The National Register.
London, England, 1819-05-30 00:00:00

TiILIPISDAY, MAY 21'.

1%. ' •

Two P•litio.,, w.vc yr, pented ag.thtst the insolvent Deb-
t r Act, and after the Milt on the table hail been
ta•-arJc.l, the llowe odjottrued to Monday se'oui,;ht.

HOUSE OF COMMONS..
lip/IDAY. MAT 14.

The art OMR. on taking the Chair, stated to the Home, t)at
he had neeived a letter iron the Martinis of ('amden, aeknow-
ledging the receipt of the Resolutions of that House, touchinglits
Lordship's public spirited conduct in. resigning his profits of the
Tellership of the Exchequer. The Speaker read the letter,
er:nort set forth his Luelship'e grateful feeling, that hie resigns
don of the profits of au o:Hee graciously conferred. in consequence
of Ilia ft.ther's merits, had been so kindly acknowledged by Par-
liernent, sc.—(licar, hear.)
BANK Been RTS. —Mr. Pref. having moved the order of the
day, that the House resolve itself into a Committee on the Bank
Reporu, rose to bring forward his proposed series of Resolutions.
agreed to almost unanimously in the Select Cominitter. That
Committee had neglected all party ceesiderations ; they exerted
themselves exclusively fur the public good ; and he trusted tint
the House would be guided by similar feelm's. As to the Reso-
tlite were tile Cunimittee's but the sentiments with
which they would be supported were his own, aid lie was
easererable fur them : he however must state, that since lie went
moth, Cienieittee his opinion had undergone a material change
He now !Treed in the principle of Mr. Horner, and decinred that
the support of any contrary principle would defer the resumption
of Cash Paymenee to an indefinite period. lie would ask the
noose, could it be maintained in argument that the Country
reeld proceed as it had done for the last 4? years ? Tne questien
was, were they ever to return to a metallic standard ? Had not
all writers maintained that there was no security for any country
Without any metallic standard ; had not the example of all own-
tries shown the truth of such position ? But what had been the
syetem since 1797 ? They did not lessen the danger by hiding it
fsnn them:idea; evcty foreign Jew saw through the fallacy.—
t lear.) The issues of notes resulted from itte purchase of geld;
the discounting of mercantile bi!li ; or on Government securities.
The great proportias now was on Government securities, sonic
of which had no provision nuole for them.. How then could it be
said that the issues were centroulable by mercantile le.oee•elings ;
or were the issues occasioned by such events. The issues weTe
recreates; and the greatest proof of that fact was the value of
g.ild. In 1816 the prospects were imagined to be flattering; but
.11917, langour, the result of exciemon, followed. The cause
AU. exceesive issues producing ruinous enterprises. And simi-
lar causes would always produce like etKeu. Purchases became
extensive and the demand.: aid not equal the supplies ; and these
deranged all the regulatiorts of society.—The labourers were
ad'xted beyond description; at one time there was a great de-
mand for labour—at another, labour languished. This was the
result of an inconvertible paper ; unlike the principles of nature,
or the wise institutions of Mil, there was nothing of counter
action. Were they to look the. evil in the face; were toey to
postpone cash payments to an incle:iiiite period ? If they post-
poned indefinitely the resumption of c0.,11 payreer.t,—if they :lid
not affirm the second resolution—it would not hove them judge of
chervil. that would reetlt from such ',yew:met:sent from what
they had seen, becou-e the resumption ottet,h hail heretofore only
been postponed for a short period. They had gone through the
circle of expedients ; they must " screw up their courage to the
etizking plaint" die 6.paimee of the last tew days 'hewed this;
(hear, !into—They must, to do any good. chew that they were
wow in earn mot.—(Hear.hmr.)—Many expedients might have been
ed :such as bad already been resin tern to, or a liesnasiee
:/ftittt Bank note resuea Tony err: deemed er, wise, and were
net thought of. T.se Committee found that gold was above the
101111 price-.d: was four pounds one shilling per our.ce ; that the
flank was in advance to the Co.:eminent, which advance could
not be paid ; end they had postponed the resumption of Cash
rafEft-lita longer than had been contemplated previously to the
Beating of the Committee. The plan of r:suming Cash Payments

THE NATIONAL REGISTER.

