The British Press; or, Morning Literary Advertiser.
London, England, 1819-05-26 00:00:00

ARRANGEMENT or PUBLIC BUSINESS.

The SPIEACCIL suoisted, that as private luNnas was
now so marl; disposed uf, the !Nese might Later upois
public buviutes al au earlier boor. It soul,' be s great cow
eesiescc to comment it insusediatel) after fuur
(Ileac, !car.)
ADJOURNED DEBATE ON THE
AFFAIRS OF THE BANK.

Ou the mai of Lord CASTI.SKE4CIII, the
!louse resolved itself itilo • Coutinitter on the Rt
purls uu the Resumptiou of Cad' Payments by the
Bank.
In the (7ummittre the CHAIRMAN slated the
clut.tiou and tire umeudrueui, as moved yes.
terdmv.

Mi. Alderman RevnATII, in rising to deliver his
sentiments upon tins question, said be did out think it
to be out which could receive any additional elucida-
tion hum the chosins of wit or the graces of oratory—
these, he thought, were, upon a question of ilium
kind, rather calculated to bewilder thou instruct.
The question was one of pnactical importance, and
on which practical men were mint comment to
give that information the f.tature of the subject re-
gaited. There otos uo luau in the country who
more deeply lamented thou he did the original nr.
cessity or the Restriction Act. It was the anise.
(pence of the state of the war in which the country
had beets then engaged, and were it not for that
measure, it would have been impossible at the time
to Lave carried on the war a mouth longer. The
effect of the measure was, that it placed the country
exposed to a paper a:strawy, taut convestible
into a metallic currency. This ',riper was the
representative of other property too, mud chiefly of
(iiiverionekt securities. IN sentiments on this
subject had been until lately those cf Parliament
on this subject. Ou the claaast examination which
lie was capable of giving this subject, he was cuss-
vinced that no depreciation existed of the paper mo-
tley of the country, nor did be think the flurtua-
flout in the price of gold during the period which he
had meationed, at tall proved what some Hon. Mem.
bets thought they did. The whole question turned
on that depreciation. The fluctuations alluded to
arose, he contended, from other causes °err which
the Bank had tau control. If the circulation of the
country were excessive now, then Mike., Porliamelit
might interfere ; but lie culitended the contrary via,
the fact. The a hole annaarat of t!.e currency now
did not exceed that of 1793. The national debt
was then 240 millions—it was now t• 00
and when the great increase of trade were coo>olered,
it was astonishing that stick a circulation was psiffi-
client fur the exigencies of the country. Hut tat t
was, that the cuidiivancee of private Bankers in the
muck of seirdiriz their nutty to the 114.. k Wive a

great quickness to the revolving circulation of notes,
without which it was difficult to suppose the peen-
niary busitress of the country could be conducted.
In the calculation %%hid, the Right lion. Gen-
tleman oppoOte (Mr. Peel) had made between the
Humana of paper and gold in circulation in the year
1792, and that in 1500 and 1509, he had left out a
most immaterial part ; he had omitted to take any no-
tice at all of the circulation of the country batik.,
which formed so impurtarit a branch of the vireo-
of the country. The 11015. Mem-
ber tor Poriailisigton (Mr. Ricardo) had, its his oh-
servatious, mated the price of gold to Ire 3 per cent.
above the value of paper, and stated that it became
eirceoiary, through the reduction of the issue of
paper, wining sip its value to the 3 per cent. which
he asserted gold maintained. Now, it was very
singular, with respect to this theory of the issue ol
suites, regulating the price of gold, that in Novem-
ber, 1817, the Bank notes in circulation amounted to
t 9,2144,000/. end the price of gold was 4/. O. Gd.
lier ounce ; since that the amount of Batik notes in
circulation had been reduced three million'', and
yet gold bore a still higher !trice than it hail
done before. What, he caked, was the state of the
country in 1816?—what was the state of commerce
and agriculture, and of public credit In that
year could any man soy that it was easy to get his
rents?—slid nut bankruptcy start the country in the
face?—dad not general enitierrarements prevail .? Fie
woof(' hail she time that a return might with &aro y br
made to cash payments, but this wes not the time.
Take the case in the best shape. Suppose gold was
to fall, suppose every favourable circutiostauce, still
see the consequeoces of the present measure; no
sufficient time would be allowed to the Bank fur
those preparations 50 necessary to meet au im-
portant change, and coming suddenly upon them it
must produce great and considerable chatrers—an
the witnesses who were examined before the Com-
mittee lied declared. lie would in !Particular
read the answer of Mr. Thomas Raring to a
question which he considered a material one.
That witness said, he thought the reduction of paper
must always produce inconvenience, and would
tend to confine the trade of the country ; but the
present time, miring to the general distreqi and the
state of commercial embarrassments, was above all
others the must urifavoirrable. Such was the evi-
dence of a Gentleman, above all others, perhaps,
the most competent to form an opinion on the mea-
sure. Let them now consider how much the pub-
lic distress would be aggravated by any unfavour-
able circumstance, which it was now impossible to
foresee, but which it was not impassible to occur.
In carte of a bad harvest, fur nominee, the conse-
quence: of the measure, added to that calamity,
would bring absolute ruin on the country. The
. .

country 'ila a debt of 1100,000,000/.—the people
were taxed to a great extent—tlbe Mete of the
commercial world was not settled. and at such
• lime u measure is proposed to lessen the
circulating medium. See how that measure
will place the lower orders and the industrious.
At the expense of the labourer it will confer a great
benefit on persons having fixed incomes. The re-
ceivers of dividend. and public annuitants will be-
...

