The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-03 00:00:00

inthoured. He ;34 lorry the Right honourable Gentleman hod
Mated the coontry barks or lamented their. increase. How was
Met trieresesicaltulated—or of what ills were they were productive ?
They. ell traded on their own responsibility ; their notes were con-
eutible. iminediately (invertible into gold and eilvsr_then how
meld it be complained of that the country wan delugea with note'?
nun a currency, when convertible, was the best pos.:able a but he
way particularly purposed at the remedy; for our Oistressesi proposed
tly the Right ilianouratile Gentleman—eurptited that Government
Ai aid recommend an issue of onemoond Bank of England notes;
but why were they ever withdrawn from circulanon ? Because of
thir 'milky of forgihe them. The House not long since rang with
amolaints of tee netneroue convictions to which *mall note, gave
rim -..rid now the House it tailed upon to sanction their acala-
i on. If it were neatmtary to adopt suc i a II11:2144fr, 'he lliawurahle
tarritlenian hoped that the Bank would be compelleil to take every
tamable precaution to prevent forgery, by the superior workmanship
ay their notes. The Ilonoamble Gentleman raturned again to ex-
ea lyate the country banks. Of six hundred or seven hundred mourn
err books not a tenth hail tailed, and of these many rue solvent ;
mile some uaronnuste failures in town to a great amount hail
eptontrain and diemay throughout the kingdom. It was the undue
atutopt mule by Government. as well as by the Bank of England,
es bring down the interest of many, that Awcall our =phial Wit
wtid speculations and foreign loans. With respect to the generous
am:mance said to have been rendered by the Batik of England to
tt e citatory gentlemee, the real history of the feet was this—that
at, did not offer their aid until the agricultural distress bad passed
away: but they lent money on mortgages of land when they could
• eel stations* get a sufficient quantity of their nmee into circula-
tes, and when inmate Walken lent money at lower interest. The
aluertable Member concluded by observing that he ',woke from
atticete conviction, and net with any wish to detract aunt the merit
' of p iblia bodien.
The CHANCELLOR of the EXCHEQUER true to correct a
. wieapprehnuion of die Hon. 3leniber °minden who seemed to
haegine that he had recommended the imam of ene.priond Bane of
Ragland notes an a remedy for our commercial diluent: but he on
tee cnntiery hit urget. that the circulation of small motet was the
' ltaet fertile 'oilier of ill, sad intended of course that the restrictions
npmen on country banks should also extend to the Bank of
England.
• Mr. ORENFELL was unwilling to retard iliscumion, but rope
'sanely to signify his Approbation of the condoct of the flnnk of
•i oglend, which had been as liberal and generous as the period to
wrath Afferent' was calamitous.
• Mr. A. BAltlnio believed the principal cause of the existing
amnbarmanneet to be the great superabundance of paper in citrula-
OD eighteen months ago. The Meat business of the country
. • lismater was the substitution of his own paper to the gold and silver
tvmercy. Thus the quantity of paper issued had no reference to
the rate of foreign exchange. To this ill most be added the mania
•of speculation. Some of the transactions springing from this were
ut a character degrading to the nation. It seemed (said the lion.
Geotleman) as if Bedlam had been let loose on the Royal Ex.
. change ; every agent imitated the wild and prudigsl dealing of Ids•
priecipal, and when the danger at last became obviates credit
"suddenly ceased vet though languid, it Is not annihilated, for
that nem could take piece in this country. The HOD. Gentleman
thought it would be expedient to encourage facility of dealing in
banking establishments, as tar as was consistent with prudence.
It would also be well if the Right Hon. Gentleman would explain
Mil period at which his plan was to commence operation. Th.
one.pound antes were a great nuisance, and productive of as muth
•i hard and distress to the flank of England as to those who issued
'tem. Tbeir abolition was • necessary measure, bet it was great
coil momentous. The Hon. Member wounl recommend a short
Hill to compel country banks to make returns within a short
period of the paper Issued by them in the last two yeses. Facility
~cif banking ought to be encouraged, but such a measure would be
dangerous without great cuition. The objects of Government
• cannot be attained rapidly ; gold must gradually introduce itself
• into the place of paper, and we must imitate surgeon.. who wait
ail the fever subsides before they apply their instruments.
• at ith respect to the Bank of England, the Hon. Gentleman was
sn opinion it could not be surrounded with too much dignity. If
• the Roth was left in its present predicament, its suspension would
pot be at the option of Government. He would expect to see the
/tight Hon. Gentleman conic down to the House with a king face
sod nay, like Mr. Pitt, n the bank is gone." A great alteration
had taken place in the proportion of the Bank of England and the
sarrounding community antes its tint institution. It was then in
the midst, as it were, of petty dealers, while now it was surrounded
byaireat capitalists. The Government ought rot to persist in milk-
:rig gold the cureency—gold is not always to tic got ; at present
silver is exported to procure It the bank is left thus at the mercy
of great speculators: and It was known dint there was a man who
could, and would, impede powerfully the introductine of gold, in
o•der to serve his individual interests. The Beek of Engiand
!nen must be established en a firmer basis. Many dlfficulitet
present themselves to the establishment of minor banks. It
ramet be advisable to allow gentlemen to contribute a certain
portion of their property to such establisitineets without risking all.
ntech a law works well in general commerce at Inn. Above all,
is would advise the Right Ilan. Gentleman to fix the time of
his 'nen, and to bring it forward matured in all its details. %nth
respect to thesilk trade, he fearen that, under existing regulations,
the famish 'fount best us out of it ; and for this Imes, perhaps.
pot trial economists would find some theoretical consolation, but
yet he could not help regretting it. This was a question deset ring
. of eule consideration. and an opportunity of discussing it would
probably be sows afforded. The Hon. Gentleman then stated that
La beemily concurred in the applause bestowed on the Government
far the manan-eineet of their negotiations with the Spanish and
Yartnemem marries; though sloes, they were brought to a saris.
factory conclusion. and to those countries se were to look fur great
future commerce. With regent to the treaty bete een. the kitimionis
of /airtime! and Brazil, that clause which was generally consi-
dered as working the separation of the two kingannis appeared
to the Hem. Gentleman in a very different light, fir the clause
tnat names the son and the father severally as Kings of Pm:
t. gal and the Brazils while at. the same time it recognizes the
legitimacy of suemasion, sienna to provide for the arnaxation arthe
ton Croons at nn very distant period.
