The British Press; or, Morning Literary Advertiser.
London, England, 1818-05-27 00:00:00

_ • j•

:.f' 4.‘...' 4:: :. t: ..%:47*:**
•N 57.., 14 -.4k
.e_.• 1-
..k..
—...., .t. _.~~

and en fit, din gist the conntry as to remisr it 'lt&
emit ever t.. es,atilisti the
cnise-ary, there were stone who snould so mud) de-
tare to pre+. Parlrarneet to 1411 initl4lll'lll4lll haste, as
those woo (iliti-soug ter opinion with him) thought
an. woe 01 the country was such as to render a re-
tiler, to a cash circula altogether imprissilite.
Ester then would it br for the country—better
even for those who setacerely desired the &inane
est .bli•lnnent of a wetter rush currency—Unit Par-
liament should Intervale some delay, than to einiaste
ger. the t •iple by a desperate rashness*. The peerent
difficulty del uot arise from the foreign or demesne
relaismei of the cenntry, hut from • eirceinsterice
duvet in its Nature, and never likely to occur again,
river which Parliament had no canoed whatever.
lit we. is-forums that Fraure, desirous of complet-
big her dimwits' regulations', and actuated by other
political causes, Ihal entered into etiolation% with
the railer Powers of Europe, to pay within .berg
hailed period, the whole of the contributintie which
were to ior 'awl by instalments within five years,
and ft grant to certain Foreign Powers a sum of
mosieY in lieu of the private (+ibis that Iliad beets
made upon the French Government. For this
purpose the French Government had resolved to
raise by loan a sum not less than thirty millions
eirrlifig to satisfy the public and private domain's'.
Firing's minims had, for a considerable length of
time, been accustoaied to look to the market of
this mousey. as the scene for negociatiog loans, and
it could not bus be apprehended that the items to Ise
raised by the French Government would produce
a very Insfavouralsle effect epou the state of our
foreign exchange*. This system of exchanges, he
wets aware, had been represented asa fallacy, and re-
ferentt had been mode to former occissium, when
foreign loans were not combined productive of any
ittjurions effects. But whet comparison could
any former operatiou of this nurture bear to the
present, when the praiser* of a war of twenty-
two rears continuance was about to be wound
up, and an iisdedmity given to Europe for
Former sufferings ? It had also been arced, that
the remittances from this country woo M not be
made in specie, but in ingetufactores. It was true
that the nissinfectures of the country would go to a
certain extend, but it was impossible to preen them
beyond a certain limit. Mach weight had been laid
upon the difficulties' ceased totheßattit by the amount
of ministers made to the Ciovensment ; but so far
were the operations of the Book from being affected
by this circumstance, that had affeirsremettied this
year as they were tiering the year preceding, and
even in the present foreign and domestic relations.
the Balik might with perfect safety have resumed
cash isayteents. Measures. however, now were tak-
ing by the Government to pay up to the Book the
advertent to a greater extent than had been done
in 1798; so that this argument, whatever it might
be. r •uld scot be urged in any subsequent 3 ear.
He felt extreme regret at being obliged to appear
agates before their Lordships, with a proposition for
contioning the Bank Restriction. but be was im-
pelled by a .trnng sense of duty, which he truants'
would prove a justification. The Noble Lord con-
chided by moving, that their Lordships would re-
solve themselves into the Committee.
Lord Gastreimmit began by repressing the ex-
treme dtsappomtwent hie experienced at finding
his Majesty's Minister* Mice mom proposing to Par-
liament the renewal of this measure for suspending
cash payments by the Bank of England. Whets
this measure came before their Lordships two years
ago, hr had given the most entire confidence to the
assurailees then held out, that Perliantest would
not agent be called upon to sanction it. He had
ever, even when the measure of restraining cash
payments we, impiety ssroposed, felt the extreme
nispolicy of burdening themselves with so greet ass
incomreisiessee, and was convinced that a ineoone
snore fatal to the security and prosperity of the
country had never been proposed. This comic-
tom lost 1141111. Or its fierce during the experie, re of
the war. and he had looked with anxiety to the
moment wheel they might throw away this clog that
depressed the energies of the country. and pre.
vented it from enjoying the hill benefit of its great
capital. Fur the attainment of this object he did
not think the period of six months, elbowed by the
Bolls petered dining the war, too short—he did tint
those the period I,rune year. subseipsently proposed,
ton eilort—mud if he had felt lest objection in the
'miming year, or hail at least repressed leas objection
to prolong the period to two year. fertile', it was
because hr had cot fliteritly belorved that it was nu-
r,•-rstood by the Batik mad the public ass solemn
pledge by Parliament that the existing anomaly in
the internal etateor the country should terminate at
the period ',minified in the Act. Hr had consi-
dered that an itsviolable insurance had been thereby
given to that effect, which nothing but the most
urgent neceseity could ever induce their Lordships
retract.--/Loudto cries of ,G Hear, Lear, Amt.")
—ll was high rime, however, to enemata and de-
rime the truth respecting the nature and character

