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

L k , 0,,, egret of say venture to be adopted. Si Operating i . , ,hr, , m'o'ot issue of their notes, by which all the pet. ~, • . 0 it, ~,,, are ireulated, sad of which thew/1101 , eneeelicy, ~,,,,, of the IWO% of prorate basher., is errinposeri, they ~„...tv, s obliged. by the new stymie. in which 1101 '17„; ~ 1, en li : i ii:r o d h.. la w y ri t e he tirs kin i t s ror be tio r, u l A a r b t w e h f 11: 1 7, ov a, r ibr w ar hir s ti l m. ~,, weside, door their duties In the community at bray, ~.., „ interest, in a pecuniary tool commercial Mato .... , , ~ a great degree twee confided to their discretion." -•.inn) , ',,,l m e this paragraph, he preferred no eons l':iiit against the Bank—he threw out ors imputa t,„, sollot that body—hot it was because it COO. „Ile, s a melencholy truth, the he *ldled to absolve • e Government and the Berk fr this c0miec t,,,,......1r was impossohle for him to consider the cir cono,iices u oiler which the Bank otigniated, soon alter the Revolution of 1688. without feeling great Worst in she prosperity of that borlv—ept, f or t h e VreaCOS, he felt a high degree of personal respect. Il e lead this extract from their letter, because he believed the .tatemeid contained in it to be true— st(' he v ,„,11.1, twist willingly, relieve them from the ~,,,,,,,,. dray of attending to the interests of the c ommis ity at large. —(fleor, hear.)—lt *as lint the Pink dint assumed those duties; It arose f rut o the virConl%tatter of their having passed, and ft , t , it ti .,,, to tone, cool ..... Pd. this Restriction Act. i„j„, s4 lllis, tho hail giver' up that great duty which the 11,11 k had undertaken. Ii was the duty of ibe b ya isiiire, and not of . the Bank of England, to anosi in the interests of the community.—(Near.) --3,eni.e thee had transferred it to the Itink, let ihr.ll not blame that body for eicercieng their seer--,to, let ihem rather. by • great exertion, fr eover hick that authority *Mesh they had so long .! ireattsl.—(ilear, hear.)—lt was on this ground: nut livery* it true necessary to carry the plan of the Commoner tutu effect, that fie wished for a re. payment of the *OM 'Me to the Bank. 'rise Right I Graitlein to then proceeded to argue. that there mei la fs . .IssOIS SO inipl'elleild, that if the W.°. hocias of t h e Committee were agreed to, the Batik *road be obliged to kern it. issues. He could rruve to the sausfoction of the House, that an in crease of issues was not incompatible with the 1 ,1. 0 row suggested. They were told, that it Oaa elelthisret Iti tie down the issue of Rink lintel to • pr patio . with the roe of gol.i —hut di it in my ralier circimistances effected shit price, mid that tile Bank was thus called on to do an imposed/le 11111,4. Now slim would be au iirguntrui eganist rtes fevutatilj, rush pope .nts. If it were a good ',own far mot paying tu cosh, at the rate of .ii. 17% 6.1. per Ounce. it was. ofetfitsei, a conelu. ere argument for riot puyino at SI. 11+. Mid. What did the istuk di, from 1774 in 1777 ?- I . licy then paid in gold, confloining their issues to tiw price of that *fetid, which. thiriog that period, over rose higher slims 31. 178.4 4 . lief ounce-- Tim% when, - by* trijislative provisinii, the Bank sari obliged to -pay in gold. 'it Vie done without ii.fficulty, and. gold did not. in consequence. rise an prim, When they tolkod of t h e inter of Rohl ris -141::, it would lee weil to bleier. has the yak. of POI risen ? Abstract the pen* of gold from the Oise, es ettittm/rd frith vAl•reitet to euy other commodity, and inquire, did geld come:and more f s:lver, more coin. or allure of sue other fixed article, thou it used to rho? So far front that heilig the case. it positively ci ttttt uniided lets than it bormerly did—and on this accowses. bemuse they bed Annul •, substitute fur gold, arid, net I that, because they had a greater stock if this metal. mid, conse florally. its value was less than it was fifty years .igii. They were toil, that the price of gold was wised by t ligation. Bet this was a fallacy. Gold nail ri.reri to price when the ainouiit of taxation was incorisideral.le, and it had rodeo, when the arsuarit of taxation was extremely high. The Bight Honourable Gentleman then entered into a detailed statement to slow, that, though the IreVrllllol had incremert s though the trade of the ema.try was ra , etolea, Ind taxation was mud s gr..,or that at any former period. yet tittre was no hro-sity dial there should be a corresponding in error in the circial.itirse medium. 