Star.
London, England, 1816-04-25 00:00:00

Tilt BANK OF ENGLAND.

Mr. HORNER gave notice, that he would, on
Wednesday next, move for a Select Committee to
inquire into the expediency for continues% the fts.
strictions on Cash Payments by the Batik of Eng-
land. The Honourable and Learned Member then
moved, " That there be laid before the House, a de-
tailed Account of the number of Bank of England
Notes in circulation, every week, from the 9th of
February, 1814, to the date of the order. Also an
Account of the highest and lowest aggrega,e amount
of Bank of England Notes in circulation at any one
period during the same space."
Mr. GRENFELL hoped that the Right Honour-
able Gentleman (Mr. Vansittart) would find it con•
venient to defer the Committee on the Bank Restric-
tion Act until after his Learned Friend's motion had
been disposed of.
`The CHANCELLOR of the EXCHEQUER
saw no sufficient reason to induce him to accede to
the suggestion.
Mr. HORNER: observed, that by postponing the
Committee until after his motion on Wednesday, no
inconvenience could possibly be felt, as the Act now
in exi i'ence would not expire until the sth of July.
The Right Honourable Gentleman shookd also re-
mene;er, that the present Bill had been hurried
already through two stages with an unprece-
dented rapidity, and in a manner equally unusual.
It was brought in one morning, at one o'clock, when
the House had been exhausted by a tedious debate,
and when few Members were present. lie had, in
consequence, been extremely anxious to oppose its
progress at the second reading, and for that purpose
came down to the House as early as five o'clock in
the evening; but, to his surprize, he found that the
Chancellor of the Exchequer had anticipated him,
and that the Bill had been already read a second time
without opposition. The Committee was appointed
for Monday, and, perhaps, that was in consequence
of every preceding day having been abroad! Itscupleill
Such a measure. in itself of extreme importance, and
now become entirely new from the change of affairs,
should not be thus precipitated. It should receive
the fullest inquiry, for the principle on which the re-,
strictions had been at first proposed, and since conti.
!sued, was no longer in operation.
Mr. FRANKLAND LEWIS contended for the
propriety of postponing the Committee on the Bill
until after the decision of the House on Isis Learned
Friend's proposition.
The CHANCELLOR of the EXCHEQUER
observed, that the reasons on which he had founded
the Bill, were matter of public notoriety, or at least
of such a nature as might be examined by the Cern.
UAW on the Bill, unassisted by the Select Commit-
tee for which the Learned Gentleman had expressed
his intention to move. He would readily acknow-
ledge that the state of foreign exchanges was
at pre-
sent favourable to this country, and might be advan-
ced with an apparept force against his measure; but
the House should consider how many and variops
circumstances militated on the other side, which
would effectually neutralize its operation.
Mr. J. P. GRANT rose to remark on one, obser-
vation of the Right Honourable Gentleman. which
could not be passed over in silence ; he meant the as-
sertion, that matters of notoriety justified the conti.
nuance of the Bank Restrictions. He feared that
notoriety would have a very contrary effect, for it
was notorious, that the unfavourable state of the fio
reign exchanges was avowedly the principal cause of
restricting the cash payments, which should be dis-
continued as soon as the cause had terminated. The
exchanges were now favourable, and it remained for
the Chancellor of the Exchequer to shew what other
reasons now exist for continuing that measure. Ha
.was one of some lb or 20 Members who were prese
when the resolution was passed, on which the Bill
founded. What kind of discussion the measure coal
then have undergone, might easily be imagined. He
therefore hoped that the Right 'Honourable Gentle-
man would postpone the Committee.
Mr. BROUGHAM remarked, that every dap
before Wednesday was already filled with Notices, so
that unless the Chancellor of the Exchequer was re:
solved to bring on his motion at one or two o'clock
in the Morning, after a long debate, he would not
have it fairly before the Home until after his Hon.
Friend's motion had been decided. The Right Hon.
Gentleman had spoken of notoriety, as a sufficient
ground 'for pressing his Bill, but notoriety appeared
on the contrary, a reason for postponing it—particu-
larly if credit were given to a rumour that had been
very prevalent in the city, of the Bank having under-
taken to accommodate Government to the amount of
even ten millions from their unknotvn funds,, on dull
' understanding. that the restriction should be still cone
tinned ; for, in reality, it seemed as if there would
not be nese without the other—(flea►.
The CHANCELLOR of the EXCHEQUER'
I rise merely for the purpose of giving the most
direct contradiction to the alleged rumour mentioned
by the Honourable Measlier. It is not true that the
, measure which r have had the honour of submitting
•no Parliament, bears the most distant relation to any
accommoaation that the Bank might think proper to

laving* to Government. There is no connection be
tweet tkem ; the present measure appears to be ren-
dered necessary by the circumatances of the toes*y,
and must stand on its own distinct merits."
• Mr. TIERNEY—" The notoriety that appeatstb
the Right Hon. Gentleman to justify the continuance
of this measure, seems to be pretty nearly confined
to the Gentlemen in Downing-street, and the Direc-
tors of the Bank. Now all that I want is to be let
into this sear" and though I am well aware that it is
in its present suite sufficiently secured from all disco-
very, yet give me the Select Committee, and it will
be hard indeed if I do not obtain a tolerably correct
idea of its merits. The Right Hon. Gentleman as-
sures us th4t there is no connection between the re-
striction and the accommodation given by the Bank.
I have heard so muck every time these ten years, but
Ido not believe one word of it—(Hear, hear.) We
are even told that the Bank Directors them elves are
the most anzioul people in the world to have those
restrictions removed, and that they sigh for the day
when they can issue their specie again. These Gen•
demen listen to all this, and keep their countenances
most Admirably • but I should be glad to examine
them before a Select Committee of tee Home, and I
fancy that some diffaence would be found between
,their confessions to us, and their conversations in
Downing-street."— (Hear, hear.)
Lord CASTLEREAGH agreed with his Right
Hon. Friend (the Chanceilor of the Exchequer) that'
there was no sufficient mason for postponing the Com-
mittee.
Sir JOHN NEWPORT observed, that as noto-
‘riety seemed to be so much dwelt on, it might not
perhaps be irrelevant to state, as a matter or noto-
riety, that Bank Stock had sisal 18 per cent. since
the intention of continuing the restrictions on cash
payment had been learned. Such a fact told at least
the opinion of the Proprietors on the proposed mea-
sure.—(Hear, hear.)
After a few words more from Mr. Homer, the
Chancellor of the Exchequer, and Mr. Tierney, the
returns were ordered.
Mr. J. P. GRANT said, that in looking over
some papers that had been laid on the table, he ob-
served a sum of 42,500,000 for the miscellaneous
services of Ireland. He begged leave to ask whether
that sum bad been included in the Estimate for the
General Miscellaneous Service of the entire country ?
The CHANCELLOR of the EXCHEQUER
replied, that it had been so included, and expressed
a hope that some reduction might be effected in it.