The British Press; or, Morning Literary Advertiser.
London, England, 1803-02-12 00:00:00

(Hawlcesbury) admitted, that to tate a comprehen-
sive view of the banking business throughout the
country may be very necessary, at some future pe-
riod. He had no objection to such a measure ;he
thought it highly necessary, and the sooner it took
place the better. But on the present question,
which had created so much alarm in the mereamile
part of the community, he thought every necessary
document should he produced to justify the mea-
sure. And what documents did we possess? Barely
the amount of the issue of Bank notes which lay on
the Table. The whole amount of out-standing notes -
he believed to he sixteen millions, and he found
that the small notes had increased considerably,
and the large notes decreased a little. As the
time presses towards the expiration of the AEt
at present in force, he admitted that some fur-
further restriction was necessary ; he should there-
, fiwe be for extending it only to the first of May, as
some necessary enquiry may take place in the in-
termediate time, and then, should a further restric-
tion he deemed necessary, some parliamentary
grounds could he given in support of so extraordi-
nary a measure. He undertood his Right Hon.
Friend had said, no opinion had been received by
him on the subject from the Bank Direaors ; he un-
derstood he acted entic-ly from himself, influenced
only by his own motives. (Mr. Addington, across
the Table, here seemed to deny the statement.) He
begged pardon of the Right Hon. Gent. if he had
mistated his expressions. He certainly did not mean
to misrepresent his words, and might be inaccurate,
either from defect of memory or misconception ; but
he really so understood him, and he was the more
surprised, because he considered some communica-
tion of the kind highly necessary. The renewal of
the Bank Charter, which had been alluded to, bad
no analogy to the present case ; it was merely a con-
tract relating to finance, and an affair for a Com-
mittee of Ways and Means ; it was therefOre no ar-
gument against enquiry on the present momentous
question. Ile therefore moved, that the words " six
weeks after the meeting of the next Session of Par •
Hameln" he struck out, and the words " first of
May" be substituted.
Mr. PRINSEP justified the restriction, as to the
payment of specie by the Bank, and considered its
continuance an acl of necessary precauticn.
Mr. BURROWS expressed the same opinion—
He thought the resrriCtion ought no:: to be lirrfted.

The CHANCELLOR of the EXCHEQUER,
said, it was not necessary to bring to the recollez-
tion of his Hon. Friend, what were the circum-
stances under which the Committee of the Home
had formerly proceeded to the enquirv. As to the
affairs of the Bank, or what was the object of that
enquiry, his Majesty's Government, actuated by
a wise precaution, had recommended to the Di-
ret!tors of the Bank to suspend their pay-
ments in money. This measure had cei tainly pro-
duced that sensation and alarm is the mercantile
world the Hon. Gentleman bad alluded to. It was
therefore with the strictest propriety proposed, that
a Committee should be appointed to inquire into the
sufficiency of the Bank to discharge its existing en-
gagements, and into the expediency of confirmmg
and continuing the order of Council. Was it at
the present moment necessary to institute an en-
quiry for either of these objects ? Was it now a
question whether the Bank was able to discharge
the demands upon it ? If any one could entertain
a doubt upon the subjea, such doubt would found a
sufficient argument in his mind, why an enquiry
should take place. At a late period, the Act having
been made to hilt only three or four mcinths, was
renewed, and upon that occasion a second enquiry
had taken place. What was its object ? It was to
satisfy an anxious public what the situation of the
Bank had been during the interval, from the com-
mencement of the restriction, and to what extent

that me:ll:tire had improved it. The Act which
pried, extended the restriction till six months after
the Definitive Treaty of Peace. It was then pro-
posed to renew it, and the House adopted the pro-
position without any inquiry whatever, being per-
fectly satisfied of the complete sufficiency rif the
Bank. What were the proceedings of last Session ?
He had observed that the course of exchange was
such as to produce the effect of encreasing the quan-
tity of specie, which was carried out of the country.
An Hon. Gentleman upon that occasion stated the
same objections which have been now brought for-
ward by my Right Hon. Friend. He was not sa-
tisfied with the ground upon which the renewal was
demanded, and he pressed for a Committee of In-
quiry. I stated it was material that time should be
given to see what would be the effect and operation
of peace, with regard to the- exchange between
this and other countries. I remarked, that the
disjointed and distorted state of those commer-.
cial connections, which had subsisted so many
year,. rendered it necessary we should wait
till things had got into their proper places, and
enabled as with more accuracy to judge of the si-
tuation of Europe and this country before we took
such a step as that of resuming the payments of
the Bank in specie. But it was expresslyand distinct-
ly mentioned by me, that it was solely in the state
of the course of Exchange the argument rested. It
was admitted by me, and I admit it now, that the
Exchange with Hamburgh was at par, but I stated
that the Exchange with Amsterdam was unfavour-
able. I admit that specie could not go out of the
country to Hamburgh unfavourably-, but it is very
doubtful whether such would be the case with re-
gard to Amstei dam. What was my argument ? It
was, that specie should not only be restrained front
going oat of the country, while the rate of exchange
was as it then stood, but that it would be adviseable
to continue the restriction till there should be an in-
flux of bullion. I observed, that if it was supposed
the restriction would be taken off within a short pe-
riod, Country Bankers would be obliged to sell out
at a great disadvantage, in order to enable them-
selves to meet the demands which would be made
on them, and to obtain the means of paying in spe-
cie. Would it be desirable to make this the period
of reviving the termer mode of payment in specie,
or ought we not rather to wait till an uniform regu-
lar and sufficient importation of bullion takes place.
Highly as I think of the wisdom of imposing the re-
striction, I was not so blind as not to suppose them
would be a great deal of difficulty in removing it.—
The difficulty of suggesting a proper period is to
me a subject of regret. My lion. Friend says he, is
ready, however, to continue the restriaion till the
Ist of May, upon condition that in the mean time
an inquiry by a Conunittee should take place. My
wish is, that Parliament should not put it out of its
power to repeal the Bill, but foreseeing as I do, the
lode probability of -its being able, with safety, to