The British Press; or, Morning Literary Advertiser. — London, England, 1819-05-11 00:00:00

es much a right to hold their Opinions as he ' hol to 'unroll his. ills wished to see the great is sly of the people peoptrly represented in thAt !lase; and. whenever owes of this nature. where corruption was clearly Proved, came be fore them, they ought to set with decision. If h e were uhli to Come to the alternative, he cer t4;oll wont for this Bill—but, he confessed that Co e would ith great pain, because he thought Ise llou ght to go farther. The Noble Lord h.ri very party stated, that the great body of householders and cop holders had not a vote ~,,,,aghotit the country. On that account, lie (- meowed. the House ought to adopt some etronger measure; instead of giving the right of rut. ; o g at the Barnstaple election to the freeholders of the neighbouring hundred—to persons who al ready had a right of voting for county Members. There were nu bodies of people, who had h a t Ihe right in this country. Such arm to be fo in 4tipti anchester, She ffi eld, and B i rmi nglia in sofas worthy of remark, that the freeholders of the City of London had not a right to vote for Members for that city. Consider .,g this circumstance, it would be well. he con. nveil, if the right of voting were generally ex. •oiderl. If the alteration in this case were merely .ietided to give to a greater, instead of a smaller limber, of electors, the power of selling themselves, [ • certainly would oppose it—hut he considered it c.,rely an incipient step towards a proper con. 'Aeration of this important subject by the House. Mr. V. IlLsea spoke against that part of the Bill, which admitted non-resident householders to the right of voting. Szr J. Mscaistotut said, the object of this Bill had been ini.taken. It was not for punishment,but for reformat:on. Punishment was to be sought through she medium of the Courts of Justice—but the House was only called on to guard the parity of '4.4:nom 11'ould the House say to the people, by rejecting this Bill, 1, We men, in future, that two M•nihers shall he returned for this borough, hy the influence of bribery ?" Would they say 01.. a n d encourage the continuance of the most ..,ameful corruption? He never would support any plait of reform where he did not see a great rnietical evil—and an evident and attainable re. niedy. He never would act on those scandalous reports, that were repeated from month to month, from generation to generation. and winds. he believed, had tended more than any other rouse to alienate the minds of the people from the Constitution. But, when a case came before them like the present, supported by all the noon-tide hri 4 litries• of evidence, he would lend his utmost s.rt to remedy the evil which it disclosed. Here was a case of corruptieu in an electoral body—a cite fully made out—end, therefore, proper for consideration and correction. An Hon. Gentleman (Mr. Martin) had asked, t , what merits do the in habitants of the hundred, to whom the electoral blotchier is to he extended, possess. to entitle theat to such a boon ?" Their merit was, that they would be the means of creating a great popular election— and that, therefore, the difficulty of having recourse to bribery, would be very much increased. A. NOM Member (Mr. Blake) had objected to the clause admitting the votes of non-resident free. 'inkiers. Now, in fact, that clause, of which he (Sir James) highly approved, constituted the whole Bill—and the Hon. Member might, with greater propriety, have objected to any other part of the Mil rather than to that. Mr. V. BLAKE explained. Mr. Fowles, as we understood, spoke in favour ut instituting prosecutions against the guilty. Lord CLIVR said, in forming this Bill, he had Other object in view than that of preventing the r-Lurrence of those disgraceful scenes, which, it was proved in evidence, had been prtvalent at the election. If there were any objectionable ~ iiits, they could be amended in the Committee. The gallery was then cleared for * division, which, however, did not take place. The Bill we., as we understand, read a second time. The SPEAKER was then desired not to issue his warrant for the electiou of a Member for the borough of Barnstaple before the Ist of June. On the motion of Mr. J. P. GRANT a Message V M S ordered to be sent to the Lords to request a copy of the Lords' Committees on the affairs of the Bank, .1.1e4,._ Mr. J. P. GRANT gave notice that lie would, to-morrow, move for the production of certain pepera connected with the Ophthalmic Establish. intr.