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

Lk, 0,,, egret of say venture to be adopted. Si Operating
i. , ,hr,, m'o'ot issue of their notes, by which all the pet.
~, •
.0 it, ~,,, are ireulated, sad of which thew/1101, eneeelicy,
~,,,,, of the IWO% of prorate basher., is errinposeri, they
~„...tv,s obliged. by the new stymie. in which 1101
'17„;
~
1, en li:iii:rodh..lawyritehetirskinitsrorbetior,ulAarbtwehf 11:17,
ova, ribrwarhirstil
m.
~,, weside, door their duties In the community at bray,
~.., „ interest, in a pecuniary tool commercial Mato .... ,
, ~ a great degree twee confided to their discretion."
-•.inn)
, ',,,lme this paragraph, he preferred no eons-
l':iiit against the Bank—he threw out ors imputa-
t,„, sollot that body—hot it was because it COO.
„Ile,s a melencholy truth, the he *ldled to absolve
• e Government and the Berk fr this c0miec-
t,,,,......1r was impossohle for him to consider the cir-
cono,iices u oiler which the Bank otigniated, soon
alter the Revolution of 1688. without feeling great
Worst in she prosperity of that borlv—ept, for the
VreaCOS, he felt a high degree of personal respect.
Ile lead this extract from their letter, because he
believed the .tatemeid contained in it to be true—
st(' he v,„,11.1, twist willingly, relieve them from
the ~,,,,,,,,. dray of attending to the interests of the
commis ity at large. —(fleor, hear.)—lt *as lint
the Pink dint assumed those duties; It arose
fruto the virConl%tatter of their having passed, and
ft,t,it ti.,,, to tone, cool ..... Pd. this Restriction Act.
i„j„,s4lllis, tho hail giver' up that great duty which
the 11,11 k had undertaken. Ii was the duty of ibe
byaisiiire, and not of . the Bank of England, to
anosi in the interests of the community.—(Near.)
--3,eni.e thee had transferred it to the Itink, let
ihr.ll not blame that body for eicercieng their
seer--,to, let ihem rather. by • great exertion,
freover hick that authority *Mesh they had so long
.! ireattsl.—(ilear, hear.)—lt was on this ground:
nut livery* it true necessary to carry the plan of
the Commoner tutu effect, that fie wished for a re.
payment of the *OM 'Me to the Bank. 'rise Right
I Graitlein to then proceeded to argue. that
there mei la fs..IssOIS SO inipl'elleild, that if the W.°.
hocias of the Committee were agreed to, the Batik
*road be obliged to kern it. issues. He could
rruve to the sausfoction of the House, that an in-
crease of issues was not incompatible with the
1,1.0 row suggested. They were told, that it Oaa
elelthisret Iti tie down the issue of Rink lintel to •
pr patio. with the roe of gol.i —hut di it in my
ralier circimistances effected shit price, mid that
tile Bank was thus called on to do an imposed/le
11111,4. Now slim would be au iirguntrui eganist
rtes fevutatilj, rush pope .nts. If it were a good
',own far mot paying tu cosh, at the rate of
.ii. 17% 6.1. per Ounce. it was. ofetfitsei, a conelu.
ere argument for riot puyino at SI. 11+. Mid.
What did the istuk di, from 1774 in 1777 ?-
I.licy then paid in gold, confloining their issues to
tiw price of that *fetid, which. thiriog that period,
over rose higher slims 31. 178.44. lief ounce--
Tim% when, -by* trijislative provisinii, the Bank
sari obliged to -pay in gold. 'it Vie done without
ii.fficulty, and. gold did not. in consequence. rise an
prim, When they tolkod of the inter of Rohl ris-
-141::, it would lee weil to bleier. has the yak. of
POI risen ? Abstract the pen* of gold from the
Oise, es ettittm/rd frith vAl•reitet to euy other
commodity, and inquire, did geld come:and more
f s:lver, more coin. or allure of sue other fixed article,
thou it used to rho? So far front that heilig the case.
it positively ci ttttt uniided lets than it bormerly
did—and on this accowses. bemuse they bed Annul
•, substitute fur gold, arid, net I that, because
they had a greater stock if this metal. mid, conse-
florally. its value was less than it was fifty years
.igii. They were toil, that the price of gold was
wised by t ligation. Bet this was a fallacy. Gold
nail ri.reri to price when the ainouiit of taxation was
incorisideral.le, and it had rodeo, when the
arsuarit of taxation was extremely high. The
Bight Honourable Gentleman then entered into
a detailed statement to slow, that, though the
IreVrllllol had incremerts though the trade of the
ema.try was ra,etolea, Ind taxation was mud s
gr..,or that at any former period. yet tittre was no
hro-sity dial there should be a corresponding in-
error in the circial.itirse medium. 'rn prove this.
be riiiiiimreil the two joriods of 1792 and 1819.
