The Sun.
London, England, 1810-09-21 00:00:00

4'clir OP THE BULLION COMMITTEE.

. ,
flirt of
aye the the Bank Dire&tors.and: Proprietors
0,1
th rdae t. IA
i holden at the Bank.
tcorne tluestiOn being put from the. Chair, that
tofits patty should divide five per cent. on their
)6t t_ '°r the half year, ending on the loth of
„thner, .
qtr. R •
[ter a feli:r3th 3scßsorr addressed the Chair, and,
etaion , Preihninary observatioes called the at-
Ktrit,,°L the Court to the Report of the Bullion
l'al circulation
That Report, which- bad had such ge-
tis:arra,culation, c/(miained certain fatlacious posi-
hehad the greatest respea fur the House
one 111°h% but that. Report was but the Report
, the of
,the Committees of the House. It was
drrs (,),Inion. of certa;n. Gentlemen, of whom the
otiverough he wished to say nothing of party
eatur% vcere in the constant habit of opposing the
eVrte-% his Majesty's 'present Ministers. The
oy wil 3,0 e contended, went 'against that evidence
A conle,n the Com tnittee ought to have been guided.
tlol,i, l'-l-rable part of it was intended •to argue
n the . .
lltem evidence, which had been given before
to re ai Yoder such circumstances duty forbid him
lapon ant silent on the subjett, It was incumbent
li;le.everY tatie to meet such fallacies, in broad day-
tilt ifejnd happy was he who succeeded in exposing
Oct bleu''''h• lit coming forward'as he did, he had
'lie Jett in view but the tioneur of the Wink, and
of 13°9(1 of the PubliC, which he thought identified
,vheo iAitt, the other. It was impossible for any one
fere, 13(1 read the Report not. to perceive that an in-
t.,' Ce Was drawn' prejudicial to the credit of the
')k . ~
atvie. , F ("r his own part, had he read the Report,
tei4"'„Lo i f -minion' cn-the subject but what he
aw,' ' v'etce have d rived, he must have carried
fc,,rl ideas very injurious to the company. It set
par a., that Bank paper -was what is callel ". below
kir, and rep.es need the present high price of
ot ~1),91 I') he the consequence. The ruirket price
tlit(3''' was anove. that of the Mint, and thence
Wd‘ aSsmned that the paper of the Bank of England
o:: below. par." The great demand for Bullion
itbirr,;,," nlade it worth while for those who were not
10d1 .of iucerriog the penalty att iehed to such con-
to met: doWn the current coin of the realm at
of me' That was the cause of the evil complained
The Committee had said in their Report, that
,ii in Bank paper will not make tOO guineas, itud,
,-
c' inter that Bank paper must be " below par.
bt„lnhNl 'respectable witness, Mr. Merle, who had
ev,ii "darned by the Committee, had stated in
. dense, that 'he knew no cifference between Bank
salter
ol'er and guineas, and 'declared that he would as
in°,l,ll,hav the one as the other.' The Committee
4 ,red how that could be when be could sell gui-
le,-., lot more money ? To this he replied,, that if
c chose to be a bad subje& he could, but regulating
s etlidtai as, he did by the law of the land, be knew
of
no earthly difference between Bank notes and
binea
t‘,(.) a sto an equal amount. One hundred pounds
,1d uid Purchase earn or Bullion-as well as guineas,
ghaa therefore, unless for a bad purpose, the latter
ad no advantage over the former.. He (Mr. Jack-
, the-illew how much certain writers had exute.i at
tie Ltellort of the Bullion Committee,. One in pat-
fr. filar had declared, that lie derived more pleasure
