The Sun.
London, England, 1819-04-06 00:00:00

ON CASH PAYMENTS.

Mr. PEet. brought up a preliminary Report
from the Committee appointed to inquire into the
State of the Bank, which was read, and was in
substance as follows :
" The Committee appointed consider the state of the
Bank are nowengaged in deliberating on their Report, which
they hope to he able on an early day after the recess to pre-
sent to the House, and they confidently hope that they stall
then be able to fix a period for the resumption of Cash Pay-
ments by the Bank, and suggest a plan by which this may
be accomplished with safety. But the Committee are of opi-
nion that the plan which they have to propose will be mate-
rially °btu' acted if the Bank should be drained of its treasure
by continuing to pay their notes of an earlier -day-than Jan. 1,
1817, and fractional,sums under Si.. in gold. They there-
fore submit to the consideration of the House the expediency
of passing forthwith a Bill to restrain the Bank frcon making
such payments, till after the Report of this Committee shall
be received, and some legislative measure be founded there•
0n.,,

Mr. PEEL wished to offer a few observations to
the House. He was sure every one must feel
that it would be premature to enter at large'into
the general principles on which this Report had
been made. The Report itself laid a sufficient-
ground for the measure which he was about to
propose. He should move for leave to bring in
a Bill to restrain the Bank from making payibems
of fractional sums under 51. and to restrain them
from paying their notes issued before theist day
of January, 1817, in Gold. In conseqUence of
the Bank (he was sure with the best intentions)
having issued a notice that they would pay their
notes of an earlier date than January 1, 1817,
there had been a considerable drain on the Bank
and of the treasure which had been previonfly
collected, there had been drawn out, np to the
commencement of the present year, no less a sum
than L. 4,500,000
There had been drawn out since the

Ist January, iu the present year - 700,000

Making together, - L. 5,200,000
By the issue of this treasure. no good had been
effected. Unless the issues of gold had been ac-
companied by a simultaneous reduction of Bank
paper—(Hear, hear !)—the consequence must
inevitably be that the gold would be sent where
a profit could be made of it. No doubt could be
entertained of the destination of that gold
which had been issued by the Bank since the
notice to which he had alluded. It was in fact
announced to them by the Report made by the
Minister of Finance in France. From that Re-,
portit appeared that, in the sixteen months which
had preceded the first of last January, there had
been coined 25,000,000 of francs at the French
Mint, amounting in value to about 5,000,0001. The
Committee had it on authority on which they
could perfectly rely, that three-fourths of the gold
used in this coinage was the same that had
been issued from the Bank. He would now ask
of the House to restrain the Bank front making
further payments in gold till the end of the pre-
sent Session of Parliament. The reasons on which
he called for such a measure-were shortly these
It was evident to every one that when the period
arrived for the resumption of cash-payments, a
quantity of bullion would be necessary, consider-
ably exceeding any supply the Bank could be sup-
posed to possess at present. This fact could not
be questioned, and it necessarily followed, that
the treasure of which the Bank might now be de-
prived would iu no respect benefit the country,
but would only tend to make the Bank more 'un-
able to pay in cash, and conseq'aeutly to post-
pone the period at which the resumption could.be
effected. These reasons led him to propose the
Bill which he now asked leave to bring in, and
he begged to say he moved for it solely with a
view of facilitating the return to cash payments.
The Committee bad a confident hope, that at an
early period after the recess, they should be able
in their Report to propose a plan for the resump-
tion of cash-payments. This. hope he thought
would prove to be well founded ; and he must beg
leave to add, that he was of opinion, the ines-
timable advantages attendant on a return to me-
tallic currency might be purchased by the plan
DOw in contemplation, without subjecting the
mercantile world to those inconveniences mud

t
some G,utiealfilatitki.
Bated. lie then moved for leave to bring in a
Bill 10 restrain the Governor And Company ache
Bank of England from making certain parheiLts
in Gold, porsitatit to, notices giveti tor that put:-
pose. Tile Right Hon. Gentled an adde.d, the
Horse would feel that this Bill, if permllted to
be brought in, ought to pass with the least pos-
sible delay, and he therefore hoped that there
would. he no objection, to its passing that evening
through its several stages.

