The Sun.
London, England, 1815-03-03 00:00:00

stances, that nli might be further inquired

into.

Lord LAscet.t.r.s had received applications
specting the Cloth- •which being large
buildings, required great light : there were two
at Leeds, oae at Bradford, one at Halifax, and
one at Huddersfield, almost covered with glass.
They were rather markets than warehouses, as
goods were only depo-.:ted in them when midis-
posed of, from one market day to another.
• The CHAZ'XPLI.OR of the EXCHEQUER hoped
the Hon. Member would give him paeticular-in-
formation on the subject.
STATE OF VIE RANK.
Lord A. fIAMTLTON apologised to the House
for undertaking a task which many others would
have been more able to perform. He was aware
of the importance of the subject. There was
scarcely a question of any public interest which
in
_sonic way or other did not involve the present.
lie thought the Chancellor of the Exchequer ap-
peared to undervalue its importance in the 1331
which he'had proposed to the. House. lic did
not mean to move for cash payments on the part
of the Bank, hut to enquire whether the Bank
was or was not in a situation to renew such pay-
ment, whether or not it was desirous, or taking
measures to resume them ? His Lordship then
took a vieW of the increase of the issues of paper
inoney from the Bank, which from ten mil-
lions originally, bad amounted to thirty-one
millions in the present year. Probably, in con.-
sequence of those paper payments there was now
no just standard of value. He feared this evil
was likely to continue. All bodies corporate
wished to promote their own interests, Ile would
not advert to what had passed, but it was in evi-
•denee. before the House, that the 'Bank did not,'
think it would be a.serious evil for the country
that the restrictions should be made perma-
nent. If these opinions still prevailed, it
was certainly high time for Parliament to take
the subject into consideration. lie dill not doubt
the solvency of the Bank, but this was no argu-
ment in this case. The connection existing be-
tween the Government and the Bank (even
before the existence of the Restrictions), had
always beeti an object of jealousy to . the
House. According. to the Bill now in progress,
a loan of three millions, free of i:r vrest, Was
to he continued by the Bmk to Government
anti It would be proper to enquire whether
this loan, considered as the price of the Re-
strictions, an adequate compensation. For
he regarded them as onfortunately connected with
the interests of the Bank, He thought it his duty
to state to the house the view which he had
taken of this part of the subject. Tile capital of !
the Bank was I 1 ,500,0001. and prior to the
Restrictions, the dividend on this capital was se-
ven per cent. In the year 1797, and the• sac-

