The Sun.
London, England, 1818-05-02 00:00:00

COURSE OF EXtHANGE, ,Fiu DAY, MAY 1

Amsterdam
Ditto, at Sight 36 6
, Ainstet dant
Ditto, at Sight' ll 4 '
Rotterdam ..
Antwerp ll 113Ex.'.1oncy
Ilaniburgh 34 3 .21 Us.
Altona
Purls, 3 Day's date
Ditto
B
oardeaux, ditto
Frankforton the NI ;ti i;
Madrid
Cadiz
Bilboa lO
Sevillip ..
Gibraltar
Barcelona
Leghorn
' Genoa..... 471—Venice, Ital. Lir 25
Malta... —.52 --I\;ajars 434 - '
-Palermo , 1 '3od. per Oz.
Lisbon
Oporto
Rio Janeiro , 66i
Dublin... . ..... 10, .....,Cort ..... 10 per Ceiii.
Aeio of the Bank on Hollpiof.... 2 per Cent. '
13 t' LLION. . _

Portugal Gold, in ('oin 1.4 0 6 per Oz.

foreign Gold, in Bars
New Dollars

4 .6
5 6

PUGILISM EXTEAOIMINARY !-Oil Tuesday, in
consequence of a trifling quarrel at an ale-house,
a pugilistic contest took place, between Da-
niel Smith, of Midstmitner Norton, and Je-
remiah Smith, of Radstock, which lasted one
11011 r alld twenty Initlll!es, and -consisted of
173 rounds'. Till almost the close of the battle,.
Jeremiah had not received a single
.facer, but be-
ing quite, exhausted, he was persuaded to yield
the trophy of victory to his antagonist, who was
direfully btuised, and sheaved claret profusely.

CURIOUS ATTACHMENT.—There is at Barclay's
hotel, Adam's-square, Edinhingh, a'hen, which
has been sitting► the itstial time, hut being de-
prived of her little 'family by the severity of the
weather, she has attached herself to a small pig
that has been taken. from his natural protector,
and she chicks round 'hi►n rind Shelters him under
her with paternal solicitude and tenderness. The
pig, grateltil for. this 'peculiar favour conferred
tipon him, is equally attached to his unnatural,
though ►+dopted patent, and, what is still more
remarkable, the hen Las quitted her roost to te-
-pose with him in his original quarters.

Mi's, C. liEmße., and RUSSELL, of
:the' Hay-
market Theatte, are now the attractions of the
Cheltenham Stage. _

•0u Sunday asst one Of the ships and I,l_ brig,
destined' ior the North pile, came intO our
Roads; sOtne
_of the officers came On shores,
when one of the sailors deserted ; his place
was supplied by one of the crew of the Tartar
revenue cutter, bye the name of Coleman;
a fine heAthy loop idg fellow, about SO years
of age. We neier saw' aostiety more strongly
depict•ed on the coontenance of a man, %viten
Ile saw the ships had got under weigh before,
the hoat, des,ineti• to convey hint 'had got near to
the Jetty ; after a severe struggle at the oats, he
however succeeded in getting tea buard.,—(Nor-
wic/t Mercury, 'May

HOUSE OF COMMONS.
[Coiitikued from niir First

BANK RESTRIcTION BILL.

The 'CITANCELLOR of the Ekcnßoußit. having
moved the Order of the Day (Or 'the second read-
it of the Bank Restriction hilt, ‘a conversation
took place between him and Alr..Tierney; from
which it appeared thit the fornier Gentleman.
tl►ongbt`the latter intended to move an Arnett&
went in the Committee on die Bill, This the
latter denied, and Said, he ..x•ishedto give Mem-
ber; an oPpoiliiiiity of speaking on the subjet in
••
the present state of the ih'eastfte.

