The British Press; or, Morning Literary Advertiser.
London, England, 1818-04-21 00:00:00

irtot of the two Houses of Parliament only, but,
he irowrd to God! if he were in the ►ituation
Of the Noble Lord opposite, he should set every
thinking mail in the country to express an opinion
upon it. The Noble Earl then remarked that by
' the Mint regulations, the gold being coined without
n iseignorage, and the silver with a seignorage, there
existed a 'lnference between them of 101 d. which
he contended was suff►ciest to prevent the eject/lo-
tion of the phi with the silver in this country•.
This opinion he ►xpdt!steil on the authority oT Sir
Isaac Newton, who prophesied that they could
not circulate together, even when there existed
a difference between them of only 3d. Until
the monetary system was corrected, it was
iiupos►ible for the Bank to resume its Cash pay-
ments. The Noble Earl then alluded to the state
of the exchanges en Pavia. which he stated had re-
monied in December last steadily at about 24. 30.
ite had taken Some trouble So aseertaitiing the
actual state of the silver and gold exchanges
between London and Paris, and found that the
silver exchange, that is, the number of grains
• of pure silver in the French coinage, compared
with that in the English coinage, was 23 f. 40 c.
The gold exchange. that is, the number of
grains of pure gold in the French coinage.
compared with the English coinage, was 23 f. 10 c.
to that the profits of exporting gold from this coun-
try to France were about 31. 7s. ed. per cent., and
the profits of importing silver to this country
51. 3s. 3d.: the united profits, therefore, of dealing
in the coin amounted to Bi. 70. ltd. per cent.; and
Wish such 4 profit, could it he expected that the
cash circulation of the country could be supported ?
It might perhaps be said, that iii making this re-
mark he bad thrown out of view the severe pro-
hibitory laws that denounced penalties so heavy
against those who indulged in such practices ; but
when it was considered that individual interest was
marshalled against those laws, every one must be
aware how weak their provisions must prove.—
Hear from Lord Liverpool.)—He trusted he had
Inade out, however, a sufficient case to inchice the
House to concur in his desire to have the subject
fully examined, for which purpose he should con-
chide by moving—
" That • Select Committee he appointed to inquire into
the state of 'he currency of the country, and into the paar-
■ibility of the Bask of England resuming its cash pay-
ments."
The question being put,
The Earl of LIVURPOOI. said, that on a subject
so necessarily intricate as that before their Lord-
thipe, lie must request their Lordships' indulgence
if he did not follow the Noble Earl who last ad-
aliened them. The Noble Earl had stated. that
lie canoe forward to state his doubts on the state of
the currency after mature consideration, mid well
weighing the grounds of his opinions. Ent with
all defetence to the Noble Lord, and all respect, he
tuna declare that he had never in hie life heard a
speech ~r a more dogmatising nature—one state meat
of the Noble Lord he entirely concurred in, and lie
would state it clearly, in order to prevent any dis-
cussions that might afterwards arise on that point.
It was this—that the best system of currency fur
ally country, hut more particularly so commercial
a country as this, was a system iu great part made
up of paper, instantly convertible into the precious
anttals. He described that paper currency, indeed,
as an uniform one, in which lie confessed his iambi-
lily to understand him—but he altogether agreed
in the principle, that of a mixed currency the
greater part ought to be tipper. He could assure
the Noble Lord and their Lordsliipr that there was
not a mass in the kingdom more mitious to return
to cash payments thou the individual who had the
honour to address them ; and if, on a view of
the particular sitnetion oft he country—its situation,
he meant, in relation to other countries. and their
financial operations—he became convinced of the
necessity of continuing the restriclion on cash pay-
ments, it was with truth he avowed that he had
come to that conclusion with the greatest regret—
% conclusion quite different from his general
views of the question, (minded on special and
peculiar reasons applicable to the special and pecu-
liar circumstances its which the country was placed.
He wished first to address himself to the latter part
of the speech of the Noble Lord, sad his observa-
tions on the state of the coiu of the kingdom. The
Noble Lord had alluded to the daemons')* in the
House on the subject a few years before, and
lied laid down that the proper standard coin would
be a silver one. He readily agreed in the position
that there ought to be some standard coin, of
what metal that standard should be composed he
would not argue, but he would contend that
whatever abstract opinions might be entertained of
its greater or less fitness for the purpose, gold was
in fact et all times the actual standard ; it was after-
wards made so by law, that law enacting that silver
should slot be a legal tender for any sum exceed-
ing 251. Gold was less fluctuating in value than
silver—it was on that account more fitted to form a
standard. The Noble Lord had endeavoured to
show from experience, that from the regulations es-
tablished at the Mint, gold must necessarily be ex-
ported—end in confirmation had cited a preclicti
slelivered by Sir Isaac Newton, that such would be
the fact whenever a certain differeuce existed be-
tween the actual and nominal value of coiosge—but
in the inference he hail made from the opinion
of that great man. he was completely mistaken.
The source of the error was, that silver was iii his
time a ataudn►d as well as gold ; u man might then
gto to the Mint with his bullion. and demand silver
coin in exchange as well as gold ; but the fact was
lint so now—gold was now the only standard coin,
the only coin issued by the Mint. The Government
only has the power to issue silver coin. He
would admit, with the Noble Lord, that no law
could prevent the exportation of gold. He would
%tate one fact, to *hew that the conclusion of the
Noble Lord was not correct. The fact was, that
silver had risen in value more than gold. This was
a complete answer to the Noble Lord's assertion.
that the Mint regulations had given an advantage
to gold bullion over silver. The state of the ex-
• hinge being adverse to us, was caused, not by any
thing ill the relative state of the gold Roil silver—
great quantities of silver bullion had been exported
as well as of gold coin. He would now pass to the
important subject of the paper circulation. The
Noble Lord had founded his opinion on a change
in the paper currency, on rumours—he had also
alluded to a book ; whether lie had ever heard the
opinions of the author of that book iii detail he was
out sure, but he knew that this was his sentiuteut—.

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