The Sun.
London, England, 1803-12-10 00:00:00

SATURDAY, DECEMBER 10, 'BO3.

the measure of Restriftion was originally adopted.
His Lordship then entered into a variety of calcula-
tions, respefting the issue of Paper at different pe-
riods, and the prices of Bullion, value of Coin, &c.
with a view to show the injurious tendency of such
a measure as that before their Lordships ; and he
expatiated upon the necessity of keeping up the cir-
culation of the Country in a respettable state, but
which, he observed, was ,at certain periods, to
which he adverted, considerably depreciated. He
intended to propose one or two regulations, in the
way of Amendments to the present Bill :—the first
of which would have the salutary effeft of restrain.
ing the Bank DireCtors, to a certain degree at least,
from abusing the great discretionary power which
the Bill vested in them, with roped to the issue of
Paper : the regulation would go to require the Di_
rectors to make a Monthly Return, either to Par.
liament, or specifically in the London Gazette, of
the amount, &c. of Notes in circulation, suppose
on the 25rh•day of •.each Month. Another point
which he should have to 'press on the consideration
of the }louse, was the state of the Circulation, to
which ever► possible degree of attention should be
paid. He concluded by moving, as an Amend.
j ment, a Proposition, requiring the DireElors of the
Bank to make periodical Returns, as above alluded to.

Lord WALSINQ HAM informed the Noble Lord,
that in the then ace of the proceedings of the
Committee, such a proposition could not regularly
be considered. His Lordship would have an op.
portunity, on the occasion of the Report being
made.
The Bill being gone through, the House re.
sumed ; and the Report was forthwith. made, and
taken into consideration.
Lord KING then regularly moved his Amend.
meat as above.
.Lord 1-I.4II7(ESTURY deemed it unnecessary to
follow the Noble Lord, through the greateifpart of
what he had advanced, as, being partly applicable to
the principle of the Bill, .which was not then under
discussion, and as partly foreign from the subjed.
regularly under consideration : there existed, how.
ever, a great and an obvious necessity for the pre.
sent measure : the Bill proceeded on similar grounds
with that of 170, and at least an equal necessity
existed, for the Restritlion now as then. The pe.
riod of the present Bill was somewhat different from
that of the above year, and was in its nature more
definite. 'He differed from the Noble Lord as to
the causes. assigned by, him for the unfavourable state
of the Exchange at diffetent. periods. He had softie
serious objedions to eht adoption of the Regulation
proposed by the Noble Lord; first, there was no
such provision deemed necessary.insany of the former
Bills which had been enacted on the sohjett, though
any reasons which might now apply for its adop.
lion, obtained at former periods to equal force.—
Secondly, As the Bank Direttors had never in the
smallest degree abused the discretionary power
vested in them, they were, on the contrary, al.
ways most willing to come forward with every ne.
cessary information on the subjea, and they never
shrunk •from any inquiry whatever: • He addition.
ally objected to the proposition, as it would tend,
(though pethaps such a thing might not be in the
Noble ;Lord's contemplation) to retied upon the
Direaors,. a body who, so far from meriting any
refledicin upon their contlud, had uniformly des.
charged- the trusts reposed in them with prudence,
caution, and circumspeition. However, the House
would be aware, that in negativing the Motion of
the Noble Lord, neither he, nor any other Peer) went.
precluded from coming forward at subsequent pe.
dads with motions for specific informatiott:pponthi
subject ; mid,- indeed, such proceedingsAlud taken
place, in many instances, on'the suggestions of Mem-
bers of both Houses of Parliament. On the' whole,
he deernedit his duty to oppose the Noble's:Lord%
motion.'
An explanatory conversation then ensued, be.
tween Lord KING and the Noble SBCRISTARY of
STAir, in the course of which the former • oh,:
served, that the circumstance of such a provision
not being in the fanner Bills, .oaf no reasoo what:
ever against its introduition'into the present—such
a principle would militate against all legislative im:
provement whatever. ;,. , .
• . 404.11/IWICESBIIRY Contended, that such a
consideration Was a reison• against the adoption of
the clause, inasmuch as the omission 'of the pravi.
shin in the fernier Bills, was produdive of nti in.
Orion; tendency whatever, nor of any ground of
complaint. With resped to the Unfavourable stated
the course of Exchange at the periods alluded to;
it Was by no means to be attributed td the issue of
paper' from the Bank, but in a great degree to the
immense mnia- which were necessarily sent out of
the Country' at the time for the payment Of 'nib:
sidieS; , And in consequenCe of
,the alarming scarciti
Whia4heiVprivailed.
On the question heing put ',opening the third
reading of tlie Bill, • -
ZontORENPIL expressed his opinion, with:
Out iinaning in the lean' to' resist the progress of
it'd. Bill; that the passing of such a measure ss the
prese6l'diould not be regarded is a matter ofcoarse
in that House. He showed hove ro offer a feW 'ob-
servations', which-he thooghr it' incumbent on-hint
to' advance, on the Occasion of the dint-reading,
respeeting. the measute,-• and Mate especially ,on
, poinfri Of' considerable Importance • conneded
the tinhjA :of. the Bill, He should therefore pro
peat that the hitt beJeatl' a third' tune on
,Monday.
Lord 11/11rKa 'BURY observedi that lie bad no
objediao to postpone. the third reading of the Bill
till ;Mpoiiay, but as 'there .stood some impottant
- amortising business for',that.dity, which posOly
might take up some time, liesogge!ted that "lUes..
day would be a prvkrable day.