Star.
London, England, 1828-06-04 00:00:00

IMPERIAL PARLIAMENT.
HOUSE OF LORDS, Anne S.
The Earl of MA LTA F.SBU RY presented a Petition from an
individual of the sane of Johh Pew". ;wolfing to be beard
their Lordships in Committee. The information be parasite
would enable him, be said, to jnake the most imporpnt cottontail-
cations to theit-Lordshir, connected with the welfare of manufac-
tures, .commerce, 'and agriculture. His plans were created by
bienielf, and were calculated to promote the prosperity of every
interest of the cooewbaud to restore Great flritain to its socleat
splendour. The Petitioner stated. moreviver, that this great end
would be accomplished by his plans, withoo the violation of any
established principle.—The Petition was read at length, and
dared to lie upon the table.
The Earl of HADDINGTON presented a Petition from the
owners and occupiers a land in the county of Haddington, in
which he was happy to say they expressed their general approba-
tion of the system of the repotted Cern Bill Thy feUy approved
of the duties as applied to the hig lamented
her scale of prise; but
that any deviation should be intended in the lower scale front the
measure of last year. They prayed also that the Irish and Scotch
markets should be included in the average, and that the duty upon
foreign corn should be, levied according to the actual price at the
period of its importation.
The Earl of WINCHILSEA presented Petitions from the
owners and occupiers of land of several parishes in the counties
of Brecon and Lincoln, praying that the duty upon foreign corn
might he rated according to the price at the time it was imported.
Earl STAN HOPE presented a Petition from the Owners and
Occupiers of Land of a Parish in the County of Bucks, praying
that no alteration might be made in the Corn Law of 1822.
Lord SKIMM ERSDA LE presented a Petition from Roch-
dale. in Lancashire, against any further Concession to the Roman

Catholics.
The Ksti of WIN CHILSEA presented similar Petitions from
Stanley, Bletchley. Olney,.and several other Parishes in the County
of Bucks, and from a Parish In the County of Mayo. •
The Bishop of BATH and WELLS presented a,Petition to
the same effect from the Archdeacon and Clergy el the Arch-
deaconry of Bath. The Right Reverend Prelate said, that he
would abstain from offering any observation at the present mo-
ment upon these Petitions, as the important subject to which
they related was so shortly to come under the consideration of
their Lordships.
Lord WA LLACE Treseated a similar Petition from the Bo-
roughs of Weymouth and Melcombe Regis.
Archbishop of CANTERBURY had a Bill to present to
their Lordships to relieve perlOns subject to ecclesiastical penalties.
He would merely move that the Bill be read a first time, and that
it be printed.—Agreed to.
Lord DUN DAS .presented Petitions from Halifax, Yorkshire,
from New Melton sod from Kingston-upon-Hull, for the Aboli-
tion of Negro Slat:ety.
The Earl of LONSDALE presented a Petition from the Mort.
gagers and Owners of Plantations, residing in Exeter and its vici-
nity, for the Protection of Property in the West Indies.
Lord WHA liNCLI FFE presented a Petition for the Abolition
of. Slavery, from the Inhabitants of Huddersfield, in the County
of York.
Lod WALLACE presented a Petition from Weymouth, pray-
ing the Repeal of the Act Prohibiting the Circulation of Notes
under Si.
On the motion of the Earl of ROSEBERRY., the Mad Houses
Regulation (Scotland.) Din was read a second time, and ordered to
be committed on Wednesday, ths 11th of Jone.
The Scotch Justiciary Courts Bill went through a Committee,
and the Report was weaved-
The Duke of WELLINGTON presented a Petition from tbe
Silk Manufacture of Maccle.deld and its vicinity, praying for a
revisal of the laws affecting that branch of industry.
The Report of the Committee on the Salmon Fishery (Scotland)
Bill was received. the Amendments introduced in the Committee
having bean previossly objected to by the Earl of ROUATE, and
usgstived.
