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

• year after the conclusion of peace, and let any
Gentleman lay his hand on his heart and say. what
he must believe would be the dreadful citcont-
stances no which this country would be lilmiged,
if a war, or even the fitting-out of out annulment
intervened, while we have so large it twins of paper
afloat—while one body of paper may be said to lie
merely resting on another, without any substantial
support. But the Right floe. Grooleinen say%
' What inconvenience do you feel ? 1/a you regret
that the 'eyeliner is itterensed ? Doo you lenient
that Exchequer bills are issued tat rate of 111.
terent ?' 1 certainly should not rt oiet it, if such
effects arose front a legitimate sow ; but, if it
is produced by too large um eitiissiois of paper, I du
lament it exceedingly—because it holds out to the
country hopes that never will hr realised. Nothing
is ao rui (((( us to N country, at all times—and, moiler
the present circumstances, it in peculiarly tor to this
country—as great fluctuations in the public food..
But the Rt. Him. Gentleman knows a race of meta
who feel it not—who rejoice in it—who declare th at
I there is nothing so encouraging in a country art
constant fluctuation of the foods. The Right lion.
Gentleman may think it necessary, perhaps, that
they should vary from day to day, however his opii.
nion may dash with the serstimehis of those v.ho
have !nog studied the subject, and have learned to
think differently. In the beginning of the year
1817, the 3 per cents. were about 6.1 or 64—and,
by the mete overgrows of paper, as 1 contend, they
were raised from that, to no Si ',rice than WI, in
the course of eight mourns. Perhaps thin was nut
occasioned altogether by paper. The return of
peace produced some benefit to the country, but
not much, in consequence of the nature of the war
in which we had been so long engaged—and, this
being the case, no mast could fail to attribute, in a
greut degree, to the issue of paver, this rise in the
funds. Then it was that the Right Him. Gentle-
man became inflamed with the idea of paying off
the S per cents. But he found that the sudden
rise in the funds was bottomed on paper, and he
l could not do it. The Right [lots. Gentleman will
ask.' Would I be sorry if he could have paid them
off?. 1 say, at it were to be effected by a forced
circulation, 1 would, as au hones, man, lie sorry
it. Ilk were produced by the exertion of wealthy
men, acting for themselves, and proceediag to the
utmost extent which prudence would warrant, then
indeed it would be a emitter of congratulation. But
re [arced circulation was a very different eotguie. In
such circumstances, the holder could have no up.
lion. You force up the funds to a high price, and,
taking advatitsKe of that is commence, you lower
the interest. 'lO describe truly such a proceeding
as this, if it had succeeded, 1 kitow 100 expressiois
the English language affords, but that you haul
committed a fraud.' Those persons embarked their
motley on the faith of the Governmetit, and, having
heard that this iodic. liar stock was more hkely to
be paid off than tt y other, WI HCCOlhit of the high
Iprice of interest, they latichased iitio it. But did
they ever dream that there was Hit Act of Parlia-
ment on the table, providing that the liat.le re-
striction, a hieli ought to have expired ris months
eater the conclusion of peace, should lor
with n view to raise the price of other branches
I of the stocks, and by flint means to come at their
interest ?—(/leer, hear, heur.)—Ltt us look at
their situat 1111 l . Fire, lay isnumg ;a mans of pa.
per, yon raise every thing tuoc'ecteil with their
wants, their comforts, and their luxuries, and
then you lower that shuck, its which they have em-
barked. You immediately turn round on them
and say, All than in owing iii the prosperity of
your country, you are sufferieg for it, and it is
unreasonuble in you to complatis of your situa-
tion.'—(llear.)-1 am glad that the Hight Hon.
Gentleman slid out carry this point—mid I think
the reflection, that lie was unable to effert his pur-
pose, must be more gratifv log to him, than those
that would have obtruded themselves, if he
hurl succeeded. These things, Sir, deserve the
most miture consideration. The House ought
to study, whether it is nut necessary for
them to interpose, and to adopt some definite
line of loroceeding ou thin subject. I take
it for granted that the system canuot go out. All
parties scam ashamed of it—and there in but one
honest man who speaks his annul drrialydly is favour
of it. I allude to Nlr. Cropper, who sans, I with
the Bank restriction to be continued ler ever.'
