The Sun. — London, England, 1817-02-20 00:00:00

S y! 'il It, 11 em liostil.l to the hest interests of the coml . V; ILI! (WO system IlAti originated with, ant gri supported by them ; aud• that it was one 01 ninerited and exorbitant profits, which no t ..:,..- ces pe r f ormed entitled them to receive. 11 ishe(l,lloe..ever, to a ff or d them ample and liberal :e nnnotlati oo, b ut th at their services anti re arili slrould be founded on soething like e ti n ir Y id moderation. A t so: time the Restrict*O•et. Islet', in 1 797, the aff a i rs Of the Bank were 1 ,;" P !stigaied by a arlia mentary Committee. NV"' oin the commencement of the Charter down-to I dt period, which was 4IY p rof i ts more than 100 yeitisit the the I)irectois of the Bank received !milted of those annual dividends, which corn' eared in 1694 and continued till 1730, when, iiin rations caus es !, ai sle or , they w e re in the proportion . ten per cent. Th ese were thet,T,ltY As , which tiad fall en to about seven Per cent' ' t ll'! Year 1 797. Any thing in the shape of bo ; l ilei Yea wholly unknown, and the annual avec; Q . yer le amou nt 10 1797, ws tt more than 1 . 1, , It appeared that , stripierime the Bank pos ited A SlirphiS profit '03,800,000i. while the ba ilteot their assets wis 15100,0001. With this ,, [pita! ti, e 11,,ik start,.(l in 1797. Crinfining,,_ois to die exorbitant profits given them by G - l'olnerit (unite management of loans, he had !Irtainir, in saying that, they Were altogether :,itt,"4lll a paiallel in the history of airy trans -I'l'4 t hat ever existed since commerce was known I,i ' v h " .l (l. Tile Banks of Genoa, AmSterdain,, r„ e, all stink Mit, insignificance, when -at th e enormous p ro f its o f our liatik T te l l ti t 14 tt 20 yeIES. It WOliltl scarcely he cre t!„ th at this It not been less than l wenty" 1:4 stillions (if pou n d s ,—( )--Ile of those llear, hear ! h ` :4 ' l Li was not one Gentlemen ~,,c v` h ll' l lx bold en:twih to contra di ct him ; and 4 1- 4 'i i 'e his statement they cr , nltl not. But lie r; te ' 14 Y. once for ail, that Government ivas ti. to be hlsined and censured than the Dire.c -e1),,,1'4 it should always be recollected, tli n a t t . ,;s age torst were bound by oath to promote a I , k i i i4 ' ,,, : l Y all , leg 41 means, the interests of their ri ll I , i , ; +tut it was also the duty of Go!ern 'li 4. 'nell over the interests of the public.--,,, ~,,,,4 there was any failure in this, respect th e , y ut krt . o f the Government, it was 11,1 e 1t ,,, , Iltv !time to watch over its interests. iirit ri,4ll°llihle, he thought, for any Chao t' the good of i t o ,' the txehrquer who, had e11i,,1T,u,,Y, sincerely at heart (as he believe( Teti'. itqanttrahle Genileinan opposite had?, ilr,te,reltilY hostile to such an inquiry asi , le . rwl4lloll, which went hi the *first instanc xl4, a great sating for the country, anti, in I he ; rt)l„ 4 4 , l 'ke hiai (the Chaticellor of the Exe i l i te , ) y I)er .1h:11(1,14W nit the Bank Directors t ' 1 been far many 4,,i,:t,,,.:11 !bat, situation had . , tii,,,,1 'Nuttettlistandingtbe feelings with iv". irliati'stll.lll.e Right Ilan. Gentleman must view- Ili, l'ilry. %licit y •oature of oti irh ici 1 iis. the. t and it It ' Ilihsisteil between Governm ent the con it. , .ou,_, be 1 4 h t l i , t ,_ ll " be could not expect he ‘t "', . * ,, tt illo t. " l ,‘ 'lll at once from it, and expected co '14'1,1 it4tattee from the Chancellor of the 4 01,, j e u r uk ' i llEl his c'olleagnes. It was inilins7 " ,4 1; 1 1,. g the hibtore of the Bank without LI I,,ltbili;:is!itertilv:rl).ll'ect or il 1- frequently tt 616 e t ki , i ki.lit yconvensielia"pecuniary ac.cOrnino -4 41 4 if • ellt netttled they .hatl :.acquired !he' (t, , • 4 14 , , L . . ''titi lt I ; ',iris fiont the Batik Itestriction ha craut; - tihrt,,ilit,_.*Nint owed tile poWer of t - --!6-1.,.. t ,', il ti le 7 ultistance to that very P," „ 1 „' ~,,. ailetiiii neonintotlatioa was given. 113". 111 1 h i t , 4 ,, 14 (1 th'e fo dat'on of giving new, :4 lt ' l eit . " 44 11 k, wittilL.,' I they threw additional I lle 11: ;1 t‘t conntry. The Bank Directors ,Yi laiil„es'"(l of influence, not merely peen - . "414 ti"ntiettl, as i t 1 I manifested on al. oven ti,.,',.,'tii4iol i It it, ,Vittio.... It "'as illy()Ssible to look at such t li l i 4 -,. seeing that it was anomalous, 1 iiittrts,s'll4(l likel to prove injurious to the iriii, i ll li'lthe country. The Six Directors who '11,11iyiti,,,,..u.t House had usually met his state. (iilitittt.iii"'"it them to be hatted and ex"gge. 4 1 1 4 b. Lott in go ut . • stance in Which oi .ep,•, net ,. , , 1,„ out anyin , , .. _ _, ll r .ti,) ll , ,' io4t they deserved this cuaraetet•• :ftsl' th e N ,.