The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-18 00:00:00

4nise. and whew they mom that s Bill to effect that object be rend a
arum% time, the Him. Member Immediately proposte to have a
Committee for the purpose of inquiry (Hear, hear), and then he
again turns round and points out what ought to be done without a
Committee at all. (Hear, hear, heir.) He complained that the
Hank had added to the evil by buying op Sys ar sir hundred thou-
sand pounds worth of exchequer bills, and thee he called upon the
Oornument to issue a large quantity of exchequer bills as a pana-
cea foe the evil. forgetting that there must be buyers, and Wm that
the evil must be increased. He would leave the lion. Member to
reconcile dune arguments and proposals is well as he mull, and
allude to what had be said by the lion. Member fur Coventry
(Mr. Ether). lie saM that the Bank Directors ought to be im-
p/seised.
Mr. ELLlCE—Arraigned.
Mr. HUSKISSON proceeded—lt was much the tame thing.
The lion. Member then said that the Bank Directors ought to be
arraigned for reissuing their small notes, were it not that the cii.
geticioi of the case admitted of no delay. Was not the Hon.
Member slime that what they had done was under the sanction of
the lie, and that they had only recommenirsi a temporary issue
Prim which they had voluntarily refrained? He thought he
nrglit abate a little of that jealousy which tie seemed to enter-
hin towards the Bank. when he informed him that whenever
the B nk found itself posse-toed of a 'sufficiency of geld nor,
the DifeCtOTl‘ felt wi little eatiafaction, an little inttrest in keep-
ing tip a circulation of small notes that :hey were always happy
to wl them as anon as cirrunistanees would permit.
One tact stated by an Honourable Member proved the necessity
of the premised alteraticn. It was stated that in some districts the
cow :my bankers were withdrawing all their small notes from circu-
lation. If such were the hae, did It not prove the necessity of
giving an immediate power to the Bank of Eneland to supply the
yanto'n which the timidity of the country barkers must cause in
toe circulation? The feelings in clanger on the part of the country
benke s reused them to withdraw their notes front circulation more
rapidly than they could he replaeed by scvereins, a:id therefore
some such measure as the Chancellor of the Exchequer had pro-
posed was indispensable, as thereby a greater facility was given for
carrying the Bill before the House into effectual operation.
Mr. ELIA C E explained.
Sir JOHN IVIIOTTESLEY said that it was quite evident.
In Minister' do what they would. they could not please all parties.
With regard to acting upon principle, he confessed it was quite
novel to him. (Great laughter.) With respect to the measure be-
fore the-House, Ile thought the Right Honourable Gentleman, had
departed from principle. The prole/veil principle was to have a
metallic histeui of a paper currency, whereas it row appeared they
were merely about to substitute Ilauk of England paper (the notes
cf all uhen easiest forged) for country bank paper. lie had one
word to say with regard to the delightful sweets of a niceallic cur.
ropey. In Birmingham a quantity of sovereigass had recentlylbeen
paid to it banker, all of which had been what to termed sweated, so
as so be reduced to the value of lila. each.

lilr.TT GURNEY then rose, but spoke in an low a tone of
wig/that we could only catch an occasional sentence. It appeared
to him that there was great danger that the country might be left
Without any circulation whatever, unless an 'iteration like that
prcposed were to be adopted. It was true that country bankers'
mall notes were not to he withdrawn from circulation for
the period of three years; but :ben the doomedit which would
be thrown upon them by the passing of the Bill would
be tantamount to withdrawing them eltooether. He knew
of a hank in Yorkshire which had, in the coarse of a few
drys. paid 13,0001. in their own notes three times over, and finding
that they returned as often as tin y pant them a %so!. the proprietors
at last put them into the fire. The proposed ttration gave the
notes of the bank of England no power to circulate after the es.
piration of three years, and Iris only objection therefore to the me..
avgwas, that it did not go far enough. He thought they ought
Ou have the power of issuing them until nec, January.
General ERIN'S said that lie was sure that nearly the whole of
the none were withdrawn from circulation; whatever might be said
at tourney notes they were of great benefit to the commtioity. it
wee surprising aim a number of forpd notes of the Ronk of
fingland had been passed in the country parts of Eigli.rd. When
the credit of a cuumry banker was good !he labourer's preferred
his notes to those of the Bank of Eno'land. A great deal had
been omit about wild speculations The measures before the
House night correct them in future. These spectilotions were
not confined to new schemes, but the ordinary transacions of bon.
mess became equally hazrrdows He knew x gentlemen of &ant
property who bad 10 POOL ; I.e was rot a loss how so dispose dunk
autos to the best abvsntage for his mmily ; he at length determined
to invest it in Government sea:urinous. and lost as touch by the
investment as if be had engaged in any of tie new schemes; but now
the question generally looked Sao. what ass to yr dotv. or what
use wcu!d the purchase of 2.000,0001 i of exelroitier bills be of. The
Hon. Gentleman thought it would diffuse money, and gis e a cer.
tali degree of erndidenee. He would not maintain that it could be
of a general substantial Food, but it wou!.l operate usefully in a
narrow compass. What damgt*. could there he in trying the expert-
meet of buying excnever bills ? It was ev,ilee.:ed to as a pre.
cedent, but was there ever such a precedent as t present
it would not be fair to say to these who were in iiillicultiest, you
have bee ught them upon yourselves. we mom do any thing to 1
ftlteve
Mr. CAM:RAFT regretted that Government he'll persevered
an throwing discredit on the country banko to! the toifortuste tote el
a former evening; and now that the miochiet was dom.:. they relax
from their former measures. lie would !care it to themselves to
reconcile their contradictions, and to rescue their supporers front
the flagrant inconsistencies in which they wire involved. Ile
was opposed to the whole Rill. and its he was 1 ' kely to have en nftes-
WOO of force, if not majority, he would noncom it in all its future
wages. From the little Information before them, he felt himself
bound to take the anise of the House at every proper opportunity.
the proceedings of Government had deprived the country of its
usual circulation. In 'Yorkshire there was no currency; mutton
viam exchanged for bread, and the bushiest, of that 1.1,:ce was tarried
on by truck. If Government. loomed of increasing the general
pale, had implored the country banker,. a dillirsnt and better
Kate of things would have token place. He hoped that 31inir
tars would ire better informed noon the emire subject on Monday.
aid if his llon. Friend (31r. Gurney) did not persevere in his MO
non, he would take the sense of the house.
• Mr. TIERNEY said although lie had not token an active part
In the Former discussions of this subject.i f.,,h as tivep sot coxiety
upon them as any man could feel. le had given his assent to the
a:attires proposed by Government, because lie thought them sound
in principle, and likely to lead to beneficial result ; but now it
appeared that the valour of 31inioters began to ooze WI:. and they
ware about to abandon their own In inciples. It was with no mali.
dons octave lie charged them with this indecision. He had great ten-
ance thestrergth and energy of the country!. The money was
not gone abroad. What then was the cause of the panic?—want
of coefitlence it was impossible to excuse the Government. The
beretii,g‘i,e of this country was the wish to keep up prices. It
was impo•NiMe to have high prices and a met :lire currency. The
rage for high prices wag pushed forward by the lowering of interest.
Wiry did the Book make advances upon stein ? Why did they
lead upon mortgages ? It was—they were directed by Government.
That !moque of le:.ding upon mortgages wars intended to keep up
high) oriees for country gentlemen. In purchasing exchequer bills,
the Governntent were accommodating the wrong persons; if the
money was lent to those who really stood in need of it there suthd
be some Advantage. lie was very ninth staggered by the wavering
of Alitiioters ; if they stood out 'lords of gold would he taken out
of the coffers in which they were row deposited. Ile timught it
the soundest state of thing when Government did not interfere,
but if they do interfere, let them do the right thing ; if they per.
levered in their measures they would have a wholesome paper se-
cured on a metallic bash!.

