The Sun.
London, England, 1826-02-21 00:00:00

THE TAILORS AND GENERAL OUT.

FITTING SOCIETY,
N 0.90, STRAND, LONDON.
THE Object of this House is to give Constant
Employment to Good Workmen, and also to supply.
Industrious Females with Plain York in the READY MADE
LINEN and MIFITTING DI'PAR I'MENT.
The Visible Advantage of Purchasing Manufactured Goods
for CASH at such a periotras the present, enables E. PAYNE
and CO. to sell at such Prices as defy Competition.
Dress Coats, from . • .1.:1 50t0£3 3 0
Great Coats • - - -210 0 315 0
•Doublr.milled Kerseymere Tro-wsees t i 0 1 5 0
Breeches - - . 0 18 0 1 6 0
Waistcoats - - U 7 6 0 IC 0
Travelling Cloaks - - 110 0 ' 210 0
Dressing Gomm - . 0 14 0 1 1 0
Good Shirts for India . • 1 10 0 per Dozen.
Hose . - . - 0 7 6 Ditto.
Sheets - - . 0 8 0 per Pair.
Pillow Cases - - - 014 0 per Dozen.
Night Cpps - - . 0 4 0 Ditto.
Jean lickels • • • 0 4 6
Light Trowsers - . 0 6 0 per Pair.
*4* Linen Shirts' of every Quality ready for immediate Use,
and all other articles equally Low.
rr Gentlemen and others going Abroad, will find Great
Advantage by an earl,/ Application to the Agents.
*„• Opposite gouthatuptou-street, Strand : ! !

PARLIAMENT.

HOUSE OF LORDS, FEB. 20.

‘NKRUPTCIES.

Mr. CRAY TEn from the Treasury presented an Account of
the number of Bankruptcies in Scotland, from the Ist of Jan.
to 'the 4th of February, 1020, distinguishing ' those of
Bankers.—Emid on the table.
BANK OF ENCILAND;

Mr. BEST from the Bank presented
o=copy of the Corte-
snde between his Majesty's Government and the Gover-
nor and Deputy Governor of the Bank of England, relative to
the purchase of Exchequer Bills.
Laid on the table, and on the motion of the Earl of
,Latr-
DEnnALE, ordered to be printed.
Lord ELLEximito tr an moved for Returns of the number of
Bank of England Notes in circulation on the lath of February
of the present year.

NEGRO SLAVERY.
Earl SPENCER. presented a petition from the Ministers and
Inhabitants of the Parishes of Burchester and Woßerton, in
the county of Northampton, praying for the gradual Abolition
of Negro Slavery.—Laid or the table.
The Bishop of BATH and WELLS presented a similar, pe-
tition from the Minister and inhabitants of the parish of el-
lington, in the county of Somerset.-..-Laid on the table.
CORN LAWS
Lord KING held a pOetition against. the Landlords' Act, that
Job of Jobs, or in other words, the Corn Laws, from the Inhabi-
tants of the city of Brecon. When the House should come to the
discussion of those laws he should attend to the recommendation
of the Noble Earl opposite, and treat the subject dispassionately;
but the difficulty was to know when the discussion should come
on. Last year the Noble Earl said that it should be this; this
year it was to be the next, and it might go on so for ever. The
fact was that the present Parliament was on its death bed, and
the Noble Earl was unwilling to disturb its last moments.
Though an opponent to the Catholics, he still preserved some of
the practices of their church. In this instance he had no doubt
had secret recourse to the right of confession, and finding the
expiring Parliament obdurate, he would not give it the Via.
licurn in articsdo moral,. That Parliament, however, had done
many things, and better ones than that of 1815,' which was now
dead and gone, and loaded with the execration of mankind...
The petition was then laid on the table.

