The British Press; or, Morning Literary Advertiser.
London, England, 1819-05-22 00:00:00

•n Cash Payments by the Bank for a time to be limited, in
ioneli manner and ion soeheondtlions as shall he provided by
Parliament, with a stew to iiiinie its final terminal ion at the
period to be fixes!.
" That previously to the resumption of Cash payments
by the Batik, it is rAprolietit that the flank should 1w re-
al it time to be bard by Parliatneni, to give to es-
. lump to, its oohs, kohl duly assayed and stamped at his
Nlojesty's :id (if demanded in au ansoisid not less Mao a
number of ounces to he limited), vetoing the came in sticli
4 %chance at a price hot exceeding four pounds tine shilling
for *mere.
" 1 hat at the expiation of a further milli). o be also
Used by Pistil:intros, the Bank should be 'stewed to give
',cling.. for it miles, guld so assayed awl stumped (if de-
11,:insleil 111 all :IMMO wit less than a certain muleteer of
some., to l.i• hitsitui), valuing the same its .orb exchange at
L. Mini rm...
" "'bat se some time between the iwn periods above men-
tioned, the Peak should be required to give in isrhange
fur ilia nous, gold se assayed and .lumped, valuing Ike
slaw at a price brit/err four p4)111114 one and the
Hint price; and Ant after the price at which Cold Ord' he
v.ilueil in semis orals:ups shall have been wire lost it il, it
shall not again be raised.
" That Owe the period shall have arrived at which the
Itsiik shall lw required to give gold in radiance for its slides
:it the Mild price, • (either period to be fixed by Virtu'.
went shool.l be ali•Med, sad a certain hosier given, before
for Bank sliv:l rripiirtd to pay its lodes cash.
" That it is e‘neilient that all laws, winds prohibit the
melting or esiwirist of the guilt or silver r of the
realm, and she eapiirsalinn of void or silver bulbuls made of
such coin, should be terabit."
- -

The Earl of LAuuxeDALE said, that as the
Noble L,rd oppo.ite had not entered into any de-
tails respectisitz the plan esoloolied in the Resolu-
tions, he Isu4t.l he .Istonld be excused if he followed
t.i. exempla,. It would, however, be. fair to lily
larfure the Holm the Resolutions he meant to pro.
{rove by way or amendment, and he tra.ted to the
candour of their Lorsl.hips that Ise should in the
course of the debate olitiess liberty to speak in de.
Croce of thrill, bhoulsi they meet with oppositiom
The Re.clistions were then rapidly read by the
Ctrslt at the table, sod *ere in substance us fol.

That it appears to this House that in the lad six mouths
of the year IhlB, and the early part of the year 1317„ the
exchanges wete io sncli a state as to reader it MU nil-
vantage to import r..ld and silver, and that large imports-
lions of gold nod I.IIM sifitially place.

That i; app.:is.% au ibis Muse ilea slime ibe nsonlb of
March 11417, nl wWeb time Ibe new silver
the I'urritu xeliallp 16 have been in such a shire as to render
it ru arivaillsee to import silver and to export gsrl.l, and
hail bas berm expuritd, and silver imported to s large
an, I.

.....
'1.114, muter !lust eitculastaiires, it dues not appear in
this Ilun.e Ilisi an re is is she country nos surplus hse..4o
of paper 4 urettity, apt! gt twratly that this. &sad% alit3gPiiiis
state of ihotors must collisionr so long as the existing 3liiit
regit'aituns is main 'mallets&
'lhe first itepolutiou was about to be vilt frotn
thr Woolsack, %lira
-

