The Sun. — London, England, 1811-05-07 00:00:00

• “11 MI whole ' of the year 18 i 0, rose i to 22,700,0001. and that the avera4e of 1 he first 17 days Of ke present year was f 23,000,000 ; being nq 4)7._ crease in the number of Bank flutes in cit,Ctliati9P: of above two millions, since the Bullibn Cfunroitte,itt 'made their le port. l'o him this appeared, one Pf., 4 , the most wanton atilt Unjustifiable acts it ,(t) ., 4 ) 4. well le, conceived. He understood that it was:,tb De delencleJ on the ground that commercial distiesses existed in the last year, such as the Builioi, Iteport H Itself pointed olit fiS the proper subjects of relict from the kink. But Whatever ight be e of • those distresses, the want o m f Money 'thWitsnature tertaiPlY t )t one ot thole far tnoney Wll6 ill abdance...—. What other dpfetwe of their conduct the un B an k could , • sot tapai he knew nut. The•doctrine of the Direr hank, the Bank, as *et forth in the minutes of eyi , ttice tiLlOr e the Builion Cotinnittee, was wholly t wo' chill gene ificonsistent with the pritteiple•,by Which the conduct of the Bank Directors of lortner‘e l'4eleets gtiiiurned. Ii waa a doctrine which, lt nt ) t ,l • 'checked by Parliamentary Interference, must soon :,' b ring Complete tuiii un the whole Cif the nnaticial ie; pecuniary affrirs of the country. What was the situation in witiA the Bank of •England had teen placed ? ' It tviig not his Wish t o impute to , tient any original blame, or to reviVel.the con trot,er ties et limner days, l'lre 'existing evil was sufficient Without ally stick recuttettee, lit the origin of the • bl istaels the Hank were ,laved tri corn,.;trlsory cir catahrattees, They \vele tweed to, suspend their 95 . 11 PYelents. But sell, influenced by the true Pli.,,tile, sstiit.h h Kt 1 141.A-11het' their predecessurs, the birectors wei e anxious to testatuethosepayenents , 14 (1 inado such 'exeriioos to return te the ancient l Ysletit, dim at the end of a few months tli.-y de -41,1tW elat they were ready .to tesutne them. Par kli46ntillenievier„waveLi the resumptioa at that pc j'h,"'"; 'anisooo after it, wus declared that t ir e suspets --it flhoefil continue duri,,gtoe war. lt WWI then tte, Ilife Battle, felt theinitives in.a pew sicuation ~d Pall lu. discharge new duties.---They ma ... " e 'ller telt the restraint .wliielt had hiffierioi-utode 'ea thee. issoes et paper. It flail been, their long tEahlisheti duty tu ' aseertain the jta.,t quantity °Lett.. tulau bs ~,„.. ' 4 NV, .0 .."41ilin necessary to• the -poetic wates; , - , .. ;P. `ttn that eircelatifig mediosn 'consisted. chiefly • of . cie, it regulated itself. by, its. ietercleurge with to- Itt/Illt coatifties ; but when a meet local circulation ; ilstubselo the flank w ere th en called upon to ~P erfu ttn a duty that . was itriptaeuicahle,, The Di" 1,7.1°11 were evidently and avowedly utnicquainted ; iv i the priactples of the subject. Their doctrine 1 rs iii, dist these cotlici be no excess of issue, with 41 4411 10 their paper, al lung as it was de -4)1'10 ; tha onl tics t the ex;eitt ot live t , demand ought terra le y iiin,t ; and that the rate of. of. in ,tration made no dirrereace whatever in the 0 . 0 . 11 ' - `ti of i t tie 3. en I et ' t he i fe iii1101:1111 o - la. U . a • t : r i . i i irr inko., road the evidence gieen by the then GP- '• 1 ‘ ,4 °l ' til the Bank of England, a most respectable valvidttll, Mr:Whitmore.. When that Gentleman 1,,t,/.114"ii " Ilies' not a via l ; in- thn rattle of any. „`' I t's Of money or currency mean. a, fall .in the i::th„ Frit !" Of t.:(lll.fticAli:lvS , Fie edam:tea, ..