Lord IWH4RItICLPFE presented a Petition from the Ley-
payers of Manchester. against the Manchester Police Bill.
The House then adjourned at a Qualms' woes Six tiCt.occ,
until unimorrow (this day).
HOUSE OF COMMONS.
On the modem of Mr. M. FITZGERALD, the Tralee Harbour
Bill was read a third time and passed.
The Covent Garden Market improvement Bill was read a third
dose and passed.
Mr. BLACKBURN presented a Petition from certain Inha-
bitants of Reohdak against 'any further concession to the Catholics.
A Wow from the Lads announced their Lordships agree-
ment to the Irish Promissory Notes Bill, the Ulster Canal Bill,
and other Ras, wit!~ any amendment.
Mr. W. PEEL brought up certain Returns and Reports of the
Committee appointed to inquire into Charities.
The same Hots. Maus moved that there be laid before the
House copies of the Reports of the Commissiooers appointed to
inquire into the State of the Common Law and the Law of Real
Propetty.—Ordered:
$505.0 'LATEST.
Mr. LITTLETON presented a Petition from West Drainage,
in Stafford, and ten other Parishes in the County of Stafford, pray-
• ing the Abolition of Negro Slavery.
Mr. Ii ALOHA L L presented three similar Petitions from York.
Sir E. KN ATCHBULL presented a similar Petition from a
Parish in Kent
Sir JOHN LOWTHER presented a Petition from

Whitdhaven.
Lord PALM RRSTON +presented a similar Petition from the
University of Cambridge. lt,gave bins pleasure to state, tbat he
fully concurred in the prayer of the Petition. He bad long advo-
cated the abolition of Slavery; but then be was welt aware bow
muds more simple it was to wish than let effect k, consistently with
the many interests engaged in m important a question. The en-
lightened Petkinnets prayed that the Resolutions entered into by
"%Mamma in NW Amid be carried into effect, but they did not
feel it their duty to ask for more at present.
Mr. a. GORDON said be was not aware that the I
Noble Lord was one of those who pressed so anxiously
on this sobject. He thought that the people had at last
come to their senses—(Hear, hear, float Mr. W. Smith).
He thought this•couotry had by this time been ds-
abused of those notious,whkh had been so industriously
circulated. He bad intended to bring this subject be- I
fore the House; but in consequence of the change ii
*e Colonial Department, he felt some difficulty as to
the course be should pursue.• believed the Gallant
Officer now at the -head otrtlie.Cotonial Government,
would act as a man of sense, but suit he (Mr. Gordon)
bad tax got rid of those difficulties with which the ge-
neral question was sturrsuroded.
Lotd,rALMERSTON left proud in being the chan-
nel through which the Petition was forwarded to Par-
liament, as it contained the unanimous sentiments of
the University ot Cambridge, as well as his own, and
continued no rash condemnatory allegations. He was
surprised that an attempt to suppress the sentiments ot
an Honourable Member's constituents should come from
an Honourable Member's side of the House.
Mr. S. RICE wished that the Honourable Member
would bring forward the question, as be said he had in-
tended, and thus afford the House an opportunity of
expressing the sense of its merits. Slavery was repot
cant to the leelingi of the people of England, and could
not be too heartily condemned. The Petition did not
complain of the masters of slaves, but merely called
• apoo the House to act upon its own resolutions.
Mr. BERNAL regretted that his lion. Friend (Mr.
Gordon) had not persisted in bringing forward his mo.'
tion relative to negro slavery ; for beentertained no fear
for the result, so far ,as the West India proprietors are
concerned. 'that body• courted inquiry, and he hoped
theretote that it would be altos% ed to them. They
meant virtually and literally to act upon the spirit of the
11esolutions of 1822, but not to be goaded farther.
The SOLICRO It GENERAL could not but remind
the Hone that the Petitioners were learned individuals,
that could not be influenced by the feelings usually im-'
puted to the zealous advocates of the aboliticai of negro
slavery ; and that the Petition was couched in the most
judicious and calm language.
