Star.
London, England, 1811-07-16 00:00:00

Uhl such a principle. If his plan was to be pur-
sued we might be in the state that France was at pre-
sent. They might pull down the Bank of England
and fall into that situation of anarchy and confusion
in which France had been. But what was the situa-
tion of Lord King with his tenants? He insisted upon
the performance of their contract, which was entered
into in contemplation of a very different state rif things.
The tenant must pay in guineas, but where was he to
get them? In short, such a system was placing the
tenant completely at the mercy of the landlord. With
respect to the Bill itself, he thought it was fully ade-
quate to the purpose for which it was intended, so far
as it went. It did not compel the creditor to take
Bank notes, nor did it compvl the Bank to issue any
thing else ; .the principle on which he went was, that
when the debtor was ready to pay kis creditor in Dank
notes, he should not be compelled to pay him in gui-
neas. As long as gold and notes cannot be equally
in circulation he conceived the Legislature should in-
terfere. As to its leading to a maximum, he consi-
dered it the most preposterous proposition that could
be thought of. He was anxious that the law should
prevent any advantages from being taken upon the
depreciation. He did not believe Lord King would
be inclined to take any such advantage, but there
might be those individuals who would take advan-
tage of that circumstance. He contended, that there
was no evidence whatever, nor was there, in his opi-
nion, any depreciation of Bank notes in point of tact.
With respect to Ireland, since the Restriction Act,
there was no evidence that the Bank no:es were not
uniformly taken at par with guineas. In some par-
ticular counties in the North of Ireland it had been
the practice both before and subsequent to the
Bank Restriction Act, for the tenant to pay his
landlord in guineas ; and as to a premium for gui-
neas, that practice had also prevailed before the
Restriction Act took place, and the increase in that
premium arose from the peculiar state and circum-
stances of that country, but by no means resulted from
the Bank Restriction Act. The circulation of Ire-
land, from its nature, required the system which had
existed ; but he assured the House that it was fast
approaching to that system which must ultimately
be most advantageous to the country. If they were
to apply the system of the North of Ireland generally
to the whole empire, it would be a measure which it
I was impossible could be carried into effect. Lord
King, therefore, was mistaken in endeavouring to
establish in this country that system which arose en-
tirely from the peculiar circumstances of that part of
I the country. With respect to restricting the Bank
to its present issues, it would be the most erroneous
system that could be imagined ; it would be putting
the Bank in a most singular and novel situation ; it
would be driving them to the necessity of coming to
Parliament from time to time to direct what extent of
jissues should be made. He protested against the
principle of considering the system cf the French
astignats, and other Continental circulating paper, as
...tt all applicable to the paper circulation of this coun-
try, as bearing no analogy whatever. Under all the
circumstances he conceived my Lord King had taken
an advantage which, had be viewed the subject in the
moral point of view which he (Lord C.) did, he was
convinced, he would nct have adopted such a prin-
ciple. Upon the whole he was impressed with the
necessity of the bill, and therefore gave it his warm
-

