Star.
London, England, 1811-05-14 00:00:00

HOUSE OF COMMONS.

;with applying very strong terms to the Report of All
Bullion Committee. He certainly had not intended
in any thing he had said to throw the least insinuation
against the motives of the Members .f the Committee,
who had as much interest as he could have in the pros•
perity of the country ; but although he was convinced
Oat they had conscientiously discharged their duty,
yet he still considered the report as likely to do infi-
nite mischief. This had been his opinion ever since
the Report was published, and it was also the opinion
of one of the most -intelligent merchants on the Con-
tinent, with whom he corresponded on the subject.—
He thought it would be most idle to propose simply
that the Bank should resume its cash payments, with-
out, at the same time, bringing forward measures for
amending the present laws with respect to the expor-
tation of coin. —lf even any laws were able en-
tirely to prevent tke exportation of specie, the only
effect of the change would be to give a more cum-
bersome currency instead of one that is less so.—
In reviewing the debates which had already taken
place upon this subject, he could not help remarking '
some very extraordinary omissions. —lt was very
extraordinary that neither the Committee, nor those'
who supported their opinions, had taken the subject of
practicability at; all into their consideration; and yet it
appeared by the evidence both of the Governor and the
Deputy Governor, that to force the Bank to resume
cash payments, would bea measure which would in all
probability be productive of general ruin. Tha• re-
port of the Committee in this respect was founded .%)
the theory of the Members, and not on the evidence
before them. The Learned and Honourable Gen-

tleman, (Mr. Horner) who brought forward this
question, had, in a speech of as much el,,quence, ar-
gument, and information as ever he heard in that
House, stated, that in his opinion, the passing such a
resolution as he recommended, could do no harm, as

Parliament might within the interval of two years
adopt whatever measure circumstances might then
require. What? was it doing no harm to adept a mea-
sure which the Governor and Deputy Governor of the
Bank thought must be _productive of general bank-
ruptcy, and the ruin of the commercial world ? Was
there no harm in putting it upon the Journals of that
House that the Bank paper was depreciated, and that
without suggesting any remedy? In the comparison
of the Bank of England with that of France, it had
been said, that when thilatter was in embarrassments,
it made great sacrifices to pirchase bullion. And
had the Bank of England made no sacrifices of that
sort? The Bank, he believed, had never refused to buy
gold at 4 pounds, or even guineas an ounce,. at a time
that the Mint price was but e 3.175. Many who allowed
the impracticability of paying in specie, thought that
the Bank should be obliged to diminish its issues. Tnis.
however, had been tried at different times, but the con-
sequences of it were serious inconveniences to trade,
and that the loans were made on extravagant premiums.,
Would not the adoption of such a step as had been re-
commended, immediately shake public confidence in
the security of the Bank, and, diminish the facilities of,
,exporting our produce? The members of the Bul-
lion Committee seemed to think they had as complete,
a controul over exchanges and currencies, as al
certain mad philosopher, mentioned in Rasselal,
'conceived he had over the seas. He then proct.sdded
'to:examine the statement in a resolution of Mr. Hor-
ner's with respect to the exchanges. So far from the
exchanges never being so unfavourable unless with a
depreciated currency, the changes in the year 1710,
1711, and 1712, were always from nine to thirteest
per cent. against this country. In the year 1695 and
1696, the exchanges were 20 per cent. against the
,country, and at that time the Bank were allowed ISt
for taking up the clipped and worn-out coin upon the
new coinage taking place. The new coinage at that
time did not materially alter the rate of exchange.
In the American war a very considerable quantity of
guineas had been sent to that country, but they re-
turned again when the exchanges came to be in oar
favour. After a few observations on the amend-
ments which he understood were to be moved to the
proposition which he had to submit to the House, he
proceeded to state the nature of those propositions.
His first was, that the right of regulating the money
the country had been at all times a royal preroga-
ive. A good deal had been said about a axed van-
, rd. Now as to the Mint standard of guineas, that
as fixed and known ; but as to the general proposi-
on, that the standard for referring the price of every
thing must nnessarily be fixed, that it must be a vi-
sible and a tangible thing, he would say that no such
standard either existed in this country, or, as he be-
lieved, in any other. Until the year 1776, there was
no standard for the gold coin, nor was there ever any
fixed standard for the silver coin. When silver was I
'the general currency of the country, the largest pay-
mem. might be mule in sixpences; and now pay-
ments under A'2s r. ,ght be made in silver coin with-
out any reference to their weight. He thought that
the authority of Lord Liverpool went, in this instance,
' against the arguments of those who referred to him ;
and as to the authority of Sir I. Newton, that gentle-
man did, in, the year 1713, positively recommend the
change of the standard, or what was tantamount to
that, the increase of the rate at which the coin was
to pass. In his third resolution, he affirmed, that
the promissory notes of the Bank of England had'
been hitherto and still were held equivalent to the
legal coin of the realm. He knew that Gentlemen
on the other side would say, that they had been de-
preciated. Now he wished to know what sort of de-
preciation they meant ; whether a depreciation of the
whole currency on account of over-issue, or a depre-
ciation of the Bank-notes inconsequence of discredit ?
He did not believe there was any Gentleman in that
House who would maintain that the Bank-notes had
sisffered any thing of that sort of depreciation, arising
from discredit, although it had been said that they
were not of the same value as cash. And yet, if a fo-
reigner, having credit' in this country by a bill of ex-
change, wished to send back the value of it to his own
country, there was no doubt but that he could get
the whole nominal value of the Bank note in exchange,
for any article of British produce which he wished to
export. If, then, the holder could always get the full
value for his note, he could not conceive how it could
be said to be depreciated from discredit. It had been
stated, that the exchanges were against us with every.)
other country ; and that this was a proof, that it could
only be caused by something in our currency. He
thought he was warranted in denying the fact. There
was a country, and a very commercial and rich one,
between which and.this country the exchanges were,
as be understood, favourable to us. The country lts