‘! I did *;:elu to state• 'Lot, tier do I mean to 'sta • ted° the tillrlitt:e'•ffey rneiter of oltifitotr. I would rather t r „ ,:2 le ifte'tliat to the jth:gitletit .01 . •11,e Commit ' 11; 1 ;0 I am 'ready to answer anyipeints of hitt." k ro 4 as Perfectly • cathlict in Mr. Whitmore I but thili,;Y•tile head of 'hitt establistitneet wiitch was to 4,eitt):lte eireuhiti oli 01 the country, °tight not to nio,, 11 ,se uttinformed, but be).;tit to leave ler ' s o I " hithself with the means of t,iving an cipinion ; 4 , 18 1 3 hit e neeti ikettre that a rise ifi the vain() of Pri t e l :' a i 41 1110, 1 by ii.i' ettrieney meant a fall in the I t h e filt ceetfitedittes. B) the lawis' unit i ve uSury, te,,,, i ' 1 1 , 11 t 'if til g l atid were reStroliltal et:4.lllg 1 e ur , ,,, C1i,41 lit lief' ceet. for their discounts. . li , oc in llitt Bullion Committee, thymic/re, that I tailor the ' 4, t retina entoinstitooei many persons Would ti ilittljted to obtain these Oiscounts, In the course Wi ci , it i ngtliiies on the snbject, they asked Mr. " it lti 1141 opinion the same security tulitZ)re ti li k . - 0 114 a gtfitott any excess • in the issues of the 'l7ti, i nee rate of the discount Wert' reduced front , ' e ti tt , ! ? , `, 4l t . Per veer ; or even to titre ' e per cum.?" eim td I 'Y (4 reply in which Mr.Pearse wholly cau lk .) ' ll4 . 14 that lie eotteeived the seettrity would li'l ' els elY lite • 8 illie ill bot " l i caieb, it the' pritetice "I hie n. 1 , 4 II t,,111. letnzlir vtl the. saint., of not l ( rcuig a th e (i _ !tit', eir._thalik,ii." Ilil would now•attVert to the t:4l:klition rd the B dtk I.)ttectors. with, respect to per rilailt , lt i l 01 the resttieteeis Oil casts payments a 1 ` sit, hi '. l trte4sele. Wlndt Mr; Pi.arse was asked tit opeTatili'onveniences he would s-.e, in his view of A eer itio 1 ' H 131. the It:Ark:Civet aysteili, 10 its being , Lee ii s 6:,l t li rt •le. 'lsere supposiug the Bank to r . (: , , , , , V. li t ferA 7 in tile manlier lit: had described? Itit v i e ' ve ' o cu f . " that hum their experience, and itt lik e p, to It, he cottid see tic' positive. inconvenient& tiur 'ow ilicittlt from it* being 0 perrna'rient iiteastire;: lit h(,4),,,ct alt aliy 411Y,111., se that Would arise tiorn ( , 24 a . tretn u , ~ , -ee witch the Rilitical and .cotniner- and' 11 14 a t t ?, 118 tif 'the country admitted - (Wits removal; ' itt 04., wils Itirthet ot opinion', that in addition' l'ouid dt„.;dttinfir which, as a Hank . Wei:tor, he (11111, tile, Ifetn the removal of the restriction' Egvoi ii:':.tiect:4llty 6. 4 it shevittl &est), the feel had d p i 1 1 e ,.`• Pabtic would o ut be *meshed' unless it tleetit oe?e,etationsuen a change." (..)n a aubse ferr,d to'd!iell, Iles' answet'ol lvir. Pearce being. re-: Int ,),,,.„ Lk' A ay ilbitvd I. it it weie net flat that' feet.' ;k t , il,, iii,uPetiatiuti on ti.e part of the public,' would 6 11 1.1 ill t iiit t i fi cv P i l ,t i r t l i e t41 ti'at . it ,Weslild be expedient to. Con-. rest as it perlllaliellt Ilie3Siliti, the exl, ell l , l ' it •%•latild.not only relieve the &Mk' from itly „ t . ti Le of purchasing and keepitig itlitrge WO' lit4 Wiet r ll . ll in, LW etletrolly pruteet them and the ureiWhich ii r T,t , a repeti,inn of those itieonveniences tf ai - 40 1.. ( a ed- to tile restriction;- and that these ad, Ltflic -4 , nlil be produced' without treating any' alaucoues.fliefide by which they might be Louie , , IN . uy tt , it , To I his Mr., Pearse said, " he lt.hl' t t , to . 