The Sun. — London, England, 1811-05-09 00:00:00

the country Anal be in vaeh 'or inch a State, ,it to Lev luine of the doCtrines that had * been adiaticed by.lite antagonists of the Report, yet lie wood "lb.. Shin from all theoretical comments and co o nfinti hitn-, self t o it statement of several facia which it m i g ht he important for the House to consider :---Rir scrkl it WO contended, that the present system it , nor ab-solutely Justifiable ought to .be periciveret;tli.i• }e"7 cause it aftorded us the best tneanE of opposing the eni..rny, What ! Were there no (items Of succe)s flly tn.posing the enemy but by a currency not kunded on true principle ? By others )he recur fence to what was also allowed by them to be the Irte-principle of circulation was obj:icted to, on the groutal t h e our great. foreig n expendi ture , t h e ex tent of our taxation, and, the state of our trade, 'vrettld no , permit it. L Committe e cons id er Let the :the sltuai inn . of Hatohnrot. Committee the' trade of Hain btirgh gowi ? Was she tree ; from 'taxation ? W. as sloe:not su Kring:ihe , mostfseve re and oppressive_Phr iian!eilis, nt,,kkhich her,commerce was neatly -att :tiliiiate:t? But under alt theSe tirctinistatiCes of dis'-; teem, Hisniburgh had disdained the CUNT IMICt) of ter- • sorting ft) 4 liflaltitt4,Cllll eileY';' and,i he i:oliseq U e LlCC WA; her cxehays were, omit. 'avow ,hi_.- What *fig Ole ht.it,. ~f I 1011dild ? , Wit not l her com.tieo ri. dAtroyetl? W , she. - 1)A a taxed to t!i • eery - lip s ? Wits shl not i.siws d to all ilv. seventh..., of a Illtiir NI q'Spotiiill ? Vet 1 - I ,, lland itil , l al. , i; thsecewardice,a hich hating etniteni tyd, lid, eodutry If- tiellled tw n to yontinut-; ii,he 11.,(1 i 1--liiitie'd re -14, . rli ng 10 a fim , t eats ~ orient:l , and ( onsequently the esensuget, 0, ,H.,ll;nid. were lat;ittiabh.. So. with L'3ll r lartl to Paris W , :te the French finauces flora g' 410 'Was the Ira !e 01 Pl,lll' tAICOSI , t 3 ? : -7 . mit ti:t inailoti liv,lit ? NO; but ()atilt- pre- ile:"64 41 811". ° 1 o "re:iey, her est:6ol;6;es, ‘itere in aiguoit 1I It had b een sititl•thai tti:. exchanges 0 1 Ghat ti t t,tain vvith S A eden ,ser e favourable' to this t , (yin try. . 11i Wd l a fallacious assurt i.in ; . ler on inquiry', he . 7 40 that t tie exeli .o,;es-of Soo..!clen wi.b 1 - I.linburls than ihe' 30 liar cent, more in favour of Hatnburgli, weXclianges of SA edeti with 'Great Britain r t. ° hi invour of the latter, But tile depreciation of ust Currency had been denied. U would agaithap- Peal I I heel i - fife s, 'it Ut•t..ll usual to send ovur.opecie to G k lentsey to•pay our troops there. Loch . had r„,. , guinea 1 . -L•ettLy been paid to the soldiers at the rate of rwelity.tloe, thilinigs. One regiment, however, !tatt er to receive them at that rate, and there the Ilitatter resied. . Again, a person who inherited from i distant relation a tiiiiiisattd guineas, was lately paid ,rind,rl s Pecie. He went to invest the - moliey in the s ; and on asking the price of three per ,cents. 13 4 , 1 toILI 6:t..,. On inquiring, however, ,at whit le he could obtain the stock -if hr p - oie. teal ntolie u c ' j e i i . khr-.11.r he - was told, after statu e .considetil- Itlie it'prlicaet lb': itintitgutlti'llyhaPvuercilY"ld' cita'sh Liitet6l6):;l' at 4114143 th not to allow the proper momeut of Io- As rence•on this nnist important subject Ri 6%cape. It 1; "" e ht th at water was lordable,t,oon, a would be tioattilbliand impassable sea, A cci l olderahly,, pot ',M law . 'l,tit eutteitcy wMI at present unittotetak:d by o A great number of du Lary h'i::tl lately beets-As off,"(l, and U.,iti Srill iSS11:11. liii-ft' tt , would shortly v i a t t . l the opportunity tit . extetiding the piv.ite . 