The Sun. — London, England, 1811-05-08 00:00:00

"T'!e Howie then resolved itself' into Committees tv-.1 he a loorited denate on the Report ot the Bul lion Ceinieittve a as resumed. Mr.. N. VANOTTART began by expressing the great ~ trrprise. whielt he felt at the conclusion to which the -Bullion Committee had at conclu- Moo „so co mpietely o l lsosite to tire. tendency et the evidence oht:iiitt d by them in the course of their in ttift.i.y. He could'-not help considering the Bullion Bdport ais . nn e•-ot-tirs•hoidest.extieriments-on-putelies ; • - sirnOteiry„tivat-Iritry,ever been atterryited, kits Ho. mouratil and L'esrocd Ft tend, the Chan coin of the )ritriltrm . Committee, Ma! Ito sooner pointed out' the atd . trrnenStOtts ecila,..which according r o hi t n in'the preient system, than he propo sed to postpone ‘,k hat be had ttetore described as the reined) for those evik t Ile (Mr. Vonsittart)cOuld account for this inconsistenty only-on one principle, namely, that his Hon. and Learned Friend -(mr the goodness of Whose. in entions he. euterialned the bighest re sifep) and the' Committee begin) to .treMble at the trreCipice to which they found they had or length arriVed. He hat too heswition iii for Ming this opi nion front the eo.i.ideration of two Other circuni stances: one was, that his Hon. and Learned Friend! 1;:a;1 prepared Fe,iplutions . wiCi that the law tnight he repealed, by. which, the export of coin W . al prevented. This wrath.): be: to adopt the most inconvenient In tr;',pen3ivis aitOde' of proceeding 'without gaining, the doirecl'ohjeti.' It Wii.ia t ,in y,i cfence, that thc . Collia. of exchange could be affe(:ivd only by t he, etfportof coin. were told that the Present law 'waslnsafiiptent, and that the coin rounditw W.!ry out 61f the country in Spite of , it, he would say t at he would not pay such a bad Corn plitnent to Parliarnent air to suppose they could not. devise' 'titans by kk hich the evasion of the lace might: be prevented, The other circtimstartee was, that a'. short Mk since a Measure was proposed to 1-I,ll4a :l)r:tit, tor the issue of Exchtltier Bills to relieve the. ade.r ! which . trade was iabouring. He would ask his Uotiour'oble and Learned Friend whe lher that relisf could be extended in any other way th':or by the issue of! paper ? And what said the Bullion I.l.riv.rt itself.?. Adverting to the :circiniu stances of 1793, h Captained the fo)lowitqpaSsage " In the yea . 1793, a distress waspecasioned I:iy a. iitlre of cOntidence in the country circulatian, and a consequent pressure upon that of London. The Bank of Englatva did not thing it advisable to'en large their issues to trreet. this inct r:tsed . dernand ; ante their notes ptecionsly issued, circulating lesa fti!dly in Conequel;CT of the,alat in that pre's/J . lllA'; proved ttis liiricitt tin the necessary payments. In • thiscriSis' Pallialov tit applied a remedy Very simila r ". in its eflettio! an enlargement of the,.idvanceS and. irisit , !s of the Batik A loan 6 • cji f •Exegoer BIN' w a s • horif;ed to be to as Many mercantile pet gi,lolt tiecurify, as should apily tor them; and the-codidence ti iti If this ,measure thrlbsed, as • incicilsed ultahs which it a(Io; le d of obi:sitting throe : i .Ol - the sale of the Exetii.ltier Bills, speedily ri+ev,il Coe r!istrt:ss both of London and the country. Without off;:iiing au Opinion oh the eXpe crielielr 01111 e h,:+iticii ii tin,de,in hitch this operation was 4..ftbc!