In Ow former perind, the circulating medium, gold
soil Bank mites, unwonted to 36,000,0001.—w "Ile.
lii 1619, it reached little more thins 19,000,000/.
Yet the loner sow swat round perfectly adequate
toile all die work of ittere;tfreil taxation, revenue,
roinmerce, 3.;:c, although those different items
viriatlrupleil, iii many instances, what they were in
1794 ohm et circalatiou of 36,000.0004 was
touted scarcely sufficient. This was accounted
for by the superior facility which Was given by
.:tratta of banking.l es, &e. to mercantile trans-
"t"l'ilis. The Right Ham. Gerrilenctil having review-
«d ell the arguments against the plan, proceeded, in
s very t lotitrent strain, to point nut the necessity of
returning to the U111:1rIlt alslllll.llll. which wait so
often mentioned in the history of the country. A
ri formation in the currency had been effected
at three different periods. In the reigns of
F:dward I, ',lumen Elttsbeth, sold William 111.
...Edward I. though occupied with the con-
quest of Weirs, and preparing for the subju-
gation of Scotland, turned Ins attention to this
,inpuitatit subject, and caused a measure to be
sdopted which was spoken of as an net of spirit-
tit legislation, NMI of Much jnatiee. Queen Eh/A-
li-di, under circumortaliced of great peril and diffi-
culty, in the second tear of her reign. determined
san a similar reform, by the advice of her Mtritider
L. 1.11 Burleigh. There were not wanting thoie who
, wished her to put off the manure to a dimwit day,
all at count of the enemies that isdriled her from
*idiom, and the derigers which threatened her trum
sittitu. Borleigh„ however, advised her to proceed,
i.hserving, that the reasons adduced to dissuade her
Clot) sorts a step were those that ought to under
leg mare anxious to go on with the great work.
11 the learned work published by the late Lord
Leopold, it is noticed, that this circumstance was
tur:,ta.ned wish peculiar applause in the inscription
1.11 her tomb. 'rite epitaph set forth, that she re-
-1..e0-r1 there after a reign of 45 years, mid narrated
ail the Itrilliam exploits of her reign, and rte her
claims on the affections of the pedple,.; " Gedirra
Icilis intesismis pareipiti sublbrita, Belgic sissies-
Iwo, hivintiea classr prtfliguta"--but, above all—
" Mimeos &dimities seeress, Fedor's."
'(Hear, lietir.)— II ibis great Q.men, , under all
11'''r tblficultirb, had the altablimess tot fleet such a
r`I6IIII, would it nut be diseciacelul to them, if, in
NI ',midi of peace, they refused to achieve PO
li't• t•ill y a work ?--(lfoir, hear, bear.)---The
.s 1-,,m4 wive* tiir eirriney Was refut Well Was

ill 1013. iw the Men of William 111. when 111;4
country was engaged in I minguioury war for the
lib -riles of nuttope end for the security of 10:1
thr me. At that time Nome of the rump al gotneetoX
which were snip inducer' tigtiitist the Retiliniote. of
the Committee were Tide stoke of lio di.icatirage 1
iltr prol -11. Mr. Loweirlea, the Sretrinry of Ibr
Tirasury, wrote • work in opposition to that of
Mr. Lurks.. Mr. Lowoodes contended that the valtie ,
of silver h risen, in conaequence eil the tocreicool
demand. It wee, he rent:lrked. then at lb. oil.
per oz. wheresa, in the wood old tittle* it wise 11111 y
se. ‘2,1. slr. Lowitilet then proceeded to 'rem., thst
thtllime Wall 11w standard of valise. Tina Mr.