- -
was known—he need not repeat it..--(Heir 4—To accomplish
this plan the re-payment or advances from the Bank was required ;
but the re-payment of the 10.‘,00.0u02. were not req tired to be
dour imntaliutely, hurt gradually. It was also damable that
th►re should he a change of the nature of the intercourse be-
tween the Government and the Bank.—(llear !)—and from
anxiety to relieve the Bank from burdens and cares for the public,
he called crape House, by a great effort to restore that currency
and astem which would put an end to such severe cares.—
( Hell,. hear !)—lie then weat on to deny that s•uclu re•palments
ut• the Government advances would narrow the issues ; he denial
that such result would necessarily follow; lie was not sure that
they might not ust.fully extend their issues. 'fhe plan to be
prepared with bars had been ordairly represented ; and he asked
whether die price of gull had risen or fallen ? Had gold com-
manded more of any mitt given article? It was fallacy to say
that taxation had advanced tie price of gold. lie concluded
with reading the series of toolutioas as those which he was
instructed to move:— _ . .

That it is expedient to continue the ftestrietion on Payments
in Cod; by the Bank of England, Ir yon.l the nut.: to which it IS
at present linnteil by law.
That it is expedient that a definite period should be fixed for
the terininatios of the Itestrictim. on Cash Paym cots ; and that
preparatory measure: should be taken, with a view to facilitate
and ensure, on the arriva/ of that Feridd. the payment of the
Prowl:1;0:y Sotes of the Bank of Lngland in OW legal cot of
the realm. _ _ _

