The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-28 00:00:00

EDUCATION IN SCOTLAND.

ABERCII64/117 moved that the respecting edu-
citron in Scotland, which had been presented to the House, shou:d
'be printed.—Ordered.

CRUELTY TO ANIMAL A.

Mr. HOBHOOSE presented petitions from St. Margaret's,
Westminster, from Pentonville, and from at. 31arylabone, all in
the county of Middlesex, fn favour of the Bill fur the Prevention
of Cruelty to Animals.—Ordered to be printed.
DEBTOR AND 'CREDITOR ARRANGEMENT BILL,
Sir CHRISTOPHER COLE presented • petition from the
principal creditors d Oubhins and Ci., late bankers of Swansea.
praying that the House would accelerate the Debtor and Creditors'
Arrangement Bill. The petitioners were induced to petition
the HOUse from the circumstance of the considerable diffi-
culty which had been felt by them i, respect to the affairs of
the Swansea Bank. One of the partners of that bank having been
engaged in banking concerns elsewhere, it was necessary to take
the opinion of Counsel as to whether he should be made a bankrupt
in that" concerne as well. The case was eubmiced to three erni.
vent Compel, who all,differed in sheir opinion on the subject. The
'bank in'huestian had fallen a withillee to the peak which had over-
run the country, and they propesed to their creditors to pay twenty
elitllinr in the pound, three instalments of eve shillings each in
the year 1£26, and a fourth to the sante amount in the year 1827,
and further, to pay interest on the amount of claims, from the titre
auf their stopping payment, at the rate of four per cent.; [list ar-
rangement was opposed, and the parties were made bankrupts.
31r. BRIGHT said that hie attention hid been called to the
subject before thy House by the circumstance of the many failures
that had lately taken plate in great establishments, and the du 8..
culty that had been felt In entering ion. agreements by asslgnnient
and otherwise. The Hon. Member said shut he had received let-
ters from all parts of the country, approving of the Bill which be
3lr. Bright) had submitted to the House. These letters said that
it would confer the greatest gocd on the country. Ile had received
one letter from Bristol, which stated that the writer knew a CAS! in
-which a person offered his cr:di!ors twelve shillings in the pound;
It was not, however, acceded to, and he um made • bankrupt ; the
result was that a dividend of threepence.halfpenny only was de.
dared. By the proposed measure seven-eighths of the erettiows
could carry Into effect the measures that appeared to them beet for
toe good of the whole. The Honourable 3lerober said that be
should defer the Committee on the Bill, io order that he might
have the eivaetage of all the information Fusible that could be
*ained on the eubject.
After a le, words from Mr. Loot satyr, who hoped the Bill
would go further than it was at present proposed to carry it. and
Vow 31r. Alderman Wool) in favour of the measure, the petition
'was brought up and ordered to be printed.
ABrSES IN THE CORPORATIONS OF IRELAND.

Mr. DENMAN presented a petition frem 31r. Thos. Flannigan,
complaining of Abuses in Corporatism. le Iceland.—Ordered to be
'pm test.
PROMISSORY NOTES BILL
On the motion of the C II A NCELLOR of the EXCHEQUER,
I',st the [louse resolve itself into a Committee upon the Promissory
'Notes Bill. . .

.....__ ......,
Mr. CALCRA FT said that he would trouble the Bowie with
but a few *opts on the pr sent occasion. He would have an oppor-
turity at a !inure time to enter more at large into the quistion.
He telt great reluctance to presto his views in opposition to the sense
and feelings of the House; and to avoid the ineonveuience of having
the discussion of this measure protracted to a late hour (which he
ti...itight must be the cam if It came on to-nighti, he was anxious
that the Report should be brought op early to-morrow.
The CHANCELLOR of the EXCHLQC Elt said that he co-
incided with the observations of the Honourable :Bernina. When
the House was in Committee on the Bill on Friday last, the debate
was prolonged by the excel bons which were taken to it. and a
kind it sparring took place, not between himself and any linnour-
able Member at the other side of the House, but between
some Honourable Gentlemen opposite. lie was certainly dis-
inclined to have the debate unnecessarily protrac'ed, and was
willing to afford every accommodation to prevent it. On Friday
tight they were obliged to report progress, and consequently post.
pone the measure, which they were driven to by the persevering
oppbsition of the Hon. Member for Aberdeen, who had given
notice that he would propose the introduction of several clauses
Into the Bill, which molt not then be discussed, lie thought it
.null be impossible to report to night, and would therefore hays
Do objection that if Should come forwsrd the first Mier' of the day
to morrow after the motions were disposed of.
On the question that the Speaker do now Lave the Chair,
Mr. Ht. ME said that he was quite satisfied that no Honourable
'prober, however he might differ from himself, would wish to
ree any measure pass through the House withoct its undergoing the
fullest consideration. lie thought the measure proposed, far from
curing the evils which pervaded the country, would have quite a
contrary effect. lie could not think the measure at nil called for, and
he would warn lion. Members who were desirous of preserving the
paper currency of Scotland in the position It watt now in, how
They gave their support to the present Bill. If they supported it,
they could not afterwards turn round and oppose its introduction
into Scotland. He wished to have one uniform system of banking
for England, Scotland, and Ireland. It was evident, from all
that bad been said on the subject, that a metallic circulation alone
would not answer the purpose of the currency, nor would a paper
circulation beef greater utility. To produce anything like a eircu.
Lubin that could be beneficial to the country, they should have a
mixed currency, consisting of gold and paper, In concurrent circu-
hrion. If, as had been argued. the stamping of small notes was
ecntrary to and entrenching upon the prerogatives of the Crown,
it was absurd to limit ti.ut objection to the one-pound notes, and
sly it was not applicable to those of five pounds ; if the argument
was good for anything, it referred equally to bet:). It had been
said, as a reason for withdrawing the one-pound notes from circu-
lation, that they circulated principally among the poorer elapses of
society, who might to be secured against lose; but he knew that
live-pound notes had a wide and extensive circulation amongst
afiadesmen, and therefore he thought they ought, in that view, to
We secured from any danger or want of confidence in t,:em, equally
as they should be protected !tom tiny danger or inconvenience that
could arise from the circulation of one pound notes. Such reason.
nig appeared to him unsatisfactory and incouclusive. Ile protest.
ed against their withdrawing those notes from circulation, If they
excluded them they were bound to replete them by a metallic coin-
age; but that would be attended with serious inconvenience. be-
cause, while the broker found it his interest he worthl carr on a
'fade in billion, which would enhance its value, and sffxt the cif-
vitiation. if Ministers persevered in supporting the present hank-
ie( system, and it they did not demand security Gtr the extent of
their boot's. they would be answerable for any failures of country
brinks which might take place between the present time and Inf.
The people must look to the Government and nor to the Bank.
Tice Crown sal the Government would bi aastverabls tor those
f rot. There
tisekers at that moment issuing notes who were no more solvent
tlthou who had already failed. There was not':ing to prevent