Mr. SHAW, of Dublin, moved the third reading of the Irish
Servants' Embezzlement Bill, which was read a third time,
passed, and ordered to the Lords.
The Cinque Ports Justice, the Parish Apprentice Indenture,
and the Southern Whale Fishery Bills, were severally read a third
time, and passed.
The Irish Volunteers Militia Bill was read a second time, and
ordered to be committed for to-morrow.
The further consideration of the Report of the Grand Junction
Canal Bill was postponed to Thursday.
Tips: Committee of Supply was postponed to Wednesday.
Mr. LUSHINGTON brought up the Report of the Four Mil-
lions Annuity Bill, which was received, and the Bin ordered to
be read a third time to-morrow, and then engrosed.
Mr. LUSHINGTONbrought up the Reports of the Commit-
tees of Supply, and Ways and Means—agreed to.
The Report of the Inland Coal Navigation Bill was brought
up, and the bill ordered to be read a third time to-morrow.
Mr. WELLESLEY POLE gave notice that he would, on
'1 Mayday next. move for leave to bring in a bill to regulate the
appointment of Commissioners to superintend Public schools in
Ireland.
Mr. ROSE brought in the Copper's Duty Bill, which was read
a first time, and ordered to be read a second time to-Morrow.
Mr. ROSE obtained leave to bring in a bill to, authorise die
Officers of the Customs to officiate for the Superintendent of Qua-
rantines and his Assistants.
The Distillers Indemnity Bill passed through the Committee,
and the Report was ordered to be received tu-morrow.
Mr. DUNDAS postponed his motion, respecting the Board of
Controul, to Friday.

