The British Press; or, Morning Literary Advertiser.
London, England, 1818-05-02 00:00:00

I " '
•
titles. whereas tinting the afenstlen et the lass,
they rose to tee. a feet ailiewitig that when a couis-
try was obliged to make great reenttances, expor-
tations would naturally follow. Ireland fussed it pos-
sible to 'Valli two ur three milliotw annually to her
absentees, without either specie or coin. What then
Could it be in—filit eXportations of goods, which
overthrew the Right Hoe. Gentleman's opinion.
that remittaiices lions a country were orcesserily
smutted with a disappearance of the corretcy ?
The Right Hon. Gentleman hail referred to the
opinion of the Bank; but in his apprelieusion it
aliewed no arguing uu prineipleie mud nothing but
an retention to their own interests. The first and
principal objection to the plan of the Right Flan.
Gentleman was, that by adopting it. we lost the op-
portunity of Coadibededig a gradual return to cash
payments. Another great incoevenience resulting
from it would be, that it would cause a great ad-
ditional issue of paper by the Bank of England,
and by country banks. If this went on, the same
things *soukl happen as had already. Gold would
rise—the exchange would fall...emu! the Chancellor
of the Excliegser Would again conic down to the
House, and say it was impossible to returu to cash
payments. It appeared to him that the plan week'
go on from year to year, and was little likely
soon to terminate It appeared to him that so
long as a loan was urcessiary to the Chancellor of
the Exchequer, so long there would be no sincere
desire on the part of the Government that we should
have a resumpt of call payments. He accord-
ingly cense to this. conclusion—that as loans were reit-
dered necessary by the excess of OUT expenditure over
our income. it was our
,grand object to briug down
the former to the latter. He trusted • more rigid lo-
quiry on that subject would Le Distituted than had
yet taken place : till that was done we should
newel he able to get out of the difficulties that sur-
rounded us. both with regard to our currency. cud
of arisen other descriptiosis.
Ms. C. theatre aid, that there was one great
practical questiess before the House, to be decided
on its own grouude-seiantely, whether this was a
proper waste, to resume cash payineuts ? The
Right Hon. Gentlenesu had introduced other and
important ones, but whether his views of them had
been correct or not. it was better to discuss them
separately. The Redd Han. Gentleman had gone
so far as to sly, that to continue the restriction
would be brake% faith with the country—a viola-
lion of the-pledge publicly giveu. But hew could
that be said ?—lsom far had a pledge been given ?
Could it be for a moment supposed that the Legis-
lature hail hosed itself to resume cash payments at
a specific time without any reference to cir-
cumstances ? It had undoubtedly so far pledged
itself, that it was sincerely desirous to resume cash
payments the tempest it could safely be done,' bet
no further. Two dings might prevent • re-
sumption of cash payuseets—an inability on the
part of the Bank; or. supposing that not to exist,
something in the siesatinn of affairs to render
it inconvenient and impolitic. To remove the for-
mer, Goverument have done every thing they could.
sod the Bank were quite ready to pay their notes
in specie, whenever the Legislature might deem it
prudent to allow them..-but the situation of the
country was such. that it was not in the power of
the Government to recommend, or the Legislature
to permit that. while the general aspect of things
remained as at present. It was not at all necessary
to prove that our present situation was precisely
parallel to that of 1797. The question now came
on its own merits. To return to a metallic cur-
rency now, neght mat strongly rivet in the aphids
of the people that prejudice which had been lung
growing up in them. The saddeu distress which
might possibly flow from it. might more deeply ha•
press on them the belief that they Could altoge-
ther dispose with such • currency. The measure
would at any time he attended with • considerable
pressor,. How unwise then to choose that time,
when the circumstances were most unfavourable.
the difficulties most formidable ? The contraction
hi the paper issue would be attended moreover with
the difficulties of the greet operations on the Con-
tinua. On the occasion of the Austrian loon of only
four millions. in the year 1796, Mr. Boyd said it
was impossible to be effected without a great fall
iu the exchange. The question altogether Wad
one least fit for • Committee. All they could
give would be opinions and conjectures an fact.
equally well knowu to the House as to them.