` l (! $4.41 the charge for the maiiiig.97- Ftiot. jI1J1)}11 beht...—that was, for teeli" o rt vki etlt i t. 'it , the daily transfers, and tor paying 4 : l elir i i ,)11 litii:!attitted to 3011,0001. , But when : '4l.e to y I% B abjet, he' was told that OM . v re ctivt 4ety utoderate that they wet e.satis , .. on , 1 1 9Y 7 d. or Ehl. on every 1001. This, 4 4 , , ~l e „, t , iti(iiiito'll Ily tuber Nationd Debt, whiCh be ,:i1;-".1.1001, -In°o l/feti to the frightful sone i ". tileit t( i ise to a very large sum. The. p.,41'41) t yre wh he wished 'the House to LA ii, c,tnisideration was this : Ought 114,44 e,ilitiiiiie t tt, getat„,ol. . -0 recei ve so lar ge ii sum for i a Il 'etn ~,,t the Xational Debt, .as was now ~t7ir h„okal."t ; and which. .it appeared it r 4t .4 4111'11 November last, had amounted i l l". h e hut 1 1 , 1 tlu tn u : 282,0001.? This subject e 1;1'4 ii,,,,;eire- into by it Select Committee, tk:tir t .. 4 a the gr4oted, he should be able to ttli tin:43llk would be liberallY. Paiti.tif e" viti,ll,7' one half of the it'll.) tipW Pa"' ; 141 1 , tidied ‘ ~,liaterpaiel ~ void(' prove that ,we had now., , . 0p,,t4411,,0,0(`,.?,eit services by nearly an an= ~.,1 ttrokitt u'Lili Besides what was paid for h t K't,l l 0 1 the National Debt, the Batik t ~:13,0.4b1i 1:411!ge fret)) the SUMS belultging Ilitir :Idly(' 11..4" tilVir bands. • These, fur 4 100craRe ‘',,'er been less than 9,000,0001. ,N (It,bll%teline 111 41" e 11,000,0001. Here 4 4 ° 0 (I 13 Y the bi• 44,, 001 . : ~ , Pn ic to the amount o,,,k(ilet,t ,„,, .0 audition tollie espence of lii,likily s i ie :J v t . the National Debt, I.lticli be tit:tilt' No I "S t the country 282,0001; 111114 „4 trr!letson could he bettee goalified ant , i 1 ttle tti, l it" W hich he might have 1 , tte il ketor s i n ii ~. i ti t , Iptim It) ~ 'IL house, but they 1,4. 4 1(1 1 441 1 ~ntsprove arty of the filets ~ , it ittw , Jt tor e t it , i i -. . ".h e ~ 1 , r it s re„...,,1. otter, and which viers 11.11:_iteiNiteti t ' l 7: l ?_ . On the present oc tt4ti 41 ri te bir„tti:rn,,lted opposition of the tt ' l . 4. but it* was not the ) Itj11):1 ,111.1:rlyilileYt.ittillea,ti 'l"Fstiuns like titgle' Nsi„llot ,1114 t th. 011,, • hose propositions ‘Jtctea, i k",t, lorwarti had .11 i.l tife(,\ll:lll,vrithti,,ll44t,,l,le'reenis,een had beeeieitistuit _, it 4...,pter „ tit , ' ~...! Ilttlt period) adOpt, t, it 9 ., hi errtoli:11"17(1 ilpoti. iI/ one in. 1 4e 0.0 L'eetitred w• ,'!Perett, such a eireuto pocti44 lizitbistalle,,'ght -days front tit; "'lt bludght before the llou se. TO flat' liononr of the Chancellor of the Exchequer he.inentioned, he bail acted this part. He` had gOne down to the, House acting on his own opinions; in opposition to the Directors, and he (Mr. Grentell) supported by the Right Honourable Gentleman, and car ried that on the 27th of April, which had been successfully opposed and rejected on the 19th. A similar instance bad occurred in the Session before the last, when the Bank Composition for Stamps had been brought into discussion, on the Chau cellor of the Exchequer brim,ing forward his plan fur an additional duty on promissory notes and bills of exchange. The Bank had been allowed, ever since the stamp duties were imposed, to issue and circulate their paper without having it stamp ed, in consideratiou of their paying a sum an nually, which was called composition for stamp duties, , but which was not equivalent to whit they would have been compelled to pay, had they been subjected, like others, to the regular duties. On the occasion to which be had referred, a friend of his had asked on what principle the Bank paper would be regulated with respect to the stamp duties from•that time ? The answer given by the Chancellor of the Exchequer was, " that certainly it would be proposed that the Bank should pay such an addition to their composition as would be, not in proportion to the increase of their paper, but in proportion to the increased stamp dui ies." The fair principle, tire only t;iir one ever established between Government and the jiankovirich was acted upon by Pitt in 1799, was here depayed from, And that adopted by Lord S1(11)19110) ISO 4 tidered - to. By the adop tion of that principle, the Bank had been enabled to put 535,000/. in their pockets, by evading the tax, which ought to have been attached to their profits. Be bad pointed out this ; had shewn the effects of the course pursued, and the results were known to tkic House. 