The British Press; or, Morning Literary Advertiser.
London, England, 1815-03-03 00:00:00

WINDOW TAX

1.11;.1 Sit LTON stutCd, thatl; was desired by a
uonsidemble menthe, or his constituents, to ask of
the Chauct.lcr of the Exchequer n question, rela-
tive to the proposed extent of the new. Window
Doty, This questi )))) &inhumed two points. One
of them referred to the manufacturing counties—
those, he meant, where cotton factorit, were erected ;
which required a greater number of windows, than
was necessary for Ihe mere petrpose of lighting the
The other ec hoed to those large !thugs,
rolled cloth-halls, a leiclt were so numerous in the
%Vest Riding of You kshire. The a indows of these
establishments were not formerly chargeable—aid
his Lordship wished to know, alietlier the Right
Hoer. Gent:emits, natfaitt INOW to extend the new
duty to them and to the factories?
• Tile CUANcELLog of the EXCUEQUER said,

._......

k._~,

with respect to the charge on the windows of facto-
ries, it was his intention, when the consideration of
the Resolutions was resumed, to propose a modili•
Cation of the tax, by which the ch=ime on those
.buildintv: would be diniinished. As to the build-

lugs which were made use of as cloth-markets, and
which were termed cloth-halls, he had never hereto-
fore taken them into his cousiaeration. It Wll3 a
subject worthy of inquiry - hut he did not know on
what principle they could be excluded from the
operation of the tax. As, however, they came un-
der circumstances of a more peculiar nature titan
other !Adding% it would be proper to lookinto the
subject, berth! any decision took place.
Lord LAscELLes said, that the building's, termed
cloth-halls, which acre to he met with in Leeds,
flalifax, and Huddersfield, were of very great
extent. The miniulucturer exhibited his cloth in
them for sale, puyitg a certain sum for a stand,
for that ptirpose. If he did mint sell his !,.toods, on
one marbet day, they remained in the hall until
the next—and in no other way were those build-
in; % used as warehouses. They were, iu fact, rather
markets than warehouses.

The CHANCELLOR of the Ext.:tallyEtt auid,
it wag probahle, front the tenure by which they
were held, and the profits arising from them, that
the proprietors would be enabled to pay the tax.
He would, however, be happy to receive any in-
formation on the subject.
BANK RESTRICTION.
_ _ _ _

