The Sun. — London, England, 1819-05-07 00:00:00

...--a: 'notices, and by b sincere desire to teze,crate the arri cal of the period fur the resumption of cash pay ments ; but at the same time they had to regret, that, un fortunately, it had produced a contrary effett. The last of their notices, issued when the price of gold was at 31. 18a. 6d. per ounce, had taken from them that control over their levies ...hid, might have enabled them to diminish their paper cir culation. Their issues of Bank notes had, in fact, increased to that half-year. During the war, or at least at the close of it, it appeared that the amount of Bapk notes in circulation was 26,716,7141. In the half-year to which he had referred it was 29,210,0351. having been in the half-year immediately preceding it but 27449.7661. Front the return made in uly 1417, when the dividends were about to be paid, it ap peared that the Bank nut es then in circulation amounted to 86,800,0001. The outstaniing notes on the 4th October in the same year amounted to 28,900,0001. The sotereigns is sued between July and September 1417, amounted to 1,246,4221. Had these remained in en culation, there would upon the whole have been an increase upon the circulation of thw preceding half-year of 3,08,5421. The Committee could 'km hitt I email:, that wlta:ever might he the policy of the awl flowerer la.itlabir their motres, to is , ne g-014.1 when it was above the Mint price, withoot diministong their i;s•rws was prodoc!ive of niony inconvenience+4.— 1 7 .11e4, thoy I,(l.ce.Srd •tich a c , hl rottl vver 1 heir paper 7%., to be capable of red•ic;ng the aniowit tontstandintr, it ap peared highly inexpedient to enter upon that extensive though 1.4 rtial issue of coin which Ita,i occasioned t been rn senors a logs without in any way henefitintz the coun t v. It was under this impression, and fro:u the conviction that such payments, ii stead of aeceleratinz, tended but to postpone the period at which cash payments might he with rafr•ty resumed, that the Cmninittee had, in their First He- Sort, recommended the immediate passing of a law to re 'train all payments in cash till they should - be enable to 50)- Wit to the Howie their slew of the whole of the - sithject. 'The Committee had next proceeded to inquire what, issues of the Bank of England were outstanding on Government securities, or, in other Words, they had proceeded to in quire into the amount of the debt due to the Bank of England from the country. 'far re-p.i...ment of this was so earnestly called for by the Bank, and so many considerations of import ance Were connected with it, that the Committee thought it necessary to go into the history in detail of those advaneei made 14y the Bank, which had had the effect of depriving hem of that control over their issues which-it was desirable p o s s ess ; and in the Appendix to the Report there would be found an account of the sums advanced by the Bank to the Government on Exchequer Bills, from the year 1792, up to the latest period to which the same could he made out. The fist item that had claimed their attention was an advance of 1,810,0001. This, however, the Committee could not re gard as a debt due to the Bank from Government, as the sum in question had been originally given to the Batik to pay the public Creditors their dividends, and not having heen claimed by those to whom it had belonged, had finally been drawn from the Bank, and appropriated to the service of the public, under the provisions of certain Acts of Parliament, passed in 1791, 1808, and 1815. It would be seen, a great proportion of the advances from the Bank had been made on I 3:xchequer which were distinguished from each other Rs Bills issued and Bills purchased. The Report then went into the history at large of the t egulations under which it had been originally provided that all advances from the Bank should be made. They were restricted from advancing cash, hut on supplies voted by Parliament or Bills of Exchange, issued under the authority of the Lords of the Treasury. Between the years 1777 and 1792, they had assisted the commerce of the country by discounting other Bills of Exchange, and an Act was passed in 1723 to'protect the Governor and Company from the penalties which It was thought might attach to the course they had pursued, if the provisions of the Act passed in the time of William and Mary, when the Bank was esta blished, should be enforced against them. The motives for passing that Act had been explained by Mr. Bosaoquet in the rear 1797, and the provisions of the Act of 1793. allowing the Bank to discount bills to a certain amount, was continued 'ha an Act passed shortly after the Bank Restriction Act.