The British Press; or, Morning Literary Advertiser.
London, England, 1819-05-25 00:00:00

hind, cordi illy ntorinc tner-ther with web enp.
porters to Mot nod ll'ooler, to loon down the
great fabric raised by the ittlintot.il howl, rof
Pitt —a fahnc which had enabled the country to

ram' on a tremendous war, to bring tlx ottanufae•
rim-sand rmnmeree of this country safethrough an

• ikons period, .eiol ni ike them, in the midst of
our difficulties, Boorish its Serious (ursers of tiie
giolie I warts the House wginost taking a rash
step. which it may not be itgttn able to retrace
lifter the injarr Shell he (lone. I appreciate ton
hil!hly die plan and the views of Mr. Pitt, to are
them hest de departed fern in this manner. I feel
'hat ill the view which I take of this siihj.-ct I am
eliiinsed by a very dear relation (his tom); but whets
e luau has errat public iluties to perform, his folic-
fool. are Peramostot, sisal his conscience, rather than
the ties of relationship, must ;covens its conduct.—
I hold ion highly the respecieblity of this Howse -
to 44111T,O*111VSett to hr influenced by any other views
than ►hose which a sense of pubiie slaty pressruns oil
se great question like this. I respect those who
iseisciewionsly differ from in., whin I know their
views air holiest and hoisourable.—(Hear, hear.)
remember when that druY relation was a child
So my arms that 1 will to a distinguishiA man,
though, !Mr. Pitt lie greatest Stateritiati of hits
lime; I also said, I thought that in a public lint
of file /I mail who discharged his ditty best must
at isata lie prepared to act ovum his own opi neon,
and that 'I admired null the man who coisscienti-
nosh, adhered to then). I then declired, that if it
pleakrat Mal to spare my life, and that of my soli,
olio was then a child in my arms, I should preload
him t,, my l'ollntry. I never had since ren.ini iu
tepeot that determination.—(Hear, hear.) —Anil
tliotiOi I slitter with that deer relation on public
topics. I still respect the man, and know he will
ever he governed by a sense of propriety. I know
that his head and heart are Its the right place, and
that if he is led astray for the moment, he will
soon regain his path.--(Hear, hear.)-1 shall not
enter further into a questing which we are tin the
eve of discussing, but move that the Petition
which I stow hold be brought up."
(The Petition was then brought up and read, it
was of the same nature as that presented to the
House of Lords on Friday evening, aud fur which
see our Paper of Saturday.]
Sir Jona Scaataler,.ia reply to the Hon. Ba-
ronet, contended that the Committee had eimmintd
competent witnesses before they made the P.eport
which the Hon. Baronet deemed so objectionable.
Hr should irally conceive, from what hail fallen
Loin the liamiarable Baronet, that he (mild Pint
have read the evidence glifell before that Commit-
tee, or else be could never hate said, the witnesses
were men totally unacquainted with the %object.
Ile likewise disagreed with the Hun. Baronet, when
he sent that commercial and manufacturing men
were alone competeist to pronotiace a just opinion
upon the subject. Ile thought, 011 the contrary,
that other men were equally cionpeteist to facia all
opininti upon aluestioss el this general interest, a
question which bore upon every class of society.
With respect to some individuals at the late meet.
isig, the Hon. Baronet candidly and fairly exone-
rated them from any
.impotution allaying beets dig.
orderly. Ile (Sir J. Sebright) looked to measures
wild rust to man, and he avueed that the conduct of
XI% Hunt and Mr. Vsittoler, so far as lie hail heard
it described at the last onto-ling, did them the great-
est honour. They had stated, if he was rightly in-
formed. that a power had been given the Bank
greater then any gieen to way set of persons in any
other tree coif tiny ill the world. In this observation
he most entirely concurred, and upon any ;ant-
tapirs of " ineesuses not men." so long as Hunt
and Wooler speak such reiltinients, they shell have
toy support.—(4 tatigA Jima the 2"reamtry
littirlies.)-11e would repeat, that so long as they
Skirted its this manner, tiny should have hie support.
Ile cum:erred iii what the Hon. Berourt obverted
upon the tfiarwter of his son (Mr. Peel.) Ile
should always be ready to do justite to the great
merit of that distinguished individual ; and if ever
there was one moment more than another ni heir
whole life. in whit ti he stood iii is more pre.eniiiieut
place, lit' thought this was that nioment.—( Hear.
Ile then enttiplutiented his IMajest)'s Government
tot the part they had taken ois the present item-
emit, and that the line they had drawn would,
sit his opinion, prove.the salvation of their country.
Whenever cosh payments were resumed some itte
euevrsinnice must be endured, and it was better at
nisi a to'prepiare to meet the difficulty.—(Hear.)
Mr. {_Javan/tr. could not entler the idea of the
Hois. Baronet (Sir Robert Peel) in 'go forth, that
this Petition represeeted the great body of the met..
chassis and manitlecterers of 'London, without ',Hy-
ing Oat lie held quite a contrary opinion •Pois that
point—for lie had 1141 hesitation iii stating, that he
did soot think the Petition was signed by any thing
like orse.fourth of the body who comprised thee mer-
chants mod nsenufecturers of Leaden. Had the
Hon. Baronet, when he talked of the evidence Rivet,
before the Committee, reed it..? if lie had, it was
sorely impossible lie could speak at he had done of
the witnesses. He would wet have talked of each
melt as Mr. Raring ben,„o, ineompeteitt—he would
out have spoken of such a lino:Peel mutt as Mr.
Tooke as being•igoorent of the *object. Ile inert-
ly roar to deny flint this Petitieti could be said to
reprtpent onr.fonoth of the greet niftiest& it pre.
tended to reio,..eot,
Mr. Meetly ate stated, that after the es care-
ful reedy:l.onm tit the Repent. he most say, that lie
lirltl l{• knew n mingle proposition it contented whirl;
lead born advanced by one witness, that was not cosi-
it:tattle.; by etiother. Their rvidenve wee, in
like the positive and isegetite quasitines copies:oil to
each oilier in algebraic ines.siire—stitke them out,
and the question stood as it 41.1 at fist' outset.
The Petition was thee laid on the table.
REPORT OF THE COMNI ITTr.E ON THE
AFFAIRS (ifs THE BANK.

