The National Register.
London, England, 1818-05-03 00:00:00

NEW CHURCHES.

On a notion that the House should resolve it into a
Committee on the Church building Bill, '
Sir T. !loon wished to know, as the expellees were to be
defrayed out of the consolidated fund of England and Ire•
land, what benefit the latter country was to derive from the
measure.

The ChANCZLLOR of the EU:IISOIAR begged to correct
the notion entertained by tile Honourable Gentlentan. 'fhe ,
stun in (pound' tV33 not lrgo.. I Oil the consolidated fond.
If, however, there was any nerd tf new Chinch( s for ibe
congregations in Ireland, whirii he wits happy to hear were
so ores li swing, he had no donut l'arhatoent would
for that necessity.
The 4{vnae having resolved itself into a Cemir;ttee,

Sir W.Scorr at Pont- length, and with much earnestness,
objected to the CiaIIM! autoorial•lg 12 holheliolileis in any
parish, with the aid of " other writ-disposed pircons," and
with tho consent of the Bishop, to erect a church or chapel
theriti to which they should have a right of presentation for
three Innis. _ . .

•
The CHANCELLOR of the EXCHEQUER contended, that at
such a time as this, it was most desirable to call in aid of th r
uerpose of sitpplyin7 places of worship for ibe established

.11i O.

Church, private munificence as well as public bounty ; and it
was, therefore, right to bold out the inducement ut patron.
age. He had no objection, however, to a restriction of the
power of presentation to two turns. But lie thoaglit it 2.1 e,
lotit! to the Bill, that it the Committee, which was now thin,
ft 3.11t1 reject it, lie should submit it to the mature considera-
tion of the House.
A thud debate ensued when on a division of the Honse
the Glance was rejected by a majority of
After several other Alotions of tumor importance, the
knouse adjourned.

Fazr Y.

B kNK RESTRICTION.-CURRENCY OF THE
COUNTRY.

Tiefuery rose to call the attention of the House to the
state of the Currency of the Country. He had at pit sent to
state them in round numbers, a fended debt of eighteen hum.
dred millions, and this, it should be considered, seas the debt
in the third year of peace ; and if the floating or unfunded
debt were added, the whole of the debt might he taken at OW
millions, which certainly was a most appalling eirctint- mime,
corsiderine that ere were for three years at peace with the
world. Then, amidst conflicting views the great question
was, vrhether our reedit should be bottomed. uu a paper cue
Tinley itn:nediately convertable into cash, or on one which a as
only the representative ef. itself. That our credit should rest
upon the former, he believed there was no man, however
ignorant of the matter, would he prepared to deny. But then
hew did it happen that in the third year of peace a restriction
or cask payrnuits should be found necessary? This was one
stihjec t which should lead to the discussion, and which required
a most• minute inquiry. The continuance of the bank re.
striction was the result of a complication of dealings between
the Right Hon. Gentleman and the Directors, which could
not be expressed by any one word in the English language.
When Mr. Pitt brought iu his Bill, he stated the reasons, and
p -werful ones, fur the restriction; why was not the example
imitated upon the present oceaeiou? Were the Bank Direct
ors consulted upon the present occasion? Did they declare,
as they had done on the furineroccasion, that they were ready
to pay ? lithe): did, he coital see no reesun why they should
not support his motion. If they said that they were not ready
at present, lie would ask, with what face could they nun
tome to get another year to do that which two years ago
they declared themselves ready and willing to perform?
Had they, lie would ask, represented the danger which they
thought likely to ai fee to them from foreign lualis ? The
Chancellor of the Exchequer liiineelf could not have been ig-
nurant of them, for his limn "'need (Mr. Baring), who was a
principal cuntractor in oue of them, would nut have entered
into such a speculation w ithout comoiltiug with his Majesty's
Plinieters, or if he underatuoil from them, that such loans
would be likely to be prejudicial to the country. With re.
spect to the high price of gold, he would ask, W:l4 the
House -ready to set aside every thing which had been
said upon the subject by the Bullion Committee, and say that
the issue of paper had nothing to du with the price of gold ?
The Bank had in their poseexion a greet quantity of gold
bulliou, and it was on that they bottomed their ability to re.
tame cosh payments. Now, it was dear, that if, frotu any
coramedity in the market, a large portion was subtracted,
and a cleniusid was made for the remainder. the price of the
rellialllulg portion must be inereaeed. These were consider-
atious which should be enquired into before the Houee refused
the Cominittee. It was also plain the lending money to the
Feeneh Government was j.tst the sane as investing it in the French
Ifunile. But it did not appear that French LAOS for (hi, year were
at an end. lle would explain this to the I louse. The matte of rais-
ing loans in England and France were quite different. If, for in-
stance, a loan of One million were to be raised here, it would be first
contracted for, and Parliament would be afterward; called upon to
provide the menus of paying the 50,0001. interest of it. But in
France. if the sum were required. a perpetual annuity of a certain
portion of reates would be placed at the disposal of the Minister of
Finance, and he would be lett to provide the million in the best inn:f-
uer. There was another point en which he differed widely from the
view which the Chancellor of the Exchequer ie.tt-el to take of the
etteet of the loan. lie had assumed, that all the mosey which the
French Government were to receive was to he sent from E 3 in gold.
This was a very erroneous opinion, and quite ineonsisteet with the
Practice. But if gold were *cutout, what should prevent its moan ?
The learned Gentleman here proceeded to state what to him ap
eltered to be time cane.. nett wrongly reprobated what he conceived
to be a breach of good faith to the public, and a fundamental priori-
ple. It would be much better to say at °ace that the Brink world
not pay at all in cash, than, by continuing the HCHTL:E.O3 trot year
to year, to afford so m room for speculation during the six months
that the public were ignmant whether the Act would be renewed or
not. Much alarm bud been excited upon the sebjeet of Bank pay•
lag in cash, but no violent concussion would arise provided the
Bank would gradually and cautiously-apply itself to the restintption
of cash payments. Should the House think tit to support the plan
ut the !-Lnister, there would be no security for property. Twenty
years ago, the present state of things could nut have been believed.—
if tke Committee did nothing niece it would rescue the character of
the coantry. Th. Right Hon, Gene conclatled by melee, that a
Select, Committee be appointed to (Ake into zonsideration what re-
striction, if any. should be imposed upon the it-Antiphon of eneh pey -
mews. and the state of the paper raid the metallic currency, and so
report the same to the House.
The CHANCELLOR Of the Excitrou En had listened with much
attention to the long and able speech of the Right llonoureble Gent-
however MUCH he Mitered from him in his conclusion. Much com-
ment had been Glade upon the recommendation to contintw the
smpemion of cash payments. What he hart formerly stated as a
moixibility on the subject of foreign loans, he could then state as e
tact. lie could see no ground for the appointment of a Committee,
as its bibours would in old probability be uneatisfactory, aid would
hove the question in the smile uncertainty as before. The Itiolie
Honourable Gentleinas. (Mr. Tierney) had stated, that a large In-
erease of Bank-notes in the course ut part of the last yeav, hut he
hint not attended to the great alteration that hail taken place in the
internal state of the eountry,whieli had been greatly improvell within
that period. The foreign trade had increased six and the
iaterrint trade nitwit more. The Government paper had ant increased.
It had been stated the price of gold had been :itfected by the issue of
hank-noted. but that statement was erroneous. Thc mummy of
paper mime from the market, by the Dank, was stated by the Bight
ilonotwabie Gentleman. to have effected the price of gold. But
what was the fact ? In die month of January.lfite.olie reimber
of
Bank notes in circulation had been twenty three millions ail one
mousand, and the price of gold was then M. per ounce- In lets the
number hied increased to eti millions, while at the foI7IIC time in di-
rect opposition to the argument of the Right lionotimale Gentleman
gold had fallen il. -is. the menee. To whet benyhead purpose could
equity. tend at present ? The natore d.ttte wasi
as known.
a Committee could communicate no usettil sawn:taw" upon t. and
Mier labour; would besides be quite unneeeeewy. As to the mecum-
s:once that
ez a further
consileraion neressitir,, it was not in the. power. oh any
foresce them. Great lame we'; imptitiNt to bun (the Chancellor of
the Exehequer) for the rise .which had taken piece in the Fonds. It
was said to-have been done for the ramose of lowering the interest of
suety, and that greatcapitnlists alone were the petenns who pmtitted
be- it, and linseed levee fortunes. lint did small dealer! &roam
ads aetage flan the rise —Had they not too their oroporuoua.e :Aare

