The Sun. — London, England, 1804-03-06 00:00:00

cf the licit year, for instance, when Ireland may► he considered as in no (4.2rip,er—lndeed, in the period of her danger, the Exchange was little more than at rar. How dift - A - ent was it at present ?—Neither did he, in any material degree, consider the evils as ow ing to the increased number of absentees from Ireland, a cause to which by some they were ; attributed ; as this apparently unfavoufable cir ctimtance produced a proportionably advantageous effea,' namely, an increased Export, and a diminu tion of the Imports. . After arguing upon these to pics at some length, and with considerable ingenuity, in the course of which he expressed his satiSfaaion at the institution of a Committee of Inquiry into certain parts of ( the subjea in another phice, and re c mmended the adoption of a similar proceeding in that House, the Noble Lord did not conclude with any Motion hostile to the progress of the Bill before the House. . The Ear! of LIMERICK—As the Noble Lord did not oppose the progress of the Bill, did not con ceive it necessary to follow him through his detailed discussion of the general subjeEl. With respea to what had on former occasions fallen from the Noble Lord respi4ting the Governors of the Bank, and which involved suspicions at least of miscondud on the part, of that respeauble body ; as that topic was now but very little touched upon by the Noble Lord, he should not take up the time of the House in obser. ving upon that part of the subject. There was however another topic which had been recently adverted to by the Noble . Lord : on this he need only repeat . _the promise he had formerly made, that when. the •iubjeCt should regularly come under discussion, he was ready, ,and, he. hoped,,satisfaaorily, to justify, lhe - praftice . in question. Indeed, he was now ready to go into the subject, but as that was only slightly adverted to by the Noble Lord, he should not have _ then to trouble the House upon the subject : how . ever, if upon maturc consideration of the circum. the. Noble Lnrd should think proper to bring forward the subjea: on any future occasion, he behappv to meet him on it. With resped to the measure now under discussion, the principal ,observation- nude by the . Noble Earl in favour vbereo!f, was that he considered it as a necessary ap_ ..lpendage. to the Bill for continuing the Restriction upon the Bank of England. Lord KING and the Earl of LIMERICK spoke .severally in explanation. T.lrd GRENVILLE spoke at considerable length in support of the arguments advanced by the Noble 1,.10 who opened she . discussion. He deprecated the ilex w hich had been thrown out, that the mea. sure before the .I-louse, should be considered solely with reference to tile Re.,,striCtion of the Bank of ';gland, or,. as..neeessaii r ly.forming a part of that tavasure. On the Contrary," he•thought that a med.. pure-which .went to Rreatice such, serious and MI-. _portant effe4s in Trelik4,. tiinne,third part. Of the UnitedKing,doth,' should be considered in a'g't'eat degree,a;least upon' its : own merits.. This odor', .tunately was, not , the . only consideration in the pi`e_ sent instance, as what liattaken place in 'lrelantl may speedily . occur,in this country. Neither. Was , it too late ,to remedy those evils which already had i footing in , consequence of a similar measure in •tog,land,. either j c t msistently .with,,sound p&licy, or 4 constitutional Attention to. the - forms' of merit, as the measure' he alluded:- to might (upon due consideration..of : the subieEL and keeping in iLindi an adequute nteival_for notice) be revealed. NVitli respect to the great point under consideration, ~,tiae,deprzciate&state of the — ciii r ren4 of Ireland, it as clear as mathematical dein instra , tion' could rcNeeif,fhat the evil W;is owing to the , • t•, : >;,;e.ssiy . e issue of, .Pap , er. The proof of this was, that ~.io.the northern parts of Jreland, where gold chi fly _.,circulated, the rate of .Exchange was rather in fa! 7 v;.itic of Ireland, while ai;`i - tlie contrary, in ail tile