Mr. l'Et.a. moved the order of the day for the
noose rr•olviarg threlf into r Cotrerutttee of the whr.le
Moose, to rotmtfer IX the Report of the Committer
sippotiltorl to roquire tido the expetitency of the
Re,umptiuts of Coati Poymeits by the Rook ut
F. laud.
The Nott.e havoig resolved it.elf irk, the Com-

Mr. PEEL fnd, he could not think it possible for
un indi►:duel to hr placed iu any •ituahon iu winch
1 *at, 11101, necessary fur hnsi to wake un *mind to
fist Mouse, col to *Omit +Trust► thew thvir paties.t.

indulgence, titan that ill which he then stood. fit
the perfortsiance'of she piddle duty winch had de-
voles il wit hits as Chairman of the C tore sip-
pint:aril to itivestigate the 'affairs a the Bank, he was
alsOut to call their attention to a subject,
which, 'in
his consciviire, lie believed, to he of parainouet
ini-
;seamier, Mfrs:tug, es it did, the toirroitl
rela-
lions, and Keough prosperity of the country-1
subject of not less difficulty than importan.e, to-
terwsiveit as it was with the minutest concerns, as
well as with the moat extensive transoctomis of the
empire. This subject hid within no very remote
twice!, seriously occupied the deliberete attention
of the Legislature—although it involves! in its con-
sideration principles allstroct and absti use, awl de-
tails too tedious and usiinviting to afford of general
imerest end attraction. It hail, however, employed
torsi of the first talents its that House. He believ-
ed all that could he seel on it. had already been
said, in a manner more clear and persoicuone than
lie was master of—and lie could ie. ore the House,
that whatever ortionsent of novelty it might want,
lie dill hot Benin to Supply, by a reference to party
considera l i 111 l s, to petty measures, or to party feel-
)—lf he referred to such comidera-
liens, or mode an appeal to such feelings, hr should
indeed lie an moven thy °rpm and repreeentative of
a Committee, from whose deliherations reel), sen-
timent el the kind was entirely banished.— eileur.)
—lie tweet saw a Committee from which party
frellio; was inure rigorously excluded—sir which
1(141114.MM a anxious disposition to make the
Public intrust, mod the public interest Only, the
end anti object of its inquiry—and lie was now
about to s ' •t to the House the Resolutions to
which the Members of that Column tee had ottani-
mnsoly—lie should rather say almost ottani 1111 l twly.
agterii. The Right lion. Geids-nein (11r. Tierne3),
also, by n motion, had expressed his dissent, was, lie
believed. the only individual who disstuted from
them. It was right he eliould state, that though the
final recommendation of theComusittee was generally
approved—though Gentlemen concurred in the
practical involute which ought to he pursued—
yet many of them ;strived at the same conclusion
by different paths. This circumstance relieved him
from much anxiety, because, though lie was called
of to recommend the result in which the Commit-
tee had concurred, he yet spoke only his own
sentiments—the setititoents of an humble indivi-
dual. lie had not consulted with any one—mid,
whatever faults he might commit, he alone was
responsible for them. He here conceived that he
was hound to observe, that since he had entered
this Committee, his ideas on the subject wlsich it
Was foamed to investigate, load sustained a consider-
Ode change. He tittered the Committee, deter-
mined to obliterate from his mind every idea of the
vote he had given on a former occasion—to act
without bias or prejudice—to comisler every twilit
dispassionate-1y —and to prepare Mniself to take, by
every meatus in his power, a inure minute view
of the subject than he had heretofore done.
He avowed, without scruple, that a change had
