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

PAR LI A ME NT.

110UsE OF LORDS, TUESDAY, MA 26.

The -Irish Wink Restricrion—The Coal Ditties.
Regidm ton—Tne Silk Bounties--Irish Excise Re-
gqi.,,(i.ll—Disembodied Militia—lrish Militia l'ay
Dud Cioti.ing—and the Irish Assessed Taxes' Bills,
bront4ht np from the Commons by Mr.
iirogden and others, and read the first time.
The Report of the Queen's Council Bill being
lalcru in«) consideration,

The LORD CHANCELLOR proposed the introduc-
tion of an additional clause, which, together
with the amendments made by the Committee,
were agreed to by the House, and the Bill, as
amemled. ()Meted to he printed.
Lord GRENVILLE presented a Petition from the
Govt roots and others of the Guardians of the
Poor in the City of Bristol, against certain pro-
vi ions of the Poor Laws' Amendment Bill —Laid
on the table.
The New Churches' Bill was read a third time,
and passed.
The E 41 of LAUDERDALE adverted to the Game
Sale Bill, over for a second reading.—
Ile wished to know from any Noble Lord when
it was proposed to move that stage of the Bill, for
he added it was his intention, on such occasion,
to move, that the Bill be read a second tinie on
that day two months.
Lotd HOLLAND stated his intention to move the
and reading of the Bill, then before their Lord-
s:,ips, respecting the punishment for privately
ate ding. on this day se'imight.
The Marqnis of LANSDOWNE gave notice that he
meant to move the second reading of the Convic-
tion Rewards' Regulation Bill to-morrow.
BANK RESAICTION BILL.

The Order upon which their Lordships were
summoned, which was for going into a Commit-
tee on ;his Bill, being read,
The Earl of LIVERPOOL prefaced his motion for
that proceeding with a speech of some length.—
In the course of his observations, the Noble Earl
remarked, that whatever opinions might have
been entertained with respect to the policy of the
Restriction, at the time of its being first imposed,
or on that of its continuance, there was none ab-
stractedly as to the expediency of its being taken
off, whenever such could be done with safety and
security. With respect to the period once fixed
for its discontinuance, namely, in six months after
the conclusiots of peace, it appeared to him that
that was a period at which it was morally impos-
sible the restriction could be totally removed, in-
ast»uch as it could not be raiionally expected,
that after a war of such unprecedented conti-
nuance and expenditure as that in which we were
engaged, the return to a state of peace could
be unaccompanied with such a change. nay, he
may say, convulsion, in the state of property, as
would render it a v-ry inconvenient and injurious
period to remove. the. restriction. In such a si-
tuaA-n of thineS, some pause or breathing time
should he. allowed, before such a measure could
be safely aeopted. It was therefore found inex-
pedient or impracticable to take off theTestriction
at the time, and at a suhsequnit period, he was
compelled by circumstances, but naturally with
regret, to propose the continuance of the restric-
tion. The circumstances in which the country
was then placed- were so clearly felt and under-
stood as to show that no alternative was admis-
Ode. In the present instance, circumstances,
connected with peculiar and temporary events,
rendered it in his mind an imperious duty upon
his Majesty's Government to propose the adop-
' lion of the present measure. It was not there-
fore a question of general reasoning, but a con-
sideration under the circumstances of necessity.
Generally speaking, however, it would be prefer-
able to postpone the discontinuance of the restric-
tion rather too late than otherwise, in order to be
able to do it safely and effectually. The peculiar
circumstances ni,der which the measure was now
brought forward, were matter of public noto-
riety. There were certain transactions now in
progress in foreign countries, which unavoidably
had an important effect upon the commercial and
financial concerns, not only of these but of every
country in Europe, and particularly with respect
to the state of the Exchanges, and the recent deter-
. Mination of the French Government to come to a

general arrangement with the other Powers of
Europe, not only with regard to the contribu-
tions which were to he paid by it, but also with
a view to the liquidation of the claims of private
individuals. That Government had engaged for
these liquidations by short intervals, and in such
a way as obliged it, within a limited period, to
neguciate a loan of 30 millions sterling. In such
circumstances, it became bighly unfavourable for
such a measure as that of removing the re-
strictions ; and in such an unprecedented state of
things, he certainly was not hold enough to allow
the Act of 1816 to expire without his proposing
its renewal to Parliament. He contended against
what was urged on former occasions, that the
advances made by the Bank to Government were
the cause of continuing the suspension. They
certainly were not, either at the period of the ori-
gin-41 Restrictions in 1797, or at any period since.
—On these grounds, the unavoidable necessity of
which lie did not but regret, be felt it his duty to
move their Lordships to go into a Committee on
the Bill.

Lord GRENVILLE, in the course of a speech of
very considerable length, argued against the adop-
tinn of the proposed measure, as one of an in-
furious and even fatal tendency to the best inte-
rests of the country. Instead of deeming an in-
terval of six months too shot t for the removal of
the Restriction, he, on the contrary, regarded it
as too long for continuing a measure, the effect of
which' was to pay every. description in a depre-
ciated species of paper, and which, at that Mo-
ment, relatively to the standard coin of the coon-

try, was at a depreciation of about 5 per cent. The
medsurewould operate
_exclusively for the benefit

of the Bank itself, and most injuriously for the
country at large. The continuation of such a

- _
sysrem was in effect to remove the ancient land-

marks of our credit, to militate against the prin-
ciple of distributive justice, and to subject the
whole commercial system of this country to the
will and caprice of oue body within the State, and