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

had produced the twatu.rrences of INS? They bad no safety
but iu the not/station of the currency to the state in which k
was estate t797-.(Hear, bear). It was owing to the power
site Rank of Kntland possessed in 11M5 of resorting to a one-
pound note circulation, that it was enabled to relieve the country;
but had a one pound note circulation previously existed, it wield
have bad no resource, and the di-tress to the country would be
Snitch greater. The Bank of England had previously withdrawn
seven millions of one pound notes from circulation without pro-
ducing inconvenience or complaint, and was it to he contended
that a much smaller amount of private hatakers' notes could nt
now Ist withdrawn from circulation without producing any of the
apprehended veils? The currency was now at par, and could any
one suppose that when the four millions of one pound notes now
in circulation were withdrawn. the chasm would not be imme-
diately supplied by four millions of sovereigns? he thought it
as certain as that light would follow the ri,ing of the sun.—
Besides be was certain that the circulation of .51. notes would
af te increase
the
at least half a million. It was generally supposed that r
Small Net. Act came Into operation. s mall notes could
that the
not cir-
culate; that was not the case ; the Act only provided
lbaakers should not re issue them ; hut the public might keep them
iti drculation as long as they pleased. and that power would prevent
any shock from a sudden vrithdrawment. Supplying the place of
the small notes with told would withdraw so much from the active
capital of the country I but he could appeal to all who heard him,
Whether there ever was a time in which four millions of capital
could be withdrawn from employment with less apprehension of
inconvenience. He entteattd the House not to low the oppor-
tunity they hoer had of securing the country from the evil of a de-
preciated currency.
Mr. M ABER LT Paid, ft appeared by the Inquiry into the prac-
tice of banking in Scotland, that there could be no excess of paper
eirdslatlon io that country. The Scotch notes that circulated in
Ragland, were sent to Scotland so often in payment to bankers.
that there was no danger of the amount becoming excessive; and
prohibiting the circulation would greatly distress the northern
counties of England. He should therefore support the Amendment.
Air. BARING said the House bad frequently bad discussions
on this subject. and they would soon have the question to discuss
respecting the renewal of the 13.,nk Charter. There was no ques-
ting+ ores which they bad gained mote experietice than that of
banking and paper circulation. When they recollected the many
motor." made to induce then.
House, to return to cash payments.
and the arguments urged against paper currency, it certainly wee
to Ire down as the present day a positive doctrine on the sub.
jeer. *beet he looked back and found what the depreciation of
the currency wa* *hen book paper was in circulation, it was
enough to induce the Homer to sanction such a Bill as the
Right Honourable Gentleman proposed. It Was, upon the
whole. a question on Which persons with honest intentions
might differ ; but they could not shut out the knowledge that
they_ bad bets some years in possession of a sound currency,
and to tWok at present of returning to any thing like the late
sweets) es nukl, in his opinion, be the greatest absurdity.—
The HOOK/Viable Member then applied his observations to the
lfill, to put an rod to the circulation of Scotch notes to England.
and contended that the system of small notes ought be ended. It
that course of proceeding was desirable, he could not see how the
BIU proposed by the Right Honourable Gentleman could be re-
sisted. There was no doubt that Scotch notes would creep into
eirculetion is the heart of the country, and become a nuisance. If
they wlere to suffer each a nuisance after small notes had beep pro.
scribed, it would be most unjust to say the English bankers should
not Issue their note'. He thought the injury arising from the stoppage
of Scotch notes would not be felt severely at Carlisle. The injury
would fall on the Scotch .Bank. The Hos. Baronet had given
an'exrgeerated statement of the danger which might be expected
from such a measure, and of the loss the IVnkers would sustain.
but he could nut suppose the difilcuky would be any thing like
that s aced by his Honourable Friend. Then came the question
whether the issue of Bank notes was warranted by the circum-
stances of the country? One.rnand notes were certainly useful
to bankers, and mute useful perhaps to the country banker than
to the branch banks of England. Having stated his opinion
that the currency was now becoming steady. be thought every
thing should be date to keep ont paper. He was anxious to
keep paper out as mach as possible, and establish the fact
that country bank paper was the most useful bask paper. With
respect to circulating medium, it was difficult to say how much
specie or bullion should be necessary for a metallic currency.—
To maintain a metallic currency ft was necessary to keep out paper
a. much as possible. The Hen. Member expressed a hype that his
blajesty's Ministers would between this and the next Session of
l'arliameit turn their attention to the banking system of the country,
in order that it might be established en a solid ground. Au Hun
Member having alluded to his opinion en the subject of silver cur.
rency..he was desirous of saying a few words on that point. The
