The National Register.
London, England, 1819-05-31 00:00:00

TVESDAY. NAY 25.

After some routine buiness the I louse went into a Committee
on the Report of the select Committee, regarding the resumption
of rash re,tuents; when the debate un Peel's fourth lito-
lution and Sir. Ellice's Amendment was remmed.

Mr. Altlents. n Ileygate spoke at length agatnat the original
fleaalutions. and Sir I. Parnell in favour of them.
Mr. H. Gravely (of Norwich) then rose, but proceeded in so
low a tone that he was not very audible in the gulicry. Ile was
understood to r:ply to the arguments of Air. Peel touching the
standard of value. Ile added, that the restrictions f 1797 were
oorasioned hr a hoiden panic; the debt was then four hundred
millions; their golden guineas had then vanishedt .nd how
could they expect to get them back again, now that they had a
debt of tight hundred millions? What sent down the Funds to
? If the measure were a good one, the Funds ought to have
been now at too. Tie reason was this, that the public creditor
began to think that he thwu'd never be paid at all; any other
feeling would have kert up the prices. The fact was, were they
prepared for a great convulsion, or an extended taxatien with
dintinlshed means.

Lord FOLKESTONE said, that the opinions of the bullion
committee were now admitted by all to he well founded. No-
thing amid more strongly prove the advantage, of discussion, or
illustrate the chrtmre that takes place in the mind by continued
and elet.e ennsidetation. (Hear. hear.) He was fOTTS that the
right hon. gentleman (Mr. Peel) had said, in making a manly
eonfessien of his error, that he felt nn shame or regret in don g
so. Vt'hen the right him. gentleman had so forcibly and justly
described the great distmi. which the system occasioned, and
when he Lad at die mine time recollected, that lie had always
given hisvoteto ministers in resisting that inquiry ollith had
been again and again called for front his lortiship's side of the
house, he could not help saying, that the right hon. gent. might
have spitted a little reptet, if not feel some shame, that he had
assisted in resisting inquiry, and taming the relict' which was
required. (Hear.) What were the opinions of the tight hon.
gent. (the (lihncellor id' the Exchequer), whom he did nut :cc in
his place, no man entild tell. lie adopted these resolutions, end
)et lie told the butts., tbat he retained all the opinions he had
ever thiertained un the subject, epinions diametrically opplaite
to the ixtailtitints. (.5 haigh ) The riAld hon. pint. had not
expluitual how thi• crtuld he; and it was extremely tlitfividt to
conceive how the re-olutien eventing 11. and Is. to be equal to a
guinea, rectitdet: in that lieme, and the resolution giving t 4 ts.
for an ounce of gold, (Pohl lir entertained at the .sole time by
the same unchanged mind (.5 laugh.) He ,'id not know lie-
tdcr the noble Lord had changed his opinion; it he Lad, lie
hod id his loidsliip *Mild tell the house so. The mole of re-
curring to cash payment., which the resolution embraced, neuld
'wise all o.oney payments Wheat 3 anti 1-stl per rent. At that
rate would interest of the public debt and all fixed sada; ies be
increased. lle objected, toe. to the repayment at this tune of
10,0e0,0001. to the Bank. This stint could not be repaid but by
a loan. A loan, it was believed, was to be contracted for to the
amount of 2201uti,0001. By raising the) üblic debt at the rate of
3 and I-3d per ant., the ck :mu would have to pay 1,590,0v44.
snore of taxes. 'f he interest of the loan of 42,000,00 M. would
impose another million ; raid thus the country would in of
lave to 5n0.0001- More ip ?axes. lie put it. to do: !Imre:
ulicther ma- iciitittry Ira' 'able to pay ad great lc inetense got