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

ing it into effect, that . change way of
regulation was indispensably necessary in the
paper system. Letting things go on as they
were. two years after the Bank would resume
Cash payments. none but the Bank could issue notes
a the value of it. or 5..1. That being so, Parka-
tient had three courses open : the first was, to
suffer the present Restriction Act to expire, and to
have recourse to a pure metallic currency—the
second wits, to renew the law restraining cash pay-
ments, leaving the paper currency precisely in the
state it was—or, lastly, to renew it. and introduce
such regulatious on the issue of that currency, as
would afrord • security to the country greater
than that hitherto enjoyed. As to the first, he
never heard Env rine deliberately affirm, that, consi-
dering the habits of the country fur tweuty-five
years, and its interests, it would be prudent to re.
turn at once to the former system. %VW; respect
to the second line, would it be asked. that we should
allow all private bunks to issue Bank notes of 1/. or
*l. as before? Their Lordships would hardly lie-
have, that, Irons 1814 to the present period.
out of about seven hundred private hauls*, more
that. 200 had disappeared—nearly one-third of the
entire number. He bad always been of opinion.
lthat a change front war to peace was the great and
rominent cause of the distress of the country; belt
it was undeniable that the failure of country book'
had largely contributed to it. The distress boil
existed in proportion to the degree that country
batiks had been carried to, and to the failure of them;
and counties could be muted, possessing the greatest
advantages from art and nature, that from these
*A been reduced to the moat severe wants. These
its would be increased ten-fold on the expiration
of the Bank Restriction Act, and on any sudden
change in the country, any alteretion in people's
opinions as to the stability of such concerns, pro.
ditced by war or other menus, fur notes payable on
demand, a run would ensue oat country banks,
which would produce revulsion and ruin in this
country. It appeared, these, that we could DOD
have a pure metallic currency. nor could we renew
the Restriction Act without making a change in
the constitution of country backs. It reenain-
ad, then, to renew the Act, and adopt some
!regulation to check the issue of private banks.
. Their Lordships could not dispense with such re-
lation after having seen the great crash produced.
by the stoppage of them. In Scotland not snore
than one or two had failed from the year 1806.
The best plate, in his apprehension. that could be
. adopted was, a.sying to the country banks, after the
expiration of two years frotn next July, '• You have
' no power to issue notes for one or two pounds—if
you are allowed to issue them, it is on condition,
and that condition such that you shall, on the
issue, deposit security in stock to double the
amount of the sum isi.tted, or it. Exchequer Bills.
equal to that 1111101111 i." To this regulation he had
heard in effect but one objection—namely, tort by
obtaining a security fur the small, you depreciated
and cried down the credit of the higher notes. He
did not see the force of the objection ; his opinion
was, that requiring a deposit for the smaller would
. increase the credit of the larger, from the facility
of exchanging them for the small, as the only rea-
:son fur taking them was to avoid the burden of
,currying cash as small cotes. The issue of all the
country banks was pretty nearly equal to that of
the Bank of Englased—oue of the onjections of the
'Noble Lord was, that the paper currency was not of
fan uniform denomination. Was that any reason
against it ? Such a currency was hot, in the
nature of tiling., Passible. 7There was nothing
iii the circumstances of the country, either internal
or external, hut there was something peculiar in her
situation, arising out of the transactiolis of foreign
States, that at this moment rendered a resumption
of cash payments delicate and hazardous. Ile sin-
cerely believed the Bank had made ample prepara-
tions for paying their notes, and were perfectly
ready so to all, did circumstances permit. The
Noble Lord had said, that the true cause of the re-
newel of the restriction was, the inability of Go-
vernment to pay the Bank the advances epode to
them, which payment would he rendered necessary
by the return to cash imptients. But in the course
of last year the Bank might have resumed
payments, notwithstanding all the advances to
Government. The Government were ready to pay
the advances; so that if that was the only reason,
se would exist. The advances of the Bank to
the Government at pre-eist, including those to
Ireland, amounted to 11,500,00 e/. It was in-
tended out of the money now to be raised, to
pay 9,000,000/. of. this; so that there are
4,500,000/. more of Exchequer Bills in the market
now than six mouths ago ; but that was inadequate
to account for the state of our exchange. The
real cause of that was, the operations for loans
, going on in France. He had proof of that, because
' the exchange first became unfavourable when these
operations cominericed. 'llse question was, whe-
ther, after the great operations of last year, and
those that might this year be carried on front the
necessity of procuring money fur the winding up of
the great events in Fritter, we should choose that
precise moment for a recurrence to our former system.
" If lie opposed the reatriction from the beg
he would say, that this was ati improper season—
because he was really anxious to return to cash
payments, be was tinsvilling that that return should
be made at a dangerous. period.
The Marquis of LANSDOWN said, he felt bound
to support the motion of the Noble Earl. Now
three year. after the termination of the war, their
Lordships were asked to continue a system taken
up by chalice, founded we no principle, and tlies
without any inquiry. The system, though pro-
duced by accident, yet by the grace of God hard,
I in the opinion of certain Noble Lords, proved
the wiseet that ever was planned. The only rcisson
assigned for perseveritig in such a system was a
1 concurrence of circumstances, all indeed •ucli as
had often happeueel before, but a combination sO
i peculiar as to require Palliattient to keep up such
1 a system when we had so loug returned to peace
and tranquillity. To evince the expediency of con-
tinuing the Bank Restriction Act, the Noble Land