feet was he had never proposed to return to the standard of the
teuntty prior to 1778.
Sir. F. LEWIS said. that his remark had been founded no the
Holt. Gentleman, obsetrations, in which his object seemed to he
the establishntent of the old silver currency of the country.
Mr. BARING then observed, that in 1778 an Ass passed to
dose the Winn sadism silver. Previously there was a mixed stand-
ard of gold and silver of higher value than at ps esent. The stand-
utl
on silver bad been advanced. By the standard of King Wit-
liam. a pound of silver was coined into sixty shillings. At the
protein day it was corned into sixty-twci. and be argued on a former
day that some regulation with respect to the silver currency might
be ativentegeosse to the country. The Hon. Gentleman concluded
la; observing that he wanted more information on the subject of
the lIIU, but cettaitaly could uot vote for the Committee.
Lord HO WI CK thoogist the Act of 1819 very millet, because
it laird the standard of the currency.but be could not say it would
be•tiebt tusetracr their steps and diminish the currency which was
new Gowen veal:dished. The Nair Lord voted for the Amend.
meet. lie bed not the least hesitation in supporting time lion
llatottet. because it waerexpedient that No Worthen should be laid
on the country that could be avoided. Inquiry would do no harm.
'They would bear from experienced roosts whether any danger
could mist trestle paper curl they. The Chancellor of the Excheqeer
bad stated that the whole of the gold currency amounted to
es.o(coro/. and that the expense ot coining that sum we. I ,•aOO,OOO/.
11 paper t w /Trey could be substituted, that sun. might be saved to
the station
%Ir. 111/1)30N GURNEY said, he bad always contended that
they could hot return to the ancient stanchald of the CUlitticy %%lib
the pre.-nre which was then fe't by the people. The lion NI. ma.
r stiff not see that Scottie owes were at all desirable, if they
et.hed su retli•ce the pressure to which he Alluded.
Sir Al. W. RII)LEY said. the profit derived from the issuing
of w e potted votes wa, of no cOO% qualm.• to the C y Banker-
Tbe ooly auvsnrage was in the conv. Tante of .ey hr vote
was trimmed better than gold. • They ha • hear, from his night
Fismourable fit lend. thwan 1825 the Hankers were tomer end,
dieress.ectaiaboad by the want of gold. Ile denied that they
Were the cause of the panic. At the cornmencrment of the paler
re leis thaw .773 cotesitq Rankers were in existence Ut that
opo.ber aisty-three scarped parotid. Twenty three had renewed
it pajmeets, and the rest were making arrangem-nos for re-
turn to I usiness by the payment et 17... d. in the poletd. It,
was rot fair to throw on that class of individuals the Wham of 1825-
Abe ware the scapegoats of the Admitits!‘ Adult. which
hr. tight this country two all the difficulties of the period alluded to.
la ilea the House was called on to atop the circulation of one pound
io.tes,the'proposition was supported by the Scotch Members ; 'and
as won se the Bill had passed they went down to Scotland, and the
Ministers were obliged to consent to allow the circulation of Scotch
tea in Etithi.d. With n spree to the Scotch circulation, he would
say it was gees. injustice to England to give the peronle of Scotland
she exclusive right to ionic their notes. The lion. Baronet thought
the Committee ought to be appointed.
HUSK ISSON did not rise to go into discussion of the
question on that occasion. The subject had been too oftt it before ,
the llouae to be ignorant of its bearings. Ile bad heard the
Honourable Baronet with great pleasure, but be could not theta
&flew him in :planting all the blunders, as they were called, of
Irmo. He should only state the grounds on which be opposed
the Mahan for a Committee. If any information of a useful
astute could be obtained by such a Committee be should nut
oppo-e It. because be knew that the' more there subjects were
eternised the better it would be for the country ; but be called
upon Gentlenseo to consider whether there was no risk in
emettlirg the minds of the public upon the sumo( the currency
lbe lima B. rime t proposed inquiry, which would canoe a ferment
alf over the natatory. 'l'be lion. Boone appeared anxious teamed
panic-end stet. el all the evils of a panic, but w.• taking the direct
e.a,d to it. The espectation which a Corendttee would raise
Must lead to wild speculations, low, distrust, and ruin. In order
to avoid those evils he should woofer the Right Hatioeirable Gen-
tleman's motion. Ile would nut canoeist to repeal the Bill which
declared that in 18S9 bank notes shooki cease. Thu lion. Baronet
etsinideeed paper secure and coneertibie, but no paper could be
horoduced cal the value of coin, and' therefore bank notes wank'•
deities gold out of circulatiou. If the Hon. Baronet supposed he could
have twenty-two minions of gold is circulation and bank paper too,
be was much mistaken. County, bank notes could not be trusted.
a.etetallic currettey was middle/led and should not be diettrbeel.—
'The wilt* of it in
was'ear HMS reduced tbe severe situation in
vibtdi the county'y aplaced at that period. If they returned to
the mgr.& of tow pound notes, they must expect a recurrence agile
ellsoisies of ITN. He believed that most of the country bannurg
et latienal world prefer the metallic currency, as it then stood, to
the Wye of paper, with the difficulties belonging to that system.
Mt. Is rose to ptertee an adjournment, but gave up
that regedile. kleenrable turbid am emceed upon a