% PA RGA. Sir C. Monic gave notice, that he would on Tileortty. the Q5lll of May. wove for the iirodue. t at at Papers relating to the military occupation of the town and fortress of Pugs. On the tioo of Lord A. HAMILTON. Sir G. AVarremler and Mr. W. Dundss were *third to the Committee to which the Petitions relating to the Scott .0 Burghs were referred. POOR SETTLEMENT. Mr. S. BouiettE --- ino;etithiiirCler of the Day for the lurther consideration of the Report of the Poor Settlement Bill. General GascuvmE mid, that he had several jet tiotis to make to this Bill, for which reason he i d Id mo v e as ail amendment, that it be recom mitted. The provision in it which he would chiefly oppose was, that relating to the length of time ue c•s<t:ry for gaining a settlement. This, in his (minion, ought to he extended from three years, as !,ro!iosetl by the Bill, to five years, in the case of tvr :..übject+l. and to seven years iu the case of fo•tigoters. This rod other points could be ills oily in a Committee, for which reason I. • move that the Bill be re-cuttiruitted. :qr. Sr. Jolts P. MILDMAY seconded the mu -1,00, although his objet:tion went rather to the multiple of the Bill than to its provisions. But 61 the provisions, lie would principally oppose that %hid' related to domestic servitude. The Bill wss "PiPoltrd on the ground that it would put a stop to much but in this lie thought there WO. fallacy. The claims to settlement under the ex mit% law, though &pending on many circum stances, weir. nut halide to so much difficulties in &Nilo us those which were proposed to be lihatituted. Mr. Plist.t.res ohjected generally to the Bill, and said, that if the 1100. General would consent ' 0 withdraw his ;.ttp-oduteot, he should propove in stead of it that fteport be, taken Into eoutstilers tiou this day pia months. lie argued at ovine length to she* the injustice and impnlicy of core 'belting pirishes where as individual Nal resided for three years, to support them its their necessi ties. Ile supposed Ilse case of a labourer in a ma ssufacturiog town, wherries the manufactures hod tiled—in such a case it would he not only a hard ship to the parish, but a cruelty to the lusts him self, to compel him to remain in the place of Ina usual residence. Lord GRANVILLE SOMERSET spoke, lint no a tone of voice so low, as to be nearly inaudible in the gallery. We understand that the Noble Lord opposed the Bill. Mr. F. LEWIS said. it was impossible for him to overlook the weight of opposttiou which was direct ed apinst the Bill, both out of doors and in the House; but in exarniiiiiog carefully the argu met►ts ow either side, he now felt as the Com mittee did, that the balance was in favour of the Bill. The proposed measure ought not to be judged of so much with reference to its own merits, as in comparison with the previous sys tem; and if this mode were pursued, it would be found that the existing system was fraught with ten times more of oppression to the pauper, and or injustice to the awiessed property, than that which it was proposed to sutostioute fur it. He contended, at some length, that it was consonant with every principle of justice that the lowish which had gained by the industry or the wages of au iiidividual, should be at the expense of maintaining him in sickness or age, and remarked forcibly on the cruelty of tearing away • man in his misery from those with whom he had been accustomed to associate. He thought if the 'orrisroot Bill passed into a law it would have the effect of operating as a restraint upon the principle now too generally prac tised in manufacturing parishes, of partly paying the wages of labour out of the parish rater. The question, however, was one which it was not desir able to press monist the opinion of the country. Mr. ALLEN opposed the 8011. Colonel WOOD objected to the notion of uniting two of the parishes in %Vales in the manner alluded to. He rather thought the Bill would work more harm than good. The only way t.; get rid of the difficulties respecting the Poor Laws, which caused such endless litigation, was to retread the steps that had been passed, and abolish settlements altogether. Labour was the property of the poor man, and he should be at liberty to exercise it wherever he pleased. Mr. HUSNINSON admitted, that the removal of the cruel and unfeeling restraint which the old loows put on the poor man's labour ought to be removed, but lie could not see how the Law of Settlement could be removed, unless the Poor Laws were alto 'ether repealed. An amendment was necessary in the existing law—to make it was, in fact, a choice of evils, and he thought this Bill would answer every purpose. He complained of the moral evils which were produced by the old law upon the agri cultural population, said contended it was most de sirable to amend a system so productive of injurious effects. Not the least of the merits of this Bill was, that it would prevent the great expense and litigation now so common in asserting rights of set dement. Mr. G. LAMB denied that the effect of the Bill would be to prevent litigation. To give the lawyers a new Act of Parliament, was rather it strange way of . diminishing their practice. He enumerated