirit was alluded to by ninny Honourable Member's, but by none better than by the Honourable Member for Northampton ( Mr. Maberiy), who had described ingeniouely and eloquently the true character of those wed speculations. ll'hert the Speech from the Throne at the opening or the last Seaton of Parliament, alluded to evils with which Parliament could not deal, to what else (lid that expression refer, but to those extravagant speculations w hi c h then were the objets of the public gaze, and excited an ap petency which he would not stay WWI disgraceful to the national character, but which ceeainly made us ridiculous in the estimation of thinking people? Many of those speculations appeared with the tieing son, but its satin); beheld them nat. They were things rising like %veers, which the puncture of a pin brought to I the earth. But it did not do to meddle with thaw springs of human avarice, lest, by checking them, we should also cheek the springs of fair adventure and eueceeeftal enterprise, and by so doing produce more '(jiry than could counterbalance any good we might effect by redressing those extravagancies. But although that feel ing had run riot, it could not he fairly stated as the cause of the present distresaes. It was natural that the state of our circulation shroud have influenced, if it did not produce those embarrassments. We were mimeo to discover the causes of the present distress; we found that distress in some degree derivable from the state of the circulation, and our purpose now was to have that current dammed up, leaving opportunity and experience to suggest other courses which it may be hereafter expedient to pursue. The objectionable character of our circulation was now clearly within our view—it unquestionably had some share in producing the distress, sal if we wished to curt that tell, the present time wee the bed ; if we missed this opportunity we may not ready meet with another. There was loather prejudice which was very much in fashion, and which the Hen. :limber seemed to entertain, he meant that habit el imputing theories to those who attempted to , legislate on cam mereted sub:pats, end Of charging such persona with wishing to &p -eg), their pruselpla of philosophy to the emeetiey alpha country Is tad to the dearest interests of the community. Without intend'u% env disrespect, he must say It was most unfair in the Hon. Member to ix that particular Act (the Bullion Act) upon him. If it were the act of the moment, he could excuse it, but when out of this error, an unfavourable inference was drawn, and an appeal was made to these who acted with him, and they were charged with follow ing a blind guide, in attemptieg to change from the solid scheme of a paper standard to a metallic currency—la laugh)—when lie said this, he could not say the error wee unintentional. Mr. BARING complained of the charge made by the Right Hen. Secretary, but was inaudible in the gallery. Mr. CANNING made some observations in reply to Mr. Ba ring, but we could not catch their purport ; after which the Right Hon. Secretary proceeded to state the part which he took on the bullion question. At that time he though: it necessary to differ enmewhat from the Bullion Committee ; he was not prepared, in the middle of war, to adopt the system of the Committee, anti to ' throw open the Bank at a day's notice. The only proposition which he then made was the very reverse of theory, because he was satisfied the circulation could not continue with a metallic currency. Much had been said about the wisdom of our ancestors, but he would appeal to that House, and ask what had been the currency ' of the country op to 1797? In support of his opinions he would quote emu a book, which was no mein nor doubtful authority—he meant Mr. Burke—who, in describing the paper system of the French Revolution, contrasts it with our currency in 1793. He sail the French thought our prosperity artiste out of our currency. whereat our currency was the dret of our prosperity; and that gnat authority concluded his observations by saying that never was a scarcity of cash and a snperabundance of paper a cause of com plant. He would now come to the complaint which had been made he the Honourable 31 ember for Taunton, and by other Gentlemen who b d opposed the peewit measure. It was complained that the Bank had been choked ter by its advances to Government, and that the various sums which II advanced for she use of the State crippled ' its resources; various items had been stated, amounting altogether to 24.000.0011/. The error was not so much in the amount as in the ate witteb the Hon. Member made of those figures. The fact was. that the amount of eccomniodation to Government was s source of great einalument to the Bank ; but, whether they were or net, was no more the concern of the Government than of the Hon. Gentle man. It was true the Bank had made advances to Government, b i: the lima. bleinLer could not perceive how the Rank was to be netit by such arrangements, although he professed to have made aryy attempt to uoderstand it. Now he (Mr. Canning) must eon. fns that the attempt to uedentand did not always arrive at the knowledge. (A laugh.) No person, after many an attempt. cludil unierennd what the Hon. Member meant by dead weig' t. (A laugh.) Dot he most again observe thet the traneactions of the Bank were not the affairs of Governmet t , whether they acted wisely or not was for their own consideratton. It was Meir business to consider whether they were making prudent or imprudent bargains. The Goverument sold the Bank certain securities, the Bank might Lave said them the next day, but they did not think it their into. rest to soa If the Hon. Member had purchased a loan, and pre. fond retaining it to a disposal of it, who could he blame but him. sell ref any unfavourable result from such retention? If the wise. acres of .1 loan are net always fortunate In their speculations, they mutt thine their own calculations; and at, was it with the Bank ; but the ram which it was stated the Bank had advanced to lie vernment was, upon examination, reduced to a small amount, anti even this small amount could scarcely be called an advance. As the Bank hid oftener a huge surplus belonging to the Government in their hands open which they paid no interest, would the Honour able 31ember ron.ider this mode of Yammering business untayour. able to the Beek, or would he consider himself ant of pie ket in keeping such an account? lie (Mr. Canning) would further illus. time Ma segment, by supposing a private Individual to want ten thousaid pounds; he offers a sufficient security, and snips pro. • for that purpose: he says to the lender, if ever on are in advance fir me charge me interest—bufir you have any balance of wine in your hands I shall ask no Interest. Is it not too meek to say that this would be to the disadvantage of the lender ?