. EAST INDIA COMPANY.
Mr.DUNDAS moved the Order of the Day, for the House 111
going into a Committee nn petitions of the East India Company. I
Lord FOLKESTONE said,that before the Order of the Day
was read/ he could not help observing upon the unreason-
able burry which had been betrayed to get over a question which
called for so much Inquiry. The petition bad not been presented
before Friday last, and 11 was impossible that between that and
this it could • have been in the hands of the Members, so as to
possess them of all the necemary information. He thought, too,
that even were Gem!ernes fully acquainted with the object and
statethent of that petition,it was not right to call upon them to
decide upon its merits we they had been tarnished with the
• Report of the Committee sitting above stairs Upon the affairs of
the East India Company.
Mr. DUNDAS stated, that the Petition from the East India
Company had been presented on Friday last, and that the usual
course had been, when in former Sessions Peti.lons of a similar
stature had been presented, to take the Petition into considera-
tion on the following day. In the preent we, however, there
was yet a longer interval. With respect to the Committee u
stairs, he could not see why it was necessary to wait fort r
Report, in order to decide on the merits of a Petition, respecting
which every necessary information was to be found the Re-
ports already before the House.
Mr. CREEVEY denied that the House was furnished with
full information to enable them to come to a proper decision
upon the Petition. If the Right Honourable Gentleman would
not consent to postpone it, he should move that the Committee
of the whole House upon said Petition he fixed for Friday nett.
Mr. DUNDAS agreed to postpone the Committee till Wed-
nesday, but could not consent to a later day.
After a few words from Messrs. Whitbread and Wallace,
Dad Folkestone, and Mr. Crete it was agreed that the
House should resolve itself into the Committee, to take into
consideration the said Petition of the Bast India Company en
Wednesday nest.
Mr. HUTCHINSON rose for the purpose of once more post-
poning his motion that stood for tomorrow, respecting the dis-
tribution of our Military Force. The House would do him the
justice to recollect, that the postponements which had hitherto
taken place were net imputable to him. The long debates on
the Bullion Report deringlast week, rendered it difficult, if not
impossible, to procure for any other topic, 10,wever important,
an adequate discussion ; and the continuation of th^t discussion
for perhaps the greater part of this week, together with the
hU-
sinen fixed for rash day, left him no open day till the 22d, when
be should bring forwat d his motion.
TIIE KING'S ILLNESS.

Mr. WHITBREAD rose to put a question to the Right Ho-
tamable the Chancellor of the Exchequer. He wished to know
from eho Right Honourable Gentleman if it was in his contem-
platincito stat•tnit to the House, before the termination of the
present Sessions, any measure for the purpose of providing
against the recurrence.of a suspension of the Royal Functions in
consequence of the King's Illness
The CHANCELUOR of the EXCHEQUER in the negative.
Mr. WHITBREAD then gave notice that lie should, on
Tleiesvglay;the 50th of May,, move, that the propriety of making
inch provision be taken then Into consideration by a Committee
of the whole House.
BULLION COMMITTEE.
The House having gone into a Committee, to con-
sider the report of the Bullion Committee,
Mr VANSITTART began by stating, that it was I
Absolutely impossible for him to have prepared the re-1
solutions which he had now to propose, and which he
had already communicated, sonnet than he had done.
It was on a Tuesday that he first heard the proposi-
tioni of his Honourable and Learned Friend (Mr.
Horner), and on Friday he communicated to the
House the resolutions which he intended to propose
in the way of amendments. He had been charged

