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

COLONIAL JUDICATURE.

bora NUGENT begged to ask the lion. Secretary for the
Colonial Department, whether it was the intention of Govern-
mem to intro*tuee•a Bill into the Howse for the better regule.
tionof Courts'of Justice in the NVett India Islands.

Mr. W. HORTON said, that the Report of the Commis.
sioners, who 'had been inquiring into this particular subject,
was expected in a month, and it would then he for the Go.
vernmont to consider of seine measure, and submit it to the
House.

Lord NUGENT was of opinion that the information already
possessed by the House was quite satisfactory. He gave a con..
ditienal notice, that if the Government bad not into:ductal 4
Measure of this kind before the first open day after Easter, he
should then do so himself.
kir. W. WHITMOUE moved for Returns of the quantity of
Foreign Rape Seed imported into tlreat Britain during the last
three years.—Ordercd.
Lord, FOIXSTONE presented a Petition from William
Cobbett, which he recommended to the particular attention of
the House. The Noble Lord highly commended the talents
or the writer, and had great pleasure in presenting the Petition,
because it contained his own sentiments upon the subject of the
measures now before the House. It prayed the House to re.
duce the taxation of the country to what it was before thesmall
paper money supplanted thp coin of the King, before they
attempted to restore a metallic currency. The Petition fir-
thee stated, that the poorer classes of the country had been
f d brought into a state oegradation and misery such as had never
theht: Petitioner's re,
before een heard
po by the acts of that Meuse,
1 tione had been verified to the letter. and that all
Colonel JOHNSON commended the Petition, and expressed
his regret that the Ministers had relinquished the principle of
their ineftsurft.—The Petition was ordered to be printed.
PROMISSORY NOTES BILL.
The en ANCEL Lon of the Excuttati sae moved the Order of
the Day for going into Committee on the above Bill.
lewd A. 11A AI I LTO N wished to put a question to the
Chancellor of the Exchequer whether or not it was intended to
put the Scotch Currency on the same footing with the English.
A feeling had gone abroad in consequence of what the Right
Hon, Gentleman had said on a former night, that it was in-
tended to stop the circulation of Scotch notes. Numerous
meetings were now held in various parts of the country against
the measure, and the Noble Lord was commissioned to get a

definite answer on the aubject—svhether or not such a design.
was in contemplation for.the present SE:ssior.
The CHANCELLOR of the EXCHERUER thought the
Noble Lord had misappieliendoti his meaning. Ile'clM not in-,
tend to mix up the two questions of Scoteli and English cur-,
rency in one. Bill. He was aware that a .considerable difference
existed between the currency cif the two countries;' but then he
conceived that it would be attended with extreirie inconvenience
to have one permanent pleasure fur England and another rot
Scotland. Feeling that initertainty in the publla mind on such
a matter, was by all means to he avoided, he would,take 000a.4
sion to tall the attention of the liOuse on the subject in thii
course of the present Session.
31r. P. GRENFELL wished 'that an account of the circa,
lation of 11. notes should be presented_ evirx , ;loan er in tilt
Gazette.

Mr. CALCRAFT would not oppoiethe Tzjll IflCallerect
country bankers a concurrent power with the Bank of Ragland
to issue I/. notes. Not receiving any intitnation of assent (min
the Chancellor of the Exchequer, he would theta hie amend 4
menu The Right Hon. Gentleman did not venture to call for
a Bill for Scotland and England at, the same time. He would
postpone his measure for the for Mer, till he had secured his
Bill for English curreney by the help of Scotch Members.
The new modification of the Bill was not introduced till the
,Right Hon. Gentleman had found out that we were at a loss
tar a metallic currency. Al demand liad :been made upon the
Bank for 600,000 aovereiglie, tind as they, could not be supplied,
it was 'now intended to settle a proper circulating medium for
England. Ireland. and Scotland. In Ireland, the circulation
consisted almost entirely of it. notes. 'Could the Chancellor of
the Exchequer satiety the Ilouae, that he Was acting upon the
first principle of his .Bill, as originally proposed before the
Speaker left the Chair?
Mr. WHITMORIi after drawing an analogy between the
present period and that preceding the year 1793,
*hewed, that when the amount of paper in circulation was malls
,anti that of gold great, there existed a natural tendency to Recite
niulation in bank issues. Ile was consequently for a larger ex,
pension of the measure before the House. It was true. that in
its present shape it went as far as the country could well beat
under existing circunistancee; but he Could see that if its prin-
ciple was not extended at a future period, ten years would not
elapse before the country would be involved in deeper, mbar-,
raeaments, that it had yet endured. lie then proceeded to dis-
cuss some proposed remedies, amongst the , rest Air. Ricardo'l
plan, to which he objected on account of the task of friction and
other causes, which, he said, Mr. Ricardo hinticif aid not
inresee. In conclusion, lie suggested a measure of which be was
inclined to think favourably---namely, the adoption of a Mint,
Note Issued upon bullion,.depoeite.d as a pledge.
Mr. DIABERLEY complained of the measures which had
taken place between Government and the Batik. Two million*
of Exchequer-bills mentioned some nighte since were taken our
of the market to prevent a depreciation in their currency. Ex•
chequer-bills had been depreciated Cis. per cent. A proposition
for the issue of five millions of Exchequer-bills had been rejected,
because that would add to the deprecietion which Government
attempted to relieve by the purchuse of the two millions. The
Bank. was allowed to proceed as they liked in the amount
of their issues, which, however extensive noW, if the exchanges
turned tie, they would suddenly contraet, and that would be
gin to bring on the panic again., • fie would move tier intro
clueing certain clauses into the Rill. In the first place he would
have it enacted that there should be monthly reporte üblished
in the Gazdte, of the amount of bank-notes in circulation for
the preceding month. The public,.Who would he the sufferers
by over-issues, had a right to this check 'upon then, the bee
neticial effects of which were experienced' ei Franca; The
other clauses for which he would move Were, that the exs-
changes, with the real par, should be published monthly ;
and also an account of Exchequer Bilis bold, paid Ml', or other.
wise disposed of; and finally', an account of the imports and.
exports of the country, which Wereimportant as affecting-
the rate of etchithge. During the last ten-years the exports
of .Britain exceeded her imports by two millions , ekt4' a half.
He admitted great fairness in the acts of the Clfaneeßeir of
the Exchequer, but on the present occasion, he sald'the'Right
Honourable Gentleman was not so candid as usual. He ought
to speak out at once, amid put Scotland on the same footing
with England.
Mr. II I1:111: was sorry that he could not pttritte the reason.
ings which were offered fair the causes of the diattese to a sound
conclusion. If the Chancellor of the Exchequer Were' right,
the came lay in the over-imaue of a few millions in one pound
notes. Yet in support of the propoeition no' 000111151lt what.
soever was produced to slew the Ilottse that there was an over.
issue of one potmd notes to any extent. Whenever any little
over-issue had occurred the evil always cured itself.—
Those who tmdertook to remedy the. Banking System,
led the House astray, by putting forward assumptions in
stead of proofs. It was said :.
d that there were 21 'millions of
excess in the paper currency in June, and 25. in 'February.—
Nnw where wile the index to prove that this wins an excess, and
that the paper riot represent property in gold and silver
He conceived that the whole of the diffieulttea were' tote laid
at the•iloor of Ministers, whose measures lett to tlittiitictuae
tions which rendered property so uncertain. LS 5. supposing
the assigned cause of distress to be the true one, whicb, how.
ever, he mad not admit, the encrease in the notes did net
keep pace with that' in the 61. notes, the issue of which was
tritiled'in 1024 ; that of the 11. notes ?laving been only dint bled..
Why not then restrain the issue or 51. 'Tinto and where, as well
its 11. notes ? To a metallic currency he had ninny nbjactions,
having witnessed the evils attendant upon it in Intlia;-. where it
wait frequently necessary to convey a stun of tnoney to ti distant
quarter in two carts, under an escort of Sepoys.
venience occasioned the establishment of a bank there /lantern
years ago. In' that bank Governntent was not allowed to hot.
row money though they had many shares in it as ProPrietpra.
—A metallic circulation alone therefore would never nnawer.
It would be proper that a Committee should be appointed to
consider 'the proper measures which ought to be adoared with,
regard to alp currency, which the Crown alone- :theta have
the power to issue, and with which no individual ih6ultt by
permitted to interfere. As matters' DOW stool, Minister*
left the country to be plundered by sharpers. While the
law assigned a punishment to fraud, 'persona were patmittad
to set up a bank who could scarcely pay for the preiniaes
they occupied. A want of confidence on the 'part tit' rho
public naturally resulted from this practice, and hence cattle all
the evil. If a standard were necessary for weights and meae
sures, surely it watt no less so for the currency. Ile'tild not
charge the origin of the evil upon the Chancellor of the'Exche.
suer, but an immediate convertibility of paper into sPecie was
desirable, which could not he effected by suppressing the ono
pound notes. He entered into an enumeration of all the loans
to foreign States., anti estimated the capital extracted front the
country at 34 Millions. The proposed substitution of Atil
11. notes would withdra* six millions more from cur &anmer-
fiat capital. Illinisters, he wad, were becomitig the dittelples of
Cobbett, and acting tipon his doctrines, were doing tin inures
as nitwit harm as he could poisibly have done. A faerptoteste
ing against the attempt to abstract so much 'capital, which he
contended must aggravate the real cause of our preaent tits.
trees, he moved as an amendment, " That -4 Select Comotit-
tee be appointed. to consider of the best mode to plitrebtrolting
in England on a better footing, to secure the holders or Bank
notes from 'loss, and to give a currency consinensurate 'to the
wants and commerce of the country.'•
Colonel DAVIES rose, but on being asked by the Sot Ana: It
whether he seconded die motion, the Honourable and Gallant
Cc' donel replied that it WAS not his intention to second the into.. Lion, but he was atlxiotis to uddress the House before at went
into a Committee.

