The British Press; or, Morning Literary Advertiser.
London, England, 1818-04-21 00:00:00

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Portugal•es

IMPERIAL PARLIAMENT.

HOUSE OF LORDS, SIosDAY, Aram 20.

APPEAL
The LoRD ADVOCATE of SnoTLAND was heard at consi.
&rabic length, this day, on the part of tl, Respondents in
the celebrated Queeusberry cause.—Further bearing post-
fumed to Wednesday.
PRIVATELY STEALING IN SHOPS,
Sir SAMUEL RorAILLV and other■, from the commons,
brought up a Bill fur taking away the ea; ital punishment
from the crime of Privately Stealing in %Wpm, to which they
desired their Lordships' concurrence.
Lord Duncassion, Mr. DIOAENSON, and others, brought 1
up several private Bills.

PARDONS.
Mr. Venable', from the Signet Office, presented c
of all Fees payable in that Office, on issuing donParos • and
also an account of the number of Pardons that passed the
Great Seal daring the lest ten years.—Ordered to be printed.
IRISH DISTILLERY LAWS.'
The Earl of CALCDON presented several Petitions from
various parishes in the county Donegal, complaining of the
cruelly, injesticet and hardships suffered ender the present
system of Distillery Lit% and praying their immediate re-
peal.—Laid on the table.

ALIEN ACT.
Lord HOLLAND, understanding that it was the
intention of the confidential advisers of the Crown
to propose the renewal of the Alien Act, he heg,fzed
leave to ask the Noble Lord opposite, whether
there existed any treaty whereby this country was
pledged to assimilate the laws to those of other
countries in respect of Aliens, and whether it was
intended to introduce in Great Britain the same
vexatious police as existed in many nations of the
Continent ?
The Earl of LIVERPOOL had no difficulty in an-
swering the Noble Lord's question. It certainly
was the intention of Government to propose the
continuance of the Alien Act, being thoroughly
convinced that it was of the highest importance to
the best interests of the country; but he should
distinctly deny that this country was iii any respect
pledged to any foreign Government upon this
point.

Lord Flo LLAND-...." Don the Noble Lord mean
to say that there have been Ito communications
Upon this subject between this and any foreign Go-
vernment 1"
The Earl of LIVERPOOL--"I mean to say that
this country has neither directly nor indirectly enter-
ed Into any entrarremsot...i....----

___,„-,,...eusiownatever upon tiny subject;
and that in proposing a renewal of this Act, the
Executive Government are influenced solely by
considerations of what is due to the safety of this
country, and which will, I trust, be also felt by
Pd rliument."—/ Bear.)
CURRENCY OF THE COUNTRY.
The Earl of LAUDERDALE rose, in pursuance
of his notice, to call their Lordships most earliest
attention to the state of the currency of the coos.-
try, and to the possibility of the Bank of England
returning, under the present system, to cash pay-
ments. He frit that there were among their Lord-
ships many who, possibly, had never turned their
thoughts seriously to this subject, and who, on
that account, believed it to be so involved in
mystery, that no conclusion could be drawls on it
with certainty. He hoped, however, he should
be enabled to prove to their Lordships, that there
was no subject more capable of certainty than the
speculations respecting the currency of the Conn.
try. He felt, indeed, an extreme difficulty in ex-
plaining the matter, without entering into very mi-
nute details, while he was, on the other hand, no
less alive to that of requiring their attention to a
subject of so dry a nature. He bad once received
a piece of advice front the father of a Noble Friend
of his, then present, that on subjects of this kind
he should abstain as much as possible from figures;
to this advice of his deceased and valued friend,
he should as much as possible conform; and he
felt the less unwilling to do so on the present no.
erasion, from a belief that he would be followed in the
debate by a Noble Friend, who would campenaate
for any of his omissions. His intention was then to
state his opinions respecting the present paper cur-
ea-Hey—to shew the necessity of an inquiry into the
causes why the gold had disappeared train circula-
tion—to shew that the prophecies respecting this
event had been fulfilled—and, finally, that even if
the Burk of England had reduced the currency of
the country to the lowest possible point, still it
would be impossible for the country to leave a me-
tallic currency while the present Mint regulations
were suffered to exist. Ile was fortified in his opi-
nions respecting the impossibility of the resumption
of cash payments by the Bank of Eiigland, by
the conduct of the Noble Earl opposite and his
collesgues, in proposing a further continuance or
the Bank restriction, and a total alteration in the
system of country banks. These were atriums pro-
positions, which it would be impossible for their
Lordships to pass without inquiry.—(Hear./
With revect to the continuance of the Bank re-
stnetioh, he considered the reasoiss now assigned
tor it wholly unfounded. It was asserted that there
existed uo revolt in the Microsl sta!': of islfiirs !air

