Star.
London, England, 1819-04-06 00:00:00

be so much against it. But unkss the Right
Gentleman would say the measure would be a
tory if the forms of the House were not in this
twice suspended, he, for one, could not consent
eir being dispensed with—(Hear, hear!)
Right Honourable Gentleman had embarrassed h'
self by entering at all into the argument. If he
f once said—" I will not open the subject, butt
is an absolute necessity for the passing of this t.
and immediately, or it will be of no use at all"
House would have been better justified in passin,
measure than they would be now. He bad told `..
that the Bank had unadvisedly paid some ef t
notes in gold, without making a sirtrultanenusred
don in their issues of paper; and the comer.:
was, they had been drained of revenue to the ale
of about £5,000,000. New he did not see but
Bank might go on for three cr four da7s, ei:-.ili,
ordinary forms of the 'louse were ce:eplied v i:':,
the passing of this Bill, without any very seri,t,s
convenience being felt, as it appeared the: 'r, ~..a
been drained of more than £s,‘/..00.000 in the c
of two or three years. Theagh they might *re
considerably mere in :hose three or fear ears az
any preceding three or four days, hc didn't t'...in
probable that the notes issued before Jan. 1, 1 •
could be so collected from ail parts of the coon
as to create a very serious demand lot gold itt
Bank. lie was arguing in tlle dark, he was aw
and they might be prepared on the opposite sile
answer that the notes entitled to be paid in gold .
in such a situation, though he did not see hew
could be known, that it was certain they would
presented to a very large arn:.sunt in the course o
few days ; but unless this could he ct,,...c3, he saw
thing to justify so violent a procee.;ing; as that w
had now been recommended to the hoisse—(lf.
If the resumption of cash pay meats wa.: to take* pl
so soon, it was quite clear that therz -,... :s not any .
reason for calling upon the House •-.o ..dopt this
traordinary measure. it wa.s that in 1797, the :.r.
nation on which the Order i, C:unell WAS foun
was conveyed by a message from the Bank to the
ulster. But if Mr. Pitt at that time derived the in
;nation on which he acted from the Bank, and if
the fact was in the present case, the information
derived f. orn the evidence adduced by the Bank,
was at a loss to know what was the dif,-tence bet
the two cases In both, the information which cc
sioned the adoption of the measure MD Alrived f
the Bank. Why then was not tlie measure no: :
posed the same with that formerly adopted in a si
tar case? If the same course had been pursued,
house would not have been called upon to hu
through' the measure. By acting on the rreceden.
1797, there would bade been a perfect assurance
no drain could take place. The Order in Co;:
might have been inserted in the Gazette of Satur
and afterwards Ministers might have come down
the House for indemnity. A Bill was of course
cessary for this purpose, but it ought to be one
troduced and discussed with the usual fornialiti
Havi.ig said that nothing as to the circunistatees
the Bank coulttlittfute him to agree to pass this
he must add something to qualify the generally
his assertion. II he thought that the stability of .
Bank, as connected with the general commercial
terests of the country, was actually deper.ding .•
the adoption of the measure, he was by no ire
prepared to say, that in such a case he would h
opposed it. But then, in order to'that, a case of
most urgent necessity must be made out. He
however, quite sure that the Committee were
prepared to press the measure upon the. House
any such grounds.
Lord CASTLEREAGH agreed vith the Hon.
able and Learned Gentleman, that it this meas..
was brought forward with reference mereiv to
convenience of the Bank it would not be right to di
cuss it in a summary manner. He conceived that ti
question was, whether the :abject had come befit
the House in a more proper way at present than
it had been brought forward according to the piec
dent established by the Order of Council in 1797?
was true that the Government in that year adopti
the course which had been etated by the Honourah
and Learned Gentleman •, bat the cistumstanees
present were entirely different from those in 1'79
There was ndw no alarm for the safety of the eau
try, and he felt sure that the iionomuble and Learn
_ __

Gentleman would agree, that it "'you'd be extrem
improper for Ministers to step in between the Leg
lature and the Public on this subject. It was on
from the Conimittee that a sv.ggesrion concerning
could come with propriety. With respect to t
course of proceeding, if the measure proposed iv
wise in itself, it ought to be adopted with all poni
rapidity. He entirely followed the assertion of .
Right Hon. Friend, that the object of the Commil;
was to secure a return to Cash Payments as SCOT
possible. If the drain upon the Bank was suffer', I
continue, so much the longer would be the del2)
airivtng at Cash Payments. With respect to the eat k.
to which the drain had already gone, his Right Ho
Friend had stated it only so far as the early pars
last year; but if the House would go only to Jii
and July of last year, it would be found dia: ti:
diminution of the treasure from the Bank was tic
less than nine millions sterling. In the course of to
morrow or next day, if the proposed measure al
not immediately adopted, there would be a diming.
Lion of between three and £400,000, the usual quo,
tity of specie issued at the Quarterly Dividends. 01
these three grounds, therefore, lie should s3ppert tl:i
proposed measure : Ist. That it was not an indulgend
to the Bank ; 2dlv. That the case was not similar a
that in 1797 ; 3dly.. Vat if the measure be cor'
it ought' to be speedily adopted. If it were net.
adopted immediately, in the manner proposed..
would be impossible that it could be tamed ir...c
effect until after a considerable delay, as there ..'sl
only two days from the period at which Parliameri
generally adjourns for the Easter recess.
Mr. TIERNEY begged leave to say a few wads
The proposed measure he said was one of the roll
important that ever came before the House, and h(
felt much alarmed it the composure with which the
proposition was received. In the year 1817, the Dailk
gave notice that they were ready to pay in specle3l
notes foF fractional parts of 51. issued prior to th
commencement of that year. Many individuals hs
called in these notes, not for the purpose of se d'
them to the Bank, but to be able to say, that if th!
wished to convert them into gold they
could do se. i
forming this expectation they had reliedon theari
mist of the Bank and the faith of tli Lts'ilaturc,,