0 • , n i ill atiswer to a further question, that littlti t , (-1 t ilw tr . •i• . . ' t ' t' littY , (Andre' nicoitiventeuCe. re.: Mill i 14 1411 1 tit„ • rt t n, , ~,,iik,., . pristuit operation of the Bust rittion rthtilt e y to ruSl4ll Irmo' 116' being retidered.per c p iot ' o c,ePt as far as it regarded an expeilatiOn , 4 14 i tlfet c i t 4 lit e lalblic, that If would be IthnoVed ; ~! id could riu.i:rote 14.16 111 1114 OpililQil eli\ellll2, 1 , / bn rift 11 4 , 1 ,,, 1 ' L 1 ,e . kepi out ol view in any cuttsidera, • !t) seetoe iiit`"lttt. Whether it would be advisable re.„ r'e'v - of ih,_ ilitublie igaiLlst a liability of the rec ur. Hill. b bc ..".,i,e°aVentertees' that led to the itcstric 42'n abteiael'Tlitielng their tetlingti ou'ihis Poiot„, 9 111 y a ititifrs..Y..dtt!nloVittg all eXpeclatii/O Of ab•belitg ruk y incatuty appeared to him to lA. . a . * questian,7on vithich - he'clid not tonceive tielt qUalified to give an opinion': but tie might ven ture to observe, thatpUblic credit and public - opiniein always went hand in' hand,- and that t, a one was in- Valiably influenced.by the other." Unquestiouanly this statement of Mr. Pease's fell short of a coiri . plete 4eclaration of his opinion, .that the restriction 00 cash payments ihouldbe a perman'ent measure; but it was, evident that the possibility of its:being made a permanent measure bad passed through that Gentleman's inind and when to this circtunstatice was' added the consideration of tile Directors, that there could be nnexcess in'the issue Of paper as - Long as. there was ti .dernand - for it, and the active part which they.had taken in . the dis.cussion.of the sub jectcaut of doors,, enough would appear to warrant the most, decided infereoce that the present state of the circulation of the- conntry was attributable •to the excessive issue :of Batik -notes. It seemed that there was , a large class of merchants in thernetropo his, who, filled with the same erroneous notions, de nied that thercatild 'be an eXCCAS di paper currency. A large majority, hoWever, thought otherwise, , aad that majority Was composafiCalli lie old CapitaliSts of the City, by horn, throe ;h "good 'and - t h rough evil tittles, the Commercial . credit of Great Britain kid been maintained. These Gentlemen were de cidedly of Opinion (iii oppos;tiols to that of the visi onary.spcculators- to-Wilt:int he had before alluded), that the issues of. the, Bank had not beep. guided by the precedence of old times, and that in the elevta tion froth that 'precedenee was to be toil:4 the cause of the present depreciation of ,air currency. Among iliesorvspectable individual, was the laCe Sir Fraticis Baring, 'who, with all the advantages of the tnn,t extrusive;commercial exlierfelice, expressed an opt- Ilion consonant to that 'avowed in the'Bullian 'Re port. So much ' for the evil. It retu-ailied tor the House in its isdom test sonsider of the remedy. Ile 'telt that many who agreed with him up to this point' of the discusilotr, might ditler Wont him in the re in'ainder'of To hear it appeared manliest that the I:etnedy recommended .by the Bullion , committee was the only retne,ty that would be successful. It l'was a. remedy that ought to be administeted with great caution, but which he was persoaded 'sooncr or later, must ,beadmitlistered. :At the to : irite. time he had,no doubt, that if Parliament were .to s.op short with a declaration of the evil, such a c'eclarn lion would have ,a povvierfol . cit'ect on thec , .fititict ,b of the Bank on ,tigland it i but otwithstanain . g this impression on his rniod, he felt it ltR. dUty, as a Member; ot Parliament, to popose a legislative proceeding on the subject. The oily argument' which .'he had heard-against" the abolition of the re striction, turned, on the . state of war in the country was placed. Great as was