Lnrd A. 11 __ATITI...T-o.;;;vsTelit—r-tik;i;nrpose or sub-

witting to the House, a motion, orarly couiwuted

with the snbjett of the Bunk Restrictions. About
a fortnight' agob the Ri Gent. (Mr. Van-
sitter!) gave nonce of his inteution to move for the
renewal of the Bank Restriction Bill. He (Lord
A. Hamilton) left himself (Idled upon, iu come.-
quence, to declare his intention of submitting to
the (louse, a motion for the appointineut of a Com-
mittee to inquire into the situation of the Bank,
which, ha couceiverl, ought to precede the decision
of the Legislature on the measure alluded to. This
qnestioa appeared to hint to be one of the very first
importimce. It involved a variety of interesting con 7
sideratioms—even the question of the torn Laws
was interwoven with it. The Bank Restriction Act
was now on the eve of expiring—and therefore, it
was highly oes•essitry for the I louse now to decide,
if they sale:boned. the renewal of this measure, to
what period they would permit it to extend. Al-
though he wus very far from approving of the queue
tity of paper now in circulation—and should be
sorry to see any addition made to it—yet lie was not
about to argne, that it would be proper to reject
the measure, at the present moment. The motion,
therefore, which he should propose, would not call
on the House, directly or indirectly, to suffer the
restrictions to expire. He conceived, however, that
Parliument should have some information before
it, prior to their agreeing to a continuaisce of the
measure—although the Right Honourable Gene
' tleman opposite always seemed to think that
it ought to In, acceded to, us a mere matter of
comm.. What he wished to know, was, whe-
ther the Book were or were nut hi it state of
difficulty, as to the means of procuring specie
whether they did or did not desire a continuance of
those restrictions ?....whether or slut they posseirsed
the utetlui Of resuming emit' payments
they were or were not taking steps to resume moose
payments ?---and, in short, u general inquiry
into every branch of the subject. It would be pro-
ver that the House should look to the immense
iacrease of the huller issued by the- Bauk of Eng-
, laud. At the time the Restrictions were first Un-
posed, iu 1797, the Baulz•notes in circulation
amounted to between 8 uait 10,000,000/.—the last
return from the Bank of the amount of their.out-
smutting mites, stated it to be 31,000,0001. Surely
no gentleman could contemplate the progression.
from 8 or 10 to 31,000,0001. without pertviving the
effect it Most have on every commodity to the cont-
try. it must he obvious to the (louse, that in rou-
st-limier pf this power to issue Bank notes—a
power to which there was no limit—very little, if
any standard of value remained in the country.
Such a power as this, too, must evidetiey he
viewed as a mighty engine, by which the best in-
terests of the country might be destroyed. At the
stone time, he was very far front thinking, that
those who now wielded it, would attempt to abuse
it—or to convert it to any improper purpose. Still,
however, it was a power which ought to he looked
at with a jealous eye—and Which, as soon us pos-
sible, ought to he withdrawn. The answer to this
objection generally was, that die solvency of the
Bank could not be doubted. Neither he, nor any
other Gentleman, he believed, entertained a doubt
on the subject—but still he was of opinion that the
public should he clearly informed on the subject.
Our of the first points lie would like to be in-
formed on was, the nature of the connection be-
tween Government and the Bank or England.
This connection, previous to the introduction of
the Bank Restriction Bill, was always it subject of
jealous scrutiny. This very Session, a circumstance
of great delicacy had occurred, which related to
.this connection. Ile alluded to the continuance of a
loan of 3,000,000/. from the Bank, for a certain pe-
riod, without interest. Was he to regard the prompt
acquiescence of the Bunk to the proposition of the
Chancellor of the Exchequer, as a sort of bonus
for the continuance of the loan ? When lie consi-
dered all the circumstances of the case, it appeared
to him that smile little feeling of this kind was ob-
servable iu the trausoction. If, however, this were
the tact, that consideration lie conceived was by uo
means equal to the benefit 4ibtatined. The next
point which be tihoidd subunit to the House was one
of considerable difficulty. Still, however, lie con-
ceives!, Minrioation might Ire afforded on it. He al-
luded to the enormous profits derived from the Book.
The capital ofthe Bank was 11,600,000/. lu the Year
of the restrictions, and for some years prior, the divi-
dend was seven per cent. The interest fluctuated,
since the year 1797 but, it was notorious, that, since
that period, the bonuses given were so large, as,
with the interest, to amount to 110 less than 561
per cent, on the capital of the Batik. The bonuses
*done, amounting to 7,000,0001. sterling. So
strongly was he nuprestird with thiri part of the
subject, that, two years ago, he submitted a motion
to till. Home, for the purpose of limiting the pro-
'fits of the Bank, by which a fund might have been
raised to enable them, at very little notice, to re-
!some their cash payments. But, how fur the Bunk
were liable, at any expense, or at what expense, to
• reinstate the currency of the country, it was fur the