-- The way in which it worked was advantageous to the Bank. On tee sth of January, 1821. they were in advance 1,5(0,0a)1. ; but all that would be cleared off next year. The amount of the ad. vans on the part of the Bank on the 4th of April, wits cleated off on the 25di May following, and the advance and the amount of the advance in May was cleared off in July. The next advance of the Bank, which Irlinlin'ed tit i.exku. was cleared off in Oesober, and the 1,4 00 . 0001 . olticli was the amount of the advance the Bank then mule, by the Internet they were allowed, yielded a clear profit to the Bank. By the quarterly payments which were made, the gross amount of the advances made by the Batik were reduced to 6 50 0 1.0001. which was afterweds 2,499.01101. If the manner in al; eh thin worked was ennsidered„ it would appear that the ad rues of the Back were all cleared off. and were no impediment or obstacle to that establishment, anti if 'Government had it in their putt to witheiraw,theflank mud have incurred a tangible lows. In as reporlor the Bullion Committee it was recommended to the note to demand too high a rate of interest ; there was thee :6 ..see' of 7.09.000/., but that was to gain an advantage to the Reek. Se that the 24,090,0001. which it was said choked up the re !mai of the Peak, and closed all those avenues which could havo atreden alai'. was reduced to nothing. There certainly remained *s m 7.00,0001, of permanent exclierpiet bills, bet that Imin w is coeval with the Bank, and was the hula and foundation of its sup. tr. The Beek was enabled, by profits accruing out of a series bonuses, to pay a dividend of 8 per eve. mem that 7.0110.001 W. vitae they paid at interest of 7 per cent. on the origival 12,gry9,0001. The traamminne which the Government had with the Plank were j throughout favourable to that estaelishittent. The Hon. 3lenaber (31r. A. Baring) who spoke so strongly in favour of a paper cur. reney, and decried every idea of coining to melt payments, pro bably lead a viewao anon other measure. Whatever that might be, whether wise or not, he. for his part, felt that the Batik should he in full possession of all its rights; but it appeared that Gentleman thought that if the Bank was disencumbered from any connexion with Government, every difficulty would disappear; hut there was nothing In the memory or retrospection of the House to justify a cote-literati of that kind. Much had been said relative to country bulk., and ruin and confusion was corgi Indy predicted should Government interfere with the circulation of their notes. Was this view of the ease supported by public opinion ? The mode proposed to withdraw those small notes from circulation was to accomplish it by degrees, His Right Hon. Friend's (the Chancellor of the Exche quer) proposition was to allow three years for those notes to be re called. Now taking the estimate of the amount in circulation at the highest rate to be 6-000.000/. and 4,000,0001. at the lowest, and allowing three rears to withdraw this six or four millions from circulation, it would not be found so very dangerous or difficult an undertaking. There were 0011 country bankers, which in con. sequence of the unfortunate pressure of the times were reduced to about 7110; if the anitnint of the one pound notes in circulation was divided among these 1100 hankers, or allowing for those that had ceased payment, among 7011, the bankers could in the course of 3 years withdraw the entire mermen of one pound notes in circulation at the rate of 2.1100!. or 3,0100/. each per annum. Is it to be said then that such an arrangement as that must inevitably bring with it rein and confusion ? (Hear, hear, hear) If those funds were properly calculated, and guaged by arithmetic, those loose and un fair obit:orations would be found totally groundless which were applied to it in the beginnine of the debate. Ile had already re ferred to the authority of an eminent man upon the subject of the paper currency. It was net his good fortune to enjoy to any great extent the acquaintance of that grant and truly distinguished indi vidual (Mr. Burke); tile date of his Parliamentary life precluded throe associations with that highly.gifted statesman, which it would have been his ambition to have cultivated ; though kis ac. misintance was brief it was dear to his tecollection. lie had ot,e relic of departed greatness, which fixed upon his mind sentiments of gratitude towards hint who wrote it—it was a communiattion from 31r. Burke, written from that bed of sickqess from which he never arose, which concluded in these words--“ Ill you allow one. pound notes once to get into circulation, you will never see the face of a guinea again." (Cheese.) The effect he predicted has come re pees, and they have lived long enough to see its truth—they saw various expedient% resorted to to conceal it. When the report of the Bullion Committee was made, the lion. Gentleman and himself bore arms togethet in the debate that took place on the sub , j 'et of that report, and he did expect such a result from the asses -1 elation. lie could not refer to the arguments which had been used westing these resolutions, without endearesurrag to justify his Noble Friend f bard Braley) front allusions which had been made to the resolutions of which he was the godfather. and for the sins of which he was answerable. It was doing his Noble Friend but tardy justice to say that the resolutions which he proposed were in his (Mr. Caoning's) opinion calculated to produce great bene fit, and had his entire approbation. An opinion had gone abroad and prevailed very generally in certain districts, that one pound notes were not convertible into money. There was an instance on record of • banker who had refused to pay • one pound note which had been preeentel. He thought that there was something in the law which protected him in making such a refusal. It was the object of Government to remove such impressions, by doing away with the use of those notes altogether. Nothing could be said to extenuate a species of circulation which could give rise • to such a mistake ; for himself, he never thought fro a moment that the withdrawing of those notes could be attended with any injury. It was said that those resolu tions were vapouring productions and were oppressive as they con. cerned