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

BANK OF }NOLAND.

Mr. TIERNEY moved for the appointment of a
Secret Committer to inquire into the outstanding
mantis of the Bank of England, and the mows ni
meeting them ; also to inquire into the elects of the
Order in C 0111161.01 the 27th of February, 1797. .
Mr. MANNING said, the whole amount of auk
Notes, Bank-p st Bills, and Bank paper of aligns-rip.
,lions, was nu greater on this day than 022,50u,0utt
r With this limited issue, compared to the issues of
other years, he saw no necessity whatever for the
motion of the Right Honourable Gentleman.
also expressed his surprise that the Right Honourable
Gentleman, who had filled an office of high trust in
the Government, should think of undervaluing
security of this paper.
Mr. H. THORNTON conceived that a compli.
ante with this motion would be nothing lac trim
implying a suspicion that the Bank WAS not solvent.
He denied the insinuation that the Bank was actuat-
ed by motives of.profit. They had a much mote
importankcbject in view, namely, that of suppoitiag
the mercantile credit of the country.
Mr. JOHNSTONE believed that the Bank Di.
rectors had conducted themselves with an citrate&
nary degree of moderation in the issue of Papa.—
What he complained of was, that the Minimr had
too great an influence over the Bank, and that the
Bank was identified with the Goverument. No masa
could doubt the solvency oldie Baak, it Government
discharged its .obligations to the Bank. He therefore •
wished the proposed inquiry should take place. •
Mr. MARRYATT said, in his opinion, the credit
of the Bank, like the credit of Governmerd, smell
be best supported by inquiry into its transactions.— •
Every year that we went on incrcadng out paper
circulation, we went on increasing our ditficuloes.
Formerly, so unusual was the failure of a banking.,
house in London, that on the failure of Fordyce sad •
Co. that circumstance was placed amongst the me-
morable events of the yeah the great fire of Londe%
the plague, &c. ; but since the Dank restrictious had
existed, no less than eleven banking.houses in Loden
had failed. These failures arose from the increase of
paper currency, which had encouraged speculation.
and led to many of our present difficulties; for tbei.
reasons he should support the motion. • • I
Mr. A. BARING saw no reason ihe Bank haat*
shun inquiry ; but he would put it to the hons. 4
whether such inquiry would nut have the ettect fit
spreading distru4 abroad.
Mr. HER BERT opposed the motion.
Mr. ABERCROMBY contended, that to perse-
vere in our present sys.em would inevitably lead to
the ruin of the finances of the country ; for that tea.
son he should vote for the motion.
The CHANCELLU:t of the EXCHEQUER
thought, that even on the grounds of the Rieatg
Getithman's Own statement, that the Bank
'was an excessively overgrown and rich C,rponiktee
he was not entitled to tits motion, as that wads
best reason he could adduce of the bttle neceniti,
there was for it.
Mr. TIERNEY said, he had been misrepresill4
by the Right Hon. Gentleman. lie had not
rented the Bank as a rich, flourishing CompanY.
had indeed acknowledged that they, since tbe.*: •
strictions, had made excessive profits, bso
but he
also stated, that they had spent them, and Doer*
vided for the paymtra of their
was then put, and negatived without a division._
Mr. TIERNEY then moved for a Teton 121.!1%,
amount of the dividends of profits made by the Dm
to Proprietors every year, ending the sth of J
on the profits since 1797.
Mr. MANNING opposed the motion, and Sr'
BARHAM supported it..
Mr. GRENFELL aid, be had no fleshes° ..14
stating, as a Bank Proprietor, that the In eft
vided since 1797, had been 34 per Cent.
Mr. MARRYATT said, he believed d* ci!!!
lance of the Bank to return their profits did near!
from any doubts they had of their own solvency'
__"`
that they were afraid to let the Public kntiltaf.
enormous those profits had been.—The mom
thin put and negatived without a division.
IRISH AFFAIRS.
Mr. W. POLE moved for leave to brine? _
to enable Coadjutors of Archbishops awd DOT./
Ireland, to exercise the power of Arcbbhlrls.;
o
Bishops respectively in their absence ; and
ireuradi
bring in a Bill to amend the Militia Laws wail
—Leave given. He then obtained leave to
a Bill for the better providing for the suites IT. the
milies of the Militia in Ireland ; and to enable
wives and families of soldiers* embarking in lt -
for foreign aervike, to return to their houses. .
COMMITTER Or SOM."' Reps, II
Mr. LUSHING'rON brought lip the
the Committee of Supply.
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