The Sun.
London, England, 1810-08-13 00:00:00

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Bt.:LLION.

cash paimen.s of the Bank of England.

-.4
OP COMMITTEM ON THE PRICE 01?

GOLD BULLION. .
Uno
taverk n a review of all the facts and reasonings which
Com,lle:en submitted to • the consideration of your.
forni'jttee in the, course of theirleg:tit; , tney have
e' an opinion, which they submit to the- House.
That
ctilar there is at present an excess in the pappr cir- •
troeallnn of this country, of which the !nos, oneeni-
arld sPi'Plorn is the Very li:ontee t f
tx hnext to that, the low state of the Continental
wae„,nges ; that this excess is to be.csciined to the
stiffi,.ient check and coon out in the lb-
Ori;i % Paper trona the -Bank of England ; and,
wh'?l,ll,ailY, to the suspension of cash payntetits,
pot" removed• the natural and tree, c,titrotii.—
general view of the subject, your Com-
ernointt,etranrea
01 of iiiion, that- no sate, certain, and,
p„stantlY•adequate provision against an -exce.ss of
,herr currency, either occasional or permanent,.con
(4111 d, tx e t in the. convertibility ~f all such
oper - p
tore ,nt° SPe tn cie.—Your Coieittee cannot, thet'e-
of out see reason to regret, that the suspcnsiob
lioha,-sll Payments, which, in the most. favourable
ear'n which it can be viewed, was only a tempo,
ParYr iriels"re, has been condom d so long ; and,
"larlY that b the manner in which the pre-
Eent co„ • j• •
have tinning Act is framed, the character
.should
y b'en. given ty it of a -permanent war measure.
fie our e
--ommi,ree conceive that it would be sus er-
in"s to point out, in detail, the Idisad*antabcs
'le•hitnust result to the country, from any such
eX‘ ess-of currency as • lowers its vela' ire va
14.• Cite effeCi of such an augmentation of prices -
4ie cin; 'l.ll money tr msactions for time ; the unavoid-
tt sua A
...ere,. by -annuitants, and by creditors
to.every bath private aid, public ; the
aetended atitaiitage gained by G vertiment and
I.,,"ther debtors ; ate consequences too obvious -to
ltt'u're Proof, and too repugnant to justice to be
.without remedy. By tar the, most important
be' `1;)" of this effect appears to your Committee to
that
cun~mon county which is communicated to the wages of
labour, the rate of which, it is .
adapts itselt more slowly to the changes
Pr happen happen in the value of money, than the
• Pact: any other species of labour or commodi-
Ild. 41nd it is enongh for your Committee' to al-
It,a,e to some classes of the public servants, whose
al. it Once raised •in consequence of a depreci-
of money, cannot so conveniently be re-
shucled again to its former rate, even after money
l, have recovered its value. The future progress
oi
these incor.v,:nknc.'es and evils,- if not checked,
'nust at no "re :t dist:•::ice cf time, work a practical
t Qnvif-ti°n upon the minds of all those who may still'
doubt their existeice ; but even it their progressive
e'r'crease were y
cannot help lessexpressing, probAJle than it appears to your
iii°all It
1)n thelittee, an opinion
'e integrity and honour of Parliament are con-
' ift;ned, not to authorize; longer than is required by
Co'Perious necessity, the continuance in this great
nltnercial c, uniry of a syswin of cited:won, in
Which that natural thsch or controul is absent which
cnotaitis the value of money, and; by the pertna.-
etille.y of that common standard of value, secures
t„,," subStantial justit.e and faith of monied contracts
°bligations bet.s ell to !n and man. :.
th Our Committee ut r ;aver beg leave to advert to
the temptation to resort to a dela% elation ev n of
it; l',ahle -tile gold Col:, -by' an ;4fieration 4
jen"rd, to which Pen-lianient itsef might b • sub-.'
lh'ied by a great ant hug coo d excess of paper.
le s has been tee et- oi malty Gov, t innents uii-
rk,ar sue
h circums,ances, ,ai-ct Is • o.vious and most
t1e5,,31 rmledy to the
,es ii it, titles! Bo: it is un-
''ssary to ailed ran ; bt-titt h ..1 tat-tat c faith
‘‘,"llc-tion primal ot erotnent, which
()old
tie manifestiy.b,:implieti prt-terrieg the reduc-
.to 1.',13f the coin tiny, n he standard ot the paper,
of the
restoration of the pap,r. to the legali standard
tile coin
'
1311 Your Committee, therefore; having very anxi-
Aorltsy. nth' ch-liberateiy considered thissubj.-et, re-
't to the House- as tllOl. opinion, that the sys-
tiiii
ut the citc...lating medium of this country
is Pt '0 he brought back, with as much speed as
erinflatibte with a wise and necessary caution, to
ti "iginal principle of cash payments at, the op- ,
()1 the hOldei of • Bank paper. • -
orV°l,ll. Committee have understood that_ remedies,
h
jp,r, a,watives, of a different nature, have been pro-,
sech as, a compulsory limitation of the.
tcei
nnntr Batik advances and ••discounts, ',during.
toe continuance of the suspension;' or a compul-
wrY limitation dining the same period, of the rate
pt„nank profits and dividends, by carrying the sur-
"s of profiis above that rate tO the public account.
titlt, in the judgment of your Committee, such in-
-4,,lliett schemes, for palliating the possible evils re-
- or ''ng from. the suspension of cash payments, would
shnve wholly inadequate for that purpose, because
abea necessary proportion could never be adjusted,
itiif once fixed, might aggravate very much the
if `nnveniencies of a temporary pressure ; and even
xineir efficacy could be made' to appear, they
v-„„ ,
d be objectionable as a most hurtful and impro-
Pr' interference with the tights of •comt-nercial
°Pcrty
accordingll
to the best judgment your
.Committee
e
ths been enabled to forot, no sufficient remedy for
Present, or security for the tuture, can be point-
, oZn,.except the repeal of the law- which suspends
- - - -