— It then gave, from the Appendix of the report, a statement of t: e issues and advances made by the Bank from 1814 to 1819, and described the arrangements made in May, tBlB, to repay to the Bank, in the course of the year, the sum of from 3 to 9,000,0001. by instalments of t,000,0001. per month. The 'Bank had considered that the S or 9,000,0001. they were to receive would enable them partially to resume cash payments. Provision haul been made for the payment of the• Bank by loan of 3,000,0001., and by a plan fur gradually Amain Ex ebequer Bills, on certain terms, to the ansountof 27,000,0001. ; but the mosey raised by these expedients fell short of what was expected, and not more than the sum of 5,000,0001. had been repaid. The total amount advanced by the Bank to Government it had appeared was 9,435,9001. The amount advanced for dividends was 1,980,899. Of these sums it ap reared desirable that a large proportion should be paid pre paratory to the resanuption of cash payments. This done, the Bank could reduce their discounts as far as was necessary to give them a proper control over their issues. The only mode by which the Bank could prepare for cash payments, while that which they had advanced to the country remained unpaid, was by limiting that accommodation to trade which they had long been accustomed to afford by discount ing Bills of known solidity, which were to run but for a short and fixed period. Butt while the Bank claimed the re payment of a considerable part of the sums they had advanced, and the Committee recommended that this should be done, they thought it right and no more than justice to the country to direct the attention of the House to the balances in the bands of the Batik. Their consideration had first been called to these by the Committee of 1807. At that time it was shown the public balances in the hands of the Bank amount ed to the sum of 11,104,9:91. Their average amount from the year Iso7 to 1815, when the war terminated, was 11,000,0001. In consideration of these balances the Bank hadadranced for the service of the public the sum of 3,000,0001. in 1808. Since the year 1815 the balances in the Bank had diminished in amount, and had not averaged more than 7,000,0001. By an Act passed in the present Session of Par liament, their growing produce, to a limited amount, had been made applicable to the service of the country. The Committee were anxious that this part of the subject should he clearly understood. They recommended provision to be made for the payment of 10,000,0001. of the sum due to the Bank, and the establishment of a permanent system which should bring the publie balances, and the arrangements con nected with them, more immediately under the eye of Par liament. The Committee next proceeded to consider whe ther it would he expedient that cash payments should be resumed at the period now fixed upon. Taking' :he issues of the. Bank into their consideration, and Ott bullion which they had at their command to rout their outstanding notes, they were satisfied, shit if it were decided that the Bank should resume cash payments in July next, it would be necessary for them suddenly to stop their discounts, and diminish that part of their currency which was under their Immediate controul. Much important evidence had been furnished to them on the effects which would flaw from such a course of procecdio';. Mr. Baring, Mr. Haldeman, and Mr. Gladstones, had declared, that in their opinims these would be seriously injurious to our com merce. After giving the subject every consideration, the Committee were decidedly of opinion, that it would he expe dient to continue the restrictions on cash payments beyond the sth of July next. They now came to offer such observa tions as they felt it their ditty to make as to the period at which it would be advisable that cash payments should he re sumed. In considering this part of the subject, they had first directed their attention to ascertain what supply of gold would he necessary to effect the resumption of cash Payments. It was tlitticult to determine what quantity of gold had been in circulation previous to the passing of the Bank Restric tion Act in 1797. A variety of estimates hail been made, hot it sceined most g,i , rally agreed that its probable linolint might he about 30,000,0001. Whatever its amount might have bet!), there was reason to believe the wtio!e of it lied liven exported. Ois this subject, it referred to the opinions of Mr. Harman, the late Lord LiverpooL and Mr. Ito.;e, and proceeded to give the opinion of Mr. A. Baling:, on the sum that it would he necessary to provide against the resumption of Cash Payments. For thi , purpose. Le thought, from 40,000,0001. to 45,000,0001. would he wanted if Cash Payments were so restuned as t , - exclude al; one and two pound notes from circulation. lie 'IA not mean to say that a beginning could not he Enitde till thk sum sys pr,vided; but