The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-18 00:00:00

on tie spleen of branch banks to such an extent as would meet the
palate exigencies, he felt confident that the Rank would not hold
the public restrained until the expiration of their charter in 1i133,
bat that the Bank would make the public free before that time, by
toregoing some of their rights. He did not see 'how the catahlish-
rnert ofrother banks would injuriously affect the Bank of England.
Ile thoughathe establishment of other banks would greatly benefit it.
Aoy thing thrt 'would place the currency upon a more secure and
solid foundation, would assuredly benefit the Bank of Enfilern-
He had now got through the most material points upon whieh he
inteniksi. eti address their Lordships ; but there was'one doctrine
winch get elarool, and which was nienumed by a Noble Lord on a
precodmg erening-ait was said that there was nothing better than a
paper 'simulation convertible into gold. He thought this (Inc rine
MOO erfPneoll,- It was true to this extent, that a paper cur-
rency ebniertible into gold would cure itself, wham a paper cur-
rency na-convertible would go on,,aind people suspect nothing
about it;nntil it involved all in min. The paper currency convert-
ible into gold carried with itits own curet but it Involved the ruin
of thousands, acd produced those convulsions in property which
were follower! by such dreadful consequences. that lie could never
time in Ipok upon a paper circulation of any kind as a great evil.
This was an evil to which a great country like England was parti-
cularly subject. A great country could not have the advantage of that
steadiness a property which poor countries had. The object of every
act otlegialanue and of Government should be, to make those Hue-
tomtits)s rare and lees mischievous when they unavoidably occur.
These Inetuations in the value of property were a great evil, and
affected all great political questions. lie was not incieted to give an
omoion upon the Corn Laws. bat whenever that question came to
be &wooed he feared it would be met with much passion and heat.
It was one of those questions, however, which ought to be argued
most coolly. It should not be taken up, on the question 'whether
rents would be higher or lower, because of the way in which it
should he settled, but what settlement of that question would lead
to the -least violent fluctuations in property. The truth rested
there and whatever may be the merits in the question, whoever
sowed that problem came to a wise conclusion. IV henever the
questim was brought forward it should be considered coolly, and
without reference to this particular interest orthat particular interest,
but with reterence to the whole community. (Hear, hear.) He now
came to the question of the measures of relief which were afloat as
atonable to be applied in the present exigency. lie knew it was
expected that the remedy applied under other circumstances by an
Issue of Exchequer bills should be now attempted. If he had con.
stated his own case, or, if he may be allowed the expression, his
prpularity, he could not have done so better than by coining down
and proposing such an issue; but it was hill thorough and deep
couricinin that such a counts was not consistent with his duty. He
should always think that the precedent of 1;93 was a most dan-
Dm& pretedent. It was true there was agrees difference between
that emergency and the present. That had arrisen out of a political
mine, but the present distress hail no connection with any political
went whosoever. What political events. cuula justify such a pro-
oreding, he would not now say, for what was the effect of suth a
measure. bin to leave the people not true to themselves. It was
tounteracting the doctrine he had alluded to, to leave the evil to
mire itself. and was leaving open to the community the expectation
at specific relief from Government in one of their own extra-
vsglnce or rashness. But see the effect of such a precedent when
applied to other interests. Sonic years ago it would be remern.
bend that the landed interest were in great distress. At that pe.
rind he (Lord Liverpool, was beset with applications for specific
retie; and the ground of those applications was that specific relief
had been afforded to the commercial community in the season of
drums. There was a short practical Answer to thme applications.
The atiewer was the the thing was impowiible. (Hear.' Tne
tounnereial community in their distress were able to afford the
Government their goods for security, which it was impossible could
Naos/tied upon landed property. Vet notwithstanding this pear-
eical answer, it was impossible to make the landed interest believe,
that as the state had come in on behalf of the commercial cons.
reunity, it should not also have come in to help the landed interest
in its deep distress. Betides, it was urged, and truly urged, that
commercial men may confederate and assist cob other, but that
the landed interest hau no such advantage. Alluding to the pre.
sent measure, and to die existing distress, he would now
my, that if without 'Minting coy principle it was possible
to afford relief and give conbdence to the money maiket, it was
the they of Government so to do. One plan had been proposed,
which it wee thought might be attended witb the best effects. On-
ernmetn lievingm debt with the Bank to the amount of about site
niiiliGnS, it we thought that if the Bank purchased a loniied
quantity of Gonorment securities, Government should bole the
Bank hannim. In the traraaction. It was the opinion of some cow-
merc.al torn of great eminence, that this measure would produce
the her effec, s. There was no possible objctian to it in principle.
The Thu k would be allowed the amount of its purcbases, in the
debt, “nti this was nothinar more thanpaying the debt, a debt which
was aelnowledged, which was no secret, and which had been
onotractal with the consent of Parliament. The whole debt
due. is^ the Government to the Bank did not exceed six millions.
This debt had principally arisen from the payment of the diesel,-
tient five percents. The wishes of Parliament in 1810 had been
cumplately fulfilled by the (imperilment. The deficiency hills were
co debt at all ; they were nothing more than an anticipation of the
quartet's revenue. He had now gone through, every point which
he thought it necessary to advert to, but should be happy, in the
course of the debate, to give any information which their Lordships
should deem iles;rable. There were two points which lie just re.
collared, and to which be ,ought briefly to advert. One was as to a
modification of what was originally proposed respecting the one
and twa pound Bank notes. The proposal was, that no new notes
aimaid issue from a certain early date, and that from the Otis April
HMV, one and two pound notes should cease to circulate altogether.