Mr: Brtouonam said, he confessed he was some-
what embarrassed from the manner in which the
Right Hon. Oentleman, as Chairman of the COni-
mittee, had introduced this subject ; in that em-
barrasSment he Was sure the House had partici-
pated. This was not a proceeding instituted on the
confidence of the responsible'anvisers of the Crown;
nor did it rest on the confidence of the Commit-
tee ; but it came before them on the partial state-
ment of something which the liighttion. Gentle-
man derived a knowledge of from what passed its
the Committee ; and on this statement, without
any disclosure made, Without. any facts to guide
them, the House was called upon to pass a Bill
withottrnOtice, without discnision,'• und,-, indeed,
svi hoot the possibility of discussion. This mode
of proceeding was withoist precedent, and could
not -be deferntetlarpon principle. Formerly, when
-A legislatire• measurewas-.adopted on 'this snhi.,
jeet, the HOUSe proceeded not only in a dif-
ferent,. but in an opposite manner. In 1797, the
responsible Ministers of. . Crown, acting on
information widely they relied—on,. procured an
Order in Council, 'and they'rlicti came dOwn to
the House, and called upon _them no on a sudden
to pass a Bill without notice and without dis-
cuSsion, but, in the usual Course Of legiaatiee
proceedings, they proposed a Bill to pais the
House according to the usual and established rtLs.
It was true that on that occasion the House had
not All the facts before them ; but the HOuse
rested on the Report of the Committee : lie Ob-
jected to the measure, because it rested. nor on
the responsibility of Ministers. In 1797, Mr.
Pitt came before Parliament, after the Order in
Council had been issued, and the proceedings of
that (lay received at least a full discussion ; the
Bill brought in was considered in all its stages.
There were two grounds, he said, on which the
present measure was sought to be defended. One
ground was its immediate necessity--the other,
that the present was a proceeding subservient to
an'ulterior pleasure, namely, the resumption of
cash payments. With regard to the necessity of
the measure, if it rested solely on that ground,
he would feel it his duty to oppose it in all its
stages. Whatever its necessity might be, why
should the established rules of the House be vio-
lared ? What was it but a public violation of the
proceedings of the House ? As to the BJuk, there
was nothing to! compel that Corporation to give
notice of paying their notes to January, 1817—
it was optional with them to do so. They gave.
that notice, and should be bound by it. What
is likely to result from this invidious proposition?
It is said to be subservient to- another measure ;
but why burry it with such rapidity through the
Honse ? Why prevent a fair inquiry into its me-
rits ? It is said to be a measure of immediate
necessity, but surely three or four days, during
which it would go under discussion, would not
affect the object in view, whilst it would give
an opportunity to the House of considering
that object. Surely it was not on such a pre-
text that the. Standing Orders of -the House
should be violated, The Right Honourable
Gentleman, by entering into a statement, embar-
rassed the House in no little degree. It he bad
not removed the veil which concealed the pro-
ceedings of the Committee, but had simply satis-
fied himself
..with saying that the measure was
necessary for certain purposes, and, if not passed
• immediately, it were as well not to pass it at all ;
but he entered into a statement of the arnountthe
Bank had paid away in consequence of that no-
tice, which it was optional with them to give or
to withhold. He stated that they had already
• paid away five millions ; but surely the sum that
they might be supposed to pay for the next three
or tour
.days was not a consideration which
should induce the House to violate its established
rules. From what was before the House, they
could not think so ; he did not mean to say but
an answer could be given to his objection,
but until that answer was given, he could not
entertain the motion. It might be that the
delay of three or four days would be attended
with inconvenience.; it was possible, perhaps, to
justify so extraordinary a measure, but until he
heard satisfactory reasons stated he would resist
it. The King's Ministers had information on
the subject. In 1797, when the Order in Coun-
cil was issued, the Minister of that day had his
information from the Bank. In the present in-
stance, the Ministers have their information from
being Members of the Committee. The differ-
ence, in his opinion, was but little; whether
Mr. Pitt, as Chancellor of the. ExChequer, had
his information from the Bank, or whether the
Noble Lord and the Right Honourable Gentle-
man had their information as Members of the
Committee. They had the facti within their reach,
they are the advisers of the Crown,;and they
could not recommend on any fair principle hurry-
ing the Bill through that House. Why, lie ask-
ed, was the principle acted on by Mr. Pitt, in
1797, not acted on now ?—if the necessity was
so immediate and so pressing as had beets stated,
even if the Bill were passed through all its stages
this night, still an Order its Council, which might
have appeared in the last Gazette, would have
anticipated the present measure, and the Ministers
of the Crown might then go down to the House, as
Mr. Pitt did in 1797, and the subject, instead of
being hurried through the House, might then
undergo, as it ought to undergo, a full and fair
inquiry. Having said so much, he had now only
to add, that if this were a measure which he could
see vitally necessary, much as be would lament
that necessity, and much as be would blame the
imprudence of the Bank, lie yet would not go so
far us to say, that he would have been prepared
to oppose a measure of imperative and immediate
necessity.
Lord CASTiEREAGII said, that time view in
which the Hon. and Learned Gentleman bad con-
sidered..this question, so far concurred with his
own, that it etas not likely that any great dad"-

