The British Press; or, Morning Literary Advertiser.
London, England, 1818-05-02 00:00:00

•
'curio. awl beim* is .eessek Unite with
the revealable aware or the torsos ea which the
couture might be arcsaisaredated with tlw weary
wanted for the public aervire.l..- figssw.j—•But if
all throe prespeets. geed wed bed. were to be bet.
lasted open a pupa. 61%18660k teat eistvertibie
Into ea•k, whet would be the leetetiee predated
eye« sassy tese's stied in that Heave? 411 !sell

;Wed foetid e'T -11 st heirstiM esiolliet else coati
be intetosild whets the Hem Viet celled epos in the
reerher thsemehasiest el a meloOotte *le;
tows and setistectury in its twills, tome r. a system
Vievisich alt passible apology er defeats turd be
oared. evert the• esteem* singer in which the
Inisutry had thew bees pleats! by Milt eafersiVn ess4
"tehialleers citeriMancits P Ikeda then the
hedtate s tsetse vele Wooed te resistance. when
the qautios helm It wee, whither the restriction
of casts permentsee ads pert of the Book eltuuld be
le the yew tale, ea the twig obd in the
tnemer inurstilted by the Right lieu.Gostionan ?
Ne &gibe the eves
wesid look to that idkist
Obereeter fora statement at kart of seme_gratend•
whores be• might hope to incisor the Hem* to.
makes° great a sioilles to his news and
Hid anyone's bees hinted at s • 144,; hod not tlipt
eight Hen. Gendeems two yews ago stated i 5 war
thtie Uterded-bY the Beek to muse teak pia;
meth eed the* loathing hod then come S. bid
Nellnetedgeit imincelies to thiolt the Bank mold
be triage er iodise/into redeem its pledge! Bet:;
new. Ilmethi after this lopes of dim,. the Heses,
tmersidlied se •er Marge .the dorm% if thie
t'al.W omens* en the gamed% • stated is
tiltaibi:ref the 111. that it'wei in oesitssi-
thitestiesel large feeeign .bans Mild be
smiler led, end theta vest ameba of
orbit Irtisglioligter went eat travelling es the
Cott/tient-1 bemire( which mere it would sate.
bell fellow ate comesseenee. that should nob rep.
liertehe mooed. to goat drain st specie frets this
briar! would be the Malt, mod that it had born
will advioelde to counter the reiteiction as to cosh
riots: As ti the danger of itireign Naas,. the
• . erthis esentry had teen such of We. that
Mr mach hood year would be jest es
'Millet* in that specials ef Fruitless speculation as
asset*; bet meanly the nes-voideet and carious
gel* y teaorlehted ef. 'might be altogether threwn
least of the calceledtiat as t bad, by the toub.
Moe, this Right Hos. Guttman. ablest
seat leeilitioteety mod unkindly for his pasitiou,
reamed leNnee.-/A Right Ho.
amok Goodman- ehould recollect that hi
Ott roideeivier. Mt. Pitt, bed ea disdeisted to
alibit to the Mouse. when the Bill was aeignselly
messes& At gisends epee which the tirigistal
Geier-IS Co m% hod been limed. and referred the ,
erbjeet at a Caustaitlee, to sepses how far it wouldbe upedliest he ceo(inue its °retains. Our Chia.
cellar 'el Ihi Eitcbequer MIN the Wiste buldlYs
that he Wired it to tie esgetritist, intd; of came.
the, Reese ittight le believe es ho.. It wee
MI to cesseider die deform also of our *item.
time wow from that at the brovideetiela of the Bank
reseektien by Mr. Mt The okra of the met.
went of tlw Bank reettidieu!WereOnseseested in
the 'traiable of the Bill, sell stated, this unnierons
stifessodeti end ezmeoated statements 'sod re-