them. At the Dock-yard at Portsmouth seven or eight hundred
pounds had been paid weriqy to the workmen in the paper of a
country bank. Ills Majesty . Ministers mod those workmen in
the paper of that bank ; the bank broke, and much distress
ensued among the tradesmen who had taken those notes. He
thought Ministers had no right to use the paper of any private
bank for such a purpose. Theincor venici. re and insecurity of the pa.
per currency, and the encroachment on the prerogative of the Crown, e
were the only argUmentn brought forward in favour of the measure.
When the House has in &Committee upon the measure, he would
move to introduce into the Bill a clause, that all bankers should be
obliged to make deposits in. the Exchequer, or time other proper
; place, to the full noisome of the note. they intended to issue. Any
person who had the preregetive of the Crown, which every banker
; had in possessing the privilege ul having paper stamped for cireu-
;tenon as money, ought, in hie opinion, to pay for that privilege ;
be ought to give security for the ntrount of his paper issues. He
thought, alma that Commissioner in London should be obliged to
pay on demand ape note which had been refused payment by the
bank in the count' y. Such an arrangement as that would afford
security, and would be similar to the mode pursued in ilamburgh.
Another emerision which he would suggest would be, that the
country bankers should be obliged to pay their notes at tee place
at which they were issued. Great inconvenience resulted.from the
present mode of transacting business. He also would move that
; all bankers should be obliged to make monthly returns of the
amount of their circulation. Ile thought it necessary that the
amount of the entire circulation of the country should be known.
He considered the extent of the circulation unimportant, provided
It was armee ; it was Ito matter whether it was twenty millions or
1 thitty millions antler such regulation.. These were the clauses
; which he would wish to hare introduced into the litel, and
would requite nothing more, unless a penalty for noncompliance
with those provisions. The circulation of small notes in Ireland
i teas etester by two million, than my where else. and yet it was
313 Ilaught mensal in Miser*** the circulation of thatcoun. I
try, anti consequently he was free to infer by verity of reasoning
ileat there Was no mention fuse the measure promoted. Those views
were acted upon in America with the greatest advantage to that
country. In the states of New Hampshire and elamachusets,
there acre thirty.tive chartered banks. T! ore Minks are always
obliged to have a capital subscribed tend paid lip before they can
carry 03 husinem. They give security for the amount of their
Mules, and are obliged to make regular returra to the President of!,
the United States of the amount of their issues, discounts, dec.'
If any doubt or suspicion arose vine repot' to any one of those '
hanks, then a coinnettee was appointed to investigate into its
affairs, and to report on the state of the back in question. Since
die year 1016 but one of those banks had failed. and that was at-'
tributatle to connexions •liirti it had with a private bank in
another State. There was another important regulation relative to
those bank., which was, that if they refused to pay any of their
notes upon being presented, they forfeited their charter. They
eircula ed notes from the value of one dollar upwards. The ad-
vantage which those chartered banks (gnverned under such regula-
tions) had over private banks was evident front the tact, that at a
dine when the notes of pirate banks were at a discount of 15 to
20 per cent. the banks of the States of New Hampshire and Mama.
cheesys paid all theirs in specie. lie therefore would feel it his duty
' to urge those vjews which he had already stated, and would first
move—" That it be an instruction to the Committee on the Bill, to
provide for requiring from banks and banking establishments de-
poen% (to be lodged in the Exchequer or other proper office),
equal in amount to the amount of promissory notes payable on de-
mand, limiest by diem respectively. '
The CHANCELLOR of the EXCHEQUER said he should
object to the Introduction of any clause. into the Bill. The object
of the Bill was to accelerate the period when the circulation of
small notes was to cease. The Bill was of a temporary nature,
and could not by any passibility be considered in any other light.
He had a decided objection to the plan which the lion. Member
had suggested • that Hon. Member founded his objections to the
principle of the Bill on the grounds that the circulation of one
pound notes would be rivalled • but that had been already de.
tided by the !louse. He also th'ought that the system of country
bankirg should be rendered more secure; but he (the Chancellor
of the Exchequer) would inquire why should they rescind what
the House had already most eecidetlly and unequivocally assented
to? Besides, lie considered the propositions of the Hon. Alentber
liable to objections in principle; the principle of the regulation of
those banks was decidedly objectionable. lie felt himself bound
to say, that though the Government of the country would not make
an improper use of any power which might be committed to their
hands, yet he thought the Treasury the most untit possible de.
pository. Such an arrangement would give a very dangerous power
to Government, and might in bad hands be productive of
great mischief ; he had a strong objection to the regulation pro.
posed, upon the grounds that it gave too much power to the Go.
vernment. The Honourable Member haul said 3 great deal of the
inconveniences that might arise to those who received those notes,
but had entirely omitted those which might tall upon those who
paid them. The Honourable Mentber thought it a very simple
measure to establish banks upon his principles; but if any judg.
'went coati be formed by what had taken place, very few banka'
would be established upon those principles. If they were at liberty
to establish charter banks, the case would be In souse measure dire
ferent. The Honourable Member argued that if they gave a pri-
vilege they should expect a return, and that deposits should be
made te the amount of paper issues ; but such a demand upon the
bankers would be unfair in principle and efeert—it would be im.
posing an unjust restriction on the use of capital. He considered
the present measure, the object of which wits the gradual extinction
Molten note', a much better plan than that which the Honourable
Member so strenuously ad% oceted. lie regretted that the Honour.
able Member had not found colt sooner the plans he intended to
propose, as it would have spare' much time, and not have occupied
the Hansa with a long debate. Ile objected to the plan proposed,
and would give it his decided opposition.
Mr. SYKES said he thought that a mired currency would
be productive of great advantage, but lie thought that the agita-
tion of the question ought to have been deferred to more quiet
times. He thought that the Government had acted wisely in ex-
tending the issuer. of the Bank to November. Before he eat
down he was anxious to correct 'mistake which the Right lion. the
President of the Board of Trade was reported to have fallen into.
He was reported in the newspapers to have said that a bank at
Hull had tailed. The bank to which the Right lion. Member meant
to allude was a bank at Horsham. Great injury had arisen
from that mistake, and the effects of it were still felt. He hoped the
Right Hon. Member would correct that mistake. which would re-
pair the inconvenience which had grown out of it.
Mr. 110BHOUSE said that he would rot trespass long upon
the attention of the House; he had supported the memure as far as
his vote went, and he now saw no reason to alter his opinion. Ile
was one of 21 who had upon a former occasion retired from the
(louse in opposition to the measure which was then proposed,
but he did not capsider it any abandonment of principle or
consistency, to vote now for the measure of the Right
Honourable Member; he thought from what had lately
taken place, they should strike at the root of the evil.
Those who were desirous of enjoying the privilege of coining
ought to be obliged to do so under such regulations as the interests
of the country required ; and that was by a deposit of so much
capital as should be a fair guarantee to the public that the country
should nut be again thrown into that ruinous condition into which
the House had so lately seen it involved. He would ask his Ma.
jetty's Ministers whether they really conceived their plan would
put the banking system on a sound and permanent footing ? It
was, in his opinion, impeonible, unless some means were found of
preventing persons Senn having the power to enlarge and contract
the circuletton of the country at will, lie thought that the real
cause of the reeent calamities of the country could be traced to
nothing else than that power whith sometimes was exercised is mg-
meeting. and at others in contracting, the currency, not particularly
by the Bank of England, but by the country bankers. It was a
notorious fact, that whenever there had been any really great dis-
tress prevailing there had at the rime time alwave been first a
great augmentation, and then a sudden and an unnatural contrac-
tion of the circulation. Seeing these things invariably tally toge.
they, the inference was that the one must he the effect a the
other (Hear, hear, from an Hon. Member on the Opposition
bench.) The fact was precisely .n: and the linnourahle Mem-
ber who cried " hear" he° himself stated in evidence before the
Committee in 111115, that countrx bankers invariably enlarged their
Witte when the price of corn rose ;'whereas it became ahem at that
juncture to have pursued entirely a contrary course. Such would
have been the case if a metallic currency had existed, because there
would necessarily have been a considerable portion of it sent
abroad. The conscquencoof all this was, that the prices of every
article from cotton dawn to nutmegs, as the President of the Board
of Trade had said, were constantly in a state of fluctuation, which
enabled persons to put their corn and other things into their ware.
houses, which had a natural tendency further to increase the evil.
An lion. 31eniber thought that this proposition was an unfair in-
terference with the currency ; but that lion. Member seemed to
have forgotten that it was the currency that regulated every thing.
Those who held the issues of the currency within their power were,
in fact, the holders of the entire property of the country. As long
as the trade of making money was permitted, as long as Cell bank-'
ers were allowed to deal in the currency without putting same re-1
straint upon them, so long would the mischief exist. He had'
heard much of the cliaractere of the country bankers, As English',
gentlemen, no doubt :hey were a highly reptitsible class; but as a
body of traders under the present uncontrolled system, he considered
them rather a pernicious set of men than otherwise. lie begged to
quote the opinion of one en that 'subject. who, God knew, had as I
large a portion of the milk of human kindness in his nature as any
man, he meant the late highly respected and lamented Ala Ricardo.
That gentleman stated with regard to the coumry banks, that he be it would be found that in the major part of those failures the
party could be charged with offences much more gross than mere
want of caution. • And to protect the country egaime the conduct
of those persons, it ought to be required from every one cf them.
on their commencing the business of bankers, to matte deposits to
the amount of their issues. t Hear, hear.) This opinion came from
a person who, though a great authority in every thing, still was'
thought to carry his principles of free trade somewhat too far, and
was set down by many as an enthusiast; a'd vet that intelligent I
person saw what the Han. • Member for Hull slid not seem to
see, namely, a diffesenee between a trailing in the currency and a
trading in other commoditim; and that he considered it to be ne.
nary to have demons from the former, to secure to the country a re-
sponsible fund tor the ladies that should he made by them. lie
begged to notice an observation whiih had been made by the Chan-
cellor rtf the Excheque, who had said that the Treasury did not
want to he made acquaiated with the private circumstances of every
country banker.
The CHANCELLOR of the EXCII eXeli ER made an obser-
vation across the table, hut which was inaudible in the gallery.
Mr. 11011110 USE continue,—There was no necessity for the
Treasury to possess this knowledge; there was no season why the
deposits should nut be placed in other hauls. It had Leen cbjected

THE BRITISH PRESS.

