Star.
London, England, 1811-05-07 00:00:00

25000
. 20,000
. . 32,000

• tf - •
60 .
1,000 -
poo -
,000 • -

boo
50
'5
SI
IS

• .

20,000 Tickets. .E. 200,000
Tickas and Shares are selling in great variety. at the 01Bette
of RICHAN WON, GoottLoce, and Co. the curner of Sank Build-
ings, Cornball, and facing the King's Mews, Charing-Crow ;
where in the present and last year's Lotteries thry sold I Prises
el X 20,000, 1 of £C,OOO, and 5 of set,ooo, &c.

MANGLES, UPON SUPERIOR PRINCIPLES,
EY HIS MAJESTY'S ROYAL LATTERS PATENT.
THE Nobility, Gentry, and Public in general, are
1- respectfully informed that S. DAVIS having purehas d tho
Patent of Mr. Moist.; for his excellent MANULES, has re-
moved the Business from No. SS to N 0.4; Skinner-street, Small.
hill, London, four doors from Fleet-Market, where he respect-
fully solicits thv attention of the Public to his superlorMangle,
which, for power of execution, ease of working, substantial
compact constetiction, and every useful advantage, sands dnri•
walled, and which, upon inspection, he is confident will be ap-
proved and universally adopted.

BEAUTY OF COMPLEXION
Is the highest embellishment of the human form—The Chaim* bf
our fair Countrywomen are especially enhanced by it
1 `HEctiebrityut Mrs.VINCENI"6GOWLAND's
1. LOTION has been fully demonstrated by its wonderful
effects in removing all Scorbutic Eruptions, and Cutaneous Dina
orders of every kind; but as this incomparable sperlie has been
basely counterfeited, It is an Imperious duty Mrs. Vincent owes
to herself and the public to observe, that every bottle of the reel
Gowland's Lotion i. signed by herself nn the label
Sold by Mrs. Vincent, sole proprietor Of Dr. Guidinsd's M. S.
Recipe, at No. 6, Davies-street, Urosvenor-sqoare, London ; by
Bacon and Co. No. 150, Or fod-street ) i:lgge, No. 65, Cheap-
side; Smyth, Perfumer to his Majesty, New Bond-stet -t ; as.
1 by all the most respectable venders ut genuine medicines in En-
rope, le quarts Ms. Q.—pints 9s. 661.—half-pisits 2s. Pd.
- 'lci prevent counterfeits, observe M. E. Vincent en the
label on all that is genuine.

HARVEY'S SAUCE FOR FISH, GAME, STEAKS, &c.
!THE great and extraordinary demand for the
-as above universally admired SAUCE, still inducing several
Shopkeepers to vend spurious Articles, the Nobility and Gentry
are respectfully informed, none can pimibly be genuine, unless
prepared at I.AZENBY's Warehouse, No. 6, EDWARD-STRUT,
POITMAN•SQUAIIIe, 1,0124:1011; and, by appuin; went, is soli at
one or two shops in ever!, town in Um ditett Kingdeirt, each
bottle having Mr. Harvey* signatute on the lab-1.

0.0 E. L. begs to recortunemi the Essence of Anchovies, new
brought to the greatest perfection, which, with a variety a rich
Sauces and Pickles, may be had hi cakes of all sista, fur family
use and exportation.

SAMUEL HANNAY's AN'fiNENF.REAL SYht:FIC.
FOR FORTY YEARS his this celebrated and infallible
Preventive Lotion enjoyed an unrivaled reputation--a last
unparallelled In the world, and a decisive proof of its mid mid
unerring effects. 'I housands in every country can vouch that it
is the surest protection against VENERLAL IN? EC I'ION
Sold In London by Mr. LLAR COUR only, at No. 1, LITTER
SOTIMEI.4TS car, facing the Opera House, at 10, 6d a bottle, or
ios. if more, and at 7s. 6d. or three for a guinea; by w,,ote all
orders, post paid, and Incising the value, will be pullets' illy tee-
med. Also by 10103, Higla4treet, Osford ; and Mayter, Abbey
Church-yard, Bath.

CASE.
THOMAS LAMB, of 32, New Newnham-streets
Edgeware-road, was affected four or five years with a pus•
tutu Eruption, the first appearahee of Which was la his face sad
hands, and then it spread over his body. About Christmas, ilk*.
the usual period of the year when these diseases are always
gravated, the soles of his feet were so covered that he was unable
to walk ; finding no relief from his medical advisers, he applied
in tune, 1810, to the Dispensary, 15, soho square; and by taking
SPILASVIAT'S PATINT ANTISCOSIDUTIC DROPS, which ks has
not now relinquished, all his symptoms are removed, and bid own
words are, '• I am perfectly recovered." His consplection is paid,
and his stature has the appearance of being exhausted by growing
beycnd his strength, 'ad the chief seat of his disease seemed to be
■ defect in the digettive organs, which were considerably deranged..
In Serophula, the powers of this medicine are most extraordi-
nary, and the ■emrrous cures speak its desided super ority.
As there are numerous counterfeits. please to oak for Spilsbuiv
Patent Anti.curbutic Dra;ss, with the King's duty printed iablach
ink, in bcttles of ss. 6d. double bottles 101. and larger ,et Shditty
lucludt.d. Compound lissenee Is.
Dispensary, 15, Soho-moire, London.

DIXON's- celebrated
are patronised mid used by
the Nobility; amour ialiosn art

,NTIBILIOUS PILLS,
the Royal Famay, and roost of
the following, who have taken

them with Success
Viscountess Buckingham
Viscountess Bulkeky
Duchess of Devonshire.

