The British Press; or, Morning Literary Advertiser. — London, England, 1826-02-21 00:00:00

r PROMISSORY NOTES BILL. fa the Order of the Day — that the !louse resolve itself into a Com mittee on the Promissory Notes' Bill being read, Lord A. HAMILTON said, that, from whet he understood bad fallen from Lord Liverpool, it appeared that three years, which was to have been the period of limitation for the circulation of small sates, was to be extended to six years from the present time. This be thought an impolitic mode of proceeding; it was a different thing to petition for the repeal of a measure and to prevent its being ear ner.' into teen He was anxious to know if Government contempla. teal antMeuure to destroy the circulation of small note* in Scot. Mid. The apprehension of such intention on the part of (loran 116IM had produced a strong sensation in that country. At that very moment there were several cities and boroughs prepared to petition against the measure, and several had made applications to him to blow the best time to send forward those petitions with effect. They were situated at such a distance that it was necessary they should obtain early information of the intentions of Government, or they would be excluded from expressing an opinion on the measure. The CHANCELIA)R of the EXCHEQUER said that the :iable Lord had misunderstood what had been intimated on the s.ibject. It was not said that any measure would be adopted telat.we to the circulation of small notes in Scotland; he did not with to mix up the consideration of the circulation in both 1 countries in one Bill ; he certainly would admit that he was averse ' le having one system in England and another in Scotland (hear, hear, hear); but until the measure which referred to the circulation of small notes in this country was disposed of, he had no intention to interfere with the circulation of those notes in Scotland ; at Present he was not determined to make any alteration. It was his Intention in the course of the present Session to cull the attention of the {loose to that subject. Mr. P. GRENFELL said that he thought it advisable that a weekly return should be made to his Majesty's Government of the cures la circulation and also a quarterly return of the average I amount of one pound notes in circulation, which should be pub. hatted in the Gueette. Mr. CA LCH.t PT said that if the Chancellor of the Exchequer amended his Bill it might he deprived of sonic of its injurious effects. He could not but admire the dexterity of the Hight lion. Gentleman, Ile would not meet both questions toge.her. but would with admirable dexterity separate them, in order to defeat with greater ease the opponents of the measure; he no doubt hoped. by the assistance of the Scotch Memhers, to carry the lenglesli measure. He could assure the House that the introduction of the proposed plan into Scotland would produce as much ruin there a, it had done already in this, when the Bank was unable to isms , 500.1• OD sovereigns. He was at a loss to concive where Govern. 11441, e mid procnregald sufficient to supply the entire country With a .eetallie circulation. The principal part of the circela•ton of Ireland consisted of one pound notes, and he had no doubt but that the Right Hon. Gentleman would extend the measure to that e toner ; ter his port he would continue to support what he had first advanced on the question. Mr. ll' 11l TM( n( le said that the subject under consideration' was one of much importance; but he thought the any measure , that did not strike at the root of the evil quite nuentory ; if they I went to the one pound notes they thould go to the live. (Cheers.) The circulation of paper had a most decided eft.ct on the aff:tirs of tne flank; when there %%Win I trge ;unload of payer in circulation I taut ur a smell quantity of geld, treasure iminedneely accumulated I le e : hands of the hank. In *arch. 1793, the amount of treasure in the hands of the Ileitk was 3.Steleetee Previously to the years I 7eli, 1790. sell 1;91. the amount of treasure in the coffers of the ~teolv ws. 10,eitoeseie ; in 1791 the amount of notes hewed was 1 I e1e9,1 MU. The amount of treasure in the flank in December, 179 . 2. was reduced to 5,•260,1eNe. • and in March. 179 3 , to:CAI:0' 0 W. l't e ametint of treasure in the [tank in March. 17e1. was tame tease. • d Cie a•nount of notes issued was 11,14.7210/. In February, I' 1 7. the amount of treneure in the hands of the think wo. reduced t t 1.272.1100/. ; anti the amount of notes issued was leetteeeite In the year 1112:1 there was a large treasure in the hand; of the Bank of England t the consequent Issue of the Bank sees well known. and the n-tilt it produced ; there was, indeed, a spirit alloot whim was productive of ititieh mischief; but if that sprit had not been assisted tr: the issues of the Bank, those evils ' , mid not hare r:stiNel which were so justly complained of. No ere' eolith gain...y the fact.; he had stated ; the treasure which the Itoek had necu mutated as. romnlctily a dead weight. lie dem,•ltt that at the present m-anent they should not pre.a one adili,tonal measure ; he considered that which was now proposed quite as much es th e country could bear; he thought that if they rem:emit In their present course. in ten years they would he in a worse state of destrose than that from which (he wished he could say) they bed been extricated ; he had been himself captivated, as well ns many others. by the plan which was proposed hr tit. lamented and intelligent friend (Mr. Ricardo). The plan peeetweil by th it gentleman, whether good or bad, had not had a trial. The pet tent meesure was not a paper toucany nor cash payntents; it a to a half measure ; but it they did no; adopt the plan which had been already protwiel by 31r. Ricardo, they should give a met illte vecilletien to the country- Tney should not, certainly, treat • a gloom through the country ; but it was butte evident that tie viler of the currency which was prop t.. a rhould be in. (-need over that which it superseded. Tlieugh ths increase or de croaee of the peon rimer ey would barren effect tin •tie gold currency. yet the quantity of geld they would want e edil not increase the value of the trend.. They might go into the market of the world without produiring any increase in the value of gold. France and Germany could suptilv their, with g .1d without enhancing the value or that lineal, and that inuet ineeitenl) be the case while England was the only country where gold via matte the standard. I 'pen this point he would make one single remark. The matter resolved itself into a question of demand and supply. which couli not be applied to the preseet cotes.. There was one co-sideration which he avoid advert to. Ile thought that a species of currency might he produced of great value. A Mint note might be issued open bul lion deposited in the Mint. There was unimeetlonably a great convenience in the circulation of paper, and 'et that mode the ad. vantages of the paper currency alight he preserved, without incon venience or insecurity. Mr. 31ABEHIN Raid that he thought that any measures might more fairly and properly be proposal in the Committee. For his own pan he had heard nothing against the unsure that had made env impression aeon his mind. By the trans ac•tons that had taken pl ice between Goverretent and the Bank several persons had lost twenty per cent. The effect of these transactions was to produee a greet fluctuation in the currency. At one time a large Towny of exchequer parer was thrown upon nie iii .rk is: at a disettunt of Vos. per cent.. for the ourpose of raising a demi dated paper currency. Subsequentiv, the Bank of England, I. ~.,n I..ve of notes, raised it again to par; but