Earl GaLxrow, and suggested the propriety of
port, ))))) nig the discussion, on the wowed of there
being two sets of Resolutions loPire the Wipe,
the. motives to which had not hero explained.—
The principle on ohms the Resulutimis proposed
by the Noble Earl opposite (llarrostby) awe found-
ed, was, that an user issue of paper had token
Ogee, ahigh rendered the resumption of cash pay.
Intoa difficult, and that it was woe siccessery to
give the Ilaiik e control ever its 'ptties fur the pur-
pose of reduciiig them su as to facilitate the great
sibject of Otis wishes. 'Phis woo no opinion in
which ho Wt• di.poseil to concur, Lot iu the doubts
and difficulties that wtre pressing on his mind he
thought it uecessory to state, that whatever opposi.
Eton was made to this prouciple, having fur its ob.
jest to postpone inthfiiiinly the restsinption of cosh
payineots, such an impositiou he should regard
..,,i, pre 1111 l wol• of distrust and disapprobation.
flow far the /look, by reducing its issues, was
voloiloe of controlling the price of gold, did not
appear in en), putt of the evidence. lie remarked
ou ilw doadraittoge of not having either of the
present enutr..thctory art. of Resolutions explained,
and proitesed that those laid ou the table by Lord
Leuilesdale should be printed, and further time
giv•ii to sio• liouse for consitleriug of them.
E.ll of InntrooL said, if any thin•,.
-crash! t.nte iialoced him to consent to the post-
vohenkii.i this discussion, it was the indispo.i-
sion of his ruble Friend (the Emil of Ilarrowlsy) ;
hit it was of emit immense importance that the
pubitc miod should br set at rest ou this matter,
that 1w thought it isitlispenssbly necesseiy the
llotoe .huuld proceed, %%dhow loss of time, to ex-
press on opinion upon it. The present question
too involved, in stone dt•gree, the eosiduct of the
Prance Reg. cat's Alinisters—and in his sitaariou he
felt a ptcubar anxiety that the question should, as
early as possible, receive a thorough discussum—
lie was prat tily ready to proceed in it if the House
thought proper.
The Earl of ItesaiNs pressed on the Noble
Earl the advantage of postponing the discussion
until Tuesday. as the question would then receive
u mare careful and satisfactory examination; and
as the rut j•ct amid not be discussed in another
Once until Monday, where the practical inrasures
must originate, it was ended lhat sto time would
be h.st. _ _

The Earl of Ltviaroot. persisted in his desire
that the discussion shouW proceed, and being on
his legs, the Noble Lord said he would then state
t.i the /louse the motives that might in his view of
the subject to iodisee them so concur in the Reso.
Winos that were on their table. It was his inten-
tion to sstcit all consideration of himself, and those
with whom lie aas more immediately joined in the
u,hniui.tr.,u,,uof tbe.Goserumesit, hut should any
ci,comosio es arise in the debits 10 fender it neces-
easy, he was convinced the Howe would grant him
the isidulgence of making eaplailationt. All suoh
sopics be should now omit, for iu his mind the pre-
sent question ought to be in gued not with refer-
ence to what -has been done, but prospectively to
what ought now to be deteisnintd.—(firar.).-
lite present subject was so complicated, so exten-
sive, and in many respects so 'obstruct, that it was
difficult for one man to rise before their Lordships
and gin a Assailed view of it. In attempting this
formidable took, he should endeavour— (and thereby
Is, hoped to compress it within nai rower limits)—lie
endratour to strap it of all abstract thworire.
Tlo•re were three great questimis which particularly
if mantled their intention. The hist was, whether
it ass expedient to return to a fixed standard of
value the second, was it practically expedient to
return to the ancient standard? and thirdly', if
those questions lie ansv errd uflirniiiiively, what wire
the heat eismos of rtfertii.g this purpose ? In con-
sideriug thrive points, lie should not enter into the
WI WI) of the Bank restriction, nor whether that