cecding ones, after the Restrictions had been im-
posed, immense bonuses were dis:riotiteo to (tee
proprietors of the Bank. The total amount-Of
these bonuses formed a dividend of fifty-i'ex per
cent. on the capital,. and in money iirWariiS of
Seven millions. Ile did not regret that the Ifrqri-
etorS of the Bank should Lave great prolits, hut
that they should be at the expellee of the public.
Lie 'was so strongly impressed with the importance
of the subject that he had insole a motion Iwo
years ago to limit the profits of the link. Another
object of -the "Committee Should be to inquire
how far the. Banie ought to be liable, and at what
or any expellee to -retelState the il3Ual currency of
the country. It had often been said, that tke
paper of -the Bank had nova, forced circulation
through the country. This ti ;;tilt be the case pre-
vious to the re3trictions; but%nee Bieck notes
had been made age lal tender, thet e was no choice
bet Ween receiving then) or taking nothing. Wheel
annuitants claimed their diVidends, they must either
accept the paper offertnt then), or not receive their
annuities. This would form a fair subject of in-
quiry, for he was totally ignorant of the views...
of the Bank on that point, tite.Cljancellor of the
Exchequer having pr .posed his Bill without
entering into any explanation of his inten-
tions. By the papers already produced, the
House were acquei:ited, not only with the
amount, but with the impure value of the Bank
Tokens. It would be necessary to state whether
the Bank were.not pledged to replace those by
sterling value. He Wished to know whether they
considered themselves bound, at any expellee, to
restore theproper currency. There 'was nothing
now in circulation but ehose-Tokens, which, ac-
cording'to rules, were worth three shiiiings less
in the pound than sterling valne: lie thought the
Cototnittee, if appointed, would be of opinion
that the Bank were bunted to restore the sterling
value at any expence. It was an evil NVllich would
not stop of itself, or even remain where it now.
Was. In the important discussions Which had
lately taken place on an article of 'the first neces-
sity, he hew scarcely heard any one who did not
Connect its price with tl value of the currency.
Were the latter as it ought to be, he had seen et
stated in a publication we thee subject, the pr ice of
Coln would be reduced to 60s. per quarter. He
wished
.that persons connected with the Bank
should state to the House at what price they
would' attempt to restore the currency of the
country. lie then alluded to the price of gold,
which from 3/. 17s. per ounce, had risen to 41.
If actuaied by motives of. Self-interest, to aug-
ment the price of gwd, Cioverintient had not ()thy
t'ne currency of the country entirely at their
mercy, but a double opportunity of continuing
the 'restrictions. In the last year the amount paid
for Exchequer Bills exceeded 2,000,0001. ' When
the restrictions were first imposed, Exchequer Bills
had inertly been converted into Batik cotes; once
kind of paper inqead of another. Thus the coon-
try was to pay two millions merely for tinitfex.-
change, and to acquire a circulation of paper mo-
ney. Such a situation of things reqiiired not only
investigation, beet a remedy. •The average of the
price of Corn could not be fix• d iu tine present
state of the -correacy, and it might he adviseabie'.
that the Bank should have no further profit until
it should hare -made good the proper circulation
of the land. Ile was sorry to have troubled the
House so lung on a subject which others would
leave been more competent to discuss „especially that
part which related to thee difficulty of fixing any soil
of value ice every kind of article, whilst the present
standard was so uncertain,. He thought, how- •
ever, that lee had sheetvn that an enquiry
would certainly be desirable. Its • result lee
should not anticipate; but at the termination of a
long war, and the solid re-establishment of peace,
something should, be done to restore the sterling
currency of the country. Ile concluded, by 'they-
ing, that a Committee be appointed to examine
and state the total amount of all out-standing de-.
mantis against the Bank, and the funds in their '
possession to meet the Same ; also tut:ll:phi e and
report their opinion on the effects produced on
our counnercc by the several Acts passed since
1797, continuing the. Bank- restrictions, and to
examine and report their opinion how far, and
tender what dinhcations, it would be expedient ito
continue the same,
The CHANCEeeoa of the atiCZIECILTEk was
ing to allow that the proposed investigation would.
involve many curious circumstances in political
economy, belt thought, thOugh it might gratify
curiosity, it would not answer the end in view.
Ile was clot about tOStlbillit a motion for an heck,.
finite period to the Bank restrictions, butt, on the
contrary, for a liintation of time; after- which,
it was leis sincere and sanguine hope a further ex-
tension would prove unnecessary. Ile was were
that the present, or any other Government which
might then exist, would not then think it their duty
to propose another renewal of time measure. When-
ever that time should come, the Bank would most
cheerfully undertake thee task of restoring, tile cir-
culation of the country. The respoiesibility of a
countenance or revival of the measure, would
not rest with them, but with Government. It
had not been laic!, as it had been represented, for
private purposes, beet on public grounds,- sane-
tioned by the approbation of Parliament. When.,
ever the period should arrive, the Act Would be
:Mowed to, expire, and the Bank would resume
its cash payments. He would shortly call upon
Parliament to fix the time—that which lee should
propose would be the sth of,ledy, 1816, till the next
Session of Parliament, that the question should
leave been seen in its fullest view, Ile con is
tiered that the Noble Lord had moved for a Com-
mittee, chiefly in a belief that the restrictions
were to be renewed for an indefinite, or at least a
very long period. As this was not the case, and
the object which he must leave lead in view
.was
already nearly attained, be eThould only enter into
a cursory examination of the able argnments
which lie lead advanced. He hen! justly 'noticed.
the caution with which Parliament had proceeded
in introducing thee Bank restrictions at a time Of
ft-arftll aspect. Beet the very course then folloeveds
gave a lesson of caution and patience in taking off
those very restrictions. The pestion would be,
trhet ber the. appointment of a Commit' ee w (odd
be attended With any considerable ineonveiliente ?
The Noble Lord had divided the points which
lie would subject to the inquiry of the Committee
in the following manner Whether -the