There are others, perhaps, who thud: us he does,
but have nut the loardillimol to 'avow their loriMon.—
(Hear, hear.)—Next year, however, if things be
soKred to go to en they now are, we shall proba-
bly have other Petitions of the same kind—tall, by
management, every town and village in the king-
dom joins in a cry for the perpetuation of the
system. I abstain, Sir, from entesiog into what
may be denoininuted the learning Oil this stilject,
alai do Wit mean to fatigue the !louse by calling
their attention to abstract propositions—partly
because 1 nut nut able to 'go through the sub.
ject—portly, lucrative alder persons than myself, if
it he necessary. will apply themselues to those
points—and ;rattly becatoe the question is nut the
same as that which fornitily agitated the pnbbc
naiad, but is of a dill:format and emote emotional
nature. The only way to meet it in by a Catfn•
indict of this House; and 1 should be glad to
know, whether ail Cumniittee eau have a snore
comprehensive reference made to it, than that foo-
tnoted in the form which I now urge ;tr !inure In
adopt ? I want to is quire not merely into the state
of the Bank, but into the effects produced. grow-
rally, by the various lawn enacted, during the last
21 years, fur continuing the restliction tan eanli pay-
melds. I apprehend, from the right undersomiltitg
of this subject,* Committee is absolutely elevitsary.
wish to hear some strouig. some specific reasno,
why property, in this country, should slot be sub-
jected to the same teat of measurement, which is ap-
plied to it to every other part of the world ? 1 theta
smart to have plainly slated to the !loony, what there
iv to prevent the Batik from 'mulling cash psyntiotts
at the period now fixed for that purpose by the
Legislature? 'Flits, it will be seen, would embrace
the whole question. I do slot give it as my abso-
lute and peremptory opinion, that earl, porytnetita
should, of itecessity, Ire immediately co 11111 l rowed.
If any Gtlliltolllll feel um alarm on that subject,
let him understand me, nod his alarm will cease. 1
would loot he aetnig fairly, if 1 affected to point
out the course which ought to he decidedly token.
All 1 ray is, that the Committee might to give tan
full Illformoitima on the subject. We may be tidal
that it tifoiseeit (it cuiustautes render the continuance

of the resirietien necessary. I want to know what
those cieenntstances are. For my own put, I know
no reason whatever, as far RS relates to the currency
of the irininty, for reilettipg the measure of restric-
tion. Now, Sir. debate will not answer my ob.
—lsec.use Gentlemen may lay down, 111 the
course of argument, opinions, which, in their
cooler moment., they could not explain or defend.
I believe that persons, sometimes, when speak-
iirg to a question, state difficulties which. at the
moment, midi on their naiad, which difficulies,
if they were examined before a Committee, they.
wonld rm. away from, as fallacious and untenable.
It is tint elloll4ll, whom we (.o,,,:der a subjeor et
eecli inagisitude as thi., that throe olio are called
npou to explain their (minions, declare that great
dangers will arise if cash restrictions are resumed—
I want to know their reasons for coming to such a
eneclusion. The extent of :lie foreign loans was
the only reason irdiliiced fur continuing the restric-
tion last year. Now; let the Haase consider
what the state of the loan was, lit that period.
The .0111 11111111 Well was nineteen ster-
ling, to he pail in Fiance by instalments in the
course of Moe months. It appears, from what
the Noble lend has said, that an alteration is
to take place, !Jodi with respect to the moonlit of
the loan, and the tiuse of piling it. So that.