,The. CnANdECLOR of the Ex'cus4tica vras ilten
miderstorat tb withdraw .his [notion for the se'7-
coodreading.
Mr. TIERNEY said be now rote in pursuance of •
his. not-ice,: to call the .at tens ion of the House to
one of the most important subjects that could pos-
sibly claim their consideration. Ile shOtild ab-
stain front making any comparisons to ascertain
whether we were in a state of prosperity or ad-
versity, Isitt should leave his point to be decided
by facts. In this, the third year of peace,. we.
had a -Funded Debt of about, in room! nuMbers,
800,000,0001.atid ift u t his were added 49,000,0001.,
being, the amount of of l' Unfund,tl Debt,
when the Exchequer
,Bills should be funded, it
would make the whole a monot to S4O millions. This
was an appalling. consideration to those who
thought we Were in a state of,adversity; but then
the comfort we were told we had was, that we
possessed a Sinking Fund of 14,000,0001 But
every farthing of this.-must be borrowed. This
was the side of adversity again. But the Right
Hon. Gentleman exulted at the terms on which
this fourteen 'could be borrowed.. There
was a set-i7ff of comfort again here. But the fact
was, that the whole was bottomed on a paper cir-
.culation, and there it most end. Every titan
.nittst express his aversion at any, such system
beiugsattopted. Then how happened it that the
House were now called on to adopt a measure that
could only be jastified by the extraordinary pres-
'sure of an extraordinary and unparalleled war?--
Two yeart ago they were prepared to exptct that
the Bank would resume its payments. This led at
once to the discussion, whether the Restriction
Act ought to be renewed. That Act passed in
1797, because the Bank Directors .stated to Mr.
Pitt that they had the most serious ;towel-tension
for' the safety of the House, if,t bey did not receire
inch a protection. Vas such a representation,
lie would ask, made now ? he Bank Directors
were Wedged to resume cash payments on the sth
.of July next ; judging by their silence on the
subject, they fully concurred in that limitation.—
They fully concurred, then,,with the (light
Gentleman, in the opinion that they could at that
period resume cart payments. If that was the case,
how could, tbernow agree to the Right lion. Gen-
tleman's Bill ? If they did not conehrin the ball,
ration, they must only have been laughing in
their sleeves 'at the Right Hon. Gentleman,- aoit
at the monstrous nonsense of. such a proposition.
h should he recollected, that the -foreign loans
were negociated with the expres-s_cnncurrence of
the Chancellor of the Exchequer and of the Batik
Directors, and at the-very time.Nton when the:
most perfect ryliatiee was placed upon the resump-
tion of -cash payments at the appointed period.'
It was absolutely necessary, therefore, to inquire
whether 'the Directors- were really lattgbiog',-at the
Right Hon. Gentleman, and his hope of the re-
sumption of cash payments ; and if, while these
foreign lOans were actually negociating,, the Di-
rectors countenanced the beliet that they would
resuthe cash payments on the sth, of July, this
was hut an adaititinal reason for a thorough in-
vestigation.—. They talked of their experience ; it
was praised in the.preatuble of the Bill ; but he be-
lieved it was extolled no wher&else. , If the House
4cted consistently with ifs for Mer conduct, it should
institute air inquiry. The Chancellor of the Ex-
chequer made flourishing speeches; Lot it should
he remembered, that they abounded only in the
Right Hon. Gentleman's own assertions..
should no.t be surprised, indeed he expected it,
that trome of the Directors 'should rise, in 4he
course of the debate, and abjure-, on the part of
the Bank, the proposition,` that this nseasure, of
the renewal of, the restriction, originated _with
them. They would, pet baps, be angry at the
mere insinuation (f such an idea, and would
confidently declare, that they were ready to re-
sume cash payments• at this very instant, if they
were not prevented from doing so by aft act of the
Legislature. He trusted, that even sir far as he 14411
gone,.lie bad lair! sufficient grouulds,to call fa-s.!il in-
quiry.- It ‘eould- be asked, what were the subjects ,
to w bid, lie wished this iriquit y to-be directed. Int
the first place he wished to • inquire- into-the 'sub:-
ject of the Areigit loans. fie thought it neces-
.sary, before the House should vote the continu-
ance of the Rerarietion Act-for a year longer,
that it should be fully acqaainted with the nature
and the tendency of-those transactiow:. If Mem-
brrs:were anxious to haVe sufficient information
before they- would give their votes,:a.hey would
find that there were many points extremely wor-
thy of their consideration. It a Committee were
granted, several persons
.woold be.. (mind. capa-
ble and (161)080 to give that information, as'
they f-`id on a former 'occasion
.giye much use-
ful evidence to. the Bullion Cominittee. • Of all
thiogs, he, was most anxious to ahstairt ,fro';)
curls' thing like abstruse. discusSion, Fie felt
hints'elf unequal to , the task ; and he thought
that the last place' for the exaniination 0f.410g,
rues and:doctrines, demanding research and in-
cessant atteutTdu, Wai • a pO-palar
There were,. however, other points, to be referred
to; at whic-h he wonld now merely glance, with-
out .ex !doting them to any depth ; and one of these
was the high price of bullion, ilc would a4-k; it
the liouie really- •telt convinced that all the -evi-
&nye which was given On this .sitliject to. the Bul-
lion Committee
.should be . set ',aside,. and that,
;indeed, the issue of pver hail no effect whatever
on 'the price of holltoo ? %Vas there any doubt in
the mind of any 1)...r50n who paid the slightest at-
tention to the matter, that the price of bullion was
raised by the excessive issue of paper / His object
was, before they would comae to the qoestiotsof the
loan, that they should examine the causes which
"P"-a'" upon tl,e (trice of g01d... Ano.her point to
consider- was, the uteumulatioil of gold bunion