and on which it could just as easily come to
any certain conclusion. He said this front the
carious contending coaaiderations that west be
brought into the calculation—the stateof commerce
in foreign countries—the exchanges—and the
consequences of the politics! convulsions all through
the Continent fie contended that prices had its.
financed the currency, and net that the currency
had had au influence on prices. Of the Bulliou
Committee he must always speak with the graitest
respect; bathe could not shut his eyes to what had
since been forced on him by facts—that they had
not attributed sufficient effitascy to the effects of the
great agitations of Europe. If, then, such men as
the Members of that Committee had falleu into
error, could more be expected from another. how-
ever constituted. They indeed had carried their
inquiries to a certain stage, but there they stopped.
They brought the readers of their Report to the
verge of a besoltr ; they had, in point of fact,
attempted to define what was in its nature indefin-
able ; the distinct effects of various, multiform
causes operating on a system, at a time when all the
establishments of the world were in agitation. One
circumstance (he believed not generally taken into
account) 'night materially contribute to raise the
price of gold, namely, that Europe was undagoisig
the same operation new, as England had undergone
at the cousineneenient of the last century, that gold
was becoming the standard of value iii place of sil-
ver. Using into the Committee. probably without
any practical results, would produce a great apts.
totem in the country, not to be counterbalanced by
ray alight benefit it might eventually give rise to.
Mr. J. P. GRANT said, that the grounds pro-
pared by the Right lion. Gentleman (the Chan-
cellor of the Exchequer) for continuing the re-
striction on cash payments, were of two descrip-
tions : some so clear to himself, that lie did not
think it worth his while to explain them to the
House—oed others which he professed himself un-
able to explain to himself. He by no MORN RS'
seated to the position. that, became the itate'wes
complicated end difficult, it was therefore unfit
for the consideratiou of a Committee ; On the

. •
r Contrary, lits-ellimplesity wed diffietilty Wilt the very
reason why it shamed be referred to one.—(llear.)
He now understood that the operations of other
commie. were to be converted into a general prin-
ciple. applicable to the state of our own currency,
us regularly exercising a inateriol Maurice over it.
Before the House sanctioned the estOlslisliment of
such ■ principle. on the words of the Chancellor of
,he Eveheiturr, it were well to have the matter
fairly and fully rerouted, and sifted to the bot-
tom by a Committee.- lie did not think that she
real ground of his measure was that aasigned by
the Right HonOunible Gentleman—be thought
the foreign loans had uothing to do with the neat.
ter. The Right Hooeumble Geutlemais had stated
that there was a mistakein the preamble of his Bill.
and that it watt° be altered. He supposed alto
Sind words to the following effect were meant to b;
intredseed Whereas, the French Government
is about to costract 4 loan, or loans. iti which
British merelsauts will probably take a part...mid
Whereas, it is au established- principle that such
operations ,materially influence the price of
specie," etc. If the Right Honourable Gentle-
man would thins correct NS mistake. end lie
supposed he would, be was entirely mistaken ;
and if he could skew that the Right Hou. Gent.
was mistakes. h. would have.skewed a ground
for the appointibent of tl Coutimithet. He would
admit, that the Bank was now unable to resume
its paymenti. but this was another reason to accede
to the Committee. riot one of the alleged reasons
fur Slit coutiusatioo of the restriction, whether the
foreign operations, or the state of oar coin, or any
other, but was a fit subject of consideration for,
it. Geutletuen wished to have it thought that
the Austrian luau was the cause of the sm.
