The British Press; or, Morning Literary Advertiser.
London, England, 1819-05-11 00:00:00

PA RGA.

Sir C. Monic gave notice, that he would on
Tileortty. the Q5lll of May. wove for the iirodue.
t at at Papers relating to the military occupation
of the town and fortress of Pugs.
On the tioo of Lord A. HAMILTON. Sir G.
AVarremler and Mr. W. Dundss were *third to the
Committee to which the Petitions relating to the
Scott .0 Burghs were referred.
POOR SETTLEMENT.

Mr. S. BouiettE---ino;etithiiirCler of the Day
for the lurther consideration of the Report of the
Poor Settlement Bill.
General GascuvmE mid, that he had several
jet tiotis to make to this Bill, for which reason he
id Id move as ail amendment, that it be recom-
mitted. The provision in it which he would chiefly
oppose was, that relating to the length of time
ue-
c•s<t:ry for gaining a settlement. This, in his
(minion, ought to he extended from three years, as
!,ro!iosetl by the Bill, to five years, in the case of
tvr :..übject+l. and to seven years iu the case of
fo•tigoters. This rod other points could be ills-
oily in a Committee, for which reason
I. • move that the Bill be re-cuttiruitted.
:qr. Sr. Jolts P. MILDMAY seconded the mu-
-1,00, although his objet:tion went rather to the
multiple of the Bill than to its provisions. But
61 the provisions, lie would principally oppose that
%hid' related to domestic servitude. The Bill wss
"PiPoltrd on the ground that it would put a stop
to much but in this lie thought there WO.
fallacy. The claims to settlement under the ex-
mit% law, though &pending on many circum-
stances, weir. nut halide to so much difficulties in
&Nilo us those which were proposed to be
lihatituted.
Mr. Plist.t.res ohjected generally to the Bill,
and said, that if the 1100. General would consent
'0 withdraw his ;.ttp-oduteot, he should propove in-
stead of it that fteport be, taken Into eoutstilers-
tiou this day pia months. lie argued at ovine

length to she* the injustice and impnlicy of core-
'belting pirishes where as individual Nal resided
for three years, to support them its their necessi-
ties. Ile supposed Ilse case of a labourer in a ma-
ssufacturiog town, wherries the manufactures hod
tiled—in such a case it would he not only a hard-
ship to the parish, but a cruelty to the lusts him-
self, to compel him to remain in the place of Ina
usual residence.

Lord GRANVILLE SOMERSET spoke, lint no a
tone of voice so low, as to be nearly inaudible in
the gallery. We understand that the Noble Lord
opposed the Bill.
Mr. F. LEWIS said. it was impossible for him to
overlook the weight of opposttiou which was direct-
ed apinst the Bill, both out of doors and in the
House; but in exarniiiiiog carefully the argu-
met►ts ow either side, he now felt as the Com-
mittee did, that the balance was in favour of the
Bill. The proposed measure ought not to be
judged of so much with reference to its own
merits, as in comparison with the previous sys-
tem; and if this mode were pursued, it would be
found that the existing system was fraught with ten
times more of oppression to the pauper, and or
injustice to the awiessed property, than that which it
was proposed to sutostioute fur it. He contended,
at some length, that it was consonant with every
principle of justice that the lowish which had
gained by the industry or the wages of au
iiidividual, should be at the expense of maintaining
him in sickness or age, and remarked forcibly on
the cruelty of tearing away • man in his misery
from those with whom he had been accustomed to
associate. He thought if the 'orrisroot Bill passed
into a law it would have the effect of operating as a
restraint upon the principle now too generally prac-
tised in manufacturing parishes, of partly paying
the wages of labour out of the parish rater. The
question, however, was one which it was not desir-
able to press monist the opinion of the country.
Mr. ALLEN opposed the 8011.
Colonel WOOD objected to the notion of uniting
two of the parishes in %Vales in the manner alluded
to. He rather thought the Bill would work more
harm than good. The only way t.; get rid of the
difficulties respecting the Poor Laws, which caused
such endless litigation, was to retread the steps that
had been passed, and abolish settlements altogether.
Labour was the property of the poor man, and he
should be at liberty to exercise it wherever he
pleased.
Mr. HUSNINSON admitted, that the removal of
the cruel and unfeeling restraint which the old loows
put on the poor man's labour ought to be removed,
but lie could not see how the Law of Settlement
could be removed, unless the Poor Laws were alto-
'ether repealed. An amendment was necessary in
the existing law—to make it was, in fact, a choice
of evils, and he thought this Bill would answer
every purpose. He complained of the moral evils
which were produced by the old law upon the agri-
cultural population, said contended it was most de-
sirable to amend a system so productive of injurious
effects. Not the least of the merits of this Bill
was, that it would prevent the great expense and
litigation now so common in asserting rights of set-
dement.