'They would remember the taunting manner in which his statement bad been received in the. first instance; hitt when the Chan- , cellor of the Exchequer and the Bank Directors had laid their heads together on the sohject, the latter agreed to let the public haVe 6,000,0001. at 41. Per cent. interest. He did not undervalue the importance of a loan at this rate of interest, hut be contended the Bank, as the Bankers of the having in their hands large sums belong- . ing to the country, had no right to receive any,. interest. .The public ought to have had the use their own money for nothing. After the de bate on the Loan Bill, the Bank has been induced to advance to the Public a further sum of 3,000,0001. at an interest of only three cent.; and a third concession followed in the halt million given tats, on account of • the unclaimed dividends. There had thus been gained for the Public, as the 0,000,000 ad vanced at,* per Cent On the 9,000,000 advanced at 3 per Cent. 60,000 On the half million advanced on account of‘the chinned Dividends linking together 145:0001. saved toAte country, To this might be added 35,0001: called for by eer-- tain Acts of Parliament as composition for the. Stamp Duties, and this, added to the sums be-, fore enumerated, would give a total of 180,0001. which had been gained, if be might not say through the debates which had taken place in that House on `iiibjects connected with the Bank, had certainly, been obtained since they OecUr red. He, however, would put it to the House, whether: it Was . probable this. .was owing to the debates which - had been , entertained, or by the active exertions of the Vhancellor of the chequer, and an ateakehing sense of just ice on the part of the Bank Directors, who, he must be al lowel. to say, bad for twenty years been very much awake to their own advantage ; though I not so to that of the country, He proceeded fo 8 bew the objects to which the audition of the Committee for which he called, ought to be di rected, and to point out the retreuehments which he though( ought to take place. The first source to which he should look tor economi- cal arrangements was the deposits in the - Bank, `Which were at present as they had been for the Vrst 10 or 12 years, and after deducting the million .advanced last year, he should COI 11,000;0001. On - this he contended, in the interest, the public sustained a-loss of 550,0001. per annum. In 1808 at loan of 1,000,0001. hint been advanced tiithe. country, not bearing- any interest at all, on the specific ground of giving the pnblic a participa tion in the profits of the Bank. This was•a rceog nition, of that which could never be questioned, tliarthere were protits•acerning on the sums in the hands of the Bank, and it was also a recognition of the right of the public to share in them. The next source of retrenchment at which he should point wa►i the exorbitant sum (for he would contend it was exorbitant) paid for the management of the National Debt. •On this subject be should refer the House to the Reports of the Cluntnittees of 1797 and 1507, and to the correspondence betweeti Perceyal and• the Bank Directors in consequence Of the latter Report, which had led , to• the a 6. rangentent still acted upon. These papers would put the House more completely in possession of the whole :subject than: any•thing he could say. On these he could sheer that the Bank would be liberally paid for the business transacte►l there for the-public, if the Company received but half the butt now paid, and thus a saving of 150,0001. Might with case be effected. The next subject on which he should touch was more disgusting titan any other, and bad so been considered by Mr. Peree vs!, in 1808. That to which-be referred was the suit of-4,0001. allowed for house expences. This was, allowed them in their charter - , and he sup- PPsed might be intended to cover their expellees :for coals- and candles. The Bank - , he knew, did nut like this item to be .mentioned in the usual way, and were more disposed to prefer including it the charges for management. He bad' no ;motive for bunging this subject before the House but a sincere desire- to contribute towards the correction of abuses and the diminution of the public burdens: If the Bank Directors Wished to repel the charges he ha& brought forward in the Most "satisfactory manner, and -to prove that he had been in error, he thought they would