Loeke tleolirif, averring, that it wise not the rotate
that insist it wed the stasithird of value, tinl a get dill
weight of bullion. Ile admitted that it would re-
quire of Mr. I.owndes'a depreciated coils, six shil-
huge and tvempence to purchase an ounce of til-
ver—hut that, with tire good Mint shilliugsanJ t
pellet, 811 01111 Cr tit etlVer might the"' be bought.—
Accordingly N 1 r. Locke, when Mr. Lowndes
had ecktiooledged lie could not ft an abstract
idea of a Lap! Mayor—(il lames) —adhered to his
oriaitial way of tholkiitg, and said hr could not
form an übstraet 104 of a pound -and of the same
Idea was he himself (11r. Peel). Thr sittiatinis of
the con tory, in reference to the great qucto ion rut-
tier discussion, was something blinder to what it woe
.the sear 1695. It was in this year, two years
befote the cooalu4iia •:, peace, that the important
duty devolve 4 atillar'&l4 Nloutagsse of endeavour-
tog reerwitwri Ilse currency of the country to its
mien-tit state. The arguments on thtr one aide mid
the other then used, bore mi striking a resemblance
to those brought forward at the recruit cotiutic-
ture, that lie entreated the attention of the House,
while he blllllllll recite them as mentioned by the
historian. l'lte reasons urged against the ineatatire
proposed were, that that was no fit 'Cason for
nrtaking No hazardous an attempt, just after the
italluti hail beetle engaged in an expensive war, at is
ante when beasy totes welt- to be paid by the Iwo-
*, when the public debt had been iiicreased,
when commerce was in a latiguisitino state, and re-
quired iustead of is cheek, every assistance and en-
Cddriagellllllll. It was said such a violet', change
would lay the axe to the root, and tear up the
foundation of the Government, mid that it ought
by no means to be attempted at that period. To
this Mr. Moistie-te replied, that the disease
wools' every dty be growing worse, and at length
become incurable—/I/grip, heorl—that the rite-
my would be discouraged at seeing us on boldly
her Our intermit difficulties—that it would create
air eastern fur the Parliament in all couaries
sinned, to observe it conquer inconveniences and
evils that had been looked upon as insuperable.
Such were the arguments for resionng to the
triunity its ancient coinage—end it was restored.
Was there any overwheltning oboattle in the present
state 'tithe country, snore than at that perm', to
prevent the wowing a similar hen, fit on the 'na-
tion 3=-(Hear, *air )--He did not think there
was. Tiaose who were adverse to the Re-
port talked highly of the advantages we had
derived iltiritig the last twenty years from the as-
sistance of the Bank. But when he was told that
it was to a paper currency we were to attribute the
prosperity and wealth of the empire, and the great
and astonishing efforts we had made during the
late war, lie asked, was it possible thus to rob
the country of the reputation 81111 force which she
had nobly and dearly earned ?—(Fleur.) —lie could
nut forget that before cash payments ever were re-
stricted, this was a gr-at and a flourishing empire
—that long before toe year 1797 she had been.
proudly distinguished as a military nation. It
was not then I a paper currency we were to ascribe
the glories or the war. Let them re:vitro that
through a paper currency had certainly contri-.
butted to their exertions in an amazing degree, •
yet that during all the vicissitude] of a coolest un-
exampled is' duration, extent, and hazard, they
bad invariably ministaisied inviolate the public faith
to the cmii 4w. —(Hew. hear.'—It was 'kit which
placed the credit on a basis solid and
immoveable—that was the true spring of efforts
which had filled the world with admiration, and
were unparelleled io history.—/Hear, hear.)--
It was that which consoled us under all our dangers,
and difficulties, and disasters—which cheered us in
the hour of victory—which ado ti tt Were(' the consol-
ntg reflection. that however pressing our wants,
however perilous our situation, we had never pur-
chased success by a single act that should cause
posterity to blush—that compromised the honour
of our country.—/Hear.)—That was the redeem-
ing angel which threw his shield around, and car-
tit d us secure through all the ecener of hazard and
peril in whieli we had engaged.—lneur.)—Now,
when they were at the trod of these circumstances
of (homer and &sway, let them not desert the prin-
ciples they had hitherto stood by. Let then, make
a vigorous and manly effort to return to that old legi-
timate circulation, which at regard to the situation of
the labouring and various other dares of the com-
munity led to—which was indispensably necesiary to
place all pecuniary and commercial transactions on
a steady and regular footing, which an observance
of 'wattle' faith imperiously called for—aim:li
would entitle the holder of a one pound note to
receive in exchange fur it specie of equal value.—
(Hear.)
