The Sun.
London, England, 1819-05-26 00:00:00

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Pr the tinper or retiionstranee Which fold been la:e-
iy i;resented lav ohe 13,tittc Direcotei to Govern-
'fleets Althatigh he applo,sed ot the conduct of
the Bank. Directoo. 4or the last twenty years, yet
be Could not help ceusnring :hem for the iodis-
tretr language used i the doeoment now men-
eetinoed• E.le annroved- higl.►i tit the kw,
•ti!solutions produced .by the Nlembe.r for (-).X7
ford (Mr. Peel), and weold cheerfolly support
them- The Bank Directors need not pretend any
Verplexity about the purchase ot vast qoatoities
‘Pt bull oft ; for, with some few exceptions, there
Would not be any security tor coining such an in/-
IIIMu: number ot bars. Bollion, by proper din-
kenee, might he procured at an easy rate, 'awl
therefore the Ralik could not experience any di-
Mr. PeArtse (a Barth Director), in following,
the last Hon-.. Member, would endeavour to do
lea.Y Any insirmatioos injurious to the Bank.--
some Gentlemen, he thought, assumed a lof!y
and pretended, to speak on .subjects which
fifie37,ald not understand. It wouldl therefore bp-
eome them to act with more circumspection and
discretion, So far as the Bank had the power,
they had always discharged what had been consi-
dered their duty. tO,Che. public. Thy Directors
always been anxious to resume. Cash
• Ments. They have proved the sincerity
4f their wishes by the several efforts which they
have made to acciamplish that most desirable of
-"jet's. 'Their transactions for the last three
!tats establish the-truth of this position beyond .a
1-194", As the same occurrences were never
"el. to occur again, the question was, what plan,
cite blest to, produce. the desired effect. Ile
anti no ilotibt, bot the ditlicultieg which were now
il_l)Posed, would be surmounted ; and we would
tx
P,ertence, a favourable change from natural
::"'ses• Iu ridicule, we are told, that we. ought
pit to.attempt to.becorpe statesmen or politicians.
e "e Batik Directors' never assomed such charac-
iv4 ers. and therefore the censure was inapplicable.
)I'l' some Gentlemen endeavour to bring the
Establishment into disrepute, most parts of
rite world continue to look upon it with respect
I;°d admiration. Those who pretended to know
kiot 1340 k Concerns better than the Directora them-
es,Cv ought to he informed, that there were other
beeutrences which might he assigned for the cm-
yr4ssznents now the subject of regret than those
A°_°'ieed. The dilemma which now engaged the
1;&41'llon of Parliament and the country had at isen
the situation in tvnich the Bank was placed
Ifthe. Reports ot the wo Committees. In defiance
‘;,acts, some Gentlemen on the opposite side ven-
rLed to wander into the wide field of (tow M.'
vll.ll t litOrit Look at the 'vice of bullion on
v:illut's occasions, when compared to the price or
ifii.",of Bank notes. Their arguments were not
r(e)
on any solid basis. They supported their
r(e), them ies by bold assertions. With tes pest
ci the mode recommendeil for the resumption
411111 Payments, he did object to the gradations
a Scales proptoted. 'rite plan left them to the
se,ll:'citY of sneculiatots and adventurers of all de-
PAP"°'ls• .1
as quire notorioos, ilia.. certain
trso • "
ors, who were k omen ''Change as jobbers,
• ,
avail themselves 'of the difficulties, anti be
' rt
110. produce some confusion: Formerly, in
old times, merchants were the iinporters and
of gold or bullion ; but now, fre-
g`,lt,l, a set of men that might be termed
i::;"ers, unknown in the fair mercantile world,
aft:stet' tee„,selyes with tl2e office' of agents,
ttt the market. The Honourable
ktaloner,
, on this accennt, objected to the
C,', "ate scale of resuming Cash Payments, be•
ba:,s.e Such adventorers tli4;ll.t. aggravate the em-
rac;assthcot. In addition to the dignified Ova-
re.t;er of statesmen arid, politicians, the Batik Di.
pi 'I'S ha!' beeaebarg!l with,becoming philoso-
ar:Q''' find legislators. If any of these characters
tii'tildeared to
,e assumed by them, which he de-
tach' l'e.haif to lament that they were forced into
eotopany.
.Gentlemen ought to recollect
14egold much b. 31 gone out of the country,
;°flsetpieiitie of the last long and unpreeedent-
Pialear, hat, not .yet returned. The time was ra•
approaching when it would again make its
• e4';a'tee. WiomeVer gold was ab ove the mar-
-14,1)!.:ee, it Was Es,pr'oOfhist it could not be made
41,41 ai'de es a me!allic currency. In all the trials
cant'illietilties which the Bank Directors bad to
Itlv;,4llter, they had unitorudy conducted them-
%,trest with prudence and eh ctonspection ; and
tett, heY to-morrow to set their stupid heads to-
te, .er
reh: as some Gen kitten delighted in repre-
Pa'per g them, to issue an undue proportion of
influx' they woold,not he able to keep such au
Per afloat, for a week ! A diminution of our pa-
butbee"l.eney wombd give the monied market in
Ilrecifins'aoves the advantages in respect to the
esils"lB toetals; but alter the effect of artificial
tkee's , the natural effects would soon correct the
for e 8.
The Hon. Member 'offered his Apology
tigrosbing' so much of the time of the House
s,
dada amidst loud cheering.
R
tt,d. • ICARDo, in explanation of his speech yes-
Observed, that what he had said, was, that
taZa.s.Persu.aded the Bank were sioeere their
the.Bl 10tentions, 'hot that they did not understandfroyeubJect of the currency. Nothilt4 haul f°11"
"' the, Honourable. Director who had just sat
own t •
Air to induce him to change' that opinion.
WILMOT' S;ild
tngtontoLt adopt the plan
e be regretted that the Batik
of contracting their issues
Ilie;e6,e-new 'coinage Of the sovereigns, and that
rualiclotn,ot then adopt a
years
they
%ed during some • years before. The
atalei,itther contended, that the graduated
uir atthe Committee was the one which would,
iut reexltertence, be approved of by the
were 'allowed to take the measures
WyicPa:oll onld be most, advisable for a secure and
grAi• y resumption of cash payments. It was
of (II Ying, lie said, to perceive that in the course
of 'Yesterda, aCclatuatious of ap-
tttiotis. y
Were bestowed on the object of the Reso-
qqa ►- Pr°Posell by the Committee, although
I,ii'')aa•a difference of ,opinion as to the,means
that object was to be attained. He
'greed with what fell from the Right
‘'lcritleniat •I
11.4t1-41!„ouse, • ' '° this subject before
, as to the-effect of rile present state of
ekes' .01i the • ,e
of Poor. The Hon. Member con
theillYot7.l',..'".erviog, that he thought the 'Tipton
itarliutubcr t
hat
thought
(Mr. Kt-
-9