Mr. ELLICE said he would second the motion of his Hon.
Friend (Mr. Hume) with the greatest s pleasure not because
he altogether approved of the terms of the amendment; but •itt
order that the proposition of his Hon. Friend might come NW,
before the 'tense ; because he considered that, before the
Vilx°culsleeqattliere,nttleitelyi°slitt°}ultthi eiliPrewcpt°tlstietnattarenttiltTn ttolitahnegfWlllittle°lactitlif
that bore upon the question.
Colonel DAVIE'S said, that his Honourable Fflend ( Mr-
Hume) had adopted, to the fullest extent, the principles and
daviritiinnend paperOla-lr.ic tuicatrrretnloc,y,tphraot,tiidl wasthe no differe b""1
nce `"
upon demand into gold. But to this, thl4lePewr his obvious
answer, that we had u currency, of that kind, and still we felt
Inc inconvenience in the pressure of the embarnuonents that
surroundezi us. Ills Honourable Friend twit tardier es pressed
himself favourable to a phut of Mutters moldni; ilePosit* AS
e had trequent ton.
o security for the amount An' their issues.
versations with many Bunkers upon this subject, and be ,oata
inform the House that they were one and 411 appose to. NUCh
gold. By tho Book thus having the
plan. He objected to the scheme of the Chau of the Emile.
.1104 for, if it Auxteetlo4, it WOllla enable the Bonk of England
11‘tiiiwil:.'c:owalcov'neYolicainoittYut) I:4leuas:itwwitob::: have ileac
`4lstcoltvertibie
of sates it
r