119.090.0001. which or,s to hat e been 'mid in Mee
months, has heels reduce d to t 2,000e100e to be
paid in eighteen 1110111110. Thu lo Ili has grow ii les.,
mid the period, in which the retteitiativeli etc to he
made, has been enlarged. This, l admit, is an
unfoiereen circumstance—hut' it is our that ought
to !sad to the telsing.off of the Resti iction Act in-
stead of keeping it use—lt/ear, hear.)--If the
!oat; from 19 had beets increased In 27,000,000/. it
would have been a strong case the other way. But
here, the danger, instead of being increased has
been nosterielly diminished—and, in addition to
this, I may be permitted to say, that, the whole of
the loan will not, surely, be sent from this coon-
; toy. If one-half of it is provided here (wh ch I
scarcely believe), it is the utmost extent—and
then the whole payment will he 330,000/. per
month, for is months. If any man will say, that
Eaglaild can sheer her face amoitest nations, slieuld
it be drelaied that she is unable to pioceed in an
honourable and proper course of finance, because
one of her subjects (for that was the fact) is to take
330.000/. a mouth from her funds, I shall feel a
great degree of astonishment. But, Sir, this very
luau is the act of Nhisisters. It is not the volt'''.
tary proceeding of iudividuals. Government have
urged them to it. Did they, when they contem-
plated this loom, know that there would be a con-
tinuance of the Restriction Act ?—(Hear, hear.)
—I ant persuaded neither the Nettle Loud, nor the
Chancellor of the Exchequer were airare of it.—
(Hecr, trar.j—No—het when a loaii was men.
(toned, it was a peg for those to whom I have before
alluded, to hung their inachnostions on. They
knew, if they once saw the precious 'oriels its circu-
latin that their career was at en end. They were
tilled with a liortor of the precious metals, whilst
they felt the tairinist admiration for paper, which
they tihl,•aetgir to uphold by every art within their
reeve. Terse are the persons with whom Isis Alle-
.jesty's (firuernmeitt hold their secret conferences—
for we know that they have had conferences !wit(►
feud Liverpool and the Chancellor of the Exclie-
quer. Doubtless, at these ineetinge, they pointed
out to ';lllllt.tel'S what immense &lingers must occur,
if the iestriction on cash payment. were taken oft
In the summer of the last year, the Earl of Liver•
pool and the !tight Hon. Gentlemen opposite, were
of opinion, and they appeared sincere, that the
Blink should re-nine their cash payments. It w.is
proposed, le order to enable them to do this, that a
et rein portion of issues should he paid di. The
stocks begali to fell immediately—sod, no sooner
was it found that the Bank were preparing to re.
slime their cash payments, by lowing their issues,
thin a deputation waited on the Earl of Liverpool
and the Citunetilor of the Exchequer, who painted
all the vile to which such a proceediug would give
rise—declared that London was actually etarved—
' that there was not rash enough fur carrying on indi-
um, hineliess—and thins, flout day to day, the
subject was renewed, unti! the uneting of Rolm-
meta, when it was agreed that the restriction should
he colitinued, without inquiry. Give me the C'ern-
'Mitre, and I will prove sill I hare stated. The
3 per create. fell from 84 to 64, amid ruse 11;44111 to
74. • 0!' it was said, • look at the fluctuations.
Ilene are 20 per cent. gained—thee 40 per cent.
lost—inch, finally, 10 per cent. pitied.' %Vim, I
beg leave to ask, are the gainers ? Why, a set of
artful designing men ! Who are the losers ? A
number of pimple tralividuals, who, when Gowen'.
went said they would do a particular set, believed
(poor foolish men !) that they were ill earnest !
ILnreghter, and hear, hear, hear.)—Every kind
of alerin bang raised, the nitere.ted parties apply
to my Lord Liverpool—they frighten libn, with
image cry dangers, to agree to the restrietinns—
end tip gn the stocks again.—(I ltar, hear.)—
When, in my runner notice. I spoke of public
credit, 1 used the right word—the term iiiiist tiuly
nopliealde to the subject. Bet I :ifterwarde
U. Iteceirie I fee'', under ,v•tstii, that their is
deserts the mane of public credit
in this a:to:rend coolitiy ! This is evident, for those
who lire the secret sprier which I
Late described, ere eiiiibled to rob others who are
not cogiiie tin of them. I say to rob them, for
there is Ho other wind by which such a proceeding
can be properly desiginued. Yes, be who hits au
opportunity of conferring with the 11iinistrr, can
mike stonier tip the utmost extent of his wish to
wake it. thider these eiteninsiences, is it too
much hie me to cull for silicify, broadly atiti
ideally. in order that the House and the country
mils twee before them, disttectly and in detail, the
grounds on whirls they were about to come to a de.
coition on the most important question that bad
heen egitidril suite the Revolution? I 0111 see
no good rewire' either for pressing a ling speech
or is protracted diseession on Ilse noose, when
it spreiiis Out no person olojtets to inquiry.
