The Sun. — London, England, 1828-06-17 00:00:00

Government of Ceylon. The spice trade Was con demned when the Dutch had it, and the growth of cinnamon in Ceylon had been prevented because the English Government had a monopoly of it. Now all this was done, not by a set of - merclants whose antipaated notions might lead them to adopt a nar "'clnw policy, but by a Government which had always advocated liberal notions while it was as abundant as the Dutch in monopolies. 11Ir. STEWART said that all ihe restriction , ' .• upon the intercourse of Europeans with -India, rested upon grounds purely political. Mr. R. GRANT addressed the House from tinder the ollery, and was very indistinctly heard. We understood the Hon. Member to say, that he Aould not have troubled the House on that occasion, if th e Hon. Member for Bridgenorth had followed the example of his Hon. Friend who presented this peti , tion and in refraining like him from discussing the question at so inconvenient a time. But that Hon. Member not contenting himself with agitating the general question, digressed into a much larger field, and had been followed by other Hon. Gentlemen, who together, had left no subject, whether political or commercial, which had happened since the re newal of the charter, untouched. Nor was this all, the attention of the House had been called to the commercial policy of other nations, which could have nothing to do with the petition before the House. Now the petition was extremely mild and temperate. It called upon the House to consider whether the Prohibitions upon the intercourse of Europeans with th e interior of the country—prohibitions imposed not by the Company, but by the Parliament—and also the commercial restrictions, ought to be allowed to continue. As the intercourse of Europeans with th e interior, whether the prohibition were right or wrong, it had existed from all time, and the peti tioners, not venturing to point out any course for the adoption of the House, merely prayed the House would take into their consideration whether it would not he expedient to repeal that Act of Parliament which enacted this prohibition,and he would appeal to th e House whether these moderate and temperate petitioners were treated fairly by gentlemen who nitroduced angry and irritating topics. He would ask if it were fair that the question of the intercourse between Europeans and the interior of India ought to he linked with matters which had taken place in the capital.—(Cheers.)—What, too, he would ask, had the commercial question to do with a free press in India ? If any persons were of opinion that un der no circumstances the prayer of this petition could be granted—which prayer, let it be recollected, . was only for an inquiry—such persons would of course be totally opp ose d t o th e p ra y er o f th e peti tion; but they who thought it not only expedient but highly prudent also to entertain this question, must no doubt be extremely anxious to go into the inquiry, and to discuss the question with temper, and with a solicitude for the interests of the inhabi tants of Hindostair, which was hardly consistent with the introduction of angry and irritating topics. With respect to the renewal of the charter, he was so deeply impressed, on the one hand, with the im • Portance of considering on what terms it should be granted, and, on the other, with the difficulties of the question and with the magnitude of the interests • involved, that be must be allowecLto suspend his 'judgment, not with a spirit of reserve, but from an ' and caution to come to the consideration of the subject without any prejudice of whatever kind. Whenever he came to give his vete on the subject of the renewal of the East India charter—on what term s 'that charter ought to be renewed—he shOuld have the satisfaction of knowing that his judgment he sincerely and' conscientiously formed. If n e ight be allowed to trouble the House with one , word more, he would observe, with the Hon. Gen tieinan who had preceded him, that the question .was not one of a commercial but of a political na ture. It was a mistake to say, that the advocates of the Company at the time of the last renewal of the Charter, were universally of opinion that the trade With India could not be extended. He (Mr. Grant) recollected that, not exactly chiming in with th e notions of the Company on that subject himself, he had listened with anxiety to the evidence of Sir Thomas Monroe, who admitted that the trade " v tnild be increased, although he was on political Pntinds adverse to an open trade. The subject. of Political danger was well worthy their serious con ' s ideiation. He did not himself think it possible t hat any such danger would take place in the first ghtan • for it might be obviated by regulation. h man ulterior stage of the process, it mast be ' e xpected that a considerable Colonial and Creole Population would arise—not, indeed, numeri anY balancing . the native population—yet, in %lain parts,. in interstices of the country, very. Numerous. The • greet, the anxious problem, _ther e wou ld b e an •- a dj ustment of t h ese two The` of persons in one and the same c o mmu n ity. The superior race . would have privileges not 'hared by the other; that is, it would be a caste above all the rest. It would fa rther be of European descent ; and all past and •.:" pres en t ex p er i ence p rove d th a t t h e E uropean w ith could not be intermixed in on e soc i e t y b ut those of the ether quarter s o f th e g l o b e , Pnt , that it always became pr e d om i nan t ;—and . ascendancy in every such instance was at tended with inconvenience, and even oppression, t .,. ° its associates of a different origin. H e `otl not mean to desPair of some solution being found fai rly this difficulty; he, for one, would consider it ~4 ir ly and honestly; but that it was a very seri tis one Ahem could be .no doubt. He would Merely remind the. House, that this difficulty had DO q)tinexion with commerce, but that it was one of vital importance—one that involved the happiness 13 f . Mr. P. COURTENAY thought it his duty to ' 4 3'. as the HOn. Directors had urged, that all theie here political restrictions, for which the overn entk and • most of all the Parliament, were an 41verable. • HUSKISSON hoped the. House and his FriendAvonld recollect that he had not called this discussion, and he could assure them that he f . 4 Hot intend to prelen . g. it. The Hon. Member Moriffese, :however, had told him that he (Mr. 