Star.
London, England, 1819-05-26 00:00:00

the scheme itself. The plan would not
considered that
for four years, and it was to
vrli
be
" grow to such
ich: would 'be occasioned would.
within that time the complaints might
be
abtuie perfected
for
had depreca
of confidence. Those Gentlemen., who
toT
1,, compel
Directors the
sa
nowba nd o
compn m the
wplaaatnl,
Government ,
aalbtoegigebthteras.
calamities would be
with-
drew its confidence the greatest doubts whether they
the consequence. He had Brest
ted any alarm, now said, that if
enlatbof
deserved confidence, and he doubted the rnoretheir own interest, if he was not wrong
prompted to a conduct contrary to • as
in his view,
interests
the of
own affairs. In
no settled plan of managing their
olkstone), that
1816, it had occurred to him (Lord F .
the country—(Hear,liear.) Besides, they had shewn
it would be desirable to put it to their option to
E pay
without giving public notice—(Hear, hear.) very
clause to that effect
ing public notice. He sheaved a _
to the Chancellor of the Exchequer, who referred
Restriction Bill had authorized them to pay on giv-
He asked them
They objected.
m this dis-
cretion? to Mr. Harman, Governor, and Mr. Owen, De-
puty-Governor.what harm there could be in giving the
Mr. Harman said—" It is impossiblet--we
are in the hands of the House—if this clause pass
we must pay without delay." Now they called for
discretion—(Cheers.) They now asked confidence in
their discretion—" Let us exercise our discretion—
let us do as we like—do not let us be forced to in-
jurein consequence of Lord King having called upon his
the country I"—(Much cheering.) Parliament had,
tenants to pay in gold, passed a Bill making Bank-
notes a legal tender. One of the principal argu-
ments urged in favour of this Bill was that it would
keep the gold in the country, and facilitate the Re-
sumption of Cash Payments ; yet all the Bank Di-
rectors, tooth and nail, opposed this Bill—(Hear.)—
He therefore distrusted the Bank Directors atltote-
ther. The Bank Directors, he thought, on these
grounds would endeavour to defeat any project for
the Resumption of Cash Payments. His objection
to this plan was, that by extending the time for the
Resumption, and increasing the intricacy of the means
by which it was to be etlected, they were the better
enabled-to defeat it. When he opposed the Resolu-
tions, he begged leave to say, that he entirely con-
curred in the principles of circulation on which they
were founded. He had adopted these principles in
his youth, and had maintained them ever since he
read the Work of Dr. Adam Smith. The presont
plan lengthened the term of returning to Bullion
Payments. He said, Bullion Payments, because he
thought that if Bullion became the standard, instead
of Cash, it weuld.he a more economical, and at the
same time an equally convenient mode of supporting
the value of our currency. To make- Bullion serve
this purpose, it might be divided info smaller por-
-1
tions than the present plan proposed, say a few
ounces properly assayed and stamped. He wished
he had been able to make himself understood. If
he had, he was sure the reasonableness of the project
he had mentioned would be acknowledged (Hear.)
Mr. CRIPPS said, that it seemed to be agreed on
allhands that the resumption of cash payments would
be attended with a very considerable shock, and
that means should be adopted to make this shock as
light as possible. He thought it was not fair to ac-,
cuse the Bank of insincerity, merely because the last
experiment of gradually returning to cash payments
had failed. In his opinion nothing had been shewn
to justify the House in withdrawing its confidence
from the Bank. The idea of forced issues was car-
ried to a much greater extent than it ought. A re-
stricted issue could be nothing else than an absolute
refusal to discount certain bills at certain dates. In
all agricultural districts it was well known that the
amount of discounts varied in exact proportion to the'
price of agricultural prodirce. It was a very general
opinion that a return to metallic currency would be
very desirable if it could be accomplished without
distressing the commercial interests. At the same
time he did not think that the distress which now pre-
vailed was attributable to the institution of the in-
quiries by Parliament. On the contrary, he was in-
clined to think that the distress was occasioned by the
expected depression in the price of corn. As to the
Resolutions before the House, he was rather inclined
to support the Resolution of the Honourable Member
for Coventry (Mr. Ellice) ; but if he were in order,
he would propose as an amendment, to erase the 4th
and sth of the Resolutions which that Honourable
Member had moved. The reason why he would
erase them was, that he thought the House ought not
to dictate to the Chancellor of the Exchequer as to
what proportions and in what modes he should repay
the debt due to the Bank. He was inclined to use
every possible means to allay the present ferment.