There were various other topics to which lie had
not advitrted, our did he think it necessary to ad-
vert. But there were two other points which he
criohl ten sit down without taking sonic notice of.
The lirst of these was the effect attribuied by a No-
bre Lord in another place (Lord Lauderdale) to
the Mint regulatious in raising the prima gold,
and rendering the exchanges unfavourable. To
the examination of this opinion lie had given the
inaturest consideration of which his mind had been
tamable; and though the silver currency was depre.

ewer! in a slight degree, and though .there was
certaiiily a remarkable coincidence between the
time of esralslisliing the late Mint regulations, in
March, 1817, and the rise in the price of gold
with the unfavourable foreign exchanges, yet, con-
sidering that silver was only r legal tender for sums
not eaceerling des., and that it had been hum the
year 1774 till that time a Irgal tender for 151., he
had been obliged to come to the conclusion, that the
theory carried un weight in accounting for the ef-
fects which were said to have been caused by it.
Ilrit, to ewuc to the second point :—be understood
there was ease project to be proposed by way of
auarinltuent to the Resolutions founded ou the Re-

port of the Com•nittee, which It most entnisstly en.
t,,,teit the 11,01•1- to Cr.,?.e 11'Iint he &Moiled to
wit., that in nriler to provide against any material
Iliectuatorin to the rates of exchange Iwtiveen this
boil foreign countries, the Mink should be Vile
fin some intermediate bane previolis to the NB re.
,um lo drlives bollioso in ritiniiinies not less
than Gil ounce., at the tilarket prier. Ile 'startled
the !loose against the arlopiii.o tit n measure .is fa.,
a measure fraught with destine:lull to the
roils to be attained—a plan which would reduce
gold to the standsrd of paper, instead of paper Ili
the standard of gold—(I/cur, konr, hew 1--
'which would 11,4-vitality lea,' to the niterticiiab:e
contimmiice, thetotal adoption of a p slier minim:ll,
and only multiply the difficulties tr th which the
questi )))) was at present surrowitled in etfinitunt.—
I I lear.)-1-le had now to thank the Howe for the
indolgence with which he hail been heard.—(Hror.)
—Ode c rise of embarrassment to him on this night
• that hr had been compelled to advance prin-
ciples and opinions which he hail already tick %%%%%% -
ledger' contradicted Isis former sentiments—deli-
berately formed sentiments indeed he could tint cal I
them, for he hail never before liven able to give
that portion of time .to the subject which its no-
portalice merited. He hoped, however, the House
would teceive his statements a. rent, lice of his bill-
hear.)-11ni lie Lad had a infficulty
or another nature to encounter in liking the tutirse
he had done. lie 4104 mind himself under the
pandit! necessity of opposing himself to tliell)eeply
fixed seutiineutsid our to whom he should ever owe
O deli:- 111 reverence and affection, sod to tliffvr
from whom on a question of such magnitude
was a sour?e of unfeigned hay-
ing been placed in a situation where he had
had not only an 01/110r1011itY, hut a duty imposed
cm kilo of er,tol,illt the question in all its beat-
ings and detail., and of hearing the evidence
of both theoretical and practical men on the sub-
ject. hr had bean obliged, after the most lobo-
shoos and anxious investigation, to admit, that the
principles ex pleased in the Report of the l'om-
miller were the only true substantial ones—those
nloue which ought to regul le the currency of the
country—and, as an holiest man, and feeliog he
had a solemn public duty to perform, he had come
forward, and frankly acknowledged his change of
opieion.—/Loud cheering.)—Thr Hight Honour-
able Gentleman then moved tits first three Resolu-
tions, which were put front the (Nair, and carried
unanimously, as follows:-
1. That it is expedient to (*whine 'the restriction on pay-
ments in cash by the Bank of England, beyinot the time to
which it is at present limited by law
2. That it is exp. Joust that a definite period should be
fixed for the termination or the restriction OP cash pay.
men's; and that preparatory measures should be takes,
snit a view to facilitate aid clime, on the arrival if :hat
period, the payment of the promissory notes of the Bank of
England in the legal coin of the resign.