won to aired the ?fleet. of all eetaModititill, and securities and it would be limited to the pressure under which they la-
whatever, and would thus, in point of fact, have an influence boured. Then again came the argument that Government had
over the value of every man's property in the kingdoms The done all this because it felt itself in a difficulty, and it did not
Bank had been inconsistent in its issues, for after the battle of know how to get out of it. Ho
would not deny it; they were
Iwipsic, it had made large issues to the encouragement of ape- in a difficulty which It was almost impossible they should not
find themselves in, considering the state of the currency,
culation, and when the returns of exported goods had brought
*nth difficulties upon the country, they still went on with their and that not an ordinary difficulty ; but were they to be re-
Issues. The spirit of speculation had its rise in the year 1824, Preached because they endeavoured to remedy the evil out of
when the Bank of England had put forth its largest issues. which it arose ?—or were they to be denounced as ignorant heed-
which proved that the origin of the speculations was to be less, and improvident servants of the public under such a pe.
-traced. to the Bank more than to the couture hankers. lie culler train of occurrences, because they had not by anticipation
gave the plan of the Chance Per of the Excheetter his decided' taken manures to prevent such an event. Surely it was their
..
oppoeition., - . , duty, as public men and his Majesty's Ministers to comedown to
31r. secretary CANNING rose, not for the purpose oren. that House, end sit moping in a mysterious silence, wishing for
*ring into any discussion but to remind Hon. Gentlemen op- others to enter upon the subject of the currency, when all who
posite of the state into which the business of the night was knew any thing of which men were, or that House was matte
brought by the course which had been taken. , They must see ofewould only censure them for adopting such a line of conduct.
that 'pis Right Honourable Friend (the ciieneenoe of Nu—fnr otherwise had been their conduct, from a conviction
the xXchequer) was now placed in a position in which 'that it was their duty to endeavour to .attempt to shape the re.
it we impossible he could, agreeably with the forms of the nicely or mode of relict for the prutent distress. Ile altogether,
and tofu cab differed with the Hon. Member for Aberdeen, that
Hoette, give any answer whatever to the appeals and obeerva.
bone 'that had now been making to hitn for the last three 1 a ,currency of bank notes not convertible into coin, on de.
hours. His Honourable Frier.,!(Mr. Itlaberly) had given no- mend, was no evil. Believing that most men in that house
tick of his intention to oppose t thought that' the currency was a subject of vast importance
ime Committee, and which he had
a full right to tie, but he had withdrawn his motion in order that to the well-being of society, and had hence sacrificed their
his Riglit Honourable Friend 'tniglit not be impeded ; but the warmth of feeling and party.apirit to meet the subject as be-
Honourable Gentleman opiessite (Mr. Hume) lied. thought moue men iinpressed with its importance; he could never
it more convenient, or rather, as it would seem, its a personal think that tiny objection was token up to part of the details of
compliment to the Speaker--(a laugh).--chat the, question a measure like this, merely to have a fling at Governmentew.
should be discussed before Mr. Speaker left the Chair. But if (Hear
not
would not believe it possible that one and all
-the Hon. Gentle iman would allow Mr. Speaker to leave the were not solicitous to do good, and to do it permanently, if
Chair—Oatighter)—no doubt a very full account of the whole Possible, in an affair of such magnitude. Thinking as lie ho.
ngs would come before him. lie (Mr. Canning) knew nestly did, it would be of great present advantage to grant an
that Gentlemen had an opinion that they might. pursue this extension to the date of the issues of' Bank of England notes to
course; but surely the forms of Parliament were instituted for the (ley he should name in his Amendment, namely; the 10th
general convellience ; and it would be contrary to those forme of October next; lie intended to add a notice of an amendment
if his illght Bon. Friend (the Cliencellor of the Exchequer) that there should be given for the Sake of publicity, as in the
were to rise to answer the observation' that had been directed to Case of the Act of the year 1111 9 , specification by the Bank of
hint, and yet it was impossible that those observations should England, in the Gazelle, of the amount of email notes, which
be allowed to pass unnoticed. His Right Hon. Friend hail the Batik had issued, which should with all convenient speed
:pledged himself to propose the amendment in the Committee; he laid before Parliament.—(llear, hear ! )—With this addl.
the lion. Member would then have a full opportunity of taking tionatproof of his sincere wish to let the world and the House
-time prqposition into consideration in that stage, and he ear- be acquainted with the extent and time issues of the litiek, he
neatly hoped that his Right lion. Friend would not let any felt satisfied he should, as well as the rest of his Majesty's 51i-
. timing that had fallen from lion. Members opposite induce him nisters, and the Bank itself, be relieved from the imputation
to Anticipate his proposition at a period to inconvenient as the that any of them could be parties to a dirty, paltry, contempt.
present. There was nothing which should prevent Gentlemen ible scheme to defeat that measure which one and all felt so
from storing into the principle as well as the details of the advantageous and essential to the public interest.--(Loud
measure in time Committee,- and he therefore hoped that the cheering.)
House woold now permit the details to be proceeded with. Mr. A BERCROMBY rose, in direct opposition to the Hon.
The amendment was then negatived, and the original propo- Member who spoke last. He never heard a speech which failed
sition put and carried without a division. so much in effecting what it professed. Ile should vote forthat
PROMISSORY NOTES BILL. Bill, under the conviction that we had taken steps to impede
On the motion of the CHANCELIMIt of the EXCITE. the progress of this particular measure. The great difficulty in.
QUER, the House then resolved into a Committee of the this case was our inability to do it justice, without doing great
whole, upon the Promissory Notes Bill. injury to the progress of truth. This new measure was calm-
The Cll ANCELLOR of time EXCHEQUER observed that latest to defeat the object of the original measure, for which the
the amendment which he intended to propose would come in at lion. Member, and his friends, had voted on a former occasion.
the 2d page, 19th line; the insertion of time words, "at any Ills first great objection to the measure was, that it contained
time before the 10th of October 18211," in the blank, would something very different from any thing the lion. Alember had
effect the object he had in view. There were one or two verbal stated ; and he could not find one single comment fur which he
amendments which he should propose before they came to that had looked last Monday. Where a principle was brought Ihr-
part of the Bill to which he had alleded ; rind he totik leave to ward, it should be matntained—there should be no wavering.
suggest that time Committee should proceed regularly with the The House should see that thie measure would not. produce
clauses of the Bill, until they came to time particular point to those evil consequences, against which we should be most
which he lied referred, and which he should then proceed to anxious to guard. In what light would this be considered by
discuss. the country ? When it is taken in connection with the Speech,
The first clause having been read by the Chairthan, a short it has furnished one reason fur its rejection—but however beau-
discussion arose upon it. tiful these principles may appear in theory, they shrink when
Lord FOLKST(JNE thought that the clause; as at present applied in practice. The lion. Member (11r. Robinson) had
worded, would have the effect of producing a manifest mitts- put this quehtion in its true sense, by saying, Oust lie should be
tire. The present measure repealed die Act of die :17th & the against the measure, it' he found it at variance with the original
late King, the consequence of which was that the Act of the measure, or calculated to defeat the object which it had in view.
17th of the late King was also repealed. Now, in his view, Now time best view to be taken of this question was, that it was a
when the subsequent elatises of the present Rill, prohibiting question of time. It was on this supposition the Hon. Mem-
aireelation, came into operation, any unfortunate persons hay. ber (Mr. A.) and his friends had voted. Now it appeared that
ino notes in their possession could not recover it payment of the Honourable Member (Mr. Robinson) had forgotten till
those notes wits not demanded within a certain time. the arguments of the Honourable Secretary for the Home De-
llo:, CBANCLLIJOB of the EXCHEQUER thought the partment ; he assured the House that time was necessary in
Nettle Lord misunderstood the effect of the clause. The words this deliberation. The Right Honourable Preetident of the
prohibiting the circulation of certain nntee would not prevent Board of Trade cliti give us time. find he forgot time motion
persons possessing., those notes from obtaining payment for made by an Hon. Friend near him (Mr. A.), who said, give
them. . its time to set our houses in order. Timis modest request we.
'rho ATTORNEV-GF,NERAL Asaurcd the Noble Lord taken no noticeof now. It had been said, by an lion. Member,
the clause referred to alluded only to the batting of notesof a par. that to give a year wits to defeat the object for ever. And now
ticuler description Wand not to their circulation. The proltihf. we are milted for 8 months, and what is to be the consequence ?
tion was against issuing and not circulating, and could not What was the argument of the lion. President of the Board of
produce time effect which the Noble Lord anticipated. 'Trade ? lie contended that it was impossible to maintain a pa.
Lord FOLK,S'rONE knew that the injustice which he had per circulation hi conjunction with a gold currency. New, the
described was not the object of his Majesty's Ministers ; but he lion. Alember proposes to give the Bank of England the power
had stated that he believed such would be the effect. ' of manufacturing notes 'for eight months. But it is to be reniern-
The ATTORNLY-GENERAW, explained, sad the claim hewed, diet in time wont: proportion au you put out, notes, in the
was agreed to. sane proportion you drive out sovereigns, and where will
Upon the clause that the Rank should. cease to issue bank. you be after all Ode? You Will. have . more paper and toe
notes for 11. and 21. after the 15th Feb. 1820, . gold—and is not this to, defeat the success of the original