'rn prove this. be riiiiiimreil the two joriods of 1792 and 1819. In Ow former perind, the circulating medium, gold soil Bank mites, unwonted to 36,000,0001.—w "Ile. lii 1619, it reached little more thins 19,000,000/. Yet the loner sow swat round perfectly adequate toile all die work of ittere;tfreil taxation, revenue, roinmerce, 3.;:c, although those different items viriatlrupleil, iii many instances, what they were in 1794 oh m et c ircalatiou of 36,000.0004 was touted scarcely sufficient. This was accounted for by the superior facility which Was given by .:tratta of banking.l es, &e. to mercantile trans "t"l'ilis. The Right Ham. Gerrilenctil having review «d ell the arguments against the plan, proceeded, in s very t lotitrent strain, to point nut the necessity of returning to the U111:1rIlt alslllll.llll. which wait so often mentioned in the history of the country. A ri formation in the currency had been effected at three different periods. In the reigns of F:dward I, ',lumen Elttsbeth, sold William 111. ...Edward I. though occupied with the con quest of Weirs, and preparing for the subju gation of Scotland, turned Ins attention to this ,inpuitatit subject, and caused a measure to be sdopted which was spoken of as an net of spirit tit legislation, NMI of Much jnatiee. Queen Eh/A li-di, under circumortaliced of great peril and diffi culty, in the second tear of her reign. determined san a similar reform, by the advice of her Mtritider L. 1.11 Burleigh. There were not wanting thoie who , wished her to put off the manure to a dimwit day, all at count of the enemies that isdriled her from *idiom, and the derigers which threatened her trum sittitu. Borleigh„ however, advised her to proceed, i.hserving, that the reasons adduced to dissuade her Clot) sorts a step were those that ought to under leg mare anxious to go on with the great work. 11 the learned work published by the late Lord Leopold, it is noticed, that this circumstance was tur:,ta.ned wish peculiar applause in the inscription 1.11 her tomb. 'rite epitaph set forth, that she re -1..e0-r1 there after a reign of 45 years, mid narrated ail the Itrilliam exploits of her reign, and rte her claims on the affections of the pedple,.; " Gedirra Icilis intesismis pareipiti sublbrita, Belgic sissies- Iwo, hivintiea classr prtfliguta"--but, above all— " Mimeos &dimities seeress, Fedor's." '(Hear, lietir.)— II ibis great Q.men, , under all 11 '''r tblficultirb, had the altablimess tot fleet such a r ` I6I III, would it nut be diseciacelul to them, if, in NI ' , midi of peace, they refused to achieve PO l i 't• t•ill y a work ?--(lfoir, hear, bear.) ---The .s 1- ,, m4 wive* tiir eirriney Was refut Well Was ill 1013. iw the Men of William 111. when 111;4 country was engaged in I minguioury war for the lib -rile s o f nuttope end for the security of 10:1 thr me. At that time Nome of the rump al gotneetoX which were snip inducer' tigtiitist the Retiliniote. of the Committee were Tide stoke of lio di.icatirage 1 iltr prol -11. Mr. Loweirlea, the Sretrinry of Ibr Tirasury, wrote • work in opposition to that of Mr. Lurks.. Mr. Lowoodes contended that the valtie , of silver h risen, in conaequence eil the tocreicool demand. It wee, he rent:lrked. then at lb. oil. per oz. wheresa, in the wood old tittle* it wise 11111 y se. ‘2 , 1. slr. Lowitilet then proceeded to 'rem., thst thtllime Wall 11w standard of valise. Tina Mr. Loeke tleolirif, averring, that it wise not the rotate that insist it wed the stasithird of value, tinl a get dill weight of bullion. Ile admitted that it would re quire of Mr. I.owndes'a depreciated coils, six shil huge and tvempence to purchase an ounce of til ver—hut that, with tire good Mint shilliugsanJ t pellet, 811 01111 Cr tit etlVer might the"' be bought.