'had'Sat'Still for ten years and seen the violated: New, 'from th e ver y,d a y on which Charter was renewed,-for more than ten years, t 7,3bad.gone on promoting, f ur th er re l axat i ons t h a t *Charter admitted; and should be glad to see those "qations continued. • kh After;i;; . ;;;l;in explanation from Mr. BARING ' .I. I VIr..:IIUMg; WIGIrRAM said he wished to make an ob tti:lvatigniiupon What had fallen from an HOn.lyle , n 2 - Whitnire) oprisite. FOr his Own • I he'did not thi n k that the East Indian Govern bet would do their duty if .they did not ascertai n eharacter of per:snits. WhO, having 'left India, 1 • 4 4(1 te.retttrn to that • couutr Y -14,41% W. WHITMORE said.that when any body 4;Salctitta, he was - obliged to bring w ith him a u l `riettte that his'condUct . had been agreeable to the horities there. • He thought this improper. The petition' • was then ordered to he printed. HUSKISSON presented a petition from q t •%Dts: of London, coMplaining of the state of • li A ` ROBINSON supported. the.petition. the NOTES (SCOTLAND AND IREL AND) BILL . /14e CHANCELLOR 'of the EXCHEQUER sp that the order of the day for the House re ._ U . O into a Committee on this Bill be read. Cl the'question that the SPEAKER do leave the gir , would shortly state to the House his 41 ons to the Bill. The object was to restrain Tf i rs'n Bank Notes from circulating, in England. lie : h ll lust lessen the circulating m e di um o f England. ja I s " objected to putting an end to small notes, ia t h i - and he had seen nothing sin ce w hi c h o ught to hi rn•to change the opinion he then entertained. - r -NOrd* to a guinea and paper, a guinea was b e "OltiJ_for'the:internal operations of the coun ifore, ut only for" thejex.ternat operations. If, there theY mixed the two, they ought to have as ~isgv old notc:, Id he c`o t lency pia c° riecesv.:: 07 ,, ws sj , little cf,, llic arr . ; e cont is Le had re ' ty of , ed by st of P / , as sd• i t wa , duty 64 i r i , gc h squ o lit di d .ent data .1 11 fly uv tem• tained free t_111: Erse ;h stibi et ' 'lie Act I ,` ;ed troul. aridg wilts. ill luct of " [Oll. G ej : o ques9, o )l the g rout' bol o ' g e l ; e r f gar , le Aval„ c , h e en' o f lantitY Ind' tbi` ,n 0 f „ F e that t he e of; s ettle - t c ; like til much paper as possible, and as much gold gold as might be necessary for transaction abroad. If this view were correct, he put it to the House whether it were right to reduce the paper currency. If the object of the Bill were to prevent panic, it would not be found to answer. What the country wanted was, simply a good system of banking. The dif ference.alone between an incompetent system and a guarded and secure one, was more than enough to account for all those evils and mischiefs which it was now sought to charge upon the scheme of paper circulation'generally. The history of the United StateS of America formed a singular illustration of the truth of thiJ principle. The Hon. Member here entered at some length into. the nature of Banking in the United States, and- showed its great superi ority to the English system. In France again, he went on to observe where the banking affairs of the country were seen and understood by every body, alarms were comparatively if not entirely unknown. The effect of any Bill which was to cripple or restrain the circulation of paper in Scotland, must necessarily be to produce effects the most detrimental to that kingdom. At pre sent there was 20,000,000/. of capital lodged in the different banking houses by different individuals, the greater part of which consisted of small deposits .of from 201. to 301. each, for which the owners re ceived interest. Here was all the benefit of the saving bank system secured to the industrious, and the use of 20,000,000/. of money to the pnblic. If the money so invested were not placed in the banks, what would be the result ? It would be hoarded in small sums by the proprietors : these last would lose the benefit arising from lending it, and the country at large the enormous advantage of its employment and distribution. And this result would be inevitable from any restriction of the paper system in Scotland; for it was perfectly well known that if the bankers ceased to issue their notes, they could no longer allow the same rate of int erest to their depositing customers. In eonclusion,he desired to have it recollected, that he was. no thick•and-thin advocate of a paper system. But because he believed that it was a paper system founded upon a safe and regulated basis that the country wanted, he should oppose the going . into a Committee, and should move that the motion be further considered that day three months. Lord HO WICK, in seconding the amendment, should not trouble the House by going into the general question of Scotch or English paper currency. He was content to oppose the present Bill simply upon the ground of the excessive mischief which it must produce in the north, when the same money which was current on one side of a given line, would now be forbidden to be received on the other. Mr. Alderman THOMPSON believed that the Right Hon. Chancellor of the Exchequer, in looking at the question generally, had estimated the small note currency of the kingdom far too low. The Right Hon. Gentleman put the whole amount under two millions and a half. But there were 668 bankers in England; more than 500 were issuers of 1/. notes; and supposing each to have only 10,0001. out in such notes (which was a very moderate calculation) here was an amount made out, without going any farther, of 5,000,000/. Then the effect of the policy now pursued must necessarily be to withdraw this whole sum from the circulation of the country ; and certainly he did net believe that such a course could fail to be attended with considerable mischief. The amount of our circulating medium was already too small for the purposes of commerce. In 1795, the circulation had been,—gold and Bank of England notes about 45,000,000; country bank paper about 7,000,000/., —altogether about .52,000,0001. The amount of the public taxes at that time had been 16,000,000/., so that it took three years' taxes to call in the whole circulation of the country.. But how was the fact now ? The amount of the currency was 65,000,000/., and the annual amount of • the taxes exceeded 60,000,000/., so that the whole currency of the country must be paid and received as taxes in the course of a single year. For himself, he was unable to see any security in a. metallic currency, which the couutrymight not just as well have derived from a well regulated paper system; and he regretted that the committee proposed by the Hon. Member for Car lisle (Sir J. Graham), bad not been granted. He was convinced that the country needed a more ex tended scale of currency than gold, of itself, could