The British Press; or, Morning Literary Advertiser.
London, England, 1819-02-03 00:00:00

;'• :•: I • ; •r
He conid n'.!.f. Content to etleral 814 further 4'4,1%4..
enee in Oils manner to the Batik, snit be would im-
peratively mil upon them fur the fulfilment of their
obligations. He had always nsaititaintal the ne-
cessity of taking off the restriction, and compelling
the Bank to take the only course open for them,
namely, to restrict their issues. There Wit/ only
one way for the Batik effectually to prepare for their
payments, find that was by 6s careful diminution
of their notes ill circulation.—(('rice off' Mar,
hear.)—This was the Duly rairgible colirs,s for
the Hank to take fur the purpose of liqrsidating
their engagementa with the public. I they made
a fair attempt to restrict for it issues, and that this
attempt did not produce the result which was anti-
cipated, then linked the Batik might cosine forward
arid claim a special inquiry Into the nature of
their iitnssrs with reference to cash payments. But
until this atep were taken, he would answer any
application of this kind in the language of Hercules
to the waggoner in the fable—" Sirew nie first that
you have dune your best, and phew use that your
efforts have failed, and tilers l'il come down and
help you." When the Right Ilan. Gesitlensais
first talked of his Committee. bottomed on the pre-
cedent of 1797, it was evident what result be ex-
pected. That precedent had lasted for '2l years
of war, and it was 'RAW perhaps to be tried fur 21
years of peace. But before the House adopted the
precettrut, let them revert to the original circiant-
stances under which Mr. Pitt proposed the measure.
That Minister proposed it slime tin puhLc grounds.
By a reference to the Reports of the Committees of
boils Houses of Parliament tit that period, it would
be fouial, that fur the two years antecedent to the
suspension, the Bank had been urging Govern-
ment to take some step to prevent the consequences
which they apprehended from die loans taken out of
their coffers fur the public service. There had teen,
in fact, a lung mid anxious correspondence main-
tained, in which the Bank pressed for a repayment
of the arrears due to them by the Government ;
and in the correspondence, the Batik declared, parti-
cularly in one letter, that if some arrangement
were not made, they must shut their (hors. The
answers of Government at the time were generally
accompanied by a promise of payment, and the
renewal of a request for a loan. rllr. Pitt said,
" Well pay you 500,000/. if you advance us an-
other million." At length, when matters were
pressed to am extremity, the celebrated Order in
Council was issued, which suspended cash pay-
meta.. This Order was expressly made, as iiitieed
its terms denoted, in consequence of the considera-
ble doubt. which prevailed that the Bank would he
usable to torainue its cash payments as matters
stood, and at the same time make the advancer
which the exigencies of the public tequired.
It was on public grounds alone that the measure
was thrriughant contended far ; where now was thee
public ground for its continuance >. If the mist-
ponesnetat were merely on the private nffeirs of the
Bank, then his answer was, tine I lump. bad no-
thing to du with its private affors. Ile knew well
the class of persons who were arsximas for a continu-
ance of the present system, ;:iirl he alto knew that
they were those in whose behalf the Legislature hurl
no right to interfere—they were of that class who
speculated in the money market lit every thing that
came in their way, and who cootaarsoly involved
each other in the ruin which followed their mu-
tual acts. It WAS 00111ellie to talk of upholding
the credit of the Bank or of the country by
propping up such a system as this, it must every
day become snore involved, and the remedy more
complicated and uncertain.—(llear.)—The only
way to avoid the impending evil, was to return
without delay to the unsold old English principle of
a metallic currency. and to adhere firmly to its
Operation.—(Hear.)—The question should be at
mice decided upon as a whole—he was an enemy
to all palliatives. and partial correctives. The Bank
had taken all nowise step when they made a partial
issue of gull. Any attempt of that kind must
wove obviously futile so long as the Bank did not
make a corresponding effort by reatrictiug their
paper issue.—afear.j— lu fact, it was against the
uniform principle own, which the House proceed-
ed, and certainly against its recommendation,
to snake this partial attempt, unaccompanied
by the concoinitant measures necessary to elect
the main object in view. Till the time arose
when the Batik were prepared to show that they
had seriously prepared for the resumptiou of
cash payments, and that their efforts were opposed
by unforeseen mod unexpected obstacles, lie cer-
tainly would deprecate ally iraterlereirce such as
that recommended by the Right HOll. Geraletiotra
in the private affairs of that Corporation. It was
time that sonic step should be taken to place the
finances of the country upon a safe system. The
Finance Committee had hitherto been tamable to
effect any great object ; they had made no advances
towards the reduction of the National Debt, and
with the exception of the 3,000,000/. whirls re-
maim d in the Treasury, after the war of the
one hundred days, and which was then applied to
public uses, he was not aware that a iligle step
in financial economy had been effectesl.—( flear.)—
The original motion should certainly receive his
cordial support.— (Hear.)
Lord CASTLEREAGLI affirmed, that the only dif-
ferersce between the tion of the Right flan. Gen-
tleman apposite and the ametirlinent of his Right
Hoo. Friend. was, that the latter went really inure
to the question at issue, and embraced a tar more
general and entensive inquiry.—(Hear. hear.)-011
the principle of the inquiry, there was no difference
between them. Ili concurred with his Right Hon.
Friend, that it scout(' be mole eratential to have re-
served until the ensuing year the general inquiry
into the affairs of the Bank.—(ilear, hear,
.tio+.4
the Oppositios Benches.)—Fle would state why lie
thought that would hive beets the better course.
Early next year a better opportunity would be af-
forded of lookiug at the situation of those circians-
'tauter which rendered the present suspension
expedient. The inquiry could then he 'wide iii
a snore satisfactory manner, with greater safety to
all the important interests at stake, to the general
industry of the swop's., and the Isappiiress of the
State. As to the communication which had been
made from the Bank to hi. Right lion. Friend,
since he had gives: his notice, he would contend it
Wail right and proper—the making this corrinsurrica-
buts, so far from bring a reproach to that body, was
candid arid honourable proceeding. It was not
the fact that die Bank had ever stated, ay time Flan.
51enttier who spoke last insinuated, that they were