The British Press; or, Morning Literary Advertiser.
London, England, 1824-02-20 00:00:00

110 Its LOMBARD-STREET.

I~
I

Their Lethlehipe Shcn arkjuumed.

COMMUTATION OF TITHES.

LEIIiAI V MITIKA.

ItA NK 4)I EN(iI.%M).

On the motion of the Earl of SIIA FTEPtlit %RV, the Ileum In
lombanl-stmet Bill wo stml o mcond time.

MOITSM OF COMMONS, Tsui:mac, Fcs. IL

Mr. MACK prow, Inhabitants
of the itoritth of Irockshani, Lannothire, praying for a ottoutitt-
tationthf tithesh—lAtid on the table.

blr. 11111iDA LE presented a petition teem the Inhabitants of
the town of Ifirtaingham, prayusg fora repeal et the Itguey
duties.--letifil ea the table.
LICENCE 1/UTIES.
_ .

lard W. HE•NTIY(K reunited s petition from the licensed
victuallers and innkeepers of Worksop, an NottinglEumhire,
a reduction the licence duties.

„
A • law petition was presented by Mr. DEN3I.IN, hum the
licensed victuallers and inflict-pax of Nottingham.
Laid on the table.
COAL DUTIES.

bir W. lemon presenh4apt;thonhtai Colontb, in Cornwell,
fire the repeal of the duties on coal carried coastwise. Similar pe-
titions were presented br Mr. Palmieri, ffollll the merchants of
Bunun-Itmlatock ; Sir h. Knatchbull, from Tunbridge Wells,
and another from ‘Vhitatable, Kent; Mr. Wodelminie, front the
reeler andCilUrChllliftklll Of Eddington, Norfolk Mr. ltmg-
den, horn Lancaster; and Sir C. link, trait the propriety's of t.c
colliery of Limped's, in tilainrganahire.
Sir C. COLL observed, that in his opinion the ('lianceUce of ,
sly kiwrliequer was uniteloudly called upon to reduce the duty tat
yavi than any other las, because it visited with peculiar severity
the pourer classes. As a very great number ot petitions had bet n''
laid before the llonse, undoubtedly an impression had been made
on the minds of the blanker+, *nil he (Sir C. Coki trusted it
weuhl have its effect when the subject was discussed behire them.
Mr. T. U. I I,S4)N presented a petition titan a versim of the
nall,t* Of IVatil, for a reduction ot the duties on vole. lle üb.
scr‘rll, that he was anxious to rah the particular attention ot the
Chancellor Of the Exchequer to this subject. The reCtilifil fur
duties on wine, hunt hell to 1821, had etmaidenlily diminished;
and this, although the actual duty unposed was much higher than
it had pet viously been.
Mr. 1111111, said, that If the subject were taken Into the
consideration of the Chancellor of the Exchequer, and a "him--
non inside of the duties at wine, he was convinced there would
not ensue any Inas to the revenue, because the curiausilerim would
be, in nonseimence, much greu:er. The revenue would mot then
have to expend annually a large of spumy lie the prevention
of smuggling. lie 1111 r. flume) was quite sure that the Chancel-
lor of the Exchequer *mill have an equal, or, perhaps, better re-
turn. and that the public would be far more satisfied.
I'NIN'tKIi !SINAI' LON LAWS.

111,.111'M1 presented •pt fr he jOtitticy turn printers
of I• 11414,11, for • repeal of the laws relative to the combanaturai u(
worimarn. Ile observed that this useful ntrd ftspertable clue
tnn•hwaies were often, with many others, in a situation in which
they ca old obtain nu redress foe griorances, except by ounabinstioo
•rd that they were frequently obliged by the law to Income breakers
of the law. The petitioners also complained of the laws w Inch
prcventri artisans Iran leaving time kingdom—Contwittol.
111/I.NSF.I. FEIAINS.

Mr. 11. IA 3111 garc notice that he shookt postpone his motion
to snow counsel tendons, front to-tnwruw to the 3d smelt.