1 10.1`'.11 bid already, iti *seine degree, oht.iiir.:d 01 t . 1 4" 11 14 two price,. Parliament iltititt d then be coat ';"''Ll'in takit s(iine measure's fur the securiti of the 11; 1 ,', 1) i d i l '. 1 kiri:y ,ii ibiSubjti,t, As had neen 'ably stated . th,,,i',,, u( -' 3 . and s Lvittivd Fi'i' Ild 'of iii,; Cant riiglit , al-'. le ct ; , 4 ‘ l t ile t,v4(o . 't,i Bank uoies ' tdr, a debt Was a 'tit II Y l'i:ainst i mesne . recess, "it VV6ulcl not pre lice ()au execution. As sew . ), (het - dere, as this prat ext 1 ""it , ing 4 0 (,rice; :. 6 IIOUId tae confirttied and . r eI.:10e(1, Creditors would etifoti,e their legit demand %,, n , P, c,l i nuhis iii coin Or bullion, and P:irliament 4 1 ; 1 ," 11 ''"} be ,irit,cii to thew tiect.ssity either ot:mktk• ti t:, f'a"k notes a it-%,,,il tender, Or 01 ildblitit%' the - Position s ut his 1 - Ithiana. o l., ; and L..i.irlied'lttiend, 'Ner et!, ta El,. ettnistices of irleulty, M erea 4 edetubarrasstnent and The Ctt . that ~ '-,ANoeta..ott of the LACRECWOR observed, neglecti e shown kit' Ininself guilty of 'an inexcusable ., h ii d ut nuts, it, holding the shisatien which - he! ~ /he lionout..'to :hold, ,lee refrained' from ol` l i feiocin ,bi. . . flrti j , b Senlilkients at Rome period.of.., this tm li " d ' se ttltslon • ' and he - did not , . conceive ~that . ertitllii 6 6 . ' ' A "' (h ilt 0 , , Z(.. a more 11.4vantAgentn; opportunity than The n L ful l ( twing the two Honourable Gentle toi, i wnia had 'last Npoketi. The !Committee. were rttip ee n t , P4 ' e "ion 01 the °plutons or tvo highly • ied . ~bie individuals, both- of extensive know-, le ati l great practietil experience. Vfottl the one' the 11 d 1 Iva, i , ' a -Ward a ciecidod nruniotv that there 01 tli: ni tei n e dY , ft)? the existing evil, but 1 he , adoption t oinn (znc recommended in the Itepiltcof the fin opliq, 4l ll mlillee• • ?tom the other tney,had. heard trtrid ti i „ 3 . 4 , de:C ided, flitif if Aim measure !'ecoliv• Wile tid o - ' '' le Repbrt uf.:the bullion COitittlif tee , t rck . e Pted, it tvould tie inspossible for cowl- ' until ?to 'catty 011 thoscHb re i g st n ' it exerii,wic, y ti U t Present diseussidn, -he was not. ons ziware h th h at of the Li wt ' ht tl . hlti , ulti. be discontinued, •-'llle. first Itarii?,,"oll. Gentkinen to %hurts he allocied (Mr. 9f 1,....9;:gave it distinctly ns his,opioloo, that tlt idea 1 , t ,..."!t,1, i t g the 'lnuit 'eat-table of paying/ in speie by . thet-.ln. the prese nt state 11- 1;! 1:11 . el tass er bullion' was impradicablei; and of the colootry itiwas , tat of Lutch or ,„ en tr i, the' Rank to substitute . gold. for paper , nev.. rr h ssid,- ,th i i , 0 oth4r lion, Gentleman (Mr, Sharp) kioritli ,`,ll°lllitiLi,-but•such a measure could save the thi.ili f,tfltil the evils •which threatened her. Ou attie„ci L T . l4 ,tice the question rested. Put - - his p...rt lie iso. vi ;', l , l . l both the Hon.:Gentlemen that tile 3ltb neoe4 , T T! the utmost Importance, iiiiiinat,..ly coo - , 04i. rt... It ` t ar' wait the honour and ituttests of the 4ter it il l ie' was Satisfied, ' whether Paritainent did hied _iii)t :countenance that which • tie taught n it wil e " tlie 'first Honourable Genii -1111 h th ought. Iti,,,k ,rlolttratlicablel. that if . they ado led uht: n, - , 11 - 1 1 : 1 0 1"",:ef. the lionotarable and Liar - tied Gentle tontlill 1-7,m,,r, hbei,..att adoption would be taisca'- ' 4 11( 1 6 w , :IL declaration - that .they wobld ,no louger nitt. '. 