statement of his view* with respect to the queetion, and supputted
the Right Hon. Gentleman's motion.
tilr JOHN WitOTTESLRY moved the adjournment of the
debate to Monday next.
Mr. Secretary rft M. decidedly objected to the adjournment be•
yond Thursday.
A desultory discussion then took place as the day upon whicry
h
the adjourned debate should take place. andto at length the galle
was cleared for a division. when the numbers appeared:
For the delay till Thursday • . .
17
Against it • • . . • .
egg
Majority . • .
The edjouraetl debate was then fixed for Thursday neat.
The other Orden of the Day were then disposed of, and the
House adjourned at HALF-PAST Otis o'CLocg.

'I fib NV ENING STAR._

1.0. DON.

WEDNESDAY. JUNE 4, Ilia.

STOCK IMeti A NGli. 'OVELVIC 1/'CLOCK.
The debates in the House of Comma's last night no the circu-
lation of Scotch Notes in England. with the aboliobing of Small
Notes in general, has bad some erect on Consols. Consols opened
this morning at 116 i *, but have since receded to 86i it
and 861
for money.

CITY, HALF-PAST ONE O'CLOCK.
Consols may be quoted at present at 116 e g. and 861 i for money.
In the Foreign market, the chief business is in l'ortugnese
Bonds.—The private letters from Lisbon, received this morning,
atate that Oon 3liomet. is resolved to meet the Constitutionalists,
and be is going to put himself at the bead. 01 his troops, and give
them battle. The English, who are at Lisbon. cannot appear in
the alerts without beteg insulted by the populace, and the persons
arrested have been so numerous, that the prisons are crammed. and
numbers of persons have been removed on board the hulks, fearing
a distemper would take place.
1.01• E OF stuck.s AT FOUR O'CLOCK.
Bank Stock 206 e 71 . India blond. 99
3 per Cent. lied. 8341 e South Sea Stock
o.
3per Ct. Cu.. 864 11 a Old Annuities •
:se per Cent. 94 New Ditto
34 per Cent. lied. 93; e 4 4:104)0 Katbeq. Hills 61 2 59
4 per Ct. New 192* 3.24 du.* INuo 60 2
4 per Cron. 16114 103} 4100 and ,62U9 Ditto 60 2
Long Atm. 191 - Advertised
India Stuck 249} 5-16 Consists for Acet.ll6g I
1411414111 N 911VDS, TWO 1111.4,4 K
Brazilian Eds. 5 p Ct. an 6* I Mck.1k15.1815,6 pCt.
Do. Acct.6o 591 60 Do Acct 38 71
...0..1.1..n a10e.,. 6 per Ct. Portug. lids. 5pC.591 4 84 9 8
Du. V0nd5,11114,251 IMAcet 59e 1 e 8e 9 8 e
....m.ts Ikt, 5 W.A.. Russ. Ilds.l tr 42, 5 per Ct. 901 g
Do Acct. 1101 1
Do Acct. 904
Sits Eds. 5 p Ct. 27 Span. Eds. issz.. 5 p. C. 71
lIKITInH ANI) FOREIGN SHAMES. TWO tYCLOCK.

