The National Register.
London, England, 1811-07-14 00:00:00

INA', REGISTER.

437

ed the Bank Restriction Act, and acted with Mr. Pitt pn that
occasion, would now have given their sanction to a conduct
which was likely to be productive of the very evil which they, at
that period, so much dreaded, namely, a double price. Mr. Per-
ceval then went at length into the evil of Lord King's system, if
adopted; andobserved, that the Legislature who had made it
necessary for the public creditor to receive his interest in this
paper, were bound in honour, to suppOrt its credit. lie trusted
the odium which would attach to the conduct of Lord King
would prevent others from followieg his example. He should
regret extremely marking the bark note a legal tender; but should
such a system be adopted, that must be the result. Some Gen-
tlemen had compared the issue of bank paper in this country' to
the issue of assignats in France; but how was it like it ? the
amount of bank paper in circulation, two years ago, was 25
millions; at present it was only about ee millions. In less tha
four years the assignats issued in France amounted to one thou-
sand millions. So much for the resemblance of our bank paper
to the assignats of France.—After a number of equally pertinent
remarks, the Right noo. Gentleman concluded with moving
`that the Bill be read a first time.
Lord A.HAMILTON said, there was one remarkable principle
that pervaded the speech of the Right Hon Gentleman, namely,
that the interests of the awl: :Led the Government were ideeh-
fied, and that the peopie if they suppvrtcd rare must support
both. To this he lied very strong objection, as applying t•, any
h' of men, but particular te that which we so favoured, and
which he considered as wholly unworthy ro be the depositaries
of such a confidence. Upon these grounds, as well as upon many
others, he should seize every opportunity of giving his must
strenuous opposition to the Bill.
isir. Wlil rBItEAD declared his satisfactioe at the opportunity
which was of erded him, by the formal manner in which the
Right Lion. Gent. (the Chancellor ot the Exchequer) had nitro-
ductal the measure in discussion to the consideration ot the House,
or expressing his oeinion upon it. lie felt inclined to enveigh
against the manner in winch the Right. Hum. Gent. had accused
a person, meaning Lord Grenville, of having arr.igattei to him-
stir' the possession of all the stetesman-like ties and all the
talent which was to be found In the country, amid of having ex-
pected that every one would bend their knees to his superier
wisdom. lie (Mr. Whitbread) did not expect that this insinua-
tion would h ,ve coax from a Right Hon. Gent. who had him-
self bent his knee to that same Lord Grenville, whom he had
most anxiously solicited to take the heloi of that government
which was how so impotently and so improperly conducted--
(Hear, hear 1) A Noble Lord, under whose auspices he was
most anxious to plate himself, and whose talon, he relied for
relief from the dangers and difficulties with Willa\ he was sur-
rounded. With respect to the Bank restriction, non which he
had already gine. ilia opinion, he N% firmly conviiiced, ti um re-
ports, he had himrd in tithe. pieces, as se ell as in that House, that
if he was nut removed, ehe.most st rents and incalculable injuries
would result to the country. The Right. Hon. Gent. from the
system' which he followed, seemed in fact to convinct that Bank
paper might be screwed up like the barometer, and called fire
weather or whatevtr other name his own interests migh: require.
(d laugh.) Deaf to atl experience, the Right Hon. Gent had
taken the French National Aseenibly. anti Robespierre ter his
- guide, and like them went <an step ley step towards the final ruin
of the country: lie (Mr. Whitbread) called upon the Howie to
recollect the aev'gfluis, astd the Com/onion-tapers, these did
their duty for the tune, as did the bank mei-, i,l England; hut
as it had been with the former so it would be with tl'e latter..
Like all violent pruvocatives, the momentary effects passed, the
disorder wouid return with double violence; with 'the
ing conviction that thesame miserable physician still remaintd to
try new experiments,_ and by new and equally mis •r:%tile tape-
dirpts to lead the nation by.skiw but certain steps to destruction.
(Hear, flair !/-1-le did not know what period the Right Hon.
Gent. would fix for the stood reading of the Bill, but he thought
it desirable that on that occasion the attendance of Members
should be as numerous as possible. He should ask, whether it
could now be said that Bank-paper had nut been depreciated,
and if it was still assertedehat it was not, he would contend, that
the measure now proposed, was not alone unnecessary, but dan-
gerous in the extreme. . The tenant would be set against the
lindlord, told coin of every elenoinination would disappear from
circulation, and notwithstai.ding all the nottrums of which his
Majesty's Ministers tyd•to boast, it would be found impossible
.to find any adequate cheek to the overwhelming current of
destruction which would be the inevitable result of making
bank notes a legal tender. Under these circumstances, he felt
it his duty to give. as decided a negative to the Bill in the very
first stage as ht would to the opening' of Pandora's flux, if that
event • had i.ot long' since, un;sirtUnately for the world, taken
place; 'and "no other lan felt aispusedehe would take the
sense a

Mr.
tOilUtt y

and if no uthgr gesitlek nan felt dibixon:Livhe W0U14.1 WOW U
I the House on the subject.
j'IYANLY said, the question was, what lies brought the
y into this ditlicuisy auswet.etihe Welt .141.0ti..Gent.