in the coffers afire Bank. It could not surely be
tioe,oi-oord, coo. the eNCesiio isene of paper, t -
gether %viol the arribont c,f hum,. k pt by the
kia!;l(., ipfl.ieure:l most, rroteriillY the bullion
market. It was also to be seen what the idiffe-
ren-Ce was :bet weeo the silver and gold,curreney.
1-le did not wish,. hiMself, to offer any _opinion
upon these subjects ; he wished to be understoildto
allude to them as subjects fit to be investigated, and.
upon 'which he desired information.. He'believe.
ed, however,. hat the difference between the fOrtner
and theepresent state ,of silveratolgold cur-
rency was, that the proportion of • the silver was
to the gold, as 15. arid a fraction was to 1) in
other words, that the difference bet ween the former
gold arid silyer currency was 5/. 18s. per cent:.
It was evident, that where there was a disposi-
tion to export gold, it was necessatily. raised itt
'price ; but he thought it was not too mucleto say;
that the difference in the price of gold was owing
to an alteration in -the silver market. The
Committee would have also to inquire into the ef-
fect of the foreign loans. For his part,' he did not
think that to them was to lie attributed the ex-
cessive issue of paper. It was necessary, hoe.-
ever, that an _inquiry should he tirade, in order
that the ,House should have a fair understanding
upon that sidiect. The Chancellor of the Ex-
chequer spoke of the loan as a formidable thing;
-because it was a loan ! He was alarmed, because
it tended to*drain the country 'of i s metallic cur.
reticle. But if remittances of wild to the Conti-
nent took place to the same amount, and for any
other purpose than a loan, would the Right Hon.
Gentleman think it necessary to• call for the
interference of the Legislature'? The Right lion.
Gentleman should recollect, that the temptation
to these loans was entirely of his own creation'. He
raised the price of Stocks here by his financial
and speculative operations, and he lowered here
the interest ofononey. That having been the case.,
it was oatural that every person, who wished 10
increase' his income wising from the interest of
.his money, sent it to the market whence he could
get the best return—where, then, was all this to ,
end ? The House was asked to passs a law. for floe
year, and it wasspromisod that at, the expiration
of that pet iod Cash Payments would be resumed.
But what security had the House for this ? -The
principle was, laid down by the Right Hon. Gen-
tleman that Cash Payments were to be it flu ?aced
by foreign loans. What security had the I-16use
that there would be no foreign loan next year ?
The ,consequence was inevitable—the House
would, upoii' the same principleobe called upon
to renew the' Restriction
.Acto In France there
Was no paper circulation : _their stocks were
'rising, yet they talked of •nothing but adversity.
Here there wasorn excessive issue of paper : the
stocks were falling, yet we talked of our prospe-
rity. The loan to 'be raised for France • this
year amounted to 30,900,0001.. It was necessary
to inquire wtort 'Portion of,that suns it was reason-
able to exptict .Woaddleave this country. It was
-possible that, from the re.riving-coefiderteoliO the
French Finances, suhscriotiops to the Loaf) might
be.sent from wher countries dial) .and
that 'the Leian might, in some degree, be couuter-
acted by the •option which. he inidergto-od the
-French Minister to possess 'of' Paving private
claims in stock at, its selling price. lint the peat -
question wits,- how notch gold •Itad left, and was
likely leave, this'enuntry ?• Which was better,
that, England :should lose 1; s Character for good •
faith, or that the 3:kilo'..boolel be ?Bowed tO ao_
cumulate tuiflions oo i' They who had
never,put theiuselve^ ^o !fie lea'st inconvenience or
expence to -relieve the distresses of the country.
They had at this moment, in their coffers, at least
10,000,0001, They had accumulated or spent
21',000,000.1.' which they made by the clittntrY.
Yet the House wars never' told. that they should ,
not
„serve the country, because they- might in-
trench upon suchenormotis profitS. He was not
urging the necessity of impooliately resoming
cash-payments ; till Coo he, was anxious about
was to institute an itopiirYo'in order Lo see whe-
ther the Batik ottoilitOr osight 'not to be restricted
from such a resumption. if the Conon:nice was
denied him, 'it would be an additional proof
of what hi had 'apprehended,' namely,
,that
this system would be continued front year to year;
and that at length it would become a mere mat-
ter off course. It was said, last Session, that tiro
restriction would cease on the sth of Judy ; and
the uncertainty on that subject prodhced great
fluctuation in the Stocks for the last eight or nine
months,, and caused much gambling. The• same
itictteltion, anti the same gsmbliNg, wool d, be
_supposed, soon go, on again, until it was known,
whether eveu atter the nett year should. have ter-
' Initiated; the Cash payments OvOuld be resumed.
The whOle finirOcial • system of. the Right Hole.
Gentleman wets one of speculation. It was his
object to keep tip the vcirculati'i-in; .and in this be
abandoned the criterion which he had formerly
adopted... It Wes his criterion, and 'it Was sane-
tiotsed 'by the'Hoose, that the circulation of the
country ought to bele a proportion to its revienne,
its expOrtso, and itoports.—Now, for the year
1816, the exports and iinports amounted to
81,000,0001. ,and ,odd ; _in 1817_, 87,000,0001.
and odd. The revenue` :for the year- 1316
"kinjounted to:,57,00,0001. and odd ; 1317 to
only 47,000;0001.. and odd. The budget for
I'Bl6 amounted to 25,000,0001; a.nd mid ; the Bad.
get torolS.l7 amounted, to 22,000,0001. and odd.
If the dimiiiatiou:ot therefore,. were de-
docoed front the excess of exports and importslit
would he !hot en issue less by 7,1'00,0001..
would he required at present for the circulation or,
the.co,ffitry. 1816 the issue wet .'26,500,0001. ;
.in 1817 it Was 28,200,0001. From
:the whole it
testified that there' ,dinti.nu. 1i o 017,000,0 in/.
the amount of th.e demand fol. money ; vet
' within This last year there was an excessive issue
of 2„600,000/o The demand star reodt4ed still
less if the fimcinnt of the circulation of country
bank paper was taken Into: considerat_ione This
excessive issue, however; 'at was the object of the
Right 'Hon. Gentleman' Absorb by eaising the
price 'Of stocks.. Who worth, then say that in-
'quiry was not
,necesSary ? Mr. Tierney then ar-
gued against the Country' Bankers' Bill; he denied
that it was Jost or necessary,, and contended di it
it was only paving the way for the issue of Go.
vertortent paper. It' was the duty of the House
' to faCe the financial starof the country at once,
and to Sound-it to the bottom. He did not mean