notwithstanding all met the flank of England could do, unless Government weuirl raise the interest upon exchequer bill., they m o st till again to a discount of 21s. per cent. His object in setting this was to place etre puhlic upon their guard---to induce every man to take care of himself, for it was but too evident that Government would not ta k e care of t h em , and t h at t h e w h o le property of the kingdom MIS onsle to depend upon the rates of exchange, which coul d be influ. enced at pleasure, favourably or otherwise, by the issues of the . Batik of England. It was his opinion that, on the 15th of each morel), an account should be inserted in the Gazette of all of the Bank of England notes in circulation during the previous month. This was done invariably by the Bank of France, which gave pub licity to all its transactitms—even to the amount of its profits; and it was • measure, he was prepared to contend, calculnted to give rester stability and security to the Rank itself, more confidence and greater safety to the public, and without which it could not render that essential service to the country which it ought to do. Another clause which be thought it would be well to adopt in the measure, which was in the course of enactment, respected the fetes of exchange. He hail conversed with many persons deeply versed I a commercial transactions as to what was par, and al) seemed quite uncertain in their opinions. It would therefore, he thought, be advisable to settle those differences of opinion upon a point of each art important nature, to ascertain what was the per of ex change, anti to have that published monthly in the Gazelle, as w e ll as the rates of exchange. so as to enable that portion of the public who resided away from the metropolis to judge of the value of their property. Another subject to which it would be well to pay similar attention, was that of bills of exchange. He thought an account should be published monthly in the Ga.etfr, of all exchequee hills sold, paid off, and received during the preceding month. Unless these measures were adopted, the public could never form an esti mate of the actual value of their property individually, and that alone was a sufficient reason for carrying them into effect. There was still soothee measure which he also thought It would be wise to adopt, although he doubted the propriety of Introducing it into A Rill of the nature of that to which he had alluded. He was of repthion that • monthly account should be published in the Cavite of the amount of the imports and exports of the kingdom. The *nuns of the imports and exports. as hitherto made, were evi dently erroneous. During the last twelve years, according to those trews, the exports of the country exceeded the import• by the OPURIIIOII.I sum of two hundred millions. This was an erroneous statement upon the very face of it ; and it was of the grentest im portance to adopt some means of ascertaining the real amount of imports and exports, and publishing them in the manner he had gus ested. These measures. he believed, would be found to he i efficient In alleviating the diseases of the courn•y, and could i f not ail to assist the operation of the Bill which the Right Ilooour. able Gentleman (the Chancellor of the Exchequer) wad endeavour. Ostia carry through the House. He would any nothing with re. sPect to that Bill at that time, but he wished to offer an obacryation eithrefcrence to Scotland. ( Hear, heat.) With regard to Scot. hied; he thought the Right Honourable Gentlemen had not been quite so candid as usual ; he was of opinion that he ought at once to state a time when that measure would be applied to that portion of the empire. (Hear, hear.) The principle was precisely the same as regarded both countries; and when the preeent agitated stab of Scotland was taken Into consideration, Ministers were bound to '1 Sea out as to what were their intentions, and when it was pro. I paid to carry them into operation. (Hear, hear.) • Mr. RCM E said that he had listened with the deepest attention to the arguments made use of on both sides of the Howse, and after the most 'nature delibenatioo he was sorry to declare that he mold ; net come to any sound conclusion upon the subject. It was the opinion of the Right Honourable Gentleman opposite (the Chan edit* of the Exchequer), as expressed by biro upon a former even ing, that the distresses of the country was causal by au ono.issue of one and two pound notes. He did not believe that that patinas osteld be supported by proof, and he warned the House_ against taking aftiamptiens for proofs. He meallected e when William Cabbott published b• Met Wit pe and gold could not drew lake..ingetivey, the flight Hes. Geswas had replied ' that that 0 1 0 don wad wet by possibility be eserset. beam the staplos of do Illgeha m ostlß he evillest. and dos evil would correct Itself. lel die it ens stated that so adequate provision Gelid •bs sae Beget deltaWdelloll a e Pala =mg , e 2 rePt ihiltetneediate bop oil, Hs wished to know V there ruts itnireie l s lambda ilaskpa weld not be 'averted Worm , V thin wits MIMI Maas this would be , - maintain that papa had net been at all depreciated, and that the measure brought forward by the Right lion. Gent, was totally in adequate to prevent a recurrence of the et de u oder which the country was at potent labouring. Much shots hail been hid upon the over. inane% of bank paper ; but the fact was, that the amount of issues, as calculated from the Stamp-office returns, gave no certain cri terion by which to ascertain the amount of papa in chailation. Commercial transactions required a different amount of circulating medium at different periods. If in January tweroy.one millions had been the amount of circulating medium, in February twenty. five millions could not be too much, taking into consideration the state of commerce in each respective month. How then, be would ask, mold the difference of three or four millions produce the lamentable consequences which hat been assigned to that cause (Hear, hear.) 1 pto that very moment, he wool," contend, t at the paper currency had not been depreciated. In fact, no man could aver that an increase of paper currency from twenty to t wen iy - tive millions could he called an were, unless hr waa at the same time fully acquainted with the commercial transactions of the coat.- try. For his own part. unless lie had a statement of the extent of our commercial transactions, as well aa an account of the paper and gold circulation of the country ' he could form no oninion what ever upon the %Aka. (Ilear, ) lenr.) It behoved his 51aiesty's Ministers, for at their door were all these difficulties to be placed, to endeavour to alleviate the embarrassments which were pressing upon the country. They had been fostering and encouraging the mutations in the value of property., by sending forth exagge o rated statements of the prosperity of the country; the effect of which was. that a person worth ten thousand pounds in the public securities now might, owing to the fluctuation% of the money market, in the course of one month be possessed of only seem thousand pounds. Ile was most anxious to tee a termination placed to the evils winch are on all hands anknowidged to es ist : and if inweimment would adopt a system calculated to remedy th. , •• evils, he would ha most happy to render them any assistance in his power These evils bail been assigned to the over-issue of paper. '!'lris he denied ; hut if he were to admit it for the sake of argu. ment, he would tin ti ask if this over-issue was to be corrected by lie withdrawal of one or two miCions ? or. how mold such a tr;tling sum operate In limiting the amount of paper isuies ? The 1 ammin , of increaae