Mr. G. LAMB denied that the effect of the Bill
would be to prevent litigation. To give the lawyers
a new Act of Parliament, was rather it strange way
of.diminishing their practice. He enumerated in
detail the provisions of the Bill, and thought that
it was most injudicious to prevent a man from ob.
tinning a variety of settlements iu the course of
his occultations.
Lord MILTON was in favour of the Bill.

Sir G. CLERK entreated his Hon. Friend (Ge-
neral Gascoyue) would withdraw hie amendment.
Mr. CANNING thought it better to have the
sense of the House taken upon the amendment,
the House could afterwards dete►mine upon the
principle of the Law of Settlement. Some distinc-
tion might be easily drawn between persons seeking
a settlement in a town like Liverpool, which was at
times full of 'population from other countries, ■nd
those places in the agricultural districts which had
something like a stationary resident population.—
Situated as Liverpool was, he thought a three-years'
residence not unfair towards the applicant for relief.
tie thought some attention ought to he paid to the
framers of this Bill, which was the fruit of three
years' labour—it labour peculiarly ungracious, for
it repotted the individuals who had undertaken it, to
more remonstrances than suggestions. tie would
vote for the recommittal of this Bill, to take the
sense of the House on his Hon. Colleague's amend-
ment, but lie would certainly oppose ally attempt
to get rid of the principle of the Bill.
Mr. ATEYNS WEIGHT opposed the Bill.
Mr. STURGES BOURNE replied, and said, he had
no objection to the recommittal of the Bill.
After a few words front Lord STANLEY and Mr.
W. SMITH, the House divided, when the numbers
Were—.

For the recommittal

AgainiA et

Majority

The Report war then ordered to be taken intro
flintier consideration this day ill Months. The
Rill is of course lost.
The American Convention Bill was read a second
time, after a fro, words from Mr. FORBES, and or-
dered to be committed to-morrow.

The Scotch Jury Courts Bill went through a
Commit tre.--Iteport to.morrow.
Mr. Alderman HEYGATE presented a Petition
from Sudbury against the Roman Catholic Claims.
The ATTORNIiIf•OF.NERAL gave notice of a 11111
111011 tier Thursday next, for leave to bring in a Bill
to prevent ■ry of Ins Majesty's subjects from en.
Itsting in Foreign Service oithout Itceuile from his
51 iiesty,
The other Orders of the Day were then read,
a►d the House adjourned ut Two o'CLucit.

The Lords of the Treasury have repaid Mr.
GEORGE HENTY the line of 1,000 guineas,
ed on him, on the evidence of the two perjured wit-
nesses Sinter and Settler, together with all the ex-
penses attrodisig the several ►llllloOlitillg to
62,4001. Slater is this day to he removed from
iSiewg•te for transportattou; but Stutter, although
Mellt011t:r11 to two years impoisoomvot to Horsham
(idol, yet retnains in the !hag's fiend'. Ile hits,
with dithers, been rubsegtsrlitly indicted for a situ'.
I.lr s•ficiice, and is to take his will at the nest
Ap,iser tar this col ut).-o:usecx

PARLIAMENTARY PAPER.

THE BANK.

Snlstance of the Second Report of the Loris'
Secret Committee on the Stale of the Bunk,
with reference to the expediency of the he-
siiniption of Cash Payments.

The Second Report of the Smret Committee
of the, Lords, off the state of the Bonk, has been
published. It or more voluminous than the Com-
mons' Report on the same subject. embracing,
with the Appendix, which contains the Mmutes of
the Evidence, no lees than 431 folio pages. Fol.
lowing a like course, it begin* with a recapitulation
of the laws which imposed, and have continued the
restriction upon cash payments by the Book. It then
refer* to d.c notices issued by the Bank iii January,
I'Bl7, to pay in cash all It. and a notes, dated
prior to January, 1816, and a second notice in
September, 1817, to 'say in cash all notes dated he•
fore the Ist January in that year, with a view to the
*complete resumption of cash payluents, even prior
to the period then fixed by Pailiament. viz. the .sth
July, 1818. In the mouth of April, 1817, the
effect of the great foreign luaus made in that
year began to he considerably felt, and be-
tween that and October in that year the ex.
changes took en unfavOurable turn. There ap-
pears to have been no considerable demand li►r
gold previously to the mouth of October, 1817.
The Ent issue of sovereigns in large quantities was
lii that mouth. Theme was a diminution its the
demand for them in the three succeeding months;
but in the month of February, 1818. the issue of
gold increased till August in the same year, and
the demand during this period is stated to have arisen
decidedly for the purpo►e of exportation. Notwith-
standing that the Bank had made a great reduction
in the issue of notes since the cumn►eucetneut of
1818, and that during the last three months of
that year the issues of Country Banks have not
increased the price of gold, and the state of the
exchanges, have drawn from the Bank a sum or
6,809,0001. and by these drains their treasure was
very considerably reduced, and they were still liable
to an additional demand to the amount of several
milltnn►s.