cgher parts of . the Country - where PaVer was the cis calatir g. medium' . , the depreciation was at more than _percent.. That the reStriajons,..indeed in both cOnt6beled co tile excessive issue , of Paper,, was apiiire.nt, freed the fae.t' that • the quantity ,of'., Bank :,P, f lpyr in circuLation in „vas .near five times" greater :than before that,.Restriaion,took _place;and twice the amount , duyn4y. contended 'that this was tile. train cause. of the deplorable depreciation currency of lieland,, and of Which he was sorry to he obliged _JO state there - already ex . t.!,tet.l some incipient syniptotri,; in this Country. That tlie issue of private paper had.greatiy increas ed, he believed ',vault,: not be - denied, but this his L irdshipsiemcd..consider as a necessar y' conse quence of the Ps,eSitiZ.litins : on the National Bank, aiid, of eocine.reaserl issue of Rink Paper ; he there lore considered the increased issue of private paper ; ay bias.. ties and Lloa Adverting to the dam. .grrous politicalcons.equen'ces of the depreciation of the circulating mediuin, he quoted the writings of a ulitical philosopher (Dr. Smith), of whose merits he !woke in terms of unqualified pinegyric. With his sentiments on that topic the Noble Lord entirely -concurred, the more especially when such an evil v4as r agg . ravated . bY the danger of Invasion. He re. i l ,qttett, with a reference to this part of the sulijetl, that his Motion for certain Accounts, a few - nights , since, had. been rejed.ed: indeed he believed it - was . the_tisst instance of a Motion of the kind being ne . g i uiv . ed in Parliament; but that specie had in a g reat degree disappeared in this Country, as well as in Ireland, he could colleet, anipng other sources of information, from a document then in his posses. sion which furnished an instance of, the Reteiver of colleBiods within a given period, received tool. of which only one Guinea was itr i apreie. In Ireland, the depreciation of the Paper Currency was held to arise,at first, from some con. iprined between Private Bankers and Army Ageut . a,, W. 11Q were necessitated for Cash to pay the A'rorps,. which greatly, augmented the value of in Those" parts Of . thetoiitrY. Adierting the dep'oraVe of eets Whici,'lt'e contended, must form ana A ttria) depreciation' of 'the Circulating M 6. . in phi, t,...0 , . untr a y, ~nis Loidshipinstanced the ca,e, of. a Pretvincial Blok whose issues gave credit;' ;In ) i,wete the cArculating lyledinin.Of a diameier of kor. Lj miles a . roUndtt what, lie itust i tlie- present circumstances,- he tries situation a o€ the, loh,a , ‘itan i of.such, • a District,' were the c cosilipktlpo,s , e, of tank possession . of, the Y„nerny t s. ► lQoi' • bi 'still farther ih. I,usitatedi by tilt conside.rdt,ipn 01: 4: lila of very great importance, which took plaet- a few years since in this Coun'trv, and which was one of the causes which rendered the restriaion on the Bank of England necessary. On a temporary alarm - of in vasion, near Newcastle, the Farmers of the adjoin ing Country flucked in, on a market day, and poured their Notes into the Newcastle Bank, for which they insisted on payment in cash ; this produced effeas the mos - t important, not only upon the Bank in question, but upon all intervening Banks between that and the Metropolis : the run was for cash pay ment, and, this of course ultimately reached the. Bank of England, on which the demands were made; not for paper, as usual, but for cash payments.—. When such important and serious eTeas arose from a temporary' alarm of Invasion in a distant part of the Country, What,. he would ask, must be the effects if the Enemy had landed and advanced to any is. tance up the Country ? After expatiating upon these topics considerably in detail, his Lordship expressed his satisfaaion at the appointment of an inquiry into the subjea in Ireland, and his earnest wish was that an investigation was set on foot on the part of both Houses, as the subjea affeled Great Britain as well as Ireland. It was by no means, as he had before observed, too late, and one great °Neel for consideration, in endeavouring to remedy the evils of an excessive • paper circulation, should be, a gradual taking off the restriaion upon the Sank : that Corporation should be enabled, but gradually, to resume their cash payments—not, however, with. out due and full notice being given. The with. drawing of the small Notes from circulation, would necessarily induce the introduttion of Cash to the like amount, to rill up the chasm ; this, of course, should not be hastily done.