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

LONDON, SATURDAY, FEBRUARY 18, 1826.

VORTH UM BER LAND ELECTION.—
It Mr. BELL'S COMM ITTEE sits every day at the Queen's
tiray's Iwo. train twelve o'clock to two.

SALE BY AUCTION.

CHARTER CIF THII BANK OF ENGLAND BILL.
The Earl of I.IVERPOOL rose, pursuant to his not at. to move I
the eecond reading of the Bill to amend the 30. h and 46th of Geo.
111, relating to on. Bank Ch ter hut. in aoneegnenee of the pre..
Vigil/ converottion, h s Lordship thought it oetetsary to make a
few observation. to.fure he entered upon any explanation of the
system which his Majesty's Minister, thought fit I. adopt: Hie
Lordship was aware of the many difficulties which attach to retry
new important measure, and how necessary it was to approach this I
particular subject with delicacy and caution • but, at the same '
time, when it was looked at fairly, and condi:l:red attentively, the '
diffleuhiee diminished and the remedy was more obvious than ap.
peered at first. A Noble Earl referred on a former occasion to a
declartrion made by his Lordship-during the last session of Parlia-
ment, when he predicted the approach of a crisis. His Lordship
could not now recollect the precise terms in which that declaration
was made, but he recolteted having gone out of his way en that
occasion, for the purpose of cautioning the public %spinet the wild
schemes which were then in eglooion. His bordship'sobservations
at that time were not confined to London. nor did he. thee think
theme speculations were tor tined to the metropolis, but that they
extended through the reunify, and were promoted partly through
the medium of country beaks. His Lordship did not refer to that
occasion for the purpose of deriving any credit from it, tow did he
pretend to any prophetic spirit. It was impossible to took at the
proceedings which were then going on in the country and in Parlia-
ment without anticiproinit a powerfnl reaction. In examining the
late embarrassments It wnuld tte necessary first to ingttire what *as
the cause which produced them. Various, opielon% had been funned
as to the (muse of those d ifficu Nee, but his Lordship thou tell tlhof wire
attributable to more causes than one. The extraordinuy spree-
tenons arose partly out of our portrait! aided by concurrent
causes ; there were foreign loans ; projzcte for mining Id all parts of
the world ; and in short such a spirit of gambling as alarmed hie
Lordship and many others. It was the intention atilt Lord Ilban-
cellor to Mimi:ice some measure into Parliament to cheek and
throw obstacles in the way of that spirit of gambling which pre.
Tailed in the country. Since the time of the South rim bubble, the
SOU of adventure had Dot risen to such a height. it vie not con-
to the new schemes, hut it extended to almost all tee branches
of public trade. The openiAg of a free trade glee warnertroneto-
nit), for the exercise of this spirit ; raw materiie, manufactured
goods, and all species of saleable commodities. became the object of
epeculation. By a comparison of our imports in the 120 year, with
the average importation of the three year', it would be eon to
11 what an extent speculation was carried pn in this portion Of corn-
mhree. It would'appear, from the account laid before Parliament
of the following articles imported into the United Kingelam in the
' year 1826, and in the three.precdlng years., that the average im-
portation of sheep's wool in the years 1822. ma, and 1824, was
20 341.0761b5. whilst in the year 102a...the importation amounted
to the enormous quantity of 311.705,682.90.* being an increase of 90
per cent. ; in cotton wool the increase war from 161.2t16.7511b5. to
.222,457,6161h5. ; in the article of indigo there was an increase,
from 5,1177,8781 be. to 7,530,4341 be. In. square timber the average
Importation of the three yen's was 551.411 loads ; in the yeti.'
1825, it amounted to 664.186 lolls, making an increase of 40
per cent ; In deals there was an increase of .12 per cent., hut in
thrown silk the increase was prodigious ; it was very little short of
100 per cent, having increased from 404,4231b5. to 600.5011 be.
The average import of raw and waste silk in the three years pre-
ceding 18271 was 2.696,5271b5. but in the last year it amounted to
3,431,1721b5. being an increase of SO per cent. This increase ex-
tended to every branch of trade and commerce; nothing pas beyond
the reach of speculation, and it was evident that a re-action must
follow. Having then stated those facts, his Lordship must say that
these speculations were entirely attributable to the prosperity of the
country, but were considerably aided by the state of the currency.
Different theories were formed reopening the currency, and many
perions had attributed the speculations to the state of the currency ;
but his bordenip must again remark, that prosperity and the state
of the currency were concurrent causes of these wild schemes, and
ultimately of the general panic. The currency of London might
be divided into two branches—Mutes of the Bank of England and
uh " By the returns on their Lordships' table,

