The Sun.
London, England, 1813-07-10 00:00:00

FINANCIAL RELATIONS.

Thd Earl of LAtinEttovi, P. rose to bring forward
his promised reflections on this subject. [On
which a discussion of some length ensued, • but
our very restricted liMits confine us. to a brief and
hasty sketch.] In the'present instance. he' said,
:he submitted
.them to the House, M9le for the
purpose of :forcihly, calling their Lordships atten-
tion to the extremely important topics which' they
involved, 'than with a view to 'any'detailed.dis-
cussion, or deliberate decision on the subject.—
lle centended, that the actual currency of the
country Was most alarmingly depreciated, which,
in such a period as the present, must he the more
injuriously felt. The fluctuation in its value, too,
was an evil as much to be deprecated. With re-
ference to the Metallic standard, or coin of 'the
country, the actual currency in some Points of
view, was occasionally depreciated so far as thirty
five per cent. The enormous and increasing issue
of Exchequer Bills, contributed greatly to increase
the evils he contemplated. In 1797, the interest
upon these did not exceed 375,000/. ; at :present
it amounted to 1,800,001. He deprecated the
system pursued With respect to the Bank, as highly
injurious to the public. At least, if government
were determined to adhere to it, he thought they
should not stiffer the Bank to enjoy all the profits
and all detriment to accrue to the country.—
In order to avert the greatest evils that ever
threatened any country, every exertion, should be
made to recur to the long established and salu-
tary system of a metallic circulation and that
as soon as possible, To that, not only the exer-
tions of Government should be
‘directed, but those
of individuals also; who should contribute their
assistance towards the saving their country, which
was now so seriously threatened. His Lordship
concluded by moving several Resolutions. The
two first of which respected.the issue of Exche-
quer Bills, stating the increase of interest,, as
above mentioned ;' and farther stating, that in Ja-
nuary 1814, the interest would be still increased
to the slim of 1,870,0001. The subsequent Re=
solutions respected the system pursued with,re.
6pect to the Bank, &c. On the question,

The Itael-of LivEakoe rose, and, in an able
and linuivoes speech, answered the leading po-
sitioes, and argumenti of the Noble Mover. He
ohserved,,that under the circumstances in which
the, liesoltitions were avowedly brought forward,
he did notleel himself called upon to enter into a
detailed discussion of a subject, not only of so
importar.t; but of so coniPlicated and extensive a
nature. A few observations, howesfer, be did not
refrain from making. lie now, as he- had often
before occasion to do; stated, there was no proof
whatever of .any depreciation in the velue ,of the
paper currency. In estimating that point, a fair
comparisoll shoal& be, made of the present and
further circumstances of the
,countryi and also
with Teleect to those of other countries, where
such a thing had really taken place. The great
changes which had taken place in the commerce
of thes, us well as of the Ccintinental States ; the
dimiuution of the imports from Spanish America,
from as variety of causes ; the great charge of eon-
ducting the war On so largeand extensive at scale-s
the necessity of an'extemlell export of specie, when,
from a combination of circumstances, the course
of exchange was considerably against this coun-
try. The changes also, Which of late years hed
taken place, with respect' to civilised life. as in the
changes of opinion evit h respect to necessaries and
to le \uries. , These, with other colisiderations, in
all of which , there was occashnally more or less
variation, contributed ;to make those changes,
*hick the Noble 'FAA erroneously attributed to
different causes-. tb is counti'y'there.did opt exist
money end a paper price Of article's ; there was
no real or actual depreciation in the paper cur-
rency—a point which, ptobably, there wonbl be
reguiar oeportunities of Cully discussing hereafter.
tic fO; one saw no reason why, when a prospect
or permanent or durable.peace should occur, not
only this country, but the state of the world in ge-
neral, should not return to the usual auil long esta-
blished relations.; but that the interval of returning
should he 10u;,,,er, front the extraordinary and un-
precedented events which had of late years elicited,
.would admit, With respect to the point of in-
juro.as auil destructive results menacing this
country, because *ltch had taken
.place in others,
and on which the Noble Earl hod such a stress,
be "'nest
:observe the mistake took place front his
pot having duly considered the vast differences
betweeo the paper curren&es of those countries
and that Of oars. The great advantage of ours he
felt to be, that 'it was not a paper currency of Go-
vernmeni, but of grot corporations or of wealthy
who entered , into the system, dOubt-,
interests iii the firSt
less, on a view their own
instance.- lie- was against the 'policy of making
the Government (as in the case of- other eoun-
triao , traders. The Bank in this case were the
traders, Mid not the Government; their interests
vocre itilpltctltCyii Tilese cotbideratiOllS, he \s'is
w,,sered, gave security and solidity to Our system ;
ouch funlic't distinctiOn between it and-
te,).se ewtotries where eery different results had
%-v(.O taced between a
ittei4e that it metallic with
as subsidiary aeieur „currency k‘,ls pre le „ful
irt(i (1011 bi, WI it vi6v of the
which
Jae aticertoti, the country would rettai it --)
due time ; but tottil that could L' i- ;-
thought it politic and accesisitey to i7ersT,,o
'e're
l"
that systern which instead of being rt.e.,,viice
experience had proved to be the stay and 54,41,0,

of the country., Under these convictions ire
would move The previous question.
Lord' HOLLAND supported the prOositions of
his Noble Friend, the, Earl of Lauderdale.

The Earl of Ross urged a contrary line of ar-
gument. .
Earl SiAt!tltorE strongly pointed out the differ-
ence between the paper currency of this and other
countries, especially of France, where it had in-
(hired sneh destructive consequenees. His-Lord-
ship. took oceasibn:to deprecat& 'the prevalent
syStem, and the existence of so many.'conntry
banks.

The Earls of LAUDERDALE and Ro.ls spoke it
explanation ; as dill Lord 110u.Axn'aud the Earl
of LIvERP4o•L -repeatedly; particularly on the
point of the metallic importation from South
America, ,

After some farther' discussion the question'was
put, when the Earl of Liverpool's Motion for the
pre% ions question ,was carried Without a division ;
and at Eight o'Clock their Lordships Adjourned
till tconorrow,