Mr. lilt ENFEI,I, rose to state the reasons which had induced
him to brit.;; 'leeward his motion for an account of the balance of
public money in the hands of the Rank of England, the charges of
nuttucentetit, sc. Ile thought it absolutely necessary to state
why 1w had declines, bringing forward the question which he bad
specifically ilerlanll be Moods! not bring foulard, relatiie to the
amnion of the bank nows in circulation. lie was not at first aware
that he Outlast have had any difficulty to encounter • nor had he
aintietpatcd any opposititni On tins palm. Ile thought it 10.1 duty
to enter his protest against tlw doctrine laid flown in the !louse by
his Friend the Alentlwr for licamington (Mr. 31lati-
fungi. that as the Bank had now rsmmwd cash payments, It would
lc as unjust to call upon the Bank ter u return ill the notes in elf.
elllkttiOtl as upon any nal ividisal person. he (Mr. Greniiii)
coosidered Ow great Irma which had then reputed in the Ilank,
witch etas in )10824,5i01l of greater privilege+ duos bad ever hcen
given to any other Icily, and the great respottaibility attached to
this 0101, he thought it was the bintinten duty 01111 e house to See,
trout time to time, how the 100e1•edillp were eATTitAI on, and what
was the actual tame tot things. it must be recollected that there
candid un Act of l'irliatitait, now in lire.,—the Stamp .let,
whit h obliges! the Rank to give in a return to the Stamp ()nice Cot
the proper regulation of stamps, of the number of note. named du-
ring slay year. There was also a clause its that Act which es.
ple,sett. 11!.11 Whellteet the batik should Tellllle cash FAVIIICIOI{,
I,oloe Of her means 100 s 1 hes...tried to, to compensate for the loss the
Stamp Office would in conaupterce sustain. It was his (3lr.
tirentell's) intention to wove ler an account of the balances of the
aunts dcitostited in the public banker—the !lank ; and also tic
charges of managentent. According to the accounts of last
year. the balance 1,0 deposited amounted to four millions. At this
rase he would now take it. Tbe balance was, therefore, iwinitely
greater titan the service rendered to the country by the 'kirk. 'rite
lime Int was now paving :I iser cent. us the Bank for la nal.
Innis. the interest on wilieh impound to 1•:11.0001. 'There wets.
ninny inutile indicitinals, yr a handler of individuals. who would
Iw 1‘11014.41 with a sum infinitely anitille—t2o.llolll. It followa that
the country loses. and the !lank gains, Intkuool. annually. lie
—mirk on the charges of insnagentent.
this purpom wits nearly 1.441,01101. ;
41 might be, he was convsticed that
anent for them. In this way also
of 11011,1111101. S in tilts latter topic. lie
I been ghat by the .Itionicy and so-
. Hank. Rut the !louse must not be
depended altsigether tin the way in
tat. umvinced that, idler the manner
oto to the two haunted Itrutlemen,
ern doh-rent decision 011 us 11101111.
NCy the loss which had beat sus.

