The National Register.
London, England, 1818-02-08 00:00:00

BANK RESTRICTION.

Mr. fiRENFELL.—In consequence of the communication
which had been made to the House on 'Tuesday last, by the
Chancellor of theZechequer, on the subject of the resump-
tion of cash payments by the Bank of England, felt himself
•compelled to offer to the House a few considerations upon
thesubject. He was not at all surprised at the communica-
tion made, though he was not prt pared for it precisely at that
time, nor had hc•auy idea of the grounds upon which the
continuation of the Bank Restriction was to be proposed.—
He knew, however, that upon soine.ground or other such a
proposal would be made to•the House. He always thought
-Seth a step would be 'taken when the period began to ap-
proach for realizing the hopes of the country upon the resump-
tion of oesh payments. He would now entreat the House to
recollect the.promises which had been made by ever, Mew
her of his Majesty's Goversiment upon this subject, particu-
larly by an Hon. Member (Mr. Huskisson) who was First
Commissioner of Woods and Forests. These promises, w ith
respect to the resumption of rash payments by the Bank of
England, were given by Minist"rs, with a eolith/fence and
boldness which nothing hut a moral certainty of the result
could justify. The promises olGovernatent wervareompanied
with the assnrences of the Bank itself. •If the protesidliobs
on the part of the Bank were serious, and coming front such
a respectable source, particularly from Mr. Harman, wi o was
at the head of the Directors, lie could nut for a moment doubt
their sincerity: It was natnral that they would appeal to the
House for the purpose of relieving them from the situdCtu.
lit which they were placed by the Act of 1797. By eomnn•rct•u
wen it could sot but be felt "sone of comideruble kitty.

ntn 4

'Vise state of the Bank was ate of complete anomaly in the
commercial world. TLec had now stopped payment 21 years,
Such circumstances would have brought an) other body of
hankers or commercial men to ruin, but instead of that, to
the Batik of England they were a source of wraith, of power,
mid prosperity. The restriction was said le be imposed as iv
.ineasiire of state policy, and accessary to the best interests of
the country. It was a system only advantageous to the Bauk.
It hail 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 cumitry's wealth. The Restriction
Law had been introduced twice within the last three years
by the Right Honourable Gentleman opposite (the Chancels
for of the Exchequer.) The first motives assigned for it
were the necessity of foreign subsidies, the war with Buono_
parte, amid the high price of bullion. &not all the grounds
ever assumed for such a measure, none were so futile, so
flimsy, so instilling to the feelings and to the nude, standing
of the public, as those stated in the communication made to
the House on f hursilay last. Was it because France, Aus-
tria, and Prussia requ'avil the aid of foreign loans, and at
two or list ec commercial braises ; that for example, el' Mr.
Baring or Mr. Rothschild had set the example of engaging in
such speculations, was that a reason why the Bank Restriction
should be continued? Ile lutist state it as his opinion, that
wlii.e the Bank 'closed so pay in cash, such loans should be
restrained. In this bit...loess the effect was mistaken for the
cause. The disatlvascageoos state of the exchanges was
w.sigueul a• the reason against cash payments; but the truth
was, that so ham mu the Impel currency of the country was
not convertible int., ca•li, it would contimee to turn the
rate of exchange ag 'oust them, and vier versa. They
were themselves, by passing and continuing the Restriction
Law, the cause of the tinfiveuralitc state of exchange. It
conld not be denied that a paper circulation was attended with
many and great ad va.iiages to the commercial world, but all
these advantages were founded on its convertibility into gold.
'flue precious metals were the why standard of value deV6ed
and generally agreed upon by mankind. The sootier they
revelled to this operand better svi..cies of currency, the more
it would conttibute to time ads antage of the country. The
Iron. :tleitibet then moved, that there be laid upon the table
ems account of the total weekly aillo mit of Bank Notes, and,
Bank Post Bills, its circulation, from the month of January,
1 ell', to the 3.1 ofJanteary, fluff, distinguishing the unii.unt of
those under 51.

The CHANCELLOR of the EXCHEQUER said, he would not at
present follow the Hon. Gentleman through any of the arse.
merits into whioh lie had entered upon the subject of the
Bank Restriction. He had stated on Thursday last, that
circumstances might arise which would render the confirma-
tion of it necessary. It they should arrive be would then be
prepared to go into the subject.
Mr. ORE:SWELL then move.l for a variety of returns from
the Bank. tending to skew the amount of its issues for the last
year, in the different weeks; its balances in cash on the ].Nth
of taco month, the cash belonging to Government ill its hands
and the amount of the unclaimed dividends.
INCOME TA X.

Mr. BROUGHAM wished to M. informed whether tnea.nres
had been taken for retnoviogall vestiges of the Income Tax.

The CHANCELLOR of the EXCUE44I tart Said, he felt plea.
sure in having it now in bit power tu give sat islietory infer.
:nation upon the subject. A circular letter had been sent to
the Commissioners of the Income Tax, desiring that they
should destroy ad papars having reference to this Tax, such
only excepted as were necessary to be retained entil such.
time as the accounts of the Receiver General were settled.
PROSECUTION OF MR. HONE.

