The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-16 00:00:00

THE BRITISH PRESS„

the Learned Sergeant would name a later date. He would only
remark that it was the intention of his Hight Hon. Friend to state
his opinion of the Bill on the second reading. His own oyinion
(as we undmtood) was, that the princii,le of the lisurf Laws
was bad. During the list three months the difficulties of • raising
money had been greatly Increased by their operation on tradesmen.
Mr. H. GC BS EV spoke, but in so low a tone that his meaning
could not be distinctly caught in the gallery. We understood him
to approve of the Bill.
Mr. MARTIN, in reference to what had been lately observed,
hoped tbat the second reading of the Bill ...mid not be postponed,
as was the case before. to the close of the Session.

Lease was then given to bring in the Bill.
On the llouse going into a Committee of
IVA AND MEANS,
Mr. FIOIHIOUSE said that it would hr in the recollection of
the House., that his Majesty's Al inistsrs had promised to Introduce
either in this House or in another place, some measure respecting
the Bubble Act. He therefore wished to ask the Attorney-General,
whether or not it was in the contemplation of his Majesty's Minis. '
ten to introduce any measure to that effect during the present
Session ? The reason he asked the question was, that a strong sen-
timent
was felt throughout the country on the subject. The occur-
mimes at the Stack Exchange were productive of great injury, and
some adequate security ought to be devised to project individnals
against their machinations.
The ATTORNEY.GENERAIr did not apprehend that there
would be any alteration of the nature adverted to. The law ap-
peered to him to be sufficient in its present state to answer the par.',
pose ; for if a number of individuals were to conspire against the
property of any man, they were lisble to be indicted for fraud, ac-
cording to the existing lass.
Mr. HUME wished to know if the House was to be allowed an
opportunity, on any earlier day, of becoming acquainted with the
details of the financial measures to be brought forward on Friday
week by the Chancellor of the Exchequer. The state of the
country was changed materially, and it would be proper that Mi-
nisters should state to what purposes they meant to apply the pub-
lic money, before it should be actually voted. The state of the
country was such that it could not hear the pressure of taxation.
The taxes must be reduced. He hoped his Majesty's Ministers
*odd take the earliest opportunity of putting down the enormous
establishments that afflict the country. lie thought that the pub-
lic debt should be held sacred, bur in times of peace he could not
perceive the necessity of paying 17 or 18 millions tor the establish-
ments which were kept ap.
Mr. HERRIES wished to state, in reply to the question,and on
the part of the Chancellor of the Exchequer, who was prevented
from attending by indisposition, that it was the intention of his
Right lion. Friend to go into the details, when he would submit a
' statement of the estimates. On next Friday week that statement
would be given, and it could not reasonably be expected that next
Friday or any other intervening day would be devoted to the sari.
out details. The only estimates in the Committer: of Supply which
would be submitted, were those regarding seamen. The naval de-
partment was one of primary importance, and should not be neg-
lected. The votes of last year fur this service were so exhausted,
that he could not postpone bringing forward that motion. lie
trusted that the reason assigned would be considered satisfactory
fur making this exception.
Mr. BRIGHT thought that the misery which prevailed was
not confined to money matters. It pervaded all classes of the cont.
tomtit!. They had) determined to carry the Currency question,
and they must he prepared to meet the consequences. It was in.
curribent on Parliament to proceed with economy, The country
was not in the state of prosperity which had been attributed to it.
Experience would prove that it was ineapable of bearing the heavy
load of taxation with which it was incumbered.