Lord FOLKESTONE entered into a spirited de-
fence of the motives which had guided Lord King in
the course he had pursued. He contended that he
had only acted in coaformity with the laws of his
country, and observed that the tenant could not com-
plain of oppression, inasmuch as he had the opportu-
nity of raising the price of his commodity commen-
surate with the addition made to his rent. His Lord-
ship could not help adverting to the strange contra-
riety of opinion which subsisted amongst the confes-
sed friends to the measure then before the House.
The Chancellor of the Exchequer observed, that it
was likely to verge into a permanent measure, and
lead to make the Bank-note a legal tender. The-De-
puty Governor of the Bank on the contrary, although
the professed friend of the Bill, declared if he thought
it was likely to end in a legal tender, he would most
strenuously resist it, while another Bank Director
declared himself the advocate of the measure, but did
not wish that it should go to the full length of making
Bank-notes a legal tender ; and in this confused state
of ideas and clash of arguments, some indirectly hint-
ing their hostility to the avowed object of the Bill, and
others admitting that there were no real grounds for
the measures, but all agreeing to support it, did the
matter stand. In his opinion the measure was no more
than an extension of the Act of Edward VI. arising
out of similar causes, and if not corrected likely to be
attended with similar effects. He was ready to agree
with the Right Hon. Gentleman who had spoken last,
that the asiignat: of France were in some respects dif-
ferent from the Bank of England notes—but although
there were only twenty-three millions of the latter
issued, he begged the House to recollect that their
calculation was not to be founded on this statement,
as the notes issued by seven hundred country banks,
of the amount of which no certain information could
be obtained, ought also to be taken into the scale.—
The Noble Lord then read a statement from Lord
Liverpool's pamphlet, referring to the events which
preceded the passing of the Statute in the reign of
Edward the Vlth. These events, he said, were ex-
actly similar to those which were now so much to be
deplored, and which, he felt no doubt in stating,
would be productive of the same effects. He trusted,
however, that the eyes of the Government would be
opened in time, and that they would not, by perse-
vering in the measure they had so hastily brought for-
wai d, entail the same calamities on the country which
had beLit inflicted at that time. The Noble Lord
next entered into a series of ingenious arguments to
prove the depreciation of Bank of England notes, the
most self-evident of which he pronounced to be the
very measure which Ministers were then endeavour-
ing to introduce. He considered the Bank in a state
of insolvency, from the very moment it ceased its
cash payments, and considered the assertion of the;
scarcity of gold in the country wholly unfounded, it
lustrating his argument by instancing the traffic]
which had been carrying forward, and the facility.
with which gold could yet be procured for an ade-
quate premium. In France, when the assignat dis-
appeared, gold returned ; and, he had no doubt,wheii
the the Bank of En ;land notes were withdrawn, the
same effect would be experienced, Before he con-
cluded, his Lordship took leave to relate an anecdote
of the Noble Lord (Stanhope), the original promoter
of this notable Bill.—Some years ago, when the Fr -
cious metals were in general circulation, a practice
prevailed of clipping and sweating guineas, by
which their intrinsic value was much reduced.—
The Noble Lord, who had always a remarkable
talent for mechanics and chymical experiments,
thought he had discovered a sovereigns remedy for
this nefarious practice, and with this nostrum the
Noble Lord waited on Mr. Pitt, and having explain-
ed the nature and effect of this wonderful disco.
very, he persuaded Mr. Pitt to let him try the ex-
periment, and got admission to the mint for that
purpose ; here he employed a person belonging to
the Mint to make this guinea, which was not to be
easily melted, and could not be clipped or sweated.
The work was performed perfectly to the Noble
Lord's satisfaction—..A !" says his Lordship, this
will do—this is the very thing ;" but unfortunately
the man let the guinea slip from his finger upon a
stone staircase, and it fell in pieces. The Noble
Lord's Bill was much like his guinea ; it might be
adopted to some purposes, but could Lever answer
the purpose for which it intended. Upon the whole,
he considered this Bill as an ex PM facto law, pro.
ductive of much evil, totally insufficient to its ob-
ject, and more detrimental than beneficial towards
remedying the evil it proposed to redress.
Lord CASTLEREAGH expressed himself most,
anxious to declare his opinion upon this Bill, the more
particularly as it was most likely to be the subject of
farther discussion hereafter. He should endeavour
at the same time to assume an argment in which the
House would agree with him. • He thought the Ho-
nourable and Learned Gentleman, whom he wished
immediately to have followed, had very usefully call-
ed the attention of the House to the situation of debtor
and creditor under this Bill. It not merely affected
the law between landlord and tenant, but extended to
all debtors and creditors of every description, and
upon which a new practical difficulty would arise,
as, in the cass of the officer who was to sell the
property of the tenant under the distress, if the She-
r iff should advertise that it could only be'sold for the
current coin, he would have the same difficulty in
settling with Lord King as in selling the property
for cash. The Legislature had gone so far as to make
Bank-notes a legal tender as between the Sovereign
and the subject in the payment of all taxes and
revenues, and by practices made a legal tender to
the public creditor. The House would be:guilty of
a flagrant act of injustice if they would compel the
debtor to pay in the current coin of the realm. He
put it to the Noble Lord ( Folkestone) what was un-
derstood by the contract, but that the payments from
the debtor to the creditor was to be made in bank-
notes. He denied, on the principles of justice, that
theLegislature!had made the contract inany other view
than in case of absolute necessity in order to pre-
serve the whole. The Legislature, he apprehended,
in the present Bill, acted upon the same principle.—
The moral contract was always more binding than
the legal contract ; but if there was a time when an
individual attempted to break down that moral con-
vention, it became the painful task of the Legisla-
ture to do its duty and preserve that contract. He
did not mean to arraign the conduct of that Noble
Lord who might think himself justified in the mea-
sure he had adopted, but he regretted that a Noble
Lord of such talent and abilities could so main-