tattled by the death of Mr.lloner, whose decided opinion had
been, that there was nothing in the Act, or in the way in which the
Act was framed, which could take from the House the power of
rt•vi.ing the principles' on which the management was conducted.
The i'll ANC ElsIA tit of the EX(:ll}4l.' lilt thought that it
would be extremely hard on the Bank, cuosidering the circum-
stances under which it stood before the public, to call upon it for
any statement burl' se the one alluded to by the lion. Member
(3lr. I irerdell). Ile had no objection to the motion itself, and he
did not consider it neceartary to advert to the other topics introduced
by the lion. Marna, because no practical result mold follow the
dekussion. The lion. Gentleman had very accurately stated that
the bahowes of public money had diminished in the bands of the
ltabk, :and consequently been rendered available to the public see.
Ike. There could be no doubt that the Act paired by Parliament
on that subject had been productive of great public advantage, and
it was but fair to say that the Bonk had :toddy acquiesced iii the
measure. As to the question of the nemesia mansgitneat, he diet
not understand whether the Hon. (Indianan intanied to eafi upon
the !louse to topes. airy specific oeinito ea to the propriety ut re-
dwing them. Though he did not pretend to be a judge of legal
matters, be would not refrain from saying, that it appeared to 1800
that theroutels soignee* by the low 01Seers of the Crows for
, their upittion ma that question, were solid and hubetantial ; anti
thereby*, he wield not agree with the lion. lissideinen, that the
lieu ee would be justified in "educing the elialget of renuogettant
without the consent of the Bank. The house trued female:et that
the Bank had vulutatarily agreed to reduce the charges on 114 ex-
cess of the debt beyond the amount exisiing when the bargatu was
originally made. As loci as the Bank Charter was is furry he
considered that eompossaine woo Melanie. Whenever a question
of this kind muse, he wished the House always la bear In mind,
' that soder the stet arduous circosiouttires the Beek had cheer-
fully and essentially contributed to die well-being of the cannery,
(hwar,thear. btu), and the Iloilo ought not to be watching for every
opportunity of etraintng the laws to the prejudice of the Bank.
Nu budy had rendered more impuront advantage, to the public
'mice, ousel on such discussion* as the present he trusted the con.
duct of die Bank ea those tWeaanins would never be forgotten.
I (Hear, Int.)
Mir.
Mr. 111/.IIE said this was a *abject of the greatest itnpartanee,
I 1 and be hoped his ,klejoty'e Government would take the earliest
tans to free thouselyee from the trammels in which they had been
, held by the Batik. Ile hoped that the (;ivenordese of the Exche-
, quer would limn so no pupae! from that quarter for a renewal of
that
the Might Ilene Gendenon would then pay off every idling the
public borrowed from the Bank. The conduct of that body
was most objectlonatele in prioripie as well as is practice. The
'lank was 1•01 i/ laccuming a kind uhf general pawnbroker in land, for
the raki, it ma said, of die nursery gentlemen. 01 the capital of
the Beak, II indlione were already tied up in the debt due by Go.
'eminent, and the neat they were about in tie up with the country
geatleinem l'he anginal design uf the institution of the Rank was
precisely the, reverse of their present practice. It was intended that
! they SWUM be ready, on any greet public einagemy, to aceol JJJJJ 0-
dale tlic tioVertiliursd oat Callan( ere or the country wlth daicounte.
Hut the Bank now kept up the rate of diorama at four per cent.,
while every other Hanker was, tell within throe few days, in the
habit of thecuuntima good bills at three per cote Ile was all Or
from meadow to the uptake' of his lion. Friend (Mr. Garai:llj,
as to the aon-pnwhietion of the accoutsts of the Batik, that he
thought the Ileum• ought to be furnished with a routs of the 4611-
a/unlit of tliv Batik. I hue of the greatest advantages eapected to
be derived from the existence of this greet liank,iog monopoly was
its suppood facilitation of ensmarierciel discounting. In his opinion,
the 'bower possessed by the blank was such as no company of
Waken ou:;10 to lead. It was a power that could only be exercead
fitly by lite 31ajesty'e government, acting under the control of this
limo. It bad been argued, holm ver, that the 'cry government
end trade of the country could rut be canted on toehold the
facilities alkorded by the Bank, It was now evident that this ar.
gement was errememia. Ile was cemvinceill, that, it' litotansiartat
would pay uhf the Ili millions due to the flank, country gentlemen
wasuld Alain loans with ease at Ye or 3 per rent. Ile trusted that
three would be a register inquiry and examinathart Into ibis queatitu
Wore the expiration of the Bank (barter. As to the charges ul
management, there timid he to daunt that the llouse might reduce
them. The lerriptin was made in IlidU. le 11110, a bill was passed,
after wore neguenition between Mr. Pereeval and the Bank, in the
preamble of which bill, it was stated, that, as the debt had greatly
inereamel 'once the bargain was etruclailed, thereby, it wax reason.
able that the, rate of charge should be sltered. hince ma, the debt
bad ince:ascii one third Snore, and, therefore, nn the same principle,
it was reasunable now, that some further alteration should tale
place. The debt lied increased since Dena from elle 101100 millions.
It appeared, in 1111. h, to a Conintinee of whirh the Honourable
Member file nett ('astir was chairman, that the extra expense was
only 130.1140111. On the principle in which the last alteration had
been node, he roittentled it wuuld be equally wise and just to make
a further alteration at the present dine, by which a toeing of
latelot. at least would be effected.
Sir H. PA KNEEL trusted that before his Majesty's Ministers
node any arrangement with the Beek, an opportunity would be af-
forded of taking the inner et' the House on the expediency of re.
stewing the charter. The custom had been for Govartament to
make a bargain with the Batik, and in a few boars alicrwards to
tall on the House to agree to it. I bear.) since the last re-
newal of the charter thine had been so much informattos obtained
on the eubjee-t of We currency of the rountry, and the principles by
which It should be regulated, that he hoped there would be a pre-
vious inquiry into the expediency of another renewal. It appeared
to hint, that it was a immure not rapine( by any of the moat In.
erects dot the country. and he trusted, therefore, that the House