MI. W. SMITII, preparatory to his intended motion for
leave to bring in a hill to correct e.r.rfficio informations, mov-
ed for an accoitot of the sums paid by Mr. line at the CI own
Office, for copies of the informations filed against him, under
what authority they had been demanded, and to what use
they had been applied.
The ATTORIItIf GENERAL opposed the motion, as there
was nothing new in the case to which it related, and all that
was demanded, was already known. He moved the prevhns
question, which, after some observations from Sir F. Burdett,
Lord Castlereagh and others, was carried.

Lout G. BEKE.IFORD, ou the lino of the Prince Regent,
acknowledged the Address of Condolence, and thanked the
House for the same.
LUNATIC ASYLUMS IN SCOTLAND.

Lord BINNING moved for leave: to bring in a Bill for the
erection of distinct Lunatic. Asylmus in Scotland. He shoirld
only move then that the Bill be read a final time and be
printed, and should postpone further proceedings till after
Easter.

The Bill was then read a first tine, and ordered to lie on
the table.

Mr. Ben New moved for an account of all the pensions and
retired salaries uhich had been bestowed on persons who
had been employed in the Tax Office, distinguished those
persons who held separate situations.—Ordered.

Mr.IIENnErr presented a petition signed by soveral inha-
bitants of Liverpool .praying for Terliamentary Reform.--
Or dered to lie on the table.

Sir H. PARNELL presented a petition from the High She-
riff and Grand Jury of the Queen's County, complaiuing of
the too frequent use of the military im the enforcement of the
civil law. He observed that it was a very grnat grievance,
and one which called for the interference of the House in
the most pressing manner.
Mr. PEEL was convinced the House would perceive that
there was no necessity of entering into the merits of the
question at that moment. At the same time lie would say,
and he knew he would be borne out in the asset lion by every
geutlet• ae. who knew any thine of the ntiairs of Ireland, that
there was no period es Ikea the interfere:l:7e ta the military was
less called for or less used than within the last two or time
years.
Mu. V. I'►l ibERAI.D agreed perfectly with his Hon. Friend
(Mr. l'eel,) that there had never been less use or less call
for the seer lea of the army than within the last two or three
years. lik Hon. Friend had introduced a regulation re-
specting rite 'Mike, which had brow followed in several
barenie,:, and though the expenses of that pullet, hail been
levied en those baronies, yet such IbAS the ,4lliSts,lttil)ll Of the
inhabitants at the safety and pi-we'll:Ai they received, that
they Il.td eeprenewil their readincs• and even pleasure, in pay.
mug the expenses lints item red.
Sir W. ilueout Gus thorelit, that too great precaution
could out lA' Whet% against ilig themilitary iu the ex-
ecution of the civil lac. 'the gentlemen ou the other side
of die 'louse, taking ere lit to themselves leer having refrained
float oboe; [beat lately mi satin occasions, to the
house,lll4l it was out liousiial to have them employed fur that
tour pose. He thought Use petitivu tleumulcd very Great alien"
Ilea.

• • •

VEII. 8

'file petition wilt (nought up auJ read, and ordered to lie
oti4l:e table. • t ,
Mr. RitociiEn bought up the Report of the'CoMmittee of
. gupply, Which was agteeiLio.
The usual Estimates far the year were then read and

