The British Press; or, Morning Literary Advertiser.
London, England, 1818-01-30 00:00:00

RESUMPTION OF C.IsII PAYMENTS BY THE

Mr. GRENFF.I.I.—" Sir. I wish to put a question
to the Right Ilan. (gent. oppoe?te (the ChanceHai
of the Exchequer), which is of the greatest import-
mice to the co 11111 l trete!, agricultural, and monied
interests of the c•itictry, and it is one to which a
full, immediate, and explieit mower is must desir-
able. It is know'. that, according to the eiistiosir
Law. the Bank is hound to resume cash payment*
on the sth July next. Though, +according to past
declarations oo this subject (if they are to be de-
pended oil), no doubt ought to otist that the Batiks
would at the appointed time resume their cash pay-
ments; vet it is tin less certain that a great doubt
does in fact exist lit the public mind on this sub-
ject, and particularly among that class in the city
called the nonmed interest. It is highly tlesitalste
that this dolibt should be now TellloVt d be
fact, it el Id not last one moment longer dam se
WWI fairly in the power of Government to decide
and speak out upon the point. Nobody e d!! a
practical know li-tlge of what has been lately doing
in the City of Loittlim, can for am instant doubt
the imperative necessity of stopping the system of
speculations and gambling in the foods which
indecision OIT this subject created. lit these
speculations, those who were acquainted with the
matters passing between the Bank and the Govein-
mem, had, of course, a decided advantage over
others who were totally in the (lark on liir business.
I hope, therefore, I shall not be deemed intrusise
iii asking the Right Hon. Gentleman opposite, at
this moment, aliether any thing has occurred, or
is likely to occur, to prevent the Bank ries 1111 l iteg
cash payments at the appointed time ? This is MY
first question—land I have to put another very nitwit
connected with the same subject. The House is
/Mare that the Bank, in 1816, gave two hums far
they are stlo%! improper ir called) to the puhlic--ime of
diem .16,iw0,u.04./..1 .I.l•mr rent ‘1,.. ••• tier.
3,000,000/. without any interest. One of dim,
'wt.:tine due on the sth of April. It was also kitowis
that one of the couditions of the advance, es it was
coiled, was, that the Bank should hold the inalia.:e.
meld of the public accounts mud payments of the
county ; to lung as it managed these us eJunts, the re-
lics went. lie 6,000,000/. may be postponed—but
the etle.:t of this arratigeinent fur the Batik may lie
suppotcM, whets I state, that at nonne period in may
one ys sr, for the last twelve years, bas the Bank
held less of the public money, on au gr. than
11,000,000/. in their hands, that is, L1..000,000/. over
the aggregate unionist of both luaus. Frss:n this view
of the subject, it was impot taut that Goverristient
should come to some proper understattiliug with
the Bank, and be unfettered in its orrangentratt,
relative to toe public monies. I wish, therefore;
to know, whet her any arrangement is in progresa for
disieltarging these two tidy:liter% or tither of then ?
sir whether the Right Hon. Gentleman means to
take any step towards a revision of his system with
the Bank ? Au answer to both these questions will,
I conceive, be important to the public."—(llear,
hear.)
The CIIANCELLOR of the ExCHEour.n. sifter 'l,•-
peal I 'IL! both questions, replied as follows:
" I wish to gave tny answers to the Hottourables
Getitletnati's questions in so positive and distinct if
milliner, as still leave no doubt us to the explanatiost
I mean to give. 11'itli reference to the first questwit,
I have to :mover, that the Bank have made th-
st ample preparations to resume their cash pay-
ments at the appointed time. And I also belie tes
that there is nothing either in the intermit or exter-
nal situation of the country which can interpose to
prevent this resumption; hut I certainly have the
means of knowing that there are financial measures
now pending among other nations, of so extraordi-
nary and extrusive a frond, which, If :taunted ist
their full force, might justify a call to Pauli:lntent
to continue the Batik restriction 011 eats
wents so long us the operation of the measures to
which I refer are pending among other States. I
repeat, that there is nothing in the 'internal or ex-
ternal situation of time country to interpose an ob.
stecle to the resumption of cash pas memo, fur
which the Bank have made ample preparations ; but
that those financial measures to which I allude
abroad, may be of so extesisile a nature as to make
it expedient to continee during their effect the Re-
sjriction Act. As to the second question put by the
Honourable Gentleman. I have to soy, that arrange-
ments are itt (smarty:dation for the liquidation et
the loan of 6,000,000/. ; but I 010 sure the House
will see no necessity of hurry stab reference to the
3,000,0001. which is. iis eft'. ct, s gift from the
Bunk to the itinionit of imerest it is worth. I see
no necessity for the public to pet an end to that
loan without receiving some equivalent in another
way. I hope this explanation a ill be deemed satis-
factory."