In efreaing so important a change, )'o:4- Commit-
tee
are of opinion that csome ddiculties must be en-
tQuntertA, and that there are some contingent dan-
eri to the Sank; 3g3;llSt hie') tt caghr most. careful-
tffand strongly to be guard:A. But all those may. be
'.tally provided tor, by entrusting to the discretton
of the Bank -itself the charge of condu&ing and
irnyletlng the operation, and by-allowing to the
30 ample a peri,kl of time for conducting it, as
1,1" be mote than sufficient to effect its completion.
too the discretion, exiwrience and -integrity of the
Prea ors of the Bank, your Committee believe that
arliament may safely entrust tt:e charge of effeet-
h,n that which Pas intent may in :us wisdom deter-
i',llbe upon as necessai-y ;. to be effected and that the
Direct of that great instatu. ion,
IL tar from making
Merest iu *reading alarm,- will take a much

longer 4ielv of the permanent interests of the Bat 4,
as indissolubly blended with those of the publ:c.
The particular mode of gradually effeoing the re-
sumption of cash payments ought therefore,, in, the
opinion, of your Committer, to be left in a great.
measure io the discretion of the Bank, and Parliament
aught to do lOtleanore than to fix, definitively, the
time ,at \kind) cash paymeti!s are to become as be-
fore cotnpulSory. • The period allowed. ought to be
ample, in order that the B Direetois may fed
their way ; and that, having a constant watch upon
the vary,ing circumstances that oug,t to guide-them,
and availing themselves only of favourable'
citcum-
stances, thy may tread back their steps slowly, and
may preserve both the course of their own affairs as
a Company, and that of public and commercial cre•
dit, not only 'sate but unembarrassed.

With this view, your Committee would Fug-
gest, that the restriction:on cash payments cannot
safely be removed at an earkier period than two
y.:ars from the present time ; but your Committee
are of opinion, .that early provision ought to be
made by Parliamet4 for terminating; by the end
of that period, the operation of the several sta-
tutes which have imposed and continued that re-
stricton.