Corn it than 'he could have experienced had the
exultation
of Hampsbitebeen presented to him. 'flits
lit'
was perfettly natural to a man On finding
ell favourite proposition su_pported, as was his by
ti,l3;t Report ; but had the Report been such as the
al given given would have warranted, Ore writer he
`tided,te, Le (M,....f.). was of opinion, would- have
Preferred 1,),,,iic, Made Lori of .Hampshire to all the
11.4tificatien 'Liu in gut nave de laved twin that source.
tre woulkl no..v proceed to see if the nominal ,in-
-teaie en tie prices of things arise from the increase
,f3.„.131: k of England paper—froth what had been
Cued
,a i, great excess ut issue." He wished to
.
ki't:. what was meant by a great excess of issue.
,le wo id s' prose for a moment, that the issues of
: - j,'',„aihd 21. Batik notes had not been made as they
I;i''• Could a doubt be entertained as to the injury
. . ti° mercantile interest must have ot.cessarily sus-
'.
,ea'lled.? But he wished' to see what the issues had
etto ; aed tel confident, that instead of a great ex-
„-esa 01 issue, their issues had been very parsituoni-
• 'itislY /made.. In 1797, their issues amounted to
`1,000,000l They
woe then raised to 1-1,000,0001.
`111(1 3,ippositi4 them at the ple,ent day to amount
1 •
* () 20,000,00 W. was the difference so great as to
liattlY cie 11,6er:ions that had been sent abroad ?
'OW happened it, he would ask, that the increase
' 01 ()ill- commerce had not been taken into the c.ll-,
culation.? Why was it not stated, that within
the period in which the' issues of the, Bank ha.),
k
--.. : ific:e,ed d or 7,000,0001—0ur Exports had
ineteasee by 15,00J,0001.? And why was it nut
- Illatie k,.own, teat while the Bank of England added
6.,000;000i. to their issues, those of the Country
4an'ss uid litst amount to ,less than 50,000,0001.--;
the' Comtitittee admitted that the Directors had not
taken 'the advantage' of the circumstances of the
'limes Which they might have done ;' their issues
. had been parsimonious, and.not excessive, and made
with a view to benefit the mercantile interest of
- tl.e country. Could then' that which had been as-
4erted he established, and the high prices of the ar-
ticles of life' be proved to arise nom the issues of the
Bank ? This statement was inconsistent with other
Darts of.ilie Report. It was admitted that the issues
°I the Bank were confined to the metropolis and its
\'iej"itY ; those of the Country Banks were much
larger, and extended allover the kingdom : the evil
riligly, therefore, with greater proptiety, be suppos-
ed 'to arise front them. He did not wish to speak
10 the disparagement of Country - Banks, he was of
opinion with that able witness now -no more (Sir
F'• Baring), that a moderate paper `circulation was
Wholesome, and beneficial to the State ; but when
the issues of the 'Bank of England were thus
spoken of, it was but right that those of the
- Coutery Banks should be taken into consideration.
The statements he had made proved' that the high'
.Price of things could not be the consequence of the
Issues of the Bank ; or if at all, but in a very small
(I%ree. When such complaints were made as had
been made, of the issues of the Bank, a person must
feel at.a loss to guess whether those issues were
:Lade on property in their possession, or, like those
of certain Banks, on their credit. One circumstance
sulf=ated to be forgot cutnely, vit. that out cf tt:e