After a few words from Hr. W. Sierra and Mr. &Amu is ex_
gimation, the Petition was ordered to be primed.'
A similar Petition was presented trans Elms by Ifr.Weennus.
- The same- HONOURAIILt Manta pretreated a Peti-
tion from Colchester against the Act for suppreasiag
the circulation ot one and two pound poets, the prayer
of *thigh the Hon. Member supported.
Mr. D. W. HARVEY contended, that Petitions like
that before the House originated is a disposition to

high dlpoinuThntetiteirtes'
maintain the
country vricb aw prigort
worthless paper
a
currency.
'channel of employing it; and it
was
impossible
etial cur.
co want of looney in the country. but only of
iablprotnfiteble
up a system of high taxation without a
He therefore could not seppret the Petitioo of
eessey.
his constituents.
Mr. WESTERN and Sir M. W. RIDLEY main-
tained the necessity of a small note currency to main.
tain the rate of price necessary to meet with the heavy
taxes of the State.
The Petition was ordered to be printed. •
Mr. HUME presented a Petition from Dalkeith,
praying for a reduction of the duty on beer. The Hon.'
Member urged the expedsency of equally lessening the
duty on beer with that on •spiritS; for the former was
more wholesome liquor, end its consumption was les-
sened by the low duty on spirits. When Ministers pro-
posed to reduce the duty on spirits, he urged them also
to reduce chit on malt and beer; and the great depre-
ciation that had taken place in the consumption of beer,
proved the policy of his suggestion. it was a question
of public morals, and he trusted would meet with chef
attention of the House and the Government.
The CHANCELLOR of the EICHEQUEII wasi
happy to inform the Honourable Member that a great
increase had taken place in the, consumption bf malt
by brewers in the last year. He was not then prepared
to argue in debate the question of the effects of the re-
duction of the duty on spirits. but could state generally
that the effects were beneficial to the revenue.
Sir J. NEWPORT supported the prayer of the Petition.
Mr. MONCK ascribed the diminution in the con-
sumption of beer and malt that had taken place within
the last twenty years to the change of habits in the peo-
ple. consequent upon a lower rate of wages.
Mr. HOBHOUSE would not increase the duty on
spirits, but would reduce that on beer, as a remedy for
the evil complained of by the Petitioners. There was no
doubt that thepoorer classes did not possess the means
rf enjoying the pleasures of their progenitors, and it was
incumbent upon the House to adopt every mode that
could restore them to.those enjoyments.
The Petition was ordered to be printed.
Sir F. BURDETT gave notice, that he should on an
early day bring the subject of the supply of water to the
Metropolis under the consideration .of the House.
Mr. HEATHCOTE presented a Petition from certain
occupiers of land in Lincolnshire, on the subject of the
manufacture of wool, and praying for a protection
for that article. The Hon. Member complained that the
late Members of the Government more immediately
connected with this part of the trade of the country, bad
not thought the subject worth consideratiou—‘at least,
they had not paid attention to it.
Mr. F. LEWIS defended his late colleagues from the
imputation; every attention had been paid to the sub-
ject. It' was not because Ministers entertained a diffe-
rent view of the subject, that therefore the Honourable
Member was to suppose no attention had been given to
the complaints. It must be recollected that wool was
the staple commodity of the kingdom, and the emblem
of that commodity in the other House—the woolsack—'
recognised it as such : of course it was the duty of Go-
vernment to attend to it.
Mr. Alderman WOOD said, that wool bad been
greatly reduced in price. By the free importation of
wool, cloth was now sold at 25 per cent. cheaper than
formerly.