peusion of cosh payments in the year 1797. But
on this he would observe. Ist, that that loan never
took place ; 4d, that Mr. Pitt said, the Bank were
wrong in their opinion; 3d, that the Prussian loan
in 1793, produced no such effect as they appre-
heisted. The evidence given by Mr. Boyd. the
agent fur inausging and remittime the Austrian
loan, proved that the whole of the money remitted
pissed through his handa—that a very great
:pro-
portion of it consisted of bills of exchange and
foreign bullimi—thet the cash remittances were
principally 1.043,000 Swinish dollars, and 150,000
French. louia-d'ore, of which the greatest Iran
was purchased at the Bank of England. That
of the loan in 1796. the principal was also
remitted in bills of exchange, cud none in coin or
bullion. The House would find, on referring to his
evidence, that during the greater part of the tune
while these operations were going on, 110 guess could
have remitted gold to Hamburg% without loos—that
gold could heve been imported with profit. Yet
we were told that foreign loans caused the suspen-
siou of cash payments, lest all our specie should be
drained away to the Continent. The Hon. Mem-
ber quoted Mr. Locke, to phew that gold end silver
should be considered in reference to the causes of
their rise or depression iu value. like any other
commodities ; that a scarcity would produce an
increase in price, mod a glut *lan. The fact was,
*that the !esthetic/a hid out ariMegfrom any riweiga
transactions, but the idea** to the Govern-
ment. The correspondence .between the Bank
and the Government. at the time they were get li
-
ting into ditficultiee. was full of applications
entreaties, and remonrences on the part ofremonstrance. the
Bank for the re-paysnelit of tbeir advances.--
The result of this correspondence was, that the
danger, such as it was, arose altogether from. au
excess of issues on the part of the Beak. Us their
desire to accommodate the Government; and that
the remedy, according to the evidence of Mr. Giles
before the Lords' Committees, was to be found in
the repayment to the Bank of these advances.
Whet then, be asked, was the difference between
the state- of affairs iu 1797. and the present ono.
smut, that could induce the House to refuse a
Committee of Inquiry now, when it was considered
so essentially necessary at the former period? An
Hon. Gantlet:mu (Mr. C. Giant) hail stated (me
reason for the increased price •f gold, namely,
that it had become the standard of value all over
the Continent. The force of this argument lie
could not pretend to understand. hut lie could
easily conceive how the price of gold might be af-
fected in this country, by the circumstance of there
being in circulation at the same moment a gold
coinage at its full value, and a silver coinage much
below its actual value, the result of which was dis-
cernible in the disproportion between the prices of
gold and silver in the market. Gold had now risen
to 4/. 2s. while silver lied risen to Si. 3d.; but
while gold was estimated at the Mint at 31. 171.104 d.
he could see no reason why persons would pay in
gold, when they might make several payments in
silver at a cheaper rate. While these circumstances
operated. lie could entertain uo hopes of having the
Bank resume its cash payments. it being, iu foci,
as impossible fur the Bank to maimain the gold cirs
ciliation of the country. as it MIS to build a reser-
voir with a hole in it. Every seirereigu coined
would vanish es speedily as did the sem of
2.500,000/. lately issued to the country. This,
however, was nu reason for continuing the resole.
Sion on cash payments. without a.previoas inquiry;
and, indeed, from the specimens of 'modal verso'.
cuity and decision lately evinced by the Chancellor
of the Exchequer, he did not fed himself very
.ready to pM his faith upon the Right Hon. Gentle-
men's assertions.
Mr. Hoax tssON rose amidst cries Of " chemfors
which rendered the commencing words of the Right •
Hon. Gent. somewhat inaudible. Proceeding. he
referred to the Report of the Bullion Committee,
which, whatever reproach and ridicule might Enoch
to the assertion, be could net avoid coneideriug es
au able, luminous, and satisfactory exposition of
the interesting subject of which it treated. II had
been prepared by a Gentlemen (Mr. Horner) whose
enlarged mind was well calculated to iuirWstigate
any subject with precision, but which bed been
applied to this question with peculiar success. He
could not coached* this brief observation of that
distingssiehed individual, without imperilling his
regret that he were not then present to emir their
deliberations with the -force of his eteerming. end
the accuracy of his judgment.—/Loud chesriag.l
—The Right Hon. Geodemen then adverted to the
state of the question immediately before them, and
observed, that he had that night come down to the
House, its the full conviction that 110 dissent could
have been expressed to the principle that an Mere**
of a paper currency must have the effect of iucreas-

~:.