in detail the provisions of the Bill, and thought that it was most injudicious to prevent a man from ob. tinning a variety of settlements iu the course of his occultations. Lord MILTON was in favour of the Bill. Sir G. CLERK entreated his Hon. Friend (Ge neral Gascoyue) would withdraw hie amendment. Mr. CANNING thought it better to have the sense of the House taken upon the amendment, the House could afterwards dete►mine upon the principle of the Law of Settlement. Some distinc tion might be easily drawn between persons seeking a settlement in a town like Liverpool, which was at times full of 'population from other countries, ■nd those places in the agricultural districts which had something like a stationary resident population.— Situated as Liverpool was, he thought a three-years' residence not unfair towards the applicant for relief. tie thought some attention ought to he paid to the framers of this Bill, which was the fruit of three years' labour—it labour peculiarly ungracious, for it repotted the individuals who had undertaken it, to more remonstrances than suggestions. tie would vote for the recommittal of this Bill, to take the sense of the House on his Hon. Colleague's amend ment, but lie would certainly oppose ally attempt to get rid of the principle of the Bill. Mr. ATEYNS WEIGHT opposed the Bill. Mr. STURGES BOURNE replied, and said, he had no objection to the recommittal of the Bill. After a few words front Lord STANLEY and Mr. W. SMITH, the House divided, when the numbers Were—. For the recommittal AgainiA et Majority The Report war then ordered to be taken intro flintier consideration this day ill Months. The Rill is of course lost. The American Convention Bill was read a second time, after a fro , words from Mr. FORBES, and or dered to be committed to-morrow. The Scotch Jury Courts Bill went through a Commit tre.--Iteport to.morrow. Mr. Alderman HEYGATE presented a Petition from Sudbury against the Roman Catholic Claims. The ATTORNIiIf•OF.NERAL gave notice of a 11111 111011 tier Thursday next, for leave to bring in a Bill to prevent ■ry of Ins Majesty's subjects from en. Itsting in Foreign Service oithout Itceuile from his 51 iiesty, The other Orders of the Day were then read, a►d the House adjourned ut Two o'CLucit. The Lords of the Treasury have repaid Mr. GEORGE HENTY the line of 1,000 guineas, ed on him, on the evidence of the two perjured wit nesses Sinter and Settler, together with all the ex penses attrodisig the several ► llllloOlitillg to 6 2,4001. Slater is this day to he removed from iSiewg•te for transportattou; but Stutter, although Mellt011t:r11 to two years impoisoomvot to Horsham (idol, yet retnains in the !hag's fiend'. Ile hits, with dithers, been rubsegtsrlitly indicted for a situ'. I.lr s•ficiice, and is to take his will at the nest Ap,iser tar this col ut).-o:usecx PARLIAMENTARY PAPER. THE BANK. Snlstance of the Second Report of the Loris' Secret Committee on the Stale of the Bunk, with reference to the expediency of the he siiniption of Cash Payments. The Second Report of the Smret Committee of the, Lords , of f the state of the Bonk, has been published. It or more voluminous than the Com mons' Report on the same subject. embracing, with the Appendix, which contains the Mmutes of the Evidence, no lees than 431 folio pages. Fol. lowing a like course, it begin* with a recapitulation of the laws which imposed, and have continued the restriction upon cash payments by the Book. It then refer* to d.c notices issued by the Bank iii January, I'Bl7, to pay in cash all It. and a notes, dated prior to January, 1816, and a second notice in September, 1817, to 'say in cash all notes dated he• fore the Ist January in that year, with a view to the *complete resumption of cash payluents, even prior to the period then fixed by Pailiament. viz. the .sth July, 1818. In the mouth of April, 1817, the effect of the great foreign luaus made in that year began to he considerably felt, and be tween that and October in that year the ex. changes took en unfavOurable turn. There ap pears to have been no considerable demand li►r gold previously to the mouth of October, 1817. The Ent issue of sovereigns in large quantities was lii that mouth. Theme was a diminution its the demand for them in the three succeeding months; but in the month of February, 1818. the issue of gold increased till August in the same year, and the demand during this period is stated to have arisen decidedly for the purpo►e of exportation. Notwith standing that the Bank had made a great reduction in the issue of notes since the cumn►eucetneut of 1818, and that during the last three months of that year the issues of Country Banks have not increased the price of gold, and the state of the exchanges, have drawn from the Bank a sum or 6,809,0001. and by these drains their treasure was very considerably reduced, and they were still liable