Star.
London, England, 1828-06-06 00:00:00

notes was not more than from 2 to 5.000,0001. whir*
it 'was proposed to replace with a gold currency. Thir
was not to be effected suddenly,nor at any given motto;
and he could not see how the commerce of the country
could suffer from such a measure. We had at present
twenty-two millions of gold currency, and that, viol
Bank notes over five pounds, was found fully ade.
quite for every useful purpose. In 1826 the amount
of gold coin was stated by ',Tod Live, pool .and
Robinson to be about twenty-five millions, of which
seven were exported.. One million soon found, its
way back again, and thai'Telt about nineteen millions
for circulation. At this moment they bad twentyoss„
millions; and such being the case, he begged to ask
where could there be any ground for alarm in Rea„
dually withdrawing three millions of small notes? &ea•
suppose that amount to be withdrawn to-morrow, they
would still have a larger gold currency in circulation•
than they had in 1826—(Hear, hear).—lf ne export of
gold had since taken place, and he did not believe that
any large amount was expo! ted, then it must he clear
that they had more than gold enough to cover the with,
drawal of-the country one pound notes. It should to
recollected, that although the gross amount of the Or.
culation must be taken into the account, yet that these,
locity of the circulation was also a matter of considerable
importance. When the Restriction Act was in vogue, ,ed
when pamphlets were written in support of it, it %vat con.
tended that one of its greatest advantazes was, th4t rc
allowed us to sell our gold; or barter it for any other
commodity. But-then it.often happened that when"
wanted it back again, we were obliged to pay dearly for
it, and thus the profit and the loss very nearly talanced
each other. His Right Honourable Friend had stated
the whole amount of the circulation to be oleos siary.
five millions; and taking that for granted, he dii not'
consider that gradually • withdrawing three millions
of small notes, when gold was substituted for it,
could by any possibility lead to an injurious effect.
When they,agreed to have .a metallic currency—else%
the justice of the measure was once established—it was
'their duty to see that it was compkte!y followed up
While the small notes were continued, the system
would be imperfect; and to remedy that imperfection,
his Right Hon. Friend had introduced' the present
measure. He contended that •the only safe and cer-
tain means of providing a supply of geld was in keep.
'lig up the habitual consumption of the country, and
not in the chimerical supposition that the Hank was
always to have the necessary hoards in its coffers. Is
all the great commercial communities, the advant-ge of
a metallic circulation was "'proved by their having
adopted it, to the exclusion:of the paper pound. WAS
the small note circulated in London ? No. Was it 4
Liverpool ? No. Was it in Manchester ? was it tote
found in any part of Lancashire, the great seat of our
.manufactures? No; they had found by eaperience ta
danger and the impolicy of such a system. He there`
fore entreated the House not to hesitate-in making the
small remnant of necessary sacrifice, but to convince
the enemies of the country, both thoieotbroad and thoo
which she held in her bosom, that she was able to re-
torn to a perfect and untnited gold currency. Win
regard to the cases of Ireland' nd Scotland, although
there was a great difference in the state of the papa
circulation of those countries and that of England, be
looked forward to the time when the whole system
would be assimilated, and when both those coantties
would follow the example of England, and get rid of
small paper circulation altogether.
Sir J. WROTTESLEY said, that notwithstanding
the opinion expressed by the Hon. Memher who had
just sat down, he thought it would bosome time before
the Scotch Members would be prepared to give up the
circulation of one pound .notes in that part of tbe em-
pire. He felt greatly indebted to the Right Hon. Chaa-
cellor of the Exchequer far the great.change which ).
had introduced in the tone of temper with which this
subject had now been introduced,
.to the House. He
should be wanting in justice to the Right Honourable
Gentleman if he did not publicly. declare, that he had
not given him credit fpc the possession of the
.ability
and industry which he .had displayed upon this roost
difficult and important subject-.{Hear, hear, heat).-
On the vote which be should give he should be guided
by the deliberate opinion that the issue of one pouts'
notes for an indefinite period would be beneficial to '
general interest of the country. He was toady also
admit that any Gentleman who entertained a doubt
tbat benefit was bound to vote against the Commie
because it was desirable in the highest degree that
question should no longer be left in a state of woo
tainty. . On the behalf of those Gentlemen engaged
conducting the banks from which this species of papa
issued, and who had done him the honour to make his
their organ on two occasions, be desired to state that
they could have no interested motives in the coo.
they had pursued, inasmuch as the issue of one pool
notes returned no adequate profits for the risk and troy
ble which it entailed. While he supported the propritic
for a Committee, he was ready to admit that it thecOe
was to be effected from a paper to a metallic curirric:
there never could be a better time for effecting poi
change than at present. The motives of the pact'
whose opinions he represented could not, he herd,
suspectedoend it should be remembered that '!.ts
presented no one of the numerous Petitions which hal
come before the House, praying for the repeal Of •
Act of 1826. Those Petitions had chiefly come from
the mining districts of Cornwall, and Irons that part
the population engaged in agricultural pursuits; and
was stated in them that all those classes must be throw
out of employment by the contemplated change.
Right Honourable Chancellor of the Exchequer
estimated the amount of our circulation at oltY-'
millions. He contended that it must amount to a hui
died millions. It had been asked what serious evil cltild
arise from the withdrawal of two millicns and a _
from soch an amount? He, on the other hand. we'"
ask what harm could result from the circulaiton of
millions and a half of one pound notes in a hundt
millions? - The Right Hon._Member for Liverpool
said, that without the Act of 1826, the country banie-
would have the power of an unlimited issue. It mid
be well known that this was an. inconsiderate use
such an expression, for that the issue to any est
was impracticable. Some time ago it bad been
posed that the country bankers should give getout*,
and it was then objected, to by those parties. He
lieved, however, that the circumstances under wliiel!‘__
proposal was made having now become changed, the'
would on the part of many country bankers-be go'
willingness to give the securities required. JO." 1117
inquiry into the state of the currency in the mining
triers, he was convinced that whatever might he
.
affection of some Gentlemen' fur bullion, the el
lotion of gold in those districts was injurious and
practicable. He stated this from his knowledge of
which he thought entitled to more weight than
philosophical and nonsensical theories. He coul.
see how any Gentleman who voted for inquiry:
Scotch Committee, could refuse their votes for t
Lion of the llouourable Baronet, to which he ghvie
fulltsupport.
Sir J. GRAHAM espnioed that he diduot contineetuer-aL