measure might have been avoided had s eliffeicitt
course been porsered by the Bank Directuns
sat
that period, brit would
contend that the vestry-
time had enabled the country to weather the storm
which hail eirciiiiiitrred it, and to overcoilie
ties which had otherwise oppressed it. lie had ne-
ver concealed from himself, nor from their Lord-
ship., his real opinion no the state of the currency.
But he might be ask«l, was such a system neer.-
vary in every future war, or had it hero necessary
in the prosecution of any former hostilities ? To
this his answer was, that no analogy could he found
between the late war and any waged in former
time., and that unless in any future war it could he
sliders that the whole power o' the Continent of
Europe lay at the feet of one iidividual, and was
strenimusly directed to the rune of this country, no
analogy could be found to warrant the adoption of a
similar measure. lint the umessity of adopting
measures so extraordinary would prove how
extraordimity was the rituatim of the country,
and aa excepilo probad reguhut would *hew the im-
propriety of having recourse to extremities. But
now on the return of peace, it became Parliament
to consider the means of terissustiog this extritor.
(finery mid unnatural state ofaflyirr, and to adopt
measures more suited to thei circumstance..
Noble Friend (the Earl of Ilarrowbc) had stated ,
that there was one view, in whch it was not neer*.
sary to argue this question, whet' was, the propteety
of ultimo% to a fixed staislard of value. r.iis he
thought liiinaelf justified in assuming, fl'an the
frequency with which Parliament had •Jeapressed it.
self to the Name elect, and particular',y is the pre-
amble to the Act passed In the ',jai Sts,jon, in
which it explicitly declared that it was expedient to
return to cash Iwytiltlita as soots as possible. Ile he.
Hived that thew ism of oppootitti to the proposed plait
arose from an iniwittliagnesa that this country should
ever return to a nietalk. currency. The upposi.
lion on the part or the (sank was, lie was convinced,
perfectly couscienti..us, though some of its ergo.
meats might lead to inch a supposition. But a
xentiment very generally entertained was, that this
country cught never to return to a fixed standard.
—Meer. hew.)—But was this • system under
which soy country ever existed? A country might
alter its standard from gold to silver, or even to
coprfer, one notion had even iron for its standard ;
but the universal priuciple was, that the standard,
whatever it was, should have some intrinsic value.
—ll he shameful morbid once pursued in this
country, mid, be believed, in every other coun-
try of Europe, of reducing the standard of value
for the advoutege of the Crown, was well known,
hot even this was preferable to the present state of
the currency. Thum who contended for its conti.
sitiance said they would have no standard of value.
gut would Pailisitimit leave the currency of the
couistry to the discretion of ray body of men,
however respectable—and no body of men could
be more respectable than the Bank Directors, or
who, being possessed of such power, had sluiced
it less—hut would they give to the Bank of Eng-
land a pewee which they would not intrust to tile
Sovereign on his throne, cootrolled by Parliament,
of making matey lousy went without a standard,
tool issuing it at their discretion ?—(I/ear, hear.)—
The conseq liences of such a system were most absurd
—for sustaace, since the commencement of the Bo: k
restrictions the Bank had advanced to the Govern-
ment twenty millions, fur which was paid one mil-
lion in interest. Ile would he the last man in the
world to recommend Parliament to take the cur-
rency into their own hands, but why might they riot
issue their own notes, and tilos save so much iii-
terest ? Every coutitly had a fixed standard of va.
hue ; and acre they to look with indifkretree to a
sy stein, by which England alone—the richest owl
most commercial dowry in the world, the country
where co 11111 l rite and political economy were best
understood—that England alone should have no
fixed value ? The Noble Eat I then adverted to the
second question, 'lamely, whether they should re-
turn to the ancient eystrni ? and contended that the
good faith and policy of the country were pledged
to the adoption of this course. The obligations
.contracted by the Bank and by the Government,
were with 'defence to an acknowledged standard,
and common honesty nquired that this should be
observed. Ile then proceeded to skew, that nn
great practical difficulty could result from the.
adoption of the proposed plan. During the war
the fore-Igo exchanges were at such a state that
gold had risen from 3/. 17s. 10141. to .5/. 45. per
ounce. So it continued until the cessation of has.
litotes in 1814, when the exchanges fell rapidly.
This favourable course of affairs was arrested by
the return of Bonaparte from Elba, and by the
inimetise expense subsequently incurred by this
country ; but when peace was eOlifirrned in 1815,
the ext harigi a again tell, and dui ing the course of
1916, they were at par, and gold was at the Mint
price. Such was the fact, although it might ap-
pear in the accounts quoted ut 3/. 18.. 6d.; for the
Bank. desirous of keeping the market exclusively
to itself, gave a higher price than would be others
wise obtained for bullion. Persons now talked of
the disadvantage of undergoing a change in the
currency, but by what he had stated, it was evi.
dent that the country had undergone a change to
the extent of 20 per cent, and if gold were at pre.
relit at 41. 19. an ounce. it was equally evident that
the greatest reduction in the currency that could
take place would not exceed three per cent.—
(Hear )—He was very desirous that the public would
exercise their judgment upon the Reports end evi.
deuce of the Committees, hut it was clear that very
few (11 any) took the trouble of reading them ;
all their opinions were preconceived, and they ad-
hered to them with the obstinacy that usually dis-
tinguished ignorance. Having arrived at the con.
elusion that it was expedient to return to a metallic:
currency, and that this currency should be accord-
ing to the ancient system—having also sliewed, by
a comparison of the prices of Kohl, how small was
the difficulty that attended the alteration in the
currency—the Noble Lord then noticed the ex-
treme emotion that distingoished the proceeeliaigs
of the Committer. The plan proposed, whatever
mil be its objections (and it had sonic), had prin-
cipally tor its object a gradual amid almost instep.
rible return to dint state when the resumption of
cash payments might be adopted without even
ru appreheosinte of danger. So I.lr was it from
causing, in the words of the Petition presented that
evening, " a forced and precipitate ieductimi mn
the circulations of the country," that it did not
propote to begin to operate until neat February,