— Accordingly N 1 r. Locke, when Mr. Lowndes had ecktiooledged lie could not ft an abstract idea of a Lap! Mayor—(il lames) —adhered to his oriaitial way of tholkiitg, and said hr could not form an übstraet 104 of a pound -and of the same Idea was he himself (11r. Peel). Thr sittiatinis of the con tory, in reference to the great qucto ion rut tier discussion, was something blinder to what it woe .the sear 1695. It was in this year, two years befote the cooalu4iia •:, peace, that the important duty devolve 4 atillar'&l4 Nloutagsse of endeavour tog reerwitwri Ilse currency of the country to its mien-tit state. The arguments on thtr one aide mid the other then used, bore mi striking a resemblance to those brought forward at the recruit cotiutic ture, that lie entreated the attention of the House, while he blllllllll recite them as mentioned by the historian. l'lte reasons urged against the ineatatire proposed were, that that was no fit 'Cason for nrtaking No hazardous an attempt, just after the italluti hail beetle engaged in an expensive war, at is ante when beasy totes welt- to be paid by the Iwo *, when the public debt had been iiicreased, when commerce was in a latiguisitino state, and re quired iustead of is cheek, every assistance and en- Cddriagellllllll. It was said such a violet' , change would lay the axe to the root, and tear up the foundation of the Government, mid that it ought by no means to be attempted at that period. To this Mr. Moistie - te replied, that the disease wools' every dty be growing worse, and at length become incurable—/I/grip, heorl—that the rite my would be discouraged at seeing us on boldly her Our intermit difficulties—that it would create air eastern fur the Parliament in all couaries sinned, to observe it conquer inconveniences and evils that had been looked upon as insuperable. Such were the arguments for resionng to the triunity its ancient coinage—end it was restored. Was there any overwheltning oboattle in the present state 'tithe country, snore than at that perm', to prevent the wowing a similar hen, fit on the 'na tion 3=-(Hear, *air )--He did not think there was. Tiaose who were adverse to the Re port talked highly of the advantages we had derived iltiritig the last twenty years from the as sistance of the Bank. But when he was told that it was to a paper currency we were to attribute the prosperity and wealth of the empire, and the great and astonishing efforts we had made during the late war, lie asked, was it possible thus to rob the country of the reputation 81111 force which she had nobly and dearly earned ?—(Fleur.) —lie could nut forget that before cash payments ever were re stricted, this was a gr-at and a flourishing empire —that long before toe year 1797 she had been. proudly distinguished as a military nation. It was not then I a paper currency we were to ascribe the glories or the war. Let them re:vitro that through a paper currency had certainly contri- . butted to their exertions in an amazing degree, • yet that during all the vicissitude] of a coolest un exampled is' duration, extent, and hazard, they bad invariably ministaisied inviolate the public faith to the cmii 4w. —(Hew. hear.' — It was 'kit which placed the credit on a basis solid and immoveable—that was the true spring of efforts which had filled the world with admiration, and were unparelleled io history.—/Hear, hear.)-- It was that which consoled us under all our dangers, and difficulties, and disasters—which cheered us in the hour of victory—which ado ti tt Were(' the consol ntg reflection. that however pressing our wants, however perilous our situation, we had never pur chased success by a single act that should cause posterity to blush—that compromised the honour of our country.—/ Hear.)—That was the redeem ing angel which threw his shield around, and car tit d us secure through all the ecener of hazard and peril in whieli we had engaged.—lneur.)—Now, when they were at the trod of these circumstances of (homer and &sway, let them not desert the prin ciples they had hitherto stood by. Let then, make a vigorous and manly effort to return to that old legi timate circulation, which at regard to the situation of the labouring and various other dares of the com munity led to—which was indispensably necesiary to place all pecuniary and commercial transactions on a steady and regular footing, which an observance of 'wattle' faith imperiously called for—aim:li would entitle the holder of a one pound note to receive in exchange fur it specie of equal value.