The British Press; or, Morning Literary Advertiser.
London, England, 1810-08-21 00:00:00

Ike telltiddlOn tlf IWO to r depreciAtion eved of
the value of the gold coin by an alteration elf the
standard, to which Parlianidut itself might be.sub.
jetted by a great tad loopcontinited es&mas of
papa% lrblit has been the resource nf Many Go-
versiment4 under such circtritotances and is the ob-
viont and most easy remedy to the evil in question.
But it is unnecessary to dwell on the breach of
public frith and dereliction of a pfimary duty of
Government, which would Manifestly be implied in
preferring the reduction of the coin down to the
standard of the paper, to the reStoration of the paper
to the lekal stendard of the coin.
Your Committee, therefore, having very anxious-
ly and deliberately considered this subject. report
it to the House it their opinion. That the system
of the circulating medium of this country ought to
be brought back. with as much speed as is com-
patible with a wire and necessary caution, to the
onginjal principle of Cash payments at the option of
the holder of Bank paper.
Your Cnininittee hare Understood that remedies,
°Or palliatives. of a different nature, have liven pro-
jected ; such as a compulsory limitation of the
amount of Bank advances and discounts, dar-
ing the coutinuance of the suspension ; or,
a compulsory I 'nation, daring the same pet hid. or
the rate of Bank profits and dividend., by tarrying
the surplus of profits above that rate to the ,abbe
account. But, in the judgment of your Cmm mit-
tee, such in ttrcct scheme., for palliating the pos-
sible evils resulting from the suspension•of
payments, would prove eliolly inaderpiate for that
purpose. because the necessary proportion could
never be adjusted, and if once tine I, might aggro-
vale very much tae inctinveniimeies of n temporary
pressure ; and even if their ellielicy could he made
to appear, they would be objectionable as a most
hurtful and improper iiiterference with the rights
of commercial property.
According to the best judgment your Committee
has betas enabled to form. tin sufficient remedy for
the present, or security for the future, can be pnint-
ed out. except the repeal of the la v which suspends
the Cash payments of the Bank of England.
In effeeting so important a change. your Com-
mittee are of opiii:ois that some difficulties must be
encountered; marl that there are some contingent
dangers to the Bank. uguinst which it ought most
carefully and strongly to be guarded. But all
these way be effectually provided fur, by intrusting
to the discretion of the flank itself the charge of
conducting and completing the operation, and
by allowing to the 'batik so ample a period of time
for conducting it, as will be more than sufficient to
to effect its completion. To the discretion, expe-
rience. and integrity of the Directors of the Bank,
Tone Committee believe that Parliament may safely
intrust the charge of effecting that which Parlia-
ment may in its wisdom determine upon as neces-
sary to be effected ; and that the Directors of that
great mstitation. far from making themselves a
party with those who have a temporary interest in
spreading alarm. will take ■ much longer view of
the permanent intereats of the Batik, as indissolu-
bly blended with those of the Public. The parti-
cular mode of gradually effecting the resumption of
Cash payments ought therefore. in the opinion af
your Committee, to be left ins great measure to the
discretion ofthelialik; and Parliament ought to do
little more than to ex. definitively, the time at wind)
Cash payments are to become as before compulsory.
The period allowed ought to he ample, in order
that the Bank Directors may feel their way ; and
that, having a constant watch upon the varying
circumstances that ought to guide them. and avail-
ing themselves only of favourable circumstances,
they may tread back their steps slowly, and may
preserve both the course of their own affairs as a
Company. and that of public and commercial
credit. not only safe. hut unembarrassed.

[To be c .otioue4.l