plier/tun* bin efiesiated. Pe.peetinj the pro..
peek Sr appreachlarg fauvist., Meares, and insert*.
cotatutioM melt • sifters bed boom expedient;
whims me dew wee mittio 'Awoke Sebeidiee to
pay—ne greet armies to breepreited abroad, er at
bee diiterbenee;* aceosseed
by dried of foreign iuvasioni at ulteinioe—but.
Woad 'el UN theta appalling tiremi stankes. it the.
Chiseller .f the Iticheqi.r, that 1s his View
of • tkr geodes, were substituted, the House '
*Mild an the arguments' new Nigger-
ed fee the eeseirsenee of the restriction.
He. fee use. drill elijiretie the Chancellor of the
Eacheq eery as rio literated wham ; his whole et.
magemeat, if it mild be celled nth; was bonus-
ed on his ewer statement, and he woo Pledged to
support whet he celled a lean, or subscription. or
twenty other' as appropriate names. busisee it •was
not possible to Bud one word which mid describe it.
It we. of era consequence that this premedbag was
demoduated a breech of faith wits the public. cro
In tale. the year alter Iberia*. a Bill was
isttredsad te Mead this Bill fee two years longer,
espreoly for the perms et siting thee to the
Bank Directive to renew cash prom* *host ha.
curving any public ieceovenieueef: Nei it was
remerkeble dot en this- ocetrion 'the very
same preamble. is the self tame words, and the
very may eters, had bees prefixed to the ills
whilst all the preemies. including the fai•lis
lewd sad the absessee travellers, were left
fsegL)—The Beek Direetees should have here
ceasehrd, es parties le the whole mumetion ; they
bed lot siesta admitted they woe ready I. pv is
cash. This was thi elect of the Right Jim-GE&
thee-n wick the Beek' Detectors. If they
bed beeclashhig n asked.. had they bete esioulted- eo tbe
subject if the feveigi liens ? he should say. they •
hod eat. Bee as for as could be discovered fibs the
tensor these taciturn gentry, they were ready'te
mit they were competent to room orb
on the eh of July. He was glad to seePrige
Geist. (Mr. Baring) in the Hesse, who no doubt
could give muse important iefettraticas on this sqb.
jeer, se no doubt be bad beau ceittihed out thi
subject of the &Mir Maas. oe else he never would
have agreed to them. But belveld set help think-
ing the Bank Directors were all the time laughing
at the Right Hen. Gentleman ; and it Rudd be the
more itetraordie•iy, if. under oak circumstances,
the House should vete ler that Right Hen Gentle-
atan's proposition. He was disposed to suspect.
the only obstacle to the payment io cash would be at
Met found is the act or the Legistature solely.
With respect to thelereign loans.it had bees argued
by the Right asn. Gentleman that certain mei►
chants having resolved to lend large sums of money
to the Irmo* Goverment, and gold had risen in
prim in trusespesee, it became necessary to extend
the previsions for seeming the precious metals in
the (sentry. Though he should endeavour to ab-
stain freer abstruse points, he must advert to one
preposition es of greet/Importance; he meant leash.
if it were disppted that an ileac of piper currency
did not allot the price of gold ?—( Hear. Iteoi)—
How far then might the Moused issues of the Beuk
affect the excess of gold beyond the Mint price,
ought to be a queetion of mature consideration.
Plotwithsteoding all that bad been Mid, the Book