the Bank. lie thought the affairs of the Bank perfratiy secure, bat if the Bank was in a situation to excite alarm, and was on the verge of ruin, a thing which he looked upon as the most improbable thing possible, and of which he could not entertain the most remote apprehension, yet he would not even in such a ease atop the circulation of the country to prevent such a misfortune. (Cheers.) The circulation of those notes was not as popular as gentlemen would intimate ; mine time ago an attempt was made at 31anchester to circulate small noes, the omnipotence of which was so vaunted ; but that effoft failed, though the persons who originated the project were men of great wealth and credit ; and he believed the Boum would go with him in that *pinion, when he said that Messrs. Lloyd and Heywood were at the head of It. It could not therefore be from any diffidence in the persons who tried the experiment at llancheeter that it did not succeed, but because public opinion was decidedly hostile to the measure. He would ask, was Lancashire of no importance? Was the opinion of such a trailing district of no value in the consideration of the question. Were they to draw a circle round those Resolutions, and to describe another circle, the radius of which should not extend loyend the li mits of the metropolis, and say that those boundaries were to decide when there were districts into which a pound-note had not found its way, was It not inconsistent to say, that if the circulation of those notes was checked society would be disorganized. (Cheers.) There was another case which proved the inconvenience of the pre sent system at Portsmouth—they hare not money to pay the men employed in tine works, the bankers had failed, and the circuit tie was stopped. He would not argue from a particular instance to a general conclusion, fur he confessed he was anxious to remedy • recurrence of such inconveniences. ft was impossible to traduce a metallic on a paper circulation ; such an effo t would choke up the circulation, and when it endeavoured to flow it would be checked by the obstructions of the system itself. The inter_ course which took place between this and foreign nations might still be carded on by bills of exchange; they might pile them up as high as mottntainl, if they only took care to irrigate their bases with gold. The large note was a pro mise to pay the amount in tho metallic coin of the country ; but the one.pound note was the test. It was circulated among the lower closes, and it Was necessary that they should have confidence in it. Among those who opposed this measure there were some who ob. jeered to the mode, time, and degree of its operation, cavilling strenuously on each detail. In those he could discover, he thought, a rooted and unalterable aversion to any other currency than such • one as we had during the war. To such persona it would be tun. availing to offer arguments and useless to give explanation. They would be satisfied with nothing but the laxity of unbounded ere. dia and a medium equivalent to promises made to the eye, but not designed for the understanding. At the same time it would be tin candid to deny that among the opponents of this are some who well understand both in theory and practice the principles of currency ; but the objections made by those persons did not go to the essence of the measure. if the lion. Gentleman (Mr. Bating) would say that this measure ought to have been adopted long ago, he agreed entirely with him ; it would have been much better if they had ; it might perhaps have saved them the trouble of the present discus sion ; but since the difficulties had arisen which provoked this diseussioa lie confessed he saw no time more appropri ate and less attended with difficulties than the present. For how stands the law at present ? bet those who oppose the resolution reflect that the law will extinguish the one pound notes at the same time with the expiration of the Bank charter t will that be a more convenient time or litter opportunity to contract the circulating meliam ? Ile presumed nobody would propose to amend the resolution by lengthening the period of time. His Right Honourable Friend had left ample tune, a apace of three years, to make the necessary preparations. So vague and unsettled were the objections on this head, that no Gentleman had as yet given a reason for a prolongation of the period. The Honourable Gentle. man, the Member for 'Taunton; had asked for W yeses grace, while another Honourable Gentleman thought a month's would be suf ficient, but neither assigned a reason. Now his objection to delay was thie—with whatever explanations it were accompanied, or with whatever circumstances it were coupled, the delay of the measure would be inevitably looked upon as its defeat. Nay, would they, who mist sincerely and ingenuously prayed an intern!, undertake to tell how it would be employed? It a longer interval were allowed in order to withdraw aniall notes from circulation, would not the Honourable Gentleman (Mr. Baring, we believe) admit, nay to judee 'tom his smiles, would he not confess, that he had at that moment schemes in contemplation which would render tm posaible this discussion in a similar situation? (Cheers and Laughter.) But with respect to the general principles which governed Ministers, it ought to be remembered that for years they had been assailed with reproaches and overpowered with arguments from the opposite side of the House, in older that they might Five free play to commercial activity, loose trade from all restricttuns, and throw open our ports to all the winds of heaven. If any par ticular point was singled out, it was the silk trade; this was the great source of example and entreaty to the advocates of commer cial freedom—that point was carried. Government threw open the trade, and time was granted to our manufacturers; hut how had it been employe I? Has it been to prepare for the forthcoming changes? ), it wee employed to raise every possible impediment and objection. Every exertion was made to conunue the trade under the old sys tem t the Importation of the raw material was pushed to a greater extent than it had been before, and yet those manufacturers now threaten to petition and appeal for further prolongation. (Cheers.) Thiblatary of this buitiness would hold out no encouragement to us to grant time—to yield time would be, in truth, to give up the measure, to fall twice into di:. same error, would be to stultify our- 1 gavot, nor could we permit mindre' to imagine that such a con. cession would be attended with the wished-for results. It