would not, as heretofore, be taken by surprise. lie could not un-
deretat.d, why the trade of banking ehould not be as perfectly free
ae any other trade. Indeed, of all others, it was in this country the
mot important, and the principle now broadly laid doss, and
stn slily acted upon by the Hight ilonouratale Gentlemen appoint
was, that the principle of for trade ought to be violated an no
instance, rode es • stool; case could be made and to justify it.
Mr. 3IA INNI NU said it was not his initiation to oppose the mo-
tion, ranch Ise cueneideved quite a distinct proposition from that tit
the production o.',' the Mount of the Ilank-nous in circulation. ( he
'l'uesday last a return wae maple of the immune In circulation lot
year. There was no desire on the part of the Bank toeonceal their
tranesietione, and therefore the return was made, though he hoped
it was to: the last tint?, unlearns the autlunity of l'iuliatiaent was
again ' aimed to pprevent them from paying their notes in cob,
because the House had 110 toilet right to inquire into the tremor-
nuns ut that tetablisliliwnt, don into thoee of sty private bank, r.
Ile dish net object to tee proluetion of an acetone of the ',Mahe
balances, braise' that was a noun with which the pulalic hati a
char right to be aCquailited. The Honourable Mover had allutlat
to the produetion of a certain return tp the Stamp-office. thaloubt-
edly, the aVtlage alliolllll or tame. In circulation for three years rod
het at returned ; Red, acconling to law, it would be continued for
the public pure see stated by the thin. Mover. lint the lbw.
Uealllcliliai thought he bad a rattle to know the annual amount
of Mho in circulation. This was a proposition of • Navel nature.
The 'louse would next be moved to cull tor a return of the Sitioula
IA disaliiiiile. and Own lie saw nu right that multi restrain them trout
callitag fur the list of bills discounted. (Hear.) If they enter, d
npun this mimeo investigation, he dial nut sec where they (lola
stop. Uttar, hear, hear.) There was Ollly one other pant tin
winch lac conceived it neecesary to trouble the House; sad lie
sheuld do so ebortly,as he had so often before made the saute state-
ment. 11'hen the charges of management were animadaeried
1111011, the lion. Gentle-mei' did not Consider the mole in wiateh the
public bueintem was couducted. In theme Cliarbow was included
ale whole risk of forgery. 11'hatever loss was anotaimel by that'
means sas no communicated to the 4 ltancellor of she le/chequer ; '
and the whole Owego:, emarbiunat as it was desenbcd, amounted
toed! to 7d. in every lila took. l'here was a pint in the speech
of the lion. Member for Aberdeen, which he slam telt bound to
notice. The Ilan. Gentienuen had charged the Directors of the
Bank with leveling their assistance to the country gentlensett, a
practice whirls the Hon. Gentleman asserted was contrary to every •
principle on which baulking ought to be conducted. By the
charter, the Directors of the Bank were empowered to purchase!
hunk, tenements, and hereditatuente, and hold alum in their own
right .There was adman Act posed is the reign of King 11' dhow.
to encourage the Bank to advance money on teed ; but till now
tha Itarectont had not coneidered it expedient to avail themselves of '
it. .leer tlw complaints inside against the Kink, for the supposed
want of aeconattnelation, it was not a little singular to hear a,
charge preferred against thrill, because they had deviated foul',
, their onlinary course, to relieve the tarteeure of sericulture! dis-
I trees. (Item.) •
Mr. ELLICI: said the argument of his Honourable. Friend (Mr.
Hume) was, that it' Isis Mersey's Government repaid the Bank, 1
i it would (iambic thou to miouwe money at a cheaper rate genetally.'
(iloir, hear.) ll' the Bank of England was only a chartered body i
like tore of Scotland, and open a. they wire to tale competition,
the armaments of the Honourable Gentleman (Mr. Manning)!
1 would be unasetwerable. But the Bank was an exceptiun to all
the aanlinary rulta of trade. It wee a *teat monepoly, possessing
inivilegee not enjoyed by any clam of he Majoaty'e mantels. At
present the Bank aloe nitre contrary to all routtnercial principle..'
• hasten! of uestag its capital for the aidvantaac and meoritinode ion
of Ira& , its a li.le conduct latter'' bad teen regulated by a d it. '
lerelit principle. ill ear, hear.) The count. introsol by the Bank
Iwas in favour only Of the' great capitalist. The nee at which the
Bank dim:minted *andel net adieet the rate at which he borrowed,
i but it dial effect the rate at which every nian thecounted with hie
banker. I Hear, W.V.) The unwary rate of th.count had of late
been 24 or 3 per cent.; it had certainly not varied within these ten
dare; hut the !lank tit Enotand required 4 per cent. By its tend;
the oral' of every other banking canyon was governed. Then as
in the 11110111er In winch it elliploytal its capilid. 140111 e Or it was
adVallcill Oh the deed weight; tineeti millions wore were lent oil
inisctrivelit IhCeuritit... an the met was now about to be had out
an mortgagee. lie did not believe that half a million was invested
ill comelier:online, and they were necessarily the worst in the
county. %Vas that Home, then, nut to ask what was the 31110110 i
of ktailkllllpct ill circulation? In elute ot' a petiolatel eitiergeney,
how, in its present situation, could the Bank give any assistance
to may interest ? if it was premed, it ninst either distress Unseen-
uncut by sellsoF k:xchequev bills, or call upon the country gentle-
men to pay ott dirty mortgages. Such must be, the e&cts that
would natelt from a suable,* change in the money market. Hr,
therefore, would have asked tor the amount of the discounts by the
Bank. lie did nut see why it ghoul., be so jealous of exposing its
concerns. 'The link of } ranee made a publie statement, not only
M' die amount en its discounts, but of the a 1111 l unt of the bull
in its cotters, of its paper in circulation, and of its annual profits.
%Vas she Bunk of France in worse credit there than the Bank of
Englaol bete? lee wits pereuseled that if the flank of England
name be induced to an on more liberal principles, and showed rte
istaraounahle jealousy as to the ea petition of tlw numner in which
it thaisowtt or it. capital, it would °begin pure credit toe the manage-
illevi of its atikirs, and more contiderwe in its solidity. lie hoped
the opportunity would not be hat of repaving the hank, because
it would retake the Government independent of that body ; anti
that was a Matter of importance., especially when the renewal or the ,
chance came email conselreigion. Behoved the eauw power would'