:ar. ifaISKISSON had listened with the mnatest interest to all
that the great practical experience of the lion. Gentleman had
enggested. Re had no intention to go into the details of his Right
Fr%ad's proposed measures ; on the contrary, he was desirous to
postpone discussion. His Right lion. Friend was habitually active,
and bad introduced the measure in the guatest forwardfims
of which it was capable : but he could not fix the time nor parti-
cuter:, because much would dependon what would take place te-
morrow, when the Directors of the Bank of England were to
soUnit to a Court of Proprietors (onose concurrence was recent-
wit •the measure which was recommended. His Right Huh.
'dead had stated his plans for remedying the preterit ills, and pre-
veining their recurrence. He now rose principally to insist oe the
tureen,' of promeding as cautiously and slowly so possible. There
wee lambing violent in his Right Hon. Friend's measure. He slit
not.propose to withdraw from the circulating medium 13,000.0801.
Ile amount of one and two pounn notes never perhaps exceeded
7,e09.0001. or 8 000,0001.. and might 'now probably be about two
thirds of that amount : hut kowewer small the hum there was still
seed of caution. His Right lion. Friend's view. as toitt the old
paper currency wear out, and not to force into its place any rarer
subitieite; neither did he propose the establishment of any extra-
ardiguy new companies, but meter to remove an obstacle want.
ing in a clause of the chart'r of the Beek of England, which limited
the number of partners is a bath to six. The lion. tiectleman
admitted that it was desirable that all persons should hare time
to look about them, and to consider the proniaile effects of the
new enactment. So that if, for example, four new partners
were to be added to the existing six, those who theliked the
armagement might have time to withdraw. But sex months. the
Hun: Gentleman was of opinion, ougnt to be sufficient fur this
ebla 1. lie commended the flank of England for its lett mania
festation of public spirit in stepping forward to save others; and
actded,.that he believed in Xo doing, the Bank had also anted noon:
TI. t lion. Gentleman said then that he would confine himself to
a sirmlembtervatinn. In the corm of last year some persona be.
Beast they could grow silk with advantage in Intend and the
Coluaiest • He was applied to, and recommended the Colonies as a.
Etta theatre tar the scheme. whien lie considered at leen ileurelug a
fair trial. Under these circumstances he consented to De elected
their Ntneyery President, a little incident which hail given birth
to notch misimprehenion. These permit afterwards applied toe
Tluble•Msequis at the heed of the Treasury, from whom they re-
ceive/ precisely the genie answer as from bimetal, vie., that he
was *Mfrs to promote their views as far as they redounded to the
mutate advantage, bat not take in them any persona interest. This.
was the true history of a charge 'hien bad wade a great impression
on bins.
Sir J. witoTresbEv said that he as anaiout to make a
few übservationt on the subject under the consideration of the
How. lit certainly felt strongly on the observations which fell
from the Hight Hen. Gentleman. It was urged that there should
be no further circulation of ant!! notes. If, no more 'inch notes
were to be issued it would follow th •t the distribution of ataPIM
would be also contracted. If a short bill anould pus for that par.
vote, and there should be no further of one-pound noire until
those itveltculation were worn out, no alarm would be excited. aria
She inconvenience of a sudden return to csah payments ot those
Imes might in some degree be obviated. In the course of the
deliateldlusiont had been made to country bankers, and, itt
lipirlioa. animadversions had been made upon them which wore con
nutria* by facts. It was said that thaw bankers had. ageois
dasperud through the market-taros foy the purpose of procuring
dlseoundt of then notes. lie ins at a lose to camel ve hoar be ih a
upon *MI got into eireolation, and Was quite sore that no h` inn
(amid belong in the list of bankers alto could resort to even
werooltec With respect to the issue cif notes, he was cortident, sea
he knew it practically, that no bank could keep a thee out longer
then wke•beeetvary. He email amine the linen- th iat it was m-
p/amicable: He would say that even the Bank of England mild
ant kmpiany number of noses Inver in circulation than was ueces-
-1117. :Iffknow the extent of the circulating paper curiency, there
could he no better criterion than the t?turns of the Stanmulffice.
The e.renbtiorf of country banks was in proportion to the degree of
conlidemitmhich was emoted in them by the public; and, whee
eirconistaucen arose to diminish that confidence, the circulation of
Coot Banks was contracted in a ratio propornonste with that do.
CV.Ste of public confidence. Rut, alien confidence was restored,
pie KM& of England notes would be returned, and a conenporoiling
hantulummiven to the nista, of the country banks ; and, st dams
had nor Leen made to control those issues, we should not nave been
• the rune we were. The Right Hen. Gentleman (the President
of tee Road of Meade) said, that six months would be sufficient tut
lac country banks to ivied up their accounts. This erna quite inn.
possible; awl he considered any measures which would aush the
earculation of the paper currency as it stood. esteem/1y dangerous.
Jf an attempt was made to contract its issue, he would tell the
Might Hon. Gent/muss that the business of the country scull nut