wes or was not in a condition, or dispose mapeteired, diet in 1611 it was 112
•tem take cifeetive steps to resume cash pay- 1n,537,0001. ;in 1.813 28,938,W/tit-et and in 1814
eeen-a ? 9111 y. The nature of its connection with 31),2t,34,0001. If such an expedil use could have
* • eaa: nment. idly. Tll e moonlit, and the nature entirely-ceased at the cioss of ties at ;,if it were
its profits. 4,111 y. The impute value of the not necessary to keep a iarge army on the Conti-
se: •:,.a Tokens; and eilibs, At what price it wouni i vent for the safety ot out Allies, then there would
e(ssible toseurc ase gold, in order to resume have been no farther oceasmo for such, measures
eel payments. Now, even from this cnrsory i as the present. This tretim should never be tor-
t nee, it was clear that the proposed examination gotten, that it was by such niea3ures the country
tt oald entirely defeat its own purposes ; it would j had been enabled to bring the most arduous con-
ihsee time Bank and the currency of the Fount' y j test in which she had eeter been engaged to such
krt the mercy of a se:, of speculators. It would a glorious termination. Ile coucluded by declar-
ra‘ eel the amount and the nature of the treasure I ing his conviction, that by a short perseverance
in the Bank, et hich had never been made an oh- in the comae which had been so beneficially
jeer of enquiry for a public COmteittee (Lord A. adopted, we should be Much sooner restored to
said lie meant a Secret Committee.) the object of our wishes, then if the euquiry were
1.. t-em should the Committee be secret, and under J to take place.
any oath, the public would not be well satisfied that Mr. FRANKLIN Lewis said, that nbether an ac-
a qtlestion hitherto untouched should be discussed • tual depreciation of the currency had or had not
in that manner. To enquire when the Bank would taken place, the appearances were such as requir-
be able to resume cash paymersts, would be to ex- i ed a Committee to inquire into them. Ile con-'
pose its most secret circumstances to the hazard of side' ed that it was an extensive issue of Bank
anecelatiolt, always going when questions of that paper caused those appearaeees. After enterieg-
natureewere discussed. 'The House would recol- into a variety of detail, he said he thought that,
• 'lcel., besides, that both the Bank and the Govern- considering the vast power the Batik had since
inept were obliged to purchase great quantities of 1797, it had made a very moderate use of its ad-
Such an inquiry would enhance its price, vantages. It had now a power of 30 millions in-
and cause enormous expellees to the pnblic, stead of a power of 10 millioes, which it had be-
would submit the correctness of his reasoning to i fore the restriction took place. . But the longer
the judgment of any Gentleman of experience in the rectification of the currency was delayed, the
financial affairs, the next point the Noble Lord l greater the injustice would be to sonic party, for
tt ished to submit to. the Committee tvas, the con- injustice must fall source here. lie therefere
connection of the Bank with Government ; fur ! gave his decided support to the motion for the
that purpose the advance made to Governmeot Committee.
some years ago was brought forward. in the lie. Mr. Bose said, the bankers had been no parties
gocietions which took place, at the time, between I to the Restriction Act. The Bank had 16 mil,
the Bank and the Government on that subject, a lions of property when the restriction took place.
reset ve was made of any such nr which the It its profits had been so great as Gentlemen said
Treasers might establish, Had the Noble I cal it was, its solidity must now. be as greet as it.
any reason to- suspect, that the advance had been %vas • then. If the restriction wes 'row taken
made with the view of purchasing a further exttn- l away, there would not remain a guinea in eirctt-
sion of the restriction ?If this hadbeen his opinion, ration—all would be melted down, and sent to the
it tinitilave been completely altered by what he had Continent. The exchange with Ilamburgh was
just stated respecting the time at which he would now near par ; the par was :i3l. 10s. ; the present
propose to limit their duration. The third point for exchange was 32/. When he considered out pre.
the consideration of the Committee, wits to he sent foreign expenditure, he was really surprised
the profits made by the proprietors of the Beek. bow the excienige hail risen so high. When it
If the Noble Lord could have shown, that the was considered, that there was a million of dollars
cur►tiru-:nce of the restrictions was the source of per month paid to Portimeal, and when the ex-
these profits, he would have made out a sufficient pence of such a large mime as we had in Belgium
ground for -enquiry. But whether -the Bank had was looked at,'the high state (>1 ourexchange was
wade greater or less profit since the establisinnent, really wonderful. When our foreign expenditure
of the Restrictions, than it would have dime ceases, then the Bank, he was sure, would have
without them, must ever remain a matter of doubt. no objection to resume its payments in specie.
The Restrictions had been imposed through a But till then, he thought it absolutely absurd to
Rrinciple of public policy, and the Noble Lord expect that it was possible. When the foreign
had Co more right to call upon the Bank to state drains on us would be stopped, then the payments
the amount
of their profits, than lie would have in specie would be resumed, it was not
to ask from,an individual an account of his gains, within the wisdom of nee to devise any plan by
occasioned by some act of-Government, in which which they could be resumed at present.
he had no share. The House would recollect, that Mr. HoLENER said that nobody expected that the
when the Restrictions were passed, the public accu- Bank should resume its payments of specie at pre-
eh y was depreciated in the lowest degree, It was sent. All that lie required was, that a Committee
not astonishing, therefore, that a cot porete body, should inquire how soon it could resume its pay-
commanding a great capital, should have obtained teems in specie, and take such measures as would
great profits. It had been stated by an Honour- ensure the resumption of them as soon as possi-
able Gentleinau, whose loss the House and the ble.- It had been all along held out, that in six
country had to lenient (Mr. 'Thornton), that it . months after the conclusion of peace, the restric-
was then easy Vt) inek e 18 per cent. ; wliat faci- tiou should he taken off. The Right Hon. Gen-
jity, therefore, did not the enormous capital of leinan talks of a large foreign expenditure as a