of H. and 2/. notes was from two to four wit lions, but die amount of 5/. notes had been trebled, and these latter I were to he unaffected by the proposed measure. (Hear, hear.) If, therefore. the cause of the evil was a stirphia of paper cip:ulation, why not apple it to all paper ? Ile was firmly persuaded that a me ! taffir currency alone would not do for England. Its mercantile transactfona were ton extensive to be carried on by means of a inerill:c currency. Ile had had an opportunity of witnessing the evils of a inetalli.: currency in India, where, in order to transmit half a million of morns from one district to another, one or two carts were obliged to be placed In requisition. in consequence of the many inconveniences attending such a mode of conveyance, some halividutda established a bank, with a paper currency, to obviate the difficulties attendant upnn transmitting specie. This bank was established upon the same principle as that of the United States of America. and with the precaution of not allowing Government to borrow from it. In the United States of America the National !lAA mold not lend to the Government five hundred thousand dol. Kura without the express sanction of the Legislature previously ob. twined. With regard to the Report of the Bullion Committee, which recommended, in order to prevent the depreciation of paper, the retainnient of the power of converting it into gold, he 'would *lost oh‘erve, that he thought the recommendation good, and he was of opinion that Government were guilty of gross neglect in not placing the country banks upon such a footing as would insure that object to the public. No individuals ought to have any inte rest in the alteration of the currency. If two individuals were to establish a hotpot of business, for the purpose of accepting bills, and having no con me7zial transactions corresponding with those bills, such an establiahm:nt would, in the eye of the law, be considered as a fraud. (Heir, hear.) And he wished to know why a simile r horal precautlo a should not be adopted in banking transactions. (lieu, hear.) Ile knew that there were no such precautions, but Ihe contended that there ought to he. He knew a manufacturer, now in very solvent circumstances, who some years ago was tote Hy wiffitutt capital, he could not even pay for the premises upon which his hocine‘s was to be carried on. In this emergency lie opened a hankine-housz. and was soon after enabled to pay for every thing. His Moiesty's Alinisters were bound to adopt measures to give proper security to banking establishments. It' it was important to regulate the weights and measures throughout the kingdom, how much more important to attend to that which regulates ovary man's property, and to secure it against occurrences of chance. The proper measure to pursue would be to compel every bank to give security before they were permitted to issue a single note (hear); and not to delude the public by a measure of relict and prevention totally inadequate to the object at which it aimed. There had been generally a disposition on the part of bankers to issue largely, whether their issue. consisted of one or of five-pound notes. His Hon. Friend near him (Mr. H. Gurney) had stated a case in which the stun of 13.0948. had been issued and repaid three several times in the course of a few days by a bank in Yorkshire; and, in the history V the transactions of the Scotch banks it was well known that at first they used every exertion to force a circulation. They soon found, however, that it was necessary to bring down from London, every now and then, three or four hundred thousand pounds worth of gold to meet those issue's, and that citeutuatance suggested to them the propriety of cenfiaing their issues. They did so. and steer that period whenever paper comes In faster than it ought to do, according to the usual routine, they immediately limit their issues. Other banks found also by exoc rienee the rootlet,' of adopting the same cootie. The great demi deratom a. present was a remedy quick is its operation against a hanker in ease of rum-payment. t (fear, hear.) The whole system stiosild be placed upon a proper tooting; a commission should be appointed. and offices appropriated for the purpose of taking eau ri•its from those persons intending to carry on banking establish. mente. Money or else Government securities to a certain amount upon their issues should be therein deposited; and the moment • hanker refused to pay his notes, they should he immediately paid from those deposits. e"uch a measure could not tail to restore con fidence. Poor persons holding small notes could be at no loss nor irainrvenience, because their more wealthy neighbours would in smith give them call for their notes, knowing that they could re ceive it again by return of post. As to the amount of the de posits to be taken. he thought they should take deposits to the full amount upon all small DOW boned, and to two thirds of the ainnoint upon all large notes. That was the law In the year 1797, and by that law, If any issuer of a note refused to make good his pnyment, the holder of the note might have summary relief by ap plying to a Magistrate, who was compelled thereon to levy a die. tress upon the premises. if not paid within three days. That term was subsequently altered to seven days. and in that mate the law continuer' up to the year 1816, when it got out of the statute book tan ore knew how. (hat law he thought ought to be restored as one step towards the increase of public confidence. A statement had been made in that House that two or three banks had broken in one week in the United States. He hod, in consequence of that statement, made accurate inquiry as to the .anierican banks, and lie discovered, that in New York there are no lass than thirry.five honk, established by the legislative bodies of the State. When in. dividuals there propose embarking in a banking establishment, they apply to the Government, stating the amount of capital which they mean to start with. An Act is subsequently passed, authorising them to sin so, conditionally that they actually pay up the capital, and not advance it nominally, as in this couotry. Their accounts were published one a year, as ought to be the accounts of every bank which was properly conducted ; and the Bank of hnglard mild never be built upon a sure foundation until they similarly :tried towards the public. [The Hon. Gentleman here read a Katt. tacit of the accounts of the national Bank of the United States, from which it appeared, that although their capital amounted only •ei et irt y.five millions of dollars. yet their discounts amounted to thirti . three millions, and proceeded to contrast it with the situation of the Hank of England, which with a capital of twelve millions steal' g seldom discounts more than two millions and a half.] 