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

THE NATIONAL REGISTER.

was known—he need not repeat it.—(Near 1)—To cccomplish
this plan the re-payment or advances from the Bank was required ;
but the re-payment of the 10,000,000/. were not required to be
done iinineeliately. kitit gradually. It was also desirable that
there should be a change of the nature of the intercourie b...
tween the Government and the Hank..—illear h—and front
anxiety to relieve the Ihink from burdens and e.:res far the public.,
he called on the [louse, by a greet effort to restore that currency
and system which would put an end to such severe carat.--
(Hear, hear !>—l le then went on to deny that such re-payments
of the Government advances would narrow the issues ; lie denied
that such 'wilt would nece.,sarily follow; he was not sure that
they ;night not foetidly extend their hones. The plan to be
prepared with bars had been unfairly represented ; and he asked
whether the piles of gold had risen or fallen ? Ideal gold aim-
tnandel more of any oit given artiele ? It was fallacy to say
that taxation had ad vatited fie price of gold. He concluded
reading the series of tevlutioas as those which he was
in►tructed to move:--

•"l'hat it is expedient to continue the Restriction on Payments
in Cash by the Built of England, beyond the tune to which it is
at present limited by law.
•"f oat it is expedient that a dc:inite period should be fixed for
the termination of the Restriction oa Cash Payments; and that
pteparatory measures should be taken. with a view to facilitate
and ensure, on the arrival of that reriotl, the payment of the
Promissory Notd of the Bank of Lngiand in the legal coin of
the realm. - -

That in order to rive to the Rank a erecter contmul over the
issues of their totes than they at present posse-it provision ought
to be matte fur the grialuAl repayment to the Bank of the smut of
Ten alillione bring pert of the sum due to the Bank. on
account of advance wale by them for the public service, and on
account of the purchase of Exchequer Rills under the authority
of Acts of the Legibleture.
66 That it is expedient to provide, by law, that front the let
February, Iwo. the Rank shall be liable to deliver, on demand.
Girl I of standard fineness, having been assayed and stamped at
his Majesty's Albite a quantity of not less than Go ounces, being
required in exchange for melt 1.0 amount of Notes of the Bank
a: shag be equal to the value of GULL so required, at the rate
of 41. 15. perounce.
" That flout the lit October, 1820. the Bank shall be Bettie to
deliver, on demand. Gold of standard fineness. assayed and
stamped as before mentioned, a qttaritity of not /me than 60
ounces being required in exchange fur smelt an amount of Notes
as shall be equal to the value of the Gold so required, at the rate
of 51. 19s. 611. lar ounce.
" That from the eg May, tett. the Bank shall be liable to
deliver. on demaud. Gold of 'undo:it fineness, sewed and
stamped as before mentioned. a quantity of not less than sixty
ounces being required in exchange our such an amount of Notes,
es shall be (lea] in value to the Golds° required, at the rate of
51. 17s. WO per ounce.
" That the Bieekanty, at any period :between the Ist February,
1820, and the Ist May, libel. undertake to deliver Gold of nanii-
ard fineness, assayed and stamped as before mentioned, at any
rate between the sums of 41. Is. per ounce. and :;!. 17e. I it:el. per
ounce ; but that such intermediate Fate having been once fixed I
by the Wink. diet rate dull not be subsequently me:eased.
" That from the tst May. ise:s. the Bank shall pay its Notes, '
on demand. in the legal min of me realm.
That it is expedient to repeal the laws prohibiting the melt-
ing and the exportation of the coin of the realm."
The do ee first Resolutions were agreed to neon. con. and on the
fourth being put.,
Mr. ELLICE rose to propoise, an amendment. Though it
might appear preeumptous in bin to chain the attention of the
house, after the very able speeen of the Right Hon. Gentleman
who had just sit down ; vet he could assure them, that he roe
with no presuraptous feelings, but he thought it thus to himself to
state his objections to the proposed resolution ; when he did so,
he did it front no hostility to the general principles of the report.
He would first propose, that the Government should be cont•
peeled to pay the Bank the advances specified in the third resole-
tem of the 10,000,000/. His reason for this wet. that the Right
lion. Gent. (the Cheneellor of the Exchequer) had already Weil
in fulfilling his engagements to the Bank. In the last year a
payment of 9.000,0011!. was promised to the Rank by monthly in-
stalments of 1.(100000/. ; but it apeeAred that iu May only
500.0001. or 60040 E. wire paid, that tanking was paid in June.
noshing in July, and that in August, it-eiead of laying, he went
to borrow money from them at a loser rate of lIMITeSt. The
Bank was, therefore. almost justified by the conduct of govern-
ment to diem. The first resolution he would propose as his
amendment. was leaving out the words After " that ' in the fourth
reselution, to substitute the following; •• it is expedient to order
by law, that the sum of 9,000,000t-tit' the bank advances to go.
ve:nment be repaid, by monthly instalments of 500,000/. beenn-
ning with the 10th of June, and that no intermission take place
till the whole be repaid." Having thus explaiaed the nature And
object of his Host amendment, be would now proceed to state the
other resolutions which he proposed as amendments of the Right
Hon Gentleman's revolutions. The next was,—" That. in the
opinion of this home. Cie Bank ought not to advance any money
I to Government on Exchequer Bills, or Treasury Bills, beyond
the present stun advanced by them, ur beyond the sum that shall
' remain due m the Bina aft the 10.000,000/. are reduced, with-
out the authority of Parlienunt." The oh'ioet of his next revo•
lution was to put it in the option of the Bank to pay in the legal
coin, or in gold. tit the Mint prim. The rmolution was, " That
the Bank have it in its option to pay after the Ist of May, its 2
either in leeal coin. or in gold, at el. tee. 10 d. per ounce." Ile
had one other amendment to propose, which was. " That after
the Pit of May. 1811, the Bank pay us notes in dm Ice! coin of
the realm." With the last resolution moved by the Right Hon.
Gent. no person could find fault, all were agreed as to the expe-
diency of repealing the laws against the nicking and exportation
of min. He begged pardon of the House for having occupied so
much of their true. (Hear.) But from the course of conduct
adopted by the Right lion. Cletheellor of the Exchequer, he felt
himself bound to say so notch re pectiog the degree of cvntitleace
to be placed in Government on this omit, ion.
Mr. BROC•DEN read the 401 of the original resolutions. and
tile resolution propoeel as an client:intim. add put the question.
'air. 1. P. GRAN r said I.e Al 3 CU1111t11:4,1 that tit e proposed snot-
sures world not be (,r nt,lity.
Mr. W. Port: went i •to el lung detail of the Mint Regulations
as affecting the titte,:iou of Is melitifie currency.
_ _ . _ .