Mr. CALCRAFT rose to state, that should the amendment measure ? What was . the argument of Mr. Huskistion ?
which the Chancellor of the Exchequer intended to propel() be Will yen destroy your enemy while he is weak, or will you
carried, he (Mr. Calmat) should propose an amendment to the allow lam to gain strength ? Now, while we arc him:telt*
effect that time country bankers should have it concurrent power the strength of the paper currency, is not this at variance
with the Bank of England, and should not cease to issue until with the principle of time original Measure ? Now, since it was
the lOth of October. Ile should reserve his proposition, how. too much at variance with the original measure, how. were
ever, until the report Ms brought up. ehose to feel:who were called on to vote for one tiling it one
The CHANCELLOR of the EXCHEQUER then said, time, end a different thing at another ? This power was to
he felt thankful to his Right Hun. Friend's kind endeavours be granted to the Bank of England and not to country banks.
to persuade the House to permit hint to Witte thus in the He had no intention to deny that the Bank was conducted by
Committee what was the object and precise intention of his honourable men, but had there been nay occasion since 1(110, in
amendment. With respect to the entenitment, he could not 'which the Bank had not been always mint in the front of the
but believe that there must be some misunderstanding t and bottle ? A great proportion ot' the public distress proceeded from .
he confessed be thought hirneelf a little hardly treated in the the Bank-wit wait the Bank of England that gave an impulse to
course which had been pursured by lion. Memitersl relative the country hanks, and 'Weems our duty, coneitlering the power
to that amendment, i wii ch they had made a topic of discus. and influence of the Bank, to learn leasers from experience.—
siert before they had heard it. When, cm a former night, Ile heard nothing from the Right Hon. Gentlemen that night
the .icon. Member for Coventry had broken out into a violent which could lead him to conclude that there was any ground
inculpation of the conduct of his Majesty's Ministers for having for attaining the measure proposed by that Right lion. Gentle.
in the case of the currency abandoned as he called it, the twins Man—n MUSLIM which, in hit opinion, was. aim abandonment
doles which they had themselves laid down, he felt that his of the measure, which had been carried by so large anti
Majesty's Ministers had been hardly dealt with, and it suits triumphant a majority. He thought a more effectual mane
gelded to his mind that the Hon. Member had been guilty of a could not be devised for defeating the original measure, than
similar error in the abandonment of his own principles reletive time proposition of the Right Hon. Gentleman ; and the cense-
ttilree trade (of which he was a warm advocate), with reference coterie° would be, that the Bunk, by establishing branch banks,
AO the silk trade. Whether title departure were to be attributed Would inundate the country with one pound Bank notes, the
to his own convictions or external pressure, to which he might existence of which was the principal evil complained of by
feel U expedient to sacrifice a principle to prudence, he would every Member on both aides of the House. lie had heard much
not atop to examine. If that Hon. Member brought on his of the honour and 'integrity of the Directors of the Bank, and lie
motion on that subdect, and should succeed in making converts had no reason to doubt it, but as he considered the exercise of
of Ministers, whi 1 he believed he would not, no doubt the , the power fronted to them by this measure would put it in the
.lion. Member would not hesitate, though ,Ministers in so doing power of. tle Bank ofEngland to defeat the original measure,
violated 4 principle, to laud them to the very skies for he should vote against it.
their prudence and discretion. Ills present proposition was Alr. JOHN SAIITII anticipated great danger from the bill,
german; misunderstood as to what it was intended to omen- if this clause was nut supported. When the Bank kid made
plish and what it wax not intended to Accomplish. It was the most gigantic efliwts to assist the country in December last,
not Intended to give. the Bank of England any power to they found many persons, the moment they got hold of their
keep their notes in circulation after three years. During these notes, to turn round upon them, and say, we must have gold,
three rum of limitation it was true that no notes of Couto. and if they had not powiessed the power at that period of issuing
ter Bankers were to be allowed to pass into circulation ex. 11. nave, the consequences would have been most dreadful.—
Dept such as were dated before the sth of February. His If panic should return, this clause not having passed, the
present proposition was to extend the circulation of Bunk of Bank could not have the power of preventing the most horrible
.England notes to such as should be dated up to the 10th of next convulsion. The Hon. and Learned Gentleman had got a most
October. lie could not see how it .wits possible that any one erroneous idea that the Bank was anxious to issue the small
could doubt that if this was intended us a blow to annihilate all notes ; the fact, however, was, that they were productive of
the steal banks it Would be all aggrevation of commercial tlifli little or no profit, and ft great deal of ,trouble mitt vexation.—
,culty. It bad been assumed that to annihilate bank paper in- The Bank had now a large stock of specie, which would rapid-
stanutneously, would be productive of great inconvenience, and 13, increase. By October all danger would be passed. The
Abet the safe way, therefore, would be to remedy the evil effects lion. lilember here eulogized the disinterestedness of the Bank
.of our system in three years time by a measure slow but certain Directors. In 1816 they had given a bonus of 25 per cent.
in its operation. Ile was aware what inconvenience might arise capital stock to their proprietors, without securing any advan.
if all the Country Bank some were extinguished. The Bank of tages to themselves. They might every one have nude a large
Ingland therefore had exercised a power which was not of it- fortune,—not one of them gained anything.
sellgood, but which was desirable as ti prudent inemieure ; and Mr. PEAItSE begged to assure the House that he did not
dim measure of the Bank in issuing the one' pound notes had, support that measure because the Bank of England was teet-
he believed, saved many and. helped them to weather the storm, corned ; he approved of It from principle, nor was that measure
who but for it must have been overwhelmed by its fury.— ever sought for or suggested by the Bank. He also assured the
Meer le—His proposition for extending the date of Bank of lion. and Learned Gentleman who had spoken before his Hon.
.England paper was not a departure. He conceived the ex- Friend, that there was nothing to be feared from the anxiety of
ronsime necessary to effect what wait the great object of hire'. the Bank to gin their small notes into circulation. The one
.self andhis colleagues in office by a prudent deley. All who pound note returned too soon to compensate fur the trouble it
had voted for the geseintion of last Monday were pledged In gave, and mi the slightest panic or alarm it proved the source
oonsistency to vote • for this delay, though they might differ of serious inconvenience. Time Bank, he complained, bad met
as to the extension of time. Those who imegined that it with reproaches from all sides ; it had been charged, among
wee calculated to defeat the great allied in view should recce. other things, with suddenly increasing and then its suddenly re-
jest the spirit in which the measure Waii brought forward. In training he issues ; but, in tact, the Bank had not the power to
the nionth of Dec/tallier last it appeared necessary. to the Bank do this; the issue of Bank paper depended ma the dementia of
to take the step which it had taken relative to an issue ofsmall nierchante, and was proportioned to them. Their principal
notes to meet the exigencies he the currency. At that time issues of notes were always made in consequence of upplica.
Government stipulated that it should only be a temporary tient to that
measure of relief, and that the Bank should then avail itself' were not founded in fact. (Hear 1.)
of the suite of the exchanges which then happened to be in Mr. Secretary CANNING rose. He irnegined it would be
time favour of this country to bring about as speedily as expected of him to give his opinion upon the present occasion,
uoseible our return to a more suitable state of currency. If and he would therefore embrace the prevent opportunity of do-
le thought for a moment this amendment were calculated to ing so. Ile hod anticipated difference ofopinion
not much
defeat the object of the Bill, lie would ask, did they think upon the question, and he still thought that if they perfectly
late Should dare to show his face in that Molise and express understood one another, they would arrive at an unanimous
himself this evening with a warmth which ill became him, per- conclusion. Fortunately it was not necessary to enter into any
'haps, after practising so biome rind seandaloosit deception on them ? thetteticel, dimension ; it was a practical question they heti to
we near i )—The delay or extension new intended to be {vented, decide, mut it hed i
Properly been treated n a practical manner.
was merely for the purpiwe of cobbling the Bank of England to The question was not whether an unrestricted latitude should
supply
~viti) notes the Country Biotite, -which they would not he given to the Bank; it wits not whether a liberty should be
abo i runder roes r—'l& i 1 it • •
• unisss theme !hanks were lur ne. p ue, g to ut a kind to -defeat the principle of the Bill, but
.require e'it 6d i undat'n the Mt 1 Wll.
'lt was absurd to talk of the Bank of le g u A ig p y ether a power should be entrusted to it calculated
' 'Om their paper—they
public wi . would not part with it or throw tomeet anti to obviate dangers with which the progress of
wit out at the window without receiving value for it. So fur the Bull was actually threatened. It
had been stated that no
*ton Governmeet being desirous to lend huh' to any such pee. reason bad been given why a propositiou which Ministers had
jet:; At was entirely agllllifit the opinion over and over again ex.. resisted no longer ago than Imo Alontlay, should on the present
prettied by Gevertunera. It was wild by the Unit. Member for 'timidity be taloptter by them. His answer to this was that the
'threncetoer hi i speeelmS some pert of which well highly credit. proposition how offered to the House wart not the satne, nor any
aide to his good sense, that the Bank of England paper was no thing like it, with that submitted that day se'nnight by time
`favourite, in the ektintry. The Country Bankers, it was there. lion. Gentleman opposite. There was the word Bank, and the
fore to be 'supposed, would wsnt the relief beihre they asked it, word issues, but in that consisted the whole resemblance. The