to search into the internal affairs of the Batik ;
the objects of the Committee would be, to see
if it were inconvenient tin the Bank to resume
cash pyments in July next, and if so, to see at
what time that measure would he most expedient—
to inquire into the nature and effects of the foreign
loans—to ascertain the probable amotint of gold
%I/hid' might be expected from the country to
meet the demands of those loans—what the effect
of this exportation would be, and what the pro-
bable loss. He concluded by moving for a Se-
lect Committee to examine whether there was
Pity, and what necessity, for continuing the Bank
Restriction Act.
The CHANCELLOR Of the EXCHEQUER left it to

the House to determine whether any thing that
bad fallen from the Right Hon. Gentleman coeld
justify the appointment of u- Committee, the la-
- botirs of which must be endless, anal their result
most unsatisfactory. Their report, he was of opi-
nion, would be likely to leave the House in a
greater degree of uncertainty
_than they were in at
present.--(Hear !)—Th►e labour and ingenuity of
the Bullion Committee at last, he believed, left
every man in possession of his own previously
formed opinion. The Right Hon. Gentleman had
assumed that there had been an excessive issue of
Bank paper on the acknowledged increase of
2,000,0001. circulated in the last half year. In
referring to the criterion which he (the Chancellor
of the Exchequer) had formerly laid down, and
to which he still adhered, the flight Hon. Gen-
tleman, in sliming the diminution which had
• taken place in the revenue and expenditure of the
country, had omitted to touch on one important
feature ; in fact, the most itnpot•tant of all, name-
ly, the internal trade of the country. It appeared
that in the last year there had been art increase
to the amount of 6,000,0001. on the Exports, but
the increase in the internal trade had been much
greater. This was not from returns before the
House, but from circinustancis which came within
the knowledge of every man. In mi instance had there
been a more rental kable case of revival in the home
trade than that which had occurred in 1817.—
The increased issues of the Country Bankers was
the consequence of this revival, and the augmen-
tation of the Bank Notes in circulation had been
in part caused by the efforts made by the Bat►k to
resume cash payments, as they had•bought large
quantities of gold, which they had no means of
amassing, bat by an increased issue of their notes.
-11aving answered the arguments of the Right Hon.
Gentleman on the connexion between the Bank
and Government, he proceeded to• notice what
bad fallen front him on the price of gold. On the
effect produced by the inferiority of the present
silver currency, lie admitted the Right Hon. Gen-
tlen►an had raised a plausible theory, but he would
at once answer it by stating the fact, that the new
silver, which was six per cent, under the old stand-
ard in value, was, from the degraded state of the
late currency, twenty or twenty-five per cirri..
better• than that had been•. The only cause of
the increased price of gold was, in his opinion,
the foreign loans negotiated in this country. To
sheer the effect of these, be would refer to what
bad taken place within the last few years. In the
month of January, 1814, the amount of Bank-
notes in circulation was 23,600,0001: The price
of gold was at that tiwe 51. 10s. per ounce. This
Ere asci ibed to the 16ans then required. In Janu-
ary 1815, the amount of Batik-notes in circulation
was. 26,300,0001. yet the price of gold fell to
41. 6s. 6d. per ounce. It was said, that if foreign
wars were n►ade the pretext for continuing the
Bank Restriction Act, we might go on thus year
after year,- and a pretext for renewing that mea-