3 That in order to give to the Batik a greater control
over the issues of their notes than they at present possess,
provision ought to be made for the gradual rrpaytotent to
the Bank of the sum of ten mill' ; being part of the sum
doe to the Sauk, on account of advances made by them fur
the publ.c service, and on Remota of the purchase of EX-
chequer hills under the authority of Acts of the 11:gislatoce.

611 the fourth Resolution brow put fruit) the
Chair as follows— . •
1' That it Is rapadieut to provides by law, that from the
Ist February, 1820. the Hank shall be battle to deliver' ibis
&tom* gold of .snitched fineness. hawse Ores asaseedailti
at:sniped at his Majesty's Most, a quantity of sot is. than
sixty °quer. Wog required iu exehituee for arch an amount
of lodes of the Houk as shall be equal to the velar of the
gold so riqutied, at llw rate of 4/. Is. per ,)user;"
Mr. ELLICE rii.r to ploposr• a series of proposi-
tions as autriiiiments to that and the remaining Re-
solutions. He had expected abler men 1114os I • If
to stand on at slits stage of the debate, and lie felt
the greeter difficulty iii rising alter the very el,).
quent speech of the Right Hon. Gentleman who
hid moved the Resolutions. To the principles for
regulating our currency, ao ably laid down by that
Right Mo. Gentleman, hr gave his full assent—
and if he ruse at a time when he hail expected to hear
men more qualified to address the House on this sin-
portant subject than himself, it Mid because he dlr.
fered (ruin the Committee as to the way 111 which their
common principleashould be applied to t he particular
circumstances of the country. It was not his inten-
tion to enter into an examination or defence of the
principles which had led to the adoption of the Re-
port, because he should mily weaken the effect of
the admirable exposition of them given by the Right
Hon. Gentleman. The only rrauments he had
heard attempted to be made against the leading
views of the Committee, consisted in the inexpe-
diency of the plan proposed; on the other hand, he
had not heard any definite time laid down fur enter-
ing on the great work of the restoration of a me-
tallic circulation, with hopes of a satisfactory issue.
He wished to state some circ ttttt stances that had
come within the scope of his own experience,
and he should nut go further back than the
year 1816. In that }ear, when the country wee
recovering from the distress occasioned by a
long and expensive war, and in some toes.
sure he admitted from the contraction in the
issue of paper, the Right Honourable Gentleman
(Mr. Vansittart) began the execution of those pro-
jects for lowering the rate of intesest, which
he wished had never been attempted. Then when
the advances by the Batik had heels reduced so low
as nineteen millions—when the Busk balances were
really lower than at the beginning of the present
year—when a great quantity of gold had been im-
' ported from the excess of our exports ever our im-
' ports, and there was a corresponding rise in the ex-
tvely thing wore a promising 81fr.,
pearance (which it did till the beginning of the
following year)--the schemes of the Chancellor of
the keelietiuer for lowering the rate of interest were
put in operation—schemes which rendered all
financial measures adopted since far more JOE-
cult and complicated. The quantity of paper
then issued produced over-trading tad a spirit
of speculation in an extraordinary degree. from
the effects of which the country was still sof.
&yin, and would long suffer. Looking accord.
ingly at the difference of trade in the years 1813
and 1816. and the years 1817 and 1818, with re-
ference to the presets' question, it would be seen
that its the two former the exports were attended
wah advantage to the merchant; but in the two
latter, he doubted whether, instead of producing
a profit, they had realised a return of fifty per
cent. For. these reasons he hoped that such
artificial means would never *gaits be resorted
to. He concurred entirely in the tint three Reso.
lotions proposed. Frani the fourth lie in soot

measure disagreed. flis 'drier:lion was this, that
lifter we 10.00 l beets going on fin turilly ).'alit Willi a
currency more or to.ss dolor'. chit ell, alt loom elle-r
rm•oontily 11341:mg t hitt solinissimi, lie Mt a 0 duet-
ioicr now, whets we hod newly eturrlzed frnot our
distresses ;mil diffienlins, to enact a legislat:ve roc-
It to.wleriorteipt of that depreciation.--(fleur )
Stich it declaration was implied iii the Resolotimis
ni peed by the Itigiit Hoot. Grtitirtoint (11r. feel) ;
the sionrooolenesot he had to twosome would tilt a
certain pe.i..41 a PIM' irhieli the ten millsons
'ironic' he rep ufl by she (;hU,Tril.nent to Ilia Ronk.