— (Hear.) There were various other topics to which lie had not advitrted, our did he think it necessary to ad vert. But there were two other points which he criohl ten sit down without taking sonic notice of. The lirst of these was the effect attribuied by a No bre Lord in another place (Lord Lauderdale) to the Mint regulatious in raising the prima gold, and rendering the exchanges unfavourable. To the examination of this opinion lie had given the inaturest consideration of which his mind had been tamable; and though the silver currency was depre. ewer! in a slight degree, and though .there was certaiiily a remarkable coincidence between the time of esralslisliing the late Mint regulations, in March, 1817, and the rise in the price of gold with the unfavourable foreign exchanges, yet, con sidering that silver was only r legal tender for sums not eaceerling des., and that it had been hum the year 1774 till that time a Irgal tender for 151., he had been obliged to come to the conclusion, that the theory carried un weight in accounting for the ef fects which were said to have been caused by it. Ilrit, to ewuc to the second point :—be understood there was ease project to be proposed by way of auarinltuent to the Resolutions founded ou the Re port of the Com•nittee, which It most entnisstly en. t ,,,t ei t th e 11,01•1- to Cr.,?.e 11'Iint he &Moiled to wit., that in nriler to provide against any material Iliectuatorin to the rates of exchange Iwtiveen this boil foreign countries, the Mink should be Vile fin some intermediate bane previolis to the NB re. ,um lo drlives bollioso in ritiniiinies not less than Gil ounce., at the tilarket prier. Ile 'startled the !loose against the arlopiii.o tit n measure .is fa. , a measure fraught with destine:lull to the roils to be attained—a plan which would reduce gold to the standsrd of paper, instead of paper Ili the standard of gold—(I/cur, konr, hew 1-- 'which would 11,4-vitality lea,' to the niterticiiab:e contimmiice, thetotal a doption of a p s l ier minim:ll, and only multiply the difficulties tr th w h ic h t h e questi )))) was at present surrowitled in etfinitunt.— I I lear.)-1-le had now to thank the Howe for the indolgence with which he hail been heard.—(Hror.) —Ode c rise of embarrassment to him on this night • that hr had been compelled to advance prin ciples and opi nions which he hail already tick %%%%%% - ledger' contradicted Isis former sentiments—deli berately formed sentiments indeed he could tint cal I them, for he hail never before liven able to give that portion of time .to the subject which its no portalice merited. He hoped, however, the House would teceive his statements a. rent, lice of his bill hear.)-11ni lie Lad had a infficulty or another nature to encounter in liking the tutirse he had done. lie 4104 mind himself under the pandit! necessity of opposing himself to tliell)eeply fixed seutiineutsid our to whom he should ever owe O deli:- 111 reverence and affection, sod to tliffvr from whom on a question of such magnitude was a sour?e of unfeigned hay ing been placed in a situation where he had had not only an 01/110r1011itY, hut a duty imposed cm kilo of er,tol,illt the question in all its beat ings and detail., and of hearing the evidence of both theoretical and practical men on the sub ject. hr had bean obliged, after the most lobo shoos and anxious investigation, to admit, that the principles ex pleased in the Report of the l'om miller were the only true substantial ones—those nloue which ought to regul le the currency of the country—and, as an holiest man, and feeliog he had a solemn public duty to perform, he had come forward, and frankly acknowledged his change of opieion.—/Loud cheering.)—Thr Hight Honour able Gentleman then moved tits first three Resolu tions, which were put front the (Nair, and carried unanimously, as follows:- 1. That it is expedient to (*whine 'the restriction on pay ments in cash by the Bank of England, beyinot the time to which it is at present limited by law 2. That it is exp. Joust that a definite period should be fixed for the termination or the restriction OP cash pay. men's; and that preparatory measures should be takes, snit a view to facilitate aid clime, on the arrival if :hat period, the payment of the promissory notes of the Bank of England in the legal coin of the resign. 3 That in order to give to the Batik a greater control over the issues of their notes than they at present possess, provision ought to be made for the gradual rrpaytotent to the Bank of the sum of ten mill' ; being part of the sum doe to the Sauk, on account of advances made by them fur the publ.c service, and on Remota of the purchase of EX chequer hills under the authority of Acts of the 11:gislatoce. 