•
alluded t was India, and notwithstandiul

erg _ eece. _
stance which had been given the other night, of 20 duated, which. in the technical language of the Mine
per cent. having been paid as the exchange for a bill ! was called a rem*. There was another allowance for
from Calcutta upon London, he must state, that for wearing. This was nearly one per cent. The law,
the last four years the exchange between Bengal and whether wisely or not, forbid the exportation of oer
this country was in our favour by about 12 per cent. coin, and this lowered its value about three thilangeen-
at an average, which is now the rate of exchange; so the ounce. But thoegh the laws proliihitettaa-aeporsa
that it appears there is at least one nation who have no they were never abheostrprerent-it, 'or& pilaw
objection to send us their bullion for our paper, and to above £4. Is. an ounce. The diffpawnewisetween ta:e
pay a premium besides for it. In the year 1797, there Mint price, ita Tier a oactamadoCiele. teacthelelehof
was a general meeting and association of merchants variation, while thellebicalefease emit eteassisaan
and tradesmen to uphold the credit of the Bank, and cash paymentrstoppedi the• bullion rose even ate nigh
the persons then assembled pledged themselves to take es £4. 14s. an ounce. a 'llia wholsestaitteecebeing
their notes as cash. He had no doubt but if such a %Out this country, ior iliseltste fins to es, arid being
thing should be again necessary, the merchants would the efrt of the Blatt ititrictipti:;:-‘9l4i im.•
again come forward with the same sairit they had done pede the bullion price taViabieweeaDanauseliaiaatalkiii
before. It appeared to him, however, that the House any stride it pleasedvantilloing. apt° th 6for aik.
should give some pledge which would carry great' ounce? The bilante of neat had.beeta erronemuly,
weight and authority. He should pass over all his taken ley rnanyspeakerainthi4lehatedrihe solec.aese
intermediate resolutions, and come at once to the con. of the price of bullion, *4 tit* aaidaity of Mr. Locke
chiding one. He conceived it utterly inexpedient to had been adduced in support clatheldeaa bat die eatule
affix any definite time for the resumption of cash pay- passage should-have beerequotedavfn Locke distinctly
ments. He might then be asked, had he nothing to fined two causes."Oue of the rinser," said diatdistin.
suggest ? If the case was- purely a commercial one, guished person, thstairitiake our gold abroad is an
he thought the exchanges might be left to find their unfavourable balasuae efteidleaThere is another cause.
own level. The question was, however, more a pa. and that is,when one pareagthecurrencyis much worse
litical than a commercial one. We were engaged than the other, and then theibest will be sent abroad."
in a most expensive war, and yet who would recorn- Yet even this opinion was inaccurate and loosely eon.
mend the withdrawing our armies from the Conti- ceived. Our ancestors 'hewed a • great fondness for
neat ? The expence which we incurred by support- bullion, and considered trade not profitable unless it
ing them there might be considered as the price of brought back bullion. On the same erroneous prin.
our glory and the probable deliverance of Europe.— ciple it was supposed that bullion paid the balances
He must, however, express a most anxious wish that of trade. This, however, he denied : bullion formed
every possible measure of conciliation should be used an article of trade, but did not serve to pay its balance.
towards America, without giving up any thing that j Not only the Bank Directors, but taw RightHonour.
was our right. In speaking, however, of the maritime I able Gentleman (Mr. Rose) and even the Honourable
rights of this country, there were many persons who 1 Member who had just sat down, supposed that there
talked as if this nation had some rights upon the sea ! was no mode of paying this balance but by bullion.
'that other nations had not. He entirely disclaimed except by an increase of commodities, and according
any pretension to exclusive rights, and would wish to them that increase was only to be promoted by as
I that the country would confine itself to the acknow. increase of paper. When he first began to reflect upon
!edged rights and established practice of all other , this subject, he fell into the mistakes which other
maritime countries. There were other considerations ; Gentlemen seemed now to make. But upon a more
which he might suggest of a more subordinate na. mature consideration, he became sensible that there
cure. He thought it might be possible, by some ar- ought to be a limit to the issue of paper, though he
rangement with Spain, to bring from Mexico some was always of opinion that great caution should be
more bullion, of which a part would certainly find its I employed in not restricting the issues so as to inter-
way to this market. He believed, also, that it would I.ru.pt the productive exertions of industry. It had
be in the power of the Treasury to do mach by re- ! been said that there was no excess of paper, because
gulating the importation from other countries, and the issue had been augmented since 1797 only from
taking care that it should not far exceed the exports. £10,700,000 tb £14,500,000. This, though a large
After declaring that he was not in the least actuated increase, would'not appear tobe an excessive issue; but
by party views, he concluded by moving his first re- whenitwasconsideredwhatprinciplesofeconomyinthe
solution. use of notes had been acted( upon ofiate, as well as the in.
Mr. MAGENS was of opinion, that the present en- crease of country notes which hadelbowedout the Bank
quiry was of the highest importance to the country. of England paper, and also that neither bankers nor
The subject had been started and discussed in a man- individuals now kept as large a stock of bank paper
net which placed its merits in the truest point of view, as heretofore by them, it may well be doubted whe-
and by thus enabling the country to judge for itself, tber this issue was not excessive. The great princi-
gave the fairest chance of coming finally to the most ; ple the Bullion Comanittee contended for, was, that
satisfactory decision. If the mind of the.eountry was Iquantity influenced price, and affected the exchanges.
once brought fully to the discussion, the result of ' It did so with respect to coin, and why should it not
the question, in whatever way it might turn, must do so with respect to paper, which exactly represented
be highly advantageous : and there -was still in Eng. coin ? ThiConamtutee had recommended two met-
lish trade much to excite, and to console, and to oc. sures—one to fix a time certain and definite for opal-
cupy the national mind. Its losses had been severe, Mg the Bank—the secrina to limit the issues of bank
but let them be compared with the effects of the.despe. , paper. In the case of the Bank of Paris the issues had