noose to judge. It was said, that the paper
.or the
Bank was not forced into circulation ism; ,turne
than in any other country: But how could thisis-
sertion be maintained, when Batik paper laid, in
fact, become it legal tender? • It was rite only re-
source a creditor bad, whether lie was a landlord or
a Bank annuitant. Auothei point of thquily, and
our of very great importsoce, was, whether the
Bank felt themselves boom, iii good faith to the
public, to replace their tokens, to their full no-
mival amount, in sterling coin? The whole cur-
rency of the country, boto metal and paper, was in
the hands of the Bank ; and be bhottlil be happy
to know, whether they inteialed to replace, at Huy.
or ut wlutt risk, the accustomed pub.ic stamlard of
%aloe in the country ? This was
.nut au evil that
would cure itself. It would not recede of its own
accord—but it would, every day, while suffered to
exist, more and more affect all the other con-
cerns of the country. They were, for instance,
at present debating, whether an article of first
rate importance should lie sold at one price, or at
another;-
,amt it was evident, that this question
must be mainly affected by the state of the cur-
rency of the country. lf, therefore, they did, not
examine the question at the present period, they
would be obliged to do it, when the etil was still
farther extended—when it had affected a greater
variety of interests. And, in the same proportion
as its magnitude increased, in the saute proportion
would the difficulty of considering it be enlarged.
Another point of importance was, the propriety of
the Directors of the Bank giving their opinions, ut
what price, and under what circumstances, they
would make an attempt to restore the metallic cur-
rency. The price of gold, very recently, was
F. per °mice, by the heist returns it had
risen to 41. Now, as long as the Bank were per-
mitted to abstain from cash payments, and as long
as it was in their power to fix the mint price of
gold, which they now possessed, they had, to all
intents mid imposes, unless the House examin-
ed their affitirs, the power of continuing the
reitrictioes as long us they thought fit, lie meant
to say nothiog against the persons utthe head of the
Bank ; but lie thought it fair to argue, from the
general priociples of human nature, that they tai ;ht
be. inclined to pursue their own interest—and he
had certainly shewn, that it was completely in their
power to continue the restrictions for any time they
pleased. This subject was of the utniotit ctooe-
mitice, as it respected the finances of the country.
yiur the charge for Exchequer Bills was up-
wards of two millions sterling.—Beforeake Bank
Restriction took place, Exchequer Bills were
converted into gold—und for that convenience
it was fair that a charge should be made.—
But what was an Exchequer Bill 110 W con.
vetted ? A Bank note—one piece of paper for
another; and yet for this the public were to pay
:4000,1)00/. auimalle. They were doomed to ex-
pend ,2,000,000/. yearly—for what ? Why to effect
a forced circulation of Government paper. This
was a state of things which it became the house to
inquire into, and to remedy, if possild.. lie did
think it would hetinjost to say, that they should
hare no Firther profits till they made good the niv,.
eurreuty of the country. If such a uwastm.•
bore hard upon individuals. who hail nut dcr.t...st
theose extensive benefits liom their stock which he
hod describe.!, compensation might he afforded to
theme. Ilis Lordship concluded by moving—

" That a Commmitterhe appointed, to examine and state
the total amount of outstandinz demands atTailit., the Rank
of England—and the funds they possess to meet thetstone.
To inquire into, and gate their opinion on, the etfects pro.
duced on the commercial interests of 11w country, by the
several Bank Restriction Arts passed since the sear 170.
And to report their opiuiou, bow far, and under what lb..
Intuitions, it would be expedient to coutinue the same."
The CuAttect.Loh of the EXCHEQUER said,
the proposition of the Noble Lord weut into a
variety of curious circumstances of political eco-
nomy, which, if they could be follovred up, with-
out injury to the public service, might he of great
advantage. But, at the present time, he did not
.think they could be safely entered into. It would
be a summary answer to the Noble Lord's motiou
to state, that he was about to submit tri the House
a proposition, which would coutine the Bank Re-
striction to a definite period. It would be his
object, after the preient maim' was disposed of, to
state a limited period for the termination of the
Bank Restrictions, in the sanguine hope, under
the circumstances he should state, tluit no farther
extension, after the prescribed time had elapsed,
would be necessary.—(Hear, hear.)—He was
sure, in the view his Majesty's Government
had taken, that, if they did not think it ne-
cessary, for iessous of State, to continue the mea-
sure, the Batik would be ready to proceed in that
course, which tin exigencies of the country hail occa-
sioned them to abundon. If they did not, the cir-
cumstance would not rest with the.Batilt, but with
the Government of the country—atid with them,
indeed, it ought now to rest. It was nut the Bank
that originally wished t 9 suspend the poyment in
cash—circus-lances of a public nature obliged the
Government to call on them to adopt that measure.
lie had tio objection then to state, that the period
at winch it was his intention the Bank Restrictions
should cease, was the sth of July,l 1816. At the eic-
Oration of these sixteen montlisi, ie thought there
was good ground to hope, that there would he lIQ
further occasion for renewing this measure. He
had fixed the period for commencing cash pay-
aortas, as near lite close of the next Sessie2i of
Parliameot as possible, in order that the suoject
might come before the House in the fullest and
moist intelligible shape. As the whole of the Noble
Lord's arguments were founded on a supposition,
that the Bank Restrictions would be continued to
all indefinite period, he thUnght it lordly ne-
cessary to enter at length upon a refutation of
them ; yet he should consider it en ill compliment
to the Noble Lord, if he passed them over without
close examination. The questions which the Noble
Lord had suggested should be submitted to the Com-
mittee, were, first, whether the Bank etas iu a colt;
dition to resume cash payments, and whether they
were taking steps to prepare for that event ; next, as to
the a metiou between the Bank and the Govern-
ment ; thirdly, us to the profits of the Bank ; fourthly,
es to the circulation of silver tacos; and, fifthly
and lastly, as to the state of exchanges, and the
price at which the Bank wns purchasing gedd for
renewing their cash payments. Ile thonght, even
taking the Noble Lord's own view of the subject,
that no measure.cottld be wore calculated to de-

