The Sun.
London, England, 1803-02-12 00:00:00

P'
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..... .•. ostie
gate body of its memberi, and not
sthe opi-
nion of a Coimnitttes It was perfedly regular
and, proper to appoint a committee to inquire into
fads, and report their opinion thereon, but to ap.
point a Committee merely to deliver an opinion,
Was an anomaly which he had never heard of before.
. , He should be extremely sorry that a Cdmtnittee
should be appointed to inquire into the solidity of
the Bank, because that would imply doubts of that
solidity. His Hon. Friend had said, that a Com-
snittee so appointed should enter into a large field of
inquiry with roped to the general system of Paper
Credit. If it was necessary to inquire into the
state of Paper Circulation, he had no objection ; but
it was not necessary to conned that inquiry with,
the present Bill, because it had no conneCtion with
it, :nor ought it to be coupled with the Bill now
• before the House. His Hon. Friend had said, that
he (the CHANCELLOR of the EXCHEQUER) had
stated, that the Batik expressett„no opinion upon the
_sabjed ; his statement was, that' the Bank express-
ed no wish upon the subjed. His Hon. Friend had
obserVed, that the Committee which he wished
should: be appointed, should ascertain whether the
Bank had done their duty ; he (the CHANCELLOR
of the .ExcitEOUsa) was convinced that it was the
opinion of every one that the Bank had discharged
itheirdoty most exemplarily. The Papers upon the
.Table clearly proved that the Bank had taken no
• unbecoming advantage of the privilege which was
the consequence of the Restriction. Every, one
knew that Paper was received according to its
nominal value, and it afforded a source of consola,
.• :tion, •• amidst all other difficulties. Every one
knew that in 1793, when a sudden deficiency of
Specie 'was experienced, that a well-timed issue of
Palter gave a new spring to Commerce, and pre.
„ 'vented every unpleasant consequence which might
have resulted from the eircumstaisees of that pe.
riod. When the issue of Bank Notes; at the pre-
sent period, as appeared by the account' upon the
Table, was compared with that of other periods, it
Would be found that the whole amount at present
163000,0001. which, with the exception of
4ioocsoool. of Small Notes, was only r,000,0001.
sroore than was issued at the period preceding the
Restriction. His Honourable Friend had stated,
that every one must • lament the deficiency in the
• circulation of Gold ; undoubtedly one would wish
•tO •see a due
.proportion of Gold and Paper, but
surely an equal importance ought to be attached •
'to rapers since it must be considered as one of
the primar'y sources of the increased prosperity of
Our Commerce. Did his Hon. Friend think that
• the mere circulation of gold could make any favou_
tahiC operation l No such things there must be an
influx of Bullion to give rise to those favourable
Consequences which were expeded. His Hon. Friend
tad said, that the renewal of the Bank Charter
war merely a financial measure ;. but there could be
no doubt that it was 'a measure of great impor.
• lance to' the interests of the Community.. His Hon.
Friend, had said,, that he did not wish to see too close
a conneitiott between the Government and the Bank,
nondid he (the CHANtELLOIt of the Exert P.ollEkt;)
but what scircutr(stantes had happened to induce his
Hon. Friend to make thiit observation ? The fad
seas, that the outstanding advances made by the
Bank to the Government, at the present moment
!:did not amount to a million more than they were
preceding the Restridion. Convinced, as he was,
91.0i4,necessity of the present measure, and that it,
ssough i to be continued until circumstances were more
'avnurable roi the discontinuance of the Restridion,
be eould not agree to the Motion of his Hon. Friend.
It was necessary for the House to pause before they
got rid of a system, the inconveniences of which
they knew, and substituted another for it, the in.
.conveniences of which they did not know.
Mr. Bnriites explained.
Mr. H. THORNTON made some general ob.
Servations upon the great importance and extent of
the subject under discussion. He seemed to think
that in one point of view the Motion of his Hon.
Friend opposite' to him (Mr. B.) might have an
advantageous effe& At the same time he was
fully aware of the great inconvenience, which under
the present circumstances, would attend taking off
the Restriction ; it might in a great degree operate as
a notice, and raise ao universal expedation of the
immediate renewal,of monied payments, The shock
which this might give to 'Paper Credit may easily
be conceived. He felt that the preaeot was no
time for the adoption of such a measure,- neither
would there be a sufficient interval for the necessary
Preparation allowed to the Bank. Notwithstand-
lng he felt in this manner, he at the same time was
Impressed with a degree 'of parliamentary jealousy
Can the occasion, and he must say, that all his doubts
on the subjeCt were not yet satisfied; however, he
agreed with his Right lion. Friend' (the CHANC IL L.
I.OR of the Exosfstav Ea) in his great point, namely)
that the Bank could not with perfed safety be opened,
txeept the Exchange was favourable to this Coon.
try ; but he was of opinion, that the'first favour-
tSeason shOuld he taken advantage of for open.
ing the Bank ; and he was not prepared to say that
it was the duty of the Fiouse to wait for ever for it
'7—the contrary, in a great degree, might
now
?pinion. The meaSure in question was now con.
timed for three or four years, and its continuance
firt another year was proposed. In this view of
he ease it may he important to consider, whether
favourable opportunity, in that interval, might
not present itself. His then adverted to the conse-
cSences of too great an issue of Paper, and the eon.
flexion of that circumstance with an unfavourable
state of the Exchange, with resped to which it un.
questionably had a disadvantageous aft:ft ; and in
this view of the question, an observation made by
an Hon, Gentleman, had evidently a great deal of
common sense in it. A Moderate issue of Paper in
the Country would have the effect of improving the
state of the Exchange; and he alluded to the duty
incumbent on the Country, tuStto distress, or do
airy thing to impair the Public Credit ; and in this
view they seemed to observe an exiu!t medium',
which he conceived to be a leading'cause why, not.
With"anding Great Britain made' a freer use of
Paper 'than any other Country in Europe, it was
able to maintain its Public Credit vigoristia and
unimpaired.
The CILINCELLOR of tit EXCHEQUER,
after shortly ennyinscnting the siOlitic6 of his Fein;