The National Register.
London, England, 1811-05-12 00:00:00

against
the

to the diseased state of
,live issue of paper ; on
Parliament to check
since the investigation
ed upwards of two
to the source, it remained
remedy was best to be applied. It appeared to him that
that wldch had already been recommended by the Committee
would be fully adequate to every purpose ; namely, 'that a time
should be fixed, and that without delay, for raking eiff the re-
striction on cash payments. The great argument which had
been used against this measure was, that it would be imprudent
in time of war; so far, however, was lie from considering this a
just ground of objection, that he thought the time of war the
best calculated to make the effort. If the suspension of cash
payments had been applied as . a remedy calculated to remove
the evils which might either exist or be apprehended, if those
evils ceased to exist, the remedy was no longer necessary, and
should not be continued, inasmuch as the application of the
same medicine to a healthy subject, which had been given in a
state of illness, would be productive of the worst consequences.
The Hon. Gentleman then proceeded in a strain of eloquence to
point out the great advantages which were to be derived from a
restriction of the value of the currency of the realm. He also
dwelt with peculiar energy on the impolicy of the system now
adopted by the Bank, both as regarding the interests of Great
Britain internally and as connected with foreign States. After
which he exhorted the House, in duty to themselves and in duty
to their constituents, as well as with a proper respect to public
credit, to adopt the recommendation of the Bullion Committee,
and concluded by observing, that he felt it both improper 'and
unnecessary to enter into more details. He should therefore
move—
That the only money which can be legally t ndered in Great
Britain, for any sum above twelue-pence in thee whole, is multi
, • either of Gold or Silver; and that the weight, standard, and de-
nomination at width any such money is authorized to pass cur-
rent, is fixed, under his Majesty's Prerogative, according to
law.
Mr. Lusinstorote (Chairman of the Committee) put the
above proposition.
Mr. Rosa thought that there had been no depreciation of Bank
notes occasioned by excessive issuesArthem. It was proposed to
resume the payments in specie ; but the thing was impracti-
sable. He could not give into tat theory, he could not admit
, that Bank notes were depreciated • they were legally equivalent,
and equivalent' to the obtaining of article, except, indeed,
the purchase of gold and silver: ( Hear, hear!)—As to what
, beef been said respectieg the price of corn, he was ready to
admit. that the prices fixed by the legislature for the importation
of grain might have enhanced it, since there had been consider.'
able importations of corn ; hut those *importations had been
• made under a choice of evils—the fall of exchange or a scarcity
of grain. He had
.advised the importation of grain, without
which the quartern loaf would Indeed have'been at 2s. 6d. He
WAS therefore • ready to. take his full share of responsibility on
this head. in Portugal 'of late, the course of exchange tlu:re
had highly improVed, as he learnt froM some mercantile corms-
fondence which he had seen. There was such a train of errors
in the very Repoil_itself, upon which the Hon. and Learned
Gentleman's propositions were grounded, that the House-
ought most maturely to consider how far it should be acted on.
The Amount of notes and gold warranted no such dedec-
tions as had been made; whilst the fluctuations in ex-
change completely , distanced. all the theories they had heard.
. Other circus. tancetwere to be.considered. Bills of exchange
• werOinow so circUitous, that Much was lost in the mode of their
ttegotiation ; while,.at the Sartre
.time our foreign expenditure
• (about 21 Millions) crested. defriand; considerably beyond the
balance of trade, and iteL'esrarlly drained the country of its
gold. The home niarket was not the twentieth part of the
home consumption. ' Continuing to re?rohate various pat is
of the Report, the Right. Honnourable Gentleman. (Mr.
kose)denied our foreisn expenditure to have been borne.nut by
our exports, of which there was ample proof in the events
of the year one thousand seven hundred and ninety-six. It was
very extraordinary, that an enlightened Committee, appointed.
to examine into such a question as the present, should have .
terminated their labours by mistaking every tact of. importance
, and admitting that of which they had no sustantial proof.
There were circumstances connected with the Exchange, which
were not necessary for him then to eo into; but with reepect to
the Bank Director.; he did not know how it was possible to in-
vent any new mo:1(• by which they could govern themselves. In
bis own opinion there was not the least grotuais for husp;cion
against the conduct of the Bank Directors, and the way in which

Hamburg and Paris. In tracing the causes of the exchange of
every country being against England, froux_a variety of ob,serva-
tions, founded upon the experience of otbgr conowieal se doubt
tube sAtertaMed but that the wit* cyik VAte 40- b• attraKlied
to the diseased state of her circulation,attabutable to an eictet-
„sive issue of paper ; on which accountlt-became the cflity of
Parliament to check the issue of Bank paper, which, even
since the investigation of the Bullion Committee, had increaf-
ed upwards of two millions. Having thus far traced the evil
to the source, it remained for the House to consider what