1 1 r . 'I it:RN EY —" It is any thing hut satisfactory
to me. F what the littstlit Hon. Gentlenia.,
says, the Batik are in a situation to pay their on.-
standing limes tit cash. At such a moment. woe
would bitlipo•ethey would tee the necessity of evil-
tractivg their lialier issue : itmead of doing which,
himever, we find them t ss. nsliug it. The IN''t

n m. lan i; not, indeed, aware cf any thi
1:i Ow iitlrtiwi or entirnal state cT the country that
likely to in-event the resumption or cash pay-
; hot he goes over to foreign powers, and he
something regarding their finances, which may
.nine future riLy render it necessary to call upon
l'ailianient to continue the Restriction Act. Ile
..411not say how, or Why, or when, or how long.
1., so many words, I never heard so much paucity of
iolormation, or, more properly speaking, felt my..
*elf in an much total darkness...l/Icor, hear.)—
For it any ( ;linkman present can tell me what the
iii~ht Nun, Gentleman means to do in this matter

. ____....
from his o•vii " explanation, or CAI)ly,
that the country, or in the city,
write to or ask front him information on this
s lie can tell him enough for his guidance—
•t there Ise any such Gentleman preshit, I would
beg to ask him what it is the Chancellor of the
Eseliequer has said ?-144 lusigh.j.-All I can catch
from it is tins, that there are wine people some-
where very willing to continue the restrict• , if
tome excuse can be fonnd for the continuance—sod
that if they cannot find the excuse at home, they
hudi ler it abroad—and if they can raise it
there, that will involve the whole subject. Specu-
lations are thus going oil in the money market, from
dier to day. and to great extent, on this gambling
%%stein ; and the course taken by the Right
lbw. Gentleman is precisely that which will
keep them :1:15e, and give esicourogement to such
adctionrct... The mower to the second question
is of little importance after the first has received
this sort of reply, cuff I therefore agree that if
the ein have 3,000,000/. free of interest, so
• the In tter. Here again foreign financial
• 111/0s interfere, and we may he called on to
pay interest far this advance. it to the great and
vit•il tiliestiqn, we had a right to expect sometlinig
like a ithect answer, particularly as 1 reculket it beta
the hi-t time I alluded to the resumption of cash
payout-tits, I believe in last July, the Chancellor of
the Excheipier immediately attacked nie for ra-
pt, “in, eerie a doubt on this polo, and said as
iiioch a+ that when we met again, we should only
have to see the Bank going on paying and paying,
its in tact they were said to have begin' to ilo, and
that long before the appointed time not an unpaid
mac would be found in circolation.—(Hear.)—
We have now, however, a very dark and dubious
piece of information on this head. There is one
thing, however, whi•li I can clearly see in this
shakoes., and that is, that the Chino..lbw of the
Excheipirr of England has not one single distinct
idea uvoii the siihject."—(A tangly, and hear.)
On Lint CASTLEREAGH'S mot .it was agreed
that the I loose at its rising should adjourn till
Saiiirday next. _ _