continoliaig the sueesure; but lie should be able to
shew that the Batik itself wits at this mument less
capable of returning to cash inquired* than ever,
amid this cuuld be traced solely to the original devts.
Sots from the old wholesome Aide of the curtency.
He should also *hew that were the Bank of Fug.
land ever SO .inure in their profeslions, eVer so)
dlll4Ollll of resuming their cash pea-mews, and had
adopted those Step, that *ere conimorily considered
necessary to imam that object, still ,t would be
impossible for it to succeed while it was opposed by
the Mint regulatioits. He did not propose this on
any other principle to their Lordships for athiption.
All he desired was, that their Lordships should in.
quire into the propriety of them ; lie merely stated
them us double, to slew the tietessity of invest'.
groion, 011 a subject VII which the Sovereigns of
this country had uniformly required the opinion
and advice of both Douses of Parliament. The
Noble Erni then adverted to the reasons advanced
for contimiiiig the restriction, and observed, that
he was never more surprised 111:111 to hear it attri-
buted to external causes solely. Let the House
thank to what a State this country seas redeye'',
if it were rendered depeodant upon the operations
of Foreign Powers. Could it be admitted that this
great commercial country, exulting in its freedom,
and boasting to govern is allisirs solely by its So.
vereign and its parliament, should be compelled to
regulate its most important concerns with reference
to the proeeedings of Foreign Powers ? Should it
he permitted that if the Emperor of Austria, the
King of Prussia, or the French Legislative Assem-
blies, with the Kitig at their head, thought proper
to negociate a lean, the entire system of our in.
lethal affairs should be deranged inconformity with
their pleasure? such a doctrine were odmitted,
there was am end at once to the power of the British
Parliatnent and the independence of the country.__
(Hear, hear, hear.)—Fle believed, however, that
there was no foundation for the opinion, that the
negociation of a loan by a Foreign Power mold
exercise any influence upon the subject. But
whatever may he the real state of that question,
lie in the first instance denied the fact, that such a
circurnstaiire had ever exercised such an influence.
~eh, hail hews said of the Austrian loan; but
min effect could arise from a cause that had never
extend ; and it appeared in evidence before their
(7oininittee, from the ageut who had
comforted the negotiations for the Austrian loan,
that not more than 1,200,0004 in specie had cm
that occasiou been tranetnitied front this country
to the Continent. But let the House look to the
rate ofthe foreign exclinsiges at that time, end for the
preceding year, and it. would be found that do iti-
dividual could remit gold from this country to the
Continent, withoot sostaining a very coitaiderable
loss. The Report of the Committee was at that
tint-, lie believed, Meseta up by the father of the
Noble Earl opposite; and it was therein stated as
a remarkable feet, that the reports to Germany
in the time of war amounted to eight millions
while in peace they did not exceed 1,900,0001.
The Batik at that time stated time imperial loan
as the cause of the restriction; but let the House
look to the evidence of Gilew amid Boyd, and it
would be found that if the Government had paid
to the Bank by the Ist of January the advance of
four millions due to it, the Bank could hot fail
in making its payments. Upon this point he had
also the opinions of the Bank Directors themselves,
who, on the expectation that they should in the fol-
lowing year resume their cash payments, coined the
Government to reduce the debt from 11,700,0004
to 4,278,0004; and if the remainder of the debt
had been discharged, they would never have heard
of a projected Austrian loin, which was after.
wards abandoned, advanced as a reason for iin-
positig the restriction.—(Hear, hear.)
lie might, in his view of the subject, here stop,
and rest satisfied with having ,hewn the absurdity
of suppesitig that a foreign loan could exercise
any influence upon the currency of this country. ;
but he could nut avoid adding, that it evinced au
ignorance of the subject quite disgraceful, if any
one could believe that if all the Guvernments of
the Continent were tiegociating loans, and were all
supplied by British capitalists, they could drain
this country of specie.--/Hear, hear.)--On
this subject lie had published a book in the
year 1812, with a direct reference to the circum-
stances now actually exiatitsg, and though malty
works had since appeared on the same subject, he
had clever heard his doctrine controverted. 'flue
Noble Earl here read several passages from his own
publication, shewiiig the impossibility of having a
commercial and manufacturing country drained of
cash ; for it argued that, in ease of remittaucev,
they would he sent in commodities ; but should the
markets become glutted, and render a partial remit.
lance of cash necessary, this remittance, by ruising
the value of money, would proportionably diminish
the nominal value of commodities and encourage
their farther exhortation. This resuming he held
to he iticontrovertible, and that, consequently,
no foreign louse could ieterrupt the measures
of the Batik for resuming c.sli payineute.—
What, however, were these measures of the
Bank ? There was before their Lordships au ac-
count, shearing the average half-yearly issues of
the Batik, and he there found that the average for
the half yew routing itt December last, amounted'
to e9,e09,000/. Th a spewed that there was no
diminution iii their issues. To understand this
matter, however, in all its bearings, lie hail moved
their Lordships for an account, sliewing what awns
of 11101117 the Bank had advanced to Government
uposi Exchequer Bills, and other securities; but
this account, the Noble Earl opposite, had
induced their Lordships to refuse. lie had been
desirous of th.v account also, for the purpose
of seeing the rfarilt to which the Bank car.
tied the illegal practices of holding Government
practices he should call them,
witlistaiiiiiiig that the Noble Earl opposite
(Liverpool) stared at him for the expression,
fur he held that they were derided!: contrary
to the 6th of Wi:liatti, a. JO. The :Wile

