The British Press; or, Morning Literary Advertiser.
London, England, 1803-02-12 00:00:00

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one of those who recommended that measure, as
he imagined that as much improvement might he
obtained in twenty-one days as in twenty-eight days
exercise. It was however subsequently thought, by
persons whose opinions he held in the highest degree
of estimation, to be a system of economy not wo:thy
of notice at the present day, when it was so highly
necessai y to maintain the constitutional force of the
country in a situation to render the most prompt and
efficient service. It was thereforeAonsidered a more
eligible plan, to exercise for 28 days. He had the
e satisfaction of stating to the House, that such ar-
rangements had been made as would render the ad-
ditional seven days no great expence ; at present the
amount was about 200,0001.,per annum, and an ad-
dition of 18,0001. only would be the consequence of
adopting the measure he had the honour to propose
to' the House.
• , Leavegiv.en to bring in u Bill accordingly.
BANK OF ENGLAND
•The CIIAICELLOR of the EXCHEQUER
• moved the Order of the Day, far the House to re-
solve itself into a Committee of the whole House,
_
*. to take into consideration the further continuance of
the Bank Resttiction Bill.
• The ATTORNEY GENERAL moved, that it
should .be an instruction to the Committee to amend
the Act, by the introduction of a slight alteration.
.elly a clause in-the Bank Act, in order to hold per-
•
sons to bail, it was necessary for the Plaintiff to state
• in the affidavit of debt,that no tender had been made
of the debt, or any part thereof, in notes of the Bank
of England. Considerable inconvenience had arisen
• from the construction of this clause. When the
sum for which a Defendant was arrested, con-
tained fractions of a pound, it was impossible for
the Plaintiff to comply with the Act, because there
were no Bank Notes applicable to a fractional part
of a pound. This, however, was deemed a sufficient
imperfection, and the Defendant was, in consequence
of such non-compliance with the strict letter of the
Act, discharged nut of custody. This never could
have been the intention of the Legislature. Ile
meant, therefore, to move a Classe to this effect, that
when application was made to the Court to discharge
a defendant out of custody upon the Clause in the
Bank Act, it should be accompanied by an affidavit
on the part of the Defendant, stating that it was pos-
sible for such tender to have beenmade.—Agreed to.
The SPEAKER having left the chair, the House
resolved itself into a Committee of the whole House.
The CHANCELLOR of the EXCHEQUER
rose, and moved, that the Ideas in the said Bill be
filled up with the words six weeks after the meet-
ing of the next Session of Parliament."
Mr. BANKS thought a shorter duration of the
restriaion would be a measure more satisfaalory to
the country at large. He did not mean to offer
any opinion on the propriety of the measure ; he
thought that the Bank should not immediately
resume its payments, nor should he he for inve,ti-
gation, if it was found to be improper; if he
thought so, he should not trouble the Committee in
that stage of the business. But he was in such a
state of uncertainty for want of proper sources of
information, that as a Member of Parliament he
should contend no sufficient grounds had been
offered for adopting the present measure to the
extent proposed. It was to the manner more than
to the propriety of the measure he objected, and he
thought they should pause before they sanatiimed
a measure of such importance, and which affected
the vital interests of our commercial concerns—
It was a measure originally founded on necessity,
:titer a full, satisfatiory, previous enquiry in a com-
mitteea at that House ; and he believed the enquiry
which took place in the year 1797, so far from be-
ing attended with any danger or inconvenience,
tended to establish the solidity of the Bank in the
most unquestionable manner, and reflealed the
highest honour on the prudence and management
of those concerned in that establishment. But now,
when Peace was establised, and trade began to fall
into the usual channel, it was to be hoped, that the
necessity which originally occasioned it, no longer
existed. We are told, however, that the course of
exchange justifies the adoption of the measure.
The exchange, he understood, was at par ; he had
also heard, with sensations of delight, that the ex-
parts and imports were in our favour. Where
tnen was the danger of money going out of
the country, or that the means which raised the ex-
change from a state of depression to par should
tarn the exchange against us? In feel, we may soon
expert to have it le, our favour. lie said, there were
two reasons given in support of the Bill, viz. That
exchange was at par, and that small notes, including
Country Banks, were issued to such an amount, that
a very great run would be made on the Bank if pay-
ment in specie was resumed : but if the number of
small notes was an objeCtion now, what state shall we
be in at twoor thrceyears hence? It was with pleasure
he heard his Right Hon. Friend say, on a former
night, that be looked forward with pleasure to the
period of the Bank resuming payment in specie;
but when will the country be considered in a stable
state, if every fluatuation of the course of exchange
will be sufficient to impose a restriaion ? If his
Right lion. Friend should say, that any political
motives, which it may be dangerous or improper to
make public, had occasioned his present interfe-
rence, he would rest satisfied, confident that the
Right lion. Gentleman had been influenced by im-
portant reasons of State; but no such reasons were
assigned. Another Right Hon. Gent. had argued
on the danger of enquiry ; but, as he had already
observed, the Bank never stood higher than when
an enquiry had been made in 1797. The cash and
bullion had increased five times as much since that
period. It would, therefore, be highly desirable to
know if the Bank was preparing against sonic
event which, sooner or later, must be known to
every Member of the House ? We ought to consi-
der, that what we do now will be a precedent, and
we should look to the influence of such a systern at
some future time of alarm, when it is probable the
Bank would again avail itself of such a cir--
cemstance to withhold its payments in specie. If
this opinion once became general, our credit would
be very different from what it is at present.
The situation of the Bank has become better known
by the reports of Committees, which have given an
opportunity for reflection, and shewn, that without a
proper controul on its opal ations, and a cheek on the
issue of bills, fictitious capital may be increased to
an enormous degree. He must also observe, thong},
he by no means intended to insinuate that such is the
case at present, that any connection between Go-
vernment and the Bank must be injurious to public
creilit, where one party has such a powcr of al-
fording protection, and the other the means of giv-
ing credit to an eleeseive degree. A Noble Ford

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