20,000,0001. to which amount issues had been
made by the Bank Company, the Public were in-
debted to the Bank, 18,000,0001. That was pre-
cisely the situation in which they-stood with ebe
Country.;" so that 'if ever a ,period should arrive at
which it would suit the public to do without Ahern,
they had it in theirpower (at least the,y ought to have.
it in their power) to have done with them at once;
by paying them the J 0,000,6001. which they
awed. • This would leave but 2,000,0001, out of the
sum issued to be made good, and that-the Company
could make up among .themseiveS in a few houra.,
He. thought the ComMittee ought to have noticed
the circumstance of the
,Public being se greatly in-
debted to the Bank. He thought, too, they ought
net to have forgot, that in consideration of exist-
ing circumstances, the •Country received annually,
210,0001. from the, Company, on account of the
extra balance supposed to be in their hands. He
regretted that the dothine of 'that great StatesmAn
Mr. • Pitt, a doctrine in which he bad lived and
and in which he died,-anever to disparage the pub-
lic security—had not been more approved of by the
Committee.• He (Mr. Pitt) contended, " that the
Public had better lose considerable sums than. have
their reputation injured." He now came to speak
on; that part of the Report which set forth that it
would be .proper for the Bank to make all its pay-
ments in money at the end of two years. There
'was a saying which was very common with many,
people, " sufficient for-the.day-ere the evils there,
of;", but for his- part lie thought, mischief Could
not be met, too sooneand that it should peso in
the present instance was more important to the
Public than to the Company. The high manner
to which, the Bank Direaors were spoken of in.
this part of the Report he could not but approve of,.
and here be agreed with the Committee, and cor-
dially joined them in the praises which they had
thought proper to bestow. NO capacity, however
humble, could misconceive the purport of that part
of the Report respeeling the payments, to be made
at the end of two years. It was impossible:not to
see that its effea _would be, that at whatever price
bullion might be at that period, it must at the time
specified be bought
.up by ,the Bank Company to
make their payments. How long' the gold thus
issued would be likely to .remain in the Country,
after it lad left that eouse, the 'Gentlemen of the
CoMmittee had seemed in too much haste to con-
sider. There conk( be no • doubt bui then, as
now, it would itnti ediately vanish. 'Here be could
wish to inquire who it was had so exhausted their
funds as to make them feel any:difficulty in making
their payments•in money. He would look back le
1797, when large subsidies Were sent to many of
the powers on the Continent, as were great armies,
who must have perished on the sands of Flanders
if the Bank had not sent
.their gold and bullion
from England. Between the years 179 b and 1797,
the DireCtors had met, and remonstrated with his
Majesty's Government on the subject no fewer than
twenty-nine times, 'Complaining of tee madier in
which they Were drained. They, however, thought
it was better to risk the erofi,s of the Bank than
to leave our brave army to starve on a foreign
shore. After this, ought the public now to say, we
have drained'Vou of your bullion to preserve our
soldiery from famine,' but you make your pay-
ments ett a given. time, and buy bullion at any
price, however ruinous, tee consequences may be,
to yourselves. The moment the Bank knew they
must make thtir payments in bullion at a certain
period, they would of course forbear to issue their
notes, ;led call in ,every one they could, and this
would-haie the effect, nottherely of being prejudi-
cial to the mercantile interest, but of destroying
the of our commercial fabric. One might
almost imagine that the. Report had been made by
persons not iieC,USIOIDA to contemplate any commer-
cial arrangements, it the contrary were not known
to be the fao. Ir under an increased commerce
• they were to lessen their issue, the inconveni-
-epees thence arising were so obvious, that it could
hot but be a waiter of , wonder how any politi-
tician coud wish tor such .a decree., Under the
State pressures of 1793 and 97, the Bank Company
had been censured as ailing on a bad system. It
We§ said they ought to have had courage to enlarge
and extend- their iseles, and -not diminish them.—
Now they were fun down by these per Sons because
they , had sidopted the plan then recommended.—
Thougii they encountered the perils attending their
speculation, it seemed they ,were not, like other
merchants, to be allowed to enjoy the profits of it.
The Company wished to make their payments in
bullion as soon as circumstances would permit, but
-that should not be forced on them all at once, which
could , only be effected gradually with safety. He
knew the -bentiments of dui Hon. Bart. Sir Francis
Baring, on the suojett. He had said, "In
_God's
name, leave tile time of making their payments in
bullion to Cie Company. theerselves, they have
prof ed themselves disposed to do so as early as pos-
sible, and they will choose a proper time." If they
were tied down to make all their payments in bul-
lion at-a given period,. knowing that gold must be
bought at a certain time, every man would specua
late in gold, and keep back as much as possible, in
order to wake them pay through- the nose for
But then it was said,. what would Foreign Powers
think of their situation, if they did not consent to
re-commence making their payments in bullion at
the tune named fie would ask, what they would.
say, if on the 'arrival of that period it should be
found necesary to renew the time allowed.? This
he felt would be the case, and this lie thought worse
thau dechniug to make.their payments in specie at
the end of two years. The price of exchange, he
would contend, must depend on the balance of
commerce, and not on ' the, price of bullion. In
1797, when the price of Wilton was much lower
than at present, the Hanatnirgb price of
.exchange
was 38 and a fradiou, and in fan
19, and now in
1810, though the price of bullion, was so high, it
remained the same. There were, moments when
it was incumbent on men to stand forth in their
own defence: He felt it to be his duty so to do in
the present instance, and whatever motives nught be
imputed to him, certain he was no man ever came
forward with more " singleness" of heart than he
did. He concluded, recommending it to the Direc-
tors to pursue with undeviable firutness that line of
UtitiliCi& which their judgments and their con-