‘.:l, your OM ninitree r lh'4 it all i,i,pt,ttaut • • iloast . rat,;on"of (he that. an er t hugcd•accont-. t hotl,aodh 1:3 the remedy for .that oceP.Joh,l failuiis con.f.i&o;'lli !! in, the cuittitry distriets„tO rich (for dystem,ot p Ter credit. is unevoidably exposed." pz6w,. tnose Gentlemen who composed the Committee, li.tvi(tg"tlito stated thtt; the 'sale of tiie'F.3cl'etitier 4; di e , flOl'ded the means ph' obiqinivg ,114( . 1 Cof , :int t o' a . ritcaSine by whieli the to • a large aniount Was au ! . tharisedb,v liaanent ? it that for the mi nima 'they Lr. eitne'alLtrined, and relitirprished their: priiic4ft,i't,ir that Which they.felt to be the deerded 501,55 c:otcui ry ? Ili.s Hon, and Learned Fritind Lad accused Nitta of haS , ing'draWn his prepositiOrs iii hoefili , its to throw, no light upon the princiaile!! on which .!transariions of tli.s nature 'pro-, tCttdtd lii., itte):tirst place, 'maid not +4. iSii.trt pledte • Varlifiritent tsatany:atastrattlprinciples. 'He believed taro, Parliament of kircatißritain to be the Inost.en. liOtened body of men io the world 1 , but he did not think that:A:Utter r 4! that,Parliament, or by any other, large.body.., , Uostract principles cOold best be clecid!ed. It was out so .touch to the priuciple of , Itislion. Friend's Ice s olutionslino. lioni)je , :aed, as to'the.ao. plication primorlor. he„ in many tn.. stsnecs eonatirrv'd hi VI, but in the application be totally Alitiered from him. Teattonvkl. a gireat , :ileil,'oti Ott sit,' postal' change in ti n er thaittikiit ..istirine. N o w,. wit b rt l vrti to the st4nd ardirit,•valne, IW'irrotilthislt his Hon. Friend in What way re wo-dld reconcile his own prolin ition to' the ret& to ale case ?' The Resolution proposed by . I,i, li on , .I.' l i eo d ‘‘ That the ee ri ly .flu.,ley which 6 6,A,t diet I,gl i tly tendeael•in Csiea)! Britain, for arty suns above twelCe pence the whole, was insert either of gold or silver; arid that the weight, standard, - and denomination at which, : any., money was 81.1111ori'44A' to pass current," Was fix- iii orifirr his Dilsjesty's Prerogative according iti,104.,-„ wtys-,tixed, at .the cloud ed t;'4, wc.nvy For debts aboveAvyelity-iive potiiida silver money •cull! nor be tenderod but by velgo 4 ( . Et 4 w 4* .jt not obvious.that 990 payments nut o t,t, nun were of %Mt: 'talitier. 25144* ,And• where 'n as t he-st andard.l,! tAiin of bi-, were to be paid, ar=il it .sticutd 1* paid in rieW,crowns or half...crowns, 11I) wohtd:*eigii one peund, seven penny -weights; one prinn&two verotypweightt , Auto pountl onehpenity-Winglit. thtlo4pptootred diatr som;ot . stb"). might , be paid in silver'. currency, , weighing. ,otity 5,14.- .5 dwts,-1 but if otily sin 61t,ce were.tn be added—that was, it the sum, oh 2bl;,sitscl•st3,petice vtigte to be paid, then t h o pyinent bring to made by weight alone, site 104 ,, L i t y of iulver necessary at the prescot ingot, wottid.he eight pounds,. within eight p en n y ., wel4bis. w..re considerations too abstract • ter the 41:rim:nation :of Parliament 4 which Coin was 'it i tai slsrfl, the crowns, the shillitigs,,,or. the six pences, His Hon. Filet - 4 SttlirieNi to consider, that i n t he kvhicit..he (Mr, V.) intended to submit to Ihd, House, ,an evasion was. Intended. - Nos hi did not conceive ILIA he was. bound sinter lei to innt, or to deny tlnit the Notts ot the flank evert , w hat they never had been, a ine.dium of cur.. yeitey ~ df, which thi!ya , lue was eatituatedhy • ,the Ore. con., 4 small deviatliul was fit , to th., plinci rt, hpla eveyer before knew of 'his Hon. Driend athat Bans;alarg k one. For hire a 9tPlk 11 " a '4 s tandard value. They had s current • pu bli c a value givcu thew .by ato pu cre d it.— This, however, his lion. Friend denied. 