The Sun. — London, England, 1819-05-26 00:00:00

ct•' itte rie" er' be [he WO" {t{l!. wrif" )t:CC )pi,' )0 01 :' did tsc(l - 00a nit Wll ((P ex' Ihd 111' 4 1iL ,'4 54 0.1 4 Pit 0:44 heti el ys, the eik4- ,icli not VAS, vet - . ).,rt • • P r the tinper or retiionstranee Which fold been la:e iy i;resented lav ohe 13,tittc Direcotei to Govern 'fleets Althatigh he applo,sed ot the conduct of the Bank. Directoo. 4or the last twenty years, yet be Could not help ceusnring :hem for the iodis tretr language used i the doeoment now men eetinoed• E.le annroved- higl.►i tit the kw , • t i!solutions produced .by the Nlembe.r for (-).X7 for d (Mr. Peel), and weold cheerfolly support th em- The Bank Directors need not pretend any Verplexity about the purchase ot vast qoatoities ‘Pt bull oft ; for, with some few exceptions, there Would not be any security tor coining such an in/- III Mu: number ot bars. Bollion, by proper din kenee, might he procured at an easy rate, 'awl therefore the Ralik could not experience any di- Mr. PeArtse (a Barth Director), in following, t he last Hon-.. Member, would endeavour to do l e a. Y Any insirmatioos injurious to the Bank.-- s ome Gentlemen, he thought, assumed a lof!y and pretended, to speak on .subjects which f i fie3 7 ,ald not understand. It wouldl therefore bp eome them to act with more circumspection and discretion, So far a s the Bank had the power, they had always discharged what had been consi dered their duty. tO,Che. public. Thy Directors always been anxious to resume. Cash • Ments. They have proved the sincerity 4f their wishes by the several efforts which they have made to acciamplish that most desirable of - " j e t's. 'Their transactions for the last three !t ats establish the-truth of this position beyond .a 1 - 1 9 4 ", As the same occurrences were never " e l. to occur again, the question was, what plan, cite b lest to, produce. the desired effect. Ile anti no ilotibt, bot the ditlicultieg which were now il_l)Posed, would be surmounted ; and we would t x P,erten ce , a favourable change from natural ::"' s es• Iu ridicule, we are told, that we. ought p i t to.att em p t to.becorpe statesmen or politicians. e "e Batik D i rectors' never assomed such charac iv4 e rs. a n d t h erefore t h e censure was inapplicable. ) I ' l ' some Gentlemen endeavour to bring the Establishment into disrepute, most parts of rite world continue to look upon it with respect I;°d admiration. Those who pretended to know kio t 13 40 k Con ce rns bett e r t han the Directora them es,Cv ou g h t to h e informed, th a t there were other b eeu trences w hich might he assigned for the cm yr4ssznents now the subject of regret than those A°_ ° 'ieed. T he dil emma w hi c h now engaged the 1 ; &41 'llon of Parliament and the country had at isen the situation in tvnich the Bank was placed I f t he. Reports ot the wo Committees. In defiance ‘ ;, ac ts, some Gentlemen on the opposite side ven rLed to wander into the wide field of (tow M . ' v ll.ll t litOrit Look at the 'vice of bullion on v:i llu t's occasions, when compared to the price or i f i i .",of Bank notes. Their arguments were not r(e) on any solid basis. They supported their r( e ) , them ies by bold assertions. With tes pest ci the mode recommendeil for th e resumption 4 11111 Payments, he did object to the gradations a Sc ales proptoted. 'rite plan left them to the se, ll : ' cit Y of sneculiatots and adventurers of all de- P AP "°'ls• . 1 as quire notorioos, ilia.. certain tr so • " ors, who w e r e k omen ''Change as jobbers, • , av a il themselves 'of the difficulties, anti be ' rt 1 10. produce some con f us i on : Formerly, in old times, merchants were the iinporters and of gold or bullion ; but now, fre g`,lt,l, a set of men that might be termed i::;"ers, unknown in the fair mercantile world, aft :ste t ' te e „, se l yes with tl 2 e office' of agents, tt t the market. The Honourable ktaloner, , on this accennt, objected to the C,', "ate scale o f resuming Cash Payments, be• ba:, s . e S uch adventorers tli4;ll.t. aggravate the em rac;assthcot. In addition to the dignified Ova re.t;er of statesmen arid, politicians, the Batik Di. pi 'I'S h a! ' beeaebarg ! l with,becoming philoso ar:Q''' find legisl a to r s. If any of these characters tii' t il d ear ed to ,e assumed by them, which he de tach' l 'e.haif to lament that they