'this auto. trent, thellon.Gentleman continued, clearly proved that the United States Bank wan much more efficient in aiding the necessities of the Iliadic, and in giving facilities to commerce. than was the Rank of England. In that country, since the year 11113 there had not been a failure of a single chartered bank, nor had any los, of any kind been sustained by the public in i cons equence of the bankin g e s t e - ILishments. That which took place n Scotland two mouths ago, took place in New York, in the years 1815 and 11116. A system a overtrading had been carried on, which led to extensive commercial embarrassments: but the banks exerted themeelves by granting their assistance to the merchants until matters came round again. The panic publicity was given to the transactions of the Bank of France, and there also the public profited by it, and in neither counter dial that publicity operate prejudicially to the bank. He was decidedly of opinion that the peopeoed measures were wholly inadequate to effect the object which the Right Hon. Gentleman hot In view. The House ought to go into a Committee to consider ' I of w'tat had been suggested, and he had no hesitation in saying that for every bank that failed Ministers were answerable for the lo.s in the public. Ile believed that the Right Hon. Gentleman (the I Itaneellor of the Exchequer) was most to blan.e, for he had encouraged the public In gambling speculations by holding forth delusive statements of the prosperity of the country ; and, there fore. he was more particularly bound to remedy the evil. Until the banking system was placed upon a staple footing, there was no caller to say that an over issue of paper had led to the distresses of the country. nor pi argue that piper has depreciated in value. He was plailaln to phis upon the House his view as to the cause of the recant distresses. He believed they faulted from the measures teker by Government in conjunction with the Bank of England to reduce the interest upon money, which was not done as it ought to have been openly and fairly. Also, by the' ennyernion and reduc tion of the interest upon the.public debt,. in which measure he had certainly concurred, but erhh ought not to have beet done by at& ing on the Bank for advances helood their means. He thought 100 much weight had been laid upon the argument that the spirit M speculation had led to the evils complained of; and he was also of opinion that he maid prove to dental/profit* what was the real cause of she evil. From what he had already elated. he bentlyed that thellourelmust feel quite satisfied that those gamblingapeintla. dons Mold not Private be attributed to an meioses of paper. la 1820 there was no small paper circuladon t _ond clause I= inelliehen afloat 110 as Veit an extent. The M for Northampton (31r. Moberly) had read an account of ahem wild immolations. but AC these were to be littribelell Se .* g ig nankin, increase of paper, how was it that thq emisiod Is 11140 and 1797, when there ens no small papa einudatiaa. It maseertel by co.nparing these dilfereet periods r o w ti alas theorise abet bad been muluced with* metellie . me a paper I:WWI- plat. He held in his h an d a giepa eiggehs tog op aratimi of the gambling speculations whirls gad boon mtemel into sthoe.Decemw her. HIM Befue reading if,.. he ri m & mask if it was not true that the Hank or ad between am and i two minion s o n s t oc k to me. . , which sant bad been IMP, Tied in gold of th e kingdom P suer leery sii a (set, it proved 1;1 the necessity of qpoialinga to aneadaa into the trans. Contract. Fig .:1131y .. Mar,h .... Mn: September THE BRITISHAPREgS. actioise of the flank, theie dansar.dons It was that led tethel evil. 'They fiuef advanced money largely and carelessly, and then suddenly chew back their hands, and thus caused the distres, while linvarnnsent added to the evil, and increased the rtiischlef by the steps to which he had before alluded. Time 1100. Gentleman then read the following documents ACCOrNT of all the FOUF'ItiN I.OANS raised In EIi:GIANT) doming the year 1024; and an Account, etthilidlog the Country contracted with. the Capital Stock created dialog the same year, and the ft.ilance of Money actually retained from England, ua Account of Foreign Loans, either in Money or Produce. Balance of Mo- Date my . . e .., re. Country coatraeted Capital Stock saitt (con grlg cy land on at...omit with. created. of Foreign Lomnr Cont raet. I either iii Money k or Produce. i----- Cs 2 I. ..d . t' Januall ... P , ollietti spr et. 1,51.0,11ial 1190.101 I+:1. ....... 31.,:ic i ....... spr et. 3,•_kal,laiP $ 1.1,11011 I In. Mare!,...., I ti reeve ....... 5 lit eta 8 1 01,001) 252,11011 April May .. Peru ... ...... Apr It. ; - ,su,l"ru 44..7: , 1 Jl4.y Aiwit. 4 NJecud.er Nerles ..... .. spr et. 2,laitykito 7:s,litat f F. tote, 5 per ccot.. 1 December • , during the euirse g,tattl,lagt 4,992,00 l I.{ Ihl.l ...... 1 Total Capital stock. created in 1n24 rf:25,'200 , 1 4 1 10 Total suite v really paid away for Foreign 1. clay Deduct Austrian Itepitytnent 2,500,00u ACCOUNT c the year. I Capital Sti 3loncy pair Batnnee Money poi/ by England In 11=24, for Foreign boons Mari( ... M1.N1(.0 Grvece Dt.nmark Peril Wm/on:dn.— 6 r 4,ml:o:Oita 6pr cr. ( Cultimerelal Bonds.. 1 Totnl ( I W 25 f'arltal Stocks created In Add Capital" created in 1824 .. .tio,orm,vso Total Capital of Forei?n Loon 4 created hi the yearn I t!,4 and Total Amount actually Loan,, 1S of all the F(111 Fat; I.OANS raked In It:NGLAND during and ISM, eshittiting the Country contracted with, the lick created during thou years, and the actual Balance of Country contracted Capital Stock created. 2.lwHiooo 2, o),tigNi ~ 2.1.1141,1w0 1;11;,volo 6041,04,11 ‘e15,4419,5;1 2:,,'290,0 je.1011;9,571 aid for Foreign Balance value ac tually remitted from Emden,' MI aurount of Loan: either In Moues* or Produce of Labour. 1,064,000 I,t4g .:0 4 PO 7691vu 1,7f,7,400 244,543 258,000 Jen,m9,e2si Ile was anxious, however, to do justice by stating to the House the exact amount of the repayments which had been made to this country; for although 'all the money which he had mentioned had been capital actually employed in foreign countries, yet there had been certain payments made which would reduce that amount. Those re -payments had been calculated at sixty-eight or seventy millions, which would leave a balance of no less than ninety mil lions sterling, held by Englishmen, vested In funds and other pro. poly belonging to foreign states. Taking the interest to be regu. tarty received, and deducting the amounts of the loans contracted in tit: years 19'24 and 11125. for which securities were held ; from this ninety millions it would leave a balance of no less than ten or fiftea millions against this country. But the securities held for that immense amount had become, in consequence of the existing wan: of confidence in the country, not negotiable, and some of which were depreciated in value to a degree beyond all calculation. and others were altogether worthless. If, then, they considered the amount of capital which had been thus carried away, and also bor: in mind the inability of persons to convert the securities held by them into available cash, they would arrive at a very obvious me ins of accounting for the disasters that afflicted the country far more rationally than by attributing them to the paltry issue of two or three millions of country bank-notes. It had been stated by a Noble Earl (Liverpool) in another plate, that the increased import ;Lion of wool during the last year over the average of the three pre ceding years was upwards of 90 per cent. By a statement which he (Mr. flume) had obtained, it appeared that there were 220,000 bales of cotton, and 1.600,0001 b. of silk, with a proportionate in crease of timber, k..e. imported last year, amounting in all to no less than six millions sterling. He need not say that the greatest portion of all these various articles were now lying locked up in the ware houses, unproductive of the least return—so that there were thus six millions more to be added to the fourteen millions of money al ready out of the country, and otherwise unemployed, which, toge ther with the extra imports of last year, would I mount to twenty six millions of money abstracted from eirculati in, to that if the Chancellor of the Exchequer should succeea in his present measure, they might with perfect safety add five millions more, which, being added to twenty-six millions, would make upwards of thirty millions of money abstracted from this country. There was another feature to be observed upon, which was that many merchants