The original proposition was. that the Bank of England should be
pat upon the same footing with the other banks, both as regarded
the issue and the eircvlation ceasing. In consequence of represen.
tatiorts from the country banks, it was now (honied advisable that
the Bank of England should have the power of issuing one and two
pound notes until the loth October next. As to Ireland and
iScodsnd. it was highly desirable that they should be put on
the saute footing with England. but not immediately. A
as Bill would be introduced hr Ireland, but he thought it
advisable that the issue in that country should not cease for some
time. He understood from those alio were well acquainted with
that conutry, that it would not be necessary to give Ireland more
than one, or at the furthest, two years. As to Scotland, the ge.
Baal principle should be strictly kept in view; but he thought it
desirable that the Issue in that mum, should not cease so soon.
retbaps it would be a proper arrangement that the banks in Scot-
land should cease to issue when the English banks ceased to
circa-
late. The state of circulation in England and Scotland, and in
!reload, should be assimilated as soon as possible, and the same
principles should neva; be lost sight of. The Noble Earl concluded
amidst loud cheers.

The Earl of LIMERICK begged to state, in reference to what
the Noble Earl lied observed respecting the extension of the period
Movioos to the suppression of the circulation of small notes in Ire-
land, that in that country there was no circulation whatever but
what consisted of small notes under five pounds; and as to the
coin of the realm, there was no such thing as gold to be had. He
believed. in point of fact he knew, that there were no large notes
issued in that country; nor was there sufficient gold to supply
say abstraction of the small noes from circulation. He therefore
hoped the Noble Lord would, before any measure was brought for-
ward to alter the state of the currency iii itelund, be pleased to take
iv(' consideration whether it would not be necessary to have an in.
crease of bullion introduced into that part of the united kingdom.
The Earl of LAUDERDALE began by remarking that much
of what the Noble Earl opposite (the Earl of Liverpool) had ad.
dressed to their Lordships this night had been upon topics alto.
gather extraneous, and which certainly ought not, properly speak-
log, to be mixed up with the specific (emotion before then. The
same course had been pursued by the Noble Lord on a former ac.
Galion, and their Loedships would remember that he (Earl Lauder.
dale) had than treated them in a manner in which all extraneous ob.
eremite:lc ought to be mated—that was, without taking any notice
of them at all. But when the Noble Liu; came up to that Home
aid made such observations as had fallen from him that right, it
.as impossible that he (the Earl of leuderdale) should sit silent
and allow it to pass unnoticed. The Noble Earl anticipated that
whoa the question of the Corn Laws came to be discussed there
would be great heat and intemperance; the Noble Earl depre-
cated any such course, and warned the House from treating a great
publie question in a partial manner. Ile (the Earl of Lauderdale)
could otile ear that be could not call to his recollection one single
argume.t that lie had advanced upon that subject. in which he did
not consider the interests of die landholders and the interests of die
manufacturers as combined, and to which he did not conceive
sell' to be as much the advocate for the ma nu fact urerait the landholder.
H• had rtmiatamed that nut exalted prices, but prices which were
moderate and such as were Dot subjected to variations. was beet
both for the manufacturing and the landed interests. Those who
claws to look at the prices of corn since the period when. the wh-
ew was discussed in that House. would see that whilst they were
moderate there was lea fluctuation in the state of the country than
when they had attained to an extraordinary height. Such was the
manner he had hitherto argued that question, and he should pur.
sue the same line of reasoning whenever it came forward again ;
bus not with heat r intemperance, but with that coolness and de.
liberation which the importance of it demanded. God forbid that he
should eves attempt to sever the irtertsta of the country to such an
extent as to argue the question with reference only to the landed
isterest. His object would be to ascertain what was the best met.
owe to be adopted for the interests of the manufacturer, the agri.
°annalist, and the common, at large. Ile had felt it fleet:may
tomake these ohservatiens, in order to prevent the anxiety sod
alarm being occasioned to the country by the appeehensleos ex.
mewed .by the Noble Earl es to the manner in which thti great
timeliest would be treated in that House. With respect to the
iite,,mitin immediately before ther Lordships, he felt that be ought
go beg pardon for ruing to &ruse it, being, as it MIL one of the
meet important that tad ever been offered to their notice. Nor
was it so much out of respect to the Noble Earl himself, as for the
situation he held, that he (the Earl of Lauderdale) was induced to
twig, to tits observations which the Noble Earl had addressed to
their Lordallips. The Noble Earl had, with his usual candour,
stated to the Hour his views as to the condition of the country. of
Use causal that bad pr elured the prevaillug distresses, and or the
remedy which was applicable to them ; antiti that WWII, withdraw.
tog from circulation one and two pound country bank notes three
es lour years eviler than was by law provided. If he
(4, Earl of Lauderdale) were called upon to state what
was the best spaces of circulation, he confessed he was not pre-
Pared to sap ; but in 11,4 view of the subject it was not lucent-
ism in hip to give any opinion, needier was he prepared
as lay whether at the prese moment they, ought to interfere with
the eseitinee petedeges of the Bank of Loglaind so tar as the plea
of alts Noble Karl reposed to do. Bet admitting these measorm
▪ hi right, the gotaition was, whether at lids moment, with the
pantry is themes that it now was, it was adsiaabla via the pat of