611 the fourth Resolution brow put fruit) the Chair as follows— . • 1 ' That it Is rapadieut to provides by law, that from the Ist February, 1820. the Hank shall be battle to deliver ' ibis &tom* gold of .snitched fineness. hawse Ores asaseedailti at:sniped at his Majesty's Most, a quantity of sot is. than sixty °quer. Wog required iu exehituee for arch an amount of lodes of the Houk as shall be equal to the velar of the gold so riqutied, at llw rate of 4/. Is. per ,)user;" Mr. ELLICE rii.r to ploposr• a series of proposi tions as autriiiiments to that and the remaining Re solutions. He had expected abler men 1114os I • If to stand on at slits stage of the debate, and lie felt the greeter difficulty iii rising alter the very el,). quent speech of the Right Hon. Gentleman who hid moved the Resolutions. To the principles for regulating our currency, ao ably laid down by that Right Mo. Gentleman, hr gave his full assent— and if he ruse at a time when he hail expected to hear men more qualified to address the House on this sin portant subject than himself, it Mid because he d l r. fered (ruin the Committee as to the way 111 which their common principleashould be applied to t he particular circumstances of the country. It was not his inten tion to enter into an examination or defence of the principles which had led to the adoption of the Re port, because he should mily weaken the effect of the admirable exposition of them given by the Right Hon. Gentleman. The only rrauments he had heard attempted to be made against the leading views of the Committee, consisted in the inexpe diency of the plan proposed; on the other hand, he had not heard any definite time laid down fur enter ing on the great work of the restoration of a me tallic circulation, with hopes of a satisfactory issue. He wished to state some circ ttttt stances that had come within the scope of his own experience, and he should nut go further back than the year 1816. In that }ear, when the country wee recovering from the distress occasioned by a long and expensive war, and in some toes. sure he admitted from the contraction in the issue of paper, the Right Honourable Gentleman (Mr. Vansittart) began the execution of those pro jects for lowering the rate of intesest, which he wished had never been attempted. Then when the advances by the Batik had heels reduced so low as nineteen millions—when the Busk balances were really lower than at the beginning of the present year—when a great quantity of gold had been im ' ported from the excess of our exports ever our im ' ports, and there was a corresponding rise in the ex tvely thing wore a promising 81fr., pearance (which it did till the beginning of the following year)--the schemes of the Chancellor of the keelietiuer for lowering the rate of interest were put in operation—schemes which rendered all financial measures adopted since far more JOE cult and complicated. The quantity of paper then issued produced over-trading tad a spirit of speculation in an extraordinary degree. from the effects of which the country was still sof. &yin, and would long suffer. Looking accord. ingly at the difference of trade in the years 1813 and 1816. and the years 1817 and 1818, with re ference to the presets' question, it would be seen that its the two former the exports were attended wah advantage to the merchant; but in the two latter, he doubted whether, instead of producing a profit, they had realised a return of fifty per cent. For. these reasons he hoped that such artificial means would never *gaits be resorted to. He concurred entirely in the tint three Reso. lotions proposed. Frani the fourth lie in soot measure disagreed. flis 'drier:lion was this, that lifter we 10.00 l beets going on fin turilly ).'alit Willi a currency more or to.ss do l or'. chit ell, alt loom elle - r rm•oontily 11341:mg t hitt solinissimi, lie Mt a 0 duet- ioicr now, whets we hod newly eturrlzed frnot our distresses ;mil diffienlins, to enact a legislat:ve roc- It to.wleriorteipt of that depreciation.--(fleur ) Stich it declaration was implied iii the Resolotimis ni peed by the Iti g i i t Hoot. Grtitirtoint (11r. feel) ; the sionrooolenesot he had to twosome would tilt a certain pe.i..41 a PIM' irhieli the ten millsons 'ironic' he rep ufl by she (;hU,Tril.nent to Ilia Ronk. He alwitltt proopoi,e to h aye HUI all the words 111 the fourth Resoluiinii, all. r Ow worsl4 " It is expo. , client," to sith%i !tut , I: II . 