Star.
London, England, 1803-02-18 00:00:00

This laa return, he had reafon for conceiving,
'would be more clearly illußrative on the fubjea
than that moved by the Noble Lord.
The brit of thefe motions being put from the
Woolfack,
Lord PELHAM role to oppofe it, and in that op
pofition to Rate what occurred to him in anf.eer to
the Noble Earl, fo far as he thought it neceffiry
or regular, is the prefent Rage of the fubje& The
Noble Earl, in part of his ipeech, had argued as
if there trifled foist doubts whether this Bill was
a meafure refulting from a folicitation on the part
of the Bank, or from the advice of his Majelly's
Miniiters, as a meafure of prudence and policy in
the prefent Rate of Europe, and of our commer-
cial relations with other countries. To remove
any doubts (welted by the Noble Earl on this
point, he felt it his duty molt unequivocally to
declare, that the meafure was not in confequence
of any folicitation whatever from the Bank ; no
fuch folicitation having been made. It was a mea-
fore folely advifed by his Majeßy's Minillers as a
meafure ofpolicy and prudence ; for flouriffiing as
our commerce had been of late, beVond all former
example, it had not yet time to produce thofe ad
vantages in our favour which there was every rea-
fon fpeedily to erpat. And when the enormous
drains of bullion from this country to the Conti-
nent and other places abroad were confidered,
which had occurred for a (cries of years pail, and
up even to the prefent moment for the payment of
our navy and troops, the diiburfement of lubfidies,
and the purchafe of corn and provifions, to fupply
the deficiencies of three fucceffive years of fcarcity
at home, he hoped the Houfe would approve the
policy of continuing for tome time longer, a Re-
flation from which experience had (hewn no in-
convenience was likely to wife; rather than by
taking that Reflation off fuddenly now, to rifle
the pofitive difadvantages which might arife under
an unfavourable flare of Exchange, by having a
great portion of bullion drawn out of the country ;
or the (hock that would be occafioned by the foci•
ded and general demand of the Country Bankers
upon the Bank of England, to meet the rapid de-
mand upon themfelves for caffi for their extant
notes: and this before the natural courfe of com-
merce had rellored to circulation the ufual quan-
tity of bullion. But as no queßion or doubt what-
ever was Rated to eat as to the glint folvency of
the Bank, he could not fee the ufe or neceffity of
a motion which went to imply fome doubts of
that folvency, or unnecefarily to expofe the fecrets
of the Bank ; and therefore he felt it his duty to
refill the prefent motion, though perhaps he had
not equal oblations to fome other of the motions
mentioned by the Noble Earl, on the topics of
which he did not feel it neceffary at this moment,
and in the prefent Rate of the bufinefs, to follow the
Noble Lord at length. With refped to the finan-
cial ftatements of the Noble Lord, he would freely
own it was a &bled in which he was not very per-
fatly converfant, nor was it always prefent to his
mind. Not being prepared, therefore, to :sewer
the Noble Lord fully at the prefent moment, he
Ihould endeavour to prepare himfelf better on the
fubjed againit the time when it fhould come more
fairly forward for a full dircuilon.
Lord Aucasamo had only to obferve, that from
what had fallen from his Noble Friend (Lord Pel-
ham), it was evident that the meafure under dif-
cuffion, was confidered by Milner' folely as a
meafure of State, and by no means as one that was
adopted in compliance with the wifhes of the Bank
—on this ground he (hould give it his fupport ;
and never did he think of ullifying it on theground
of the unfavourable Rate of the exchange—for it
might be recollated, that the exchange was as
high at the time when the reßriEtion was &it laid
on, as at any fubfequent period, and that it had
finee undergone a variety of changes without (came-
ly any of them being imputable to that caufe. The
Noble Lord (Moira) had regretted the abfenee of
that exuberance of coil, which the very profperous
light in which the commerce and finances of the
country had lately been reprefented, gave fuch
room to exped—but though that exuberance of
fpecie might not be in circulation at the prefent
moment, yet he was frilly confident that the afloat
profperity of the country was as high and &mint-
ing es the molt fanguine imagination could de-
fcribe or expel it to be; and that as loon i.s r,
commerce had time to return into its ufual chan-
nel, the influx of fpecie would be as confiderable as
at any former period : of this he did not defpair to
be able to convince the Noble Earl, when the time
came for going into a more minute difeuffion.
Earl Moms, in reply raid, that he would trou-
ble the Houfe but with a very few words. From
thireafons given by the Noble Lords oppofite to
him, he fhould not prefs his two brit Motions; but
the Noble Lord who (poke lag, had not noticed
one part of his argument, which was againit the
Bill itfelf. The Noble Lord had not adduced one i
tingle reafon why the Bill fhould be brought in.—
In a meafure of this kind which, in his opinion, fo
intimately affeded the credit of the Country, as it
was a kind of infringement on the rights of private
property, to pats fuch a Bill without, at lean, fome
oilenfible reafon for doing to, would be a (lain on
the charader of the Legiflature; and it was to pre-
vent fuch afpot from attach.ing to their Lordffiips
in their Lesiflative capacity, that he gave the Bill
his oppolition. till tome reafon was offered in its
behalf. The Noble Lords had not as yet brought
forward any, and as fuch he mull beg leave to '
move his other Motions, which he looked on to be
of the molt material confequence.
The LORD CHMICALLOR then read the two tint
Motions, which were feverally negatived.
On the quellion that the proper officer do lay
before the Houle, " An Account of the Courfe of ,
Exchange every month, for twelve months, ending
the ill tif February, 5803."
The LORD CMANCILLOt left the Woolfack, and
equelled their Lordihips' attention to the wording
of this motion, which called upon the proper offi- I
cer to lay before the Houle " An Account of the
Courfe of Exchange :" for his part, he did not
know of any officer of that Houk who had it in his I
power to do this. He thought, therefore, the mu-
!ion &mild be worded fo as to convey the order of 1;
s
the Home to the Bank for that :rade.
Lord lismase raid, that be w to-morrow