'aloft foreign exertions which they . had; . t 0.,„ 0f... 1L • L. consitleied as itidispetuitthl e to the security' _ iit'tOktut i)rrOftti, •rY• Ile • begt,e,t to .be _by no -Itteatis ditiilelocto.d...tai Ile the question could be ttrettenift__weahout'a distinet telvrente- to the .preserit' r ot ..._. an u es ot the country, and.he.hedoberelores,' i!tiitti:Zte .s.tunist intent at the manner •in which d ry au, --,lase -16_9,1 Illia-(wo presume Mr,liuskiison) iiad:. 111- i ''' (lit such refer . t, i,„ . refer ence.. It .Witti riot his wish. . . . o, 'cesi trit .,, 11‘...1° eel ail , en. • the - sub . /eel ;- but it vas Cernmitlite:"_l he should explain his te , ilingtr to the b e ,, tio4 bee 4rtitalecilit to alert) the' Th ti-td ate of the L/ I htth• He eoUcciveci that 1110 pro- L. "PaVition 'of th osiCw / ho AtiiitAleC) the Eakin Report Was, that the current:Y . of the counts y wasdepreciated; that that.depreciatioo was attributable to the excess of paper ; and tluilthe evil resulting was so great psto melee' it incumbent on Parliament to • take im mediate •measures for averting it, which measure tineit be .the reduetion the quantity of paper in . circuletic n.--fin the oilier 'hand it was contended that the supporters" the. Report advanced no proof of the excess of Ihe rgeneral, circulation of the coup- norppyproof 01, the depreCiation,(inthe sense in which they understood the: word) of that cur'. lency ; but that hat they substituted dirett and egitimate proofs; was capable of behigexplained by other circumstances which the Bullion Committee had eerutinly not kept qUite out of sight in their Repori, but on which they had nearly touched,' and then atieeted to-consider them as unimpor tant.. Such vas the state, ot the questirn which he, would pow proce;d to consider. In the first place, he asserted that there . had' been no iroof given of our existing excess of ,correney.— prAbi, excess,.- as will as of ,some other te!rnt,,itw : l, neces4ary to know the precise meaning intended' to be . dflii.ed r ir. Ekcvs - s beyond what tits interPretail'on Was,' that there had been Oct* ex iNss .I.wyond. what he conecik'ed ' absolutely nOes pry for the : circulation ot the wv.alth and revenifet ut eee try. .N'o proof leid'been ait6liced or an \lst fig ,exce•ss'oretrcalai ion bey,-,..c1 the ci`rcAnion„, which existed at the ,periodbl the suspension i'ash le t r e ento acetic Bark. . But, still it the advocates , ot the . Resort.eoeld prove that there was an existing inunericai ,of circutation, beyond the eircilla s.vtich,exitomi at the period _ot the suspension Of cash payments at ihe yo - it that . .inpr F ase,, tt as not hey. ud what the. exieneed commercefand augmented reeennes sii:ee that period reqeired; then it - Was nO.Oxatrs Uonouruble' Friend near ;him seemed . 46,.conceiVe [oat there was an existing .excess beyond what , Would have been the state ot the currency had that currency been confined to gold, or to paper immediately convertible into gold. Let . the. Committee consider after the drain. ot wealth hid) many years of war must occasion, what would, 6.1 tire state of circulation in .a•eountry in 'which no paperH was , issued to supply. the defi ciency. Unquestionably, things could have, gone en in this country without such a supply, the exist isig circulation would have been .tnuoh less than it was at tile, present moment. Ilut it tor doniestic purposes weshad occasion for a circulation as large ai the, existing circulation, he thevecould allow, situated as country was in other respe-es, that thq circulation ought to be diminished. litewas prepared to expect that his Hon. Fiend near - him .would admit that the circular ion could not be ex cessive, as long as the paper circulated' was iininedi him gold consequently