..... _
This unfavourable state or the exchanges and of
the price of gold is attributed to different causes by
different persons examined before the Committee.
By some, to an excess in the circulating medium
of the country ; by others, to the et&ct of the late
regulations of the Mint respecting the new silver
coinage, by which the proportions between the re-
lative value of gold and silver are stated to have
been so varied as to have occasioned the exportation
of gold; by others it is attributed to the continued
operation of foreign loans, to the temptation held
nut by a high rate of interest, to the investment of
British capital in foreign funds and foreign specu-
lations, and to the large purchases of corn from
abroad, a great proportion of which is paid for in
advance, and must therefore. in their opinion, have
had a material effect upon the balance of payments,
and of course upon the exchanges, during the year
1818.

The Committee then proceed to express their
°pillion, that it would not he safe and practicable
fur the Bank to resume cash payments on the sth
July next, and that there is a necessity for farther
postponement. They add that—

" It can hardly be isecessary for the Committee to re-
mark, that thin opinion dues not rest upon any ground which
can intimate the slightest doubt as to ate credit or solidity
of the Bank ' • that body possesses at the present moment
the means of discharging, out of the tremor, actually in Its
coffers, every demand which could have beets made upon it
fur payment in cash iu consequence of the notices referred
to; and the only object of the measure which, at the recom-
mendation of the Committees of both Houses, has been al-
ready adopted by Parliament, during the course of the pre.
sent Session, was to prevent the continuance of a drain of
the existing tremure, and thereby to facilitate such opera-
tions as the Committee might feel it to be their duty to re-
commeud, in preparatiou to a final removal of the r‘stric-
tioll."

•, Of the ultimate sufficiency of the Bank no doubt has
been or rail be enteriamed; but as Parliament thought
proper, at the period when it imposed the first restriction
upon the Bank, to direct an inquiry into the actual state of
its sillies, and as a similar injunction is contained in the
order by which this Committee is appointed, they have
thought it their duty to lay before the House the statement
in the Appendix ; by which it appears, that, exclusive of the
debt from Government, at three per cent. of 11,686,000 f.
and of the advance to Government at three per cent. or
3,000,0011/. making together 11,6X6,8001. the balance in fa-
vour of the Bank, un a cutup inion of its debts and credits
(including in the former the Government haulms, in the
bands of the Bank), is 5,231,1901."

The Committee the', proceed to develope the
venous mud motives for the plan which they pro-
pose, and their Report coocludes with the plaits
itself, in the following terms:—

These conaiderations have led the Committee to examine,
with particular attention, a plan which has been suggested
to them, and whirls, as it will appear by the esideuce, is
viewed in a very favourable light by many persons well qua-
lified to lons a judgment upon each a subject.
The leading principle of ibis plan is, to restore to the
country, by the speediest and safest means, a metallic
standard, as the revelator of its paper currency, by permit-
ting the Hank to pay dr notes is gold bullion, at the Miut
price, instead of gold coin.
Various advantages appear to the Committee to attend
this plan, in preference to • simple resumption, in the Best
instance, of cash payments by the Bank. It establishes,
equally with cash payments, the principle and the salutary
control of a metallic standard, while it affords the beat
prospect of avoiding or diminiShing many of the inconve-
niences which are by many persons apprehended from that
measure. It exempts the Bank from the obligatiou of pro.
riding • quantity of gold necessary to replace, in case the
public should prefer coin to paper, all the smaller notes, to
the amount probably of 15 or 14 millions, which are now
circulated in London and in the country; and therefore, by
relieving the bullion market from this demand, it prevents
that augmentation of the price of gold, which might be the
consequence of large purchases of that article made in a
•hurt space of time, under the pressure of • necessity pub.
licly and previously known. And it continues to the Bank,
and therefore to the nation at large, all the advantages to be
derived from the employment of a capital equal to the
amount of all the small elutes in circulatioa, whether of the
Bank of England or Cousin.), Banks. In lima one cage, this
capital would still he, as it mow is, employed in the support
and extension of agrirultnre and of eammerce, whether
foreign or domestic ; ins the other, it would he merely an
additiou to the dead stock of the military, producing neither
profit nor advantage.
It seem* probable also, that when the Rank is made habits
to pay only its bullion, and that only in exchange for mates
to a certain amount, it world be chiefly subject to shell fie.
meads as 'night arise from the excess of the maket price of
gold above the 51iiii prier, and the cumaequent profit upon
exportation. Tu a demand resulting from this sourer, every
Bank issuing paper convertible into either of the pinions
metals, must at all limes be liable; sod unless the snorkel
price of gold can be kept within certain hinds of deviation

