Star.
London, England, 1818-03-03 00:00:00

B,A.XIC TOKENS.

The CIIANCELLOR of the EXCHEQUER, in
pursuance of notice, moved for leave to bring in a
Bill to suspend the penalties for receiving Bank To-
kens in certain cases, after the 25th of March instant.
The object of this Bill was to afford various means
after the general circulation of these tokens was stop-
ped, for their being still received for various purposes.
If Gentlemen going down to Quarter Sessions would
but take a bag of silver with them to enable them
to take in exchinge Bank Tokens from the poor la-
bourers in their neighbourhood, much might be done
for the Public. He supposed, from the extraordinary
facility given last year in the issuing of the new silver
coinage to the taking the old silver, the Public ex-
pected this year some similar arrangement. They
did not reflect on the difference between the two
cases. As Government did not issue these Tokens, it
could not be expected to enter into a complicated
and expensive arrangement for receiving these tokens
in exchange for silver coin. In this Bill, he proposed
that provision should be made fur allowing any per-
son to pay or receive Bank Tokens 12 months after
the 25th of March for taxes. Provision in lite than.-
ner would be made for allowing them to be taken
for rent. In these cases, and all others where the
Tokens were not passed in general circulation but
paid to individuals fur the purpose of being ulti-
mately remitted to London, he proposed the penalties
should be suspended. They would see how far this
measure answered the purpose he had in view, of
withdrawing the Bank Tokens from circulation, with
as little inconvenience as possible to the Public.
Mr. F. LEWIS stated, that the current price of
silver that day was .ss. 6d. an ounce ; and frcm the
state of our paper currency the price of silver must
rise still higher. If it should reach ss. Bd. or ss. 9d.
an ounce, the silver currency would gradually dimly.
pear. Fortunately for the country a considerable
part of the Bank tokens were still in circulation. If
these tokens, however, shohld be withdrawn from cir-
culation, and in consequence of the rise of silver the
other currency should go to the melting-pot, they
might still probably be Obliged to have again recourse
to the Bank to issue a coinage of their own. He
thought that in these matters a great want of fore-
sight prevailed—they did not even grope their way—
they took no measures to avoid the danger, but al-
lowed themselves to run blindly on it. It was pro-
bable we should soon lose our silver coinage, and the
expense to which that coinage had put the country.
General THORNTON thought encouragement
should be given to the circulation of Bank Tokens for
a year longer.
Mr. 001 IN SMITH believed that the Bank had
the means of affecting the exchanges by the emission
of bullion. He could not help thinking, that they
would endeavour by such an emission to protect thc
public from the mischiefs to which a high price of
gold and silver must expose them.
Sir M. RIDLEY said, if the Receivers of Taxes rw
mitted the Bank* Tokens directly to London. conside-
rable relief would be given to the public ; but if,
after receiving Tokens for taxes, they paid them in to
the Country Banks, the relief would fall short of the
general expectation. • He could not help thinking it
advisable that they should be allowed to circulate for
a longer period.
Mr. GItENFELL thought that Silver would rather
fall than rise; however, if it rose higher, it'would
drive the silver to the melting pot. But he wished
to ask if theeffect of the Bin would norbe to con-
tinue the Tokens in circulation? He believed that
ao penalty could be enforced after the 25th of March.