vote fcit - the Committee. It - they did not do this, ,he tinight , it must be teen that they acted from 'a sense that that which they undertook to defend, was incapable of defence. : He ' concluded by tnoving, " That a Select Committee he appointed to inquire into the engagements now subsisting between the Country and the Nal:, and to consider or tile adrantager now arrived to the Banls, with a view to the adoption of foam arrangenients, consistent with that good falth'whleh ought always to be pre served on the part or the Country." The Ct•taNcElLoit of tln .ACHEQUER said, the Hon. Gentleman's arguments, so far as they tend ed to benefit the country, would with • him huve had great weight, and - have appeared entitled to the most serious. attention of the House, they not been already brought under the consideration of Parliament. - But the Hon. Gentleman himself had referred to a period wherithe affairs be weer the Country and the Bankbad been made the sub iect of in q uiry, and had been most accurately con siOered. If he hail shewo that since that period the transactions with the Bank bud assumed a dit ferent character, and thou the advantages accru ing to' the Company were .greater than._ it was probable the House, on a full view of the sub ject, would be disposed to allow, in such a case lie might have been disposed to concur in the motion. But as this bad not been shesvn, he was hot dispOsed to accede to it ; and that at a time when it insist be . perfectly obvious to every one the profits of the Bank were rapidly de creasing. The different subjects touched upon in the speech of the Hon. Gentleman, had all re cently undergone the consideration of the House ; the balances in the Intuits of the Bank in particu lar, had been repeatedly brOngbt isito discussion, but he (the Clyne - Z:110r of the Exchequer) had never yet heard as plan distinctly proposed, by which•they cOold employed in a way more he. to..the public. • To him it' had always ap— 'seared impracticable aithout the concurrence of she Batik itself. Mr. Pereeval had thought the public entitled to some advantage from the sums in the hands of the Bank, and accordingly an arrangement had heel) made, under which - a stun bud been advanc ed. to the public without interest, and ii further loan had been advanced, it rat,: of interest that w4s;considcred, in 'the then state of things, ca lf , curable. • to. the country. If the arrangement made by Mr. Pereeval was good, this was not the 'time at which it ought to be shaken, when it'Was known that less was wade of , the sums left in the hands of the Bank than formerly, art the time the arratii.!enient referred to was made: • There was less reason for making a new bargain now than ever,, aa .the last Session of Parliament, after much debate, it loud been decided that the Bank should.restnne cards payments on the AtliJuly,lolB. It Was known that they.were snaking preparations to comply %vith the Act of Parliament. Already they had given notice that they would pity a part of their notes in ealt, out there was little anxiety on the, part 'of the "public to avail th , :inselves of this arrangement. The result of this experiment would encourage the Bank, to proceed ; ant{ it was 'pro bable that the difficulties its die way would be so far renioved by this gradua return to cash pay ments, that when the time arrived appointed by Act of Parliament for the formal resumption of them, be hoped none woul , , remain to oppose their design: •He (the 'Chancellor of the Exchequer) after an, Act had passed,' compelling the Bunk to resume cash payments in July, 1818, bad flat tered himself that they would not be liarrassed by motions like that - of the Hot.. Gentleman, which might interfere with their preparations, Which could do no good, and which might perhap,s.makc thenylesi able fo return to cash payments than thq-wtsutd otherwise' have been. - If any thing novel bad been comprehended in the speech of the Hon. Gentleman - , .he (the Chancellor of the, Ex chequer) might havefollowed him into the details, but as this IVaillOt the ease, as every thing he bad touched upon had been repeatedly before the House, he was content t 9 leave much of k 'man steered. Mr. P. Mom: said the Right Honourable Gen tlentan had represented ihe onus probandi to have been thrown on his friend to prove•that any thing new.bad occurred to call for an alteration of the existing arrangement, yet refused him a Com mittee in which he might he enabled to establish :what he wished to bring forward. He had no doubt