was, it might easily be conceived, peculiarly disagreeabic to him (Mr. Canning), it was unpleasant foe any Minister, or even for any Mernher of Parliament, to contemplate the present situation of the commercial world. However he might differ from some lion. Gen. denten in opinion, he was bound to say that he had found in all that manliness and generosity of feeling, which avoided every topic that might hive embittered a question sufficiently disagreeable in itself. The manner in which the question had been argued reflected honour on the House ; freed from party feeling, rancour, and ani. meshy. But why was it necessary in an assembly pf Englishmen to say that alt felt sincerely for the public distress, or that they all sympathised with the sufferings of that humblir class, with which all were connected, and on which all reposed I that class on whose wellbeing anti content depended principally the prosperity and happiness of the couanunity. The benefit of this portion of society was the direct aim of that resolution, it was not calculated exclu sively for the advantage of the commercial world, hat was adopted in the first instance, to secure to the poor man the fruits of his industry, and to increaae his comforts. This was the aim of the resolution, and if it were adopted, he trusted the time would ;dimly come when the peasant, instead of being harassed by the insecurity of paper money, would carry with him a solid and sub stantial substrate in the form of a piece of gold.—( Cheers. ) Mr. LOCK HART rose, but was fur a long time inaudable. We understood him to deny any attempts of the Bank to alter the rate of exchange. Notwithstanding the disavowal of hostile feelings, statements, he said, lia; been wade there which were ! calculated to leave unfuntimble impression. It had been said that the Bank was blameable for aceeptiog the responsi bility of the dead weight, and also for felting mortgagee. but ft ought to be considered that the Rank could lint always exercise their own discretion with respect to the large amount of public money which they held, and the auppnsed large profit; accruing from that source. Ile could show that the profit was as often on the aide of the public as of the Batik. Ile depree Cated any violation of the Bank charter. A rival bank, he thought would only emulate it in its exertions to 'wow paper, anti would subvert that power which the present eatablielinient—it hal been arknowlelged on all hawk—had wisely and beneficially employed. The 'late digress he ascribed wholly to a spirit of adventure pe. either to thin country, and which the slightest encouragement suffices to develop. Ile could mention one hanker who at one time 'held ditto:motet bills to the amount of three millions Tine was the false capital which exposed the country to commercial shocks, and not the Bank paper circulation. Mr. BARING said he did not intend to (weepy much of the time of the House. He would briefly proceed to move an amend. sent to the motion. Ile wet quite tonvinced that if they went on diactotaing this question from day. to day, they would greatly ag. gravate the evil. if the Howie were to go Into a (ommittee, they would' continue talking on a subject in itself endless, while the country would be kept in a stare of feverish anxiety witl, regard to the I mpending measures,and general con flderwe would remain ' , impended. It was his duty, therefore, to take the sense of the House canon an amendment to the following effect "it is the opinion of this House that in the present diatressed state of public credit it is not fitting to enter on the consideration of the currency of the country." 'Before taking the sense of the House upon this amend ment. he (Mr. Baring) would apologize for taking up a very few moments oty WS time. Ile must refer the House to the peculiar simation of the country. which he (Mr. Baring) could not but crinaider as a most extraordinary one. No person who hail known the country for however long a period, ewer saw such a want of cprifidence a s existed at that moment. The House stood in a cu. nom predicament —own of business said beware: but whether banker or merchant, of wbaever party, or to .Mich side of the House he might belong, not one had told the House that the pm. pnaed meastire would be of benefit to the country. His Hon. Friend. the Member for 311(11101st (Mr. J. Smith) was the only practical man, who, knowing the state of the trade and of the coun try, had felt himself called upon to say that he felt compelled from the arguments he had heard, to coincide with his Majesty's Govern 'neat on this question. The lion. Gentlemen on the opposite vile o' the !louse had availed theme iyea of the assistance of gentlemen of Lincoln . * Inn and the Temple, which gentlemen had the greatest contempt for the opinions of practical men; bin there was not one man who would say this yneasure could be taken with safety, and that was the state of the question at present. The Home had heed a ereech from the Rallon.Seciatary for Foreign Affairs, and no one could admire the brilliant talents which he possessed more than he ( Mr. Baring) did: but he was bound to say, that on s ques tion of this nature he would rather take the opinion of his Right lion. Friend the President of the Board of Trade. The speech of the Right lion. Gentleman reminded him of an anecdote men. tinned byttord Chesterfield in one of his letters, where a Nobleman got up in the House of Peers and made a very augmentative but dull speech, to which Lord Chesterfield replied in a most brilliant manner. without at all understanding the merits of the question on which he had been speaking, and the consequence was that land Chesterfield carried away all the honours of the day, whiJe the more laboured, but certainly the more profound speech of his opponent, was regarded with coldness and contempt. The question Was entirely a question of time, and men of business must he aware that such was the ease. The speech of the Right Hon. 