... .1. ' .
lug the Aces :is: of
euur.,:t gold and salver, ai,d bills ott.oelcheirge; for
kletsyeal definition of • 101 l ilknitchange.oves " ar.
i!oaetitnent to one country of so sailsokoMe bsltimn
of reuniter, as was represented by that .The
reverse had, however, beet, .vested. IFlefiere read
some extracts from a hook lately pliblishad.liiifftleff
" Ua the Approachisig Crisis," which. to his u:ind,
was writtee w extremely errotwous principles. 'The
principal argument advanced in suippurt ofthe Bird:
•restriction WAS. that, if the Bank were cusupel!erl
to resume train peyinerrei, the issues must be' *so
very much contracted as to be attended with canoe.
quences-very istjunitos to the cousitry. and that die•
mine confusion must lie exPected. from it as had ,
beets wituesseil in Idle sad 1816. This, iiideesl,
was the only argunieut theeeould be urged-- in fit.'
vow of the Measure. The ideas of the.Bauk had,
however, in lus mind, a very considerable Videotext
optic the rate of foreign eichenges. These must bid:'come utifaeouraible to a country witnessing only •
paper correticy, not transferable at will iuto cash,
should it increase beyond' a fair proportitne
with the currencies of other countries. Its 1816,
when the curreocy of the country was considerably
diminished, the foreign eschatology,s were forced to
au unnatural state in favour of (least Britain ; and
in hi. tenet that was a favourable time at which the
Batik of Emden,' Might hare resumed earth pay.
meets—/.Hear, hear, fro". the Opposithial,-if.
prepared in other respects. He was also of.opiisiou,
that had the Hank then resumed .cash payments,
the amodut of geld already issued. and which has.
so suddenly disappeared, would have been sufficient •
to have enabled the Batik to maintain the cash ctn.
culation of the country,—/Load cries of Hear,
hear, from the ()pposiiims.)—The state of straws
was. however, widely deifereut et the present pe.
riod ; and he would ask the House if they were
prepared to compel the resumption of cash pay.
silents at the moment when the Government
of France were about to uegociate a loan of
thirty millions sterling, and when the Govern.
lutist of Prussia had just concluded one in this
country, of which a very large proportion bad been
transmitted in specie? It had been slaked, what dif-
ference existed between a loan to a foreign Govern-
ment, and the effects of .the usual desire displayed
by tunny persons of seeking a larger interest for
their money its foreign countries ? To his, mind
there was a great difference, because it appeared
from experience. and from the very necessity of con.
tricting the limns in this country, that the foreign
Governments lard slot succeeded in inducing persons
its this country to transfer their capital into the
foreign finish*, and that without this supply of British
capital those Governments were wholly incepts*
of performingauy great financial operation. It had
been stated that Mr. Boyd had given in evidence
before the Committee, that lie had transmitted but
a very inconsiderable pert of the Austrian loom in
speck ; and it was thence argued that a foreign losu ,
was not calculated to produce any greet effect upon
the price of bullion. But of the actual amoutst
witted in matey its ally one luau it would be dials
cult to speak with accuracy. It was not cornet
that loans lien generally transmitted tierchan.
dise. The fact was, they were snore usually trans.
mitted in bills of exchange—/Hear, hear, from
the Opposition)—which lie was ready to admit
might have beets purchased by merchandise—
(ifter, hear)—but should the result of this cow-
inertial operation leave against the country -41
balance, it must be eveutually paid in gold .04
silver. He then adverted to the unfavourable elfeet
produced on the fureigu exchanges, even by the
Austrian Loan in 1797, when the issues of the Bsaak
of England had been very much contracted.. The
distress which occurred at that period had been at.
tributed by Mr. Henry Thornton, iu Isis evidence
before the Lord.' Committees, to the great diminu.
Lion of the paper issues of the 121ank ; and even Mr.
Giles, whose authority had hero so triumplututly
stated on the opposite side, had given his opinion.
that were it not for the restriction the Bank would
still further contract the circulation. With
respect to the immediate resumption of cash
payment., the measure seemed to him in-.