1 . „,1 01 ,,j,, it -:-44 To provide by law for the repayment ..f the f eu millions, by th e Government to the R oak, reromitirmi.il by the Secret Con tooter liter to lie trimiti—andi 'hit rural re lo:iyonent skill be made by motohly instalments of 500.090 f. each iiiMith, CortinienCititi from the lo' i Jillits 'Peat, to be emitiotted monthly there after, without any iniermissinir sr delay, till the whole 0,411 have beet. discharicell.7 Ills object way to make it imperative on the Chancellor or the Eiceliegiser to repay this suss within a given time, end to allay all alarm so Mir public mired on that score. /Um next Resolution went to prohibit the Ilaolt 9ilv luring their piper on Exchequer hills or Gave' iiiii rot securities after a certain time, without euthurite of Parliament. In lieu IX the ltrwolootions Biting the two periods from l'ebriisry to October, 1820, for payments in frollioti at 4/. Is. t ier nano, :grid from Oztober. 1820, till M.y, 1821, for payments in bulliogi at 3/. 19-. GI he should move us ainendureuta. " That from and after the lot 'May, 182 I, the Batik MIMI be liable to par Sheri-notes in bullion or (olio er the rste of 3/. 174. 10It1. an gooier. and that from the 1-t slay, 1822, the Batik shall be halite to pay its notes on demand in the legal coin of the realm." Hu lest Resolution was, " That it is ex iterlient to repeal the laws prohibiting the melting and o.pol-teflon of the coin of the realm." Alter some further observations from the Hon. Gentleman, the question was put on the 4th originel Resolution. Mr. J. P. GRANT could assure the House that he should cogitator as little of their time as possible, but he owed it to lemself, to the House, and the country, to state his objections to the nature of the measures proposed for opening that way ro a me tallic currency. The opt l ions so eloquently ex pressed by the Right 11.,nourable Mover re specting the value of such a currency, were those lie had himself held tot the on bject ever since he had been able to form an opireon. lie could not help saying, that hei sincerely con gratulated the House and the conotry on the con version of his Majesty's Miiiister- ; it was indeed a source of congratulation, that at length his Majee tv'a Ministers had conseided to acknowledge, that ... , Mt the princip les on which they had till then acted, with respect to the regulation of the currency of lie country, and the connexion of the public with the Bank, were founded on error—(flear) —and that the opinion adduced and put upon record by the Right Honourable Gentleman (Mr. Vatisittart) that a pound note and a shilling were equal Hs value to a guinea in gold, land hien altogether erroneous. The candid decimation of the Right honourable Mover was calculated to reflect in finite credit on him, hut no allowance was to be made for the advisers of the Crown. whose bounden duty it was long since to hate properly informed themselves on the subject. It was how admitted by them that the system of finance pur sued since the conclusion of the war, had led and 000ld lead to most distsetmns contequences. He felt himself obliged to advert to the first part of the plan for returning to cash payments, believing as he slid, that it proceeded on au error—that it mis took the real cause of the high price of gold, sod apparently mifavouroble state of the foreign ex. clialiFes. He had certainly- bees' nitsuiported in the Committee, yet at least his vire. of the subject I had so much of probability. us to throw a doubt on j the conclusions arrived at in the Report, _strength riled as those views had been by the evidence of very intelligeut witnesses. His opinion on this head was not new, because when the Chan- ' cellor of the Exchequer had in his place, ex plained the nature of the present Mint regula t about two years ago, he (Mr. Grant) had told Ilion that lie could not make two currencies, having different values with regard to the market prices, pass current together—that the, silver coin, with the seigoorage, would expel the gold coin without the seignorage. ' This opinion had re. ceived confirmation from the evidence given by many reap, stable and enlightened Gentlemen be fore both Committees; and he war ; convioced he could prove that it was not lioseible to effect 0 re. adoration to a metallic ciiculation- till the present ?dint regulations should have