The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-14 00:00:00

tb this amnion awl in support of it he !mild remark, that this
measure, in his opinion, (eight to be immediate in its operation,
because It was in pet already carried into execution in corm-
quenee of the recent oreetratling. It was nut the one and two
Pound notes that were the cause of Was °ventilating; they should
not be charged with the mischie'alint hes accrued. bdt the exist-
ence of the small circulation has greatly aggravated the evil. When
the run on country bents happens, it is the small holders, persons
who are in peesession of a U. Or a 30s. note, that cause that run.
The large holders could more correctly appreciate, or fancied they
could, the solvency of bankers, and therefore it wait not they who
made the run on provincial establiifhmenta dl this description ; and
what had been the consequence of this eagerness on the part of small
holders to get their notes converted Into geld Why a resiriction of
issues, a ilbninution of confidence, and necessarily a void amount of
hese notes is displaced by sovereigns; as much, indeed, as this men-
lure would accomplish. Under these circumstances he would ask his
Hon. Friend whether it would be sate or prudent to retrace their
eteps. The fact was, the state of the currency was now beyond
their cant:old, and the only practical course that lay open to them
was to proceed. The second season that induced him to support
an immediate adoption of the proposition was, that if it be not
done now the currency could not return to its old channel. Tht
circumstancesto which he had alluded must necessarily prevent
that from taking place. His Ilan. Friend had said, let the ques-
tion be postponed for another year, but lie had given no reason for
such recommendation. His third and hot reason for proceeding
in the course recommended was, that if they did now pursue,
another opportunity would never be afforded. His Hon. Friend,
atid those who thought with him, had said, beware of doing this
et present, beware of the evil that may arise from a rash act,
but they did not condescend to tell the House why these said con-
sequences ahoulil arise. Was it because they apprehended an in-
disposition on the part of the country hankers to continue their
'hilltS ? That affect had been already produced by the recent
drains upan them, anti although banker were restraining their ad-
vances, yet a respectable and solvent man would have the same
credit ut der the proposed system as under that now in use. If it
be given out that no more notes would be issued, a metallic cur-
rency would introduced in its stead ; but if that is not dine
now, new notes will be introduced for a year or three years, or till
the year 11133. The opponents of the measure, with the exception
of his Honourable Friend, the 31ember for Taunton, hope the time
will never arrive when they are to be disused. Ile has distinctly
declared that at a certain period he wishes to see them out of circu-
lation. Until that time arrives, however, gold will be disappearing,
and small notes in exiatence. As long as the circulation of small
notes continued, sovereigns would he displaced, and the supporters
of the measures would be met by continual arguments against its
application. If it should be in a season of difficulty they would
be desired to put it oft' until better time.. It in a prospeamis
period it should be proposed, the Ammer would be, leave well
alone, and the sante arguments would be used as now. Theorists
have always maintained that a paper currency payable on demand
could not lead to excess. He was once a disciple of that theory, and
was only driven from it by observing that one anti two pound notes
are an exception to the rule; the small note system maintained its
place where large notes could not, and the grand mischief existed
in thereby being deprived of gold and silver currency. It was the
grand object en all hands to get a currency intrinsically valuable.
and those Honourable Gentlemen who were advocates for keeping
one and two-peund notes, have not considered how that could be
brought about with the existence of the present currency. All
tampering with the currency, or adopting a currency that
was sure to be depreciated in a certain number of years,
was a most unjust and dishonest mode of meeting finan.
cial difficulties. His objection to the silver standard was
because it was more variable than gold. Silver was more abun-
dant in South America than gold, and the skill and industry of
the Old %Voted was more likely to diminish its value. Abundant
difficulties would be ascribed to the measure which they were now
about to adopt—but they would, to thinking persons, he ascribed
is vain. Ile should say to the persons who were thus sifting
out the evil consequences of the new system—reflect on the month
of December—look at the fortnight of (Heiress and agitation that
occurred at the close of the year, and reflect on the difficulties in
the country at present—and then see how much of them can
be attributed the influence of the new system. (Hear, hear.)
It must be evident that if the former circulation were to be sudden-
ly restored, if by any miracle it were to be brought to the condition
in which it was six months ago, though the mischief were to stop
where it now is, the result must be a diminished consumption,
which he did not doubt would'be felt in other quarters. flu looked
forward with dismay to the sufferings which lie predicted would
fall on the agricultural community, and not upon dieni alone,
but upon a class .also which the House anew to be now
in a miserable condition. All he had to offer as compensation to
the agriculturists and to the class to which lie alluded—the flume-
roue, patient, honest mechanics—was that which was of the greatest
importance w all classes, out invariable currency ill which to receive
and make their payments, without being subjected to those risks
and their consequent misfortunes, which, in the neighbeurboods
where banks had failed had brought Went to suffering and misery
equal to that remitting from the most reduced state of wages when
trade was most depressed. Thelosses, however, which they had thus
incurred were absolute losses, while those involved by an adoption of
the proposed measures would be a diminution of profits only. On
these grounda it must be evident that wbstever was deemed expedient
ought to be carried into effect as speedily as possible. (Near. bear.)
Whatever tlifti:renee of opinion there might be as regarded the
question itself, all must agree that a state of suspense relative to
the currency of the country was rather calculated to aggravate the
evils it had endured than alleviate them litioe, bear.) As soon
as .Ir. Brougham sat down there were loud cries of question.
The House then divided—for the original resolution,
Ayes, •132
Noes, 39
Majority, - —199
On our re-admission into the gallery, the Mouse had gone into a
Committee.

Mr. HUDSON GURNEY moved as an amendment, that the
words " to the Bank" be left out.

Mr. BARING said that the Government ought to possess the
power of controling the issue of one and two pound notes by the
Bank of England.
The CHANCELLOR of the EXCHEQUER said the Govern-
ment had no power to control the Bank.
Mr. HUME merely rose to enter his protest against any suppo-
sition that he coincided with the present measures. The lion.
Gentleman thought the evils now complained of were quite uncon.
nected with the circulation of country notes. The Hon. Member
then made some observation relative to Mr. Secretary Peel's bill,
the purport of which we could not catch.
Mr. secretary PEEL said it was well known that if his Bill had
been carried into full elf,ct, there would not have been any one and
two pound country notes now in circulation.
Some desultory conversation here took place, after which the
gallery was cleared for a division on the amendment.
The numbers were_
For the amendment
Against it -
Majority
The Holm adjourned at Two o'CLoca.

6
-49

PRICES OF BRITISH
Rank Stock 194 193 1934
Ditto Acct. 1964 1954
3 per t ent. Red. 76
3 per ('eat.Conc.76 Mil
Ditto Acct. 764 711 lee
per Cent.
per Cent. Red. 841 844 331
cw 4 per Cent. 99i I
Long Ann. 181 i 11.16

STOCKS YESTERDA Y.
India Stock
Disco Acct. 218
India Bonds 10 14 dis
South Sea Stock hei
South Sea Old Ann. 7Ch
Ex. Bills 1,000/. 4 9 7 10dib
Ditto. 3001. b 8 dis
Ditto Small par I pm 3 die
Lottery Tickets 191. 19s.