afford. The distresses of 1821, 1822, and 18?6, had only proceeded from a contraction in the cir culation, and he .folly expected that the measures now pending would be attended with a similar effect. -Mr. H. GURNEY said that the Bill before the House certainly granted 'one very valuable boon to Scotland. For, if he read its provisions rightly, they amounted to this=that if any Englishman in any way came into possession of a Scotch 11. note, he must incur a 201. penalty to get the value of it. The words of the Bill were precisely against " ne gotiating or transferring ;" so that a man in such a case would have no choice but to go to Edinburgh to receive his note in person. Mr. A. BARING said, that if this Bill were not passed it would be merely taking away the right of issue from one set of men to give it to another set. Establishments would at once be formed in Scot land to issue notes for circulation in England. In short, he had no hesitation in saying, that he was acquainted with an extremely opulent and respect able person, who, if the Bill were not passed, would take that course immediately. In fact the whole thing was obvious. He was not personally acquainted with Scotland, but from those whO were, he under stood.the difficulties which would arise on the Scot tish borderfrom the propoSed system. What would be good payment in one country would not be so considered in another. It was no doubt an anomaly which would occasion some disiress and inconve nience, but when they had the anomaly of havi ng a IL note circulation in one country and not in the other, they must expect such inconvenience where- . ever they drew the line, and it was clear the line must be drawn somewhere. In looking at the ques tion, whether they should return to the small note circulation, he die. not wish to be understood as un dervaluing the difficulties which the abolition of that circulation would create. He was of opinion at the time of the panic'that the too hasty removal of the small -note circulation must create difficulties. But then we had only n choice ordifficulties, for it was clear we had no. seeurisy in Paper currency; for if it was general, we could not have 'Much dependence on a metallic foundation, when its necessary t effect would •he to . displace the metallic currency. The question then, - at. last, came , 'to 'be one-of piesint convenience against permanent security. 'That the loss of the small paper -currency • Would, - be a sacs ifiee lie bad 'admitted, - but it 'was one which we were called upon to make for the 'gene .ral security of the country. - They hid • been told of ..the, horrors of an inconvertible paper, currency; Irk-when that paper was circulated to an immense amou n t, it would so drive out the gold. that we should not have any from one end Of, the country to the other. ,If in this state S. sudden demand for foreign corn should arise, so as to render it necessary to send gold out of the country for it, what then should we do with the mass of rags in Circulation ? Would they be of any use in sett li ng our foreign accounts ? .Undoubtedly not., We should find, that the only paper on.which we could rely was that founded -on a. metallic basis. - He' would 'admit, that if a circulation, of 13,000,0004 of paper money were put into 'the fire, it would, on the principle on which some Hon. Members went upon, be a loss of so much capital, and if - Hon. Gentlemen could per .suade the House that that capital was the safest, he would be ready to admit that it was the cheapest; but leaving the question 'of cheapness, and looking to that of safety, he would .wish for the return to the metallic currency, : not undervaluing the advantages of the paper system: It, must, however,'" be . recol lected, th at to h ave t h a t s ystem we should go' hick. What had fallen from the Hen. Bank Director would tempt himto say 'a few words .on the' subject of a silver standartl.and that temptation was increased by what bad fallen from another Hon. Member, as to the opinion he (Mr. Baring) had given before the Lords on this subject; but he would not enter into the detail of that question at present. He trusted, however, though the Bank had given an opinion un favourable to his, they would not object to have the evidence relating to it laid before the House, that Hon. Members might see what the merits of the case were, for opinions could be explained much better than in a cursory speech, in which he a'lWays found that he could explain himself but imperfectly. It was the more necessary that the fullest evidence should be laid before the House; as in a couple of years hence we should have the whole question of the renewal of the Bank Charter brought before the House. He would not say more on the subject of a silver standard at present, than that one great object of a silver circulation would be that of layin g the broadest basis for our paper currency. We were the only country which had not this circulation as the standard, and hence arose the difficulties which we had to encounter when the Bank found it necessary to give a turn to the screw and limit the cireulation, the in convenience was severely felt by the public, which often ended in a panic. 'I his would not be the case if we adopted that which was the standard of all other countries. It was on this account that he would wish to have the evidence laid before the House. The Hon. Bank Director had told them, that if they watched the exchange , ;, they would know when they (the Bank) meant to turn the screw, but he (Mr. Baring) would contend that they could not in the present state of the metallic standard ever limit the circulation without inconve nience to the country. He took the case Of the Bank of France as an illustration, for there, where silver was the standard, gold came in its aid, and no difficulties were experienced by a temporary limita tion. The same might be observed of Holland, where they were pretty acute in matters relating to currency. But it was said, that where silver and gold were circulating together, there would be va riations from the value of one rising above the other. To this he answered, that there was nothing in that variance which could practically prevent their cir culation together, and for proof of this he would re. fer to practice, which was better than a thousand theories. In France, the thing was proved to be practicable, and was now going on. There might, he admitted, be some difference in the nature of the value of the standard, from the variations between one currency and the other; but what were they compared to the difference in the value which arose from the variations occasioned by the sudden limi