were forced into eotopany. .Gentlemen ought to recollect 14e gold much b. 31 gone out of the country, ;°flsetpieiitie of the last long and unpreeedent- Pial e a r , hat, not . yet retur ned. The time was ra• a pproaching when it would again make its • e4 ';a'tee. WiomeVer gold was ab ove the mar -14,1)!.:ee, it Was Es,pr ' oOfhist it could not be made 4 1 , 41 a i 'de es a me!allic currency. In all the trials ca n t ' i llietiltie s which the Bank Directors bad to Itl v ;, 4ll ter, they had unitorudy conducted them %,trest with prudence and eh ctonspection ; and tett, h eY to-morrow to set their stupid heads to te, .er r eh : as some Gen kitten delighted in repre- Pa'p er g t hem, to issue an undue proportion of infl ux ' t hey woold,not he able to keep such au Per a float, for a week ! A diminution of our pa butbee"l.eney wombd g ive the monied market in Ilr ecif in s'aoves the advantages in respect to the esi ls " lB t oetals; but alter the effect of artificial t kee ' s , the natural effects would soon correct the f or e 8. T he Hon. Member 'offered his Apology t igros b i ng ' so much of the time of the House s , dada amidst loud cheering. R t t , d. • ICARDo, in explanation of his speech yes- Obs erved, that what he had said, was, that taZa.s.Persu.aded the B an k were sioeere their the.Bl 10tentions, 'h ot t h at t h e y did not understand fr oye u bJect of the currency . Nothilt4 haul f° 11 " "' the, Honourable. Director who had just sat ow n t • Air to induce him to change' that opinion. W ILMOT' S;ild tn g to n t o L t adopt the plan e be regretted that the Batik of contracting their issues Ili e ; e 6 ,e - new 'coinage Of the sovereigns, and that r u a l i cl ot n , ot then adopt a years they %ed during some • years before. The atal e i,itther contended, that the graduated u i r at the Co mm i ttee was the one which would, i u t re exltertence, be a pp rove d o f b y t h e were 'allowed to ta k e t h e measures Wyic Pa:o ll onld b e most , advisable for a secure an d g rA i • y resumption of cash payments. It was of (II Y i ng, lie said, to perceiv e that in the course of 'Yesterda, aCclatuatious of ap tttiotis. y Were best owe d on the object of the Reso qqa ► - Pr°Posell by the Committee, although I,ii'')aa•a difference of ,opinion as to the,means that object was to b e at t a i ne d. He 'greed with what fell fr om the Right ‘'lcritleniat •I 11 . 4 t 1 - 4 1 !„o use , • ' '° this subject before , as to the-e ffect of rile present state of ekes' . 01i th e • ,e of Poor. The Hon. Member con the i ll Y ot 7 . l ',..'" . e rviog, that he thought the 'Tipton itarliutubcr t h a t thought (Mr. Kt -9 cardo) sva3 :the best Which could given on the subject before the Hous e , Mr. MARHYATT could see no reason why the Bank of Bn;land should pay their notes at a higher value than that at which thenotes were issued ; and .he was eon vi need, it they were obliged to pay now .at the rate of 81s. per ounce of -gold, there would be a very great run upon them immediately. In this opinion he was confirmed by the statement of Mr. A:CXRUiIer Baring, helot e the Committee.—Suppose the Bank were to act upon. the paradoxical theory now recommended, there would be numbros of people immediately speculating at the exrence of the Bank. It was said that the Bank, by limiting their issoes,would coutroul.the foreign exchanges ; but that was not the fact, for there were many eh cionstances which prevented the Bank from having any such con trout, such as the foreign loans, the great impor tations of .corn, and varithis other causes.-- Therefore a very bard task was, in Isis opinion, atteMpted to be imposed ou the Bank—a task which was, in fact, impracticable.—Here the Honourable Member entered into several calcrt lotions, to show-that a considerable profit was obtained by taking gold to France, purchasing silver with that .gold, and bringing rite. silver home to.,this- country, for wirich.a,high price could, be. obtained vt , ,lrett Jodie, ships,,were . aboot .