TtlF. NA.TIONALREGtSTER.

of profits ? The consequence of this rise in the funds was a general
improvement throughout the ceuntry, an increase of confidence,
and a rapid advance in every branch of trade. After three piers
peace, and after a war of anti ur.precedent d duration, they might
still witn truth aiy, that there was no country whose Finance, had so
greatly improved. No other country had yet made even any ap-
proach towards the payments of her debts—while they had db.:-
nharged to the amount cif 50,000,0001. deducting 18,000,000 L of
unfunded debt raised within the period alluded to. In no other
eanntry were the taxes diminished in cotucquene.e of the peace,
America alone excepted. The ground upon which a continuation of
the Bank Restriction was proposed resnlved itself simply into this,
that foreign loans had been. or were negociating which must natu-
rally and inevitably lead to such effects as to render the resumption of
cash payment hie:llly impolitic and dangerous —tinder such cireitni.
stances, no man in his senses could propose a measure of the kind.
The flank had already made the experiment of a partial and gradual
re.nniption. rtecie to a considerable amount had been issued, and
the consequence was, that :2,000,0001. had been soon withdrawn from
circulation to supply the demand occasioned by foreign loans.
In inconvenience he would admit the flank Restriction to be, and
one which he was as anxious as any other person to rernose. It
cotild not be permanently adhered to without injury to the c.tuntry,
but the House should not risk a formidable danger on one side, to
avoid an inconvenience on the other, whit:it was only proposed to
continue fur a year, and was after all, in a great measure, but visionary
and ideal.

The ll:nits of our Paper will not allow usto give even a fair outline
of the mar.y able speechts made on both sid‘.'s of this intricate and•
important subject.
Mr. Tt Xs: hy's spee,..% alone occupied twi hours.
The House liming divided on the Motion it was negatived by a
Majority of tis.
The Rank Restriction Rill was then read a sezond time and was
ordered to be committed or Monday next.
The other Orders of the hay were then dispostal of, and the !louse
Adjourned at three o'clock.