The Sun.
London, England, 1803-02-23 00:00:00

could be fairly before the House, either through the
medium of a Money Bill, or any other regular model
he should have no sort of obje&ion to meet the
Noble Earl on that ground. His Lordship then
concluded' with moving, " That the Bill be now
read a second time."

Care' ICING delivered his sentiments upon the'
subje& at some length ; he was decidedly hostile to
the farther progress of the Bill, which he disapproved
of chiefly on general principles ; it interfered mate-
rially, he observed, with the sacred rights of in-
dividuals, and with concerns of private property ;
riot only that, but the frequent passing of such a
Bill, would go to set a precedent of the most
dangerous kind.;• by the operation of this measure,
individuals would be not only left arthe mercy of
Ministers, but of the Direetors of the Bank. He
was of opinion that the measure in question, waa not
only the cause of the unfavourable rate of Exchange,
but in a particular manner of the multiplication of
Notes ; this would be seen by a reference to the
documents before the House ; the amount of the
Notes in circulation at a late period exceeded
17,906,0001. whereas before the RestriCtion took
place they did not exceed t 0,000,0001. The No-
ble Lord entered into a variety of financial calcu-
lations and details, ,particularly with respeCt to the
prices; Bcc. of Bullion, and the Course of Exchange
at different periods ; the object of those was to
establish the position, that the Bill, instead of he.
ing necessary or salutary, had, on the contrary, an
injurious operation. He wished it to be under-
stood, that he entertained no doubt whatever of the
solvency of the Bank,' but he could not avoid 'ob-
serving, that one of the extraordinary attributes of
the Bill was, that it called upon the Public, not'
Only to place confidence in Ministers, but in Bank
Dire&ors.. - For his part, he thought it not' only
unnecessary, but injurious, and that a stronger case
than any yet adverted to by Ministers should be
made out before he could conscientiously give his
support to the Bill.

"The Earl of SUFFOLK. was of opinion, that
the scarcity so much complained of, and adverted to
by Ministers, as one of the remote causes of the
necessity of the Bill, was owing to the reprehen-
sible neglect of •agriculturd in this Country. At
the same time, the Noble Earl seemed to express his
regret at the recently increased expence of jock.;
surest a consideration so materially conne6led with
the improvements of agriculture. The increased
population of the Country was also a point which
was to bdconsidered with a reference to the subjea.
Another point of the greatest importance to Agri-
culture was the. circumstance of Tythes, and to the
situation of these in a neighbouring Island, he under-
stood that much of that disorder which existed in
that Country was to be attributed. It seriously
behoved, he thought, the Government of this Coun.
try to look to•the consequences of France out.
stripping us in the agricultural race : the greatest
attention was paid to it in France, and the conse.
quence would be, that we should eventually have to
resort to that Country for a supply of, the articles
of the first necessity.

The Earl of MOIRA delivered his objections to
the Bill at .considerable length. He followed upon
the ground taken by his Noble Friend (Lord KING).
He observed the Noble Mover of the Bill had dwelt
much upon the conveniency which the measure pro.
duced, but forgot to state those descriptions of per.
sons who experienced it. The measure, as he had
stated on a former night, appeared to him to be
connected with some Ministerial Schemes of Fi.
nance ; at the' same rime he disclaimed the idea of
wishing to insinuate that any thing in the affair was
done by stealth. Here his Lordship entered into
some financial calculations arul details, for the pur.
pose of illustrating the leading positions of his
Speech, one of the principal of which was, that
the R.estriCtion. produced the unfavourable Couise
of Exchange. lle could not help observing, that
the question of moral right, and the interests of the
•Holders of Bank Notes, seemed to be entirely out
of the Noble Lord's consideration. In his opinion
the Bill strongly interfered with those principles,
and in an extensive view of the subjeEt he would
contend, that it operated a breach of faith to
all Europe. In short, Ministers must come for.
ward with further illustrations of its necessity to
induce him to support it.