Eten the Right [lnn. Gentleinau declares that
lie has HO °hitt:11011 to the Committee, but he
ca t hoar to it 11 G1'04111411 011 this side of
the (loose 11114.ti!t1 he the mover. Ile does not
say, *throe shall he tat itiqui:y '--Init lie is nu.
willing 1114 I should lie tilt. diluter. lie is dee
vinous that my proposition should give way to his.
Nits,. I am not 111,,,P01te) to my motion. I olL•red,
• week age, to let him come lot:seal with his me.

Lieu first, slid I would be content to follow rim—
er that 1 would take the opposite side of the Floue,
and lie, if he pleased might take this. —( Loud
luaghter.)—The Hon. Gentlemen opposite mein
to Drink that I em hunting for a place. If so, I
certonily am taking a most extraordinary course to
effect my object.—(Hear, hear.)—l think I sin
very unfit for any piece whatever—sett purloin,
laity hit that of Chancellor of the Exchequer,
until this question is put on it. true grounds. 'fill
own, no man in his wits would 'event it.—
/llear, hear, Pad loachier.)--The Mehl Han,
tienliennin who t‘lll now a.tl Ottnil )no Ia
cot iiiiei.ce 111 lute, did foe oristinally state that L.
memo to propece ally inquiry—and Ills Mail.* y
Mmistere, in lonelier place, were Penally 'dem.
On the first day of the Semitiou I gave iodate of duo
motion, and not a word was offered on the retiree
The next day, the Right Honourable Greek-
man stated, that Goverement hail it ill comem.
pheion to coutinue the restriction till the 20th
of March, 1420, and that, whcu my motion clams
ma he could explain his reasoo., hat still not at syt.
table was said about itiquiiy. At length he ill.
formed us, Initiate! Friday morning some Cook
rectors cisme to loin, and said. It 1, better to hove
at Committee, before the restriction is ietrotheeid.'
The Oil-octets, It Fertn-, .0 r, ested to ham, slier,
it heal lie WA. aleiiit to 41,, a great public art, it
would be as will If he offered some reason for it.
Whether the em silty of the (king *seed him, sad
that, thief-loe. lie oceelltd to eat pOopositiooi
cato.ot ba7,. I;ot the Directors called out fur tie-
the Chancellor of the Exchequer said,
• Inquiry be it.' II ice I not a right to suspect
throe who net in this 'mimeo'? If the propositions
are the same, I shall feel no difficolty ill agreeing
to the Rig it Ilan, Gentleman's reference. But.
when I pioceive him going on its this wimp rsy,
I severe that there is s trick and contrivilice int
foot to defeat my motion.—(neee, haor.)—Fur
I believe he has as little stomach for inquiry
us he has to give me his place.—(4 laugh.) —His
great object by this Serpi.), is to proven- the. tip.
port of those who assist him both In re and Ore-
where. If this be the case, I must examine the
terms of his reference, or else I probably will out
procure W hat I have in view. IVhat is the Right
Hon. Geutletnan about to submit 10 11111 Colllllllt..
tee ? Here it will be recollected that the proposi.
thou does not come from the Chancellor of the Cx-
chequer, lest from the Baulk of England, and
I give them credit for their conduct. Feeling
that they might be considered inimical to inreetiga-
lion, the Bank call for a Committee ' to inquire
into their situation, with reference to the experheery
of the resumption of cash payments, et the period
fixed by law'—and then came the Right Hon.