'Ent - he shoeld like to know in how many : caSei his Heti. am f 1,,,,arni.;41 Friend had himself fontid•Bank pokes net available to all the piarposes to which coin ';ould have en aplied ? i - 11 e was depiroea alao to know, in vvitichnet vo istlis::s hOwas tonifierstarat ill'eal - '.leged dejtivceition cif 11a . ' note"; ‘ithether , as: - epn t sidiftecf comkratively w i eoin,,oehy the gown' excess - of ihe a currenty 1 I-le had thought that th e Bullion Committee woUld have specified the lattcr ..as_the.„kinda_degrectiotion v. hich, n C ic h- op i p i o ,,, Hank:mites had experienced., Ile nail inia,:ined they would have repotted, .that althott4h Batik wit,-i. were for all domestic purposes equivalent to cash, they, shared is.. the reduction Of the, general value; 01 • the, whole currency. It wasiinpo,sibleto d%i.tint ih.:t penis pos notes wore equivalent to cJin. iflyery day, every hour's , experience, a ifordt!(l e s -i -., (lenge -Of,. thiOaCt. :those who asserted , 1 he con trary,weye; hound, to. prove their asset i;on. lt was well known. that a teeder of 11.1,,k tiotci A a. not a lega . l tender, .and tnat,altfiough it, examote , i front arrest.ine personi by whom die teyder was 111:ttit', yet: apt ,he was eotripellable by law to 1);l}• in ciaii, Had 'a ,singie instance occurred in which talc, a let) - . (ler had ; been refused, and p 'pima in coin .b.i:en compelled? He had never lward, , i oae, ,11, :h y had occurred,, he should like to ,knew thocir CUM - stancea attendiog it, 'because heleas persuade,d. lien those circumstances must be wholly utiConneCtei; with anycoosideratiun of the depreci.ition of Bank notes, If such' an event hid occurred, it might have . originated in caprice. 'or Malice; but he iepeated, that lie, wasy,et to learn `that any such event hatstaken : place; and to him it was fully evident tliat . Bauk , notes,. mann amed the same, public estimation as coin. It most important that the distioetion bet v‘ 'een Ilie two kind, of depreciation should be carei oily made. ' When the oiclinary paper Currency sunk be low the coin it represented, then an aili!,-,t was pro ' thwed, op fort ign exchanges; but . the,depree;ation which -arose, .nyt troin that. circumstance,, but froin at). excess,of currency in general, did nut etfisct (lie foreigneschanges, but by .its etlea un, the slate of trade. The high iliees which that ext.ess caysed, pronue,ed a diminution of exports; and an itic.rease of imports. ~.Au tiltiniaie change in the foreign ext lunges might thus . . be i,ceasiened ; but as 10,,g . as, i Inc, increased price of goods did not diminish the demand for them, that increased price, so taritront, ''being injurious, • would be . advantageous to the ` exchaoge. to support of ,this op,niun, he would refer to the evidence given before the Bullion, Cutwuittee by Sir Francia Bating, an italivi-, dual 44- whose memory tie entertained a rcipect, as sincere , as flint eXpketqed yesteiday fyiiening by, a Bight tieo.. Friond.'ot , his. i Sir Fraud' ilarii,g the following .queation bad been propesed , in the CPU)Ini I We :......." Suppoaingthe. excess of the.cireu lation of paper tO be in. 4 degree such as to.invre::se the rive of• corn tuodities, would that increase u; price•produce any died npue the foreign e;schanee, until it arlived to the degree SQ, ; IIS to check the e,x portation of merebaudise ?" , Sir V. BAring.replied : --..' An exness of paper circulation-will, no doubt, acre& and raise the trice of the IWhok of 'he Oft,- , duetive, labour and . industry of the, country. The KoPorti9na hat is exported, .will participate to tin, extent of its %aloe ; and al by necessary conse. l itoni,c of high prices is a reduetiott on the demand, ii must . 