fro* the Mint price, either by Ito redudtioa of the hunch of
paper, ur by the effect of a favourahk balance of payaseuta
upon the exchanges, the ',bole system abashing meat sw-
cessarily fell to the ground. it la no übjettiOn, there.
fore, In this plaid, that 11 does mot provide ligaiust
posallAe incooveniesice; wheel' . i■, nailer such Linen,-
aimed% an maeparable attendant upon all paper heureuey
ao convertible; that is, upon all paper currency, which
fa secured from great mid iticonvenieut varlatious.—
The plan however ronlaius in itself, deriug the period which
may elapse before the market price of quid falls to Rik Mist
price, • considerable guard even against this danger, a
guard whit h did not exist in the 11610,1 state of our t nr.
ivory. As it would Ise impuenible for any 1.4.1.41,1 to draw
bullion from the Bank. except iu exchange for Bias k totes,
tot drtuand could be made nano tin• B.ltok lo any ;teat
extent for gold without occasiimii.4 a f.caici:y fa the
Currency, which wou:d tend so seise the rillsor of those
notes, and to 'ensure the temptation to presciit them its
exchange fur bulbul'. The same els CIIIIIMAUEC Would operate
to check any demand, which might as jar front a sudden
panic; and the rapidity of such demand, in which it. chief
danger consists, might be somewhat diminished by the ne-
cessity of collecting notes to that amount, Ie exchange fur
which payment in bullion would lie dernaddable. And in
whatever degree • diapnaitiim may have existed to board
coin, there would probably be less disposition to demand
bullion from the Bank for that purpose.
'llse Committee, in recommenoing the principle of this
plan of reanniption to the favourable cuostileiation of the
Bowie, think it neveithelese their ditty to 'tugged such pro-
visions as have occurred to them, by which, in their upintoo,
without weakening its efficacy, or minis ing any of its ad-
vantages, its operation would Ire facilitated and ensured.
In the first suggestion of the 1.1211, it was proposed that
the Bank, upon the removal of the present restriction, should
immediately pay in bullion at the Mint price, iiiidesd of
paying in coin. The Committee have laid before the House,
in the former part of this Report, the consideraiiuns winch
induce them to think that it mud be desirable upon the
whole to allow a considerable interval of time befoie the
Sauk should he required to teatime cash payments upon
the ancient system. These considerations would operate
in a great, although out all equal degree, against the too
early adoption of the plea for bullion payments at the
Mint price. The objection to the prolongation of the pe-
riod in the former case was chiefly this—that the country
would he left during that period, whatever it might be, with-
out the certainty of auy progress being mask towards the re.
adoption of a metallic standard of valise. The iutei position
of bullion payments affords stucco. of obtaining this secu-
rity, which csonot be provided with equal advantage under
the simple resumption of cash payments. The resumption
of bullion payments may, if Parliament should think pro.
per, commence at an earlier time, and at the present market
price of gold. Successive periods might, if thought
sary, be fixed, at which the rate of bullion payments should
be gradually lowered, until it should finally be brought
'lows to the Mint price. The same principle of gradatiou
could nut be applied to payments iu coin, without the great
and obvious inconvenience which must resell' hoes COCCI'S.
sive variutions in its circulating value.
The effect of this graduated scale would be, to re-establish
from the first commencement of its operation, the principle
of a metallic standard. It would indeed not at mace he a

recurrence to the ancient standard; but an •pproais•atio•
would be gradually made towards it, and at no distant period
it would be attained. The necessity, under which the Bank
would be placed of regulating its proceedings with • view
to the commencement of bullion payments upon this sys-
tem, would give • security, perhaps unnecessary, bat aegis.
factory to the public, that some progress was actually mak-
ing towards the ultimate object. As the Bauk would at the
same time be relieved from an early recurrence to cash pay-
ments upon the ancient system, it would gain • longer in-
terval fur the gradual accumulation of its treasure ; ■ny re-
duction of its issues, which might be found urcessary,
might be gradually made; •nd ■ll persons engaged iu cum-
merce would also be enabled to accommodate their transac-
tions to the new slate of one ejaculation.

