The British Press; or, Morning Literary Advertiser. — London, England, 1819-05-26 00:00:00

ct which he now s3mitted t t Le of primary i mportance to the empire. 11' hat the opinion of' rite Chancellor of the Exchequer was on this spes• t:on no one knew. Ile had not thairolit p ro p er to ,rte his view of the subject to the llotue. They might be led to suppose that his s sotto. its were uttered, becan.e h. supported the Resoles. anis ef the Right Don. Gentlemen who hat 'nought the question forward. Those Resolutions were ilia. metrically opposito to the doctrioes which the eh.,, ellor of the Exchequer fin nerly held. Ile 1.4,1 stated formerly. in the most decided m inner. iicit there was no sil-pretiation of the paper cur. The 6.st Ite.olistion of a series which e mowed some years a,t directly swell that depreciation pituted—let, ou the present ocis east on. the Right Hottooruble Gentleman was content to support propositions, founded ors the rine:plc dist there did exist a very considerable eorreistion of the paper currene.—(llear.) tie recollected what had pissed in 11313-14, when the currency of Dublin and London consisted iii A sper, elute in Belfast they were plyisig in wild. The rate of exchange between London and Onlil n cis b e low par—but between London and Belfast— pod between Belfast and Dublin—deducting fitiglit and insurance, the exchange was at, or shove par. IVitli this fact before his eyes the Chancellor of the Exchequer objected to the opi. slims of Mr. flouter and the Bullion Committee. Kw he could reconcile his former sentiments aith those lie now seemed to have adopted. lie could nut coucriee. De hoped the Noble Lord (Castlere ugh) would give Vie Douse more Lakin:Dation on this joint than the Finance Minister had thought proper to do. l'art of the plan of the Right Honourable Gentleman was to pay back part of the sum which had been borrowed from the Bank ty the Garerument. To effect this, and oilier objects, it wall midi Mood that a loan of 25.00,0001. 'm aw be necessary. To pay the interest of this Iwo, suet other charges, it would be hecestary to iirresac the rate of taxation about 1.5011,000/.- IcA he would submit to the Ulnae whether the essiory ass able, iii its present state, to pey tine additional tee stioii It vould cecur too at E. tins! when. though there would not perhaps be so much 'hatless in the cottony, arising from the de. preciaii.va of 'mots from the Book, as some Gen. tlemssi ialagioril, it could not be denied that a conslder.ible degree of difficulty would be felt on that account. It slid therefore appear to him, that it was not desirable to recur to the old standard ; sod the standard lie would propose was, the state of depreciation at the meets% moment. Ile did hot cunt este idiot this would be unjust—because he doubted very much whether the balance of money trams/lions now existing between individuals had taken ;doer with rs fetencc to the ancient standard ..f the country. Many of those transactiosis oc curred 22 years ago. at which time Gentlemen knew a great depreciation of the enticed; preyed. ed. For the greater port of the period between that limo ell(' life present, this depreciation was observable—at one motorist to the extent of 25 per cent. I f, therefore, the greater number of man transoictonss how unsettled had taken place since the existria e of a depreciation, was it not more unjust to call ens persons to settle therm according to the a.scitnt standard, to which it was proposed they *florid now reluru, thats to proceed tinder the depreciated currency, which came nearer to the point with refers/tics to which the original trau tractions were completed ? The same principle would hold good es to the public debt—much a which wa. contracted when the currency was greatly depreciates!. Ile thought it most unfair to ask the coiner, to pay interest, according so the rate of standard currency, the debt having been cootracted when the currency was much depreciottil. Usidesubledly, choose which plan they *meld, a certain degree of injustice must be committed—but he thought the injustice would be hisicis lees, if they adopted as their standard the present depreciated currency, hatred of re. vetting to Cie ancient standard. By proceeding in this trimmer. they would get rid of those diffi culties olinli were apprehended by the worthy the Mitt. Book Director (11r. Mall. MOO. w lio had stated his sesettinents list 'eight, and the 11. r 41.6 Gentlemen who was desirous that sl.e Baud. elioul.l not resume cash paytudite. One great arguuiesst in favour of his suggoation was this—that it would take away from those, who were ready to attribute any difficulty ur sharess which might suit the couutry, to the lesson's. tine of cash paymente, tho pretence for making such w aseertio... Much of the distress that would prolsably be felt. would arise from over. trading—but