referred to a variety of argument% used in another
place, but which, if examined by a Committee, wool
not for one mornentseem entitled to attention. The
most promi•ent of them was the loans, and a variety
of transactions in which foreign countries were en-
gaged ; but all experience, and the history of Europe,
would strew, that loans and remittances to other States
could not deprive a country of its own circulating
medium. Gem)* was an early instance of that : so was
HollarirL When one nation chose to lend to another,
there was nothing io shirt trensirction to pcirvent the
richer retaining her metal currency, if she-Oferred
to be at the additional expense so incur d. In
the early parts of our own history, when our arms
had heel► crowned with the same success in France
they had recently, the same operations were carried
on by us to a great extent, iiisonnich, that, in
the language of France at that time, the words
Creamier and Anglois were synonimous, yet no one
ever heard that they drew away our gold and silver.
The full resumption of cash payments, he believed
not possible, from the double operation pursued by
the Bank, of at once extending their issues, and
collecting all the gold to the amount of fifteen
mafiosi' from the Continent. All attempts would
be vain to return to cash payments, without pre-
viously reducing the issues. According to the
plan pursued, the Bank, supposing the restric-
tion to expire next July, would be compelled
to come to Pediment six months after, and
implore another restriction. Less attention had
been given to afford information oil this most
i►nportant subject than cm a Turnpike Bill. One
part of the subject lie had not yet touched on,
lie meant the application of the criminal to the sup-
port of the Brink. In considering the expediency
of reviving the restriction, their Lordships -Should
not leave out of their comideration the tempta-
tion to guilt afforded thereby to every indivi-
dual in the country, occurring too at every mo-
ment. It was curious, however, that for the few
years immediately succeeding the restriction, as
prosecutions for forgery increased • hundred.fold.
so also did those for counterfeiting the coin. The
Noble Lord contended, that the credit of the
large notes would not be impaired ; if a►. the
evil of these privete notes would be as great as
ever—and large slims are usually taken front banks
in notes of this descriptioo. 'File requiring a de-
posit from private bankers would cause a terrible
revulsion in the property of the country, ■nd ■n
enormous transfer of property into the fut►de, which
he deemed very unequal. Ile comidered this
measure to have had the same origin as most of
the other financial measures of the Noble Lord, to
produce au artificial rise in the funds. Before
agreeing to it, Parliament ought to inquire into the
conduct of the Directors, the nature of the opera.
bons described in such general terms by the Noble
I Lord, and the effects the measure would have on
the morals of the country. The Noble llarquis
concluded by impressing on the House the duly
incumbent on the Legislature, of ohligiug the Bank
to adopt the improvements suggested by scientific
men in the construction of their notes.