II has been suggested that the Bank might have the op.
tint' of paying lo bullion or in coin ; hut the CUlllnnitiell
are inclined think, that even at the time when this scale
shall hive embed the Mint price, the Bank should begin
to pay in Lulffuu only. if there is soy weight in the argu-
ment one of the great arlvant.iges of the proposed plan
with the modification suggested, is this, that it would len-
der it safe tur the Bank to open with a much smaller amount
of treasure than might be thought necessnry fur the re-
sumption of cub payments upon the ancient system, and
therefore that it might begin its operation at an esti lier pe-
riod, it is evident, that were the Bank, from a preference to
the ancient system, to determine to avail itself at that pe-
riod of the option between bullion and cash payments by
paying in coin only, it mast, in consequence of such deter.
mination, snake more rapid and more extensive purchases
of gold in the interval, and thereby impede the gradual pro-
ima of its reduction to the Mint price, which is the main
object to be attained.
There is also another evil against which it would be ex-
pedient tii provide a guard; viz. the passibility tif an exces-
sive reduction of the circulating medium, during the opera-
tion of this plan. This might be prevented by imposing
upon the Bank the obligation of giving their notes in ex-
change for gold bullion (if tendered to them) at fixed prim,
either taken somewhat below the Mint price, or, in the first
instance, somewhat below the price at which the Batik should

commence to pay in ; or further, if it should be
thought proper to introduce inure than one point in a gra-
duated stile, at prices somewhat below those which might
successively be fixed. Either of the latter expedients
would afford a greater security against any excessive reduc-
tion of the issues of the Bank, but they might introduce •
degree of complication into the system, and might cramp
the operations of the Bank in ea inconvenient manner ; and
the Committee think that, on the whole, • preferable secr-
etly would he afforded by leaving the Mint open to the
public, by which any considerable deficiency tu the paper
currency would be supplied, and its effects counteracted by
the coinage of gold.
In order to bring before the view of the House, with more
distinctnesa, the whole of the plan which the Committee beg
leave to recommend to their tunsidei atiou, they will slate
shortly the different parts of which it consist% :
I. That provision should be made by Parliament for •
repayment of the debt of Government to the Bank to a con-
siderable amount, and that a past of that repayment should
take place some time antecedent 40 the first period which
may be fixed fur the commencement of bullion payments
by the Bank :

1. That from and after the lit of December, IM9, or at
latnt the Ist of February, 1820, the Bank of Fogl.nol shall
be required to pay its utiles in gold Whim, duly unapt'
and stamped in his Majesty's Mint, if demanded, in sums
of out less than the value of 60 winces, at the price of 4/ Is.
per ounce ufstandard bullion ; that on the Ist of Novem-
ber, 1920, or at suc► other period as may be fixed, the price
shall be reduced to 3! 19s 6d, unless the Bank shall ha►e
previously reduced it to that rate, it being always under.
stood that the price, when once lowered, shall out :igen be
rallied by the Bank ; and that on the 1.1 of May, 1841, the
Bank shall pay its notes, if demanded, iu gold bellies, iu
nuts of not less than tbe value of do „mares, at the price
of 3/. 11s. 10p. per ounce of •tandsid bntl,uu :
3. That a weekly account of the average amount ar notes
fu circulation doling the precediag week, shall be trans-
mitted to the Privy Council ; and a quarterly account of
the average amount of notes in circtilatiois during the pre.
tedium quarter, shall be published in the London Gazelle :
4. That fur two years, from and after the Ist of 31ay,
1921, the limit shall pay its mites in gold bellies, only at
the Mint price ; and that whenever Parliament shall think
proper to require the Batik to pay its notes in coin,matlee
thereashallbe give, to the Batik use year before hood, sll4ll
notice not to be given before the Kra of May, 1119.
Should Parliament think proper to adopt this plan for the
regulation of the Bank of England, it is evident that provi-
sions must be made fur applying the same prioclple to the
Bank of Ireland.