• to sail from England. The pres,ent esperiment was, brought forward under most unfortunate circuit); stances. The farmers of th,e country were, labour ing under the greatest distresses in consequence of the low price of corn ; distress pre vailed among all classes of traders and merchants, and he asked if this %vas a period when the Bank . should- be called on to try an experiment,' which, diminishing the circulating medium, • would .bring increased and numerous calamities upon the nation. It seemed that for tesisting this project, the Bank Directors had. got into discredit with his Majesty's Ministers. Ile applauded them for this resistance ; they did not, deserve this treatment from Government, for they had on all occasions nntd:! uncommon sacrifices in accommodating the Government. When it was considered that there was a deficiency of the, public income to the amount of about 14,millions every year, there was, indeed, a real cause for alarM at seeing such a measure as was now proposed, amid which tend ed in a very great degree to increase that alarm. Hi' was convinced the Bank could not pay in billion at the periodi stated ; and - he should give his decided opposition to the resolutions then proposed. Mr. FRANKLAND Lewis wished the question were put to rest, in order to alloy the public fer mearation, which was somewhat alarming.' If the Bank Directing acknowledged themselves in a ili!eninia, it was incumbent on Parliament to re lieve them. The Hr ,lotions now proposed *ere the best remedy which could , be applied. They ought to he interpreied as the opinious of Portia . ment. lie siticer'dY r:fgreved that the B an k Di rectors had tnisiotetpr, , ted the mening of the Committees. Parliament has denied even to the Royal Prc!rogative the power of diminishiog• the valud of the curlew coin. If the Crown do not feel degraded by this exclusion, then why should the Bank Meet ors If Parliament withheld that power from the Crown, it had certainly a right to withhold it from the Bank. ,The Resolutions would reduce the Bank Directors—and he spoke so with all due deterence--to keep better com pany, and assume good habits—to attend to their mercantile affairs, without believing: themselves profound statesmen or acute politicians—and to use their best endeavours for the speedy resmnp- Lion o!' cash payments. Mr. P. aidt.ittl wag about to speak in support of a return to cash pyments, when the cry of " Question ! Q4estionl Question !" and inces atti coughing, intluc,d the lion. Gentleman to Sit doWn. Mr. ABRRCRoMBIE looked upon the present measure as of vital it»portaoce, and one which would set at rest for ever all those delu sions under which the country had so limg la boured. It was of the greatest moment that it should go to the Public with every mark of lioalkiwity. He therefore strongly advised his Lion. Friend, the Member for Coventry (Mr. El lice) to withal-a:4 his Amendments. Lord CASTLE ÜBAGH admitted the importance of the present measure. As to the alarm which had arisen among the he did not see any thing to justify it. Anxiety might be natural till the question was fully 'understood ; bat be trusted that only a very little titse would he necessary to give the public mind a dear view all its bear ings. It was not extraordinary that individnals . should wish to' make a provision for any contin gencies which 014 might think were approach ing; but as they had no fair means of judging .correctiy of those contingebeies, their ap2rehen sio7 s had no foundation whatever. It was pro per, however, to put an end to that anxiety, and it was the duty of Government, with as little delay as possible, to lay before the people the real state, not oely of this qiiistion,bnt of the finances of t he coon !)—Let it hot be supposed that any check had been given to them osperii yof thecountry. All the , means of prosperity continued to exist, but they , were suspended, in their operation, till the people became acqnainted with their real si tuation. It was.therefore the duty of the Llonse to take a manly view of the present difficulties, and by the energy of its measures to prove that resources had preserved all their spring, and ceuld easily regain all their activity I-le then re pelled the charge of inconsistency attempted to lie east on his Majesty's Ministers for .bringing forward the present measure after having so long continued the Restrictions. Pe had never argued in their favour'but on the wound - of strong neces sity at the time, and on the principle of self. de. fence. The difference on.t hat question had been exaggerated in the heat of debate, and, when coolly investigated, ‘Aould be found to consist more in terms than realities. But whilst be felt it necessary to