Rev. )(Aft Stoddart, North-
ampton
Rev. A. Warren, Ashington,

I).w'ger Lady Say arid Selo
Lord Krlmaine

Sussex
Edw. Warren, Esq. Guildford-

Sir R. Wiliianis, Dart. M.P. street
Sir William Manners, Bart. Isaac Hensley, E: q. Stock Ex-
it. Hughes, Esq. 27th Light I change
Dragoons Colonel Bishop!), Storringtou
Mrs. Fellows, Forum, Bucks Philip God.all, Esq. Pleadilly.
DIXON'S PILLS are found to he an incomparable Kemedy tot
restoring the Pone of the Stomach, for curing Ineltgestion, for
preventing Crudities, and their consequent disagreeable Enter
dons Ind Flettilences. They prevent babirsat aixi temporary
Costiveness, sick Head-ache, and Heart-burn wi.ich 'is occasioned
by Pregnancy, and a debittated Stomach, whether arising from
the Acrimony of the redundant Bile, intetbpetnte Diet, or
tug to Excess.
Sold wholesale and retail at Mr. Durkee, 4, Cheapside, Corner
of Paternoster-row ; and mad by Belam and Snarls, Portsmouth;
Hall and Jo:inion, Gosport ; Athlete, Westun, and Mallory, And
Jones, Porters ,• Trey/man, Ex trt ; Cnokworthyitlielieille,
bert and Howland, Pl,niou it; Newbery, Dublin; Water and
M'Donakl, Glasgow ; :tuutb, M enderscon, scat and Cargill,
Edinburgh; Cruttweil, bath ; Koss and Peck. Huh; Greven;
and Blilinge, Liverpool; Status and Lynch, Matielie gaff 3 Bowen,
Norwich: Knott and Llod, Btrtuingoam ; Dreor, Wrightou;
sot liscUsina Vendeyrs, is Loan as u. 94. rata
• . .

1111

PP

PARLIAMENTARY PROCEEDINGS.
HOUSE OF LORDS, MAY i.
The Foreign Ministers' Salary Bill, and the London Dock
Dill, together with a great number of private Bills, received the
Royal Assent by Commission. The Commissioners were the
Lord Chancellor, Lord Aylesford„ and Lord Walsingham.
The Lou Cu A NCLI.I.OII gave intimation of his purpose to call
the attention of the House to the question of the Roxburgh
Peerage, either to-morrow or Vs'ednesday next.
Mr. l.eckey, from the Treasury, presented, according to
Order, returns of the average prices of Malt and Barley.
Lord HOLLAND presented a Petition from the Muter Calico
Printers, which was ordered to lie on the table.
Lord SELKIRK, Lord Hattowicx x, and Lord MORTON seve-
rally presented Petitions from various parts of the country against
the Distillery Bill.
Lord Osamu Lee gave notice, that he should to-morrow move
the second reading of the Bill for the more effectually abolishing
the Slave Trade.

GENERAL GRAHAM'.
The LORD CisericeLLoa acquainted their Lordships that be
had received a Lester from General Gketinst, in reply to the
Vote of the Thanks of that House, transmitted to him, and ex-
pressive of the sense he entertained of that high honour. The
Letter being then read, was ordered to be entered on the Journals.
DISTILLERY BILL.
The Order of the Day being read for the second
reading of the Distillery Bill,
The Earl of SUFFOLK rose, and, after stating
the practical experience which he had acquired in
agricultural pursuits, subsequent to the- renunciation
Of his original military profession, declared himself
hostile to the Bill.
Lord BAT HURsT expatiated on the expediency,
propriety, and fairness of the measure, which was
supported by authentic testimonies, deduced from the
distillers both of Scotland and England. In the for-
mer country it was proved that from one hundred
gallons of wash only eighteen gallons and a half of
spirits were produced. It tended not to any injurious
monopoly, but to a fair and open competition in the
markets. The measure had an evident tendency to
prevent or discontinue in a time of scarcity the exor-
bitant price of grain.
Lord ABERDEEN opposed the object and prin-
ciple of the Bill. Mr. Hume had wisely observed,
that the pursuits and the study of agriculture pecu-
liarly required reflection and experience, whereas the
present Bill appeared to be the mere result of a per-
verse and bigotted obstinacy.
Lord ROSSLYN argued on the same side, ob-
serving, that by the Bill it was intended to drain from
the industrious cultivator of the land at home, four
hundred and fifty thousand pounds, in favour of the
growers of sugar in the West Indies.
Lord DARNLEY Was decidedly and completely
hostile to the Bill, which he considered as unfair and
injurious to the landed interest.
Lord HARDWICKE opposed the Bill, and for-
tified,his argument with instances adduced from the
resent state of agriculture and the growth of corn
in Norfolk and in Ireland, and concluded with
moving as an Amendment, That the Bill be read a
second time that day six months.
Lord WESTMORLAND supported the Bill, ob.
serving, that all the arguments which he had heard
- on the other side were almost ridiculous. It was
clearly ascertained that the bailey consumed in the
distilleries was only one-sixteenth of the general
growth or produce ; and what injurious effect could
result from such a proportion ? Much had been said
about the Aepreciation of paper money, and the scar-
city of specie ; hut it was clearly the tendency of the
present Bill to lessen that inconvenience. He was
well aware that it was the policy generally of a
country to enforce a growth of corn sufficient for its
own consumption ; but the present was not a time for
making rash experiments. His Lordship concluded
with giving his hearty support to the Bill.
Lord HOLLAND had bestowed the most dill.
gent attention on the subject before their Lordships,
and could not withhold from it his warm assent.—
What appeared to him decisively in favour of the Bill
was, that the measure of fair competition which it
held out was alike objected to by the grower kof corn
and of sugar. It had been asserted that the Corn
Laws were founded on improper principles. He
would not dispute that point ; but he would maintain
that it was neither politic nor equitable to admit our
enemies to advantages from which British subjects in
our colonies were to be excluded. That indeed was
a proposition so unnatural, that to quote a passage
from one of the best of our Comedies, he would only
observe, is the less that is said about it the better."—
Much ingenuity and illumination had been displayed
by Scotchmen, but they had by no means convinced
him or altered his opinion. He was willing, on behalf
of the Sugar Growers, to make this compromise, to
withhold both corn and sugar from the distilleries at
home, and let West India spirits only be consumed.
He concluded with voting for the Bill.
Lord LAUDERDALE opposed the Bill, and
denied the correctness of Lord Bathurst's statement
respecting the produce of spit it from wash in Scotland.
His Lordship produced evidence that from 20i to 22
gallons were produced from 100 gallons of wash.—
His Lordship gave the Bill his decided negative.
Lord LIVERPOOL said the question involved
first, whether the Bill itself was