Sir C. BURRELL thought the landed interest ought
to be protected apainst the oppression arising from tax-
ation. He wished to know why the manufacturers of
wool were not to be equally protected with other ma-
nufacturers ? He contended that' the reciprocity system
.was not effective, for every protection was given to the
.foreigner, while the British manufacturer did not es-
petience any benefit from that system. For instance,
the article of carpets was in that state. French carpets
were now selling in London at 12 per cent. duty. This
showed the want of due protection. . •
Mr. F. LEWIS would be prepared to discuss the
subject in questinti at the proper opportunity.
Mr. IRVING said. the prohibitory system was at this
moment about being acted upon in variousforeign coun-
tries. -The United States of America were taking mea-
sures to manufacture for themselves, and devising means
to exclude altogether the manufactures of this country.
The whole Russian empire, which used to take from
this country this species of manufacture (the woollen),
were now pursuing a similar system as that adopted in
the United States. Under such circumstances, it was
of great and paramount importance, and absolutely
aecessaty, that the woollen manufacturers of this coun-
try should be sustained, by procuring for them the raw
material, not only of such a quality, but at such a price,
as to enable them to compete with the manufacturers
of foreign countries.
Mr. F. LEWIS said, it had been the practice of the
commercial policy of this country to encourage the im-
portation of the raw material. For centuries an average
price of wool much below the price received in other
countries bad been enjoyed in England.
On the motion of Mr. A. BARING, an Account of the Silver
Coin coined and issued each year, since the present system. the
Price paid for Silver, &c. was ordered to be laid before the House.
• Mr. Secretary PEEL requested the Right Hon. Gentleman
(Mr. Al. Fitzgerald) to postpone his motion respecting the Union,
on account of the importance of the question which stood for dis-
cussion (the 'Currency) this evening.
Mr. FITZGERALD consented to postpone his motion until
the 19th instant.

SMALL NOTE CURRENOT.

The CHANCELLOR of the EXCHEQUER said,
that when he had first given notice of his intention to
submit to the consideration of the House a motion for
the purpose of restraining the circulation of Scotcp,
notes in England, he certainly had not expected that the
introduction of such a measure would render it neces-
sary for him to enter into a more general detail. From
what bad taken place, it was considered necessary to
withdraw from Scotland what had been withheld from
the Country Bankers of England; and, therefore, his'
motion was merely proceeding on a recognised prin-
ciple. As the Bill which he was about to submit
embraced no other provisions than those which were
already admitted, be certainly had expected that it would
not have been necessary for him to do more than refer
tr!, the Statute already enacted, as affording a satisfac-
tory explanation of the Bill that he was about to present,
to the House. Bat an Hon. 'Alpena opposite (Sir J.
Graham) has intimated his intention to propose an in.
quiry into the whole of the small note circulation, for
the purpose of making some alterations in the law upon
that subject, by the repeal of the Act passed in the year
1826, limiting the circulation of those notes in this
country till the year 1829. Upon the motion, therefore,
ro restrain the circulation of Scotch bank notes in Eng-
land, he now proposed to state the motives which in-1
duced his Majesty's Government to adhere to that mea-
sure respecting the small note circulation, which was
determined upon in the year 1819, and carried into
effect in the year 1826. By the Act passed in that
year, the ciftsdation of small notes was limited to thel
yeat 1829. Before, however, he entered into a consi-
deration of that subject, he felt it right to say a few'
words upon an accusation which had beel more than
once brought against his Majesty's Government—that

they had not felt it incumbent upon them to stale at the.
commencement of the Session their ifitention to adhere
to their original determination with regard to the small
note circulation, and to snake no alteration in the same.