the Batik afford to make large profits The reason for- continuing" the restriction. But was
largast of all the bonusses was paid, or at least 4this to be a permanent cause ? If it was, it was
secured to the proprietors, before the Bank re- idle to resume the payment in specie. It was bet-
ructions had been laid. They had then )been ter to continue the present circulation, If im
able to divide above 1,000,000 amongst them- three or four years, when we may he disputing
selves. As they never had shared so great a with France about Belgium, we must return to our
beams since, he had a right to doubt the assertion paper circulation, it is better not to resume our
that the gains of the Bank had been occasiotied specie Payments at all. But why should a foreign
by the restrictions. The insinuation that they had expenditure be a necessary cause a a return to a
been imposemi through interested motives, was paper circulation ? France had an immense eircue
totally unjustified. The next point the Noble latiotaof paper, and yet she got rid of it, and got
Lord wished to refer to a Committee, was the ex 7 gold and silver in abundance. ,It had been said
peace at which gold could be procured to restore that France had got her gold and silver by plunder,
the usual currency-. This was a question which But the question is not now imow gold and silver
went much beyond the powers of a committee, come, but how they will remaiu. France, with all
unless composed of jets brokers, which could not be her immense armies and vast exertions, main-
very properly and regularly assembled. Any attempt tamed a large metallic cureency ; :and why may
to collect bullion by a forced purchase, would depre- i not this (notary maintain a metellie currency in
elate the exchange and prevent the accumulation times of loteign expenditere, as well as France
of specie intended. Neither could theCommittce did ? He (lilt desire that this country should be-
safely enter into a public exencination on that entirely confined to a metallic currency. As to
subject, as it would open another field for. hoe the powers to be entrusted to a Committee,• the'
proper • speculations.—.--(Here Lot d A. Hamilton I powers of inquiry and investigation were ail that
stated that he bad not said he wished the. Com- were asked for it. To entrust it with any other
mittee to inquire into this part of the qnestiota) power over the Bank Committee would be im-
He (the Chancellor of the • Exchequee) followed proper. But it -was indispensably necessary, to
the Noble Lord's own order. If he wished to satisfy Parlianteut, that. the Bank had not failed in
retract any thing which helm(' advanced, he shoeld keeping. sufficient treasure. As to the profits of
certainly leave hint the opportunity, and uot bind the Bank, no one could object to ,its fair and he...
I,att down to every expression which might have I gitimate profits. But those itemeade in consequence
dropped from hint. Another point fur the con* of the Restriction, he could not consider in that
dei•ation of the Committee was to he the stare I light. As to the depreciation of gold and silver,
of the- Silver Tokens ; and the Noble Lord iii his opinion, the price of that, precious -Metals
proposed to inquire, whether the Batik was which was the standard of the currency; of a
ready to replace the Standard Silver ? He country could not he affected by any citetune.
was sure the Bank was perfectly ready at all , stauces whatever, while the standard was kept in
-tittles to discharge its own Tokens in the I circulation. He therefore considered it absolute!,
standard currency, that was was bound to I necessary that the Bank should be compelled to
do. After the restrictions should he removed, it • proceed immediately to take the proper measures
wanbi, of course, recal the silver tokens, and re- towards bringing the currency back toe sound state.
piece them with gold or silver as required. There Mr. Ross and Mn, HoRNER explained.
was something. obscure in one part of the Nobler Mr. Meettyeeer said, that the Act first took
Load's reasonings. He had said that it was an place in consequence of the utter impossilmility of
evil that would not only remain, but grow worse I the Bank's inekieg its payments in specie., But
and worse. If the country there so tomtunatee-as they ought to cotisider not merely the object but
ne hoped and trusted would be time case, to return the consequence of the Act.
tie its usual currency, that evil woidii ctn.- The Beuk ;ryas
making an immense ewofit, without letting: the
teiely then, he eared. As to the difileulty of Public mit all participiite in its gains. The yearly
profit at
lo,certaining the standard value, Le -could Mmly present of the Bank, in consequet-ice of
say, 'thtt. that eYii had ;;r catty diminished at j this Act, he, beiievedewas 900,000/. Its immense
preeent. Time difficulty of fiedeg the sabre of issue, the Bank tells us,. is necessary,. But how
Col;mi mid other articles '!mad nothing to (10 with is it necessar •
Necessary It is necessary to enable the
- t eiraalation of the Bank, ;old the difference Bank to make sec') large purchases of Exclieener
ln.ween the value of paper and of
►beliion, had Bills. From this great issue, anti from the
tenisteemesna eeetae,s 1. Li Juiy IS! I, the issues of country baulk paper, there was an increase in
of 'Benk note-a
had been 24 millions end a half, all commodities of 18 per cent. 'rids was a greater
,it had been seid that this ye,u• theT load than the Property:l'km Though he d -n id ot
Le! readrei 31 millions, they might really be consider the country had any right,to call on the
„;iirjons and a halt. The Lxchantse Bank to refuud any of its profits, it had a right
Ilmontetsgh, which was then 0n1y.21, -was. to coesides ••. *elier it would renew an Act sub-
.l!: we had not- beeo obliged to pay nu- jetting it to such a heavy load. The lionourable
Liefous arraers, and to keep a large army on loot I Gentleman then hacked. his observations respect-
toe the kiss,kunCe Of. Out' Allies, the Exchange jug the dependance of the Government upon the
would have :teem so entirely and permaneutly in Bank, by a (potation from Solomon, that " the
fevintr of this country, that it would have rentoy- horrowcr is the
.sert-ant of the lender." Ile
Cd the necessity of
,having recourse to measures, trusted that the Mouse would SllppOrt (let: Motion,
~,•elitier the present eirckunstknice2 must Still i alit: that a -COnli:iiitee would he tippointed tO ills
be a tip He then took a view ;et 010 foreigu quire hito she state and profite of the Beni:.:
exneiallt\:;%.: !Or the .four last yeers, from it TILYNLY I?ely.tu by sonnahnen thet there
4;7 a