_ .....
•• That in order to give to the Bank a greater controul over the
inues of their noes than they at present possess, provision ought
to be made tor the gradual repayment to the Bank of the sum of
Ten Millions; being part of the sum due to the Bank, on
account of advance wade by them for the public service, and on
account of the purchase of-Exchequer Bills under the authority
of Acts of the iwgialeture.
•• That it is expedient to provide., by law, that from the Ist
February. 1810, the Bank Iliad be liable to deliver, on demand,
Gal of standard finer.ess, having been assayed acid camped at
his Majesty's Mint, a quantity ot nut less than 60 ounces, being
required in xchange toe states an amount of Notes of the Bank
as simll be Null to the value of the Gold su rqutred, at the nue
of 41. Is per ounce.
That from the lit October, 1840, the Bank shall be liable to
deliver. oil demaud. Gold of standard fineness. assayed and
stiunped as before mentioned, a quantity of not ices than 60
ounces being required in exchange for such an amount of Notes
as shell be equal to d.c value of the.Goll so required, at the rate
of 31. 19s. lid. per ounce.
•• That front the Is: May, 182 t, the Bank shall be liable to
deliver, on demand, Gold of standard latiennts, assayed and
stamped as before mentioned, a quantity of t.ot less than sixty
ounces being requirod in exchange for such an amount of Notes,
as shall be equiu in value to the Gold so required, at the rate of
31. 17-,. io!t1 per ounce.
'• Phut the Bankinay, at any period between the Ist February,
11120. and the lit May, tB2l, underuske to deliver Gold of stand-
ard fuscness, essayed and stamped as before mentioned, at any
tate between the sums of 41. Is. per ounce, and 31. 17s. lu4il. per
ounce ; but that such intermediate rate having been once fixed
by the Bank, that rate shall not be subsequently increased.
.• 'filet from the lot May, 1825, the Bank shall pay its Notes,
o demand• in the legal coin of the realm.
o That his expedient to repeal the laws prohibiting the melt-
ing and the exportation of die coin of the realm."
The the ee fine lbsolutions were agreed to nein. eon. and on the
fourth being put,
Mr. ELLICE rose to propose WI amendment. Though it
might appear plesomptous in him to claim the attention of the
house, after the very able speech of the Right lion. Gentleman
who had just sat down ; yet he could assure them, that lie lose
with no presumptons feelings, but he thought it due to himself to
state his objections to the proposed resolution ; when he did so,
he did it from no ho tility to the general principles of the report.
He would first propose, that the Government should be com-
pelled to pay the Bank the advances specified to the third resolu-
tion of the t 0,000.0001. Ilia reason for this was, that the Right
I lon. Gent. (the Chencellor of the Exchequer) had already failed
in fulfilling his engagements to the 8an.... In the last year s
payment of 9,000.0n01. was promised to the Batik by named). in-
stahnents of 1,000,0001.; but it appeared that in May only
soo,i/.ha. or firytaitail. were litaid. that nothing teas paid in June.
nothing in July, and that in Atteitst, instead of paying, he went
to bmrew money front them at a lower rate of interest. The
Bank was, therefore. almost justified by the conduct of govern-
ment to them. The first roniution lie would propose as his
amemlinent, was leaving out die words after '• that" in the fourth
resolution, to substitute the " it is expedient to order
by law, that the sum .'f 9,notennot of the bank advances to go•
vernincitt be repaid, by monthly instalments of eiewetol. begin-
ning with the loth of June. and that no intermission take place
till the whole be repaid." Having thus explained the nature and
object of his first amendment, he would now proceed to state the
other resolutions which ho proposed as amendments of tile ;!.glit
lion Gentleman's resolutions. The next was,—•• That, in Lie
opinion of this house, the Bank ought not to advance any money
to government on Exchequer Billy, or 'l'reasary Bills, beyond
the present sum advanced by them, or beyond the sun' that shall
remain due to the Bank after the 10.000,000/. are reduced, with•
out the authority of Parliament." The object of his next reso•
lution was to put it in the option of the Bank to pay in the legal
coin, or in gold, at the Nitre price. The revolution was, .• 'flat
the Bank linve it in its option to pay after the In of May. IPYI,
either in legal coin, or in gold, at 31 t. 101 d. per ounce." lie
had one other amendment to propose, which was, That after
the lit of May, iBl2, the Bank pay its notes in tbs. legal coin of
the realm." With the last resolution most dby the Right Hon.
Gent. no person could find fault, all were agreed as to the expe—
diency of repealing the laws against the melting and exportation
of coin. Ile begged pardon ot the house tor having occupied so
much of their time. (Hear.) But from the Norse of conduct
adopted by the Right lion. Chancellor of the Exchequer, he felt
himeelf bound to say so much respecting the degree ot confidence
to be plated in Government on this occasion.
Mr. 11.1toontne read the 4th of the original resolutions, and
the resultuian proposed as in amendment, and put the question.
Mr. I. P. GRANT said he was convinced that di e proposed mea-
sures would not be of utility..
Mr. W. Pot.e ',CBI into a long detail of the Mint Regulatioos
as attCcring the question of a metallic currency.
Mr. Ti ser said belied heard with the utmost satisfaction
the Speech of the Right Ilen. Gentleman who hail proposed to
the House the Resolutions which they were that evening called
upon to discuss. He could as etre him. (Mr. Pee:), that it' a tem-
pliaient from so humble use individual tit him elf could give him
any gratileation, he would gladly offer it; but in truth he- was
afraid to do so, lest he ebould be thought to be paying a einntli.
rn.fht tu tic principles which himself and many of the friends
mound him had been advocating for a lung series of years. It
was. I.owever, a source of sincere pleasure to hint to hear those
ne:suns for which lie had so long been contending avowed as max-
ims of true pnliey in tea: house. especially es such ample justice
had ben done to them by the Right. Hon. Gentleman who had
nos, ibr too lost time, adopted them. lie had to return him
his siro.n, thanks for this service, and above ell, he had to return
him thanks for the just and eloquent compliment which he had
paid trt the m.emory e dear and lamented friend of his. He
should have received still higlier gentifintion from the events ot