Air. BROGDEN (the Chairman) said that the best
course for the Honourable Gentleman (Mr. Cripps)
to pursue, with respect to his amendment, as there
was already an amendment before the Committee,
would be to vote against the 4th and Sth Resolutions
of the amendment, when the question was put.
Mr. J. SMITE! said, he never contemplated any
question with half the anxiety with which he ap-
proached the present. Though he approved of the
Resolutions, the course which he should have recom-
mended would have been that of continued .confil
deuce in the Directors of the Bank. He did not deny
that they might have committed errors ; but when
he looked back on their past conduct, he saw much
to approve, and little to censure—much to reeky
gratitude, and nothing to destroy confidence.- He
would not say that they had saved the country during
the war ; but he would say, that, by the assistance
andcseozadtihoenar n
odgili
nogry— against( Heart,hehmearw).ithoHuet,intliteiposerefoireng,
they lent, they had powerfully contributed to its pre-,
hlaitsiofenebagale tiriasbturnfi awpperle as falseause.Theasrethy poeitswieiriec.iirncitiu-.
rious. In their mode of conducting the business of
the establishment they slimed no personal selfishness.
He, might mention, what he believed the country did
not know, that there was not one of the Bank Direc-
tors who held more Bank StOck than barely entitled
-him to be elected to the office in which he was placed.
toh
mto be ea
a ki
Bng-o on thisitor subject
2 s v o
They marraged, therefore, the affairs of others with
him
Speakingwith a -
:onlfa miall stake themielves in the interests which
they superintended.friend in the Direction, that friend said that it was a
misfortune
wise lie tnight have beeorrierieh hyleieg's Pro rie-
'tcir of Stock. This tribine was Clue to a body. of P
men
whose characters 'had been misrepeeseneed. With
respect to the subject before the House, lie thought

the best plan weld have been to have fixed a pee(
for the resumption of cash payments, and •
the Bank to have made the preparations w
discretion would point out. But the Corm
(decided otherwise, and had proposed api
certain return, to which he could not see tl
objection. There had been an alarm (teal
was without the least foundation. He was
nothing could be more favourable to the BA'
graduated scale proposed for intermediate
Mr. PEA RSE (a Bank Director) regrets
heard from an Honourable Member (Ms
tlratehe Bank were ineapeble of conchic
own affairs ; and that they required to be
to do. He maintained, on the contrary,
were perfect judges of what they ought
needed not the advice of the Honourable
an advice which the Public did not reou
respect to Cash Payments, he could solem,
that, from the commencement of the rei
the prevent time, there was nothing which
tors more earnestly desired than a iettn
payments.. They had, three years ago, In
rations for that purpose ; and if circums;
which they had no controul had prevent(
tentions having effect, the fault was not
bleed to them. The time, he hoped, w
arrive when the e,changes would :urn in
and when gold would be plenty vi ithbui
city of limiting the Bank issues—(bear,
Bank had been accused by some persons
gone out of their province, and become
The Bank birectors never assumed such
and therefore the censure was inapplical
some Gentlemen endeavour to bring the
blishment into disrepute, most parts of
'continue to look upon it with respect and
Those who pretend to know the Bank con,
than the Directors themselves, ought to hi,
that there were other occurrences whicl
assigned for the embarrassments now thi
regret thin those noticed. The dilemma
engaged the attention cf ParlitAneat an,
try had arisen from the situation in whi(
was placed by the Repotts 'if the two Co
In defiance of facts, some Itentleu eit on
side ventured to wander into the wide fiel
ranted theories. Look at the price of bu
rious occasions, when compared to the pi
of Bank-notes. Their arguments were i
on any solid basis. They supported their
by bald assertions. With respect to th
commended for the resumption of cash je
did object to the gradations or scales props
plan left them to dea rapacity of specula-
venturers of all descriptions.. It was quit
that certain persons, who were known on
jobbers, would avail themselves of the
and be apt to produce some confusioa. 1
good old times, merchants were the im:
exporters of gold *bullion : but now, ft
set of men who might be termed gamblers,
in the fair mercantile world, invested thee-
the office of agents, and supplied the m,
Honourable Member, on this account, obj
'graduate scale of resuming cash paymei
'such adventurers might aggravate the
meat. In addition to the dignified charact
men and politicians, the Bank Directors
'charged with becoming philosophers and
If any 'of these characters appeared to be
them, which he denied, he had to lament.
