The British Press; or, Morning Literary Advertiser.
London, England, 1826-03-08 00:00:00

Sea: an account Ninth's' upon those returns should be laid
Pirhament every year.
f air. ly.)ittlitt'Sl: seconded the motion. lie said three pro-
e„,l born made to the House connected with this subject,
iv, re all eeteitiveil. The Heat proposition was, that the
.ekets ehanld make deposits to secure the public. The
was. li,St a *uncut iry process might be given to the
oearson bank-nom*, by which he should be enabled to
„t i„, rove:iv, without undertaking a tedious course
is Hon. Friend hail now made the third proposi-
-.• otoin !,:takers should condescend to give an account of
„.. • , e.h they deal in the coin of the country. In
preeo.els he wiaited it to be understood that the
s asst. not hgedating nir or against the country bankers,
.„ ~.miety. Ile disclaimed anything like an' invidious
..: the collier hankers. Indeed, from the communi-
, o It hat eit It person,' well acquainted with the system
the coun•ry, he believed that the measures
lisd met a ith the entire approbation of the count!
;,,r3linist.ne had thought proper to interfere with
...mitt not conceive what objection could be urged
,• •:•te proinisal. There was no certain criterion by which the
bsekers' issitee could now be ascertained. ( Hear). Those
e, in the eon of the country should be placed undo stricter
oi in other dealers. If the banking system was not
.t It 'tier renting—for at present it was in a most defective
I::.treil the Legislature would frequently be under
of interfering. It' Ministers carried those principles
all Veil! 11l which they hail been supported by the House
e
~,;:try.
Ile was convinced it would tend greatly to the na.
ale
retieority. Ilad the Chancellor of the Exchequer come
:tie; explatned his sentiments manfully on' the currency
had been done by the President of the Board of Trade
. •
‘.. ant,h.r ,esthete Ita wont(' have been borne out by the voile of
ot mid of the coutery, and the futile objections of tote-
re4.. 11 tilt hate been attended to.
me e ail said the; one pound notes were of no advantage
t e• eO,
• 'ant of great inconvenience to all. if there was a stamp
keys notes, which would actually secure the holder, he
tettv bet eleei to eovereigne and to a metallic currency. For this
r. ;,, e opposed to the proposition for obliging the country
t • , se security. An unreasonable preiudsce had been ex-
.,
cto ag vountry bankers, which lie believed was productive
P e wee, modes, and Ministers were in a great measure respon-
,:e t,. t‘t e.inseimences. At a time like the present he was
to the proposition for calling upon the country hanktrs to
amount et their circulation. His Hon. I. dend said it
was ro ehrclosure : if it was not a disclosure he had no objection to
tae Ca't.r upon principle, but in point of practice it would be found
„,„,„,i,), to outwit, with it. it was quite impossible for
a roe,
, r t make the rerun' called for. Could lie tell how
•• -•
re,ev ewes had been paid and were in possession of hie
1,,•t (bleu). Could he tell how many of his ernes
of other bankers, and therefore not in eircula-
i • ', ail the circumstances it 'would be better to leave the
It :I es r. at present was. lie should oppose his lion. Friend's
mot. ae properly worded; but in its present form it could
r het with. lle could not conclude without expressing
i ieteiten tit 3linisters were deeply respoosible for much that
I It eperel.
'lnc t H A NCELLOR of the EXCHEQUER said that if the
11,n mrible Meniher for Westminster (Mr. ilobhowse) thought he
'eernel to the present motion in consequenceof any representa-
t es mails to hint by the country bankers, he was quite mistaken.
!lc knew nothing of the feeling of the cowry banners upon the
et elver what he had gathered in the House. His objection
t" the clause was not an objection to the principle of obtaining an
a•reant of tile country circulation. If country banks were esta-
fleshed with any peculiar privileges, or under charters, he thought
it was tevionahle to require them in state the amount of the paper
issued. But at the prevent moment he objected to such a clause. He
was not anxious that Government should be put in possession cf
the mintee *Wake and private concerns of bankers. In many in-
stances this was a species of information which he thought Govern-
ment had better lie without. The Honourable Gentleman's mo-
tnei left it to Government to refrain from peblithing the returns or
to publish them as they thought tit. This SIAS was a power which
lie thought should not be left to Government. Ile objected to the
r!ause on these grounds, bet there wasa still stronger objection— '
the clause would be inoperative, because it did not compel bankers
to make accurate returns. There was no penalty upon banker,' if
they made inaccurate returns. Now there were many eases, for •
instance when a bank had over-issued, when it would be very con-
ventent to make false returns, and he believed it could not be
assured that take returns would be productive of any good. In short
the clause was perfectly nugatory as at pment worded, and for
that reason. as well as those already stated, he objected to it.
Mr. H. GURNEY addressed a few observations which were in-
audible in the gallery. We understood hint to oppose the clause
introdu:ed by Mr. Hume.
Mr. PEARSE (the Bank Director) said that he did not see any
object in the returns moved for, either with respect to country
batiks or to the hank of England. The latter was bound to pay
their notie in gold on demand, and this was sufficient security
against an over issue. Eeperience proved how little desirous the
Batik was to force a circulation of stnall notes. Three millions of
sovereigns had been issued from the Bank, and a very small pro-
l'ettion of email notes. indeed, anxious as many persons were to
get possession of a new description of note, very few one pound
note, bad leen ask, el for. The Bank, so far from wishing to ex-
tend its issue of small notes, had a great disinclination for issuing
them; c:.l avoided it as much as possible. They should always
continue so to do, if there was no other reason than the expense
and inconvenience in which this description of circulation involved
the Bank, by obliging it to prosecute co often the forgeries eorn-
ndtted in ore pound nntes. There was no fear of excessive issues
when hankers were obliged to pay in gold on demand. lie should
therefore oppose the clause proposed by the Honourable Member
for Aberdeen.
Mr. Alderman HEYOATE supported the motion. He wished
to have a circulation of small notes founded upon the security of
the :fate itself. Such a principle would apply equally to England
and Scotland.
Mr. ELLICE rose amidst cries of " Question." lie said that
'he: the Secretary of State for the Home Department (Mr. Peel)
proposes' the exception in favour of the Bank of England, the
Bight Honourable Gentleman stated that the power of issuing
mall notes was only to be exercised by the Bank upon peculiar
emotions, and under the control of Government. The Hon.
tientleman opposite (31r. Palm) seemed to say that the Bank had
tee power of issuing when and to what extent it pleased, without
any control on the part of the Government. The Right Hon.
lien,,?ii•an rind the Hon. Bank Director were therefore at issue.
The stetemt nt of the amount of sovereigns added to the circulation
was mo.t gratifying. It proved that displacing the small notes and
substituting sovereigns would not be found so difficult as sonic per-
son imagined. In conclusion be expressed his assent to the
clais m introduced by the Hon. Member for Aberdeen.
Mr. Secretary l'EEl.rosetoexplain. The Hon. Gentleman oppo-
e'..te ('lr. Ellice) did not seem exactly to have understood what had
tellen trim him on another occasion. He said that the issue of
one pound notes, made by the Bank in December last, was made
after a consultation with Government, and with the concurrence
of its Members. Ile Mao slated that the privilege proposed to be
given to the Bank M' England was proposed on public grounds,
OS the benefit of the public, and not of the Bank of England.
Tne Bank of England being placed under different circumstances
front all other banks, tits bound by the Bill to publish monthly an
account of its issues. This was what he meant to say, and not that
Government was bound to consult every week with the Bank, as to
the summit of tine pound notes it was expedient to issue.
Mr. \lt INCh said he had heard only one objection to his lion.
Friend's motion, which lie thought called for a reply; it was that
of the Chancellor of the Exchequer, who thought the clause
would be nugatory, because there was no penalty attached to it.
But though there was no penalty introduced into the clause, if that
clause became part'of the Bill, any person offending against it
would be indictable for a misdemeanour. The only difference that
the insertion of a penalty or the omission of it would make was,
that in one instance the penalty would be certain and Invariable,
and in the other it *mild be left to the option of the magistrate.
The House then divided—
For Mr. Humea Motion 24
Against it - - 143
119