it would doubtless be attributed to the sellout itself, which was to take up four years in its completiou—iind. in the course of that time. a conaphom of this description might be so indus triously dus:steel. and become so strung, that the plan could not be perfectly effected. Ilia plan was, he conceibed, more just and more colons. By the ecliessie how proposed, es great degree of 11114:tra taility was 161411410 CW with respect to coutracts. Suppose a mem entered into a contrite:l which bound Lien to pay. at present, thsee per ceut.; when the alteration io the standard took place. he would, h' 11 at that rate, dud the interest increased to :II per cmit. immediately, said, in the course of a few yews. to 4 leer cent. Thus, if a twin borrowed 1,000/. at three per emit. while the depredation continued. lie would, io cease. tom e Li Ike IreOrreoce to tile old omitted. to a tor ,leat • hate the iiirerriit absolutely increased to 4 per edit. sod he obliges! to pay 401. when the ProPowd plan vms completed, goateed of payiii4 shirk wa. what lie had stipulated for. Besides, rose who adeocakd the plots were poi tontine , tire drorreution of tie currency. Ile admitted tilt it estoted to a Kean extant, olthoie..tli it was tor. Welly &hied by Owe who now allused the truth of the ataterstist. 'they had opened their t)es ti the fact, and proclaimed their error in the I 1405 1 unqualified maimer. But lie conceived it %soiled he much henget* adopt the principle lie hod laid doss., instead of recurring to the old standout. Before the two Committees. it was stated by several Gem:mien that if the ktilllk Directors believed the House and the country were in earnest, the) would isd Ultimo to resume cash paymeiits without ally legailatite iiskifertitcri, NOVI, bow could th,y I doubt tout j'arliament Ulu in earliest, %lois they moot hare lece•llected, that, fur a whole lieistlsioem wore puzzling their briois in that I louse, I sltsjoibg arch a preamble In Cie last Itestir. let cy. lion Nil, as would Led exiite::: their ilea of the necessity for the resumption of cash pa) meat. ? The Directors, at that 11111 p. expressed the wiring anxiety to resume their pupae's , * in cash, in two years. After the 13111 pissed, they took measures to eff-ct that ohj.cr, rod thing• were so a very pro mising train. The exchatiges were favourable, and Sold was so much reduced in price, that the Book purchased a greater quantity of treasure th in they ever had in their possession Wore. But, jipit &sibs. time for tramming cash peyinents arrived, they com pletely overthr e w the scheme—they ho.uril a great quantity of paper and a considerable terrine' of gold. The exchanges became unfivourable—the gold went nut of the country—atilt the Directors ultimately came to l'arli merit, declaring that the Batik woold be ruined, if payment were insisted on. Wh a t was th e r e , he should be glad to know, in the presto plats, 111 prevelit a similar course of operation ? Batik might go sill p ur rh as i ng treesgre—they might thire themselves in the sit ua float in which they stood in 1817—and, by si fresh issue of gold mud paper, they might ultimately defeat the object which the Committee had in view, as they bad done in is lion, Director declared kat night that the Bank were sincere in their desire to pay in cash. Ile doubted it. As a proof of their 'Merrily, be stated, that they paid away 7,000,0004 of gold, at a coo. enterable lon. Now the Hoeft might infer, and fairly infer, that, while the Bank were losing by the issue of gold s ist their remedy of Bank Directors, they were gaining • very great profit, by the sale of that article, in their capacity of bullion merchants , . In the paper which the hank had scut in to the Committee, in answer to certain questions pro. pounded to them, they said, that, before they re mined cable payments, they ought to have as much golil to their hands all they possessed when the Re st ic I ion Act was pamed.whieli wort:mut 30,000,0001. exclusive of what they might afterwards be called on to pay for the ne . .,.s they had at that time out staudaue, bring about 11,000.000/. Mr. Baring was ofoinision that they ought not to resume cash tsaytnetitt. unless they had from 40 to 45,000,000!. ias their coffers. Now, in 1817, the Bank stated they had a greater quantity of treasure than they ever before possessed —my 40,000.000/. They said, et present, they ought to have gold to the anima of 30,000,0004 slid a surplus to pay their out standing notes, before they resumed cash payments —and to collect this they called for a delay of four or five years. They had used but 6or 7.000,000 L for 1%. exchange of notes. lf, therefore, they had got rid of all this mass of treasure. it was clear that it must have barn by some other operation than the paymerst of their elutes.—( Near, bear.) — They bad boqght gold at 41. 18'. 6d.