'Gentleman (Mr. Robinson) went to throw all the blame on the one-pound notes, while, in fact, they were perfectly harmless. The fact was, that the comae originated in London—London bubbles made the country boody the dupe of London sharpers; the Lon doners were the men who had done the mischief; it was the trading in cotton, at Liverpool, Glasgow, and London ; and it was, there fore, a total mistake to lay the blame on the one-pound note. The Right Hon. Gentleman (Mr. Canning) had talked of the privilege of the Crown in respect to this question of small notes. There was no doubt that the issuing of all money came under that privilege, but that was no reason why one and two pound notes should be violated. That the notes were nuisances that should be abated he (Mr. Baring) agreed ; and that principally, and in deed if there were no other reason that would be sufficent, on ac count of the misery they hail occesionetito the lower classes. There was no doubt here was sufficient room fur an increase of metals, and when the country is full of paper, security Would be greatly improved by taking some of it away. And here he (Mr. Baring). was compelled to return to his objection as to the time, which, indeed, was the only question between the Right Hon. Gentleman (the Chancellor of the Exchequer) and himself. It had been argued that if the House did not do it now it would never be done. This he (Mr. Baring) could not hut consider as a childish objec tion, for there was little doubt if the nuisance was to be abated, the House would do its duty. From such observations as those it might be supposed that it was a rfttisance that had grown up in de- Bance.of Parliament and the Government, whereas the House had prolonged the issues of paper, and now when a panic took place they came to a new theory, not considering the consequences to re sult from it. if any country 'banker would get up and say that the alteration could be made without danger, then he (Mr. Baring) w itild at once yield the point, but he would not yield to theorists that which alone was due to oractlral experience. The President of the Board of Trade would find that Switzerland and I'Vanee would beat WW i sthe signefactute ni silk and cotton, and why therefore should he preps this alteration in the silk trade in the same rear with the question of the currency ? It was impos sible that the Right Hon. Geutleman (the President of the Board of Trade) could be aware of the state of the trade, or what it would be if the measure in question should be carried: the consequence of which would be to throw three or four hundred thousand people out of employ, and this at the same time when the currency clues. lien was unnecessarily agitated. The question was certainly one of novelte ; and suppose a mistake was made, what would be the conecquence ?.—Why, that half a million of people would be brought to distress and ruin. There was Mao great objection to its taking place on the eve of a general election, when everybody would be thrown into confusion ; the black banner of the party would he hoisted, but the people would not be satisfied unless they had food to eat. Ile (11r. Bating) moat be allowed to say a few words In explanation of what he had :said when the discussion was opened, that at the end of the American war, and in 171)7, the Bank of England stopped payment, and eke cause assigned was their cmnexion with the Government. He (Mr. Baring) might say now, in the words of the Right lion. Gentleman (Mr. Can. ning) that the Bank has had the power of expansion to the skies, and were now contracting in a ratio equal to its expansion.— Ile (31r. Bating) had made a statement that the dead weight was 24 millions and a half. He would not go over the Exchequer bills, because, upon that point, the Right lion. Gentleman (the Chan cellor of the Exehequer) and himself were agreed; the deficiency bills he (Mr. Baring) had stated at eight millions, while the Right lion. Gentleman said they were only five millions and a half; the fact was, the debt stood at 6.917,0001. in 1810, and a payment had been made in January of the present year of 1.100,0001., which brought it up to the eight millions; and it world be recollected that interest was paid on these advances,—the difference, added to the 44 years principal, must be taken as capital. There was a differ ence in the statement as to the dissentient 4i per cents., he (31r. Baring) havin stated them at only one million and a half, while the Right i r on. Gentleman made them two millions and a half. The question as to the deficiency bills was the only one between the Right lion. Gentleman and himself; they were con. sidered as money paid for the dividends, and only rsn at one period of the quarter to any amount; but he was prepared to show that at the time of the late panic the Bank were in advance 24 millions and a half. There were also other accounts with the Bank of 6,000,000, bed they were public accounts at the disposition of Parliament. He had no apprehension, under proper management, that anything like what had been so glowingly parted by the advocates for the immediate annihilation of small notes would miff, or that the country was not able to carry on all its commercial and financial operations with its present debt and incumbrances, and with its present currency. With minority on the part of the Government, and perseverance and forbearance on the part of the people, in re lieving the debt by sacrifices that he thought all would be willing to make, if a just view of the question was laid before them, the present system might proceed satisfactorily, until a more fit oppor tunity should offer for putting into practice the Right Hon. Gen. demaribt proposition. The )ion. Member for Callington had said that Exchequer bills were evadable. lie (Mr. B.) would admit that they were to his Hon. Friend and himself, but not to the Bank of England. In case of difficulty the Bank could not sell ul. (Cries of "Question" and other symptoms of impatience were manifested.) The Hon. Member assured the House that he would only treatises a few minutes longer on its patience ; but he could not conclude without adverting to the resolutions put on their./ our. nab when this question was agitated before. lie was sorry that the author could not be found—that great unknown—who moved that notable resolution that now so eminently graced their Journals. Lord Bexley had disclaimed it altogether; but he hoped the Noble Lord would not disclaim the famous speech that was previously made. With regard to the resolutions, to find out the author of which so much pains had been taken, he would only observe, that he whaled some gentleman would take equal pains to move them off the Journals. In conclusion, he would only take the liberty of offering one word of advice to the House, which. the more lie hail considered the subject to which it referred, the more he was con winced of ha being sound advice, which was, leave the question alone for the present, because he was convinced that extensive mis. chief most arum by now interferbig with it. The original question and 3lr. Baring . * amendment being put from the Chair, Isle. P. GRENFELL observed diet, ins a practical man, he