•
1,

111 ajority

On our retum to the gallery—
Mr. HUSII wax addressing the House ; he said that he had
received several letters from various parts of the country, complain.
big of the difficulty of isvocuring payment of one pound notes. It
had been said that this Bill was to protect the poor man, but he
did not think the mode at presort adopted would have that effect ;
he eiold not reconcile opinions he had now heard with those
heard on a former occasion ; but to be sure every Member of that
House was at liberty to change his opinion as often asp he pleased,
but this he felt to be theduty of the Right Hon. Gent. oposite (the
Chancellor of she Exchequer). as the father of the Bill, to make it
as complete as possible. The Bill did not afford the facilities It should
have done ; if payment of the small note) eras refused there was no
remedy but by process of law, which might take s month; delay
would be the inevitable consequence of the presentstate of the law.
In tact it looked like a suspension of cash payments when gold
vnilti not be procured for the one and two pound notes. Ile
%soil:ed that the clause which provided a summary remedy in case
of refusal of porneat should be introduced into the Bill, to which
Case he would be contented to substitute ten days instead of three.
On the motion that the Report be brought up.
Mr. JOHN SMITH said, that if the Hon. Member wished to
excite slant and confusion in the country, he could not have
adopted a more effectual means than the conduct he now pursued.
In the present state of things it was injudicious. The introduction
of this measure would, he was sure, create new confusion. He
spoke this in the conscientious conviction of his mind. There was
a remedy which was simple, and which he would point out. In
case any one wanted to have ten pounds in paper exchanged for ten
sovereigns, and there was a refusal to pay them, that person should
apply to a notary, who would protest. The expanse would amount
to about Los., but the country banker who had refused payment
would be liable for that as well as for the note. The public, there-
fore, as the law now stands, have a remedy In their own hands.
As to changing the term of three days to ten, he thought it no rea-
son for introducing the clause, which could only excite confusion
and alarm.
Mr. 11. GURNEY made some observations relative to the law
of process In Scotland. which we could not distinctly hear.
Colonel JOHNSTON protested against the Bill ; it should afford
some security to the poor. It was quite nugatory. The country
hanker gave in fact one note in payment of another. He thought
the measure the most injudicious the House could agree to.
Mr. HU:IIE maid that as the sense of the House was decidedly
against the clause he would withdraw it.
The Bill was then read a third time, and passed without a
division.