(
I tvas some piivee. undernuiryfr„ 5,: me secret
compact between the Chancellor of the Excite-
goer, and the Right Hon. Gentle Man who sat be-,
side him (Mr. Huskisson), that if the former
would never again talk of touching the Sinking
Fond, the latter would refrain from attacking the
Bank Restriction Act. But piating this out of
the cOnsitleration, he 111,1 St press it upon the at-
tention of Ilse House, that it was their duty to
inquire %viten the present unnatural state of cur-
rency was to cease. Ile. should not be disinclined
to acquiesce in the proposed Bill for the continu-
ance of a Restriction, if he could persuade him-
S'elf that the Bank would be able, to resume its
cash payments in July; 1616 : but as he telt that he
shotild never live to see that event, even if his
life should be prolongel beyon4 .his most salt-
gnine cxpect it ions, he thought it became the House
to male the most serious enquiries into the sub-
ject. If the-Chancellor of the Exchequer should, in
1816, he again pressed, he Must apply to the
Bank, and no doubt their snpport would be given
only on condition of the renewal of the present
sttspension. ,For this there could be no remedy,
unless the- House ,would take the whole matter.
into their own hands. It would be proper to en-
quire witether the Bank, on this or any former
occasion, had made the smallest preparations to-
wards paying in cash, it they should be called
upon so to do ? It was the duty of the House,
therefore, to interpose, in order to make the
Chancellor of the Exchequer independent of the
24 Gentlemen in.Threadneedle-street, who were
now in the way of all his plaits. As to the sol-
vency of the Bank, he did not pretend to know
any thing ; nor did be believe that any man
could tell what -was the proportion between their
issue and their means of meeting it. He was
anxious to learn on what ground the ChancellOr
of the Exchequer foanded his argument or his
assumption, that the restrictions
_would cease in
• July 1816. For his own part, he had no doubt
that just before the arrival of those halcyon days,
fresh, issues of paper would be deemed necessary,
.and consequently that the ‘Suspension Act. must
he again. renewed. The House at least had no
security to the contrary, unless it could believe
that the Bank should ever think it advisable to
sacrifice its owo interests to the interests of the
Government. It ought not to be tolerated that
the Goveroment should be thus dependent on the
Bank; though he firmly believed such was the
influence of that Company, that if any Minister
should be determined to make them resume cash
paymentS, his object would be defeated by their
power. For these reasons, he should vote for the

