The Sun. — London, England, 1815-03-03 00:00:00

wes or was not in a condition, or dispose mapeteired, diet in 1611 it was 112 •tem take cifeetive steps to resume cash pay- 1n,537,0001. ;in 1 . 813 2 8,938,W/tit- e t and in 1814 eeen - a ? 9 111 y. The nature of its connection with 31),2t,34,0001. If such an expedil use could have * • eaa: nment. idly. Tll e moonlit, and the nature entirely - ceased at the cioss of ties at ; ,if it were its profits. 4 , 111 y. The impute value of the not necessary to keep a iarge army on the Conti se: •:,. a Tokens; an d eilib s , A t w h a t p r i ce it wo u ni i vent for the safety ot out Allies, then there would e(ssible toseurc ase gold, in order to resume have been no farther oceasmo for such, measures eel payments. Now, even from this cnrsory i as the present. This tretim should never be tor t nee, it was clear th a t th e proposed examination gotten, that it was by such niea3ures the country tt oald entirely defeat its own purposes ; it would j had been enabled to bring the most arduous con ihsee time Bank and the currency of the Fount' y j test in which she had eeter been engaged to such krt the mercy of a se:, of speculators. It would a glorious termination. Ile coucluded by declar ra‘ eel the amount and the nature of the treasure I ing his conviction, that by a short perseverance in the Bank, et hich had never been made an oh- in the comae which had been so benefi c ially jeer of enquiry for a public COmteittee (Lord A. adopted, we should be Much sooner restored to said lie meant a Secret Committee.) the object of our wishes, then if the euquiry were 1.. t-em should the Committee be secret, and under J to take place. any oath, the public would not be well satisfied that Mr. FRANKLIN Lewis said, that nbether an ac a qtlestion hitherto untouched should be discussed • tual depreciation of the currency had or had not in that manner. To enquire when the Bank would taken place, the appearances were such as requir be able to resume cash paymersts, would be to ex- i ed a Committee to inquire into them. Ile con-' pose its most secret circumstances to the hazard of side' ed that it was an extensive issue of Bank anecelatiolt, always going when questions of that paper caused those appearaeees. After enterieg natureewere discussed. 'The House would recol- into a variety of detail, he said he thought that, • 'lcel . , besides, that both the Bank and the Govern- considering the vast power the Batik had since inept were obliged to purchase great quantities of 1797, it had made a very moderate use of its ad- Such an inquiry would enhance its price, vantages. It had now a power of 30 millions in and cause enormous expellees to the pnblic, stead of a power of 10 millioes, which it had be would submit the correctness of his reasoning to i fore the restriction took place. . But the longer the judgment of any Gentleman of experience in the rectification of the currency was delayed, the financial affairs, the next point the Noble Lord l greater the injustice would be to sonic party, for tt ished to submit to. the Committee tvas, th e con- injustice must fall sour ce h ere . lie t h ere f ere connection of the Bank with Gover nme nt ; fur ! gave his decided support to the motion for the that purpose the advance made to Governmeot Committee. some years ago was brought f o rward. in the lie. Mr. Bose said, the bankers had been no parties gocietions which took place, at the time, between I to the Restriction Act. The Bank had 16 mil, the Bank and the Government on that subject, a lions of property when the restriction took place. reset ve was made of any such nr which the It its profits had been so great as Gentlemen said Treasers might establish, Had the Noble I cal it was, its solidity must now. be as greet as it. any reason to - suspect, that th e advance had been %vas • then. If the restriction wes 'row taken made with the view of purch as i n g a further exttn- l away, there would not remain a guinea in eirctt sion of the restriction ?If this hadbeen his opinion, ration—all would be melted down, and sent to the it tinitilave been completely altered by what he had Continent. The exchange with Ilamburgh was just stated respecting the time at which he would now near par ; the par was :i3l. 10s. ; the present propose to limit their duration. The third point for exchange was 32/. When he considered out pre. the consideration of the Committee, wits to he sent foreign expenditure, he