motion of the Honourable Gentleman had been to leave nut of
the original resolution the words " the Bank of England,"
the effect of which would have been to leave the Bank in
possession of the power of issuing one and two-pound notes
without any limitation or restriction whatever. The measure
now is widely different in degree. It alters the original resolu-
tion no further than to retard its application to the Bank of Eng-
land till the 10th of OctobtrieneXt. He hail now said sufficient
to repel the charge of inconsistency. lie would now establish the
propriety of the measure on other grounds. It would he recol.
lected that he had strenuously urged upon country baliK
when the measure was originally introduced, that it 4
tempted any rapid and precipitate contraction in their issues,
dangers might be produced by their conduct which were not in.
herent in the measure itself. He had most anxiously expressed
the wish of Government,that they should spread their preparation
over as large a period of time as possible. Now what hail
actually happened ? Reports from all parts of the coun-
try concurred in stating that the Bankers were yroceed-
ing to a very sudden and rapid contraction of their issues.—
Now what would be the effect of this conduct, already gene.
nil, should become universal ? If' the seven or eight hundred
country Bankers of England should commence a sudden and
simultaneous contraction of their paper ? This was a question
which pressed upon the immediate and anxious consideration
Of Government. if no remedy could be devised, there would
be the greatest reason to apprehend the most violent convul.
sign. There was obviously no other remedy than that now of-
fered to the House, unless gold had been on hand in a state
of preparation ready to fill up all the channels of circula-
tion, and to supply the vacuum which the precipitancy of the
bankers appeared likely to create. And without some adequate
remedy, the country would have been exposed to the very same
kind of calamity, only perhaps in a minor degree, as it expe-
rienced in December last. -rrhis was the exposition he had to
give of the meaning of Government. Ile believed that all prac-
tical men would agree with him in the propriety of pursuing
every great public object with as much tenderness to private in:
terests, prejudices, and feelings, as was possible, without endan-
gering its final and complete success. It was in this spirit that
Government were now proceeding to reform the currency. And
now with respect to the Bank of England : he did not expect any
great trading; Corporation to pursue the public interest to the
exclusion or in forgetfulness of its own. Now in order to ob-
viate the apprehensions of those who imagined the Bank likely
to cling to the power which the clause would give them, he
would look to their past conduct. In 1819, immediately on the
Bill being passed for the resumption of cash payments, they
did 'begin gradually to withdraw their 1/. and 21. notes from
circulation ; and long before the period when by the law as it
then stood their circulation was to cease, they had withdrawn
them altogether, and fully supplied their place with gold.
It would not appear from this that the small notes were a
favourite part of their circulation. It was a great confusion
of ideas to suppose that the Bank being desirous to issue
largely, and being desirous of' issuing one and two pound
notes, were commutable propositions. It might well be
that tlioir interest may lead them to issue the larger descrip-
tion of notes, and to refrain from issuing the other. So com-
pletely had the small notes of the Bank of England disappeared,
that in December last, when applied to for an opinion as to the
propriety of issuing them, he at first really believed them to be
prohibited bylaw. He did not ask those who entertained a
jealousy of the Bank to believe that it had refrained from exer-
cising the power it retained from any respect to the principle
so generally maintained in that House; it was enough for him,
as a practical man, to see that the small notes did not form
A favourite part of their circulation. Then again, had they not
made effort after effort, to force a gold circulation upon the
country. Millions of sovereigns had been sent into the coun-
try, and always found their way back again to the Bank.
Whenever they sent forth a flight of gold, it returned back to
them, like the dove to the ark, finding that a wide deluge of
notes still overspread the land. These three circumstances
were surely enough to remove any jealousy upon the subject,
the gradual extinction of their small notes completed, long be-
fore the period required by law ; then their abstaining from a
renewed issue, when the law was altered ; and finally, their
repeated efforts to difibse a gold currency throughout the
country. In December, when the exigencies of the country
compelled the Bank to think of resuming the issue of small
notes, they were +twilling to adopt that course without the
express sanction of Ministers. There was no eagerness on their
part, neither was there any want of caution on time part of Mi-
nisters. lie held in his hand a paper, which contained, it' not
the very words, at least the substance of the answer which Mini.
stets had •given to their application. It said, that if for the
purpose of meeting the temporary exigencies of the country
they thought such a measure advisable, the Al inisters would not
withhold their sanction, provided it was distinctly understood
' that the measure should be temporary, and provided also
that the Bank should avail itself of the then favourable
'State of the exchanges to increase its stock of gold, in order
to affbrd the means of widening hereafter the metallic bas of
the currency. This paper had been written at that time, cer...
tainly not with any anticipation that an occasion would arise
for its production. It is in the same principles, and with
the same views which they then expressed, that Govern-
ment now propose this measure. If a similar exigency should
arise it would, without this clause, be put out of their power
by law to adopt a similar (remedy.—.. The Honourable and
Learned Gentleman would see that by this clause, instead of
defeating the principle of the measure, they really took out of
the way one of the chances of its defeat. Because if in two or
three weeks, whilst that Bill was still in progress through Par-
liament. a crisis. should arise in any degree approaching to that
which had passed, could any thing be supposed more likely to
prove fatal to the measure. Ifin such a crisis the Bank should
be found with only 5001. in small notes ready, an accident which
without this permissive clause might easily occur, how would
Ministers be taunted for their improvidence and want of fore.
sight. Let it be some consolation to. the Hon. and Learned
Gentleman to compare the state of the law as it will be left
with this clause added to the Bill, with the state in which the
law would have stood, if in consequence of any such crisis as
he had supposed the Bill had been altogether lost. It was
perhaps not too much to say that in that case all hopes of the
restoration of the,corrency to a sound state would have been
nearly extinguished. This at least was evident, that at the end
of seven years, at which period the cessation of the paper cur•
rency is now provided for by law, the difficulty would have
greatly increased by the mere circumstance of the defeat of
this Bill. There had been symptoms of a danger that time ex-
tinction of the small note currency would proceed so rapidly
before an adequate 'windy of gold could be produced as to oc.
cawion inconvenience. Ihe object of the claw was to provide
for the abort interval, during which a vacuum might exits, be
fore the influx of gold had been sufficient. It was to avert a
danger, which, if incurred at all, would be most likely incurred
at the moment of the Bill going into operation.—(Cheers.)
111 r, TIERNEY said, without particularly following the
Right Hen. Gentlethan who had just spoken, if' he were indeed.
sure that by agreeing to this Bill, which allowed the small
notes to circulate till 1829, be should really facilitate the re-
turn to cash payments, he would not object to the amendment;
but it was the conviction of his own mind that in 1829 they
should be circumstanced as they now were on the subject of
paper circulation. He could not understand the conduct of
those Gentlemen who opposed the principle of the Bill with-
out this amended clause, and who were prepared to support
it with such alteration. lie should be glad to know, for in.
stance, how the Honourable Member for Newton (Mr. H.
Gurney) could support it ? How did it happen that his ob-
jection should be thine away with the moment his (Mr. G.'s)
plan was adopted, for partially adopted it was? He should
like to ask some of those Gentlemen whether it was because
they again began to see the aspect of paper money 7—(Hear,
hear I)—Was it because paper was beginning to be at a pre-
mium ? Was it because they beheld prices looking upwards ?
Were these the reasons that they now hailed , with joy, what
they had before looked on with abhorrence? The Right lion.
Gentleman (Mr. Canning) had intimated, what it was to
be feared was but too true, that the determinations of the coon.
try bankers had thrown impediments in the way of the Govern-
ment plans. The proceeding, perhaps, was natural. They load
taken the word of their Commander : he had said " Mutiny !"
and they replied " Mutiny we will," and mutiny they did.—
And he was lorry to see the effect it had produced upon Govern-
ment. The country bankers had combined to stop the circula-
tion; its great and mole ground was to stop this measure. lie
lamented that Government had wanted firmness to meet such
combination, that they had not had the courage to face the dif-
ticulty had they displayed such courage only for one week, the
country bankers would have struck and come in.—(Hear !)—A3
to the supposition that thoss country bankers would take the
gold and keep it by them, or bury it as it were, he could noten-
tertain it for a mon-mem-41th. Canning observed it was held
that gold would be required " instantly" to take the piece of
the small notes.)—Why instantly ? it was said and understood
that the notes would gradually be withdrawn and replaced by
the gold. As to the Bank of England, he respected many of
But
the Members, but speaking them as a body, he 'une.
quirocally declared that be suspected every step
been encouraged., they
took. bo much did he distractthem, that , his
conscience , believed to the Bank were attributable
the evils of' which they had to complain, and which had
though it was said See how handsomely the Bank has
by the large issues of the Bank.
behaved, in the course of a few days they have increased
their Issues to the extent of 8,000,0001." Did they forget
that the Bank Directors were all merchants, and that they
might have found themselves in a state of danger ? )How-
ever, one of his friends, though such was the fact, d
had
moved thanks to those Directors for their condact; and
Government, it seemed, partook in the enthusiasm. Such
proceeding was like applying to the Royal Humane So-
ciety for the reward for having preserved a boy from drown-
ing ; when the boy, If he could speak to the party soli-