se ences told them to be correa—to identify them-
selves with the Public, and not to be over-aw,d by
any clamour that might be direded against them.—
The Public would feel the benefit they derived from-
such a systeM, and if ever the period arrived at
which the hand of power attempted to oppress
them, the voice of the People would then speak in
'theii favour, and protect them against tyranny.—
Feeling this, he trusted that their conduct .would be
such as it had ever been, and such as would speak
them worthy of
,the iigh Clhirge confided to. their
care,.

The GOVERNOR of the BANK shortly addressed
:be Court, but in .so low a tone that we could col-
ed but few of his words. He thought the Commit
ee in making their Report should have been guided

more by the evidence. The increase .of the issues

of the Bank, when the increase of commerce was
considered, was so moderate, that their not being

greater was a matter of astonishment. Tile issues,
that had been made consisted principally of one mid
two pound not4.:s. for
,mercantile- accommodation.—
They felt anxious to make their payments in bul-
lion, and when a favourable "period arrived for re-
..

commencing them,, when the situation of things
became less fiuduating, they would, embrace the ear-
liest opportunity of doing so.
Mr. PAYNE (of Bath and Wells) said, he !lad not
read the Report, but he thought it their duty to as-
certain the cause. of thatdeprectation which had been
spoken of. He was himself a Couniry Banker, but
he had always Opposed the circulation of small notes
in the country, unless they were of the Bunk of Eng-
land'. This he did,. because he had seen penUns go
into the banking business,' arid circulate such notes
as he thought ought never to be put in circulation,

those of persons-whose circumstances were such
that he had declined doing business fur them. It
was this he thought that advanced the prices of com-
modities, as the manufacturers of. Birmingham and
other places made it a.rule to consider to what de-
scription of persons they sold their goods, for which
they eliarged in plopOrtion to the risk' they ran of
losing their money. Whether the debt was on the
b'ook, or the articles were pai4 for in these notes,
they accustomed themselves to make an extra charge
to indemnify themselves for their probable losses.--
In London he was told great allowances, were made
on a similar system for ready money. The farmers
in the country sold their corn to the corn-dealers,
who disposed Of it to the bakers. It was obliged to
be paid for through the small circulating medium,
which rendered it necessary to raise the nominal
prices of the commodity. This he thought a strong
argument, and regretted ,that it had not been made
use of by those who could urge it more forcibly
than hia'abilities enabled him to do. He would ,say
nothing to the disparagement of the Country
Bankers. As one hitmelf, he was anxious for the
honour of the whole body.. The evil he complain.
ed of could only be remedied by some means bring
devised for the effectual circulation of small notes of
the Bank of England. While we have armies abroad,
we must send dirt out Of the kingdom which their
ekigenCies may require. An issue of gold, he •
thought, would be very dangerous, as there were
persons now so ready to speculate in it, that were
ever so large an issue to take place, it would imme-
diately disappear, as it did ip 1807... He even
thought a new issue of silver would be very incon-
venient, if it were made according to the old sign=
dard of the Mint; as it would be sent out of the
country as fast as it left the Bank, and would never
get into general circulation. • -
The question was then put from 'the and
carried unanimously.

UNION HALL.—John Morilock was charged by
several respectable inhabitants of Rotherhithe, with
cutting the banks of Mr. Surrey's mill-ponds at that
place, and thereby endangering the safety of the
neighbourhood.
It appeared that the prisoner lived in a-house, the'
garden belonging to which borders on the mill-pond,
and that he had several times been guilty of the im-
prudence complained of; the neighbours had re-
monstrated with him,' but w shout effect, arid froth
his conduet on this and other occa'sions, tWere was
reason to suspea. he was insane.
Goff, the officer *who apprehended him, stated,
that When be went to' take him into custody,: he
found him employed boiling something in a kettle
suspended over a fire which he had kindled in, the
middle of the room, and theflames from .which. as-
cended nearly to the tiering : there was no furniture
whatever in the house. The prisoner on being call-
ed on to give an account of himself, denied having
injured the banks of the pond, or risked the safety of
the neighbourhood ; on the contrary, his efforts 'had
preserved it from• destruaion. was, he said,
proprietor of most of the'land in the neighbourho,al,
:and the only living representative of the famed Ad-
miral Sir Cloudesly Shovel, to whose estates he was
legal heir ' • all Bunhili-row, which was claimed by
Samuel NVhitbread, Esq. also belonged; o right to
him. With respeet to the fire, of which the officer
had spoken, it was made *by him in self, defence ;
- the house and neighbourhood were greatly pestered
'with fleas and other unseemly insets, and he was
making a fumigation to destroy them.
The Magistrates being cirivinced he was insane,
ordered him to be taken to the workhouse, and pro-
per attention to be paid to him; till his friends were
informed of his situation.
GUILDIIALL.—YesterIiy Mary Marshall, one of
the frail sisterhood, charged John Slade with knock-
ing her down, and robbing her Of a *shawl. The
robbery was not proved agaiii4t 'the prisoner, but
being
.a suspicious character, without any' regular
means of getting his livelihood, be was sent on board
the tender.

Yesterday, at the. Mansion I-louse, Mr. Pitman,
2 fish tnonger in Leadenhall-market, was charged
with assaulting several watchmen at the end of Lime-
street, one of whom was badly wounded in the side,
and confined to his bed in, a dangerous situation.
The detendaia, who is- a man , of great strength,
I.leaded intoxication. This, however, was no defence
to rebut the charge, and he was ordered to find bail
for the assault.

ARI 6 was.finally dismissed from his situation of
Goveinor•ot Cold-bath Fields Prion, at a meeting
of dic MPzittrases of Middlesex, held last night.