to an additional demand to the amount of several milltnn►s. ..... _ This unfavourable state or the exchanges and of the price of gold is attributed to different causes by different persons examined before the Committee. By some, to an excess in the circulating medium of the country ; by others, to the et&ct of the late regulations of the Mint respecting the new silver coinage, by which the proportions between the re lative value of gold and silver are stated to have been so varied as to have occasioned the exportation of gold; by others it is attributed to the continued operation of foreign loans, to the temptation held nut by a high rate of interest, to the investment of British capital in foreign funds and foreign specu lations, and to the large purchases of corn from abroad, a great proportion of which is paid for in advance, and must therefore. in their opinion, have had a material effect upon the balance of payments, and of course upon the exchanges, during the year 1818. The Committee then proceed to express their °pillion, that it would not he safe and practicable fur the Bank to resume cash payments on the sth July next, and that there is a necessity for farther postponement. They add that— " It can hardly be isecessary for the Committee to re mark, that thin opinion dues not rest upon any ground which can intimate the slightest doubt as to ate credit or solidity of the Bank ' • that body possesses at the present moment the means of discharging, out of the tremor, actually in Its coffers, every demand which could have beets made upon it fur payment in cash iu consequence of the notices referred to; and the only object of the measure which, at the recom mendation of the Committees of both Houses, has been al ready adopted by Parliament, during the course of the pre. sent Session, was to prevent the continuance of a drain of the existing tremure, and thereby to facilitate such opera tions as the Committee might feel it to be their duty to re commeud, in preparatiou to a final removal of the r‘stric tioll." •, Of the ultimate sufficiency of the Bank no doubt has been or rail be enteriamed; but as Parliament thought proper, at the period when it imposed the first restriction upon the Bank, to direct an inquiry into the actual state of its sillies, and as a similar injunction is contained in the order by which this Committee is appointed, they have thought it their duty to lay before the House the statement in the Appendix ; by which it appears, that, exclusive of the debt from Government, at three per cent. of 11,686,000 f. and of the advance to Government at three per cent. or 3,000,0011/. making together 11,6X6,8001. the balance in fa vour of the Bank, un a cutup inion of its debts and credits (including in the former the Government haulms, in the bands of the Bank), is 5,231,1901." The Committee the', proceed to develope the venous mud motives for the plan which they pro pose, and their Report coocludes with the plaits itself, in the following terms:— These conaiderations have led the Committee to examine, with particular attention, a plan which has been suggested to them, and whirls, as it will appear by the esideuce, is viewed in a very favourable light by many persons well qua lified to lons a judgment upon each a subject. The leading principle of ibis plan is, to restore to the country, by the speediest and safest means, a metallic standard, as the revelator of its paper currency, by permit ting the Hank to pay dr notes is gold bullion, at the Miut price, instead of gold coin. Various advantages appear to the Committee to attend this plan, in preference to • simple resumption, in the Best instance, of cash payments by the Bank. It establishes, equally with cash payments, the principle and the salutary control of a metallic standard, while it affords the beat prospect of avoiding or diminiShing many of the inconve niences which are by many persons apprehended from that measure. It exempts the Bank from the obligatiou of pro. riding • quantity of gold necessary to replace, in case the public should prefer coin to paper, all the smaller notes, to the amount probably of 15 or 14 millions, which are now circulated in London and in the country; and therefore, by relieving the bullion market from this demand, it prevents that augmentation of the price of gold, which might be the consequence of large purchases of that article made in a •hurt space of time, under the pressure of • necessity pub. licly and previously known. And it continues to the Bank, and therefore to the nation at large, all the advantages to be derived from the employment of a capital equal to the amount of all the small elutes in circulatioa, whether of the Bank of England or Cousin . ) , Banks. In lima one cage, this capital would still he, as it mow is, employed in the support and extension of agrirultnre and of eammerce, whether foreign