cardo) sva3 :the best Which could given on the
subject before the House,
Mr. MARHYATT could see no reason why the
Bank of Bn;land should pay their notes at a
higher value than that at which thenotes were
issued ; and .he was eon vi need, it they were
obliged to pay now .at the rate of 81s. per ounce
of -gold, there would be a very great run upon them
immediately. In this opinion he was confirmed
by the statement of Mr. A:CXRUiIer Baring, helot e
the Committee.—Suppose the Bank were to act
upon. the paradoxical theory now recommended,
there would be numbros of people immediately
speculating at the exrence of the Bank. It was
said that the Bank, by limiting their issoes,would
coutroul.the foreign exchanges ; but that was not
the fact, for there were many eh cionstances which
prevented the Bank from having any such con-
trout, such as the foreign loans, the great impor-
tations of .corn, and varithis other causes.--
Therefore a very bard task was, in Isis opinion,
atteMpted to be imposed ou the Bank—a task
which was, in fact, impracticable.—Here the
Honourable Member entered into several calcrt
lotions, to show-that a considerable profit was
obtained by taking gold to France, purchasing
silver with that .gold, and bringing rite. silver
home to.,this- country, for wirich.a,high price could,
be. obtained vt,,lrett Jodie, ships,,were.aboot
.• to sail
from England. The pres,ent esperiment was,
brought forward under most unfortunate circuit);
stances. The farmers of th,e country were, labour-
ing under the greatest distresses in consequence
of the low price of corn ; distress pre-
vailed among all classes of traders and merchants,
and he asked if this %vas a period when the Bank.
should- be called on to try an experiment,' which,
diminishing the circulating medium, • would
.bring increased and numerous calamities upon the
nation. It seemed that for tesisting this project,
the Bank Directors had. got into discredit with his
Majesty's Ministers. Ile applauded them for this
resistance ; they did not, deserve this treatment
from Government, for they had on all occasions
nntd:! uncommon sacrifices in accommodating the
Government. When it was considered that there
was a deficiency of the, public income to the
amount of about 14,millions every year, there
was, indeed, a real cause for alarM at seeing such
a measure as was now proposed, amid which tend-
ed in a very great degree to increase that alarm.
Hi' was convinced the Bank could not pay in
billion at the periodi stated ; and-he should give
his decided opposition to the resolutions then
proposed.
Mr. FRANKLAND Lewis wished the question
were put to rest, in order to alloy the public fer-
mearation, which was somewhat alarming.' If the
Bank Directing acknowledged themselves in a
ili!eninia, it was incumbent on Parliament to re-
lieve them. The Hr ,lotions now proposed *ere
the best remedy which could ,be applied. They
ought to he interpreied as the opinious of Portia-
. ment. lie siticer'dY r:fgreved that the Bank Di-
rectors had tnisiotetpr,,ted the mening of the
Committees. Parliament has denied even to the
Royal Prc!rogative the power of diminishiog• the
valud of the curlew coin. If the Crown do not
feel degraded by this exclusion, then why should
the Bank Meet ors If Parliament withheld that
power from the Crown, it had certainly a right to
withhold it from the Bank. ,The Resolutions
would reduce the Bank Directors—and he spoke
so with all due deterence--to keep better com-
pany, and assume good habits—to attend to their
mercantile affairs, without believing: themselves
profound statesmen or acute politicians—and to
use their best endeavours for the speedy resmnp-
Lion o!' cash payments.