been altered. If his opinion were well founded, it would follow, us a coosequence, that neither the Batik nor any 'other establishment could issue gold fur any other pur. pose but immediate etportetion, alt long as the pre. sent Mint regulations were kept up. France, by ben present conduct, proved they had the opinion of Locke, Harris, and of the late Lord Liverpool. that but one currency could be Sept ire circulation at the same time; and that, in all countries where it had been attempted to have two,' varying in dill. remit ways front the market price,; one had con e staidly driven out the other... lis the evidence they had this broad fact, that when the five millioos of sovereigns bad been issued, ,they did not at all augineist the circulation. but *ere iostaistly ex potted. It was also a. very extraordinary coin.. coletice% that from the loth of I%l4reli, I'Bl7. when the silver rout war established in clicul t ittaii i , gold bullion rose in price, and could - , be exported with a profit flan! this couutry, while solver icon. staidly bore a pvngt on importation. The lion. and . Leaniedllelitleatati quoted various parts of the evi deuce of Mews. Baring, Ilsldmion,.and Herman, From the Lortla' Report in ,support of his opinions., The Hon. gentleman next remarked on a paper quoted by the Right lion. Gentleman (Jr.h Peel), ore which he commented at considerable length. He then contended that whilst mousy could be coined at a profit of hi per cent. in VrauLesinel Mkt. countries, that it would be imported sp valued into this cbailley. This coin, he contended, retold nut be established from coin manufactured fs,Y . the Miut, as long as it bore 441 Intrirut Isitu. with the money rniniefactured by she Mot. No Is., he said, would be &and e qual. an mar— theis or check the circalatiosi of atone for whilst so great a temptation presented itself, the la* would lie ;vet' viulitied. Tito. r.goi.ttitto ts novel to this country. atilt iioktio,ii w eiri% whet, and would had to no permanent or (alt.,. goo I, Hr castrated, that the regoloss ss• sole. ted 1797 did not prevent gold from golog oat of 11 a entutir ; and he did not see by what I..solidity the same regol iiimis could have elf ci Loa. The Gentleman then ent i• to a detail as so tile state of the mirrency iti !101l kid. Toere • et, f was, he said, an iiistence known where tat, eta- ie, o Made a legal tender that one (11.1 tint •nl*.ril driving ihr other out of circulation. Airer flirt her observations` I lie II __eitt.! tastat: coneladril ail able speech by saying, that if he art.. 11 , .1 dr. ply inthressed with the impoitetice of the -object, he would not attem,A to intrude finalised oil the atteo rion of the Ifloose. Mr. Wer.eettgir coon:ll.'l..lo.qt, in high terms, the conduct of the Coinissotta-, tool said, that with every tiling they had chow, he nerh c: ly and en tirely iigr••ed. The Right lion. Getillelinet nazi commented, at some length, in. a paper pre...inlet' by the Bank in answer to two plan. questions, %halo it was • he said, impossible finlike Co tee not to have put. The Right Hott.Gent Ironies hen, proveeils ed at considerable length to reply to 11r. Graid'i w. KtlnleuU. which were Iwo, lie said, at all new to MM. He denied that it ever did happen that mita ney wire Coined in fineigo "countries to be titsported into this. lie then took ao 10-Isissc.d review of tho din . ..rent altersitiolls that lead to en made in the con. rent 7 Of the country vioce the time of William 111. suit concluded by expressing his t nine 4:(olllr6illehee with the Report of the Committee. Mr. Tt elan COnialenCell by ellinpillnefithig the speech of the Right lion. Crates's:a (Ur. Peel) ; hot the praise he offered was not, be said, eittirely disinterested, forth.- principles and m i ni broach ed this night by the other side of the Hone were for many years pest mistimed by thin, and tlio,y who acted with him. He thanked the Right Hon. Gentleman for the tribute of respect 1 br situ to the memory of a dear and valued ftiend of Iris (Mr. Hornet). We live (~tit Tierni3) at last to hear those priociples supported, Nod those (Inc trines asserted, which, by his \llll.led 41111 ticitaitistl friend, were sustained with SO 11111d1 learitiog anal ability ; that lainentell statesman was, at the time, complimented indeed lOr lie CII,(1111 - 11( . 