The order of the day being read,
Mr. HERRIES said he thought it would not be difficult to ex-
plain matters to Honourable Gentlemen. The House was not now
called on to go into a committee of expenditure. On the con-
trary, the Committee into which they were to resolve themselves
was one which necessarily followed a Committee of Supply. They
had already declared that the House should do so. It would be
strangely finconslstent, when they had voted the supplies, to re.
fuse the means of enabling the expenditure to be completed. It
was in fact indispensable that they should proceed. If the House
did not go into the Committee, great injury must be indicted by
the delay ; for though in a Committee of Supply it was not ne-
cessary to have a Bill passed, yet In a Committee of Ways and
Means it was necessary that a Bill should pass through both
Houses. In its progress time would necessarily be lost. An
objection had been made by an honourable Gentleman in regard
to the annuities, but he (Mr. Herries) was prepared to say that
if sufficient was voted to supply the immediate exigencies of the
Treasury, he would wave all further dementia Ile would only
ask that so much of the Ways and Means as formed a surplus of
the last year, should be transferred in aid of the present. This
was the ordinary practice, and it had been found very convenient.
Mr. PRICE (as we understood) said that as far as he was
able to judge, he thought when the House went into the Commit-
tee it would be proper to consult economy.
Mr. MA BENIN agreed with the observations which had been
already made, that many circumstances ought to be taken into
consideration before the supplies should be granted. There were
various matters connected with the money market to which they
were bound to look. It was his intention, when the Committee of
Supply should be proposed, to object to the measure, and to move
that the state of the country be taken into consideration.
Mr. HUME said that It was his determination to oppose the pro.
position of any other matters than the Exchequer bills and the sur.
plus of the %Ways and Means of last year should it be required. He
begged leave to remind the house, that before the report had been
brought up it was said to be a mere matter of form. He was wil.
ling to accede to the two votes which had been specified, but if
sugar or any thing else should be introduced he was resolved to
oppose.
TRANSFER OF AIDS.

The House having resolved itselfinto a Committee,
ttlr. BERRIES moved that the sum of 9,500,000/. now in the
Exchequer, or received before the 30th of January, IMO, be trans-
ferred to the use of the current year.
Mr. 111:51E wished to know what purchases of Exchequer
bills had been made by the Bank of England. The country should
be protected from sufferitig such miseries as ft had endured last
year, in consequence of the operations of the Bank in this way. It
was in the power of any individual in the Bank, by intermecidling,
to raise or depress the Funds five of ten per cent. in the course of a
week. He was of opinon that all banks, including the Bank of
England, should give an account of their issues four times a
year. The Bank of England should tell what amount of Exche-
quer bills was in its possession. By its interference in the market
there was such a difference caused as forty shillings in the course of
one day, lie wished that the Bank should be independent of
Government. lie was anxious to know if it was intended to com-
ply with the request.
Mr. Al ABER'S thought It was proper to do so, as it would
then be seen what injury was sustained by inundating the market
with Exchequer bills. The Bank of England had gone into the
market and raised them twenty shillings. lie did not mean to deny
the right of the Bank to do so. All he meant was to say that such
was the effect produced. Unless the publicity contended for was
given, private property would not be safe. They should know the
connexion between the Bank and the Government. They had nu
right to demand it, but lie trusted the Bank would accede to the
proposition.
Mr. IRVING, after some inaudible observations, said that the
supply furnished by the mercantile discounts was insufficient, and
that there should be an issue of notes. lithe quantity of circulating
medium was too small, and that the Bank had Exchequer bills to
sell, why not sell them ? lie was of opinion that the only regular
supply was to be found in a deposit of gold, or in Exchequer bills.
It was immaterial to the country from which source they procured
the supply.
Mr. BRIGHT wished to direct attention to the year 1793. At
that time there was great di-dress, as at preoent, as they would
see by the Report. Exchequer bills were then issued, and did
alleviste the misery suffered. Though he was no advocate for re-
curring on every occasion to the wisdom of their ancestors,
he thought that the House ought to be govet scd by ex-
perience, and to adopt, in the present instance, a similar expedient
to that which was then found beneficial in similar circumstances.
It was possible that great capitalists might benefit by the issue of
exchequer bills, but what was to become of small capitalists ? lie
believed that in many districts of the country there was scarcely
any circulation, and the application of three or four hundred thou-
sand pounds would be a serious relief to the evils which those dis-
trict,' consequently experienced. Active clerks might be employed
for the purpose of issuing certain portions of it upon goods which
were an unexceptionable species of security ; and thus might the
deficiencies of the circulation be supplied, in a degree which, lie
believed, no other measure could effect. Ile hal observed, with
considerable regret, that WO much weight had been attached to ab-
stract principles, and too little to practical measures.
Mr. PEARSE spoke in so low a tone that it was with difficulty
we could catch a single sentence. He thought it would be un-
becoming the Bank to make a practice of trafficking in exchequer
bills unnecessarily, but the present occasion was an exception to a
general rule. It was an occasion which might justify a departure
from a general principle. lie had been informed by a gentleman
that he had yesterday sold exchequer bills at a discount, in con-
sequence of the distressed state of the market, and he thought that
persons thus situated might have some grounds of complaint if
exchequer bills should rise to premium in consequence of the
Bank of England having acted upon the suggestion of last night.
Mr. HUME said he had no intention of casting the slightest
imputation upon the Bank. Ile only stated a fact, that the Bank
had the power by buying or selling exchequer bills so to affect the
prices as to alter the relative value of every man's property. It
was alleged is the City that at various pennis of distress a large
sale of exchequer bills produced such an effect upon the market,
as to create a gtcat deal of irregularity. He thought that the
Bank of England, upon which the currency of the metropolis
almost entirely depended, was bound to teed the market, so as to
prevent these changes. With respect to the argument of the Hon.
Member for Bramber, that there was no means of getting bank
notes into circulation except by the purchase of exchequer bilk,
he thought it a most singular one. How were they to be got into
circulation, he would ask, if these was no public debt, for without
a 'public debt there could be no exchequer bills? Ile was not
blaming the Bank for what they had done an consequence of what
passed yesterday, he was only contending that they had it in their
power, under the present state of things, to ruin any individual.
Mr. IRVING wished to ask, exchequer bills were not
issued how it was possible for the Bank to procure the meats of
supplying the country with a circulation of notes ? In his opinion
exchequer bills were the most convenient method of getting notes
into circulation, though, perhaps, the liack ought not to rely
wholly upon that alone. Still it would prove, he believed, to be as
useful a foundation as any other, because it would afford a more
regular and coustaut supply. In December and Jatikary the met.