or domestic ; ins the other, it would he merely an additiou to the dead stock of the military, producing neither profit nor advantage. It seem* probable also, that when the Rank is made habits to pay only its bullion, and that only in exchange for mates to a certain amount, it world be chiefly subject to shell fie. meads as 'night arise from the excess of the maket price of gold above the 51iiii prier, and the cumaequent profit upon exportation. Tu a demand resulting from this sourer, ev er y Bank issuing paper convertible into either of the pinions metals, must at all limes be liable; sod unless the snorkel price of gold can be kept within certain hinds of deviation fro* the Mint price, either by Ito redudtioa of the hunch of paper, ur by the effect of a favourahk balance of payaseuta upon the exchanges, the ',bole system abashing meat sw cessarily fell to the ground. it la no übjettiOn, there. fore, In this plaid, that 11 does mot provide ligaiust posallAe incooveniesice ; wheel' . i■, nailer such Linen,- aimed% an maeparable attendant upon all paper heureuey ao convertible; that is, upon all paper currency, which fa secured from great mid iticonvenieut varlatious.— The plan however ronlaius in itself, deriug the period which may elapse before the market price of quid falls to Rik Mist price, • considerable guard even against this danger, a guard whit h did not exist in the 11610 , 1 state of our t nr. ivory. As it would Ise impuenible for any 1.4.1.41 , 1 to draw bullion from the Bank. except iu exchange for Bias k totes, tot drtuand could be made nano tin• B.ltok lo any ;teat extent for gold without occasiimii.4 a f.caici:y fa the Currency, which wou:d tend so seise the rillsor of those notes, and to 'ensure the temptation to presciit them its exchange fur bulbul'. The same els CIIIIIMAUEC Would operate to check any demand, which might as jar front a sudden panic; and the rapidity of such demand, in which it. chief danger consists, might be somewhat diminished by the ne cessity of collecting notes to that amount, Ie exchange fur which payment in bullion would lie dernaddable. And in whatever degree • diapnaitiim may have existed to board coin, there would probably be less disposition to demand bullion from the Bank for that purpose. 'llse Committee, in recommenoing the principle of this plan of reanniption to the favourable cuostileiation of the Bowie, think it neveithelese their ditty to 'tugged such pro visions as have occurred to them, by which, in their upintoo, without weakening its efficacy, or minis ing any of its ad vantages, its operation would Ire facilitated and ensured. In the first suggestion of the 1.1211, it was proposed that the Bank, upon the removal of the present restriction, should immediately pay in bullion at the Mint price, iiiidesd of paying in coin. The Committee have laid before the House, in the former part of this Report, the consideraiiuns winch induce them to think that it mud be desirable upon the whole to allow a considerable interval of time befoie the Sauk should he required to teatime cash payments upon the ancient system. These considerations would operate in a great, although out all equal degree, against the too early adoption of the plea for bullion payments at the Mint price. The objection to the prolongation of the pe riod in the former case was chiefly this—that the country would he left during that period, whatever it might be, with out the certainty of auy progress being mask towards the re. adoption of a metallic standard of valise. The iutei position of bullion payments affords stucco. of obtaining this secu rity, which csonot be provided with equal advantage under the simple resumption of cash payments. The resumption of bullion payments may, if Parliament should think pro. per, commence at an earlier time, and at the present market price of gold. Successive periods might, if thought sary, be fixed, at which the rate of bullion payments should be gradually lowered, until it should finally be brought 'lows to the Mint price. The same principle of gradatiou could nut be applied to payments iu coin, without the great and obvious inconvenience which must resell' hoes COCCI'S. sive variutions in its circulating value. The effect of this graduated scale would be, to re-establish from the first commencement of its operation, the principle of a metallic standard. It would indeed not at mace he a recurrence to the ancient standard; but an •pproais•atio• would be gradually made towards it, and at no distant period it would be attained. The necessity, under which the Bank would be placed of regulating its proceedings with • view to the commencement of bullion payments upon this sys tem, would give • security, perhaps unnecessary, bat aegis. factory to the public, that some progress was actually mak ing towards the ultimate object. As the Bauk would at the same time be relieved