be.Wai of opitton that this 5001 in gold would !it. filially aWorlied. Olt data so imperfect as were those he- fore the Committee on this subject, it WAS d:tiicult to give au opinion ; but the Committee was inclined to consider thilt Mr. Baring had orer-stated the sum that would actually be required. It appeared, that when the . Bank had par tially resumed Cash Payments, no extraordinary desire to possess coin had been manifested by the Public. Geoe rally they seemed indifferent about it, and, instead of f etching gold from the Bank, they had frequently carried gold to it till the exchanges became unfavourable to this country. This state of things continued till the financial Operations in France commenced. Then the tide imme diately turned, and there was a drain on the flank which. had continued ever since. Mr. Stucky, of Somerset, hail stated that at the period which preceded the financial ope rations if, France they had gold in circulation in his part of the country, and they had transmitted' to town from the house to which he belonged as many guineas'as had cost 1001. for their carriage. In lal7 he bad brought to town with him 1000 guineas. Ile had purposed leaving them at a bank er's, hut this he was requested not to do, as he had sent so many to the Bank that they were unwilling to trouble the Bank by lending any more, and they the more desired to be excused from having any thing to do with them, as they caused trouble from the attention paid to their weight. The Committee were of opinion, that by the time cash pay ments were resumed, the Bank ought to be prepared not °illy with a larger supply of bullion than it was probable would be called for, for the circulation of the country, bnt also with enough to sustain any drain on them that might occur, from an eagerness to export or to hoard the gold that Wright be issued. The Committee were of opinion,that causes were now in operation which necessarily threw great difficulties in the way of obtaining a sufficient supply of bull! m for the circulation of the country, and more so as hot a short supply of the precious ineta:s had latterly found their way into Eu- • rope from the disturbed state of the Spanish Colonies. These difficulties might be surmounted, hut they certainly made in creased exertions necessary to procure an adequate supply.— Unless a diminution of the paper in circulation took place corresponding in amount to the gold issued, it was in vain for the Bank to attempt to make payments in coin, and it did not appear to then► that any effort that could he made to enable tine Bank to pay their paper in gold, at the rate of 31. 17s. 1 ltd. per ounce, would he of advantage to the coun try, if the parties demanding Kohl for their notes could immediately obtain a profit of 5 or 6 per vent. on its exporta tion. The Report next took a view of the causes of the ex changes becoming unfavourable to this country, and of the various opinions on the course which the Bank ought to have taken on the occasion, and on the consequences of the fo reign loans, and the investments of British property in fo reign funds, which had operated on the exchanges. The opi nion of the Committee on consideration of these was, that the future effect of foreign loans on our circulation would he very !United, and when they looked at the extent and value of the exporting produce of this country, they need not doubt the practicability of obtaining, at no distant period, a sum adequate to the wants of the country. That great dif ficulties were in the way of returning to Cash Pay• ments could not denied, but these were outweighed by the importance of restoring to the country the advan tages of that medium by which, before 1737, the value of all commodities was measured. This opinion having been expressed by the Legislature on various occasions, the only duty the Committee had to perform, was to point out at what particular period the resumption of cash payments ought to take place. if they could see a way by which the difficulties might he met, without postponing and thus aggravating the they wished to remove, the Committee hoped they should evil not exceed their powers by suggesting such a plan, even though it involved a temporary departure from the law of our currency. A plan of such a nature had been sub mitted to them, the effect of which would be to compel the Bank to furnish gold in bars of standard fineness, and of the weight of sixty ounces, at the rate of 31. 17s. lOid. per ounce, after the Ist of May, 1821, to the holders of Bank notes to that amount; and in two, or at most in three years after this, it was proposed that the general resumption of cash payments should take place. In the interim it was re commended, in order to make the payments in cash gradual, that front the Ist of February, 1820, the Bank should be pre pared to pay, in bars of gold of standard fineness, and of the weight of sixty ounces, at the rate of 41. Is. per ounce, to the holders of Brink notes to that amonnt ; and that on or before the Ist of October, 1820, the Bank should, in like manner, be prepared to pay With bars of gold at the rate of 31. 