VALUABLE LEASEHOLD !MUSE, AND FINE
COMMANDING 0110 P,
Piccadilly, near St. Jams's., rest ;
Beautiful Porcelaine. Orontes. Pictures. Prints, Books, &s.
By Mr. JAMES DENEW,
On the. Premises, nn MONDAY NLiT, and Two following
Days, at 12 (by order of the Assignees),
fli IIE select anti very veinal& fl7(1(31C of Mr. William
Wise, No. 161, Piccadilly. Picture ilealer awl Importer of
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culpturss, in large groups and. single fig, of the finest esura-
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tables, cabinets, and csectimniess l'iottirts I y the first Masters of the
Spanish, Italian, Flemish, ar,d English ecitiols : innovated books,
prints, and numerous other objects ot interest snit valiejudicionsly
selected, at the most liberal prices, from thebest summon the Con-
tinent, during the put and former yeses.
u
On the first day will be sold the v pile leasehold Plemiacs,
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13 RO 1 NCI ALBANK of ENG LAND and WALES.
We understand that a Petition was last night presented for
leave to bring in a Bill to incorporate a Company under tl.e shore
Title, the objects oT which are to establish Country Banks in Cities
and Towns in England sod Wales in such matinee as the Law
will admit.

Messrs. Wilks sod Verbeke, of New Broad-street, are Solicitors
to the me.t‘ure.

TAN DIEM. EN'S LAND COMPANY'S OFFICE,
V Fcbrun-y 15. 11126._

The Geremor, Drpu•y Governor. and Court of Dtrerota of the
Yen Diernen's Land l••t.npany hereby ttive notice.
That the first i NNIUA IiENERAL COURT of the said
Cornnanr will be held. tomusnt to the (;korter, at their Office,
No 55, 011 Brose-strcet, in the ciiy el London, on TUESDAY,
the 7th day of Starch next, at tsetse o'clock. in the forenoon pre-
cisely, to receive a Report of the %tate of the Company and on ether
business. (fl:011111: SALT TLI('KER, Clerk.

E PROM(' ETOHrs OF EAST INHIA STOCK.
LADIE• AND GENTLEMEN.
PRESUME t 6 offer mvself again as a Candidate to fill
I a Seat io the East India I)irection. and to solicit respedtfully
the honour ef your countenance and supoort at the Ceneral Elcs
tion in April next, when it is my intently'. to proceed :n the Ballot.
Having obtained. on a former occasior, the stifFraees of a nume-
r.xts and lucidly respectable body of Proprietors. I ant willing to
hope that 1 shall experience a continuance nf their favours, and that
those considerations which recommended me to their notice, may
dimese the Proprietors at :sure to honour me with their confidence,
cod to extend to me that support which will insure my success.
I hate the honour to be, w:th great respect,
Ladies and tien.lemen,
Your liithful and obedient 'latent.
It. St. 0. TUCKER.
3, Upper Portland.place, Feb.l7, 1826. •

To be viewed till the sale, when my be had on the
Premises ; and of 31,r. Dailey, Anti , Charles-sttset, Der-
kelepaq tiara.