been wrought iii his °pion's'. He had voted against
the Resolutions proposed by Mr. Horner, in the
year 181.5—and probably he should now vote, if
it welt again brought before the House, in oppo-
sit to the practical measure then recommended
—but its the principles laid dun° in the first hut-
teen of those Resolutions—the principles which, in
Mr. Hornet's opinion, should have guided the
motley system of this country—in those principles,
with souse modifications, he was bound, as au honest
niris, to declare his concurrence.—(Hear./—He
said he would agree in their propriety with some
modilicutions ; and he brought, without slime mid
without repentance, this tribute to the grave or our,
with whom, though he differed on many political
questions, he respected for his character, and
edniired fir Isis abilities. —( thar,.fiese, hear. I
Ile *boutd now call the attention of the House to
the immediate subject upon which they were about
to decide. After the repeatedly-declared opinion
of Pediment, that it was advisable that the Batik
should, at the earliest possible period, resume
cash Payments, he bad hoped, that the only points
sieceirary for them to proceed on this night, would
be to fix on the petite! when the restriction should
erase, and to *slow the most feasible mode of car-
rying their ostention Into effect. But it was im-
pussihle him to conceal from himself that opi-
nions had been sent forth, which, if the House were
prepared to act on them, must inevitably !red to
an nolefinite suspension of cash payments. When
lie recollected, that the necessity of a resumption of
cash payments was recognized its the preausble of
different Acts of Perliament—i.when he knew that
io sine objection was niade to the principle, he
confessed he was net exactly prepared to hear,
that • principle the very reverse would be con-
tended for. But, judging from certain publica-
tions, by which lie feared the public mind was
influenced. it did appear that the return to cash
'posaments was viewed in some quarters with alarm;
mid lie came to this conclusion, that, if weight and
authority were given to the priticiplee aud
sentt-
mruta contained in those works, the Holier must
be prepared to legislate for an itultfitiite suspers.
non. It wigs, therefore, absolutely necessary ill the
out-et that Pairlienielit should make up its mind
nu this point, whether a metallic standard qf value
al Id or should not be resorted to? On tins ac-
ccuot it was, that, in the second Resolution, he
had called on the House to affirm nr deity the ne-
t...say for the adsiptioo of • metallic standard
Was it possible for any ruins to rogue, that, because
they had been meting ins a %heti-rent principle for 23
year., they ought nut to revert to that which was the
true system ? Could it be maititanied, that it was
improper I:o have a fixed etatidaid by which the true
salve of co 11111 l edifies could be aecettanied—by
which the different trading and commercial trims-
actions between men and man could he accurately
measured ? They had the example of all Eurepe
—th; y had the example of this country until
4797—in favour of a metallic standard; and they
could Sad, that it never was supposed in this
country, or in any other, that u paper currency
could he a standard of value. He appealed on this
subject to all the writers on political economy, sad
they, it would be found, recognised nothing bat
a metiellre standard as the lassie of value, Cs this
doetrisie, all the witnesses beinve the Committee,
with the exception of one, concurred. hey held
that a metallic standaid was alesolutely uocessary.
Mr. Smith, the individual who dirareited, was, lie
believed, a very respectable mate But let the
those look toshe dectrine be laid down. Hit die-