19s. 6d., and then, as before stated, to pay on the Ist of May fol lowing, in bars of gold, at the rate of 31. 17s. lOid., the Mint price , of gold. The chief recommendation of this plan was this, that it would have the effect of en abling the Bank to commence their payments earlier than they could under any other, without exposing the country to a most serious loss from the immediate exportation of the bullion issued, while a sufficient quantity of notes would remain in circulation to keep in activity the industry of the country. It was calculated by this expo client that madi *.vai:l3 lie brAing aose who wished to export gold coin, _and the snin required to carry it into effect, Mr. Baring It:11 , 11t, would not in the first instance exceed sor 6,000,0001. At all events, calcu lating on liciteding to a large amount, that Hcnottrable Gen tleman thotrelit 0,000,0001. would be sufficient for every purple. Mr. Hall was of opinityr it would not impedo the circulation of the country, while it gave to the Bank. notes art efficient standard. of value superior to that beloireing to the paper circulating' medium of any other coittney. The Report 'fated the reasons which made the Committee recommend that payments in gold should continence between the first of Fe bruary, 1820, and the first of May, 1821. .The House hating more than once fixed a period for the resumption of payments in specie, though the measure was desirable, had been induced to put it off to give the Batik time to prepare for it. The Committee, desirous iu reConlitieflthllr, a further postpone mem, wished to give the public an additional security that there shall lie to- new delay, lint that cash payments snail take place at the lime which they now recommend it to the House to name ftr that purpose. Such security they think will he given by calling on the Rink to commence their pay ments on the plan proposed in February, 1820. By thus ef fecting a partial return, many of the impediments in the way of th e general resumption Of cash payments would, it was expected, lie overcome. The Committee were aware that by continuing in circulation cotes undet the value ut 51, they left the public exposed to the forgeries which had been so frequent of late years, and it might be objected that in pro posing that gold should be given to the balder of notes to the ;tinsiiint of sixty ounces of gold, ant advantage was given to such a person, which was withheld front the holder of a smaller note. This plan however had se, era! advantages.— It might be remarked on the second ohjection, that it a gene ral resumption of cash payments were now to take place, lii,tl;:h the number of Bank notes in circulation would lie greatly diminished, it might not follow that the fineries would be dimislied in the %Mlle degree It was however booed that the att,hipts now waking to prevent the forgery of Bank notes would greatly diminish the lrequeocy of that crime. The plan now in progress, the Committee expected to be in active smerat ion in the course of three ' t omtits. Sir .liosepli Ilani,s and 1)r. Woolastoit had been examined by the Coto mitts c, and they had expressed a conlideut hope that the plan w.aild answer, and that for4eries would very seldom oreur; huh had Atatvd themselves to be condrined in their former favourable opinion of the plait, by experiments witick have ialsen place sluice the date of the Report of the Commission which hail been Appointed to inquire into tile means of prtees.ting the forging of The Clllll.. mittee it-commend no alteration of the Mint Laws, but they strongly recommend the to al repeal of the laws prolsitiiting ti.e welting exatirtation of Coin. These laws had been found wholly inefficient to prevent the ',fleece. they were in• tended in repress—they served but to encourage perjury, and to give the etsholiest, who set the laws at defiance, an adroit tage which they ought not to enjoy over those who respected them. The Report then notices!, at great length, the info! ma i ion they had received respecting the issues nt Conatry Banks, but were not prepared to recommend any, new laws for their regulation, and having mentioned the inconveniences expe rienced trom the rapid contraction of this currency ill Nit; Alld'l9l7, as Ca likely again to occur, it concludes! with some observations on the extent of the circulation of the Batik of England Netes, which it stated was not to he ascertained from a mere numerical statement of the number outstanding at any particular time. The