They had been told from more than one quarter that it;
was the bounden duty of the Government to declare atl
once they did not intend to depart from the principles,
upon which they had already regulated the corrency,.
and that they ought to have made that declara-
tion at the earliest possible moment. Upon the sob
ject of these declarations he felt himself called upon
to differ from those who preferred the accusation.—
He conceived that it was by no means the duty of Go-
vernment, at the commencement of every Session, to
state formally to the Members of the House of Commons
what particular laws they proposed to adhere to in the
course of that year. Nothing was more likely to en-11
comber the business of the Session, and delay the ordi-
nary proceedings of the House, than any declaration
from the Government as to their intention of adhering
to this or that particular Act of Parliament, or particular
line of policy. But if this course of conduct was expo.
dient and necessary upon any proceeding in the ordi-,
nary march of legislation, it must be pronounced still
more necessary with reference to a question so delicate as
that of the meddling with the state of the currency; a
question too of the greatest delicacy,which all viewed with
apprehension, and the least attempt to approach which
excited in every class of the country the greatest agita-
tion and alarm, not onlrwitb respect to the measures
to be taken, but still 'more with respect, to the results
which may grow out of tbose measures. For these rea-
sons he was induced to think that the Government
would not have acted discreetly in making any profes-
sion of their intentions t'but he appealed to the House
whether he had not, when called upon, stated plainly
and distinctly the course which the Government intended
to adopt ? To that course he now,declared they were de-
termined to adhere,.and he hoped that the expression of
that determination. would tend to calm the anxiety
which had been created by the. proceedings and state-
ments of the few who had shown a disposition to
change the law as. it now existed. Upon the subject of
that law, or rather upon the subject of the Act which
passed in the year 1826, the greatest delusion and ex-
aggeration had got abroad. There never was a case in
which the facts had been more misrepresented or more
imperfectly understood ; and he thought, therefore, that
he could not do better than commence what he had to
say upon this subject by a plain statement of the facts,
and of the law upon which that. House was now called
to exercise its -judgment. Is would appear, therefore,
that the course which he had to adopt with reference to
the facts and the law. called him in the first instance to
endeavour to ascertain,the exact amount of small notes
now in circulation; in the next place, to an inquiry into
the precise object and operation of the law of the year
1826; and lastly, to ascertain what were the means
which the country possessed of supplying, by a metallic
currency,that paper currency which the law passed in the
year 1826 bound them to withdraw from the circula-
tion of the country. It had always appeared to him
that one great defect pervaded all the laws upon the
subject of the small note circulation—he °alluded to the
want of any regulation for obtaining such information
upon the subject of that circulation as would render
Parliament aware of the quantity of. Notes which had
been issued by the Country Bankers—(Hear, heu).---Re
was satisfied that many of the evils which attended the.
small note circulation arose tot-of the want of this in-
formation—a species of knocvledge not only necessary
to the Government, but to the parties engaged in the
business of bankers, and who circulated large quantities
of notes in different parts of the country, without being
aware of the estent of the issues made by others, and
through which their own were materially affected.—
From this want of information much of the evils which
existed at one time in the country mainly proceeded,
In making calculations upon the subject of the present
amount of small notes. in circulation, he had pro-
ceeded, however, in the absence of all positive infor-
mation. upon data accessible to all, and upon such
local 'information as the nature of 'the case allowed
him to obtain. He hoped. therefore, the House would
pardon him if be entered into a slight detail of
the particular calculation by which he arrived at a
conclusion upon the subject of the probable number
of small notes now in circulation. The law. sup-
poses that each note brought into circulation continues
in that_ circulation for a period of three years, at the end
of which time they are not liable to be re-issued. If,
therefore, a bank note continues in circulation for a
period of no longer than these three years, by a reference
to the number of stainps issued for the small notes they
would be able to obtain a tolerably accurate calculation.