his Hon. krienti'coold prove all he hail:ad• eanecd, in a Committee, as be (Mr. Moore) knew the Blink dividends had :Immune(' to no less than 7,00,0001. on,the 23,1 of last May. He recom ,moded the ,ReAal of the Bank Restriction Act. which be considered to have been the cause of much 'civil, as It gave the ltank on every million issued in paper 999,9991. clear profit. Mr. MARRYkr r thought- the public entitled to greater advantages train, the sums deposited in the hands` of the Bank than they had yet received. The 'Bank eittlie United Statei of America trans acted all the buiine•,s of that country without re ceiving. Is. for their services. They considered themselves remunerated by the balances in their hands ; );et what were these compared with those r i n ,the k e eping of the Bank of England ? Eight years ago the Globe Company, Aiiplying for a. Charter, offered to transact the public business for much 'less thin' was paid to the Bank. if the .Elaiik.Company continued to go on aOt does sr' present, it was impossible for,thern totekunte cash payments. Their whole capital being now nearly 15,000;0001 and'24,000,0001. hat'ing' been lent by them to the Government,. now atter two years of pease they could not return to cash payments, anti "the difficulties in the way of doing so seemed to increase every ,day.. The Chancellor of the Exchequer would want further accommodatka, and the Bank could only hOpe to go on with /b e assistance of the Restriction Act. This was a system of paper accommodation which he thougia cou ld not hut prove fatal to countries as to indi viduals. While the WWI' continued, our paper mo, trey was confined to oursclres. He thought it had caused t h e high prices of ail the necessaries of life, „ . but ocov its-evil vflects were more extemled, itutl the danger were not pioperly tint, we sbotdd under-manufactwed—we could be under.odvi- g4;teti, and under.sold in every point of v i ew , t ill all the sources of prosperity were no more. With these ,feelings he should most cordially vote for the Committee. Mr. flosittssoN observed, the last Speaker had argued. as if Parliament had not peremptorily fixed the time at which the Bank . Restrict►on s houla cease. He Should he much su r p r i se d if the situation of the country continited at all like what it was now, and if the exchanges remained as they were a t present, if cash payments were not resumed by the Bank at the, time which had been naand, in July, 1818. The Honourable Gentleman bad sald,..ai the 'Bank witk a capital of 15,000,0001. had advanced to the Government 24,000,0001. he &old not see bow they could resume cash payments. He made it appear that they bad lent 9,000,0001. more than their capital, and therefore concluded the Bank could not again pay in cash. He (Mr. H.) might refer the Hon. Gentlefilin for an answer to the statement of his Hoo.:Priend'(Mr:Cirenfell), who had statc't the Bank tb . hare now in their bands 11,000,0001. of the public mMsey. This would cover the nine mil. lions he had just mentioned, and shew that the means for resuming cash payments might not be wairting:; No Minvivished for the resumption of cash - payments ;nore than he did. He trusted the effect of it would be most beneficial to the cairn. try, but he-had always - foreseen that the period which must elapse after the conclusion of a peace before this could he effecteo must be one of great difficultly- It had beets said the Bank of Ameri ca transticted the business of that country without remuneration ; but that, he would ask, was • the business of.the United States compared with that which was thrown on the Bank of Engl'ind ? He did not know that the constitution of the t wo Batiks were at all• the same. The profits of the Bank of England he admitted to have been great, and so were those of many other trading compauie,, ; but it did not fellow that whit they gained was so much lost to the country. On the present occa sion it had not been strewn that any new eircam s!ances bad occurred to make it necessary re vise the bargain made. in 1808. The bal ,, trr the bands of the 'Bank - had not been it. :used since that period, and it Was Not in a time or ace when the value of these must he reduced that they ought to consider of making a new bargain, lie thought the House ought not to be looking from year to year for an opportunity of cancelling the bargain concluded in 1808. No alteration in the stat e of things had occurred since that time, that could justify them in die i ng this, and sure he was,when that arrangenient was made, every attention was paid to the subject, with an anxious wish to do the best that could be done for the public.