—Suppose, he observed,• that within a given period the One Pound Notes were to be called in, and, in another subsequent interval, the Notes of Two Pound, the most salu. tary effect; would be produced in reference to what he had suggested. These were, howeirer,: only parts of the outline, which might be recommended to the attention of a General Committee of Inquiry, the expediencyof which, under the present circum stances of the` Country, the' Noble Lord ably and impressively enforced. • Lord H 4WKES BLI RY in,answer to what fell from the two Noble Lords on the opposite side, also spoke at some 'length. He observed, that as the Noble_ Lords seemed to agree in not opposing the further progress of the Bill under the present cir cumstances, it was unnecessary he should take up the time of the House on that part of the subject ; and that the circumstance of the Noble Lord who spokelast, not having made any specific propo. sitiori respecting the inquiry the' expediency of t which het:amended for, rendered it the less netts. sary,f?qtim to go 'into' a detailed consideration of the general subject. However, what had fallen ftom.the.;Noble Lord calledlor a:few observations on ;his-partflie.:by no means considered 'that the evils sb strdngty iiisigteduPon were proved to,,exist by the iNobleiLord,.or at least in that degree that rendered .3 1..ei,41atiVeihterference necessary upon the occasion. HeSo'e'ttiig with refereUce: to' a'general Lion of the subjea. The modified mode of 'inquiry adoplidinanortiet . place, was a dis'tioa consideration, and much he thought would depend upon the resuft'of that,inqtriry o. ayheolier adequate remediss could or could , oat be provided . for those general evils so greatly deprecated by the Noble Lord. It would' be a question, whether such.a 'Case of greater or less in. • COrivcoiericeor injury, could be made out to war rant_proceediog in the way of inquiry, which cer tainly must •indoce alartia and inconvenience to a considerable-degree. This did not. appear to. him. to be as yet dune by the' i\Toblel,rd. The great , argument upon' 'which the wholesuperstruCture was founded, , was; that the excessive 'issue of -Paper, and the .aCeumulatiiiii_ of provincial Banks, pro ceeded, principally at least, from, the restriction - upon the ;National Bank. That the latter' part of this propoSition was not fOunded, he "could prove from documents which Set forth, that in .the year 1793, the.. number of ProvinCial Banks were at least 4.00, and 'that within a .given period after the Restriction was laid' on, they were in number .frown 350 to 306.. He contended, that the .Paper Circulation did not tend to drive. the coin out of the CoUntry. A' diminution of the Cash in the Country, to whatever degree it' may occasionally take place, was attributable to very different causes : it !nay : arise 'from the balance of 'trade and of pay_ enents, which, as they were in favour or against a Country, 'tended .either to eitraa cash or to cause an influx of it.' The demands for coin at the Mint were, during His Majesty's reign, and more especially the latter part of it, incomparably greater than at any former periods : during the present reign, the coinages exceeded 64.,•000,0001. ; in his late Majesty's reign 1 r,000,0e01. ;. in that. of Geo. I. 8,000,000 ; of Queen Ann, i;o00,003 ; and in King William's reign 10,000,000; for the last twenty years 32,000,003 were coined.