BANK
Lord KING lamented the fatality which seemed to attend
and to defeat the best speeches and measures of 'Ministers. At
the very moment when the Noble Earl opposite war convincing
their Lordships on Friday night, that all the evils of the coun.
try were to be ascribed to the state of its currency, and that it
was impossible for a circulation of paper and one of gold to
co-exist, his Lieutenant in another place (the Chancellor of the,
Exchequer), was giving up the very principle and allowing
those ribbon notes to circulate in preferepce to gold. He was
sorry that the Noble Earl's arguments should have been an.
swered and overthrown by, his own acts. He thought that they
had all come to the conclusion that the country had been torn
to pieces by its currency, and that the Bank of England and
the country banks had made excessive issues : but after this
specimen of inconsistency he expected to find it maintained
that the currency was in the best possible state, and that both
the. Bank of England and the country banks had been most
wise and prudent in their issues. It was impossible to know
what conclusion would next be come to. Many individuals
seemed to consider the inequalities of the circulation a source
of advantage: lint if they wished for the high prices of 1825,
let them recollect that they might be followed by the low ones
of 1020. They liked a machine which .went by jerks, but
nothing more dangerous to property could be conceived.__
The only cure for inequalities would be a large metallic cir.
culation. He should wish to see twenty or thirty millions of
sovereigns afloat, and then prices would be steady. lie should
therefore not only be inclined to abolish 11. notes but even 5
and 101. ones.

The Earl of LIVERPOOL contended that nothing bad
been done or proposed that was in any degree at variance with
the principle of the Bill introduced in the other House, or with
the statement which he himself had made to their Lordships.
He had certainly declared, and continued to think, that it was
the duty of Parliament to legislate for the establishment of a
metallic currency, and Athat a paper circulation of the same
denomination and a gold one could not possibly go on toge-
ther. But if the'Noble Lord had done him the honour to at-
tend to what he said, he would have found that at the close of his
speech he had stated the very proposition which was then
making in another place, and which the Noble Lord now repre-
sented as having defeated the object whirls his Majesty's Go-
vernment had in view in proposing the Bill. The object was to
get rid altogether of the circulation of the 11. anti 21. notes : but
they had found that it could not be done suddenly and at once.
They had stopped the stamping of Country Bank notes forth-
with, and had allowed three years for their gradual and final sup-
pression. But how stood the question owith respect to the Bank
"England i' fly the-Act of 1822 that Bank had been authorised
to issue I/. and 21. notes, but it had never issued any of them,
and its circulation had been wholly metallic tallest December,
when after a eoosultation with his Majesty's Government, they
hail issued 11. notes to meet the sudden emergency created by
the convulsions in the commercial world. 'I hese notes had not
even been circulated in the metropolis, but had been sent to
the various parts of the country where failures had taken place.
lie stated this in order to show that the Bank of England
had no object of its own in issuing notes. Nay it was against
Its interests, for it was a loser by it, and it had only done
it to relieve the distresses of the country at the moment.
Since the Bill had been introduced in the other House, it
had become known that many of the Country Bankers in.
stead of availing themselves or the period of three years,
allowed for the expiration of their small notes, had cancialed
them at once. This was not the intention of the measure,
which was to operate gradually ; and lest a sudden revolu,
tion of that kind in the currency shquld prove injurious, his