T.tie CHAN(7ELLOR of the EXCHFQITR did not think
this new proonaition inconsistent with the principle of 'he original
measures. There were one or two points touched upon by the Right
bon. Gentleman (31r. Tit-ney), which he would bri:tly advert to.
The Right lion Gentliman had attached blame to the Govern.
scant bA.ause the Bank had lent upon mortgages but the fact was,
the Government knew nothing of their inte-,tion until it was deter.
rooted uperi by the Bank. At'ith regard to loans upon stock, the
Government knew nothing directly or indirectly of the measure
until after the Bank of England had tell:ally made some of
those advances. The Governnient were certainly responsible
fur whatever blame to the arrangements respecting the tlissen-
tents to the reduction of the 4 per cent.. As to the exche-
quer bills, the only part the Government were responsible for was,
that portion 'thick the Bank held directly from the Government.
hlinistent were co parties to the sale of Exchequer bills last stem.
rner. The situation of the Bank ought to be considered. That
company had a right to consult their own interests without requir-
iakthe inierfetenee of Government.
The LIN was tend a second time, and ordered to be committed
en Monday.
COMMISSION OF INQI'IR V—r-EST INDIES.
Me.. R. GORDON begged to ask the Under-Secretary of State
fee the Colonial Department (Mr. W. Horton) whetlitt Govern-
trait had it in contemplation toroposes:l, scheme to Parliament,
ire consequence of the Report which had been male by the Cunt-
missioners appointed to inquire into the present state of the judicial
system pursued in the West India Colonies ?
Mr. W. HORTON said he could give no immediate answer to
the question which had been put to him by the Hun. Getitlonan
but he could inform the Hon. Member that it was the intention of
his Majesty's (iovernmeeet to act upon the Report of the C
nu-
miseioners &swoon as they had received a further report, which was
daily expected.
The House Adjourned at Two o'el.oca.

COUItSE IRE EXCII
iiiroterdam C. F. 12 13
Ditto at sight 12 10
Rotterdam ....... ....2 U. 12 14
Rotwerp 12 14
ambo ..........2I V. 37 10
Akt0n5.....,.., --Xi U. 37 II
firia,lldays:sight "5 70
Pltto 6 2U. 25 96
abirteleaux 26 36
perlin 1 0
rtank.on Maio Ex. 111.1361
Potorsborgh, Ad e. 3 Us. is
Vistans,efectivefl. 2M. 10 22
Tante ditto 10 22
Madrid IS
WI:
iilbos 16
32
leislent. 32
le 36
311bra1tar........ 3l

LNUE YESTERDAY.

I.eghorn

Geioa 4
Venice.-- .....
Malts

Naples qv*
Palermo per oz. lIV
Lisbon
Oporto itl
Bahia 48
&temp Ayres 43
Dublin
Cork

SUL LION,Pgi OZ.

' L. s. d.
Portugal Goldin coin* 0 0
Foreign Gold in bars 3 17 C
New Doubloons. 0 0 0

Now Dollar, 0 4 II

10therio ban, stand. 0 • 1