—So. much for the amount of Specie coined and circulated within the Country, at different periods. In 1793 the plan. thy of'Paper in circulation was considerably greater than'at present. Certain evils were then felt and complained of, 'and Legislative Interference then took ; hut this (so we understood his Lordship) was eventually produaive of more harm than benefit.— With respect to the Noble Lord's idea of great danger ensuing to the circulation, in the event of invasion, he did not entirely agree with him that if would pro duce these evils insisted upon by the Noble Lord o an Enemy must riot only advance, but obtain a foot ing for some time in the Country. His apprehen _sions, on that score, were not great..—Many of the cases adverted to by the Noble Lord, were beyond the power of Legislatare 'to remedy. A combina . , tion of Banks could not be forced—and the effects Of such measures, when attempted a luttst be partial or 'injurious. Upon the whole, he deemed the case, as established by the Noble Lord, .better left to the course' of events. No legislariVi remedies, he fear , ed, could be applied thereto... The proceeding, as urged by the Noble Lord, ,would create alarm, and '.be productive= of sure and certain inconvenience; and it,.afforded not ;has prospect of benefit and ame lioration which might induce the Legislature to run the hazard. • • Loral CAR.NAgovOlir saidolie: could not agree with the. Noble .St R R STiTiic, in the ob. servations he had made. w i th regardao thccoperation of the Bank Restrktion upon the Specie Qf the C:;:tri. try. While the Payments at the Bank continued to be made in Paper and not in Specie, the consequence inevitably mint, be that the Specie must go out of the Country, and though it. might" return in the shape of Bullion, it could not return in the shape of a:circulating medium. Lord AUCKLAND supported the Motion.—He considered the present state of the Ban:ls, both of England and Leland, as a solecism in the history of Finance:- 4here.was no-less than twenty millions Of Paper.in circulation, for which the Holders could only require payment in the.same kind. He con. lased' When -the measure of the Bank Restrielion was first adopted, he did not foresee that at the distance,of seven years they would be again discus-. sing the same measure. With regard to the situa tion of Ireland, its Paper was in a most unfortunate State, and :he was very happy to find that a Corn. mittee h,ad been moved for:in another place, by a Right Hon. Gentleman of the greatest talents, and who thoroughly understood the subjed. If it were possible to afford any Parliamentary relief to Ire land, he was sure - there was no person More able to point it, out than the Right Hon. Gentleman to whom he alluded. He did not agree with those who thought that no advantage could result from the ap pointment of Committees-of this kind, for if they. were not able to suggest every praCtical measure that could be adapted, at least they put the House, in possession of tarts that could he depended upon, and upon which they might form their judgment.— With . regard _to the state of Exchange against Ireland, for the last five years more money had, flowed into Ireland- from . this Country, than had beets drawn from it, in consequence of the Loan; which she had- made in this Country, and the balance of trade, if carefully examined, would not, he was sure, be found to be against Ireland. There- - fore it was not a real exchange against Ireland, but a depreciation of her Paper, because if a person were. to pay a hundred pounds in Ireland, in Bank of Eng land Notes-, or a hundred guineas, he would obtain a - draft "upon England for the whole amount without any deduCtion. , With regard to the Bill before the Hotise,' he should give his vote for going into the Committee, because, in the present Situation of af fairs, he did .not see how the RestriCtion could be taken off the Bank of Ireland. - . Lord CARYSFORT said he did not see how a Restrielion on the cash paymentS of the Bank of England, rendered it necessary that there should be a - similar Restriction on the Bank 9( Ireland.