The Sun.
London, England, 1826-02-16 00:00:00

WAYS AND MEANS.

- 311.,-FIERII IES then moved the Order of the Day for the
House resolving itself into a Committee of Ways and Means.
—Agreed to.
On the motion that the Speaker should leave the Chair,
An objection was taken by Mr. that if the House
agreed to their going into Committee now, it would sanction
the vote which would afterwards he proposed by the Honour-
able Oentleman, respecting the Annual Duties, as they were
termed.

Air.IIERR lES reminded the lion. Gentleman, who seemod
disposed to resist their now going into a Committee, that the
House had come to a resolution that a Supply should be grant-
ed ; and it would be absurd, after that vote, not to 'go into
Committee to consider of the Ways and Means. If the lion.
Gentleman wished particularly to make an objection to the
annual duties being discussed at present, he would have no
objection to allow them to be I)o:opened, if a vote of credit
were passed to an amount which would enable the Government
to meet immediate and pressing demands. •
Mr. BRIGHT strongly objected to -the House committing.
itself further as to a Supply until they were apprized of the fur-:
titer intentions of his 3lajesty'a Ministers.
Mr. MA BERIX said he did not see there was any reason to
oppose the motion, as it would still be in their power to prevent
any compromise of their duty to the country at a future stage:
with that view he gave notice that on Monday next, previous
to going into Committee, he should state a variety of griev-
ances tinder which the public laboured, and on the conduct of
his Majesty's Ministers upon that Occasion would depend his
acquiescence or non-compliance with their wishes. -•
Mr. HUME inquired whether the Hon. Secretary' would
postpone the vote as to Sugar, Malt, and other duties.
Mr. HE'ltitl ES said he should postpone the vote for grant-
ing certain duties on sugar.
The House then resolved itself into a Committee. On the
motion of Mr. Ht.:lima, that 3,500,0001., now in the Exche-
quer, applicable to the service of the year 1825, he applied to •
the service of . the year 1020, he acquainted the House that it
was not intended to move for a greater supply than 10 millions
of Exchequer Bills at present.
Mr. HUME felt a great disinclination to such large sums in
Exchequer. mils being allowed to get into the hands of the
Bank. In late instances the Bank had availed themselves of
the power thus given them, so as to create a sudden rise or fall
on that public security as they pleased. By throwing an abun-
dance of Exchequer tills into the market, it had lowered them
lately 40s. per 1001. in-4 few hours. He thought GoYernment
should be prevented from privately borrowing money from the
Bank whenever it wanted it, and that it became them to stand
alone.

Mr. M ABER IX should not oppose the motion, because this
motion was essential to secure public property. Besides it
showed that the Government was anxious to Withdraw from cit.;
culation too great a quantity of this sort of security. It was
high time this should be remedied. Indeed he had heard that
the Bank. had this day gone into the market, and by. buying up
Exchequer Bills, had raised the price of that security full 295.
llc hoped the. Bank would, with its usual liberality and. fair-
ness, abstain from imprudently influencing the Money market
in any manner which might injure the private; property- of indi-
viduals beyond all calculation.
Mr. IRVING conceived the Bank had only done in this in-
stance what it was entitled to do. It was well known that

'though the commercial world must be supplied with money for
its purposes, the supply for Mercantile discounts was uncertain
and irregular. The merchants, however, were not particular
how they got their money, so as there uas -a regular supply ade-
quate to their wants. The Bank, with a view to create such a
supply, had gone into the markets, and bought up Exchequer
Bills, which created an issue of their notes. It had a clear right
to do so. When there was but a small proportion of the circu-
lating medium, it bought up Exchequer Bills ; when a larger
proportion, or when money was plenty, it was its time to dis-
pose of them.
Mr. BRIGHT thought Government supine in their effbrts to
meet the present pressure. He was of opinion that 500,000/.
worth of Exchequer Bills sent to different towns where the
pressure was most felt, would make a very important change in
the mercantile world for the better, by relieving those whose
preeing demands required an immediate loan of something like
money.
Mr. PEARSE admitted that those who sold yesterday Ex-
chequer Bills at 20s. discount, had to regret their sales when
they found they were to day at a premium ; but the purchase,
this day by the flank, was, notwithstanding, still perfectly jus-
tifiable. In fhir weather, the system now pursued bytilovern-
ment he believed would answer; but he was satisfied nothing
short of an issue of Exchequer Bills would meet the exigencies
of the times, and sooner or later the Ministers would be com-
pelled to have recourse to such a measure.
Mr. HUME believed that the existing Exchequer Bills were
now the reason why Government was so crippled that it dare not
sanction all issue of even 500,0001, In Exchequer Bills, lest it
should create an unfavourable impression on their price. Ile
feared the measure of Friday last would only increase the diffi-
culties of the commercial world, and withdraw capital front its
present appropriation' and employment.
Mr. IRVING begged to state, that for the last three weeks
there were few bills before the Bank which they could with
safety discount. Hence they were obliged to purchase Exche-
quer Bills in order to give the public a supply even of the Bank
of England paper, because a supply was at all events absolutely
necessary.
Mr. MA BERIX thought it would be wise • in' GovemMent
to apply for a Bill to appoint certain Commissioners to receive
goods from persona suffering under temporary embarrassments,
so as to entitle them to advances to a certain extent in deposits
of this nature. In that case the objection to an issue ofExche.
quor Bills for their relief, would be removed altogether. The
whale was a mystery as to the conduct of the bank ; and no
wonder it was so, since they were now hampered and choked
up by advances to Government amounting to 11l or 19 minions,
whilst their whole circulation did not exceed 22 millions.