'_

Ti

14/
feat the resumption of cash payments, than the
very inquiries which be wished to be made ; far, if f`t4
once the iAllormation which these impiiries would d.
;live were published, it would place the Bank at the
mercy of every speculator in bullion in the country.
With respect to the first question, as to whether
the Batik was in a coudition to resume its cash t
payments, and the amount of bullion in hand?
hr could only say, that the iuvestigutiau of these
circumstances would be attended with the worst
possilme consequetwes.—(Jir. 11:hiibread here said fl`r
across the table, " Hare a 4ccret Cominitice.)—
Esen if a Secret Committee were appointed, it
tt mild be extremely inconvenient to diselose these •
anattens.—(Cries of Hear, from the (lpposiliois
Benches.)—W hen a Committee of Seeresv was
upp ted on a fusilier occasion, their procejdnigs
were made public; but in what manner, or by •
v:lioai they had been so revealed, lie knew not.
It was sufficient to say that much Miasma:wiener
itad resulted both the disclosure; mail in a questioa
of such delicacy, any public discussion must he
considered as extremely dangerous. ln the ex-
ionisation of Snell a subject, it would, of course,
become necessary to call before the Committee the
iwrsons Who were employed by the Bauk in the
purchase of bullion; and heuce a risk would be
mit of exposing the private transactions of that
burly, mud thereby platoug them in the hands of
the speculators, who were always ou the alert iq
matters of that kind. The Nobly Lord would rc,'
collect also, that, besides the Bunk, the. Govern-
must were great purchasers of bulliou fps the
public service ; and they also would feel iniativc- •
nience from the inquiry contempt...hal, as the tie-
ceasiary consequence would be Mu enormous eh.
huncenient of the price of gold. lie would sub-
mit these observations to the judguirsit of arty Caen-
flown, of practical experience, and he was satis-
fied that his conclusions would be pruitoumetl in
every respect correct.—The second branch of the
Noble Lord's proposed inquiry was, as to the aLl-
educes made by the Bank to Gees:Fitment. it
had been insinuated that these allowances were
given, in the first instance, us au inducement to
extend the restrictions; if so the food for restric-
tion was very limited, for the ',erica' of its filial
ter 11l ill ation would very soon arrive, lie could as-
sure the Noble Lord, however, that these advances
bad iu no respect trenched upon the capital of the
Batik, nor would they ut any period interfere with
the resumption oleitott payments. The third ants-
jectof mvestigation which the Noble Lord proposed
was, as to the profits of the Bank. If the Noble
Lord was able to chew the introductiou of the re-:
strictiou had added to the profit* of the Bauk, he
should 61'1 this a lair sulyieet of inquiry. lie
denied the fact ; but whether they had or not must
ever remain in doubt, as it was impossible to as-
certain what would have been the event of thingst
which had never existed. What the profits of the
Bank would have been if those restrictions had out
taken place, no one could tell. But, as he before
stated, the restriction was a matter of State lnky,
and had no more to do with the profits of the
than it had with the profits of any disinterested.in-
dividuul. The House would recollect, that at the
time the Bauk itestrictums were first is:acts:ea,
the public securities ware at a eery Low t.b444,W ; the
3 per cent. Consols being down at 411.. dud 47 per
cent., and all other securities were depres.sed in the
same degree. Those, therefhre, who %%vie iu pus..
aeariou of large capitals, made cumulous profits ;
and as had been stated by an Hon. and lamented
Member, whose abilities were known to,ali, wimhe
Ins death was univc4sally deplored,—(/Jour, hear) 4,-
-(Mr. Henry Thornton)—at that blue It
fit of eighteen per ceut. was made on .t.luveru-
went securities. That being the ease, it was
obvious that the Bank, which was time greatest
of all the dealers in public set:tunics, must baio
made profits to an enormous extent, indepeiident of
any change in currency whatever. At that time,
the Bank had divided u indium in one Geniis, but
they were never able afterwards to wake so large
bonus. Front hence it was fairly to be deduced,
that their profits were not wholly to be ascribed to
the restriction.—(Hear.)—The Noble Lord next
wished it to be ascertained to what expense the
Bunk would be put in resuming their cash pay-
at du, amiss,
iltwitiii;deefulieediglet:tade
Committeed the t,
they wiserw eajseawqiuneosi
it hadoy
owretihiue o which
This he knew, 4 the Committee once entered is to
inquay of the price of bullion, the comequetice
roerbeainte,iluttsisitspatedevi:wilatenteeioilivvlosouttill.loddubitdaekeleonatolu:iseud7tuoiliii,lllilul,tiiriateiule6l
but knavery and fraud would be the result.
Lord A. Hasett.rott said, he had no Isiah that /^
, the Committee should inquire iuto tise:e minute rs,
circumstances.