.ES YESTERDA I .
rES.

SIIA!
xr
Share. Pahl. Premium perfrisare.
Angle-Mexican £lOO 40 15 dis
Arigna Iron mad Coal llO 12 7 dis
Jlolanos
British Iron
Pasco-Peruvian
Potosi, La Paz, and Peruvian 60 b 3f dis
Royal Irish
United Mexican
Ditto New 4O 12{ die
Welsh Iron and Coal Si SO 9j dis

DRURY-LANE THEATRE.
This Evening, THURSDAY Feb. Irt, will be performed the new
National Ballad opera of
41. VINA.
The principal Character. by Memel's.% Mitten, Sinclair, Horn, Bedford,
Hawley, and litzwilliam; Hisses Stephens. Puvey, and Kelly.
- - • - • -

•
To conclude with the Pantomime of
11 /*HUI:QUIN, J WK. OF ALI. TRADES.
Illarloguln, Mr. Howell; Pantaloon, Mr. T. Blanchard; Clown, Yr
Hill; Columbine, Miss Harnett.

COVENT-GARDEN THEATRE.
This ITGAillg, THURSDAY, Feb. I. will be performed the new
Flay of
THE FRENCH LIBERTINE.
The principal Characters by Messrs. C. Kenible, Ward., Power, and
6.-K.Per; Mesdames Monism, l'hatterley. and Glover.
To cone:tide with the opera Of
TIIE MARRIAGE OF FitiAßO.
Count Almatriva, Mr. Jones; Figaro, Mr. Otinteet; Antonia, Mr.
Pawcrtt; Cherubino, Mrs. Chatterley. Countess almaviva, Miss
Paton t autanna, Madame Vestris.

COVENT-GARDEN THEATRE.
()RAND PERFORMANCE OF ANCIENT AND MODERN MUSIC.
1:110104 TNN PIAMAC MMMMM OP Ilk V. SMART.
To-morrow, FRIDAY. Feb. 17, wig I,•e performed Handers Sacred

orto
THE MESSIAH.
With additional Accompaniments by Istotart.
At the end of Purt I. a FAIlt44lll extempore on the °spin by Mr.
Thorny Adams.
Prinelpal Vocal Performers—Messrs. Praharn, HoeMeastle,Peerrnan,
Phillips, Robinson, and ; Master Harker; atlases H. Caws,.
Coward, Love, Paton, and Stephens; gad Madame Yestrls.