The National Register.
London, England, 1818-05-04 00:00:00

''NEW CHURCHES.

Co a Motion that the House•shouhl resolve itself into a
Committee on the Church building Bill,
Sir T. FLOOD wished to know, as the expenses were to be
defrayed out of the copsolidated fund of Elieland and Ire-
land, what benefit the latter country was to derive from the
measure.

The CHANCELLOR of the EXCHEQUER begged to correct
the notion entertained by the Honourable Gentleman. The
stun in question was not charged on the consolidated fund.
If, however, them was any need of new Churches for the
cungregations in Ireland, which lac was happy to hear wet c
so overflowing, he Mid no doubt Parliament would provide
for tliamircessity.

'file House 114 v lag resolved itself hide a Cesnmit tee,

Sir W.SuirrT at some length, and a itli much earnestness,
objected to the clause authorizing 12 househoWers in any
parish, with the aid of" other welt-disposed persons," and
with the consent of the BC•liop, to erect a church or chapet
Vieth' to which they sliould.bave a right of prohontatioo for
three turns.

The Ct:ANCELLOR of the rICH EQl.l} R co itended, that at
sach a time as this, it was most desirab e to call in aid of th e
purpose-of supplying places of worship.fo: the establish(

MAY 4.

Church, prieutonninificence ns well us public bounty ; an it
therefore, right to bold out the inducement of patron_
age, lie had int ohjectiou, however, to a restrietiou of the
power of preseutntion to two turns. But ho thought it ,o
vital to the !till, that if the Committee, which was now Oil:,
shonld reject it, het:11001d submit it to the mature considera-
tion of the House.
:1 short debate ensued when on a division of the Vense
the clause was rejected by majority of .;:).
Alter several other Alotioui of minor importance, the
Limbo adjourned.
Ft:IOAR.

BANK RESTRICTION.-CURRF.NCY OF TIIE

Mr. Ts rit N ea rose to call the attentien• of the House to the
state of the Currency of the Country. He bad at present to
slate them in round munbers, a f led debt of eighteen hone
Bred millions, and this, it should be -considered, was the debt
in the third year of peace ; and if the floatisig or unfunded
delft were sailed, the whole of the debt might be taken at titO
eniilions, which certainly was a most appalling emustanee,
omisideeing that we v ere tor three years. at tame. with the
world. Thell, amido eonflicting views the great question
was, whether our ei edit Avoid he bottomed on a paper cur
rency immediately conyertahle into cash, or on one which was
only the representative of itself. That our credit should rest
loam the tinnier,. he believed there wag no man,. however
iguorant of the matter,. would be prepared to deny. Lut then
hew did it happen that in the third year of pram it restriction
of cash payment) should be lotted necessary ? was one
subject which should lead to the discussion, and which required
a must• minute inquiry. The contiutiance of the bank re-
a triction Yee: the result of a complication of dealings between
the Right Hun.. Deutlemau and :he Directors, which collid
not be expressed by any one word, in the English language.
W ;mu Mr. Pitt brought in his Bill, lie stated the reasons, and
p erful ones, for the restriction; why was nut the example
imitated upon the present occasion? Were the Bank Direct
ors consulted upon the present occasion.? Did they declare,
see they had dime on the formeroeciusion, that they were ready
to pay If they did, be cointisee no reasuit why they should
riot support his motion. If they saiihtliat they were twaready
at prssatit, he would ask, with what face could they now
oome to got another year to do that which two years ago
they declared themselves ready and willing to perform?
Had they, he would ask, represented the danger which they
thought likely to arise to them from foreign loans? The
Chancellor of the Eaeliegner himself could not have been ig-
norant of them, tor his Hon. Friuli, (Mr. Baring), who was a
principal coutractor in one of them, would nut have entered
into such a speculation. without consulting with his Majesty's
Ministers, or it he uaderstood from them, that such loans
mould be likely to be prejudicial to the country. With re..
spect to the high price of gold, be would ask, was the
llouse ready to set aside every thing which had been
said upon the subject by the BullioraCominittee, and say that
the issue of paper had nothing to do with• the price of gold ?
The Bank had in their posessiim a great quantity of gold
and it was on that they bottinuine their ability to re.
slime cash payments. sow, it was clear, that if, from any
commodity Su the mai kete a large poi tiou was subtracted,
and a demand was made fur the remainder,. die price of the
remaining portion must be iacreased. These were consider.
atious which should be eliquireil into before tho Hoiae refused
the Cohunittee. It was also plain the lending money to the
French Govemment was jam the saute as investing it in the French
Fund:. But it did Dot appear that French loans for this year were
at an cad, lie would explain ihis to the House. The mode of rais-
ing loans in England aud France were quite different. If, for in.
stance, a lour ot on. million were to be raised. here, it would be first
contracted for, and Parliament would be afterwards called upon to
provide the means of paying the 50,000 L interest of it. But in
Ittawee, if the sum were required, a perpetual annuity of a certain
reboil of unites would be placed at the disposal of the Minister of
k finance, and he would be left to provide the million iii the best man-
ner. There was another point on which he differed widely from the
view which the Chancellor of the Exeholuer seined to take of the
seket of the lien. lie had assumed, that all the money a hick the
French GiKerninent were to receive was to be sent from Us in gold.
Tnis was a very erroneous opinion, and quite inconsistent with the
prat dee. But if gold were sent out, what should prevent its return ?
1 he Learued Gentleman bete proceeded to state what to him ate
pTarcd to be the cause. and strongly reprobated what he conceived
ie he a breach. of goon faith to the public, and a fundamental princi-
ple. It would be much better to say at once that the Bank would
-:at pay at all in cash, theta by veal:ming the Restriction from year
to year, to affbrd so littleh room for speculation during the sir months
that the public were ignorant whether the Act would be renewed or
Sot. Much alarm had been cached upon the subject cf Bank pay -
teg in cash, but no violent concussion would arise, provided the
'tank would gresluelly and cautiously apply itself to the resumption
of cash payments. Should the Howse think tit to support We plum
of the Minister, there would be no security for property. 'Twenty
years ago, the present state of things could not have been believerh—i
:Item Conanittee eid nothing more it would rescue the diameter of
the country. The Right lima Gent.concluded by moving, first a
Select Committee be appointed to take into consideration what re-
striction, if any, should be imposed upon the resumption of cash pay-
ments. and the state of the paper and the metallic currency, and to
report the same to the !louse.
rhe Our:es:teem of the F.xCItF.QV ER had listened with much
attention to the long undulde speech of the Right flonourable Gent'
however much he differed frota him in his couclusion. Much cam-
tarot had been made upon the recommendation to continue the
selepensem of cash payments. What he had formerly stated as a
probability on the cubic tof foreign loans, he could then state as a
niet. He could see ho ground the the appointment of a Coi mittee.
as its labours would in all probability be unsatisfactory, and would
leave the question in the same uneertaioty es before. The Right
ilonouralae Gentleman, (Mr. Tierney) laul stated, that a large in-
meow of liankosotes in die csierai el' part of the last year. but he
had not ate. to tke great alteration that had taken place in the
internal state of the country,which haul been greatly improved within
(bat period. -11 w foreign trade had inerea-sed six miltiona and the
internal trade touch mere. The Government paper had not Mere:wed.
It had been stated the price of gold had been affected by the isllt! of
Hank-notes, but that sate:neat wes erroneous. The quantity of
paper taken from the awoken, by the Dada was stated by the Right
t Mnourable Gentleman. to have citadel the pike: of gold. But
what was the fact ? In the month of Jaawary, tests, the number of
Bank notes in circulation had been twenty three indlitins and one
timusand, and the price of gold was then 51. per MICR. lu 1815 the
euraber had increased to 26 millions, whik a( (hoc same time in di-
rect opposition to die argument of the Right Honourable Gentleman
gold had fallen 11.4 a. the mince. To what beneficial purpose could
eiquiry tend at present u. rune of the thing was well known.
a Committee could communieite no useful infonaation upon it, and
tileir Labours would lasidee be quite unnecessary. As to the circum-
stance that might arise after the lapse of that time to render a further
consideration neciesaiye it was not in the power of airy Committee to
foresee tram. Great blouse was imputed to hits (the Chancellor of
the Exchequer) for the rise whieli had taken place in the Fends. It
was sAid t.) have lawn done for the purteae of lowering the interest of
trainee, and that greatcaintalists ulone were the persons who prolitred
he it, and tunast•il huge fortunes. But did small dnalers derive no
*deist:tag • from thee fir: 1-114 they not v.* their proportionate share