01 , .e.tafe aticisively.on toe 10telga,x -I,cltagge*, unless, alley are. supported, or the tall counteraeted, by au export of entlion.. But until the, demand or.exper 7 , 'take): ,i 0 checked, an increase of price, .wilt wokince a beneficial etrett on fore'ign eidhanget" : The-Cora , mitteeintd t4cu,no,,patua to inquire into' the ousel. of the getter ..I.rise in tee price!) of all articles of trade, Ile •(/‘fr.`l l ..) bad ,seen tuanyand minute rettirtti - on '. the subjeet ;. and the. effect : on his mind was., that thole prices had been materially raised by. are Starci : ty of 1800, and 1801. , , Sincesthat period . the pi ices ' had certainly contionedlo rise,-but not rapidly ; and they had.-by no means risen. more-within 'the last. two years, than within the two years itnnudiately preceding. Would any body s.iy, that itroorrespona dence with the rise , of, bullion, general 'runt:let of trade were V. 5 per cent, dearer than they were two yerirsatgo?' There ~were. many which were 20 per Celli. cheaper titan . they . were 'two years ago. By - assuming that a general depreciation of the currency . would immediately alf4t tke exchang,s (cow nary to the opinion of Sir F. Baring, and to the tact), the Committee lint been led •to, interaltexonverse ; and to asset t that the unfavourable state of the eXchanges was the result of such a' derpailion. Ile had been a Member of the Committee. in •1804 on the ; stale of Irish currency. When be found that a guinea Was universally current in that country for more than the.paper which professed to, represent it, he then Cettaitdy thon.4lit that the paper was depreeiat ed. But this was not, attributable to the Excess of the Batik paper. - it was owing to the want of con fidence occasioned by the reotaini.o(fbruier turbu ' lence,,and to the quantity ofpaper tireulating (itdit ferent,, roods. A great iiivreitse of,eurreney. wortid ' not produce annnmediate rise of pricea. The in crease . woe klbe , neither:very budalen, very. uniform, nor very general.. Of late years, great ,experiments and wonderful changes had been made in the clir ; renty of the Contineatal ' Powers, At eue pr,iloil, France was overloaded with a paper cutlet - icy, A corrt ecy. of:gold had since beep restored to her.--a Now,- according to the principis maintained in the , Bullion Report, the prices of all articles in . ~. . Franco Ought to have' been magi-mined during the stqi i erahtini dance 'of paper currency, and to have been , diniinished on the return-of nietallie currency ; but tikes-was by no means the fact. The prices of most articles continued its high after the retorn of the metallic currency as before; some .atticies, on- . qeestienably, became cheaper, k?ut they writes or- Odes of luxury, liir which the demand was duni. 7 nndred by the destruction' of the Nobility and higher order.. There was another' instance to alit! . same cifeel in the kingdom Of Pinssia, .ta luch, ptevious to its 'hue MiSfortinies; Was : full of inctiaC CLUICW:y....i lie believed that-at the period to which he.alluded, there, WAS out any paper, or it any, hut tittle in 4b 4 CiatietrY. Slew 1110 ccUlquest,of..P-rusSia, h ow ~e r, she had been drained of coin, and a paper currency had of necessity been substittited., Kin the-price of the necessaries of life fallen. to coniequenee ? NO,; on the contrary, the expellee of living in Prussiahart been .laa... been very couch augmented. , - Alt this oistinctly proved tbat'the principles to which he b i n u r ' ; : ote , referred, were so ci..a.uulacrlbed and •ortatifivit by .a variety Of C!ltAttiltilatit4t:S, that their prec t ii,:d attic.. Viaj eillrettiely ,utatiblitai and uncertain, liefo l e it could he admitted,that the state