The Sun.
London, England, 1821-03-20 00:00:00

CAtifi I.IYMENTS.
Tho Cnewer.eort of the EXCIZEOIIER moved
the. Order of the Day upon his motinn for_ en-
abling the Bank to commence Cash Payments
au earlier period than they were eel:third by
law at present to make those payments-.-e-The
House having resolved itself into a Committee,
• The Cffeaceeeor; of the ExcilEp,olia' stated,
that in calling the attention of the House to the
subject of the Carrency, -it was not his intention
to enter intn any question of political economy, or
discuss the nature or expediency of .the measures
formerly adopted by the House. He should
take it for granted that the conduct of Paella-
!trent upon this great question had been wise. and
indicieus bringing about a gradual restoration
of. Cash Ply:mut:a In February, 1820, the first
sten .1-:ad berh taken, by pay4lents in bullion,
and by the words of the Act, oti the Ist of May,
13, the Bank was no longer. to pay in ingots,
but in specie. The Baek had a power, at their
own discretion. to make a partial issue of cash
art the Ist of May, 1822. His object at present
waR to enable the,tiank-to do, on the .Ist of Ma'y,
iS2I,. hat b the Act of Parliament-they were
ice. obliged tondo till the Ist of May, 1823. But
the. Bank, by the Act, was alloswed to issue
specie for their notes only ; his object was, to
enable. the. Bank to ittsue specie for any purpose
whatever. From the. cominencernent of the /le..'
striction Act.; the Bank hada power to make a par-
tial issue,but that power had been restrained by the
Committee of IslB. The question as to the
circulation of 11. notes would be left to-the dis-
cretion of the Bank. He was happy to be able
to state, that the- Bank. had' accumulated a-much
greater -sum in -bullion than had been in the con-
templation:of - the Committee. The accumula-
tion• for another year would be attended with
much incOnvenierr:o to the Bank ; and part of the
hellion could he re4lsported, 'should it be ren-
dered necessary by the state of the exchanges. The
Bank-had made a reduction of their notes to the
ameent of three millions, agreeably- to the recom-
mendation of the Committee; and the circulation
cf.-country paper might have been diminished
more,; than that ofthe. Rank. The object of
Ftarliameut in 1-619 had been fully realized, and
what had been -contemplated - for 1823, would
tate place in IS-21. If notes were in circulation
-Oat were difficult to -be cellitterfeited, there
would be: no need of any alteration on the plan
chalked out by the committee. But he hoped a
note might be invented, that would either defy
imitation, or that. at least could not be counter-
feited without much difficulty. The Bank would
now have the power of substitating gold for-paper
at the same tirne•that those who preferred paper
world have .tlekr free option. He-hoped that
notes more d:tlicult of imitation, both with respect
to the 11. an& the 51. notes, would be invented.
No alteration relative to country tircula, ion was
made by the 'present Bill. He was happy to be
able to stater. that of the 10 millions due by Go-
vernment to-the Bank, the greater part had been
paid ,by in:stain-tents, and the whole debt would
le eitinguished on the sth of:April. It had once
been intended -to .have increased the amount of
the sum to whiasilver -might be made a legal
tender ; but.thatidea had, upon mature delibe-
ration, been-subsequently abandoned. The-same
steps taken with respect to the Bank of England,
were proposed to be adopted in. the case of the
Bank of Ireland: The Right lion. Gentleman
concluded by moving for lealie to bring in a Bill
-Le accelerate -Cash. Payments on the part of the
eAnk, of England..
'Me BARING saki, that if a proper course had
been taken previously, he fully concurred in the
views.of threßigha Hone Gentleman as to the ac-
celeration of Cash Payments ;. but he did not-put
anuclefaith in. the graduated scale-of Cash Pay-
niente, to. which. some' Gentlemen attached.so
much. importance- He apprehended that the
plan of the Right Bon. Gentleman would net
•lesseer. the forgery of- small notes. All were
agreed .that no greater evil could •befal a country
tient a.varying_ circulation.; bet the subject was
one of such importance-, that it might be proper
to.reeconsider it. At one time he entertained much
mere -alarm on the subject of the resumption of
Cash Payments than the result had warranted.
'let-Much distress prevailed all over the country,
and - the:transition-from war to peace could not
produce such•effecteat-the close of six years. No
bast:lnge- had- formerly occurred of a progressive
vlue having taken place in the case of money. In
a lung and expensive, war the country had been
expending, not -the income, but its capital.
Shoeld. it, take place-in a small taw), that the
landed. proprietors expended their_ capital, it
would , produce aegreat temporary affluence, to
he followed by corresponding distress. Thetoun-
tay,ilid not reached. the- top cf thebill,nor was itas
a matter of coureeahoutto return- toits former state.
It appeared to him that the .depreciation of money
le::1 been 'under-rated, nor , had :the variation in
t:;t!..cury(,;n7y .1:n attended to. The difference
oi-yalue lapel not -taken place, in lire a racks. there_
sel yes,- but in the measuate of value that had,
beet te,applied to. theta.:,-(Hear, heart)---To esti-
mate, the, full , extent of the- -depreciation was
irrippssible; • ,The greater plenty of • the precious
metals had-led to the depreciation of therm That
bad been still. Yurther increased by a paper cue
reney,,e.vete When coaveetible into- gild and, silver,-
and meth lnor-e when that paper was,not•sa con-
yertible,-,7lhe facility, too,- of obtaining credit,
added tnahatdeprecation,
,as when a man •conl.!1,
obteia credit. at a-country hank for 2001. or -3001.,•:
it had.the ..-.arne effect as if it bad ,heen in.-his pos
session. Fee the -Ist: year after the suspension of,
Caul Payments, the difference it; value- bet wixt pa-
per and gold-had been little felt, as gold wasethen
abutadant. The difference began to be perceptible
irl 1806 e and continuadetoiucreas.e progressively.
the of all, comtneditiea- had: xisen,,
tleat -was a proof of the depreciation.: From 1785'
to-,1 70, the ,price of wheat had heen 555. or 56. q:;
and- in thefellosaing yeare to 1820, the, average
lead been:B,se. orecks.. The• old price' bad, re,‘
tuned; .buta what 411.1785 -had,-been a remuner-
ating price, :WaS one that "now, the ;farmer -cOuld•