TO THE PROPRIETORS O EAST INDIA STOCK.
LADIES AvD iiENTLENIEN,
A SECOND VACANCY having neturred in the Di-
ll rectimt of your aft:tirs„ by the retirement of your highly re-
spected Director, John lindleattin. Esq.. I hasten to make known
toy intention of redeeming the• pledge given in my cadre.. to you
of the 16th instcnt, by pr seeding on this occasion to the Ballot.
Having already submitted the grounds on which I presumed to
solicit your fivour, in my address of the 6th March, 1823, I shall
not again intrude on you with any detailed statement of my pre.
tensions, but WWI content myself with repenting the assurance
which I then gave, that in the event of my being placed, by your
suffrage., in the honourable and important situation to which I
%spire. no endeavours on my part shall be wanting to prove myself
worthy of your contidincli.
I Lave the honour to be. Ladies and Gentlemen,
Your very faithful and obeilient servant,
HENRY ALEXANDER.
37, Upper Harley-street, Feb. 17, 18211
Mr. Alexander's Committee will sit daily at the City of London
Tavern, where Communications will toe thankfully received.

TO THE PROPRI ETOttS OF EAST INDIA STOCK.
LADIES •ND (IESE LESSEN.
IN consequence of the resignation of your highly re-
- spectable Director, Mr. Money (the cause of whose retirement
I sincerely regret), I take the earliest opportunity of acquainting
you. that it is my determination to offer myself as a Candidate to
supply the vacancy in the Ditntion of your affairs.
I hints already submitted to you the grounds on which I have
ventured to solicit the honour of your suffrages: and I take the
liberty of adding, that if any doubts were entertained respecting
my legal ea:tacit), of being chosen a Director, those doubts must
now he entirely obviated by my having resided more than two years
in Englitod since my return from the Mauritius.
Permit me again to assure you, that should your suffrages place
me in the highly responsible and honourable post of one of your
lkirectora, the whole of my time and my best exertions will be
di-
ligently *mploved in the maintenance of the rights and interests of
the finst India'Compeny; and that by the constancy of my services
I shall hope to deserve and secure the continuance of your appro.
batian.

I have the honour 'o be, with greet respect,
Lathed and Gentlemen,
Your moat obedient humble savant,
• IL T. FARQUHAR.
2 Richmond-terrace, Whitehall, Feb. IG. fUti.
P. 4. The Day of Fkrtion Ia fixed for WEDNESDAY, the let
of dlaren, u the Dud India Hoeft. .