The Committee are perfectly aware of as objection which
may be stated lir this plain, via. tbat duriug its operation Ilse
runatry will probably have iso earreuey earrept paper, for
payment. beyond 40 shillings, and that the advantages re.
►nit,ng from the reuvertibility of Bank note* ratu hnlliaa
appears In be give., at least an the Brat instance, uoly to dm
holders ..f large soma.
In awwet tu this it most be remembered, that so Noe ea

Sloe price of gold shall mulatto' high etiOsigli hi a fr,:J r. pro.
hi Ilium tlw smelting and exportmilisi °fettle, frrmrd air"r i.
tog to the prevent Mint regulatious, there CAN be Uri cirritl.o.
I of gold cog lit the euroury„• Voider such rlreuousla.iti4
ally further Issue of gold cum would he 'melees. It whi.l4
indeed be worse than useless, so the pun llama flat
to be ruined would raise the price of col.ll, mead the expensii
of euinutg it would he a waste of public
Issue could only he useful lake the pi it e of will 1,, tto
far below the Mint price as to compesisatr for iliv
lost doing Ilse time of voiitage. But, although do, rin
mutter tolertaiii great hopes that, durum 11th op. vitt i,f
the plan in 'version, she prig r of Cold a.at fall to 11... ,%j .1
puce at an earlier period than what I.ls t 1,0,1 in. 114 t ,i•
plrtiou, pet the plan it-elf pruiumes IL4I ,11111 fall eh," ,
lake p :ire and have Dieu biloie the 161 iit
Mar, 1121.

tilde! this uncertainty it non's' be difficult. if rot nn
possible, to foresee lily tawniness' prvviuus to ttint date, ..t
which it might be expedient to 'sake such 411 tame, or a:
which the public would be able ru avail itwif the pun r•
of resorting to the Mint for the conversion of Isulltrou tutu
coin. But it will be able to avail itself of that privet isoos
the operation of this plan at as early a period as eulthl ICU
moodily he expert...l touter any plan for the simple rrsutnp•
lion of cash payments. In the interval the currency
consist (as it has lung consisted) of paper thane; lust,
from the moment flint plan begins to operate, this uspei
would have what it bas not had since the Orsisk rrAtic-
Nan, and abet it could out have in the interval pie-
ceding a simple restisuption of cash paynsents— a metallic
Standard far its regulator. The holder of las ge sums nr 111.1$ .
would indeed Wrath. power of solve, tlnz 'ltem into hn.wr IS
at I fixed price by presenting them sit the Rink ; but the
holder of a small sum in flutes ha. nut now, and covld toot
have the power of ',Stealing it into coin, nodes vircom.
stances when, as has Seen ()time stated, no coin could it.
main sad circulate in the country. The I stter, therefore, is
exposed to noldisadvaistage whatever donor the operation
of the present plan, to which be would not be expori i! dur-
ing the interval which must precedes simple re►umptiun of
cash paymrets. Hut he derives from the first moment ~r
its commencement a participation in the security aganist
fluctuation afforded to the holder of large hums.
This detail of the plan now proposed by the Commit's,.
will, they hope, be sufficient to explain butt. its nature and
its ohjects. Above all, they trust it will be manifest that
the plan is now recommended by then! as a tempowsr«
measure, as the mode which appears to them at once the
must desirable, and the most effectioal for the attainmeut of
the object whirls Parliament has its vtesr—the restoration of
our currency to its ancient standard of metallic value. They
think it probable, as they hive alread♦• stated, that this ob-
ject may thus be attained ■t a petits.' comparatively cal lies
than that fur which they have ultimately prolrided. It•rt
they entertain a confident expectation that in ibis mode it
will be effected at that period, if nut before, and with dot
least practical inconveuience 116 any of the Interests which
it may affect.
After the attainment of ibis fiat and great object. inxiiv
important 'protium" will ■till re:nain to be determined hy
the Legislated r, respectiug the system on who+ our currency,
when regulated by a metallic standard, may in oilier respects,
with most advantage, be ultimately and permaneistly
founded. Bit in them points the ('.•mmittre think their
should have exceeded the lionise of their duty, if they had
ventured ■t the present period even to form, marl; inure if
they bad submitted to Parliament, any final ur derisive
opinion.

