Star.
London, England, 1826-02-28 00:00:00

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was the•greXiemtverfiente Of the practice. But
v the adoptitrUrit'the Bonding end Wawhousing
.) .and-thicesos were under the Kings lock, all
t - Ain, ;er ces in tinning money upon them were
'‘.
'''.4 ellhd. if not ent:tely"done away. Supposing the
advanced not tab* to the Mt affifient of the goods, but .
half or vate.flieres, they would beervineh hatter security than As
credit of individuals— It asasiolii that to advance money fir•ei
,hens Period Willig .4.Anoustk last if the lioble Marquis had ,
;Bern the Danaher-
of pttaililli'avitVerhons he ' I'l of foiverPoolkj
bad tanovirtedtaif &Widget*: *hist . . Part
' * eeyntrf• •w'
• w"old ham, these leutepsenerelly bell that an vance fur thati
limited period. wield* sof the greatest toe. The money was IN
the country. std nothing but the restoration of confidence was.
wantrd. If were li want of means, the ease would be very'
diferent ; but If, as he hawed, money was merely baked up, thei
' - CoUrft proposed would he themost offectstal. . .
The E,rl of LAUDERDALE considered tbat mea-
ante as merely tending to remove the responsibility
from his Majests% Government, and to throw it on the
Bank. The Noble Earl. said that in 1793, the difEcul-
ti.s arose out of the politicsOf the day ; but was not that
the case now ? . They were ascribed, he well knew, to
pao'c and to overtrading, but if the _balance of gains
anti loom through. the whole • couotry were struck, be
did pet think that the latter would be foam" to exceed
1,100,(1004,'„. The Noble Eat said that the circulation
of one ;mkt., pound notes, and the state of the law
with respect to honking, were other causes of that dis-
tres.s,,end then beintrpdured a Dew Aystetll of banking I
Was that a mode offesto• iog confidence?' Many caulk.
try bankers had weathered the late storm with great,
loss to themselies.ttnt still ins manner which bad con-
-srmeJ their crldite_ as not that more likely to restore
confidence than _a ;Sew system? Rut the truth was,
that Mr. Pitt, in declaring
.war in 1793, had not been
a more active,4geot in bitoging distress upon the con:l-
-ay than the Noble Earl in prottircing such measures as
were now liewe Parliament. Had he attended to his
Majesty's Speech, he would have.seen it stated, that the
Frowink prosperity of the country would soon repair,
the evils which ii had suffered ; but he bad taken
another way and wanted to effect a total change of
system, the most fatal measure which could be coo.
ceased, and the consequences of which became every,
day more apparent. The best and only way of giving
relief would be that adopted in 1793, and again in 1814.
Ryan if it were wrong to itself, the very circumstance of its having
already restored confisiesce waulti make him say (the Bari of Lau.
deed ale). tread the path ',Wilms already succeeded. But is those
times, right or wrong„ same sew experiment must be tried I lie
Noble Earl had brougbt ibe stuantry to such a mates that an Moe
of Exchequer Wins would be very useful, and mach more ellsea
teal than MI his soma (angled plans.
. .
/ . Jane GRA RTelt.
'llse Turntroar, nwea. that the Iteplitt of the Cow,
wditee' Os • 'Witili Charter Aketuifun Alin be agreed to. .
.:The Itritsis of LA.NSDQWN rose to propose . a
proiiro to the clause; addea by the Noble Earl to that
Bill for. allowing.the Bank to establish Branch Banks id
various parts of,the country. The object of this pre=
vise sills-to CoaPill iiii Bank of England, in the event
of isiestnNishisig such Banks, to make payments fd
coin at thoserplectrobere they issued paper. It would
ski*ifeto foutid'acasSary for chi Leir.hture to pro-
vi4 t;filtpl en Ac Ng, only convertible intsi'alin, but
that it be so convertible in the *arrant 111111•1110 f and at
dye, cisme* bore papee-witi mat nasal -”He was the
mote lelduclifialseAs tith Iftlinlrbit IllVfisaPpe)ted in
14111541 wlltil.'Pefirtlie 0rii..30-BeiebAiluit4 to Pay
iwrowal lois is sow:- Noesodimis .war* oomoseoced
agaiost shwarbir of Irilkod,. lobe: were wisely advised
Wittifit I,
... w)IV4 fheletaZr:bOit OW Or 9
Vnir
.;,... : ic •• •
geitsf'.4_l46A4.l APR . .gi PP* ft arse*.