never again be egelusively given to the Bank. lie trotted that the
discussions of the left seven years would induce tiovernment
hesitate before they attempted to renew the charter. lie could not
but express his astonishment at the tone in which the Chancellor of
the .I:xchequer had replied to the observations of the lion. Mover.
The Right lion. Ilentlenian said the House ought not to strain the
law to the prejudice of the Ilan k. The Right lion. tienticthan hail
no reason :o feel alarmed that the !lank would sustain any injury.
it heed amassed immense gains from its connexion with the public.
lie remembered hank Stuck at 1:10. Shim then the Proprietors
had received bonuses to half that amount; they had received the
must 11110(1110{11 profit, ever known, and Insides made a great addi-
tion to their capital Singe the renewal of the charter. price of
'lank Stuck 1111141 ouw 2MI. (Hear.) The Dank could not accuse the
public of want of liberality with that result staring them in the face.
With respect to the charges of nianagensent on the public debt,
be woold read an extract front the conrcspundence in Mutt, which
• would fully justify his lion. Friend ( Mr. Houle) in contending
fur the reduction of those charges. The Right Hon. Gentleman
(the Chancellor of the Eaciseemer) argued, that it was impossible,
without a breach of contract, to alter those charges. From this ex-
tract it • ill be evident, that In the opinion of .11r. Percival, at the
411.1111 Ito war writing, there was nothing in the compromise then
made that precluded Parliament thou suing again into the subjtct.
lie thereinto begged the attentien vf the lionise to the paragraph
which was *elected trout the letter in which Mr. Perceval seceded
to Kane proposals to the Bank ilirectuts. lie said, "1 sus strongly
indicted to pee way to the minor points urges' by you, in centiele-
rat km, that, so far as they apply they relate to an arrangeusent under
present circumstances or fur a short period." (Hear, (rear.) The
debt had since them increased from six to eight hundred millions;
end, alter reducing every public department, and keying a tag
spun the incomes et the higher claw ut public servants, who stl well
gamed all they received, was it not monstrous to pretend that the
House could not examine into the prepridy of the enormous aunual
peynients made to a banking dustpan, who were tile less entitled
consideratuin cm account of the immense profits they had made
front the public 7 (Hear, hear.)
Air. I.I.IHSE defended the conduct of the Bank. which, in re-
spect of its management and public utility, had nu dims] in
citadel:Fe.