—but, after tire uperatiou they had performed in 1817, gold rose in price—and, though they declined that they list 9J. 011 every sovereign they hewed, there could be no doubt but that, as bullion-merchants, they made a great gain on the sale of • large quantity of but- Aeoe.)—Therefore, be doubted their sincerity—for it appeared to him that they had a clear and manifest interest in putting rattle payment cods. The Hon. Director last eight complained of the want of confidence in the Bank. Ile had, two or three times in the course of his speech, declared. thet. if they withdrew their con& deism from the Bank, the greet.* calamity would befal the country. Fie most cookie that he bad tiot wry vein confidence in their wish to re. mine cash peyinento—and he conceived they had au a-eidetic retereat in alnimioing from them. On another ground, he thought they did not deserve coufitlence—they had 110 fixesh or settled plait for carrying on their tants. In 1816. when the sub. ject of the Restriction Act was before the House, et was debuted whether the Bank might not return to casts peymente at their own pleasure, on giving notice to the Speaker, without airy interfereuce on tile part of the House. Ile thought this object might be effected without giving any public notice. The Chaucellor of the Exchequer said Its had no ohjectiosi, provided the Bank bad none, and re ferred him to Messrs. Herman and Owen, the Go veruor and Deputy Governor of the Bank. He 'hewed them the clause, to which they objected. lie asked them their reason b They answered. it was giving them a discretion which they did not wish to have. His observation was, i• That they might ur might tint exercise the power it gave then), 111 i they pleascd. " --" said they. " it Is quite itcpuosible—we will have no diecretium W e arab to be to the hands of Parliewent—end. if you give us this discret iiiii , we must trey in gold the neat day." What was their conduct iiow t They were cr)iug out fur discretiou..-/Heur.)-- Wheel them was their sincerity ?...where their soixtety NI pay it, rash 1 1 —fHerre.fe r Sume sears ago. 11 Bill was pso94 ii, the House of Lords, iu cousequeuce of I l urd tequiring his tenants to pay is. gold, de. ductiog a certain rum fur the drib:criminal' of the paper curreuey at the time. The Bill tu which lit alluded scat to make Bank notes, to a cer tain ti.tetet, a legal leirder. That Bill, when it came before tare House of Cienstuatith he (Lord Folkolosse) resisted; because be looked upon the plea adopted by Lord King, as a mire triode of ' preveuting all tape gold from going nut of the 0:01A11. try. It would, tudeed, have lied the effect of crew Ming two piece, but still it weuld have preserved • portion of gold is the country. The Bank three. ;ma (Aloe down, and supported *at UM. tor:Ahmed Hail. The alarm which this proceeding of Lord Niag pruil certi, prated the deprosatiou of file Book paper, %%loch they denied—bet still it secured the memo of loilignig about that obiect which they their) declined they haul iirview b namely, the resumption of cash, payments. They. however, supported the Cot,erimielit 101:8111/1t,_ arid this circuinotunew, cow limed w i th whet., Isd hien to Owe !my little con fidence s u the 844. Tile priociples lie had Meted were tiot new odes; they were those 111111F11 Ise had ewter trined ever mice he thought on the subject. His main silsjectioit did not go to the detail.. but to the mode iss which the return to cosh payments was 10 he effected. Mien lie used the expression " cash payinetits," perhaps lie was incorrect. Bullion isausents would have brew mute appro priate. Inkieed lie conceived it would be u very great cotivemenee if the Bank were not to pry in serest at all. He thisught it would be better to let rtery ilferMlll carry hi, I.ulliuo to tie Milo, where it might lie I.l,laCti on 111 c allOwanCe U 1 a Milan sci4rourage. Caitees defended the cociluct of the 13 sok I),uectors, auo were ctmured yri unt.seitc.:ly. fir could not perceive trial retPecialrle in dividuals were more interested in the drciehin of this gymslip,' titan any other body of the country. Let Gen'!enters strew tl it they were great holders of Bank stock —let Gentlemen prove that they were interested in those ! a bets here would he some ground fur He never understood that they were so in• terested—and be believed that they acted Int the public. alone. When the. Hulk hail paid In-tween six and 7,000.1100/. et a lo.s, c unt,' see em reason fur suspecting that they acre not sincere in their desire to resume cash irayinents. 'rite ex periment had been tried and it failed. It was then very easy to say " this is a bad measure." Big. if the Bank Directors bad come to the Ilonse end tnd. 1' Is it nut better, before we proceed to a g e. weal measure, that we should see what effect will he produced by the pa ) Meta of a part of Our metes ra specie ?"