Mr. P. aidt.ittl wag about to speak in support
of a return to cash pyments, when the cry of
" Question ! Q4estionl Question !" and inces-
atti coughing, intluc,d the lion. Gentleman to
Sit doWn.

Mr. ABRRCRoMBIE looked upon the present
measure as of vital it»portaoce, and one
which would set at rest for ever all those delu-
sions under which the country had so limg la-
boured. It was of the greatest moment that it
should go to the Public with every mark of
lioalkiwity. He therefore strongly advised his
Lion. Friend, the Member for Coventry (Mr. El-
lice) to withal-a:4 his Amendments.

Lord CASTLE ÜBAGH admitted the importance of
the present measure. As to the alarm which had
arisen among the he did not see any thing
to justify it. Anxiety might be natural till the
question was fully 'understood ; bat be trusted
that only a very little titse would he necessary to
give the public mind a dear view all its bear-
ings. It was not extraordinary that individnals.
should wish to' make a provision for any contin-
gencies which 014 might think were approach-
ing; but as they had no fair means of judging
.correctiy of those contingebeies, their ap2rehen-
sio7 s had no foundation whatever. It was pro-
per, however, to put an end to that anxiety, and it
was the duty of Government, with as little delay as
possible, to lay before the people the real state, not
oely of this qiiistion,bnt of the finances of t he coon-
!)—Let it hot be supposed that any
check had been given to them osperii yof thecountry.
All the, means of prosperity continued to exist,
but they, were suspended, in their operation, till
the people became acqnainted with their real si-
tuation. It was.therefore the duty of the Llonse
to take a manly view of the present difficulties,
and by the energy of its measures to prove that
resources had preserved all their spring, and
ceuld easily regain all their activity I-le then re-
pelled the charge of inconsistency attempted to lie
east on his Majesty's Ministers for .bringing
forward the present measure after having so long
continued the Restrictions. Pe had never argued
in their favour'but on the wound-of strong neces-
sity at the time, and on the principle of self. de.
fence. The difference on.t hat question had been
exaggerated in the heat of debate, and, when coolly
investigated, ‘Aould be found to consist more in
terms than realities. But whilst be felt it necessary
to re-establish %villa he would call the legitimate
currency of the Country, be could not join .with
those who described the system of Restrictions as
iniquitous. lie whs convinced that they had saved
the Nation. But their necessity was past, and
they must cease. lie, then read several pasiiages
of the evidence given before the Committee. .10
prove that Batik notes were only depreciated in
comparison with the bullion staualul of value,