I

and liom in a manner that (multi hardly be felt.—
In all o.anoi to what fell from Lord Grey, he remark-
ed, I hat there we. not one witness examined before
the Committee who slid toot admit the Net that the
contra( holt of the Batik issues must ►etire the
f gild. The only difference was, to what
amount that contraction should be carried. This
111.1 loot tleiteitti altogether upon the Hank of F 1,4-
111141, but upon Ilse general currency of the country.
N 0416112, however, was plainer than that if the co en-
!adjoin nra country be reduced from fifty militia to

flinty indium% the valise of these last nitit thereby
be pro limb) iiirreineal. This lirim•iple, however,
might be counteracted by other rirctimstaares, Inch
il% tile rrrent foreign per iiii iary traiisacirous. No-
Ide Lord. alio hold what wit!. invidiously cille.l the
huh nu principle, airy that a further rv-
dttettott 01 paper ottOtt coottlerart even these
circumstances. The. was true, hut the public
would theft hv evil %ASCII no other
udiantages coulti counterbalance. Ile again re.
',pried to the plan suggested by the Committee.
Whit were advantage% of tiis plait ? They were
these :—!I the Legislature were to call on the Batik
to r:iy in crash, at any particular period, in January
next, for lost atice, they would have to prepare
arninst a variety of contingencies. tie believed,
:riot it was the belief of the Bank Dieretura them.
selves, that if the Bank paid in cosh to-morrow,
there would nut be a great demand for gold. But,
it must he allowed, that, if they were, by a legisk.
Live act, called on to pay immediately in the pre-
cious metals, it would be necessary that they
should he provided with • stork of guild, to meet
the chance of the exchange I-lug against them, fur
a short time—arid also to *And them the means of
supplying ruin, if it were demanded of them
through caprice, fancy, or alarm. The advatitage
of the prooosiril plan therefore was. that the Bank
I could opes with a much smaller treasure than on.
der any oluer circuinstairces. There could be no

demand iron 141143., caprice., or soy alarm

—for no reason. except the hope of maknrg profit,
would coin lie deininided. Su long as gold was
kept at the 51i.it price. and the exchanges colt.
tinued favosrahle. there would lie very little de-
mand for cad]. The next great advantage or this
plan was a very important one ; it proceeded on

u principle prtlectly Gir, without aintitv st, or
hitzurding, tle deprecint ion of the currency. Those
who ilevi,ted " We will •irrei.r the evil where
it is. Them may be con.tdriahle ilifliculty io
bringing down gold from 4/. 14. to 31. 176. 101,d.
per ounce; therefore, barring unforeeen tire tom-