agreed to.
alr. V. Fir/es:esti) moved the third reading of tie: Irish
Grand Jory 101 eolitutent Sespensimi Bill, out
Sir 11.1'A E NELL SpO'ne a few %void..., oiler which the bill was
read a third time ilua d.— A 41journed.
WEDNESDAY.
SUPPLY.
The CHANCELLOR of the Exelts:tsuza moved the order of
of the day fur going into the Committee of Supply, to which
he moved that various accounts of Exchequer-bills should be
referred.
On the question for the speaker's leaving the chair, Lord
FOLKPTONE made some observations on recent alterations
in the mode of proceedings in the House, as to the manner
of publishing the votes. The change was in some respects
conveni'en ; but he saw soine objections as to the mat printing
of petitions, itutess the printing of them was ordered by vote.
'1 he printing of those petitions certainly tended to delay the
publication of the votes. Yet it was possible that it 'might
be injurious to the permit., and therefore he regretted its
tendency in that way. The printing of the votes of the house
was the only regular way iu whien their proceedings were
made public to the country at large. He should do no more'
than mention the circumstance, hoping that the House would
peel r be imeteutive to petitioners.
The Speaker then left the chair; and Sir G. WA R RENDER
rose and mentioned that there were some small increases ID
• some of the public charges. Of these, in she Admiralty de.
partrnent, some arose frout.exteusrint St. HVICOd, and on the
' South American station ;' the estimates had been found-
ed on motet. consideration. Gentlemen must he aware that
.aa increase had °mined in point of wages to seamen, by the
employ meet 0* those of a superior description. The number
employed was smaller in proportion as to the men. A.lO gun
shlp might, duritigwar, have required 6110 men, but re peace'
be reduced to 300 men, although the unutber of gnus remained
the sante. It was proper to notice this, in looking at the
charges of ordnance. He then soured tor 211,090 seamen for
13 lunar months, which was agreed to ; alio for granting the
60010 i 611,0001. for pay; fur 520,0001. tor victuals' ac. ; and
for a sum for wear and tear, VI kerb motions were olio carried.
The CHANCELLOR of the EXCHEQUER rose, and intimated
his esttuliun to propuse a replacenteut of money under the,
giant of 21,000,4.19 u of Exchequer-bills, and also a further
grant of nine mitten's. He begged to state, that the amount
of Exchequer-hills wss now less thou had beets predicted by.
some Gentlemen. It had Oren said, that out the .itis of Jan.
IBIS, they world he at 00 millions : but he was happy to say
that they were three millions and a 1141'11'3S than that. They
amounted ooh so .11911111:i0RS and it 11411, :nil a small suns more.
That was she whole amount. OR due other hand, it was to he
considered that the tended dew had increased 19 millhous.—
Instead of a deticiesicy ill revenue, there was a diminution of
public debt. He moved far rbe sum of 2.1 futilities, eu the RC.
e rout of Exeliciier-bills issued.
Mr. TIERNEI observed, that there was some difficulty in
nude' staeding 11se estimates and their results. The chat et:,
oil the tiefueded deut must be pall off. 'Fite total amount
stock w HP.' stands C siotterrhadurver exceeded
14 futilities. 'the nertion was then :weed to.
Further conversation ensued, in winch ME. TiERNEY re-
quested to know, what oils the aubnuet of out-itaudimg Ex•
chopteribills ou :ietiontit of delicieney of revenue.
Toe (buteeetd.ult of the EyrcHt.Quacti could not then ex.
aetly stosoer; out, as we underatuud him, he believed nut
Wm.'. 1,009,000.
Oa the CHANCELLOR of the EXCHEQUER'S motion, a vote
was passed fur' ,630,003 on ontstanditig 'Exeitequei- As, not
funded ; also for 6,000,000 tau Exchequer-Mile tot 1510, out-
standing and nut provided fur.
Tile Cu txteLt.ott of the EXCHeCILER observed, that there
was a surplus. of 3000,040 last year, cousidering pan uperatious
respecting the reductien of Cat funded dent. The issue of
Exchequer-bills had been 12,040,V4d mare last year than in
the yei.r proceeding.
Mr. Ct.!' wen MIS rejoiced to understand that only 3,043,030
more had beets added to the public debt.
The CHANCELLOR Of the Exciteut fie said, that the Hors.
Oeutletisau migto still have greater 1(05015 to rejoice, hare.
much as there was out au ad nines 0f3,000,0041,bi1t, io the true
view of the subject, u saving to 1114 Alll4llllll. anotiolis
were prised ha the Cuihnuttet
Mr. STURGES BenKNE teased the 11211CW.G 01' the Committee
on the Pour Laws.
Mr. Cetus acs expressed his objectiusis to the existing: state
of the Pow 14,0%s 111 this tile uperaliou of
ender all the eircisinstomes, tended to break down the spin it
at' the people. by driving them to look to the Po.rs' Rates as
u relict and a refuge.
Sir F. lltunert did taut mean to oppose the appointment
of the C 'lke. He could out exactly accord with what
had just beets said. lie did not believe that any great anent..
thin had taken place in the character of the people el' this
tenuity, but lie did believe that much alterative had occurred
in their eh cumstauces. They were, in his judgment, the
same active and iedustrionspeopiei.s they had formerly been;
but they had nut the •41110 means of being comfortable as
they formerly hail, for the want of the necessary lunar. Ile
eutertaitied tau doubt that the real cause of their wants sprung
from enormous taxation. As to inquiries into the Pour Laws,
SO much spoken of during the last two years, those laws had
existed fur centuries, and while the poor were us a
better condition. He was not himself an old mats, yet could
he remember, even iu Lis eon time, whim a boy playing
shout his foiliei's house, that labouring persons took pride
limiest coining to the poor-house, and even boasted that none '
of their faintly had ever dune so. Where, them was a remedy'
to the existing evils to lie sought? It could be found only in
reduction, in retrenchteitut, and in economy in the application
of the pu 'lie &Jimmy.
Lord CAs4l.l.ttLAGli remarked, that the Honourable Bart.'s
obsers miens were more connected with the general policy
of the country, than with the particular subject of the Poor
Lawn.
Alr. BROCA:HAM said, that seeing a Noble Lord not exactly
in his place (a laugh), but on Isis way to it, be was anxious to
ask fur await saw inatioo respecting tile select Committee to
be appoint. ti. Ditl the Noble Lord intend to acceede to the
prop.;sitio.i which he had taken lite liberty to make on the
first tn,at of tfie sessiusi2 itavieg skim obtoineptio satisfec-
tory amswes, he MI a again waked, tt hello.' the Committee to
be appointed shuuid tie furnished with powets to call for
witnesses pawls mid esery necessary source of accurate
tar
formation?
Lurd CASTLEREAGH replied, that it was intended to I.OIIOW
the precedent of former cans of it similar nature, Such

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