Whether the whole of our circulation and router,
shall thenceforth be replaced either entirely on Its earn-tit
footing, ur with what degree of alteration, palter Warty
its respect of the smalls r notes, the issue of which wa•
formerly prohibited; whether the intythents of the ariek shell
be made at their option in bullion ur ea coin; or those pay-
ments continuing to be Made in bullion Dolt, the Mint shall
be opal, the public for coining such bullion into gold
cuiu, Misagzithout a Wriznoraze or brassier; or *heaver,
with a View' pp utilize to the eiremtry a prat equal tu the
whose value o gold employes{ as dead capital for
the purpose of circulative', au endamoimshall be made to
confine the whole of our currency (except for the small
payments now made in silver) to piper uuly, but to paper
regulated by convertibility into bullion—these, with the
sous details connected with and dependant on them,
are metals upon which the House will Bud much useful in-
fiirniation in various parts of the evidence contained in the
minutes, and upon which the Committee are sstrafod that a
better judgment than can be formed at present, will he de-
b ivied fium the etperience of the operattou of the psis im-
mediately in question.
With reaper tto the derision to be taken as to the fissure
ciicolstiou of the 'mallet Outer, the Committee are fully
grumble that all view* of expediency or profit in this respect
must be combined with atwitter must importaat considera-
tion, that of the comparative facility with which such paper,
or the cones for which it is substituted, may reepettively be
counterfeited. This pellet is essential to the sauna of any
measure on this subject, and it is of grail weight in the
opinion of the Committee, es connected with the compare-
tire degree of teuiplatiou or entouragemtut, which any of
these systems may afford to crime, and the tutsequent see-
cesaity of frequent awl • winishmeut.
Under these impressions the Committee have indraiour-
ed with much anxiety to obtain irformetion as to the pro-
gress and probable results of the iegisirite which have lately
been made, seder the authority of his Majesty's Cognates-
stun, into the means of preventing, ur rendering much inure
difficult than at preach*, the forgery ref Kink paper. They
have learnt that these results are not yet sufficiently matured
to he brought with this view in a complete shape under the
consideration of Parliament ; but they find that the very able
persons whose attention has been so beneficially employed in
the examination of this subject, entertatu sanguine expecte-
lions that the principles which they have adopted for this
purpose will, in their application, provide, if not a complete,
at least a much more effeetive check than has been provided
by any means yet adopted for the security of the Bank and
of the public. In so far as the Continence has felt itself
competent to judge ut the probable operation or those prin-
ciples, they fully partake in this hope; and it is much
strengthened by learning, bum the testimony of the Gover-
nor of the Bank of Ireland, that the applicatiuu eyrie of a
part of those principles has beets found there, in a very gnat
degree, effectual fur that purpose.

There is another point to Which the Committee think it of
cleat impoisauce that Parliament should advert. The
Mtge sassatit anti nature of the advances made by the Bane
for the public service have hem staled, on diffeicut acct
stuns, as opposing cousiderahle obstacles to the measioeit
which would ullserwise hate bees adopted by the flaiik
awl the plan now recommended essentially depend. trapini
previous reduction of them. Bat the ioeimeen.eei
of this mute of habitually providing for the pistise.•
exit:times, to su great an extent, is not merely tempoiery.
It involves principles of considerably moment, will. veer..
case to the relation in which Onverument soil the bank are
thereby placed towards each other. This system is iof host -
ever of recent date. It hail !resit acted upon to a l ionr ex.
tent, parr slung period art yea.. before the
A ..11•1
upon the Hank. The amount of the imlysi.r s *pleats to lis
subsequently increased with the stoccroJiii4 rmliar.asiaartes
of the public setvicie, and the extraordina.y exertions of Ilse
coachidiug years's( the last war naturally produced an uu.
precedented exte.usina of them. A considerable reihictioii of
them, advisees bat since been effected, and a still (rutin,
thiniuutioa of them is recommended to this Report—
It will be fur Ike wisdom of Parliament to determine, ohs,
they, in order to guard against the unobserved recurreisee
this practice, some permatient regulation ought not to be
established, extending the very narrow rear-Mut under which
the Bank was originally placed in this respect; but import.
rag aurae sew priticiple of limitatium so as on the use
baud to allow the batik such a free use of its capital, as
Might enable it (as It appears to have dome pernonsly
Mt the Bask rntrictioa) to serest either the wittily or soma
limited proportion thereof if not demanded for estassorarrcial
diseaunts, is the purchase of Government securities, and ea
the other. to prevent it from eagagisig is such parchases
fur the aceonsurodatiou of Guverauwst, whits its men mine
resurrect or interest did nut require them, or hum eutering
late arty engage/sat, express or implied, which shall pie.
vest its bringing throe securities freely moo the 'predict, It
is obvious, that to imposing any view principle of lisnitZtiroa,
inception must be mad. fur caw of groat coaceganci, to he