that, there was no excess in our circulation before the suspeesion of the cash payments at the Bark. Bat though this was rite opinion of his Honourable Friyir 1, it Was nut thp opinion of all lite Members 01 sit limiOn Committee. The Hun. Gentleman co.' , lntereed the discussion ot. t hat evening (Mr. eared), eoetendtd that the cuculaiiou in the je:ir . '1797i te:tore the suspension .of the cash payments at dee eXcescive, amid that it was indtven- Satne redwe our precut circula; beloW rh eir -eulation of that period. In his (the . Chancellor of the Exchequer} enprnion, however e anyeattempt Teduee the cirCiAlation, and. still Mere to teduee it below what it Wa3 iu 17g7,,, wou:d - be productive of the grea:esc piaetical iticunvenienees, The advan tagesOf a large circulation were the means ,Which inforded of inv,g , :rating agrictityore,, commence; wanUfadUreS. Ad\ t:l•ing to some Of tile ar guin, ot iris lionouraplp friend nem him, he would suppose a ,Cat3L , in answer to , 'them. would. suppose a . country, possessing a circula - - lion of po millions, all, in coin, to enter into a . war— . that : continue for tour . lear*-.-and that the expendiCure Of wealth ee. yond the balance,..of foreign trade should be ten annually—the circulation would thuS be reduced to twenty `millions. He, 'would su e ptee that during lip, tour years an issue of paper was inside to the arnouot of len MniCntis: IlseColip tryswould therefore Losieee; at the ot toe tiler years war, a circulation (eouipused ut 1 weuty mil lions or cult, arid tt) Miptulls ot.papek) of JO iikstead ot 6o as at the comm..ncenmit. I. W. 0., evident that but fur the issue of paper this - couniiy vtbuld have possessed bus inidions of circular ion. According to the interpretation ot the ..tre'in " ces,t," therefore, by his Hon. Fliend, this supposed country would have'an'excess pit tetetnillionse Hon. Friend's notion, tneretoree ot as excess - wall not aiway n that it was an increase, but Was cOnipat We with the tact' of • a eutendeeibl., decrease oftircu- Litton, .even to a moiety.—This appeared to inin to be rather a trovet kind of argumeitt. H e Ceilainiy had not the Wag dolibt, Chat it plier had out is- sued, the:currency ,of the country would tot have 'been so large as it.wag, .In that eiterpretatioeof7the t t errn, therefore, :th - cre: . Was' an 'excess' of `sitctila tiou, tholigh, , for any .thieg that had been proved to the contrary, more goi hard been taken out' of the. circulatkon siOcri the yeir 1797 thae 'paper had been introduced Via° it; and this he really believed wa s the fact. The proposition - came to this—whether, in the.existing State ot, alcatra haying'proceeded for four or five years in a, couise generally considered as essential,:to the security and ItidepOldenCe of the country, namely, the Carrying on ot the war by a foreign, ejcpeediture to at very cinsiderablti amount, it was advisable to supply the doneesticdetiviency to circulation,. which that expenditure pleat.. oec , as e ee bjea paper curreucy.., This , Was a plain, quest nit of policy. Nothing ?could. be more .clear to hib .that it lite foreign .expenditure were deemed neces,ary, the dontostic currency roust be considered 'inseparable from it ; for were.outetoreign - ,cvMerairce was,se eh coate , crioed, ano,w4 Bad trot the • opportueityeas in tectinaty circuarstatimi,;ot bvinelne • buck the wealth whieh we expetietqi tire unly,way to provide the means for a - futurete!purchase :of the ' , coin that now quitted us;was by giving a , vigout..,to our , agriculture and coinruerce, to ,which an in tleasect intermit eh - relation alone' Weaccompeteat.