It was found, however. that a great number of these
notes,.from various causes, remained in .circulation for
a longer period than the three years the law assigned
Ito them; and that taking one with another, every small
note might be said to remain in circulation forthe period
of four years. In the first calculation, therefore, he had
taken as a basis the period of four years for the
time when a note might be supposed to be worn out.—
Upon that calculation, and taking the four years from
1822—namely, 1822,1823,1824,1825-be found that
the total number of stamps issued for small notes
amounted to 9,700,0001. Those. however, who were
conversant with the business of a country banker, knew
very well that of the number of stamps thus issued for
small.notes, that is. notes under the amount of .five
pounds—a considerable proportion: was not put into
circulation, but remained in the hands of the banker.—
From the best information afforded by those whose
practical experience enabled them to form an accu-
rate judgment upon the subject, it was supposed that
a fourth or a fifth part of all the notes stamped for
the country bankers remained locked up in this manner,
without being brought into circulation. He had pre-
ferred taking the fifth part on this occasion, because it
might be considered the most unfavourable to the opi-
nion he had to maintain. Deducting, therefore, the
amount of that fifth, thus kept. out of circulation, which
amounted to about 1,900,000 from the total amount
stamped, which was 9,700,000, there appeared to have
been in circulation, in the year 1826, about 7,800,000
of notes under the amount of five pounds ; and that was,
of course, the amount which they were supposed to hare
in circulation up to the year 1829. They must, how.
ever, deduct from this amount the small note circula-,
iLion of Scotland. In 1826, the Committee of Inquiry ap-
pointed to examine into the state of the Scotch small. note`
circulation, ascertained its amount to be about 2,000,0003
of notes under five pounds, that statement being formed
upon more accurate data than any which they pos.
seised at present, because it was taken from the admis-
sions of the persons who actually issued the notes, made.
fairly and confidentially upon examination before the
Committee. Deducting. however, from this amount i
the one-fifth part, which is supposed not to be put into,
circulation, namely, four hundred thousand, that would
leave 1.600,000 of Scotch notes to be deducted from the
amount of 7,800,000, there would remain for the English
small note circulation about 6,200,000 in the year 1826.
They must tecollect,howiver, that Ibis was the total
number of stamps issued for notes previous to the time'

when the panic pervaded this country. and the whop
Small notecirculation became a matter of distrust. It
ap-
peared from the hest accounts hich could be obtained,
the number of notes which had been discredited to the
failure of the bankers, cancelled at the Stamp Office, oe
worn nut and consequently a rthdrawn font eiresit,i,„n,
amounted in the whole to about 2100000. It app• aced
AO, in the.opinion of thoe connected Nub the Is-me of
Ismail notes, that from the operation of thesame causes
about 1,300,000 may be ato said to be witl,elra an front
'cirettlition. He seated, upon the very .-best autimeity4
that there had been this gradual withdrawal at small
notes from circulation; and he was confirmed in that
lopinion by findingthat the returns from the StampOlhoe
showed a corresponding increase in the amount of the
stamps issued for 51. notes. It appeared, therefore,/het
there had been worn out, cancelled, and withdrawn in ea-
riou sways from circulation, about four millions ;end this
sum deducted from the original amount of 6,2000004
leaves the present circulation of small notes aboes
2,200,0001. He was well awareof this calculation being
liable to some objections; but if the result of the calm.,
lation founded upon another basis proved to be nearly
the same,she thought it went far to prove that the cal.
culations were not very erroneous. Fin- the other basis
he would take the number of stamps issneil in the Stamp
Office during the year 1825 as 3,292 081, and it would
be recollected that none were issued since that period.
Taking the number of those notes withdt asen on account
of the tailures.during the panic to be 592 000, and a sun
of 72,0001. to have been cancelled at- the. Sta.rip the
coe;
and supposing that there has been withdrawn Iron the
'circulation of Scotland a sum of 216.8801:out of theme
millions of its circulation, then there would remain about
2,400,00 .as the amount in circulation, shelving hrthe
.one calculation the amount to be 2,200,0001. :lid by the
!other 2,400,0001. of small metes; which the railtainent
are cAled upon to deal.with. At two milli, as and a
half he was confident he .had.not undar.ted the pis.
sent amount of circulation. He came now to the con.
sideration of the general provisions of the Act of 1826.