Ali. CHAS. GRANT was sorry to hear some this evening
had considered that Government had treated the distress and
difficulty of the monied interests of the country with indiffer-
ence ; 'and he was the more sorry to hear this front an lion.
Member whose patriotism it might be supposed would have
prevented his having given utterance to such a sentiment. It
was clearly indifferent to the bank how the supply of the circu-
lation was kept up, whether by discounting private bills, or by
purchasing up Exchequer Bills. Ilere it seemed they had pre.
(erred the latter. This operation of the bank was, instead of
being prejudicial, actually beneficial to those labouring under
commercial entbarraasmenta. Ile assured the House and the
lion. Member opposite, that Government deeply sympathised
with those who were suffering under the present pressure, and
that in the variety of projects pressed on their attention hourly,
his Majesty's Ministers would not desist from every possible
effort to assist them consistent with the public interest.
Mr. 'l'. WILSON repeated the objections he had made on
a former night to the project now about to be acted upon by
Government. In despite of the vote of Friday night, lie still
continued of opinion that nothing could'be materially Service-
able to those who were suffering, except an issue of 'Exchequer
Rills, to be advanced by way of loan, on the deposit of their
property.
Air. HUTCHINSON gave credit to Government for being
deeply interested in the distresses of the country nt the present
moment. He believed sincerely that much of our distress arose
from the expensive nature of our Government. He trusted,
therefore, that a still more rigid system of economy, in every
department, would characterize the measures of this year.
The vote was then agreed to.
Mr. lIERRIES said, he should not, in the present thin at.
tendance, enter further into an explanation of the items be
intended to put to the vote. They would all hereafter be sepa.
rately put anti re-eonsidered. Ile was sorry he did not see now
in his Owe an Hon. Member, who had used the expression
that Government had treated lightly the application and repro.
mentations which had been marie to it, of the distress expe-
rienced by persons in trade. He was satisfied that the Hon.
Member did not mean by the term all which it might be sup-
posed to convey. Ile could now assure the House that as far
as his experience Went, un experience of some years, he had
never witnessed any representations made to the Right Ho.
nourable the Chancellor of the Exchequer and the First Lord
of the Treasury, to which such earnest solicitude and painful
attention had been devoted. It was impossible for his Ma.;
jesty's Ministers to have ehewn more becoming anxiety, and
interest, and if the deputation or the individuals did not obtain
from the Right Hon. Gentleman and the Noble Lord that
assurance which would quiet their apprehensions, it was not
t, cause they had not paid due attention to the subject and
sympathized in their anxiety to prevent the extension of
alarm and inconvenience. Finally, he would suggest to the
Committee, that it was not at ail to be supposed that the im-
portant step which had been alluded to would have taken place
without the privity and sanction.of Government. The fact was,
that before time Bank of England had gone into the Market to
purchase, es it did to-day, Exchequer Hills, it had previously
been apprized of the ienuments of Government on that .head.....
so that in point of fact that measure was attributable to his Ma,
jesty's Ministers.
A further vote of all such balances as were in the hands of

SMALL NOTES.
Mi. HERMES then brought in the Bill to limit, anti after
a certain time prohibit the c Tulation of certain Promissory
Notes under 51.1 n England, which was read a first and ordered
to be rend a second time on Friday next, and In the interim to
be printed.
,The House then adjourned at Half-past Seven o'Clock.