titled 01/1114,111 Ilia an intlefinit, „r
cash psyuirnls was the .... tit ttilviiithle course. He
ISMS asked, oliether this indetiode suspension 111/4•
to rata without ant' Monition of value ? Hr
answered, " pound should be the viand.
ard." Ile was reqiiireol too define what Ile meant by
the pound ? Ills was. " I I.llld it dillirult to
explain it, but every Gentleman iu Euglatiol knows
Hear, hear.)—TheCommit!ce repeated the
question, and Mr. Smith NOSW• red, " It i• some-
thing that has existed without variation In tins
mouthy fur eight hundred years—three hawked
years before the introduction of goolol." fir turned
'front the theory of 51r. Stool', 11110 he examined
the works of Mr. Locke. He had written on INT-
initial identity, of duration, oil space, no various
abstruse sobjects, but he did not miderstand the
meaning of an abstract pow's& lie wow Sir Isaac
Newton retiring Irons the sublime studies in which
he chiefly passed his life—from the contemplation
of the heavenly bodies—from an investigation of
the laws by which their motions were guided—and
eideling on the examination of this subject. lie
formal this great man coning", back, at last, to the
otil, she vulgar doctrine. as it was called by some,
that the true standard of value toosisted 111 a tle.
thole cpialotty of gold bullion. Every sound writer
int the subject come t,o the same conclusion, that
certain weight of gold Imllion, wills au impression
j of it, demoting it to be of a certain weight, mud of
j a certain fineness, constituted the true metallic
standard. New let the /louse look to «hat the sys-
tem had been sitter 17!t7. It was Ist vows to close
their eyrs ma it. Their danger would riot be learreusf
ed because they did not like to face it.—(llear.)--
If they hi•l it from themselves, they could net,
conceal it froin °them It was known by every;
country in Europe—and every foreign Jew was
able to calculate oil it.—( Ilear, hear.) —Snice the
year 1797, the issue of the circulating medium
was intrusted to 26 individuals. the Directors of
the Bank of England, and, in the country, to six
or 700 bankess—but it was on the security of the
Bank of England that the great superstructure of
the country 11:111k11 Wit 4 built. On what were the
issues of the Bank of England made ? Either on
the purchase of gold—the discount of mercantile
bills—or on Government securities. In this country
objections were made to the Government paper
issued in other States—and they made distinctions
between paper drawn by foreign Goveroments, and
that drawn by the Batik of England.—(Hear.)—
The question was, whether the distinction was a
just one?--(Hear, bear.)—The issue by the
Bank of Englund, for the purchase of bullion, or
the discount of bills, was comparatively little. lii
1815, the amount of issues of circulating medium,
on Government securities, was 35,000,0001.—m0d,
tBl6, 1817. and the present year, the issue of
Batik of England notes on Government security
amounted to .20,000,000 h—the whole amount of
circulationissued by the Bank of England being, at
the same time, about 25,000,000/. The notes thus
issued fur the public aervice were advanced in
the anticipation of taxes, or ditties, or on Exchequer
lolls, issued by the Government, which would he
hereafter redeemed, but fur the ultimate redemp-
tion of which no provision had yet been made.
flow. then, was it possible to say that the issues of
the Bank of England were regulated by the neces-
silica of the mercantile world ? flow could a dis-
tinction be drawn between paper issued on Govern-
ment securities, and that which wits set afloat by
the Government itself ?—(Hear, hear, hear.)—
It might indeed be said, that if the issue made
through the medium of the Bank was effected
directly by the Government. au interest of three
and a half per cent. would he saved. The only
difference between the issue of paper by the Bank,
on Government securities, and the issue directly
by the Government itself, was, that the former cre-
ated an capsule of a million a-year.—(Hear.)-1 t
was however argued, that thin was not a forced
issue. Was that a valid distinction ? What did
the public creditor receive in payment of the interest
of his money ? Did he not receive Bank notes ?
Was not his sole remedy, if he disliked paper
motley, to decline receiving it, and to make up his
mind to wait till that period should arrive when
cash payments would be resumed? Again, it was
said that the Bank was perfectly stable—that it pot-
seised funds for the liquidation of all its debt. He
admitted this—and, therefore, there was a clear
distinction between the issue of Bank paper and
that to which foreign Governments gave currency—
because the latter did not possess the solid founda-
tion of which the former had just cause to he proud.
But, was that any reason for declaring, that the issue
of Bank notes might not be excessive ? It' it were a
goad argument then the reasoning of Mr. Law was
correct. who said •r they might convert the land,
and all its produce, into paper issues--.and, pro-
vided there was a foundation to support them, those,
issues were nut excessive." These was, however,
no proof that there was not an excessive paper issue,
escept when paper was absolutely on a par with
gold. They had example, and authority, and mi-
st/II also, for the adoption of a metallic circulation.
If they looked back only three yews they would'
recollect a state of things which ought to fill them
with a sincere desire to put an end to the existing
system. In 181.;-15 a considerable increare of trade
and commerce took place. Every thing appeared to
prosper. Exports and imports increased wonderfully
and they flattered themselves that the prospect
%Inch opened so brightly upon them, would not
speedily be overshadowed—bet. in 1816.17 came
the necessary result of the unnatural excitation
which temporary circumstances had occasioned.—
( Hear, kear.)—There was a great increase of pro-
perly, but they could nut create au increase of
demand. The prices fell—rind many of the coon-
try bookers were ruined, while others, terrified for
their own security, refused any accommodation.
The country recovered from tins shock. its 1917-I'S
an increased issue of Bank paper took place.
The Issue of Batik notes in 1813.14 did nut exceed
23,000,000 i.; in 1814-15 it was brought up to 45
or 26,000,000 h; sod 1816.17 presented the pros-
pect which he bud alluded to. llit 1815.16 the
amount of the circulating medium was limited to
26,000,0001. iii the latter end of the ve..r 1817 It
was suddenly increased to 29,000,1,00 h and there
was also a large issue of gold. What was the con-
sequence ? Immense speculations :were again ens-
balked in—intportati )))) s were made front every
part of the world—and individuals were deluded Its
believe, that because they could procure 7/. for that
which 047 had only paid 6/. the prosperity of the