Is CAMP swifts* ibis. brivrettr, byia • words
" in Dublin° on thei!„,poteg thglast•tnade •tbeir On•
tibera,sttal ha. ffir'Mfi- 'pith I 'lid we' fokrzaji, ta
can airt Wail& gslkitents., isiff bees tbar
toe ematrfeartters hi wow hid iatity adnpttditOn rill=
dient, anti made Abair notes pare* In I,,qpdarriM. The 'l4Rpt
tie
tiiiititel Ills riisvidWieltich stated teal Wetly ifaie lellere
Hillbesgellltki Beak off labia Was avail, ea bra Branch
F.stahlishosehlejoilty prabilsibernate tweed abeabitrOnine payable
. *wile at that plum misell as in lAndens. 1 'W.,4• ; a:. --•:;$ .V. •
.:.hat Espl:ot I.4I.IOBBPALS saidiehat saloarilletlialailweer
trams& la a parskolar - wanner, the Branch Baal* aillgb! ea" Thar
. therkid awl isearkthem. • ' ' ••• : .
I '',ll: Berl of iitnit POOL Sad no .otiettroft tithe!,
tOlitt 'provisti•of Alit. "Noble Marquis, at to the 'sugites--'
41 Pi Ill.:VOA" Tail. .As the Rank • of .:Enean
• notes were mote liable titan others to be forged, on
aeeotsist' of limit-great .cireulatioo, the Branch Banks
liiing' ipOrnolvs wfigfit be a benefit. It would .:
eigilly idvantagious in the case in which indiviifteata
t> ul¢ coneet seela‘ oxen Mn the Bank of Rogisod or sps.
any particular brae*, fur to throw discredit upon mat an sus-
Wunent woad bill a malt
Clerk. ..the therefore thought that It
would be Whittles, lAs. stk al Anslaad to adopt a different
form of isilibrW'rMt. ' Looking at the question with
ronstitetionslollllllll,l2llll/41fMs sisal act sea considerable check
arovltlidialt "44-'4 in I,is •' • ' • - '4 .
'Pox #flipti:ii: L4IIISDOW.N observed, that if
Af. _W•1#10044‘1111Vt:ottlCil A. tegolation it would be
iSJIIIIP•ii*Af . ainkilianah of.tho Bank of England to
ofillilliilleh the •airanie. loreir•owy baskla
_any di,rist. Fur if it

• •

II
...

eistoTsmt eldiged.aillay iasdu, i< trsMset tIU the notes of that
hawk irial4 AND rifilinami tea whom alte ether could not fttallate.
The edgiest clause having been agreed to, the ptuvlso was thee
piaLoodlosorisoesookitiourly,' iodising oodifesootid that ittbn~l if
oilifiliboatioroasee is isloll6.* third taw 81"'
morrowr.Adjustrned. v.. 11 so to •
.4; •
_IyaUSE, OF COMMONS.
•Pde. lESTCOURattook Aso Oath and ids seat as a Melehlreirdr
the University of Osfued,_
• .llre EATIKICS, Our *as 'WM** as Matiobor tor eseirefielio
• '
fit the+roomoffhisitshor.: . •
.11r. EMT. feeninticTreawarp, -brought sg an estruet Orem the
Bank Charter, which empowered thou so lent! money en peas,
o:gro4s 'do aqinsee. *et -.4.atid on lb* table.