Mr. 'ft Nt:;" N.kidi he had heard v.it:i the utmost satisfaction
the Speech of the light lion. '.siitl-na.n who had proposed to
the House the Remlutims which thy were that evening called
upon to tit. as. lie could as.ute Min, (Mr. reel), dud if a com-
pliment from N4ll humble an individtid as Lints.]: could gi% c him
any gratification, he wouuld gladly offer it ; but hi truth he was
afraid to do so, led would he thoih;lit to be paying a compli•
meld to Ca: piitic.idcs which himself and many of the friends
around Lim It. I a 0n..4,in4 for a long scri:s of years. It
was, of silicae pieasure to him it hear those
max •• I so long inen eon:ending avowed a; max-
ims .it , tiy it. t• it house, especOilly us such aniplejuatice
1,4,1 1,, Inc(a to ti... 11 by the flight. lion. Gentleman who
now. for the ;hid duce, adoptd hiem. Ile had to return him
Isis sincere thaniat tar this smicz, and above all. lie had to return
Lim for the nisi and eloquent complimmt which lie had
paid to the mccnory am, mu dear and lamented friend cf his. lie
should Lie retinxed sua graulLation f...nu the events of

~~~~~~

MAY 31.

the preseet evening, had that Mend (Mr. limner) been alive to
alines. the establishment of thou, principles which he (Mr.
Homer) had been the first to propose to the attention of Parlia-
ment. Tito eloquence with whielt he had explained. and the in•
yenuity with which he had defended than. had always attraeted
the ailinitaiion of the House. but it was reserved to a Liter period
azknowlalge that they were no 1.4.14 true then they were Inge-
Mous. 'here was another instance, to which it was sesrcely
necessary for hint to refer. where a 'intik,: run of ju.tice hail been
done to a man. whose loss was lamented and regretted by every
individu :I whom he had the honour of addressing—he meant Sir
Samuel Hominy ; the plans which that illustrious character had
propo•ed Mr the amendment of the criminal law, though ridi-
culed and *ejecta' as wild and impracticable theories during his
lifetime, had been adopted since his death, and taken into the
moat serieits oonsideration which Pelham:nu could give them.—
(Hear). The Right lion. Gent. had just done justice to one of
these ilietingui.heil characters; and he 'meted that it would not
be long before the House would do justice to the other. (Loud
cries of hear.) lle should not have risen, at lancet this period of
the dehete, had he not been personally allotted to as the only
member of the Committee who had declined giving his arsent to
this plan ; this was not exactly the feet. although he was the only
percon who had effecueilly expressed that difference of opinion.—
Ile (Mr. T.) much lamented that he could not concur in the pro•
position that had been submitted to the !louse; no man was more
anxious than himself for a resumption of cash payit. Mats ; no man
had perhaps shown less lenity to the Bank due:eters, but justice
uoglit to be done to all parties. He would state plainly and
without reserve los reasons foe preferring the amendment of his
lion. friend, and foe recommending it to the house for adoption.
Ail were agreed, at least he hoped that all or nearly all were
agreed. that the sooner the ancient standard of value was restored
the 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 interaa 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 (ruin the
monstrous doctrines; that had been broached on the other side.
lie war well convinced that there was no security fur the empieo
but in a recurrence to a utetallie citraney, and the only dispute
could be, whether the method of re.toring it now proweed, was
such as ought to meet with the approbation of discreet men. The
plan of the right honourable gentleman, or rather of the commit-
tee, lay in a narrow contras. It was, that the Bank, in Feb.
next should pay at the altered standard of 41. is. all dernenda
upon them to the extent of GO ounces of laid; teat in October
they should pay them in gold at the rate of We. tid.; and by
the Ist of May. 1820, revert to the old Almt standard of
31. 17s. but it did not stop here ; for the plan was to con-
tinue fur two years fro:u that date, during which the Rank 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 shall have a prospect, though a
distant one, of enjoying once more the blessing of a metallic cur.
rency. The country was much indebted to his hononreble friend
(Mr. Ricardo) for employing his mind, so well endowed upon 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 his plan : it was a
all
of a totally different