would assert that the present was not only a measure that could be adopted with safety, but it was one without which no safety could be looked for. He had had communication with all parties in the City, and not one man with whom he had conversed did not think that the one and two pound notes had caused the pressure. (Hear, hear.) Mr. BROUGHAM rose amidst repeated calls upon him and cries of "Question." As soon as the confusion had subsided, the lion. and Learned Gentlemen Was observing that he (lid not think it would be fair, when he considered the part that he had taken on several questions, to give a silent vote on the sh the or p t r l e y a ae s nt pois . He denudes offer his remarks, however, as concisely differed in opinion from his lion and Learned Friend the Member for Taunton (Mr. Bating) more as to the time for the adoption of the measure than in the principles he advocated. The commence. fluent of the operation of the metallic currency, and the getting rid of the ore and two pound notes. was in ('act a mere question of time; and his first reason fur believinz this to be Cie fittest time. and as a practical ma. , a pined that he in his conscience oonaidere I to be as free from them fanciful. or speculative Apinjom as re _ carded this subject, as any that could be pointal out. With tetirsno DRURY-LANE THEATRE. Thie Evening. TUESDAY. Feb. le. will be getfortned the new NationAlyttiimt t)pers of ~M .ILVIN.R.~ The principal Pharaeters by blessrs.Vl allack, Sinclair, Hem. Redford, Harley, and ; Misses Stephens. Poi ey, and Keay. To conclude With the Pantomime of HARLEQUIN, J%CK OF ALI. TRki)Es. Narleontn, Mr. Howen;ll ; co P antaloo e, Mini n, Mr. T. Blanchard; Clown. Me. innutibln Barnett. THE BRITISH' PRE S: tb this amnion awl in support of it he !mild remark, that this measure, in his opinion, (eight to be immediate in its operation, because It was in pet already carried into execution in corm quenee of the recent oreetratling. It was nut the one and two Pound notes that were the cause of Was °ventilating; they should not be charged with the mischie'alint hes accrued. bdt the exist ence of the small circulation has greatly aggravated the evil. When the run on country bents happens, it is the small holders, persons who are in peesession of a U. Or a 30s. note, that cause that run. The large holders could more correctly appreciate, or fancied they could, the solvency of bankers, and therefore it wait not they who made the run on provincial establiifhmenta dl this description ; and what had been the consequence of this eagerness on the part of small holders to get their notes converted Into geld Why a resiriction of issues, a ilbninution of confidence, and necessarily a void amount of hese notes is displaced by sovereigns; as much, indeed, as this men lure would accomplish. Under these circumstances he would ask his Hon. Friend whether it would be sate or prudent to retrace their eteps. The fact was, the state of the currency was now beyond their cant:old, and the only practical course that lay open to them was to proceed. The second season that induced him to support an immediate adoption of the proposition was, that if it be not done now the currency could not return to its old channel. Tht circumstancesto which he had alluded must necessarily prevent that from taking place. His Ilan. Friend had said, let the ques tion be postponed for another year, but lie had given no reason for such recommendation. His third and hot reason for proceeding in the course recommended was, that if they did now pursue, another opportunity would never be afforded. His Hon. Friend, atid those who thought with him, had said, beware of doing this et present, beware of the evil that may arise from a rash act, but they did not condescend to tell the House why these said con sequences ahoulil arise. Was it because they apprehended an in disposition on the part of the country hankers to continue their 'hilltS ? That affect had been already produced by the recent drains upan them, anti although banker were restraining their ad vances, yet a respectable and solvent man would have the same credit ut der the proposed system as under that now in use. If it be given out that no more notes would be issued, a metallic cur rency would introduced in its stead ; but if that is not dine now, new notes will be introduced for a year or three years, or till the year 11133. The opponents of the measure, with the exception of his Honourable Friend, the 31ember for Taunton, hope the time will never arrive when they are to be disused. Ile has distinctly declared that at a certain period he wishes to see them out of circu lation. Until that time arrives, however, gold will be disappearing, and small notes in exiatence. As long as the circulation of small notes continued, sovereigns would he displaced, and the supporters of the measures would be met by continual arguments against its application. If it should be in a season of difficulty they would be desired to put it oft' until better time.. It in a prospeamis period it should be proposed, the Ammer would be, leave well alone, and the sante arguments would be used as now. Theorists have always maintained that a paper currency payable on demand could not lead to excess. He was once a disciple of that theory, and was only driven from it by observing that one anti two pound notes are an exception to the rule; the small note system maintained its place where large notes could not, and the grand mischief existed in thereby being deprived of gold and silver currency. It was the grand object en all hands to get a currency intrinsically valuable. and those Honourable Gentlemen who were advocates for keeping one and two-peund notes, have not considered how that could be brought about with the existence of the present currency. All tampering with the currency, or adopting a currency that was sure to be depreciated in a certain number of years, was a most unjust and dishonest mode of meeting finan. cial difficulties. His objection to the silver standard was because it was more variable than gold. Silver was more abun dant in South America than gold, and the skill and industry of the Old %Voted was more likely to diminish its value. Abundant difficulties would be ascribed to the measure which they were now about to adopt—but they would, to thinking persons, he ascribed is vain. Ile should say to the persons who were thus sifting out the evil consequences of the new system—reflect on the month of December—look at the fortnight of (Heiress and agitation that occurred at the close of the year, and reflect on