had entirely altered their mode of doing business, parti. cularly in Lancashire, and had become exporters of goods to a great amount upon e peculation, to the most distant parts of the globe; and formerly, when confidence existed between man and man, these merchants could obtain money upon the credit of the returns that would be made upon these exports ; but now since the change had taken place in the commercial world, the extreme want of confidence had prevented these exports being available. Here then it appeared that they had between twenty-eight and thirty millions of circulation abstracted from the country, which he contended was far more likely to be the cause of the distresses that prevailed than the paltry issues of a few one and two pound country bank notes, which the Right Hon. Gentleman (the Chan. cellor of the Exchequer) had assigned as the cause. It was quite impossible that such important results should be produced by a cause so trifling and inadequate. having stated what he conceived to be the cause of the evil, he would now state why he objected to the measure proposed by the Chancellor of the Lxchequer. The inevitable consequence of the proposition for withdrawing the circu lation of one and two pound Bank notes, would be to take away from circulation from six to twelve millions more of money, to addition to the thirty millions already abstracted ; so that in fact there would be nearly forty millions of money locked up and rendered useless, as compared with the state of the circulation in the year 1021. He altogether objected to a species of metallic currency limited in any degree. He was satisfied that the issues of Hank notes, founded upon a metallic currency, would remedy the immediate evils tasteful of adding to them. , With regard to the speculations that had taken place in this c ountry, he had a statement in his hand showing that the whole amount of joint stock companies could not deprive the country of • single pound of capital. The changes that took plate were all between man and man, sad the whole were transactions between individuals In this country, and he thought it wee not at all unlikely that if those who were engaged in them would come to a balance of their accounts they would find themselves where they were; therefore the amount en ' gaged in those companies ought not to be brought into this account orate abstract iOn o currency. Built was uoden iabl e that t he immense amount of the shares in circulation tendedlo inflate the market to a great degree. (Hear, hear.) The variations that had taken place in these speculations were quite incredible. It appeared by a state ment that he had before him, that at one time some of the shares had arrived at no less than and. and 8001. per cent premium, which .were now below par. There had been between 14 and IS millions of factitious property created by these shares ell selling above par, and this state of things lasting during a paiod of 14 months. That fact would scronnt for the increased activity of speculation much more satisfactorily than anything that could be deduced from a small issue of paper currency. Taking the whole of the Anglo-hlexicius, the Chaim. the Peruvian, and the other principal Companies into account, he would maintain that the whole account of money paid up on them did not exceed 3,097,0000. and of that amount perhaps pot two-thirds had been sent out of the country in the shape of maebinery, Bs. Conse quently, as regarded the abstraction of property, these could have had very little to do with it, but in blowing up the bubble they en tainly had a great deal to do with it. Dunng this period prices rase to an extravagant degree; facilities took plate in accontmodation papa; so that any prices were offered for almost any article. To thin, then, he would not add time 'Additional evil of abstracting_a paper, and substituting a metallic currency at this moment. lie thought the Government, by the measure they proposed were coming into the principles of sir. Cobbett, as recommended by the petition presented by him to the House this night. They were becoming his disciples ; he had been sounding the alarm far some time, and the Ministers were yielding to his suggestions. and were doing mere harm than ever he was capable of doing. (Hew, hear.) By persevering . in a measure that most tend to increase the em barrassments *Justine for want of Circulation, the Minims' were doing inealeubible mischief to the country. Let them look to tht situation into which they had placed the country ; there was no less than ta millions of taxes to earry on their civil establisluneros. It was Impossible. then, not to agree to the petition of Mr. Cobbett, which he pooped ford reduction of the taxes. The whole amount et taxes wan not less then de mglioss he asked, therefore, the Chancellor of the Exchequer how he geoid think it enrenaotableto reduce the taxation, when he was withdrawing the capital out of whirls was to be paid P Another objection he had to this mea nies woe, that it was by a large eirerlatien of 0104 alone that day amid emphoy the Mowers of this futon , . Let, thin, the Mouse retrace its steps...let them go into en ImPlfri of din Mont olf ,dle /vii—ned let tisint remiis some reel miasma as a Onnidf. and sot fusee a emus wltiob was calculated to 4 liggrarete instead of lases the evil • But torch was Over remit of all undigested mositiots itldlOuliS which IMO the present vats founded ea petty oases whit* had.no real Abet. He would *pool the the ovum meow was lII* el he_Altigtit . wth more Mischief than it us.pialeildu se Noma Ho tiwrofarO not must to go imp • 'Orli lt. ArePoohisk of kind should be Itrougbe Ws the ,/its . Wirdelen wed matured, And not amble Woe smw &wt. ea lb* Petoi shad been. be l ever pad Aplitlift !Feint present diWesldee as ib r a e i ltone by, wore • twoodis "hir Mt _sad_ Aft . 11 M0 ions*,Mtge/r NIONOPei nalatetall to the consideratiothef that subjoin calmly and inapprehensive of any ill consequences from discussion, dam such a proposition might be entertained. But to bring it forward at this juncture, while the labouring population were almost destitute of employ ment, would only he aggravating the evils which the country now suffered under. Ile therefore roomed against any fustier ab straction of capital multi such circumstances. Having proved that the canoes assigned for the existing evils were not the real causes, that on the contrary the speculations of the country had tended to , produce them; having also shown that a century ago, and even half I a century ago, the same effects had been produced by similar causes, when no Bank notes existed ; and having, as he believed, proved that the measure proposed would not operate as a remedy ; he would, if lie thought the House would support him, propose a resolution to enter fully into the question, in order that an efficient measure might he adopted. The country was under difficul ties by which millions would suffer, and the House ought not to add to their distress by going further in a measure the re sult of which must be disastrous. When they saw the Bank rrsio, against all experience and all knowledge, in the issue of their notes whenever they NNW they could be employed, re gardless of the colsequences, he felt that the system now proposed of allowing the Dank of England to extend its issues to a period beyond those of the country banks, must expose the country to till the evils that had ensued at the period when the suspension of cash payments existed. If, however, his Majesty's Ministers were re solved to return to this system, he trusted that a clause would be inserted in the Rill, providing that every forged hank note should he paid by the Dank of England. (near, hear.) If the Bank 