— It this were called an Ott:ease lie would sity - that it ..AfitaAliti excess without :which - we .could not carry on ' , the great -Contest - in which .we werteeegaged, as we had hitherto done. In no.fitinner .warlnul the CA :,penetiv, of they country countrybeen. so groat, or the.4means of 'supplying. those expencea so Itieueth -'Tae question; therefore; kettle CorAinittee . • to tlecititt upon, -wasy whether or not 'the 4:IJUUK 61101ild r VOIABILIe to niako r • • • the tttrtions vv:irch the [Ol lilt . fierto ,persevered. Wen The COitniiittee prepared to say that the evil of not hiving the balance of exchange nicely 'adjusted was ' so trunendoua as to make it necessary . , Rtia, Great God fto make it neces s ary at the present moment to wit hriaw from the contqst which the country was go gl o ri o a s ly ' Hon. Getok.nnu LVIIO naa last spoken; lincttione the ConTirit!e,! t ~e favour of giving thern\ a tine ommrtimity of en.itr.-:o -platia;. what tbe situation of Great Britain have Ce.t-n, -. cony:treed with what it aCillidly had ch,ifacteri,ed the conduct whiCh tuts count ry tkavit puestied as absOrd and timorous. He kid upoii the: Committee to look a( fiambutgb ; - to 'look 'at Holland. Happy flamborgh ! happy Holland" They, it seemed, lyAd not had (he cowardice to itni tate the example of Great Britain.—P Sir," ex claimed the Ohanceil,,, of the Eichequer, " with- out any intention of denying that our preseni situa tion Is one which demands the most. set ions eons'. deraiipn, I have no hesitation is declaring,, notwith. 4anding"the imptitdtion af , cowardice, on the man ner in 'which thy finance 4 of the country hive been Conducted, "hat I prefer that show ion to the sttua . tionin:which the prowess of Haintrargli hind 'have placed, thern." SO much for the`queition nf excess; tow for the tplestion of depreciation. And her6'aiain hp begged leave to say somethiog ann - the Ineatting Of; the Ovoid', as it' applied. to the cur.' rency c tthe country. 'Sipe, he Conceivect; - by the term #« depreciation," wean( that the whole cur rency of the country tvas depreciated, gold and ,paper . equally. This opinion 'had the sanction of higWauthorities, By the , advbeilte.s of thd Bullion ,Report the term was not se apol, , ed. They thought paper depreciated below coin, There was a 60%160 eonfUsitin in'the lleport,,in - the reasoning,uvon ‘rAl , len this ()pinion prefessed to be fotthdech Thu different . members of their'Syllogis,to were' unconneded with each :oilier and,beginning id their premises' with a referenad to coin, they al,iiiied their conausinti ex-. elusively to bu!lion—This was not . qt!t' ite so logical as might have been expe6led in a perfOrthance 'af te:fling, such. minute ,accuracy. It - Was pdrtedly fair toe Gen; lernen on the °thee side to contend, tor the ntrpti - e, Of maintaining theiL own piano siticink, that there . - was no difference between gold in coin .and gold in bullion ; but it - certainly .was not, fair to commence .the proposition by a referenda to gold in coin, and thelN without any notice, to substitute bullion in the room of if. Ii tiemen meant inertly to maintain toe seltavident trout that, abstraotedly speak Utz, an . entice •of Was worth an t.iunce of gold, be one , nodiffietilly in agreeing With them ; but if they meant to say ti!at gold neither acquired nor lost any thing Whelan ~ , as Siaitipt.:(l at Coin. In CoMparliPti with gOfd in bell Err, %.t , as an assertion to which hecould tsy ho theatfti itecr , de: the extent 9r fit"' difiete"o'ee, hr tinder What ciieem-: stances it might te:, increased or tii4dnishedovA an other question ; but that toere'was a dlif!rence be tween gold in coin and golf in bullion, was n point upon which could hardly think it possihie to entertain a doubi, as long the prc'sent . sYste , n . 