of this no,onire. Were they to iiersigt iis the illu-
sion of titfecting to impose • restriction upon the
T, 1,,k, when, in fart, the measure was an indul.
Knife snittitvd—(llear, hear, hear/—and which
granted to the Rank the power of paying its credi-
tors in a depreciated paper urrency, tower by tire
per cent. than the value it prof surd to represent ?
lie rerpiested their Lordships to consider the moral
injustice of ?ranting such an indulgence. *hick
went to ilrfraud the creditors to the amount or the

depreciation. Before s Bill of this importance
were passed, it would he *ell to ascertain how the
fart tetra tlly staid, and whether the measure were
indulgence granted to their wishes, or
restitrtm• inea•ure affecting the B ink nst their
s. No doubt shouht be suffered to exist upon
the inlito.r, for it was of no light importance, whe-
ther a co,er?!.erentl company should he permitted to
pa delft!, in a depreciated wiper, or whether,
iii romtn,reinl emintry, Parliament should inter-
fere.to prevent thrill from fulfilling their engage-
ments ..ah their creditors. This hitter point,

• •
however, was by no means proved by she silent
stilmissmn of the Kink of England--for if the
Hank Directors were serious us deprecating the
cosittetesasser sif she restrktion, as a issessure sister-
bring with their interests, they would hardly con-
tent Owns...lves with a simule negative un the pre-
sent proceeding ; they would expo's... tl►emselves
inmitY "1"1 vilrmlY• suit complain of th,• 1141 j 110 tin.,
cruel o►nluct at he Legi,lath re. Let their Lordship~
smazine hen► any of the g►est I►anking-honaes of
Lass.lou unsold act—how the Looses, fur instinct.,

, of cootis and Chili" would express themselves,
' should.Parliatuout declare that—,‘ Whereas such
or such a house iw likely to %otter great income-
, oience from paying its debts in tl►e current coin of
tier realm, be it enacted, that their own notes shall
'be's fall and lawful acquittance of their engage-
ments?" Would the house so treated remonstrate
with _Parliament ? —Would they not say. ,t You
have emetid a measure destructive to our credit,
and ruinous to our interests. It was by our known
ability to meet our engagements that we have risen
to our present effluence, but by questioning that
character you have destroyed our solvability, and
thereby riiiiied the very essence of our existence ?"
But undoubtedly, continued the Noble Lord,
parliament, in its measures, should consider how
far the interests of the country might be involved
in those of individuals ; hut in such case, the ne-
cessity of inteeferesice should hr established by the
most irresistible testimony. The necessity, how-
ever, in the present instance, resolved itself into a
mere question of convenience to the Baal of lEng•
land, cud the country was desired to look forward
to a resumption of cash payments, only when t'ais
inconvenience might chalice suit to (ho. The re-
sumption of cos!, payments was indeed admitted to
be desirable on every principle of political econo-
my ; but it happeued, unfortunately, that ■n ap-
prehension of the slightest inconvenience was suffi-
cient to retard t histleei event, and to induce Par-
liament to continue a system which had once already
brought the country to the verge of destruction—
which removed the land-maiks of property, and
subverted the principle, of distributive justice.—
While this system continued no man could know
the value of Ins property—no man could estimate
the value of his labour, or calculate the result of
any undertaking. Its pernicious influence extended
ill.ke over the wealthy mats and the poor man, the
proprietor of millions and the humble annuitant;
and was it for a mere speculative advantage, or
rusher for the avoidance of an imaginary inconveni-
ence, that evils of the most olarm►ieg meguitude
were to be endured ? By this system a metallic
currency had been changed for one which continu-
ally varied, not from any principles in nature, nor
from any alteration in the amount of property, but
from the mere caprice of a commercial company,
into whose hands bad been assigned the whole pro-
pe►ty of the country.—(Loud cries V Hear.)—
The Noble Lord then alluded to the great deprecia-
tion in the value of paper in consequence of the
restriction, and remarked, that alien the value of
debts Or annuities was thereby reduced 25 per
cent. Perbenient did not retrace 'taste's., but com-
pelled the country to rective this depreciated money
as the legal currency of the realtu—ati act which
might rival the most oppres►ive measures recorded
in history. The issues of the Bank were thereby
increased four-fold, and the evils thence resulting
were almost incalculable. The nature of the Bank
was very much iniautiderst owl if it was imagined that
the Directors of the Batik of England were bound
to any other object than the promotion of the Corn-
pauis interests, or could be supposed to feel the least
concern for the credit or currency of the country.
While lie had the honour of a seat in the British
_ .