4 . mid _
11101111, and this of itself mien be a anificient
emit to the English stock-holder to avail himself of
the visa of 'his stack to purchase advitiotagemisty in
► titiffreack. funds. Bet when was this system of
:petting off the payment in cash to mid ? Perhaps
rivitlyar then would be other foreign loans—what
"eerily would there be then for our resomptioa of
%esehjatveaeots t He could not help adverting to
fllbedifierenee of sue wile& of 'sheltie money 'nod
Wit if the Government of Frame; In this coon.
*at billowed the money, and the Pailianieut
itticsitrtile, for the Walla. Is France, the Minister
obtained fora the Legislature a Posits 'comber
wf vorelli ,eV lied placed at his &petal, es it
went, Itp,gerpetisal ammity of 60,0001. it year, mid
he eras permitted to avail himself of the must
fettaliable opportunity to get the money when he
liked the aspect of the minify market. If this
a t were fairly and conscientiously fol-
.he should prefer it to our own. It wits •
remarkable tesalt, that. 'its far as the stocks could
be takes as evidence sir die want of a trapper circus
Wale every thing iu France was its a prosperous
state, whilst they were considered in a state of 'IMP
trees distress; whereas in England. where all had
their minds fall of uothiug but our inesperity,
there was a general isiundatimi of paper and the
stocks falling. The amount of the luau for the ser-
vice of France was thirty millions altogether. Of
all this what might be supposed to be the probable
amount of whet might be sent out of this ettontry ?
Large sums, no doubt, would be sent am of tunny
antistries its Europe, to induce a coolidelice in the
French feud*. From what bad escaped from the
Duke de Richelieti the French Finance Minister
It was not improbable a claiusaut the French
foods might obtain payment in French stick.
Thus a Prussian or Risqtish ctsituasst might ob.
fain a resusburrentent us stock, averaging the
I per cents. as win their custom. at 78. By
this mode it was possible to lowest in the. French'
foods. and yet this.couutry be a glister every way.
Might ,uot else the greater part of 'these loans be
remitted in goods, bearing a profit to Goverunieut
and the mercantile interest at the same time ? But
should the 101.110 wren p ell in gold abroad.
would it sot Morn in the ordinary chainiels
it trade io a short time. except, indeed,
as the Right Hotiourehk Gentleman seemed to
think. there 411$ something in our soil, shores, or
climate. hostile to that torte!, which made it always
williug to elude our grasp ? Bat the time was
come when the veil would be taken away, and the
true itsopedinieut besliewn to our resuming °oh pay-
ments. Indeed, most persous saw through the thin
device already. He would ask, once for all. war it
better that England should lose her character for
good faith; or that the. Batik should give up some
part of its enormous profits.—(Hear.)—Tliat Com-
pany had now 10 millions Of looney iu their coffers.
The profit upon its bei.sg hoarded up, did tot ex-
aced a million perhaps, and the Bank had received
not less than Of millions front the profits on its trans-
actions with the public. These, certainly, were
abstruse points, and nut to be understood except
by colas dispassionate inquiry, rod he had. there.
fore. always thought theta unlit subjects for a po-
pular assetubly, constituted like that Muse. He
hoped sollicieut had already hven submitted to
the House to indite it to go into au inquiry
of a more grave and appropriate stature. If
the result should prove to be the resumption of
cosh payments, mach good would be done ; if the
c•nlvale he was pomaded the House and public
would derive such a knowledge of the transactions
of the Bank with the public—such au insight into
the bade and finances of the country. as would
prove of the utmost national advantage. He
• did not mean to contend that the Batik would
ressese its cash payments. be only hoped to receive
SOON satisfactory information ou the subject,
and ascertain whether the restriction should
err tune for a longer or shorter period. If the
noose did not agree to this proposition, he would
WI them his mind—and that was, that the Bank
never would resume them at ail—(11000-2•41
the same Bill would be introduced every soceessitim
year, as a matter of manse; iu which *pinion he
wits the more confirmed. from what the Right
Hoseurable Gentleman had stated once I. his
Ms* lamented Friend Mr. Horner, in left;
ethatiirben he wished the propoiedrestrictioo to
%we' •to be reduced to one, received front the
Hon. Goolliemoa this memorable answer
F the Bill states that our reautuptiop of cash :pay.
Silts is to take place its two years. it looks like
wisest; but it it states the resumption its one year,
Diris will believe us.' Nov let the Howe be-
ware. for they were called upon to sanction that
which it had beau said from high authority uobody
would ever believe, namely. that the resumption
• would take place in one.—(Hear, end lerghter.)—
He would isk, what inure favourable opportunity
cold wear for this desirable renovation than the
mot ? Might there not be still larger foreign
next year. or the fullowitig years. to be provid-
ed for ? He felt also the great impropriety of that
vicinities in all the late financial areaugemeisis, so
that welting was ever known till the last hour.
Hence we were on the Ist of May called on to
vote for a continuation of the restriction which
was to expire on the sth of July. He depre-
cated the horror mid slam which appeared to seize
some persona' minds on atentioaing the reautuption of
cash payments as likely to occur. Some had said
how should they ever be able to get their rents paid,
or maiutaio themselves in their rook in life? The
'change mast cause sooner or later. If it did not
cause now, it would never come. It was the darling
object of, the Right Hon. Gentleman to prop up