1

'Paris &ern similar interference. His Lordship con- those cirtnmstenees, which pressed upon his mind, to pay on demand termite shillings of ht,r4
so as to induce him to propose the Resolutions, which coined money. Now, as Bank notes of that value
eluded by opposing the Bill.
The question was then called for, when the amend- appeared to him as just and proper to be adopted by purport to represent gold and silver, and as eo
ment moved by Lord Hardwicke was put; and the House. He was aware that the subject was one real value of a note of 111.1 t description, from the
afterwards tho question that the word now, as in the to which many other Gentlemen were snore tom pe- high price of the gold bullion above the price settled
original motion, do stand in the place of Mat day six tent than himself ; that it had, in fact, been much by the Melt, is of course depreciated in value, the
months; on which the House divided, and the bar was better examined by them ; but, however, having con- real quantity of precious metal which it will purchase
cleared. On our return we found that the Contents ceived it his duty to give the subject much attention, is IS& LW. anti It Ito longer represents the q„ intity
were 36, Non-contents 56. Of course the Bill was he had come prepared with a general view of it, of gold.and saver, to the value of 20s. He was pre.
lost by a majority of 20.—Adjourned. ' which he should endeavour to compress, as much as pared broadly to state and argue, that it had deviated
possible. In so doing he was afraid he should be from its original value to that extent. He did not ex.
HOUSE OF COMMONS. obliged to trespass longer on the patience of the Co- pect that it would be controverted in this House, when
mittee than he should wish to do. Among the vari- he assumed as fact, that the legal standard of the
The Deputy Usher of the Black Rod summoned this House to
the House of Peers, to hear the Royal Assent to certain Bills. i ous opinions which were to be found in the discus- realm was of great political importance to the interests
on their return, the SPEAKER informed the House, that the sions when similar questions were agitated, it would of the country ; that could not be denied. No doubt
assent had been given, by Commission, to several Bills of a pub- be seen upon reference, that these opinions had been there were periods in otr history when many of °erste
Pic and private nature. carried to the most violent extremes on both sides.— vereigns had imitated the conduct of arbitrary hie.
The Report of the Committee of Supply was brought up, and
the Resolutions for granting a sum of C40,0e0 for the Repairs of
Some had argued that the causes of the depreciation narchs ; and to support foreign wars, had debased the
-
Highways in scoiland, and of other sums fur public uses, were was to be attributed to the issue of paper currency value of the coin of the realm ; and Parliament very
agreed to. alone, instead of that metallic substance, which, ac- wisely had judged it expedient to urge them to
The House went through a Committee on the Irish Cots- cording to the law of the realm, was the only medium restore it to its lawful value, and it was so restored
inertial Credit Bill. Report to-morrow. recognized
The Irish Embezzlement Bill was read a second time, and . On the other hand, there were persons, shortly afterwards. The last operation of that kind
committed for Thursday. and those of experience and talents too, who proposed was in the reign of Queen Elizabeth ; since then st
. The kith Lunatics Bill was read a third time, and passed. to revert to the ancient axiom, prior to the institution standard had been made, both with respect to the ewe.
"The Pauper Lunatic Bill was read a second time, and coin- of the Bank of England, and that the remedy was ness as well as weight of the metal, which standard re.
milted for Wednesday. only to be found in the circulation of the standard mained unaltered. All the Statutes upondie suojeei
TIIREE CRANES BRIDGE metal. To avoid these two extremes, he should Avo- invariably provide, that no legal tender in payment
Mr. SUMNER moved the third reading of the Bill for build- use to steer the middle course, which was, mei to 1 shall be made except in the curient coin with reteronce
ing a Bridge near the Three Cranes Wharf, at the bottom of .
Queen-street, Cheapside. • admit and to adopt either of these extremes ; for, .to the standard ; and by the 1+t1; of the King no tender
sir W. CURTIS opposed the Bill, on the ground that there with a view to the preservation of that currency, the above 025 shall be good, sinless reference to the man.
are already three bridges on the River near the metropolis; that only mean was to found its basis upon the precious dard as fixed at the blint shall be made ; thet was the
the consequence of another bridge so near that of London, ! metal, originally the only circulating medium of the law upon the subject, not only to be found in the Sta-
would affect the navigation of the River by causing too great • .
kingdom. There was another opinion which had gone . cute Book, but in the various Proclamations, and in
current ; and that in pontnaof necessity it was not called for by ,
the public. forth' erroneous enough, and that opinion was enter- the Rolls of Parliament. It had heen the policy con.
Sir CHARLES PRICE aim opposed it. I tained by many persons who thought that the only standy and successfully urged. In the Journals
Sir THOMAS TURTON supported it. as belt)* greatly bane- , remedy was not to extend the paper issues, but to do the House in 1718, the 4th of George I. was a resolu.
ficial to the public, on account of the very great
_inconvenience
it away altogether. There were persons who enter- tion to this effect," that the House wiul I notalter the
which is at present experienced in consequence of the narrow
approaches to London BridLe. tained a jealousy and suspicion of the Bank of Eng- Standard of the realm. either as to weight, fineness,
Mr. MARRYNT I was of the same opinion with the last I land, as an Institution. (Hear, hear.) Whoever felt or denomination, in respect to gold and silver coin,"
Speaker; and stated various stoppages which had occurred greatly I a proper respect for his country, could never agree This Resolution was sent to the Lords, andeliat House
to the inconvenience, not only of public business, but of pt irate
Kith those who held such doctrines; for the origin concurred with them. But it had been said else-
. where, that there was no such thing as standard, that Gentlen:en. He remarked upon the delapidated state of Lon-
don Bridge, and observed, that in Paris, which boasts of very • of that Institution was highly praise-worthy, connect
little trade, nine bridges are upon the river of that metropolis. ed, as it was then, with the liberties of the country.— it was unknown to the law. At one time it was de.
Mr. SUMNER observed, that the Bill, as had been proved I When therefore the Bank was first established, it was nied that it was departing from the usage of the land
before the Committee, was highly necessary, on the ground
one of the acts of that Government, which, in addi- to issue Bank notes ; but having been driven from
stated by the Gentlemen who had preceded him; that in order
to shew its necessity, evidence was called from among the see- fion to the many benefits derived by the Restoration, that position, the advocates in favour of restriction
emus of the Corporntion of the City of London, who stated, that was commendable in the eyes of every well-wisher to contefided for the doctrine of no standard and it was
so great has been the pressure of business, and so narrow the his country. No man who had ever attended to the curious to see of what description those persons were
passes, that stoppages of carriages of all sorts have occurred for distresses which, in various periods of our history, who contended in support of this docrine, founded, as it
the space of three or four hours.
'I he Bill was then read a third time, and paned, and ordered war has produced, could doubt for a moment that was, in error. Those persons were not visionary the.
to the Lords. from the Bank of England not only the Government, orists, but practical men, such as merchants, banktrs,
but the commercial credit of the country had receiv- and men having held official situations, all concurring
ed the most important assistance. (Hear, hear.) It in opinion, that there was no such thing as standard.
was to that assistance so beneficially rendered, that, The first of those Gentlemsn to whose opinions he