tUpon that he found it necessary to say a few words,
from the very great ignorance and .misrepresentation
which prevailed as t'a its enactments. le had he. n re-
presented, that by that Act every sma I note became
nothing better than waste paper on the sth ot A ta i 1,18294
that no one. who held them atter that pm, d had any
chance of payment ; that every one a as prohibited hoot
!passing them; that those who disi'beied the prohihana
were liable to the penalties of the law; and that all the
'notes should be withdrawal on a particular day.. Nothing,
'however. could be more erroneous. The Act silver
,provided that no notes should be issued in the 1.1.ce of
those issued from the Stamp (Ace in the year 185;
-but that they should be permitted gradually andria-
perceptibly to wear out. It was very well knowathat
'the greatest inconvenience would result from the saddest
•and Instantaneous withdrawal of these notes, and the
law, therefore, provided that they should continue is
:circulation as long as the paver would endure, and evea
.prohibited the re-issue of any others in their place atter
that period. The next point to which he would advert
was the power which they possessed of substituting a,
metallic currency for ihe..paper which Might be watt-
drawn ; and he was happy. to say that, upon an re.
amination of the amount of gold aVailable- for the
purpose, it was found that it Jar exqiited the etmot
possible calculation of the quantity _Which critad.ba
required to supply -the- vacuum created .by the. re-
moval of the paper. currency,-4flear, hear). There
might, it was supposed by some, hen difficulty ie sub-
stituting the one currency for • the other ; but he was
also happy to say, that the amount of gold already dis-
persed
.through the country, and in the hands of the
I Bankers, was more than sufficient to meet the demand
created by the withdrawal of •all the small notes.—
I'M& House- would therefore bear it in nund, the
Ithe amount of the small notes in circulation
did not exceed 2,400,0001.—that the withdrawal of
those notes was to be gradual, not instantaneous, surd
that the gold lathe country was quite sufficient to or
Iply :the deficiency in the circulation of the country.
The simple questiorr.therefore was, whether it might
now be considered Expedient to abide by the Reso-
lution of 1826 P Hip was as willing as the Hon. Mew
bee to put the whole question upon the plain ground
of expediency, but it was not the expediency which, tor
the
,tiake.ot a little.present ease, would give up the cer-
tainty of a permanent good ; but that expediency of a
much higher character, which, looking at once at the
events of..the past, and the contingencies of the Moue.
provided .a security for the permanent interests of the
country—(Hear).—Upon that principle, and casting
back a.slight.consideration to the dangers and alarm
sf
the past, and the poPibiliy of the occurrence of events
injurious to even a greater extent in the future, he hart
.no fear but the House would came to an almost una-
nimous decision that the determination of the Legisla-
ture was to be adhered to, and-the Act of 1826 preserved
in-its original force. He was, for his parr, very mei
at a loss- to understand how those who supportel the
return to cash . paytnents in the year 1819, can nor
'advocate a return to the small. nee system. Tie
system of small notes was not introduced for 'the he
nefit of the country, but as an attendant upon, and a
consequence of, the Bank Restriction .Act—tollowing
it and renewed with it as a part of the expedients of the
time,
.and only:intended to be continued as long Is
there was an inipossihrility of procuring gold ter ttd
circulating medium of the country.
They all knelt
the antipathy which subsisted between the, so"
reign and the one pound note—an antipathy so reins
that the one pound note, when brought into ciree•
lotion with the sovereign, never failed to destref
it. tit was impossible, therefore,- to understand 60ar
the advocates of the cash payments could supped im
return to a •paper circulation. They all recollectoi
the misery and .alarms which were created in the
country during the years 1895 and 18`:6, from Ibe
extent of the circulation of the one round note
.He did not mean to deny that under some peculiar
cumstances, a small note circulation may be of -lc"s
advantage; but he thought no man could contendtbaia,
metallic-currency was not essential to the well-beinss.
the country. Some persons said that this was note"
period to withdraw the one pound notes.; but he rallig
say-that, if this was not the period, he knew not ado
it would arrive; and he believed he might swine •
assert, that there never was a period when the o°l4
was in a situation mote favourable for the full eve,
tion of the intentions of the Legislature.