In suggesting this period of two years, your Com-
mittee have•not/overloPked the circumsfance, that,
as thellaw.stands at ptesent, the Bank would be
compelled to pay in cash at the .end of six months
after the ratification of a definitive treaty of peace;.
so that' it peace were to be cooclAud- within that
period, - the recom,oendation of your Committee
might seem to have the effect of postponing, instead
of accelera'ing the resuniptieti of rayments. But
your Committee are of ooinion, that if peaces were
immediately to be ratitiM, in •the present'state ut
our circulation, it would be west' hazaidous to
comkel. the Bank to pay. cash in six months, and
would. be found whol!y impracticable, -Indeed, the
restoration o: Peace, by opening new fields- of com-
mercial enterprise, would multiply instead 4f abridg-
ing the demands upon the Bank for discount, and
would render it peculiarly distressing to the com-
mercial world if the Bank wete suddenly and ma-
terially to . restrict their issues. You) Committee
are therefore of opinion, thrt even, if Peace should.
• intervene, two years should be given to the Bank for
resuming its.payments ; but that even it the war
should be ptolonged, cash paythents should be re-
•suined by the end of that period.
Your Committee have not been indifferent to the
consideration of the pbssible occurrence of political
circumstances, which may be thorsght hereafter to
furnish an argument in favdur of some prolonga7
tion.Of the proposed period of resuming cash pay-
ments,. or even in favour of a new law fo their
temporary restriction after the Bank shall have
opened. They are, howeVer, far from anticipating
a necessity, even is; my case,. of: returning to the
present system. But if occasion for a new mea-
sure of restritlion. could be s• pposcd at any time
to arise, it can in no degree be grounded, as vow'
Committee think, on any state of the foreign Ex-
changes', (which they trust that they have abun-
dantly shewn the Bank itself to have the general
power of controcling), htit on a poliocal state of
things producing, or likey very soon to produce, an
alarm at bome,le:iding to so indefinite a d tumid
fOr cash for domestic uses tts it muSt be
hie for any • banking establishment to provide
against. A return to tale ordinary system ot Bank-
ir; is, on the very ground of the late eirtravaglnt fall _
of the exchanges and high price of .gold, pecnliarly
requisite. That alone can etiectually restore g•neral
nt-ki lice in the value of 'he Circulating medium of
he kingdom ; and the serious exi a lation of this
eveto most. enforce a nrepariitory reduelion of the
quantitrot paper, and all other ine;isures which .ac-
cord with the true principles of banking. The antici-
pation o the time when the Bank will be constrain-
ed to open may al,o be e,xpetted to contribute to the
ovedent of the .exeh,o ges ; whereas a postpone.
went of this era, so loci fin to is that of'six months
after the termination of the w. ar, ind especially in the
event of an exchange contionmg to tail, (which inure
and more would generally be perceived to arise from
an excess of paper, and a Conseqoent ,depreciation
of it) may lead, under an unfavourable state of
pubic affairs, tOsuch a failure of confidence (and
especially; among foreigners) in the determination of
Parliament to enforce a return to, the professed
standard of the measure of paytnents, as May serve
'to precipitate the further fall of the exchanges, and
lead to consequences at once the most dicreditable
and'dkastrous: • •

Although the details of the best mode of return-
ing to cash payments ought to be'lett to the discre-
tion of the Bank of England,
,as al early stated, cer-
tain provisions would be necessary, under the au-
thority of Parliament, both for the convenience of
the. Bank itself, and for the sectnitY of the other
Banking establishments in this country and in Ire-
land. • ,
•

Your Committee conceive it may be convenient
for the B4nit to be permi,ted to issue Notes under
the
,value of oh fur some little time after it had re-
sumed payments in specie.

It will convenient.also for the Chartered Banks
'of Ireland and Scotland, and' all the Country Banks,
that they should not be.compellod to pay in. specie
until some time after the resumption of payments in
cash by the Bank of England; but that they should
continue for a short period upon their present foot-
ing, of being liable to pay their own notes on de•
[nand in Bank of England paper: .