ParHornets', he hoped he should never be told that
it belonged to any other power or body than Par.
!transept to provide for the interests of the State—.
ere grid respablice deiriosseitil copied. This duty
had been swell lodged in l'arliantritt-...is would be
ill b.stowrd if resigned to the Bank of England.
He observed, that he could not be so absurd, after
the great extent of the late war, end after the
enormous expenditure, amounting in ous year to
101.000,000/. to suppose that the country could be
exempt f sufferings. These had unfortunately
been heighten. d by a season of unusual severity ;
but lie cool,' never attribute sny part of them to a
transition from war to peace (which in itself he
must ever consider a blessing). The actual, the
tint qua son cause, was, in his belief, the suspen-
of card, payments, the monstrous excess of
Bank paper issuer, which caused the depreciation
of the currency of the country. When the cur-
rency of the country is wholesome, it consists, he
observed, of three elements—coin, Bank of Eng-
land paper, and the paper of country banks.—
The restriction enabled the Bank of England
to increase i s issues, which was followed by
an increase of country h..k paper, in the pro-
portion, it had been calculated, of three to
one ;—for the restriction on cash payments had
removed the usual restraint upon paper cur-
rency, and the cotsseqoetices of such an enormous
increase might be easily iniagitied. The Noble
Lord then pr red their Lordships' attention to the
evil resulting from this increase of paper currency,
in the extension of the crime of forgery—an evil
which claimed the instant interference of the Legit-
bonne. If the danger stated by the Noble Earl
(Liverpool) were ten times as great as he had ap-
prehended, it would he trilLog in comparison with
the shocking spectacle they hail too frequeutly to
witness. If the exclusive circulation of the p.tper
of the Bank of England had no other objection,
yet, betsig attended with this, he would not
say inconvenience, but dreadful mischief, this
alone ought to influence their Lord•hips' ripi-
iiinii.—( Load crier of hear, bear.)-1-le then
commeiltrd upon the that resulted to so-
ciety front the speculative spirit the increased paper
currency hail fosteiril among country bankers, the
issues of whow piper bore the saint' character as
those of the the South Sea, and the
issigmats of France. The failure of several of these
persons had involved thousands of industrious per-
sons in ruin, and caused other hankers to limit
the loots of their notes to an inconvenient degree,
and to call in debts which neither the borrower nor
lender had contemplated the necessity of being so
soddenly required. The r.doction of the paper
currency was attended by a sudden alteration in the
value of pr.pprtty, and reused a r;oltait convulsion
which nu country but this could have endured. As.
however, the vie., increase of the paper circulation
had raised the price of gold, so dish the subsequent
reduction of the issues bring bark the gold to its
wonted mice ; avd it was in this state that the
Noble Rill gird that cash .pnytneuts might
he safely r..111/IP.I by the B musk
of
Ile w,s most nos i fling In live under a Goverment,
not of king. (.ind.. :mil Consonant, blot of the
Bonk. F,seii if tliry r. ere ole.irost4 of putting au
end in the long troiso tieser to he got
nil of hut by rt .'SIfICIICt. to $l,ll Iraq menb, t icy,
ler the rtece-ait knit, toliot not do so toll July
Au early resuitipt;iiu of cash pa) (twist