that these deposits would be an improper interference with the de-
posit bankers, who had no issues of notes. Ile was not desirous of
interfering with such a description of bankers; those, for instance,
erho carried on business in London, and who did not coin the cur.
rency of the country ; but the country bankers ought to be Interfered
with, and unless they were an. the House might depend upon it, no-
thing would prevent the recurrence of similar calamities to that which
had been lately witnessed. He understood a Bill was coming down
from the other kloose of Parliament respecting the Bank Charter,
when an opportunity might be had of inserting the clause which
his lion. Friend (51r. Hume) proposed ; if so, he (Mr. Henhouse)
would withdraw all objection to the Speaker pow leaving she
1 Chair. But he would repeat that his Hon. Friend had taken a
correct view Mahe subject ; and his Majesty's Government did not
like at this moment to come forward to do anything which should
hurt the feelings of any body of traders In the currency, notwith.
standing they possessed so pernicious an inlluence over the property
of the empire. The President of the Board of Trade knew that
this was the case, aid so must his Right Hon. Colleagues. He
must say that the Chancellor of the Exchequer bad nut satisfied
him at all with the reasons he hail given for objecting to this pro.
position excepting as to the matter of time. But whilst he
vesture d to trouble the House, 'he begged leave to say that if re-
course was not hail to some measure for ',cruelty similar to what
was now proposed, he was confident that the next step taken would
be to destroy the country banking system altogether. But really
why there could not be some means found for the Bank of Eng-
land to be the only establishment in the country far issuing the
circulation of the kingdom under the guarantee of Government, he
could not comprehend. (Hear, hear, hear.) lie agreed with the
observation that had been made, that the Government might do it
themselves; but if that course was not adopted he could not see
why the suggestions of his Hon. Friend (Mr. Hume) should not be
embraced. The Bank of England, if properly constituted, It ap-
geto him ought to he the only eetablistiment for issuing and
entd rig in the circulating medium. They might fable leave the
dealers in money (for aacb they would still be) as depot t hankers,
as they were at this motile/a. H. particularly agreed with Mr.
iticardri that when bangs failed It wee not so ntuch from impro-
' •idence and want of caution as fiche baring traded upon bad prin.
ciples ; and for want of capital. It was the fact, generally speak-
ing, that persons did carry on that trade without capital. There
were great establishments where it was not the case, no doubt ; but
In the majority of cases the trade As carried on without any
capital being employed. lie was quite certain that it would be
foundtneemaary fur his Majesty" Monsters, it they had the courage,
to make some radical change in the system that now prevailed.
Mr. UaKISSON said he should not have felt it necessary to
address the House on this occasion, if he had not been called on by
the lion. Member for !lull (Mr. aiykes) to set right a misconcep-
tion which he (Mr. Huskisson) was sorry to say had occasioned
some uneasiness to the Hon. Member's cenetituents. On a former
night, having occasion to reply to some observations of an lion.
',ember who had argued that the circulation of small notes could
not be diminished without diminishing the consumption of agricul.
tonal produce, lie (Mr. Huskisson) attempted to show that If any
inconveniences should ensue front the contraction of the paper CllT-
tency on the one heed, there would be inconveniency on the other
hand if the state of the currency were permitted to remain in its
present defective condition ; and an referring to the agricultural
districts in those parts of the country altogether uoconnected with
manufactures, he illustrated his own argument by stating what had
occurred in the town of Hortham, in the county of Sussex, which
was a purely agricultural county. He had represented that about
ten years ago there was only hue bank in that town, and that it
failed, anti that its failure involved the neighbouring districts in ilia
greatest distress. He also stated that after that failure another
bank was formed in the same town, and that in the late crisis that
bank also failed, and the distress it occasioned to the lower classes
of the people in the surrounding districts was very great. By some
of those accidents for which no Member in that House could be
accountable, (hear, hear,) and which be could not but regret, al.
though over which he could not by possibility have any control, it
did so unfortunately happen that in some one of those vehicles
through the medium of which the proceedings of the House became
known to the public, that instead or the town of I lorshant the town
of Hull was mentioned. Thus was certainly to be reeretted, and
when the intelligence reached the town of Hull, it very naturally
created some feelinge of apprehension and of regret ; and the Mayor
of that place had felt it necessary to write to him on the subject.
He (Mr. uskisson) had informed the Mayor that he had made no
such assertion, and that he was not aware of the mistake that had
happened, otherwise be should have Set it right the very evening
after it occurred. He hoped, therefore, that whatever inconveni-
ence might have ensued from the accident had been corrected by
his answer to the Mayor of Hull. With respec: to the subject
immediately under consideration, he would just observe to the Ho-
nourable Member for Westminster (Mr. Hohltouse) that his (Mr.
Huakisaon's) Right Hon. Friend (the Chancellor of the Exche-
quer) never meant to say that there was any thing inconsistent in
the Hon. Gentleman's giving this measure his support, and at the
same time approving ut the proposition of the lion. Member for
Aberdeen. Neither would his Right Hon. Friend be. guilty of
any inconsistency in adopting that proposition, as an addition to
the Bill which he had introduced. But the Hon. Member for
Aberdeen proposal this amendment, not with a view to vender that
measure more perfect, but;de a substitute for that measure. (Cry of
" No, no," from Mr. Hume.) It was so argued. Th • Honourable
Member fir Aberdeen said that he approved of a •er currency'
founded upon a responsibility to pay in cash ; but th. tion..Mern-
ber for Westminster, as he (Mr. Huskisson) understood him, was
most anxious to put down li. notes. The argument of the lion.
Member for Aberdeen was, that those notes might exist provided it
could be done without putting the convertibility into any danger.
That Hon. lEember had observed upon the objection made to the
small notes on the ground of interference with the privilege of
coining. The argument which he ( Mr. Huskisson) had used was
that these one pound notes, more than any other part of the paper
currency, interfered with the prerogative of coining. It was in that
point of view, and in that degree only, that he stated that it did
partly interfere with the prerogative, and that the due and proper
exercise of that prerogative was to give the country a metallic cur-
rency. This was in his opinion a very important objection to the
circulation of the small notes, because his argument was that a
metallic currency could not exist at the mate time with a circulation
of paper money of the same denomination. Good God ! he never
was or could be guilty of such an absurdity as that which the
Hon. Member for Aberdeen had imputed to him, namely, that the
issue of a 201. note was an interference with the prerogative of
coining, lie never did advance such a proposition, simply be.
cause there was no metallic coin of the value ut twenty pounds.
lie, however, would repeat that his argument was, that by destroying
the exercise of the prerogative, which it partly did by allowing the
substitution of one pound notes for sovereigns, was in fact an inter-
ference with the prerogative. With respect to this proposal for
requiring country bankers to make deposits, he conjured the House
to consider the consequences that would inevitably result from the
adoption of such a measure. It was unquestionably true that the
country was in great difficulties There was a want of confidence
prevailing, and a difficulty experienced in carrying on the transac.
tions of daily commerce, and even in the dealings in the common
necessaries of life. Under these circumstances what dal the lion.
Member for Aberdeen propose ? That the House should (but
not as put of the measure introduced by his Right lion. Friend,)
make a regulation, that country bankers should deposit somewhere
an amount in value equal to the amount of their paper circulations.
That, if he understood the Host. Member correctly, was his pro-
posal. The lion. Member for Westminster had said, indeed, that
he did not desire or mean to interfere with bankers of deposits
merely. Bat did the lion. Member think that the banks could go
on without deposits ; and if so, see what would be the effect Male
proposal if adopted. In the first place it would have the effect of
shaking the credit and confidence of those batiks in a far greater
degree than now existed ; and in the next piece, it would aggra-
vate in a coosiderable degree the very evils that had already die.
tressed the country, by the withdrawal of those deposits that still
remained with the bankers. That Nis would be the consequence
was obvious for this reason, that by the operation of the proposed
measure every person who had confidence in a country banker
would have this language of caution addressed to him—" If ycu
place your money in that bank, take care what you are about ;
look well to what your security is ; for the holder of the paper cir-
culation of that bank is guaranteed, by a deposit made by the
banker with the Government,• and your deposit Mahe bank is to
come in after all the bola* of atnoterfine been sodded" ( Hear).
The consequence of such language would be the instant with.
drawsl of every shilling from sU the country banks in the king.
dons, and the entire loss of confidence towards them. He would
venture to gay, that if it could be known exactly the state of the
country banks when the present unfortunate changes began, per.
haps the proportion of the delimits with the bankers were to their
circulation as five or six to one ; anti yet tinder these circumstan-
ces the House was called upon to tell the persons making these
deists/ate, " Whatever your confidence may be in the one pound
notes of t:iese habits, take care of your deposits, fur they have not
the same security which the holders of those notes peanut." He
thought that he had said enough to convince the House that if the
principle of the proposition were right, yet it was not fit to broach
pinch a principle, oi to attempt to carry it intoefiect at this moment.
lie had no hesitation to say to the Hon. Member for Aberdeen, that
if there were chartered banks existing ; that if it were consistent
with the regulations of the Bank of England, and with the privi-
leges which that body had given up, for Government to charter
banks in the country ; that then his Majesty's Minbiters
would have not only a right, but would owe tt as a duty
to the country, to impose upon them an obligation of this
kind ; but then that must be under other regulations than
what at present existed; stud did any Honourable Gentleman
expect that there would be any confidence reposed in the deposits
of the country. barks, even if such a regulation were to
take place ? (hear,.) Jr was inconsistent that they should be left
with an unlimited responsibility as to the amount of their issues,
while at the same time they were to be subject to this restriction.
For his own part lie had no such expectation. (Hear, beer,
hear.) lie should have been glut if the charter of the Bank
of England had been further relaxed ; it was not, however,
in their power to compel that respectable body -to consent to
such a measure; but, if the charter of the Bank would have
permitted it, be thought it would have been fair to have put n
further responsibility upon the banks that might be chartered. lie
wished that the Bank of Ergland walkd concede that paint; and
he trusted that the time was not gone by for such hers to he en-
tertained ; but in the mean time, to propose such a proposition 114
that of the Honourable Mem& r for Aberdeen would be to legislate
without the prospect or possibility of effecting any real remedy. If
they had the chertered 'Janke, lie should then have no.objection to
the publicity which this proposition would induce, nor should he
have any objection to propose other regulations—such as, for in-
stance, that those tanks should not trade, anti, like the Bank of
England, should be precluded from doing anything but the Mon.
neesot hankers, and then a greater security would be afforded to the
country. But if the restriction proposed were new adopted, there