rate system which had been devised and put in action been reduced from 90 to 64 millions of francs,. within
for its ruin, and there would be much cause for con- three months, and then cash payments were resumed.
gratulation. The, commerce of France was. ruined. It was his opinion, that by a moderate reduction of
The commerce of the subject countries was at the its issues, the Bank might provide the means of meet.
lowest ebb ; and the little that was left was sus. ing all the consequences of opening for cash payments
tained by the sufferance of England. {Hear!) within a limited period. He wished Gentlemen, more
The Honourable Member then adverted to the competent than himself, to attend to the law of the
question of the currency. Silver had formerly been case, as they could not tell how soon they might have
the standard ; but since 1710, gold had taken its two prices. He objected particularly to the first re-
place ; a guinea had previously passed for 20s. The solution of the Right Hon. Gentleman, because it
country certainly suffered a considerable loss by the appeared to lay in a claim on behalf of the King to
change. for the guinea was now exalted into twenty- rednce the coin of the realm.
one shillings. In 177 a, in consequence of Lord Li- Mr: CANNING shoal,' not have thought it neces-
verpooPs enquiries, the standard was made more ac- nary to fellow his Hon. Friend in the able and lucid
curate, and the guinea fixed at its present value de- speech which had just closed, if he had not determi.
cidedly. The notes of the Bank of England were mere- ned to address what he had to say to the immediate
ly meant for internal accommodation, and when they question under consideration. The resolutions which
were made non-convertible they assumed a form which were then under consideration were not only different
had never entered into the idea of the original inven. in principle, hut opposite in fact to those which the
tors. They were in this shape an anomalous circula- House had in the recent instance disposed of. Those
tiun, and nothing could be more obvious than that who had agreed in the principles of the former reso-
they were depreciated. He could not approve of the lutions, but could not accede to the conclusions of
third resolution for those reasons. He agreed in the the Hon. and Learned Gentleman who proposed
16th resolution, that it was highly important to re. them, would, he was persuaded, feel themselves bound
surne the cash payments when the circumstances of to vote against the present propositions. The fact of
the country allowed it ; and not one of the Bullion depreciation was admitted by persons wh3 did not
Committee wished to see them resumed before that think it necessary to assert it by a Parliamentary de-
time : but he wished that the final resolution was :no- claration. The question that night was not, whether
dified, so far at least, as to express the intention of the restriction should be repealed ? bet, as a resolution
Parliament to take up the business as soon as matters to that effect had been disposed of, whether the House
would allow of its being done with advantage, and not of Commons would go a step farther, and announce to
put it off indefinitely to sii months after a peace— the world, that the nfoney system of the country Wits to
(Hear.) be founded upon principles such as those contained in
Mr. PATTESON went through the history of the the resolution of the Right Honourable Gentleman.
exchanges for the last thirty years, for the purpose of lie should contend, that in the proper and manly
shewing that the issues of the Bank paper had no con- sense of the word, the suggestions of the Committee
nection with the rate of exchange. He attributed the amounted to no innovation, though they recom-
variations to the balance of trade, and endeavoured to mended a change of the existing system. The re-
prove that there was for every depression an equiva- solutions of the-Right Hon. Gentleman, oa the con-
lent cause in some foreign transaction. trail, called upon the House to adopt a new sys-
Mr. H. THORNTON regretted obtruding him- tem ; and to unction principles which had never
self upon the House, after the discussion which had been acted upon by our ancestors. He was not of
already taken place ; but the subject was really ob. opinion that any amendment could correct them,
scure. It was really a subject which puzzled Gen. and should therefore propose to negative them.
tlemen, and he was not surprised at the doctrines The details he should leave to others more corn-
which it had produced. He did not wonder at the petent, and confine himself to the resolutions con-
part which Administration had taken. They were taining. the principles to which he objected. These
mutt occupied with other things ; they probably had 1 resolutions were the first, third, and fifteenth.
not much time or attention to give to the Report of But the Right Honourable Gentleman had referred
the Committee, and it was natural to suppose the !to him respecting a supposed inccinsistency in his
alarm with which they must have looked on any thing proposing to vote for the two last of his series of
which was likely to derange their present financial resolutions, provided the Committe should agree
system. The question was, however, if not very to the eight first of the Honourable and Learned
simple, at least very short. It was, whether the ba- Member. The Right Hon. Gentleman had supposed
lance of trade or the issue of paper was in fault ? It' he had gained a triumph, and convicted him of an
was unnecessarily complicated by wandering abroad 1 inconsistencya But what was that inconsistency ? He
in pursuit of the causes which affected the exchange. had proposed to vote for these eight resolutions be-
There was one criterion, which was under our eye, cause they were true, not because they came free from
and that was die price of bullion. There had been the mouth of this man or of that man, and he should
many singular ideas throvin out on the nature of have voted for the two last resolutions of the Right
a standard. The true definition of a standard of cur- Hon. Cent. because they flowed consecutively from
rency was ,in his mind, a something tangible and visible, the others. It did not, however, follow that he would
to which we referred to measure the degrees of depar. now vote for these two resolutions, founded as they
tare. That something might have its fluctuations,
but were upon premises which he could never be brought
they must be submitted to, and followed. Gold
to agree to. Having thus put out of the way the two
was our standard. We allowed of cetain deviations last resolutions of the Right Hon. Gentleman, he
from the accuracy of the standard, whatever one should next proceed to consider those to which, as
we might choose. We did so in gold. The man point of principle, he more particularly objected ; the
who sent a pound of gold to the Mint, did not its the third, and the fifteenth. With respect to all