)

'entail, this system of gambliug on the vital in.
terests of thounaties, and keep op the circulation of
a paper currency, es on A &trended tha.success of
all his liemseiel can seal?mKtlwliutipns.
crilti thite*ltifieg nstidianigivas et an
ru linger. :conveiti
.
tto
nuittitery.Petegain hit* so.- The Rank Direc-
thought they had fAiad out a medium of Au-
totimers% between the true sterling currenty.
dependent oe property, end the false or eubsti.
one, cud imagined they never could make
step as long ea.they.eashed good -Wit of
fiNtreluguts, cud gave the same uonuttel value for
in paper. When this Was objected l4p. by
on the Opposition side of the Iloilo, unless
were checked. these Oeutleinen tried out, We
met have experienced aug ill effects or diffi•
goodl in our affairs arisnig eat of it." There was a
reason why. it wee replied : the check has
been operating all along, for when you had issued
too greet a proportion of your Own paper money,
it occasioned,' yowling', and was brought into the
Bank cud returned on your hands." Thus these
wise heads could not itnagine how it was, but
that so it was, like that lion. Gentlemen, who,.
when the difference between prose and verse had
been obligingly explained to him, expressed great ,
aotonisheeeist at hie haring beau for so many years
bilking in prose, and never hewing knows the fact
before.-.(Laughigl.).--The paper currency in Or-
ciliation in the hall•Sper endiuji thee lithof January,
lef7, exceeded that is the seine quarter• in 1816,
200.0001. whilst them was a corresponding issue
of country bank paper. For obvious rowans,
might not these increasing issues &cement. in a great
degree, for the flourishing mite of the financial sr-
raiigettients of the Right Hon. Gentleatati? The
Sauk. however, recollecting that the best part of
valour was discretion, would, Ito doubt, pocket the
profits, whatever might be the rawer.—(/fear.)— '
But he should slow that the Right Hon. Gentle-
man had violated even his own criterion of the pro-
per estimate of the currencies. He had laid it
down, that the eirceistion should bear a just pro-
Welton to the trade,- eapenditure. and revenue of
a country. -Thus. on the comparison of the years
ending on the Sth of Joniary. 1816 and 1817— .
its 1816. the revenue amounted to 57,000.0901.
the budget to 25,000,000/. -end the exports to
02.000,800/.; whilst. in 1817. the revenue amount-
ed only to 47,000,0001. the budget to 82,000,000/.
and the exports to 73,000,000/. if, therefore,
there were deducted Irons the excess of the exports
mod imports, the decrease of the revenue, it would
be fair to infer there would be required a less siren-
letiwa by 7,200,00011. in the litter year. The neat
step would be to compare this statement with
the Bank notes its circulation in the correspondolg
years—in 181 G, they amounted to 26.500.0(0/.
. its 1817, to 88,500.00 a making an increase of
2,000,0001.. although affairs were represented in
so promising a star. This should also be coupled
with ass Mortised issue of country bank mites its
1817. anuionting to 21.000,000/. whilst that of
1816 was confessedly low. Thus .thsowitig into
circulatiou some edditional millions of various
descriptions of Batik paper, whilst the neces-
sity for it had to all appearances dituipislied.—
On the subject of coZubas:k. the Bill relative
to which had been • by the Hight Hon.
Gentleman. all he *meld isay was this, that the