citing the thanks& would Say—" Aye, but you threw me I
in."—(Cheers and laughter.)—He had read the Corres•
pondence and papers between the Government and the
Bank, on the subject of the Restriction, &c.• accord-
ing to them, the Government was charged with having
.been the cause of the continued suspension of cash pay..
ments—that, in fact, the Bank Jusd .been desirous of paying
and bee ing bankrupts. All the blame had always been
k r
thrown the Government. With respect to the gap that
would take lace in the circ tion by the ad..,tion of the origi-
nal measura,N,was Vrilp dged that the .untrPliVnisi
stripipioive to th4r se Nn not conti . ~ time t
way impediments ; but as ex ected t ' ftilV 'it o ,
and therefore this amendment was proposed ; but he would
say, only let them alone, and they will " knock under." If
the -Government would only hold out, they would triumph. But
how happened it, in 1822, when the law allowed the small
notes, and when they were out, that there was not such
an alteration of prices, and when up got all the Country
Gentlemen ? As to Government having at , any future
period a small amount of one and two pound notes (500/.
hurl been imagined), if the power were extended to
October 10, the Bank would be enabled to get immense
issues ready. He had no doubt that the one pound notes
would throw out the pound sterling; and at such period he did
not believe the gold would be so well circulated as now. Gold
could now be kept out ; the, exchanges were favourable, as
were our relations with other countries. But it was lin-
possible to say what might happen before three years
elapsed. It was impossible to deny that all the steps they
had adopted to restore the currency, every step had been
fought by the banks, and they heti said that difficulties
would accrue, and let the ParliaMent and the Government
share the consequences. Still if be thought that at the end
at' three yeats, there would no longer be any difficulties in
the way of returning to unrestricted cash payments, he
would agree to this measure ; but feeling assured that
such was not likely to be the case, he was indisposed to break
in, upon the wholesome measure of the Chancellor of the Ex-
chequer, and, therefore he should oppose the Amendment now
proposed. He repeated his wish that the Ministers had only,
had a little more firmness ; if but for ten dayS, so as to let the
agitating fluctuations partially pass over ; and he doubted not
that the Government would have triumphed, and carried this
measure. He believed that the Ministers were anxious for the
measure; he only lamented that they had not evinced more
firmness; and he had been but anxious to discuss this subject
calmly and dispassionately. He would not agree to the new
proposition of the Chancellor.
Mr. T. WILSON was of opinion that the circulation of the
country was very much contracted. In Yorkshire such was
the case to an alarming degree. It was natural to expect that
the country banks would play their own game, and it was pro-
bable that, in the course of three months, they would draw
back the circulation and embarrass the country. If it was