w a s really surprised the profits made by the proprietors of the Beek. bow the excienige hail rise n so high. When it If the Noble Lord could have shown, that the was considered, that there was a million of dollars cur►tiru-:nce of the restrictions was the source of per month paid to Portime a l, an d w h e n the ex these profits, he would have made out a sufficient pence of such a large mime as we h a d i n Belgi um ground for -enquiry. But whether -the Bank had was looked at,'the high s t ate (> 1 our e xc h ange was wade greater or less profit since the establisinnent, really wonderful. When our foreign expenditure of the Restrictions, than it would have dime ceases, then the Bank, he was sure, would have without them, must ever remain a matter of doubt. no objection to resume its payments in specie. The Restrictions had been imp ose d th roug h a But till then, he thought it absolutely absurd to Rrinciple of public policy, and th e N o ble L or d expect that it was possible. When the foreign had Co more right to call upon th e B an k t o s t a t e drains on us would be stopped, then the payments the amount of their profits, than lie would have in specie w ou ld b e resume d, it was not to ask from,an individual an account of his gains, within the wisdom of nee to devise any plan by occasioned by some act of - Government, in which which they could be resumed at present. he had no share. Th e House would recollect, that Mr. HoLENER said that nobody expected that the when the Restrictions were passed, the public accu- Bank should resume its payments of specie at pre eh y was depreciated in the lowest d e g ree , It was sent. All that lie required was, that a Committee not astonishing, therefore, that a cot porete body, should inquire how soon it could resume its pay commanding a g reat ca pi ta l, should have obtained teems in specie, and take such measures as would great profits. It had been stated by an Honour- ensure the resumption of them as soon as possi able Gentleinau, whose l o s s the House and the ble.- It had been all along held out, that in six country had to lenient (Mr. 'Thornton), that it . months after the conclusion of peace, the restric was then easy Vt) inek e 18 per cent. ; wliat faci- tiou should he taken off. The Right Hon. Gen jity, therefore, did not the enormous capital of leinan talks of a large foreign expenditure as a the Batik afford to make larg e profit s Th e reason for- continuing" the restriction. But was largast of all the bonusses was paid, or at least 4this to be a permanent cause ? If it was, it was secured to the proprietors, before the Bank re- idle to resume the payment in specie. It was bet ructions had been laid. They had then )been ter to continue the present circulation, If im able to divide above 1,000,000 amongst them- three or fou r y ears , w h en we may he disputing selves. As they never had shared so great a with France about Belgium, we must return to our beams since, he had a right to doubt the assertion paper circulation, it i s b etter no t to resume our that the gains of the Bank had been occasiotied specie Payments at all. But why should a foreign by the restrictions. The insinuation that they had expenditure be a necessary cause a a return to a been imposemi through interested motives, was paper circulation ? France had an immense eircue totally unjustified. The next point the Noble latiotaof paper, and yet she got rid of it, and got Lord wished to refer to a Committee, was the ex 7 gold and silver in abundance. ,It had been said peace at which gold could be procured to restore that France had got her gold and silver by plunder, the usual currency-. This was a question which But the question is not now imow gold and silver went much beyond th e p owers of a committee, come, but how they will remaiu. France, with all unless composed of jets brokers, w hi c h c o u ld not be her immense armies and vast exertions, main very properly and regularly assembled. Any attempt tamed a large metallic cureency ; :and why may to collect bullion by a forced purchase, would depre- i not this (notary maintain a metellie currency in elate the exchange and prevent the accumulation times of loteign expendit ere , as well as France of specie intended. Neither could theCommittce did ? He (lilt desire that this country should be safely enter into a public exencination on that entirely confined to a metallic currency. As to subject, as it would open another field for. ho e the powers to be entrusted to a Committee,• the' proper • speculations.