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(theChanceilor of the Exchequer) v.. _
at rest by the discussions on, the- Bullion Committee,
not broach that doctrine." Then they were told, w.
called depreciation, was a thing past all remedy---" you must not
Ouch that question, that has been set at rest.' If they said the
repeal ot the Orders in Council would be for the good of trade—
" that is set at rest also, you must not touch that, and so upon
every subject there was some reason why it should not be looked
into ; now this thing called legal tender, he insisted. would be the
destruction of the country, it they were to insist upon this com-
pulsory payment, it was his firm conviction that it would be im-
possible for the country to stand many years. This Bill, how-
ever, did not go the length of making bank notes legal tender,
but the Right Hon. Gentleman, with great candour, told them
what the Bill was, that it was to lead to the measure of legal
sender, and he did not think the Bank was justifiied in pur-
chasing Exchequer Bills to so great an amount.
Mr. MANNINO (Chairman of the Directors) said, that from
bis observations e,i them for the last twenty years, he might fairly
state the opinion of the Court of Directors ; and he knew that
their only wi,ll was, that their notes should stand on the same
footing on which they bad stood for so many years. From the
statement laid before Parliament in the course of the present
Session, it appeared that thi: number of notes in circulation
amounted to no more than 23 millions, and-from a return made
to himself no later than Saturday last, they dist r ot exceed that
sum, and there had not been a difkrence us the issues of more
eon three millions since August last. With respect to the mea-
sure of legal tender, he should hope that would be the last thing
esort d to.

Sir F. Buaprrr saw no good could arise from the Bill as it did
not go to redress the evil, and he should oppose it in every stage.
He baw no remedy hut a total change of the system altogether.
The subject was now in that situation Which must lead to some
new system of things, and he hud no doubt that if they adopted
that measure, wisdom and foresight may film behind.
Mr. WHITBREAD and the CHANCELLOR of the EXCHEQUER
explained, after which the question being loudly called tor, the
House divided, when there appeared—For the first reading of
the Bill, .64; agai.:st it, 19.—Mirrity for the Bill, 45.
Upon the question for the second reading of the Lill,
Mr. TIERNEY moved, as an Amendment, that the House be
called over on next Monday sennotht ; when,
After some observations from Mr. Abercrombie, Mr. Fuller,
the Chancellor of the Exchequer, and Mr. Whitbread, the House
"gain divided—For Air. Tierney's motion, O; against it, ft--
Majority against the call, 42.
.1 hr Bill was then ordered to be read a second time on Mon-
day next.
The House then adjourned until Monday.

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_ _ cases;
appear o. more was due _._ , the sum so tendered, _
party who tendered such sum shall be entided to the costs orall
subsequent proceedings : Provided always, that the person to
whom such rent or sum
,of money is due, shall have and he en-
titled to all such other remedies for the recovery thereof, min-
sive of distress, as such person had or was entitled to at the time
of making such distress, if Such person shall not think proper to
accept such tender so made as aforesaid : Provided alio, that
nothing herein contained shall affect the right of any tenant, 'or
other such person as aforesaid, having such right to replevy tfie
goods taken in distress, In case, without making such tender as
aforesaid, he shall so think fit.
Provided always, and be it further enacted, that this Act
shall be in force to and until the 2.5 th of March, 1812, and ho
longer.

`THE NATIONAL REGISTER.'
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er) was, «b, that question is set or to the officer or person making 4uch"dietiess On his behalf ;
le- BUM= Committee, 'you must and in cane such tender shall. be acct-pteLi, or in ape such-tenAer
'ben they were told, what was shall be made and refused, the good* taken in such distress shall
past all remedy—A' you must not be forthwith returned to the party distrained upon, uniesi the
ten set at rest." If they said the Party distntining and refusing to aerept such tender, -shall insist
would be for the good of trade-- that a greater sum Is due than the SUm so tendered, and iu stfch
La not touch that, and so upon case the parties shalt proceed as usual in such cases; but if it shall
!mon why it should not be looked appear that no more was due than the sum so tendered, then the