ence wools! o',.ist either as zo ge»cral mea.aire
or the particular mode of carrviiig it through the
House. He was perfectly prepared to admit, that
if the me ssure was brought forward merely on ac-
count of the Bank, or to support its credit or in-
terest, it %vould be very unfit that it should be
disposed of in the way in which it was desired to
carry this Bill. But it was fortunate that the
question could be disctissed without any reference
td the convenience or credit of the Bank ; for the
credit of that establishment was happily in so
flourishing a state as to render the adoption
of such a measure 'quite Unnecessary in that
;LI:11)11:13i e acted
i"
view. He must agree; that If the nece.oo
(omfbiel:c
4111-.)(emazis'e, could
vd 0
itit
iodt
notbe t,bneadie)yotartnyon some
means
expedient to pasa a MI of this kind iss sods
a way, and that it would be coming to Parlia-
‘'m,veben:j etl whole
1 it
hiler', tear na:Orittelt.ad b.4eu'tis;ileiarti I:)coni:wv:pirlrreta:ptilot :els: , oc1:0111t1°: -
adopt the precedent of 1797 locconsidering this,
he begged leave to call the attention of the'llons°
to a marked difference bet w)cen the circumstance/
ruder which this measure Was judg .necessary
nosy, and those under svhi.h
been resorted to. It teas t 1797 had
ehatlttato in
Dow, Parliament was sitting, the. Ministe'
thatE,tlling upon the,
he
gr
case('tt us
teas, dreGelistiotea'vaivesal theaa
y
drain tsfon
the Bank to be so great, that, if it were continued.the public service wanliVat that critical erind,
the Midst of a fOrmidable war, he deprived.of
of the most important means of carrying it 01)„,'
The circumstances under which the measure yeti
now brought forward were very different•" 7
There was no war—no immediate alarm of s° se
rious a kind--an inquiry was now going 04"/ !;-•
the best means of providing for the early resump-
tion of cash payments..., He was sure that "dci
such circomst epees the Honotirahie arid Learned..
,
Gentleman would would see that it would be an extra-;
ordinary step for isliniters tri haVe stepped in blie;
tween Patlianient and theii Committees, tint)
an Act of State to have at 'once deeided that.cl
question which those Committees were apPoit'tetl
to consider. It would surely lie aihiiitted• th
there was no more proper mode in %% Lich a c,°,110
munication respecting such a measure COO"' ot-
received by Parliament than through the report a
Committee, whose deliberations were thrnea
upon that very subject. This .was enoagh";
tb
show how wide the distinction was. between j
case of 1797 and the present. The suggest'
at.
was that which the House would nosy nroso7,'
turally adopt, rather than the treasure of
which was resorted to as the more summary r bernec•
for a danger then so imminent. As to the °
.10;
lions to hastening the measure, it must hel
0t.,„
that it it was in itself wise and necessary' be l
most expedition was necessary in adOPtlilmore
the year 1797, the course adopted was svt.las more.
rapid, besadse the apprehended mischief fully 11
itmnediate. And here he must stare bowl Right
concurred in the sentiment expressed by "sure
Honourable Friend (Mr. Peel), that this Len..
was recommended in the heatty•spirit of has
lug. the time when cash-payments should be cleft'