proposed to with-draw the small note Circulation -altogether, it
would not be so injurious as the consequences of its partial re-
moval. The country banks will now hoard up the gold and
their .own notes, and the country will thus be left destitute of
both.
Mr. GRENFELL, in allusion to what had fallen from a
Right lion. Gentleman (Mr. Tierney), wished to explain that
when he proposed a vote of thanks to the Bank at a meeting of
the proprietots, he did so in a limited manner. The vote did
not include all the acts of the Bank. They were, however,
entitled to some gratitude for their conduct during the panic,

and on that opiniiin he acted.
Mr. Secretary PEEbroso:—He felt inclined to give the Hon.
Member for Knaresborough ( Mr. Tierney) all credit for the
dispassionate manner in which he had delivered his opinion.
But before he said any thing upon it, he would beg to answer
a question which had been put by au Honourable Member
who accused the Ministry of consenting to extend the power
of the Bank, when they refused to listen to the proposition
of the Honourable Member for 111 idhurst to postpone taking
the subject into consideration for a Month to come. The propo-
sition here laid down war a gross sophism. Had they delayed
to take it into consideration fora month, the evil would not
have been confined to the delay, but it would lead to the una-
voidable inference that Government had changed its views, and
that in the end it would not pursue the measure. That was the
reason why that proposition was not acceded to. It had been
said to turn upon a question of time: Another Honourable
Member said that it was entirely a question of principle.—
Many have opposed the motion on principle, but not upon the
time. It was difficult to say which was in the right. The
Right Hon. Gentleman (Mr. Tierney) had said, that there had
been a mutiny among the bankers, and that Government ought
to,oppose it with fitainess, anti not give way to it. There was
no doubt that when a man owed allegiance to the Goiern.
meat, nothing could ho so unwise as to concede any thing to
him, if in a state of rebellion or mutiny. But the bankers
were an independent body of men, judging and acting in their
own private affiiirs just as they thought fit, and it was really too
much to expect that Government should say, " We can take no
step whilst you are in a state of rebellion." It would be the
grossest perversion of power.—(Hear, hear ! and laughter.)
It was very well to have firmness at proper times ;
but in the. Government of a great country, it was the wiser
course not to oppress the great interest of the nation. When a
great nation was in circumstances of a novel nature, it was im-
possible to say, that they should not go to the right or the left,
without deviation, whatever events might. happen. It was as ri-
diculous as ter the master of a vessel to undertake to steer through
a new and intricate channel, without changing the position of
his rudder. A man must be endued with more than human
reason, who could say, that he would bring forward a measure
perfect in all ita parts, and which would not require the least al-
teration. It' it be said that the Country Bankers were in estate
of muting, and were pupating improvident measures, producing
great local distress, he (Mr. Peel) should say, that the present
measure was to relieve that distress.—(Hear I)—He only con-
sented to it upon the express understanding, that the Bank was
to act upon it in the spirit with which it was proposed. It had
been said, that in the year 1319 the Bank did not show a great
inclination to withdraw its circulation. But it must be re-
membered that that circumstance could not be urged as a
reason for its not giving it now, as the circumstances were
different. The obligation was involved of paying in gold,
which might not then have been exactly prepared for.—
When the present Bill was brought forward, he (Mr. Peel)
concurred with it; but it struck him, and several friends
around him, that circumstances might wise which might
make it desirable not to deprive the .Government by law of
the exercise as the power to relieve. Out of the seven or eight
hundred banks which were established in England, some might
occasion local difficulties, which it would be desirable the Bank
should have the power of relieving. It was in that view that
the amendment was particularly good. The conduct of the
Bank- in having abstained since 1823 till Christmai last, from
issuing any small notes, was a strong proof that the Bank would
not wantonly abuse the powers confided to it ; and if the Bank
did so abuse its power, it was not the hank alone which would
be responsible, but the Government also ; and he (Mr. Peel)
would not have consented to the measure, if he had not a firm
conviction that it would facilitate the execution of its prin-
ciple. It was upon these considerations that he concurred
with this measure ; and he begged to assure the House that
there lurked not in his mind the least idea whatever of the re.
currence of the evils prophesied by Bon. Gentlemen who had
preceded him.
Mr. ELLICI3 defended himself from the imputation of in-
consistency. Ile did not know how Government was to be
responsible as he had not heard of the appointment of Commis-
sioners. No gold would find its way into the country if the bill
were to pass, every thing would be paid for by Bank of Eng-
land notes. if then this-was to be the case, country bank
notes would be preferable, as they were less liable to forgery.
This Bill would he a virtual repeal of the Bill of 1810, for,
though he gave the Bank Directors credit for their recent con-
duct, he was apprehensive they could not resist the temptation
afforded by the privilege of issuing.
Mr. IRVING was in favour of the measure. The calls of
" Question" which had been regular conclusions to the speeches
of the last speakers, now became exceedioglylotrefand prevented
us from hearing distinctly.
Mr. BARING defended the consistency of his opinions. He
at first, and still attributed the panic and misery to speculations,
and the great nuisance of over-speculaticm. He agreed in the
remedy proposed : but he thought that the three years specified
would prove a nullity, for the very discussions on the subject
were like sending_ the cry. of " mad dog" through the coun-
try; so great was the prejudice excited, that the people in the
country would shower in the notes to the bankers, and the
bankers would be obliged to draw in. The existing evils had
been undoubted occasioned by the wild schemes and projects
which were forwarded by the great abundance of money. He
agreed on the principle of the remedy, but thought that the 11111
was anticipated in its contracting operation already. The effect
of it will be this, that the country bankers will remove the so-
v reigns from circulation, whereas now it is their interest to keep
the gold in the country.
Sir JOHN NEWPORT was of opinion that the adoption
of the amendment would frustrate the object of the Bill. •
Lord FOLKSTONE augured from the conduct which had
been exhibited by Ministers in that house, that they would be
so firm and determined as to resist all external hostility to the
measure. The House should, however, be cautious that they
did not rush into difficulties from which they would find their
inability to extricate themselves.
Mr. MONCK said, he had heard it observed that if they
went on calling in the notes they would create a deficiency of
the circulating medium; to this he would reply—if they could
not have gold, let them have silver. Ile had never known it
to be asserted, though there was a scarcity of gold, that there
t wthaast an
neither tgYool tfl norsilver
si I vale rs o.
w asltfo,
theowhaedve,r;thi,t; schouounitdrytuwrnasouint
no very enviable condition. This might be the fast; but it