tations of the Bank issues, when we rested on one standard only ? We had seen that by the turn of the screw, tousv the familiar term to which:he had before referred, that a difference was occasioned in the value of money, varying from 15 to 20 and 25 per cent. This was found to take place in the changes be;- tween paper and gold. We saw w h en go ld was wanted, that parties were sending out their silver to all parts of Europe to procure gold, and that when it was procured to the amount required, it was not without difficulty, and some loss. But he was going out of the question before the House. To return to that, he would repeat, that if they rejected the pre sent measure, they must go back to a repeal of what they had already enacted respecting the small note currency. That course he supposed they were not prepared to take, but if they were not, on what principle could it be contended that the small note circulation, being restricted in England but permit ted in Scotland, the Scotch bankers should be al lowed the advantage of it in this as well as their own ? Unless Hon. Members were prepared to assert this, or to insist on going back to unlimited paper issues, he could not see on what ground they could oppose the Speaker's leaving the Chair. Sir HENRY PARNELL said, that his Hon. Friend (Mr. Baring) and the Right lion. Secre tary (Mr. Peel) had made up their minds, that the best currency they could have was a large metallic circulation in the country. This was the fallacy on which they went. But what was it that constituted the security of the bank paper? Its solvency, and not the amount of the precious metals in circulation. Instead, therefore, of resting on the amount of the metallic currency, they should devise measures to ensure the solvency of the banks, and that would answer every purpose. The course they took was the opposite, and the worst. They destroyed them at once. This he contended would tend to bring about all the evils which the country felt 30 years ago. The Right Hon. Gentleman (Mr. Peel) had talked of improving the banking system before the expiration of the Bank charter. He (Sir, H. Parnell) would be glad to know what measures the Right Ho riourable Gentleman contemplated for this purpose. As to what had fallen from his Hon. Friend (Mr. Baring) respecting a silver standard; he must own he was rather surprised at it, and still at MS reference to France as an illustration of the advantage of that standard. He (Sir IL Parnell) had lately been in that country, and had obtained' some information on this subject, and it was his opinion that the attempt had completely failed, and the effect of the attempt to run the two currencies together was, that the gold was driven out. As to the minor depreciations, he was surprised that his Hon. Friend could have dwelt upon them. He had said that unless we could have large quantities of gold, we:should in cer tain cases, such as a demand for foreign corn, be ex posed to great panics. Nov the truth was, the great secret of the security of our currency was in the sol vency of the bankers, and until that was provided for our currency could not he said to be on any fixed or firm foundation. This was the truth laid down so . ably by Adam Smith, b u t grea tl y errone ou s not i ons had been spread by more modern writers on the subject. Mr. BANKES observed that it was said that the notes of the Scotch banks would find their way to the south. He would admit that fact, and that one reason why he thought the proposed measure objec tionable, for he considered the circulation of the south would he too much limited, and if the Scotch notes should be received here, it would be so much the better. What cause was there for this distur bance of the currency ? Were the exchanges against us, or was the gold going out of the country ? No such thing. There never was a period when our cur rency was in a more prosperous state. Was this, then a time when it should be • disturbed ? He con tended that the attempt was absurd. , It might be asked whether he would renew an unlimited circu lation of one-pound notes ? He answered no,---he Would leave things as they were. If a man brought -his one-pound note, he . should get another in ex change for it from the banker by whom it was • issued, but he would not increase the issues. If the amount of gold in the country should be sufficient to extirpate the 'paper, let it do so of itself, but let not the thing be done- with violence. The Hon. Mem ber then went' bn `to contend,' that the measures adopted in 1826 were unwise; Afici that the sudden contraction Of the circulation had been productive of Much Mischief. The Hon. MeMberfnext contended that the 'continuance of the present amount of onc 'pound notes in circulation would not be injurious to the country; that, on the contrary, the removal of that amount of circulation would be highly injurious. Mr.-PEEL observed, that of -all the arguments which he had heard on this Subject . ,, that just deli vered by his Hon. Friend (Mr. Bankes) was, he said, without disrespect to him,' the most ridiculous. (Hear.) —He admitted that oar currency was never more prosperous than at present, and he urged that as a reason for continuing the paper currency, by a gradual departure from which he must have seen that the prosperity to which he adverted was pro , duced.—(Hear.)—The arguments used by other Hon. Members might bo dangerous but this was perfectly absurd.—(Hear.)-=He. (Me,:-Peel), after the able speech of the Honourable Member for Callington (Mr. Baring), did not feel it nem sary to' go' into any detail as to this. question.— He 'entirely concurred with that * Honourable Member in the general view he took of this subject. ,He saw nothing in the .state of Scotland to.prevent their coming to a state of circulation similar 'to that in England, Lie considered it most expedient to establish first the currency of 'England on 'the secure basis of a' metallic circulation before they endea-• vowed to apply the same • principle to Scotland, where it had never been introduced. It must not, however, be supposed that he intended to tie him self up for ever from extending the same system to Scotland in the event of its being found not incon si§tent with the general feeling and interests of that country.—(Hear.)