THE NATIONALRPGIsTrn.

of profits ? The consequence of this rise in the funds was • general
improvement throughout the country, an increase of confidence,
and a rapid advance m every branch of trade. After three y%•arti
peace, and after a war of such unprecedent sl duration. they might
still witn truth 40, that there was no country whose Finances had su
greatly improva. No other country had yet made even any ap-
t:row-do towards the payiueuts of her debts—while they had ths-
Charged to die amount of 50,000,0001. deducting 13,000.0001. of
unfunded debt raised within the period alluded to. In nu other
country were the taxes diminished in cone, of the peace,
America alone exrepted. The ground upon which a continuation of
the Bank Resuiction was proposed resolved itself simply into this,
that foreign loans had been, or were negotiating which must nom-
rally and inevitably l: ad to such effects as to render the resumption of
wish payment, highly impolitic and dangerous —Under such circttm-
stances, no man in his senses could propose a measure of the kind.
The Bank had already- made the experiment of a partial and gradual
reiumption, specie to a considerable amount had been issued, and
the consequence was. that 2.00u,00u1. had been soon withdrawn from
circulation to supply the demand ucca,ioned by rurtign loans.
An inconvenience lie would admit the Bank Restriction to be, and
one which he was as anxious as any other person to remove. It
could not be permanently adhered to without injury to the country,
but the lion tt, should nut risk a formidable danger on one side, to
avoid an inconvenience or. the other.,which was Only proposed to
contimx for a year, and was after all. in a great meadure, but visionary
at.d

Thu limits of our Paper will not allow unto give even a fair outline
of the many able speeches made on both sides f tl.is intricate and
important subject.
Mr. Tr Lust r:e's speech along occupied two
The House having divided on the Motion it was m:gatived by a
Maority of orp.
Ithe Bank ltestriteion Dill was then read a 5...a):..d time ard was
ordered to be rouinutted on Monday next.
The other Orders of the Day were then disposzd of, and the ilouso
Atourned at three o'clock.