from an early recurrence to cash pay ments upon the ancient system, it would gain • longer in terval fur the gradual accumulation of its treasure ; ■ny re duction of its issues, which might be found urcessary, might be gradually made; •nd ■ll persons engaged iu cum merce would also be enabled to accommodate their transac tions to the new slate of one ejaculation. II has been suggested that the Bank might have the op. tint' of paying lo bullion or in coin ; hut the CUlllnnitiell are inclined think, that even at the time when this scale shall hive embed the Mint price, the Bank should begin to pay in Lulffuu only. if there is soy weight in the argu ment one of the great arlvant.iges of the proposed plan with the modification suggested, is this, that it would len der it safe tur the Bank to open with a much smaller amount of treasure than might be thought necessnry fur the re sumption of cub payments upon the ancient system, and therefore that it might begin its operation at an esti lier pe riod, it is evident, that were the Bank, from a preference to the ancient system, to determine to avail itself at that pe riod of the option between bullion and cash payments by paying in coin only, it mast, in consequence of such deter. mination, snake more rapid and more extensive purchases of gold in the interval, and thereby impede the gradual pro ima of its reduction to the Mint price, which is the main object to be attained. There is also another evil against which it would be ex pedient tii provide a guard; viz. the passibility tif an exces sive reduction of the circulating medium, during the opera tion of this plan. This might be prevented by imposing upon the Bank the obligation of giving their notes in ex change for gold bullion (if tendered to them) at fixed prim, either taken somewhat below the Mint price, or, in the first instance, somewhat below the price at which the B ati k should commence to pay in ; or further, if it should be thought proper to introduce inure than one point in a gra duated stile, at prices somewhat below those which might successively be fixed. Either of the latter expedients would afford a greater security against any excessive reduc tion of the issues of the Bank, but they might introduce • degree of complication into the system, and might cramp the operations of the Bank in ea inconvenient manner ; and the Committee think that, on the whole, • preferable secr etly would he afforded by leaving the Mint open to the public, by which any considerable deficiency tu the paper currency would be supplied, and its effects counteracted by the coinage of gold. In order to bring before the view of the House, with more distinctnesa, the whole of the plan which the Committee beg leave to recommend to their tunsidei atiou, they will slate shortly the different parts of which it consist% : I. That provision should be made by Parliament for • repayment of the debt of Government to the Bank to a con siderable amount, and that a past of that repayment should take place some time antecedent 40 the first period which may be fixed fur the commencement of bullion payments by the Bank : 1. That from and after the lit of December, IM9, or at latnt the Ist of February, 1820, the Bank of Fogl.nol shall be required to pay its utiles in gold Whim, duly unapt' and stamped in his Majesty's Mint, if demanded, in sums of out less than the value of 60 winces, at the price of 4/ Is. per ounce ufstandard bullion ; that on the Ist of Novem ber, 1920, or at suc► other period as may be fixed, the price shall be reduced to 3! 19s 6d, unless the Bank shall ha►e previously reduced it to that rate, it being always under. stood that the price, when once lowered, shall out :igen be rallied by the Bank ; and that on the 1.1 of May, 1841, the Bank shall pay its notes, if demanded, iu gold bellies, iu nuts of not less than tbe value of do „mares, at the price of 3/. 11s. 10p. per ounce of •tandsid bntl,uu : 3. That a weekly account of the average amount ar notes fu circulation doling the precediag week, shall be trans mitted to the Privy Council ; and a quarterly account of the average amount of notes in circtilatiois during the pre. tedium quarter, shall be published in the London Gazelle : 4. That fur two years, from and after the Ist of 31ay, 1921, the limit shall pay its mites in gold bellies, only at the Mint price ; and that whenever Parliament shall think proper to require the Batik to pay its notes in coin,matlee thereashallbe give, to the Batik use year before hood, sll4ll notice not to be given before the Kra of May, 1119. Should Parliament think proper to adopt this plan for the regulation of the Bank of England, it is evident that provi sions must be made fur applying the same prioclple to the Bank of Ireland. The Committee are perfectly aware of as objection which may be stated lir this plain, via. tbat duriug its operation