Was an -awkward confession to make, and would not be likely'
o contribute much towards a restoration of the country's lest ~
confidence. It had been said there was a mutiny amongst the
bankers ; he believed there had been a mutiny amongst the
holders of notes. At Manchester and other places they had
come to the resolution of not taking the country bank note*,--
(Cries of " Question, question.")
Mr. BROUGHAM. then rose. H hould no .ng trespass
44
the patience of
_the Hon. Gentlem ' , Ile ''''' thought
the earlier representtions of the ' ,ellor7 he 'ex-
cite ere. that he should h been • b •havk i Neils
1-44, 1 c tepeerence Itehtellesl Ifilla, te s, • te
Ttreh feleedieposed tome oer lib impediment wh, er, thin ins It
most essential to the country, crippled as it then was, that this
step should be made ; and let it be recollected, this was
first which had been made towards' the establishment, or '
tun' restoration, of a sound healthy currency. But the Chan-
cellor of the Exchequer seems to ,have changed his views to a
certain extent, so far as might be ascertained from the Ws' '
sure before the House; and he (Mr. Brougham) could not, '
consistently with the opinion he hail then expressed, support
the present measure. All seemed to agree in the belief, that a ,
metallic circulation would be productive of great benefit; but ;
the quation now was a questiortuf time. The House, however,
would be decidedly in the wrong to entertain the idea of Any
postponement of the measures. The answer to those necesary •
desirous of abstaining from present proceedings was, " If yea
wait a year you will then .aseeadlv °W as you are now." The
time given would not be used as it was suggested it might be—.
the bankers would not during that period prepare themselves for
the projected change. On the contrary. they would, instead of
contracting their bank-note -issues, proceed with them to the
end of the year, in the hope that some new circumstanced would •
transpire, and give a new view of the subject, or induce a fur-
ther postponement in. their favour., It had been urged that the '
the bankers should be afforded a year; hut he now said, Do
not give them a month;----alittleninnthl If it was a question
of expediency, the same principte which objected to the granting
of a year would suggest that there should not be any time
ceded at all. What was the nature of the other arguments used ?
They contemplated a more convenient period for carry those
measures into effect, and sought time that this period might
be brought round. But the -step had been already made.—( Hear,
hear I)—Circumstances had done it for them. The recent dis-
tresses of the times had effected that which furnished the only
argument they could use in favour of delay. It was well
known that the country banks had confined their issues ; one
benefit, therefore, had at least resulted from the dreadful
amount of suffering to which the country had been sub.
jected. The clause before alluded to had enabled the
Bank, by giving them time, to fill up the very void which the
recent distresses had occasioned, by obliging the county banks'
to confine their issues. There was one observation he weak!
make as regarded the reputation of the country bllokersi '
they were known to be men of ,the highest respectability anm
"
any offensive expressions, therefore used in relation to the
must fall powerless. It was said the Bank of England, to re•
here the present distresses, which were partly attributor tre
the calling in of country bank notes, was to have the powe of_
filling up that void by the issue of one and two pound notes of
its own. But he would ask Ministers what security there
was that only this void would be filled up ? They
go on stamping and signing and issuing notes without being
subject to any discretion but their own, until the very
void which offered the opportunity of now intrPo
the measures before the House was filled up. ti's
al ways been of opinion that paper and_ gold could not exist
together but within certain limits. He was considered
haye said that a great deal of paper, in a healthy state,
convertible into gold on -demand, was the preferable
circu-
lating medium. What he really did say was that he thought
the large notes convertible into gold, such as a 51., 101., or 2011
would circulate advantageously with the sovereigns; that the
moment they introduced the one and two pound rotes, await.
would. go the sovereign- piece. He understood the Bank_ oil.
England was to have the power of establishing branch baek ,
He should say nothing on the oppression of this, or the lain!:
tide of imposing certain restrictions on those who had certale.
rights; hut it appeared to him au extraordinary power given W
le inistere
the Bunk, which nothing but necessity could justify. 'might
should remember they had thus deprived those of privileges who
never had offended, and bad given to a great rival power the wee
of competing with them considerably to their disadvantage•
lee,'"
nisters talked of decreasing the circulation ; but bythis sY''''r •
the Bank of Englandnotes would get into all ossible chantleir
—Poor men in the country did not go to get thep ir notes changeos
perhaps because they did notknove lio wor where ; this wee one wet
in which the evil would be effected. He trusted, if these heall.:jl
or local banks were to be established for the issue of 1"'
the
set yt
thihenemi gi
nlc.3:resbiasieededlSSwifloacieldtyditiylhatevhaeer:t
ohwegoaotrial!
d Distance
a ffo r r those
afford
to fr
frequently
oq7gu who
einn
notes, that they would be made payable at the lacee whence
•30 miles. Another objection which he had to these proceedin(r,
hear 1)—To mention'the name was enough. lie recolieett
six or seven years ago,. seeing 20 or 31) for trial when 6 "
circuits, arid all for the same offence.
Mr. HUSKISSON explained. He would ask, whetheref
the small notes of the Bank of England were not stibstituteaht
considerable difficulty would not entertained. The itigil
Honourable Gentleman said - he had no wish that there shouts
be a 11. note in circulation, but it was very difficult to awes
such a purpose, seeing the panic that had taken place two
shagment
ago. The Bank might say no, we will not issue paper, Y" tee
gt1vi.y..4,1ii!'4110,0,t0.:
take gold. In regard to the obseriation that had fallen fraelneed
lion. Member (Mr. flume) whether the branch WIZ;
agents were to pay in gold, 'he (Mr.H.) would sal, cella In-
or else they ought not to be established, for it could never niebe
tended that there was to be a restriction in their favour.Tl,ll4Zte.
1 Honourable Gentleman said he would ask what was the state
the
small notes were payable on demand, the larger
of the larger notes of the country bankers : why, that ichlisivere
payable only in London. (" No no," from the °P"'l,l the
Benches.)—The Right Hon. Gentleman said he had heanr h it
statement front the Hon. Member for Stafford, and ,et"--feniell
might not be a general practice,. still if it existed nt eee to lie
he knew it did, what a situation it was for the ,country for
placed in in which these notes circulated. In-a eounthnoo
instance, where large payments for wages took Placet ",14 we
small notes to be withdrawn, then the banker woula sae' is
cannot pay you in coin, there is a Si. note, but you must gel, ,
lue for it in London. One pound notes niight be annibilarartil
country bankers, hut 51. notes would be made, and the pessi:untelr.
of such circumstances rendered it the more necessary for
that
ference should such circumstances arise, and therefore it ared by
there was the necessity of those establishments being land had
Parliament and the Government. 'rite Bank of KV" ails
no desire to put out their one-pound notes into circulation LI
it was clear the country banks ought not to put' them vile,
they did, that Parliament would take cognizance of weir. IPeeer.
ceedings. Ilthe issue of small notes was necessity!, 4„..00 Or
let Parliament have the power of preventing s recurte the
that distress and difficulty which had been brought tank
•
people. The Bill before the House would go to effect thsank
not" tiou
ject. The Hon. Member concluded by saying that the
ePotahe .
of England was the proper establishment to issue small a
and therefore he should vote for the amendment. roe
The question was then loudly called for, and the Cora
divided. The numbers were—
For the Amendment . . -
la : e
Against it . . . . . . 14 e
Majority in favour of the Amendment ---I°'' 041
The CHANCELLOR-of the EXCHEQUER wished a' of
a clause to the Bill to the following effect—" That a peneltl' ,
501. be imposed on any person re-issuing a promissory AO' '1
der 51. after February 5, 1826."
pee,
After a few observations from Mr. Maberly, Mr., fl
ats,
Mr. Hudson Gurney, Mr. Alderman Heygate, Mr. ‘4
the clause was agreed to. 4 OP
The House then resumed, and Mr. BnonDEN brag" nsi.
co
the Report, which was ordered to be taken into further ~
derution on Thursday next. nogt4
The second reading of the South American Bill eta' u •
[toned till to-morrow. , tuolt hi
Mr. WIGRAM gave notice that on WednesdaYediaee
should bring in a Bill for the Repletion of Juries in e",
Adjourned at a Quarter past One o'clock.

LIST OF THE MINORITY nor of
Who voted against the Clause proposed by the Chonecoot.
the Exchequer, to allow the Bank of England to ion _at,
pound and Two-pound Notes till the 10th of Ostaberj:
Althorp, Viset. Johnson, Col. Bickford, lvd J.
Abercromby,Hn.J. Knight, R. ,Russell,l. Ai°r %sr.
Brougham, Henry Lamb, llon. G. Russell, Ir.
Blake, Sr F. 31actionald, J. Tierney', l"Ar.
Chamberlayne, W. Maberly, J. Whitman?, ~,,As
Davies, Col. Monek, J. B. Wood, Altlchi
Elliee,.E. Newman, T.
Htibhouse, J. C. Newport, Sir J. TELl•lvn'ieft.
Ingilby, Sir W. Nugent, Lord Folkestone',

_ _
oest%
tbaßtyota
trheoooooo. of
return to Parliament,
Exchequer it
Parliament authorised the Government t° Om
for the relief of commercial distress in 179,31 or
0
sum of only 2,202,200/. was issued ; that tea
plications granted by the Commissionersanoul3o,
to 235, and that the applications, made were e jo
The Bishop of Duamtm, we regret to eta Yong
at present much indisp
in the osed. This truly %, of
and most excellent Prelate is i Uld n -
his age.