would by to-morrow morning be greater difficulties in this country
than any which it had hitherto experienced. (Cheers.)
Mr. ROBERTSON repeated the objections he had on former
occasions urged against the measure of his Majesty'e 51 iniaters as
regarded the currency, and compared the state of the circulation of
this country with France. In the latter the currency amounted to
ISS millions sterling, among a population of 33 millions. Now.
the population of England amounted to. 22 millions, which would
therefore r?quire a circulation o' between 50 and GO millions. But
if they once passed the Bill now in
.progress for withdrawing the
small notes, amounttog to eight or nine millions, where, he asked.
was the money which was required for the carrying on the affiiint of
the country to come from ? If the proposition of the Honourable
Member for Aberdeen were adopted, the consequence would be that
instead of the batiks being as now carried on in the districts that
required them, they would fall into the hands of men of capital,
and would become mere jobbing establishments. If the House
paSsed the Dill at the present moment, lie considered them to be
doing so without sufficient information.
Mr. LESTER rose fur the purpose of alluding to the practice of
1 country bankers in tot inaleng their U. notes payable at the place
' where they were issued. (Heim) That practice was, he had been
informed by Moto who were acquainted with the fact, a real prac-
tical grievance. Ile confessed he knew nothing of it himself, for
happily in the part of the country where he lived they were not
troubled with the company of note. of that description This he
conceived throw a loose rein to the issue of 51. notes. It gave the
bankers an unbridled license to circulate a species of poison
through the country. Under this practice the convertibility of gold
was put out of sight and out of mind; and instead of proving a
constant check and a gentle corrective,. it afforded an opportunity
to elude and evade the law. (Hear, hear.) He therefore thought
himself entitled to request that an amendment might he introduced
Into the Bill, prohibiting this practice ; and he hoped the Chan-
cellor of the Exchequer would consent to introduce it. He ap-
proved of the principles upon which the Ministers were acting. and
he trusted that they would persevere io ;heir adherence to them,
and in their reaistance to those importunate demands that were made
upon them to, dip their measures. He called upon them to pro-
ceed, and he ho they would give him an opportunity ut toying,
non coedited arm toot. (Lieu, hear.)
Me. MOCK conceived that one great evil In the extended cir.
eulation of small notes was, that it was a certain means of dis-
placing
[
by degrees all metallic currency. It gave the country
bankers an encouragement to issue them till they got out of !Haw-
Istion every other species of currency. There was no doubt that it
bankers were allowed to issue notes for se. or as low as sixpence,
as was once the case in Yorkshire (and which the 151 h Geo. 111 was
passed to do away with), it would make it the interest of the
bankers to get in all the silver, and then the country would be
without any metallic circulation at all. Another evil of these small
nines was that they introduced a constant fluctuation in prices.
With regard to the particular proposition of the Hon. Member for
Aberdeen, it seemed to him (Mr. Monett) to be particularly wise
and just in principle. The President of the Board of Trade, in.
deed, did not appear to differ with the Hon. Gentleman as to the
principle, but he objected that the proposition wan wrong in point of
time. It was no sort of objection to this measure that the depositors
would not have so great us security as the holders of notes ; on the
contrary lie thought it would give them that very security which
was required. Much had been said about the characters of the
country bankers. For his part he admitted their general respec-
tability ; but at the same time he could not look at some of the
circumstances that had lately occurred, and not be convinced that
some of them were not better than swindlers under the name of
bankers. It was therefore highly necessary there should be
some distinction made as to the persons engaged in this busi-
ness. It was the duty of Minietert to take care to maintain
in the country a safe currency. Was it to he tolerated that
persons, without giving any security whatever, should take
the coin of the realm out of circulation, and substitute their
own notes fur it ? Such things ought not to be permitted. The
measure proposed would not be an interference with trade, but
merely a protection given to the currency to preserve it from de.
terioration. The paper circulation was, in fact, no currency at all.
He had always understood that the currency was to liquidate debts ;
but, instead of the paper money being a liquidation of a debt, it
was. in truth, the creation of a new one. This was a state of
things which ought not to be tolerated. If the measure should not
now he adopted, he hoped, at no distant period, the Ministers
would see the propriety of preventing persons from abstracting the
currency of the country without giving any security for that which
they substituted for it.
Mr. 31 ABER I.V thought the Honourable Member (Mr.
Hume) was answered in the first half dozen sentences which had
fallen from the Right Honourable Gentleman (Mr. Huskisson).
Whatever the Honourable Member's object was, the efect of his
motion would be to alter the exis-ing laws between debtor and
creditor. When such would be the effect of his motion, it must
be agreed that he had not given stiPleieut notice. He hoped, there-
fore, that the Hon. Gentleman ovould withdraw his amendment
and take another opportunity of twinging forward the subject.
Mr. HUME roue to explain =lion erns of " Question." He
believed that all were agreed as tolhe principle, the only objection
was as to the poid of time, and to rw tired he should like to take the
opinion of the House.
Mr. HVS K ISSON said it appealed he was not distinctly under-
stood. His observation was that he could not agree to the altera.
tion in the law proposed by the Honourable Gentleman, until the
chartered banks were introduced and placed under proper re-
gulations.

Strangers were then ordered to withdraw, and the numbers
were—

For going into Committee, 120 1 Against it, 91 Majority, 111
COMMITTEE ON THE PROMISSORY NOTE BILL.
Upon our readmission into the gallery, we found the House in
Committee and the Chancel:or of the Exchequer on his legs. The
noise created by the retnrn of strong: Ts to the gallery rendered
what fell from the Hight Hon. Gentleman for some minutes in.
audible. We understood him to say that in his view the question
at present before the Committee turned upon an amendment pro-
posed on the last night by an Honourable Gentleman opposite
11lr. Moberly), to the effect that the Bank of England should
publish regular monthly returns of all its issues. lie (the Chan.
cellor of the Exchequer), speaking generally, was not an enemy to
publicity; quite the contraty; but he knew there were many mem.
stops where the proceedings recommended by the Hon. Gentleman
would prove very inconvenient. For particular purposes the liouse
was entitled to call upon die Bank to state its issues; but as a
matter of course the House had no right to insist upon a regular
and compulsory return of the issues of the Bank.
Mr. 31.111ERIX next addressed the House in support of
the amendment, but was, from the low tone in which he spoke,
indistinctly heard in the gallery. He said that if Government
declined to interfere with the concerns of the Bank of England,
why was there not the same gentleman.), feeling towards the
country banks? When it was asked what right the Government
had to interfere with the country banks, the answer was, that Go-
vernment was bound to protect the country; and the same rea-
soning applied to the proposed ,interference with the issues of the
Bank of Englard. The measures of Government Recoiled to be
chictly founded on the reasonings of • gentleman (Mr. Tooke),
whom he (Mr. M.) should now quote. He knew that reading
from a book was very tedious, but on this occasion he should
not trespass at any length upon the attention of the House. The
Right Hon. Gentlemen had followed the most material part of
hl r. Tooke's recommendation, and it was of some value to hear
what that Gentleman thought of publicity. In his (kit section,
in which he treated of the defects of our circulation, which called
for an immediate remedy, he said—" There are two specific evils,
which are severely and extensively felt, and of which the remedy
is so obvious and easy as to admit of being immediately applied.
One of the evils is that to which I have already alluded, viz.
the secrecy and mystery in which all the proceedings of the Bank
of England are enveloped. AVliile that secrecy prevails, all in-
vestments of capital, all mercantile engagements, and all contracts
of whatever kind, are exposed to an element of uncertainty, in
addition to any other that can have been in contemplation ; and
plans, otherwise well combined, may be defeated by some great
operation of the Bank upon the currency, which, if it were
known arid exposed to public scrutiny and discussion, would either
be quickly abandoned, or would admit of being appreciated and
acted upon. It may, I believe, be set down as a rule that the
administration of all institutions, of which the functions or opera.
tione, in any degree, affect the public Interest, ought to be con-.
stantly and strictly subjected to the supervision of the public.
Such supervision is the only effectual safeguard against errors and
abuses." Such was Mr. Tooke's opinion as to the necessity
of hill pnblicity. There could be no more reasonable ground
than those stated by that gentleman ; anal in the following page lie
added..." There is no reason whatever why the accounts of the
Bank of France should not be published with as much fulness
of detail as is exhibited in the accounts published half-yearly by the
Bank of England." If the exchanges should turn against us the
contraction of the issues must of neceßsite be rapid. For his part
he thought the issues of the Rank of England were at present quite
suffieient. If the Bank of England was not aware of the manner
in which the Funds and exchanges were affected by their issues, no
one else was ignorant of 'it. lie could not conceive what disad-
vantage could arise front publicity. Ile hoped die Bank of
England would not object to it, but if it should be objected to,
he thought it his duty to press the amendment.
Mr. HERR lES said that die chit?' ground upon which he op.
posed the amendment introduced by the lion. Gent. who just sat
down was. that It had nothing at all to do with the Rill before the
House. That Bill was simply intended to produce the compression
of one and two pound notes. There was a very general anxiety for
the passing of the Bill, and also that it should peas speedily. it
was impot tont, therefore, that the Rill should contain nothing that
would not tend to produce the single effect which was intended.
He (Mr. Berries) knew that the lion. Member for Montrose (Mr.
Hume) had many immortals to make which that lion. Gent.
thought bore upon the present measure, but which he (Mr.ilerries)
thought were as much beside it, as the amendment proposed by the
Hon. Member for Abingdon (Mr. blaberiy). In his opinion the
present was not the fit time for the lion. Gent.'s proposal : but
even if the dine suited the proposition wan liable to strong objec-
tions. It was admitted on all hands that the amount of Bank notes
issued was no criterion of a redundant circulation : it eflinded no
guide to die judgment, except in conjunction with other circum-
stances. (Hear.) Then what would be the effect of the proposed
regulation ? only to gratify curiosity. And if the issues of the
Bank happened to exceed at one period, suppose one year, whet
they had done in another, it would be laid hold upon as a ground
fur alarm, and occasiors an inconvenient pressure.
Mr. CA LUBA PP said that the principle of the proposed
amendment was already MI far admitted, that it was embodied in
the Bill, and the Bark was there called upon to publish an necnunt
of their issues of one and two ;intim] motet. This was a distinct
admission of the principle that publicity was useful and beneficial.
inasiinich as it acted as a hole,o:ne cheek upon the Bank, and
was calculated to satisfy the public. In his opinion the more pub-

licity the better for the public. It was not for curiosity only that
the Bank was asked to publish returns of its Issues of one one,"
pound notes, and if the principle was admitted with respect to
small notes, why not extend it to the larger notes, which is the
more important part of the Bank issues % In conclusion. he saw no
objection to publishing an account of the issues of the Bank of
returns from the Stamp-office.
hEataiglbaynd once a month, instead of once a year, when it could be
The CIIANCELIAM of the }ACM LQUER said the n"
Gentleman opposite seemed to assume that the House had a right
to call upon the Bank, as a matter of course, to publish its issues
AIL MA lIBRIN (across the tablej—During the operation of
the Bank Restriction Act.