- - - - -__
NUM PAID.
Orazinan 3S 110 83 80 88
Lime National 85 5 9J 8# 11
Kt li del Monte 490 400 365
Tlilpuzahua . 400 390 50 45
United Mexican 40 3'4 13
ALt.aler British :0d Fortis* 100 10 9k
A ustraliat 100 18 276
V.iu thentries Land Airie. 190 5 ei

The psoceedings in Parliament, last night, leave no
doubt that the Government are determined *steadily to
adhere to the Resolution previously come to, of putting -
an end to the circulation of Country Bankers' small
notes; and it follows as a swatter of justice, that the
cilculation ot the Scotch bank notes in England must
he prohibi!ed.
There CAD be no doubt that the sense of the House
last night •as decided. in fasoor of the Bill tor the
purpose proposed by the CHANCELLOR of the Excwu
Quito, and we therefore rag+et that ii should have been
thought necessary to adjourn the Mbate upon this sub•
ject, • n which the soundest authorities in the country
ale agreed for the completion ot thichange.
We ate well aware, that this measure will disappoint,
ti e hopes of many speculators, who ate bent upon main,
taming high prices; hut we have al•ea. y made mime-
culls sacrifict s for the it establishment of a sound Cur-
Teat 3r, and we must not Witch Ilona encountes tog the last.
effort.
We have every reliance that the present Ministry
will also) seriously pro.e..d to the les i#ion o! the whole
14 our financial entice' rt,, and correct the evils it: that
part r.f our systeni,.which all wen who are acquainted
with the scilicet nya.t and do admit.

The tquetie de Frew', and the Alessok;e: des Chaos
ores of Monday, reached us last night. Some doubt
is duo% n in these papers nn the intelligence furni•hed
by t' e Get man I?.tpers l'n the Russian apes ations again •t
Tn. key. The wh,.le,they says is ex ramdinaty with
espett to time and place, and though they do not pro-
nonnte it a forgery, they.strongly suspect it to be one.
Tlie Gazelle renew s with confidence the report that
Vi-catint CHAI ICAVAAIAND was 41(11)0111W his Most
Christian Nlaj sty's Ands.ssador at Rome.

The German Papers received this morning, have no
farther news from Turkey. The Aigentrine Zeitung of
the 2Sth ult. contains a long article from Constantino-
ple of an old date, relative to the origin and cause of
the persecution instituted in Turkey against the Catho-
lic Armenians. which appears to have been fomented
and kept up by the influence cf the Schismatic Patriarch,
and othets of his sect, with the Turkish Government,
jealous of the pros; erity enjoyed by their rivals—the
Catholics.

We hive received by the. Duke of lf,rk, which ar•
rived at Portsmouth in five days from Lidson, files of
Lisbon Papers and private letters to the 29th of May.
four days later than the last advises from that city. By
A vessel arrived it Cnrk we have also accounts from
' Oporto to the 25th ult. The pr ivate letters by these
conveyances give many particulars of the piogress
of the cause or loyalty and patriotism in all parts of
the kingdom. More than one half of the military
throughout the whole of Portugal have declared in
favour of the legitimate Sovereign, and the Consti-
tution bas been triumphantly proclaimed, not only
at Oporto and the other places mentioned in former
accounts, but at Coimbra, Vizeu, Condeiii, Lenin,
and several other towns. It is considered that no terms
whatever will be entered into with Don Mourn.,
and that a new Regency will be formed, to wait the
commands of Don Promo.
The Lisbon Gazette of the 28th ult. contains a Pro-
clamati, n of Don WI men, for the formation of a Volun-
teer Royalist Regiment, of 2,692 men, of which the
,Duke tie CADAVAL is to be 'Commander in Chief, and
Calla on the soldiers to act up to the honour of their

profession. and to wipe off the stain which a few •
volent and deluded individuals seek to cast upon it.

IXTRACT OF A LET IRR PROM RIO. MARCH 30•

TI e Ringer sloop-of-war, finm the Vieille, brines a
million of dollars, which go nn to England, the Govern-
ment funding a fur►her sum of 1,400 000, And the list is
nearly full. Terms expected the same as the last,
Go per 100 dollars.
FROM THE RIO PAPER, MARCH 29.

By the Laura. from Bahia, accounts have been re-
ceived of a orp4i.:46rmidable rising of the Black• : some
say '2.000. ..We have not heard of any great excesses
having been committed, though they are all well armed,
And in the vicinity of the town. Further accounts ate
anxiously expected.

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