The National Register.
London, England, 1819-05-31 00:00:00

that gentleman's testimony would show that lie supported the
plan.
Mr. MA K NIVG then said, he should vote against the resolu-
tions which followed the fiat three; the 4th and Silt he most
decidedly objected to.
Mr. ItteAnno rose, amidst loud invitations. He said that he
was one of those who conceived the resolutions calculated to effect
their object. From the speech of his hon. friend and other evi-
dence, he was induced to think that the Dank wanted to resunis
cadi payments, but did not know how to put their wishes in
operation. Ile had heard it declared that the issues of paper had
no effect whatever upon the price of bullion. What supported
this assertion, or were not proofs 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 h) that
house to do so. (Hear.) It was, theiefixe. high time thi.t the
matter should be taken out of their hands, and that the house
should feel itself celled upon to look to the effecting of that
measure. Ile slid not think this a question only between the
Bank and the ministers; but more between ministers and the
Bank and the country. (Hear.) Ile was, therethre, particulatly
disposed to concur with his right. hon. friend in any measure
which might be devised to keep the ministers also under control.
((dear.) One principle was clear, that those who had the com-
mand at' the circulating medium of the country had the power of
regulating the price of every commodity. l' is power clearly
resided in the hands of the directors, as controlling the circu-
lating medium, and it was a most formidable one. Why, then.
putting the question shortly, fur the application of the measure
recommended by the committee, the result was, that, by with-
thawing a certain quantity of paper from the circulation, we
re;toreel the remainder of it to the value of bullion, which was to
raise it Yor 3 per cent. He could not, however, go along with
the right. hon. gent. in his statement; for in order to raise the
paper currency to die value of a metallic one, there must be a
demand for gold over and above that actually in the market. As
to the plan itself undoubtedly he 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 parr only ? A most fearful
and destructive depreciation had at one time taken place, but
from that we had recovered, and he was happy to reflect that we
had so far retraced our steps. We had nearly got home, and he
hoped the right hon. gent. would lend them his es.istance to en-
able then) to teach it in safay. Ile would venture to statc, that
in a very few weeks all alarm would be forgotten, and at the end
of the year w should all be surprised to reflect that any alarm
had ever retailed at a prospect of a variation of 3 per cent. in
the value of the circulating medium. His own general opinion
was, Oat an unfavourable state of exchange must always proceed
from a redundant cut rency. If corn were imported and paid for
in bullion, it war a proof that bullion was the cheapest commo-
dity. Suppose all the Bank notes to be paid in gold, would not
gold become infinitely cheaper? If our paper had been of any
intrinsic value, it would, having become cheap from cacaos, have
become cheap also. (Hear.) lie thought it right here to pay the
tribute of his approbation to the late excellent regulations of the
Mint. He entirely approved of making geld the standard, and
of keeping elk, ras a token curtency. It appeared to hint to be
a solid improvement in the ryetean of our coinage. Nothing
could be clearer than that government had the power, by I -
in 2 the quantity, to regulate the value of silver. 'file lion. gent.
(Mr..l. Grant) indeed nad observed, that the silver coin might
be imitated abroad; supposing this to be the fact, the value of
the silver coin might be lessened, but that of the gold would not
therefore be raised. The silver was not a legal tender above 405.,
and gold might be demanded. It was true that mg. might be
oflCred in silver instead of lo 01. in gold ; but this could have no
erct in nltaring the relation between gold and all other ermano.
dities. Ile should be happy to argue this questhin with the
lion. member (Mr. Grant), or the **Old Merchant," (a laugh),
on some occasion when it would be less irrelevant to the subject
under consideration. The hon. member sat down amidst loud
and general cheering from all sides of die house.
The question for adjournment was then put and carried, and
the other orders of the day being disposed of, the house adjourned
at near two o'clock.