Some of the public. prints have rather ill-matured!),
received a speech addressed by General SARRAZIN,
in the seventh year ot the. Revolution, to the Di-
reaors, as it appears in the Moniteur of that pe-
riod. The General himself, in the letter which he
lately published, acknowledged, that durinica time
of war, he had spoken against the government of
this country, but declates that be always expressed
a high respect for the .English character, and the
article w•trie4 has been revived against him, con-
firms the truth of his declaration. It is. certainly
reasonable to look with'great' distrusrupon all per-
sons, who come from France, whatever speciou,
pretences they may hold forth ; but in the instance
ot General SARRAZIN, there *seems to be uo great
reason for alarM. He has passed the Rubicon, an'd
given such offence to the French tyrant, as admits
of no atonement or palliation.

LINCOLN ASSIZES.

OtOlitlt BENNET.T V. THOMAS BINGHAM.

Serjeatit VA U 6 N ill an entertaiiiirig .spech,•
informed the .11.44 that the Piesent .actiori was not
brought merely to recover the value of a horse : it
was touuded on a case of 'Peculiar atrocity, Which
required a signal punishment. Tee frauds and
tricks of hors.e,dealeis were proverbiel, but MOS of
these tricks were jokes, co »pared with what he
should, in the preset* case h4y betote the Court.—
Bingham, the defer:de:it, was one of the horse-
dealing. fraterhity, and had made .an ihrtnense for-
tune by his praetice. The plrfitoitt Was ayiereg man,
just entering on a farm and into lite-eion the I 1 h
of December he went to Kir.on lair, to Whieh•Bing-
ham had •sent a- glandered horse, by the hinds of
another person, because he, even he, was ashamed
to beisteu with it himself. The 'matt would nut
warrant the home as•sound, but said merely that he
believed him to be 'so the plaintiff, ither=elhre, who
had been -looking at the animal, would not buy hint.
Bingham, however, soon met ihe j dung. nictn, sind
declared that his serrant was a' d—d t 01, acrd he
(Bingham) woofl warrant the horse stiiiird for six-
, pene.; • Accordingly the horse was bought ; but as
the plaintiff was not to enter on his farm inimedi-
atelY, he•sent him to the farm of a friend, a Mr.
Dudditig, who paid deafly enough for accommo-
dating the animal with a. home, for two of Its.
horses isoOn died. of alit glanders taken from this
beast. " Bht 'am not,"-said the Seijeaht,." going
to-give you, Gentlemen, the long catalogeoof deaths
oecasiened- by this lutrip of infection ;.for I shout,
then so swell the bills of mortality, .that his Lord-
s. ip.would .not be able to pronounce air-adequate
fueerai oration !—Suffice it to say that he was ulti-e
mately conveyed to Mr. Bennett's farm, where were.
other-fine horses-that he had purchased. 0-0-
serve,. Gentle Men, that - this glaodered beast hat
been sold before, .and had been. takeb to a famous
veterinary surgeon, who declared himincUrable.—
The surgeon, on that occasion, advised thie dealer
to take him again ; .and the horse-dealer declared
tleatif he had beeu at,home, he should net have'
teen sold to tire persOn who had bought him of his
sou ; that he intended -to send him to Stockwith
fair, and sell him-to some •Seo.chman, with whom
he would travel North, and he' (the defendant)
should, hear t.to ntire of him. • I suppose the man
from beyond toe Tweed was-expeetest to loOk- upon
the horse's disease as the SOtchjiddle, a•eutaneous
affection, witty w Inch he was too familiar to .be
alarmed! Soon a•t, r the horse torde his appearance
at Mr. Bennett's, two of hit hoists died, and two
are were taken iil and are• now worse than dead,
being an .expence without hope. My dicta had
better have put pistols to' their heads. thin heave suf-
rered them to the-, had it not sheen that he would
thy he s. id to hasten their deaths and take an unfair
advantage of the circumstance. They are now drag-
kin; oh a tioSerable ekeeence; and a fifth is likely
te- soon in as wretched a state. Our demand
from yo t, therefore, is for the value of these
horses : —hut )ou are•also to take into the account,
that my client has not he, n able• to work his farm,
in coess'queoce Of tios 13,4iitocipled coodud of the
defendant. I. he go to market he dire not go on
horseback, (Or nobody will take in his horse. He
sthereture, navel on toot e or it a neighbour.
lecd hun a horse, he is obligee! to
,tie him to a gate
at a distance fret-0 his in'ected-dWellinge and the
plait-10ff most w alit: here to mount him. • It: short,"
Gentlemen, this Man has brought a plague upon his
house.. injury has been of a nature and extent'
almost inealcUlable; and I look to you for large and
handsome daMages."
Joseph. Dunning, a Partner, was at Kitton
with the plaintiff, and corroborated the circum-
stances of the purchase, and what the defendant
had said of warranting the horse, viz that he had
had toe strangles, but was sound, and had 'worked
with other horses ail the wheat-seed time. He 'saWr•'
the purchase, which was a 6 guineas; ,his
"boy led
-the horse home'. to his (witness's) premises; the
animal was unwell, and seemed to have some cold,
as he supposed, and a running at the nose. one
of his herses had t.,-en affected by the strangles be.,
tore, but afterwards two of them were; they -work-
ed with that bought of the defendant, and the whole
ran in and out of a stable and yard together.
The et ideate of W illiata Kitchen, set vant to Mr.
lienhett, who took the horse back to the defendant;
Of Mr. JOhn Teornpsou and Mr. Win. Thompson,
arid of Mr. Hutchiuson, the farrier, went to corro-
borate what had been stated in .the opening of the
case ; and as the defendant had no witnesses to
and could not dispute the value of the horVs-that
had ded, a verdict waSgiseo for Mr. Bennett,
amounting to 1501.,; the two first horses being esti-
mated at 401. each, the two next .at,251. each, and
there being a balance oh 71. lhs. due upon the horse
returned. .