in the prospect of similar exertions and efforts on the could advert, was a man eminent for talents.—ln the
Continent, we could only look for support. The in- publication be had sent forth, he was puzzled to find
terests of the Bank of England, therefore, formed a out what was meant by standard ; at last it occurred
great part of the public credit of the State. In say- to him what it was, and he hit upon this:—" that a
ing thus much, he wished to guard against mistake unit mast be found to make it; that the interest of
in any opinions which he might utter as to the view LESS 6s. Bd. S per cents. being £l, and that interest,
which he entertained upon the subject, and the means of coin se, paid in a bank note, it was money on ac-
of remedying the evil, which were pretty generally count." This speculative standard was followed by
admitted. The only means which could be effectu. another still mere remarkable, emanating not from a
ally resorted to was, to restore things to what they theorist, but from a practical man ; and this Gentle.
were previous to 1797, when the restriction was first man had called in, to aid in his fanciful work, all tie
laid upon the Bank payments. In so doing, we must ingenuity and metaphysical reasoning he could mei.
proceed by slow and gradual degrees; and it was a ter, to convince the public, that a bank note is ad.
restoration which no man could deny, it would have stract currency." Another author broached a doctrine
been better for the country if it had not been departed still more observable ; for he says, that " standard is
from, and which nothing could have authorised but neither gold nor silver, but something set up in the
the most urgent necessity. He wished to 'guard imagination to be regulated by public opinion." From
against a prejudice which had greatly obtained these abstract and curious opinions, Mr. H. would ap.
out of doors, merely that those who proposed to re- peal to the law of the countryt• and he hoped heshould
store things to their ancient order, were a set of theo- hear from some of the Hon. Gentlemen opposite, who
rigs who very readily promulged ideas which could were taking notes, all these wild theories disclaimed;
never be put in practice. With respect to the theo. that they would not advert to any standard but that
ry which he meant'to inculcate, he had to observe, recognised by the law. These theorists gave an
in-
that it was the theory of those persons who, in the portant admission of the fact, that a departure had
best of times, founded the Bank of England ; and if taken place from the standard value. Before he left
it were a theory to believe what would prove a prat- that part of the subject, he would refer to the third Re.
tical good, if adopted, it was one built upon metal- solution of his Right Hon. Friend, premising; that I.:s
lic foundation. In that opinion he was not singular; (Mr. Homer's) Resolutions stated, " that the actu
for he had the satisfaction of knowing, that he was value of aRI note is less than the nominal value:'
subscribing to the doctrines held by most of the prat- In answer to that propositiorn for it must be taken
tical Statesmen of which this country had boasted ; an answer, his Right Hon. Friend had said, " That
who had given to them all the consideration and Bank-notes were held to be equivalent to the legal eels
weight necessary to come to a right conclusion.— of the realm, in all pecuniary transactions to whiO.
They bad taken the opinions of the best practical such coin is legal.y applicable." In the Amendments
Merchants and Bankers, and of those most compe- made to these Resolutions, it was stated, " That pr
tent to give information ;—and his-Majesty's Mini- missory notes of the Bank of England were held is
sters must have had but an imperfect idea of what public estimation, and generally accepted." In the
was conducive to the interests of the State if they had Resolutions thus proposed, his Right Hon. Dien&
neglected so to do. The most important, essential, had not denied the statement set forth by him, name.
and indispensable information was to be derived from ly, that the value of aRI note is less than it ought
all classes of practical men engaged in commercial to be. He was prepared wholly to deny the assertion
pursuits. If, therefore, it should be charged against of his Right Honourable Friend, that banknoteswere
him that he had entered into the consideration of the held in public estimation ; for he must contend, that
subject with opinions preconceived, to that charge he public estimation was quite another way ; and, were
was liable ; and, indeed, he believed every Member it not for a notion of law, which most people had gat,
of the Bullion Committee might be charged with the there would be found in every market in the country,
same opinions. With respect to the Resolutions of lin every shop almost, a distinct circulating medium
his Right Honourable Friend (Mr. Vansittart), it between the Bank-of-England note and specie. It
would have been a great convenience to him if he 1 was the general opinion that the King's coin had to.
could have guessed which of the opinions he (Mr. tally disappeared, and there was no money but that
Homer) had thrown out, would have been contro. of the Bank. With respect to the word coin, what
verted ; but that he could not guess. The last of ' was it ? Did it make any difference in the standard?
his Right Hon. Friend's Resolutions gave him all he } The coin was the Kinn's assurance to his subjects
could wish ; far it admitted that it was expedient to ' that their property should be protected ; that it should
remove the restrictions, with this qualification : " but 1 be of that fineness and weight necessary to give to all
not prior to the conclusion of a definitive treaty of 1 in their dealings an equal participation of justice.—
peace." He was prepared for hearing doctines in jTo say, then, that bank-notes were held in public esti•
opposition to what he should state, which doctrines 1 oration, was to evade altogether the argument. To
were up to the present day doubted. To shew the question was one wholly of fact. Was the Bank d
fallacy of such doctrines, he should endeavour to sa- England note worth what it purported to be worth!
tisfy the Committee that the causes of the high price , It certainly was not ; as he should show presently.—
of bullion was not attributable to the unfavourable I It had been asserted by an Hon. Gentleman opposite,
state of the exchanges, when the House had delegated that a light guinea would pass for more than its real
to the Committee up stairs full powers to inquire into 1 value. When a guinea was worth more than it foo
the causes which led to the high price of gold bullion, merly was, see to what it would tend. Suppose, 1.1.
and the great excess in the market price, as settled instance, a person was indebted to another £2.6, :end
by the standard of the realm. Since that inquiry, the he was called upon to discharge that debt, which
evil complained of had greatly increased. The stan- ought to be done in the lawful coin of the realm, he
dard price of gold was at that time £3 17s. 10d. ; must give his creditor, if in silver, at the rate of es. Are
last summer it was as high as £4 lOs ; this year as ' per oz. 1001 ounces, but suppose be should give him
high as ae4. 14s. ; and in some tables it had been quo- se26 in notes, they would, in consequence of their de-
ted as high as £4 18s. ; but on comparing these with predation, only purchase 86 ounces and two.thirds.
other tables, it was clear that the average was So far then from Bank-notes being equivaloot to tne
se4 14s. being an excess in the market price of 20 standard, a debtor might discharge a debt of e...13,a
per cent. over and above the price settled at the . Bank, paper, which, if converted into silver, woull
Mint. This high price was most evidently a depar- ' only produce 86 ounces; whereas, by the I.ins'..!
ture from the standard of the realm. The lawful standard of the realm, the creditor is entitled to re'
currency of the realm being coined gold and silver,' ceive 100 ounces, the Bank-note of All being sre:-.1
all issues of paper-money were of course nothing less something less than 16s. If this was so, then it watij
than stipulations to pay in the lawful money of the become necessary to ask who are to blame, and who.'
realm. That being so, a Bank note of one pound the remedy for the evil was to be found? In tho
must be taken in part as a etipulatioa or agreement 4 respect it was only necessary for the House to issti'