measure was most enjoin/liable—for lo could tint
conceive any justifitation of that policy 'which went
to prevent a man's exercising his credit in Ibis own
way. The Government had a perfect sight, for
reasons of state, to say that 60,Inan should issue
ernes pf 1/. and id.; but they had no right to ray.
that, when there was tag ;sower to issue. ou the
control and romousibility of the individuals. they.l
should interpose end cell fur a double securityei-
It was said that the public sustained dreadful losses
from the failure of country banks—that 200 out of
700 of thesis had holed; but be the loss thus aii•ing
what it may. it ought not to be calculated as a total
low. fur in many instances large available sums re.
maimed fur the indemnification of the public. As
to the licenses, it was notorious that any man Ida
wanted one could get it. end iu massy instant.. the
seine establishment NO several, fur the parpOse of
taking up and circulatiug their notes in various le.
cal directions. But his Wahl objection was to the
principle of this Country Banks Bill, for it wept
to recognise a li. and 2/. paper circulation, without
reference to the vital question.
_whether the Bank
was to pay its specie or tiot.....(iiessr, hear, henry—
Then, as to the circulation of Government paper,
there again he had his objections. As to the first
point, the issue of these small sutra, the Chancel-
hoe of the Exchequer has assumed that the i•tite of
the country will not admit of the substitutiou of a
metallic curreucy iu the place of these notes. Now
how does it happen that iu France the whole circle.
halms is kept up in metallic currency ? It might,
peeliapss be necrology to adopt a different course in
this Country; but all lie asked war, that this deci-
Msw be attained after due iuvestigation be-
Imo Cesansittee.-i-f ileee.)—Then. as to the so-
-BeBd point. the Goveritineigt securitiee--the small
,camostry beaker was to have a stamp, it was to be-
,mtele to all intents and purposes Government
paper. whether it was issued at Exeter or at
Dominic-street. The result must inevitably be,
thaa-illeGlorernalesst will take into their own hands
dieintl. of country paper—for they will natinslly
soy. " Why should we take tine trouble End prim'
to put profit, such as it may. le, in the hands of
country bankers, white we hove the means of keep.
ing it, by a similar system, is our pockets ?"-..
Hear. fiestri)—(Here the ('lltastellor of the It,.
chequer shook his Aead,)—The Right Hon. Geo.
tleman shakes his brad, hut he had two wa3s of
shaking it—one was when he thought he could si.
lessee 1111.oppottent by shaking it, and imother when
he deepened of being able marry a tryout ite sues-
sure..-f bmgkier.)--lt war in vain to declaiin iu
that House about the danger of loans and country
banks. The only way of really getting at the
question was by going into • Committee; there.
and there alone. the whole subject could meet with
due cud effective consideratiosi. by the opplicetiou
of iutelligetit and minds. fairly select=
ed. As matters stood, there was a great rod well-
founded alarm at the financial state of the country.
He would nut go su far as to sag. that all the dan-
gers which were stated by some persons would
immediately arise if the Bank Hestnction Act
were to continue—but he would my, that the dais•
gers were iticialculable, if the Hank did not. by a
steady and snidest reduction of their taper issue,