J. Atkinson, (or' uttering a forged draft, and ll'
H. Salvor, and G. for stealing
drapery goods' to the amount of 3001. received
emence,of death, and are left for execution on
the 1701.

A case of com tnonagc, extending over 25,000 acres
of len lands, in the neighbourhood of Boston, was
decided at the last Lincoln Assizes. It had bear pro-
sUmed that every ancient house, -or modern house
erected on an ancient site; in the district, hail this
right of common, ,It was decided, howeVer, that
the right is loft, by being suffered to lie dormant,
and they only enjoy it who have exercised the right
of turning out cattle.
TuE ARTS..--KEMBLE lately asked his friend Sir
FRANCIS BOU4GEOIi to paint for him a portraitof
-
a Roan Horse.. This' request the artist, who dis-
tinguished for prompt and bbelial friendship,' iname-
diaiely complied with, and represented, a horse of
this colour, wiihbut his rider, who is supposed to
have been lost in, a battle which appear 4.. iii the
kick ground. Sir FRANCIS, since be produced
this work, which is marked by great animation, has
painted another Roan Horse, and • has. represented
KEMBLE upon it' in the charader of Hotspur. The
charamer is well conceived, and the figure is'adruir-
ably placed on the .hOrse. These piCtures do ho-
nour to the .artist
sin professional excellence, and
to the liberality of his disposition, as he has present-
ed, them both to•WIF; Ksms,L4.._

L.ITJ' T EPQ<<T.

• COURT OF CHANCERY, Aud. rt.
I3ANKRUP'T PFTITIoN.LCOUNTRY .BANKERS'

EX-PARTE SCOTT, IN THE MATTER OF JUKES, LANG..

LEY, AND JUKES.

