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

loins; these eculil only be amid to have immediate
„prrolion—their itifluettee was any thing but per-
nialient; they must be closed in less than twelve
mouths. and frost the nature of the circumstances
to which they applied they were not likely to recur.
On the subject of the country banks, the Right
Hon. Gentleman had laid it down as illegal mud
uncouititutional, toquestion the right of individuals
to issue a piper circulation on their own security.—
(Mr.'rieruey, "I merely questioned the policy.")--
Nose lie would, on the contrary, contend, that
there existed the strongest reason fur inquiring into
this
.species of issue, mule's it were maintained
that a coinage of such a description could be
allow*d to pass without control. The Right
Ho:mumble Gentleman had aid, that the ef-
feet of the country bank measure would be to
throw the ciiculatiou into the hoods of Govern.
meat. This he would distincty deny ; for it, on
the contrary, gave a valid security to the country
book paper, which, for the purposes of immediate
circulation, gave it a preference to the Government
pspef, from its being free from the comparatively
disadvantageous forms which were necessary in pro-
curing cash for the latter. He would here beg to
disclaim that which had been so often alluded to, of
his having ever entertained any idea of an issue of
stock debentures. He had tio such iutentiou, as
he thought the public securities were already issued
to as great au extent as was either necessary or do-
sir.ble. He would also deny that the beurfit of the
rise of price .in the funds hail fatless merely into
the hands of the large capitalist; how toasty small
stock-holds;rs. were there who had tonally partici-
pated.in this beuefit ?—(Hear.).—The rise iu
the price had also diffused • considerable capital
throughout the country, and influenced ite general
trade. As to the general character of the country
being at stake, all he would say was this. that while
16,000,0001. f the Unfuuded Debt had within a
short period. been reduced, and the credit of Eng-
land been fur years uuinspaireel, and her resources
triumphing with this, as it was called, paper issue,
there could be little apprehension of her character
suffering from her system. She had taken a plea
utorible and active part io the liberation of the
Continent—she had subVidized all Europe with this
paper treasury, which the Right Hon. Gentlemen
had so often declared 'valueless. and redeemed within
the lust three years 50,000,0001. of debt—while ou
the opposite side, she had certainly created another
debt, but which in a comparison with her state at
the Peace of Ainieus, left her with 15,000.000/. leas
of unfunded debt. This was a snore favouraltle
hnancial state than could be shewu by soy other
country in Europe. • America had been loudly
talked of, and he would only sac that he respected
his Transatlantic Brethren, and hoped that the sin-
cerest rod most cordial intercourse would costume to
subsist anioug them and the Eurepesu Stites.—
But the sort of relief the people of America gut was
a reduction of internal taxation, the support of the
country being provided for by their commercial
duties, which spewed at once that America had
thrown herself entirely on • peace establishment.
burl .elinquished any idea of holding to the Powers
of Etiontr• a hostile front. In England 17.000.0001.
of taxes were relinquished since tbe.pe.ce, besides
the edopii,,ii of other advantages. It was in vain
for the Right Hon. Gentleman to enforce the
necrsoty of ciniti payments in this manner. In the
partial arrangement of last year for it cash circula-
tion two millions and a half of the Milli coined lied
almost immediately disappeared. It tyro true that
the remorse of exclmoges might be turned by cash
payer gists, but nothing to the talent of the opera.
tinii of the 30.000,000/. loan. In acceding to the
proposition of the Right Honourable Gesilleanan he
saw at one side nothing bat dangers, while on the
other he saw ito possible incouveniesice from the
prolongation of the Restriction Act fur one year
—(4 largh.)—He felt it therefore necessary
to ,;inse the nation.—(Hear.)Cord ALTHono observed, that the prindipel
ar-
goinetit whereby the Right Hun. Gentleman en-
deavoured to persuade the Howe to agree to the
further suspension of cash payments by the Bonk,
cal, the danger of a large exportation of gold
by the operation of the French loans ; whereas, it
was far more convenient to make reinittamcos by
soy other commodities than gold ; and that this
was the case in the Austrian loan. had been proved
in evidence before the House. The pnnetple of
foreign loans exercising such an influence on our
internal concerns was perfectly new; it was throwing
the state of the currency of the country altogether
on the niercy of foreigners--• principle to be acted
on et all times, whatever our own internsl coin.
thtion, whether adverse or prnsperoes. He thought
s Committee was necessary to cumin., if there
existed a necessity for a continuation of the restric.
and if so. to guard apisist its recurrence.
The measure still contemplated by time Right Hou.
Gentleman for the regulation of prorate bauks, paid
regard to capital only, whereas the credit of such
concerns was far from depending altogether on their
capital. The prudence, integrity, attention to busi-
ness of the managers, no less deserved to be taken
into theaccoutit. Gold and silver formed the natural
ilstidard to regulate the value of other cotninudi-
het, as being least liable to vary iu their value ;
but the Right /lon. Gentleman had taken the price
of stocks as his standard. The Right floe. Gen-
tleman intended to make it imperative on private
buskers to make a deposit of stock or other secu-
;Ales, while the first principle governing such con-
temns should he, that their whole capitol should be
at their own disposal. The Right Hon. Gentle-
man proposed to take half their capital. and put
li,s own cotters. Whether the state of the
ruantry such a violent interference with
1,11.4te athor., could form a proper subject of
11"rry for a Committee. The only ttitjrCtiOo
U"de by the Right Hon. Gent. to the Committee
lasi that lie had been unable to come to arty clear
himself on such a complicated matter ;
nut drat would have sheen an argument against the
con.pleralioli of slay great measure. On • questiou
alter inch novel principles of cotumerce had been
by the Right Hon. Gentleman. be
it impossible the House should not agree, o
tl.•
at a Committee.
11. PARNLI.I. t•aid, at had been *4914
by the Noble Lord (Althorp), that •
teat part of the Austrian loan had been remitted
(1,11111/04111eS. TO confirm this, lie would ob-
r`P, that for two or three years tininetlitstely•pre-
74;sie the time whets that loan had been contracted
the export, amounted to but two or three mil*