the country circulation. .iy the return, .... .._ ....ousnipte , _...., e„, e„„ „,e e„,.... _
......_ - _ . .
giving the issues for the years 1821, 1822: 1823, and half of the Custom-house return therefore showed the quantity exported, and'
year 1824, an examination of these documents would.show that the from these returns it appeared that, front 1819 to 1826, coin to due
speculations were not entirely attributable to any increase of issues. amount of 7,2ffile)oo/. had been lawfully exported. There was et
Up to September 1824 the etchanges were favourable to this considerable sum nu Motto exported in the payment of smuggling.
country ; and he win one of those who agreed in the opinion that traneactiotte. and also a large sum carried out in the pockets of in.
the exchanges afforded en infallible guide, if properly attended to dmiduals, passengers tote/tip countries.
and reflected upon. He knew that this was a point of discussion, The Earl of LAUDERDALE here inquired whether his Lord..
and that many intelligent persons, led by the ideas which formerly ship included the sum exported in sinugsling traneactions, sad go
prasited on this subject. differed him, but he was decidedly sum carried out in the pockets of indtvidu.ls, in the amount of
of opinion that invariably. the exchanges funnelled an infallible 7,2119,0001: whieklie had stated t
test by which the circulation may be estimated. The exchanges Tile Earl of LIVERPOOL resumed. He did not include the
SCOTCH B ANKS. were favourable until September 1321 ; but in that month they sums irregularly exported in the sum of 7,269.08 W., which, as hie
The Earl of LIVERPOOL moved that there be laid before took an unfavourable turn. Until the latter part of the year. how- already stated, watt lawfully exported. The sums exported irrupt.
their lortithipe an seatiOt of toenurnbetof banks established in ever, the Bank continued to incriane its issues—so far the Bank lath. and in the manner which he alluded to, he calculated at thrum
:.outland, distimerunshing thme that ware thartered, and specifying was wrong ; but it should be said far the Bann that early in the millions. kee knew it was generally considered that, in this calau.
the number of partners in such as wete not durtered. next year, so early as the month of Starch 11325, the Bank, saw the tenon, he bad over-rated the sums so exported: hut he would tate
aLOVE AND SILK TRADE. necessity of dressing in its issues. The issues were reduced the whole ;mount of coin exported regularly aud irregularly, since
The Earl oflleCHESTEßpraentell a petition fromMiddlebuni, 1,300,000. between the 15th February and the 15th May ; 700.0001- 1810, to have amounted to ten millions. From this must be de.
Siniersenthire, against the ineportertfeent if fatigue teacher. betweenlffet and August • and three millions &Ad a half before ducted one million reimported since the deficiency in the currency
The Marquis of HERTFORD presented & petition from certain the end of November. The reductium in the Bunk circulation was begun to be felt. This would leave in the coustry at , resent no
inhabitants of Coventry, against the importation of foreign not made in-exact conformity with the true principles to which law than sixteen nellhons of gold coin. This was a tandem
ribands. the exchange furnished such an infallible guide. But in founded upon calculation open to all, andlne . he
Earl GROSVENOR had a petition from a number of mimu. February or March of that year (l 825) the Bank began to no fallacy. There was, he repeated, no lees a sat enema
fat turas and other inhabitants of the town of Yeovil, in Somer. reduce its circulation. But it was well to inquire at this minims of gold coin at present in the country: Their Lordships
setshire, praying their Lordships not to permit the importation of time, when the Bank was reducing its circulation, in what would recollect that great alarm wax excited dining the last year
foreign leather. Although his Lordship did not coincide in the state the country bank circulation was. He knew it was repotted by a transaction which occurred in Bristol. A banker there refuted
prayer of the petition, he felt that the dolts of their Lordships' that something had fallen from him, by which he had imputed to to pay his notes In gold, and caused a run on several other banks.
House should be thrown Open to receive the petitions and inquire the country bankers generally improper practices. lie no* die- This could not have occurred under a metallic circulation. But,
into the grievances of any portion of his 31.tjestfe subjects; and claimed any such intention ; he knew that there existed in *meal putting at the utm,st the paper circulation, and lookicg at the
it was more peculiarly incumbent upon their Lordships to give. parts of the country banking establishments, of as high character, quantity of gold coined since 1819, he had little doubt that if there
every facility to all applications, as the forms of the other House as respectable, and as solid, as it was possible for any banking was not enough, there was nut much less than enough. to answer
of Parliameat were attended with mere expense and difficulty than establishments to be. He had spoken only of the general system, the wants of the country, if we found it necessary to come at once