Report, having been laid on the table, was ordured to be printetl. Mr. Tt FRNEY asked the Chancellor of the Ex cheque' if he intended, before bringing out the Budget, to come tot wart with any plan for putting the finances of the country on a wore sound and more intelligible foundation ? The. CHANCELLOR of the'EXCHECLUER said, at the n•ual time he should enter into the customary explanation of the state of the finances of the country. To that extent he could answer the Right lion. Gentleman, and no curt her. TIERNEY then gave notice, that no Tut's day, the 18(1) inst.he would move that the House lloidd go into a Committee on the State of the Nation. Mr. PEKE. suggested it, might be desirable to lelay the printing of the Report fur several days iil the Appendix could appetr with it. For the Remainder of the PAtliamentary Proceedings, see the Last Pagv.l LONDON JOURNALS. 'FROM THE MORNING PAPEUS OF TIIIS DAY. [Morning Post.] If the clamour raised by a few individuals aga i n st .‘ the Electing' Oath Bill," which is to he read a second time this evening, should prevent its passing into a law this Session, a strong im press:on will be made on the piddle mind, by the discussion of the subject, and ultimately the great object of the Bill would be obtained ; tor, " in a countty like this, the public voice will eventually make itself heard, and when heard, it must he triumphant ; for al:bough public opinion is slow, it is sure in its progress, and doubly sure in cases of srioral feeling." And we do not know any subject so likely Jai affect the feelings of the people as those wiiich relate to their tights and liberties. To mislead the Public On the pre went occasion, it has been roost untruly said, that this Bill will destroy the right of voting in bur gage tenure boroughs ; we therefore refer our Readers to the rrovisions of the 13i1i, by which it will be s,en that it will not vary, alter, or abridge the legal right of voting, either in burgage tenure or freehold boroughs, its sole object being to re gulate the use and exercise of that right—to pre vent in future the abuses which have too long prevailed at elections in these places—and to put them on a similar footing with electors for coun ties, and for cities and towns which arc counties of themselves. The other objection alleged against 1 this Bill is, that its provisions are novel, and many of them harsh and unnecessary. We are, however, informed, that there is no truth whatever in this assertion, and that the clauses of the Bill are copied verbatim from the Acts of King George the Second, which are now in force, for the regu lation of Elections in other places. The impor taut object of this Bill gives it a strong claim to the attention and support of the Coontry Gentle. men, who have a deep interest in its StICCeSS ; and it is fur that lesson the proprietors of close boroughs are so adverse to it ; they know and feel that if occasionality is pat an end to in close boroughs, the gentry in the neighbourhood ot them will by degrees recover their fair and natural influence over the freeholders ; fur these boroughs will then be no longer under the controul and do minion of wealthy patrons living at great distances from them, who neither know the inhabitants, nor care for their prosperity, happiness, or welfare. The practical result of this Bill will be to place the property in these boroughs in the same state in which it was it) former times, before the practice of creating fraudulent voters was invent ed to facilitate the corrupt and illegal arrange ments which are made for the representation ot them in Parliament. But of all the suggestions which have been made on this subject, ~vile have su rpris e d mss more than the proposition that com pensation should be made by Parliament to the persons who have the greatest number of free holds in these places, whose interests it is pie s tended will be injured, should the Bill pass into a LVV. C.le what greunrl this clatte for eot ll. peesation een b e j t i fied and supported Ire leave our Readers and the Country to j uh t 4 . • —We can, however, state a fear re2sons they ar e wit entitled to either compensation or to ihe protection of the Legislature. kirst, because they may readily sell their freeholdf fur a price twenty blues the amount of their ore, ginid coat ; and Secondly, bet.tuse from the co" rupt teie they have male of that property , c he f( have tot kited all claim to the consideration °: Parliament. The wery in which this species 01. property is used, need only be stated to conrin T ce the world of the juts! nes, of our observatiens• I s ' f4 content with the iilintleti rent of their freeholds, the proprietors of boroughs, by the means thi ef ` f have of cleating txcasional voters, and overwbe l f ing the outstanding iedeliendeut Freeholders, ". rain from . their illegal influence large consi dera i Lions for the representation of these places , 61. 