I

pave the way fur a speedy resnintitioli of cosi. ',ay-
aneum, -A Committee could rec ##### niestd surdsen-
fore& this necessity,, oe well as poittt out the most
effirfacious means of scarrying the errungerneat into
effect, aid making the ihoek lees than it otherwise
must be if matters were permitted to go on iu their
regular course. On the project which had 'ken
nietitionetl, of reducing the 5 per eerily. to the
51, alt he wattle' say was this, that it would lie
unfair and disgraceful to the conlitty, in as much
as it would he creating, by artificial melon, a
tinaueital-chauge which could net beLr the light.—
(%he Chancellor of the. Exehequer soil, it. j---
The 'Light Honourable Gentleman may smile, but
no other person in the House does at this notable
expedient.—(Hear, heir.!—Nothing on., more
porno' mid unequal tl the preltininaiy step to
carry this point. WUhia six mouths the 3 tier
cents. were raised from 9:5 to 30 per cent. The
gainer by this was. of course, the large 4:eon:dist ;
for the great body of the holsters could not touch
this profit—many of thew, fur instance, held as
trustees for a certain period, and could nut, by
belling out on the spur of the moment, avail
themselves of this rise.; and they may be going on
under the idea of having, ten years better, can
increase of capital, though in the interim, per-
haps, the bubble may burst.—(Hear.)—lit vain
would the Right Honourable Gentlem:lll say, that
this system diffused wealth through the country,
that it enabled roads to be built, mid opened a
facility for the landholder to burrow money when-
ever he pleased. All this was very fine—but unless
the Right Hun. Gentleman meant to Pay that the
day of payment was never to come. this was the
situation in which the burrower toast ultimately
stand, namely, that he would have to pay at the
rate of 15t for every la lie was in this manner
enabled to raise.—(Hear.)—The whole system
was contrary to the wholesome view which every
English merchant took of the management of
his own istrairs--it was contrary to the bound prin-
ciple on wlath every agriculturalist acted—it was
contrary to the fair dealing of every Englislossaii—
it was a system which he must abjure, unless it
were clearly laid down to him that he had tin other
alternative.—(lleur.)—For the Bank Restriction
Act they had uiliforinly beard the plea of neve*.
sits let that stecersity hr clearly and on fair
grounds established in the Committee. said rhea
there would be Mt end to the case. The great evil
of all was, that the character of the country was at
stake—(Hear.)—Look to Europe. Did nut every
other country take a close assist decisive view of its
finances after the pressure and vicissitudes of the
war ? and was. Englatid to be the only country in the
world which was to take no step to review or regu-
late her fitwneirl bystesst ?-otHeur.)—Tliis subject
struck him so forcibly, that be could not reit ant I iiiii
saying, if, after. three years of peace, the House
agreed to the Right Hon. Gentlennot's !imputation,
they ought to be prepared to agree to any thing.—
He spoke with less restraisit en this question. be-
cause it could not be construed into one of private
orof interested feeling—it touched the general honocr
and credit sit the country, and not the interest of any
particular notivithiel in that Hutise—it might
in-
deed excite a smile ou the face of the Right Ilan.
Gentleutan, but he trusted it could excite entliiiig
but serious refle.ctlun in the mind of :vary
other man in the coutory.—(Hear, hear. hear.)--
If the House meant to encourage gambling of all
kinds, mid the usual Otictuating and uncertain vis
cissituder in the public funds, then they ought to
pass this Bill ; if, on the conteary, they meant to
perform their duty to the public, they would, ii
the first iustance, call for a Committer. It was their
duty now, in a ewe of peace (for such was the rest-
less state of man), to prepare for a time of war ; and
on this point he would moat explicitly declare,stleit
if war found this country with r debt twirl iii Misti-
est, and cash pupation unreasoned, there was an
end on that hour mid on that day to the British
empire.—(Loud cries af flea:!)—The misgit tope
was that the Madequate steps now taken wrist to pro.
yoke, if not to eucourege din hour, and to slew that
the country oar afraid to meet it.—(//eor.)—But
the Noble Lord opposite (Lord Castlereagh) was,
on a former occasion, very profuse in Isis high-flown
statensetals of the situation of this cuuntry as com-
pared with env other its Europe. England, he said,
was the I and flowing with milk and honey, where
every numceuld sit down under his own vine, and
Frauce was humbled and overpowered. But let the
House look at the contrast furnished by the state
'of the two countries; France, degraded France,
met her financial difficulties manfully, she reduced
them, and arranged measures for the ultimate
liquidation of the demands matte upon her ; while
in Englaud the Chancellor of the Exchequer was
driven to the neenwity of borrowing 3,000,000/. to
the way of loan, and at the same time calling for as
further restriction of the Bank cash payments, and
doing so on the ground that foreign loans, Ingo.
elated in port on English capital, rendered such a
course necessary. On this part of the subject, lie
would only say, that it Rea melancholy to see the
existence of such a state of things encouraged
English capitalist,. to.place a full .conlialesice in the
foods of Foreign States—to teed their unwary to
France, where no disguise or shuffling iu the Coeds
took place—where. its fact, two and two made four.
If, twenty years ago, such a course of events had
been foretold, the Chancellor of the Exchequer
(though not the best authority in the world) would
have ridiculed the notion that after the termination
of such a war. and after three years tierce. such a
thing could exist in this country, in the teeth of
every mercantile policy, as an unrestricted issue of
ffiper money, not eonveroble to metallic currency.
.Theappoisitmetit of the Committee to consider this
subject might possibly rescue that character of the
country from the odium that this course of policy
must necessarily entail upon it ; at all events. the
Committee could do no possible harm—they were
not to inquire into the internal 'Stirs of the Bank,
for if such had been his intention, he would have
moved fur a Secret Committee. His only intention
was. that they should consider the public demi'.
mauves which, at this time, prevented the Bonk
from resuming cosh payments ; and consider the
most early penod of reverting to an interchasige of
lamer for metallic currency, under such' wholesome
regulations as would make the renewal of cash pay.
meats advisable to the public. The next duty for
the Committee would he to examine the price of
gold, and also the subject or the foreign looms, and
what proportion of them were to be remitted in mo-
ney and 'goods.. A great part of the A us-

stock.