the nits ake in i 70, in suispending the C6SLI pa) tricots ot the ullank,, he thought the mistake .at. the cornmence ':,tuent of the war, of cootinuing, that suspensioir • still greater. It rook trout the measure the cha racter of .a teiripotary, and gaffe It that of a 'per. rtnatnent Proceeding. What differi-nce • did time stata-of, war make ) The couhmry was nut, in state Omar in 17f 7. It was not in the expoitaml4,ll of bullion fur corn that the supposed necessity fur ttit rcatriction originated : it origtuat•ed in en, , t l, nal alarm, In a temporary e.'veot whten ha :1 tint. recurred. In 1.707 tl,,,qe had been a failure o. try banks to an immense extent. It was 3. , not peculiar to' a state of war. It mignt scour in peace: If the suspension ot cash oavinemits as remedy.let it tie applied ; tint let it not be perma nently applied. Let not the s ane medicitie be ad ministered inJitTerently in health, and iii sickness. Let the suspension by terniniated, not abruptly, but with caution. By the existing Act it was provided, that it r.hould terminate six months after the con cltision ist a definitive treaty of peace. If a peace were made iu morrow, however, that would be tuo short a period ; tor 'anitious as he was that the.re sttittion should ceivie, he was equally anxious that it Should cease in a manner tile most beneficial to the dmumnunity. Ott tins fullest consideration which he ;Yid beets enabled to gyre to the subject, lie Was Sa that even • .war, and particularly during the present war,. it was, imperative. on Pailiainent to rescind this measure. The prospect which this cyiiiiry had, Was (A a long content. It it. should Will out Su, lie trusted that , it wiruld be a mug course of t-reign expenditure; for. only by that means in the tinpruving state ot the world,oould we (Wive any advantage from' the prOtraction of the struggle. By the present State of exchanges,- how ever, ones fouilli ! ot . the tuoney,ap.proptiated to to. reign,porposes was fruitlessly atoortietl. This was is most import.mot consideration, and would become etas - note so, airdulti Great Britaiii return is her ;m -elee' task of restoring the. balance of Europe; and planting the standard round .w.hath the : na,flons. Europe should he ilivilcd to rally in Octence 0! then . independence. lie trusted that he should mat hear it urged, that in some pointir , the depreciation was lavourable.tn,the pudic. lioned.tdiat deekrii tiOU so contrary to all time inaxima of honour 'Which it trad beet; the pride ot Great Britain to cultivate and to mauitain, would not be matfe..' He-Was.very far Irons, imputing such-an" idea to the Right Hon. Gentlemen oppirsate. It tit were entet tamed by any one, that. individual most be a short calcoiator, He must forget that although the ,country might ,gitin something in the payitiOrt of the intcr,.st LllO debt atrcady acctirnulated; she most lose more on ' the, receipt of the locos,- tO, which ,it would be tie cessary for her to have. recourse. Nor did private' still - Outs deraand less loudly than public y.btiee, that a corrective sherd& be to tile existing. evil. He would ;Plat dweal otk tile grievaiu:es . to which public creditors, annui•inims, and ()chefs, ‘ser,., exposed by time pre ,emit stame, cif the curreticy, ty, to the itijuitons effect which if had upon all legal contralti and tiibitgations. It Was enough JO to state the circumstances; and having trespassed so long on the patience of the ,Committee, he would 'detain Ahem no longer thiAt .by iboring. hi& first Ito solution, via. " That the (Ally money which can be le i gally tendered in Great !steam, hit aLty sum a t , ov,:. wLI VC. pence, In