tute en inquiry, and froth the evidence adduced, the • met!, that the legitimate depressiOn of the real er-
remedY might be provided. The most important change was limited by the expences of the transmis-
conseleration to a civilized nation was the standard sion of specie; aped that where it was found that the
value of coin. All civilited nations considered a depression exceeded that limit, such depression must
measure of value as essential to the interest of the' necessarily exist in some circumstance connected with
State. If our measure of value was deteriorated or the currency of the country. There were two changes
lost, then it became the. Legislature to provide a re- of value of which the domestic currency was susceps
eleey, What was the consequence of this deteriora- tible. Debasement, to which metallic currency alone
tion ? It was the cause of infinite loss to creditors— was subject ; and excess which more particularly be-
ii id a great effect upon monied incomes—gave an longed to paper. The returns from the Mint which
undue advantage to debtors, and affected materially were inserted in the Bullion Report, afforded full
persons holding stations in society, which property of information on this point. It would there be found
that description gives—the revenue was injured, and that from 1758 to 1773, during the debasement of
taxes ceased to be productive ; for the money paid the coin of the country, a depreciation of it took
into the King's Exchequer would not do that which place. —As to an excess of metallic currency,'
it was calculated to do. In providing the remedy, that could take place only in countries possessing
the first question to be considered was, the causes of mines.; and there only to a small extent, and for a
the evil ; that was ..o be gathered from the evidence short period. Thus it would be found, that in Spain,
taken before the Committee, and the causes were re- silver, and in Portugal, gold was a little lower after
duceable to two: one of the causes was that bank-notes the importation from the mines, until the superabun-
had departed from their value, of gold, because gold dance was transmitted to other countries. The evil
had risen in value. The other cause was, that the rise remedied itself. But in countries in which paper was
of gold was consequent upon the unfavourable state of not convertible into specie, excess admitted of no re-1
the Exchanges. The first argument to be founded medy ; and if the excess were without limit, equally!
upon the scarcity of gold was this, that in some coml. indefinite would be the effect on Foreign Exchanges. I
tries on the Continent, silver was a commodity ; every Considerable obscurity had been throwreupon this
country had its commodity. In Africa, leather subject, by partial statements. He was willing him-
and salt, particularly the latter, were esteemed in ex- self to admit, that if, on examination, a single instance
change for the produce of that soil. In a country could be fairly adduced, in which the cheige in the i
where silver is, as it were, the commodity, the price currency had not been communicated to the Foreign ,
sloes not vary, but is stationary. For instance, if this Exchange, the principles for which he contended
country chose gold as the measure of value, the effect must fall to the ground. But then all the circum-1
of scarcity would not be to make it dearer, but other stances of the different cases must be developed. For '
commodities cheaper. It was in evidence before the instance, it appeared that the exchange with Portugal
Committee, that the price of standard gold never last year was at par. On explanation, however, it
varied more than in 1795 and 1796, when there was was stated by persons acquainted with the facts, that
a great scarcity of grain, and when it was sent abroad by the lasv of that country half the debts of it were
for the purpose of purchasing that article for the sup- paid in a paper which was at a discount of 26 percent.
ply of this country. In the first of the months of Instead therefore of theexchangebetweenGreatßritain
1797, in consequence of the alarm which existed, and Portugal beingatparet wasl3percentenfavour of
much of the gold was drawn from circulation exter- the latter. So with Sweden the state of our exchange
rdly, but the price of the standard had not raised one was attributable also to the discount on the paper
penny on that account. Government sent to Portu- currency of that country. In all countries with which
gal for some gold, manufactured there, to provide for we had any thing like a settled ceuree of exchange, the
the deficiency, and they purchased a small quantity at same alteration had taken place in the exchanges, as
set Bs. per ounce ; but there had aot been a rise from at Paris, Hamb urgh, and Amsterdam. He was not
1718 down to the presenttime, of more at any time than perfectly apprised of the circumstances attending the
6d. per ounce. In addition to which, it did appear exchange with America ; but he understood that in
that there was no such rise on the Continent as would May, 1809, the course of exchange was at a discount
warrant the rise here. The Mint of both countries of nearly 11 per teat. and that at present it was about
formed the relative value ; and in all countries where ten. In the West Indies, the premium on bills, which
silver is the commodity, gold would appear to rise, used to be from 15 to 20 per cent. was now only five. ,
The Hon. Gentleman then referred to the price cur- He was informed that a similar effect had taken place
rent of Paris down to the 10th of April, to shew that in the East Indies, and that bills drawn on this country
the price of English gold there was not more than at Calcutta, were at an exchange of '22 per cent. against
se3 19s. 6d. per ounce ; but at Amsterdam gold us. Let the Committee consider the state of exchange
fetched 12 guilders and a fraction ; while a bank note between Hamburgh and the capitals on the Continent.
of the same value only produced seven guilders.— At Vienna the par with Hamburgh was 14.6 guil-
Prerious to the year 1797, as might be seen from the ders ; the exchange at present nine hundred guild.
Appendix to the Bullion Report, the importation of ers ! To what was this attributable ? To the de-
wheat, (which, he must contend, had a great effect preciated state of the paper in Vienna. The paper.
upon the course of exchange,) was various. From currency of Sweden was also depreciated, and
1771 to 1785, taking the average of 15 years, it was what was the consequence ? That although the
at 465. per quarter ; then, taking the average of 12 par with Hamburgh was 48 stivers, the present ex-
years,
from 1786 to 1797, it was at 525. an increase of change was 136 ! In Copenhagen also, in which]
6s. per quarter ; but leaving out the two years of the paper was depreciated, and in which the par
dearth, namely, 1795 and 1796, the average would with Hamburgh was 125 rix dollars, the present ex.
be 475. 31d. a difference of Is. 2d. in the last ten change was from 750 to 800 ! But in Paris in which
