The National Register.
London, England, 1811-05-12 00:00:00

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THE NATIONAL REGISTER.

the Hon. and Learned Gentleman bad stated it in one of his
list Resolutions ; he conceived such a regulation would be at•
%gutted wait very injurious if not fatal consequences. lle de-
nted that there had !teen an excessive i,sue of Bank paper, sis
-while oar export; were doubled, our paper circulating medium

had been augmented but to the amount of in,C06,0001. If
-they were to check the Bank paper, they would check their
commerce, their exports, and internal improvements. And
after the evidence before iem, lie left the Cemmittee to judge
whether the circulating medium was in that state which would
allow such a check ; to fetter the issue of Bank paper, would, in
his opinion, be a most dangerous experiment. Hei gave the
tallest credit to the ability and talent of the Hon. Gentleman ;
but from what he had stated to the Committee, he thought
there was conclusive evidence that the Bank o; England had not
injured the rate of exchange; but the Committee had come to a
roselution directly contrary to evidence, except as to that of tie
Continental merchants, and pareially as to the opinion of Sir F.
Paring. With respect to the publication of hit; Hon. Friend
(Mr. Huskisson), he had tee fullest conviction that bis
motives were as honourable as he (llr, Horner) thought them
right, bet he could nut help saying that it would have been
much better he never had given these t,pjnions to the Public.
He was perfectly persuaded that it was impossible for malice
itself to invent or impute any Lad motives to lain, If a publica;
fion of this kind had come from any inditlerent heed it might
have been otherwise, hut his character and experience , ~nd
his hi:,'h official situation gave them a weight ant. consequence
Which was of a tlangerouv tendency. in speaking of th. Bank of
England, lie <Mr. H.) said, that it mi.,,elt be that the Bark
was wrong in making some of their nisceunts. That they
might have been indiscreet, he adulated, b - !lee, et ver e:
dangered the property of the Public. By shaking a long-
established usage, he thought they would bet ...to ....ec...nes
which woult; prove insurmountable. He wierieti nut to 141
considered as the advocate of the - Benk. If the Labe.
Directors ceeld not justify themselves,. be would not nand
up in that House to defend them. .. The. Bank eoutii
not ;hid tile specie to pay the den:ands upu9 it; if
_they
could find it at any expellee es liatever, he thole ht they eieglie
to do it. But they were not told what were die means of pro-
curing it, and hi, perfect conviction was, that the gold wets nut, in
the present state of the country to be procured, and even if it
was, the country would ilot be die better tor. it., foe if it ehoeld
be sent to the Mint to be coined, the moment it came into cir-
culation it would be again melted. The monstrous and 'tyran-
nical measures of the Continent was directed, against this
country in this way; the object was, to.4lptiey the last hope of
resistance to that tyrauny. If inly mischief was to he chine to
this country, let it be the effect of the eileiny, and not our own
—let us trot destroy our prosperity by out own :sets. Upon the
whole he s.tw no practical good could arise from the measure,
but much practical mischief, and Ott rehire he opposed the pro-
position of the Hun. and Learned Geetletnan.
Mr. THWINTON was of opinion that lever currency had
a constant tendency to excess. Nothing he conteived was more
apposite than the cemparison that had been insituted bt nuts et
the present banking bystem and the scheme of tslr. Law; iditt
this circumstance considered, it was the duty of Pal liantent to
see that the Bank should nut lend at too low a rate of interest,
than which neteing was more celculated to promote a tendency
to excess, n bich, if time. permitted, he could prove to the
House by the statement of a .variety of nerth:elars. The Hon.
Member here went into a long description of the banking sys-
tem in Paris, arguing, by aoalogy, as to the probalee effect s of
that received in this country. ' Ile observed, that there was, in-
deed, :e...enecilie difference betieen the Bank of England and
such of the Continental Bankti as were connected with the Go-
vernment of the country whete they were established. Tilt.le
o letter issued their notes on the account of the Government, and
without receiving an interest ; but - the Swetlish Bank w.fs an
exception, the Comp*.my did issue their paper at ail interest
.N, of five per cent. whieh had accordingly necom.e excessive.
, .--It .evaii a prinCiple laid down by the celeheited Adarn
...Smith, correct lie. eves disposid to think, though be could not et:-
, „quite-et:ill all the doctrines of diet :writer, that it there were a sitiglo
bank established in a given place, without fear of competition, it
might arrange the price of every matketehli commodity within
the sphere of its circulation. Ile would ask whether the Bank
.of England did net, in some measure, resemble such a one in
its present state; whether it had not a kind of monopoly of the
currency of the Metropolis, productive of the same effects t
He mite ready to ade. it that some inconvenience would be the
1 result .uf restoring thins to their pristine situation;, but if it
1, were to he maintained that therefore so desireable an nt•ject
. were to be neglected. that no evil was robe incurred, hosrseever
, great the balance of good might be, lie was not sure that it
. would be eto t all useful bring the artillery of ratiocinative to
.L
bear in such a case. The objection of the Right tionournee
Cieutleulae, that the Bank would find, a difficulty of &roc 11l 1:11

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