compatible with the existing state of affairs,
nor did lie think that the Home could in any
degree interfere with the internal regulatiass
of Ilse Bauk for determining uu the best means
for attaining that object. Hr feared that in, any
attempt they could make, they were pieced very
much in the betide of the Bank of England.--
(Load cries of Hear, hear!)—He meant thni
the House could do nothing more than deeleee-j
the tinte for resuming cash payments, but meeo
leave the means with the Bank itself. He thought
that all the advances made by the Bank to the'
Government ought to be repaid before the re**
sumptioss of awls payments. These advances moat,
in the first plaice, lonic the meatus of the Bank to,
procure gold. The facility of acquiring gold must
depend upon the rate of exclinges. Theseshould
be carefully watched by the Batik; and the 'mount
of their issues uught to be cautiously and graduelly
reduced to a state similar to the circulation its other
countries,. With respect to what had fallen from
the Honourable and Learned Geutleanan. in.
regard to the differeuce between the gold and
silver currency, he had forgotten that silver was uo
longer a standard of value, and that a person core
trying silver to the Mint could no longer prpcure.
coin for it at the rate inserted in the. Mint minute.
This made en important distinction its the present

A ,fi

tlie Continent ; av lire cont..-
..rout! States did trot eujny the credit possessed Icy
this eiruotry. and were thereby debarred fioin
creissiug their paper currency; the result was
discernible iu the ,great confusion inn, deteriora-
tion of property that had, taken place on die
Continent during the two lost ye.irs. r Indeed he
had no liesitalani w sayiug that much of the ilo.•
tress which had prevailed; ippon the Cnotinemi was
family attributable to the purchase of bullion by tile
Bank of England.. He thou arum l.rd on.the great.
stimuli* the tnerehve of the circulating neediurn
'had gleams° the arts and industry of lists, cool/try,
Ijut while the I;elirral appeardoce of the couanry
was improved, and its prosperity promoted, it WA
mach to be laitented• that the comforts and rewards
of the labourere had 'ken mutely redoced. The
populatiou of the country hid increased iu
proportiou to the rapidity with which the c..ree-
luting medium had advAliced ; hot ,though there
was asincreaied demand ter labour, its wages
were diminished. "This he chewed i,y referenCe
to the prices of corn for' the. taut crow ry. He.
m
stated, to she" the ininreveent of the country,
that from •the ye5...1.658'1u 1754,
.there had not
been one Hill of Enclosure, 'end this ministry im-
ported corn. There were, from 1754 to 17964
daring which limit there had been a rapid increase
of the circulating medium ,by imparts from the.
es of America,. Bill* of Euclosure to thicuutti-
ber of 3,500, mind tins tountry became ass 'limits
ing country. 'He. was very glad to heir that the
Right Hon. Gritilemendid not think there was so
much- danger to be, apprelwieled from the Illink'*-
resuniug cash .payments, es some iudividuals
teemed to suppose--who appeared. to imagine
that a complete revulsion would _take ptave in the
state of the.country if such 4 Measure were resorted
to He believed that nothiit had tended more k,
create alum in the country. than- the clatumor
which was raised on 4he subjees,of ;he resaintitinis
of cash permute by the-Book. - He felt, ow he at.
ways had done, that theilleukheit•arielit, *slime es
possible, to resume thugs iirryissenrawssuid 'he wes
convinced, that, by a grediteletemperete, and ea tim
tions cooduet, the resumption might take plate
without risking any materiel elteestion.,iu the
fairs of the empire. This, however, could only. be
,done by a proper Fervency to the circuuntences of
the country—and toting care that the emotion 4.t
the circulation tended. to place our course yf ex-
change on a par with that of 'other countries.
Lard Foi.xstoNe said, that, two years ago the '
Batik were declared to be preparing for the resump-
tion of cash paymeeti-,-that period had elapsed,
and it was tint a little extraordinary to find, that
they had matte so little propels, as to be obliged
again to call for • renewal of the Surpetoriois
Before they proceeded further, en inquiry Night to
like place. Ministers,. however, appeared deter.:
mined to persevere. They wore, he perceived, .
going to embark in this melancholy career, witleeit
a single Bout Directcir its the House.—/!lean. )
Not only that, but with a decided difference of
opinion ail • those individuals who spoke from
tise, Treestary es t. -for 41‘•• Holm •wowld
collect, that lb* Right .Hotioorable Geistlesnau
who spoke last, -had absolutely. laboured to over. •
turn the whole of the tensioning made use of by the
Right Hon. Gentleman who -first *poke from the
opposite side ; And it was not a little rerintrkable. •
that one of the leadiug Members of the Cabinet
(Lord Castlereagh) lied offered no opinion whatever •
on the subject.—(Cries re" He is iudisposell.")—
The Noble Lord concluded hie speech by calling
on the dodge, if. they Valued their character; to
concede the Motion. •
Mr. S. Tnoltutrolt-observed, that, on .two nets.