of exchange was the great criterion of the increase oT currency, it Was . necessary to ingdire into the nature and present si t tee ion'of exchange. EXchange was one of lite last itnprovernents ice-reftned icommerce. very much on t • rey ctirretSp . ondeitee and Ceirnmu . nication between! the varintotii - auteries - of Otrope, and on the min: QM, And Aninterropted cotirse of I trade.: The state of Continental commerce was di rehly the reverse of all this. It was shrrourided by ail t(teirnpediments of a jealoesdespotism ; by pro, scriptiong, by prohibitions, and by . every other mode of interruption andatitioyerice. The commerce of the Continent at the present moment, departing from the improyemetna aszirittlated to tiie.praCtices of the barbarous ages. It was car :led oil by .a kind Ate harierrtesetebling,thin by which the savages of Affirm acid America supplied their waets. Was it 'extraordinary, tli tt, that wipe!) E'llope . was in such a iittiation, the l! XClialAge should ue tintavontinle to this cOnOtt) ? ur would it be ex lrAordihitri. if there Was no ( cilmigeat all ? Coold , it be necessary for every mail who contemplated the' stele of the world,do seek for other c:tuses to enable to a6:Outtt: fdr ides untevOurable state of ex change, which , howevei, was not so touch against this country as might haler tidy haVe,been expected welt:l.'4ll the circurnstanees of the ca'se s .l' , Upon the "1 1 ;tqa otexchange, however, he begged to submit to the-Cogaruittee, t h at Gentlemen ought not to be ititiOsedle,large lrtufil were made upon exchange,, which was Oviously a source of commercial specu lation. Whln such. large profits were, made upon every thing else, it was natural that . a profit should be charged upon, exchange than.; upon any,. other article of chanitc.reial speculation : because it Wasene which e as pernaps mare narrowly watched, and more immediatelrunder ,the controur of the enemy than any•oiher: transaction connected with co:iitnerce Before he 'entered upona shot,, view of thP;naAne and ohjea ot . the,proposniens which he had circulated among the Members of the Montle', there were one or two - points to v. hick he, begrl leilve very shortty id advert.:--fn the discussiert which hid taken place upon this subjeet, it had been urged that the profits of the Ll.nik of late had been vt;ry. great ; • and it had been, in a tn.inner nuated,,, that the,issues of the Bank had been iu .cre o,ed in conserp.tenee, or tallier that the incre::ttied profits of the Bank was ,the,reiealt at' t ettlarged is ' sue of their notes. He begged, however, that bu fore the-Comnfit feet+ :04411rtrif , :•.1 hat opinion, they would,lookattentively toit t he state of tlits, When the reitriClion upon the. Bank was origipally im posed, there wets treat desrtande.fos Money and persons ntassussedot,terge eapitali at that,titue were known to Crave made front 10 to 1$ per cent. of theft), Now,: if persons 'of comparaiive4 small ca pieds riet`cle such profit, was it surpristeg ; that The greatest capitalists of the walk', the kof ghg land, should also derive a very' ling,e profit from their, capital.? • Why should not the Bark of Fa e land, atiing fairly, make as large a pr, fit of II ee• capital as individuals did'of theirs ? , Li W CA:* son why theyshoolsi not; ,and utilitei it coe.i,l be shown that , the had, tutnecessaxily increased its issues, merely fur this purpose of profit, the charge, or rather the i.siritsittion which had beett preferred again:A . oust body most, hill to the, ground.. But when any observations were made on the increasnd profits o(' tne.lionk,.Gentletiteu recolleet,how much thi!!se profit's', had 01 lute