re-establish %villa he would call the legitimate currency of the Country, be could not join .with those who described the system of Restrictions as iniquitous. lie whs convinced that they had saved the Nation. But their necessity was past, and they must cease. lie, then read several pasiiages of the evidence given before the Committee. .10 prove that Batik notes were only depreciated in comparison with the bullion staualul of value, lint in . no other sense. It was therefore wrong to say that we had a dspreeiated currency. Could any rifle believe that we should have been able to., tuske the exert ioos we have made, and to contend j with the enemy as we had done, if the Bank had been obliged to coutroul its issues, as it had a right to do so if it pleased ? The Bank had Len charged with higher dutiel, When it ondertook the management of the public circulation, than the mere carrying on of its commercial concerns. It was impossible to consider that Body, while entrusted with such measures, as acting merely in the capacity of Bankers. It was also much to the honour of the Bank 'Directors, that whenever the country was in distress, they did not suffer any considerarions of ex pence to deter them from extending all the relief in their power by enlarging their issues. lie therefore truster{, that whilst the country returned to the legitimate system which would render such exertions on the part of the Bank useless in future; What she had done. would not be forgotten. With respect to the resumption of cash paymeots, there appeared but one opinion here: The only difference re garded the means to be employed; and di these it seemed that the Bank lord taken a,wrong view. He really thought that nothing. ought to give more satisfaCtiou to that establiShment, than to find that some plan had been adopted tha , would relieve them from any responsibility in the public opinion for whatever duty they might have to perform. Thit they should be required to restore the metallic currency of the land, was no proof or want of Confidence on the part of the lititish Pat liatnent. It was ordy.saying, that the, time was come when the Restrictions must cease, and they must return to the exercise of those Braking functions to wthich they had heretofore confined themselves. The plan -proposed gave them no cause to contract their issues. They were not called at once to pay in gold at the current price. They would, on the cootrat y, remain for twenty ,months under the protecting price of eighty-one shillings, and as the market price now stood, there was no li.kelihood of a run on them. On wha:. principle, therefore, could it be feared that they should contract their issues ? The alarm excited on that subjectlwas completely untounded. It was also wrong to think that the ten millions to be repaid to the Batik would be taken out of the .circulation of the countly. Nothing so wild could ever be credited. It could onlybe the delusion of one clay. No idea of the sudden repayment of those advances had ever entered the view of the Committee, or of Parliament. They 'would oc cupy the course of the next two years, which might be considered as the time fixed for their li quidation.. But that it should be intended, in stanter, to withdraw so large a sum front the public circulation, most appear to the whole country too wild a plan to have ever entered the mind of main—(Hear, hear !)—But even if it were in tended, the B,ink;either by the purchase of gold, or the exchange of Bills, might throw out to the same amount the very day after having received it. The rieSent measure was to inVigorate the exertions of the. Bank, not to cripple them. And what cause could there possibly be to suppose the Bank crippled by a measure which left her, until October 1820, complete mistress of a protecting price of eighty-one shillings. • There were strong reasons to beiieve that the Ex change would improve and arrive at par in the course of the next year; anti the Bank, it was well known, could always in this country regulate the price . of if the argument of the state of the exchange were brought against the measure, what a number of other objections of a similar nature might not always be raised against it.— , (Hear, hear, bear !)