Star.
London, England, 1818-05-02 00:00:00

Government
a of cash
first place,
gold. The
the rate
, watched
issues ought
• a state

With
Honourable and
• difference be-
forgotten
lee, and

could no
inserted in the
distinction in
. affairs in the
alteration in the
caused
as they

of regu-
coinage of the
exceeding what-

mere pur-
Gentleman
'his coun-

1
• .
. ,
•.t•
• • :.,the advances made by the Bank to the Gove
ought to be repaid before the resumption o
1'
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limit the of the kpayments. These must,advancest in the first
procure gold
facility of acquiring gold must depend upon t
of exchanges. These should be carefully w
by the Bank, and the amount of their issues
:. . to.he cautiously: and gradually reduced to
* similar to the circulation in other countries.
respect to whaled fallen from the Honoural
_ Learned Gentleman, in regard to the differen
.tween the gold and silver currency, he had foi
• . that silver was no longer a standard of vale,
.. that a person carrying.silver.to the Mint co
I ' i longer procure coin for it at the rate inserted
Mint minute. This made an important distinc
the present instance, from the state of affairs
reign of Charles IL when a slight alteration
1 l'i relative values of the gold and silver coinage,
the disappearance and restoration of either, :
I ) - •happened alternately or respectively to be affec
• . The Government now retained the power of
! lating the exact amount of the silver coinage
I ' country, and of preventing it from exceeding
ever was considered necessary for the men
poses of exchange. ' The Right Hon. Gent
1 . - then adverted to the effect produced upon this
i I try, and, indeed, upon all the Continent of E
by the facility enjoyed by Great Britain &wen
i 1 i •
her paper circulation. It was like the effect it
,' # been found to arise from the dikotery of the
1 of America, for by increasing the circulating m
over the world to the amount of forty milli
proportionably facilitated the means of barte
gave a stimulus to industry—(Hear, Aear, he
IS proportion, however, as the Bank of Englaz
found it necessary to purchase gold on the Cot
,
! ' , to meet its engagements with the public het
1 1: circulating medium of the Continent was dimity
and as the Continental States did not enjoy tl
''l, dit possessed by this country, and were there
I i . . barred from increasing their paper t urrency, 1 r stilt was discernible in the great confusion anc
riorAtion of property that had taken place on th
tiaen during the last two years: indeed, he h
It hesitation in saying, that much of the distress
had prevailed upon the Continent was fairly atti
• -. ble to the purchase of bullion by theßank of En
I He then remarked on the great stimulus the in
of the circulating medium had given to the ar
industry of this country, but while the genet
• , .
. pearance of the country was improved, and it:
• perky. promoted, it wis much to be lamente
the comforts and rewards of the labourers has
I much reduced. The population of the county
increased in proportioi to the rapidity with
• • the circulating medium had advanced; but t
. there was an increased demand for labou
.L., wages were diminished. This he shewed by
ence to the prices of corn for the last century
' I stated, to shew the improvement of the count!
from the year 165 S to the year 1754, there h
been one Bill of Enclosure, and this country i
. ted corn. Thee e were, from 1754 to 1.796, •
which time there ';:a.! been a rapid increase
circulating medium by imports from the mi
America, Bills of Enclosure to the number of
and this country became an exporting countr,
was very glad to hear that the Hight lion. t
man did not think these was so much danger
apprehended from the Bank's resuming cas
ments, as some individuals seemed to suppose
appeared to imagine that a complete revulsion
take place in the state of the country if such
I sure were resorted to. He believed that nothi
tended more to create alarm in the country, th
clamour which was raised on the subject of 1
i sumption of cash payments by the Bank. h
as he always had done, that the Bank had a ri;
soon as possible, to resume those payments
fras convinced, that, by a gradual, tempertit
cautious conduct, the resumption might talc,
without risking any material alteration in the
•
of the empire. -This however, could only be d
a proper reference to the circumstances of the
try—and taking care that the amount of the c
Lion tended to place our course of exchange a
with that of other countries.
I ! Lord FOLKESTONE argued on the incons
. of the opposition to the present motion. He sa
two years ago it seemed to be quite understo4
• • the Bank should make preparations for cas
• merits, and yet now, without any inquiry, the
I were called upon at once to embark in a new
of paper-currency, without seeing any end 01
1 ) lle insisted that the speeches from the Tn
Bench all differed from each other in priucipl
that particularly the speech of the last Righ
) , i ' Member was full of argument against the side
" i question on which he was ping to vote—(h
1 t 4 He asked why the most conspicuous orator I
side of the House (Mr. Canning) was not ti
i support this measure? (Here somebody wh
to Lord Folkestone.) Oh ! that explains his at
i ;but how was it that his friend, the Right Hon
her who spoke lase, was induced to fire red-h
as he had done, against all the arguments ofth(
, celtor of the Exchequer. He thought it mo
that the Bank should, without any inquiry,
lowed to raise or depreciate at their pleasure t
ii i; perty of every individual in the kingdom—na
the Bank should think this so much a matter of
'
1 that not one Gentleman connected with it the
ii . worth while to say a word in explanation.
Mr. THORNTON would not let this ques
to a vote, without asserting that the Bank h
1 1 • every thing that depended on them towards
sumption of cash payments. It had by two
}4, , 1 sive issues of gold coin endeavoured gradual'
/ troduce a metallic currency. Inauspicious
•• stances, out of the controul of the Bank, ha
sioned these attempts to fail, It had please
VIDENCE to give us last year an unfavoura
vest, and large sums were necessarily dray
the country to pay for corn. It occurred soc
that several of the great Powers on the C•
• were not in a situation to maintain their I
meaty without having recourse to loans.
Is
loans were in a great degree raised in this c
but as their produce would partly be app
I'll , , •
wards the payment of debts to England, th
good reason to exct it would in a short dm
to this country. To these drains was to be at
.
expenditure of Englishmen on the Continent
i
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