TheCHANCELLOR of the EXCHEQUER continued.—ce,
tainly, doting the time of the Bank restriction the Bank wet bound.
'ry Act of Parliament to publish nceounts of its issues, but when
the restriction ceased the compulsory clause to publish ceased also
He remembered, in the arguments which then took place, the
Hon. Member for Penryn (Mr. P. literfell) said," Put away iha
Bank restriction, and I don't calla farthing for the returns." He
(the Chancellor of the Exchequer) never mid that there were not
cases in which there may be specific grhunds for requiring a mom
from the Bank, And if such ground should be proved he would feel
it his duty to recede to the proposition ; but he conceived that pub.
Halting an account of the Rank issues as matter of course would
tend rather to mislead than to infonu the public. No doubt a fall
in the exchanges coincident with an extension of the Bank ileum
contrequenees. It
lir/ cause an alarm. It was true too that the actual amount of the
issues was no necessary criterion of the excess or sufficiency of the
circulation. But what be depended more on was this, that if
increase of the issues occurred coincident with a rise in the at.
duce every one to believe that though the flank circulariea
changes, it it would lead to the injuriousmost
way increased the general circulation wax too small. This would
give 3 stimulus to circulation, which may produce the most serious
consequences. The Hon. Member (Mr. Calcrafi) said, if it begood
I to have returns of one and two pound totes, why not have returns
of all the Bank issues! But the cases *ere very different: tn.
'Bank was place:thin a difigrent situation, with goopeet to the 'on.
and two pound noses, from all other banks. Flew s4reed tapes.
fee that extraordinary privilege no the Bank or Ingland, net be.
cause he liked it, but because he conceived circumstances rendered
it indispensably,necessary ; and when the Bank got this increased
privilege, they got it with the qualification that they should publish
monthly account.. What had arisen therefore from a particular ex.
ception in favour of the Bank of England could not extend to its u.
rangcments when placed nn the same footing with other banks. As
to their issue% of all other notes but one and- two pound notes, the
Bank of Eti,,land was precisely circumatanted as all other Banks
were. lie therefore opposed the amendment for two reasons; be.
cause these was no necessity for it under present circunistances.and
because if such a regulation was enforced us matter of course, it
would produce inconvenience, and tend to create ao improvident
confidence.

Alr. P. G HEN FELT, said that since the:Bank restriction ceased
he bad every year called for returns of their issues. which the
Stamp-office was obliged to produce. Ile did not think the amend.
ment now proposed wan an milt clause to be admitted into the
Bill. and if his lion. Friend pressed it he should certainly give it
his support.
11r. PEAHSE (the Bank Director) assured the House that
the Bank had no desire to withhold the information required, ex.
cept in a public point of view. The payment of their issues was
the best control that could be provided against over-issues, but
great inconvenience may arise to the public from the proposed
arrangement. It was for that reason and that only that the Bank
objetted to the proposal. The variations that would arise from
time to time, as to the issues, would give rile to all aorta of wrong
speculations and schemes if the returna were published in themes.
ner proposed. lie hoped, therefore, the lion. Gentleman would
cot sent to withdraw his amendment.
Air. HUME said that from what had fallen from the last
speaker he was inclined to thilk that the Bank Directors were
rather disposed to look to the convenience of their own establish.
ment, than to that of the public. Ile confessed he was anxious
to see a reguler publication of the Bank issues. He felt pleasure
in hearing the lion. Gentleman state that the issues must depend
upon the exchanger.
Air. PEARSE begged to set the Honourable Gentleman right
he had never made the declaration attributed to him.

Mr. HUME resumed. lie was sorry he had misunderstood the
Hottoorable Gentleman ; but the Honourable Gentleman's die.
avowal was a stronger reason to prove the necessity.of publicity. As
to any alarm arising from ignorance as to the state of the circula-
tion, he would ask what billion broker there was who could get one
per cent. on gold coin, and yet not know the state of the circhla.
tion ? What cause was there for alarm when we looked to France,
where the issues of the Bank were regularly published ? Ilis in.
tention was to move that every banker in the c.iuntry, as well as the
Back of England, should return to the Stamp-office every month
an account of its issues. There was no necessity for mentioning
the names of the bankers if that was obieetionable btu there were
eight hundred banks licensed, and the akgregate amount of their
iesseee might be published ; at all events the experiment was worth
trying.
Mr. G. GURNEY spoke In so low a hate that he was for the
greater part e undentoo& him to say that be admitted
there would be an advantage in the Batik of rngland making re.
turns of its issues in some shape or other. He considered that
prices were in a great degree affected by the amount of circulating I '
credit ; and that as bank notes were tae medinm into which this ~
credit resolved itself, it was material that the saloons of the
buttes should be published. He thought that a clause like the one •
now proposed was unfit to be involuted into the present Bill. and
had much rather that such an arrangement was made voluntarily by
the Bank. (Hear.)
Mr. LALCRAFT hoped that the suggestion which had just
fallen front the lion. Gentleman (Mr. H. Gurney) would be agreed
to. He would not press the amendment if the Batik agreed to pub.
lish an account of its issues gear Tly in the Gazette. This would
answer all the purposes of the proposed surer dment. He could not
quit this subject without observing that his Hon. Friend (Mr.
Pearse) with whom he had just consulted, spoke, in big (Mr. (al-
craft's) opinion, more fairly, more directly, and more Intel- •
ligibly, than any Batik Director he had ever heard in that House-
If the Bank were to be at liberty to issue a small note circulation,
it would virtually amount to a state of restriction, as there would
be little probability of converting country paper into gold.
Mr. )10NCE. said that unless renorts of :he issues of the Bank
of England were regularly made, the public must remain coal.
pletely in the dark as to the exact state of the circulation of the
country.
Mr. Secretary PEEL said that an Hon. Member bad alluded
to the affairs of the Bank previous to the year 1797. and stated
that if at that period its affairs had been regularly laid before the
public, the Restriction Act might have been avoided. That this
was an erroneous impression might be inferred from the fact, that
previous to the year 1797 the Bank issues amounted to eleven mil-
lions. which, however, were reduced to eight millions after the
passing of the Restriction Act. whi h took place in February in
that year. Ile thought every degree of publicity which could he
desired as to the total issues of the Bank was given in the returns
annually made to that House , and to attempt to publish them
weekly was grossly absurd. The Bank had no objection whatever
to these returns, other than that they could answer no good pur-
pose, and might lead to erroneous impressions. He should there-
fore oppose the amendment.
Mr. GURNEY explained.
Mr. A BERCROM BY said that the induloerce which had
been extended to the Bank of England, by allowing them to issue
small notes for a longer period than was permitted to the country
banks, offered no sound reason For comoeliing them to a disclosure of
the state of their accounts. Were they to he so called upon, it
might lead to a supposition that the Bank Directors were acting
for the interests of the public, instead of for the interests of these
who chose them. (Hear, hear.) Under these circumstances lie
should recommend his Hon. Friend (Mr. 11Iaberly) to withdraw his
amendment.

Mr. MA BEREA' said that the issues of the Rank ought to he
regulated by the rate of discount, whereas the Dirzctors had
adopted a different criterion altogether. The Bank also held deal.
ings with Government to an extent calculated to excite alarm. and
indeed conducted their affairs contrary to the true prieciples which
should regulate bailking establfshnients. lie hid heard that the
'Bank had contracted for thirteen millions of the naval and military
pensions, eight millions of which had been already paid. He had
little hesitation in saying that it' their atcounis had been published
weekly they would not have dared to Nave encumbered themselves
with such a dead weight. If the exchanges should turn against the
Bank, another restrictive Act must Le had resort to, and pri-ce
must inevitably fall ten per cent, if any variation took place in the
value of Exchequer hills. The Hon. Member then adverted to
the advance of two millions by the Bank, for the purpose of raising
the value of Exchequer bills, in order to prevent the depreciation
of the Government sectirities, and said that those persons who had
sold Exchequer bills while at a discorin: it* 20. and having no anti-
cipation of such a measure as that which had suddenly raised them
to par, had great ?flacon to complain. He thought it quite nut of
propriety for the Bank to advance money upon mortgages, and he
also thought, while Government conferred the power upon the
Bank of thus making money, they were bound to protect the
public by having an account of their issues'. If however the Hon.
Director would say that the measure should he taken into consi-
deration, he would rely entirely upon his candour, which lie must
say had been on all occasions the most liberal and praisewotthy.
(Hear, hear).
Mr. PEARSE said that the Lank was not to blame for the large
amount of their issues, which had been occasioned by the distress
of the country, and for which Government had lent their sanction.
No men were more intelligent than the holders of Rank stock—nu
persons be:ter understood the philosophy of banking transaction,,
and they would theenselvesdiave called long ere this for their ac.
counts, were they not satisfied that the greatest inconvenience must
be the result of ruhlieity. (Hear, hear, hear.)
Mr. IRVING said that he should rot hesitate to say that a
circulation of twenty millions was not adequate to the wants of the
country. Other portions of the circulation were fast in the course
of withdrawal, and in his opinion not less than thitty
could supply the deficiency. lie entirely, agreed in the great in-
convenience which must result from disturbing the public mind
upon n subject of such importance, and therefore it was that he wiut
unwilling, althoutsh secrecy was not nbaolutely necessary to the
Bank. to agree to the amendment. With regard to what had been
said by the Hon. Member for Abingdon (Mr. Illaberly) as to he
connexion of Government with the Bank, lie could not imagine
what oltjection-there could be to that Corporation affording sup-
plies to the Government. Their connexion was convenient tnr
high. (Cries of " hear, hear," front both side; of the House.) It
was it connexion that was absolutely necessary, and they stool in
the sable relative position towards each, voodoos a private individual
with, his private banker. Ile wished to ask in what manner the
circultitioa of the country was to be supplied ? Gold and miter,

both "'mit, would not be found sufficient for the public wants'
The lion. Member had stigmatised the Bank.
Mr. 31ABERIX rose to order. Ile had not stigmatised the