lint in. no other sense. It was therefore wrong to
say that we had a dspreeiated currency. Could
any rifle believe that we should have been able to.,
tuske the exert ioos we have made, and to contend j
with the enemy as we had done, if the Bank had
been obliged to coutroul its issues, as it had a right
to do so if it pleased ? The Bank had Len
charged with higher dutiel, When it ondertook
the management of the public circulation, than
the mere carrying on of its commercial concerns.
It was impossible to consider that Body, while
entrusted with such measures, as acting merely
in the capacity of Bankers. It was also
much to the honour of the Bank 'Directors, that
whenever the country was in distress, they did
not suffer any considerarions of ex pence to deter
them from extending all the relief in their power
by enlarging their issues. lie therefore truster{,
that whilst the country returned to the legitimate
system which would render such exertions on the
part of the Bank useless in future; What she had
done. would not be forgotten. With respect to
the resumption of cash paymeots, there appeared
but one opinion here: The only difference re-
garded the means to be employed; and di these it
seemed that the Bank lord taken a,wrong view.
He really thought that nothing. ought to give
more satisfaCtiou to that establiShment, than to
find that some plan had been adopted tha, would
relieve them from any responsibility in the
public opinion for whatever duty they might
have to perform. Thit they should be required
to restore the metallic currency of the land, was
no proof or want of Confidence on the part of the
lititish Pat liatnent. It was ordy.saying, that the,
time was come when the Restrictions must cease,
and they must return to the exercise of those
Braking functions to wthich they had heretofore
confined themselves. The plan -proposed gave
them no cause to contract their issues. They were
not called at once to pay in gold at the current
price. They would, on the cootrat y, remain for
twenty
,months under the protecting price of
eighty-one shillings, and as the market price now
stood, there was no li.kelihood of a run on them.
On wha:. principle, therefore, could it be feared
that they should contract their issues ? The alarm
excited on that subjectlwas completely untounded.
It was also wrong to think that the ten millions
to be repaid to the Batik would be taken out of
the .circulation of the countly. Nothing so wild
could ever be credited. It could onlybe the delusion
of one clay. No idea of the sudden repayment of
those advances had ever entered the view of the
Committee, or of Parliament. They 'would oc-
cupy the course of the next two years, which
might be considered as the time fixed for their li-
quidation.. But that it should be intended, in-
stanter, to withdraw so large a sum front the public
circulation, most appear to the whole country
too wild a plan to have ever entered the mind of
main—(Hear, hear !)—But even if it were in-
tended, the B,ink;either by the purchase of gold,
or the exchange of Bills, might throw out to the
same amount the very day after having received it.
The rieSent measure was to inVigorate the
exertions of the. Bank, not to cripple them.
And what cause could there possibly be to
suppose the Bank crippled by a measure which
left her, until October 1820, complete mistress
of a protecting price of eighty-one shillings. •
There were strong reasons to beiieve that the Ex-
change would improve and arrive at par in the
course of the next year; anti the Bank, it was
well known, could always in this country regulate
the price.of if the argument of the state of
the exchange were brought against the measure,
what a number of other objections of a similar
nature might not always be raised against it.—
, (Hear, hear, bear !)—There was no ground to
apprehend that danger could arise when Parlia-
mew 'vas not Open to meet that danger. The re-
solutiOns of the Committee did not recommend
the execution of the measore to commence be-
fore the Ist of February next, at which time the
Parliament would be sitting.. Had a later period
been proposed, the public would have imagined
that the determination of the Committee, was not
final, and that the Restrictions might once more
berenewed. By fixing the Ist of February next,
it was at once proclaimed to the whole country
that the intention was real and irrevocable
Should any unforeseen calamity occur, it would
be preferable for Parliament to,act upon it when
it itrose, than CO do it now by speculative siews.
Parliament would be assembled wlicn the mea-
sure would come jutto operation, but he could
hardly figure to himself a state of things which
could induce the Legislature again to throw
loose this questiow.—(Hear!)—On those grounds
it was evident that no rational. danger could be
apprehended from the measure. None could be
more mild in its operation. With the exception)
of two Hon. Members of this House, and a Noble
Lord belonging to another place, in all three in-
dividuals, the measure bad met with tire united
approbation of the Committees of both houses, so
divided on other subjects. Even on the part of the.
Bank Directors, this measure came as much rccom-
meuded as any that bad ever been brotight befot e
Parliament. Three out of lour Bonk Directors had
given'their decided opinion in favour of its'pt
elide. Two others had afterwards supported it,
without counting the great :tante of Mr, Baring.—
It was clear, therefore, that no 111CilitirE had ever
come before Parliament with greater authority
than the present. He could nut understand the
reason of the alarm excited. It Must proceed
from 6 want of information which prevented the
Plan from being understood. But be was saris-
fredithat When the measure anti the financial tar.;
rangements of the year should be clearly explain-
ed, the whole of the alarm would be removed.—
On thoSe grounds he gavehis cordial support to
the Resolutions, in perfect confidence (even
greater than lie had ever felt before) that it
was taking the wisest 'course.—(Hear, hear,
hear !)
• Mr. ELLICE, after havint defended himself
against several chargei of inconsisteney which had
been thrown out against him, consented to With.-
draw his amendments', He hoped that, when
this great question was once settled, it would be
set at rest for ever !
slsord MILTON rose in midst of cries of
" Question," which rendered him inaudible, and
was compelled to sit down.