the dif f iculties in the country at present—and then see how much of them can be attributed the influence of the new system. (Hear, hear.) It must be evident that if the former circulation were to be sudden ly restored, if by any miracle it were to be brought to the condition in which it was six months ago, though the mischief were to stop where it now is, the result must be a diminished consumption, which he did not doubt would'be felt in other quarters. flu looked forward with dismay to the sufferings which lie predicted would fall on the agricultural community, and not upon dieni alone, but upon a class .also which the House anew to be now in a miserable condition. All he had to offer as compensation to the agriculturists and to the class to which lie alluded—the flume roue, patient, honest mechanics—was that which was of the greatest importance w all classes, out invariable currency ill which to receive and make their payments, without being subjected to those risks and their consequent misfortunes, which, in the neighbeurboods where banks had failed had brought Went to suffering and misery equal to that remitting from the most reduced state of wages when trade was most depressed. Thelosses, however, which they had thus incurred were absolute losses, while those involved by an adoption of the proposed measures would be a diminution of profits only. On these grounda it must be evident that wbstever was deemed expedient ought to be carried into effect as speedily as possible. (Near. bear.) Whatever tlifti:renee of opinion there might be as regarded the question itself, all must agree that a state of suspense relative to the currency of the country was rather calculated to aggravate the evils it had endured than alleviate them litioe, bear.) As soon as .Ir. Brougham sat down there were loud cries of question. The House then divided—for the original resolution, Ayes, •132 Noes, 39 Majority, - —199 On our re-admission into the gallery, the Mouse had gone into a Committee. Mr. HUDSON GURNEY moved as an amendment, that the words " to the Bank" be left out. Mr. BARING said that the Government ought to possess the power of controling the issue of one and two pound notes by the Bank of England. The CHANCELLOR of the EXCHEQUER said the Govern ment had no power to control the Bank. Mr. HUME merely rose to enter his protest against any suppo sition that he coincided with the present measures. The lion. Gentleman thought the evils now complained of were quite uncon. nected with the circulation of country notes. The Hon. Member then made some observation relative to Mr. Secretary Peel's bill, the purport of which we could not catch. Mr. secretary PEEL said it was well known that if his Bill had been carried into full elf,ct, there would not have been any one and two pound country notes now in circulation. Some desultory conversation here took place, after which the gallery was cleared for a division on the amendment. The numbers were_ For the amendment Against it - Majority The Holm adjourned at Two o'CLoca. 6 -49 PRICES OF BRITISH Rank Stock 194 193 1934 Ditto Acct. 1964 1954 3 per t ent. Red. 76 3 per ('eat.Conc.76 Mil Ditto Acct. 764 711 l ee per Cent. per Cent. Red. 841 844 331 cw 4 per Cent. 99i I Long Ann. 181 i 11.16 STOCKS YESTERDA Y. India Stock Disco Acct. 218 India Bonds 10 14 dis South Sea Stock hei South Sea Old Ann. 7Ch Ex. Bills 1,000/. 4 9 7 10dib Ditto. 3001. b 8 dis Ditto Small par I pm 3 die Lottery Tickets 191. 19s. PRICES OF FOREIGN Brazilian Bonds 10 2 494 60 Buenos Ayres Bonds 574 60 Calriabian Bomis 524 Ohio Bonds (1824) Sli 24 2 11 50 i I 5 4 t Ditto Acct. 514 24 2 1 604 1 50 Danie 4 ll Bonds (1823) 5" 2 French Bente@ 5 per Ct. 04f. Exchange 23c. 56c. French Renter 5 per Ct. 61f. 50c. lixchange 2Lf. 50c. Guatemala Bonds STOCKS YESTE It DA .. Greek Bonds (17;26) I7i 18 171 Ditto Acct. 18 Ili 18 Mexican Bonds 53 Ditto Bonds (DUO GO 591 6I 46069}84 Ditto A ect.6B4 604 60594 48/ Peruvian Bonds 85 44 Prussian Bonds 88 Russian Bonds 76 61 64 51 4 Ditto Acct. 78 6 1 Spanish Bonds 91 Sj 9 j 9.1 61 Ditto Acct. 94 Ditto 519, 94 PRICES OF SHARES YESTERDAI. t St . Share. Paid. Peeashosi per Share. A nirlo.9l ex i can 4100 00 14 dis Brazilian British Iror Colombian Ilvytien Potosi, La Paz, and Peruvian AO 6 31 ant Real dal Monte 4OO 400 6 put Ditto, New United Mexican Ditto New 4O 12; par tROX lIMILWAYS. Liverpool and Manchester lOl 9 13 COVENT-GARDEN TIIEA7'RE. This Ilvenitii. TUESDA T. YID : Feb.l4. will be Ell' Pe ll NrfoE. rmed the new Play or TH/C NCH 1.11 The prinelpel Characters by Messrs. C. Keilible. Ward., Pewee. "d Cooper; hlesdatnes Slomksn, Chatterley, said Glover. - -•-• - • -- • • -- To eone:nde with the Musical Farce of Hnol lIF.R AND sismit. 1) ,, so v i o , Mr. Duru.et : Minna laidora, Min paten. ENGLISH OPkRA HOUSE, STRAND, !Wont, Waterloo Bridge. To-morrow Evening. WEDNESDAY Feb. TS. LECTURE ON AsTnoN(INIY, aND THE PINENOhIENA Of THE 14E4VICNS AND OF THE EARTII.• To be delivered by Mr. BARTLEY on the IIEDNIsIiDAYE and FRI• lit.VS Miring Lent. • Begins at Seven—ennA,.... at Ma. TO CO Rft ES PONDF;NTS. :- ' . - -7 '." -7- " litribe We hive retch-ea a coma actor. us A iglltdi " Aft lit 4 P The subject to whieb it reQrs has; we conceive!, now nil its frak tereet. and therefore We must decline inserting it. he ',title May have his 515 returned' by applicatior! at our Offitt.. ..,„ Zile Svitifiti woo., Paissecsinthencedpubllsking yeatettlii reorning at Iffe o'clock. LONDON, itESDAY, FEsauAaY 14, 1866. The litent.ts bf the hour at which the debate closed puts it but of our poWer to do any reasonable justice t 9 the sub ject of it: we shall therefore postpone our remarks till to morrow. It *ill be seen that the original Resolution wit cafried by a majority of 193; there being Xri for the solutiCrn and SD against it. Last night we received the French pipers of Saturday They contain the reply of the Chamber of Deputies to the King's speech at the opening of the Chambers, which is simply its echo, to which his Majesty returned :11 courteous answer. The news from Grecc.: is most consolatory. On the ettl of January Mil.: Lis and SAC/ITE:KY captured and dem stroyed 18 ships of war, belonging to th e Capitan Net, at Ptiole, near Missolonglii. The following are extracts : [From the Monitettr of Satord*y.l PA us, FF.9. N. Medal Pdrt. to-day, at hrif-put eight in the even:lnk, the grand deputstiod of the Chamber of Deputies was admitted in the ustat form, W present to his Majesty the Address Toted by the Chamber ih wo-; ewer to the Speech frosn the throne. M. Raves, the Preaidert, read the Address. His