--woulil not that proposition have leen considered a most desirable une, every way worthy of adoption ? It bid failesk—but certainly the Brink were not accountable fur it. Ile denied thin it was in the power of the flank to force a ciresilio. firm. It could not be forced, except by advances to Government. which was quite another pert of the gorilla's. If they were in the Whit of discount ing bills for improper periods-4f, fur instance, stead of 60 days, they discounted bills at four, ' eve, or six mouths, this might enable them to force their notes into circulation ; but when they were prevented front discounting, except at a certain date, it was sinpossihle that they could effect a forced circuletion. He was amine's, if lie were in order, to more an amendment to the Resolutions of the Row Member for Coventry (Xir. Ellice).— Qoe of those Resolutions went to rer! iiiiiiii end, that the Chancellor of the Exchequer should authorise the payment of 400.000/. per isiontli, during a cer tain period, to the Bank. Ile did Mit think the Chancellor of the Exchequer ought to be dictated to by that Mouse, us to the promotions in whi. h the repayment to the Bank should be o s ide. In i!011e fortuity with his slew of the subject, he should move, that the 4th arid sth of the amended Itesu:ti lions should be omitted, The CltataU4N (Mr. Brogdeii) said, 4e proper course for the Hots. Member would be, to vote against those Resolutions, when they were put to the vote. • Mr. J. SKITII differed considerablilrom the re. suit which the Committee of that House, and of the House of Lords, had arrived at. lie was sorry another course had not been taken, which, though mot without difficulty, was, in his mind, Nefertiti:a. Toe course he should have recommended was. to coritiuue to the Court of Directors of the Busk of England that confidence which the country had so lung reposed in them. %Vilest he said this, he meant emit to assert, that they had nut, in s.nne instances, mistaken the Ism of conduct which they ought to have pursued—but, he was cue vinecd, their errors were not to be traced to in. teution—aud of this he was sure, that their exer tions had, on many occasions, eoutributed to the benefit of the country. Ile therefore viewed, with great concern, any measure that seemed to re fleet on them. As individual Uirectois of die Bank of England, it was a remarkable fact, that, though • they well knew the profits that were to be made by the purchase of Batik stock, they had with a spirit totally (amused to selfish feel ing, put their mimes down only for that por tion of stock, which was necessary to render then eligible for the situation they held iii the establishment. fie had great confidence in them —and, as he had stated in his evidence, lie con ceived it would be better to call on them to pay at a certain period, and, in the interim, to leave them unfettered by any regulation whatever. lie was of opinion that the Committee had proposed a plan which was extremely favourable to the Bank. lei February, 1620, they Were to pay at 4/. h.—and, unless some strange occurrence took place, it was iimpossible it could remain at that price long. For who would purchase it, as a matter of speculation, when it oaf known, thin, at a particular period, it would be issued at 3/. 19s. GI and afterwards et 3/. I7s. Idtd. per ounreii lie had heard, that fears of alarm siert entertaiiied —but he saw no reason fur them. If the plan were to withdraw a great part of the circulating medium, lie would then feel considerable alarm ; bat he did not think that a diminutiou would take place. Ile bad, however, an Warta of his own, which he hoped would be dis ;relied by some of the Directors of the Bank. Ile certainly uriderotood that some of these Gentlemen ' reasuriestsu this subject in a way utterly inctim, prehensibie. They argued that it was full is neces- Parr fur them to provide a large quantity of but. boo, previous to February, 11120, at if they were them to he called ors to pay at the rate of 3/. 17.. 101 d. per ounce. What would be the . consequence: Why they would purchase gold us last n, a i ry could, and raise the market against th.in-elves—thus crewing t h e very dim. cully whirl' they ought to avoid. The Coin 'inure recoineuelitled t h e repayment of 10,000,000/. to the Bank ; but out looking over the evidence as to what sum it was necessary for the Houk to pas. 'less to enable them to resume cash payments, II wrest vatiety of opinions would be found. Mr. Harman stated that eu.opo,oool. would he sufficient. Now, if the Bisult were to be puid 10,00,000/. by Go vernment, it followed that a large number of notes would he repaid to the Bunk; and, to fill up the sectiuto these occasioned it would be necessary to make large issues by way of discount, It would take an CllOllllO9l sum, in disarurt, tp fill up the vacuum—so large a sum. lie thought that it weir impossible it could be furnished in that way...