merely because it was an order. Suppose by the pre-
sent measure Bank-notes were nor, as they certainly
were, a legal tender, yet that must, iva very little
time, be the necessary consequence#Ao that the
Right Hon. Gentleman ,well knew. 7se measure
was defended on the ground of its being but a tem-
porary measure, that was ore ground of his objection
to it. If there was any thing ever wanted to some
final arrangement, it was the currency of the country.
After the discussions which had taken place on it, he
thought the Honourable Gentleman tod much dis-
posed to procrastinating measures, while the dreadful
state of our pecuniary concerns demanded speedy re-
medy. After this measure, Bank-notes were no
longer the obligations of the Bank, but of Parliament.
Would not they be as mach connected with the Go-
vernment, as the arsignau were connected with the
government of France? Since :he restriction, the
Bank has been an instrument in the hands of the
Chancellor of the Exchequer of the day. This was
a measure to prevent an artificial depreciation ; what
that might be, as opposed to a real our, he prefe:%ed
himself unable to comprehend. He would give his
decided negative to the Bill.
On a division there appeared—For the second read-
ing of the Bill 133—Against it 35—Majority 98.
Mr. CREEVEY gave notice that he would to-day move to vi-
de& Bank Directors from voting on the Bitt.

On our re-admission into the Gallery we fcund
Lord Folkestone on his legs. He continued speaking
for some time, and then proposed that the committal
of the Bill should be postponed till Monday se'nnight.
This motion was negatived without a division, and
the Bill ordered to be committed this day.
Adjourned at THREE O'CLOCK.

THE EVENING STAR.

LONDON.

v. EASTCOTT, IN THE PARISH OF RUISLIP,
MIDDLESEX.

Mr. ROBINS informs the Public, the SALE of JOEL-
STREET UPPER FARM, situate at Eastcott, in the Parish of
Ruislip, advertised to be Sold by Auction, at Garraway's Coffer.-
house, on Wednesday, the 24th July, is POSTPONED.
Warwick-street, July 16,1811.

TUESDAY, JULY 16.
PRICE OF STOCKS THIS DAY AT ONE O'CLOCK.
ft per Cons. for money and account Glii ex. die.
S prr C. Reduced eqi—Navy 5 per Cent. 95til ex. div.
4 per Cent. 78/4—Bonds 11s. 12s. prem.—Omnium 2f db.
Excheq. (Sd.) par to 2s. prem.—Ditto (Sid.) ss. 6s. prem.

We regret that it is not yet in our power to give
any confirmation of the reported Victory in the Me-
diterranean, which was brought to Falmouth by the
Princess Charlotte, and detailed in the STAR of yester-
day. A Gentleman of great respectability, and hold-
ing a high situation at Lisbon, mentions the report,
however, in a letter to a friend in this country, and
adds, that it was generally believed in Portugal, al-
though his statement does not extend to the capture
and destruction of so many ships. It was understood,
however, that the object of the expedition was com-
pletely defeated by the loss sustained by the enemy
on the occasion, the troops on board having been
all made prisoners; but it is not. true, as reported
yesterday, that the news had been forwarded to
bon by Lord Win.t.norrox, nor is it even known on
what authority the report rested at Lisbon.

