The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-14 00:00:00

jgo log into the Corn.
. nouns Tether then ad-
pectatiors nf the country.
• wi‘h of the Hon. Gen-
Corp:Muse. Ile also

passed without delay.
(lentternan liven so
had oceakoned in the
%isteni, when the Ilea

...nista, for introducing
At it they had abstained
from a„ , would have been censured
from the sonic quarter, as they were at present upon &Omit
grounds. Perhaps that sadree would have been beet, if all parties
were to remain silent on the question. But this could not have:
been calculated on. The otnission would have been stomiled;
ttiirough the country. The Hon. Gentleman, however, who Irian&
for an speedy a termination to tmequilliss the country, has also exe
period himself favourable to the delay of a month, and willing to ,
haler the matter to another Committee. He ( Mr. Grant) was glad
to perceive that the objections which bad bete urged alpine the mes-
tere regarded the time at which It was introduced. Very few had GP:
pneed it on its merits. ft. ISMS to be generally agreed that the
measure is good and likely to be productive of considerable benefit.
lie differed with the Hon. Gent. and thought he wee inconsistent
in charging the Government with not having brought on the men.
Pure sooner. Ls tendency did not appear to hint to be a reduction
of the circulation. In the greatest distress they ought to grapple
with the danger. They should scrutinize the cause, and boldly
took the evil in the face. ( Hear, hear.) While, however, he ex-
peeeed those wishes, he thought the resources of due country were'
fully adequate to satisfy fvery demand to which they might be ,
exposed. He deprecated the system of alternation, for the reunion
was (gunny distressing as the circulation had been previously pro.
cursive ofa false accommodation, and he wits fully persuaded that
smiler roneegitences would follow, if the 11A111, facilities were to he
allowed. It was as a guard against the repetition of such will spent.
iations as had been catered into last year that the present mes.
mum would operate. It will abut up all the opportunities of indulging
in tliore extravarant schemes by which the public was delude I. It
was a great mistake to suppose that the measure was meant to
be an infallble cute fur all the trills which had been introduced.
/its Hight Honourable Ftierd did not intend It too that length;
neither was it meant to provide against the contingencies which
Most occur in the various department, of commerce. His Honour.
aWe Friend the .Member for Taunton (Ale Baring) bad entered
into • detail of the benefits to be conferred by the introducion of
✓ Aber standard. He thought however that it was a very ch.
cations mode of preening gold to get silver in the first Mstrince. '
On ties subject he would not then enlarge, as it was intended to
bring forward 110410 measures rem:long this matter on a subsequent
amnion, when a better opportunity would oecur. lie did not sup.
rase the measure would effectually guard the comer,. (Hear.)
would a mixed currency provide against the mischief which it
INS contentrlnted 10 counteract. Ile did tint expect that country
blankets would he induced to contract their levies by a knowledge
of the unfavoureble state of the exchange. It was mammal to
prevent them from over-issuing detrimentally to the country. The
tcodency of a paper currency is to dissipate a gold circulation.
Tire may be some difference in this resdect, but it was desirable
in approach as nearly as possible toast appnouniation between them.
'Lire great problem was to proceed so as to arrive at that point which
would be a cure of the evil. A preveutive was more likely to effect
this than a corrective Act. An lion. Gentlemen had observed that
e- ere should be a convertibility of paper into gold. Taut Hon.
Gentleman agreed with the BoUion Canimitiec on this point, and
he (Mr. Grant) was of the same opinion ; but this specie" oleos.
nomy is a new meence, in which new facts and new experiments oc-
curred every day. Ile thought that those who wished to rely on
roe primmest cheek founded on the exchanges were not fully justl-
lied on eh/it reliance. Thecountry banker ',ammo instinctively would
recoil from It. The state of the foreign exchanges would be scrim. I
tom for reduction of issues; but this check might in some instances
operate hardly. It appeeled to the feeling* and passions, 1
rid In ouch a case many excuses would present them- '
selves to evade its operation. They might think that the
unfavourable state of the exchanges would be only tempo.
were, or that their stock of gold was sufficient, and under
suet suppositions and prejudices they would continue to act.
As Hen. Alderman (Thompson) had said that the late state of
the country bad been produced by °Teruo lung and oveeissues. He
(air. Grant) could draw very little distinction between two causes
so simultaneous. They were concurrent envoi/tallest; and there-
to/eft was of little consequence to which particular cause it attached.
In respect to the question of convertibility, it ml glut operate tardily,
and could not avert the evil, but in a state of sound currency it
Would be avoided. One of the greeted tele arising lento the de.
to country banks,--and it was one of peculiar aggravation,
—wee, that the p. eau,* in whu.e hands the small notes rested were
the bulk of the population; it was nut with them as with the
higher eisses, where the inconvenience would be but slightly. or at
tease partially felt, but occasioned to then distress, poverty and
ruin. The grand object was to prevent a recurrence of the panic
by introducing an adequate supply of currency, or if not to prevent
at least to abate the violence should it again occur. (Hear. bear.)
It was positively necessary to take away the evils and influence
rum proving whom acts went to ceche a panic amongst the great
built of the consumers of bullion ; the great object was to prevent
Cm country train running into extremes. the consequence of which
would fall on the lower classes of society. It had been said that
tne proposed measure would be an &Thome, interference of the
legislature, and which ought not to be; that every person ought to
be left at liberty to act her himself. If the question was to he decided
by the authority of seaters on the subject.it would be found that
Adam Smith had a proposition for restriction in pen of the cur.
:envy ; he had said that gold should be the medium between the coo.
s :mu and dealer, awl paper between the dealer and dealer. This was
supported by the BullionCommitiet, of which thclaw \lr.Hnrnetwns
Merman, and by which he did himself so mach honour; it had been
supported by Mr. Tooke, aid by his Rt. Hon. Friend the Chancellor
of me Exchequer, whose presence alone prevented him (Mr. (Inuit)
r;4111 expressing mere fully los admiration of the manner in which
lie had brought this question forward. In doing away the ten and
have shilling• notes in Scotland, could It he said that it was a law
against principle, or indeed of sixpenny notes in the same way?
and yct it was Orate' on the saute principle me the measure now
before the House. It was nut a Mite remarkable that the United
ee•atee Bank had found it necessary to restrict the baue of rotes
er-aler 61. He (Mr. Grant) was not willing to jurtfy this measure
en violation of principle, although Adam Smith justified It on the
round that natural liberty ought to be surrendered on that head.
Ordt of the elementary conditions of a %wand currency, and which
should be taken as its axiom, was its convertibility. Upon these
grounds, and for these reasons, he (Mr. Grant) would support the
ir4tloo of his Right Hon. Friend. This was a wide question; it
wee by products fluctuating that distress obtained importance; corn.
unbend credit was weakened, and the only way to meet the danger
. .