were forced into such company. Gentlemen
to recollect that the gold which had gone -
country, in consequence of the last long .
cedented war, had not yet returned. The
rapidly approaching when it wonld agai
appearance—(Hear, hear.) Whenever got
the market price, it was a proof that it
be made available as a metallic currency,
trials and difficulties which the Bank De
to encounter, they had uniformly condo,
selves with prudence and circumspection
they to-morrow to set their stupid heads
some Gentlemen delighted in representin
issue an undue proportion of paper,
be able to keep such an influx afloat
(Hear, hear.) A diminution of our paper
would give the monied market in some
advantages in respect to the precious
after the effect of artifical causes, the na
would soon correct the' excess. (The
Member offered his'apology for engrossil
of tie time of the House, and sit down
cheerinn.)
Mr. RICARDO, in explanation, denied
said that the &ink were insincere in their
He meant no personal hostility to them
duals, or as a public body ; but he was I
that hey had taken wrong steps, and the
not understand the subject of the currene•
Mr. WILMOT agreed with the last
Member, that the Bank Directors were
their declarations for the resumption of
meets. If any doubt arose on this head,
need only refer to the period when the Ban
some millions of sovereigns in addition
culating medium of the country. If, h,
Directors had evinced the regard and an:
public which they now professed, all those
would not have so suddenly disappear
public embarrassments would have been
The Honourable Member, speaking, no
sentiments of his brother Directors, had r
a set'of men by terming them jobbers an,
They could not prevent jobbers and gam!
persons so denominated were imitating their superiors.
He confessed his astonishment at the objections of the
Bank Directors to the graduated scale recommended
by the Committee, because be (Mr. Wilmot) believed,
that had the Directors been left to themselves, the
plan now under consideration would have been' that
which they would have adopted. In the discharge
of every moral obligation commercially, this country
has always stood higher than any other country is
the world. Parliament was now acting with its
usual wisdom in recommending the adoption of the
present measure to the Bank. It would revive pub
lic- credit, and produce that confidence in the Bani,
which they had never before experienced. The opi-
nions within these walls were highly favourable to th.
Bank of England ; birt the -opinions without door,
fostered by the clamours which had been noticed
were'dengerous to public credit. The Honourable
fieittlemait'saide that-. the difference of exchange'
arose from an excess of Wilk:note% It was faeces

ed a pezit.l
to pe..-rn'l tef
slich 60
tel
ited, s; de
5 Ctttlf!Ocei aiS
sa
:ted to have.
Ir.- Ricardo) th
rcting 'heir Fr
told what WI
th:tt they co
to do, and Fa
3lember—
kure. NV6 t1:1
inly declare Jig
. .
estrctiQn to tU
h the Thee.
am to cab J~
made p:L-4. be
stances ~ve.
ted their. aii
t to be at m
would coe2
our favour, lr
it any neces. P'
hear,. The iLL
is of having (.'
e politicians. in
h character,
tble. While
t Bank Esta-
)f the world ei
I admiration.
ncerns better
be informed,
:It might be ti
to subject C it
a which nor
id the Con;.
ich the Bark ei
)rnmittees.—
die opposite 7
eld of unwar.
t'
ullion on re
lice or value
not founded
new theories t.
the mode re-
payments. he
(Tessa. 'lle
stnrs and ad-
tl
ite notorious,
n
e di fficuha, p,
Formerly in
nporters and
frequently, a
ers, unknown
iirsel vet with a
narket. The tI
hjected to the
eras, because
e embarrass-
,cter of stamp
ors had been
td legislators
e assumed by
zit that they
1
lemen ought
ne out of the f
F and unpre.
he time we
fain make is
Ad veal abr
it could not
r. In all the
hrectors had
ducted them-
a ; and were
s together, as
ing them -to
7 would 114
for a week—
per currency
instances the
metals—but
Latural effects
Honourable
ing so much
a amidst loud
ed his having
: declarations
trn as iadin-
s of opinion,
that they did
icy.
t Honourable
ere sincere in
of Cash-gar
d, Gentlemen
ank advanced
n to tae
cir-
however, the
nziety for the
ose sovereigns
ared, and the
en prevented.
no doubt, the
1 stigmatized
ad gambler,
ablers, as the
ieir superiors.
ections of the
ecommended
not) believed,
=selves, the
live beers slim
the discharge
, this country
er country it
:ing with its
option of the
revive pub
in the Bard,
td. The (pi-
ourable to chi
ithout door
been noticed
a llonourAlt
of exchange:
r was Mel
1111