unit, but the community will surfer. Ile did nut
thud: that the proceeding of Queen Elizabeth had
any fair ftrefellet to the present; the situation of
the country then was very different from what it is
now. At the time of Elizabeth there was no na-
tional debt, and bat few were. The Batik had
mule all issue of 7 millions of gold at the Mint
price in Ilse, year 1817, but what would he the price
of gold now if the Bank had not sent in so large a
sum ? It was, in hi. opinion, fallacious to estimate
gold at the price of 41. Is. per ounce, because,
influenced by that issue. gold bore that price
heretofore. From the evidence of Mr. Hart, it
appears that the exchange sualket is capable of
great operations, and there are individuals inter.
ested in raising the price of gold and influencing
the sate of eschew—what security load the public
that these persons might tint be active in a proceed.
jug to which their Interests would induce them ?
what security had the House that there would nut
be a run on the Bank in February I—who could
ste that it would not be the interest of dealers in
gold to make a run on the Mink ? and if so.• the
Batik would have no protection but in Parlia-
ment. at a time whets it would be difficult to
persuade Parliament to grant that protection. The
crlannoty tt.at would follow would be truly painful
to describe. The &holt of England should close
its (louts—every merchant, sod isoatsufacturer. and
agriculturalist would be obliged to reduce his rata.
blishmeot. The eutorequence would be that the
poor would be thrown out of employment. and
the poor rates would be consequently increased.
lie slow spoke the opioioos of turn who were ex-
tensive:y engaged in comineice mid agriculture.
As to the es idence before the Committee, no doubt
the Gentlemen examined were highly respectable,
but there were no agricultuntlists and too country
bankers examined; and would, he twked, the Par.
hrmeut be guided in this measure, founded oil the
evidence of one class, against the best interests of
another? Let the Haute contrast the state of the
country at the present moment with its appearance
at the commencement of the present Session of Par.
fitment. At that period, commerce had revived
and credit flourished ; but 1110 W there was nothing
but siagiartion anti distress throughout the country;
Out miserable stale was not confined to London
alone, but pervaded the entire of the enapire. If
the !louse passed the present meusure, he was coo.
winced that that distress would greatly increase-wthe
alum, of the country would extend—it would
nut Lie confined to the ignorant, but it woulJ be
the utll-grounded alarm of the prudent. If
nothing shall be dine to mitigate the measure, lie
predicted that before Christmas nu landlord will
be aisle to collect his rents, the state of the pro.
pie will he wretched. and eurnmeice and agriculture
will be in u state of general cutifiesion and decline,
There was a considerable difference, he said.
between the present time and the period of
the Rank Restrict' . At the time of the he-
striction, gulil was the great ciiculating tioeilimii,
but idler February next, gold will be scarce, :ind
the circulation of paper will be considerable, and a
considei able run will have the effect of *topping
the 1:41.1: of England. The consequences to the
country would be too calamitoots to mention. Anil
nazi this what the country had to expect after the
many struggles she hail made. and when she was
harassed with a debt of tight hundred milliiins
The chief evil complained of was, the power that

the Bonk of England had over the circulation of
the country, a power unprecedented awl excessive;
hut would Ow prusent mea►ure tend to lessen that
power ? llr, contended that it would tend to In-

•
crease it to a great degree. They would place for
the present ten millions under the immediate con-
trol of the ILA:, whith would have the t-Ifect of
pitting; the coo 11111 l ',Tied houses of the country nos
der the caprice of that Corporation —they might re-
gulate olio discounts as they pleased—they might
refuse those discounts as they pleaseil--iii u word,
OM very measure would give the Kink such power
as they never had before. The ametidinent pin-
posed goes to omit the 4th ;old atli Itesolott...s,
0011 its adVilillilge was this, that it gives one. trans
Inure 10 the Batik of Loglamil soil the oriiwOrf
baiikers to make their arraitgenients ; it gives one
year more to the B ink of England to purchase
gold, and to prevelit that cunfosi 111 l and em-
barrassment which is likely to fulloiv. Tile pro.
limed measure was recommended for giviii.; tlie
country security against the II mit. It was said
that the Lank might not be soitere, and isoolil not
retiirii to cash payments when the tone that woull
1 enable them to ilo so AlOlllll art Ire, Hut he thought
1 this biopic:oil 441togolier grouliillesi. When the
1 l'ailiailient nod the Government had their eyes
1 piaci, il over I heisi—ei lien the Directors of the Bank
' stood iip In that Howe, and declered the wish of
Ithe ilailk to velure to cash payments, he did not
• see why they should be exposed to such suspicions.
Why Hot give the Batik some porttoa of that con-
fidence which our ancestors reposed i:: them 1 If
they were unworthy of that etedideuce, they were
unworthy of carrying 011 the business of the Bank,
and their charter should be repealed. The Batik
were certainly not blameable fur the present state
of things. Ilad the Guverinuent paid the Batik
the amount of their debt, idle Bank would
now be able to pay in guild. The present mo-
ment lie considered the most iojudicious to re•
vert to that state, and he called on the Govern,
meet to hesitate before they plated the country in
that calamitous state that must inevitably follow—
thousands will be ruined —many here nearly been
ruined already by the mere coutetnithition of the
mem-. e. It had been said that these persons were 1
speculators; that they over-traded. If they did, it
was not to be forgotten that they were led onto dime
speculations and over-trading by the conduct of
the Government, and that they were nu* entitled
to consideration and protection.
Sir iii ally PAILWELG said he differed widely
from the principles laid down in the speech of
the last speaker. Many of his observations were
founded on misappreheusion or • misrepresenta-
tion; the evil, he anticipated could only take place,
if they could at all take place. 111 the event of the
Batik being instantly required to recur to cash pay.
meets. Fie (Sir Henry Purnell) did not think that
we have had a legal standard sluice the year 1797 ;
the legal standard was suspended in that year, and
since that period the country have had no legal
standard whatever. The Hon. Gentleman had said,
that before the year 1821 circumstances might oc-
cur that would induce the House to depart glom
the plait now proposed. Ile (Sir Henry Parnell)
saw no reason whatever to suppose that the House,
i after resisting so much, would he induced to depart
from a fair standard, if that were once established.
As to the suppose,' inexpediency of a measure that
would induce a depreciation of Bank paper, lie dd.-
. fiord on this head widely from the Hon. :Member.
i Ile (Sir Henry Parnell) thought it politic and wise
that Parliament should make a stroll; declaration
I now, if they did not they would leave the case pre-
cisely as they funnil it at the commencement of the
present Session. If the amendments of his Hon.
Friend were carried, they would leave theciisculating
medium of the country at the discretlllll Of t he Batik.
The 4th Resolution moved by the Right floe.
Gentleman (lr. Peel) obliges the Bank to pay,
after the Ist of February. 18 O, gold at the rate '
of 41. Is. pet ounce. Such a Resolution, lie thought, '
was absolutely necessary, for if the matter were to
be left to the discretion of the Batik, when the
period would arrive, lie had Ito Outdo but
that they would so contrive to influence and ,
to regulate the price of gold and the course of
exchange, that they would have ,;cite as good a
case against a recurrelice to cash payments as they
had at the commencement of the Session. The
Resolution was a politic one; because it fixed a
limil to the price of gold at 41. Is. auounce, teal
he would therefore support it in preference to the
amendment. Having, he said. taken a part on a
former occasion on this subject. when it was
brought before Parliament by his late lamented
friend, "Ir. Horner, it was to Into, and to those
who acted with him, no small cause of triumph.
that the principles laid down in the Report of
Mr. Horner were now fully established, were
iicquiesced in, and even warmly applauded by
the very men who at the time oppow4l, and fur
the moment defeated then. Ile indulged in
this honest triumph—it was vatusble, not merely
as it operated on the present it 11111 l eel, but it would
tend to convince the country, that though men may
be found in a minority they are not always in error,
and it could not fail of bringing into practice
(hi se sound principles of political economy which
Ihave been so long resisted. Ile hailed, he said, the
present proceeding as likely to lead to salutary con-
sequences, us it affected our general policy—and lie
hoped to see the Statute Book cleared front many
laws which, in a moral, political, aid Minutia! point
of view. tend to injure the best interests of the CID..
Orr. The Hon. Gentleman who stroke just before
I l i 11l , had complaiued of the Resolutions, as likely
to injure public credit, ai:11 to depress nit:remade
men. No doubt so decisive a measure would
strongly operate; but how would it operate. and
what ties it likely to affect? fictitious credit, and
that over-trading +tem. that wild speculation
which haul 1141 firm foundation; it would street
those who indulged in those specolations. But there
was 110 1111111 who felt for the real prosperity of the
Collutry, that did out wish to see this nue:aural and
itijurious state of things put All rod to. It was, lie
conceived, a great mistake to say that the di tin ma tutu
of currency would produce a scarcity of Insley—a
scarcity of moiety pruceeds Isom other causes, bum
the stateuf the markets, when the trader is out able to
dispose oh his goods, and when disc is ate con-
tracted; and es to the quantity of discounts. lie
(Sir 11. Purnell) dad out see that if gold were at the .
Alia price, that therefore the Bank would Le in-
duced to reduce the issue of the quantity of paper.
ll' the Baels liourstly and discreetly conduct unlit