deeeription, 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 wine sort
of stepping-stone to Mr. Ricaxdo's plan (for it was idle to
conceal the name) might be prudent ; but he could not without
alarm and abhorrence ae an attempt thus made to, introduce for
no less than 18 mouth;. a standard of value unknown to the
usages of this kingdom: it was in fact raising the price of god
because the price of paper was lowered. As to the opinion of the
Bank, was it unfair to suppose that the Bank directors might be
converted ? He did not coutend that the whole of thoie gentle-
men were all warranted in entertaining the strange and wild
notions they had promulgated ; but practically how did the mat-
ter stand ? The Committee maintained as an abstract principle,
and as statesmen and philosophers, that the i..stte of paper
governed the price of gold; but the directors not pretending to
be judge. of political economy merely replied, that there would
be a run upon them, and they must call in their piper for the
purpose of protecting themselves. The issue then was between
statesmen and philosophers, acting upon solid principles of poli-
tical economy. and Bank directors who considered only their own
peculiar convenience and private interests. The argument on the
other side amounted to this, and nothing else—tlat the Bank of
England wa. no longer to be trusted, because it is evident, from
some expressions used by the Directors, that they will not take
the proper and necessary measurm for paying their own notes.—
But the Chancellor of the Exchequer stated in the (louse with
the utmost triumph. that the Bank were paying gold, and that 3
spmie currency was actually cominenced. Tins was the same
Chancellor of the Exchequer who taw declared, that the Bank
was nut to be trusted.--Illearn 11'as it not then most extraor-
dinary, that no security was to be taken from the Chancellor of
the Exchequer, while the right honourable gentleman Mr..f
extorting the most peremptory securities front the Bank in short.
the shepherd was to be put into the stocks while the wale as to
be allowed to prey upon the fiock.—(llear and laugutern He
(Mr. Tierney, could not figure to himself any thing more tuts-
chieviouv then for the government to hold up the Bank as tin •
worthy of public confidence. As lone as there sa. a Bank it
was our interest to maintain its charters ; upon that depended
the estitnuthin in which tie public would hold the currency; and
a more extmonlinaey recipe fur government was never beard of
titan this—that because some new light hail broken in open those
hitherto *. iii middle and utter darkness." the strictest securities
were to be nonsuided, and the unrest rigour displayed. It the
directors deservedly forfeited confidence. away with them ; hut it
was mu.t unfair that ministers should insist that the machinery
of Threadnealle-street should work as easily its ever, mid e
bold the very oil from which it derived its facility. (liter, dear.)
His firm reuvietion was, that utter what had pa-.aid, it the
10,0oomord. were paid, the Bank would be ready in two years
ur sooner to resume ca•lipayitacnt...--t (fear.)—Was it not a ote-
ierial object at a time like this, when Mere was so much ;darn .
and so much cause for it, to do every tiling which could tee.
quillize men's minds? Oh but. says C.o. Chancellor of tb r
Ese!.equer—H Who cares for alarm % llviy ulna me. anti tl,
will be right." He should ILT0311114.11(1 the 11114'3 t 1 ~,,,,,, I
iii. honourable Ahind. as most likely to conciliate the pul,
mind, and to alley dime alarms which had sprung out if
the bail management of the Chancellor of the Exchequer.—
Ile should therefore rropose, either that the ufnentlithi t
be adopted, or that the House should adjourn the furrier
consideration of this momentous question.—(Continued cheering.
The Cli ANC E 1.1.011 of the Excittattnea 'eat. that he event
not give a eiletit rate on this Of ['UMW]; but it might be imputed
to him that he gave merely a sulk:: approbation to the plan p,e-
-p0.5.11 ; on the contrary. he begrad to express his most coma
assent to the plan, thinking as sae rii.h that it was most admirably
calculuted to ensure that nine eeetreble object, the resumption of
cash payments. Ile lied always been Of opinion that it was highly
important that Vie r attictione thoolil be removed whenever tee
coo: menial and nolit:eal telanJfis of the etiolate, realered such a
imesure teife and Time ri;,lit km. geutl.uutn
Trern.,7) ref•rr••l to th. • hme •of Nlr. Hai if• • • em.
to
opposition to the l pan now proposed: but a careful perueal of