Majesty answered Gentlemen, the expression of the sentiments of the Chamber of Deputies has always a right pane: trate my heart. I sec with satisfaCtion that It partakes in the plea: sure which I feel, because the public prosperity gives 'rd the means to assist the ministers of religion, and at Ma same time to relieve my people from part of the burdens that lie upon them. Believe, Gentlemen, that I know how to appreciate your sentiments, and that I watch, as I have told you, over youi interests. Place in me the confidence t venture to say which I hate in you. If I thought that any inconvenience, that any public misfortune, could menace us, be persuaded, Gentlemen, that I would apply to you to obtain all the means. of prerehting whet might! he contrary to the maintenance of our repose. Bur, meantime, bsi a.surcd that I have my eyes always open to what is passing ; and that, if I ask nothing of you, it is b.caug I feel myself strong enough to repress those who oppose the public happiness. Cosa.. mence your ►abours with the confhlcnce of the honest man who dr. ; sires only the good of his counJy, and believe that it will be a ea. tisfaction to me to see you thoroughly weigh the laws which will be proposed to yen, and all of which will concur, at least, ns I bop; to insure the prosperity of my people." (Non-official Part.) ZAXTI, JAN. 12. (pats ATC coanssPoxbtxcE.) The Greeks rise with an energy warthy of those glorious day! when they proclaimed the reign of the cross. While some ambi tious dissidents go to foreign countries, far from the field of battle, in which they never showed thtataelves, to intrigue and ask a mat .et fur their country, liliaulis and Sachtury immortalise the gloriot flag which bears the august symbol of our redemption. On the Bth of this month 18 ahipa of war belonging to the Capitan niches fleet were taken, burnt, or driven ashore, at Vtiole near !Mew mnglii, and the rest of the enemy's ships have now taken refuge under the cannon of the fortreftes of Lepanto and Patras. Our vie. torious Greeks cruise of Cape Arose, in sight of the land and naval farce( of the infidels, who seem struck with terror. Ibrahim Puha, whose troops have been successively beaten on the north coast of the Peloponnesus, and in the attack on Missolonghi, seems to be quite confused and in alarming situation. The embarrassment of the Egyptian Pacha has appeared inet plicalile. For some days past if has been said that Colocotroni ha 4. Guide two unsuccessful attacks on Tripolizza, and that that petrel had been since closely blockaded. The Turcophilea Of Zente, who could not deny these facts, consoled themselves by sayiug that the Egyptian squadron of Tripolizza, consisting of 2,500 disciplined troops, and well supplied with provisions, and having Austrian and French artillerymen, enlisted by Generals Boger and Livron, would holdout all the winter, and that in the spring it might be relieved by fresh troops from Egypt. They lived in this hope, when letters from the continent have informed us of the taking of Tripolizza in the night of the 27ch December. Coleco ttoni, reinforced by four corntranicd of disciplined troops, taken from the regiment of Colonel Fabvier, having blown up o n e o f t h e gates of Tripolizza, rushed into it at the head of 7,000 Greek(. The combat was obstinate. The Egyptians and the negroes of Darfour being driven into the castle, which is situated on an trni• nence, were burnt alive there by Colocotroni's orders, by way or reprisal fur the churches they thave burnt, the monks and priests whom they have martyred, and the women and children whom they have dragged into slavery. Thirty-six foreign officers, who escaped from the flames, have been spared for the present to be carried about front village to village, and exhibited as infamous apostates, who, forgetting their name as C , l istians, had enlisted in the service of the 'Finks, in all of whose crimes they have participated, and such of those wretches as have survived this species of expiation, will be thrown aboard the first vessel that will take chargiof them to be carried back to Christendom. In every law of regulation affecting a subject .of such deep importance as the currency, whatever step is taken should be made as gradual as possible in its operation, that the mercantile community •iay not suffer in its intercstsi by the suddenness of its effect,• but May accommodate itself by degrees to the change. Ministers have therefore acted wisely in not proposing to put an immediate end to the circulation of one and two pound notes, lest by so doing they might interfere too rashly with the natiomd capital. The 7'imes is anxious, if possible, to conjure iv? a spirit of opposition to that prudent policy on the part of Government to which we advert. .4 When it is consilltred," says this Journal, " that the first total suspension of Bank payments in cash was but fur the short period of thirteen weeks, and that it was after wards protracted for nearly a quarter of a century, it is impossible but that considerable distrust must be both felt and expressed respecting the certainty of the final recal of this smaller paper fry, the one and two pound country notes, when the very act for their suppression begins by allowing of their continuance for three years. The cir culation of these notes is allowed on all hands to be au evil in itself, and the cause of many other evils; yet it is to be endured, according to Mr. ROBINSON'S proposition, till February 1829. The very act of tracing the figures of SO distant a date almost makes the hand tremble." The trite common-place language of censure is worth nothing at any time, or on any subject, when accompanied by such reasoning as may, at least, seem to justify it ; it has its value, inasmuch as it leads to inquiry, but when vague and unsupported, as in the present instance, it leads tr nothing. Ministers have diftieulths enough to encounter• and whether they may succeed or fail in overcoming them, they have, throughout the whole of the proceedings, ma nifested an earnest desire to act on the principles of an enlarged and liberal justice towards that system from which they are desirous to depart. They consider the extinction of the smaller notes essential to the retention of gold and silver in the country u the circulating medium ; but they would do great violence to public cretlie"-st a crisis too whets it can ill sustain an attack—were they to extinguish these notes forthwith, without giving the Country Bankers doe time to prepare themel'es with the means of providing the necessary resources. To attelis:t 4