commodation afforded by tlic Bank to comme"ial
pursuits.
The CHANCEILO. R of the EXCHEQUER spoke at
considerable length in explanation : among other
.
things, he observed that the weight of the ie
expensive war must necessarily press upon tTe
country for a considerable time. But be did not
augur gloomily : tears about the diminution of
trade, and the. high price of provisions, hail beLe
the bugbears of this country for generationS back
)
and he could quote, from pamphlets a century
expressions- of as great alarm -on these accounts a'
any they had lately heard.
Mr. GRENFELL said, he should support the
don for the Committee of Enquiry ; but if it
should be refused, he desired 'to give notice, that
when the Bill for limiting the period of restriction
to the sth July, 1816, should be committed, be
would move; as an Amendment, the follo%V'°
words after sth July, 1816, viz. " and no longer.
These were precisely the terms used by the frainer9.
of the Property Tax Act, for the purpose of inial'ins
its duration ; and after time declaration that
ing of the Rt, lion, the Chancellor of the E.sebe"
quer, that he sincerely believed it would not I"-
necessary to. extend the restriction beyond Jwrj
1816, he was confident that his Aniendment w9lll
have the support of his Right Friend,
much :is it would in a manner record his 011'3
opinion, and die confidence of the Housein'thac
opinion.

Lord A. liAmnaolv replied at length—when a
division took place,
.and the numbers were-7-
. For the Motion
Againit it 134 -
Majority
On re-entering the gallery, we found the House
in a COnnnittee on the Bill.

Committee.
Mr. flesr.tssox remarked, that lie hail been so
often alluded to, that he must say a few words,—
Whatever opinion he had formerly entertained
with respect to the currency of the country, that
opinion he, still retained. He had no hesitat;on
in saying that the currency was depreciated. At
the same time, if he had seen any sufficient reason
for changing his opinion on this subject, he should
have declared that change in an honest and open
manner. As to the present question, it seemed to
have been assumed by at least one 1-iou. Gent. that
we had been in a state,of peace for nine months ;
this was certainly not the fact; and he must,say that
the same necessity which gave rise to the act must
plead for its limited continuation. The Chancellor
of the Exchequer had said, that the restrictions
might be removed in July, 1816 : no 'doubt he
would not have. Made such an assertion without
authority, and lie trusted, that before the con-
'elusion of the, debate this declaration would be
confirmed by the Gentlemen of the Bank. He
would most readily allow that cash payments
()light not 'to remain suspended after the proposed
time, unless circumstances should arise as extra-
ordinary,as those of the late war. He did nut re-
gret the vote which he had.given on this matter in
1811, though at the same time lie was glad that
his opinion had been over-ruled. At that time
no human foresight could have anticipated what
had since happened. He would not, however,
allow, that the cash suspension was an incident
necessary to a state of war, nothing could justify
• it, but imperative emergency. He thought no
benefit could result from the prdposed inquiry.
Mr. BARING, in rising to give his opinion on
this subject, wished merely to be considered as
speaking individually ; for though lie was one
connected with the Bank Directors, he had not,
been lately Among thent, nor was'he authorised
to give their collective judgment. He was
anxious to %indicate the Bank against the charge
of partiality to any particular Government; nor
was it true, as had been stated, that it 'gave the
least encouragement to discounts, or that it con-
sulted its own interest, without any regard to the
public. Indeed, the interest of each individual.
Director in Bank stock was too trifling to make it
worth their to oppose their own advantage
to that of the conimunity. The Hon. Gentleman.
then proceeded to state, that having been a Di-
rector, be Nvoujd now give his humble opinion,
that, notwithstanding the expectations held out
by the ChanCellOr Of the Exchequer, there was nu
more chance of the Bank 'being able to pay in spe-
cie in July twelVe months, than there was that it •

