The Sun.
London, England, 1818-01-30 00:00:00

MO UON FOR ADJOURNMENT.

Lord CASTLEREAGH observed, that...being about
to move tioit this House, at its rising, do ad-
journ till Saturday, he felt it necessary to state,
that the Royal Assent being- obtained to-morrow
to the Bill that had just passed, it might he pre-
sented to the House on that day ; and if on
Monday, as he had every reason to believe would
be the case, a communic:4tion should be made
from the Crown on the actual situation of the
Country, he intended to propose that the usual
proceedings upon them should take place imme-
diately.
BANK RESTRICTION ACT.

Mr. GRENFELL said he wished to ask a ques-
tion or two of the Right Hot,. Gentlemen oppo-
site, the solution of which was of very consider-
able importance to the public at large. He allud-
ed first to the resumption of Cash Payments by
the Bank, which, according to law, was to take
place on the sth of July next. Although, after
the declarations that had been made, no dOobt
ought to exist on the subject, yet there did exist
considerable doubt and apprehension in the pub-
lic mind, and particularly among that class called
the monied interest." It must, however, appear
extremely d!sirable that no doubt should remain
for a moment longer than it conld be put an end
to by his Majesty's Government. There was no
person who knew what was going on, but knew
that great speculations and gambling transactions
were daily practiced ; while those who were in
the secret as to what was intended- had consider.
able advantage over those who were not. He
therefore wished to ask, whether any thing had
occurred, or was likely to occur, that, in the
judgement of Ministers, might prevent the Batik
from resuming the payments on the sth of July
next ? He had also another question to put on a
similar subject. The House were aware that
there were t‘vo Loans due from the Public to the
Bank; one of-3,000,0001. granted without in-
west, and another of 6,000,0001. with interest
of 4 per cent. 'and which would be due on the sth
of April. Certainly the latter might be continued
if the Public and the Bank consent ; but the Bank
had taken sire to secure to itself the undisturbed
possession of the balances of till the public ac-
counts. Now it 'Should be kept in recollection,
that the deposits for the last twelve years had,"on
the average, never been under the very geetit sum
of 11,000,000/. ; being 2,000,0001. more thin the
aggregate amount of both these there!.
fore thought it would he extremely advantageous
for Government to remain unfettered with respect
to the balances in the hands Of the Bank ; and he
hoped that some arrangement would be made for
the discharge of these loanss,"or putting them on a
better tooting.

The CHANCELLOR Of the EXCREQUER.—" With
respect to the first question of the Hon. Gentle-
man. 1 am ready to give art answer at ()lice, so
positive and explicit, as to prevent the possibi-
lity of its being mistaken. It is, that I have the
strongest grouuds for believing that the Bank
has made the most ample preparations for restjm-
ing its payments in cash at the period fixed by
Parliament ; and alSo, that I know of nothing in
the intermit state of the 'country, or in its political
relations with foreign poWers, that is likely to
render it expedient to continue the restriction.—
But there is nevertheless reason to believe, that
some financial arrangements ar.e,likely to be adopt-
ed by foreign powers; of so extraordinary a na-
ture, that it may_probably become necessary to
bring the subject of the restriction under the coo-
si-deration of Parliament, with a view of conti-
nuing it so long as the immediate effects. of those
arrangements may he in operation, but no longer.
But I beg to repeat, that the Bank is fully pre-
pared to resume its payments at the time in ques-
tion, unless those transactions abroad, to which
1 have alluded, should render a farther temporary
restriction indispeusible. With respect to the
second question of the Hon. Gentleman as to the
advances made by the Bank, it is- in contempla-
tion to make provision for paying off the Loan
that bears an interest of'4 per cent. But as the
other sum has been placed in our hands rather as
a gift than as a loan, the Hon. Gentleman, I
should think, must be of opinion that it would
not be ties it able to pitt an end to that, without
obtaining an accommodation in some other way."
Mr. TIERNEY understood from the Right Hon.
Gentleman that tke Mink 'was in a situation to
pay in cash-. Did this mean the whole amount
of its notes outstanding ? But whether or not, he
understood also that there was something going on
with Foreign Powers that rendered it not impro-
bable-that a further restriction might take place.
—He could not conceive how tiny man, in the

same number of words, could hare left the thing
more completely in the dark. • For his own part,
lie thought the fact was nothing else than this :
that certain persons were very much inclined to con-
tinue the restriction ; but as they had 110 excuse at
home they weie driven abroad for one, and hoped
they might find something there that would an-
swer their purpose. He was quite sure, however,
that this explanation, instead of removing the in-
convenience arising front speculations, would have
the effect of setting every man's mind afloat for
the arrival of foreign mails and the course of ex-
change. This was what the Right Hon. Gen-
tleman had done by his explanation. to-night
The subject of re-payment was always an unplea-
sant one, and in-this. case, no doubt, it Would be
avoided as long as possible. As to the loan of
6,000,0001. we were also left totally in the dark
about that ; but on the former.subject he did not
think the Hight Hon. Gentleman would have he-
sitated a moment in putting it beyond all manner
of doubt. The last time he (Mr,. T.) addressed
the Howe upon it, he was ridiculed, and accused
of being even wilfully wrong, for that the Bank
not only intended to pay, but were then actually
paying. Now, however, we were left ten times
more in the dark than ever, and it must be clearly
seen that the Chancellor of the Exchequer of this
Kingdom had not one distinct idea upon the sub-
ject.
The question for the adjournment till Saturday
was then carried.