The Sun.
London, England, 1803-12-14 00:00:00

IMPERIAL PARLIAMENT.

HOUSE 'OF PEERS.

TVESDA.Y, DEC. 13.

Toe various Bills before the House were for. 1.
warned in their respective stages.
The Order of the Day.fOr the Third Reading of
the Bank Restriction Bill being reach
Lard GRENVILVE, rose ; anti pursuant to the in.
•
timation he had given, delivered his Sentiments upon 1
certain Topics closely conueded with the patticUlar
measure before the House, at considerable length.
—ln 'the outset of his Speech, the ,Noble Lord
lamented the circumstance of a Bill of such import.
once having proceeded almost to its last stage with.
our a syllable being 'said respeetiog the measure, anti
in circa, as if it were regarded as a measure of course.
He felt it his duty to call their Lordships' most
Serious attention to the subject, which he considered
Pa. involving points of the last importance. to the
eneral credit and commercial prosperity of the
Country. It was one to which, nut only. the atten.
tion of that I-louse,' but of His Majnry's Govern..
merit, arid the Public at •larg,e, could not he too
forcibly directed. He meant not, however, to
oppose the measure in questiOn, lamentable as was
the necessity which called for such a measure. Un.
der the present circomstances- of else Country, he
was free to confess that it was riot only a VeCCSliiiry
evil at the presenti while elle chance or preisped of
Invasion existed ; but even. during the continu.
ance of the War. When he acknowledged that
lie had a share in bringing for Ward the 'measure
originally, 'and even on a late occasion giving its
contineauCe Lis mast 'decided-support, he hoped he
would be allowed full credit' on the score of his sin.
•eetity, in'What he 'was about to. recommend with
respect tothe general subjed. The origin of the
measure, it was well kuthn, was owing to a Cir.
cum:lance which, then, in the year 1797, appeared
of an alarming nature,' but which the event proved,
that, as far as regarded that particUlat considera.
tion, the alarm was 'unfounded : Notwithstandingr,
the Country was-shortly after in such a situation
that under all the then existing circumstances, it
-was deemed advisable byllit Majesty's Govern.
went to Continue the restridion for a limited pe.
riod, and thence to the *conclusion of the War.—
But it was to be observed, that His Majesty's pre.
amt Ministers had thought proper to continue the
rest;idion throughout a period of what they called
teace, but which in his mind' resembled a state
, of War in every thing, save the necessity of
providing for self:tide:ice. 'Whet he 'should at
present have in a great degree' to, direct' their
Ltirdships' •atteotion to, was, the unavoidable ill
Consequences which might result from a continu.
ance of the present systern' of` 'restraining the issue
of cash'from the Bank, and which may at length be
repeated to 'that degree of frequency, as to be re_
garded not only by the Legisiattft but by, numbers
without doors, to a certain degree at least, as a
matter innoxious in itself, and to be produCtive of
little or no ill consequences—but the very reverse
was the fad, as a little consideration of the objea,
and a due attention to the actual state of- things
~would be sufficient to prove. It was a radical, fiXed,
and immutable principle, and acknowledited,las suds
by all enlightened Writers upon the subleit:Pthat as
far es it was possible, allinatters of public credit
and .circulation; should he left tis find their own
level, which in the absence of all Governmental
or Legislative interference, sooner or later takes
place ; this great prineiple should be uniform.•
in the copsideratton of that House, and the
..evils witch must unavOidably. accrue, wits enctesti-
• • ing force, from every additional departUre from it.
He felt it incumbent on him, from a strong and
'serious sense of duty to call, feeble and unsupported
as he was, -the attention, not only' of that House, but
of the Public at large, to the situation into which,
the continuance, `(certainly unavoidable to a certain
• degree;) of tuch meaturee as the present had, or was
likely to bring on the Credit and Circulation of the.
Country.—His, Lordship particularly' dwelt op the
injurious effeas; which, an excessive Paper Issue
Might necessarily 'produce, in,Whieh the chief Was
the unavoidable depreciation of the Circulation of.
the.Coentry. He felt:and .allowed under the pre_
sent circumstances,' the necessity of, the Evil of
continuing restriction, btit what he contended was
for the expediency of the King's Government and
the Legislature, exerting themselves to the utmost
to, mitigate the Evils which were thus unavoidably
created. Ile continued to expatiate on,the
plied evils arising from an excessive Paper Circula..
tion, and that, such wpa the case at present, a-
ehadow of doubt, could not exist; it ,was not
only the. excessive issue of Bank Paper which
was to be lamented in this' view or the sub.
jed, but the issue of private paper, which had'
increased to .a most serious and alarming degree.
After pointing out the `distinctions between Paper
• issued. tinder Public authority and that pushed for-
ward-by, Individual or Cotitmercai Speculation, and
'hewing. the injurious effects -which each must reci.
procellrhaVe, in the event of excessive issues, his
:Lordship proceeded to observe
,upon an important
, topic, which had been broached in another quar.
ter. He alluded to what had -been said, arid the
way-in 'iathiCh the point was treated, oi the accumu.
lawn of Specie by individuals; it was a predict,
said; on some .occasions, and under tome circuits.
etances, to raise a popular clamour against those Farm.
'ers and Corufadors •who had colleded considerable
,quantities of grain ; this was often done, without its
being considered that such proceedings were in the
periods of scat-city, the beat safeguard and security
egains the actual existence of famine ;and such was
admitted.by the most intelligent wtiterlion the:sub.
ject. so, to a certaip extent at keit, was ;he ac.
. cumulation of specie by individuals tube considered :
but these persons,. lie understood had been spoken
of. in .a way bordering upon terms of reproach, and
in 4 quartet which, circumstanced as it was, had
great weight and authority in-the Legistatbre. To
such reprotich he could not consider such persons as
by •any means entitled.; the pr dice in question-
would eventually be prodative of general benefit,
and, ultimately secure rite :restoration of so much
of the specie to the- circulation of the Country.
Noe was that the Only point of view in which
such a ',lattice may be regarded as justifiable :