entintq tens placfal on tt Pure fauntlition, and that
neer ilv.ee‘t latiaao wool,' continue iortoperniso to the
end. The market beesuirglutted—the country hanks
Were sgAiti distreed —soul 01..1111'111e Went or I 1 6
woo meted over Coufideoce was destroyed—
cotton fell 31) or 40 percent.—individuals sold I.:the
HMI krt at a 11114-111 e bankers were attain alarmed,
and withheld their oupply —end miseries, not &mired
to the saute extent as 111 1816, but arising from the
Imo.. causes, lieCOrred. TO the evidence on this
point. his 11011. F. 141111 (Mr. .I rryatt) could not
object.— ( Mr. Neel, un directing bin egyv toward; the
pl ace where 411 r. Alarryart sat. abscreed Mat the
Alenther laid appeared as if he was napping.)
—He W4ll extremely sorry that In, Hun. Friend dill
not take so •li interest iu the gip %Ilan as he
expected lie would have done.—(AltreA laughter.)
- practical illustration of the correctness of
what lie had advanced. he would introduce hue
statement—and one was as good its twenty.—
Mr. Gladstone, the Member for Liveritoll, and
who was very exteturivAy engaged in trade, stated,
that, in the year 1817, the imports or grain
and provisions, from Ire' Ind, into the port of Liver.
I, amounted to 4.240,0001. —acid in 1918, to
1,955,01101. The tof cotton Imp Iteil into
Liverpool, and lying there,