'would not make notes upon a better plan (and which was very prac ticable), it was a direct robbery for them to be allowed to reject any note that was presented. on the ground of its being a forgery. (Hear, hear.) The measure proposed not being adequate to the evil—the causes assigned by the Chancellor of the Exchequer not being the r. al causes—and the measure being, as he (Mr. Home) would maintain, calculated to aggravate the real cause, he should move, as an amendment, " That a select Committee be appointed to consider the best means for placing the banking establishments of the United Kingdom upon a better footing; for securing the holders of bank notes against loss; and for insuring a metallic cir ciliation in the'country, commensurate with the wants of commerce and the security of the country at all times." Colonel DAVIES rose, but on being asked by the SPEAKER whether lie seconded the motion, the Honourable and Gallant Co. lone! replied that it was not his intention to second the motion, but he was anxious to address the House before it went into a Corn. mit tee. _ . ..... Jr.ll ELLICE said he would second the motion of his Honour. able Friend (Mr. Home) with the greatest pleasure; not because he altogether approved of the terms of the amendment, but in order that the proposition of his Hon. Friend might come fairly before the House; became he considered that, before the House as sented to the proposition of the Chancellor of the Exchequer, they '4llntild direct their attention to the whole facts that bore upon the question. Colonel DAVIES was anxious to state his opinion very shortly upon the question before the House, but previously to doing so lie would make one observation on some remarks that had fallen from his Hon. Friend (Mr. Hume). His lion. Friend, who was a strict adherent to the Ricardo system. was of opinion that a paper cur rency, convertible into gold. would secure the country from all evils. Now, they had that state of currency, and yet they were labouring under a pressure which no nation ever endured before. His lion. Friend bad also said that the bankers should make deposits, and that there would be no difficulty in obtaining them. Now he (Col. Davies) had had conversations with a great number of hankers, and there was only one feeling existed among them, namely, a disin. clination to make any such deposits. With regard to the measure before the House, he confessed with the deepest regret that he thought it likely to do more harm than good. He felt it to he a departure from the principle of paring in metallic currency : it was, In fact, plunging the country again into a paper currency. It showed extraordinary vacillation on the part of the Government, that they found themselves at the outset met by difficulties which they could not overcome, but from which they were obliged to turn sable and adopt a new mode. If such were their course he could only say they would find themselves surrounded by a labyrinth of diffi culties, and the result would be .that they mug return again to the old track of a paper currency. Did the Right Honour. able Gentlemen (the Chancellor of the Exchequer) suppose that in the distant pans of the country, where Bank of England notes were scarcely current, the people would suddenly fall in love with them as soon as the country circulation was withdrawn ? If the people of the country had any disinclination at all to paper money, they had a greater disinclination to the Bank of England than to country bank notes. Then what did the Right Hon. Gentleman propose to attain by the system he sought to establish ? But great inconvenience would ensue from this exclusive power on the part of the Bank to issue small notes. Even when the circulation of the Bank was confined to the metropolis, their issues were to an enor mous extent : how much moreiikely was it. then, that those issues would extend when the flank should have no check upon them by the issues of country bankers ? A forged note might, under such a system, with tolerable skill, pass for years without detection ; so that if the Bark of England should succeed in getting their notes at all in circulation, the country would be exposed to extreme risk, not only from the facilities afforded to forgery, but from the inabi lity of persons at a great distance from London to get notes con verted into cash ; Ito that it would be nominally a convertible Cu-. rency, put practically one quite the reverse, for the country bankers would not give him gold for them. If therefore this were so, the Bank might extend its issues to almost any amount, and depre ciate the eurreficy as much as they pleased. Then what was to be done when these notes were withdrawn ; and how were they to be withdrawn ? Hew were the holders of them to get their money unless the Bank of England sent persons about the country to pur chase them up ; and if they did not; these notes might remain in circulation for years after the period assigned by the Bill. That circumstance alone was sufficient to induce him to give his most decided opposition to the proposed amendment of the Right lion. Gentleman. But another and a greater pbjection was, that it would give an increased influence to the Bank of England, where power is already too great. When he considered that the Bank had it in its power to enlarge or contract its issues, and thereby to increase or depreciate the value of every man's property in the kingdom, he looked with alarm at any accession to that power. lie totally die. agreed with those who thought that the Issue of paper money had had no influence whatever in producing the recent distresses of the country. It was. in his opinion, the over-issues principally of the Bank of England that led to them, although he agreed that over trading and speculation had had some effect. The Hon. and Gal lant Colonel then entered into a review of the conduct of the Bank with regard to its issues from the year 11114 up to the present time, and observed that it invariably happened that an extension of issues was followed by high prices, and that a sudden contraction of issues produced an immediate revulsion and involved the country in the greatest distress. The consequences of such conduct were felt orer every !gawks of property. It was not the country banks, then, that were to blame; and Ministers did the greatest possible injustice to the country banks, by saying that those banks had en couraged, fostered, and supported the recent speculations. He would maintain that it was the Bank of England who did so. ' The lion. and Gallant Colonel proceeded in his observations, but 'the noise that took place in the body of the House prevented our catching a single consecutive sentence in the gallery. Mr. Secretary CANNING rose, not for the purpose of entering into any discussion, but to remind Hon. Gentlemen opposite of the state into which the businen of the night was brought by the course that had been taken. They must see that his Right Ho pourable Friend (the Chancellor of the Exchequer) was now placed in a position in which it was impossible he could, agree ably with the forms of the House, give any answer what ever to the appeals and observations that had now been mak ing to him for the last three hours. His Hon. Friend (Mr. Maberly) had given notice of his intention to oppose the Committee, and which he had a full nght to do, but he had withdrawn his motion in order that hie Right Hon. Friend might not be peded; but the lion. Gentleman opposite (Mr. Hume) had thought it more convenient, or rather, as it would seem„as a personal corn.' pliment to the Speaker (a laugh), that the question should be dis cussed before Mr. Speaker left the Chair. But if the Hon. Gentle. man would allow Mr. Speaker to