•
affair3—if they watch the operations at trade—n
they skilfully conduct their husines., as no doubt
they will, nu material injury. in his opiturni, could
result from the Resolutions—and certainly ilie
anticipated were not at all likely to flow hunt that
measure. The lino. Baronet next adverted to the
influence of the (Ism)? Laws on the affairs
oleo',.
merce, which lie considered most it-kits:ions. The
ri) stem th 4 hail been hen tofore acted oil, and
hiria led to this result, that it threw the whole re.
,gulation of the circulation of the country into the
ilidll4ll4 of a Company of Banker., to he divo•eil w
at their discretion. fur their interest, or at (Inn
e. This system was one, lie sail, full of
roust evil eiiiiserpiencet. Ile wr;u gait that they
haul now r•imie at length to a period more I.ke!y to
place the interests of the country on a mine selol
foundation. lie applauded the Itesolutini.4 pro.
loosed. Ile would he story to tee the amendment
of his Hon. Frirrnl earned iu preferenc.! to those
Itesolusions—if it were i arried lie would then for

ever despair of smog the country return to u reel
standard. He concluded by saying he would vi(.
Tingly vale for the Resolution..

Mr. H. Gunn kr robe next, but the greater part of
the lion. Gently man's speech was protioanced in 4
tout of waive sii very IOW as to render him altogether
inaudible in the gallery. He spoke against the Re-
solutions, and said, that the Resolutions propopi d
in 1797 had filled the country with great alarm—
that alarm was occasioned by the then amount ut
the debt, and from air apprehension that Goverus
insist would not be able to pay the interest at the
price of gold. The guineas had disappeared,
and never would return. lie said that the issue
al silver at 66.. the pound troy, had given universal
satisfaction I and had the sove.eigns been i..ired at
the mine tune at the valise of :As. each, the s:-
Nation of the country would be now very different,
sod they would not be exposed to the excessive ca.
lainities which the adoption of the present plan Jury
bring down upon their heads. That turas:ire, hs
said, would operate on almost all classes of society
with the greatest severity ; it would operate as
property tax of 3 per cent..—sou the industrious
trailer, on the agriculturist, and on the lower
order, it would have this effect—whilst the stock-
holders, the severest toasters that ever rode on the
shoulders of any country, would receive the full
amount of their interest ut the time when the value of
the circulating mediurn would be reduced toa greatly
dimiuishrd standard. The issues of the Bank, he
said, were 25 minimal, eu milimis of which were due
by the Government, and the Governmt it now turns
round on the Bank awl says, " We, the Government,
will pay you these .20 millions in the note* %%loch
we fabricated for our mutual accolumodatiov, bog
you must fluid bullion to meet the demands of the
public." This he did not think was perlectly.fair,
nor was it practicable; and let them put the question
as they would, no matter in what point 01 view it
was considered, it would amount to this.—the', at
a time when they were burdened with an ahnost ia.
definite extent of taxation, and with a diminution
of their mewls. they sought to contract the circular.
tion—a measure which must lead to obvious em.
harrassinent. Instead of a proceeding so violent,
he would suggest x lair and friendly composition,
instead of attaining those cords which will best
straining no longer.
31r. Meatus° explained.
Lord Fouts/tan commenced by saying, that
the country would feel rejoiced at the return, at
length, to something like a certain standard—a
measure au long wished, and so long contended far,
he was glad to see about to be established.—
The Noble Lord nest said, that part of the state.
meta of the Right Hon. Gentleman who proposed
the Resolutions was not perfectly fair. That Mght
Hon. Gentleman had given great credit to Qatrir
Elizabeth for having lowered the standard of public
money. Nu doubt the measure was judicious, but
Lord Liverpool's work, cited by the Right Hun.
' Gentleman. states that the measure of Queen Eli-
zabeth was touch iriferiur to the measure of her hro.
thrr, Edward Vt. who had before her altered the
atatidard of the realm, and reduced its hominid vire
due. The mutant the measure was, that the want of
a certain standard of value occasioned frays at fang
and 11141 kits, wild the people were glad to crone to
nil hard and settled principle, by which they
might know the intrinsic worth of what they pus.
iirretl, and thus be freed from those frequent ucci-
P
111011 i of quarrel. His objection to the presei.t plat
was entirely abstracted from the principles on widen
it was fouuded. He had always felt the truth and
justice of the ground on which the Bullion Com-
mittee proceeded. His quarrel was not with those
principles, but with the mode of proceeding whicii
I the Cuususittee laid down as the most proper to ar-
rive ut the destined end—and he rather inclined to
the scheme of his Hon. Friend (we believe Mr.
F. lice), which was also founded on the principles
promulgated by the Bullion Committee. His great
objection was, that much inconvenience would Ile.
eebratrily result from returning to the old standard.
...Before he proceeded to argue this, he would
briefly advert to the principles on winch the Bonita,
Committee founded their Report. NVhat had or-
cently occurred with respect to that Report ,hewn",
iu the clearest point of i•iew, the great beiletit that
was derived from extensive discussion. Ile had uu
doubt, if the lloti. Alderman (Heygate) continued
to tleuk on this subject, and exerted on it all the iii.
Kemeny which lie appeared to possess, he would
dually he led to change his opinion un particular
points which he hid touched on in his speech, some
of which he had. in fact. contradicted in the coupe
of that speech. lie had argued, that the Bank
had lowered the price of gold, by issuing a quid:-
Lty of that metal. If he had contidered a little be
would have found, that the price of gold depended
greatly on the issue of Batik paper. When goal
was set afloat, this issue was contracted, but if is
were stir:reused, gold would rise—and thus the pro-
position would be established, which the Honour-
able Aldermen had denied throughout, that there
was a depreciation of the paper currency. Ile re-
gretted, when the Right Hon. Gentleana. (Mr.
Peel) was candidly expressing the change that had
taker' plaice in lila sentiments, and 11:111111111:
distress (a distress which lie sincerely believed
Right Hors. Gentleman felt) which had alit end
tllie country for the four last year*, because bath
rrs IllqUiry as that which had takers plait, was
out adopted, that he had riot eviller(' Rome de-
gree of roomed, for having contributed, us 11/1101
as he could, by the votes he had given to
I House, to prevent the investigation a auti•

