The British Press; or, Morning Literary Advertiser.
London, England, 1819-05-20 00:00:00

BANK OF ENGLAND.

(Extrael.frnms tbs Frlde•ee taken teftwe the Secret row-
+settee qf the House of COM MONS, on the Hash Reattietiott 3
At a Court of Direetois of the Bank of England,
held on Thuriiday, the 2511 i of March, 1619 :
The Court hating Ink ell into anions consoler:-
lion the following Question., proposed by the Secret
Committee of the House of Commons, sig.
I. To what bother period, in the opinion of the Bank,
Yoth! the restrict ton 011 eagle payments to be continued ?
2. Mae the Batik soy engeestiolo 10 offer a ith respect
to any as-istaiire that isle be s thoded to the Rank, by
leris-
lahte enactment or others ise, fur facilitatiug the resumption
of cash payments?
RESOLIILD,
That the meridiem on cash payment% was altogethe r
measure of State necessity ; nod that the object for inquiry
1101 W is pre slimed to be, 11111 when the tank will lie prepared
to resume payments in specie 7 tint whether the public will
lie ob'.e to bear that reduction of the eiresilatisig medium
which a speedy adoption of the measure will resider indis.
',tenable?
That previous to the war, the amount of specie in circu-
lation was variously estimated, even by persons best quasi_
tied, from their **detail ii s, to obtain information. It seems
hooever to he agreed that it was about thirty millions ; but
a loiterer the amount, the whole 'sae been exported.
That ibis Court has never reeled to be duly impressed
with the great additional responsibility whirls devolved upon
the Bank gm the pawing of the Restriction Act, mid the
Directors hare uniformly endeavoured cemscieutiuusly to
discharge a most delicate and important duty.
That ronsieleratiects of refit to lite Wok have never in-
fluenced the Direcioni in the issues of their paper, hut they
have invariably endenvoured, as much as possible, to limit
the use ttttt nt ; and when 01l c ircsinistanees are considered, it
may justly admit of a gat. silent, whether, instead of cum-
p!aining of excess, there i. not rather ground fur sot prise
Ilinl lisp amount bas hero so circumscribed?
That in the comae of the years 1816 and 1817, a Lerner-
able turn in the eweltsitgem enabled the Bank to collect a aim
of treasure, which, in addition to what was already in its
coffers, would have been sufficient to meet the opening, if
the hopes which acre then entertained had been waltzed;
more eepecially as flw loans to Government, of six millions
soil of three wittiest*, were iii course of payment, and the
greaser post of the other advatices ou Exchequer bills be-
came sloe before the sth of July, 181 R, the (lay situ which the
/testric • Bill was 111 nave expired; that the system of
fleinnee, which is has Levu thought proper to adopt, mats met
favoured the onleseqnent liquidation of these advances, is to
MU degree attributable to the Baia:.
That this Cowl, belieritig there was a positive evil in
keeping teat of the general circulation the whole of Ike large
arissenut of gold whirls load been collected, .I.ler mined, in
some ,!eerie. to atiliri pale the opt wog, nod. act ordingly,
in April. 1517. adyeetieril the payment of nll notes under
M. distal prior lit January, 1815; and alibeequesoly, in the
mouth of Se/itemiser, farther advertise il the payment of
notes of every stesciiiitton, elated ;HMI. to Jams:try, 1817,
being to the aninont of many millions
'That list public, instead of availing theineelves of she
oppor ttttt illy thus afforded of old • • g gold fur notes,
brought their guineas into the Bank; and Iles multimued to
ye the ease till the issue of the sat. Fri; its and half. site.
reign% fur attach there was an immediate denoted, though at
trot only as objects of curiosity.
'Thal thus, fur a shawl season, there appeared every rea-
son In hope that Ilie resumption of cash payments, au event
sit which all lead looked with more or leo noxiety, might
Lave taken place imp, s cid ; but This flattering prospect
wan 4.f shot l duraliun ; li.e rxtetisive fitinitrial opt. atom*, tin
(lie emilini tot, in which tritivlt subjects haul taken so large
„ shpt., onus. g selienges, oleo 11, lieshaps, had been
forced above their sotto al le eel, lo fall so greatly blue par,
se In make gold, mere espteially the new runs • very ail-
vaillioteutis re...Mance; awl thus the Staub has beta drained
of a huge portion of what had been accumulated.
That a ith the experieuce already possessed, and after the
most 111.11111 r deliberation, Ibis Court is of opinion, that in
eider to 11w re-establishment of a metsllir currency, it will
Iwo pee1...1441f y that the Haute should nut unit he ;Provided with
a sullieiessi fund to meet the demands whirls may be made
at pou it, wills reference to the 141114111 Hi of its Own in Meru-
leti ttttt lint a supply meet alto 1w old:tilted steady, if not