Mr. I" llCAlef4lle4 *MA 4vaelf 10 biU for 4110ot 6ev•
%%11. 4"Aijor ta, Gr. • •,rm
IL 8 A b Ought in a' WI to amid the Act Mattes
to t4e Ifidtertdan Joint Stock Company.' " •
'Petionne agifint• Slaver); were presented by Elk W. Txamar,
(Ann Appleb);;Spalding, and Lint-din ; by flir J. Sesimirr, from
Stremon tAby Mr. Pesten, from Stonehasen; by .Sir Wx. Ryes
caws, from Eton-lp.ll Parish.—Ordered to be printed.
preleuted a IPetition from the hidden. and
Moiety of ,Adiremates id Aberdeen, against the Attealostys' Tax.—
Ordered so be pointed. , . • '
Ala. CUM II I PI 0 presented a Petition front the Provost and
Council of ledeotosit against It change in the currency, •
. dle.WiliKMA4VlPepreaented diftePrtiticins against slavery, front
Meogoppridge ;Ito** fie East District of Cornwall; cud Irani
droth.
hit V. COLE, premoted a Petition from the Crediters.o/ a
flanking ,Etteblishtueet, in BWallfea, In fartior of Mr. Bribe,
ileettor and. Criditer Bill The Hun. Member strongly recant-
'. , the principle to the consideration and support of - the
I tst.se. In the case 4 the Bank, whose creditors now petitioned,
wimp tip*, fit= to pay the whole of their debts by four
o“tantents of Gee shillings iu the pound each.
'Mr: unto in. tirade some cibservitioM on' the nester, of his
Bill. It made that lawful which hit/rent) Ole crittiidered an 'let
ofikoettiptcy, namely, an arraitgierwAte,• by .which' shore as.
signed their propirty td s porticet-oliattel• by the, Bill .as wrens
eightlau2-of their creditors for the benchtt of the whole. lie • was
itt'posseeriedontentedsus tenets front persees romPeclawnq and
judgment, hettiten expresdrin apprettal •ot the ilitt. He dwelt
twit& *Maths audwrity of one which** •Itad received irons "
iittiivieltef if alenettester-wa prat-Wad and:es MAI who
1
de*****ThiO4 by 6416 bfeefitial iTZgatose faker,
baskor MR, wall hint far pretkvables the armsgerment ivirick
c.mtentplated Was to a tienkreptiy. Tif the feensee 'caw, &hums
I if ceently discharged the white of their obligations; iu the lancet,.

. previous
the executing parties. _ exceeded woe
net an sea Of Bankruptcy unless Esmeedinga wore takes span it
within six months, and in many instances now existing, the credi-
tors who had consented to the asiigunteat milk& avail themselves
of it in order to take out a Commission of Bankrupt, unless a clatter
were introduced into. the Bill to prevent them.
Mr. BRIGHT would willingly agree to the proposition, and
would introduce the clause, if possible. •
The Petition was ordered to be printed.
Mr. 1,. FOSTER presented a Petition from the Atternies of
Ireland, praying ibat tbty might not be restricted to the taking of
certain fees.—Ordered to be printed.
Mr. W I LLOUGH BY presented a Petition front fisk Inhabi-1
tants of Newark.upoo.Trent against Colonial Slavery.
Four *iodine Petitions were presented by Mr. 3. Woaviae front
the town of Sheffield.
Lord sTANLRY presented a similar 'Petition from the County of
Lancaster. The Noble Lord also preowned Petitions from Man-
chester ; the Township of Royton ; the neighbourbo9ds of Mars.
den, Troubeck, and Arrowford.—Ordered to be printed.
Lord STANLEY presented a Petition from the Chamber of
Comnierse of Manchester, for the Repeal of the Usury Laws.—
Ordered to be printed.
Mr. SYKES having obtained leave, brought in a Bill for the
Coilection of Small Tithes.—Read a first time, and ordered to be
read a second time on Friday next. The Honourable Gentleman
then presented a Petition from General George Corketikrelating
to the Duty an Foreign Pictures.-,Ordered to be primed.
Mr. PHILLIPS presented a Petition from Ashton-under-Line
on the subject of the Corn Laws.
Lord J. RUSSELL presented a Petition from Huntingdon
against Slavery.
Mr. 11011 HOUSE presented a Fetiches from the parish Of
Margaret and St. John, Westminster, in favour of the NM
against Cruelty to Animals; and also similar Petitions 'Buis Hitt
Inhabitants of Pentonviile, and the pariah of fig. Mary4a4edieb-;.

Ordered to be printed.