01 nor coina ;e teinaitiol in totce.' It in4o ht be argne`d, that that systerm was rt:!.;'d one, an.: that It ought to L. changed. Soit, tit'letnett had advatr,'.. Opinion clTel, it tit,t to 1,.14,14: thotinht that it w; tn‘l ‘vi-e anct po;itic to r,..arvp;c • . all the 1111pt.'0iMe0t, Wi1:01•01!.!law4 . in preieht in the way orth., O'l' 01i tiCtn 61 our coin. It' the tut; were to ada l .t Om! ‘,pinion, and to rc*ai all tie laws now , xistit% upon the subjett„ and it ine 6 ninea were to circulate abroad' precisely fur the same Valrie, that it did at bottle, in that ca e, and in. that case Only . , Would the kr - opoAlion be true, that, there vas no dialtence bet Ween gold in cool and gold iii bullion,' But the question, as it appo'ar ed to hid), Could only I.)e properly decided 'by taking the' facts they did really exist, add not. as seine Gentlemen might think they ought to eskt. Now, •what were the - teal facts of the case ? This country was under necessity, float the nature of the: war in which it was ] re/11l necessity engaged,. to carry on extensive military operations abroad ; atid• those rui: li tat y ooieltionsWqn:red that "a considebble qUanti ty /U . gold should be sent out of the country. By tho)nw, as it now stood, gold in coin coUld . not be sp,•,fie'd w this purpose, be6use it proliitited, under Severe' penalties, the sending. it abroad. "If then. gold . thkist be employdd, and you .could not send, tt iii coin, it followed-of course -- that you. must send it in the shape of bullion. Tois curcum 'stance created-an increased demand - . tar bullion, and therefore gave it a •higher value than gold •in coin. Was 'it' then true that gold' . in bars and `Old' in coin' - was of the same value 1' His Hon. Friend (Mr. Huskissen) • certainly had advanced that o ' oinion, and seemed to-think that gold was 'natural tudney; 'and of the same value Ju,.u'hatever shape ; but the bet Was, that coin ,was quit tit the same venue abroad as bullion, , beeause , it could riot be. exported and bullit,ti W.,4 nut of the same 'value at home as tills, because it was . not a legal .(reitaer. Ile, therefore' Cootendell, that there was no . prool before the. Committee that the• paper of -the:Bank of :England was ilqieci:ited in- the,sense understood and had explained that Aeon ; 'that: ti)at the Bank note bore the ~same relative value to a'geinea that: - -it always-did, 'for 101:41H3 purposes, for:which ku guinea was ' legant applicable, IL the, paper of the,Bank, which' vytis only intended for internal circulation, was equal to the guinea considered only With- a view to internal circulation, 'for which , it W11.4-1116ii <<a-.'_l osivily -in tended,, then most assuredly- the Bank paper could not he ;said . to be depreciatO Yatti,e. • 'Ail, IlividOrj . that his 'Honourable Iriertd ,(4r. Htis kiswit .hart said ',about the superior .N/Alue . of a 11 , ,,iit„ guinea tto y •one, -which appeared b 0 very itigentous, to, all gun, Gellkjilail, ppposite, rc, )11111 (Mr 'Parnell), had, in fact, no bearing upon the real • (location. .15,:c4use; if a. guinea from the flollciency lA:weight wiht put completely out (at circulation; • a lot stir character of coin,. arid ilr]etOy peerage lino r .nu4t then„, tor the moon he had just Stated, it :EitAltlire au addition4l. value. Much had been saikahont The word.'! 