years. Since 1797, the price of wheat was on a very there was a metallic currency, and no depreciation,
different scale—for the average to this time was 79i. the par with Hamburgh being 181 livres, it appeared,l
but leaving out the two years of scarcity, it was at by the last return, that the exchange was 180—four
71s. making the difference of from 465. to 71s. The in that number in favour of Paris. How was it pos-
rise of gold, therefore, was to be ascribed to the ex- sible, after hearing all these facts, to resist the infer-
cess of exports, and not to the exchange being against ence, that a main cause of the present situation of our
us. It certainly required explanation why this de- exchanges was the state of our currency ? By refcr-
pression, (unexampled in the history of the country, ring once more to the returns from the Mint it would
except when the currency of the realm was debased) appear, that in 1792 and 1793 the exchange with
had arisen. In the reign of William, and in the seven France fell from 22 to 17, to 15, to 12, to 9, to 4., and
years war, the exchange fell 25 per cent. and guineas ultimately to nothing. Nobody pretended that this
rose to 40s. but since those periods there had not, it was owing to any thing but to the enormous paper
was clear, been any instance whatever upon record. currency of France at that period. Seventy years
Adverting to the importation of grain in the last year, before, when there was an excessive issue of paper in
lie allowed that it was most enormous ; and that, im- France, an issue not so infamous as that to which he
portant as was the consideration of the question before had just alluded of assignees, but an issue for the
the Committee, the causes of that vast importation de- purpose of executing a wild and visionary scheme—
mended a still more serious investigation. To find he meant in the Mississippi year—the exchange of
that in a year, which was not one of dearth, above Paris with London fell from 28 to 22, to 15, to 10, and
two millions of quarters of grain had been imported, eventually to 7. When a project of a similar nature was
was unquestionably a fit subject for Parliamentary set on foot in England in 1720, the price of standard
inquiry. Nothing could more effectually shew the gold in bars rose as high :is £4. 2s. 6d. per ounce,
depreciation of the relative value of our currency, which was owing to nothing else but the diseased
than the fact, that although by the alteration made state of the circulation in London. All these facts
in the Corn Laws, in 1793, the price of 545. was fixed tended to prove the accuracy of the conclusions to
as that under which no grain should be exported, it which the Bullion Committee had arrived. Was
became necessary in 1604 to raise that protecting more direct evidence demanded of the excess of the
price to 665. ; and so rapid had been the depreciation paper money ? He would consider this point for a
of money, that, if it were intended to carry on the moment : during the restriction on cash payments, the
system of protection, it would be now necessary to excess might be occasioned in two ways ; one by the I
raise the price to above 705.—The whole question, Bank issuing more paper than could be absorbed in the i
as far as the balance of trade was concerned, rested general circulation—the other, a given amount being
on the real state of our trade. What that was it was already out, and a change in trade rendering that '
difficult to discover. He was disposed to trust those amount more than sufficient for the general circula-
who had the means of information in their hands, and tion, by the Bank abstaining from withdrawing a por-
who declared that the balance and the foreign expen- tion of that already issued. On an examination of
diture were against this country. And yet it the the evidence given by the Bank Directors to the Bul-
Committee looked at the accounts on the table, they lion Committee, it would appear, that although the
would see that the balance of exports over imports restriction on the cash payments would of itself have
was much greater than formerly, particularly during created an excess, yet that the Bank increased that
the last two years. Tie official value of the imports excess by issuing an additional quantity of paper.—
of 1811 was £33,100,000; of exports A 45,800,000; He wished particularly to call the attention of the
leaving an excess of £12,700,000. The details of Committee to the increase of Bank of England
this excess w-re still more satisfactory. The exports notes since the investigation by the Bullion Com-
of cotton manufactures, during the last two years, I mittee. By the Report of the Committee the ave.
were nearly double what they had been in the two rage of the notes in circulation in 1809, was stated
years preceding. How these statements could be re- to be 19 millions ; the average of the last half year
conciled with tine present declarations, lie was yet to of 1809, to be £19,800,000; the average down to
know. It might indeed be explained by shewiug the 12th of May, 1810, to be £21,200,000. By the
that the military expenditure made the difference, but documents on the table it appeared that the average
at present it was wholly unexplained. It was now of the Bank notes in circulation taken for the whole
intimated that the balance of trade had been so unfa- of the year 1810, rose to £22,700,000, and that the
vourable to this country, as to render the exportation average of the first 17 days of the present year was
of bullion absolutely necessary. It might be recol- twenty three millions and a half; being an increase
lected, that in leoB and 1809, when this great excess in the number of Bank notes in circulation of above
of exports was stated by the Right Hon. Gentleman two millions, since the Bullion Committee made their
opposite, he (Mr.H.) expressed his doubtsw ith respect I, report. To him this appeared one of the most wan-
to the real nature of' it. In the last Session, during i ton and unjustifiable acts that could well be conceivel
the discussion of the Lord Commissioners' speech, the ed. He understood that it was to be defended on
Right Hon. Gent. opposite contended, thataltho' there 4,ehe ground that commercial distresses existed in the
v.;-; a great foreign expenditure, yet that the excess ; last year, such as the Bullion Report itself pointed
of exports was so considerable, as to leave the balance out as the proper subjects of relief front the Bank.
ve,y much in our favour. How was this reconci ea- But whatever might be the nature of those distresses,
ble with the present argument ? But if these two; the want of money was certainly not one of them,
statements could be reconciled, he contended that they . for money was in abundance. What other defence
would not shew the true cause of the present state of of their conduct the Bank could set up, lie knew not.
the currency of the country. It had ever been the The doctrine of the Directors of the Bank, as set
opinion of the best practical as well 4v thteretkill forth in the minutes of evidence before the Bullion