Irian loan was remitted in goods, under the di-
rection of Mr. Bowyer. All lie asked was, that
the House should pause until such a Committee
had examined the qurstioti, and reported their
opinions thereon. Previous to putting the motion,
aid, which lie meant to conclude, lie begged to
thank the [louse for the patient hearing they had
hear.)—He coi.cluded by
moving for the appointment of a Committee
to take into consideration the circumstances con-
'levied with the Bank Restriction Act, and to
devise such measures as would appear advisable
for the resumption of cash payments; and also
to e "der the regulation mid circulation of the
IL and el. notes.
The CHANCELLOR of the Excimattka rose tp
stare his reasons for dissentine from the motion. Ha
isr.s glad to find that the 114 lit Hon. Gentleman
noel rather put his case on broad and general prin-
ciple:, than on arithmetical calculatimis, applicable
to precise and defined circumstances.-1
Ile also felt satisfaction that since the Right Hots.
Geist. had given notice of his noel ion, he 1184 actual
knowledge of those transuctimis which were iir-
viously but matters of conjecture ire his tinted.
The first object of the Committee for which the
Right Hon. Gentleman sought, would he to
quire into the probable effect of the foreign !Galla-
tin the price of gold in this country, and how far
the excess in the price of gold was attributable to
the exceas hi the paper issues. The labours of such,
a Committee would be, indeed, as inexplicable sue
the result was likely to be utisatisfactoiy, steel
rusher creative than getting rid of donbis..-
11;eare, hear, front the Opposition Benches.)—
• Bullion Committee came to a conclusion—brit
ingenious us their inquiry was, it led to no practi-
cal result. The Right Hon. Gentleman had iltoolll{.
✓l, that because there war an excess of paper
(luring the last half year, there bail hero au aggie-
gate excess of expense. He also took the amount
of the revenue and expenditure, as they ineveared
iu the public accounts already furnished—/Hear,
from the Opposition Benches)—but lie omitted to
include in his calculation the internal and produc-
tive trade of the country.—(Hear, hear, hear.)
—The foreign trade of the country had
witoits
the last year increased five or six
'nothing was more remarkable than the sinfir-
tunitte depression of trade in )816, and the at-
tire and effective revival of et in the following
sear. The issites of country batiks had ceitaiiiiy
increased last year; hut the increase wait not owing
to any artificial measure, but to the revival of
gel:coal tirade, and the conrequent stir in the money
111711hict. The Right Hon. Gentlsanan had truly
said, that a large treasure was accumulated in the
Bet.k ; for what purpose rantld it be accumulated
but to prepare for the it somption of cash iney-
'sterna ?—:rod in what insulter C0111(1 they have iiro-
cured this treasure but by !tie issue of th, it tones
in the lornt of payment for the meeasaly por-
t:hese+ ? 'Fite assumption, therefore, that the 1.1;44
price of gold was caused by an over issue- of paper,
was most certainly untenable in the niaoher iu
which the R.glet Hon. Gentleman attempted tis
enforce Isis position. ll'bere teas ceriaMly mule
plausibility in the allusion made to the 0 per caw.
difference between the value of the oIJ and new
silver coimige, but his argument relative re
the price of gokl entirely tailed hint. •It trams
then Notorious that some other cause must I-

*ought fur, and the fact of the foreign loot' mid
the military °meiotic oil the Colitmee,
throw some fight on the subject. 1n Juor,
the isior. of Bunk paper was 23,600,0001. aiot
price of gold was 5/. 10%. per (moue. lu 181 u.
the Bank iticties were 260J0,0001. that iv tardily
3,000,000% more than at the piecedisig period, loot

yet the price of gold, so fur front rising its propor-
tion to the excess of paper, was 41. (i.e. per
ounce. In the year 1817, a loan hull brew tiegg—
ciated in France, to the amount of 8,000,000/.
steeling, or 12,000,000/. or stock.. Their weir
now required to lie raised, two emus of

i6,000,0a0 of fr. reales. and 40,000,000 of fr.