— The Paper of Ireland was now at a disconnt'of so per cent. and if their Lordships were to .consider for, a moment the immense mass of paper circulating in Ireland, they,Miist imMediately, perceive the im4 mense loss which. the Country must sustain ; where: "as the sum Which it 'would cost the Bank'of-irehnd to put themselves condition pay -in spec'ie =would be infinitely smaller ; upon these ' grounds he should oppose the' Bill, becatise.' he consider . 7 ea the Restridion as a serious injury to that try. The LORD:CHANCEELOR said, he could 'not ,• recondite the cOndtia of some. Nobl e• Lords who had suggested amendments to the Bill, and yet opposed its going into, a CohiMittee, which was the only place in which any amendment could be made. , — With regal-Al. - to . Whit had been said about the Re striaion of 'cash payments, and the injurious ef. fe4s it produeed, he was perfeCtly ready to agree that it . was'a'AieaSure . whieli could only be justrfied by the necessity of the case ; but at the same time some of their Lordships "laboured under an . error, when they 'supposed:that because the Bank was not .bound .to pay in,specie, that therefore private Ban kers and'others who issued paper, were .also not bound 'to pay in specie ; this was not the case ; the only indulgence which.the law gave them was to secure them from arrests in the first instance,provided they. had tendered the amount of the debt in Bank o f England Paper ; but after a Judgment they were liable to be sent to gaol if they did not pay in specie, if the creditor. required it. His Lordship then commented with severity upon the conduit of thoie persons 'Who set up Banks without any capi rat, bur who merely - traded upon the money the customers put in their hands, and upon their own paper. fie then adverted to the immense quantity of What is called accommodation paper which was in circulation, which there was no property to pay , and which therefore when it became due could only be paid by other notes of the same kind. One in stance, he said, 'had occurred to his knowledge, where accommodation paper had been constantly in circulation between a house in the country :and a house in town, to the •amount of no less than four hundred thousand, pounds sterling, without .one sin gle farthing to pay it with. Lord Ktlec said a few words in explanation; af ter which the Question for going into the Commit tee to-morrow was agreed to without a division, and the House adjourned at a quarter before ten o'clock till to-marrow. HOUSE' OF COMMONS. 'MONDAY, MARCH 5. MR. ADAMS brought up the Report of the Royal Marine Mutiny Bill, which was read and agreed to:; and the Bill ordered to be read a third time to morrow. The Bill for regulating the period of taking sacred Orders in Ireland, was read a second time, and com. mitted for Wednesday. The Mutiny Bill was read a third time and passed. The ScaNll Creditors' Bill passed through a Cam. mittee. The Report was received, read and agreed to, and the Bill ordered' to be (read a third time to. morrow. DUTIES ON BEER AND MALT. - Mr. WESTERN said,' that an apprehension hav ing prevailed that , the Duties on Beer were intended to be reduced, and an additional Duty laid on Malt, he wished to be informed whether any such measure was in contemplation. • . The CHANCELLOR of the EXCHEQUER said, he had no hesitation in giving the Hon. Gentleman an eXplicit answer. There was no intention on the ,part.of His Majesty's Ministers to• propose any ad. ditional Duties on Malt, nor any reduction of those on Beer. ,‘ ire Cuainilt tees of S4ply. and Ways and :Means were postponed till Wednesday-. IRISH ouvr.s. ,‘ Mr. Cotuty moved for a Comm ittee (3 " t ' whole House to-morrow, to consider further of th e _, Irish Duty Ads. 'The objett for cons ideratic a rr would be, he said, the Duties on Salt, bop s ' an Coals. Ordered. Mr. CORRi' brought up the Irish Duties Bill ere a nd the Irish CoUntervailing Duties Bill, which vyo severally read A - fi - tir time, dnd ordered to toe read. second time to-morrow. Acljourned ative_o'clock till to morrow. • MAILS. A1. 