•
stances, we will keep it at 4/. ts. and thus dor evil
will be arretzell before it can proceed fordier."
Thus without risking env danger of depreciation,
this ..y..tein might safely be adopted. The whole
priliciple uir dna system, the whole mystery, if
they please] to call it so, was, that it did not
put nth the ripening to a payment in each, until
there was au abundance of coin in the country.
The Committee called on them to begin, when
they pracwally could, namely, at the market
puler of gold. They would ilitts arrest the evil—
and they might gradually work their way to the issue
of coin. 11 there were any doubt es to the intros
durnmi of ibis measure, it could be only-on this
point, whether the period, when the plait was to Ire
carried Imo execution, was not to() remote ? Might
I! not be asked, Ryon are to begin at the market
price, why not commence at the market price of
the present day ?" The question was s very fair
one, and lie would state the reason why they could
nut practically adopt the plan ut this moment.
The repayments to be made to the Bait k were Ms-
tenally corrected with the measure, nod they could
only lie effected gradually. But for thus circuiti-
la:titer, lie saw no reason in the wit Id, why,
takinz the market price, or somewhat higher, as
their fonollation, they nitglit not proceed to adopt
the plan without a titomelleh delay. This brought
his Lordship to the question between the Govern.
ment, the public, unit the Bank. Their Lord-
slr:ps would see from the Report, that malty emi-
nent men, connected with time Bank, started tits, it
we, indispensably necessary that the debt due to
that hotly by the country should be repaid. But,
if their Lordships consulted the opinions prevalent
in the City of London on this subject, they would
find, that very great objections were mode to the
coutemplated advance by Government to the Bunk ;
end, he believed, if they acre to go out with the
present system, if they were nut to proceed to
each payments, the objection would be stun-found.
ed ; became he was of opinion, that there was no
merchant who would not prtfer the currency of the
Bonk of England, founded on Government secu-
rities, and out depending alt individual caprice,
to a similar currency, depending wholly on the

judgment of the Bank. With respect to this deht,
perils's' a reduction of five or 6,000,0001. might be
effreted by the time the first issues of gold were to
be made by the Bank. A false alarm had gone
shroud on this subject—which he was the more
sur-
prised at, since, in both Reports, it was stated that
the repayment was to be gradual, and to be effected
in the course of the arrangement. Ile was per-
suaded that it might be so menaced, as to be ef-
fected within any particular time that the circum-
stances seemed to demand. If it were effected gra-
dually, hr was perfectly penneded that the ra pay-
talent could have no welt effect as was geneaully
apprehend. d. Walla respect to the reduction the
isimes ail. the Rank of Englaod, he believed it was
tint their inn-wino to reduce them—lint it was a
matter which they were thelllM-Illea 110 elltiNl:icf.
Mau), persons wished the circulation to be lowered
to 1111 extent which he did not think could he wifely
effected. The isles of an extremely easy and sud-
den it-din:bon of the issue of Bank notes was not
the offspillig 1f a knowledge of the ►object. And,
in the repayment of the debt due to the Moak,

. •
Guyer ttttt Pia had not that object immediately
view. Their object weir to rouble them gradually
to purchase gold, ur to make Übe of the lit/Mailer,
in discounting paper fur the cutomei cit., world.
There was, his Lordaliip believed, U general appre-
hension ainongiotparticular classic, of society, of a
re-
turn to the ancient order of things, and consequently
ia great leaning to the existing system. Many pas-
soges in the evidence Kisco before their Lordships'
COI 1111 l dire proved very clearly that the cotunter-
eial
wand was opposed to a re till optima of cavil'
payments. The reason of tins feeling was very
ably explained by Mr. Baring in his lestimoily
before the Committee, thou which his Lordship
Hew heard any thiltg snore clear or cum/inc.
log. Ili. Luid,!lip raid he bud already cliu-