petitioners were subject to in that House. His Londship thought and what he said had no reference to particular persons or par- to' a gold currency. But it was nut at once, but at a distance of
that a free trade would be most conducive to the prosperity of the titular establishments. Having made this disclaimer, he now three years, that it was proposed We should come to a gold curtency,
country, and he wits sure that the manufacturers of gloves in this came to the consideration of the country circulation at the period and in that time it was proposed that the circulation of the cottony
country and in Ireland have nothing to fear from foreign competi- alluded to. He found that in the years referred to 1821, 1822, banks should not be increased. Looking at Lancashire and Lan-
non. It was well known that in the sister country, particularly In and 1823, 'the country banks bad stamped annually about four duo, if there were 'difficulties in introducing a gold circulation,
Limerick, gloves were manufactured of a superior quality to any millions. Perhaps, it was somewhat more, but he could not be those difficulties were obviated to those districts. If it were asked
that could be imported, and his Lordship hoped that every en- very fat from the imam sum, when he stated it four millions, why there was gold in those districts, the answer was, because there
couragement would be given to this manufacture by the English There was no considerable ir.crease in the years mentioned, nor was no paper. And if it was asked why there was no gold it, other
ladies, who had it in their power to protect this branch of industry until the year 1824, when the increase of the country bank circula- districts, the answer was, because there was paper. In fact it was
—The petition was then laid on the table, dots was nut less than tan millions. It had swelled from four to six evident that gold and paper of the same denomination could never
CORN LAWS. millions, and in 1825 it had increased front six to eight millions, go together. Abolish one-pound bank notes and abundance of
Lord KING presented a petition from .5.000 inhabitants of lon. Between 1824 and 1826, therefore, the country hank circulation sovereigns would appear ; and make bank notes to circulate foe
crater and its vicinity, praying an alteration in the Corn Laws bad actually doubled. This was a material point for the House to erown.pietes and there would be no crown-pieces seen. He would
His lordship could not better denominate those regulations than consider, for it appeared that the country banks had increased their I not enter into the process of reasoning by which this inference was
by calling Ahem the job of jobs By those laws the poor man was issues, and continued to increase them after the Bank of England arrived at., but it was a fact clearly proved. Thesewere the grounds
.
deprived of one day's labour in the week for the benefit of lend. had reduced its circulation, Perhaps, to too great an extent, con- I upon which the first measure was submitted to the consideratinn of
kids. The price of food was raised one-sixth, and by this high aidering the necemities of the country. The Bank of England had their lordships. The remedy which the proposed plan would
price a tax was imposed upon that portion of the community who reduced its circulation as follows :—Between February and offer wound be of three kinds. The evils to which the country w*
were least able to bear it. It was too much to expect that the poor March 1825, to 20,000,0001. ; between March and August 1825, to exposed would be more easily felt, the spirit of speculation would
man should contribute one day's labour in the week to the support 19,690,0419/. ; and between August and November 1825, to he checked, and, above all, the poor population would be_ protected,
of such a systene—Laid on the table. 17,900,0001. Whilst the Bank of England continued drawing in He did not anticipate any objection to this measure. He knew
its circulation, the country banks continued to increase their issues. might be said that the measure ought to go further, that the pro.
RI,CHARD STAFFORD COOKE. As appeared frogs papers whieh were on their lordships' table, posed measure, though it would do much, would not do enough.
Lard TEYNIIAM prevented a petition from Richard Stafford or might be on their Lordship!, table at a very 'Mort notice, it ap- He admitted that the state of the purer circulation might be ion.
Cooke, praying their Lordships to make some alterations in the peered that in the same year, 1825, the country bunk circulation proved, but he did not hesitate in preferring a metallic circulation
minutes of their Lordships' proceedings upon his claim for the was— S
In the nit quarter, 2, ,100,0001. ; in the second at least in carrying on small transaction'', although the system of
Siafford peerage. 2,500,0081.; in the third quarter, 2,134.0001; and in the fourth of banking may be placed on so sound a footing as toeprove a sub.
The Earl of LAUDERDALE said the petition was quite inv. quarter, 1,491,00 W. Now let their Lordships direct their attention stitute for a paper system on ordinary occasions. The measure
gular ; and to the issue of one pound country Bane-notes which took place in proposed, it may be said, was deficient. He allowed it to lee only ii-