Mr. laYrEa then attenvted to address the

House; bat the cries of " Qiestion " prevented
him from being heard.
Mr. CANNING entreated the attention of the
House to any Aember who ►voltid offer his senti-
ments on a qurstion like the presei.t. One Treat
advantage of the unatiiinity of this night would
be lost it it were sopposed to have been obtained
by the 5 iippression or any Cantrary opinion.
Mr. ItlVlxt3 then addiessed th:t Rouse; but
from his situation tinder the Gallery, nothing
i‘bich he said could be distinctly heard, with the
exception that he objected to the 4th and sth Re-
stdtrions.

Mr. Wzi,otg thought; if this measure were car-
tteUl into effect, it ought to be done, not by au
klmingerneut witit the Bank, but by the fair ope-

ration «t !rade.

Mr. YELL had no wish unnecessarily to fatigue
the !ionic with a speech. lie had been in some
instances misunderstood, bUt these. werd not of
sufficient importance to justify hint in detaining
I.llouSe by entering upon an explanaticm He
begged to congratulate the Committee on their
being now at least within•sight of that goal front
which. they had • departed 'twenty-two years ago,
and to which, at. times, he had been :afraid they
- Would, never return..., He trusted the clejsion,!bac
won'tl this night be come to, would put an etid
to that pauic•whickrhad grown on the uncertainty
prevailed for a short time past. The
rlitbculties which were to be encountered lid
flattered himself wools) not prove of such mag,
nitude as some •had -expected, but whatever
they might be, .lie•hoped this good effect would
arise frouill;em, that -the nation would be care-
lit -never again to depart from the ancient stan.
;dant of the country when such a course could by
Hpossibility be avoided. He .wished to move alt
;amendment fon the seventh Resolution, but one
Hrhat was merely verbal. Under that. Resolution,
it might appear from the ambiguous manner in
which it was worded, that the Bank had an op-
tion of issuing gold above the prices specified in
the Resolution. The arnendmeot he now
nosed. would go merely to provide, that after Feb.
1, 1820, they should not issue their gold bars at
more than 4!. Is. per•oz. and that after the ist of
October till the Ist, of May ensuing, the price of
them should be confined between 31. 19s. fid. and
31..175. 1 OLd..
The amendment was agreed to, but a division
was called for on the original Resolutions.—
Strangers were ordered to withdraw, when.

Mr. CANNING rose.—He had had no wish to
address the louse, but abstaining front duiog so,
he had expected. when the question was put, that
the Ministers and the country would have the be-
nefit of that apparent unanimity which had seemed
to prevail, and on which, more than on any
thing else that could pass within the walls of that
House, he had reckoned to tranquillize the public
mind, and strengthen the belief that that, as
well as the other House of Parliament, was deter-
mined to proceed to the restoratio❑ of that stand-
ard from which, as had been stated by his Right
Hon. Friend, the country had departed twenty-
two years ago, and to which lie, like his Right
Hon. Friend, had feared he never should see theta
return. But since he found that their vote was to
go forth not as the unanimous, but as a divided
decisiOn, he trusted that the situation in which.
he stood .as a Member of the Committee would
justify him in stating the reasons and the grounds
on which he recommended these Resolutions to
thj House.-- [Here the Right Honourable Gen-
tleman was intertupted by a loud cry of " Read,
read !'']---If he were to understand from what he
now heard that the Hon. Gentleman was willing
to withdraw his -opposition, he would give a proof
of what he had stated with respect to his unwill- •
ingness to address.the House, by sitting down at
The Right lion. Gentleman then resumed
his seat.

once.

Mr. CRILYS then expressed himself willing to
withdraw his oppodtion.

Mr. MANNING.4I4 not wish to disturb the
unanimity of the House ; but because he did not
oppose the Resolutions about to be disposed of,
he wished it to be understood that be did not
consider himself bound to approve of the Bill in
all its parts which would be founded on them.

Mr: CANNING -observed, the concurrence of
his Honourable Friend on this occasion would
not
,preclude from watching the Bill that
would be founded on these Resolutions, through,
all i►s stages ; but he could not takz his assent to
the Resolutions for less than a subscriptiOn to,
and concurrence. in, the propriety of going to the
ancient standard of tl►e country, to which Par-
liament were determined to return.

The ResoFurious were then agreed to, and the
House resumed.

Mr. MARTIN Or Galway) postponed his mo-
tion respeeing Baron M'Clelland till ThorAay.
The Orders of the Day being disposed of, the
House adjourned at Hall-past One.