been ,increased by, its transactions with Government. The belattees ; of the totioey, deposited in the Bank, ilarl i • as every Gentletrian well knew, increased of 14lei trod) leveed regttlations wkicle had beep adopted, oeVeriii )ti;ltuns, ;„, .The , Liaok, 3S a commercial boy,. natu tahy matte a profit of those deposits; and.6entlemen might easily.coneeive Quit the fair commereial profits upon balances, to the avriontit ,of 7,0r.8,000 . ,000 most teiterallybe„very large., LI itdonbterily his : Right lion, I.:riend letcealicellor of the kxcliequar,hatt made an arreeeetnent with the liank,by which the pubiic now perticipated ifs the profits derived from, that source but before must arrangement was.rnade s tbe nruti4 be iii cots ely to 01,4 Batik. He therefore repeated, that. the Batik bed, not madv.any profit' which ex? posed them to any charge, - .uol F is it coul4 be shewn r" that they had uttnecessarily increased the nuthlic'r of nutter in circulation, merely with a view. to thair. own profit, knowing that they should not be called upon to pay those notes .in specie. It was certainly true, !het since, the restriction- upon the Bank had been itnposecl, the number of their notes had been groatly increased ; but, on the other hand he, begged to,.ask whether every other species of currency, had not diminished in,an equal' or greater degree? The increased isvues,ol. the Bank had been gradual end mederate e and could easily be accounted tor, because they were rendered_ necessary by the circumstances of the. times. i'lroru the time of the restriet ion, dow re to' 1 aoi, the increase oft he atuount of the notes was small. buring,the scarcity.in the years limo and iiwr a . the amount of notes Wa3 nee*, CeStiltrily increased, because great quantities of specie Were sent e.ut .of the kingdoin for the purchate'ot corn ; and atter that period that ae,outit was kept up, because found I hat , the treasure which, had beet' scot !'put was not returning into the comnry Fruit') l auk to i 809„, the:, increase was very small, not exceeding_3 e,r 40Q,0Q91. • Since 1809 A further depression ot exchange had taken place, and a great, er quantity of coin had gone, out of 'this country; and„the. consequence :was, lie admitted, that an .in crelisig in the amount of Bank notes had taken piace . : but he -eglied to o k whether any C;intletuart could, from his own.observation, undertake to •say, that that increase had beentreater than the public rte -• cessity rerntired 1 if the :natural and obvious 'el, left of thicinereased issue of paper Was, as it had been contended, That of increasing the price , of every It e begged , to ask the Gentle men tvhu maintained that opinio n , how. it • happened that, the price of. the Government floating 'secu rities, and of the public funds, had not been iii, creased by the increased issue of Bank notes Isst sutrimer4 Ita.poictof fats, so far from , increas ing, they had rather decreased in price, and ittrouldd, in ins opinion, a decisive , answer to the theory to whidi he had alluded; and that there wasa scarcity ot Medium, w obvious, frorn,the be nericial erreci.tt produced by t h e recent i ssue o f the obvious, (ruin 4xeoepe r ., their permission, advert, rn as short a mariner as he cou:cli'io the Plu7 position whichi had bcen'subtriitted lay his:Hon. and Last li`rictid (Mr, tiorneWto the ,t-louse., fete atreedy stated' h i reasons tor Ojecting to the !ICC, itrttalutiast ) it watetroueous and c-utd net be ....,-.;—..