3IAY SO:.

the present evening, hal that friend (Mr. Horner) been alim to
witnesi the establishment of those principle; which he (Mr-
Horner) had limn the first to propose to the attention of Peelle.
cent. Tho elmuence with wliicii lie had explained, and the in •
genie ty with which he had defended them, hail always attreeted
the admit idiot' of the these, but it was reserved to a later period
to aektme ledge that they were no less true than they were low-
Moto. '1 here was another instance, to which it wh scarcely
me:es:try fee him to refer, where a similar act of jitoice had been
done in a man, whose loss was lamented and regretted by every
indivela it whom tic had the honour of aldressing—he meant Sir
&kernel ; tee plans which that illustrivai character bail
proposed for the amendment of the criminal law, though ridi-
culed and tejected at wild feud itopracticelele theories during his
lifetime. had been &domed since his death, and taken itito the
most serious yonOderatem which Patlianient could give them.—
(Hear). The Hight lion. Gent. had just done intim to one of
Mew dioinguielied characters; and he trusted that it would not
be long before the House would do justice to the other. (Loud
cries of hear.) lie should not have risen, at host at this period et
the dehate, lied he not been personally alluded to as the (tide
ineinino of the Committee who hail declined giving his assent to
this plea; this was not exactly the fact, although he ass the onh
persou who luul effectually expressed that difference of °einem.—
lie (Mr. T.) much lamented that he could not concur in the pro•
position that had been. submitted to the House; no man was more
anxious than himself for a resumptica of cash payments; ne man
had perhaps shown less lenity to the Bank disenters, but justice
ought to be. done to all parties. lie would state plainly and
without reserve his reasons for preferring the amendment of his
hon. friendeond for recommending it to the house for adoption.
All were *mai. at least he hoped that all or nearly all were
agreed, that the sooner the ancient standerd of value was restored
tae better. There might be a few indeed who maintained that
the Bank restriction could be continued without inconvenience ;
such a view of the subject he entirely abjured he disclaimed all
community of interest and feeling with them, and although he
disagreed with the right honourable gentleman who had intro-
duced the subject, he perhaps even more widely differed from the
monstrous doctrines that had been broached on the other side.
He was well convinced that there was no security fur the empire
but in a recurrence toe metallic currency, and the only dispute-
could be, whether the method of restoring it now proposed, wile
such as ought to meet with the approbation of discreet race. The
plan of the tight honourable gentleman, or rather of the commit-
tee, lay in a narrow compass. It was, that the Bank, in, Feb.
next should pay at the altered standard of M. Is. all demands
upon them to the extent of Go ounces of gold ; that in October
they should pay them in gold at the rate of 31. tOs. 6d.; and by
the Ist of May, le2o, revert to the old Mint standard of
31. 17s, told.: but it did not sop here; for the plan was to cur.-
tinue for two years from that date, during which the Bank was
to pay its notes in bullion at the Mint-price. The drift of the
whole was, that in 4 years from the present date, that is, in the
ninth year of peace, the country then have a prospect, though a
distant one, of emoying once more the blessing Ma metallic cur •
reney. The country was much indebted to his lionentrablefriend
(Mr. Ricardo) for employing his mind, in well eninkeettl ul.on all
subjects, upon this: but he was by no meant convinced that the
plan he had suggested ought to be adopted. The house, how-
ever, would bear in mind that the project of the committee
was not iris plan : it was a pnepoeition of a totally different
description, for it. deferred all payments in bullion for two
years, and did not at last give the country a specie currency
until the lapse of two years more. It was true that some sort
M steeping-stone to Mr. Hicardo's plan (for it was idle to
conceal the name) niight be prudent e but he could not Without
alarm and abhorrence eve an attempt thus made unintrodace for