Alter an observation from the Earl of LIVERPOOL, that year, and they would find that a greater number of one pound half measure, but the chartered rights of the Bank would sot allow
The petition wits hithdrawn. notes were issued that year by country banks than in any preceding them to go further. They ought and they most go further, but
BANK OF ENGLAND—EXCHEQUER BILLS. year. From the statement which he had made, it appeared that they should wait until they could. He was surprised to hear soy
The Earl of LAUDERDALE, seeing the First Lad of the the country banks had, by their extraordinary issues, more than objection to this measure, unless the objection that it could do little
Treasury in his place, wished to allude to a measure which was made up for the reduction which it was found-necessary to make in good. (t, Rear,neroni the Opposition benches.) But if the tueuero a
the subject of some observations on the preceding evening. It *Pe the circulatiou of the Bank of England. Now, was it um much aid little good it certainly could do no harm. At present the
paired that Government had prevailed upon the Bank of England to say that the spirit of rash speculation which had evinced itself law relating to banks was most absurd ; it had not common sense
to purchase exchequer bills to the amount or two millions, with an by the establishment of joint-stock companies, by projects for to :gaud upon. It was true that it was net the growth of a day—it
understanding that Ministers would recommend to Parliament Mr loans, by limning Companies, and numberless other extrava. had grown up gradually. lie could conceive one of two system'
early payment of the Exchequer bills to that amount,for 'h the purpose gancies, ad been supplied by the paper circulation, and more which may be wise and politic. The system of restriction may be
of relieving the Bant- from any inconvenience arising out of those especially by the circulation of country. bank paper ? It was not too
.carried throughout. There may be one. or ten, or any number of
purchases. It was the first instance of the kind which he ever heard much to say that this spirit of speculation had brought the country ha„ke, founded upon secure principles. In the most settled of the
of to Parliament, and his Lordship very much doubted whe- into the distressed situation in which it now was. (Hear, hear.) united suites, the State of Massachusetts, where society had as.
they it was legal. It was true that in the years 1793 and 1794, It was curious to see the origin and early operation of the distress. stinted a more settled form than in any of the other States, he on.
The Bank had discounted foreign bills to a large amount. but that The first instance was in the west of England, where an eminent derstood there were twelve chartered banks, and no others. tithes.
was not at all analogous to the present ease. ills Lordship then banking-house failed. The emend was certainly in the metropolis, banks did not pay in specie their charters were forfeited. Now this
moved for copies of the correspondence between the Government but it was the failure of a ban king-houee connected with not less was a system he could easily conceive, or he could conceive a sys.
and the Bank of England relating to the purchase of exchequer than forty country banks. Time third was a great banking-house in tern wholly without restriction—a system in which there was fu.l
bills, and also copies of all correspondence between any Govern- Yorkshire, and so it went on. During this time there was a run and entire liberty. lie believed it would answer the some pur-
went since the year 1792 and the Bank upon similar subjects,. The on all the banks, not excepting -the Bank of England. He re- pose, or a better purpose, if solid respectable banks were eitahliae.
Noble Earl (Liverpool) might laugh at the idea of producing so prated, there was a run on all the banks but with tew exceptions, ed, at full liberty, es if the system of restriction prevailed. Thome
voluminous a corneepondence, but he believed them was no necem and those of no great extent ; the run was chiefly upon thou banks banks, founded upon principles perfectly liberal, would soon drive
airy fer any such apprehension, as it would be found that no such" which were more immediately connected with the country circula- away the weaker establishments, and en in the same thing as banks '
use had occurred, and it was for the purpose of establishing that tion. The first attention of Government and of Parliament should under restrictions. There was no paper circulation at present in
fact his Lordship made the motion. therefore be applied to remedy that precise evil which had grown London but the paper of the Bank of England. The London
The Earl of I.IVERopOL had no objection to the first part , out of the country circulation. lie knew it would be said that we bankers may issue their notes however just as well as the Bank of
of the Noble Earl's motion ; and with respect to the second, he should leave matters alone until more quiet timer!, and that a pe- Englund, but no London banker would find it his interest to do so
doubted very much whether there was any such correspondence riod of security would be a more favourable time to apply a remedy, whilst the Bank of England had the privilege. The same would
upon the books.--Ordered. but he held a contrary opinion. In a period of perfect security, it happen in the country. If respectable banks were established in the