Eirl here read the clause of the Act, forbiddiag
the Governor.* mud Company of the Bank of E.1:4-
laud to purchase or acquire by any thermos (; e-
ve ###### rot %reiuritie,, uidess when 6,41.11 on a e(a.e
of credit ; and also a clause to the Jai G-0. 111.
which lie said hod been smuggled, without
katawlealge of the 11011.‘e, lido the Dill, for
enabling the Bank, nutm,rhstau,lnhKtitil
William 111., It. hold y 111114. The ac-
contd. however, had been 10111e4 ; i,ut he rearen,
if it had been produced, that the amount of Baia:.
Issues advanced to Government On t!nae seen' ita-a
would be Glotot not only canal to the eleven lit,!_
lions due hy the Glaeimheitt me the suspen-
sion, but milieus be foultd that awn.
Baulk, iiiileeil Tho
, expressed their desire constantly retorts to ca•li payments; and the Governmeitt
also assure Parliament, and the country that thee
are no b-se ; but to him the whole. pro.. ceedimg appeared little abort of a row r,lete jug ple
between the Batik and the Graihr 1111 l rid. or wo cot
the oiiiitiy tea. to be the dupe.—(Hear, hear,
heas.)—lle did not desire to force this 111011 UllOll the !louse, but lie thought it hUificiri:t
to induce their Lordships, if they desired to fullii
their ditty as a !hoisted Parliament, to institute ast
inquiry into it.
The second device of the Government was a pro.. position of a most extraordinary nature, namely,
that country bookers should not isbite notes of one
and two pounds, without having deposited stuck to
the amount orl6o/. for every 100/, circulated, or
an equal soon in Exchequer Bills. Could it he be-
lieved that such a proposition would have bee,. made
if it were intended to discontinue the restriction cm
cash payments l—(Hear, !tear.)—The people of
this country required no other security than tile re-
turn to the former state of the currency. The int.
position of the Beak restriction had, indeed, en-
shied Many speculators to engage in banking, und.
had brought ruin upon many but if
the country were restored to its ilaturel state, this
evil would be obviated, and in' the re-e-tablishineot
of individual credit, would he found the best secu-
rity for the country,—/ country was
our of the richest in the world, and had loot( en-
joyed a prosperity uarivalled by &Most any other
people. Let them consult writers who had mutini-
ed the circumstances of the country, and they would
find Ilea this prosperity had been principally atth s.
lotted to the extent of private credit, which Lid, its
a great degree, rendered capital comparatively no-
urcessary. This would, he feared, be interrupted
by the proposed alteration, which to !Mitt seemed
nothing more titan au a, bitrary isiterference ou the
part of Government, which went tuatigtuatise pri-
vate bunkers, by declaring security -necessary for
their issue of small 'toter, and by amiilitlating those
of larger value, give a mouopuly in them to the
favoured Bank of England.—jilear, hear.)._.
Men of character, he feared, would tint sulhuhit to
this indignity, while, by the systein, any stock-
holder, by only paying 304 lot a license toGoeerii-
mew, might issue stock notes to any amount he
thought proper ; and by red eiving at the same time