sure would never be wanting. It was only,
• however, when loans were negociated to an enor-
mous and unprecedented amount, that he could
think of justifying its renewal on such grounds.
in 1817 a loan had been raised to the amount of
J 2,000,0001. Stock for the use of the French
Government. In the present year the loans raised
for France amounted, altogether, to 30,000,0001.
sterling money. Besides this, it was notorious
that a loan of 5,000,0001. had been negociated
for Prussia. When such sums were to be raised,
those who remembered the Resolutions solemnly
co►tse to by the Bank Directors in 1797, declaring
that another loan to Russia would ruin the Bank
by the drain of specie which it would cause, could
not doubt that loans of such immense magnitude
as were now negociating made the renewal of the
Bank Restriction Act necessary. For tl►e pre-
amble, which had been so much commented upon,
he would admit that it was incorrect ;' he would
state the plain truth.--.--(A laugh.)—The truth
was, the preamble had been introduced into this
Bill by mistake.—(A. laugh.)—lt had been inad-
vertently copied from the Bill of last year, And in
the Committee he should have to submit to the
H•'use an alteration of it. Whatever blame might
attach to him for the error, he was bound to state
that the preamble, as it now stood, was most un-
just to the Bank Directors, who had left nothing
undone that could facilitate their return to cash
payments. Ire 1797, he considered Mr. Pitt to have
been quite right in referring the subject, then a
new one, to a Committee, before the Bank Re-
striction Act passed, but such a course of pro-
ceeding appeared to him wholly unnecessary now.
The Right Hon. Gentleman wished his Committee
to imptire what inconveniences would result from
returning to cash payments. He would suggest
a counterpart to it—that they should inquire what
inconveniences would arise from continuing the
Restriction another year. What might hereafter
be necessary the Committee could not determine.
They might decide what course it would be expe-
dient now to pursue, but it was impossible to
foresee the events which might regulate the policy
of the country in a future year. It was not, how-
ever, likely that loans, like those raised in the
present year, would be again called for, or could_
be obtained.- He then defended at some length the
Country Hankers' Regulation Bill, and argued,that
to pave the way for a more extended circulation of
GovernMent paper, it was not likely that Mini-
sters should beg►n by giving private paper• a'tle-
geee of security and value which never belonged
to it before He denied that he had ever intended
to issue Stock Debentures for• general circulation.
The advance of the Funds, he contended, had not
ouly enriched the greaecapitalisgs, but had bene-
fited great numbers of indostfions persons who
bad small sums in the Stocks ; and to the Funds
having got up be attributed in a wear. measure

the returning prosperity of the country. Tie next
recalled to the House the provision made for re-
ducing the Unfunded Debt, which could not hut
counteract the excessive issues of Bank paper, of
which the Right Honourable Gentlemen had
complained. But Ge Right Honourable Gen-
tleman on that, as on other occasions, had
.said, that from the absence of a metallic cur-
rency, the character of the country was now
at stake. He would ask if the subsidy of
_England has ever been doubted, because she had.
a paper circulating medium ? Was it not while
she had a paper currency that her triumphant
armies had marched over the Continent, and that
we had obtained peace' on more advantageous
terms than we had ever it gained before. At the
close of a war in which, with our paper currency,
we were able to subsidize all Europe—and now,
after three years of peace, he would say, notwith-
standing what had been advanced by the Right
Hon. Gentleman, that no other country had made
any thing like an approach towards the payment
of its debt, while oars had already been con-
siderably diminished, and by the close of
the present year would, probably be found
to have been reduced by the sum of 17,0001.
since the conclusion of the peace. In no
other country in 'Europe had the people been
relieved from taxes. It as different in Ameriea.
There the internal taxes had been taken off, but
what proportion did these bear to' the seventeen
millions of pounds which had been remitted in
this country. He believed the taxes taken off its
America might amount to about 8000 dolhrs. Ire
the course taken by the American Government,
in making all her revenue in peace depend upon
resources that would be inteireptcd in war, such
Arledge had been given of the pacific disposition of
that power as must he most satisfactory to every one
who wished well to America or to England. He
then re-stated the groue.ds on which he called for
a continuance Of the Bank Restriction Act. These
he again argued with much force, and concluded by
calling on the House to decide whether, under all
circumstances, it would be better to encoun-
ter a real and formidable danger, to escape from
evils (supposed to he likely to result from the
continuance of the Bank Restriction Act for one
year more), which he regarded as visionary and
ideal ? Ou these grounds he opposed the motion.
Lord ALTHORPti supported the motion, and
expressed himself satisfied, that if the Bank were
to resume payments in cash, long before the coun-
try could be drained of bullion, the price of gold
would fall so as to correct the evil. Inquiry was
particularly necessary at this time, for such a mea-
sure had never before been justified on the ground
of Foreign Loans. With respect to the measure
relative to Country Banks, which was for the first
time withdrawn, he thought it necessary to ob-
serve, that the credit of a Country Banker did not
entirely depend on his capital. He therefore
hoped, that if the plan was again brought forward
some alteration would be made as to the mode of
making the deposit. He, therefore, thought the
House must agree to the motion of his Right
Hon. Friend.