— . --(Here Lot d A. Hamilton I powers of inquiry and investigation were ail that stated that he bad not said he wished the. Com- were asked for it. To entrust it with any other mittee to inquire into this part of the qnestiota) power over the Bank Committee would be im- He (the Chancellor of the • Exchequee) followed proper. But it -was indispensably necessary, to the Noble Lord's own order. If he wished to satisfy Parlianteut, that. the Bank had not failed in retract any thing which helm ( ' advanced, he shoeld keeping. sufficient treasure. As to the profits of certainly leave hint the opportunity, and uot bind the Bank, no one could object to ,it s fair and h e ... I,att down to every expression which might have I gitimate profits. But those itemeade in consequence dropped from hint. Another point fur the con* of the Restriction, he could not consider in that dei•ation of the Committee was to he the stare I light. As to the depreciation of gold and silver, of the - Silver Tokens ; and the Noble Lord iii his opinion, the price of that, precious -Metal s proposed to inquire, whether the Batik was which was the standard of the currency ; of a ready to replace the Standard Silver ? He country could not he affected by any citetune. was sure the Bank was perfectly ready at all , stauces whatever, while the st an d ar d wa s k ept i n - tittles to discharge its own Tokens in the I circulation. He therefore considered it absolute!, standard currency, that was was bound to I necessary that the Bank should be compelled to do. After the restrictions should he removed, it • proceed immediately to take the proper measures wanbi, of course, recal the silver tokens, and re- towards bringing the currency back toe sound state. piece them with gold or silver as required. There Mr. Ross and Mn, HoRNER explained. was something. obscure in one part of the Noble r Mr. Meettyeeer said, that the Act first took Load's reaso n i ngs . He had said that it was an place in consequence of the utter impossilmility of evil that would not only remain, but grow worse I the Bank's inekieg its payments in specie. , But and worse. If the country there so tomtunatee - as they ought to cotisider not merely the object but n e hoped and trusted would be time case, to return the consequence of the Act. tie its usual cur r enc y, t h at evil woidii ctn.- The Beuk ;ryas making an immense ewofit, without letting : the t e iely then, he eared. As to the difileulty of Public mit all participiite in its gains. The yearly profit at lo , certaining the standard value, Le - could Mmly present of the Bank, in consequet - ice of say, 'thtt. that eYii had ;;r catty diminished at j this Act, he, beiieved e was 900,000/. Its immense preeent. Time difficulty of fiedeg the sabre of issue, the Bank tells us,. is necessary,. But how Col;mi mid other articles '!mad nothing to (10 with is it necessar • Necessary It is necessary to enable the - t eiraalation of the Bank, ;old the difference Bank to make sec') large purchases of Exclieener ln.ween the value of paper and of ► beliio n , h a d Bill s. F rom this grea t issue, anti from the tenisteemesna eeetae,s 1. Li Juiy IS! I, the issues o f country b aul k paper, there was an i ncrease i n of 'Benk note - a had been 24 millions end a half, all commodities of 18 per cent. 'rids was a greater ,it had been seid that this ye,u• theT l oa d t h an t h e Property:l'km Though he d -n id ot Le! readrei 31 millions, they might really be consider the country had any right,to call on the „ ; iir jon s and a halt. The Lxchantse Bank to refuud any of its profits, it had a right Ilmontetsgh, which was then 0n1y.21, - was. to coe s ide s ••. *elier it would renew an A ct sub .l!: we had not - beeo obliged to pay nu- jetting it to such a heavy load. The lionourable Lie f ous arr a ers, and to keep a large army on loot I Gentleman then hacked. his observations respect toe the kiss,kunCe Of. Out' Allies, the Exchange jug the dependance of the Government upon the would have :teem so entirely and permaneutly in Bank, by a (potation from Solomon, that " th e fevintr of this country, that it would have rentoy- horrowcr is the .sert-ant of the lender." Ile Cd the necessity of ,h av ing rec o urse to measures, trusted that the Mouse would SllppOrt (let: Motion, ~,• e litier th e p resent e i rckuns t kn ice2 must Still i alit: that