In 11116
In 1111/
lu ISIS
If there were a demand for this proverty, it would
be a great sourer sit coograttslation—brit, if three
were sin demand --if the different commodities felt
vudilenit 40 per cent. in value—iihl if iii the end
of 1418, to use the word. of Mr. Gladstone. there
were greids, to the Hinman! of 3,000,00 d. lying In
the port of Liverpool, n!),•ve the tiumitity winch;
were deposited there in ler, —w list was the conse-
quence ? The importer did ant derive ally Lem tit
from these speculations—but what was the Inevita-
ble eoniequelll'e to the labouring classes of society ?
Those alterations of trade, prosperous at one time,
and languishing at another, might, perhaps via
the *hole, appear of little importance—but they
certainly deranged, and deranged in a very
great degree, the state of the lower orders of
the community.—( Hear, Itear.j—There was no
certainty with respect to the price of labour, which
was at one time high, and at another period low, as
circumstances operated. Ile wished to speak boldly
on this subject, and not to conceal the impressions
which his mind hail received. %Vheo lie heard of
such distress as that to which the Hon. Member fur
Carlisle (Mr. Citrwen) had recently drawn their
attention, he could not help thinking. that however
flattering were the accounts and figures they pro-
cured from the Custom-house, those outward
and external symptoms of misery roust lead think-
ing men to entertain a suspicion that there was seine-
thing unsound within.—(Hear, hear.)—Was it
possible to look to the amount of the prior's rates
without coming to this decision—that the present
system was not a good one ?—(Hear, keur.)—
This was the effect of au inconvertible paper circu-
lation. Unlike the works of Nature, it carried no
counteractiug principle within itself. Speculation
ought rise to its utmost height—every mars would
seek, by discounting mercantile hills, to derive
his share ofprofit from the agitation of the moment—
but when disappointment induced a state of languor
and depressiun, that which administered excitation
in the moment of fever, would afford no relief at
the period of exhaustion. Then the manufacturer
found it necessary to contract his issues he would
be guided by the signs of the times"—lie would
even press his claims sin solvent customers, in or-
der that he might not suffer from the evil which lie
apprehended. This added to the general server-
time because the manufacturer mid the 'Horned
men wished to provide for their own security—they
did so, by refusing assistance to sortie, and by
pressing others. Thus the distress was ren iered
more general and more severe. If these were the
cone quelices of an inconvertible paper currency,
was it not proper that they should look the diffi-
culty in the I.ce, and exert all their energies to meet
it T—lllcor, hear./—lf the Legislature g ve way
to the arguments in favour of an iudetittite 505-
pension, let them nut judge of future ruiefortune
by that which the country had formerly suffered.
En the former periods of distress they still hid
in view the resumption of cash payments, at a fu-
ture day. The monitor had indeed been removed
.to a distaisce, but the voice was not totally lost.
Repeated declarations imposed some check on ex-
cessive issues. But if they once told the parties
that they might go on as they pleased (and eu they
would if those delusive argument. were successful),
there ivpuld be no control whatever over them.
Every thaw would be left to their own sense, to
• their own discretion, to their own •judgment—sand
what security was there, that they would nut bow to
the principle which all men felt, and exert the power
thus given them to support their own interest and
further their siren welfare. He, therefore, called oil
the House to agree to the second Resolution, and
deelare that it wits necessary to put an end to this
system. If they conceded that propositionwhe would
;then ask them to coueider the mode in which their.
determination might must couveniently be effected.
In order to discuss the plan which the Committee
recommended for the resumption of eash,paymeutp,
he thought he could not choose a battee'coutse than
to detail to the Douse, in the first itistanix, the
alternatives that were presented to them, accompa-
, stied by the objections that were opposed to those
alternatives. -The Committee had it in their power
to select one• of foot Caches—first, they might have
cemented theesseleys with a declaration that it was
inexpedient tectisumence cash nepotists on the esti
of jets tally, but that they ought to be resumed at
some futtireiseviOd. Ijut, suppose they had dime
this. would &my man have believed .they were in
garuest ?--(jieur, hear.)--What had appeared,
since die Hewn of the Committee was published.
oleurly proved they would not. It was necessary
for them to " screw their courage to the dick-
i.ig in order to convince the meld that they
had set seriously about the work.—(Mass. hear,)
. five different occasions Pediment declared
that cash payment* ought to be resumed as soon as
possible ; but the public doubted the sincerity of
those declarations. A few nights ego. hie flight
Hots. Friend (Mr. Vansittatt) was taunted on ac-
count of the Reeelutiouti proposed by him iis 161 t.
Rut in those sery Iteliolot it was dimitictly af-
firmed, that though' it was not then convenient to
proceed to cash payments, yet that they ought to
be aeserted to as irpcesbly as posbasle, Those who