Lwas at present prepared for the
he Ina
Banking as it 'was established .in 1626; and
Bear°
convinced of 'the willingness of the Country
to abide by that establishment. if the door 1.--
e increse
now opened for. affording facilities for the
systemlohfe Sc.:7ol4i°
of the circulation, the increase would natural', r
proportionate to the restriction which had prows"
existed, and the evils that -would arise front ti e
mission of an unlimited issue of this kind were man 7,
could not be easily calculated. It was not too,
to apprehend that it would. lead almost lot:arta ly
the recurrence of that confusion and distres... that.eare
_treClirgalce to that sy
coveredanclalar.m,
ifromndeedwoh stem P.—
the
the country had •out

r notes
2,4011
was t'
ruillio
In the
that tl
trf 2,4
;Were
sidera
the p!
Hol'
circul
And I
Incres
was i
*mon
ted th
might
certai
'one a
such i
woutc
Comp
to per
ferem
circul
this O
pet ior
circa]
He
There
,hid
well
wat h
chant
near,
sand
there
'one ip
the, 1
bank
tsveni
1814
' 29,2(
was
poun
aPPe,
'a ch
vet.. i
*TM,
appei
the p
if the
been,
rate.
positi
of cir
sonat
at OU
.Teie
Still.
le
.00
. uci
• firC
poun
, he hr
t smal
. coon
• over,
I most
r 1 mere

Hear).--Upon that principle,
hr consideration to the dangers and alarms ins
id the popibili:y of the occurrence of even% with
even a greater extent in the Intuit, he bad ant
the House would come to an almost one- • L
:ision that the determination of the Legisla- -ade
be adhered to, and-the Act of 1826 preserw4
nal force. He was, for his part, very marl
Cunderstand how those who supported the mitt
:ash payments in the year 18.19, can nor Inc
II return to the small *like -system. • The Bart
mall notes was not introduced for'tlfe be. cow
country, but as an attendant uPooi anis hill
ce of, the Bank Restriction .Act—foilown4 thin
:wed with it as a part of the expedients ot the teen
soy
shit
only. intended
edtoofbeprcoucnutriinnugedgoalsd loiontg
ttigat
n impossibility
the
medium of the country. They all knee
athy which subsisted between he sou& tilat
the one pound note—an antipathy so ganh
one pound note, when brought into civets. `whit
th the sovereign, never failed to desire!
Bari
as impossible, therefore,- to understand boar Ikat
ates of the cash payments could supped th: "PI
a ,paper circulation. They all recollects( Mat
y and .alarms which were created n
in tba vale
luring the years 1895 and 18 6, from it* ei
the circulation of the one pound notes.-- "re
ot mean to deny that under some peculiar cir- with
es, a small note circulation may be of sang The
e; but he thought no man could contend that Use
:urrency was not essential to the weil.beingni
ry. Some persons said that this was not d• mmY
withdraw the one pound notes.; but he raa•
if this was not the period, he knew not Om
arrive; and he believed he might veetere •
lat there never was a period when the 03•144
L situation more favourable for the full exec,
weel
l
se intentions of the Legislature. The tonna
resent prepared for the system of Coon/ • 6
as it was' established in 1826; and he s°
dof .the willingness of the Country Baael •
by that establishment. If the door woe •
!ned for. affording facilities fur the incresir
iraulation, the increase would aaturdlly e
mate to the restriction which had
and the evils that .would arise from t! e .
of an unlimited issue of ,this kind were such °
1.64 i
)t be easily calculated. It was not too
:hod that it would.leid e.
almost intwitahlY • r
p„„,0,..., a, il
:Tana of that confusion agd digses.. P 8154
Tra, horn which the country bad .bet I?tely
Indeed,- recurgence millets/stem fro °b