'standard;' - and. some 'Gen. .I.leipeu,,on the •other ,ide,h34 dioplayetl a Strong, de ;.ire to 14 facetious upon the, subjeo... if he were asiced what he undo - Its:m(ll>y that Weid .? he shOnhi say, that he 'did not consider 'gold 'is' a Standard of elver se a .standard,•but he ,untlet stood . E gold and silt er bound down by laW to a particular a n d relative *Oat ,wlth each other; not gold alone, brit gold tied clOwn to a given, - irlation to silvet, which ,alsO-Made . part,,ot the geataal , standard. And harm 144 begged to 'Make ail abaervation for two with regard 'toll& literal oCctirdey .of'tfie - tirs"t perspesition of the - Lion'. Gentitrwin,:--"- - 11thef-Totts'e Were ailtvct upon tO re corfl a `solernti statement of th'e law of the cou.vek, ouglit, undoubtedly, to 'ta - he care that that Atatein'ent'*:s accurate.' ,Now thii as'eertion in Op; Resolution v. 49 not stlitlly true; it 'ass4te,i, It; It cypAy thoney lilt could be lendil%ci in ;.;cc-.it BhtHin abov'e ibe vAlire of tiv •Ive pe . cke . [-twit gold'Or an , Tl thr amobnf at ova; to pas corr . ( beii:;,(l by . gative - . oot, strwily' spe'lliiic . , the { I,l'A .because ';1 yr ;t) alriOnlit of 25!. Wis tender, tjtOugh is was fiot'or oindard Tierigb , . as gpg, out ol every 1000 pnytneliN in this' Comitl . did not excLd'thnt sum, it would be omit irgprout for Parli mielit to record upon i-aournals truth; . - . . . 4 a propo , iti )ti Which wag . eriout-ollq"111 ..trcri can itn nfensc ni:jority .01 ca'sei. ' • Ge:itlernew 1)1. 1 1 , 1 talk , (I, about , calei Which regulated the :41vei anii l ;tiltt ,i.) n. tit.lt with rtgard tr) silver, 'there' AVrlSfno`f• t ikv 'whicli said that a shilling s hould 'not bo curi . rtit" - w heti it` was umicr the st - atigard uei 4t; on' thi''contrary; up to the extent ot 25i. it'otight by lavi'beeifcti lated, it 1:ot of standard weight; Rot 11 , ere *al ;mother twilit to be onservett with'rekirkl to siti cr. It was legal to tender, to any aniounci at 'bg. id, an ounce, y 4 Ike price of sit or ini igitop ss. i Id. an ounce. Hern'entful;ot.l ta,114 hick not td suitor itt tlt.t . consideratithi at the prestnt question. • ioleW how tnuch the pi encc of the t: rind therefore !!#., col!tiile buns , * as 111:1,..., ;1 , 4 COliki to mo,t"important of : the,(;:!:- , -;. • The really imnoit‘ttf friestion thr.n" :Or to determine was this, What ouedt: er itS•dif? and ;r all the• . circum,tances :0 Cn'ct, vvodd t c wise and politic tor their to do ?—Tilist at I ,, , :pst his view of the object to which ttreir dektp:raitonS 00 ;lit to be dire, ( .led ; acid Ito thoughtlie ack: wisdom in ret'etring to 110 coridut.tt ot 'onr mitiettors'' jti circurnstance which were considered Co be si►t~i .iar to the pr , -.,e9t, nfi, a guide for czar cciodutt under 'a l ,l the difricoltHs of the country:. *He did not dltrdt Gt.ntletnf.l)Who maintained, al on lib- At - rao dillinuilo:l of Bank ptpBr wopid, hove a zen&nty to dimin;,ll the. talanct: exCliango; it wond . probably F,,:!, - Ice that etioti but it, wciold be at th;• 4: xv.!n(e of llIt! to ( I, e country. Ihe casc of the Prenca 21:ink, tit a formci - period, hi d reicri'd to. shalt ease ific 13ttikliad invOlve 'clifficrilti4 fruit fit) over-issue' of paper. The 'Pireitfitri ditni. niSh=d I iie quantity of their 'paper,' analtlere; cense. (pence that the credits of the B 111 say CC• SiOrd . ; :t ..) 1 1 . 