leave the Chair (laughter) no doubt a very full account of the whole proceedings would come be. fore him. He (Mr. Canning) knew that Gentlemen had an opi nion that they might pursue this course ; but surely the forms of Parliament were instituted for general convenience ; and it would be contrary to those forms if his Right Hon. Friend (the Chan. cellor of the Exchequer) were to rise to answer the observations , that had been directed to him, and yet it was impossible that threw observations should be allowed to pass unnoticed. His Right Honourable Friend had pledged himself to pro. pose the amendment in the Committee; the Honourable Mem. bee would then have a full opportunity of taking the Kappa. dal into consideration in that stage, and he earhestly toped that his Right Hon. Friend would not let anything that had fallen from Hon. Members opposite induce him to anucipite his'proposition at • period so ineoovenient as the present. Then was nothing which should prevent Gentlemen from entering into the principle as well as the details of the measure in the Committee, and he therefore hoped that the House would now permit the details to be proceeded with. The amendment was then negatived, and the original proposition put and carried without a division. PROMISSORY NOTES BILL. On the motion of the CHANCELLOR of the EXCHE.. QUER, tho House then resolved into a Committee of the whole, upon the Promissory Notes Bill. The CHANCELLOR of the EXCHEQT'ER observed that the amendment which he intended to propose would come in at the 2d page, 19th line ; the insertion of the words, " at any time before the 10th of October 1f1,N," in the blank, would effect the object he had in view. There were one or two verbal amendments which he should pmpnse before they came to the part of the nin t h) which he had alluded; and he took leave to suggest that the Committee should proceed regularly with the clauses of the Bill, until they carne to the particular point to which he had referred, and which he should then proceed to discuss The first clause having been read by the Chairman, a short dis cussion arose upon it. Lord FOLKSTONE thought that the clause, as mit pretent .corded, would have the effect of producing a manifest injustice. The present measure repealed the Act of the 37th of the late King, the consequence of which was that the Act of the 17th cf the late King was also repealed. Now, in his view, when the subsequent clauses of the present Bill, pfohibiting circulation, came into ope ration, any unfortunate persons haiing notes In their possession could no recover if payment of those notes was not demanded within a certain time. The CHANCELLOR of the rxcriF,QUER thought the No ble Lord Miantiderstoocl the effect of the clause. The words pro. hibiting the circulation of certain notes would not prevent Fu t ons possessing those nom (torn obtaining payment for them. Date 1 theTbo rachl ea uA4 eFoTralisTose and t e f ( e r r ) R e d N E t o BeductEniorn the ir ul a as su red nercir, e c,a t i r ni adt ingue. could tinkle p : mod e.•l e ,pbe umi otrudhai abet: le• "ttt iwi;; knew that theabtjsuhentiliceldwltifi;echahrneeendmi anticipated,his lilajesty's pointers titular desc rip tion, d i ese nst r i i m pt a ii i i n n g , a a n n d d not t o scribed effect w whic h n t o h te the e i c en t r o d f s . s o uc c h s w c ol l i t l A d rbe, explained,theeffct. agreedstaT i t ' edh po et n tAhoa t : h it' e Th c e° la b f t se iNieli t y h el a d. t the Bank should cease to issue hank.n ne , andfor 11. Mr. cit 2 1 , 1 ( . .a n ft A er ie t T he r l o s ae th tln'ebstate 82I t i h , which the Chancellor of the Exchequer intended to pro b e r ., - ; tied, he (31r. Cacrett) should propose an amendmeitt to tie, o that the country batiken , should hove a concurren t power f wnh 7: Bank of England, and should not cease to issue until th e to te ' . , r October. He should reserve his proposition, h owever, until tit Report was brought up. The CHANCELLOR of the EXCHEQUERlitheetnhotrenigehttoofrniti an amendment to the clause. lie expressed his gratitud e to the House fot sly readily listening and acting upon the appeal made by hie Hight on. Friend (Mr. Canning), which enabled Inm Chancellor of the Exchequer) to explain, in what he deemed t l ie most convenient manner, the amendment which he was abo ut e ; propose, and would give him an opportunity, moving the apprehensions which appeared to have prevailed OT th e subject. lie could not help thinking that the line of conduct white I wa s pressed upon him by some lion. 31embere was a little ate teary. fie was not bound to anticipate any amendment 'esk, intended to make in e Committee before the House went e t o ,Committee. Ile certainly did purposely abstain from etatinel.4 reasons for offering thin amendment to the consideration tete !louse until the House had gone into Committee ; and he did so think it quite fair to press him to take any other course. However, lie did not pretend to complain of the course pursued by wine lion. Members on that point ; but when the Hon. 31ember for Co. ventry (Mr.Ellice) broke out with so much warmth, and abused his Majesty's Ministers so vehemently about proposing somethin g en . Orel) , at varianze with the principles laid down as the foundaeen of the measure originally proposed, he (the Chancellor of the Ex. chequer) whilst lie felt that the charge made against his Mejenty's Ministers was unjust, could not help considering whether the Bore Gentleman himself had upon all occasions furnished an exampled that undeviating, unbending, and rigid adherence to principles which he now deem. dso necessary. Ile could not help thinking that the lion. Gentleman had not taken that course upon all mu. sions. The lion. Gentleman was a strenuous advocate for the principles of free trade ; he had acted and voted in support of these principles; but the lion. Gentleman would net deny that he had seen occasions where, either from conviction or the pressure of opi. nion from other parties, lie wan induced to relax the rigour of those principles which he believed to be just. The lion. Gentleman was about to bring forward a proposition, he believed,in a tew dans. Ir he succeeded in his motion, which he (the Chancellor of the Ex. chequer) believed he would not, it would certainly be a departure from principle ; but it would be one which, if agreed to br his Majesty's Ministers, would not cause them to be covered with re. proaches by the Honourable Gentleman ; on the contrary, h e would be sure to laud them to the skies as miracles of ere. Bence and discretion. He did not mean to pursue this subject further. He was sure it wax impossible, upon any ground of pm. ciple, to regret the amendment. From what he had already heard, it seemed clear that the object and effect of that amendment was misunderstood. Ile should just explain what the amend. ment did mean, and what it did not mean. It did not mean to .o what was Imputed to it. It did not mean, nor would it have toe effect of leaving the Bank of England the perpetual power of it. suing I!. and 2/. notes when that power was withdrawn from all other banking establishments. It did not give the Bank of leer. land any power to return to the circulation of small notes one h,:t , after the expiration of the three years, when the circulation of ,e 1 1 pound notes of the country bank e sh ou ld ceas e. I t was ev i lleo 1 that the effect of the amendment wan misunderstoood. To go is the extreme, what rid it propose ? That during three yearn, while the circulation of small notes was permitted, Hank of England notes may circulate although dated subsequent to the sth Febru. ary, and prior to the 111th October, whilst the notes of country , banks could not circulate unless