a - COnli:iiitee would he tippointed t O ills be a tip H e then to o k a vi e w ;et 010 foreigu quire hito she state and profite of the Beni:.: exneiallt\:;%.: !Or the .four last yeers, from it TILYNLY I?ely.tu by sonnahnen thet there 4 ; 7 a ( I tvas some piivee. undernuiryfr„ 5 , : me secret compact between the Chancellor of the Excite goer, and the Right Hon. Gentle Man who sat be- , side him (Mr. Huskisson), that if the former would never again talk of touching the Sinking Fond, the latter would refrain from attacking the Bank Restriction Act. But piating this out of the cOnsitleration, he 111,1 St press it upon the at tention of Ilse House, that it was their duty to inquir e %viten the present unnatural state of cur rency was to cease. Ile. should not be disinclined to acquiesce in the proposed Bill for the continu ance of a Restriction, if he could persuade him- S'elf that the Bank would be able, to resume its cash payments in July; 1616 : but as he telt that he shotild never live to see that event, even if his life should be prolongel beyon4 .his most salt gnine cxpect it ions, he thought it became the House to male the most serious enquiries into the sub ject. If the - Chancellor of the Exchequer should, in 1816, he again pressed, he Must apply to the Bank, and no doubt their snpport would be given only on condition of the renewal of the present sttspension. ,For this there could be no remedy, unless the - House ,would take the whole matter . into their own hands. It would be proper to en quire witether the Bank, on this or any former occasion, had made the smallest preparations to wards paying in cash, it they should be called upon so to do ? It was the duty of the House, therefore, to interpose, in order to make the Chancellor of the Exchequer independent of the 24 Gentlemen in.Threadneedle-street, who were now in the way of all his plaits. As to the sol vency of the Bank, he did not pretend to know any thing ; nor did be believe that any man could tell what - was the proportion between their issue and their means of meeting it. He was anxious to learn on what ground the ChancellOr of the Exchequer foanded his argument or his assumption, that the restrictions _would cease in • July 1816. For his own part, he had no doubt that just before the arrival of those halcyon days, fresh, issues of paper would be deemed necessary, .and consequently that the ‘Suspension Act. must he again. renewed. The House at least had no security to the contrary, unless it could believe that the Bank should ever think it advisable to sacrifice its owo interests to the interests of the Government. It ought not to be tolerated that the Goveroment should be thus dependent on the Bank; though he firmly believed such was the influence of that Company, that if any Minister should be determined to make them resume cash paymentS, his object would be defeated by their power. For these reasons, he should vote for the commodation afforded by tlic Bank to comm e " ial pursuits. The CHANCEILO . R of the EXCHEQUER spoke at considerable l engt h i n exp l anat io n : am ong o ther . things, he observed that the weight of the i e expensive war must necessarily press upon tTe country for a c ons id era bl e t i me. But be did no t augur gloomily : tears about the diminution of trade, and the. high price of provisions, hail be L e the bugbe a r s o f t hi s country f or gener a t i on S back ) and he could quote , f rom pamph l ets a cen tury expressions- of as great alarm -on these accounts a' any they had lately heard. Mr. GRENFELL said, he should support the don for the Committee of Enquiry ; but if it should be refused, he desired 'to give notice, that when the Bill for limiting the period of restriction to the sth July, 1816, should be committed, b e would move; as an Amendment, the follo%V'° words after sth July, 1816, viz. " and no longer. These were precisely the terms used by the fraine r9 . of the Prop er ty T ax A ct, f or t h e purpose of inial' ins its duration ; and after time declaration that ing of the Rt, lion, the Chancellor of the E.sebe" quer, that he sincerely believed it would not I " - necessary to. extend the restriction beyond J w rj 1816, he was con fid ent t h at hi s Aniendment w9lll have the support of his Right Friend, much :is it would in a manner record his 01 1 ' 3 opinion, and die confidence of the Housein'th ac opinion. Lord A. liAmnaolv replied at length—when a division took place, .and