The Sun.
London, England, 1819-06-22 00:00:00

CASH PAYMENTS BILL.

The Earl of HARROWBY rose to move the or-
der of the day for committing this Bill. The
Noble Earl began by replying to the argu-
ments urged by the Earl of Lauderdale in ob-
jection to, the Mint Regulations. His Lordship
said, that tholigh it might be true in theory, if
there were two kinds of currency, one in gold,
the other in silver, and the latter to a certain de-
gree depreciated, that the former would neces-
arily go out of the country, yet that this general
theory was in this country counteracted by par-
ticular circumstances, by the smallness of the
seignorage on the silver, and the limited sum for
which it was a legal tender. The Noble Earl had
endeavoured to prove, that the effect he attributed
to the present state of the silver coinage had not
before occurted, because the former depreciated
coin was not a legal tender, but whether a legal
tender or not was of no importance to the ques-
tion. It passed current while the intrinsic value
was less than the nominal, and the effect must
have been the same as if it had been a legal ten-
der. N person could take silver to the Mint and
coin it at pleasure ; the quantity in circulation
Was, therefore, limited by the government. Front
the evidence which had been given before the
Committee, it besides appeared, that the Mint
prices of coinage in different countries had no in-
fluence whatever on the market prices of bullion.
The Noble Earl then proceeded to describe the
clauses of the hill, as founded on the recommen-
dations of the Conimittees of both Houses. ,In
the result of the inquiry which had taken place, it
was thought necessary that the principle of a nfe-
tallic standard should be adopted. There were
different modes in • which this recommendation
might have been carried into effect. Some
considered the subject as theorists, others ex-
amined it practically. Those who are of opi-
nion that the Bank, by the power of limit-
tiig their issues, poss,;.ssed a controul over the
exchanges and the price of gold, could not be
inaensib:e to the difficulties and alarm which
too sudden a contraction of those issues. would
create, and therefore must approve of a gradual
return to cash-rayments. Those, on the con-
trary, who thought that the abundance of the
paper circulation -vas not the cause of the diffi-
culty, 811(1 that gold and the advantage of the ex-
-0,,,,ges would return when the operations of
ti.i'de produced a halanle-in favour of the coon=
try, %%ere, doubtless, anxious that time should
lae affurtla ins producing this effect. Besides, if

7 a sudden return to cash-payments bad been pre-
scribed, the Bank would have been obliged to
make great increase of its treasure, in doing;
which the price of gold would have been still fur-
ther augmented. The Bill, therefore., provided
for a progressive return to cash payments, by pay-
ments in bullion at different prices, at several...siic-
cessive periods. It had been thoUght, -ehat.'be-
,' tweet,. May, 1821, and May, 1'823, it .would be
advisable to !cave to the Bank the option of
making some payments in coin. 'Upon the whole,
however, it appeared best to see how the mea-
sure would work, and -a proper opporronity for
that observation was afforded by the Bill ; for the
first step towards the great object in view would
be taken before Parliament met again, and the
second. during the next The Noble
Lord concluded with moving that the Bill be now
committed.
The Marquess of- LANSDOWNE addressed the
House at some length on the occasion, not so
much in reference to the particular measure be-
fore their Lordships, with which, generally speak-
ing, lie cordially concurred, as upon certain im-
portant topics which he deemed not unconnected
with it. The Bill itself, he thought, would go
to extricate the country from one of the.most ar-
duous and difficult situations in which it was ever
placed ; and further, he thought it would consti-
tute a land-mark, pointing out the safe course
which we should in future pursue, and that pe-
rilous course which we ought to avoid ; aud he
hailed it as an auspicious omen,ithat the principle
of returning a' soon as practicable to a metallic cur-
rency, inet,with almost unanimous approbation.
He then referred to the nature of a provision or
clause, which he had 1111 idea of proposing, though
not to press, if the sense of Noble Lords seemed
in the least 'against it. The Noble Marquess
then passed on to a general review of the present
financial situation of the country ; and, in the out-
set, he chiefly adverted to. the Sinking Fund, with
respect to which he thought, if Mr. Fox's clause
was acted upon so long since as 1803, a coPsiderahle
saving would have accrued to the public JI and he
approved of the Noble Earl's conduct, in re-
cently making that Fund available instead of
a larger loan. On this part of the financial sys-
tem his LiirdShip dwelt in some detail, and he
seemed to doubt the policy of continuing, tinder
the present circtunstances of the 'country, that
provision, which directed the speedy or immediate
payment of one percent. out of all loans con-
tracted, as it in effect amounted to a taking, from
one quarter what was immediately to be paid
away in another, which, in fact, operated no real
diminution of the public debt. In jostler to the
plao- to be effected by the Bill, and in justice to
the Country, be shout(' have wished that the
operation of the plan was left unclogged With any
addition to the present burthens oftaxation Upon
the Country ; and that no recurrence of the kind
shold take place as long as the plan was in opera"-
lion, as such would doubtless tend to put the
Country in a situation which would enable it bet
fur to bear such additional hurthens, if the(
found necessary. After several farther observa
Lions on the financial circumstances of the Coot

try, the Noble Marquess cordially concurred i

present motion.