the %%mulch' is male either' 01 gold or Al vet, “ild till rite ard, and dellQllllllittion 41 MINAI any SUGiI thwley is :id. thorised ty i p4s current, is fixed unner his lidajebty'S Preto g.4lvc, aectottiing Mr, 14.)sk:colluwed... He began by paying a high compliment to 4 be ftbility thauitested by, the Hon. Gentlettiett, in the long 11,4 d t:letioutit biltllCit tie iittc.l jovit allhougkhio own inns ~,Were in direa centFacticin,,to thom,9l, the lion. liewas I7ifttly pt rsuachzd that there kid been hi depreciation of pager, in cyan. quence of the :sluts from the tank.. to trusted h& should, be able to satisfy the Committee, that the Repoa,of the Bullion .Coeimittee etas foUnded on a niiniber of the, most erroneous suppositions that he llad -ever' met accumulated in so small a compass— that the. measure recomosended by the Committee. was utterly. impra , 4icable—and that, if, practicable, it wi.uld th,t invroduee an a tditional guinea into cir- Chlotien.' The Hon. Gentleman said, that there were ttecedeseiplitms of persons wl o entertained extreme °pinnies ; the one conceiving that theart need not -be any paper in circulation—the other that these need not be. any- wash. , Mr. R. did. not ;belong to either of these seas. HiS opinion - was, chat It was ex, trernelv desirable the circulation should be - composed of the precious metals and paper, and that any de ficiency oceasioued by the absence of the louver, should be supplied by the latter. He felt -the ad -vantages which the country derived from the Wink as strongly as the Hon, end Learned Gentleman.— He was anxious that those advantages should he pre served, and he-knew no surer mode of eelinquishing them altogether, than to adopt the suggestion of tt e Bullion Committee. The Hon. Gentleman asserted that' the price of gold during the sitting of the Com onitee was 41. ins. an ounce. The fact was, that it Was only 41..5 s. This wets one of those 11)04t extra- , ordinary inaccuracies, irt.prent of fad, with which the Repo of tli! llultinu Committee, and the speech of the-I - fon. Oentleman,. abounded. When it %sits sent that Bauk..notes were not equivalent to money, he would reply, that-they were equivalent to eioney re . every purposetnt the purchase olgold. lot 797 there had not been any draM of gold. Flu did tot' hear at that period that gold 'We's taken 'our of 'the kingdom. There was no tempt-alien to export it, be cause. the gold price - was not - ahreve the Mini price, Advertieg to- the remarks ttf tfie ,fl e n. and L e , aru e t Gentleman, on the large importation into this coun try, n i - grain-, he 'observe,!, that 'here had been only a choice between two' evil,; the one to Occa4ion a considerable depres.sion in the exchange--site other to incur the tecotivemeuces of a great scarcity. Net withstan„; ing thee large importation, thee quotient loaf had been a , is. ; and had it not been for. the imptietation, it. woUld prebiahly have been, at 3s: List. The lion. Gentleman accused him of having, trent time ILt time, MAO sta,etnents ull It 'respect to the expolts, which turned oreetorbe unfounded. Thai wasTesponsiele tor the c:reemsteece of the lane Mreigte - expendit me being more than equal- to the balance of trade, way new ro ltitn. The exports of list year' tied been suljeat'to considerattle inconve nience; sortie of them-had been returned; others had been setzed, and large - 'some were necessarily ad vanced -to seeere a large part from confiscation. A circumstance h teetittly hapeenedovhice; skewed that the.exchaeges had melt e% to do e it it the cur rency of the paper.. , The ex-chit g.e , w4fi ugal lied lately improved to such-a„ event, that