no Ins than is suenths, a standard of value unknown to the
usages of this kingdom : it was in feet raising the price of gold
because the price of paper was lowered. As to the opinion or the
Bank, was it unfair to suppose that the Link directors might be
converted ? •did not contend that the whole of those gentle-
mea were all warranted in entertaining. the strange and oild
notions they had promulgated ; but practically hoe did the mat-
ter stand? 'fhe Committee maintained as an abstract principle,
and as staterorien and philosophers, that the tome of paper
governed the peace of gold; but the directors not preteitedne to
be judges of political economy merely replied, that there would
be a run upon them, and they must call in their paper for the
purpose of protecting themselves. The issue then was between
statesmen and philompliere, acting upon solid principles of poli-
tical economy, and Bank directors who considered only their own
peculiar coovenience and private interests. The argument un the
other side amounted to this, and nothing else—the the Bank of
England was no longer to be fruited, became it is evident, from
some expressions meld by the Directors, that they will not take
the proper and necessary measures for paying their own notes.—
But the Chancellor of the Exchequer stated in the House with
the utmost triumph, that the Bank were paying geld, and that a
epecie currency was actually commenced. Tnis was the same
Chancellor of the Exchequer who now declared, that the Bank
was not to be trusted.—(Hear.) Was it not then most extract:.
dihaey, that uo security was to be taken from the Chancellor of
the Exchequer, while the right honourable gentleman was
extorting chewiest. peremptory securities from tee Bank ; in short,
the shepherd was to be iltat into the stocks while the wolf was to
be allowed to prey upon the flock.—(Hear and laughter.) He
(Mr. l'iernetn could not figure to himself any thing more we-
e:devious than for the government to hold up the Bank as UTI•
worthy of public cooßdence. As lung as there was a Dark it
was our interest to maintain its character; open that depended
the estimation in which tne public would hold the currency; and
a more eetraonlinary recipe fbr government was never heard of
than this—that because some new light bad broken in upon those
hitherto ° in middle and utter darkness," the stets:test meuritici
were to be demanded, and the utmost rigour displayed. It the
directors deservedly forfeited confidence, away with them ; but it
was most unfair that ministers should insist that the machinery
of Threadneedle-street should work as easily as ever, aid with-
hold the very oil from which it derived its facility. (liter, hear.)
His arm conviction was, that after what had passed, if the
loexm,oool. were paid, the Bank would be ready in two year;
or spoiler to. resume catili-payinente.—(llcan)e-Was it not a
tend object at a time like this, when them was somuch alarm.
anal* melt CalbS2 fee k, to do every thing which could trait
quillize nregs minds? Oh but, says the Chancellor of the
Exchequer—J. Who cares for elute'? Hely upon me. and all
will be right." He should reconimerd the aniend,nern of
his honourable friend, an most likciy to truciliate the public
mind, miel to allay those alarms which lead sprung out of
the bad managetnent of the Chancellor of (he Exthequee—
He should therefore propose, either that the amendment
be adopted, or that the House should &Ahearn the further
consideration of this momentous question.—(Continued cheering.
The CUANCELLOU of time EXCHEQUER mithi.thet he wadi
not give a silent vote on this °melon; .bitt it might he imeuted
to him that he gave merely a sullen approbation to the plan pro-
pose(' ; 011 the contrary, he begged to express his meet coma'
assert to the plan, dialling as ire slid that it was most admirably
calculated to eresure that most desirable object, the resumption of
cash payments. lie had always been of opinion that it was highly
important that the restrictions should be removed a henever the
commercild and political relations of the country rendered such a
measure safe and practicable. The right hon. gentleman (Mr.
'f ierney) had referred to the evidence or Mr. Bannm as being in
opposition to the plan now proposed: but a careful perusal of