— The House perhaps was not aware that some tune last year the remits for the payment of the public creditor, by some ecegietit or other, were not forth coming, and could not have been paid had not the Governor taken upon Min to supply the deficiency out of the foods of the Batik. If such an occur rence acre to take place agaiii, and the amendment proposed by his Him. Friend to have beta adopted by the [louse, and a legislative enactment made, that the Ronk should advance no more loans to the Goverennesit, what would be the consequence ? On this account lie ulejected to the amendments, at least to t'sat loot of thew. He thought t h at when the exchanges mud the price of gold were so near par, anal when there acre slo Melly circumstance, aucrle rating the facility of that - thanable event, a reliant iu c.sti payments, it ass a bad time to take away the ditot tom of the Bank, and ti adopt measures . . relict( to it si:t , Frani a bang course or rXperiracr. Nail II dom. 01). venation OF the cousluet . or the Weak Ilrrrctor• demi( a succession td difilesslt end penis's's c.v.- junctures he could not help 'vying (shougli hr c.orschrwsued Ctrblill ptiler. at believed its tltryt would be moot strongly to snake the pubic e u fidence), that he should more approve of measures fur carrying the principles of the Committee tiro opeirtion, which met the views, and were attend ed with the acquiescence and approbation of the Ilaiik ; and it struck blur, that to tw up the 11411,1* (.1 that body in the manlier proposed wan rather ar. ungracious return for the forswears' and ready assistance they had invariably lent the Coverinnent and the couutry aliiriog a twenty year; war. A* for the gold Iran proposed in t h e I Resolutions of the Member for Oxford to be given out, he. was perfectly certain that they would never lie called for from the Bank ; and that iseitlwr in Frloriurry next, nor October. nor the following May, or at any time, would there he a considerable Ile eland for gold from it, miless itself provoked it by en indiscreet purchase of Mr. PEARSE rose after a short interval, but front the low tone of voice in which be commenced speaking, he was for a con*iderahle time totally inaudible in the gallery. Ile seemed, from all we were aide to collect, to be I 1 lid reit% the charge. ter of the Bank, and arguing that the inconveni• encies felt from a paper system were not justly im putable to them, a* they had exerted theirnwlvei to the utmost of their power to diminish and cows. teract thew. Ile had heard it throcn in the teeth of the Bank, lie said, that they had son desire we should ever return to cash payments. Nom lie de clared most solemnly, that in all the couverestions and communications he had ever held with the Directors since the first iestrietion, they had inva riably expressed it as their most anxious wish, as the first object of their desires and hopes, that that happy event might be brought about at as early • period as possible. They, with him, th o ught that that time had arrived three year* ago, when the exchanges were a long film- io our favour, when gold was cheap, and when lily had amassed a larger isuridity of treasure than at any previous period from the year 1797 ; rod had not other events arisen, and operations been carried on over which thcy had no control, that oLsiiable event would undoubtedly have been then effected ; and he en tertained very sanguine hop* s, as suck operations were not souls likely to occur .gain, and as, from the beginning of next year, there was a pro babiLty of a fall in the exchanges for many suc ceeding ones, that such a similar facility, without similar obstructions, would shortly recur, by leaving things to themselves, without the interference or provisions of the proposed Resolutions. But they were told that, the moment guild was ;shove liar, they wea: to reduce their issues, without paying any regard to the circumstances of the country. The Bank was, in effect, distracted hp the opposite coon sets it received ; but all the world were loud in praise of the cautious and prudent conduct it had pursued, with the exception of those who hail a per.onal inte rest in giving it a false colouring. The Comitoi tires appeared to be of opinion that the sole rause of the high price of gold was an over issue of notes ; but lie would venture to tilirr facts in cppor IF ion to their usaertions; and he wniih; tell the [loose, that if they looked at the statements in the A pp,. iidix, they would find that alien tie issues weir highest, gold was cheap ; and when they were to o ld was dear—that, in fact, there was the greatest 'Val lawn between these two things. %Vlien the Gentlemen on the Committee were told this, they repl!,-,1, the issues did not operate instantaneously ; but if they were required to