Ilse runatry will probably have iso earreuey earrept paper, for payment. beyond 40 shillings , and that the advantages re. ►nit,ng from the reuvertibility of Bank note* ratu hnlliaa appears In be give., at least an the Brat instance, uoly to dm holders ..f large soma. In awwet tu this it most be remembered, that so Noe ea Sloe price of gold shall mulatto' high etiOsigli hi a fr,:J r. pro. hi Ilium tlw smelting and exportmilisi °fettle, frrmrd air"r i. tog to the prevent Mint regulatious, there CAN be Uri cirritl.o. I of gold cog lit the euroury„• Voider such rlreuousla.iti4 ally further Issue of gold cum would he 'melees. It whi.l4 indeed be worse than useless, so the pun llama flat to be ruined would raise the price of col.ll, mead the expensii of euinutg it would he a waste of public Issue could only he useful lake the pi it e of will 1, , tto far below the Mint price as to compesisatr for iliv lost doing Ilse time of voiitage. But, although do , rin mutter tolertaiii great hopes that, durum 11th op. vitt i , f the plan in 'version, she prig r of Cold a.at fall to 11... ,%j .1 puce at an earlier period than what I . ls t 1 , 0 ,1 in. 114 t , i• plrtiou, pet the plan it-elf pruiumes IL4I ,11111 fall eh , " , lake p :ire and have Dieu biloie the 161 iit Mar, 1121. tilde! this uncertainty it non's' be difficult. if rot nn possible, to foresee lily tawniness' prvviuus to ttint date, ..t which it might be expedient to 'sake such 411 tame, or a: which the public would be able ru avail itwif t h e pun r• of resorting to the Mint for the conversion of Isulltrou tutu coin. But it will be able to avail itself of that privet isoos the operation of this plan at as early a period as eulthl ICU moodily he expert...l touter any plan for the simple rrsutnp• lion of cash payments. In the interval the currency consist (as it has lung consisted) of paper thane; lust, from the moment flint plan begins to operate, this uspei would have what it bas not had since the Orsisk rrAtic- Nan, and abet it could o u t have in the interval pie ceding a simple restisuption of cash paynsents— a metallic Standard far its regulator. The holder of las ge sums nr 111.1$ . would indeed Wrath. power of solve, tlnz 'ltem into hn.wr IS at I fixed price by presenting them sit the Rink ; but the holder of a small sum in flutes ha. nut now, and covld toot have the power of ',Stealing it into coin, nodes vircom. stances when, as has Seen ()time stated, no coin could it. main sad circulate in the country. The I stter, therefore, is exposed to noldisadvaistage whatever donor the operation of the present plan, to which be would not be expori i! dur ing the interval which must precedes simple re►umptiun of cash paymrets. Hut he derives from the first moment ~r its commencement a participation in the security aganist fluctuation afforded to the holder of large hums. This detail of the plan now proposed by the Commit's,. will, they hope, be sufficient to explain butt. its nature and its ohjects. Above all, they trust it will be manifest that the plan is now recommended by then! as a tempowsr« measure, as the mode which appears to them at once the must desirable, and the most effectioal for the attainmeut of the object whirls Parliament has its vtesr—the restoration of our currency to its ancient standard of metallic value. They think it probable, as they hive alread♦• stated, that this ob ject may thus be attained ■t a petits.' comparatively cal lies than that fur which they have ultimately prolrided. It•rt they entertain a confident expectation that in ibis mode it will be effected at that period, if nut before, and with dot least practical inconveuience 116 any of the Interests which it may affect. After the attainment of ibis fiat and great object. inxiiv important 'protium" will ■till re:nain to be determined hy the Legislated r, respectiug the system on who+ our currency, when regulated by a metallic standard, may in oilier respects, with most advantage, be ultimately and permaneistly founded. Bit in them points the ('.•mmittre think their should have exceeded the lionise of their duty, if they had ventured ■t the present period even to form, marl; inure if they bad submitted to Parliament, any final ur derisive opinion. Whether the whole of our circulation and router, shall thenceforth be replaced either entirely on Its earn-tit footing, ur with what degree of alteration, palter Warty its respect of the smalls r notes, the issue of which wa• formerly prohibited; whether the intythents of the ariek shell be made at their option in bullion ur ea coin; or those pay ments continuing to be Made in bullion Dolt, the Mint shall be opal, the public for coining such bullion into gold cuiu, Misagzithout a Wriznoraze or brass ier ; or *heaver, with a View' pp uti l i ze to the eiremtry a prat equal tu the whose value o gold employes{ as dead capital for the purpose of