ct which he now s3mitted t t Le of primary
importance to the empire. 11' hat the opinion of'
rite Chancellor of the Exchequer was on this spes•
t:on no one knew. Ile had not thairolit proper to
,rte his view of the subject to the llotue. They
might be led to suppose that his s sotto. its were
uttered, becan.e h. supported the Resoles. anis ef
the Right Don. Gentlemen who hat 'nought the
question forward. Those Resolutions were ilia.
metrically opposito to the doctrioes which the
eh.,, ellor of the Exchequer fin nerly held. Ile
1.4,1 stated formerly. in the most decided m inner.
iicit there was no sil-pretiation of the paper cur.
The 6.st Ite.olistion of a series which
e mowed some years a,t directly swell that
depreciation pituted—let, ou the present ocis
east on. the Right Hottooruble Gentleman was
content to support propositions, founded ors the
rine:plc dist there did exist a very considerable
eorreistion of the paper currene.—(llear.)
tie recollected what had pissed in 11313-14, when
the currency of Dublin and London consisted iii
Asper, elute in Belfast they were plyisig in wild.
The rate of exchange between London and Onlil n
cis below par—but between London and Belfast—
pod between Belfast and Dublin—deducting
fitiglit and insurance, the exchange was at, or
shove par. IVitli this fact before his eyes the
Chancellor of the Exchequer objected to the opi.
slims of Mr. flouter and the Bullion Committee.
Kw he could reconcile his former sentiments aith
those lie now seemed to have adopted. lie could nut
coucriee. De hoped the Noble Lord (Castlere ugh)
would give Vie Douse more Lakin:Dation on this
joint than the Finance Minister had thought
proper to do. l'art of the plan of the Right
Honourable Gentleman was to pay back part of the
sum which had been borrowed from the Bank
ty the Garerument. To effect this, and oilier
objects, it wall midi Mood that a loan of 25.00,0001.
'maw be necessary. To pay the interest of this
Iwo, suet other charges, it would be hecestary to
iirresac the rate of taxation about 1.5011,000/.-
IcA he would submit to the Ulnae whether the
essiory ass able, iii its present state, to pey tine
additional tee stioii It vould cecur too at E. tins!
when. though there would not perhaps be so
much 'hatless in the cottony, arising from the de.
preciaii.va of 'mots from the Book, as some Gen.
tlemssi ialagioril, it could not be denied that a
conslder.ible degree of difficulty would be felt on
that account. It slid therefore appear to him, that
it was not desirable to recur to the old standard ;
sod the standard lie would propose was, the state
of depreciation at the meets% moment. Ile did hot
cunt este idiot this would be unjust—because he
doubted very much whether the balance of money
trams/lions now existing between individuals had
taken ;doer with rs fetencc to the ancient standard
..f the country. Many of those transactiosis oc-
curred 22 years ago. at which time Gentlemen
knew a great depreciation of the enticed; preyed.
ed. For the greater port of the period between
that limo ell(' life present, this depreciation was
observable—at one motorist to the extent of 25 per
cent. If, therefore, the greater number of man
transoictonss how unsettled had taken place since
the existria e of a depreciation, was it not more
unjust to call ens persons to settle therm according
to the a.scitnt standard, to which it was proposed
they *florid now reluru, thats to proceed tinder the
depreciated currency, which came nearer to the
point with refers/tics to which the original trau-
tractions were completed ? The same principle
would hold good es to the public debt—much
a which wa. contracted when the currency was
greatly depreciates!. Ile thought it most unfair
to ask the coiner, to pay interest, according
so the rate of standard currency, the debt having
been cootracted when the currency was much
depreciottil. Usidesubledly, choose which plan
they *meld, a certain degree of injustice must
be committed—but he thought the injustice would
be hisicis lees, if they adopted as their standard
the present depreciated currency, hatred of re.
vetting to Cie ancient standard. By proceeding
in this trimmer. they would get rid of those diffi-
culties olinli were apprehended by the worthy
the Mitt. Book Director (11r. Mall.
MOO. w lio had stated his sesettinents list 'eight, and
the 11. r 41.6 Gentlemen who was desirous that
sl.e Baud. elioul.l not resume cash paytudite. One
great arguuiesst in favour of his suggoation was
this—that it would take away from those, who
were ready to attribute any difficulty ur sharess
which might suit the couutry, to the lesson's.
tine of cash paymente, tho pretence for making
such w aseertio... Much of the distress that
would prolsably be felt. would arise from over.
trading—but it would doubtless be attributed to
the sellout itself, which was to take up four years
in its completiou—iind. in the course of that time.
a conaphom of this description might be so indus-
triously dus:steel. and become so strung, that the
plan could not be perfectly effected. Ilia plan
was, he conceibed, more just and more colons. By
the ecliessie how proposed, es great degree of 11114:tra
taility was 161411410 CW with respect to coutracts.
Suppose a mem entered into a contrite:l which
bound Lien to pay. at present, thsee per ceut.;
when the alteration io the standard took place.
he would, h' 11 at that rate, dud the interest
increased to :II per cmit. immediately, said, in
the course of a few yews. to 4 leer cent. Thus,
if a twin borrowed 1,000/. at three per emit. while
the depredation continued. lie would, io cease.
tome Li Ike IreOrreoce to tile old omitted. to a
tor
,leat• hate the iiirerriit absolutely increased to
4 per edit. sod he obliges! to pay 401. when the
ProPowd plan vms completed, goateed of payiii4
shirk wa. what lie had stipulated for. Besides,
rose who adeocakd the plots were poi tontine, tire
drorreution of tie currency. Ile admitted tilt it
estoted to a Kean extant, olthoie..tli it was tor.
Welly &hied by Owe who now allused the truth
of the ataterstist. 'they had opened their t)es
ti the fact, and proclaimed their error in the I
14051 unqualified maimer. But lie conceived it
%soiled he much henget* adopt the principle lie hod
laid doss., instead of recurring to the old standout.
Before the two Committees. it was stated by several
Gem:mien that if the ktilllk Directors believed the
House and the country were in earnest, the) would
isd Ultimo to resume cash paymeiits without ally
legailatite iiskifertitcri, NOVI, bow could th,y I
doubt tout j'arliament Ulu in earliest, %lois they
moot hare lece•llected, that, fur a whole
lieistlsioem wore puzzling their briois in that I louse, I
sltsjoibg arch a preamble In Cie last Itestir.