Mr. BARING said it was unnecessary then to dieeuse the pro.
privy of the renewal of the I 'fierier, as no one had yet monomer it.
It *weld be quite thus to iCiscues the useeeure when it wax brought
refund Ina tangible shape; aud, when it was, he trusted it would
be coneidered with all the deliberation which so immensely imijart_
wit a subject deserved. It was not a subject that could be treated
lightly. Because we were its a state of peace, and the revenue ex-
ceeded the eepeialiture, and every thing appeared to be going on
mice lily and quietly, it was set to be interred that hiovnrnaient
could do without agrees Bank acting se their beaker and on which
the eircialatiou attel revenue of the country should hinge. If any
Members were of an opposite opinion, he was inclined to be-
here they would bud themselves deceived if the dangerou* expert.
meat were tried of doing without the Bank. Great &oho., he
thought, might be reasonably entertained, whether it would be
is wide toe Government to inure without such an establishment WI
the Bank of longhand. Still that was no reason why its regulations
should not be open to getural discussion, and its bargains with iliiii-
vereauent modified accurdieg to the cireaue tutees under which they
were made. As to the question of public balancen, the case had
been must unfairly stated by his lion. Frierid ( Mr. Grenfell), who,'
though answered over sod Over again, he must say, persisted in
leepiiiit the answer as far as be could out of sight. His Hun.
Friend stated, that on a balance of four u.illiens the country lost
lUU,U(MIL Now his lion. Friend knew that this formed part of the
consideiation 043 ilia renewal of the Charter. It was one of the ad. '
vantages he which the Bank had muds compensation. The ha.
lances used to be six tannin's% and uow they were only tour. %Fhb
respect also to the debt due by I iuVertillielit. it was sue, ilia• though
the Kink had lent its capital at three per cent., this was now no ad-
vantage to the public ; but when the loan was made the case was
iliderent. It was dais a treosact ion of great advantage to the pub-
lic, though that rd itself rate certainly no objection to its being !
terminated now, when it conks be dune beneficially, uuless the
money could be better elapkiyetl. The lush* made by the Batik
op mortgage he considered a great benefit to the reunify geue.
rally (hear, hear, hear), and it was an mouton in traVolle tot
the Beek which ought not to be overlooked, that in the can of a
great alteration in the rate of capital, he knew not in what
other way the difficulty could Le met, than by means of a great
establishment like the Bank, which, by lending at a reduced but-
, net, enabled the benefit speedily and at ones to reach all the cur.
ners of the kingdom. At the ulnae time he admitted that in point
!of principle the ilitienne was extremely doubtful, for the Bank was
liable, by consulting the cOlivelkieliee of the moment, to be betray-
,ed into a iiituetion the most dangerous Mr the State. (lieu, hear.)
Siippeentig that we were again plunged into thin mieeteble
eundi-
tiin, in which a retiree! of the impel circulation because tieceoet.
ry, aid the tueds of the Daub of Etiglatiel were locked up on
mortragre, lie could coeceive no situation more pregnant with slats-
' gee. The flank was also now hammered with a large additional
engagement fur the payment of the
.neeat and niditery peneions..
Admitting that the couutry !mind forward to remain in a crate of
peed:avid peace, still it was theiraLle that it should be prepared for
the puesdnlity of war as the best means of preserving peace. It
ought therefore to have a bank, as well as an amity and vary, to
resist In its defence. But if the plank was lending on mortgage,
besides being under All engagement to advance 13 millions to Go-
vernment in the bargain for the payment of the nasal cud military
ng pendi*, it was dl suited loaner on a war of any importance ur
extensave exertion. Though lie was sensible theiefore of the ad-
vantage derived at the present moment, he could nut shut his
eyes to ale danger of them• transuctions as to the future. And hay.
lug thus is:cid wally mentioned the charge arising ham the dead
weight, it was luipootible for him to pace it by without recalling
to the memory of the Hauer the derided cemdentuation the bar.
gain with the Bank had universally met with, oil the ground
of its impolicy and extrevagance. From his quarter had the
Night Honourable fientleman (the Chancellor of the Excite-
toi received any encouneeenient; and the nnly excuse that
could be offered for any man of sense bringing forward such a mea-
sure was, that lie had been betrayed into it from hix fi ar of aban.
dotting it, lest it should be considered that lie was reeling a reflec-
tion on the conduct art his preeletwoor. (licar, hear.) The gene.
ral character and known abili y of that Hight lion. Gentleulan
made it impossible that he could have acted upon any other iwinci.