-

Mb=

}

i
Committee. *is %allay navel and quite tconsisteht Wdi i large class of flietcllents in the Itsettepoli", "Ale
with the principles by which the conduct of the Bank filled with the Same erroneous no:ione, dented that
Directors of forniers days was governed. It was a there could he any excess of paper currency. A large
doctrine which, if not checked. by Parliamentary in- majority, however, thought otherwise, and that ma-
terference, must soon bring complete ruin on the jority was composed of all the old capitalists of the
Whole of the financial and pecuniary affairs of the city, by whoms through good and through evil times,
country. What was the situation in which the Bank the commercial credit of Great Britainhad been mains
of England had been placed ? It was not his wish tained. These Gentlemen were decidedly of opinion
to impute to them any original blame, or to revive (in opposition to that of the visionary speculatols to
the controversies of former days. The existing evil whom he bad before alluded), that the issues of the
was sufficient without any such recurrence. In the Bank had been guided by the preceders of old times,
origin of the business the B ink were placed in compul- ' and that in the deviation from that precedence was to
sory circumstances. They were forced to suspend their be found the cause of the present depreciation of our
cash payments. But still, influenced by the true currency. Among these respectable individuals was
principles which had influenced their predecessors, the late Sir Francis Baring, who, with all the advan.
the Directors were anxious to resume those payments, cages of the most extensive commercial experiences
and made such exertions to return to the ancient expressed an opinion consonant to that avowed in the
system, that at the end of a few months they declared Bullion Reports So much for the evil. It remained
that they were ready to resume them. Parliament, for the House in its wisdom to consider of the remedy.
however, waved the resumption at that period ; and He felt that many who agreed with him up to this
soon after it was declared that the suspension should point of the discussion, might differ from him in the
continue during the war. It was then that the Bank remainder of it. To him it appeared manifest, that
felt themselves in a new situation, called upon to dis- the remedy recommended by tie Bullion Committee
charge new ditties. They no longer felt the restraint was the only remedy that would be successful. It was
which had hitherto moderated their issues of paper. a remedy that ought to be administered with great
It had been their long established duty to Ascertain caution, but which he was persuaded, sooner or later
the just quantity of 6:enlacing medium necessary to must be administered. At the same time he had no
the public wants. When that circulating medium doubt, that if Parliament were to stop short with a
consisted chiefly of specie, it regulated itself by its declaration of the evil, such a declaration would lave
interchange with foreign countries; but when a mere a powerful effoct on the conduct of the Bank of Eng-
ine:it circulation was substituted, the Bank were land—but notwithstanding this impression on his
then called upon to perform a duty that was mind he felt it his duty, as a Member of Parliament,
impracticable. The Directors were evidently and to propose a legislative proceeding on the subject.--.
avowedly unacquainted with the principles of the The only argument which he had heard against the
subject. Their doctrine was—that there could be abolition of the restriction, turned on the state of war
no excess of issue, with regard to their paper, as long in which the country was placed. Great as was the
as it was demanded ;—that the extent of the de- mistake in 1797, in suspending the cash payments of
mend ought to be the only limit ; and that the rate the Beek, he thought the mistake, at the commence.
of interest made no difference whatever in the consi- ment of the war, of continuing that suspension still
deration of the amount to he issued. Let the Com- greeter. It took from the measure the character of
mittee read the evidence given by the then Governor a temporary, and gave it that of a permanent pro-
of the Bank of England, a most respectable indivi- , ceeding. And what difference did the state of war
dual, Mr. Whitmore. When that Gentleman was make ? The country was not in a state of war in
'asked, 44 Does not a rise in the value of any species 1797. It was not in the exportation of bullion for
of money or currency mean a fall in the prices of corn that the supposed necessity for the restriction
commodities ?" He answered, " I did not mean to originated : it originated in internal alarm, in a tern.
state that, nor do I mean to state to the Committee porary event which had not recurred. In 179' there
any matter of opinion. I would rather wish to leave . had been a failure of country Banks to an immense
that to the judgment of the Committee, and lam extent. It was an alarm not peculiar to a state of
ready to answer any points of fact." This was per- war. It might occur in peace. If the suspension of
fectly candid in Mr. Whitmore : but surely the head cash payments was the remedy, let it be applied ; but
of that establishment which v. as to adjust the circa- let it not be permanently applied. Let not the same
lation of the country, ought not to have been so unin- medicine be administered indifferently in health and
:
formed, but ought to have furnished himself with the in sickness. Let the suspension be terminated, not
means of giving an opinion ; and to have been aware abruptly, but with caution. By the existing Act it
that a rise in the value of any species of money or ' was provided that it should terminate six months after
currency meant a fall in the prices of commodities. the conclusion of a definitive treaty of peace. If a
By the laws against usury, the Bank of England were peace were made to-morrow, however, that would be
restrained from receiving more than five per cent. for I too short a period—for anxious as he was that the re.
their discounts. It occurred to the Bullion Commit- ! striction should cease, he was equally anxious that it
tee, therefore, that under the recent circumstances °, should cease in a manner the most beneficial to the
many persons would be tempted to obtain these dis- . community. On the fullest considemion which he
counts. In the course of their inquiries on the subject, ; had been enabled to give to the subject, he was satis-
they asked Mr.Whitmore, 44 if in his opinion the same fled that even during war, and particularly during the
security would exist against any excess in the issues ! present war, it was imperative on Parliament to re.
of the Bank, if the rate of the discount were reduced i scind this measure. The prospect which this country
I from five to four per cent. or even to 3 per cent. ?" I had, was of a long contest. If it should turn out so he
'The reply (a reply in which Mr. Pearse wholly con- ; trusted that it would be a long course of foreign exO