voted for the It-solution% recognised this prinripl,'
decidedly. In the years 1814, 1X15,41111 1816, tLe
resumption of cult p %%Amiga. ssas regul t. le
potted—lnd nOw, in 1819. it wits hr..l•osed to toe.
haute the restr.etinu iii a muddied ham.
1011. Here it was nevets:ry that !ley timid(' de
soinethiiig more than merely restate thri, ni„„itto
that cash paps'. atm ought to be retooled. Adi,
other alternative, which, he was ready to *.loin,
he was at first Inc•:turd in favour, was—that the
Legislature should, in the preamble of the
of ratliatnent, after ttattog the eittietlient".• ;11
postponing cash paymentP, lay dowis
ration of principle by whir.' the Batik ►iiiito
in future Ise guided. But, he thought it impossi-
ble, on mature comoderatiosi, for any person tort..
the evidrist., wven 11rfilre the Cutaitaittlet.,
withaut seeing that this plan could not be pursued
with any prospect of benefit. It would be, io ti,
first place, a declaration of principle by one 1...r1y,
leaving it to another to adhere to, or di.tent `re,,,
that principle, as it might appear to them correct
or incorrect.—(//tor/—Now, If tie laiitly
were .required to act on this principle, acre to
deny that the proposition wits v.ell 6111114,1,
•lid stated, iu colltwqUettCP, to the Commuter,
their upittiois, that it wus lint borne out hr truth nr
experience, he was sure no Gentleruses *AII4 "„e,
tend that it would be fair to ask 'hem to .1(Ito1,t
line of action, the justice and arettrary of
they denied. The Resolution of the Culotta(' D-
reciots of the Eitlt of ,larch, pia: ell this leuirt
to a clearer 1%14. The Comienttee thaitisd it Liss
cessary to ask the Bank for ma answer la the ton
following irestiont :
To what further periuil, in the opinion of the Itault,tteel4
the restrict ))))) ou cash payments to Lr cottimit-it
Aire the flank any sogiretition• to Mitt waa is t.sp- et 1,1
any assistance that can he affirdeit to the It auk. La e ¢...
I.lllVe enactment or otherwise, fur fact It tat ing tt,r telMitipliuti
of rash payments!

The 11.11,k deliberated upon tlrrsr rinesnois..l.
roil in their answer the lolluseing passage «as no Le

That this Court cannot refrain from advertirtg to an op..
Ilion strongly insisted on by Norm., that the Kink hAs oily
to reduce its ISstip3 to oblain a Citmutahle lard in the
changes, toil a ennsequent influx of lac preemita metal.;
the Gina CPUCCIVeIi it to be duty to declare•, Ihal it t.
unable to discover any solid foundation, for such a senti-
ment.