WI.
Af. IRVING said that if the term was ton strong, although
• ss eeparlismentary expression, yet was he most willing to Aiello-
„,e— - 0 die iior. 31ember arid in the house. Ile was about to slate
t"-- pinion that he knew was unpopular in that House; but cretti-
aoagri-ri th validity, he should assert that the issues of the Bank of
vier lid could be hest regulated by th- sale of Exchequer bills.
He knew of oo reason. why the Bank should not go into the mar-
sad buy seal sell Exchequer bills, and if they found them below
let
ssr endeavour to raise them. It was a mistaken idea to think of
rior- Wing them by the public discounts The better method would
'ungulate them partly by specie and partly by Exchequer hills,
tiewhich he had no doubt would prove as convenient to the public as
to the Bank. Ile wan convinced that lending upon mortgage was
',eductive of the pretest service to the country, because, prior to
the time the Bank 11.11 i begun to do era, the interest of money
th,,,,ugliout Europe ea. wily 54 pee edit., and yet those who were
wonting money upon lintled property, which was the most staple
st sll securities, demanded lip rr cent. fir their advances. It was
*refute
maul • ohvit•me that benefit must have resulted front the Bank ad.
1100 000/. at a luw rate of interest. The Bank hail three
or four millions of its own property, and what, be would ask, had
elle public to do with their funds ? or why should they be deprived
of the privilege of toning them to the best advantage ?
The CHANCELIMR eat the EXCHEQUER said that the
question before the Haase seemed to have been lost sight of alto-
goiter. The ehject of the llonourable Gentleman's (Mr. M shady)
amendment was, to have all account periodiealfy of the issues of
the Bank, and not as to the particular items upon which these ad- 1
alma had been made.
her J. NEWPOR'e advocated the right of Het public to call for 11
a production of the Bank issues, limo which returna no danger
could possibly ant.
Mr. MANNING made a few obeervations, which, f
ail the low
tem in which he spoke, were totally inaudible its the glery, after
which,
BIN 31.LORRIel. said that although his imbibe rined.**
wee an before, yet he would not preps hi gamendment tai
ditision.
The original motion Was then agreed to without a ditision.
Sir M. W. RIDLEY vilified to ask the Right lion. Gentleman
(the Chancellor of the Exclunitert if country bankers who I
nad notes
vamped prior to the Oth of February, but which had ot been
haled, could obtain rash for diem by reaming them to the Stamp
Offer?
The CHANCELLOR of the EXCH EQUER said chit in tome
similar instances the Stamp Office had given other stamps for 'those
teleran', but in this instance enotey *maid be returned fur all such
nom.
Mr. lIC ME boned that the Committee woeld agree. in opinion
with him in thinking that some expeditious mode shoulu be adopted
for concerting pktife ieto gold, where so required. By the 17th
Geo. lIL a power was given to Magistrates to issue a warrant to
dhtrain the goods of the banker within three days after his refusal
is give gold for his notes ; and after this Statute had continued in
force for &beet twelve years,*the Intervening period between refusal
sad distress was.lengthened to seven days. The object he had in
view was to give speedy retirees to the holders of small notes, Who
must otherwise,* in case Of A Piamiveory time, bring his action,
which might be oil months beforeNteould come to a determination.
He felt widened that his proposVain was only reasonable, and he
hoped that Government mold adre, e'to it. The Bon. Member then
moved the following clause :
e And be it farther enacted. by the iathority aforesaid, That if
say person liable to the payment of any of such notes, draughts, or
undertakings in writing, a. may be hooted in pursuance of this Art,
tall neglect or fall to make full paytnent In money of the sum or
aims for which such notes, draiii;litir., or undertakings in writing
shall be respectively given or issued, or so much thereof as shall be
or remain due thereon respectively, by the spice Of ten days after
dement: thereof made by the holder dr holders of each meek,
draughts. or undertakings in writing, Vt shall and may be lahful
for any one or more of his Majeety's luatices the Peace for
the county, riding, city, division, or place where the person
or persons respectively an refusing. to pay any of such notes,
draughts, or undertakings in writing, as last afortaisi4, shall
or may happen to be or reside, and such Justice de Justice
is or are hereby required, upon complaint blade by the bolder
or holders thereof, to summon the person or perildna against
whom such compl'Jnt shall be made, and after hilt, ter, or. their
appearance, or in default thereof. upon due poor ti.iion oath (and
which oath such Justice or Justices is or are hereby empowered to
administer) of such summons or warning haring been given; such
Justice or Justices shall proceed to hear and determine the Said
pirnplaint„ and award such sum to be paid by the person or persons
tespedively liable to the payment of every such note, draught, or
undertaking in writing, to the holder or holders thereof; as shall
appear to such Justice or Justices to be due thereon, together with
such a sum for costa. not exceeding the anni of twenty shillings,
as to such luvire or Justices shall seem meet ; and if any person
or persons shall refuse or neglect to pay or satisfy such sum of
money as upon soch compeeint as efortsiid shall be adjudged,
upon the same being demanded, such Justice or Jurticei, shall by
warrant antler his or their hand and seal, or hands and seals,
cause the same to be levied distress end sale of the goods of the
party so Deem or ing eelod sae ofeiredsid, wegether with gleams
he
sod charges attending such and sale, returning the overplus,
if arty, to the owner."

TIieCIIANCELLOR of the EXCHEQUER said that this
clause was originally in the Act which established the Bank se-
itrictioen, and was stilted to the circumstances of the times ; bui he
could out now recommend a clause which, in giving the holders of
sous a summary remedy, would render it Impossible for country
hankers to carry on business ; in urgent circumstances such a thing
might be dune, but to say that it was the law was to go on a bad
ground ; nor could he comprehend why the holder of a banker's
Me should have an advantage over his other creditors ; this was a
roam objection to the proposed amendment. He did opt think it
vise to place the creditors of a banker on a different footing from
Oat ,scraper, which would evidently be the effect of the clause pro-
eased by the Hon. Oentleman.
Mr. H. GURNEY said that he would venture to assert, without
few of mmtradiction, that if the Hon. Member for Montrose carried
die clause, there was not a banker in his senses who would con-
nate to issue notea. He hoped, therefore. and trusted that no
hentleman would vote to support of an amendment so impolitic as
well as unjust.
Col. JOHNSON snpported the amendment, on the grounds
tha: the holders of notes ought to have some remedy mote effectual
and speedy than by rrocesa of law.
Mr. MONCK thought it would be highly improper if now,
when we had gold and Ares, we were to depart from a measure
which had apposed expedient at a time when bullion was compa-
ratively KANO It required, he conceived, a particular enactment
la order to enforce the payment of bank notes, because it was ra-
ther a question of currency than of debt, it was a matter rather of
puLlic than of private interest. On this account, he supposed, this
law had been continued in every Act down to the very last ; it was
at first for three days, and afterwards for seven days, but with these
toed variations the remedy had always been provided, and he was
cataioceil that the omission of the dense in the present enactment
wail,: interrupt the establishment of a metallic currency.
Alderman EVO AT E said he was grieved to hear the country
buskers charged with dritwing the gold and silver from circulation,
and substituting for it what had been called their own trash. The'
bankers were not, he believed, more guilty than others; they were
at first induced to issue their paper by Mr. Pitt, and the small
sows had been recommended by able men bf all' parties; but this
vas the portion of a banker's issues which cost most trouble and
expense, which subjected him to constant anxiety. and brought
km least profit.; there was very lhtle. therefore, to be apprehended
tram an over-issue of it. He cmichlded with deprecating any im-
putation on the country bankers.
lir. WARRE, in answer to some of Ithe observaCons of the
Worthy Alderman, would merely describe the situation of a neigh-
boadmod where the gold coin had disappeared. It had been he-
rptently and truly stated that paper and gold could not exist toge-
; every day's experience confirmed this. Supposing then a
Doehbourbood In which small notes are lamed, the gold imme-
d.ately disappeared from It, and the notes became, by the breaNing
ot the back, nothing but so much trash. But here the Worthy
Alderman said,. with many others, that the small notes were two-
bleaeme, hazardous, and expensive to the bankers. Why then did
they issue them ? they were nut obliged to do so ; and thatr exer-
tions to circulate them proved that tiny reaped a profit from their
ciemlici,m. Ile would take the liberty of pointing out to the Chan-
cellor of the Exchequer the distinvion which matted between the
hiders of Batik notes and site holders of promissory notes. The
former took the bank note because there was no other currency ;
but he who took a promissory note had his option to take it or not.
In the cue of a batik note there was no choice ; yet it was gene-
rally mere Mash, and the holder of it certainly had a claim to come
down the banker au a summary way ; but whether in the way pre-
paid by his Hon. Friend, without any new modification, he could
tot cocfidently determine.
Sir It. 'WILSON observed, that the complaint against the
tankers was, that their notes were discredited, but this measure was
calculated to add to the general confidence, and would in conoe-
queriectrocure their notes a wider circulation than they could hope
fur without it; many would then take their rotes who, under the
present circumstance*, would refuse them,
31r. II U3IE waited to put a question to the Hon. Secretary for
renign affairs. It was simply ilisther he was willing to leave
the enforcement of the payment of Bank notes to a six months'
process of law.