7„ so secure on every General Election p e cuoiarY st , s vanieges, which could net be obtained from 1111 species of property, if the regulations of Electinus in other places were extendkel to these boroue ll :; It it were necessary, we could state the loin'' sums which have been received in !natty borougli, meter the circumstances we refer to ; but i be ' c observations will satisty the Country rl" 4 t in tbritu emu be made.out for public compensation this case, as the right of . Election remains fil t i o touched, and is only to be restricted in use, e - e secure the freedom Of Election, and to p rev : l , l e the r•.currenee of the illegal practi c es w hich i so long been reprobated by the Courts of L tie of and by ell the great Constitutional ‘Vriters country. Whatever may be the tate of this 11 ` " I e sur e , we are, oe mature reflect ion, saisf "1 iea „. the interest we have taker) in Its su f : cess - 1 - , veneed IS to the support of the L egl ‘v (We, not only from the corriietten we ten pet check, but trout the salutary eff et it will love% tire minds of the people, wii will consider 4 as , positive proof of the determination of Perli s/P . 1 :o to put au end to the abuses which h ave crePi Fit the Repiesentative SysTeni, contrary to the of the Constitetion, and io violation of Ibe CV mon law of the land. orning Chtonicle We fi nd that th e Reporter of Alt. B e nnet's ennet's 'p e e, on the introduction of his BM for the Lie e " h % System, lids made that Geotleman say.. 1 " 1-3 0 though there were many cases of opprt.ssi"4,l, the country, yet he comcietitiousig believed notfi-i )61,` of the kind existed in London." I'oe truth is, direct opposite statement was made, and t3 k Bennet quoted instances from the evidenc e , t e before the l'o!ite Committee, hi order t04 . ". 4 1 ,., ti!e misconduct of the Middlesex Licensulg gistrates. NOTICES of MOTIONS, and ORDERS of the DAY, i ' O tt n,sw stand in the Order-book of the Ilouss of Ccovgoo' fur 'llll% DAY. FRIDAY, MAY 7. . C,•ilers o a D a . 1. Friendly and Parochial 114:I . : f eft .- ce socity,ies Bill ;—Curnm ittee• Y. Eicctoi s (Milos' Bill ;—Connaii tee. tilt' S. Thomas's Divorce Bill ,—Coin mince ;. Counsel, and lieSSei. 0 w lit' 4. Acts relating to Illicit Distillation in Ireland ;-- - ‘' o " - " tee tileretpon. ices pro i 1 A sse" I. Mr. Chichester,-13.i1l to ide for a mor e eq o3 ,„cerai IlieW of Mollies lev.ed by Presvifinzents in t,tt e C.,uoties ill Ire.letod. tlf e. Lord Palmerston,—drily Estimates. (In Committee S.lr. Arbotimot,—Conouissariat, Barracks, and orous Estiomtes 7 (In Committee of THEATRICAL ILEGIST Performed Last Ola TF4F,ATRE ItnYAL, DRUILY-LANE.—A New W:iv t o jlp , ur ,tt• Debts: Sir Giles Overreach, NIE Kean ; LatlY re Mrs. Knight. After which, Seeing is ~' was added, T:ie Irishman in Landon. Wif e TimATtir. !tort!, :CovENT-GaunEx.--The Mr. Oakley, Mr. C. Kenilile; Mrs. 0;1,1.4, After which, A Roland for an Oliver. PRICE OF STOCI(A THIS HAY AT TV4 I. LV.. u't.t,t.CK. 18. 3 pet Cent. Red :I pe r Cent. I B ti l dl i a ' 1' 117)71 'r :I """.6.5... '2• ‘°.4. r LI:. s.• •• • ~ s 4. I' , 6i per lent sni 1 Exch. IS.:k,••2d. 9s. ,si . a 4 per Cents 6 per Ct. N. Ann... 10 . 4 .. / 9 1( 0 )! ._ I Cons. for Account, 1 7•. i • - MAIS. mcuivitu—i Dublin. 2 Waterftar L d, I Guernsey a nd it"e Hatuburgh, Flanders. DUE-1 1)t)lihal, Wlterturd• UICFI WATER AT LONDON BRIDGE TO-N l4): `,"oter Morning, 84 minutes after 11. Evening, 59 THE SUINT 110LE:11 QUID 1 , 11.:Eals: OEAT LONDON, FRIDAY, 1113 Y 7 f w . 9 e received this morning the Paris 1 1 " Pe ri Tuesday list. .The discussion was 1 .00 106 a , Nlonday, in the Chamber of Deputies, on th e jet respecting the Press. M. BENJAMIN CoNsP objected to the security rtquit ed from J00016°9:1; and moved an amendment, to the effect , th at ; - t , Proprietors or Editors of any Journal or reit/4150 Poblication should be required ro enter troe name and residence of one rtspunsib le Prorrriei or E and the place where printed. amendment was supported by M. RoYiis CO I ' °ll . l o and opposed by M. LAINE, who, together Nl.GurzoT, poke in favour of tie origin"' Praj.o. The discusion on the projet generally res pect i to closed, and the deliberation upo n the articles was postponed tilt Tuesd a y , reservi of M. bo.-OYE ROLLIN, the Reporter, the OP" replying. The following are extra:vs t' Ifl'Atin, nepate 1 Alin, MAY 4 —Yesterday gran d t h e tion o car , Court the ttvu Che•tibers, Deputations Icor° ' Court of Cessation, the Cour Royale, &c. of g rattdated the King nn the AnitiverstitY ( Ni+stv's return to Paris. The King, 11 . 0 " 1 ,, swer to the Prefect of the Seine, expreotil Bret, that au attack of the gou t, fruLU n hi fr, fr,