The Earl of 6i`ESTIORL AND spoke at some
length in answer to the obje6tions of the Noble
Earl who• spoke last. Fie would not, he said,
enter upon the consideration of the validity of the
Bank, as that, investigation at a former period, had
put °tic of all dispute. He contended that the
operation •of the Bill during the war, tended to
enable Ministers to bring this Country successfully
through the arduous struggle in which she was en-
gaged ; it must be obvious to the sense of every
Noble Lord, that it would he preferable to wait
till the period of an influx of bullion, &c. into the
Country should take 'place, and until it was ade_
quately stocked with cash, for the taking off the
RestriCtion, than by doing it pretnaturely, to ha.
card all th6se inconvenienctes and dangers which it
was universally allowed must attend the opening of
the Bank in the present circumstances of the Coun-
try; the extensive circulation of small notes was a►so
a 'material part of these considerations. He compli.
mented His IVlajesty's late Ministers for their able
administration of the Finances of the Country, by
which means they, in a great degree, had preserved
its Constitution and secured its independence. He
contended, the mode adopted by Ministers, of Loans,
by way of Exchequer Bills, was a preferable policy
to the ordinary mode of Loans, and which the state
of the Funds at the time would clearly evince. He
acknowledged hitnsell unable to conceive, from the
statements of the Noble Lail, how the Restrietion
could produce the unfavourable state of the Ex.
change ; but of this he was certain, that if any
error was in the case, it was preferable to err at the
secure, than at the hazardous side of the question.

Lard AUC KL AND followed on the same side;
he observed that the leading position of the Noble
Lords who opposed the Bill, namely, that it was a
strong interference with private property, and the
rights of individual, was clearly erroneous; indeed
the assertion could proceed only from their being
misinformed as to the real state of the case, namely,
the the Bank property teas in its nature, founded
in Parliamentary grants, and was at -all times sub.
jeta to Parliamentary interference ; this, however,

was'deemed by those most conversant in the sub-
jeft, to be its best security. 'lt vas absurd in the
highest...degree to suppose that the. Bank could have
• guineas:equal to the auiourit of the Notes in circula-
tion. The Bill was originally calculated to prevent
the injurious efFeCts which too.great a run upon the
• Banlcwould have cyan to individuals ; for the practice
would be, first come first served--so, that when all
was out, the later applicants would not find a guinea.
The Bill, however, prevented that calamity, and in
effeet, dealt out an equal measure of justice to all.
The question now, was not whether a RestriCtion
should be laid on, but whether an old regulation
should continue a little longer. The effeas of a con-
trary line of conduEt must he obvious to all ; it
would tend to convulse the whole commerce
of the Country, and be produßive of a variety
of minor ill consequences. The Noble Lord
here entered into some counter calculations, to do
away the positions of the Noble Lords opposite to
him, and he enumerated the heavy drains of specie
from this Country of late years, particularly for
Corn, and on account of the remittances during the
War. Those,, in the course of four years-only, he
stated to amount to forty-eight millions. He enter-
ed into a general view of the financial system of the
Country, its Net Revenues, Expenditure, and the
amount of its Peace Establishment at different pe.
• riods, and contended, that the ,Resources of the
Country were amply abundant • far all its needs
and exigencies; that there was no doubt what-
ever, provided the Peace continued, (which Mini-
sters were determined to preserve as long as they
could, consistently with the honour and the essen.
tial interests of the Country), of these arriving ;,t
a state of. unexampled prosperity, and through the
• medium of economy to yield a considerable surplus,
after meeting all the expences of the Country.
Lord GRENVILLE expressed his satisfaction, as
conceiving by what fell from the Noble Lord, that
the Financial situation and circumstances of the
Country should, on a future day, undergo a full and
ample discussion, He thought it was the bounden -
duty of Parliament to look the 'real situation of
the Country in those respeels full in the face, to
chew that' situation to the Country, and boldly and
manfully to meet it ;. which,. he. was of opinion,
could best, if not solely be done, by raising the
Revenue, so as fUliy to meet the Expenditure : the
Resources of the Country were abundant, and it
had claims upon Parliament, that chose resources
should be called forth.'
Lords Mot RA, KING, PELHAM, and AUCK-
LAND spoke severally in explanation ; Lord KING
particularly adverted to the unfavourable state of
the Exchange with• Dublin, in which capital a
Guinea Bank Note and a shilling was given for one
English guinea.
This Lord PELHAM, as we could hear him, seemed
to attribute in some degree to the condu6l of the
Bank of Ireland.

The Marquis cf SLIGO. thought it was rather
owing to the conduit of the Country Banks in
Ireland, and which tended to depreciate the value
of paper currency.