',illy, squat 111 the sinuuut uf specie iu the culotte, previous
to the tier 1711.
That is awls becomes a qwestion, from what sources, and
iii how shore a space: of time, such a sum in gold is likely to
Le eiletnisied ?
Thai it mirror. ries Min, Mat little is lo be expected at per.
erne Gum Satoh AIIII4 ica. mid therefore it is to the Cocti-
weld of i.usope this comet' y mull chiefly look fur supplies.
That us di Filo-rating 011 this most important solojetl, the
Court comma it to lie no incontrovortihle proposition, that
any attempt lis Innis' in rani retain the precious metals,
r: hik list NC11311g01:1111. below par, must be amtvailing.
That the ta toil) can a ...sentry lie said to be growing rich
in cold anti silt er, when it receives them as the balance of
exposit.' goods actually paid for.
That a.ilotegli it must be obvious that the returns front
she Cus:ciii house books are nu stare erilerivn of the pro.
doe tiveness uf an (Aleut trade, localise adventurous per-
- ass afro expieet produce awl manufactures, fur a hieh they
rte., ive tittle or no return; still this Court is out disposed
it, take an unfavourable view of Ilse slate of oar foleigis
4 ttttt is must oevertheless be acknowledged, judging
faom the ,X40.111g4/1, that whatever the balance of trade may
be, the 6.14111 V of payments is greatly against this country ;
one: in the opinion of this Cooed these is hot much cocott-
e age to expect any material amelioration in the cx.
changes for the present ; nor omelet a sadden improvement,
w Milt-roe exteut, decide the quessi tttt as it is on a
elsdual and permanent rise imly that full itliaute ought to
tor placed.
That wills resitrct to the Content-Mal fustier operations
already alluded to, this Court slums not eousider their jui„.
riots, o Ifs its to be ho led by she investments which may
have already been matte for accaunt of Pettish subjects;
but it is appiebended that those operations, eluriug their
contsteuatiee, will contribute to keep the foreigis exchanges
tit no al Ilarltioll 111111 r.
'llllll this Court cannot regain from adverting to an opi-
nion strongly insisted on by some, that the Batik has only
au reduce its issues la obtain a favourable turn in the ex.
4 'salmi-a, 011111 a CUIIIINII4.III influx of the precious metals;
the Court conceives it to be its deity to declare, that it is
sinatile su 111111,1)Ver slay solid fouudatiou fur such a scull-
-1111411.
Thai gold is not iniperabutielant on the Continent is fully
neeestaisied, nod it follows that a new tompetilor .going
halo she mai het for an emus sum, must, by increasing
the slenialsel upon a I' led supply, materially enhance the
while. the quantity would seniain the same. That
yen if the gold could be procured, the Bank could only pay
fur it with its nudes. ,
'I hat it is contended by those who recommend a reduction
of the paper currency, that it will have the effect of lower-
mg Trier., wild dial (ancient/Ts will 'berth, be induced to
eater more of the produce sod manufactures of the country.
'That Ilse Court conceives this expectation to he 1011111 W
111 color, 'Hammel' as a pow rale of exchange has always
teen (1111,.11, nu it most favourable to exports; but that even
should a 11111,111.ary effect be produced, it would probably be
only a eli-adesidegeous anticiplifiem of the regular consump.
Simi, and insult in a serious reaction upon the trade of the
counts,
'that the. Conti can confidently assert, that the Bank has
never pursued its own advantage at the expense of the pub-
-lit interest, and whenever Parliament in its wisdom shall
11'1'111 Il to he most conducive to the good of the country to
take. of. the iestrieliois, this Court will be prepared to meet
Ilse exteelicy with every reasonable sacrifice but to expect
this Beak to issue guld at 31. 17..1034. per oz. however high
the price in the mailers may be, would he to impose a !navy
la.. limo. the Corpotatiam, without rendering any adequate
beiirlit In the !nubile.
That llwa Court hating Ihns deliberately expressed its sen-
timents, (ids compelled to decline giving any precise an-
mit r to the first gun • proposed by the Committee, deeply
impressed as the Directors are that the resumption of cash
payment., wish safety to the cutssiti y, must depend upon

eireulustanres %Lich it is impossible fur ►hem to foresee,
sud one which they could exercise no essential control.
That in reply to die second qiiestirm. this Court is not
aware of any legislative eneclmeutx which could at the lire-
seal anrnaµ accekrate that favourable alteration and per.
improvenseal in the foreign exchanges essential in
the opinion of this Court to the restoration of a metallic
currency; but fur reasons already n•signuml. it is deemed
highly desirable that prior lei the removal of the restriction
the Government debt to the flank Nhuttld be gradual!) re-
duced Su the exicut of ten tuilliuns.

EAST INDIA lIOUS'E, MAY 19.