assign any time f..r their operation, they could not du it. If sex 111011t116 dill not serve their turn, they ton& five, and it five would slut u Willi re spect to the Resolutions, he had hopes that a re turn of favourable exchanges would enable the Bank to resume cash payments, without difficulty, at the end of two years; but he tilefight that in the wan time it shopld be left to ins I),V a discretion, end, therefore, had strong objection* to the inter ' mediate measures recommended, because it put that establishment under the power of designing men—it would give stuck-jobbers the means of embarrassing and ittriording all ita preparations— they might come and say, we must have all that gold 3uu are laying up fur the benefit of the public —they :night for a Wile so mailage tlie course of the exchanges (and it was well huuwu they had the art of doing so), ar to render inetfect nal all the ex ertiuns of the Bunk. lie thought the Bank might now, at the last, be wifely trusted with providing for what they had a col:union interest in with the public. 4s to the power said to be assumed by it of directing the pecuniary affairs of the country, h:!. lamented it had been forced upon their hands. Mr. Rice ROO explained. Mr. %VI two er said, that entirely concurring in the compliments paid the Direcuirs of the Bank fur probity and honourable inteninvois, lie yet was obliged to say there was reason to suppose them de. timid iu the knowledge of those principles which ought to regulate the currency of the eauatry. He was confirmed in Ibis opinion by the statement of the lion. Director who bud sot down IMr. Prose), %Ina he took credit to the Batik for the issue of gold in 1817, but stated it had been driven out of the country by events which they could not control. He appealed to the (louse whether, if at that time they had res;r:ined their issues. and op plied the principle on wlecii they had so lung pre. viously heel' unconsciously acting, of diminishing the amount of notes in eirculation when specie was plenty in the market, the gold would not have remained in the comae. He supported the Reso lutions, because he thotight they did no more than give an prima to the pommy of the sincerity of the wishes of Parliament for restoring a metallic end legitimate circulatiosi, and depreciated the idea of allowing the Batik to pat' in gold at the market price, because if that principle were adopted to-morrow. they might double or triple their amount of outstanding notes.—(//ear.)—Tier ehange pro posed was so very slight, that lie really believed, unless the public attention had been directed to the subject, it might be put in operation at mice wills out the house or the country bter.uning coginxiant of it. Mr. filaarearr did ant approve of the Resolu tions proposed by the Member fur Qxfurd. He thought that if the Briik were compelled to pay to morrow, at 41. per tit., more gold would be nhe I , il Mr. la 4f. in Ise rlll.lt nee, had mkt. two the requisite glum- Illy of ste.cie could not he ebtaissed iu kw than three or four years, nod tins sanctioning', the Remind'sn might by possibility subject the flank to a liability of snaking payments in specie hefere they had made the necessary preparations. Though the Rusk. hail n power over the foreign exchanges. three were vs. rious other circumstances to influence them. ewer which it possessed no control. Oar Mint regeeli. I were different front those of all the rest of the world, sad the effect of them was to give the putter of silver from Paris Isere, is profit angle ounce out of fifteen and a heif orifices purchase) An nonce of gold purchaved fifteen and a half ounce 4 of silver at ('at o. and as nutter of gnld was to 11.: kid fur fourteen and a half terse, so that 'her , w a s a constant temptation and profit in recent gold to Frostier and impart silver....[The ff• e j ilOtirAble Gemlemati *heti sent throisla a variety or calculations ss support of his tact 1104111011.1—. Under these circumstances, he thought 16 prudenea of calling on the B ink to pay in bulliutt, ou site Ist of February next, was questionable; anti he was of °imam, that the Bank had been rather hard. ly treated. The 3lember for POrtarlingtnti iMr, Ricardo) attacked Horns as a pruplittar of stock. and thought they hail out guarded with sullicient cantinas the great interests intrueiril to theitl,w [Mr. Marryint was here interrupted by repeated cries or Corder!" but whether to consequence of some observations which escaped es, or of Puttee. thing that occurred at the bar, sve could not din cover.]—The Directors appeased to have she* lost the cotilideuce of his Majesey'a Ministers— and when it was asked. what euellilerce email be placed in the Bank. if the etteasstres lot at restos-vises of a metallic currency were left to its own discre. non I he answered, they had the best pledge in the last-me:shooed circumstance. Formerly it was pith Rank, his Majesty's Ministers, and the majority of the liouse, N.:Mist the ruinority ; but now it wriuld tie the Ministers and the maim sty, against the Reek and the sninority.