the in• . r

ice Clic. There Was.* certain allovrance dt.

~~

between the third and gteentli, though they *contain.
ed a great mass of useful and important information,
it of so eonse.quence whether they were agreed
to or negatived—wiletlier' they were passed in their
present term or altered and amended—,as they had no
reference whatever to the question, and might serve
as well for a proposition respecting the price of coin,
or any other general proposition whatever. The Right
Honourable Gentleman .?,2tv stated, that the first re.
solution, though containing nothing, perhaps, that I
was not true, yet was calculated to lead to false con-
elusions. He doubted, however, whether the right
to alterthe standard of the coin was legal. The au.
thority of Blackstone stated, that the King could al-
ter the denomination of the, current coin, it it was of
standard weight and fineness, and sterling. The King
could also,, as appeared by the same authority; by
proclamation give currency to foreign coin, having
reference to the standard coin of the realm. What
he objected to in this resolution was this, it gave to
the authority of the King's proclamation the same
veight as to an act of the Legislature. On this
(mestlcn which bad so long agitated and divided
the public mind, the third resolution professed at
cnce to set all variance at rest. To be sure, indeed,
the way in which it proposed doing so was rather ex-
traordinary—it was something in the style of the ar.
Litration in Milton—

Chaos umpire sits;
And, by decision, more embroils the fray."
Just so was it with the resolution—it said "Gentle.
men, you are all. in the right, and you are all of the
same opinion." The Right Hon. Gentleman was not
satisfied with reasoning, or with inference, or with as-
sumption, but he went still farther, and he pledged the
country to believe that a Bank note was equivalent to a
guinea, and not only did he pledge them to believe it,
but even to have it believed; a tenet of faith beyond
which even the greatest bigots in the creed could not
well go. Indeed the only distinct estimation which he''
had seen of public opinion declaratory of the Right.
Hon. Gentleman's resolution, was the patriotic decla-
ration of a celebrated Lottery Office keeper, who de-
clarell,notwithstanding all the doubts which had arisen
en thesuhject,that stillhe wascontent totakeeitherßank
notes, or cash in exchange for his Lottery Tickets.
The Right Hon. Gentleman said, that the law made
the fact. This was rather curious reasoning, and re-
minded him of a late Decree of the French Emperor,
in which, wishing to have a new kind of sugar sub-
stituted for that in former use, he most unceremo-
niously declared the superiority of the one over the
ether, beginning his Decree thus—" Whereas sugar
made from raisins is much better than sugar made
from cane," &c. thus at once taking the very oppo-
site for granted. There was nothing so conclusive
as thus by one sweeping enactment making the law
declare the fact, even though it should be against every
principle of reason or experience. Thus it was that.
when Galileo by his philosophy discovered that the
earth turned round tie sun, the Inquisition took the
alarm, and declared the tact by a law of their own—
" Oh no, indeed, (said the Holy Fathers,) we think
otherwise, and we declare by law that the sun turns
round the earth."—lt was now pretty well known
what a change there was in the Austrian currency,
owing to the excess of paper. He would read a snort
extract to them from the note of an Austrian Gentle-
man, of which he had been empowered to make use.
This note was something in the stile of our arguers
here ; it went on to state the great excess of paper,
and all its consequences, and concluded by the
notable remark—" that the excess was required
by the increase and prosperity of the country !"
A most transcendant instance it certainly was of the
violence of patriotism overpowering conviction ! He
now came to the fifteenth resolution, and in this reso-
lution there was one emphatic word, the meaning of
which he did not perfectly understand—he meant the
word " internal." By the Right Hon. Gentleman's
gestures it was to be concluded that it meant the va-
ne as circulating within the country. (Mr. Vansit-
tart nodded assent). If so, then, he must deny that
any internal currency was safe which could not stand
the test of foreign exchanges. Arguing as the Right
Hon. Gentleman and his Friends did, we were like
people carried down a stream, who thought that all
the motionless objects. of the surrounding country
were hurrying from them. So it wasowe seemed to
think that the standard of the country was flying from
us, when, in point of fact, it was we who were flying
from the standard. After all that had been said,
however, on this subject, no matter how the decision
of the House might turn, still he should go from the
discussion, with a firm conviction, that in six months
after peace, the Bank of England would put itself in
a condition to resume its cash payments. The Right
Hon. Gentleman moved as an amendment, " That
the Chair mai. should quit the Chair."