Sir HENRY PARNELL highly disapproved of the
long continuance of the Bank Restriction Act;
and he feared, that ,by letting the present oppor-
tunity pass over, there was danger that the re-
sumption coi►ld mot take place at all. Under the
present systetn, the Right Hon. Gentleman would
go on every year making loans ; and that circum-
stance would also tend to increase the difficulty of
resuming the payments. All these things went
to show', the necessity of appointing a Committee
of Inquiry.
Mr. CHARLES GRANT denied that there was any
breach of faith to the country in not resuming
the Cash Payments ; for it was impossible for
Parliament to have f►rreseen the contingencies
that reudered that measure impolitic. But Par-
liament had redeemed its pledge so far, that the
Bank was now able to resume the payments, if
the state of the country and our foreign relations
would admit of such a step. Nothing was more
rash or false, than a blind application of general
principles to specific cases ; and nothing could so
much defeat the objects of those who would apply
such :principles as a precipitate recurrence to a
system in opposition to existing contingencies.—
What would he the consequence if tl►e Cash
Payments were now resumed, and an extraordi-
nary drain were made upon the Bank ? would not
the greatest inconvenience and evil result from
such a state of things ? and was it fit that such a
risk should be run in the present state of the count
try ? i he loans made bytoreign countries must pro-
duce at all times a great effect on the exchanges. It
was well known, that at the time when the Austrian
loan was made in this country, although the whole
amount was only for three or four millions, such
an ut►favourable turn took place in foreign ex-
changes, that our merchants felt it as a most se-
rious inconvenience. For the truth of this fact,
he could produce the testimony of that eminent
n►t -chant, Mr. Boyd. He contended, that all
which could be done by a Committee for any
practical purpose, could be done by the House in
that :discussion ; and that a discretion was to be
exercised by the Bank, even in a sound state of
currency, according to the exercise of which the
currency would be affected. He revered the la-
bours of the Bullion Cominittee ; but lie thought
• they bad not made sufficient allowance for the
perturbing causes which were in operation through
out Europe. They had attempted to define what
was undefinable, in laying down principles upon
calculations of an ordinary and extraordinary s:ate
of war ; whereas the events which had followed
were beyond all calculation in their magnitude
and eonsequenees. He then went into a compa-
rison of the rate of exchange at different periods,
and- remarked, that specie had been exported
when the silver currency was debased six per cent.
which showed the state of. the currency did not
regulate the rate of exchange. Two years ago,
the House had decided, that in a state of the
country like that which at present existed, it
would be unsafe to resume cash payments ;
and it was therefore unnecessary to go into a
Committee. In conclusion, be thought it not
impossible that a similar operation was going on
in Europe to what took place in this country at
the beginning of last century, the effect of which
was to make gold the standard of value, instead
of silver. From, all the consideration he could

give the subject-he felt himself bound to oppose
the motion.