would be able to pay in specie to-,morrow. His
opinion was, that it wont& haye..beerr wise to sink
into a sowsd state of 'our currencygradually ; but
Ire ‘vould warn the House not to expect that the
high taxes proposed to be raised, and, the high
prices on. every article of subsistence, could never
be paid itu guineas. They should lobk also to the
gradual-manner in which the circulation-of Bank
notes had crept up, from 11 inilliOns at the pe-
riod of the restriction,: to 25 Or 27 millions, and
with which the increase of country notes had tept
pace.. On all thec accounts, he t bougH the re-
turn to such payments a very improbable event, at
any specific period.
•

Mr.—Po&so&By contended that the .very oppo-
site Opinions ‘vhich the House had heard loudly
called fOr the proposed inquiry.
Mr. \V. SMITH took a similar line or argument,
and related an anecdote of Mr. Fox, as .a proof
of 'the superior _foresight of that distinguished
man. The very day after the Bank ceased paying
in specie, he happened to call upon Mr. Fox, and
mentioning to him the circumstance, added, " but
it can't last long." '' Can't last long !" replied
Mr. Fox, " I don't know what you may do, but
.t !A I shall never live to see it (petted again."
Mr. 11. SIIAW spoke shortly - of -the' great ac-

Mr. GRENFELL propc;ed his •AMerulment, for
adding, after " ath July, 181 G," the followias
words, " and no longer." In proposing this
Amendment, he confidently anticipated the surfD
port of his Right Hon. Friend the Chancellor ().
the Exchequer,.who had expressed his conVictiac
that the Bank would be able to pay in specie 't
that period ; and he depended also on the supe.,,
of every Bank Director in the House ; it haven:
been stated, over and over again, both by th
1
Chancellor of the Exchequer and by his 11°1
Fritflid the Member fir Taunton (Mr. BariaP"
one of the Directors, that the restriction was
act imposed upon the Bank by Government, as
measure of state policy, not only without the col!"
currence, but contrary to the wishes of the PL-
rectors, who were said to be most anxious toslr -
sort to cash payments.
Mr. BAR/NG opposed the Amendment, npon the
ground that it would be felt by the Bank as an
interference with the exercise of their discretion
—(Hear, hear, hear!)—and be considered, Par'
titularly perhaps by sonic of the most conseiell.;
dons amongst them, as in a manner imperarots
upon them to prepare themselves for cash payments
at the period proposed.
Mr. DOUGLAS said he bad intended vatir4
against the Amendment ; but the reason given
the last Speaker (Mr. Baring) had opened by
eyes as to 6.2 real motives and views of the 133"
Directors, and furnished him with the most poker
ful argument for supporting the Amendment
his Hon. Friend.
64
- Mr. PowsoNßy, Mr. lithlNEßi and Mr.T----frR 5
strenuously supported the Amendment,
Mr. 6RENFELL replied to Mr. Baring, and the
Committee divided

For the Amendment 35
Against it
Majority for the original Motion —s7 e;
The Bill then passed through the Conanifte
and the Report was ordered to be received.°,
Monday.
The other Orders were disposed of, and the
House adjourned at One o'Clock this morning'