•
lit thig ease, the parties carrying on buss'nessin
and as bmikers at Gosport, two different
cornruissn,ns had oi.-en taken out against them- in
ditYclent cha,ac..ters, so that the whole of four per-
sons interested were twice•mtde bankrupt. "fo
prevent the unoecessAry expenceof such proceedings
this petition was pres,.nted, for the purpose- of set-
ting aside the commission at Oospoit, And that alt
the proceedings. shouldtake plaCe undi r the coin--
mi,sion in London. By a'separ;:te petition, hoW-
ever, a commissi,in for proving debts at GosporCwas
prayed, so 'as to prevent the _holders of it. notes at
Gosport front' being under the necessity of coining
up to London, to prove their debtk: For these pe-
cu;iar'ly interested under the Gosport com Mission,
it was argued by Mr. n NUT, that it would be ad-
visable, even th,ugh that cointuision should go no
further, that_ for the satisfaction of rnearieroos
Creditors ar Gosport„ an .examination of the' bank.
rupts.shon!,l take place there. ,

Sir S. Iloant.LY, for the Assignees under thetorn.
mission ia
.16 n, contended that all that _could be
deired as essential to the intelests Of the creditors in
the country: was, tliat they shoul.J have libtrty to
prove their debts at Gospdri, as had lately been
granted in. the case of the Exeter Bunk.
The Lcuiu CHANCELLOR-Was of this opinion.ft
was necessary that a. proof of il. notes should .be
allowed in the place where they were
.issue t, that
country bankers might not suppose, in the event
of their failure, thin trey were subject tb no de-
wand on accotint of their tI: notes. But, as to ex-
amination- of the b.ankt opt, under .a conamissioiii
which coulg not catty along with it the legal penal.•
ties attached to an examination under a valid con.
mission, that was not to be countenanced. Here, -
if, as .was desired, the bankrupts should be exile
mined both at London and Gosport, for 016 exa•
mination in London they were liable ; for that a:
Gosport they were not ; and, in this way, tnlt2,llt
they commit at Gosport as many falsehoods as they.
chose, w ithout being_ at all accountable. 'rills
might be remedied by reserving to the creditor! '
at Gosport, who could easily instruel an agent to
attend for them in town, at any examination of
the bankrupts—if sup 11 examination should be re•
fused them, to apply to the Court for that purpose..
His Lordship also thought,. as the commission in•
Gosport was only auxiliary to that in town, that the
condiitt, of the commission -Fhould now devolve On
the town Solicitors—the costs of the;e proceedings
to be paid out of the fund, peculiarly belonging to
the Gosport concern.

LUNATIC PETITION.

EX-PARTE NETTLETON IN THE MATTER OF NET.

TLETON.

Sir S. ROMILLY stated this to be an application
on the pat t of the Lunatic to hate leis coMmission
superseded or followed up.!, The Petitioner was
taken into custody in the month 01' .I.ly last, on
the application of a Mrs. GuilyeaLd, hissister. After
remaining for a short time in prison, nude' the war-
rant of a Magistrate, he was committed to the A4y-
lorn for Lunatics at York, where he now remaiu:..
The commission was.taken out.against•theT.ititiofter-
on the stir of December last, but no pro,:eeding had
been held under it.

Mr. RUSSELL, for the sister, pleaded the small-
ness of the property of the Lunatic, consisting of
three cottages, of the annu.il value of 81.• and about
6001. in money, as' being the cause why no steps
had been taken to follow up the commission ' the
sister of the Lunatic nat wishing to burden his estate
with an expence it could not support.
The LORD CHANCELLOR, hoWever, could not
allow a commission to be held out in terrorem. It
must either be proceeded in in a month, or be su-
perseded.

The re-building of the bridge across the Tlinmes
at Datchett, near Windsor, will be immediately un-
dertaken. It is to be completed by the latter end
of Noveinber. •

A satirical poem, which has s just appeared, en-
titled " BALL-ROOM VOTARIES.; or, CANTERBURY
and its VICINITY," we understand, has excited con-
siderable curiosity among the fashionable visitors 'ot
that place. Among many other well-known cha-
racters introduced, are the following .—Sir E*****n
B*****s, CaL W**t), Sir John H*** -***d, Lady
George 13*-!:*s***d, 141Ys. -P****tt,, Sir Edward
1(**!"h**11, the lovely Miss H*****ds; &c.

11

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