Mr. J. P. GRANT considered, with his Right
Hon. Ft lend, that the present was a new era on
this subject ; the House, therefore, ought not to
satisfy itself with temporary expedients, but sift
the question thoroughly and completely, which
could best be done by a Committee. He would
tell the Right Hon. Gentleman, who had just sat
down, that if he would put his finger on any pas-
sage in the Reports, made in 1797, on this sub-
ject, which said that foreign loans affected
cash payments, then he would give up the argil-
ment.—ln proof of his assertion, that no such
statement had been made, he referred to the
evidence of Mr. Boyd, through whose hands, in
1795, the Austrian Loan 'of Four Millions was
transmitted. This Gentleman stated, that the loan
was made chiefly in bills of exchange, with
1,430,0001. in Spanish silver dollars, and 150,0001.
in Louis d'ors, which were in fact purchased from
the Bank a so that they assisted the scarcity of
coin by their own sales, if any scarcity existed.-
The loan of 1797 was also paid in bills of ex-
changa, doting the six months prior to the stop-
page at the Bank ; if gold had been exported, it
must have. been at a loss, and yet they were
told that the restriction was rendered necessary
by the quantity of gold sent out of the country,
when in fact the importation of it would have
been a profitable speculation. Indeed, Mr. BOyd
said, that it would have been a bad remittance of
lhe loan if Made in gold, and it was more conve-
nient and acceptable to the Court of Vienna in,
the form in which it was transmitted. Locke had
said, that the price of gold Would depend upon
the quantity its circulation, and they might as well
argue, that because we had an army to feed
abroad,
_the price of beef would rise in this coun-
try, as say the state of the currency was affected
by loans.. The fact was, that the necessity for
the restriction was the effect of the Bank advances
to Government, and Mr. Giles had stated, in his
evidence before the Bullion Committee, that if
those sums had been repaid to the Bank, there
would have been no- necessity to suspend their
payments in cash. But under the present system,
it would be as easy to fill a reservoir, that had. a
hole in the bottom of it, with water, as for the
Bank to pay all their notes in cash.
Mr. Husaissoa said, so much of the argu-
ments which had been brought forward were ad-
dressed to the state of the currency, that he could
not but advert to the protracted discussions and
numerous publications whicla had taken place on
the occasion of the former inquiry. He then re-
ferred to the Report of the Bullion Committee,
which he praised, as containing valuable facts and
well connected inferences. Until this night he
thought there was no longer any difference of
opinion on the subject. He thought that those
who had been at one time the greatest oppo-
nents of the Bullion Committee were now agreed
that the Bank could not resume cash payments
in July without producing touch distress.—
To prove that a contracted circulation operated
to raise the.rate of exchange at a time when the
relative state of the imports and exports produced
no such effect, he referred to the rise which took
place in the exchange in the year 1816, when the
circulation was contracted by the failure of a large
proportion of the Country Banks. It would have
been perfectly safe
.for the Bank, if it had been
prepared in other respects, to have resumed cash
payments last year, at the time when the exchange
was in our favour. But, unfortunately, that state
of things no longer existed. We now found the
issue of paper increased, and the exchange against
us ; and when loans to the amount of upwards of
30 millions had been contracted in this country,
were we prepared to return to payments in gold
Lord FoaaasToata contended, that the. ques-
tion before the House was not whether the Re-
strictions should be taken off or not, butt whe-
ther the House should go into an inquiry on
the subject. He retained the opinions which he
had expressed two years ago, and complained that
it was now required of the House to embark in
a new course, and to continue the Restrictions
without laying any onus on the Bank, to resume
their cash payments at any particular period.
Mr. S. TnoaNToN stated that the sincerity of the
intentions of the Bank to resume cash payments
might be known from the measures which it had
adopted during the preceding year. He then re-
minded the House of the unpropitious harvests
with which the country had been afflicted, and of
the ;Jowls which had been contracted by Foreign
Powers in this country. The resumption of cash
payments would render the Directors of the Bank
comparatively independent, by-freeing them from
the innumerable attacks which were made every
Session upon them. It ought, however, to be
carried into execution with great care and
prudence. _ _ _

Mr. F. LEWIS urged the necessity of going into
the Committee. It was useless to call upon the
Bank two years ago to make preparations to re-
sume cash payments, if, at the expiration of that
period, the restrictions were to be renewed, and
the gold collected to effect those payments was to
be di•posed of for other purposes, so that the
Bank would find itself as unprepared as ever,
whenever a fresh call might be made for a return
to a metallic circulation.

Mr. GRENFELL complained of the frequent re-
newal of the Bank Restrictions, even at periods
when the exchange was decidedly in our favour.
He contended, in opposition to what had been as-
serted, that there had been no rise in the price of
gold in France from 1817 to the present time.
Lord CASTLFREAGH contended that 110 inquiry
had ever been proposed to the House which car-
ried on its face less pLusibility than the present.
'He protested against investigating the motives
which had influenced the Bank in making its issues,
as it could not be done without infringing private
property. All the facts connected with the ques-
tion were before the House, and might therefore
be known without the assistance of a Commit.
tee. No one could deny the present state of the
exchange; and that there tra3 a tendency in the
precious metals to retire out of the coun-
try. There was. a time when the exchange was
in our favour, and the Bank were anxious to re-
sume cash payments. They might have (loin it
on giving the notice prescribed to the Speaker ;
but they bad been prevented by distrust of the
coutinuauce of the favourable state of the et-

e 4-0
change. And the result bad proved the jos° of
of their tears. What had become of the try°lod
three millions of gold sovereigns whiche
, been issued ? Were any of them to be I°lmic,
Had they not been carried to' the Contineilie
and would not other issues experience `bir
(
same fate ? When the Loans contracted 510
tr
Foreign Powers should begin to operate' .
.ae
Bank would have to purchase gold at an e% i
vagant price abroad, and after coining it betb;
would see it melted and carried back again ta7 foe
Continent. When there were 'such reas°l3s
suspending cash payments some time longer, lit
should fail' in his duty if he did nut °Mese
motion and support the Bill.
Mr. TIERNEY replied at considerable lengibe
and urged the necessity of an inquiry to sbc'wwi
Bank that the House were serious in their 1
that cash payments should he resumed. He „,v‘sglie
convinced that this would be the last strltrif
made for the, resumption of those paymen%olt
the House sheered itself indifferent when a pt
motion for inquiry was opposed on dineri;sl
grounds by every Honourable Gentleman wrb°o4
spoken against it, there would be a strong lee; •
in the country that it was intended to contina„-ht
paper circulation. The day of reckoning Incrbe
be delayed, but it would come at last ; Abt
called upon the Hon. Members so to act, "
able to say that they bad done their duty Ca
country,
The House then divided—
For the motion
Against it..
Majority against the suction.... ---65
The Bank Restriction Bill was then read a •
cond time.—Adjourned till Monday.