1 . , Lot ii'a principles were held as visionary. same was brought against that great 1111111, the Lite Si.. Samuel Komilh ; his wise upisiovis ...etc treated as dangerous theories s but justice hail been this ought done to the memory of the our, and lie had nu doubt that justice, on some oilier cceasimi, wound be done to the memory of the other. It lie were to judge from the temper of the !louse, manifest ed during the delivery of the special ef the Right •Honourable Gentleman, lie would suppose that It was their disposition to return to a :ton- it metallic currency. This Iseehog was iciiiiria;y set rsv, with approbation by his side of the Haase : whether it was received with a reluctant assent by the other side, he would not say, but they were at air events obliged to submit to it. Fur his own part he (Mr. Tierney) would not trouble the !louse at all oat the present occasion, if his name hail mit been alluded to by the Right Hon. Gritilemits its the course of his were d been aid that i.e (Mr. Tierney) we's the on eiilber of sloe Com igniter who had differed as to the proposed Resolu tions. This was not exactly correct. An Hon. Gentleman, one of the Bonk Dirt ciure , had also expressed his dissent—but whets the .litt snot) mat inn 111 Committer, he ( .1 r. •fieri.e)• ) war the only dissentiog voice; it was not ii., refuse correct to say, that his opinion was a viuguler one upon this subject—though it was collect to say that be was the only person who, on the Resolutions folio; put, divided against them. The R elat 114111. Gentleman had complimented the Gentlemen it Ins (Mr. •lirroey's) side of the House alio Pal upon that Committee ; m return he would be permitted to notice in terms of approbation, the condo, t of Geittlemen opposite, slid in the tiaine of the Com mittee, he returned thanks to the Right KM. Gen tlentan fur the impartiality and ability with which he conducted himself as Chairman, and lie (Mr. Tierney) lamented exceedingly that lie fossil' ion. agree to the proposition now submitted for the adon. lion of the House: there was no man more anxious titan he was to preserve unanimity on this suljeet, It was not necessary for him to say that he had no partiality for the Bank Directors—his coothict uu all occasions pretty clearly evinced his dispusittou towards them ; but justice toast be done, and he thought that the ametirtment proposed by hi. Hon. Friend was such us it would be prudent toe no' House to adopt. They were, lie hoped, agre. d on this, that the earlier .the country returns to solid standard of currency the better. 'there nett. it was true, some exceptions—some inert may 11 Mk that restrictiour on the Batik %erre of trio it.. convenience to the country. There att., I.e believed, few in number—but whether guest er milli; lie abjured all interest and all rounexioo with them. He agreed with the Right Hon. (irts tieMaD; that there was no security for the einsitity until the Bank of England returned. to ca-ri - *tents ; 110110111 N property is sate until the try returns to the wholesome state of inetalia• cu - reney. The Committee, he Lint, in the pia" .1 advancing towards cash payments, bad n. i adopted Mr. Ricardo's plan. fir (Mr. felt alarmed that for the period of eighteen inenai.s. a standard of value should be established nektio,.. to thus coufttrys The Right lion. Gentlenian lad stated the mischief of 'departing from the old tsta blislird standard of this country, told the so rr•-.' • . of returuiog to that standard. He Tierioy) agre.d with his, and here it ass that Le telt •-• much alarm. for he could riot but appri 'kiwi that {; the principle of that statiJard was mice broken .l o w .• it would Dryer be resumed. The Right Geo:, then adverted to the Resolutions proposed-.be VW,* tended, that when the period abroad arrive of flotath • tresumiugcash payments, as laid dowsi In theloo,o4 • 4 ilOll9. that • &Cita would * N io, 11111111111111101 k ,j ~ - br c ß u e" ltie: t w i Ou niP id ti p la :e:o c it litel thein wo s:l l e 4 enT a it resumptifts. It was to prevent. this. it way km ibir purpor of emitting off the retrert :I" 1.11 irmpresori but injurious expedients. distils. sow called tire - 1 - tension of the Howse to ;be subject. fOow. h. comOrl they account for.whot oinitat trullu• ?-. mhight they uot kw (Pipets brit to she -old pr,v•tvo- lug ?--iusght the, nut he obtiood se hove , tome wow to t&OBOSSIOVC which dewy lia4l re c:N. t t• withio the list Iw. manimiths, loud resent Om 1.:1;•