•
Mr. CHARLES CALVRRT moved for Returns of the
Messy paid to..Greenwieb Hospital, front the Slat December.
lON, to 31st December, ittaS, on account of the sixpences de-
ducted from the pay of merchant manienee-Ordered.
Mr. i. SMITH presented a Petition from the Practitioners
Law of North Britain against the Anomie.' Tal.--41rdered to
be primed.
Mr. HUME presented Petitions from Aberdeen. and Arbroath,
gist. she extension of the Small Notes' Bill to Scotland. Bite
'Bondi small notes were extinguished, the•elfect would be to throw
half the population out of :employ : be hoped Ministers would
46 let well alone," • proceeding that It would have been well for
them to extend such principle to other .1 their 111161111Unte.
The Hon. Captain GORDON supported the Petitions. and
hoped that the Ministers would pause before they adopted the
threatened measure respecting the currency and small notes in &et-
land.—Potitione ordered to be printed.
Mr. HUME presented Petitions from the °Wady,. et.Senth
Shields and Blackwell, for a free nada letOns.--Ordlited7. to
be printed.
Lord STANLEY presented s Pedtian lbe'-Guttthie of
tenneaseer et Manchester, for the redesign of the en en' pse
Smell Nis etEachange..
Mr. CALCItA Ft asked whether the Ike, Member tor. 'Lis&
den intended to bring forward his ands% whielistend for to-
morrow, far aCoMatittao te knothole!, the aweless of thetoUntry.
Mr. T. WILSON old, 14 was ralhalhil kie Pree.nt tomato te
bring forward hie sadden. ilia selerstmai that something like
a partial arrangement bad boo ; amino that ripened late
seariatfikag like a decisive sal aesailtre,bl should bring
fer Ward his promised antis&
SANE PROMISSAIT MUSS SILL.. .
On the Order Of the nip &WA* HOMO. Obi tow a Copmehts•
on the J3anii Prot:dues/ Nevis-MU, being road,
The CHANCELLOR of the EXCHEQUER, iii"
answer to a question from Mr. Calcraft, said; that it the
bulimia of the Committee were Some through Mil:they
aysetug"„ be (the Chancellor of the Exchequer) *lli Iteekineli...,
*ties whitreer that the Bogert eight be reeelvoil twalWirkivirs is
graft at-tba day, whew the Ham Meesbar ornel4 be an
.ppor+YaitrOds4aedoghrhf *aim en the oh**. .
• On ftheseestii.Ser the Speekefs loving the Chair, .
HUME; wished, previous to the speaker's Ical.
ing the chair, to suggist a .proposition which he earl-
;weed would be foand most advantageous. It appeared
to him, that this measure was not applicable to Eng-
land, and still less to Scotland. It was well known
writ the medium at present in circulation in the latter
oenatry was much less expensive than the medium pros
posed to be substituted in this, and which it was appre
Mended his Majesty's Ministers might seek to extend
further than was at present openly stated. In what
way was this Bill to prevent the recurrence of the evils
already complained of. It was universally acknow=
'ledged, that the holders of those one pound notes were
the persons most aggrieved by ahe failure of a bank.
ing establishment; and he conjured his Majesty's Mi.
'litters to reflect on whom the odium would fall, if
after this period, any such occurrence should take
place as would involve the poor creditors in similardis•
tresses, and what responsibility they would avoid, by
acquiring a deposit from every individual banking
establishment, for the amount of every note that
should be issued by them, in order to scent.- the
'bolder against loss. He thought this latter measure
would leave a cheap medium in the hands of the pea
pie. by the use of which it was impossible loss should
be incurred. Thus, on the refuial of payment for any
,one note, in any instance. it would' be competent for the
ICoasmissiosirs in whose bands the security above atea-4
!timed should ha-deposited, to convert a portion of that,
Security into gold, for • the purpose of satisfyitsi Ste,.
creditors, This would prevent the possibility of a run
on any.ibank, and wools! in fine establish a paper
currency on a firm and solid foundation. By the pub,li.
