The Sun.
London, England, 1818-05-27 00:00:00

which is even rendered paramount tn . the State'
itself. The extent of mischief which the suspen-
sion of cash payments had wt ought since its com-
mencement was incalculable ; and. in one, sense,
so far as to i tvolve a depreciation of the current
paper to nu less an amount than 25 per cent. One
of the principal, the sine qua non, vtlects of the meas.
sloe would be an excessive issue and depreciation
of Bank paper, accompanied by a torcedcircula•
tion of that paper. The alarming extent of 7146
forgeries of this currency, which had dreadfully
increased within the last six or seven years, and
the consequent loss of lives, was of itself a consi-
deration that should withhold their hands. It was
the duty of Parliament seriously to investigate the
alleged circumstances, and -to convince itself by
inquiry, whether any existed, which could render
it really impolitic to take off the Restriction on
the sth of July next. He thought widely differ-
ent from the Noble Earl with respect to the effect
which the negociations of loans in a foreign
country practically had upon the financial systent
of this, or upon the state of the Exchequer. If
there existed any rational doubts upon these points,
it constituted an ample ground for serious inquiry.
Even it there were a loan of the amount stated
negociated by France, it would not require the
exportation of any considerable quantity of coin
from home for tilt. purpose. Remittances of the
kind were generally made in such commodities as.
were deemed most convenient for the objects of
the respective parties. He trusted, though it
fearfully struck bins as a principal motive, that it
wt's not really meant to continue the restriction
as lung, as the price of gold remained. higher than
the nominal value of the circulating paper ; be-
cause in such a case the Restriction may be con-
tinued to an indefinite period. He repeated his
apprehensions of the injurious ttlideney of an ex•
cessive issue-of Bank paper,-.as an inevitable con-
sequence of the continned'Restriction, and which
further would be attended, in an accelerated ratio,
with an excessive issue from the Country Batiks,
a,nd which in the result_ would he found to involve
all classes of the community in complicated dis
tress. With these feelings anti convictions as rl
the inevitable tendency of the measure, he cer
tainly should oiler a negative to the Noble Earl

The Earl of HARRoWBY declared it to have
been at all times his opinion, that without Hilt
measure the Country would never have risen out
of her difficulties, or have borne up so succtss•
fully against her enemies. This measure had pro-
duced increased facilities for every kind of exer-

tion. He denied that the Bank wanted to pay
its debts with a depreciated paper ; nor was there
eve' any proof that the Bank paper had been de-
preciated ; although the most unwarrantable at-
tacks had been continually made on the Bank,
by persons who said that such depreciation exist
ed.

There was no doubt a greater quantity of
circulatiug medium in the country but that was
necessarily called for by various circumstances
connected with our political and commercial si-

tuation ; so that it was impossible for the affairs
of the country to go on without a circulation to
that extent. He denied that the restriction gave
the Bank that unlimited control over the country
which had been stated by his Noble Friend.
They had not in any way acted in defiance
of the general feeling of the country; on the
contrary, they hid the great mass of public
opinion in their favour, and the feeling of
the monied interest was, that the greatest ad-
vantages arose out of the restriction. He wish-
ed the House to observe, that the price of gold
was not always in the same proportion with the
issue of Bank Notes ; for at times, when the
issue of Bank Notes was at its highest pitch—
when the issue exceeded thirty millions, the price
of gold was talliiig ; and at other times, when
this issue wt less, the price of gold was higher.
An objection had been made to the restriction,
on the ground of its .encouraging forgeries. • If

such were entirely the consequence of restrictior

he would ask, why had not forgeries been more
frequent some years ago, when the Notes were
more t.ttnnerons ? The fact was, that although
forgeries were more frequent recently than ever
they had been before, they had not increased in a
greater proportion than other crimes. The re-
striction did nut affect our commerce ; for if gold
went out of the country to other nations, it only
increased the ability of foreigners to purchase our
goods, and the gold would by a natural operation
come back to us The only proper time to
remove the restriction was, when nobody could
perceive that it was removed ; the flood-gates
should never be opened until the waters on each

side were so level that the operation could be
performed without any violent gush, or even
without being felt.

The Marquis of LANSDOWNE contended, that

there was a depteciation in the Bank paper, and
that the French Loan had not caused the high
price of gold. Of the late French Loan a very
small portion came out of this country. It came
from other countries on English credit, and even
from France itself. With regard to the price of

bullion in reference to the issues of paper, as
_ _

stated by the Noble Earl, be should recollect,

that at the ►i►nes wl►en there was an extraordi-
nary issue of Bank of England paper, there was

. . -
but a proportionably sm-alf issue of country
bank paper ; so that, on the whole, the amount

of paper circulation throughout the kingdom was
less ; and that was tl►e principal ca►►se of gold
and silver having fallen in price. Nothing could
produce any solid advantage to the country, but

restoring the eireolatiou to its proper level.—No.
thing but that would prepare us for future wars.
For these reasons lie should oppose this measure,
although he should have no objection, tinder par-
ticular circumstances, to vote for the restliction
for a short period ; or for six weeks after the

next meeting of Parliament.
Earl Bathurst, the Earl of Lauderdale, and
Lord King, severally spoke on the question, the
former supporting the. restriction, and the two

latter opposing it ; but we regret that want of
room prevents us from giving their speeches at
any length.
The question being put, the House resolved
itself into a Committee on the Bill, when
Lord DAUDERDALB proposed as an amendment,

bat instead of fixing the sth of July, 1819, as
he term of the restriction, it should expire in six