MAY SO,

that gentleman's testimony would show that be supported the
plan.
Mr. Woman) then said, he should rote against the resolu-
tions which followed the first three; the 4th and sth he most
decidedly objected to.
Mr. lirceituo rose, amidst loud invitations. He said that he
was one of those who conceived the resolutions calcalated to effect
their ohjeet. From the speech of his hon. friend and ether evi-
dence, he was induced to think that the Bank wanted to resume
each payments, but Jul not know how to put theiiltiilrel in
operation. He had heard it declared that the issues of paper bad
no effect whatever upon the price of bullion. What supported
this assertion, or wets not prods In direct contrariety to it? Now
it appeared that the Bank had failed to resume cash payments,
year after year, although year after year called upon by that
house to do so. (Ilear.) It was, therefore, big!' nine that the
matter should be taken out of their hands, and that the house
ithciald feel itself called upon to look to ,the effecting of that
measure. He did not think this a question mall, between the
flank and the ministers; but more between utinisters and the
Ralik and the country. (Ilean) I.e was. therefore, particularly
disposed to amour with his tight. bon. friend in any measure
which might be devised to keep the ministers also under ematrol.
'Hear.) One principle was clear, that those who had the com-
mand of the cimulating medium of the country had the power of
re elating the price of every commodity. This power clearly
resided in the hands of the directors, as controllibg the circu-
lating medium, and it was a moat formidable one. Why, then.
putting thersimestiost shortly, for the application of the measure
recommended hy the sonunittee, the result was, that, hey with.
drawing ascertain quantity of paper from the circulation, we
eitored the remainder of it to the value of hullion, which was to
raise it 5-or 3 per cent. Ileetould not, however, go 010.131 with
the riAt. hon. gent. in hie statement; for in order to rinse the
Paper currency to the value of a metallic one, there most be a
demand for gold over and above that actually in the market. As
to the plan itself undoubtedly lie approved of it: for would they
leave to the Bank directors, a power of keeping out all the me-
tals, and making its currency of paper wily ? A most fearful
and destructive depreciation had at one time taken place, but
flora that we had recovered, and he was happy to rAcie that we
had so far retraced ourstepe. We had nearly got home, and he
hoped the right hon. gent. would lend them his assistance to en-
able them to reach it in safety. He would venture to state• that
in a very few weeks all Warm would be forgettes, and at the end
of the year we should all be surprised to reflect that any alarm
hail ever preiaiL d at a prospect of a variation of 3 per cent. in
the valuenf the circulating medium. ilie own general opinion
was, that an unfavourable state of exchange mast always mixed
from a redundant currency. If corn were impertod and paid for
in bullion, it was a proof that bullion was the cheapest COMM).
dity. Suppose all the Rank notes to be paid in .gold, would not
geld become infinitely cheaper? If our paper had been of any
intrinsic value, it would, liaising become cheap Bum excess, hare
become cheap also. (Hear.) He thought it right here to pay the
tribute of his approbation to the late excelknt regulations Of the
lie entirely approved of making gold the standard, and
of keeping %Byte as a token curiency. It appeared to hie. ei be
a solid improvement in the system of our coinage. Nothing
could be clearer than that government had the power, by limit-
ing the quantity, to regulate the value of silver. Tile lion. gent.
(Mr..I.T. Grant) indeed tied observed, that the silver coin night
be imitated abroad; suppinaing this so be the feet, the value of
the silver coin might be lessened, but that of the gold would oat
therefore be raised. The siiter was nott a legal tender above 404,
and gold might be demanded. It ewe true Chet 1031. might be
offered in silver instead of tool.. in gold; but, this could have - to
effect in altering the relation between gold and all other commo•
He should be happy to argue this question with the
hon. member (MreGvannont ttee'•• Old Merchant." (a laugh),
on some occaxion when it would be less irrelevant to the subject
uncle? consideration. The hon. member sat down amidst loud
and general cheering from nil Rides of the house.
The question for adjournment was then put and earned, and
she other orders of the day. being disposed of, the house adjourned
at under two O'clock.