S., 1,

ml I,ded the advantages which the country derived
(ruin the liystrin iu tinse of war. At that pe-
lied, it gave to commercial men facilities which
they could riot otherwise procure. During that
period. the Batik were riot called on to pay in cash
or Indium), tool they were competent to proceed oil
a !dwell& of accommodation, which could no
longs r exist, alien their issues were necessarily
regulated by a reference to the amount or gold in
circulation. It certainly dill give to the com-
mercial writ-hi great facilities, which .Irey would
opuses. 'rile he to less.. The system
been so long acted on, 11141 Its arl‘llll.
tatzes for the country. if in a time of tem.
porary distress—when, for instance, corn was at
a very lagh price. the lank could go on with.
nut redirciog its issues. The system did. indeed.
invert the ordniary laws of God and nature-4or
where, in the common course of things. a country
would be poor, this eystem prevented the iituprar-
arice of poverty—:lnd, when ilistress was felt, this
system seemed to deity the existence of distress.
There was no doubt that it had the effect of giving
great deal of frrility to tnercintile trimaaraions,
and, in moments of temporary distress it afforded
a degree of ease, which. troller any ordinary system.
could not he found. But let it tint he supposed
that it hail 110 lilsaliv.imit,.7% to roustterbaldoce the
good effects it produced. I 1 afforded an eneou-
ragentetit to opectilatitni, it gave rise to fictitious
dealings, it was the means of creating tilaitious
ettpituil. It produced these effects to an extent
so great, that, in his d, the ',stein would,
in the course of a trundler of years. accumu-
late a quantity of evil infinitely snore formideble
than the good which it generated was useful.
Looking twthe solid foundation on which the com-
merce of a great country ought to stand, he con•
ceived that such a system. in the long run, effected
more harm than beeleC•--and it was his firm
opinion. that the country could never go on well
without a fixed and permanent istandsrd of value.
This might limit their means, but established a
fixed and permanent system. /IP always felt that
they could not come back to the old system, with.
out suffering temporary inconvenience; and, there-
fore, the imatpoiting the consideration of the subject
was ouly putting off the evil day. The plan now
laid down would greatly lower the contemplated
inconvenience, and ought therefore to be adopted
with all convenient speed. If tiny turned their hack
on it for a yei,r nr two longer, they would only have
the same ground to go over again, perhaps under
less favourable circumstances. He now came to a
part of the sir hjeut, to which lie called the parti-
cular attention of their Lordships, because it cer-
tainly made insure impression on the minds of the
geovrahty of individuals than any Oilier topic he
Lad heard noticed. lie was not surprised at it, hr.
cause it shorted an eiguinent so tempting, that
persons were inclined, in the first in-lance. to
say that it could riot lie answered. He allud-
ed in the emototrisoll between the circulating me-
dium of the country now, and at former periods—
and they were told, trirempleintly, that the cir•
culatitig medium was tot snore now than before
the restriction took place. Ile woold assume that
the circulating medium, at present, and in 1797.
was of al t the value amount—he would assume
the revenue to hive been 16.000,000/. then, new it
was 60.000,000/.—he would suppose commerce
quadrupled, and agriculture increased in the same
proportion—mid yet, that there was, at ereseut, only
the Mlle *lllollollt of cirt ulatieg merlilltn as was
found sufficient for the petikal of 1797. Para.
clinical as it might ie,pear, lie would prove,
that, with this restricted circulating medium at
present, they might have runnels, and niore than
enough, to carry on the commercial transactions
of the country—alit gh the same quantity of cir-
culating medium might, in 1797. have Preen hour.
florist. lei the first instance, there was a great
difference between the metallic cod paper circula-
tion—and, in estimating what the pourer of the
latter was. it was necessary. in considering all the
plans which ingenuity had devised, to make the
smallest quantity of paper go to the greatest ex-
tent. The moment that iegrowly was examined,
it would be found that a circulation of 30,000,0001.
under the present tystem would work with more
facility and advantage than 30.000,000/. un-
der that which formerly prevailed. The is-
sue of minor macs wit a practice of compa-
rativrly recent (141 r. Uotil 1792 there were no
country Bank notes of 1/ or 11.—and no note tin-
der 101. was issued from the Batik of England.
Previous to the A tnerican war the banking system
was restricted to a few great towne—the banking
13stent grew top betweeir the end of the American
war and the commeecement of that with France.
Previous to that period individuals were obliged to
have hoards of coin to meet their passing expenses
end the circulation st s necessarily slow. But the
facilities afforded by clearing-houses, nod other med.
Pores adopted by the bankers, had given a velocity
to the system 'that could scarcely he imagined.--
[ln support of this stutement. Imo Lordship read au
extract from the Report of the Bullion Cuntmitter,
from which. it uppeered that the sum of 220,000/.
did, in fact. the service of a sum of twerity times
that amoinitl—lis ailditiou to thiv, much inform*.
tiros, confirmatory of his et:its-merit, 'might be col-
Irettal :nom documents laid before the House.
From one of these it appeared that the total cir-
culation of Bank notes, nr the year 10 la, w.
27,000,000/. Some of tile items were so curious,
that he hogged to call their Lordships attention to
them. If they looked to the member of days in
hich Mink noire were out, it would he found, that
the 1/. 2/. 5/. atoi 10/. notes were in circulation from
1:17 to 147 days—the 5001. 'Mrs 24 days, and the
1,000/. notes only 13 slays. Vitt was the circulation
onieceilent to 1792 ? There were Own no 5/. notes--
and lie found that the 10/. notes which were now out
only 137 days, were then 23ti dups in circulation—
and that the 1,000/. Holes, 'mated of 13 days were
22 days before they came into the Batik. This com-
raison sheared, that, allowing the amount of the
circulating medium to he the saute at the two pre
riuds, the velocity of cirsailatism had, under the
present 'oyster'', increased two-fold. The tar-
ts-lice he drew from this was, that, supposing
the eirculeting medium, in 1792, to have been
fifty millions, thirty of gold, and twenty of paper,
50,000,0001. altogether paper, in the present duy
(admittiug the increase of revenue, of commerce,
and of agriculture), was, by the it.griiiiity which had
been resorted tn, capable of donut the work of four
' times that aunt. Therefore, the sun which iniziit

