The National Register.
London, England, 1819-05-24 00:00:00

TILE NATIONAL REGISTER.

Exchequer, frith the fits°tedious of the last Con. t. The
Chancellor of she I.xrlr quer said, he was carry floe Cows
were tit.t incltsted In nthunee the I-00.00W. in the manner
to tiptoed, be ih-uld therefore hnn•ow the triode rum nu the
trine. axreed upon, nuttnel, to he repaid out of the ftr►t
two., the yri.v‘ilq.produce of the ( oidulichtted Fund
in the regling Quarter.

" At a Committee of the Tremitry, 22.1 of July, ISIS, the
foil )IA mg letter from the Charicehur of the I-At hetluer was
rtait, viz. :

" Downing street, 21-t of July, 1818.
" Gentlemen.— I beg leave t•o represent to you, that it w ill
be a peat at commodation to the public service if your
Court will coonserot to exchange the Exchequer-bill+ is your
posors.iion, dated in May. !SIT, (lor)orall the ammo of
I,! 00,0001., of which part has already been paid oft; and
the remainder will be paid as soon as the co•ovenience of the
public will admit) for other hills to the like amount, to he
datrol on the 4th of Att;;,tist next, anol to bear interest at the
rate of 2.1. per cent. per diem. I beg, therefore to recptest
:lOU will have the goodness to 'cloy.: your Court• La coastal
!beret ; and
" I have the honour to remain, k.e.
" V, VANSITTART."
" To the Governor and Deputy Governor of the Hark of
Eng and."
" R'•solvrd,—That under the, ci-rum•taners of the deli•
Henry of 3't3,.001. of the NMI of 1,00)41)01. engaged to he
paid for the mouth of May, the olosappoointmecoi in not re-
ceiving 1,000.00h1. fur the lomoth of June, and no provision
twin:: yet made, for the hills of the present month, HOW
nearly ex pit ii • the Committer ate of opinion that the
Court of Directors are not lilcely to comply with the re-
quest container' its the said tenet : hevesthelosoo, they me
ready to submit it to the Court, if the Chunceilur of the Ex-
chequer desire it. _

6. That the Gweetuoe and nevelt Governor be rettue.letl
to unit upon the ChesneyHut of the I.xcht quer milt the
above resolution."

" At a Coromittoe of Trt.a.ttry. 2.1.1 Jul). 11i18
.

"The Governor acquainted the Committee, that himself
amithe Depot) Gaveru,r liail waited mum the Chancellor
of the Excliequei. ROll had commanieated to him the reso-
lution of the C 1111 l mince on hi., letter of the VIA instant, to
conseqwmee of ssh.ch the Chancellor of the Escheqtrer had
desired that his letter might not he laid before thu Court:
" At n Committee of Treason., sth August,
—• _

" The Governor bald before the Committee a proposition
delivered to himself and the Deputy Governor this morning,
by the Chancellor of the Exchequer, as follows :
" It is pi npowd to complete the payment of 1400,0'01.
no the Plat hills head by the Wink. and 1.1 pay 200,0001. on
the J one bills, and to artvertise the June hills, the Bank con-
*t Ming to exchange the remainder of their May bills."
" !Lewd% ed , —The Committee, havinz token iota conside-
ration the proposition of the Chancellor of the Exchequer,
are of opinion, that consistently with the sentiments expres-
sed on the 6th and 11th May, and on Xlst July, they cannot
recommend the Court to exchange the hills dated iii May,
whilst the instalments for June and July are unpaid t and
that the Governor he desited to acquaint the- Chanctllce of
th• Exchequer with the above resolution."
" At a Committee of Treasury, 15111 ;lan. 11419.
- . - - -

" The Governor stated the conversation which had
passed at Fife-house on Tuesday last, and that a question
to the following alert had been put to the Chairs :
" ' Whether. in rase the advances of the Bank to Ga.
vernnient should be reduced to 120,040,0 W in the
of April, it would enable the Bank in control the threicii
exchanges, and give the Directors euficient confidence to
Inert the aliening ?' "
. . . .

" The dommatee of Treasury beg to give it as the
opinion of its members, that if the advances of the Batik
to Gemeroment are only retinced in the month of April to
the degree proposed during the last Sessions of
meal, the Interval bet area ilia( time and the sth of July
will be too short to effect so essential a reduction iu the
issue of Bank notes, as appears to them nee y to iy
the experiment, of whether the foreigo exchanges can ii
that measure be turned in favour of Great Britain, and
be afterwards totaMtaineil iu that comae, more especially
at a time when the then comparatively high rate of inte-
rrst given abroad induces persons to invest their capital
in foreign countries.
.• It 1145 ever been the desire of the Directors to keep
the issue of Bank notes at as low an summit as the, could
find consistent with a due attention to the peat interests
of the country, which they diem to be the peculiar object
of their care and although a reduction flour their pre-
sent amount may be thought expedient, with a view to the
reiadmition of calk pas mesas, yet such a measure cannot
be attained by any other than grarinal mean•, without
great bijou to the commercial pint of thy community,
%I 11011 P co-operation is most desirable in producing a fa-
vourable turn in the radian's.
" Whilst the standard of the gold coin is continued, as
now established, the experience of the last two years, in
which a large tic of specie has been made, as well as
the experience of a course of former years, rvinccii that
the law cannot restrain its exportation, envier circum-
stances similar to those in which this country is plow placid,
and its relation to the rest of Europe; it is not a miiilares.
but a sit ady and settled favourable rate of exchange,
which can alone give hopes to the maintaining a PM faille
currency, amidst the extruding circulation terptired by
the financial and commercial interests of Great Britain.

..... _ _
" There remains another guestiou ou %Melt the Direc-
tors request the opinion of (rover: meat, as in giving it
they will be doubtless assisted by the law office'', of the
Crown. This relates to the most proper procreilisb; um
the part of the Batik, in presectiting the persons who are
almost daily committing the crime of forging or one' lug
counterfeit Dank notes.
•• Also, whether any and what proceeding it becomes
them to mke against a description of priorm,, who, by
their writings, Ale endeavouriut to decrj the public rre.lit
of the country, and to vilify those persons whose duly it is
to maintain it. • • •
Direetors hare en ,aitaions hope that Iris Majes-
ty's Government will consider it to be no improper appliw
lion of its aothotity, to been's'. the • Preset such in the
most &vent ertheite cases, and apt let elm, task lull upon
geutleuten, who,fieldthe .deliea et, their couLiatutiel

165

trust, are very much averse to become the defenders of
their own trpetatian, although so unjustly attacked."

" At a Committee of Trealtury, Jan. 20, 111119.
" The Governor Bovine repotted the Ailbstkolice of the
couvt nation at a cot.tetenre at File.hent,e, on the I sth
in 4., which was attracted .by sevrrel mmaltere of the Cot
son nee', a, ce :41 Ayr tit" ehnirot of the Batik :

" itesolved.—This Co 'tire having deliberately
tvriclicd the subject, and considered the improbability
that the foreign exchanges a ill lir turnettand pi tinatiesolly •
settled i i fat onr of Gavot Itittplin by Match, )S2O, the
time to which it is 'proposed to limit the duration un tlt I
restliction of cab pa)meitti, think it a matter of the
highest important e that the public shall net be deluded
nub an expectation Ditch is not likely lo he icaliaed.
" That it appears preferable to submit to Ike come—
t:retires of n P.trliantentary intriry, rattier than pass a
bill fur a time inadequate to the cireunistanees In which
the country 'nay be plated."