cationrmorenver. of the accounts of every bank 'on the,
15th of cvoiy month, the people should be satisfied of
.the amount of the gaper currency in circulation, and'
public confidence would be-confirmed accorditly...—
It -appeared. that since the establishment of the hatter'C
Banks in Ireland, the number of one pound notes stampt
wok 2,000,000, and he was convinced that The adbption
of a-somewhat si tnik4r policy here might be attended with
a- simil r increase of confidence. Since the establishment
of Curter Bank. in Scotland only one failure had taken
plate, and .that was occas:onekl by its connection with
an unclrartered bunk in another provinc, The Haas
Member, instanced• the example of the Charter Banks
in Maseachusets,Nortb America, which were compelled.,
on pain of ksrteiting their chatter, to pay in .specie an
demand. The tonseqtience of this restriction was, that
no individual had suffered by a single failure of thOthi
[tusks. I-Ic should, therefore, conclude by' moving that'
nut' uo ions be given to the Committee to insert tt clitik4l
in the Pr ntiastity No H 11, requiring
"That it be an instruction to the Committee an the BW is pm.
vide for requiring from Wain ami 'Linking Ifetablialtameta, de,
punts (to he loiged in the Exchequer, or ahoy proper 400, wiped
la amount to the amount at promissory -notes paysisie
.Ipased by diem respectively.'
I : The CHANCELLOR. of the EXCHEQUER slid,
.it would be a very clumsy moda, ok-PfPceduie to in•
'esvparete such importa.it potentiating measures with the
.mete t-mpoisiry regulations which *ere enibeaced by
tie preaent • Bill. He thduAlst if 'hatild lt,iittle'toto
much to. iinApois Aiwa 41te Ilannutable I*loliet
persuade the MARC so far to %Mike 14%.,*(a11%41,9c,
ah 13. substitute his plan for • one to which they ltd
. . .. •

;.
.ti•

decided support, both in principle and
Chancellor lift thi ilidhequer) ems-
'nen." of'tlye Honey:misty Measber fee
labinh ter • vet Ingle!** obiegbitit • it's%
consleivel, wars the lben.,iimpeaper
.hirldiairal aunts depOsit that obeli
inasmath, as it. would place thatbddy-isr
elatioo, with regard to every person,
to infest his capital in a countr,
bank.. .1 the HOn. Gentleman recollect that there were
two species of creditorsale bank—those who held the
bank notes, and those *PM' deposited property in the
Bank ? To thoSe two classes of creditors the security
thus given would be unequal. He certainly should feel
it hit duty to oppose this instruction as the principk of the int siare,
at present in contemplation, the gradual estincdost of IL notes,
would be counteracted by the propos:don. -
Mr. SYKES thought the issue of small notes perni-
cious in its effects, and agreed in thr necessity of put-
sing them down immediately, and regretted the extension of their
`lssue to the 10th of October.
Mi. HOBHOINE said, he should be sorry to see his
Majesty's Ministers departing from their original inten-
tions, and thought that unless the proposed measures
were adopted, there would'be a continual recurrence
tii those evils abicjs all. were anxious to avoid, and
theref to lie thought that those persons who had a power
in the control of the currency, ought to submit to those
rules and regulations to which a!l other trading bodies
were liable, particularly when such submission would act
as a guarantee for their conduct. The Hon. Gentleman
thought the calamities arising from a paper currency, not
confined to the Bank of England, but to every banking
establishment throughout the country. When the price of
corn was at a low ebb the issues were enlarged, and it
consequently was apparent that a directly contrary course
ought to have been adopted. With respect to the Hon.
Gentleman who had said, that the measure was an unfair
interference with the currency, he would say, that so long
as*, prevent system reveled, there would be a constant recur.
.latter to the evil. He meant no offence to the country bankers,
in saying that he thought they were a.peruicioue set ateinds ; lad
he should strongly urge the neoessity of their giving sechrity in fu-
ture, The Hun. Gentlemen then proceeded.to 'hew the necessity
.of adopting measures to that effect ; and contended, unkss that
body were interfered with, a recurrenceof-mitlemisuld follow; and
-emit say, that if be bad seen any other opportunity for gaining so
rdsaleable in omit be wodld have embraced He wad not was.
istesith the measure which the Its.. Flom Gentleman had brought
forward, and thought that the Bank of England ought to be the
map suablidmansfer mewling and regulating the curresey.