ROYAL VISIT TO THE EXHIBITIO

Yesterday morning, about eleven o'clock, 7;i
Duke and Duchess of . GLOUCESTER, the Fri"cow
AUGUSTA, the Prince and Princess of Hes" "-lit'
BERG, the Princess SOPHIA of GLOCCEST"' oth ,
tended by. Colonel HIGGINS, Colonel PAI;l'or• !.
BaronCYNAGHTEN, &c. went in three Bor,,a;ctio4 :.
riages to somerset House, to view the Esilw;beir
of the Arts of the present year, previous ta 'OO
opening to the public at large on Monday De
Royal Party were received by the venerable gOa '
silent, BENJAMIN WEST, Esq. Sir Wsd.lisßc-- 00
the Keeper, &c. who conducted them overhour •
different rooms, which occupied above ail mei°
and a half. The Royal Party, on leaving °°— its
GallerY. of
set House proceeded to the British
pictore; to
Pall Mall, to view the Exhibition of
the Ancient Masters, previous ts) its oPenii3P
the public at large on Monday. the
At two o'clock the Patrons of the Arts, ro,
Members of the Royal Academy, and their, PivtitP,
cilia'. friends, were admitted by tickets to vie
flop
Exhibition, being the hour after the in9Pecoseil
by the Royal Family,"
and when it was 50%04
they would have retired ; however, ah",tht„ ift4
o'clock, the PRINCE REGENT, accompanieo u.r 0 ti
Marquis Of ANGLESEA and the Right 1-10°°`,Iallartte
CHARLES LONG, arrived. The President ;),110
nattily had not left, and received and atte"der(ivel
PRINCE REGENT. Sir THOMAS LAWRENCI3 it.ivirtle
soon after to attend his Royal Highoe's'Aierte
mixed with the Patrons of the Arts, I", TO'
bets of the Royal Academy and their triell"1" the •
PRINCE appeared much affected on beholdilices
Picture of his beloved daughter the late r1;,4.00,
CHARLOTTE, and remarked to those in attent
that he recollected seeing her sit for it•
erect
A l
The PRINCE REGENT remained in the u• gra'
rooms near two hours, and appeared hi,ghlY °
tiled with the whole of the Exhibition.

LAW INTELLIGENCE•

COURT OF KING'S BENCH, MAY I.

IN THE MATTER OF MRS. MART DOI/13114.eite
This was a Writ of habeas Corpus, dire,ct-ftroni
this Lady, at the instance of the husbos"her t°
whom she now lives separate, commatylingLe- Aro,
ringupthebodyolheridantdau.hter,agedui ithe
tor the purpose of delivering her ; to theca lijilstY
river. The application had been made iun en ill'
since which time the case had l'aei step
quired into before Mr. Lushington, the i1(1
by
whom, interrogatories were administere 000
Mrs. Dobbin, and by whom a report witseitlier
made to the Court, stating,. in effect, that 13-e the
the father nor mother were fit persons to Licty

care of the child.
Mrs. Dobbin appeared in Court, anti
na re'
Mr. DCNMAN appeared on her behalf' %I tug
commeuded, under all the circumstances, to the
case, that the question should be referre(;i- Wet
arbitration of Mr. Lushington, who Sii?tij:. (We%
underA what circumstances, and at wi'lll
In:Dobbin should have access to her
to whose care the latter should be intruste".d of.
Mr. SCARLETT appeared for the father, 11°
ter some desultory discussion, tigge:
The COURT acceded to Mr. Dennl2):l:•rcil--,;
tion, as one the most proper tinder tme„;il 11%.
stances of the case, considering as thcY ou
events, that the father was an improper f'",,-5e of
have the care of the child, in consequen,, el,
letter now laid before the Court, contaio'ntt'o dt
pressions unbecoming of a father. They er t().,
rected that Mr. Lushington should bavet_P-•0 t,11"
direct in whose care the child s hota 103ade"
mean time placed, until his award should be •
laftefr,
MARRIED.
On Thursday last, at St. NI. R g
Smith, Esq. of the lOth.' Royalar H ea•-in-t'o Sarah '1.304"
..i.cote --
third daughter of John Bockett, Eusssqa.t SouLo
Berks.

DIED. ~artt
ell-sq"
Yesterday, at his house in Montagu-street, Russ
John Crawford, Esq. iu his 71st year. late,,‘
On the 28th ult., at Hastings AlatthesV Warner'
,b;sq.
Great East Cheap, London, son' of Isaac Warner' el
Blackheath, Kent. as liiis
On Saturday evening, at his house on Clap
ham-ris„
Scittergood Kemp, Esq. aged 70.

-- ',
ed
LO
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ond-street, Quey re en-squa; and published
,IIY 0 St
"
SCRIPPS, of No. 7, South Molton-street, at
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Office, No. 112, Strand ; where Advertisements,
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