1

Mated tc Parliament and provided for by Its expects &Mhos
lily
Whatever may he the decision of Parliament upon all or
any of the messares now in contemplation. the Committee
think it will he desirable to repeal the law■ which prohibit
the melting and exportation of the coin, and which enact
that all hullion intended for exptirtation shall ►e sworn
to consist of foreirit gold or silver. The policy of these
laws boa lung been held Ivy the best writers nu the sub-
j. et to he at least daimons. - From the nature of the article,
so portable and an easily concealed, they could hardly be
expected to he efficacious, and experience has abundantly
thew inefficacy Notwithstanding the existence of
these laws, the whole, or nearly the whole of the Kohl coin
iti* this Itsugsloon, amounting, probably, to between 110 mid
30 millions, has entirely disappeared, and scarcely • rem-
slant now rem. ins of the sovereigns which were issued in the
year 181/. 'l•he prohibition, indeed, adds something to the
difficulty, and conarquently to the expense of exportation,
and may. the. Aoe, be supposed to operate, in sums degree,
as a to igisorage upon oar coma—but it is a seignurage per.
petualli vary ine. according to the rester or lesser facilities
for amoggliog which may at different moment■ exist, and
adios Jour therefore au uncertain, and, iu point of fact, an
instdrquate protection.
menus also, by which this protection is afforded are
Ligbly sihjectuniable, there being so possibility of diitin-
catishinc between Itiallion produced by the melting of foreign
or of English coin. The sooty sorority is that of an oath;
owl the Ines, therefore, has ito oilier operation than to utter a
great. and, as experience prover, a successful temptation to
peijury.
Even opus our ancient Glistens of e•iaagr, ill whirl, the
velar rf the metal its eau is blunt to that of the metal in
bullion, and the whole expenseof the coinage falls upon the
politic, it may he doubted whether the prohibition does out
ine eeeee rather iliat ditnissists that expense; although for lat-
ter Was I sobahly one of the chief objects whicli,ffi law had
to vice A. our runt sir lOW ..llhrr melted previou••y to es•
port:din.. or melted rat the comitry in which it is exported,
hecalme it is not these known us entreat, w ben it retu►ns, it
i•-surds in the ►tape of haiku', an I if 11, .Mint is open, and
ilis prier such as to make it worth coining, It is carried to
tot Mint and routed at the public expense Whereas, if our
out were legally exportable, it would probably return into
'his cutiotry as COM, whenever the state orthe exchanges
tendered it a more profitable remittance than 'bills or nor•
allauslise. No country in Europe has matittaiheal an large a
metallic currency as France, without any prohibition upon
the melting, the export, or the sale of time cum.

The Committer cannot conclude their Report without
mare, ling lir the °pintos), a hiels have been expressed and
very folly explained by ems of the witnesses, that the pre-
heat regulations of the Mint fur the coinage of silver moat
of do timeless occasion a perpetual drain of gold (iron this
'vanity. and thereby oppose an inatirmountable obstacle
to ii e resumption of 'lsmail e payments by the Bank at the
:ancient stardard of value. These opinions have been directly
and strongly controverted by other witriessea. The Com-
mittee more partierlarly refer to the evidence of Mr. Page
and Fletcher on one side, and Mr. 3lnslitit on the other ;
and to a lower received from the Master of his Maj. sty's
Miot : but mach important information on this part of the
subject may likewise be collected from the testimony of
others, whose sentiments and authority upon such mat-
ters most be of great weight. The Committee being fully
...twill', that if the opinions of the two first witnesses
he wilt founded, any attempt is remove the restriction
upon the Bunk must prove ineffectual, unless the Mint re-
gulations fur the eoinage of silver were first altered, se-
eording in the principle upon which that opinion appears to
be branded, have CIVCII this part of the subject full conside.
ration ; and they think it their duty to state, that they see
no ground !..) apprehend that tkareseut Mint regulations
unreeling the silver coinage, so lung as such silver coin
shall not be a legal louder beyond the amount of forty slid.
ling., and the Mint shall not be open to the trunl the
coiaage of that metal, will suppose any obsta &Ile.
ressful exi eutiou of the plan, which t ventuldio
recommend.
The Muse will find in various parts of the Evidence,
rind in the Appendix, a great mass of vititifiii!e information,
illohtrating not only shone points whop the Committee
Imre dwelt ow' in their Report, but also many other
points of cousidriable importance, to which they did not
think it necessary to advert. They have judged it best to con.
fine thr marbles as much as possible to a practical view of the
question ref. reed to them by the House, and to rest the pro-
posal which they have brought forward upon grounds which
might reronimerid it sufficiently, if not equally, to persona
widely differing in opinion upon many of the considerations
Involved sue airy Aiscussiou upon so exteusive sod compli-
cated • subject.

PMEIGN INTELLIGENCE..

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