He alwitltt proopoi,e to h aye HUI all the words 111 the
fourth Resoluiinii, all. r Ow worsl4 " It is expo.,
client," to sith%i !tut, I:II. 1.„,101,,j,,it -:-44 To provide
by law for the repayment ..f the feu millions, by the
Government to the R oak, reromitirmi.il by the
Secret Con tooter liter to lie trimiti—andi 'hit rural re-
lo:iyonent skill be made by motohly instalments
of 500.090 f. each iiiMith, CortinienCititi from the
lo' i Jillits 'Peat, to be emitiotted monthly there-
after, without any iniermissinir sr delay, till the
whole 0,411 have beet. discharicell.7 Ills object
way to make it imperative on the Chancellor or the
Eiceliegiser to repay this suss within a given time,
end to allay all alarm so Mir public mired on
that score. /Um next Resolution went to prohibit
the Ilaolt 9ilv luring their piper on Exchequer
hills or Gave' iiiii rot securities after a certain
time, without euthurite of Parliament. In lieu
IX the ltrwolootions Biting the two periods
from l'ebriisry to October, 1820, for payments in
frollioti at 4/. Is. tier nano, :grid from Oztober.
1820, till M.y, 1821, for payments in bulliogi
at 3/. 19-. GI he should move us ainendureuta.
" That from and after the lot 'May, 182 I, the Batik
MIMI be liable to par Sheri-notes in bullion or (olio
er the rste of 3/. 174. 10It1. an gooier. and that
from the 1-t slay, 1822, the Batik shall be halite
to pay its notes on demand in the legal coin of the
realm." Hu lest Resolution was, " That it is ex-
iterlient to repeal the laws prohibiting the melting
and o.pol-teflon of the coin of the realm." Alter
some further observations from the Hon. Gentleman,
the question was put on the 4th originel Resolution.
Mr. J. P. GRANT could assure the House that
he should cogitator as little of their time as possible,
but he owed it to lemself, to the House, and the
country, to state his objections to the nature of the
measures proposed for opening that way ro a me-
tallic currency. The opt l ions so eloquently ex-
pressed by the Right 11.,nourable Mover re-
specting the value of such a currency, were
those lie had himself held tot the on bject ever
since he had been able to form an opireon. lie
could not help saying, that hei sincerely con-
gratulated the House and the conotry on the con-
version of his Majesty's Miiiister- ; it was indeed a
source of congratulation, that at length his Majee-
tv'a Ministers had conseided to acknowledge, that
... ,
Mt the principles on which they had till then acted,
with respect to the regulation of the currency of lie
country, and the connexion of the public with the
Bank, were founded on error—(flear) —and that
the opinion adduced and put upon record by the
Right Honourable Gentleman (Mr. Vatisittart)
that a pound note and a shilling were equal Hs
value to a guinea in gold, land hien altogether
erroneous. The candid decimation of the Right
honourable Mover was calculated to reflect in-
finite credit on him, hut no allowance was
to be made for the advisers of the Crown. whose
bounden duty it was long since to hate properly
informed themselves on the subject. It was how
admitted by them that the system of finance pur-
sued since the conclusion of the war, had led and
000ld lead to most distsetmns contequences. He
felt himself obliged to advert to the first part of the
plan for returning to cash payments, believing as
he slid, that it proceeded on au error—that it mis-
took the real cause of the high price of gold, sod
apparently mifavouroble state of the foreign ex.
clialiFes. He had certainly- bees' nitsuiported in
the Committee, yet at least his vire. of the subject I
had so much of probability. us to throw a doubt on j
the conclusions arrived at in the Report,
_strength-
riled as those views had been by the evidence of
very intelligeut witnesses. His opinion on this
head was not new, because when the Chan- '
cellor of the Exchequer had in his place, ex-
plained the nature of the present Mint regula-
t about two years ago, he (Mr. Grant) had
told Ilion that lie could not make two currencies,
having different values with regard to the market
prices, pass current together—that the, silver
coin, with the seigoorage, would expel the gold
coin without the seignorage. ' This opinion had re.