theinterest of his stock, thus obtain o double pro-
fit. Much as he disapproved the present state of
the currency of the country, lie yet feared that
remedies of so suspicious a nature mere not calcu-
lated to effect any good object; but they were such
at least as imperiously demanded the strictest in-
quiry by Parliament.
Did not the stale of the currency, he shoulcl ask,
require their particular attention, wheii it was kolown.
as he should prove to their Lordships, if they gt all t-
ed him a Committee, that the notes of th., Bank,
dieted before the Ist of January, 1+417, whicii were
convertible into cash, had been cumitionly sold at
2 per cent.? Could the currency be established
on correct principles, when it was kiiowil that the
money issued, not above six mouths 'Mee, try die
Bank, amounting its *sovereigns to 2,6-uo,ooo/.
had completely vanished from the country. The
Noble Earl (Liverpool) had agreed witii !jai.
on other uccasio..., in saying, that die best cm-
rency was that consisting principally of paper.
convertible at the will of the holder into gull ;
but what could be said of a paper currency' con-
sisting of Bunk notes, not cons ertilde into r,..id, of
Batik notes payable to a certain date, of cianitry
notes circulating on the credit oft deposit, and
country Hates without a deposit? Or what could
be said of a metallic currenty, consisting of gold
coined without a seignorage, of silver with a sci;.;n-
orage, of silver issued at Gs. 8.1, au ounce, and of
silver in Ireland at 7.. al. ? It was impossible that
all these various species of currency could circu-
late together, and in this opinion he was et unrifled
by that of the author of Leiter in the king on
the State of the Currency." which, although con-
taining many opinions in which he could in.t con.
cot, yet coincided with him in that.
There war no point, however, that more aerionsly
demanded investigation than the Mint revolts-
linos. On those regulations, and the alteration
they introduced into the atouetary system of the
country, he had already expressed his opinion.
He had combated and ridiculed the reasons that
hail been assigned for chauging the standaid born
silver to gold, conceiving it vs necessary that a iica
country should have a high standard, as that a se b. r
of much cloth 'Nomad use s longer yard dam one woo
had tetra to dispose of, or that tit a plentiful harvest e
large bushel should be used. Coin mss aiteritteet
with two advantages ; one was that of being a ineaa
sure of vain-, the other a means of circulatiu4
property. It was agreed by all to be au ueltatiitagn
to have a circulating medium of piper, couvertil.;.•
into cash ; because it was of advantage to hfra
plseronstpe.rtyFonregtoileeia,t.rd with
aie
ge. the least lewaasst
,pleosssiriaT,tee
hive silver in preference to gold, independent
of the consideration that eves), country of Eu-
rope uses silver as the standard of value. into
these points he was desirous the House aliorild quire, fur what was more important fot the Legis-
lature to consider than the slate or the cunt,.
It affected every class of the community, inol
on this subject should the °Orions' be. siottirii.

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