Star.
London, England, 1812-03-18 00:00:00

STATE OF THR COIN AND BANK-NOTES.

Lord CASTLEREAGH said he held in his hand
two Petitions, connected w•th the subject of a mo-
tion which his Right Honourable Friend (the Chan-
cellor of the Exchequer) meant to bring forward that
day. A Bill had been passed last year for making
the payment of Bank-notes a legal tender for rent
in Great Britain. But that Bill did not extend to
Ireland, and consequently great inconvenience had
been felt there ; for many landlords would not take
rent unless it was in cash : and many tenants sus-
tained a loss of '25 per cent. by paying in notes. The
Petitions were from several persons residing in the
North of Ireland ; and after stating these grievances,
it prayed, that the Act passed in England last Ses-
sion, might be extended to Ireland.
Mr. W. POLE conceived it would be a great
grievance to the people of Ireland, it they were not
allowed the same advantages as the pcope of Eng-
land.—The Petitions were then read, and ordtred to
lie on the table.

The CHANCELLOR of the EXCHEQUER
moved, that the Act of last Sessions be continued,
with certain amendments and alterations. He could
not conceive any opposition likely to be urged against
continuing the Bill in this country ; and it it was ne-
cessary here, it must be so in Ireland. He should
propose, that the Bill be read a second time before
the holidays, and then deferred for some time, in
order that the Members of bath Houses might have
an opportunity of taking it into consideration. He
meant to go further than the Bill of last Session ;
for he should propose to protect all payments tf Bank
Notes made into Courts of Justice—so that, in Such
cases, they should be deemed a legal tender, which
was not the case at present. He then noticed the de-
cision which Lord Lllenborough was obliged to give
lately in an action of replevin, wherein a payment
into Court in Bank-notes was declared not to be a
legal payment. The Bill of last Session produced no
inconvenience whatever. Only three actions had been
brought, and was it not likely there would have been
many more, had the Bill of last year been the op-
pressive measure it was described to be? There was,
however, a disposition sufficieet to shew that some
remedy was necessary for protecting individuals from
oppression. He therefore, with this view of the sub-
ject. moved for leave to bring in a Bill for renewing
the Act of last year relative to the payment of Bank-
notes for rent, and to extend that Act to Ireland.
Lord FOLKESTONE expressed hie_ astonishment
,tat the flippant manner in which the Right Honour-
able Gentleman brought forward a measure which
was nothing less than making Bank-notes a legal ten.
der. Thete was no pretence for renewing the Bill
of last year, because the price of gold was every day
diminishing. But this diminution had not arisen
from -the 13,11 of last year; for after that Bill had
passed, he himself witnessed the greatest scarcity of
coin. It was remarkable that only one conviction
occurred under the Bill of last year, and that was in
consequence of a man having been seduced into the
commission of the offence.
Lord CASTLEREAGH said, that so long as the
Bank was restricted from issuing cash, it would be
gross injustice riot to protect the subject in a manner
to do away the effect of that restriction. The only
object then of his Right Honourable Friend was to
provide, that in Courts of Justice men should not be
compelled to do any thing that were impossible. It
vivas impossible for the subjects of the country to pay
in guineas when guineas were withdrawn from circu-
lation ; and the only object now was to protect the
subjects azainst wanton oppression.
bfr.-T.M.R.NEY said, that the whole of this busi.
nes: wed to be an attempt to undermine public
credit. The fact was, that the Right honourable
Gentleman knew he dared not meddle with the Bank.
The Bank were the masters of the money concerns
of the country ; and nothing could be done until the
„Bank was c 211•41 before, and obliged to give an ac-
count pf its proceedings lei that House. It was ag.

• •
giag lees thaw direct fraud to compel men to take
for money bits of paper. from a Company of whose
solvency the Public had no know ledge_( Hap, &awl.
This was a worse system than that of French assii.
Rau. The Bank had the power of is-cuing paper t,
any amount; their profits might be extended to any
amount ; and the Chancellor cl tlas Exchequer was
wholly in their power. Therefore, when the Bank
• Directors told' the Chancellor of the Exchequer that
their notes must be made a legal tender. he had a
'right to demand what their profits were, and he snoop
• lltOVe for a retaril of the same. This day the char.
cellor of the Exchequer was relying on his stcutuebe,
land taking upon himself a thing *hick ro Zsliinster
would venture upon ; and if something walnut duauh.
to interrupt the progress now pursuing, it must c... 01
in the total ruin of public credit.
Lord CAST LE R EA GH explained.
The CHANCELLOR. of the EXCHEQULIt
denied that he had eves- manifested a dispositier: L,
injure the credit of the country. As to his relyi:l
on his stoutness, he was by no means indiffei cat
his being left in a minority in that House; and would
not urge a measure which was not likely to have the
majerity of the whole Public in its favour. And that
man would be a hardy politician who would do any
thing to shake the credit of the Bank, which must be
the case if the doctrine of the Right lion. Gentlest:4u
WAS. adopted. The amount of Ikank•notes in circula.
tion was less at this moment than it had hitherto
been ; there was actually a limit to the issue of themt
but to fix a limit by law would be producAye ofgreat
public i3convenience.
The House then divided.—For the Motion, 73 I
against it,

. '

•

Li
,
it

'C "

... '

:T

S.

e-

DI .

ta
ti
of

11.