Mr. HUSKISSON. rose to correct a misconception
,as io the sentiments attributed to him, on a late ;occa-
sion, in a debate on the_ subject of the currency. On
that occasion be bad made an allusion to a bank at
Horshaii, where there was but one bank at that period,
'which failed, and occasioned great distress in the neigh-
boating part of the country. When the shock subsided,
and was nearly forgotten, which was not long after, a
second bank was established in that town, and this also
gave Way, and became bankrupt in the late serious dill-
ficulties, too generplly experienced. According to the
statement of one of the vehicles which conveyed to the
public sentiments delivered in that House, the bank of
Hull was stated as that to which he alluded, though
Hall had a large trade, and many banking establish-
ments. The banking houses at Hull, were anxious to
reMove this impression, and be had been written to by
,the Mayor of Hull on the subject, to whom he promptly
explained the nature of the misrepresentation. As
to the 'question more immediately before them, be
could. not see how the Honourable Member for West.
:minicar wild, inconsistently with his last vete,
Aomori the proposed instruction to the Committee.
had Dever pet stated, not was it likely he ever
:should be so ralle.as to state, that issuing a bill for 101.
speint. wee an intirferenerwith the prerogative of the
'Crowe; but he certainly thought. that putting forth
11. aches as the representative of money, or cash, was
Ouch an interference to tbst extent. There was no doubt
there was a great deal of clacalty and distresi expe-
eimsced in obtaining the means of carrying on trade,
if not of obtaining a livelihood at prtsent; nor was it
:Itgry clear how these banks could counteract the evil.
'One of the consequences of such a measure as found-
Ins deposit banks would be, that in all cases of pressure
these deposits would be withdrawn. Again, would
riot. the depositor of money at these country banks re-
quite, and in reason require, as extensive a security for
his money as the mere holder of country batik notes ?
la truth, the principle, if acted on, would diminish the
iecurity.of the man litho ought to have the more valid
security, and increase the security of the person who
Vii least entitled to it. For his own part, Ire wished
sincerely the Charter. of the Bonk of England were fur-
.ther relaxed, and that they could be induced to permit the estab-
&latent of chartered Wt., with a limited responsibility. He
Amid ball is as ad am& of an Improved date eredl. It was
list to be portrays eapetami the Bank of Ragland would at present
make the law teener or later it would arrive.—*As
Air Pralpedim
to agree II
se Hon. Member be was sincerely of
atslul that were tie: ato give this instruction to
kho teanMsw - our Alliculties and embarrassments
mail be areadibureastd 64 aggravated tomorrow..
ROB RTSON contended, that although this
essstry could boast only a much less population than
France, still, in consequence of itiveiy. extensive com-
mercial and manufacturing transactions, it would re-
totas equally -extensive currency. " He feared the
was proceeding with tee Mock baste In passing the present
AA ON very imperfect informatios, and be pfd be must once more
lama and hisplore Molders to pause before they reduced their
thisprous theories into practice.
Mr: LESTER was too favourably disposed to the
present Bill ever to permit him to suppose that it would
be merely temporary. He had always entertained a
strongwois objection to the coen)ry 51. notes not being con-
or made payable at the place whence they were originally
lewd. Sle.losped tie Riess ileociorabie Gentleman opposite
woad resist the insportneate demands made oa them for their
assistance by an kite of &chequer Bills.
Mr. PIONCIC eoncOrred in the opinion laid down by
she Hon. Member for'Hull. It was impossible that a
*metallic and a paper Currency could go on together
simultaneously. The present imperfect system had a
direct tendency to increase the constant fluctuation of
prices. The very Act of the 17th Geo. 111., which this
was intended to revive, and which was a wholesales,
measure, was a temporary measure; but it was fogad
to be desirable, and was subsequently rendered pee.
matient. As to many cases of bankers lately become
bankrupt, they were known new to be little better than 'cases et
swindling; and it became Government. therefore, to guard the
'public from depredations like these being again committed upon
the innocent sad indestriens part of the community. The first step
towards this would be the establishment of the currency on a safe
and invariable basis; and the next would be accomplished by rec.