Lord SIIEFPIELD said, he had not heard any
argument which, in his opinion, could justify the
risk of abandoning the Bank Restrittion, at a crisis
such as the present ; nor had he heard any well.
founded suggestion that mischief or inconvenience
could arise from the continuance' of it at this time.
lie conceived that neither the expediency of the
original measure, nor the state of the Finances of
the Country, were the question before their Lord.
ships. The difficulty and delicacy of removing the
Restriction were foreseen at the time of imposing
it ; and as the difficulty, in consequence of the pre-
sent very precarious state of Europe, is still greater
than was expeded, it cannot be thought prudent to
haiard the relinquishment of the Restriction just
now, without some obvious necessity, or perhaps,
till there is an influx of specie or bullion into this
Country, an event not improbable, which might
enable us to remove the Restriction with safety.—
Commercial intercourse, in general, is greatly de-
ranged. We can draw no conclusions from any ex.
perience hithCieto had, for there is no analogy be-
tween the present state of things, and that of former
times. We all regret that the necessity of Restric-
tion ever arose, but even admitting some discredit
may have taken place in consequence of the Restric-
tion, it will not be increased by the continuance of
it until a more favourable period ; but, on the
contrary, the disgrace of the whole measure may be
avoided ; at least, we have the satisfaction of know-
ing that no real mischief or inconvenience Intl arisen
from it. Notwithstanding all that had been asserted,
he insisted that Paper Money has not been depre-
ciated, nor has Coin bore a premium in this Kingdom;
which he conceived to be the true criterion by which
we should judge of the matter ; for, when Paper
Money is not depreciated, we know there is not
too great an emission of that kind of currency ; and
he was disposed to consider a judicious increased
issue of it as very advantageous, inasmuch as it
enabled us better to carry on the great commercial
transadions of this Country ; and if the event has
helped to prove that immense quantities of gold
coin in. circulation, arc not absolutely necessary,
this measure which we now regret, may in some
degree become serviceable, by preventing, hereafter,
unfounded apprehension anti alarm on such a subject.
Scotland has improved, in every shape, with scarce
any coin, and has been greatly benefited by a plen.
dila issue of Paper Money, and we find that great
quantities of coin or bullion give little public credit
to France or Spain, and consequently it may be in-
ferred that Coin has little to do with Public Credit;
and in truth, the necessity of having immense quan.
cities of gold and silver in an unproductive state, in
those two Countries, arose from the want of Public
Credit. Holland, when she flourished most, depend.
ed almost entirely on her Bank; and Countries truly
commercial, such as England and Holland, could not
have carried on their extensive trade by any other
means, 4 very great proportion of the wealth of
England would be in an nproduCtive state if it were
necessary to have a coin currency for all its com.
metcial transactions, and without a plentitid issue
of Paper Currency, we could carry on but a very
small part of our present trade. He said, he scarce-
ly comprehended the suggestion, that the ur.favour_
able Exchange against this Country took place in;
consequence of the Batik Restrinion. It did not
take place immediately on the adoption of thituura,

6tuhreere hasev beenseinnce heart tite
agreat
change has latterly become much more favourable
ien,ilu
during
ofgaoldc, er
ltnati intphzeriEt,
during the existence of the Restriaion. lie ob.
served, it was perfeEtly easy to account for the un.
favourable Exchange, by the great remittances to the
Continent ; and, more especially, in return for the
is importation of Grain, the value of which,
if estimated according to the price at the British
Market, would amount to upwards of twenty-four
millions in little more than two years ; or, on au
average of ten years, we have imported of foreign
corn, which we might have raised at home,
to the
value.of at least four millions yearly, not far short
of the ordinary real' balance of trade in our favour,
As the importation of foreign corn diminished, the
Course of Exchange became proportionably mote
favourable to us. It therefore seemed reasonable
to suppose that the immense payments for foreign
corn consumed more than the balance of trade in our
favour ; and it may be observed that the payments,
for a very extraordinary importation of corn, in
consequence of the scarcity of 1796, drained this
Country so much, as to become a principal cause
of the Restrietion Aft, in the Spring of 1797. So
that instead of imputing the unfavourable Exchange
to the Restrklion At, we must place it to its pro-
per account, our own neglea and bad policy.. We
stiffer quibbling objeilions to prevent a general
inclosure and cultivation of the Waste Lands, and
we negled to remove the great discouragements to
tillage. We do not give ourselves the trouble to
examine our Corn Laws, which have been altered
much for the worse Ivithin the last thirty years. He
concluded by saying he wished it were in his power
to do justice to this important subjed. His objett
hhould be to remove prejudices arising from un-
founded theories, and to relieve the Public Mind
from apprehensions equally unfounded ; and on this
occasion, to skew that no inconvenience or disad-
topv)ufoattstihtiatebhggiaeytelcsatonruilad4inoptniomsoseniihyßlyaannkarise
abrupt
alt reoi nt
ftsolci ero
ntcitol
iennituiiranenusceaern,,
present
it, would be an unnecessary experiment, and very
the Bill was read 3
second time; and ordered to be committed to a Con':
mince of the whole House on ThUrsday, to' which
day their Lordships adjourned.