let cy.

lion Nil, as would Led exiite::: their ilea of the
necessity for the resumption of cash pa) meat. ?
The Directors, at that 11111 p. expressed the wiring
anxiety to resume their pupae's,* in cash, in two
years. After the 13111 pissed, they took measures
to eff-ct that ohj.cr, rod thing• were so a very pro-
mising train. The exchatiges were favourable, and
Sold was so much reduced in price, that the Book
purchased a greater quantity of treasure th in they
ever had in their possession Wore. But, jipit &sibs.
time for tramming cash peyinents arrived, they com-
pletely overthrew the scheme—they ho.uril a great
quantity of paper and a considerable terrine' of
gold. The exchanges became unfivourable—the
gold went nut of the country—atilt the Directors
ultimately came to l'arli merit, declaring that the
Batik woold be ruined, if payment were insisted
on. What was there, he should be glad to know,
in the presto plats, 111 prevelit a similar course of
operation ? Batik might go sill purrhasing
treesgre—they might thire themselves in the sit ua-
float in which they stood in 1817—and, by si fresh
issue of gold mud paper, they might ultimately
defeat the object which the Committee had in view,
as they bad done in is lion,
Director declared kat night that the Bank were
sincere in their desire to pay in cash. Ile doubted
it. As a proof of their 'Merrily, be stated, that
they paid away 7,000,0004 of gold, at a coo.
enterable lon. Now the Hoeft might infer, and
fairly infer, that, while the Bank were losing by the
issue of golds ist their remedy of Bank Directors,
they were gaining • very great profit, by the sale of
that article, in their capacity of bullion merchants,.
In the paper which the hank had scut in to the
Committee, in answer to certain questions pro.
pounded to them, they said, that, before they re-
mined cable payments, they ought to have as much
golil to their hands all they possessed when the Re-
st ic I ion Act was pamed.whieli wort:mut 30,000,0001.
exclusive of what they might afterwards be called
on to pay for the ne..,.s they had at that time out-
staudaue, bring about 11,000.000/. Mr. Baring
was ofoinision that they ought not to resume cash
tsaytnetitt. unless they had from 40 to 45,000,000!.
ias their coffers. Now, in 1817, the Bank stated
they had a greater quantity of treasure than they
ever before possessed—my 40,000.000/. They said,
et present, they ought to have gold to the anima
of 30,000,0004 slid a surplus to pay their out-
standing notes, before they resumed cash payments
—and to collect this they called for a delay of four
or five years. They had used but 6or 7.000,000 L
for 1%. exchange of notes. lf, therefore, they had
got rid of all this mass of treasure. it was clear
that it must have barn by some other operation
than the paymerst of their elutes.—(Near, bear.)—
They bad boqght gold at 41. 18'. 6d.—but, after
tire uperatiou they had performed in 1817, gold rose
in price—and, though they declined that they list
9J. 011 every sovereign they hewed, there could be
no doubt but that, as bullion-merchants, they made
a great gain on the sale of • large quantity of but-
Aeoe.)—Therefore, be doubted their
sincerity—for it appeared to him that they had a
clear and manifest interest in putting rattle payment
cods. The Hon. Director last eight complained
of the want of confidence in the Bank. Ile had,
two or three times in the course of his speech,
declared. thet. if they withdrew their con&
deism from the Bank, the greet.* calamity would
befal the country. Fie most cookie that he bad
tiot wry vein confidence in their wish to re.
mine cash peyinento—and he conceived they had
au a-eidetic retereat in alnimioing from them. On
another ground, he thought they did not deserve
coufitlence—they had 110 fixesh or settled plait for
carrying on their tants. In 1816. when the sub.
ject of the Restriction Act was before the House,
et was debuted whether the Bank might not return
to casts peymente at their own pleasure, on giving
notice to the Speaker, without airy interfereuce on
tile part of the House. Ile thought this object
might be effected without giving any public notice.
The Chaucellor of the Exchequer said Its had no
ohjectiosi, provided the Bank bad none, and re-
ferred him to Messrs. Herman and Owen, the
Go-
veruor and Deputy Governor of the Bank. He
'hewed them the clause, to which they objected.
lie asked them their reason b They answered. it
was giving them a discretion which they did not
wish to have. His observation was, i• That they
might ur might tint exercise the power it gave
then), 111 i they pleascd."--" said they. " it Is
quite itcpuosible—we will have no diecretium We
arab to be to the hands of Parliewent—end. if you
give us this discret iiiii , we must trey in gold the neat
day." What was their conduct iiow t They were
cr)iug out fur discretiou..-/Heur.)--Wheel them
was their sincerity ?...where their soixtety NI pay it,
rash 11—fHerre.ferSume sears ago. 11 Bill was pso94
ii, the House of Lords, iu cousequeuce of Ilurd
tequiring his tenants to pay is. gold, de.
ductiog a certain rum fur the drib:criminal' of the
paper curreuey at the time. The Bill tu which
lit alluded scat to make Bank notes, to a cer-
tain ti.tetet, a legal leirder. That Bill, when it
came before tare House of Cienstuatith he (Lord
Folkolosse) resisted; because be looked upon the
plea adopted by Lord King, as a mire triode of
' preveuting all tape gold from going nut of the 0:01A11.
try. It would, tudeed, have lied the effect of crew
Ming two piece, but still it weuld have preserved •
portion of gold is the country. The Bank three.
;ma (Aloe down, and supported *at UM. tor:Ahmed
Hail. The alarm which this proceeding of Lord Niag
pruil certi, prated the deprosatiou of file Book paper,
%%loch they denied—bet still it secured the memo
of loilignig about that obiect which they their)
declined they haul iirviewb namely, the resumption
of cash, payments. They. however, supported the
Cot,erimielit 101:8111/1t,_ arid this circuinotunew, cow-
limed with whet., Isd hien to Owe !my little con-
fidence s u the 844. Tile priociples lie had Meted were
tiot new odes; they were those 111111F11 Ise had ewter-
trined ever mice he thought on the subject. His
main silsjectioit did not go to the detail.. but to the
mode iss which the return to cosh payments was
10 he effected. Mien lie used the expression
" cash payinetits," perhaps lie was incorrect.
Bullion isausents would have brew mute appro-
priate. Inkieed lie conceived it would be u very
great cotivemenee if the Bank were not to pry in
serest at all. He thisught it would be better to let
rtery ilferMlll carry hi, I.ulliuo to tie Milo, where
it might lie I.l,laCti on 111 c allOwanCe U 1 a Milan
sci4rourage.
Caitees defended the cociluct of the 13 sok
I),uectors, auo were ctmured yri unt.seitc.:ly.