the die. coeet eit-PorregueSe Not- had fallen 'from 31 , , tirst to C 4,• and teen to t•ighteen and a half per cent. The exchange had risen from- 67 and a half to 70. Ths was solely 4.l4ributable to the French having epee drivete . ont of Portugal. Tice Hoe. Gentlemait *ttoasted t hal all the great capitalists -Were of his opt- men. Ail he' (Mr. R.) could say on the subje.l, was, flee he had .0 ;meshy' general intercourse with those Gentlemen,Und that so ter teret .fieclufg that' to be the ease, be had never',net with one whose testimetas w:.re not diametrically opposite. With re c ord to tee late Sir Francis he felt it in cumbent on him' to say, that he knew hint from the earliest period - ef his public life, and that he teas persuaded a tuna of 'a higher or titre fiCitiourable character did net exist, either in this or in anyc tither country ; hot he' was far horn hat the evidence of that highly iespected and lamented individual. was so favourable to- the diKArioe of the /indict. Committee as the Hon. Gatilernan• so. glowingly repteeeetted it to be. The 'renewal of payments in Specie rieght to depend ore eireem. stances. They ought not 'to be brdeted to be made, at any glven time by a positive : la w . .Thh Report appeare d-In hen atrain of errors add mi st ake s fi l en tiginnin i ! in end, that he thought it his duty to point -then: out, and then to subunit it to the Committee, whether or not they would -foetid any proceedings on that Which . was in kelt so pal pably'ere,wasbneotis. • There ,was in the very hest para graph a mistake : it wits there staled; that ''- The pritte of gold bullion, which, by the regulations of his Majesty's Mintela 31. 17s. told. pet owice , 9lstandarti fisieuegs, was during the years 180', 1807, and 1 , 808, iva high as 0. in the market. Towards the e nd of the year t HOS it began to advance very rapid ly, and continued very high during the whole year 1809 ; the tnatkc t prick. of standard gold'in bars, fluctuating twin 41. ns. to 41. fete per ounce."— Now the fat s .t was, the Bank prim rli tBO9 was 4i. 'That was a positivi," taA, and it aaeared freth the accennt given by Mr. Melte, that the priest 'of _gold in the enin t ket, after fluctuating b..eween 41. and 4•e tie was at 4h d. in the month of Decent ber, ite , tead ot tieing at the price stated in the Re po . . Tho 46 %I:116 Were most disposed t o c e mp l a i n o f an oteess' Of currency took very different views of the slibjej; Not deify did they differ trnm each other, buteinie of thelUghest tiutboritles (Hume, the Historiah)' dtif:tc.i in smite pkteei niateray; froth I himself in 'ethers. In one place . he expreitieS ltim iWleVour uf a hirge eiretiiatitig - medium, and in, another he prolessei to t'llte1;111h1 SelltailellfS of a contrary nature; and atter spacing egainSt Batiks, i actually recinninelids the depieciatiou of the cur ! renq toy the tak mg of a rutty frten each With tespeet to 0,6 excessive issue .of paper letvleg odeisietied a dijpreciaben'of the cuirebcy, be trusted it - Would be seett troin !japer he had . Move] for, that such was . n'ot. the &rse.i-LlTlic, Right Non. (.4 . c.4ittlentan 116 .- e read the paper, which cont :tined ii variety 44f stittonelds, provieg that the ii . , 4 i,:tO o ti un , tat the':-rice of gold had not , the effect which iittei been supposed an the rates of exreange.]