—(:leer.)—He had ass emend. 'Dent (as we understood) to propose himself, thout•i he did not yet kr.uw at what stage of the discussion he should X° so. He coeshl not opposite of *omit parts of the amendments proposed, awl he should decidedly oppose thrrae of the original Resolit, lions, which went to eons el the Bank to mite a commencement of a resumption of cash payments in February !next, because lie believed tan year* ought to lie allowed thrill to prepare themselves.. Mr. F. LEWIS denied that the Report of the Cow. antler was a dictation to the Batik. It merely eta eel the opinions Hod views which the Committee had ae. rived at in discharge of the duly assigned to them. The arguments pqrsued by the Batik Directors were very extraordinary; they iiiiii iterpreted the plan, the Report. and the principles enforced on the part of the Committee. iturf then repreaeuted themselves as held up to the public as being Ilan worthy of confidence. Such an opinion, howev e r. could never have`biro formed from the plate iter4 proposed but lay meacs of gross misrepie s ent.ffl on . He did not doubt that the Bank were sincerely desirous of voodoo% to cad' pa) Intuits, bat it evinced nu diffidence of their ion- io imui if tsar. banient were to exercise some stc-cietion Us pre scribing the ineatia proper to Int adopted. Hwy allowance ought, he s.cknowledgetl, to be gratit• ed to the discretion of the Bank, except that which els:third them to depreciate the curreswy or the country. Their power of affueding relit:nice to the matiufactures and commerce of the cuntaty lought not to he limited , hut he would out. greed a confidence to the Directors, which the jealouoy apt, wisdom of their ancestors denied to the Cruieue;•-• (Hear. bear.)—Was the Crown thought to be degraded by the tionsifestatimi of this jealaosy 9:1 the part of the people ? Then why should die saute jealousy, if rnatiffecies iow,sr.=~ the 13auk. trod Us depreciate that Bank i l o public opinion >—(jjear. —The greatest civil offence which could hr cow. milled iti this comitry, was to depreciate the cut. rency of the country. Why then should the Batik be suffered with impunity to do t h an, which), if dune by an indiviclital, was loaded by the law with the utmost penalties ?—(Hear.)-: The Utink concriv,al, that in issuing a large (luau. City of notes to meet a temporary exighicy, they effected a public advantage for the relief ..f distress. But if they sent forth :yes additional issue of tioo,oool. or a stollen' of mates, they add. al ass,. thing to the general wealth of the cutsioiry Ihri did nothing more than levy a tax lipuu the whole comtnimity—for every pound they thus issued di. miuishcd something from the value of every either pound previously in circulation, and so much dill the lank take from the wealth of every individual, and apply to their own purposes. -1 bear./_ To the schemes formerly practised to this country for deteriorating the value of the currency, might be attributed no smell portion of the evil and inju. dicioui measutes respecting forrstallieg and regrat ing that were framed in earlier times, when the ponds espies which should regalate sof:llo44s were less understood than they were at present. After some further observations he concluded by egpi essing his bratty assent to the propraded plan.—( Lou.( cries of "Question Qnestsuts!" resounded tlirougt, the house.) lii the midst of the confusion, Mr. P. Worm rose and remarked, that it could not with justice be said that the present Ilan came by surprise out the Bank, because (flint the +vitt- Silent* uoiforiply expressed on this subject by ('as- Lament, as *el! as ruins the general principles rat justice, the Ban(: must have known that they would be required at soma tame to pup their aebts.— ( Hear, hear.)—The only question really before the House was, a:tether the peewit plan was the best calculated to attain that object, and whether the time proposed was the most proper. He trusted that no Member of that 'lnure would coutitteatice a supposition that the Bank alone were cormettelit to determine the period lit fur the discharge of their engagements to the public. Hr congratulated the Honourable Gentlemen on his side of the (lense s at hotline , the opinions for which they had meow'. tered ob loquy and struggled in vain, now adopted almost unarittnously by those who formerly oppute4 them. Mr. Apxocaorart expressed his sincere sAtisfse. 11011 at the reflection that the labours of the Com• mime had tended to the developeutent of correct prtnctples. and to the consequent adopt of th , se wit:cli had, ou former occasions, been prosuul. gated by an Hon. Fr:end of hip !Mr. Hvrott), now