dated prior to the sth February. This was tile only object of the amendment, and the immediate effect of it would be, to enable the Bank of England to supply. foe a limited time, and to a limited extent, any sudden vacuum which may occur in the coutry circulation during the earlier periods when this measure was being carried into operation. If the effect of the proposed measure should be to annihilate the country circulation, t would be a great aggravation of the inconvenience which inty arise in carrying the measure into effect. Did not the original pro. position assume that a sudden and direct annihilation of the coun try . circulation would be a great evil, and occasion serious incen. venience? To remedy that inconvenience it was proposed to tontine the circulation to three years, so that a certain delay was considered indisputably necessary to the safe execution of the measure. He did not admit that there was any extraordinary difficulty or danger in carrying the proposed measure into effect; but lie could not diet his eyes upon the probable inconvenience which would result if the circulation of the country banks was extinguished at one blow. We had some experience during the last winter of the effect of a sudden, genera, simultaneous, and he might say concurrent, rush upon the country barks. In that season of embarrassment no one said that it was wrong for the Bank of England to issue one pemmi notes. No one said now that it was wrung rue a.. 11... k to have issued them at that time ; not because the issue of one pound notes was in itself good and advantageous, but because it was felt that at that particular season it had met the direct pressure, and effected a diannution of the evil. If the Bank at the print alluded to had not been endued with a power of issuing small notes, he believed it would be a great mischief instead of an advantage; because that power enabled them to afford as. siatance to many, who by such means weathered the storm which otherwise would have overwhelmed them by its fury. Having entertained the true nature of the amend ment, he could not cotuccive how it could be argued that a tempo rary, controlled, and limited issue of small notes by the Bank of England was a departure from the principles of the Bill; or that such an issue was calculated in any degree to impede its operation or defeat its principle. He thought such an argument was preps teruus and untenable in every point of view. The principle of the otiginal proposition was that a certain degree of delay was neces sary. In his opinion all who voted for the original measure were pledged to that principle. One Hon. Gentleman said that two years would be sufficient ; another thought four yetis little enough. This difference of opinion was perfectly fair, and recoocilable with an approbation of the general principle ; but any one who was not prepared to say that what was proposed to be done gradually should be done instantly, admitted the prin. ciple of delay, and should vote for the amendment, unless ii could be proved that that amendment was opposed to the principle of the measure, or calculated to defeat its object. In judging of ' the effect of its operation, and the mode in which it was likely to operate, it would be well to consider the spirit in which the amend ment was brought forward. In the month of December, 1123. when the idea was first started of the Bank's availing itself of its power to issue I i, and 21. notes, communications took place between the Bank and the Government, and whilst the Government ex pressed its acquiescence in the measure suggested, it was dis. unetly understtod, that it was to be only temporary, and it ass stipulated that the Bank should so avail itself of the exchange'. which were then favourable, as ultimately to bring about a more complete metallic currency. That spirit was acceded to by the Bank on the occasion referred to, and that spirit was now acted upon by the Government. If the amendment tended to defeat the ultimate measure, he protested he would rather the amendment was rejected, and that the country should undergo the income nience which may possible result from the operation of the measure without such a salutary provision. If he were now to propose an amendment which was contrary to the principle which he had lately advocated, Good God ! what delusion would he and his colleagues be practising. Perhaps, he expressed himself with too much warmth, but he felt he should riot dare to show his tire in that House if he was guilty of the base sail scandalous impositions with which he was charged. (Cheers.) It was said the Bank of England would be admitted to deluge the country with small otlbut he wished to sale, how the Bank of England was to get e small notes ? The only mode in which the Bank mold circulate their small notes, and as far as he could see, their only object, would be to amble the country beakers to roost the overwhelming pressure which they may possibly experience. The Issues of the Bank of England must of necessity be limited by the prroure to which the country was exposed, and if the country banks did not want the assistance of such an issue. thee would not get it. The Bank of England would not throw their notes out of a window, the country bankers could net get them for nothing, they must pay for them, and they would not be dispmed to substitute Bank a England notes for their own, un less circumstances accidentally placed them In such a situation that they required the aid of the Bank of England small note cit. ciliation to meet their demands. All fean as to the Bank and the Government coming together to defeat the principle of the measure were entirely and utterly visionary. The subject was looked at by the Government in a contrary way, and es to the Bank, it hadho ob ject. The Bank could derive no pecuniary advantage from such a circulation which could in any degree compensate for the incon• veniencies to which such a line of conduct, as was apprehaided , would expose that establishment. The interest of the Beak would be altogether opposed to an issue!of small paper to the extent spoken of. Now we to the utility of the present proposal, the country banks would either want this aid or theyswould not want it. If they wanted it, it was most they would went it at the begin ning of the measure, or when it was first brought info operation- To a limited degree , for that purpose, and to meet these weans, the Bank, in such an event, would be enabled tta make a limited issue. But suppose the country beaks wanted no each as sistance. Supplies, as had been stated, the other evening, by the Honoitrable Member for Cirencester (Mr. Crippa) that Bank of England notes were not liked in the country, that they were odious there. then the country bankers would not want the mesa; they would not endeavour to form them upon the country, and the Sank would have no power to circulate them. In any case the c•untry had a complete and direct check to secure It salon an uncontrolled circulation. The antradment was nor, tinted:ire, in consistent with the principles of the bid, nor could the bed coma minces halt from it which vers appeeb atty some Hoommiblo Members. •He knew is was no t ped abroad that Goverment was placed in such a difficult position that they know not bow to get out of ft. He knew that dm circubalop of the country -s a s midable dlfikadiy of its kind; but it was rather hard dist should be roprombed when they Andesto finfonn and " g " rea if Ministers wow chorale web bavlog codas forware onahlrell. and intriirt tic dear mosoures setiossauely. and .wit h hao Hob gad." Wet Itad owns all 019041. cuts 'lon. As so 'this, he sboa ably that Plifilwiff the idlest distress procestei fruity kia ei ttlrsldiaet 4';