The CHANCELLOR of the EXCHEt,,,TIER spoke at great
length in sup: not of the resolutions. Hr co:itended that the de-
pri elation of Bank paper, if it really existed, ought not to alarm
us, while the diminution of the notes would introduce inextrica-
ble embarrassment into our mercantile transactions, and would
palsy the military efforts of the count ry.
Mr. CANNING explained.
Afar a few observations from Mr. MORRIS, the question
was loudly called for.-4 divisiop then took place, when there
appeared—Against the Amendment Si—For it 43—Majority 39.
The Resolutions were therefore carried, and ordered to be re-
ported this day.
Mr. TIERNEY gave notice, that on the bringing up of the re-
port, he should move an amendment on the two last resolutions,
t 4 effect of which amendment would be to get rid of the whole
oFlhem.

Mr. WHITBR FAD, in the absent. of a Right Hon. Friend of
gave notice, that the motion on the Catholic Petition would
h brought forward on the 31st inst.
Adjourned at Three o'clock till this day.

?RICE OF S I OCRS THIS DAY AT ONE O'CLOCK.
COO% :noney 55+—for account, 653 i.
•
3 per Corot. ItedJeed 64
4 per Cent. 7943-5 per Cent. Navy 25?,:k.
Excheq. Ia to is. preen..—Bonds 225. 275. preen.
Yesterday morning Mr. PEIICRVAL notified in the
wail manner to the Bank of England, that on Wed-
nesday morning next, at 11 o'clock, he should be
tfa.dy to -see such Gentlemen as were inclined to bid
fur the Loan for the service of the present year, and
In arrange with them the particular stock in which
the biddings are to take place, as well as other preli-
minaries to the final contract. A copy of the com-
munication to the Bank was read by Mr. Hess tb the
Gentlemen of the Stock Exchange. The following
is the list of bidders on the occasion :
Messrs. BARING, BATTIK, Slid CO.
Messrs. Ruth IRVING, JACKSON, and Co.
MOM. BAR NE 3, RICARDO,. and Co.; ind.
MMES. ROILARTO, Coins, ;lid

Tun EVENING STAR.

LONDON.

TUESDAY, MAY 14.

Anholt MA arrived this morning, but its eon-
tents are unimportant. The Russian troops, which
were lately stationed on the frontiers of Poland, are
said to be marching for Moldavia and Wallachia.