Earl of LIVERPOOL also spoke at consider-
able length upon the occasion. Their Lordships,
be observed, were 'generally aware that he. had
uniformly and repeatedly declared his opinion
and desire that the country should return to a
metallic currency as soon as possible. He bad
always considered that arrangement with the
Bank as a temporary expedient. At the same
time they should consider that the extraordinary
circumstances of the late war, a war singular in
its character us well as extent, called for that ex-

traordivary exertion which gave facilities to tho

system which enabled us to bi lug that arduous
and eventful contest to a successful issue. The
long duration of the struggle alone caused the pro-
tracted duration of the system ; and he must again
say, that, even front his own knowledge and expe-
rience, that system be believed to be the great
instrument which brought us safely, nay, triumph-
antly, through the unparalleled contest. He al-
_

ways felt it was the duty of Parliament, on the
return of peace, to resume a metallic currency as
soon as practicable, and on that principle his Ma-
jesty's Government had most sincerely acted.
The Noble Marquess,- he observed, had made a
very candid and temperate statement of his ob-

.
jections ; but he (Lord Liverpool) could not
think that a more proper °ppm Nulty for revising
or ameliorating the whole financial system of the
country could present itself than that furnished
by the very measure. Chen under their Lordships'
consideration. In viewing the subject, it should
be recollected, that not less a sum than 18 mil-
lions of taxes were remitted since the conclusion of
pence; though, iftlle reduction beyond S or 10 mil-
lions had been postponed for a time, it would have
operated since much to the financial advantage
of the country ; but, as it was, Government
were necessarily thrown upon a temporising sys-
tem. The present, he thought, was the best op-
portunity to look the situation of the country
fully in the face; and that view rendered the pre-•

sent exertions necessary. A liquidation of the
demands of the Bank was necessary in the first
instance to a certain extent, and tt►e feeling of
that portion of the public who were at all capa-
ble of judging, he must,say, was in favour of the
_ _

/measures determined upon by his Majesty's Go-
vernment. A comprehensive and adequate sys-

tem to meet at once the financial difficult lea of
the country was in every way the wisest and safest
policy that could be adopted. In that view it
was determined to establish a really effective
Sinking Fund, by creating an adequate surplus
revenue. This was a point, whatever opinions
may be, held as to the other parts of the
subject, which he thought could not be denied.
And lie thought they would not do their duty
to the country, or to posterity, if they took no

advantage of this period of peace, anti act so as
to establish an efficient Sinking Fund. This
policy was now adopted by every great country in
Europe, and which, he repeated, could only be
effected by means of a surplus revenue. By the
steps which were adopted, and (he arrangements
proposed to be made, he trusted that at no distant

iteriud this country would be in possession'of an
effective Sinking Fund of about eight millions, by
which means they would be enablol progressively

to relieve the buttlicri4 of the conwry. Wizti suci,
a system they could look forward without much
anxiety, either to a continuance of peace, or even
to a renewal of war. In the mean time,. said the
Noble Earl, the country would gradually get rid
of its fi►tancial difficulties by a progressive re-
duction of Debt. Such an addition-as was now
proposed to,be,made tothe,Revenue, could. at to
time be done vitliout some presat►re ; but a time was
chosen when that would be 83 little felt as any
at ht:r 'which could be hoped for ; and it was so
calculated as to setWernecessary very little or no
rise iu the prices o► the respective articles; the
whole amoutrt of three millions proposed to be
raised, was little in proportion to that of eighteen
millions not long 'since relinquished. It was
deemed the safest policy to bring the whole sub-
ject at once to the view, of Parliament, and lay-
ing► aside all halt or partial measures, to tell the
country at once, what was necesstkry, to be done.
This cause would give to the public a fixed and
permanent system (as far as may be) jor the future
financial concerns, and upon those grounds it
was held advisable to submit the pending system
at once to the view and deliberative wisdom of
Parliament.

The Earl of LAUDERDALE also addressed their
Lordships at considerable length. He disapproved
of the proposed extent of taxation, and its evident
object, the establishment of a Sinking Fund for
the benefit of the public creditor, whom be re-
garded as already in possession of sufficient secu-
rity and advantages, and who of course ought
not to be benefited further at the expence of the
latyled and .manufacturing interests.
Cbeir Lordships then resolved into a Com-
Imittee, and after a short farther discussion, the
wa's agreed to without any amendment, and
subsequently reported.

The third reading was fixed for Wednesday, for
‘rhich stage Lord HOLLAND reserved his right of
deliverintr his sentiments neon certain parts of the

measure.

The House then adjo,,rned till to-morrow.

HOUSE OF COMMONS.

The [louse was summoned to hear the Royal
Assent given by Commission to several public and
private Bilk, for which see the Lords.
Theithird reading of the Bankrupt Act Amend-
ment Bill was, on the motion of Mr. J. SNirTH,
postponed till Thursday.
Mr. Holmes, front the Court of Requests in
the City of London, presented a Return of the
11119 paid-into that Court;pursuant to an order of
the 110u,e.—Ordered to lie on the table.
The Northarnron Small Debts Recovery Bill
was read H third mime and passed.
The Court of King's Bench Bill, after a con-
versation.betAreen Mr. DrioNtAN and Mr. SCAR-
LETT, in which the former Honourable Gentle-
man declared it to. be his intention to bring the
Bill forward in the ensuing Session, was order-
ed to be read a second time on that day six
months.
On the motion of Mr. BENNET, the third read-
ing of the Publicans' Licenses Bill was postponed
till Wednesday.
The Court of Sessions in Scotland Bill went
through a Committee ; the Report was received,
and the Bill read a third time and passed.
The Barnstaple Witnesses' Protection Bill
went through a Committee ; the Report of which
was read, • and the Bill read a third time and

passed.
The Parish Vestries Bill went through a Corn.
mit tee, the report of which was ordered to be read

td-morrow.
Mr. D. W. HARveY presented a petition from
the Dissenters of Lewes, in SuSsex, in favour of
the Marriage Act Amendment Bill.—Ordered to
lie on the table.
Sir R. WiLsom presented a petition from cer-
tain Debtors in the Marshalsea Prison, praying,
that in framing a new Insolvent Debtors' Bill, the
House would be careful to protect the interests of
the bonesi debtor.—Ordered to lie on the table.