„ Had Mr. Percival thought better terms could have beet; obtained, be was confident he would have pressed the subject even more titan be did, lie thought ct~e Committee, uutler all the circumstances of the case, wholly unnecessary, even for the object of the Hon. Gentleman himself, as whets he should bring the business' forward in a more substantill shape, that would he the proper time for consider ing of any specific proposition lie (A:r. Grenfell) might have to make. Mr. Manning did not remember these subjects being brought forward on any occasion, when he was not aoxiuus to give the most explicit answer in his power. He thought the Honourable Gen. tletnan called - for a Committee without grounding his motion on any substantial reasons. One cir cumstance appeared to him rather'extraordinary. He did not bel;eve that the Honourable Gentleman was iu the habit of attending seditious meetings : he must therefore suppose that his pocket had been piekesl.iobia passage to the House, and that a document, which ho had tutee read to the House, and which appeared word for word in the British Press on the Ilth of January, the very day on which he had given notice of his motion, had _thus found its way into the Papers. He contended that the savings which bad been ef fected, were not tg,be ascribed to the exertions Of that Hon. Membe.-, All the arrangetutnts which had been made, would ;!ave taken place it he had not made atiingle speech its the House. He un derstood that he bad moved . that two petitions should be entered as read, one from the County of Cornwall, and she other from the Common Coun cil of London. There were passages in these peti tions, thanking the lion. Gentleman for his exer tious, and he had seep many paragraphs in various pipers, advising' the insertion of similar acknow ledgments in, other petitioni. He repeated, how 'ever, that none of the arrangements between the Government and the Bank had been in the least influenced by the efforts of that Hon. Member.— That with respect to Stamps s', as nearly concluded before he had opened his lips. That with respect to tilt management of the National Debt was in an egnally,forwatd state at the time. By it a most considerable saving was effected. The charge for the whole management was now reduced to 7tl. in every hundred, ;or,to 3401. instead of 4501. per million. 'ln 1807, when the National Debt was only 005 millions, a laeger stun was paid for its managementAhan now, that it exceeded 800 mil lions. As to the annuity of 100,0001. to which the Hon, Gent. had alluded, he had at least ten times explained, in that House, that it was a purchase from the South Sea Company ; 4,200,0001. had in , fact been pail for this annuity of 100,0001. di-. sided into two sums, one of 96,0001. and the other of 4,0001. for house expellees, but both of which were as much the property of the Bank as any part of the Bon. Gentleman's own property, an►i as little at the disposal of Parliament. He then read an extract from a pamphlet written by Sir Vrancia Baring, to skew the advantages which re sulted from the Bank to the Country, and con cluded by opposing the motion, as sufficient ground bad not been 'shim!) to prove its necessity. Lord A. HAMILTON defended the proposal of his Hon. Friend for the appointment of a Com mittee, the object of which would be to save large sums to the country. He did not think that any of 'the arguments adduced in its support had been controverted by the Gentlemen 'opposite, If the result of the inquiry should be, that one bait of the present charges would be a sufficient recom pence to thc Neil 01'1 altrratiou would be most important, far ;his was no longer tbe time when 100 or 200,0001. could be ligtitly spoken of.. Mr. Alderman. C. SNirti apposed the motion. Mr. GRONPitLX, replied, and the house divided— . Far thy-Mot :on ...... •• AI Against 3t _ _ . Majority against 04: Islotion —5O After, the triclw,ion, when we got into the Gal. fiery, we found Lord ecit J ALD HAMILTON speak. Ile said, tat h before. Parliament m et , t h e Bank of England had girco notice that they would pay a certain portion.af their notes in specie, Ha then moved, " thAt there he laid before the House a Copy of that Notice, together with a Statement of the amount of Specie which the Batik vs.its liable to pay on elemand,ti_ _HAN. of the Ex CHUQUER Sam, ttlgt noth i ng could be wore improper than to make too minute