TUESDAY. MAT 25.
After some routine business the House went into a Committee
the Report of the Feleet Committee, reguMing the resumption
ni ca.z. paement.• when tt.e debate on Mr. Vitra. fowl:: Hoes.
lotion and Mr. Ellice's Amendment was resumed.

'Mr. Aldermen Heywite spoke at length against the original
Itcstilutions..end Sir I. Panel; in favour of them-
Mr. 11. GitaliEY (td Norwich) then rose, but proceeded in so
iow a tone that he was not very audible in the gallery. lie was
nrdcrstnod to reply to the oirgitineata of Mr. l'eel vouching the
st;,ndard of value. ile added, that the restrictions of 1;97 were
'occasioned by A surttlen panic; the debt was then four hundred
.rillions; their golden guineas had then vanished; and how
• ould they expect Liget tlncrri hack again. cow that they had a
debt of eight litindrtil millions? What 'UM( clown the Funds to
•-a;r If the measure were a good one, the Fonds's:lett to have
been now at inn. The reason was this, that the public creditor
began to think that he Amu d never Ise paid at all; any other
feeling would have kept op the prices. The fact was, were they
prepared for a great aivulsion, or an extended taxation with
diminished nscans.

......
Lord FOLK EIITOVE nail, that the opinions of the bullion
committee were now admitted by all to he well founised. No-
thing could more strongly prove the advantages of discussion,. or
idustrate the change that ta.“..; place in the mind by continued
end doe consideration. (hear, hear.) Ile was worry that the
right hon. gentleman (Mr. reel) had said, in iodising a manly
confession of his error, that be felt no shame or regret in doing
so. When the right hon. gentleman had at forcibly and justly
iii• tribal! the great distress which the •systen) occaeinned, anti
s fen he bad at the same dine eurolleeted, that tie had always
.iron his vote to ministers in resisting that inquiry which had
been again and again called' for from his lookirlitp's side of the
house, he could mu help saying, that the right hon. gent. might
Marc spared a little regret, )(not feel SOME shame, that lie lad
isisted in resisting inquiry, :Intl refusing the relief which was
requind. filext.) What were • the opinions of the right hon.
pt vet. (the Chancellor of the Excheqster), whom beef', not see in
hi. place. no man could tell. Ile adopted these resolutions, and
yet he told the henise that he retained all the opinions lie had
ever catertsineh on the subject, opinions diametrically opposite
to the resolutions. (A laugh) The viglit hem .gent. had not
teplained how this emiLl be; and it was extremely difficult to
conceive how the resolution declaring il. and is. to be equal to a
guinea, recorded in that hence, and the resolution giving 41. 15.
fisr an ounce of gold. could he entertained at the same time by
tlt none unchanged mind (.‘ laugh.) Ile did not know whe-
ther the noble'l.ord Ind changed his opinion; if he had, he
hoped his lordship would •seii the house so. The ulnae of re-
curring tough payments. which the revolution embraced, would
raise all money payments about 3 end 5.34 per cent, At that
•rate would the interest (lithe public debt owl art died salaries be
it:creased, lie objected, ton. to the •repayment at this time 0).
0,0001. to the Dank. This nuts could not be repaid but by
a lean. A loan, it was believed, was to be enntrarted for to the
amount of Xit.ooo,ftnil. llyruispig the public debt at the rate of
3 and per cent., the mutiny would bare to pay L.soo,ontil.
mire of taxes. The intereit of the loan of S'l,ort.i.tX OL would
imp( se soother millLm ; and thus the country would hi effect
have to pay 2,3u:es-tot more in taxes. lie put it to the house,
whether the country was able to pay so gust an increase of