ceived confirmation from the evidence given by
many reap, stable and enlightened Gentlemen be-
fore both Committees; and he war; convioced he
could prove that it was not lioseible to effect 0 re.
adoration to a metallic ciiculation- till the present
?dint regulations should have been altered. If his
opinion were well founded, it would follow, us a
coosequence, that neither the Batik nor any 'other
establishment could issue gold fur any other pur.
pose but immediate etportetion, alt long as the pre.
sent Mint regulations were kept up. France, by
ben present conduct, proved they had the opinion
of Locke, Harris, and of the late Lord Liverpool.
that but one currency could be Sept ire circulation
at the same time; and that, in all countries where
it had been attempted to have two,' varying in dill.
remit ways front the market price,;one had cone
staidly driven out the other... lis the evidence they
had this broad fact, that when the five millioos of
sovereigns bad been issued, ,they did not at all
augineist the circulation. but *ere iostaistly ex-
potted. It was also a. very extraordinary coin..
coletice% that from the loth of I%l4reli, I'Bl7.
when the silver rout war established in clicultittaiii,
gold bullion rose in price, and could-, be exported
with a profit flan! this couutry, while solver icon.
staidly bore a pvngt on importation. The lion. and
. Leaniedllelitleatati quoted various parts of the evi-
deuce of Mews. Baring, Ilsldmion,.and Herman,
From the Lortla' Report in
,support of his opinions.,
The Hon. gentleman next remarked on a paper
quoted by the Right lion. Gentleman (Jr.h Peel),
ore which he commented at considerable length.
He then contended that whilst mousy could be
coined at a profit of hi per cent. in VrauLesinel Mkt.
countries, that it would be imported sp valued into
this cbailley. This coin, he contended, retold
nut be established from coin manufactured fs,Y.
the Miut, as long as it bore 441 Intrirut
Isitu. with the money rniniefactured by she Mot.
No Is., he said, would be &and equal. an mar—
theis or check the circalatiosi of atone for

whilst so great a temptation presented itself, the
la* would lie ;vet' viulitied. Tito. r.goi.ttitto ts
novel to this country. atilt iioktio,ii w eiri% whet,
and would had to no permanent or (alt.,. goo I,
Hr castrated, that the regoloss ss• sole. ted
1797 did not prevent gold from golog oat of 11 a
entutir ; and he did not see by what I..solidity the
same regol iiimis could have elf ci Loa. The
Gentleman then ent i• to a detail as so
tile state of the mirrency iti !101l kid. Toere • et, f
was, he said, an iiistence known where tat, eta- ie,o
Made a legal tender that one (11.1 tint •nl*.ril
driving ihr other out of circulation. Airer
flirt her observations` I lie II __eitt.! tastat: coneladril
ail able speech by saying, that if he art.. 11,.1 dr. ply
inthressed with the impoitetice of the -object, he
would not attem,A to intrude finalised oil the atteo-
rion of the Ifloose.
Mr. Wer.eettgir coon:ll.'l..lo.qt, in high
terms, the conduct of the Coinissotta-, tool said, that
with every tiling they had chow, he nerh c: ly and en-
tirely iigr••ed. The Right lion. Getillelinet nazi
commented, at some length, in. a paper pre...inlet'
by the Bank in answer to two plan. questions, %halo
it was• he said, impossible finlike Co tee not to
have put. The Right Hott.Gent Ironies hen, proveeils
ed at considerable length to reply to 11r. Graid'i w.
KtlnleuU. which were Iwo, lie said, at all new to
MM. He denied that it ever did happen that mita
ney wire Coined in fineigo "countries to be titsported
into this. lie then took ao 10-Isissc.d review of tho
din...rent altersitiolls that lead to en made in the con.
rent 7 Of the country vioce the time of William 111.
suit concluded by expressing his t nine 4:(olllr6illehee
with the Report of the Committee.
Mr. Tt elan COnialenCell by ellinpillnefithig the
speech of the Right lion. Crates's:a (Ur. Peel) ;
hot the praise he offered was not, be said, eittirely
disinterested, forth.- principles and mini broach-
ed this night by the other side of the Hone were
for many years pest mistimed by thin, and tlio,y
who acted with him. He thanked the Right Hon.