--..,,......,,...,,,...,...,-,..,,--_ • ntici:nis!t,eli wlBintbolfneescaertslial°ryttl'heat°llllelevslaruirdlicolitne:t upon them, because the y were rather toltodu6°Tl than cliterwise. The .Btit Bewlutien % lutis, is point, ofii,itd,, bat waiilitrcilitiOry ot a prieci atibwi.ipeillatppite:irlawliiinitt(e)toiwilia,apaldso,ntolot asSent. The othrwal olio tams • and innocent in its natste; Ist it shduid::hirtiitt:adt:kehsirnuchPearideec6lllVarantti!t raYildtiltliii:t'iitalfin:ltit lotion, he.should most• decidedly objea •it decbtc 4 Otitletrjue"nrollivit,s:andT,:l;ltittf'll:::::l `true.:. fie contended that the 1330 k ,ol! Etiglar,a notes were the rep tesennitiVes of the 1121 coilt GI the tount ry ; and as long.7as they procurstd t he te lue.in l e gal ( 4 ,i ii, they did thin which they roteg4 to do. I,Vitli regard to the I Ith iteiolotioa, he dal nor wish the Onitrnittee to negative it, Fit tvio midi to admit !hat with respel to the outil r Y biI L III , I issue Of their paper hill in Sonit; inst3iiiSi 011'... ried t o excesi; but he did 'net think.tliat the Cl'! re! sqlling from that eXceis,wai the: one•hiateall' ;I'll!. isolution," nor did he think it ceeld be.cure,i t4' la ?remedyobiditidc;%.4.,,o,lll(ne,lidi ii3t,rbtitio,eplikisocs,e,cl;s6,l,\:)l.,e,tci-itti'tnitdliiiltveii:silpeual lildli:ttt,i,oir!i ~,, ~ Country all fi„ 0.4 .! ~ ,. ..t i gi'vt'u; by means ot thei, papa, to 11)00 .0 0 "'l_ partners in the Ball 1:0 engaging, in adventiiroutuir culationi, and carrying on trade thtutielY"' 4 6111 bankruptcies !MI of course mooed }Fitt INtallhli thing like a dePteciat iLmef7.,•psper cuttsl4 ',61,0 onstquetbe, he denied. Ho had admitted, 11011, se,ne i nstances there- was . an eXcliO'ia the isive: paper bY those Banks, but it by tie Int?-10(t)1°;„. . t.' ' I PO' that the general mass of paper in circulation 0". erased. One hind a paperikvai s..ontottt .. liiii otlir ; that winch 14,113. bad wad PcoPini,r,‘Lja instead ot . that Which' Was . goOd , but 61111 " - 0 111 • StPstilutlo, not an increase ; the p7ittictilol4i,iv Of the fever * a s changed, but tiwf) en C i .'i rt) , .e' oh offiijoYifitihlovac that some regulation. respetlitig c'i-lrlYi,,,T,;lolif.. not necessity i :but it was a point of ' o4l° '',;:ii t iti( lo fir ulty, aild'one upon which l'arliat4°t'''''ti,,,n4l Ai 30 with any prkeipitatio,n.. 'file tneirot#7oo4; the . most plausible remedy .Which he [Pa 111.0.10., gested; wh one whiclt had been rauried-tt/ fa,. land. ,He mtant the preventicon of aliYil.oottii ing noteS frotn engaging in trade . i ' u t . jo :$ ll was liable to. so many ewasinni, tal i ', flotilf, not think of reconunending it t° 4 / i kitt without much fuller consideration. ', ti t i hot . ,o other remedy at present to saggeit ; ii' or 1 ;, ~te he did not wish Parliament 10 - I ' s , ;,,d it: 9 IJ . , lt ' *ttl'icl, yet be could nut ' rec)1111/411„,,lir ado It ni3y .plan at present. T .;,1:1‘.10.1 ;115 Lion Was true; Itt tact; every botlY,'")'4l,„oo/1 kvitY Ptoposithm it stated ; but that was, 0 01 2' 113 01 L O it hhould be inserted upon the dotitPilll//•.00.41-,el %. \Vali reqiiept to the 13411 at:solution, 111.14400 most ext raOrd Mary assertion. 'flin t i he ,, / ,',, t iiiiit oil faVoniable nobody could deny, iii)"`"510,4101 in his opinion, Watl 10 boatiributed thent toot. they .now coruplained ; Other caines 001, 1)1. 00 4, lto operated but that was the r,,reltt )ca‘lol.s,,solotiotti ;, had no *doubt. With regard to the,,l4lli .'