pie. But it was a question on which he ought to have made no
such entices . By that bargain the Right lion. Gentleman had,
op a sun of 13 millions, made a complete sacrifice at one million
and a half. Stripping it of all the details by which it was cunfueed
!sod retidered unintelligible, the scheme was pees-hely this :—At the
nine the Three per ('cuts. were 74, a loan was coirrected foe with
the Batik for live years pmts actively. lite produce of the loan
Was to be applied tile purchase of stock ; ins that here was the
lii/Veftillitalt bumming at 71, on a prospective certract for five
years, to buy up again at 911; and as the probability was that if we
continued at peace the Three per (tents. would seem he at par, here
was the lieveminent burrowing at 71 in order to redeem at 1110.
l'he answer would he, perhaps, that it was true the stocks had
t hoe, but it was also true they might fall. Ile denied that this
answer would vindicate the Bight honourable Gentleman, lee.
Call4o the bargain was maniketly an operation that no man of
sense woidil have entered into if wife was likely to be main-
teem', every probability being then in favour of a progreeeive rise
in the stocks. 1 on the other hand, the country became involved
in war, Goverimient had choked up the Bank with this pros-
pective contract of thirteen millions. In either case the bargain was
equsUy to be condeinewd. If war took place, our mean. of carrying
it mu were taken from us by this unfortunate contract. If peace con-
tinued, the result was what we had wen. a Ines of a million and a
helf. lieu:quitted the Mein Gonuurable Gentleman of the folly
'of urleinating the plan. Bight Honourable Gentleman had
dune mails his power to introduce order and simplicity into the eta_
doted accounts. The statement oldie receipts antlexpenditure lambi
laid before the !louse was plain and obi Mies to every person. The
only unintelligible iteul on the face of the account was this tram
action oh the naval and military pensions. lie defied any one to
read It through with rand:tenon. Be %timid find himself ',topped
by a sil operation which he could not uederetand, and would
throw it down nt disgust and indignation, merely on that account.
There was another rift:um:dance to which he 'diem's' advert bethre
he concluded. It has beam suggested that it would he desirable to
pay oil the debt due to the Mak, in order to renderthe Govern-
ment independent of the Benk. There could, hr apprehended, be
no difficulty in boninving the thirteen millions due to the
hank at any time, and therefore he laid aside the considerntiset
of this plan for emancipating the pita:T.lll)(4a from its suppostsi
dependence on its creditors. It would be better, in his opinion,
to discuss the question of the Sinking Fund folly, after the flight
Honourable Gentleman had given a detailed view of the finances 411
the country. for the Inn/pose of Inquiteig how far it would be the.
suable, as weal as the 3 per cents. were at par, to Itlopropt isle the
surplus recenue to the payment of those Guinea which must be
paid in nioney ; whether, nomad of reducing the 4 per cents. it
would nut be better to apply the morphia to pay WE the thuoing debt.
Ily the reduction of the I.i:tele/spier Bills. Government would re.
deem ttttt ney that they oiled at par, mid rot, as its the caw of the
Sinking Fund, be repaying at lOU what they bad borrowed at 50
or lb) The Exchequer Bulls acre what they were always liable to
be called opal 10 pay, and lie thought, therefore, i. be sel-
vkable. under every vie:- of the caise, to reduce them. lay tlu
operation 4 coneiderehle relief would be obtained in the most effi-
catlistie manner. (II car, hear )
Mr. 11. I t•EN EV said ti few words, which were inaudible in
the gallery.
II Ir. AEI I IFIGX said, lie was convinced that the Bank had a
profit of I 20.00101., tit inore, tie itiemagieg the public debt. Ile
was satisfied to pay the Bank et liberal end fair puce, last hr would
tan give these the sum they navel. It nes said that the Bailie row
diiscolinted at 3 per Cent. but a full ine,stigation Would *hew that
they hail neatly double that suns. Let a 11111 l of this Ilinise
inquire, and give a fair remuneration ; hot again he slid, let Om
not be paid mote than sas necessary. With real 4 et 10 their bar-
gain as to the military and naval poisione. he renerived it lament-
able indeed to the public, that out of El millings, the Italie gained
nut lees than a million and a half. If Mat *ere managed WilliOul
the Bunk, the paililic would he gristly benctite.'. Ile could !warmly
areount list the adoption hf that ill-beeotten mid &Mimed child of
the late chioiciliew, by it man Or tie: excellent ilti&taln:altrg of
him yllO S.Ow tilled that eititai ion. Ile litiped, lion eVer. that watt-
thing *still yet be done on this subject, for one 1110fe to lie depre-
cated meld eel by possibility be conceived. let the 111,111ke ap.
point a I'wnp:uiuu, at.ti he was sum the country would derive a
great adventsge.from it.
. . . . _