►sues, br►idrs another UM, which would make a

total of 30,000,0001. ctvrling, or 45,000,0001. o 1

There was NISO a Prubsiati loath A. to the

portion likciy to be remitted in the calculation of
French contribution, he could only speak from ru-
mour : lie knew nothing on that suitject which could
justify him making it the ground vi calculal
Illearfrom Mr. Tierney.)—Wheo the Hause saw
such a state of things, and recollected that at a far,
u►er period the Directo►s of the Bank said that
. .

second Austrian loan of 3 or 4,000,0001. would be

fatal to the Bankoind induced Mr. Pitt to admit

the propriety of their remonstrance, and recommend
au attempt to negociate the loan in Spain--
Mr. TIERNEY What else did he say and
was not the course pursued at the time dictated oo
the spur of the occasion, and under the pressure of
the busty alarm which prevailed, and ‘4301t,11t any

proper consideration of the tivaticial elute of the

country ?" •
The CHANCELLOR of the EXCHEQUER restomm
ed, and maid, that if a loan not exeLetling fir
caused such serious apprelielism:.*
that period, what ought not be the caution 10 he
observed on an occasion of•qua t
loan to be negotiated amounted to 30,00ii,r, .t !.
sterling ? When the authority of. P,tt
quoted, the House would'elo well to r:t w
ther they would adhere to the course lan! down :
the uniform supporters of th ststesi.iirti's o-:,.
elides. Or at 011 C• adopt the tuasirt.s those 'f.
uniformly vilified his stliele cower of procecl-
ing.—filear, hear, from th,. Oppdsiiic,! Bemhec
—The night Hon. Gent. had t nay beer so.
cemmful in pointing out the rivt,
of the Bill ; there was cert .1 I:y d mistake is if -
but it wits his intention to rectify it in the Comm
tee, as it conveyed an unfounded reflection ' •
Bank ; for this species of negligence he
lie was culpable in allowing the preaml!'i
former Act to be verbally copied for ti
li wig true that Mr. Pitt had referred the .tEdro,

the flank• to a Committee, !• it he 11%4 dome :4, nlr
der alarming and unforeseen circumstaucesonni twt
iu such a case as the present. The proposed guts.
Inns was, to consider' what inconvenience would he
sustained by a resumption of cash vaporish? toll's*
lie would reply by putting another quesititio, alnit
isicouweilieuce would arise from in...lunging for ac-
other year this resumption ?—(A lough.)—'l lie
Committee, if appointed, could take no it,-
ppective course ; fur how could they (drew the
events of the running year' As to the fortigo

'-""*":11

was well kisses to'he is pommies of a rester pea and is
1 forties of sold and silver thee over it tot buss b.,. tutus
MIL. 111.4sliat=isteitets rid soil ewer sow a poir
4
=t.. *,.,„4..as all hi.
On: . 4ltir et" ad. All cr
pees* lift* -sir. t end ;
wool. tiosbject expartatseet.t ett- I cash. ii
aye 4 gold above the Mint price glee M. . it tors th
sight: be oesevisiset, flaw ii•dieptosbie weseces, rouges
that a leer proportion of this excess did rot wee . depens
frees furrows loans. It would beta subject of alarms tuted
te die eieetury it the useediessts should fewl disputed &false
ow yorshave oe • haw osavent its the French nuncio
Pandas The operative of a haw or of a disposition then
es fitehoso in the French feuds, !reale be needy some e
if silt altogether AS sum Tits object of the it were
Chsarellat of the Ihicheqsir hed,'is he had told never
the floisee. been elho•ell by hie Ism arossgetsents culty ii
is raising the stoat owl dissisiehisige the site or io• it owl r