We formerly stated on the authority of a Gentle.
man who came from Morlaix about ten days since,
that intelligence had been received in France of the
capture of two French frigates in the Mediterranean,
We have great pleasure in stating that by the arrival
of the THRACIAN, from Gibraltar, the report has
again reached us with this ♦ariation, that fire 'of
the enemy's frigates, instead of two, have been cap-
tured or destroyed. The achievement is described
as having been most brilliant on the pert of the
British : three of our frigates, the AMPHION, CRABS-
RUS, and AcrEos, with the ACORN sloop, attacked
' the five French frigates which were destined to Cor-
fu, sunk two of them, and captured the other three.
It is also said, that another French frigate from
Venice had been captured and carried to Malta,
The THRACIAN sailed from Gibraltar on the 21st
ult.. and arrived at Portsmouth on Sunday, The
gallant Captain HOSTS, of the Amemow, had the
command of the British force, and the enemy's squa-
dron was commanded by Captain' Etutoottom.
The conflict Lasted several hours, and the carnage
was great on both sides. Captain HosTE is said to
have lost his arm, but we do not hear that any Bri-
tish officer has lost his life. Captain GORDON, of the
ACTIVE, is also wounded, bat not dangerously,
The following additional article on this subject was
posted at LLOYD'S this morning

" EXTRACT OF A LETTER FROM CAPTAIN HASTE, OF HIS
MAJESTY'S SHIP AMPHION, DATED THE 14TI1 MARCH,

OFF LISSA.

" This miming we fell in with the French squa-
dron, consisting of five frigates, one corvette, one brig,
two schooners, and one gun-boat, and completely de-
feated them. Our force, three frigates and the Vo-
LAGE. Although every ship has suffered severely, I
am happy to say that my brother Commanders
are all well. We captured and destroyed three Fri-
gates, and the remainder made their escape into Li-
sina, although one of the frigates had struck to us."

The PRINCE REGENT has signified his Royal inten-
tion of reviewing the whole VOLUNTEER Ponce of the
Capital and its environs, in Hyde-Park, on Tuesday
to something more than the mere purpose of military
the 4th of June. But that this day may be dedicated
parade, his Royal Highness, we understand, proposes
to give on that evening a magnificent Gala Ball and
Sapper, at Carlton House, to the Queen, Princesses,
and Noblesse, in dutiful commemoration of the Birth-
day
of his Royal father.
The 11 th Light Dragoons, and a detachment of
the llth infantry, which have been detained at Ply-
mouth several days, sailed on Sunday afternoon.— I
They began getting under way at day-light that
morning, the wind having shifted to the eastward.
By one of the recent city failures, LUCIEN BONAe
PAIITE is said to have sustained a loss of £3000.
When at Malta lie ordered, as is said, the sum to be
remitted to England en his account, which, unfortu-
nately for him, was deposited in a house which has
within the last fortnight appeared in the Gazette.
We learn by the last accounts from Cadiz, that the
case of General DE LAPENA WAS not yet determines
by the Court to which the investigation of his conduct
at the battle of Barrosa had been submitted : he was in
truth still upon his trial,, during which he had ( with
great propriety as we think) been deprived of his guard
of honour. He appeared constantly in the streets of
Cadiz, but unattended, and out of his uniform.

NEWMARKET SECOND SPRING MEETING, 1811.

MONDAY, MAT 13:

Lord Oxford's Victoria, beat Mr. Shakespear's Tumbler, Bst.
Tlb. each. D. I. 200 gs. h. to —5 to 4on Victoria.
Mr. Elvres's Magus, by Sorcerer, out of Annette, Sat. 51b. beat
Mr. Watson's Riddle, by Sorcerer, out of /Enigma, tut. Alt. M.
Wogs. h. ft.-5 to 4on Magus.

Sweepstakes of lefts, each, ft. ft. Two-yr-old C.
lord F. llentiork's Asmodeus, 7st. 131 b. '1
Mr. Ladbrokes liephestion, Bst. tilb. 2

•
5 to 4 ago Asniodeus.
Lord G. H. Cavend:sh's Eccleston, beat Mr. Ladbroke's Sir
Marrinet, sat. 41b. each. Ab. M. 200 gs. la. ft.-2 to I*a Ec-
rimer).

Sir J. Shalley's Marmion, Slb. brat Duke of Rutland's Sal.
Yaw, Bst. lib. Across the Flat, 100p.-8 to 4 agst Marniioa.
Lord G. H. Cavendish's Middletborpe, ist. alb. beat Major
Wilson's Juniper, tat. B. C. 200 gs. h. ft.-4 to lan Middle-
tiatnpa.