Lord KING wished to ask the Noble Earl at the head of the might be said, why should we disturb that security ? In short. if country upon the principle he referred to they would absorb nearly
Treasury one question, whether, as there was such a facility as the remedy was_proPer to be applied at all, he thought it might be the whole circulation. Therefore lie had an option either to allow a
coining bullion into sovereigns in forty-eight hours, the Bank advantageously Ipplied now. lie was quite confident that it might free system of banking, or to restrict it in such a way as would afford
might not give sovereigns in exchange for gold. As the object tip- be applied with much less injury and M11:11 le clamour now, when tibe -public perfect security ; but by the present system there was
peered to be to increase the circulation, his Lordship thought this the necessity of it was urgently felt, than at a future period when the lberty So to all that was rotten and unsound, and restriction as to
would be the most expeditious course. all that was gond. Any shoemaker, or cheesenionger. m any trade,-
present exigency would only be remembered. There were two dif.
The Earl of LIVERPOOL could not see the necessity of lerent measures by which it was proposed to ufford protection and man of any description, may set up a banking establishineet, and
changing the present practice. Any quantity of bullion might he relief. The first idea was to get rid gradually of the one and two issue his notes without limitation ; but no joint-stock company. nor
converted into sovereignly at the Mint in a very short time, sod he pound bank-notes. The second idea was that of opening the gene- no ompany consisting of six partners, let them be ever so solid mid
must say the conduct of the officers of that establishment had been rid system of banking, as far are it could be done under the existing respectable, can enter upon the banking business. Considering it
most praiseworthy. They were always ready to attend to any eircenietances. The fitat of these measures was not that to which either practically or theoretically, no such absurd system could be
applications made to them, and the public had a right to demand he was now requesting the attention of their Lordships. That maintained. He knew he may be told that he does not look for-
of the Mint a coinage of bullion into sovereigns. measure was now in progress through smother Howse, and would ward to the improvedsyeem which was being described, because under
Lout KING coutd not see why . the Bank would not convert probably come under their Lordships' consideration at no very tits- the Bank charter a limited responsibility could not be admitted.
bullion into a circulating asin, particularly when gold was below teat period. Perhaps it would be more satisfactory, before they and that respectable persons would never entet into a batik where
the Mint price, and when they must have a considerable eroht by came to the immediate discussion of that measure, if they heard they were individually responsible. He believed that the opinion un
such a practice. the grounds upou which his Majesty's Ministers thought it their this subject went much too far. Ireland had flarnished us with an
The Earl of LIVERPOOL said the Bank could not be pre- duty to propose It, and in explaining these grounds he would en. example to prove the eentrary. A joint-stock banking company had
vented from buying gold even at a disadvantage, but his Lordship deavour to answer the objections which he had heard urged against been established in that country, which consisted, he welentemit,
did not think they were likely to act in that way, nor to keep a the measure in public as well as in private. One object which his of very respectable and solvent members. Still he admitted that
greater hoard of gold in their coffers than was necessary. Majesty's Ministers had in view by the proposed measure of draw- the present measure was only A. hair measure, and only half Inca-
Lord KING thought that the Bank keeping too large a treasure in gin the one and two pound hank-nenee, end gradually aubstitut. i.,s could be proposed until the hank charter expired• Ile knew
in time of distress contributed to the difficulties of the country. ing a metallic currency, was to check the rage for speculation, and the Bank of England desired to establish brsiirh baths throughose
SCOTCIi BANKS. as tar as the measure went it could not be denied that it would have the country. lie was one of thole wine believed that the !tank had
Mr. Crayford, from the Treasury, presentee] a return of the num. an eo aevantagus application as regarded speculation. The '- e next power to do good itt ibis way, and forene bewail most willing that
ber ',flunks established in Scotland distinguiehing those chartered. consideration was, that in case of distress, that distress would he they should make the experiment. If they did make the expert-
and stating the number of Partner* in these which were not more equally and generally felt throughout the country. The ex- ment the public could have no right to complain ; but if the expert.
chartered. periecte on the preseut tune had shown that the whole country meet was made, and it was bound imprudent and iejurious to carry