Star.
London, England, 1819-06-15 00:00:00

first vet. i
• . .
. .
gisssittin 797 against the Bank Re*
striction Act. In his humble opinion, altho.ibli he
differed from most of the Bank Directors in political
sentiments, they had, daring a long.period, contuct-
ed themselves with moderation, honour, and fidelity.

—(.Hear, hear, hear.)
La:k.Ve was given to bring np the Clause proposed
by Mi. Etatcc, which was afterwards toad a third
time and added to the Bill by way of rider.
Mr. MANNING then stated the abject of the
Clause proposed by him again, upon which
The CHANCELLOR of the EXCHEQUER op-

posed the clause, on the ground that it might bring
great discredit and inconvenience upon the Public;
if they should enter into an engagement, for which
there was not any necessity, and should not aftir--
wards discharge it precisely. He admitted that such
a monthly payment if it could be effected, would be
most convenient. His wishes were that such a re.
payment would take place as circumstances would
admit of, but he was unwilling to enter into an en-
gagement which he might not have the means of ful-
filling—(Hear, hear.)
Mr. ELLICE thought that what the Right Hon.
Gentleman had said afforded another reason for bind,
ing the Government to the precise time and manner
of discharging the debt due to the Bank. Therebad
been, he said,- an agreement last year to pay the
Bank nine millions, but that was not done; If it had
been done, there Would not have been many of the
inconveniencies which afterwards gave grounds for
complaints against the Bank. If he were a Bank Di-
rector, he.would rather have the security of the Pub.:
lic than of the Right Hon. Gentlemau—(Hear,
and a laugh on the Opposition side.)
Mr. PRIMROSE thought, that if the House were
• propared to carry the suggestion of the Committee
• respecting the debt due to the Bank, into execution,
they ought to he prepared td carry it into effect by
the time when the Bank would be prepared to carry
. .

its duty into execution. Although it -might he diffi-
cult to pa the particular sum specified by each par
ticular raoffl.h, yet he thought, that there ought to be
a certainty of re-payment to the Bank by the time
when they would. commence their operations:
Mr. HUSKISSON said, that as there would bend
other appropriation of the five millions, there could
not_ be any doubt of 43 security, as a repayment td
the Bank. He would not repeat the inconveniences
attending a repayment by monthly instalments, but
was glad to hear from his Right Hon. Friend, that it
was his wish to pay the five millions as equally ai
possible. He denied that there had been anv pro-
mise of payment by monthly instalments on the part
of the Committee. In the present year the supply
was quite independent of Exchequer Bills, except td
the aniount of about £BOO,OOO. If the sum to be
paid to the Bank. was only four millions In place of
• five millions, he did not see how it could be reduced
to any inconvenience by the measure, as it stood at
the present.
Mr. MANNING Again explained the grounds upod
which he proposed the clause:
The CHANCELLOR of the EXCHEQUER said;
there was no wish on the part of Government to
throw the smallest embarrassment in the way of the
Bank. He felt convinced that they were actuated by
the most sincere desire to recur to the ancient stand;
aril, but the repayment of five millions in the way
alluded to, had no connection with the present Bill:
It was already voted by Parliament: This, however,
was not the time for introducing the clause proposed.
The proper opportunity would occur when the Apz
propriation Act was brought in.
Mr. MANNING then withdrew the clause,
Mr. ELLICE said, that though he approved of the
principle of the Bill, he did not like the intermediate
steps of it. His first objection was against the ed.;
mission, that the standard of the currency was de:
preciated to a specific degrees He should, therefore,
propose that the clauses five and six be left out.
Mr. PEEL opposed the motion. He thought it
highly desirable that the clauses proposed to be left
out should be retained. It was by that part of the
Bill the Bank would-be bound to make preparation
for the resumption of Cash Payments. These clauses
made no change in the legal standard, nor did they
recognise the opinion that any alteratioh
.took place •
in it. To state that the currency was depreciated
was quitea different thing. Upon this point he begged
leave to remind the Honourable Gentleman (Mr:
Ellice) that the Bank expressed a willingness to pay
their notes in bullion at the price mentioned in the
last foreign letters. This would be a direct recogni;
tion of the depreciation. lie should feel no alarm
if the Bank were to increase their issues to-morrow, .
for he had no doubt that they would make the ne-*
cessary preparations for that event at £4. Is, in the
first instance, and afterwards at £3. 19s. 10Id.
Mr. PIERSE supported the Amendment proposed.
He thought it very hard that the Bank should be
obliged to pay their notes in bullion at a fixed rate,
when so many circumstances might occur before the
proposed period to affect the exchanges and the price
of gold. They saw the effect lately produced in this
way by foreign loans, and there was a rumour at
,present, that Russia would want a loan to a large
amount, for-which a high rate of interest was to be
offered. The provision in the Bill was very different
to that of the Bank, because it 'mould oblige them to
pay in bullioa ae a fixed rate, 'whatever the state of
the exchanges might be.
Lord CASTLEREAGH saw no occasion for any
alarm in the state of the Exchanges at present. With
respect to the Russian Loan alluded to, it was a rua
mour quite destitute of foundation: The graduated
scale proposed in the Bill was not adopted from any
distrust its the Batik:
Mr. GRENFELL said, that what had fallen from
the Honourable Director (Ma, Pierse), was one of the
best arguments for the Bill.
Mr. J. P. GRANT expressed his dissent from the
graduated scale proposed in' the present measure.—
He should prefer the appointMent of an earlier pea
fiod, for•teturning to Cash Payments at the legal
Mint standards •
Mft.CALLAGHAN supported the amendment.
Mr. ELLICE said, he was no party to the proposal
for paying in specie at the rate of the foreign markets.
He was not convinced by the observations of the Ho-
nourable Gentleman) AMr. Peel) that a proposal for
resunting'eash Payments at £4..15. was not an sea
kuowledgment of a depreciated currency. Hai
would therefore divide the House upon the proposed
amendment.
Mr. FEEL explained: The Honourable angled