111"°. DUI. 114nburgh ------ - - PRICE OF STOCKS, THIS DAY AT TWELVX O'CiOCK• • Consols - _ THE SUN• ^ SOLENI Qpis DICE&S VALSVM AUDEAT LONDON,. MAI:CH 6, iBo4' "Qumn'r Muse, March 6, 1 804. " His MAI Es rk" is going-on in a favourable way• (Signed) " l" PEPYS. " F. Mrott• „ " lt. R. REvrroLos. " W. “goziU )4l4. • • . -t4 30 WE have great and peculiar satisfadion ing, that Fire MAJESTY'S health is so fast ad Va.' sr" cing towards recovery, that the LORD'C I4I t riC • 1- LOR, on Sunday and yesterday, had audiences de , His MAJESTY on tome public business thi' pending in Parliament. , His Lordship s tate , ' - . 0 pleasing faa in the HoUse - of Lords last nights vile he announced His Majesty's concQrrence tQ °‘,/ procedure of the sof Yoatt's Estate Bil l`' in its progr.:ls through the House of Peers, - t which His Majesty's consent w2s necessaLrit . s on We most "heartily 'congratulate the - C citlntrY . this happy evert. -The Public Business, w e- P", 7 some, now proceed without further inte.“:l6 tion; !or many and momentous are the, which Pa4iarnent had to pursue. - A Debate is expeAed:this evening upon the' a luntier Bill. - IVIrJ.L - r - T :Will' no doubt propose a at utoe those material : : Amendments which Jintsti at, for lue_imprnvernent_. - 0/Ithe System,' d' d'ig e - are confid:tnt that every . whieh he proposes Will be received and adOpte . respeet ancl:cbe.4.fulness by the whole !Dais °I IVQ * : • of leers'illiungliotit the EMPire. Mr. P ITT sow' only-man in Parliament 'Who has t ur n ed his 5 . 1111 ' 4O this im octant subject, or whopossesses the `ru , model and direcl, for the real Ve u nefit of the Cool , 4 0 0 4 '" ici . .yast, and ,complicated 't...ioody as , the , now:ceinpose, ••••: CannonadingA /003 Y was, heard allye s .",-; s t morning at Deal,. proc eeding. from SOUtI34" the - f quarter, supposed to be . occasiutv:d by :some o ' y, Boulogne, Flotilla having come out into e ir e e and been attacked by our Cruizctrs, or s ° " -.-- to t of their reinforcements attempting to reach IT Harbour under the prote&ion of their Batteries!': j ' Pat" ' LA ST •ni g 4t, we received EioraCls from' toe • • g e apt , Papers to the zth ult. - and this morning the gni c a tears to 21 st Ult. inclusive. They' bring dr count of an event which we have long eq d t o , and which, if the French -People are not dea ' 10 46 every sense of feeling—if the French Aril? 0 , not. forgotten,their 'ablest General—must be foe duftive of the most important consequences.' I rs event to which we allude, is the Arrest of "I;ed MottsA,tr. That the First . Consul has la n i <:°° tha t upon that General with an eye of jealo us y te n t s, he envied his popularity, and dreaded. his fed has 'Ong been known ; but deservedlY!!„, te,e ' t ;ce, as IVlottsam was by the People or ' F r the and enthusiastically beloved as he wns. y co o. Army he so long led to victory, the Firs' rO . f 1 1 . jul has hitherto been deterred by motives rat, dence from ads of- violence against that G etie st et At length, however, his fears have got th e e le itc f . of his judgment, and MOREAU has be e n, ose a p port of ..the Grand Judge, ' implicated in a „ Goff Conspiracy of General PICHEORU and G itc r. , , g t o'oc/ and has been committed to prison. Th e — O si; Judge, in his Report , states that a rec°llC;ft• don has been effected between MottEAu an Or - CHEGRU, and that they carried on a c t, spondence by means of LAJOLLAIS, their Ag who paSsed between Paris and London for tha t t die ppse. It is hardly necessary to state,„ -u' a- o n Moniteur charges the origin of this Conspiraclt;j, the English Government. It is stated-that a 5c .. ' p i * 'ed spot was chosen ,between Dieppe and rre iii iht where the Conspirators were landed in the t by from English vessels ; where they were Ire tet l i confidential persons, who conduaed them sec., e I cal! to Paris; where houses were prepar ed for .oca ception. The fi rst of these disembarkations eons' f Cos t ' - of Gro RG ES and eight others ; the second . r fcb ST. VICTOR and ten others; and .the third -'o kw took place about the latter end of Januar'''. „t oth was Pelcs• nerdPiCHEGA .L.-0 . T,.. O L LAIS,' and 6%. f"- C c o A fourth. disembark t ion was tended, hut'