Star.
London, England, 1802-04-22 00:00:00

ZANIL IMPACTION •ILL.

The CHANCILLOIL of the Exciettlyn moved the
Committee on the Bank Beßriaion Bill.
Mr. Jonas rote to enquire when would be the pro-
per. time to fubmit a claufe he meant to propofe ? '
The SPIAILER anfwered" In the Committee."
1 The Houle having refolved itrelf into the Com-
mittee,
The CnowcaLima of the Excntosta faid, that
having on a former occafion Rated the grounds
upon which this Bill was introduced, he felt that
it would be unnecelary, as indeed it.would be ir-
regular and improper in this Rage, to enter into a
difcufiion of its merits. He therefore rote only to
propofe, that the blank fhould be filled up with
the ift of March, 1803. It teemed to be generally
admitted, that the uncertain relation in which the
Powers of Europe Rood in confequence of the
Peace, and the courfe of exchange operating fo
much avian this country, were caufes fufficiently
firong to juftify the continuance of the reftriaion
I on the iffue of fpecie from the Bank : but fome Gen-
tlemen differed with him as to the manner in which
this meafure ought to be introduced to the Honfe,
and to the time proper for its duration. The for-
mer thought it defuable to appoint a Committee
to examine the Rate of the debts and edits of the I
Bank ; but would any man feriontly entertain a
cloubt that the Bank was fully able and compe-
tent to anfwer every demand upon it ? He wined
it to be underilood that the Bill before the Com-
mittee did not originate in any fufpicion of the
fufficiency of the Bank, or of the Directors, to re-
fume their payments in fpecie, but folely from
grounds of political expediency. Of the fohdity of
the Bank he was perfealy confident ; and he was
happy in being able to afure the Committee, that
on the part of the Direaors there was not the leaft
reludance, but rather a readinefs to iffite fpecie,
as formerly* thould Parliament think it proper and 1
necellOry. Into an inveftigation of all the caufes I
which fuggefted the propriety of continuing this re-
ftridion,-he was at prefent not difpofed to enter :-.
they would perhaps require the diligent attention
of a Committee throughout a whole Seffion, and
the inquiry would be extremely minute, without.,
being at all material in this inflance—for the prin. T
ci caufes were obvious, and of public notoriety. r
e only queftion now to confider was, as to the
period for the duration of this Bill. It appeared
evident that it ought to continue until thofe
eludes which now rendered it neceffary were likely
to ceafe. Our Export Trade had been for Come
time back almoft at a Rand, and that produced the
balance of exchange againft us. He had no doubt
however that that trade would loon revive, and
that in confequence of the Peace we &mild find
new vents and markets for our manufactures ; yet
it was to be taken into account that returns to tbofe
exports were not to be looked for—at leap fnch
returns as would materially benefit our commerce
I—within1—within a ['sorter period than ten or twelve
months—to this it was defirable to make up our
minds; for fooner the evil this Bill was defigned
to counteraa, namely, a difadvantageous exchange
was not likely to be removed ; it would be too
fanguine to expea it, therefore prudence and po-
hey pointed oat the neceffity of this refiriftion, in
order to prevent the exportation of bullion, a fpe-
cies of traffic, which however lucrative to indivi-
duals, would be extremely injurious to the nation.
He knew that fome Gentlemen were of opinion
that the Bill thould be limited to five or fix weeks
after the meeting of the next Parliament, bat of
that he difapproved ; becanfe it was impoffible to
afiertoin when that Parliament might meet—per-
haps fooner than it would be wife to allow this Bill
to expire; befides, if it Osould affemble in Novem-
ber, it would be competent to confider the merits
of this meafure, and how far the caufes which juf-
tify it than have ceafed ; indeed it will be folly
competent to that enquiry at whatevertime it may
Peet; therefore upon that wound, no inconve-
nience could refult from agreeing to the period he
propofed, and mach inconvenience might arife
from adopting the period he had alluded' to. An
Hon. Gentleman had expreffed a with that a clank
flionld be introduced into this Bill, authorifing the
1 Bank to refume its payments in fpecie by degrees,
according to the dircretion of the Diredors ; but
to that he (Mr. A:) objeapd, for be was not will-
ing to give them a greater power, in that refped,
than they had under
.former Bills, namely, that
upon five days.notice to the Speaker of the Houle
of Commons, they might pay oily debt or demand
in rpecieruch was the coullruition put upon the
Bill by thofe empowered to carry It into effect, and
beyond that power he was not now difpofed to go.
th did no wiTh to pqt the Bosh ig the invidious