Lord A. HAMILTON said, that when it was asserted that no
country bankers would issue notes if this clause were added to the
he hoped it was only intended that none would issue notes
wi.o did not feel confident of their solvency. He had heard the
Secretary for Foreign Affairs say that it was subatential law that
country banker were liable to pay on demand. This amendment
was calculated to secure a metallic currercy; and it was a ludicrous
Proceeding, a very mockery, to cling to the forms of the measure,
end deport horn its principles. •
310 Neg said that if this clause were not added to the Bill
we should be rutting the holder of small notes in a worse situation
ti.,sn be had been in since 1797. The bankers had la-en living
elder this litrthildp since that time, when they were permitted. to
lane small notes they received a boon, and they were to lake it with
W; good at.d Islet :it,..gether. They were not compelled to issue
antes, but if u.ey thou to do so for their own profit, they ought to
becnoroelleil to pay by a summary process, a measure e hich would
why bring them to their original condition.
Mr. A BERCHOMBY said that although at the close of last
ligation he had spoken favourably of the substance of this measure
he could not intni,ort it now. f he present state of country was
!cry different from what it was then. The country at that time was
little with raper money. but no*, on the contrary, there WAN
"rdePaPer in circulation. There was a great and prejudicial cog-
USC.IOI3 of notes, and the effect cf his clause would be to increase

the rapidity of this contraction. lie was not inconsistent with him-
self in refusing to support now the measure which he advocated
last Session • but the circumstances of the country were substan-
tially altered. Ile did not take A different view of the clause, but
he feared th,t by accelerating the contraction of paper money It
niilht greatly aggravate the present evils.
Mr. DRUM MOND believed that this clause would add to the
credit of small notes. In Newland there was a summary process,
and it was found to contribute to the support of credit. fie was
disposed to differ from the Honourable Gentleman only in thinking
that bank notes ought not to differ from other small debts in the
manner of enforcing payment.
Mr. HUM E rose to observe that some of his friends thought
the period of seven days too short • he was willing therefore to
make it ten days. He expected that all the bankers In the House
would vote in support of his clause, at least all who were solvent.
He did not blame the bankers in general, but only those extrava-
gant persons who lived in profusion at the cost of others. He was
sorry to see the day when Mr. Cohhett's prophecy was fulfilled,
and when Ministers would say that Bank notes were no currency,
while at the same tin,e they allowed them to circulate. Ile re-
peated his confident assurance that all the solvent bankers in the
House would lend their support to his amendment.
51... It. MARTIN wished to make some remarks an the 'lower.
rantshle and indecent observations of tile Hon. Member. (Cries of
" Order.")
Mr. BROGDEN said he was obliged to call the Hon. Member
to order for expressionti more indecent by far than those he .‘ com-
plained of in the lion. Member for Aberdeen.
Mr. It. MARTIN was sorry to have said any thing contrary to
order, but he did not think any thing could he more indecent than
the Hon. Member's saying that ht expected all the solvent bankers
to vi to with him. lie did not. blame himself for rising, but was
surp.rseil no one had risen to reprimand the lion. Membsr.
The C NCELLO (tithe EXCHEQUER said he did not
believe the Hon. ltienitier for Aberdeen meant to give offence, but
his expressions certainly might be construed to imply that all who
did not vote with him could not he solvent. Re hoped the lion.
Gentleman would explain in such a manner as to terminate all these
squabbles.
Mr. HUME said that he bad at first used the word bankers only,
and afterwards added the epithet solvent.. By this addition he
certainly did not mean to raise any imputation against those who
I did not support lON amendment.
Mr. Secretary CANNING said that although he would not
advert to the expressions of the Hon. Member who spoke last nor
blame their literal sense, yet he thought that they indicated the
animus of the speaker, and raised an imputation on all who refused
to vote for the atuendment ; that clause, it appeared to him,
wield throw an obstacle in the way of attaining those ends
' which they heel in contemplation. It had been well observed
by an licmourable and Learned Gentleman (Mr. Abercromby)
that there (vas • wide difference in the state of things between the
present time and last year. If the present system of paper money
, were pertbanent, he would have no objection to such a clause, it
might in that case be worth while ea snort it t but when the House
• had determined that ,one pound notes should cease in one year,
, the expediency of such an enactment became liable to objections.
I, Many Gentlemen (from the other side ton) thought that the sudden
contraction of the small notes might gire rise to serious inconve-
knees. He confessed, that at first he was not willing to assign its
I due weight to this argument, but he found by expetience that it
was true. In consequence his Majesty's Ministers had conceived
the plan of patutinga bill which would have the effect of substitu-
ting Bank of England paper instead of that withdrawn from
circulation. But what would be the effect of the proposed amend.
ment, but to make it necessary and prudent in the country bankers
to withdraw their notes u soon as possible from circulation ? or
else it might make thenv4ictims deny malicious persons who wished
to drag them before a Magistrate : he objected therefore, to the
amendment, because he considered it a needless and hurtful precau-
tion adopted for a temporary issue of paper.
kced MILTON objected to the amendment, which he believed
I would aggravate the present ills. He lamented that Ministers had
ever brought forward that measure. which was calculated only to
make the people distrust their own resources. If he had been
present he would have joined himself to the small band who re.
bisted thak pernicious measures—meastires which were directed not
against die onsolid and imprudent, but against those whose strength
and credit enabled diem to weather the storm. He would rot con-
cal his opitilut that the worst shock was yet to come, and was Ease
approaching. lie opposed the clause because he wi Med to legislate
as little as possible, but to allow things of themselve% to regain
I their natural situation.

Lord A RCHIBALD HAMILTON was not surprised that his
Noble Friend, who objected to the whole measure. should object to
the amendment ; but he was surprised to see the Honourable Gen-
tlemen opposite receding from their principles, and dealing se
mercifully with the one-pound note!. If the Hight Honoumbla
Gentleman feared a sudden contraction of the currency, it would
be easy to make the clause prospective, and not to come into ors.
ration till after three or tour months. If hie Honourable Friend
would press his anrendipent to a division he would support him;
but lie would be willing, at the same time, to meet the views of the
Bight Honourable Gentlemen opposite, if they wished to suspend
the operation or the clause for a few month&
Mr. HUME wished to know whether !lll:linters would give any
other protection to tits Wider.; of not than that which they had
by law ?
The House then divided—
For the amendment
Against It
31 ajori y . .
our return to the Gallery we foutid
Mr. Ht; ME on his legs. The Honourable Member stated that
held in his hand four or Eve country bank notes. Noir the Right
Honourable the Secretary for Foreign Affairs had eltpreased his
dislike to have the petroantnt currency of the country carried on by
the Instrumentalty of these think notes. But according to the ar-
rangemente which were proposed for adoption as a remedy for the
Hvils Which were suriptieed likely to ensue from a perseverance in the
old system, it was to be apprehended that the effect would be to
li.crease the difficulties which his Majesty's Ministets apPeared to
he so studious to avoid. fro was his opinion that the mischief would
increale in country paper, if there was not to he a convertibility
into gold. In fact, it *as to be feared that there would not be
either an efficient gold or paper currency. There should be some
more summary mode of recovering the amount of the promissory
notes than the tedious and expensive process of an action. Now
the persona Who natty be in possession of these country notes are
leis without the power of procuring an immediate and satisfactory

. 163
- -144

paYmeht. He brad indeetlhoped that the Hht Honourable Gen'.
tlefnan optiosite would have Introduced some cbmse to remedy the
svil,for at present there was all the inconvenience of inconvertibility.
He then held in his hand, as he had already mentioned, live coun-
try bank notes. They were all slate (hear), for the purpose which
he meant to illustrate. In this respect, though they were of dif-
ferent establishments, they were all framed in the same false prin-
ciple (hear) of not being payable at the places where they were
issued. The IlLnoural.4e .11enilicr then proceeded to advert to

these several notes of the value of .57., which had been issued by
different country banks at Birmingham, at ‘Volverharopton, at
Stratford, &c. Though on the face of them it was stated that the
value had been received at the places 'there they were dated, yet if
the holder were to ask for payment at the places where they were
issued, he would be very inconveniently referred to London for the
satisfaction of his demand. One of these notes had been in circula-
tion, which (said the Honourable Member) furnished a proof that
the annual stamp returns did not afford a satisfactory acco tnt on
which to calculate the number of notes in circulation. But the
principle of issuing in one place and paying in another and
a distant spot, was the annoyance which appeared to him such as
to call loudly for a remedy, and against the continuance of which
he complained. What great inconvenience must result front this
distraction between the mu places in the period of a run was too ob-
vious to be insisied on. He had hoped that the circumstance
would have impressed on the framers of the Bill the necessity of
introducing some salutary check. However, as the Right Honour.
able Gentleman opposite had not adopted some expedient of this
nature, he regretted that such omission compelled him to move the
insertion of a clause, "That all promissory notes should be mode
payable at the places where they we e issued."
Mr. HUSK ISSON said he should have brought forward • clause
to that effect if some circumstances had not altered his opinion on
the subject. lie had understood that an opposition was contem-
plated and acted on against the principle which had been adopted
by Government to regulate the banking system of the country.
But if it is desired to return to a gold circolation, how wasthe
Bank of Lngland to pay the wants of the country until the period
had arrived when it was contemplated that the gold would replace
the Bank-notes gradually -withdrawn in the interval. But there
was a disposition to counteract the operation of that principle, anti
it was therefore he expressed an opinion that no country bank-notes
under WI. should be allotted to be issued, unless they were made
payable at the place where issued, and elsewhere.
Mr. CAI CRAFT concurred in the principle of the Honouia.
ble Gentleman's motion, but he did not apprehend that the incon-
venience attributed to the general practice of making notes payable
in a place different from that where they were issued, existed in the
dvgree stated by the Honourable Member (Mr. Hume). lie pre-
lamed, that if that Honourable Gentleman entertained any fears or
doubts regarding the M. notes which he held in his hand, he
would, instead of making a speech, have sent for payment. The
Honourable Member (as we understood him) agreed in the
suggestion of the Right Honourable Gentleman (Mr. Huskisson)
respectiug the payment of country bank notes in two places.
Mr. IRVING made some observation which we could not hear.
fl ("MUSSON (as we could collect his meaning) expressed
some doubts as to the prevalence of the practice of Issuing country
notes that were payable in London only.
Sir J. WROTTESLEV objected to the proposed alteration. He
conceived that it was a great convenience to have country notes pay-
able in London, as persons in the country frequently experienced
when they had occasion to visit the metropolis. But if the coun-
try banks were obliged to have a deposit at home and in London
to meet the double contingency of presentation, a considerable ex-
pense would be incurred by the establishments. He would there-
fore only ask the Right lion. Gentlemen to take the opinion of
well-experienced persons on the subject. •
Mr. HUSK ISSON said he did not require the opinion to which
be was directed to resort, for he went to the principle, and not to
present practice ; yet he thought that the practice which was said
to be so general was totally unknown to three-fourths of the king-
dom. He did not mean to compel the country banks to pay in Lon.
don, but he thought their notes should be payable at the places
whence issued. It wan the convenience of the public and not of the
bankers that was to be regarded. According to the mode which
was said to be so prevalent, how could the holder of a country note
made payable in London alone procure payment after the Lth
April 1829 ?
Mr. dl. W. RIDLEY did rot mean to deny that the public
convenience should be regarded. As to the question of maklog