—There was no ground to apprehend that danger could arise when Parlia mew 'vas not Open to meet that danger. The re solutiOns of the Committee did not recommend the execution of the measore to commence be fore the Ist of February next, at which time the Parliament would be sitting.. Had a later period been proposed, the public would have imagined that the determination of the Committee, was not final, and that the Restrictions might once more berenewed. By fixing the Ist of February next, it was at once proclaimed to the whole country that the intention was real and irrevocable Should any unforeseen calamity occur, it would be preferable for Parliament to,act upon it when it itrose, than CO do it now by speculative siews. Parliament would be assembled wlicn the mea sure would come jutto operation, but he could hardly figure to himself a state of things which could induce the Legislature again to throw loose this questiow.—(Hear!)—On those grounds it was evident that no rational. danger could be apprehended from the measure. None could be more mild in its operation. With the exception) of two Hon. Members of this House, and a Noble Lord belonging to another place, in all three in dividuals, the measure bad met with tire united approbation of the Committees of both houses, so divided on other subjects. Even on the part of the . Bank Directors, this measure came as much rccom meuded as any that bad ever been brotight befot e Parliament. Three out of lour Bonk Directors had given'their decided opinion in favour of its'pt elide. Two others had afterwards supported it, without counting the great :tante of Mr, Baring.— It was clear, therefore, that no 111CilitirE had ever come before Parliament with greater authority than the present. He could nut understand the reason of the alarm excited. It Must proceed from 6 want of information which prevented the Plan from being understood. But be was saris fredithat When the measure anti the financial tar.; rangements of the year should be clearly explain ed, the whole of the alarm would be removed. — On thoSe grounds he gavehis cordial support to the Resolutions, in perfect confidence (even greater than lie had ever felt before) that it was taking the wisest 'course.—(Hear, hear, hear !) • Mr. ELLICE, after havint defended himself against several chargei of inconsisteney which had been thrown out against him, consented to With . - draw his amendments', He hoped that, when this great question was once settled, it would be set at rest for ever ! slsord MILTON rose in midst of cries of " Question," which rendered him inaudible, and was compelled to sit down. Mr. laYrEa then attenvted to address the House; bat the cries of " Qiestion " prevented him from being heard. Mr. CANNING entreated the attention of the House to any Aember who ►volti d offer his senti ments on a qurstion like the presei.t. One Treat advantage of the unatiiinity of this night would be lost it it were sopposed to have been obtained by the 5 iippression or any Cantrary opinion. Mr. ItlVlxt3 then addiessed th:t Rouse; but from his situation tinder the Gallery, nothing i‘bich he said could be distinctly heard, with the exception that he objected to the 4th and sth Re stdtrions. Mr. Wzi,otg thought; if this measure were car tteUl into effect, it ought to be done, not by au klmingerneut witit the Bank, but by the fair ope- ration «t !rade. Mr. YELL had no wish unnecessarily to fatigue the !ionic with a speech. lie had been in some instances misunderstood, bUt these . werd not of sufficient importance to justify hint in detaining I.llouSe by entering upon an explanaticm He begged to congratulate the Committee on their being now at least within•sight of that goal front which. they had • departed 'twenty-two years ago, and to which , at. times, he had been :afraid they - Would, never return..., He trusted the clejsion,!bac won'tl this night be come to, would put an etid to that pauic•whickrhad grown on the uncertainty prevailed for a short time past. The rlitbculties which were to be encountered lid flattered himself wools) not prove of such mag , nitude as some •had -expected, but whatever they might be, .lie•hoped this good effect would arise frouill;em, that -the nation would be care lit -never again to depart from the ancient stan. ; dant of the country when such a course could by Hpossibility be avoided. He .wished to move alt ;amendment fon the seventh Resolution, but one Hrhat was merely verbal. Under that. Resolution, it might appear from the ambiguous manner in which it was worded, that the Bank had an op tion of issuing gold above the prices specified in the Resolution. The arnendmeot he now nosed . would go merely to provide, that after Feb. 1, 1820, they should not issue their gold bars at more than 4!. Is. per•oz. and that after the ist of October till the Ist, of May ensuing, the price of them should be confined between 31. 