Juin/ the country bankers liable to a regulation of aid kind, for
'the security of their cteditors.

, Mr. M ABERLY hoped that Ilia Hon. F. iend would
Yield to the suggestion's*: nutty of his friends that ending. and
withdraw his motion for an instruction. Toe matins world hive
the effect of sanctioningilte principle of givoli sae sec of creditors
otbankers a preference above another.—Mr. limn refilled.
The UO46C thee divided, when there appeased for t. Ilassn's
motion— 4
Poe ittetraetios to the Comosittes • ],. . • II
Aiaittst it . • I"-
Majority . . . • . —4ll

•

Mr. Hawes meths was ceneemiently lest. On our rotors :u
04 Sailers'.
The CHANCELLOR of the EXCHEQUER °b-
urying, that aCthe lime of *hilt adjournment, 'bey
had been occupied in the discution of a proposition of
ithe HOn. Member for Abingdon (Mr. Mahe'ly), with
respect to a regular publication of the iss•tes of the Bailk
,filEnglami. He had, etafed then, that although bilks
'mot by any means an enemy to publicity , in the trans-
actions of the Bank, yeethe.illd nut, cOaseive that there
were the same reasons fcw„dentanding . a ccuppulsoly
statement of all its issues, es there'srgrE for requiting
an account of the circulatidh,'"of siatap . notes. ,The
House. he admitted, might -exercise its power in re-
quiring the amount of issues for i ptirtku-lar purpo-e;
but, as a genets' rule, it was his opinion that it would
lead to serious inconveniences. He had then stated iiiii
objections to the H-n. Member's motion to be fdtande/1
on these grounds; and he begged now to say, that his
judgment remained unalteted. The amendment was
then read ; it proposed, " That the Bank of Englund
shoold he required to make monthly returns of •aidatteount of an
their issues, and publish the same in the /ands. Gsawk.
Mr. MABERLY said, the Legisiatuie had already
recognised the plinciple of publication with respect to
the one and two pound notes of the Bank of bland, and lie saw
no reason why that principle should not be more gruerally extended.
Mr. HENRIES expressed his convic.ior. that the
Bank of England would not objeci to the proposes!
publication. He (Mr. Herriei) was, however, opp°sed
to it upon many accounts, but principally because it
had nothing to do with the Bill before the House. This
Bill bad for its object the gradual suppiessiou o! the
one and two pound notes. The House ought to coofiue
itself to that object, avoiding 41 estrane.ps or per=
plesing matter. It was adsuuted by-all tlidse who bad
delivered their opinion upon the subject. Us .t the mere
amount of notes in circulation was no ctiteribn of the
soperabundasse or deficiency of the corrency. Under these dr.:
cuinstances, he thought, that a great deal of injury might remit
from publicatiou, and no possible good, except the gratification of
the curiosity of the Hon. Member for Abingdon.
Mr. CALCRAF r ssid, that advaniages to be derived
from publication were already acknowledged in the
instance of tLe 11. and 21. notes Of the Bask of England.
and he certainly mold see no inconvenience to be anticipated; on
the contrary, a greet deal of good might be expected from the ex.
temien of the principle.
The CHANCELLOR of the EXCHEQUER said.
the Right Hon. Member's argument was t-unded of:on
a mistaken view of circumstances, under which the
Bank of England was called up .ri to set-nn an ac-
count of the amount of their 11. and 21. notes. They
had done so under the provision ~... an Act of Parliament
passed during the restriction; but as soon as the Bank
restriction ceased, the necessity for such publ.cation
also ceased as a matter of tout se. Although, however,
such was the fact, still, should any particular case calling
for publication arise, he (the Chancellor of the Ex-
chequer) would willingly concede the principle again.