fir could not perceive trial retPecialrle in-
dividuals were more interested in the drciehin of
this gymslip,' titan any other body of the
country. Let Gen'!enters strew tl it they were great
holders of Bank stock —let Gentlemen prove that
they were interested in those ! abets
here would he some ground fur
He never understood that they were so in•
terested—and be believed that they acted Int
the public. alone. When the. Hulk hail paid
In-tween six and 7,000.1100/. et a lo.s, cunt,' see
em reason fur suspecting that they acre not sincere
in their desire to resume cash irayinents. 'rite ex-
periment had been tried and it failed. It was then
very easy to say " this is a bad measure." Big.
if the Bank Directors bad come to the Ilonse end
tnd. 1' Is it nut better, before we proceed to a ge.
weal measure, that we should see what effect will
he produced by the pa) Meta of a part of Our metes
ra specie ?"--woulil not that proposition have leen
considered a most desirable une, every way worthy
of adoption ? It bid failesk—but certainly the
Brink were not accountable fur it. Ile denied thin
it was in the power of the flank to force a ciresilio.
firm. It could not be forced, except by advances to
Government. which was quite another pert of the
gorilla's. If they were in the Whit of discount-
ing bills for improper periods-4f, fur instance,
stead of 60 days, they discounted bills at four, '
eve, or six mouths, this might enable them to force
their notes into circulation ; but when they were
prevented front discounting, except at a certain
date, it was sinpossihle that they could effect a
forced circuletion. He was amine's, if lie were in
order, to more an amendment to the Resolutions
of the Row Member for Coventry (Xir. Ellice).—
Qoe of those Resolutions went to rer! iiiiiiii end, that
the Chancellor of the Exchequer should authorise
the payment of 400.000/. per isiontli, during a cer-
tain period, to the Bank. Ile did Mit think the
Chancellor of the Exchequer ought to be dictated
to by that Mouse, us to the promotions in whi. h the
repayment to the Bank should be oside. In i!011e
fortuity with his slew of the subject, he should
move, that the 4th arid sth of the amended Itesu:ti-
lions should be omitted,
The CltataU4N (Mr. Brogdeii) said, 4e proper
course for the Hots. Member would be, to vote
against those Resolutions, when they were put to
the vote. •
Mr. J. SKITII differed considerablilrom the re.
suit which the Committee of that House, and of
the House of Lords, had arrived at. lie was sorry
another course had not been taken, which, though
mot without difficulty, was, in his mind, Nefertiti:a.
Toe course he should have recommended was. to
coritiuue to the Court of Directors of the Busk of
England that confidence which the country had
so lung reposed in them. %Vilest he said this,
he meant emit to assert, that they had nut, in
s.nne instances, mistaken the Ism of conduct which
they ought to have pursued—but, he was cue-
vinecd, their errors were not to be traced to in.
teution—aud of this he was sure, that their exer-
tions had, on many occasions, eoutributed to the
benefit of the country. Ile therefore viewed, with
great concern, any measure that seemed to re fleet on
them. As individual Uirectois of die Bank of
England, it was a remarkable fact, that, though •
they well knew the profits that were to be
made by the purchase of Batik stock, they
had with a spirit totally (amused to selfish feel-
ing, put their mimes down only for that por-
tion of stock, which was necessary to render
then eligible for the situation they held iii the
establishment. fie had great confidence in them
—and, as he had stated in his evidence, lie con-
ceived it would be better to call on them to pay at
a certain period, and, in the interim, to leave them
unfettered by any regulation whatever. lie was of
opinion that the Committee had proposed a plan
which was extremely favourable to the Bank. lei
February, 1620, they Were to pay at 4/. h.—and,
unless some strange occurrence took place, it was
iimpossible it could remain at that price long. For
who would purchase it, as a matter of speculation,
when it oaf known, thin, at a particular period, it
would be issued at 3/. 19s. GI and afterwards et
3/. I7s. Idtd. per ounreii lie had heard, that fears
of alarm siert entertaiiied —but he saw no reason fur
them. If the plan were to withdraw a great part
of the circulating medium, lie would then feel
considerable alarm ; bat he did not think that a
diminutiou would take place. Ile bad, however,
an Warta of his own, which he hoped would be dis-
;relied by some of the Directors of the Bank. Ile
certainly uriderotood that some of these Gentlemen
' reasuriestsu this subject in a way utterly inctim,
prehensibie. They argued that it was full is neces-
Parr fur them to provide a large quantity of but.
boo, previous to February, 11120, at if they were
them to he called ors to pay at the rate of
3/. 17.. 101 d. per ounce. What would be the .
consequence: Why they would purchase gold
us last n, airy could, and raise the market
against th.in-elves—thus crewing the very dim.
cully whirl' they ought to avoid. The Coin-
'inure recoineuelitled the repayment of 10,000,000/.
to the Bank ; but out looking over the evidence as
to what sum it was necessary for the Houk to pas.
'less to enable them to resume cash payments, II wrest
vatiety of opinions would be found. Mr. Harman
stated that eu.opo,oool. would he sufficient. Now,
if the Bisult were to be puid 10,00,000/. by Go-
vernment, it followed that a large number of notes
would he repaid to the Bunk; and, to fill up the
sectiuto these occasioned it would be necessary to
make large issues by way of discount, It would
take an CllOllllO9l sum, in disarurt, tp fill up the
vacuum—so large a sum. lie thought that it weir
impossible it could be furnished in that way...—
The House perhaps was not aware that some tune
last year the remits for the payment of the public
creditor, by some ecegietit or other, were not forth-
coming, and could not have been paid had not the
Governor taken upon Min to supply the deficiency
out of the foods of the Batik. If such an occur-
rence acre to take place agaiii, and the amendment
proposed by his Him. Friend to have beta adopted
by the [louse, and a legislative enactment made,
that the Ronk should advance no more loans to the
Goverennesit, what would be the consequence ? On
this account lie ulejected to the amendments, at least
to t'sat loot of thew. He thought that when the
exchanges mud the price of gold were so near par,
anal when there acre slo Melly circumstance, aucrle-
rating the facility of that-thanable event, a reliant
iu c.sti payments, it ass a bad time to take away
the ditot tom of the Bank, and ti adopt measures