cuffed) was, 44 that he conceived the security would ; penditure ; for only by that means in the improving
be precisely the same in both cases, if the practice of state of the world could we derive any advantage from
the protraction of the struggle. By the present state of the Bank remained the same, of not forcing a note I
1 exchanges,howeverd -4th of the money appropriated to
into circulation." He would now advert to the opi.
nion of the Bank Directors with respect to the making `, foreign purposes was fruitlessly absorbed. This was a
of the restrictions on cash payments a permanent most important consideration, and would become still
measure. When Mr. Pearse was asked 44 what in- ! more so, should Great Britain return to her ancient
' task of restoring the balance of Europe, and planting
convencies he would see, in his view of the operation
of the restrictive system, to its being a permanent the standard round which the nations of Europe should
measure, supposing the Bank to regulate its issues in be invited to rally in defence of their independence.
the manner he had described i" He replied, 44 that •He trusted that he should not hear it urged, that in
from their experience, and in his view of it, he could some points the depreciation was favourable to the
see no positive inconvenience likely to result from its public. He hoped that a declaration so contrary to
a
being a permanent measure ; nor did he see any ad- ill the maxims of honour which it had been the pride
of Great Britain to cultivate and to maintain, would
vantage that would arise from its being continued ;
when the political and commercial relations of the ; not be made. He was very far from imputing such
country would admit of its removal ; and that; an idea to the Right Honourable Gentlemen oppn-
he was further of opinion, that, in addition to ' site. If it were entertained by any one, that indi vi-
the satisfaction which, as a Bank Director, he ! dual must be a short calculator. He must forget that
, would derive from the removal of the restriction( when although the country might gain something in the
the necessity for it should cease), the feelings of the payment of the interest on the debt already accumu.
public would not be satisfied unless it had in expects-' laced, she must lose more on the receipt of the
tion such a change." On a subsequent occasion this loans, to xhich it would be necessary for her to have
recourse. Nor did private suffering demand less loudly
answer of Mr. Pearse being referred to, he was asked
" if it were not for that feeling or expectation on the than public justice, that a corrective should be ap.
part of the public, would he be of opinion that it , plied to the existing evil. He would not dwell on
would be expedient to continue the same restriction, the grievances to which public creditors, annuitants,
as a permanent measure, inasmuch as it would not and others, were exposed by the present state of the
only relieve the Bank from the expence of purchasing currency, nor to the injurious effect which it had,
land keeping a large supply of Bullion, but effectually i upon all legal contracts and obligations. It was
protect them and the public from a repetition of those i enough just tc state the circumstances ; and having
inconveniencies which first led to tine restriction ; and i trespassed so long on the patience of the Committee,
that these advantages would be produced without 1 he would detain them no longer than by moving his
creating any other inconvenience by which they might first Resolution, viz.:—
be counter-balanced ?" To this Mr. Pearse said— " That the only money which can be legally ten.
44 he had already stated in answer to a former ques-
dered in Great Britain, for any sum above twelve
tion that he was not aware of any positive inconve- , pence in tine whole, is made either of gold or silver,
nience resulting from the present operation of the Re- and that the weight, standard, and denomination at
striction Bill, or likely to result from its being ren-1 which any such money is authorised to pass current,
dered permanent—except as far as it regarded an ex- is fixed under his Majesty's Prerogative, according to
pectation on the part of the public, that it would be law."
removed—but that circumstance was in his opinion Mr. ROSE began by acknowledging the know-
essential, and could not be kept nut of view in any : ledge of the subject displayed by the Hon. and learned
consideration of the subject. Whether it would be opener of the discussion, and the great eloquence with
adviseable to secure the public against a liability of ; which he had treated it. Still he differed from him
the recurrence of the inconveniences that led to the' as to matters of fact. He felt not- the least hesite-
Restriction Bill, by sacrificing their feelings on this I tion in affirming that there had been no depreciation
point, and absolutely removing all expectation of its , of Bank notes occasioned by excessive issues of
being only a temporary measure, appeared to him to I them. It proposed to resume the payments in
be entirely a political question, on which he did not specie ; but the thing was impracticable at this time,
conceive himself qualified to give an opinion—but he ; nor would there be a guinea more in circulation
might venture to observe, that public credit and pub- I were the measure resorted to. 'Certainly it was
lic opinion always went hand in hand, and that the extremely desirable, that the circulating medium
one was invariably influenced by the other." Unques- should at all times be the precious metals, rather
tionably this statement of Mr. Pearse's fell short of al than paper ; yet where such precious metals were
complete declaration of his opinion, that the restric- I wanting, it was idle to talk of paper currency as
tion on cash payments should be a permanent mca- I valueless and injurious. The Hon. and Learned
sure ; but it was evident that the -possibility of its , Gentleman had justly praised the Bank of England,
being made a permanent measure, had passed through i as to its great public utility, without thinking, that
that,gentleman's mind; and when to this circumstance . if his proposed Resolutions were adopted, the coun-
was adde 1 the consideration of the Directors, that try would soon cease to be benefited by that excel.
there could be no excess in the issue of paper, as lent establishment, which would be disabled from
long as there was a demand for it, and the active ' rendering those services it had hitherto done.--
part which they had taken in the discussion of the I (Hear, liar, hear. )—Without agitating this or that
subject out of doors, enough would appear to warrant specious theory, he could not admit that Bank notes
the most decided inference that the present state of were depreciated ; they %vete legally equivalent, and
the circulation of the country was attributable to the equivalent to the obtaining of every article of life,
excessive issue of sank notes. I seemed that there wept, indecd, the purchase of gold aad silver....
,0111