19s. fid. and 3 1 ..175. 1 OLd.. The amendment was agreed to, but a division was called for on the original Resolutions.— Strangers were ordered to withdraw, when. Mr. CANNING rose.—He had had no wish to address the louse, but abstaining front duiog so, he had expected. when the question was put, that the Ministers and the country would have the be nefit of that apparent unanimity which had seemed to prevail, and on which, more than on any thing else that could pass within the walls of that House, he had reckoned to tranquillize the public mind, and strengthen the belief that that, as well as the other House of Parliament, was deter mined to proceed to the restoratio❑ of that stand ard from which, as had been stated by his Right Hon. Friend, the country had departed twenty two years ago, and to which lie, like his Right Hon. Friend, had feared he never should see theta return. But since he found that their vote was to go forth not as the unanimous, but as a divided decisiOn, he trusted that the situation in which. he stood .as a Member of the Committee would justify him in stating the reasons and the grounds on which he recommended these Resolutions to thj House.-- [Here the Right Honourable Gen tleman was intertupted by a loud cry of " Read, read !'']---If he were to understand from what he now heard that the Hon. Gentleman was willing to withdraw his - opposition, he would give a proof of what he had stated with respect to his unwill- • ingness to address.the House, by sitting down at The Right lion. Gentleman then resumed his seat. once. Mr. CRILYS then expressed himself willing to withdraw his oppodtion. Mr. MANNING . 4I4 not wish to disturb the unanimity of the House ; but because he did not oppose the Resolutions about to be disposed of, he wished it to be understood that be did not consider himself bound to approve of the Bill in all its parts which would be founded on them. Mr: CANNING - observed, the concurrence of his Honourable Friend on this occasion would not ,preclude from watching the Bill that would be founded on these Resolutions, through, all i►s stages ; but he could not takz his assent to the Resolutions for less than a subscriptiOn to, and concurrence. in, the propriety of going to the ancient standard of tl►e country, to which Par liament were determined to return. The ResoFurious were then agreed to, and the House resumed. Mr. MARTIN Or Galway) postponed his mo tion respeeing Baron M'Clelland till ThorAay. The Orders of the Day being disposed of, the House adjourned at Hall-past One. PROPERTY OF A CONVICT. Botr-STltenT.—On Monday Mr. Sheriff Ro. berts, accompanied by 11r. Under Sheriff 'Turner, attended at the Office to complain against Adkins the Officer, for detaining and keeping in his pos session a quantity of silver plate which he produced in evidence at the trial of Jeticot, the clerk - in the General . Post Office, who was lately convicted at the Old Bailey for breaking open letters, and. stealing Bank' notes which were in them. The officer took possession of the plate when he ail . - prehended .I,ll . cost at his 'residence in Norfolk street, Strand, it being suppost d to have been pur chased with some of the stolen Baak notes. The Sheiiff contends, that supposing there be" a doubt as to whoas the plate belongs, he was the proper person to keep possession of it until the (plc s. lion was decided, and not the Officer.—Adkins, the Officer, in justification of his conduct for keep ing the plate io his possession, produced a let:et kid dressed to him from Mr. Pot kins, tbe Solicitor to. Post Office, directing him tO retain possession, of the plate by command of the Postmaster-tie• neral.—(illoriAiig, lie , aid.) Yestertlay 'horning, at eight viciock, fifteen wale convicts wire sent off from 14cliellioliger :atle Gaol, in the prison caravan, for the purpose of b e i ng pot oil board the bulks at .Wootwicii. "{lie gaol is now dear of cuinicts, wilt,' the ception of a 1w ICLUdICS,