The Sun.
London, England, 1803-02-08 00:00:00

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it
was a clear proposition, that if advantage was
to be made by sending specie and bullion abroad,
it would be impossible to prevent it. The Honour-
able Gentleman (Mr. TittiNEy), had said, that
the Bank might bUy bullion abroad, and coin it ;
but that would be perfectly useless, because if it was
dearer abroad than here, it would he sent abroad as
Soon asit was coined. In 1772, when there was a
great deal of bad Specie in this country] the tx.
change was against Lis, and that was supposed to
arise from the badness of our Currency, and the
same effeet might now be produced from our pay.
went being made in Paper and not in Specie:
He concluded with expressing his own opinion
of the competency and security of the Bank, but
thought the present circumstances, and the national
honour, considering tl►e connexion between the
Government and the Bank, required that some in.
Salty should be entered into.

•
Mr. BANKES said, that not knowing the limits
of the Bill, but conceiving the situation of the
Bank to be a very unnatural one, he was of opinion
that the restriction shotild not be imposed before
the necessary investigation took place. The result,
he hoped, would be satisfaElory to the House, and
at he must deplore the continuance of such a re.
straint, though he might not wish to vote against
the Motion, he hoped some other would be made
Which might bring the question fairly to an issue.
1"d IMIPKES BURY delivered his opinion with
much force and animation, and, though he said he
had only a few sentiments to offer, replied to almost
every argument and observation made use of on the
other side of the questihn. With regard to the
proposal made of a Committee of Inquiry, he con-
tefidedi that the Course of Exchange was not appli-
cable to that or any 'other part of the subjeCt,—
looking tb the stoppage of payment abstractedly,
he must acknowledge it as a thing to be lamented ;
but having been once imposed, the difficulty and
danger of taking it off all at once must be obvious
r every one, who paid any attention to the subject.
dram the measure itselt (of RestriCtion), it would
not be denied that any inconvenience resulted, or
Was now felt from it. The reason for its contine-
' anee did not arise from any opinion of the insuffi-
tieney of the Bank, which never did exist in the
Country, but from the nun-arrival of Bullion, which
Was expected, and had not yet arrived. It must
also be recolleCted, that large sums of money were
exported during the War, for the use of our Forces,
theha sap- p y our Allies, &c. The course of Ex-
cnge was therefore altered, but though in appear-
ance much against us, was not so in reality, and
was nnW nearly at par. Ills reason, therefore, for
tabjeCting to, a Committee of Inquiry was, not any
apprehension of the result, but the fear of exciting
x.ny alarm in the People, and the more so, as the
tormer Committee had sufficiently established the
?leant and resources of that Institution. The House
bad a right, and ()tight, perhaps, to revise the whole
System of Paper Credit, and probably something to
that efreft would be brought forward. Under all
the circumstances, the Country could gain nothing
by a re-coinage of gold, and particularly as the
ourse of Exchange was improving for the last twelve
months. The proper stage, however, in which any
improvement could be ',lade, must be in the Corn-
itiittee, upon filling up the blanks.
SitirkANClS BARING shortly spoke in support of
the Motion, of which he very much approved.
ph, obiNcEuoß of the EXCHEQUER, in
.7419.1 y tti an observation which had fallen from an
nob: Gatitleman (Mr. TIERNEY), said it was true,
that at an early period of the present Session he did
entertain A hope that the Course of Exchange between
Country and the Continent would have been so
favourable, as to render it unnecessary for him to
propose to continue the Restriftion upon the Bank.
Btit in stating this, he begged that he might not be
understood to rest the present Motion merely upon
the state of Exchange ; there were other concurrent
circumstances which rendered it expedient. It had
seen thought proper, under the peculiar circum-
stances of the times, to permit the Country Banks
to issue small Notes ; and if the Restriction were
taken off, they would be tendered .fur payment in
Cash, and this would create a demand, which there
might not be a stiflicient quantity of Bullion to sup.
ply. An Hon. Gentleman (Mr. Fox) had stated, that
It might not perhaps he expedient to take off the Re-
strietion upon the Bank suddenly, but that it might
be done by a gradual operation, such as ,payins
small Notes in Cash. The Hon. Gentleman was no
doubt aware that the Bank had a power, under the
existing Aft, to make partial payments of Divi-
dends in Specie, upon giving notice of such payments
to the House of Commons ; but it must be obviolus
to the Hon. Gentleman, if small Notes were to be paid
in Cash, that large Notes would be immediately
changed for small ones, which would be tendered
for payment in specie; so that the whole effea of
the Restriction would be done away. It had been
observed, that. the Bank was ready and disposed to
pay in specie, if the Legislature would permit
them ; whether that was the case or not, what he
proposed was not in compliance with, or in opposi-
tion to, any thing that the Bank might wish
upon the occasion, as he had no communication
with the Bank, except merely to take their opinion
upon the state'of Exchange. It was his intention,
!I the House should think proper to permit them to
bang in this Bill, to propose to insert a Clause, to
give Parliament a power to alter or repeal it during
the present Session, or otherwise to leave it in force
till six weeks after the commencement of the next
Session of Parliament, He concluded with repeat.
tog, that, it was with reludance and regret that he
proposed the present measure ; but circumstances
imposed it upon him, as a duty, and that duty, how-
ever painful it might be, he must endeavour to dis-
charge.
Wir. TIERNEY and Mr. VANSIT TART spoke in
explanation ; after which the Motion was agreed to,
4nd leave given to bring in the Bill.
The llouse in a Committee of Supply, voted the
Irish Estimates (not different from those of last
Ye"r), and the Report was ordered to be received
to-lootroW.

Tile Committee was adjourned to Wednesday
next,
WiCKHAM gave nnace, that he should, on
Monday next, bring in a Bill for putting the Reve.

those of England, b 7 pteventing their voting at
Eleaions for Members of Parliament:—Adjourned.

MA I LS.
nut.
Holland T
French o - • - - -
Hamburgh o

PRICE OF STOCKS,
THIS D•Y AT TINILY& O'CLOCK.
Consols - - 70 i Consols for v.; Febi•uary 71

THE SUN.

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