mass to put the currency on •• sound footini• anal real wealth would
to.low; while, it discredit were thrown oo the eircolating medium,
want of confidence must be real; it was a state of things with which
clothe? wealth nor enterprise could struggle, but if supported. pub.
tic credit would shoot up, and public confidence be restorer'
Meer. hear.)
it JOHN NEWPORT was foe some time inaudible in the
gallery. As soon as we could hear the Honourable Baronet, se
understood him to say that the over-issues of entail notes at all
timeseaused evils which could not be palliated, and which unfor-
tunately affected the lowest classes of the community ; they let them
subject to every casual mover of alarm. The neceiedly of the sol-
vent hanks hissing to an extent to meet the circumstances of the
times was apparent, and then he was to be at the mercy of every in-
dieus promoter of alarm. He 'Sir John Newport) would say
that if theeoMinerCe of the country could net he carried on, evils so
serest eaeht to be counteracted. But they could he turnished with.
mat artificial MGM It had been said by his lion. Friend (Sir J.
lr re.teeley) tb,tt this was not the time for going into this question.
It pained him (Sir J. Newport) to differ in opinion with his lion.
Frond; but not to du so was impossible when it was remembered
what had taken place, and the necessity that was generally felt for
immediate interference; it was theretore impossible to conceive any
yens so proper as the present. He (Sir J. Newport) hoped that
so end would be put to the possibility of similar calamities as
moss under which Ireland had laboured, and that no small meet'
would be issued except by the Raul: of Ireland. He did not mean
to say any thing to the discredit of the Batik of Ireland, and
he hoped that the system of small notes would not be allowed to
extend themselves there. This was the time to take cure that they
were removed—this was the period to remove them from circu-
lation, when so large a proportion of them had been converted Int.,
as ccse, and the object should be, not to allow them to grow up
eosin. (Beau.)
..t1•. Alderman 116YGATE then rote, as he said. with great re.
lutuincie, to cdito his observations. Weregret that oar limits will
not allow us to feller the llonotirable Member through the whole
of Its observations. He (Mr. Heygste) cemplelPed of the elate.
leant contained in the letter of kis .Majesty's Ministers, and asked
if it could possibly be true that his Majesty's 31;nisters believed
ice danger of the country to he past at a time *fun Go.
vetnnaeot securities were at a diecourµ of twelve shillings per
cca. The Honourable Member then complained of the con.
cast of Government in regard to the country bankers, by the
w.:hdrawing of small notes and refusing the stamping of others
tor the period to which the limitation was to extend, aid ridiculed
the writers on the subject of currency, whose opinions he described
se good fur nothing, contradicting themselves every two years. If
-V misters earned the measure before the House, they would find
shortly that theit hltuatious would not be so comfortable as they
had been. The Worthy Alderman 'Lid that he did not throw all
use blame on hie lilaiesty's Ministers; indeed he had supported
them on some occustene t that was when a vote was worth mime-
o:tog. (Laughter.) Not that by saying a vote was worth some.
th'ng that he got any doing by it. (Continued lan 411ter.$ Inlet he
mom,' was, aittsen questions were carried by halt a dozer. voest
only. The ‘PorthyAlderman thctrcondemnett the projected system
el joint-stock banke, which he described as a system not likely to
answer, when it was 'Mown that the shares of the Bank or Ireland,
upon which 101. each had two paid, fetched slow only 01. in
the market, mid therefore ft wiei not to be supposed likely that pro.
• p.e u: capital would embark their property in such speculations.
in America, in one province, paper w-s at a discount of from Ili to
XV per cent. If then', system was to be put In execution, the
Worthy Alderman said tie should like to see it tried hi some of the
large cities and towns, such as York, I.tvernmd, &c. Ile then
read a letter, *filch be described as coming from a most respect-
able individual, describing the state of that country to be of the
most unfotturiate nature—that vagrancy and rubbery w-re daily in-
(leasing from the want of employ by the meaufacturing clears
a^d this the worthy Alderman described as occurting in n county
where country bank notes of small amount dud' trot circolise.
lila Worthy Alderman then went on to say that the late calamities
bed been attributed to the circulation of small notes; but it should
bs bores in mnal that it was not likely that they had done all the

*awfullea feekiags, he would prefer
Allttee with the thew Owing the 11. Ili
*on thebti einem iu4 is disappoint the expect
Mr. C. ORANT46llltoccterrett in the w
deman who just addrees* there, to p into
wee desirous that the Risilwolo should be 1
He was however surmise.* hat the Mon.
much on the agitation whisk the qumuon hi
community. Such conduct appeared inconri
Gentleman bed censured his Majtety's Altt
the subject Into the King's Speech. But it
(Tom any 'Minion to the question, they would