prol4ewouwpoldtiffietaiop:nraPPteolgtthoitsedi:H;Yoninit.enuisr imntluerPecmhacinme'oalwrelhueidclieligditibtili
that the power of this reftriaion Should ref in the
hands of Pat liament, which was the &tell' judge
of thole grounds of political
.expediency that oti-
ginaßy produced, and now urged, the continu-
ance of the meafure. Under, tbofe confederations
he could not content to vett Such unlimited power
in the Bank as the Hon. Gentleman demanded.
—The Right Hon. Gentleman concluded with
moving, &c.
Mr.7tteary dwelt tome time on the Clank in
the former Bill alluded to by his Right Honoura-
ble Friend, contending that its contiruaion did
not imply the payment of dividends, whiiih the
Bank were not debtors of, but merely the initru-
ments of Government to difcharge. The fur.
Member Paid he did not with to attribute to ti,:
Bank any difpofition to delay the refumption of
its payments in cafh, nor was he willing by an,
means to put them in an invidious iituation ;
if it was not the with of the Bank to continue the
reftriaion—it was folely a meafure-of Rate policy
—why not, as on former occafions, precede it by
the Report of a Committee, explaining the reafons
of that policy 3 For Iris own part he could not un-
derfland the reafons Rated by the Right Hon. Gen-
tleman for this Bill. When the Right Hon. Gen-
tleman talked of the Courfe of Exchange againft
us, he could comprehend him ; but what was
meant by the new lituation in which Peace would
place the Powers of Europe, be did not profefs to
know; Rill lefs did he know bow the Stoppage of
the hike of fpecie from the Bank was to ailed that
new fituation, or to be a remedy for the conk-
quences which that new fituation was to bring up-
on this country, or why it Should induce theHoure
to interfere between the Public Creditor and the
Bank. As to the time propofed by the Right Hon,
Gentleman, he (Mr. T.) thought it rather too long.
for he apprehended the Courfe of Exchange would
change in favour of this country long before
March. No man could be farther than he was
fiom meaning to complain of the refources of the
Bank,, but whatever his opinion might he of its fo-
lidity, or of the wifdom of thole by whom it was
governed, he could not help thinking that this re-
ftriaion was altogether fomewhat of a Rain upon
the Public Credit of the Country. He deprecated
the fentiments of thole, who had exprelled a with
that the Bank Should continue always reftrained
from payments in fpecie ; adding, that he would
be Sincerely lorry that fuch a reariEtionthould ever
proceed from any thing but imperious neceffity.
The principal reafon which urged him to propofe
that the Bank Should have the power of iffuing each
gradually, according to its own difcretion, was.
that they themfelves Should have the merit of re-
fuming their payments in fpecie, and becaufe he
did not think it would be prudent to retinue their
payments fuddenly. He concluded with recom.
mending that the blank Should be filled up with
fit weeks after the next opening of Parliament, as
in point of hone Sty and policy, he was perfuaded
the duration of Ibis Bill ought to be as (tort as
Mr, M. A Tartoa differed is opinion with his
Hon. Friend (Mr. T.) ab to the conftruaion of
the claufe in the aft for payments in fpecie, on
previous notice to the Speaker. He argued that
dividends were debts of the Bank, becaufe the
money was lodged in the Bank by Government.
to pay them ; and contended that the Bank had
Ilifficient power by that claufe to anfwer all the
purrfes Rated by his Hon. Friend, as to the dif-
eretionary payments in office.
The Arroitsav-Gaexam. corroborated the ar-
guments of the bill Speaker.
Mr. Trusty and the Aproaesr-Gstitast.
mutually explained.
Mr. Jowls was ready to admit that the Bank
bad money enough to pay all demands upon it ;
and from communications to him, he Paid, he un-
derftood that the Stoppage of its iffue of cath was
a great evil ; and that the Speculations which pro.
duced the very unufual and unprecedented rife in
the premium for the fall loan, were attributable
to this reftriaion. Such fpeculations be confidered
veg.hTifehievons.
CHAIICSLLOR of the Excitropta Paid, that
under the claufe in the former Ad, fo often allud-
ed to in the courfe of the debate, notice was three
different times given to the Speaker on the part of
the Bank, for payment of dividends, and pay-
ments made in confequence ; a proof that that
elaufe was not underftood by the Bank Directors
in the manner defcribed by the Hon. Gentleman
(Mr. T.) With refpea to the periods at which
this reftrietion on the Bank was formerly enacted,
it mull be recolletled, that the motion uniformly
wasto prevent fuch a drain of our fpecie as might
be injurious to the; public intereft, and fuch was
the reafon now; and if the claufe giving the Bank
a difcretionary power to iffue cat)), was not in the
former bills, he would think it better to let the
prefent Bill go without it, becaufe it was a mea-
fore which had no reference to the individual in,
terefts of the Bank; and becanfe it was invidious,
Cofer as it concerned them, and inconfitient with
the public principles upon which the meafure was
founded.

Mr. Deer maintained, that the credit of the
Bank never Rood higher than at prefent. He Paid
that there was now a profit of five per cent. or,
every. guinea exported from this country, and that
this arcumftance alone was fufficient to call fur
the continuance of the Bill before the Committee.

He denied that the high rate of premium on the
Loan was at all attributable to the reilrittion on
the Bank, and aliened that premiums on Loans
were often higber before fuch a reftrietion was
thought of.
After tome further obfervations by Mr. Jones,
Mr. Vaniittart, Mr. Simeon, and Mr. Dent, the
Motion of the Chancellor of the Exchequer was
agreed to, the Houfe refumed, and the Report
was ordered to be receised tomorrow.
Mr. Jou: gave notice that he would make
propofition, on the Report being brought up, to
mtrpduce a clank, the nature of which the Hon,
gentleman did not defcribe.