nitively resumed. If the drain from the Bank
(which it was the object of this measure to pre:
vent), was allowed to operate, it would have tl'
inevitable effect of postponing the period of
tre))o
sliming cash-payments, Farther than this, th 4
Bank was not interested in the question. As ttr_te„,
extent to which the drain had operated,some.sttaior
mews haul already been made. It aprarear..
within the last eighteen months, the
treasure paid by the Bank, in guineas, bt" poor
near, end sovereigns, was about 9,000,000‘•it
wag,
(train was to continue in this proportion, ..ate
obvious to what an extent it must opera of
postponing the period for the restorptrl:,
cash-payments. Tire question, theret".i.is.
between. the inconvenience of passing 11" admit.
more rapidly than the ordinary f°"ll,eriod
ted or the inconvenience of having tbe Id by the
recurrence to Cash Payments postpone,_ll thus
operation of that cause which the Bill w"`o day+
passed would prevent. To-morrow or j'e
the payment. of\dividends commence by (lie
svlsieU
and it would be no inconsiderable s"" rs,,eci6
Would be required from the present stock oeraosci
to pay the fractional sums. Therefore 11," were
must see, that if the proceedings on this 1)",, oar,
not as iapid as the accelerating forms Oinileoss
!lament admitted, a very serious inconvet
must naturally occur. Another thit'g,d3 o
oh;
considered was, that the agitation of tlders or
ject operated as a notice to the hl,
iireerlf
the particular notes to call on the Benkl.(fied
uY
to make good their engagement as sig.' 0000
their notice. Above all he must beg the
its
to consider this measure was not meant, °i,, but
fact, was riot any indulgence to the ro"' their.
was recommended by the Committee 11,111
anxiety fur the speedy resumption of e.ae
:items. Secondly, he hoped that tba 111°:„plicahl,e1
See that the precedent of 1797 was not,
ire. An"
to the circumstances of the' present tinf the %Os'
thirdly, if the House was persuaded °would sea
dnm of the measure, he trusted they
little delay 35
the necessity of adopting it nithooo'
the
possible; On these grounds be called of bia
lion of the House to concur in the moutiii'd oluse
Ri Biti
ght Hon. Friend, and to agree to 5t1514
orders which tw prevent woo
• 0,1003
from being passed with that rapidnY ke sward
so desirable—for the House !mist whets
they were now within two days of the 131'1`05
holiday
they usually adjourned for the &Wel.' ostpoV
and that therefore it Oil 8,1 l should he r„lti
ed in any of its stages till after that time,
. It i•
be worse than nugatory.—(l-lear,
Aria:et
woo,
Mr. TIERNKY begged leave to say ri t
one Of
t tile
The 1)11)11,15ed measure lie said was o.it goose,
most important that ever carne before 1
year
In Vie arty
1817, the proposition was received.
tviib
,g Tway
and he telt much alarmed at the conllm"re
1817, the Bank gave notice that they we- Of
f (baL •
ctrnent °
51. issited prior to the commen
noteso
I called in these t,
to pay in specie. all notes for tractional Pa"' , -
year. Many individuals Karl
not fur the loot 1
vished to
but to be able to say, that it they % 111
-forming this expectation they haul
or oli;
purpose of sculling them to the
,lankc
and the
laien vie)rr,tantilstee l:: they could
,do51;);(1 ,„t
AO-
2sr
1:4:°