. .
relict( to it si:t ,
Frani a bang course or rXperiracr. Nail II dom. 01).

venation OF the cousluet. or the Weak Ilrrrctor•

demi( a succession td difilesslt end penis's's c.v.-
junctures he could not help 'vying (shougli hr
c.orschrwsued Ctrblill ptiler. at believed its tltryt
would be moot strongly to snake the pubic eu

fidence), that he should more approve of measures
fur carrying the principles of the Committee tiro
opeirtion, which met the views, and were attend-
ed with the acquiescence and approbation of the
Ilaiik ; and it struck blur, that to tw up the
11411,1* (.1 that body in the manlier proposed wan
rather ar. ungracious return for the forswears'
and ready assistance they had invariably lent the
Coverinnent and the couutry aliiriog a twenty
year; war. A* for the gold Iran proposed in the
I Resolutions of the Member for Oxford to be given
out, he. was perfectly certain that they would never
lie called for from the Bank ; and that iseitlwr in
Frloriurry next, nor October. nor the following May,
or at any time, would there he a considerable Ile-
eland for gold from it, miless itself provoked it by
en indiscreet purchase of
Mr. PEARSE rose after a short interval, but front
the low tone of voice in which be commenced
speaking, he was for a con*iderahle time totally
inaudible in the gallery. Ile seemed, from all we
were aide to collect, to be I 1 lid reit% the charge.
ter of the Bank, and arguing that the inconveni•
encies felt from a paper system were not justly im-
putable to them, a* they had exerted theirnwlvei
to the utmost of their power to diminish and cows.
teract thew. Ile had heard it throcn in the teeth
of the Bank, lie said, that they had son desire we
should ever return to cash payments. Nom lie de-
clared most solemnly, that in all the couverestions
and communications he had ever held with the
Directors since the first iestrietion, they had inva-
riably expressed it as their most anxious wish, as the
first object of their desires and hopes, that that
happy event might be brought about at as early •
period as possible. They, with him, thought
that that time had arrived three year* ago, when
the exchanges were a long film- io our favour, when
gold was cheap, and when lily had amassed a larger
isuridity of treasure than at any previous period
from the year 1797 ; rod had not other events
arisen, and operations been carried on over which
thcy had no control, that oLsiiable event would
undoubtedly have been then effected ; and he en-
tertained very sanguine hop* s, as suck operations
were not souls likely to occur .gain, and as,
from the beginning of next year, there was a pro-
babiLty of a fall in the exchanges for many suc-
ceeding ones, that such a similar facility, without
similar obstructions, would shortly recur, by leaving
things to themselves, without the interference or
provisions of the proposed Resolutions. But they
were told that, the moment guild was ;shove liar,
they wea: to reduce their issues, without paying any
regard to the circumstances of the country. The
Bank was, in effect, distracted hp the opposite coon-
sets it received ; but all the world were loud in praise
of the cautious and prudent conduct it had pursued,
with the exception of those who hail a per.onal inte-
rest in giving it a false colouring. The Comitoi tires
appeared to be of opinion that the sole rause of
the high price of gold was an over issue of notes ;
but lie would venture to tilirr facts in cppor IF ion to
their usaertions; and he wniih; tell the [loose, that
if they looked at the statements in the A pp,. iidix,
they would find that alien tie issues weir highest,
gold was cheap ; and when they were to old was
dear—that, in fact, there was the greatest 'Val lawn
between these two things. %Vlien the Gentlemen
on the Committee were told this, they repl!,-,1, the
issues did not operate instantaneously ; but if
they were required to assign any time f..r their
operation, they could not du it. If sex 111011t116
dill not serve their turn, they ton& five,
and it five would slut u Willi re-
spect to the Resolutions, he had hopes that a re-
turn of favourable exchanges would enable the
Bank to resume cash payments, without difficulty,
at the end of two years; but he tilefight that in the
wan time it shopld be left to ins I),V a discretion,
end, therefore, had strong objection* to the inter-
' mediate measures recommended, because it put
that establishment under the power of designing
men—it would give stuck-jobbers the means of
embarrassing and ittriording all ita preparations—
they might come and say, we must have all that
gold 3uu are laying up fur the benefit of the public
—they :night for a Wile so mailage tlie course of
the exchanges (and it was well huuwu they had the
art of doing so), ar to render inetfect nal all the ex-
ertiuns of the Bunk. lie thought the Bank might
now, at the last, be wifely trusted with providing
for what they had a col:union interest in with the
public. 4s to the power said to be assumed by it
of directing the pecuniary affairs of the country, h:!.
lamented it had been forced upon their hands.
Mr. Rice ROO explained.
Mr. %VI two er said, that entirely concurring in
the compliments paid the Direcuirs of the Bank
fur probity and honourable inteninvois, lie yet was
obliged to say there was reason to suppose them de.
timid iu the knowledge of those principles which
ought to regulate the currency of the eauatry. He
was confirmed in Ibis opinion by the statement of
the lion. Director who bud sot down IMr. Prose),
%Ina he took credit to the Batik for the issue
of gold in 1817, but stated it had been driven out
of the country by events which they could not
control. He appealed to the (louse whether, if at
that time they had res;r:ined their issues. and op-
plied the principle on wlecii they had so lung pre.
viously heel' unconsciously acting, of diminishing
the amount of notes in eirculation when specie was
plenty in the market, the gold would not have
remained in the comae. He supported the Reso-
lutions, because he thotight they did no more than
give an prima to the pommy of the sincerity
of the wishes of Parliament for restoring a
metallic end legitimate circulatiosi, and depreciated
the idea of allowing the Batik to pat' in gold at the
market price, because if that principle were adopted
to-morrow. they might double or triple their amount
of outstanding notes.—(//ear.)—Tier ehange pro-
posed was so very slight, that lie really believed,
unless the public attention had been directed to the
subject, it might be put in operation at mice wills-
out the house or the country bter.uning coginxiant
of it.
Mr. filaarearr did ant approve of the Resolu-
tions proposed by the Member fur Qxfurd. He
thought that if the Briik were compelled to pay to-
morrow,
at 41. per tit., more gold would be