the numbers were-7- . For the Motion Againit it 134 - Majority On re-entering the gallery, we found the Hou se in a COnnnittee on the Bill. Committee. Mr. flesr.tssox remarked, that lie hail been so often alluded to, that he must say a few words,— Whatever opinion he had formerly entertained with respect to the currency of the country, that opinion he, still retained. He had no hesitat;on in saying that the currency was depreciated. At the same time, if he had seen any sufficient reason for changing his opinion on this subject, he should have declared that change in an honest and open manner. As to the present question, it seemed to have been assumed by at least one 1-iou. Gent. that we had been in a state,of peace for nine months ; this was certainly not the fact; and he must,say that the same necessity which gave rise to the act must plead for its limited continuation. The Chancellor of the Exchequer had said, that the restrictions might be removed in July, 1816 : no 'doubt he would not have. Made such an assertion without authority, and lie trusted, that before the con 'elusion of the, debate this declaration would be confirmed by the Gentlemen of the Bank. He would most readily allow that cash payments ()light not 'to remain suspended after the propos e d time, unless circumstances should arise as extra ordinary,as those of the late war. He did nut re gret the vote which he had.given on this matter in 1811, though at the same time lie was glad that his opinion had been over-ruled. At that time no human foresight could have anticipated what had since happened. He would not, however, allow, that the cash suspension was an incident necessary to a state of war, nothing could justify • it, but imperative emergency. He thought no benefit could result from the prdposed inquiry. Mr. BARING, in rising to give his opinion on this subject, wished merely to be considered as speaking individually ; for though lie was one connected with the Bank Directors, he had not, been lately Among thent, nor was'he authorised to give their collective judgment. He was anxious to %indicate the Bank against the charge of partiality to any particular Government; nor was it true, as had been stated, th a t it ' gave t h e least encouragement to discounts, or that it con sulted its own interest, without any regard to the public. Indeed, the interest of each individual . Director in Bank stock was too trifling to make it worth their to oppose their own advantage to that of the conimunity. The Hon. Gentleman . then proceeded to state, that having been a Di rector, be Nvoujd now give his humble opinion, that, notwithstanding the expectations held out by the ChanCellOr Of the Exchequer, there was nu more chance of the Bank 'being able to pay in spe cie in July twelVe months, than there was that it • would be able to pay in specie to-,morrow. His opinion was, that it wont& haye..beerr wise to sink into a sowsd state of 'our currencygradually ; but Ire ‘vould warn the House not to expect that the high taxes proposed to be raised, and, the high prices on. every article of subsistence, could never be paid itu guineas. They should lobk al s o t o th e gradual - manner in which the circulation - of Bank notes had crept up, from 11 inilliOns at the pe riod of the restriction,: to 25 Or 27 millions, and with which the increase of country notes had tept pace.. On all thec accounts, he t bougH the re turn to such payments a very improbable event, at any specific period. • Mr . —Po&so&By contended that the .very oppo site Opinions ‘vhich the House had heard loudly called fOr the proposed inquiry. Mr. \V. SMITH took a similar line or argument , and related an anecdote of Mr. Fox, as . a proof of 'the superior _foresight of that distinguished man. The very day after the Bank ceased paying in specie, he happened to call upon Mr. Fox, and mentioning to him the circumstance, added, " but it can't last long." '' Can't last long !" replied Mr. Fox, " I don't know what you may do, but .t !A I shall never live to see it (petted again." Mr. 11. SIIAW spoke shortly - of -the' great ac- Mr. GRENFELL propc;ed his •AMerulment, for adding, after " ath July, 181 G," the followias words, " and no longer." In proposing this Amendment, he confidently anticipated the sur fD port of his Ri g h t H on. Fr i end the Chancellor (). the Excheque r ,. w h o h a d expresse d his conV i ct ia c that the Ba n k wou ld b e a bl e to pay in spec i e ' t that period ; and he depended also on the supe . ,, of every Bank Dire c t or i n t h e H ouse ; i t h a ven: been stated, over and over again, both by th 1 Chancellor o f t h e E xc h equer and b y his 11°1 Fritflid the Member f ir T aunton (M r. BariaP" one of the Directors, that the restriction was act imposed upon the Bank by Government, as measure of state policy, not only without the col!" currence, but contrary to the wishes of the PL rectors, who were said to be most anxious toslr - sort to cash payments. Mr. BAR/NG opposed the Amendment, npon the ground that it would be felt by the Bank as an interference with th e exerc i se o f t h e i r d i scre tion —(Hear, hear, hear!)—and be considered, Par' titularly perhaps by sonic of the most conseie ll . ; dons amongst th em , as i n a manner imperaro ts upon them t o prepare t h emse l ves f or cash paym ents at the period proposed. Mr. DOUGLAS said he bad intended vat ir 4 against the A men d ment ; b ut the reason given the last Speaker (Mr. Baring) had opened by eyes as to 6.2 real motives and views of the 1 33 " Directors, and furnished him with the most poker ful argum en t f or support i n g the Amendment his Hon. Friend. 64 - Mr. PowsoNßy, Mr. lithlNEßi and Mr.T----frR 5 strenuously supported the Amendment, Mr. 6RENFELL replied to Mr. B ar in g , a nd th e Committee divided For the Amendment 35 Against it Majority for the original Motion —s7 e; The Bill then passed through the Conanift e and the Report was ordered to be received.°, Monday. The other Orders were disposed of, and the House adjourned at One o'Clock this morning' THE ARMY. PROMOTIONS.—frar-Office, -Feb. 23. be Ist Regiment of Life-Guard s , W a ll er W om b we ll , Gent, ` Coraet . aed S u b-Li eutenant, b y purchase, vice Bontilly „rte muted. 7th Regiment of Light Dragoons, Captain Edward Wild e , from the 00th F oo t, t o b e C apta i n of a Troop, v i ce ' gerty, who exchanges. 11 0 ' 111 40th Regiment of Foot, Li eu t. t h e H on. R . M. Lord —e, yen, from the 85th F uo t, t o b e .C apta i lt of a Comparo purchase, vice Young, who retires. t to 47th Ditto, Lieut. Th omas B arnar d , f rom t h e 4 1 s t F9 0 1(0 e be Captain of a Comp an y, by purc h ase , v i ce O'H a ra ) ~ appointment has not taken place. 1,i.0 4 60th Ditto, Captain Charles O'HelTerty, from the 7t , ,0 2 0 Dragoons; to be Captain of a Company, vice Wildman') e , 71st Ditto, Lieut. Samuel Grey to b e Captain of a C°"4",,,lty without purchase, vi c e Adamson, promoted in the guee Staff. r ° Baurcr—Captain William Robins on , o f th e Royal a 11 Artillery, to be Major in the Army. Yesterday MU" morning an infant, apparently o ; res , five weeks o ld, was fo;ind murdered near 1 ' d y ley's Meeting-house in the'City-road. was dreadfully mutilated, having been st 4 '• n g in several places. The stric tes t searc h is 11 ''' for the perpetrator of this inhuman intirder._,..• 0 4o 0 t On Monday last; at Brighton,BlßTHSm ie W the Lady of illia Esq. of twins. 1 c lifi 114*- On Tuesday last, in O rc h ar d- s t ree t, t h e L a d y O. i John Ballard, of a son. " _.••* MARRIED, orY± . On Thursday, the 13th ult.. at St. John's, Chester , . ";, -- coo son - of John A. Talk, Esq. of Ham Common, to M4 l l , daughter of Sigismund Stolterfotb, Esq / of Chester. Georg: .iOni n'the Ist inst. at Mary-l e -b onne Ch urc h, Captait! f Gloir Hewg, of Albany, to ,'.:issElizaheth•Johnstone, „ to cester-p lace, ortumn-square. On the ed inst. at Layton, Lewis Doxat, Esq. of •of Lavinia, second dau g ht er o f J osep h Cleniebtson, slTheine place. same day, at Islington, Hugh Gray, Esei• of Lne, to Sophia, only daugliter of John Gray, Esq. ip ton. • C 3 P t s'A On Thursday morning, at Mary-le-bonne Church. voiot George Riclout, of the ilth Li g ht D ragoons , to I‘l i 'oo‘ l Heath, youngest daught er of Dr. George Heath , 7 Windsor, &e. , , • 01:.:1). ..01, nil": 0 On rue day evening, at lien house in Marlbor °ll iceo os Brighton, of a tit of apoi*xy, Mrs. Cates, foruicrly ‘ 4 o f Ttit6). • “eiter . . On the 20th tilt, at Marseilles, Mrs. r +tin- - d 3" 'lse 3 ' f , a, r , 411 0 Lady Charlotte Finch, and sister to the Earl of WO f.sq.:lll On the Ist!' tilt. at Dniobarton, Robert Maclcenzi i i be bi Broonifauld, Sheriff Clog; of Dumbartonshire, it year of his age LONDON: Printed 13. cAstsTAnts, No• pniilished 11 W. A. SC:RlPPS, ( '‘it , :r'l, Ni. 114, Strand; whet ( ' 1 4 , 0 65 ' nicati, 7...c1;;:as (pc;st.paid . ), &, c , m ust la:: a"