---The altenstiona in the eeliatige; lie contdiuted, were clanged by'citctirnitanceS altogethei diffen!'nt. r e p. molt, ilettauetchinit sent out 4 - cargo to iltitribw;ll, i. he could severely draw it bill' oh tin party tti ;0i;m1 it vvgt stm t, .Flirtg ) fit. as NOOrt ag the trWOjeerivas ee ,e, out.. Now it was diifererit. N 6 kit - Ult noettexisted; and the - bill WasObligetl to' go. an extraordinary circuit, eXpetied tette,at ditticultid end d&tys, and these inconVeatUneea bad been ex . perionced for the. last 18 Morithae,; Th e public ex , penditure assisted in turni n g the. haitneeligtiltlti In rise~ last.yzene we 'had sett b ' niontiOioi less titan t - t,060,0001. ; is corn 7,000,00010 There was tii,ooo,oool,' sent out of the country ; imdforeign frelghtaa4; See. made 1 1 1(.01m - total whk.h went out Titpittilly, 4 u• 5 and Co;oory,otml, the balance Of trade. He then kAelit over flit. evi dence AGssra. Ibl..rle and Goldsmist, a, ti the orinioriiin..Sit . Slntekborgu and Lori Lit e r, pool on the price tat goad as compiled with other commodities. ''`Sir F. Baring had stated, that the high price of bullion waS partly :Caused by fife in creasCd,paper:Cireehtion,' and instanced' the period. °Nile Atnenten ti'ar, at Which no scarcity of bid lion was felt on this point. Though no one nopld think more ly I,f Sir Francis than himself, he tho ight ins meniory'itid At ~ ,lie".titt of the seven yeah war It appeared that the price of gold rose front 31. 18s. ver ounce, to 41. ; and sub‘i sequentiv, in 1763, to 41. Is. 6 1 / 4 . ; and at the end of - the - Atm; ican way the drain of hulli been felt occasiOnettito idarm, ',Uha Right Hon,l'Getitlitittin here teid rite .ittbsktice Of a CotTeSpdpd6ilCC• I) , ..lwi'en him ~(:f1 Sir F, at the tiine When the latter, in Lord . 1, inSdOwne, was engaged in ti . ansaAitr.; :!ien bdsiness of the Trezisnry. 'He then proceeded to notice the following rissage .in thy, Rel:oi the Bullion Committee, which he could not hot re!.:trd as most 'extraordinary :—" It appears to yeur'Coin, n3lieu to have been lonq settled, and understood • ii principle, dint th e d o a erence cif exchange ! froth the state of wide, and pilyments made be tween different cotintriei,. ux pence'of pay tOg ctild'insu6ng thc.! preeious metals front one Countiy to the other, at !test thatit Cann, t for any considetable.. I(;tigt h of time tx , 7eed that int*. The real' nit/et:nice of exeltange teliehittg (torn tI t . stale of trade and payin, ins, never Call' tall lo%ver than the amount, such expeoce of et i rr i age, eluding the insurnnce. • Tit , , troth of this position is so plain, and it kso tinhorn-Ay agreed to by all the: pratilical authorities, both colninerOal and political, that your - Conintif tee will assume v it ind . c-iptitztblet" This position which the Committee, in 016(4,, port, had thought 111.tuselyes justified I t ;ssititni:ig mdisptitabte, be conterided wits indispytedity true, Itt support of Lis ovum:lit, he thiTe iii:tde It variety of statement's, and brought fOrwarcl th , ,. es i. denee'of 'Mews. Grelullie and Gold'scoid, as ciirro: borating what hi- had 4dvanced. The id;ta etacr. tained in.the Committee, with resneti to•the area exports and iniports !rive in meeting' the anonal expeldittlie of Goverotnenc,heittottglY eolniaatted, and Proved that the average imports fell shor t 0 : dr lityittst our foreign exPences, When: thoie exj),nces • wris t ; great. To lemedy the . evil coMplained ot„ it had been said a' free et i rculation should be brought about, and indivitlut . 