<A 5 ~~'

ed
~ijed.

Oat

10te.5*

1401‘,

"

c!
: 154

L'gisiain t - • .
if Ole proposed Measure was
adopted the - ~.
,_ , .
~
i relied y slight ilud that neither kr,its to be
0#
'• In cons-equence of the notice give!) by
the --9'rtk, the drain began and continued without
Producf,lop "
i Right "°°. Gentleman opposite (the Chancellor
of the Ex-ehequeo to make a. speech; saving, that
the Bank had resumed- Cash Payments.---,-(A laugh
lrom the Opposition Benches.)—lt was only this
nix"lling when the. Committee
met that he (Mr.
!iitieernneyt)v for the first time learned that time mea-
opropossed Was in contemplation, and if
le were allowed to state all that he knew,- he
uid state reasons for which this Bill ought not
I° Pass. As, however, there were reasons which,
il Is a Member of the Secret Committee, he Was
101 at liberty to discloses he should argue only
an those which it was bilge Within his power to
• notice. With respect to the Bank, it had been
#,.,141, that they were so anxious for a return to
'ash Payments that they felt quite uneasy
II
lap not being allowed to iestane them.—(A
! it
.i.,‘,.. on the Opposition Beeches.)—But then
- as also said, that the proposed measure
was requisite, in order to prevent tire drain
ni s . •
that• Ptete increasing. He thought, however,
r he had heard it whispered, that, so far
vir•tho the drain having lately been iocrewil, it
Lealdiminis-hed. If this was correct, he,should
li. g.iad to know what were the grounds for the
.
"i ? He should wish to knoW why the Batik
• tai 1
' fg It not pm chase specie ?It they were anxious
ur
ilia a return to Cash Payments they might pia-
: i,,tie specie, and although they might be obliged
,11111;:eltil.ro
sostlttesipioii,ttihseco::l,7(fec:tki 1
iyete c,ied
(ci ognieveei vti.td that
n bettera f after
,Yi.lne) of issuing •gold wit-h one }rand and paper
deserved to be mulcted for
13aenitt,1"11Y• He felt quite persuaded that, if the
--a would pay the price; they Could easily get
gyell„: a!<l as they 11-ail been for the last 21
bol Nning, it was extraordinary that any loss,
illffivever mall to them, should be considered as af
ca,iclent reason to prevent the resumption o
Iv''"PY'"ellts. It had been stated, that 700,0001.
43 the' drain last year, and that hill that sum
11(1 krhaps be•lost if time proposed measure was
the
'that
adopted, but he would ask, whe-
I that suns Otlg).t to be considered as equiva-
‘4Jilt
° the loss of character which the House
I,„#'t,'ci,l''a sustain by passing the Bill? The Noble Lord
eigrated the difference bet teen the circumstances
11,2,4. and those at present. Ile (Mr. T.) granted
lii;tllifiVf!rice to exist, but would argue from it that
p, 11Oserteed not hurry °tithe passing of the pro-
Bill. 1-1 ill• He did not suppose that this Bill,if pas-
, would 01-crate merely for the remainder of the
j„361,°11, bio the principle of it would be adopted
Sp,:,%:''4lever regulations might be introduced re-
tie the retUrn to Cash Payments. After
,41theeHtiog the precedent that the Bank should
- " liable to any inconvenience which their
her" follyhad.brought upon them,.the Hon. Mem-
honeulleluded by apologising for troubling the
}early on this subject,. especially as be had all
te4t,,ii in the morning delivered pi's opinions,Con-
V.,,t-'ag it to the Gentlemen wliO compose 4 the
the"ttee• Ile. felt it however :so Much his
lit tr;tcy.teliver his opinions
.on this subject; that.