HoUsE OP COMMONS.
TURSDAY, FED. ;2.

THE SPEAKER lOOk the Chair at three O'clock.
Lord EUSTON brought up a Report from the Com.:
mittec appointed to try the Petition respeding the
Elealon for Dunfermlin, that the Right Hon. Is4AO
CORRY being unable to attend, the Committee was
adjourned until ten o'clock to-morrow. Mr. Buck-
ley, an Apothecary, attended and said, that Mr,
CORRY was coo ill to attend.
A. person presented an. Account from thei sritish
Museum, which was ordered to lie on the Table.
Several Members were sworn in and took theif
seats.
Sir Me,ttetre Fordrts brought up a Report frog's
the Selea Committee appointed to try the rflerigq.
of the Barnstaple Eledion, complaining of the none
attendance of W;es,;AMßALow:rr, Esq. and PAX
ATKINS.
Mr. Burro's Bill, for ereding a New Pooteb"sc
in the Parish of Sr. Pancras, was read a first time•
attention of the House to a sulli,•6t,
Lard EUSTON-said, he begged leave to call the_
wherein every
individual was Concerned, a, subjea of the Otto;
importance to them and the Nation at large, natters,the discovery of a Plot, designed by Traitors who
had been punished justly Or an offence of the
greatest magnitude. An offence aiming at the de-
strudion of our happy Constitution, with all its.
attendant blessings, its religion, morality and irv,
which arc the boasted rights of Britons, bat which
might have been for ever annihilated had not rrov
i.
dence, and the vigilance of public Officers, brought to
light the wicked machinations of men lose to all Ul'3,s
grand principles of religion, virtue, and lionouroe4."l
out which men are unworthy of existence. He F.3"14
he could pidure to himself, the horror and devast3-
don these deluded people might have given birth
to, aided by others equally deluded, had their plot
been carried into execution. The result would
have been a total extinction of those Governors by
whom the People are rendered safe and happy ; and
power and office would be assumed by men not far
removed from savages ; men intoxicated with their
transient power and importance, but who would
have been hurried down that stream of blood their
own wickedness had been the cause of. Englishmen
knew. too well the circa these dreadful plots had
produced in other Countries ; examples were too
numerous and direful for a single honest man to
sandion the encouragement of them in this Coun-
try. The Conspiracies which have been attempted
to be brought about in this Country, carried the
alluring but specious names of Philosophy, Reform.
and Liberty—names, of late, in the mouths of the
very worst charaders in the Country, who us 7
these high-sounding and pleasing terms, toOtlicon
crimes of the blackest die, namely, the dest,s32,ie,
of every honest man, and every virtuous Pru',gir„,)
But he sincerely hoped his Countrymen had
through this false philosophy, which the wicked
had so industriously disseminated for the destruCtion
of all established power, anti did not doubt but
the Country would use their aggregate
power to
prated, and support their Monarch, his Govern-
ment and Laws, from the machination of Traitors'
Had this late dreadful Conspiracy been carried into
area against the life of our Sovereign, who is
beloved by all ranks of society, for those virtues
which grace his Crown, and diffuse happiness through
every corner of his nited Kingdom, Englishmen
would have had to lament the loss of one of the
greatest ornaments that ever filled the Throne of
Britain. He now felt a happiness which language
was too feeble to describe; but he would express
his utmost pleasure that our Monarch still reigned
King of a Free People, and lived in their hearts as
one to whom they looked for proreaion, and of
whom they received all the blessings they now
enjoy. It was, therefore, time for the House to
approach the Throne, and express its attachtnent to
our Sovereign, as an example to future ages. He
would therefore move,

" That an humble Address be presented to Ills Majesty,
uthuind to git NiAleitY our must heart-felt congratulations