The British Press; or, Morning Literary Advertiser.
London, England, 1826-05-27 00:00:00

THE BRITISH PRESS.

from the country bankers, it would have placed the banking sys-
tem here on as good a footing as that of Scotland. The report of
the Committee he considered a sound and wise report, toe it held
that a gold currency was not absolutely necessary.
Mr. ELLICE could not call the report a wise one. It appeared
to him to be diametrically opposite to the conclusion which on the
evidence the Committee ought to have come to. He could not
comprehend ally the currency of Scotland should be different from
that of England. It would be just as reaomahle to have one cur-
rency for one country, and another for any different one ' • they might.
on the Plante principle, have one Corn Bill fur England and another
for Ireland. The Chancellor of the Exchequer had given him a
pledge across the table, before a Committee was thought of, that the
aystem would he extended to Scotland. The Rt. Hun. Gent. said on
that occasion that it might be a work of time, but it was impos-
sible to conceive how the currency of Scotland could continue on a
ditferent footing from that of England. There was one point
which the Committee seemed to have overlooked, which was, that
a check might be devised to restrain the over-issue of paper in
Scotland: they might be allowed to issue a certain amount of
paper, in proportion to the amount of cash in their bands. At
Massachusetts, which possessed the moat perfect system in
the world, one third of the issue was allowed to be paper,
while the rest was silver, this being the issue of the
State. In 1824 and 1825, when our issue of paper was
immense, a great quantity of gold was thrown on the foreign
markets. SouthAmenca and theCootinent then became our beat cus-
tomers for our manufactures, and hence ensued that great prospe.
rity so much vaunted about. In 1825 and 1826 our paper credit I
failed, and we were obliged to pursue such measures as drew into'
the country from the rest of the world eight, nine, or ten millions
of specie. As the foreign markets were thus rendered unable to
consume our manufactures, they were now lying rotting in our I
warehouses. Such vacillation in our currency would be the cause
of frequent distress; if it continued, it would bring every interest
In the country to utter ruin. When he voted for the measure lie
said he was fully aware of what would be the result. Corn could
not, under the change of currency, be much above the price of
corn in France. He knew those measures would affect the law ;
and he did got think, when the landholders found corn imported at
455., 9inisters would be able to persuade them that cash payments
were the most advantageous, But Ministers seemed to be reform.
ing one day and giving up their position the next. Before he sat
down, he could not help asking the Chancellor of the Exchequer to
make some amends for the hard words he had addressed to Malachi
Malagrowtlicr. (A laugh.)
Mr. CBI PPS said, the Bank of England had had great difficulty
in its endeavours to establish branch banks, but he did not doubt
that they would be established before Ithe commencement of the
next session.

Alr. J. LIKWELI, thought it Itnpossible for the country to
snpport the national burdens with a metallic currency. If any
motion were made for the reduction of taxes, he should support it.
notwithstanding the violation of public faith and credit which
they heard PO much about.
The Report isms then laid on the table, and ordered to be printed.
Sir M. W. RIDLEY then moved that the House thought it ad.
visable, early in the next Session to take into consideration how tar
it might be beneficial to assimilate the currency of England and
Scotland, and to considet what means might be necessary to sup-
port the general interests of both.
The motion was put by the SPEAKER, and nekatived without
a division.

Dlr. HUSK ISSON then rose, but he was for some minutes in.
audible. The corrections which the Lords had made to a part of
the Bill could not be considered r breach of the usage. as the
amendment wasmerrly in furtherance of the object which this
House intended to effect.

The SPEAKER said that the Lonla had agreed in every mode
by which the measure contemplated by the Bill were to be rendered
effectual. The only exception ennsiated in a rectification of an
omission regarding the introduction of the bonded corn into the
market, and the result of that eorrection only tended to facilitate,
not to counteract the purpose for which the Bill was framed.
The amendment was then agreed to.
The amendment made by the Lord. to the Church Rates (Ire-
land) Bill were also agreed to.