—An Hon. Baronet (Sir Henry Parnell) thought that the present system of banking was susceptible of material improvement, and had called upon him to declare his opinion on that point. He (Mr. Peel) did not hesitate to declare, that in his opinion it would be a material improvement to allow more than six persons to form a copartnership. He thought that nothing would tend more to place banking in England on a secure footing than to adopt with respect to it th e same principle which e ' prevailed in Scotland, namely;to allow any number of partners to form a company. The Hon. Baronet, however, was aware that the charter of the Bank of England would, for the present, prevent the adoption of that principle. The question of the resumption of a gold currency was, however, quite independent of any im provement of the system of banking. No improve ment of that nature would be sufficient without the re sumption of a gold currency. The Hon. Bart. and the Hon. Member on his right both held, that provided banks were solvent, it mattered not what quantity of notes they issued. That position he must strenuously oppose. The principle was rotten at its basis.— (Hear.)—The security which the Hon. Member proposed, was in principle nothing more than a land tax. He wished to allow banking companies to•issue notes ou the security of freehold property. That would not be sufficient security, for under it there might be a constant depreciation of the currency, creating a correspondent fluctuation in property, and the only check would be a panic, which it was the tendency of an unstable banking system to produce. The Hon. Member for London (Mr. Alderman Thompson) had offered a proposition of rather a startling nature—namely, that no persons should be allowed to take out licences for conducting the busi ness of banking, unless they had received - a certi ficate from the Board of Trade. Much was said about interfering with the free agency of commercial men; but he really thought it was a less violent act of interference to adopt a measure contravening the issue of all notes below the value of 51. than to resort to the plan of the MOIL Member for London. The Hon. Member for Aberdeen looked at the question with the eye of a metaphysician, which em braced only abstract principles. The Hon. Member " If you trust bankers with - the power of issuing 51. notes, why not allow them to issue 41. or 1/. notes ?" He would reply, that it was neces sary to place a limit somewhere. If bankers were allowed to issue 1/. notes, it might then be asked, why they were not permitted to issue notes for 195., or even for ss. or Is. ? Would the Hen. Member advise a return to the system of what was called silver notes, the inevitable consequence of which would be to banish silver as gold had been banished. A subject of great importance had been alluded to in the course of the discussion—he meant the ques tion of. the practicability of introducing a silver jointly with a gold standard. He did not think that question was to he disposed of quite so easily as the Hon. Member for London seemed to imagine. The proposition ; however, ought not to be rejected with out serious consideration. On the present. occasion it would be premature for him, especially in his situ ation, to express a decided opinion on the point ; but he could not avoid saying that he considered any measure which tended to disturb the present cur rency was objectionable. (Hear, hear.) He would not longerdetain the House after having so fully ex pressed his sentiments on a former night. He would only declare his opinion that the resumption of a gold currency - could be effected at the present moment by adhering to the Act Which the House had passed with less pressure on the country than at any future period. If now that the paper circu lation was reduced to a sum not exceeding 3,500,0001. in the face of all the' considerations which recom mended an ,adherence to the original resolution of the House, they should now depart from that de cision, he would despair of ever seeing the resump tion of a gold currency in this country. , Mr. P. THOMSON was of opinion that the best des'ription of currency was that of paper founded on a secure system of banking. Mr. MANNING said, that although he objected to many parts of the measure of 1819 at the time it was enacted, he thought that now, us most of the inconveniences resulting from it had already been en dured, it ought to be adhered to. He likewise thought it impossible that a more favourable period could arise for carrying it into execution than the present.—(Hear.) Mr. WHITMORE believed that unless the Bill before the House passed, much mischief would be caused in England by the circulation of Scotch notes. He could not overlook the fact that all those who op posed the Bill were the advocates of a paper cur rency.--(Hear.) Lord EBRINGTON professed his belief that the legislature, by requiring securities of the country bankers, would obtain all the advantages without running the risk of any of the,dangers to be appre hended from an over-issue of paper. Mr. PEEL observed, that in a question of such magnitude, and which had occupied the minds of so many able men, it was not at all likely that Government would proceed lightly to propose any material alteration to the House at present. Noth ing was further from the intention of his Majesty's Ministers. Mr. MAXWELL thought the Right Hon. den- Oman had fixed his standard rather defectively, for whilst the restriction of the currency tended to lower the general price of things, it left the amount of taxation on each and all the same. The House then divided, when there appeared for leaving the chair, Ayes, 115 Noes, 24 Majority, 91. On our re-admission to the gallery, we found the House in Committee on the Bill. The CHANCELLOR of the EXCHEQUER observed, that the amendments he had to propose were merely verbal. The principal object of these amendments would be, to facilitate the execution of the law on this subject, by granting directly a power to the Magistrates to enforce its observance, instead of referring from this Bill to a preceding Bill, which ullimately referred to the Stamp Act. . Mr. 11; GURNEY thought "the Bill might ope rate as a hardship on persons—such, for instance, aJ drovers coming from Scotland, with the paper cur .reney only of the country in their pockets—who, on arriving in England, would find no means of pay ing their way but by Scotch bank notes, which were liable to heavy penalty, according to the Bill nor before the Committee. The CHANCELLOR of the EXCHEQUER observed, that this Bill was expressly framed to pre vent an influx of notes from Scotland. Parties from that country were, generally, not so simple as to bring a depreciated currency into England, more particularly when aware the attempt was liable to a heavy penalty. The same observations would apply to persons coming from Ireland. The ATTORNEY -GENERAL said, that no further hardships could be in such a case anticipat ed, than that the holder of Scotch simll