Star.
London, England, 1816-02-17 00:00:00

.. I'

at mare then-gfor 20 million.. Considerable rant-
tions had already been made to*ards coming at the
Pernlaeent
_peace establishment.. The great sums
wheels aut Battik had received by the paying of of
Each ter Bills, would enable the proposed advance
by them 'to be made without any inconvenience to
the public. by obliging the Bank to diminish its dis-
counts, There was one alteration which he intended
with regard to the interest of Exchequer Bills, which
it was important the public should know. The rate
I,f interest allowed upon the Exchequer Bills issued
last year was threepence half-penny per day. 'Those
which were to be now issued would only bear interest
at the rate of threepence farthing a.day. Although
this might appear a very trilling diminution, yet it
would save to the pill-ale about 0200,000 a-year.—
There was . further alteration proposed as to the new
issue of Enlicquer hills. h was intended that they
should be m id, payable to order, and should be trans.
ferred by iiidrosation, instead of being transferable
,merely by deiivery as now. The Right Honourable
Gentleman concluded by moving a Resolution for
" Leave to bring in a Bill to continue and amend the
Bank Act"

Mr. BANKES approved very much of the pro-
posed advance by the Bank: It was suited to the
circumstances of the times ; but it was his intention
in the progress of. the BID to propose some alterations
from what had been stated by the Right Honourablel
Gentleman as its intended purport. As the affairs
of the Bank were managed by very s4gacious men,
he thought the Chancellor of the Exchequer bad
very little need to bestow mich of his attention on
the interests of that concern: he would do much
better to attend entirely to the interests of the public
as against the Bank. Indeed, it seemed that the
Gentlemen of the Bank had driven a very hard bar-
gam with the Right Honourable Gentleman ;
pereent. he conceived to be a very extravagant charge
of interest on th'e £6,000.000 which the Bank was to
advance. In the progress of the Bill, he intended
to move that only as per cent. shonld beallowed.
Sir JOHN NEWPORT thought that the Bank
derived suet! advantage from the Act which suspended
their payment in specie, that they ought to advance
the £6,000,000 without any interest at all, during
the time of the continuance of that Act. He drew
4 picture of the distresses of the country, and said,
the state of Ireland was infinitely worse than that of
England.
Mr. GRENFELL agreed that it was proper to
have recourse to the Bank for the sum that was re-
quired. He made several statements in support of
kis opinion, that the Bank was overpaid for perform-
ing very :rifling services to the public. The balances
in the builds of the Bank amounted to X 11,000,000
,or ,Cl 2,000,!)00 t and although the Right Honour.
able Gentleman had stated that these sums were
likely to decrease, be understood from the Governor
of the Bank, only that no increase was expected in
them. The amount of unclaimed dividends in. the
Ba-k during 1814, was no less than £700,000 or
£BOO,OOO. Ia this there ought to be a riving to the
public of £3o,ooo.a.year. He thought the Bank
had no right even to interest at 8 per cent. on the six
millions which they were to advance. There ought
not to he a firthirig of interest charged upon it. •
Mr. MANNING said, as to the amount of ba-
lances in the hands ct the Bonk, it was impossible to
loresee whetter they acre to decrease ./w not. That
entirely depended nn the Chancellor of the Exchequer.
Mr. TIE RN EY observed, vat those Bank Direc-
tors who pietendei that it was the obstinacy of 'Par-
liament alone that compelled them in defer cash pay-
ments., had now stated to the proprietorm, as part of
the bargain with the Tie :wry, that they had ob.
gained the continuatioa of the Restriction Act for a
year. But they had dixhirged their duty, to get
from the Chancellor of the Kull:quer every farthiug
they could.

The CHANCELLOR of the EXCHEQUER
'could perceive no diffeience between what the Hon.
Director had stated, and what he hirhself had said
on the arrangement wills the Bank.
Mr. MARTIN did not conceive, that any advan-
tage like what the Chancellor of Exchequer had
stated, Would be produced to the country.
The CHANCELLOR of the EXCHEQUER
looked to the improvement of public credit.
Mr. TIERNEY was convinced, that if the Chan-
cellor of the Exchequer had sent his Exchequer Bills
into the market as from GOvernment, they would
have laboured under a great discount upon them.
But they wry .: taken by the Bank at par, and that
gave him a wrong opinion of public credit. 'He was
too sanguine in his expectations; as fir too sanguine
as it had been his habit to represent him (Mr. Tier-
ney) as too desponding. But let twelve farmers be
appointed to decide between them, and he had no
doubt they would adopt the less favourable view of
the subject. He did not think that in six months the
Right Hon. Gentleman would be able to circulate
his Exchequer Bills.
The CHANCELLOR of the EXCHEQUER
considered, that he and the Right Hon. Gentleman
stood before the Tury by whom they were to be tried,
and he hoped that the result would be the same-as
that of the Right Hon. Member's other prophecies.
Mr. THOMPSON did not wonder, that when the
Bank had twelve millions of balances in its hand, it
should be willing to lend six millions. It was, in
fact, the money of the public which was lent. That
reminded him of the Steward of a very foolish Noble-
man, who never went so far north as Yorkshire. This
man never consented to assist his employer with loans
but at an interest of five per cent. and it was for his
own money that the Nobleman had all along paid
that interest'. Much had been said of Country -Ban7
kers, but not the most shabby of that class would he-
sitate to lend six millions.if twelve were left as a de.
posit. The balm*, were too large, and retittired to
be reduced.

Mr. FORBES observed, that upon this nominal
loan of six millons from the Bank, which would WU)
to be so miyh valoed, the nation actually Raid an
interest of nine per cent. so long as public balances to
a corresponding amount remained in deposit there.
In the first place, S per cent. at the least to the pub-
lic creditor, upon raising the money thus lodged in
the Bank, and then 4 per cent. more to the Proprie.
tors for receiving it back in.the slope of a loan..
Mr. GRENFELL stated, that for the last four
years the amount of balances on Exchequer Bills had
been seven millions.

.

After some Call,ert2tiOD betweep Mr. MANNING
and Mr. Gassnu,, the iteseltaion wAs•canieti.

a

\~

~.~:

gaMMBILLI