The Sun.
London, England, 1811-07-16 00:00:00

CIRCULATING MEDIUM BILL.

The Order of the llay having been read for the
second reading of this Bill, .
Tile CHANCELLOR o' ,the. Ex6risciumt moved
" tb.t the Bfil be now read a second iime."

Mr. pat said, that after the many able and do
quern speeches which had toeen Made on this sub-
ject, ite should not 'trouble the House at any consi.-
deraule length; but he felt it impossible to refrain
from expressing his repugnance to the tendency and
principles of the measure under consideration. if.
the Bill 'possessed any-merit, it was in being totally
inadequate to the object Which the supporters of it.
had in view, namely; to sustain a paper currency,.
which was not exenangeable into any thing of
trinsic yalue. If.Parliatnent consented to this:first
propesition, they must proceed to measures ot a still
more injurious nature. - They must be compelled
ultimatety, to adopt- the maximum, and to make
Hank of England notes run the full career of French
assignats. . The ettlet of that clause welch prevent-
ed the provisions of the Bill Imre extending 'to Ire-
land, would be to . give to' every guinea in
.Great
Britain a free and .unincuinbeled passage' to that
country. He wart-illy defended the conduct of the
Noble Lord, on whose requisition to his 'tenantry
the present measure affetted to be founded. It had
been asked, whether that Noble Lord fulfilled his
own contracts on' the same terms as•those which he
exacted from others? He had the means unknow-
ing that, he did. The Noble Lord had" this very
year paid teuel. in Bank notes, as the equivalent
tor an annuityof WOOL:secured' on his e.tates. It
had been intimated that obstacles tnight be thrown
in the way of those who sought in Courts of Law to
recover that which ,eas. t hair lair -right he a•ould
not believe this. It was the business of the. Juitgei
to administer the Law and although some delays
might be uccaseeied,, yet judgment must be given,
and,;the lawful utetiey of the realm -must be intl.'
tnately paid in the tulfilment of all contracts to that
effe,a. Tina could be done only in two ways,
either by the tenants buying bullion. and sending it
16.1110 Xiet to be coined in'iognineas, or by hint sel-
ling lus.cern for guineas only. In either case, two
prices, a gold' price and a paper price, would be
preduced, !tut thus `Lord King's, object would be
gained. lie was not pretending to enter into Lord
inotives,- he was only showing the' Mode-
quacy of, the Bill to effect the objects for which it
was. trained. He repeated the •,elOquant •passage iii
• Becke's.., lief eetietts the French 'Revelation,
!..` teat our paper, was all, powerful., on the Royal
Exchange, because it was imptitent in Westminster
'Halls': and earnestly entreated the House to eonsi•
der the expediency of endeavouring to bringlhe
cir-
culation of the country back to' a state in which
such an observation could be made witb 'truth.
The obvious remedy, he • ihooglit was to, restrain
the issues of the Wilk of England, to prevent the
too if:Nue:tat recurrenee ofinutOal ncornmodations
between the 134111; and the' Governinent, and to
adopt it l'esoltitiOn evineing the sense which Parliatt
meta entertained of the existing.evils, and 4neit,de.
termination to compel the Bankits speedily-as pos;
sable. to resume cash payments.' .He extolled the
conduct of att Honourable: and very intelligent
Friend of nig, then absent (Mr: Horner), and those
who rutted with him, fur the manner in which they
had urtgina.lly brought' the subject under -the const •
derittion -ofiiie public. They had sliewn the
and bad, pelmets out the-cure. The Hutt. Gentle-
roan concluded by tieelariug- his determination,
when the Bill should he,iii the Committee, to pro-
pose a Clause by which the Bank shuuld be restrial-
;ed limn Issuing a larger 'mintier of notes than that
at present in.ctrcolatiott: • a.
Mr. Heasawr followed on the same side.. He
ileemeal the extraordinary auspices. under which this
Bill had been introduced to' PATltainent;' and the ex-
traordniary manner in which it had been fostered
ay merely because they found, that it
opposed .by a considerable and most re-,
speelsble body. of individuals in the country, a prin.
Opal feature; ,in the consideration of, the important
qeprilon before the House..—A Right Hon. Gentle.
ttlilfl,,lLid: candidly, admitted, that the present pro.
ceeditet night probably lewd to 'making Bank' notes
a, legartetltier, To this point,' therefore, the miens
dun' of the louse ought to be ditected.....4dmitting
that if the. poblie.creditur was compelled to, take*
paperehe ought to be put in a situation in which he
could part . with that. paper on equal tenni, he con-
tended . that the present Bill would-not circa that
objets, itlilieugh it would Occasion great ilijustice 10
clasaes,of .theceotrunuttity....The Gentlemen
opposite duprecatecl- she creation of two prices.
'3:nl4..i.vaa nut tutrib-atable to Lord King, but to that
fatal ineasoretthe Bank le-460:atoll • Bill, the'conse.
iltieoi:es of whit% were at the time fotetold by those
who opposed that 13 li'spassitig. into a 'law; This
Oottble. • price ex Wed,, at! the present Mc/Irmo,. al.
111,1.10 it WF43 perhaps not' apparent' art
every day's trartsattionit,',..- This
Law,' King .had. liven: most laudable and, melt 'pa-,
!het attention of Parliattienttgliti,
sLslej4't ~- lint.to recut :to the, lepl tinnier, The