aces,. k fl not avoid discharging tt on the p'reaent
to , ")11, although he• was- obliged in so doing
streZ'llt some of the arguments which be had
NirY'ised, hilt in vain.
111 h Oler `Leatino spoke in favour of the measure.
' lirN, it'le circumstances in which the Bank was
ga ti);,seed, no man of honest principles would
tlen, ''"e Bank for gold. The great cause of the
th4s 11,d,f°1* gold at the Batik was the traffic of
le 4id 0 wished to make a profit which time law
it cent:t all°‘v,by exporting it on inching it down.
Pets" .'illy was- not desirable that this class of
1104;4 should be protected. But the Right
111° 11-11rab,le Gentleman who spoke last said, that
'ha letata• should be obliged to buy bullion
PIY, Til at high price. To this he would re-
qit I,',at the Bank ought not to be obliged to do
l',"tiesv,'li,ch vvould he a benefit only to that dis-
!he ja e,"ass of persons, and would be an injury to
!bl'ailluaolin,l4l,!tself, The truth was, that if the Bank
Specie in Europe—if they had a hundred
Otir if" 41 their toffers, it would be all drained
Cent) Welting or exportation. The Right Hon.
Pssseilnl•ali also contended that, if this measure
(lieew' 't would take away from the Bank the in-
. #ll4 to buy specie at a low price, and that
tittes, ~,,,5_"Y Were !obliged to pay cash for their notes
oullienere interested in keeping down the price of
!ltval,,*, Bait the truth was, that the Bank were
'owe's; 'atereved in filling their coffers at the
414 ' P"Sibi - ext„ e price. He considered this to be
44 entebnieelY good measute, and was only sorry it
, Ais.m en sooner proposetf.—(Hear, hear !)
l'itti tat#,I4ININIG said, the Right Hon. Gentleman
Paasin ""I of the stupid conduct of the Bank in
11". g IEI6 resolution 7 But I - bad no
Itati„ r of 181 . me alit.,k ••'ll jh.
I ''" Witt, t" saying, that the conduct thus cen-
til?te wish aelieved to be in exact conformity with
P"se et of the two Houses of Parliament.s—
esiePre certainly the truest prophets who pro-
°,e at
'tie liter the event. But it was impossible
ranee _ ank to have foreseen time loans for
vionhi "Id the deficient harvest. If any Member
I)oste ic,aleolate the value of the foreign coin im-
fitia (.41C0n...• • .2
it m that ~(Pleitee of that deficiency, be wool('
Pions =tell
.t Was to the amount of about ten mil-
ir rrlng• When the Right Hon. Gentleman
in . 't"neY) said •
4apon that the new light only broke
i, it, the Bank at twelve o'clock to-day, he
!'lealitl'llorlit .tin)befilitte;ltstntlm twee the light did not break in upon
ged on aL o clock to-day, as be had been
,led Election Committee till that hour,
"Ilt.ust 050
say
to
hat
the Bank Committee. He
turathe Gentle," at Ire believed the greater number
x.r. e otletini
(/e ware the 13711
tile Bank had not yet been
)3 Bill now intended.
‘l,llO AVIS wished to ask thee')-lon. 1-1 n Gentleman
''oer't amount at thee e
plhtit olsllo°lnheenittiset'n:b*limather the Banke ;ere not at
to purchase bullion to a
4..4.equenee of their xhPeeifice of the country, in
~.;;eirietion Act to it
toodafilegtahlelocto*ue(ilithray•
t
tlie iirio.a.4l.lt(aziPitaiteitrzlit,i,vilie.
pa .
Air. ~ stsilethit3larenikr
.was astonished to heat
h► test,'"'" of the 1' "3 . Mantling) say that the
ax.'. 1817. was liars
to Pay partially in specie,
t' ish
ed es of
ti.'' .
twO °(loPted in conformity taith the
ish ' House alia He
Lad ' )kw
hc-v the wishes of Parliatnent #
14e" tLUS ex .
PICSSed for In thought it was i
•41!„,...',1, _