-%
S.

,

have been scarcely sufficient for the internal trans.
actions of the country, in 1791, might now, to
coosequence of ingenuity Of contrivauce, be foam'
((((( re than enough to answer all trading :old coot.
.niercial. purposes. Ther•fore, it was clear that from
the numerical amount of the circulating medium,
no solid argument could he drawn. What the real
circulatio;) waweerilil only he known by looking at
a fixed standard. That standard might he gold, or
silver, or copper, at expediency diciated, but still i:
was the only true mode by winch they could arrisii
at a knowledge of the real value of traiisactioh,
carried on by the means of palter curter ct.
The Noble Lord then arJ,lieil that the Mint regu.
lotions could bare tor ell -ci u. depreciating the ctn.
rency. Ile could not see, us the Mint was not
open to the public— a. silver Was a were article of
exchange, winch Government kept 111 its Ciaa
halldS, and dealt out 'billy in proportion to the *nit.
of the community—mill its it wax Duly u legal tea.
der to the amount of .103.—how the Mint regula.
tions could be supposed to have any thing to du
with a depreciated state of the currency. Tie
Noble Lord then stated, that he earnestly reconi.
mended the plan to the adoption of their Lordships,
from an anxious desire to revert to the ancient sys-
tem of a fixed standard, at the earliest period, and
with the least possible inconvenience. The Com.
mittee had arrived at this result without any shadow
of party feeling. of party disicussiori, or of party Sr.i
lousily. It was the offspring of a calm and deliberate
view of every part of the stillect—sod he submitted
It to then' Lortlehtp4eiossideration with the strongt.t
crodidence, that, if adopted, it would he nominee
live of the most beneficial effects to the country,
acid would create none of those incouveniencts
which were apprehended from it by some indivi-
duals. 1-lis Lordship concluded by wowing Ins
first Resolution.