That injurious effects must arise front the indiscriminate
publication of the Bank issues, was obvious to all who
had thought upon the subject. lf, for example, the
Bank should find it necessary to increase its issitess,
coincident with a fall in the exchanges, would it not,
be a material subject of alarm? and suppose, on the
ether hand, that they were to increase their circolatierN,
coincident with a rise in the exelsanges,would it not lead the peftfc ti
halftime that, although the Bank had imccomed its issues, while the
egehanges were high, the general . must be anal, and be
- thus productive of equal alarm? Hen. Galltiaillaa con-
cluded, by saying, that he &Mild she intraday:ties of the
vg;
cisme, because be ids that ft Inductive of injurious
affects, and lead to me of t fro evils —ylhat overstraoe4 cushdc/Ces
or *remotion alums.
Mr. HUME did Dot Mb& efeeiniemi dame went far enough.
and expressed his determination. at a hawse period. to Move -for
periodical returns of the meow of notes Weed by all Abe Mootry
books, as well as those of the Bank of England. •
. Mr. MONCY deprecated ell secrecy in the Mama et the Bank,,
and gave his hearty support to the clause.
Mr. Secretary PEEL, referring to the argument de-
duced from the circumstance of the Bank having pub-
lished periodical accounts of the amount of their issues
before 1797, den'ed that any public advantage resulted
from that publicity—in fact, it rather tended tomisleasi
the public than to afford them an opportunity of form-.
ing a correct estimate of the amount of bank • issues for
any considerable period—for instance, in January, 1797,
the Bank issues amounted to 11 millions. Yet in tl.e
following month they were reduced to eight millions:
Thus the publication of the amount at the beginning of
the month, was not a just criterion of their amount for a
quarter of a year—nay, if it had been ached on, as a
correct general standard of the amount of issues for any
given time, it would unavoidably lead the public to en-
tertain erroneous opinions on the current amount of them.
It would be much better to adopt the practice of that
House on the subject—namely, to call for yeasty ye-
turns—the public knowledge of the Bank issues would
tend to produce an improper and injurious influence on
the exchanges, and would give rise to a number of
absurd spedulations in money transactions. He would
undertake to assert, that the Bank of England had no
objection to periodical publications of their issuesbut
to weekly disclosures, he thought they a ould noi; and
ought not, to consent—such rapidly.recurriag and
ever.varying statements would create wheal ismeemiseeryalaw,
private prasices of deception, often mislaid Illelpedikylinfliebee
do pod to soy party. •... , Ir. ,a. ,
Mr. H. 0 U RNEY agreed with the Right Hes: .
the opinion, that many false inferemens would follow
disclosures. . !. to. 5.9
Mr. A BERCROM BY was by so mane amp=o7e=
but he thought, that while the Hesse bed a
ensue' returns Hon. Members were disputing abase oaratarivi
Mr. MABERLY said the Bank held disifiarropith
Government to an extent calculated to eacitiiitattlt,
and indeed conducted their affairs contrarjrti tie true
principle; which should regulate bestir estatfish-
mews. He had heard that the Bank had cikirrieted
fee thirteen millions of the naval and military pensions,
eight milli6ns of which had been already paid.' He had
little hesitation in saying that if their accounts had been
published weekly they would not have dared to have
encumbered themselves with such a dead-weght. -lie
thought it quite out of propriety for the Bank to ad.
vance money upon Mortgages, and he also thought,
while Government conferred tke power upon the Bank of thus
making money, they were bound to protect the public by having au
account of their issues. If, however. the Hon. Director weakd say
that the measure should be taken Into consideration, be would rely
entirely upon his candour, which he must say had been on all
eceasiems the most liberal and praiseworthy.
Mr. PEARSE said that the Bank• was kot to blanse
for the large amount of their issues, which had been
occasioned by the distress of the country, and for erhith
Oronteanient had lest their sanction. No .tat were mere Wei.
1116110 Mae she holders of Bank stock-..n0 persons better uadtrinued
the of banking transactions, and they would thometitxs
have , ere this for their accounts, were they not satisfied
that the (remelt inconvenience must be the result of publieity.
Mr. IRVING said that the issue of the Bane, so far
horn being too large, were tall lAitall. •He 'ahotsght%
thrt thirty, or, perhaps, an inertalld 11;1'01%1104 till
forty tnillions would be found ..tequititi. lor -the
cooPtrj• He was *dense to a-'cossteidnietti el.-da
-transactions of the bank; . but he 'thOught.!ethl plo.

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