an linputat;on ag.,:ust. the Ironse ,-inght to
be rerflted,whewit was said thit they co,uld have
wished the hank to adopt so ill-advised a measure.
expliined.—The wishes of Par-
liamtrit had Cr rtHlllloy been. distinctly expressed in
favour of a Speedy, return to ca sill Payments, .and,
of course, a measure winch wa3 a partial return
to that state !bust he 'cousidereil as so fir con-
forming to that wish.

Lord A. ilAsticToit Thought this Bill was a
Mode of continuing the Kaik Restriction different
from that usually adopted. As this measure was
recommended by the COrtimittee, 'he would not
venture to speak decisiVely upon it till the Report
of that Committee was before the House, as it
might throw light uPon the subject. For the pre-
sent, he disapproved of it, viewing it at the thea•
sure of his Majesty's Ministers..
Sir J. NEwPoaT said, he never in his life en-
tertained a more clear opinion of the necessity of
any measure than of this. It was because he was
earnest and anxious in his wish for the,resyniption
of cash payments that he pressed- for theadgp-
tion of this Rill, and because' he'did not tins( to
the sincerity Ofthe Bank in wishinglor thistesurnri-
t ion. The Operation oflth is .wosildhe tosompei
the,Bank to recite so cash payments.: It had been
said that an Order in Council should have been
adopted. he• contended. That it` would
haVelieen a monstrous assnm. ptionot power, for
Ministers to have stepped an Order in
Council at the very. time when the House had de-
legated to a Conunittee 'the 'whole poWer of, in-
ciiiiring into this subject. ' Helbonglit the Right
Huu..Gentleman (Mr. Peel) had even gone too far
in disclosing the reason why the House should
adopt the measure. It was enough to have stated
seriously that the Committee thought it necessary.
If an Order of Council had been issued, the course
would have been to refer it to that very Commit-
tee which was now sitting, to see whether it were
necessary, which would he absurd, when the
Committee, if they thought_it necessary, should
have applied at once to the House.

Mr. BaouGumst explaineth—His objection to
the present mode,.instead of an Order in Council,
was its sudden and violent suspension of the
Standing Orders of the House.
Mr. CALCRAFT remarked, that no one had
talked of cash payments being near at hand, nor
was it likely that any one could venture to do so.
Bot if it were not near at hand, then' the object
and effect of this Bill were too trifling to justify
the House in adopting it. In measures of this
kind, it was proper to consider what would be
the effect of them on the public mind. If he could
at all anticipate the effect of this measure, be
thought it would be considered as placing thd
hope of resuming cash payments at a greater dis-
tance than ever.

Mr. CANNING said, it Was undottbtedly of the
nature of such a measure as that now proposed,
that if adopted, it must be in a degree on the con-
fidence reposed in those by whom it was recom-
mended. But those gentletnen who had objected
only to the mode in which it was proposed to
carry it through, must consider that their objec-
tions would be equally incident to it, whether it
Was adopted now or after the recess. If the mea-
sure was necessary, it was inilispensible that it
should be pressed with the utmost celerity, and
that could only be done by suspending the Stand-
ing Orders ; for it was to be considered that
agitating this question would produce the evil
which it was sought to. avoid. It was true that
in lnithe Bank made an application to the Exe-
cutive GOvernment, which applied the necessary
remedy, and
.theti applied to Parliamentjo sanc6
tion But Otis, as now, the application of the
remedy was instant. To have gone into an ek-
tended discuslion upon the remedy, would have
beets to excite and create the very evil which
it was sought to remove. But how bad
the Executive Governthent acted now I It
had not necessarily any knowledge of what
was done in the Coshinittee and he had
yet to learn that it was the &icy of those
Members of the Government who sat on
that Committee to convey to the CroWn infor-
mation of its proceedings, for the purpose of is-
suing an Order in Council.—(Hear, hear, bear !)
—lf the recommendation on the Report of the
Committee had been unde on vague groundS, it
would be for the House to judge of that here-
after. But if it were true, as that Committee had
almostunanimously resolved, that the present state
of things would operate to put off the period of
resuming cash payments, surely it was not too
much for them to ask the House to adopt thii in-
terlocutory proceeding. ,lt was enough that no
man, by agreeing to this measure, was pledged
to the opinion of the Committee.—(Hear,hear ! )
Mr. ICALCRAPT and Mr. CANNING explained.

Mr. BROUGHAM explained.—He wished to know
whether he was to understand from the Right
Hon. Gentleman who spoke last, that the itnpe-
iliment which suggested this measure was so
fortnidable as to make it absolutely necessary
Mr. CANNING —As to the Word necessary,
when they came to beat out the argument, per-
haps they might, disagree upon it ; but, in his own
opiuion, the measure was necessary, and if, neces-
sary, it must be immediate.
Lord ALTUoIU said, he thought the strongest
objections to this measure had not yet been re-
moved. The Bank had made great gain by the
restriction, and it was but' fair that they should
node! go part of the loss to be incurred in restun-
ing cash payments.