notes would be obliged to remit them to Scotland. Mr. KEITH DOUGLAS believed the provi sions of the Bill would in some cases fall with seve rity on drovers and cattle-dealers, in their intercourse with this country. . The CHANCELLOR of the EXCHEQUER observed, that were they to suffer, as his Hon. Friend would be disposed to do, persons coming from Scotland or Ireland to disburse even their travelling charges in these small notes, the House might as well spare themselves the trouble of pass ing this Bill. Sir WROTTESLEY considered the pro posed measure was attended with a punishment too highly penal. The CHANCELLOR of the EXCHEQUER, after reading the. Bill, observed, that the penalty might be commuted to any sum not less than 51., ac cording to circumstances. Afffr an observation from Mr. BARING, which was inaudible. Mr. BENS TT objected to the Bill. If it were intended to divide the two countries more effec tually, perhaps the best way would be to follow up the idea of the old Romans, and rebuild the Picts' wall again, but make it some twenty or thirty feet higher.—(A laugh.) Mr. FERGUSSON expressed his anxious wish that his Majesty's Government would not attempt to alter the circulation of Scotland. After a few words from Mr. Hume and Mr. HUD SON GURNEY in opposition to the Bill, The CHANCELLOR of the EXCHEQUER observed, the better way to obviate objection and put the House in possession of the objectionable points, as they were presumed to be, of the Bill, was to reprint it with the amendments agreed to. Mr. HUME concurred in this 'suggestion. He wished, however, to obviate a difficulty which had ever been experienced in deciding every point con nected with the currency. It was comprised in a single regulation—namely, that every banker what ever should be compelled, by a clause added to this Dill, to supply on the first day of every quarter in the year a re turn to that H ouse , ( per h a p s no objec tion would be made to its appearance in the Gazette) of the number of notes the bank had on that day in circulation. The CHANCELLOR of the EXCHEQUER should oppese any such clause as foreign to the object of the Bill. i\lr. PEEL was not prepared to contend against the principle if it came distinctly•before the House, but thought that it ought to be made the subject of a separate Bill, and not introduced into the Bill which was then before the Committee. Mr. S. RICE was glad that some steps had been taken to impose a controul upon country bankers. Mr. EASTHOPE submitted to the Hon. Mem ber for Aberdeen the propriety of postponing his suggestion to another day. Mr. lIUME acquiesced in the postponement, and gave notice that he w.oald move for leave to bring in a separate Bill on the subject on the 26th of this month. The House then resumed. The Chairman brought up the report, which was agreed to, and the Bill was ordered to be read a third time on Thursday. Sir A. GRANT brought up the report of the Committee of Supply, the resolutions of which were agreed to. The other Orders of the Day were then disposed of, and the House adjourned at HALF-PAST ONE. OF THE MINOR NF FORTY'-NINE WHO VOTED ON MR. HUME'S MOTION TO REJECT THE BILL FOR AUTHORIZING THE ARCHBISHOP OF CANTERBURY TO GRANT THE REVERSION OF THE OFFICE OF PRINCIPAL REGIS rRAR IN THE PREROGATIVE COUR r OF CANTERBURY. Althorp, Viscount Guest, J. J. Robinson, Sir G. Bankes, H. Harvey, I). W. Russell, Capt. Baring, A. Houldsworth, T. Stanley, Lord Birch, J. Howick, Lord Stanley, Hon. E. G. Brougham, James Hutchinson, H. (of St ewar t, J o hn Burdett, Sir Francis Cork) Stewart, James Byng, George Keck, G. A. Legh Trant, W. it. Calvert, C. • Knatchbull, Sir E. Thomson, C. I'. Carter, J. Lamb, Hon. G. Taylor, M. A. Cholmeley, M. J. Langston, James Warburton, H. Cradock, Col. Leyeester ' R. Wynn, Right Hon. C. Dawson, A. Maberly, J. Wynn, Sir NV. W. Duncannon, Vise. Marshall J. Whitmore, W. W. Dundas, Hon. Thos. Martin, .T. Wood, C. Dundas, Hoe. Sir R. Osborne, Lord F. Yorke, Sir J. Euston, Earl of Philips, Sir G. TELLERS. Fellowes, W. H. Philips, G. Hume, Joseph Gordon, R. Protheroc, Ed. Phillimore, Dr. Mr. Hume afterwards moved to-bring up a clause which should save the right of Parliament to revise and reconsider the office of the Principal Registrar, with the view of reducing the in come of that office, without claim for compensation. In the Minority of 50 for bringing up the clause, to 74 against it, Ferguson, Sir it. Baring, W. B. Ellis,' Hon. A. Marjoribanks, S. IFazakerley, J. N. l voted, Four of the Members who voted in the first division having left the House. , TELLERS—Hume, Joseph ; Car ter, John. . LIST OF THE MINOR OF TWENTV-FOVIt WHO NOTED AGAINST THE 1 THE CIRCULATION OP SCOTCH BANK NOI Attwood, M. Hancock, Lord Bahkes, H. Heathcote, Sir W. Bell, M. Jones, J. Benett, John Kennedy, T. F. Buck, L. W. Knatchbull, Sir E. Cholmeley, M. J. Martin, J. Davenport, E. D. O'Brien, W, S. Ebrington, Viscount Parnell, Sir H. Guest, J. J. Thompson, Aid. RILL FOR PREVENTING TES IN ENGLAND. Thomson, C. P. Wodehonse, Ed. Wrottesley, Sir J. Wbod, Ald. Western, C. C. Vyvyan, 91r R. Lzas. Graham, Sir J. Hume, Joseph LONDON MARKETS. PRICE OF BREAD. The highest price of Bread in the Metropolis is 930. for the 41b. Loaf. There are others who sell from y 2 d. to Uirl. below that price. PRICE OF SEEDS.-June 16. New English. Red Clover Seed (per Cwt.) 425. 50s. fine -s. 565. Old Ditto Ditto ..... 40s. 465. tine •••••6. -5. New Foreign Ditto _. 40s. Ms fine -s. -s. Old Ditto _ .--s..- 30s. -s. fine -.6. 465. New White Clover. sos. 70s. fine -s. 765. Old Ditto Ditto -.. _ -s. 50s. fine -s. 60s. New Trefoil .......... l7s. 30s. fine -s. 3:. Old Ditto .-..- -6. 106. fine--s. 166. Rib Grass - _ ....--.-.. 3Ss. 41s. fines. -s. English Carraway Seed. . -s. 365. 40s. fine -s. Foreign Ditto -. . -s. -s. -6. fine -s. Coriander ...... -s. 14s. tine --s. 17s. St. Foin -(per Quarter)........... -s. -Us. 406. fine 455. Rye Grass -- ~,,y,,,. ,r 265, 355. new 306. 40s. 365. 525. new -s. -s. - --s. 38s. fine -.4. 40s. ~...... -s. 365. 3Ss. fine -s. -s. 60s. fine 635. 655. N'eey Ditto Linseed, for fei for crush in; Canaiy Seed Ditto Did--.---.... —s. --s. --s. fine —s. White Mustard Seed —,.(per Bushel).--..56. is. 6d. Bs. fine —s. Brown Ditto --....... —s. 10s. 156. tine —s. Turnip Seeds, Rounds----....—.. —s. 255. 30s. fine —s Green and Red Ditto ----_ —s. 28€. 316. fine —s. Tares, Old ...........,....................................w.w....—5. 40s. 435. fine —s. Ditto New —s. —s. fine 4Ss. 555. Rare Seed, English, tine (per Last) —l. 301. ...,.... Foreign —l. 26/. PRICES OF HOPS.—June 16. Kent. Pockets 4l, 153. 51. ss. to Sussex Ditto —.—.. 