The CHANCELT.Ott of the Excnrouta said, if
the Noble Lord wished to retract any part of his ar-
guments, there certainly could he no 01j4,c11044 to
such a proceedimr. The last head of n.quiry to.
which the Noble Lord adverted, was the wive'.
rency. His Lordship had proposed to inquire,
whether the Bank would be ready at a frame po-
riod to replace their tokens with the regular silvte
currency of the country ? Ile appiehended the
Bank would ut all times be ready to diseltirge their
tokens with the standard coin of the country ; but
lie did not imagine they were bound to connne them,'
selves to silver coin alone, conceiving that paymelits
in gold would answer every purpose. From tinge
payments he was sure there was no wish to shrink,
With respect to the silver currency itself, this was
a question winch must be referied to the period
when payments in gsild were resuMed. IWing
now answered the main heads of the Noble 1.41 a lA'S
a and conceiving that those arguments
wreeTieniteuulti9ded on the supposition that the cash pdy-
melds were to be postponed to an indefinite pt-nod,
he trusted he had convinced Min of the absence of
allnecessity for the Committee for which be lam
moved. The principal evil which had been com-
plained of, was the difficulty of • fixing a statidaid
'value. This was isubject which had alreaily bet".
so much discussed, that he did not consider it ne-
cessary to enter upon it than. Whatever Mem,
venienee was experienced on that •score, -however,
would vanish in proportion as the vieue of bulimn
was diminished. The Noble Lord had alluded to
the 'mintier of Bank notes -which were iu Circu-
lation, and to thein:reafie which had taken place hi
their issue. In 1811, the circulation of notes -.4
uintiunted to 24 millions and a half, and the Joe-

!tits, than th►
onole; for. if
uluirirs would
le Musk ut the
a the et:notary.
is to vtio.t!ier

..111111e 11% 4:41511
lIUU iu haw.i.l?
Adieu of throe:
with the %worst
read here said
L'uusaritia.)
isiwpututewl, it

diNt theft

ie

r tictre.y NUS
r proceetlangs
nanner, or by
kuvw nut.

iuctseveuirtav

I us a gut Amu
Owl iambi he
In the ex-
lit, counw,
tire the
Batik iu tam
P k would he
lona of thiet
the bawls of
the alert ni
'.rd would u.-
the lioveril-

tans fur t!tq!
kel lIIt may.
•il, w tl,c un -

•uorawup. au-
It moiled
auy
tj-
br un.

iummucril HI

ruitucis uI
to the 11:1-

u'unroll. it