The Earl of FIARROWIBY said, that the Noble
Lord's motion was unnecessary, as the restriction
was not to be permanent. Duriog the increase of
offences in counterfeiting the coin of the realm,
offences in forgery bad increased also, and it was
found necessary to apply to both offences the same
punishment. With respect to private banks, some
means must be found of giving greater security to
the public.
Lord Siwmourn said, he belived the number of
prosecutions amid executions for forgery was less
than was generally imagined. From a Return in
his hand, he funiid that the number of executions
in 1806, was tame ; in 1807, bow ; in 1808, one ;
in 1809, two; to 1810, fire; in Ititi,
1812, five ; in 1813, two ; it 1814, one ; ite
1815, our ; iu 1816, four ; iu 1817, five. The
whole number executed lot evening and for-
gery. la►t year. was seven. During the 14 years
previous to the restriction, the aggregate number
of prosecutions fur co g was 808. During the
14 years since the restriction the number of prose-
cutions fur coining was 3,11 Iy, while for forgeries
the slumber was but 998.

In reply to a ipieoioo from the Marquis or
LANSPOWN, Lord Si DiatiV7ll wild, that the shove
herb comprehended those irrosacuted tar forgiug,
uttering. and poasetiming riorgeri mitt&
The Earl of I.4UOSILIWA rephed--and the weo.
lion trio nvg.itived without a dirivius.
Adjourned.

NOUSE OF COMMONS, Mos')4v, Aran to.

Mr. Ashley, from the Crown Office, p ed an Account
of the number Of pardons granted ander the Great Seal dar-
ing the last ten years.—etrikred to be printed.
Mr. Johnson, from the Office of the Chief Secretary for
Ireland, permuted an Account of (be Fees and Emolument•
of the different Gneime in the City of Dublia,—.Laid sin the
table.
Mr. Hutchinson, from the Bank of England, p►esented an
Account of the Number of Sovereigns and Half-Surerrigais
issued daring the last quarter—the Amount of Busk notes
in circulation during the same period, the price of bullion,
die. dor.

Mr. O. A. Tave.o* prefented the Report of the Committee
appoiuted to confiner the Petition front the Vestrymen of Rt.
Mary-le-boue, praying fur leave to pren•nt a Petition Air a
Rill fur the formation of a new Water Company. The Com-
mitter were of opi kk Itt u that like prayer of Ilse Petition 'Mould
be acceded to—The Report was ordered to lie un the
tattle.

------ -
Mr. J. Surto presented a Petition from certain inhahi.
tants of Nottiughani, iii favour of the Cuttou Factories Las
boor Revelation Bill —Laid un the table.
Colonel GRANT presented a Petition from Elgin, against
the Scotch Lunatic Asylum Rill.—Laid oil the table.
Sir E.. BRIMOVI presented& Petition form the Fishermen
of Gravesend, praying that the duties effecting salt may be
repealed —Referred to the Committee uu the Salt lawn.
General THORNTON gave notice, that ou Ilreduesday next
he shontd move for an Account of the different Parliament.
ary Grants to the British Museum, for the last twelve years,
and the application thereof.
Mr. Ablerman IVoon presented a Petition from the Ward
of Bisbupegate, against the Pones Liles Bill and the Vestry
Regiilation Bill. The Hon. Member observed, that the City
of •Lositkiii unlit to he excepted from the operation of she
kart Rill, which It was smelly Impossible could be acted on
inehe metropolis.—The Petition wan referred to the Com-
mittee nu unsaid Bills.
Sir N. COZTIIIIR*T presented a Petition from the liilishi-
Cutts of Cork against the Wiudow 'Eat —Laid On the
table.
Sir J.Sraw presented ■ Petition from the Inlisbitanta of
the Parish of St. Sepulchre, riesling the Vestry Regulation
Bill.—Referred to rl►i• Committee uti the said Bill.
Mr. (Mum, prineuted a Petition froth Mr. Thotnas

that some check ought to he given,sotne regulation
applied to an unrestrained paper currency...theta/a.
dit otherwise would be liable to great socks—that
such II state of thiogs led anew to doubt the secu-
rity of the hest as well as the worst—tkst such •
srs}em was therefore subject to coustsett revulsion..
Evtry individual •be lied ever spoken to allowed,'
however he might differ as to the mode of carry-
her it into effect, that some ehsnge in the way of