The British Press; or, Morning Literary Advertiser.
London, England, 1819-02-03 00:00:00

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isstid, it retalil he removed out of the country, emit
the manufacturer, whose goods now found their
way to the foreign market, would be shut out from
this advantage, unless he made a sacrifice propor•
tioned to the diftereiice between the Mint sod ma►•
ket prier of gold, mid all this for the beorfit of the
foreign consumer. So far from Enghind tieing
%ingotsr in the state of her CUlteill y she 'tend
superior to every country in Etienne on this
point, for at the present moment the nations
of the Continent were ■ll engaged in amputate
the Problem of their metallic curtencv. " Thew
are trying' by forced menus to correct it, HA
the cwnseslurur•e ls, art so inutalsirml ifs
;a males the for. like's, the hit! aene,l of
svl cat is sensibly felt iti other States—se much se,
iorieed, that Englund, :I she were no the sense
state in which she wile before 1797, would feel it
severely tit her meitthic currency. The tate three
nulling loan in Russia, from the high premium
it bore, idles:led the markets of Europe, and
even at ousels a distance as Paris wee horn
St. Peiersliorgh, it almost shook the menthe
currency of the of France. There were
also great speculations afloat by nolividuals,
and the pie-syrup operation of the whole made
the present tone il' adapted for the ertjestmestt of
so important a coti•ideratio,, as the origilial motion
involved. ft was e•livious that there existed in this
country a tentletiev to share its capital with other
States, and front the high rate of interest (needy
double that of this country) there was a strong h..
ducement for speculators to embark with foreign
capitelists. This interest, lie believed was but
temporary in its operation, and he had tin
doubt that in a eery short period the course of
commerce would turn the scale in the Cootie
nettle, market, and establish such a belenee in
favour of this country, as would destroy 11.- unfa-
vourable operation of the foreign exchanger, :eta
leave the market ope❑ to the Bank for the impor-
tation of bullion upon fair and just terms. Tha
war, of course, invidved this country in an artioneeo
expenditure, and the Batik eitsbled the count': to
meet the exigencies which pressed upon it, awl in
achieve all that it had done for its own honour and
the safety of the world. Some period must sweetie
study intervene, even in a time of peace, before the
wishes of the country can be accomplished, iii
ing its affairs restored to the steady and even track
which marked their progress before the late colord.
He would publicly proteit, that neither the Bight
lion. Gentleman, nor any of those who acted with
him, were more anxious to see the Bank reiuru
to cash payments, than were the Servants of the
Crown. fie saw nothing in the conduct of the
Bank Directors, he saw no individual interest
tney could have fur the renewal of the Bank re.
striction that could at all induce them to act
monist the fair dictates of their public duty.
lie believed they looked MS the subject as its.
telligeet men, who saw that they cotild not
but injure the public interests in a tnaterial de•
gree, tt• they were to resume cash payments at a
time when these bad to contend with an iinfevoure
able rate of exchange. Their great (injection to
the return to cash payments was, because, to fact,
it would be' incompatible with the general interests.
The time, he said, had not arr".ed, in which the
Batik could safely return to cash payments, nett
this was the holiest and anxious desire of his Ma-
jesty's Ministers. As fur the observations which
the Right Hots. Gentleman thought fit re direct
to the new Members, as to the taunt of Hotortirahle
Gentlemen pledging themselves in support of
Administration, he would only hope that times
Honourable Gentlemen had too much true British
spirit about them, to become the instrinnetits of
any party. He was sure that they would be as
little influenced as their predecessors bad been by
the attempt of the Honourable Gentlemen, which
certainly was not a novel one, to frighten when lie
cannot convince; all attempt which would, he was
sure, be attended this night with as little success
as it had been upon former occasions.
A new Member, whose name we could not
learn, said that nothing was more foreign to
his intention, when he came into the House,
than that of troubling the House with any ob-
servations of his upon this most important sub-
ject. But us new Members (of which he was one)
had bees mentioned in the speech of the Right
Hon. Gentleman who opened the debate, he felt
it his duty, as one, to say that the vote lie would
give would be according to the hottest opinions lie
could form. indeed, it appeared to him that the
'object of dispute was very narrow; both sides
agreed on the material pointy; both sides agreed
that it would be wise to put an end to the Reettice
tion Act as soon as it could be done with safety ;
both side* agreed, that it would be right to resume
cash payments as soon as it could be alone with
security; all are agreed, that an inquiry should ha
made, and the dispute is on a mere pent of ferru.
lle would, called on as he was to give his opinion,
for the first time in Parliament, give his vote
for the proposition of the • Chancellor of the
Exchequer, because it was more getters! and more
decisive than the measure of the Right flittionr-
I iibie G•utlernuti at the opposite side of the Welty*.
Mr. NIABEal.lf said. that having given a silent
vote on this subject when it was last beanie .t
before Parliament. he felt it his duty test to
that vote on the present occasion without us
itig a few observations. Like those who hail el.
ready delivered their sentiment?, lie conside,ed
it to be a question of the most vital importance,
connected as it immediately was with the fitteuree
and the commerce of the country. Every our, lie
soul, knew that the cause which prevented the re.
turn to cash payments, depended as weal „p„
external as normal relations, and lie I.or one
could Rut mein ge the hope of' seeing the
nieta of the Resttiction Act, without alvo witneeoieg
a material change its the system of taxation. Oii.eo-
iner occasion*, he %lid various reasons were essige
for renewing that Act :—the foreign loans that "ere
made—the maintenance of our army in foreign Our-
tries, mid various other,reasons, were' given mitt toe.
diming the restriction. Maity,pf these reasons 'ceased
to exist :--our armies have been brought home—our
expenditure has been 'decreased—our tiatertsal of.
fairs have been considered as prosperous—our re-
venue has increused--snd yet he saw lid revision to
hove to see, under the peseta circutmotaiteX the
Bank of England resetmitig cash Issysnenti.'"rhe
truth was, there were othee'and weighty' Faiiete,
winch operated, to prevent that itesirible
there was a great unfunded debt. He In7liesed