circulative', au endamoimshall be made to confine the whole of our currency (except for the small payments now made in silver) to piper uuly, but to paper regulated by convertibility into bullion—these, with the sous details connected with and dependant on them, are metals upon which the House will Bud much useful in fiirniation in various parts of the evidence contained in the minutes, and upon which the Committee are sstrafod that a better judgment than can be formed at present, will he de b ivied fium the etperience of the operattou of the psis im mediately in question. With reaper tto the derision to be taken as to the fissure ciicolstiou of the 'mallet Outer, the Committee are fully grumble that all view* of expediency or profit in this respect must be combined with atwitter must importaat considera tion, that of the comparative facility with which such paper, or the cones for which it is substituted, may reepettively be counterfeited. This pellet is essential to the sauna of any measure on this subject, and it is of grail weight in the opinion of the Committee, es connected with the compare tire degree of teuiplatiou or entouragemtut, which any of these systems may a fford to crime, and the tutsequent see cesaity of frequent awl • winishmeut. Under these impressions the Committee have indraiour ed with much anxiety to obtain irformetion as to the pro gress and probable results of the iegisirite which have lately been made, seder the authority of his Majesty's Cognates stun, into the means of preventing, ur rendering much inure difficult than at preach*, the forgery ref Kink paper. They have learnt that these results are not yet sufficiently matured to he brought with this view in a complete shape under the consideration of Parliament ; but they find that the very able persons whose attention has been so beneficially employed in the examination of this subject, entertatu sanguine expecte lions that the principles which they have adopted for this purpose will, in their application, provide, if not a complete, at least a much more effeetive check than has been provided by any means yet adopted for the security of the Bank and of the public. In so far as the Continence has felt itself competent to judge ut the probable operation or those prin ciples, they fully partake in this hope; and it is much strengthened by learning, bum the testimony of the Gover nor of the Bank of Ireland, that the applicatiuu eyrie of a part of those principles has beets found there, in a very gnat degree, effectual fur that purpose. There is another point to Which the Committee think it of cleat impoisauce that Parliament should advert. The Mtge sassatit anti nature of the advances made by the Bane for the public service have hem staled, on diffeicut acct stuns, as opposing cousiderahle obstacles to the measioeit which would ullserwise hate bees adopted by the flaiik awl the plan now recommended essentially depend. trapini previous reduction of them. Bat the ioeimeen.eei of this mute of habitually providing for the pistise.• exit:times, to su great an extent, is not merely tempoiery. It involves principles of considerably moment, will. veer.. case to the relation in which Onverument soil the bank are thereby placed towards each other. This system is iof host - ever of recent date. It hail !resit acted upon to a l ionr ex. tent, parr slung period art yea.. before the A ..11•1 upon the Hank. The amount of the imlysi.r s *pleats to lis subsequently increased with the stoccroJiii4 rmliar.asiaartes of the public setvicie, and the extraordina.y exertions of Ilse coachidiug years's( the last war naturally produced an uu. precedented exte.usina of them. A considerable reihictioii of them, advisees bat since been effected, and a still (rutin, thiniuutioa of them is recommended to this Report— It will be fur Ike wisdom of Parliament to determine, ohs , they, in order to guard against the unobserved recurreisee this practice, some permatient regulation ought not to be established, extending the very narrow rear-Mut under which the Bank was originally placed in this respect; but import. rag aurae sew priticiple of limitatium so as on the use baud to allow the batik such a free use of its capital, as Might enable it (as It appears to have dome pernonsly Mt the Bask rntrictioa) to serest either the wittily or soma limited proportion thereof if not demanded for estassorarrcial diseaunts, is the purchase of Government securities, and ea the other. to prevent it from eagagisig is such parchases fur the aceonsurodatiou of Guverauwst, whits its men mine resurrect or interest did nut require them, or hum eutering late arty engage/sat, express or implied, which shall pie. vest its bringing throe securities freely moo the 'predict, It is obvious, that to imposing any v i ew principle of lisnitZtiroa, inception must be mad. fur caw of groat coaceganci, to he 1