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

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loans? He Plr. Tierneyl did not observe even a singu
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sin fkorti diem that they 111: dlillirThey thought it their rity a
duty in 1797 to state •taa tit' that such drains when
were going on, and then were afraid their concern shoul
would be endangered. Ilad any such repiewntations inflot
been made to the Right Hon. Gentleman ? He had what
said in June last year, that: he was confident they paid
4 would be able to resume their payntsnts in this July; woul;
• and to judge from their manner they appeared to the tl
agree with him. They must therefore have agreed the 13
I 1 with him, or have beet-, laughing at him in their the r
sleeves, for the moi:attrtus nonsense he had talked— the s
{Laughter). Laughter ). But how happened it that they could tiller
not agree with him now? He was consulted on the the i
- k N 'Foreign Loan, and he knew that that Loan would takin
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not have been taken if he had said he thought it made
•• would prove prejudicial to the interests of the coun- they
try ; then they agreed with the Chancellor of the whic
li. .. Exchequer, that every reliance ought to be placed not t
on the payments in cash taking place in July. The an it
House would now see that they were driven to in- stool
quire, in consequence of this, whether they were meat
e J,• 1 really laughing at him ? To talk of their experience derst
and discretion might be very well in the preamble ; was.
• but it Would be no where else extolled, or thought need
worth any thing. From tiffs preamble he thought tify I
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he could make out a case, if there were nothing else, its v:
... to chew that the House must institute some inquiry, clain
t
i 1 to'see what were the real grounds for the Bill. But gave
in the course of the night, he would affirm, that if 78/-
I t any Bank Director should speak on the question, he his
I , would abjure the monstrous proposition that this wool
measure originated will the Bank ; and they must here
admit that the only check to their payments was the Ant)!
Chancellor of the Exchequer, by means of the Act sub
which he had brought forward. But it might be gold
asked, what he (Mr. Tierney) would have said of the who
Committee, were it to be granted? and this led him shou
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to the question of the -Foreign Loans, on which the only
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Right Hon. Gentleman relied for the support of the then
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House, to enable him to carry this important mea- mad
,1 sues. It was the Right Hon. Gentleman's opinion, upon
I that. certain Merchants had shewn an inordinate dis- pike
. ' position to invest money in the foreign funds ; and inter
the rise in the price of gold having alarmed him, he whet
wished the House not to pause, but to say that the The
11 Bank Restriction Act really must be continued one supt
' year more. Now, supposing this to be the fact, there in tt
i ' , were a number of points to be argued, which could air c
, only be settled -by the examination of persons corn- rem;
potent to afford information on them, such as those .in a
who were examined by the Bu,Uion Committee, and 'lest
- the first one was the high price of gold. He should pelli
. t abstain from any thing like abstruse discussion, wen
because in the first place he felt his own incompe, won
tency ; and secondly, because he was convinced that issue
the last place for entertaining such discussions was a be t
• popular assembly; he should, therefore, only state it b
what were the points that ought to be examined.— way
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Were the whole House thoroughly convinced that the)
i all that emanated from that Bullion Committee like
. ought to be set aside, and that issues of paper have side
nothing to do with the price of gold ?—( Cries 9) was
No, no.)-13ist though they were charged with bar- Wir
ing relied too much on one principle, yet these was ter 1
hardly onsintelligent man who would not admit, disc
that an inordinate issue of paper must operate on the hem
. price of gold. Then the object was to see how it suet
operated, and to ascertain what was the amount of mat
price above the mint price, which difference must was
' certainly be attributed to the issue of paper. The war
Bank was said to be in possession of a very-large the
a nount of gold bullion, mach indeed beyond any der
. thing they have had before, and on this they bottom Bar
t'ssir ability to pay : but the question was, whether in c
or not the amount subtracted must add to the price as t
; of what remains? He would say that the issue of Sion
• paper operates on the price of gold. Another point nest
was, the difference between the silver currency of it.
the new coinage and the gold. He only desired in- in f
• formation, and was not pretending to know more met
than he really did know. Now the difference be- was
• mem the former and present state of the silver and fort
l gold was this: the silver was 15 and a fraction to Bar
one; now it is 14 and ,a fraction to one : in other one
• words, the difference was 51. 18s. per cent. This thei
Must enhance the price of gold ; for until silver on I
' . attain the price of ss. 6d. per ounce,.,it cannot be won
1i 1 5 expected; and therefore gold must take its place._ deli
Something, therefore, most be attributed to the oil- thei
ver. Thus, if all there three cases have operated cliff
• •.1, on the price of gold, then would come the question in t
r of what was the effect of the foreign loan ? for if it :lot
mould appear that of that excess a large portion has 'loll
nothing to do with the foreign loan, then it would met
not be so frightful if it should appear that the said He
loan only raised the price of gold ‘2s as if it had raised con
;) ; -it 4s- or ss. A great deal had been said with respect sure
1 to this ',ran. *The Right Hon. Gentleman spoke of it Cor
i !‘i as if it was formidable because it was a loan ;—hut be t
ff he had heard six months ago, that a., great number the:
of merchants had thought proper to purchase into bou
l - the Sareign funds, would he have come to the House met
4 , and have asked for the Restriction Act ? But if the•
the remittances abroad were for the purpose of putt. the
chasing into the Foreign Funds, we knew that our the:
Government had interfered to protect the persons cur
who had sem. their money abroad, so to invest it. It wit
was precisely the same thing, whether the money was _the
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for a loan, or fondle purchase of foreign stock. The tha
alarm, therefore, was in a great measure of the Right Let
- Hon. Gentleman's own creation. 11 he had raised Wa'
the Stocks, aid lowered the interest of money. NVhat, lint
0 . therefore, could any man do better than to invest.his the
4 capital where he could get the most interest for it.— on
• 11e had done so-himself, and had been a gainer hy it. CP"
! . Another question was, when was all this to end ?AR- wit
b The Right Hon. Gentleman asked the House only to me
pass this Act for another year, and then the payments ing
iwould certainly take place. But there was a mate- the
-- - • rial distinction between a loan in this country aid in Pei
•••• • ' France. Here the money was borrowed first, and cos
• the amount sups prceeided for by Parliament. In 'ma
France it wit directly the reverse. There they opi
placed at the •Bispotal of the Minister of Finance a lea
i
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certain portion of the renter, which he may sell at his Ht
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..• ni convenience. In Prance, if a million were to be ab:
a raised, we should place a perpetual annuity of fifty me
thousand pounds it the -Minister's hands, and leave pre
r• . him to,get the million hose he could; and for his own yet
es! • part, he doubted whether the French mode was not an
r•.. the best. We were not to believe that in France the if
i-., • payments were to be-made immediately : they were res
`• , :.:', ]opt Auk as long as possible. Yet in the present the
state of things, every thing seemed to Sourish in the
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