Mr. Elusktssoiv said, if the measure was proposed
merely to guard the Bank against any loss in pur-
chasing bullion, he should not insist upon its ne-
cessity. But if the Bank bought all the gold in Eu-
rope, and issued it all, no considerable part of it
would remain in this kingdom,-and, in point of
fact, we should be as far as ever from the permanent
resumption of cash-payments. The gold now in

,
the coffers of the Banks if it were i.ssued, would
be instantly exported. The object, therefore, of
this Bill was to prevent the necessity of its being
issued under such circumstances ; and the Com-
mittee had stated that when they presented their
Report, they were of opinion they would recom-
mend measures which would enable the Bank to
resume cash-payments.
Mr. ELtacm believed that if this Committee bad
been appointed two years ago, no issue of coin
would hare been resolved upon.
The CUANCELLOA of the Exctistivzit said) he

ma's so strongly impressed With the inconvenience
of,
,entering :at. large into the discussion of. the
subject on this occasion, that he hardly thought it
necessary fur him to ttespass at all upon the time
of the House. The expediency of the Measure
must be' rested on the ground stated by. his Right
Hon. Friend 011-: Peel.). The Committee stated,
as one of the means for enabling the Bank to
-some Cash Payments, that it was necessary to
preserve the specie now in the Bank. This was
so obvious, that the only thing which seemed to
require any apology Was, that the measure had not
been sooner proposed. But when the Report of
the Committee was preseuted, the reason 'would
be explained -why the measure had not been pro-
posed at a more early period. The Right lion.
Gentleman (11.1 r. Tierney) had expressed slaps ise
that the measure had not been proposed last Ses-
sion, when the Bank Restriction Act was conti-
nued, But the House must recollect,' that at the
period alluded to the strongest expectations were
entertained that the restriction would only be
continued for a Very; short period, and also that the
§,ate:Ofthe eichaoges would improve. These hopes
had not been, realized.. Upon the whole, there-
fore, he was convinced that, under the circum-
at auces in .which the measure was. brought for-
Ward, the House would feel the necessity of agree-
ing:to it.
A New MEMBER, -whose name could nor be
earnt, i'egrette'irthat the proposition had. nut been
brought forward ~at an earlier period; Jr was
worthy of (*ice,. that it had been offered., for
their consideration,opty two rays before the pay-
ment of the dividends by the Bank.
Mr. R. PEEL explained.—The House had not
been appealed to without ample' documents that
the existing circumstances demanded such a mea-
sure. The issue of gold, which had proved so
injurious to this country, t)y withdrawing so large
a sum from our circulation, was a sufficient rea-
son, without even any other proof ; and allowing
that there had been no Particular drain since the
29th of January, there was no cause why we
should delay the measure a single moment after
the Report of the Committee. Those who had
chiefly formed that Committee had recominended
that the regulation should be brought up to the
present period. The Report of the French Mi-
nister of Finance, from whose informatiofi the
Means of increasing their cash circulation hid
been ascertained, was another strong proof of
the expediency of the intended Bill. The ad-
vances made by the Bank to the amount of .five
millions in cash, for the purpose of withdrawing
an equal sum in notes, arose from the best of mo-
tives. Had it been .foreseen that metallic treasure
to that amount would have been drained from this
country, to convert into French francs, neither
the Government nor the Bank would have-been
so deficient of
.their duty as to have countenanced
the expedient. By the advantage thus unfairly
and unexpectedly taken, our public circulation of
cash was of course deficient to that amount, The
Hon. Member was then about to make his mo-
tion, when
The SiaeaKak referred to the usual roles of the',
House on the introduction of such a Bill.

Mr. PEEL, thanking the Right I-lon,Gentle-
man, moved that the Houserdo now resolve itself
into a Committee of the whole House.—Agreed
to.

Mr. Humssois took the Chair•in the Commit-
tee ; when Sir R. PEEL moved, that leave be
given to brtng in a Bill for restraining the Batik
Directors from making Cash Payments under cer-
tain notices, ei.e.
The House was resumed.
Mr. HUSKISSONi as Chairman of the Committee,
brought up the Report, and followed it up by
moving for leave to bring in the Bill. It was
agreed to ; when Mr. PEEL, brought in the Bill,
which was read a first and second time. It was
afterwards committed to a Committee of the
whole House. The Report was afterwards 're-
ceived by the House, and the athendluents were
read and agreed to. It was then ordered to be
engrossed; During this interval, the House pro,-
ceeded to the subsequent Orders.