The National Register.
London, England, 1818-02-09 00:00:00

law

of complete anomaly

comanzrelal world. They had now stopped payment 21 years.
Stich circumstances would have brought any other body of
bankers or commercial men to ruin, but instead of that, to
the Bank of England they were a source of wealth, of power,
and prosperity. The restriction was said to be imposed as a.
measure of state policy, and accessary to the best interests of
the country. It wu a getter only advantageous to the Bank.
It had the effect of adding millions to millions in the hands of
private individuals, but it sapped the foundations of the solid
and legitimate sources of a country's wealth. The Restriction
Law bad been introduced twice within the last three years
by the Right Honourable Gentleman opposite (the Chancel-
lor of the Exchequer.) The first motives assigned for it
Were the necessity of foreign subsidies, the war with Buena_
parte, and the high price of bullion. But of all the grounds
ever Emanated for such • measure. none were so futile, so
flimsy, so insulting to the feelings and to the understanding
of the public, as those stated in the communication made to
the House on Thursday last. Was it because France. Aus-
tria, and Prussia required the aid of foreign loans, and at
two or three commercial houses ; that for example, of Mr.
Baring or Mr. Rothschild had set the example of engaging in
such speculations, was that a reason why the Bank Restriction
sl Id be continued? He moist state it as his opinion, that
while the Bank refused to pay in cash. such loans should be
restrained. In this business the erect was mistaken /bribe
cause. 'floe disadvantageous state of the exchanges was
assigned us the reason against east' payments,. but the truth
was, that so long as the paper currency of the country was
not convertible into rash, It would continue to turn the
rate of exchange against them, and vice versa. They
were themselves, by passing and continuing the Restriction
Law, the cause of the unfavourable state of exchange. It
could not be denied that a paper circulation was attended with
many and great advantages to the commercial world, but all
these advantages were founded on its convertibility into gold.
The precious metals were the only standard of value devised
and generally agreed npon by mankind. The sooner they
reverted to this older and better species of currency, the mere
it would contribute to the advantage of the country. The
Hen. Member then moved, that there be laid upon the table
an account of the total weekly amount of Bank Notes, and
Bank Post Bills, in circulation, from the mouth of January,
1817, to the id of January, 1818, distingoe khan the amount of
those under 51.

The CHANCELLOR of the ExcifittivEn said, he would not at
present follow the Hon. Gentleman through any of the argu-
ments into widish he had entered upon the subject of the
Bank Restrictien. He had stated on Thursday last, that
circumstances might arise which would render the continua-
tion of it necessary. It they should arrive be would then be
prepared to go into the subject.
Mr. °Emu Fri.L then moved for a variety of retnros from
the Hank, tending to slew the amount of its issues for the ►ast
year, in the difterent !weeks; its balances in cash on the Thus
of cacti month, the cash belonging to Government in its bands
and the amount of the unclaimed dividends.