'l:s be .allowed to export ethos Out this sould lie'lOentuttentnee. Iratur ;11:d fiotjury. He now b(•..:tikithe .. i.ittetttion Oft he C011111)1(1 9 ! I t ) iii act:omit give" 'of the state of the Bank in the tit 4 of - • . l'herexpelience or the /3ank itself within a very si•)it period after its first establishment, tut nishos a very instrunive ill'ustration of the fuiegoing Frhi• eiptes and reasonings. in thiS inqarice the effects of a ,depreciatton of that coin by and cliHing, ,vece n'utipred with the of an excesOve issue 111 The Diredois of t h e Bank of England (IA not at first obtain a Very accurate know ledge of the piineiples by wh:ch SOCII !lAISI be ConduArd. They leat roomy not only by disconnt, but upon real securities, mortgages, and even pled l es comelodilk!s not perish tWe; NC ihesatilC tittle the' Brdc contributed most materially to the sers;ice of 66,ern inont tar the suppOrt of the 'army mpoti the Continent. By the liberality of those laths to pri 7 s'a'te individuis, :is well by the lar,4e advances to GOvcrtitneOt, the quantity .Ot the notes Ot the Bank li.-2C.nne execs iive, their relative value watt peen i aed, and they !ell to a:diieotint of 17 per cent. At this time there appe irs to have been no frin.re of . the public, confidence in the funds of the Kink.; hie its stock.' sold for t to per cent, thotigh ouly (JO per cent. upon - the i'ubt‘crii tioni bad been ped in." fre wished to know from what quarter this infor mation had hi.len ontlined? _ _ Mr. nottNett said, Mr. Godfcey and Dr. Di4e were the authorities oh which the statement in,d been inade. Mr. Rose thanke I the lion, and Learned Gen• tleinan fur giving tutu thd information, He (Mr. ItOie . ) Was very well ae9uninted With Mt.. Godfrey, but he confess 's( he kid never known any thing , of Dbeiol - Prake„ till.he was referred to pdthe sent Otealdon. AR:`Godfre y had said th e Bank lent money on inortake nt five percent. (the, legal M. terest of money at 'th a t rrind being Six per, cent.) on foreign rr cent. 'and op those who kept cash with fliein at three per cent. Tire system then tided 'upon was nc>t literc ' d till twenty. yetini,l alter, when Ate price of Was redtteed by Varliament. This fact, as it, Ads stated by .Mr. Godfrey, yet did no t seem known to the Flonour. able Gentleman, proVed he had not read ;hat author, Two Ads of. Parliament had been passed in the 7th and Bth of William and Mary, the r une to red uce , th prices of guineas t o 21,k the other to lower teem still fun her to 225, Ha wistitm the liouse to lopk hoW the Litiarned Gentleman had wound, up the subject, and what an example be had wished 'Ef l e, ll to follow. The Right Hun.' Gentleman next no. tired the observatidus tnade at the bottom of plge 18 of the Repoli, with resped to the trade of lie. land. l'hette, col)tendid, were not well found. ed, as the fads to which they referred went,direcq the .contrary way to that, which they had attediptod to turn them. The.Tlesno n on %‘ hich they were to decide was, whether or. not the Bank isihtes heOn exC4tisive'iz , kie here stated, in opposition to whtit ha 4 beetr!advaneed by the Commutee, tinit the increase of Bank Notes hom ltihSt to 1.809, t.t!d (lot exeved 3,000,000 i. In i 802, their. all:0(1M Was 1 71064,4)(101.; and in 18pg, it was.only Oetised to 17,364,u001. It had been ad m itted tay Sir Francis Baring, that there had. been. rf gr, r at crease of pit aud, th at rte enlarged Cor lAi i tei ,. o ie(itOr , c-ii , a circt.ti.iting. medium large in prnporiion 4 In 180h:oily ex; , ofts Were double . ‘41411 they were in' 170. lii 1790, the eXpiprlS (Vele (d0,001),0001. and ale in,dium was I J,Ooe,uool. In ex..pp i rts arnoanted ra,50,000,0001. the circulaiing :uediato to :1,1-,!„000,0uot. while Liu. , oxPsrix , ocqd 40, iW.;relso r. 4,00 3 -Of)Y. 01 g -1:4114110L1:.11turn . I:OX . ed by ii.),069,1.;!..91 ~ThO ksuti 44 ink Nyto s bot; f)pitqati; °Mtn urger than were re - 4'i.ifted- by the: 61curnstanees of the vas;, It NOS neither feicessAry , nor expedient 03 thetn now they were 60 lenened, J was coll.