4) iii.o;!nuttOti of tke ruper had ekee=.lni,ion the exchange': Ths, fatter part 6f . ;lie 'lnit., but he, mool, doolited 1 capiral of that, : 'l3.thtt Was'ti.vo : it [rad ir4 tre.t pJper to tha ititiOuitt of four whiCh• had irivelyr!il it io ,embarra•,sinents; which it ~ vithdri-:v tv:i ? eiteirl ~ea'S not vLiy prulm. hit: firliStiCh a sum Coltid of Fiank:t. Pam 1-f 4. Gentreroul whci had vt.:l ted to 3,11t,1nt..:d, that ihiii, A t t „ ;he nap., rowing It 9 circHat:ion lenroy..d its tl!rh..:.iities, yet it ptodueed ver, t•at eothirra , snrentsattioug, the i:onir. Inercial pirt of tlt« cot().nityly • ri.,e 1 >tttk had tho coura,.;e to its ci%ul tout) ; or, in 0"i1it;e',.1.01•41:4, if had the cour:tge,to take cars of its any regard to loos , : of the corn i mmi !) ,..... Was that the princiide a hien he would recom,oend l'arltim;ht to inio l a in they present But if .he withdrit,ving of !no millions from the circula tiOn,in Fianct!, had proanceit such titsiistroUs coarse. qUenc:s to her tra,fe, what w told be the etfett iu this ennui!) , under ail thq uirculustaucts of the pre stint times,. il,the .B ink or wen,- to witi)• draw its paper, paper which it had bei. - !it said form ed the, .whole circulating medium of the country Would it not Nita the.inatiutadurers ? \Vona. it nit destroy the _agriculturi. ? Would it nor (I.y up ail 01044 sources of, : welith which erubl ,. .A 1111, country .to make exertions proportioned to the eitige:4 le/ of tbe awful period in which we liiect1:4 1)( 1 what object was Piiirtlinent toincur.the . mine of ail thetip dreadful calamities I Why, for the purpos e of making,an experiment sabring the,rAte of excha nge nearer to, par !! But the Grtitletn ett on the., other side,. in calling upon PJritatnent to be gti i4.4,pl y !he wisdom of our ancestors, hid referred perticitlarly to the .events in t 796 and 1797. If there, was any ottepassage in the Report,. whic h excited his astonish. ~, rnent .more than anoteer ; if: tnerewas one p.rt.,of it more unguarded, more' inaccurate, more unfound ed than ariother, it.was that part which referred t•J the yansadtions of r t* period. alluded ,to. Pidts, he totally.. misunderstood the' question, the erase ..which had, been.quoted, it it applied at .all to the -Presnt question, made . direaly against,. toe tiro ntentsof .those by whom it had been (Me. Percevel,read an.:extrad how, thatpart of this Bullion Report s which. elated, that soOn after the establishment - of tine .Bank of Entanct..kts Dotes were depreciated, and considerable embarrassments ensued ; And that-,t,hose embartassMents .beeri .removed by a, new :coinage, and .by retincttig, the quantity of Bank, notes. The two operations th en , in the opinion of the Committee which reli eve d the „Ranki. n t69G and 697, were. the coinage, ,arid t h e ,diminution of tile number of Bank notes; and .was_recommended to, the notice or the 1-foi lie as a case. in Point. lie begged to t-)Prrv--..., however, that if it NOS- a ease in point,. that that case i‘a,3 •Cnired whet) tlire.Wllb.no reiitriaii.a) upon th,.. c v . ; l l iiiiisnicaits of tint Bank.. But it was fidid there. was at Nitne an exce4s.in the iss•ne„ot nobs;.. fi cuttld hardly believe that .the Bank would so soutt 411.et' its establishment issue ,route notes than were necessary ; tlioreal ifit44yaa,tiu!, that:the Bank Itati issued more,_,notes than ,wpre,,nneettary. bet' .ttr,c they, had issued. wort:s , ol4n thetr credit week! ' bear;. Now, wliat were the .reinedieS? First, thy cot.* 'l,lle new coinage certz - iitily :did-turn the ba4 e.:scfringe in. our fayoor, bt.,c,iuse iil t uri,t whole of it nutnediately fotidd is Way 1131 tit country. In 'three years nut shirtiog cif it was in the kingdom; 9nd hi tiegged. to oimerye, this new coinage c4) . 9t.11Q)59 than .between 4 "'d thret thet atilPr app{ ed ‘tv , i% di n ioininion-qt.ihe Bank !totes. . New, what, A ,A,„ i The .ettpital ay the Bank i i :00,0001_.; in order to relieve its ernbarrattunetti, the capital was' eugmented to two millions, :end subscription for 'the •addititioal i,00,0001. ,was to he paid 1..0r-fiftlis in Exchtkqudr .- tallie's, and oroe 6'1 . 1)3 in sank notes; to •(er, therefor., the Qvutienten =; 1