Ole the suggestion of Lord LAVOIRbALE, the
Resolutions which he had laid on the table in the
early part of the evening were read.
The Noble Earl then proceeded to 1141(fres‘ the
Haute. He assured their Lordships that if lie
were ignorant of this subject, it must ari.e
frum iticapocity of wind, for nothing that as.
piduity cunld do to procure information oat sus
subject had been left undone by him. Eli agreed
with the Noble Earl in the sentiment, that, in a
great mercantile country like this it was necessity
to have u fixed standard of value, in order to (Its.
cover the real value of property. This, however,
was nothing more than what lie and the Noble
Lords around him had beets in the habit of repeat.
mg for the last twelve years—a doctrine which
the Noble Earl had ofteu controverted. It was
curious that the Noble Earl had come so fir
round in opinion--and it was still more ex.
trordinary, that he war so eager to call on in,r
Lordships to decide that the Bank paper was de-
preciated, which would clearly he the effect or
his plan. The Noble Lord then proceed to sr-
gue, at great length, that, until the present
Allot regulations were altered, they would have
a depreciated currency. In his opinion, the
greatest grievance with which the country was at
present diteetened, was the Noble Earl's plan fur
paying hi goht, coupled with the existing Mutt ft..
gulatious. The Noble Earl then adverted to the cir-
cumstances of the copper coinage, 1,850 tons of
which hail been issued. He stated it to be in such
abundance ni different parts of the country, that it
lay by 111 rooms full. He also alluded to the curious
proclamation of James I. which legalized the vll.-
111601' iii England of Scotch coin.-a
thlit was subsequently revoked. He concluded by
moving, that after the word that, in the first of tlct
original Resolutions, his (the Earl of Lauderdale',
which we have already stated) be inserted.
Lord titer: •poke at considerable length, but
a manner almost entirely inaudible below the bar.
lie praised the tenor of the original Resolutions,
and dis•ent.d from those of the Noble Earl near
him. The sooner, be thought, the paper theist"-
den of the country was restricted, with the view of
perm silently placing it on the firm hama of a
metallic currency, the better. The facility of ob.
tairmig credit and money which the piper system
induced, had been productive of great evil. The
Noble Lord commented upon the evidence of Mr.
Iliritig and other witnesses, examined before the
Committee, and expressed Imuself decidedly :a
favour of the original motion.
Lord REDES DA LE expressed himself totally averse
to the prolongation of a paper system, not con-
vertible to a metallic currency, and was decidedly
of opinion, that the arrangement pointed out by
the Committee would produce a salutary effect.
He should also suggest, that with respect to any
danger from an importation of counterfeit cote
from other countries—he meant coin of the same
metal, but lighter in weight—that might east:y
obviated by assimilating the practice which pre-
veiled in weights and measures to coin, and
it seizable on the discovery of its lighttieo.
tlord Cittemotr.r.s, in a luminous speech
occupied upwards of two hours and a halt' iii the
delivery, and which we lament from the liteitess of
ticekchoku), u
hour ate
tie u
whicht nhabe
his Lordship
give
the runniertdr (pest
lilt
oit
de-
served, reviewed the whole system of the affeirs.
ritioatnokt: i 1 y of
E the Batik
. i
Europe.
manner the stature of the metallic currency of
u of
fie Ellatenwdedbu is
Europe, avid enumerated the original names of the
'several coins, to sliew that bullion, nut coin, was the
it o
af
masterly t t h
e
proper basis of metallic currency. To prove thisi,
the Noble Lord adverted to the different deno•
initiations of coin, from the as sestertiunt and
denations of the /tomato, to the hare of Charle-
magne, awl the Saxon pUROd of this country,
All statues denoting the weight of the coin, cud
therefore its intrinsic value, until the iivre and jjw
pound, though they retalued their origthel.
became deteriorated lay the manoeuvres of
au,:cessive reigns. He .coufessed that he had al..
tered his opiniou of the policy of the measure of the
Bonk rtstixtMts, which lie now viewed as iu its
of the greatest actual calamity that had be-
falleu the country. At die commencement of tie
late war he deplored the evil, and lamented
the result, which he then foresaw, and
was but too truly realized. The excess of the
paper issue bail given an artificial price to eier:•
thing, and ctintrolled the natural ritergiei,
the c,otoritt., the state of which, from flits very
Bank Restriction Act, would have been appal!,';
in die extreme, if the Government iu isiti, '—
stead of witiditig up the affairs After the sudden