THE BRITISH PRESS.

bank notes payable elsewhere throe issued, he did not think that an
acquaintance of thirty-B►e years could enable him to condemn the
practice.
Alr. SPRING RICE said that the branch banks of the Bank dr
Ireland had so worded their totes as to make them payable only In
Dublin.

Mr. ATWOOD said that now were made payable in London
for public convenience. The measure reepectlng country banks
had in tact been brought into operation before Parliament was eon.
suited, and a principle whielthan been carded was repented of lo
:wenty.four hours. It was said, if you permit a one pound note
you will never have sovereigns ; but by the principle of the present
measure the country would not be allowed either a sovereign or a
one pound note.
Mr. MANSFIELD said that In the banks of the place where be
was connected, the notes were made payable in London or at
Leicester. He could not conceive what advantage it would be to
the country banks to hare their notes payable In London only. In
the time of a run, the banker who refused to pay his notes st ths
bank where they were issued, because they were only payable in
London, would he a holder man than himself.
Sir J. aI'IIOWESLEY said a few words of which we could
not catc.o the import.
Mr. Secretary CANNING observed that the Government had
not meant to treat the country bankers harshly. Rut they had
been compelled to adopt the course pursued, because the country
hankers had resolved suddenly to contract their circulation. He did
not mean to contest the propriety of their conduct in thin respect,
hut since the circumstances had so °centred, it was necessary to
apply the turnedy.
Mr. H. 01; P.NEV did not helievt that the country bankers-had
drawn in their notes for the purpose of defeating the measure. The
banks had cmitrfouted the supplies because they were not allowed to
issue any more one pound notes. and those that had been issued
were poured in tattoo, them. He did not agree with the Honourable
Member tor Montrose that this would go to eternize the one
pound note system. lie wished that there should not be too sudden
It contraction. Ile did not approve a the would safety deposit.
The Government did not salt° to bay acted with consistency in
the couractliat was permed. 4e,- • , •
a.
Mr. MARTIN said stttst In respect. to the two Mink( .llch
were established in the olio with %shah he wall particularly ac-
quainted, the payments Were made In Imam only. He thought
it would be a great hardship to require* llolibledeptstit.
Mr. CALCRA FT world wait until the Report was brought up
to give an opinion on the question, but he protested against the
charge preferred by the Right Don. ttentleman (Mr. Canning)
that the country banks had_ contrived their circulation in order to
counteract the measure. Government has caused the contraction
of which they now complained. They had been very inconsistent,
for when the panic was beginning to abate, anti confidence was near
bring restored, that paper which was signed by Lord Liverpool and
the Right Hon. Gentleman opumite renewed the fears which were
subsiding. That document had been productive of great grievances
to the country bankers.
Mr. RES objected to the great hardship of requiring a deuble
deposit. It would be preferable for the country bankers to have
the clause retained which was already rejected, rather than the pre-
sent. When the country noteit are sent to London, they stop there
and reduce the country circulation. Ile repelled the statement
that the country bankers had been hostile to the measure. The
fact was that the tendency of the Ministerial proceedings was to
throw back these notes on them, and the country banker naturally
and in self-defence drew in.

Mr. AT‘VOOD said that no person acquainted With country
banks would think of charging them with the inteneon of defeating
the measure of Government in the manner alleged.
Mr. IRVING thought the clause was a mere contrivance to con.
tract the circulation, as t would make it inconvenient for the coun-
try hankers to h-ve a d.wtsit its town and country. The reason of
the Bank of Ireland branches paying only in Dublin seemed ap.
plicable here.
Mr. Alderman HEYGATE thought the conduct of the country
banks justified by necessity.
Mr. Secretary CANNING gave the Hon. Gentlemen credit for
the atatements which they had made, though he was not convinced
that the measure was improper.
Mr. C. IVILSON was of opinion that the property of the
bankers was better known at the places where the notes were is.
sued, and that there was a greater opportunity for fraud and over-
issues by making country bank notes payable only at a distance.
Mr. lIIISKISSON did not agree with the Honourable Member
I for Montrose (Mr. Hume) in thinking that there would never be a
metallic currency. He did not see why there could not be a circu-
' lation of this kind without the aid of any notes under V. It had
occurred during a period of 80 years, in a great part of which time
there were no notes of less value titan 5/. Government had been
informed that there was a determination on the part of the country
I banks to draw in the I/. notes. For this the Government was nut
prepared. The measure therefore was adopted to prevent any notes
wider 201. being issued, unless made payable at the place where
issued. He did not confine it to any particular spot. It remained
for the country bankers to comider how they were to conduct them.
selves; but it was the duty of the Government to regard the public
interest and convenience.
Mr. M UNDY said that thipractice of the old Derbyshire banks
was to make their notes payable at the places where they *here
hunted, and there only.
HUSKIPSON Wades fbw observations, the precise tense
of which we could not catch ; after which Mr. flume's clause was

negatived without a division.
Mr. HUME then proposed another clause, that all bankers
should make a return of the greatest number of notes issued by
them. Ile conceived it would be very advantageous to be able to
ascertain through the medium of the Stamp Office the quantity of
notes issued. lie did not want to know a single name connected
with these issues; and therefore he should propose, that these
accounts should only be classed under the heads of No. 1, anti
No. !. &c.
The CHANCELLOR of the EXCHEQUER had no objection
to some arrangement of this kind ; but he had rather the proposi-
tion were not made now. There was at present a feeling of alarm
among the bankers, which had been induced probably by the pre-
sent measures, and he thought it not advisable to aggravate that
alarm, by adopting the proposition of the Hun. Gentleman, unless
the introducton of such a clause should be deemed absolutely ne.
cessary. He had said he should have no objection to an account
being obtained of the number of notes issued: but he thought the
mode proposed by the lion. Gentleman to effect this was open to
great objection. There would be all aorta of surmises as to who
was No. I, and who No. 2, and dangerous prejudices excited. He
thought it would not be very difficult to devise some better mode of
effecting the same object; but he would remind the Committee
that they were now called Upon to apply a particular remedy to a
Particular evil; their object was to get rid of a great grievance, not
to obviate every possible defect, or to adopt every speculative im-
provement that imagination might suggest. Ile hoped the Hon.
Gent. would not at present press the clause he had proposed, and
one of his principal reasons for desiring that it should not be now
pressed was his conviction that the mode proposed was highly ob.
jectionable.
Mr. HUME said he certainly would not Imes the clause; but in
answer to the Right lion. Gent. 's apprehensions he would observe.
that he did not think the Right Hon. Gent. could do any more evil
than he had already done. (Hear, and laughter.)
Mr. MONCK thought the law as it now stood was oppressive
on the poor man, who in the event of a failure frequently had to
travel a considerable distance, and incur a great expense, before he
could get the dividend on the one pound country note which he
might unfortunately possess. To obviate this he should propose
as a clause that the holders of one pound notes should receive fur
them the full value before any other creditors should receive any
dividend whatsoever. He thought this was a security which the
poor man ought to
The CHANCE LOR of the EXCHEQUER could hardly
tell what sort of principle it bas the Honourable Gentleman would
establish. Did he mean to give one creditor a preference over an-
other? He thought it would he dangerous thus to overturn the
acknowledged principles of debtor and creditor. (Hear, hear.) He
could hardly tell where such an arrangement, if once recognised,
would stop. It appeared to him that on the principle of the Hon.
Gentleman it would be quite as reasonable for the holders of five
pound notes to claim a preference over those who held the ten
pound votes, as for those who possess one ponnd notes to say they
were entitled to greater advantages than the owners of notes of a
higher value. (Hem, hem.)
This clause was negatived widend,' division.
The House then resumed, and the report was ordered to be
brought up to-morrow.
ORDNANCE ESTIMATES.

Some conversation tork place between the Chancellor of the
Exchequer and Mr. Moberly relative to the motion of the latter
gentleman to oppose the Speaker's leaving the Chair, on the mo.
tion for a Committee of Supply. It was at last agreed, that the
Chancellor should propose the Ordnance Estimates on Monday
next, and that Mr. Moberly should then, in course, make his
motion. _ _ _