nhe I,il Mr. la 4f.
in Ise rlll.lt nee, had mkt. two the requisite glum-
Illy of ste.cie could not he ebtaissed iu kw than three
or four years, nod tins sanctioning', the Remind'sn
might by possibility subject the flank to a liability
of snaking payments in specie hefere they had made
the necessary preparations. Though the Rusk. hail
n power over the foreign exchanges. three were vs.
rious other circumstances to influence them. ewer
which it possessed no control. Oar Mint regeeli.
I were different front those of all the rest of the
world, sad the effect of them was to give the
putter of silver from Paris Isere, is profit angle ounce
out of fifteen and a heif orifices purchase)
An nonce of gold purchaved fifteen and a half ounce 4
of silver at ('at o. and as nutter of gnld was to 11.:
kid fur fourteen and a half terse, so that 'her,
was a constant temptation and profit in recent
gold to Frostier and impart silver....[The ff• e
j ilOtirAble Gemlemati *heti sent throisla a variety
or calculations ss support of his tact 1104111011.1—.
Under these circumstances, he thought 16 prudenea
of calling on the B ink to pay in bulliutt, ou site
Ist of February next, was questionable; anti he
was of °imam, that the Bank had been rather hard.
ly treated. The 3lember for POrtarlingtnti iMr,
Ricardo) attacked Horns as a pruplittar of stock.
and thought they hail out guarded with sullicient
cantinas the great interests intrueiril to theitl,w-
[Mr. Marryint was here interrupted by repeated
cries or Corder!" but whether to consequence of
some observations which escaped es, or of Puttee.
thing that occurred at the bar, sve could not din-
cover.]—The Directors appeased to have she*
lost the cotilideuce of his Majesey'a Ministers—
and when it was asked. what euellilerce email be
placed in the Bank. if the etteasstres lot at restos-vises
of a metallic currency were left to its own discre.
non I he answered, they had the best pledge in the
last-me:shooed circumstance. Formerly it was pith
Rank, his Majesty's Ministers, and the majority of
the liouse, N.:Mist the ruinority ; but now it wriuld
tie the Ministers and the maim sty, against the Reek
and the sninority.—(:leer.)—He had ass emend.
'Dent (as we understood) to propose himself, thout•i
he did not yet kr.uw at what stage of the discussion
he should X° so. He coeshl not opposite of *omit
parts of the amendments proposed, awl he should
decidedly oppose thrrae of the original Resolit,
lions, which went to eons el the Bank to mite
a commencement of a resumption of cash payments
in February !next, because lie believed tan year*
ought to lie allowed thrill to prepare themselves..
Mr. F. LEWIS denied that the Report of the Cow.
antler was a dictation to the Batik. It merely eta eel
the opinions Hod views which the Committee had ae.
rived at in discharge of the duly assigned to them.
The arguments pqrsued by the Batik Directors
were very extraordinary; they iiiiii iterpreted the
plan, the Report. and the principles enforced on
the part of the Committee. iturf then repreaeuted
themselves as held up to the public as being Ilan
worthy of confidence. Such an opinion, however.
could never have`biro formed from the plate iter4
proposed but lay meacs of gross misrepiesent.fflon.
He did not doubt that the Bank were sincerely
desirous of voodoo% to cad' pa) Intuits, bat it
evinced nu diffidence of their ion- io imui if tsar.
banient were to exercise some stc-cietion Us pre-
scribing the ineatia proper to Int adopted. Hwy
allowance ought, he s.cknowledgetl, to be gratit•
ed to the discretion of the Bank, except that
which els:third them to depreciate the curreswy or
the country. Their power of affueding relit:nice
to the matiufactures and commerce of the cuntaty
lought not to he limited, hut he would out. greed a
confidence to the Directors, which the jealouoy apt,
wisdom of their ancestors denied to the Cruieue;•-•
(Hear. bear.)—Was the Crown thought to be
degraded by the tionsifestatimi of this jealaosy 9:1
the part of the people ? Then why should die saute
jealousy, if rnatiffecies iow,sr.=~ the 13auk. trod Us
depreciate that Bank ilo public opinion >—(jjear.
—The greatest civil offence which could hr cow.
milled iti this comitry, was to depreciate the cut.
rency of the country. Why then should the
Batik be suffered with impunity to do than,
which), if dune by an indiviclital, was loaded by
the law with the utmost penalties ?—(Hear.)-:
The Utink concriv,al, that in issuing a large (luau.
City of notes to meet a temporary exighicy,
they effected a public advantage for the relief ..f
distress. But if they sent forth :yes additional issue
of tioo,oool. or a stollen' of mates, they add. al ass,.
thing to the general wealth of the cutsioiry Ihri
did nothing more than levy a tax lipuu the whole
comtnimity—for every pound they thus issued di.
miuishcd something from the value of every either
pound previously in circulation, and so much dill
the lank take from the wealth of every individual,
and apply to their own purposes.-1 bear./_
To the schemes formerly practised to this country
for deteriorating the value of the currency, might
be attributed no smell portion of the evil and inju.
dicioui measutes respecting forrstallieg and regrat-
ing that were framed in earlier times, when the ponds
espies which should regalate sof:llo44s were less
understood than they were at present. After some
further observations he concluded by egpi essing
his bratty assent to the propraded plan.—(Lou.(
cries of "Question Qnestsuts!" resounded tlirougt,
the house.)
lii the midst of the confusion,
Mr. P. Worm rose and remarked, that it could
not with justice be said that the present Ilan came
by surprise out the Bank, because (flint the +vitt-
Silent* uoiforiply expressed on this subject by ('as-
Lament, as *el! as ruins the general principles rat
justice, the Ban(: must have known that they would
be required at soma tame to pup their aebts.—
( Hear, hear.)—The only question really before
the House was, a:tether the peewit plan was the
best calculated to attain that object, and whether
the time proposed was the most proper. He trusted
that no Member of that 'lnure would coutitteatice
a supposition that the Bank alone were cormettelit
to determine the period lit fur the discharge of their
engagements to the public. Hr congratulated the
Honourable Gentlemen on his side of the (lenses
at hotline, the opinions for which they had meow'.
tered obloquy and struggled in vain, now adopted
almost unarittnously by those who formerly oppute4
them.

Mr. Apxocaorart expressed his sincere sAtisfse.
11011 at the reflection that the labours of the Com•
mime had tended to the developeutent of correct
prtnctples. and to the consequent adopt of th, se
wit:cli had, ou former occasions, been prosuul.
gated by an Hon. Fr:end of hip !Mr. Hvrott), now