.e.,,r0 ~,, th a v it he should oily say, that if fletliodgm ~ 4 014 0 of the Bank of England cnolti; it)fluet.'cl' ili°o4loll4 by thininishing or•incressing their issitr,/,,,,,ittliihti - certainty. view this question in a' very d'll l '' o 4 0 01 BLit the Bunk Directors had 'pri.dOrt'Air $ 0 ilit .. . . c ,,.40 PbCP:inero;e4.,isstio of aink`o,tes : they to!. 40 , k vat o rot :: c r ei S itl Ce t. o ll ll : l : 3 :att it o: llll4 in e:Fre : le l etteigiejsiGlLti,:spril:il::l::::l:lllll:°:e4l:::;:l'il'i3: ow o' a decreased'iiisew; conseqeently it' "i ( )or , I,og . , ells: eschitifo .was not ititideoccd, Inue';iecorpla :l lyi the issues.from the Bank. Therc,',4loox to 11 1 1 e;ist,ll s why, ihe Bank /Directors Sbutuu...li jio ly IP course of eilbiltise, but those rea r t% i vi i ii le gar(' tontehti.°llsll:‘'li`itftilettlrluitslonineb°t.t.illilt:irllll:ll::lll.4:lll/-ni:l l',l ski:ldd only say, that 'll'o. %I/3i rriall,ibiliti.lif `11,,,ii4 1,00.4 utanner,. that Abe 1.44 Yconvoi ..:,'U001 ii-* i4ocain seas ot the "greatest itortai.c,,p ,ir:Jo . b.cous. it was the only scority to' Pl l i t , 0 01,l ) , 441 because it . 'app.:art:Ll to hiin tob6..,wi. :10,1) quate remedy hoihst put;,ie iii3Otik, I.ii i'i l i l ( 11l knoWiog to what an ext;jot public 3: 3 ( . 1 11id,,.0,,e or what. effe6ts it alight pcduce',„,,l4,,loily 'l,l)'''''t was that he thought that the c00'•".w16.'1i11u6,?4,2 -intu.eoin -Was of great iinportan,,, ~ „ ieint a ,/; nillottntnttely, the niegns.,ol. il).1'4'.%01110(1C):4'i thLt evil at present ; the plan ()I till -,,0tr0l ?,• willcc, he was sure, would not operAc°,l`;:ii, 005 ' What would be the effect ol itiv 1 1 P In i f t ,,,COilli iiiIit tlio Eton ofczish payments by the Batik ~" . iii 4i i pCG. 4 duce the Use of gold instead Of F"'i l i i „Ado!Ouyi ary transactions at home : that wu' l J o ( Oat 11/ I S ivb,,,,:rytundrne.r.silloi o ra na b ,e, Ityea,itnrbillunlits;atveotaisbe jniets6l%%3lo, rit:ol'i:nleya,:oireirdii olici.1011:0:01,litri!:: tiniortblititieupprointiccirpulesrelationg with I,o,7lnytteen".::' curried to their it eXitelotiet, 131 4 61 itilc:culir'oit'9cf‘:'l'l' til:of laws which prohibited the expttroi.iiip, on :I lico lt o those laws were repealed, eertalchoge i 1 ) ° , f ,.„,i (night be etreL(eci io the raid: et ').lll'spot;:j 1),,1c0i the whole of our spcievirouldio!c,ontly o! e, and the very evil uhder Whiali OF ,t1,11,„i di.)t!,,r, gutraing would be increased to o'!..11,0, C0n.1,":1,,, But he was particularly' mix It'uf'tlilooledite`lol,l should turn their latent iao 10 tu i e,, iii , thiol, 6 vo t vat between the detertninatioo 11!‘.1. (0,1.,,,,v01.,,.iip0r,,, rcsume its cash paymettts, and ,t',, : ~ al /I! not at those p yt-rkehts. That w000.i.u_,,ia,,, ,011,0,,,,f taut period, and in hub opiniost I]crif tot c.e 1 1 : 0 ,. danger.- The Bank w0u,1‘,.1 bi.l2r/fflop in or ' lt ' , L itrit oalecting a large quadtil of: hull :iittro:' I'l4o' suer the dernandi IN hick 01011',.,,,0t1it; iiial'' t i e( o s6, upon it; and that very ri0.440) 7 . ,,, t , to 11,;,,, l oci of t'x'ellmige 'still iliac: utitavot.il in i'voc‘iv ii 4 6 01 , the PtlrClUtie Of btilliOn WoOld I jtber 04k "-tttlits ous titan, the porelt,ises of, apy o ..00d b:, 10 $ lO viiirle: Aiimber i;orisifra)(ithco 0:1 out t i lt s _,.440, tiutiibn sotollaca wo!,la o°' / ..' use 0) °I SO I,htest „ I t 14 , 0 . - Bank withotit being of tilelik:l,,,,,dcdp /"„ do 1 0 ,,, son whstet:tr. But it. %t ‘;').-..,,id ocrolfr,oo c 411, sutriptiou ot dish payments ‘yii .c . ; !., c 0 it _ ,iit e. fie ercdit ; thii he detlied, br li'., tp,1.0::".14 000 PrUdoc- ihoi L.1i...-Al wollul ' volii 1-!1 hk , 4 (hat 1 , viu oil ed by the other conselinath.,- ow 0.111 , 00 0, ! e. It ; Imo ot . winch wiiso, liulitaiscribe i" I - d i e t;" ° , l s forc,..d ioltnediately to cite', 1„,,,•1,,,tirtit,,e , j i 1. 1 -,'4 tic coil ‘‘,,,i'tild.itic,V;tot.o o u 7i , „ i e . 1b e V.",,i, 0d4,., betent. ; rini.l if nt OW s.ilo,l`, ii, kiii,;oulnot,4llloe s ‘ i.i gloa,;ly dec-i'd,O,'d, ' I iv; 5i0,1050 be, he.az;lit: vittat %Ci;Olii.o.' I '