He believ,cl that this was their conscientiou•
feeling—and he only mentioned the circti-ii.talice
to sliest/ the impulicy of asking a body to act oil a
principle which they thought untenable. The
third alternative was, a posit ive linfitati.ni with re.
*tract to the amount of Bunk noir. 1.. con nhauan.
He, for one, confused that this always apprmrtd In
flint to he a very unwise proceeding—and, tar
this reason, that, at one moment, circumstances
might occur, requiring an extension of the I.soirs.
while, at toothyr a cut t iilment might he ireceteari.
If ir period arrived, when, as in 1797. a run was
made on the Bank. from a failure of confidence.
and the market price of gold did nut veered Ow
mho pric-, then it was the opinion annuity et.iw-
rienced 'tiro. that the ILIA issues might he ex-
tended. But, if there were a run on the Bank st
a time wheat the state of the exchange ass
vow:Ale, and there was a rise in the price of void.
there was no other remedy but a drerrame ut issue.,
They must therefore crone to this conch u4ion,
nothing certain could he inferred from the amount
of Bank notes nutstunditig—and, therefore, it would
not be right to prescribe the qualitiry of Bank
notes that should be issued. The l'ourth alterna-
tive was that which they had adopted—il.e v 1,3,
which was contented in the Report he had
honour of laying before the House. It wont nor
the principle, that the Mink should regulate rt
issues ricer's-thug to the price of gold. The Keit
acted ou this priuciple previous to the restriction to
1797. They found the Bank with probably a
smaller quantity of treasure than would he required
for the restimption of cash paymeirts—tliev found
the price of gold iii the last three months 4/. Is. per
ounce. They found the Bank in advance to Govern-
ment, and those advances not convenient to he paid
immediately—and, under these circumstairo a, they
conceived it would be a great convenience t• the
mercantile and manufacturing interest., to postpone
the resumption of cash payments, roof this was dune
to * period longer perhaps than was contemplated
when the Committee wes first formed. The tortoni
proposed was four years from the present tittle—
, but the proposition was accompanied with r•tich ar-
rangements us would prove to the ensintly they acre
in earnest in what they had dune.—(Here the Right
Hun. Gentleman briefly deteiled the plat', as set f
in the Resolutious.F.The modifications under which
the return to cash payments would be effeeteel.
required, by this plan, much leas treiroure than if
the Bank were called on to pay at once in specie.
The demand for gold front the B oak would
be for circulation—for curiosity, to which utuch
of the issue of 1816-17 was attributed...or far
regulating the course of exchange, by procur-
-1 ing bullion, in order to export it fur a profit. AS
a part of this plan, and preliminary to the re•
sumptiou of cash payments. they recommended did
part of the advance made by the Bonk to Goverii-
ment should be repaid. This eircnintsatice had
missed much alarm, and been greatly tntsund-
stood. It was thought by twine that there wool
I be au immediate repayment of the 10,000,4Pr0.,
due; which, to that amount, would be an akt).tsae.
tion front the circulation, and would tem!
cramp trade; but no such prorserhog was c 0..-
templated. The object of the Commiitee woo.
be perfectly attained by a gradual repayin-,it
nor was it necessary, in Ili, opi iiiii tr. that r e
I payineed should insate,• in order to
Bank to proceed on the new systemrat Felonies
1820. But they thought it was necessary to i<-pas
the money gradually. because the Wok -AA.
they required it—and, if they chose to their.itof
it, .they certainly had a right to do va, aid to
see that steps were taken for the liquidation of
the debt before any restrictions were imposed
on them. Still; as he before observed, lie saw Ira
necessity for refunding the whale sum. lie cauf.l
nut peruse the paper emanating from the Bank,
which had bee° laid before the House that .lac,
without feeling a strong desire that die Ctlttlitt,
Gun between Governineut and the Bank should be
changed eltogellser.—iffertr, iteur.l—He wished to
limit the Bank to those traiiiiactiona which that

body ores orignaally formes' to esresse sosl ert,oJe
user.—(flcer, hear.)-111 that paper there miss the
following possaxe:—
" But as it is iscumbeat on them Dirretyi•; to cos-

F