.e.

.01
on

ha
sk
1'

le.
ise
rut

;a

to
Ido
is
ta-
tb!

-04
the

emserwetfon a Ereibeetkr in 7Plyennoth 81304,,
IMr. W. Kry,i hnd W. P. eilENflal„ deelitred dteixi
• ino that the work Would prove of 1/n1.11614y thiit
orn
was eerwc!it • • , •
Sir HOME POPHAM was also 'of opinion- the
..wed work. would not answer. its object • on the
r;rtrary, it would he injurious to inn! naval service.
e finwouruhk Admiral w,nt into a technical de-
the proposed work, and contended it
eciption nt
would:prove highly beneficial to the enemy, by assis-
till them in any object they might have against Ire-
land; f r, with a fur wind, the French fleet might
get out of Brest and reach Ireland in 48 hours ; and
if the proposed work was carried into effect, even
should we, at the time of such an attempt on Ire-
land, have a fleet in Plymouth Sound, it would re-
quire nearly 48 hours for them to get out. He thought
the work should not be undertaken without due con-
sideratine.
captaffillEßESFOßD thought that the Break-
water would be of the greatest benefit to Cawsand
BAy, by enabling a greater number Of ships of tip:
Ent to be moored there. Setting aside every other
consideration which rendered this undertaking, in his
opinion, most praiseworthy, he thought that, even on
this account al(ine, it ought to be adopted.
Sir HOME POPHAM explained. He,said, that
whatevermieht be tho advantages which would really
result from this plan, is enabling ships to anchor
there in greater safety, still the country bad no right
to expect that all the benefits mentioned in the Re-
port were likely to result from this undertaking.
Sir JOSEPH YORKE thought that this Break-
water was of such vital importance to the interests
tithe country, that it ought nit to be delayed.
Sir RICHARD BICKERTON spoke a few words
is favour of the Resolution.-

•
Mr. WHITBREAD said, that the principal qiies-
tion was, whether the expences of this undertaking
would be equal to the advantages which were pro-
posed
ta be derived from it From the estimates it
was fair to infer that the completion of the work
would cost not less than two millions. Yet if it
timid be of use to the country (as many gallant •
and experienced Officers had admitted it wou:d be) I
he was glad to see it was likely to be set about ini-
mediately.
Sir C. POLE said, that in the present state of the
site of our ships, he conceived it to in highly neces-
sary that we should have a safe anchorage for them
to the westward of Spitheal, particularly as there
was no such thing at present. He therefore would
sot 'oppose the motion.
Lord COCHRANE would not oppose the con-
strucion of this Breakwater altogether, although
be believed that the necessity for it was an arti-
kial one; for, in the present system of the navy,
vessels catalog in, even to get new lower-masts; were
obliged to get them into the Roadsteads, when they
ought to go into dock. By this means, the men were
prevented from going on shore to recruit themselves,
which was the cause of frequent punishments, and of
desertion;. He stated, from his own knowledge of
the fact, (having worked into both harbours without
pilots), that Plymouth Sound was not now so diffi- •
cult of access as the harbours of Minorca and of Malta,
which were considered the finest in the world. He i
'weld, if he were informed of the proper time for so
doing, move an amendment to the Resolution, that.
50 per ant. should be appropriated to the construe-
tion of that Breakwater, out of the sinecure places
which a Committee of that House had declared
Mould be abolished.
The SPEAKER said, that the proper time for
tech an amendment would have been when the Re-
pletin was before the Committee.
Lord COCHRANE was sorry that he had let slip
die opportunity for making his amendment ; but he
could not help thinking that the money of those sine-
cures would be as well applied in sinking stones in
Plymouth Souttyll, as in treating the Ladies and Gen-
tlemen of the metropolis with Burgundy, Champagne,
end dances, as was now the case.
After a few words from Mr. A. BARING and Mr.
C. YORKE, the Resolution was put and agreed to
tin& ma.—The other Orders of the Day were then •
disposed of, and the House adjourned.