Majesty's Ministers- had thought it right, with a view to meet-
ing. a possible danger, to give a latitude to the Bank to extend
its issues of If. and 21. notes, without, however. altering the
period assigned for their abolition. The sole object being to
meet a contingent necessity, he slid not expect there could be
any objection to the introductien of such a clause in the Bill,
especially as he should- be willine• that it be necomranied with
any kind of guards, either a !Jeerer to call on the Bank for
monthly accounts of the ll.' mites issued, or any other provision
which might prevent the possihilty of abase. The effect of the
measure, he was convinced would •trot be to extend the circu-
lation beyond any, momentary nectsgiey which might arise. As
to the'observations of the Noble BariiCtipposite respecting flue-
tuatimis, he perfectly agreed with tlietn, and had himself laid
down the principle on -Friday, that the duty of the Legislature
wile to prevent fluctuations as' much as poseible; not to lOok
at high orlow prices, but to keep the great Machine of
commerce end agriculture, as nearly 4.1 it could be done, on
a level.-
The Marquis of LANSDOWN wets bound to accept the
Noble Earl's assurance, that the,micil no disposition m the
Banleibi" England to abuse the pirrklitrosted to them, or any
wish on the part of the Noble Carl himself; that there should
be any issue of paper to it, degree which might affect the ex
changes. But the Noble Earl must feel, that if such a clause
were unfortunately edniitted, withnut efficient guards, a power
would be committed to the Bank, Which• Would enable it, if it
pleased, to defeat the. whole scope of the measure. For not
having to come to the Stamp Office, in consequence of the ar.
rangetnent whieh it had long since concluded, it might pour
forth at once such a quantity of notes, were not guards prb-
vided, as to deluge the whole country for some years. lie
was not nrepared to say, that this deviation from the original
Bill might not be so guitriled, as to prove unexceptionable;
otherwise it would be highly dangerous; but he trusted that
the Noble Earl contemplated, and would propose sufficient
guards.

The Earl of LIVERPOOL, repeated that the power was
granted to the Bank merely to guard against a possible danger.
Should the Bill not contain sufficient guards when it reached
their Lordships as to render the abuse of that power by the Bank
impossible, he should be ready to concur in any' amendment
which might be proposed.
The Earl of ROSEBERRY wan doubtful whether some or
the measures proposed, however sound in principle, might not
, aggravate the existing distress. The only way of placing the
Banking system on a solid foundation would be to pat an end to
the relations which had se long existed between the Bank of
England and the tlovernment. Lie did not mean to oppose the
measure for abolishing small notes in Scotland when it should be
brought forward, but he hoped that Parliament would pause,
and instead of acting on its theoretical excellence, would ascer-
tain its effect in practice, by an extensive' inquiry, before it
gave its sanction to the measure. The Noble -Earl then ex-
pressed his opinion that the Usury Laws had served to energise
considerably , the embarrassments and difficulties of the last
three months, and that their repeal would be beneficial.
The Earl f LIMERICK approved of the establishment of
a metallic currency in Ireland, but was afraid of any sudden re-
volution, and conceived that to take away the paper circulation
as once, would be pregnant with danger to the country; lie
hoped that full time would be afforded for providing a suffi-
cient quantity of bullion before small notes were abolished.
The Earl of BLESSINOTON said that. the only danger
apprehended in Ireland was that paper should be taken away
before gold was procured Nothing would suit the Irish nation
better than making silver to a certain amount a legal tender.
The Earl of LIVERPOOL assured knit Noble Earls that
when the measure should be Introduced, due attention would
be paid to the circumstances of the country. The-fact was, that
Ireland had not partaken in the late distresses. She had had
her crisis two or three years ago, and had been recovering ever
since. And to what did she chiefly owe her recovery? To the
measure which had curtailed the exclusive privileges of the
Bank of Ireland, and had authorised the establishment of Chin':
teted Banks in the country. During the existence•of the Bank
restrictions in England, gold was so abundant in Ireland, 'that
rents were paid in that metal.
The Earl of LAUDERDALE maid that it was because some
individuals would only take their rents in gold. • But then five
hundred guineas sent down from DeWitt and passed from hand
to hand served to pay the whole ; so that the show of gold was
no proof of its abundance.
The Earl of ROSE BERRY inquired whether it was intend-
ell to propose any measure respecting the abolition 'of small
notes in Scotland, dUring the present Session.-
The Earl of LIVERPOOL replied in the affirmative with
respect to Scotland . and Ireland, though ho wait not yet pre-
pared to state the details of the measure. .•
The-Earl of LAUDERDALE trusted that the • Noble Earl
would pause when he should find that-it was the opinion of
every individual of every class in Scotland that that country
owed its prosperitrto the Judicious mode in which its currency
was carried on, and that to interfere with it would be attended
with general ruin.