lions, the Bank were elution* to resume their cask
payments, but circumstaocits, over which they had
no control, had prevented them!' The resumption
of atilt payments would ingke them comparatively •
isidependent rain—for.they would then be nis longer
subject to those questioas.which were daily pressed ,
on theni. and those asperities that were hourly used
towards them. • In the present Sessiou, he believed.
17 haressing Motion* 'Were subtnitted tostlie House -
on Bank affair*, cud several others Vrete•now prints
ing.
Mr. P. Lewts argued strenuously in support of
the appointment of n Cothmittee.- .•
Mr. OftERIP9LL took a succinct view of the vs.
• rious reasons which the Chancellor oftise Exchequer
had adduced, at different periods, for continuiug
• the Blink Restriction Act, which. he conteuded.•
were utterly insufficient to satisfy any wind that
had taken the subject into consideration.
Lord CASTLERBAGIN opposed the appointment of
a Committee. He defendtd the grounds ou which
. the restriction of cash payments was coiled fer, and
observed, that the appointment of X Committee of .
lbquiry would only 'produce false iinprelsions, and
. .
mislead the public mind on this important subject.
Mr. TutyxisT replied. This, lie woo perfectly
cOmiineed,sein the last struggle for the resumptitni
of each payments—and if. alter one night's discus.
sloe, the House. 'hewed themselves determined .to •
resist inquiry, there could be, itocingst the public.
but one opinion, 'ninety, that, for, some concealed
reason or other, Government were determined nut .
to suffer cosh payments to be resumed. .
• • The question being loudly called for, the Flow"
divided, when there appeared—
Foe tbehlotiso
Agaisst.it • edrie..iLe 164

instance, from the state of affairs in the • reign.of , Majority. ***** ••• tiS •
Charlesll. when • slight alteration in the relotioe * On our re... Omission to the gallery, we found the
CitaxcuLunt of the EXCIIERVER snothog the ~
values of the geld and silver coinage. caused the
. coimsdr.reoßtiolgueofute
jibe
,Boppeatikiediteeittipricatisolllloßdiellb.a
disappearance and restoration of either; its, they •
happened alternately or respectively to be affected.
The Government now retained the power of regu. been taken on int principle. - - • • debate had
laUng the exact smostet of, the silver coinage of the Mr. BRAN ITT mooed, as an etnendarent, " That
cowatry, and of preventing it front exceeding what-• this House do tow adjourn."
ewer wee considered tiecessery for the tnere par. . The gallery was cleared, but the question did
poses a exchange. The Right Hon. Gentlemen ,not go to o dimwit.
then adverted to the effect :produced • upOn -this • The Bill was then rata:the second time.—To be.
country, end, iudeed, upon all. th 4 Cimtinent of committed on Monday.
Europe, by the facility enjoyed by Great Britain of • The House went into a Committee on the Slave '
exteudistg her paper .circulutisn.• h was•like the l Trade COWIIIIOII. A Resoluutou miss agreed to.
effect that had teen found •to arise froM the dui.. • The• House resumed..—lteport on Monday.
cevery of the 'nines of America, for byincreasing • Sir T. ACLAND moved tor, and obtained leave. •
the circulating medium over the world to this I to bring in a Bill' to prevent the destruction of
'mount of forty miktio-oe, it proportionably facile- I Salmon in the Rivers of Eiliclaiiilt • The IPiti.
toted site means of Wrier, mod gave a stimulus to 'Baronet ivauealiatrly biought in the Bill, which
industry. In proportion, however, as the Batik of I was read the fir.t. awl ordered tube read the
England had found it necessary to purchase second time, on Monday next. _ -
.gold on the Continent to meet its enga,,,,,eineuts t Adjourned at HALF-PAST TWO O'CLOCK
with the public litre, the circulating medium of I till Monday.