The British Press; or, Morning Literary Advertiser.
London, England, 1822-04-02 00:00:00

„ •
Mr. s.lllVottettly had is retition to present to
the Hesse from certain Owners and Occupiers c.•
Land ni Linlithgow/shire, praying some relief t.,
agriculture. The Petition contained one varegrap
to which lie begged their 'mewing), for it was it a
description not usually met with in stoner P.
no's,. It stated that the Petitioners did not ask
for is diminution of taxes, for they considered Meru
necessary to the support of the State, and could
not affect their distresses in a greater degree then
• drop of water would increase the mighty (mean.
They pointed oat as a remedy that a million of
money should be expended in the purchase of earl,.
He perfectly concurred with the Petitioners thet
any further reduction of taxes would injure the
State without affording relief; and whilst be was
ass this subject, he wished to take the opportunity
of expressing the disappointment he felt at thin
failure of relief from a quitter from whence it
might reasonably be expected. He alluded to
the conduct of the Bank, which might afford great
relief by a decrease iii the rate of discount. He
did nut wish to deal hardly with the Bank, but he
must say that in failing to reduce the interest of
money they had contributed to increase the dis-
trews of the country. They continued to die-
count at the rate of five per cent. and did nothing
whatever to facilitate money transactions, which
was undoubtedly the duly of all national banks.
In all other cousitries the rate of interest was lower:
the national batik of France discounted at four
per cent. whilst the Bank of England would not
discount for less than five per cent.; and he most
say, that however the country has a right to feel
indebted to the Bank for the valuable assistance
they had afforded during the war, yet at the pre-
sent they were contributing (unintentionally, no
doubt) to increase the distresses of the country.
Mr. MANNINO said, that after what had fallen
from the Hon. Gentleman who had just sat down,
he should beg leave, us an individual Member of
that House, to state his opinion. That Hon. Gen-
tleman had ascribed a portion of the distress which
pervaded the agricultural interests to the conduct
of the Bank, end in their justification he (Mr.
Mantling) must state that he never heard a charge
more completely without foundation. He had stat-
ed on a former occasion that it was his opinion the
distress had been created by a superabundance
of produce, and the great quantity of land which
• had beets taken into cultivation. He should not at
present go into that question, but he wished to
*hew the situation in which the Bank was placed
at present. The Bank had been held up as the
cause of the distress for not reducing the rate of ir-
tercet, but the House mast be sweet that the
Bank had nothing to do with the rate of interest.
That must be regulated by both Houses of Parlia-
ment, and he was greatly surprised that a certain
official person had joined in the attack. The Bank
had been held up as extortioners, although they
• were lending 15 millions of money et 3 per cent.
Besides, lie would undertake to say, that if toamor-
row commercial bills were discounted at 4 per cent.
it would not afford any increased facility to landed
proprietors to raise money on mortgages upon their
property, fur at this very moment they might
have as much money as they wished at 4 per cent.
The Bank had au important duty to perform in
consequence of the measure passed in 1819, for
they were now compelled to give the legal coin
of the realm for every note of theirs in circulation.
Still lie believed thut the circulation was as full as
the necessities of the commerce and agriculture of
the country required; there was no want of mo-
ney to carry oil the affairs. No one that he had
ever heard of, having a fair claim, had been refused
accommodation since the passing of the Act of
1819. He could not anticipate the benefit expect-
ed to agriculture by the rate of interest going down.
The chief effect would he to send the capital of
the country into foreign funds : u great deal of
English capitol had already taken that direction ;
lie knew of an investment of that kind of 300,0001.
which had taken place within the last few weeks._
He believed that matters would go well enough 0:
the Bank were left to their own course in the ar-
rangements for conspletiug the alteration of ih,,
currency. He was always anxious to escertar-1
what sense the House entertained of the conduct of
the Bank, end as tar es possible the Beuk would
be glad to conform to that opinion ; but he could
not accept the opinion of any individual member a.
having the seine wrght of authority. The Bank
were guided in what they did by a general regard
to the interests of the public.
Mr. Serjeant Oustow defended himself from
what he conceived to be re flexions on the course he
had taken in regard to the alteration of the laves
fur regulating the interest of motley. Ile pledged
himself never to abandon the measure *lath
he had so often brought t'orward, while 11.•
should remain a Member of that Honey, until h,
had succeeded. lie was glad to hear that the
wag an intention to introduce a measure for facili-
Wills the transfer of mortgagea. Ile considered n t
as a partial assumption of the only sound principle
with regard to money transaction., that motive,
like all other interests, was best left to find its own
level.

Sir W. W. WYNN anticipated great relief front
the reduction of interest on tnortages from 5 t 4
per cent. He had heard there was an inteutiou
the part of Government to enable•persons to trate-
fer mortgages without the enormous expense of
stamps which was at present required. He was
anxious to know if this were true. He could to:t
conceive a measure more likely to bring relief to
agricultural distress.
The CHANCELLOR of the EXCHNOUCR had net
heard the discussion no the Petition. and was n.,t
prepared to soy any thing on either side, but only
wished to answer to the remark mode by the f!-tie.
Baronet. Under roinpetent legal -.itivice,
sent hid coin, to the resolution ef tntroduc