Gentleman's sweeping words • and into such other
matters as are comaected therewith.' Tliess- may
reran something, or nothing, or, what I most free,
every thing. 1 believe all he liar in view is to
twee the restriction—end the easiest way by which
that object can be effected is what lie really looks
to. By these sweeping words lie may overlay the
Committee—and it is very probable that he will do
so. He Was asked, whether a Bill would be intro.
doted, interferiug with the system of count.'
bankers? He answers, that will be a very proper
subject for inquiry. Last night, a quotient was
asked of the Right Hon. Gentleman relative
to the Bank balances. ' o.' says he,' OS* must
ba referred to the Committee of Inquiry ll—.
/A loud laugh.)—Now these points hear nu.
thing whatever to do with that which I aim :11.
If the Right Hon. Gentleanati asserte, that lay
inotiou does not contain all that is ii-eessary, he
misunderstands it. Fur, when I ask, what is the
cause of the nun-resumption of cash pa} merits ?
an answer cannot he given, witliont inquiry lots
the state of the Batik. If our inetums are really
the saine—if the Right llon. Gentleman wishes
liar an inquiry in the large teal broad sense that I
mese, then let him engraft the first part of I is
motion on mute, and I shall be content. If thins
be refused, Clll any Mali doubt th,t this is an al-
leant to get rail of toy proposiiime because I
speak from the left side of the table instead of die
rigiat ? All I want is, to have a distil, t aloe, r
to my distiect reference. rien I a all be b.:.
tithed. But, if the Right Hon. Gesell in an
make n loose reference to a Committee to be
by 10m;:11.--e/fear, hear)—the House is likely to
procure nothing but a load ol matter, occopyieg
great spier, anal leading to no definite coliclusimi
on %lee) tiny Gentleman can form a decided o;ai.
nion.—(//tur, --If au inquiry is colorer,-
',listed by the Right Hoe. Gentlemitii,
tint I hate puioied out, t%l.tch as to loo,:uce a slo—
tiaet anal deeded Statellient, I ;fill pt ilrei:y swis-
hed. Let the House stand by mu-, :.iii the Ittelit
Him. Gentleman, ii adverse to it hoe, call hod
but little difficulty in getting over his dielike.—
There are manly raw Members present, who do n t
know the Right Hon. Gentleman as well as the old
ours.—(hear, hear.)—They huve formed their mos
abstract idea of at Minkster. They think lie must
Ile a -man uI tirinuests, and fear, if they oppose hitii,
that he will perhaps assign, Let them net be
a:mined—let them determine tu veto Pis e:--lira;
the reason of the proposition, without reference ;o
may distinctima between one side of the Reuse Neat
the other, and the Right lion. Gentlemen will feet
no hesitation in getting up, and agreeing to that
which he now opposes.—(Hear, hear.)-1 du Ms%
speak this rashly. We have bud expelit-nee of the
Right Hon. Geotleinan. The Duke of %Vsilitsg-
ton liar been much praised for his military skill,
but the Right Honourable Geutlrntau can brat
lion ten to one ill retreating.—(h/car, Am).—,
My Ilou. ['deed (Mr. Gretifell) who has so of.eat
mid so ably brought the business of the ibrik bee
hire the Howie, was, fur a long time, accused by the
Right (Iw'. Genileanati with eitarepresectieg the
subject. Ihit at length lie discovers that my I lon.
Friend is light—that large sums of utoeley may
be saved to the country from the —and i,aes-
claims, • I sun the man that 0111 utt;Ct the it s iv-
ings I.' He gets on my Hun. Friend', horse as iiee !•
is near the winning-post—lie endeaveers i •
him off—end men triumnlialitly calls out, • :ore
what an expert jockey I me l'—(Shours of laughter )
—ln the same way, he prophesied that the c•oor a v
would be destroyed if the Income Tax wear -
pealed. It web repealed, lircause the Repree-a'a -
lives of the Permit- corunisedtd it, toad lies:
cones down, awl says, Mark, what a bi•taii I
hate granted to the people—l have removed 17
'pillions of taxer,'—(Hear, hear.)—Next cost.

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