4/, ss. 44 1 5 3 . to Essex Ditto —4/. 15i, 5/. N. to Farnham Ditto, Fine 01. Os. A/. Os. to Seconds 0/. Os. 7/. 105. to ~...... 4/. ss. 41. 15s. to 4/. Os. 41. ss. to 4/. Os. 4/, 108. to Old Duty laid at X 150,000. Kent Bei Sussex D Essex Si. 10s. W. M. 51 51. 91 IM. 8/. 10s. S 1 M. 41. 10g. 41. 15s. WHITECHAPEL HAY AlAltKEL—June 14. Hay 725. Od. to 975. Od. Clover 90s. Od. to 115 s. Od. Straw 325. Od. to 365. Od. PRICE OF POTATOES.—June 16. New Ware . 01. 9s. to 01. 11s. per cwt. Middlings ' PRICE OF OIL. Rape Oil i brown .........-- 321. 66. ............ Refined ..........V.44 6 Linseed Oil 10 10 5 10 Linseed Oil Cake at the Mill, per thousand Rape Cake, per ton—. LEATHER. Per lb. d. to d. Tanned Hnrse Hides,. 15 17j Spanish Ditto ...—.—.. 21 26 Per dozen. Catf Skins— 36 to 401 b. 19 24 IV to to-701b. 24 71 Ditto 70 to SOlb. 204 23 Small Seals; Greenland 1/1 19 PRICES OF Per lb. d. tad.. 8utt5,.........50 to 561 b.— 28 21 Ditto---60 to 661b._ 22 23 Dressing Hides 14 17 Fine Coach Hides 17 20 Crop Hides, 35 to 401 b. 144 161 Ditto 45 to 501 b. 16 18 Ditto lB 20 COAL-MARKET.- - Tune 18. 325. M. Walls end Newmarch,... 335. 6.1. —3O 0 Ditto Brown's 32 0 32 6 - Ditto car! , antic°. 2s 6 92 3 Ditto Hewerth 27 0 Ditto .liilda _ .31 0 31 6 Ditto liotspur... lio 6 29 6- Ditto Peridna and Ca -32 6 30 0 Ditto 39 9' Pontop 20 0 Ditto 35 3 Shipcote _29 0 Ditto Walker 33 0 Tanfield - 3l 9 Fawcett Main 29 0 Townley, 3l 6 WallsEndHotton 35 6 Willington 6 Walls End Larnbton— 35 6 Wylam . 3l 3 Walls End Lyons 33 6 WallsEndßewicke&Co. 34 9 Ditto Stewart's 36 0 Dittaßell Robson& Co. 32 9 Ships at market, 94N—Shir Adair's Burdon Heaton Holyivel Jesmond New Killingworth Liddell's Pelaw gold, 44 %--UmBohl, 50%. IRISH MARKETS. Wheat, Barley. Oats. I Flour, per cwt. per barrel Per barrel per barrel' ( ------a.---- t 20 stone. 16 stone. 14 stone. Ist. • 2d. s. d. as . d. c . d . as. d. s.d. a s.d. a. d. as. d. s. el. as. d. Cork --- 26.9--27 3 11 0--11 4 10 8-14 4 15 0-13 6 11 0-14 6 8a11a5t....,. Cl inel 21( 1 n..... 0 -200 90 1122 0..... 0- 1 0 5 0 0 1 1 3 0 o_o— 0 0 Limerick 22 6-23 . 410 2 0089— 0 0 15 0-16 o ' o- 1 4 6 Waterford 21 0-27 0 10 0--11 0 10 0-11 0 15 0-16 ti 11 o—. 0 0 Derry.-- 00— 0 0 12 8-- 0 0 11 1-12 9 0 0-00 0 o— , 0 0 Carlow ---..20 0-24 0 10 0-15 0 8 0— 9 0 15 0— 0 0 0 0— 0 0 Tralee--- 00— 0 0 00— 0 0 00— 0 0 0 0— 0 0 0 0— 0 0 Beef, Macon, Pork, 20 12. 6- 4- 2 1° 1 0° Butter. o °. o— ° 0 ° 0 ° per lb. per lb. per cwt. Ist. ---2 d. 13d. '4th. sth. d. ad. . a d. s. d. a s.d. S. d.-s. dia. d. s. d. s. d. Cork 4 —6i4 —6 :29 0 —3l 017 07 4 OltS4 058 050 0 Limerick— 3 —a 4 —5 210-40 0800 7 6 0170 064 0158 0 Waterford 4 —5 5 1 24 0-40 081 079 0 0.-- 0 Clonmel 3 —5 3 —5 00-- 0 0 '7B 0700 67 H6O 500 Belfast ...,.4 —5lO —0 00— 0081050059 0 49 0 0 Derry 6 —0 6 —0 00— 60=-0-0- o—o b Carlow... 4 —5 5 6 23 0- 7 0 088 086 016 0166 o—. 0 Tlee 0 —0 0 —0 00- o 0 '7B 0720 64 0154 046 0 __ i ) <-'i ' 4 ' - -. 7.4 .„ ( i.-- ' r I i i• F - d PARLIAMFINFL Y, PAPEtt CONVENTION WITH FRANCE. Amount which remained in Sterling Money in the hands of the Coininissioners for liquidating Claims on France, after the Payment of all Claims under Convention No. 7. ; and of the Appropriation thereof. Surplus, after payment of all the enregistered Claims; X. e. d. under Convention No. 7. ......In Cash q52;752 6 sz Ditto In Exchequer Bills 100,00 ti 0 0 482,752 6 S A ri tt:l i t e hi l ogtit t ac o AredsarttilsaftecliyeCorfLaittfsetsinheavithaihnilt £. s. d. of 20th NoVelllker, admitted until the authority of the Lords Commissioners . of hi s Ma-, jesty's Treasury was given YJI that pose on sth May, 1826 ...191,589 t 0 - In Payment to Mr. Deare, who, as Solicitor to the Commissioners, put in Answers to certain Bills in. Chancery.flled by conflicting Parties 167 16 8 . r Id r e e m... stoi t i o log M . r re . La 7i. debat, for his property lnte se questrated in 1793 23;70710 . 0 Idem...to Mr. Rothschild, Com ▪ mission dtte to him. 1,37/ 11 10 •:, Idem...to Mr. Pickwood, Chief Justice of the Island of St.Chris iF_ iopher, for his expenses and re. 0; muneration in proceeding to St. r Martin's, and collecting Ent dehce on Chills of 40 Planters foe 321,6604 ,• his Report was 4 sent on the 18th January, 18 27 , E , 4 and all the St. Martin's Cairns o Id w e r a e r . e z e t . w j u a d dr i d a ,san te d cc i b e expended to cr r defrayingll the toel:: Jur.e 1827.. • ~ penses of the Comn li s.sio . f t/ when •; the deduction, on all the Claims, a, of 2 per cent, under 59 GeO, 3! 1j(1,009 0 0 g Id c eM 3 . l . , .in wa l the Commissioners ofkln C as h 150,009 0 0 Woods and Forests... (Ditto, ditto...ln Exchequer Bills 100,000 0 Q ,_",512 5 10 670 1 4 Remains 77 5,24 ,,` . 9 10 London, June 9, 1828. C. A. MACKENZIE , GEO. HAMMOND. COMMERCIAL • INTELLIGENCE: tar issued by one o f th e p r i nc ip a l p ro d uce b ro k ers its the city. Th e y con t a i n th e latest ac c oun t s o f th e The following statements are taken from a circu , situation of the trade in the articles respedively named, and will be valuable for the facts adduced, to the general reasoner on the commerce of the country. To the immediate dealers in them they were of course familiar :- 4 , INntoo.—By the latest accounts from Calcutta the beginning of February, it appears, that up to that' period, 138,000 maunds had been received from f/es interior, against sixty-two thousand at the same time of last year, and although the crop has been generally estimated at about 150,000 maunds, it was still thought by some, that as it was an unusually early season, and there would be a considerable defieleacy from the Oude districts, the total quantity would. scarcely exceed the produce of 1825-1826 —viz.,143,000 to 145,000 maunds, of about 37,000 chests, the distribution of which it *as supposed would be as follows :—to Persia, &c., about 4,000 ; to America, 2,000 ; and to France, 7,000 chests, leaving about 24,000 chests for this country, which would exceed the supply of last year by about one-half, but would be somewhat less than that of the previous one. The dis position to realize, which was shown by many of the holders at the close of 1827, having become inure general as soon as it was known that the crop was likely to prove a large one, prices continued in the early part of this year rapidly to decline ; and at the sale in April, consisting of 5,700 chests (in which were included about 2,000 chests of the new crop) they ruled lower 'by 4s. to ss. per pound, for all descriptions of Bengal and Benares, and by 2s. to ss. of Oudes, than at the highest point of last year. Since that period, the very low prices of Oude, which was never re membered to be so depressed, having