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

• •
•

do so, in the tent* of the present Sessions, I look
forward to that power which may be exercised by
the nexts If therefore I was to adopt the terms of
my Honotirable Friend's motion, I should raise de-
aotnisiaminentthewomu
that
m e
to repeal the Aft altogether.
IBuansivkeeresx,Pethaatalti
This would oblige
ilnddbse dablethbey
them to make preparations, which in the present
state of things would be unwise. It would have the
effect of locking up part of their capital, and it
would oblige the Bank to make immediate pur-
chases of bullion, at a very great disadvantage.—
Every one knows the losses which would be sus-
tained by purchasing bullion at this jundure. And
what would bel the consequence ? Though a large
supply of bullion would undoubtedly be brought
into the Bank, it would certainly find its way to the
Continent, white the rate of exchange continued as
it was. I would therefore see the course of ex-
change steady and permanent, before I would de-
prive the country of the benefit of the restriction on
the Bank. By removing it before that period ar-
rives, I am fully sensible I should only be under the
necessity of recurring to it again ; but by waiting
for it, I think I am not flattering myself or the
country, when I state that there will be every reason-
able prosped of such a measure being in future entirely
unnecessary. These are the grounds on which I
rest my opinion, the; there is no occasion- for any
inquiry, provided the sufficiency of the Bank is ad-
mitted. if I really thought there was a consider-
able part of the community—l mean the refieding
community, (for it is a refleding community who
entertained the least doubt as to the ability of the
Bank to meet all the demands that might be
brought against it) I not only would support the
motion of my I lonoura.ble Friend, but I would have
anticipated it by!moving for a Committee of Inquiry.
But I am convinced no necessity for such an in-
quiry exists. I will never admit that the House is
hound to be guided by the opinions of others. It
may and ought to he guided by its own aggregate
wisdom and experience. It is not necessary that
you should inquire into that which, from the former
reports of your Committees, you are perfectly ac-
queinted with. The object of a Committee could
only be to inquire into the situation of the Bank ;
and what would be the inference ? It would imply
that doubts existed which it is not possible can exist,
with the information of which you are already in pos-
session. I trust that the House will pause before it
aerees to a general inquiry. But if at any time such
general inquiry into the state of our paper credit,
and the affairs of the Bank, should be necessary, it
could not be entered upon with more propriety than
during the continuance of the restriction. There is
no connection whatever between a general inquiry
into the affairs of the Bank, and the duration of this
Bill. My Learned and Hon. Friend says, I stated
that the Bank had expressed no opinion upon this
subject. In this he is incorrect. I said the Bank
Directors had given their opinion, but had. expressed
no wish. They answered every question put to them
with the candour which might have been ex-
pected from them. My Honourable Friend seems
to think it is material to ascertain, whether the
Bank Directors have done their duty. On this
subject I think an inquiry peculiarly unnecessary.
The concurrent opinion of all those who have ever
adverted to the conduct of the Bank Directors, -is a
1 proof they possess the confidence and approbation
of the public in general ; but if there could be a
doubt, the paper on the Table is an ample proof that
the Directors, since the restriction was imposed, have
made no improper use of the issue of paper money,
or turned the power with which they were invested
to account in an unbecoming manner. It is the
power of issuing accredited paper money, that
constitutes one of the sources of the wealth
and strength of the country. The confidence
with which it is received, is one of the circumstan-
ces by which the trade and commerce of the empire
has been made to flourish under every difficulty;
it is one which has afforded, and whenever
it shall again become necessary, wi!l afford the
surest ground of national hope and consolation.
XVIII:, is there who does not recollect, that in the
year 1793, when money suddenly disappeared
without any one knowing to what cause to attribute
its disappearance, it was not by importing bullion,
at a considerable and certain loss, a remedy for the
evil was provided, but it was by introducing a new
circulating medium ? the mischief which threatened
the commercial world was prevented ?—What was
and is now the case of the Bank. It appears when
the exchange was against us, the issue of paper
money increased; and now, when the former is get-
ting nearly at par, the latter is diminished, with the
exception of one pound notes, which have been is-
sued as a substitution for guineas. If you compare
the quantity of paper in circulation now, with what
it. was in 1793, you will find the increase trivial
considering the great export of money for the pur-
char of cont. The circulation is, at present, six-
teen millions, including four millions for small
notes, which is a sum less by one million than it was
at the period immediately preceding the restridion.
My learned friend says, every one must lament the
want of gold for the purposes of trade and com-
merce. lam convinced by his observation, that he
cannot have considered the consequence and effect
of paper circulation in our trade and commerce.
We might trace the increase of our wealth to our
paper circulation, and shew that it is among the
primary causes of those resources. Does the Hon.
Gentleman imagine, that by opening the Bank, the
inconvenience of wanting gold would he obviated—
No t the rate of exchange must be uniform.
, Without this, whatever may be the influx
'of bullion, it must return to the Continent.
My Hon. Friend, with reference to the renewal of
the Bank charter considered merely as a financial
arrangement; I consider it as a measure far more im-
portant. It was a measure founded on a full confi-
dence that the public were satisfied with the wisdom
of those who had the conduct of an institution of
great national importance, and in which the welfare
and prosperity of the whole community are deeply
interested. He says he does not wish to see
too close an intimacy between Government and
the Bank. To this sentiment, in the abstract, I ac-
cede but I deny that any intimacy does exist which
is not as advantageous to the affairs of the Bank as
those of the Government. He does not wish the
Bank should give unlimited credit to Government.
In answer to this I have only to remark that the
amount of the advances by the Bank to Govern-
ment are less than they were immediately- before the
restriction took place ; and sure I am it will not be
said that any outstanding demands due from Go-
. vernment constitute the slightest impediment to the