Gentleman for the tribute of respect 1 br situ
to the memory of a dear and valued ftiend of Iris
(Mr. Hornet). We live (~tit Tierni3) at last
to hear those priociples supported, Nod those (Inc-
trines asserted, which, by his \llll.led 41111 ticitaitistl
friend, were sustained with SO 11111d1 learitiog anal
ability ; that lainentell statesman was, at the time,
complimented indeed lOr lie CII,(1111-11(.1., Lot ii'a
principles were held as visionary. same
was brought against that great 1111111, the Lite Si..
Samuel Komilh ; his wise upisiovis ...etc treated as
dangerous theories s but justice hail been this ought
done to the memory of the our, and lie had nu
doubt that justice, on some oilier cceasimi, wound
be done to the memory of the other. It lie were
to judge from the temper of the !louse, manifest-
ed during the delivery of the special ef the Right
•Honourable Gentleman, lie would suppose that It
was their disposition to return to a :ton- it metallic
currency. This Iseehog was iciiiiria;y set rsv,
with approbation by his side of the Haase : whether
it was received with a reluctant assent by the
other side, he would not say, but they were at air
events obliged to submit to it. Fur his own part
he (Mr. Tierney) would not trouble the !louse
at all oat the present occasion, if his name hail mit
been alluded to by the Right Hon. Gritilemits its
the course of his were d been aid that i.e
(Mr. Tierney) we's the on eiilber of sloe Com-
igniter who had differed as to the proposed Resolu-
tions. This was not exactly correct. An Hon.
Gentleman, one of the Bonk Dirt ciure, had also
expressed his dissent—but whets the .litt snot) mat
inn 111 Committer, he ( .1 r. •fieri.e)•) war the
only dissentiog voice; it was not ii., refuse correct
to say, that his opinion was a viuguler one upon
this subject—though it was collect to say that be
was the only person who, on the Resolutions folio;
put, divided against them. The R elat 114111.
Gentleman had complimented the Gentlemen it
Ins (Mr. •lirroey's) side of the House alio Pal upon
that Committee ; m return he would be permitted
to notice in terms of approbation, the condo, t of
Geittlemen opposite, slid in the tiaine of the Com-
mittee, he returned thanks to the Right KM. Gen-
tlentan fur the impartiality and ability with which
he conducted himself as Chairman, and lie (Mr.
Tierney) lamented exceedingly that lie fossil' ion.
agree to the proposition now submitted for the adon.
lion of the House: there was no man more anxious
titan he was to preserve unanimity on this suljeet,
It was not necessary for him to say that he had no
partiality for the Bank Directors—his coothict uu
all occasions pretty clearly evinced his dispusittou
towards them ; but justice toast be done, and he
thought that the ametirtment proposed by hi. Hon.
Friend was such us it would be prudent toe no'
House to adopt. They were, lie hoped, agre.d
on this, that the earlier
.the country returns to
solid standard of currency the better. 'there nett.
it was true, some exceptions—some inert may 11 Mk
that restrictiour on the Batik %erre of trio it..
convenience to the country. There att., I.e
believed, few in number—but whether guest er
milli; lie abjured all interest and all rounexioo
with them. He agreed with the Right Hon. (irts-
tieMaD; that there was no security for the einsitity
until the Bank of England returned. to ca-ri -
*tents ; 110110111 N property is sate until the
try returns to the wholesome state of inetalia• cu -
reney. The Committee, he Lint, in the pia" .1
advancing towards cash payments, bad n. i
adopted Mr. Ricardo's plan. fir (Mr.
felt alarmed that for the period of eighteen inenai.s.
a standard of value should be established nektio,..
to thus coufttrys The Right lion. Gentlenian lad
stated the mischief of 'departing from the old tsta-
blislird standard of this country, told the so rr•-.' • .
of returuiog to that standard. He Tierioy)
agre.d with his, and here it ass that Le telt •-•
much alarm. for he could riot but appri 'kiwi that {;
the principle of that statiJard was mice broken .low .•
it would Dryer be resumed. The Right Geo:,
then adverted to the Resolutions proposed-.be VW,*
tended, that when the period abroad arrive of flotath •
tresumiugcash payments, as laid dowsi In theloo,o4 • 4
ilOll9. that • &Cita
would