attracted the attention of speculators, several very considerable parcels hcve been purl chased for investment, and there is now little to be n: et wits , even at an advance of 3d. to 4d. perlb. upon the sale pfices. In other descriptions there has been but little going for ward, as the buyers appear to be holding back as much as possible, under the idea that when the bulk of the supplies comes forward, with the large stock already on hand, a still further reduction must take place : on the other hand, it is supposed that the high prices which have been paid in India will induce the proprietors to be firm, and that the consumers, both here ani in most parts of the Continent, being very bare of stock, the demand will be so exten sive, as to prevent any further decline of moment, unless towards the close of the year favourable accounts should be received of the present crop. It will be observed, that the import so far this year exceeds that to the same period of last by five thousand chests; and into Liver pool also twelve hundred chests have been received against 400 ; but 500 chests, which were sold there by auction a few days since, brought prices fully equal to the Company's last sale ; and in France, although the direct supplies are expected to be much larger than in any previ ous year, there appears to be some confidence in the present rates. The consumption is going on very extensively, but the increase may perhaps be partly accounted for, by the relatively low prices of Oude having induced the con sumers to make use of a larger proportion of this de scription, of which so much more is required than of the finer descriptions to produce the. same quality of colour. " The supplies of Spanish indigo have consisted chiefly of Caraccae, and most of them having been brought to sale an inediately on arrival, this description, about the month of April, ruled extremely low ; but the demand, both for home consumption and expert having been considerable, an advance of 6d. to 9d. per Ik. has since taken place, and there are few of good quality now to be met with, even at these rates; of Guatimalas also, particularly of the finer descrip tions, there are very few offering in the market. " Cora : cs.—The prices of cotton about the close of the last year and the commencement of the present one, having ruled exceeding low, in consequence of the very large im portations, and great accumulation of stock, the expecta tion which began about that time to be entertained of the supplies from America this year falling very much off, led to considerable investments being made in the article, and these. being followed up by further purchases, both by the trade and speculators, as the accounts of the deficiency in the crop became more and more confirm ed, an advance of 15 to 20 per cent. has since taken place. The supplies from the, East Indies, since the let of January, although not quite equal to what they were during the first five months of 1826, have very much exceed ed those of the same period of last year ; and, owing to the low prices which save been ruling at Bombay, it is rather expected that they may continue abundant, unless a part of them , should be diverted from this country by favour able accounts,from the China market; and of this, accord ing to recent ads-ices, there appears some probability. From Egypt the import continues light, and the stock of this description is getting into very small compass; and in that of other kinds there is also some deficiency. The con sumption appears to be going on extensively; and a reduc tion is new apparent ih the quantity on hand in the ports : the prices of goods and yarns have not advanced in propor tion to those of.thst raw material. CorFZE.—.Toward s th e en d. o f J anuary , w h en th e great increase in the stOcks of c off ee i n E uro p e , at t h e c l ose of 1817 , became generally knoyen, such a determination was evinced on - the part of holders to effect sales, that prices were forced down to an extremely low poisst. In consequence of this, speculators were shortly afterwards. induced to turn their attention to the artiples; 'and during the month of March, not.only in this mark e t, but in these of the C ont i nent, s, s oc ke to be consequ en tl y still on the increase, there the same co n fid ence in the article, 'the more.partienlarly at Haroburgh, ,great acti v it y prevailed, and very considersbliiaks were effected, at an a d vance of 5 to 10 per cent. n Rut as the impo r t s s i nce are sup posed is **continued:larger than the g enera l consurep t ;hv ion ie in i s a d: o t t r . resen s, s s ces being almost as low as t h ey have been at any period, er j od — r . Th e deliveries from this port for export have fallen o ff, whilst in those for home consumption there is an increase; , and the total quantity cleared for that purpose during the first five mouths of this year, in London and Liverpool, is 2,840 tons against 2,550 in 1827. The con sumption of coffee in Great Britain last year was 6,1 5 0 tons, which is about half the average import from the British Co lonies. The total stock now in the kingdom amounts to about 14,800 tons, being nearly the same as it was at this period last year; but a much smaller proportion of it is the produce of the British plantation. FOREIGN Suoatt.—Notwithstauding the reduction which has taken place in the prices of British plantation and Mauritius, those of Foreign Sugars have been I%d]aul,- ported, and vary but little from what they were iu the early p ar t o f th e year ; t hi s ma y b e accounte d f ur by the great d eman d f or s hi pmen t to the continent, more portico laxly to the north e rn ports, where the sto c k s b a d b een very in h u e c x h the gre a t i ncrease in cided by Goverernent that no alteratio n i s to b e made with o regard.frefiit refining tew i ti uced, tedan in she table. It appe ars now to be de stad to which is owing g tll u e nt nex ad il 2;ainitr of ‘ Foreign S ugar for the purpose ear. A Turkey cock, belonging to Mr. NA THANIEL BLARE, at Great Missenden, lately at on 7_ 1 .,, n , 5 eg gs, and brought off 16 chicken. Whtt , "" ...eivcd the account, last Wets,, all the chicken were alive. _Bucks chronicle. Aberdeen Berwick.-- Coldstream Cupa.r Dundee Elgin Inver:toss...—. Kelso Kirlsaldy— Perth I* - . Ihe sue SCOTCH MARKETS. Wheat. 44 54 35 :38 40 43 47 tit 56 '5O 51 52 sti '36 42 IR 57 ' 50 50 of the In, Barley. 22 23 23 28 22 21 :in 33 21 25 assure var Oats. Beans. 19 24 16 t 9 120 21 17 19 26 28 22 .24 27 30 - 25 - 27 20 21 30 1 25 23 21 18 19. 24 26 2:1 •25 - 115 18 113 14 througlleut the :QuiJ try. lOatmeal, :.C3 34 :i6 111 42 :3.1 3 I -~ 1 ca,„