Ur. 311 I Ni• considercil that the licnk 11.34 li lc, not otily to
'injure itsylt by lending on mortgage, but vlso 113.• ill the
event of a wise, whet, perhaps, they would come ilowit and
ask for ICAVC to 1,116.6 a 11611661 currency. The Pink shoebi recol-
lect what Ofetirreil in 181:i. relotive to the hooka of the coutory
banks, which generally fat cil. though thee warr.ah•tnt iti
Intl yet could 11.6 t 1111t1m: tLcirpap:WOOL .I.llc eX:11111.le of the
Dank of Frame; 51,01.13 folle,A NI in the country. There bigotry
annually took plate, anti they wire only allowed to sharccenati
profits; any ovcridus heirg laid by. as a security in C. 0.. 611;16 16414 r
issue, or 4:7 uthtr inotsint; 0,11111'1,16. TL, b:st ii.oste 011

applying our surplus would be, to pay or the fourteen millions we
owed the Bank, and thereby secure an increased capital for effecting
discounts to the merchants. The money lent by the Bank to the
country gentlemen did little service, while its application in that
way lessened their means of serving the merchants, for which pur.
pose the Bank was instituted. The !louse should recollect the
bankruptcy of the Bank in 1797, and the result which ensued,
that an ounce of gold, for the lint time in the world, only repre-
sented one quarter of wheat. What then was their paper worth on the
Continent Ile knew that in Malta a pound note was only worth
three or four dollars in hard cash. lie was sure that a dozen re-
spectable merchants of the city of Lo:olon would do gratuitously,
that for which the dank was now paid 300,00111. Ile had no wish
to trespass further on the time Of the (louse; but of this he was
certain, that the whole question of the Bank concerns, particularly
as regarded its government agency, should meet a full and prompt
inquiry..—The returns were then ordered.

11r. irelifell) would now mil
Ile believed the sum pod for tl
I hniever the soviet, rentlertd
Iretilltlll. would lie ample pays
there might be another saving .1
114'4 ilWare that an opinion had
itelier tieneral in futotir ef the
an opinion on a rase d
which that ease wit. put ; he n,
in w huh lit owll state the ea%
would both conic to a ver
ilr 11Ir. liteMvilt regretted del