Mr. HENRY THORNTON thought that any
restriction on the Bank would not remedy the dif-
ficulty ; upon the whole of the question he coacei-
Moniteurt of the 10th instant, contain an Address
ved there might be a necessity for some interference
of the Legislative Body to the KING of ROME! By
of the Legislature, by some artificial means to re-
the same papers we learn, that General SUCHET, for
store matters to their original state; but what he
his barbarous achievements at Tarragona, has been
chiefly objected to was, that this Bill did not appear
created a Marshal of the Empire.
to be a temporary measure, and he considered that
Parliament should assurc the public that it was mere- Private letters from Lisbon to the 2d instant, re-
ly temporary. It was not the single act of Lordiceived by the MERMAID, furnish us with the following
King that made this measure necessary, but havingiparticulars relative to the hostile armies :
become the subject of Parliamentary discussion, it I ".I" h e French army is 56,000 strong, made up in the follow-
was necessary something should be done. If the g manner: 10,000 under SOULT, collected from Murda, Gra-
nadain and the surrounding provinces, and 4,000 from Cadiz
measure of Lord King were to be brought into prat- 24,000 with MAmost- from Ciudad Rodrigo, including the
tice it must be attended with the greatest confusion, I I:
greater part of the garrison of that fortress, and C,ii)GO from Ma-
and would place the country Bankers in the most drid. Lord lit itLLINGTON has at present not more than 45,000
aukward predicament, as they being liable to be men,i Ireland and
dcomEprelhenddingdtheh reinforcemements expected fro.n
on actuallyao a
.ot
in the
on of 771 to
summoned upon their two-pound notes and to hen t
calculatese trnnp
s pay Portalegre andngillanvas,
costs, in case cash should be demanded of them.— composing in the whole 55,000 British, Portuguese, and ele
He denied that there had been a depreciation of detachment of Spaniards necks. CASTANOs. The Spaniards under
paper, and, asa temporary measure, alone. supported BLA", to the nut.ibrr of 7000, have proceeded towards Seville,
this Bill. to co-operate with General Gaiineu against the besieging army
before Cadiz. There have been some skirmishes with the ad-
Mr. MAR RYATT said, that this Bill was not vanced guards on the left of the Guadiana, during which the allies
only the most extraordinary in itself, but attended have taken 70 prisoners, and have killed a considerable number.
with the most extraordinary circumstances : his Ma- " There are not more than 4500 sick in the allied armies.
jesty's Ministers, by supporting this Bill, had recant. " The country which has been left has been entirely desolated,
the corn fields either reaped or the produce destroyed.
ed all their former doctrines, and thereby admitted
" A very large convoy of provisions has arrived at the French
the depreciation of Bank paper. He considered this heed-quarters at Badajoz from Madrid.
measure as wholly inadequate to the purpose, and .. Our provisions and stores have been removed from Cam-
conceived that nothing but retracing their steps, by bra towards Lisbon, to be' conveyed from thence by waterto
restraining the Bank issues, and restoring cash pay- Abrantes, and subsequently by land carriage to Portalegre."
ments, could remedy the evil. By the arrival of two ships from the Rio de la
Mr. JOHN SMITH supported the Bill on the Plata, die Margaret and Apollo, and one from Rio
ground; cf expediency. Janeiro, we learn that Capt. Elliot with his schooner.
Mr. IIANKES thought it would have been much had left the former, and *lie Narcissus frigate, from
better that this unfortunate measure had been ee- Admiral De Courcy's squadron, was }lowly e:.-
jected ill the first instance, and deprecated the con- pected. The accounts of the native forces of Buenr,
duct of Lord King in strong terms of reprobation ; Ayres opposed to Monte Video are very incorrect.
the confusion w!'icti must ensue from such an exam- The Revolutionists have 7,400 troops, including 800
pie, if followed, was most alarming, and however be ' flying artillery, 600 cavalry, and 800 negroes. They
differed from the general principle of the measure, have besides from S to 4000 recruits, and some regi-
yet seeing the necessity of it, when properly modified, ments of militia, whose services have been for the ple-
be should support it. sent dispensed with. The following we yesterday re-
Lord CASTLEREAGH shortly explained. • ceived from a most satisfactory quarter :
The CHANCELLOR of the EXCHEQUER, 4. • •By setelligence from Caraceas to the Oda April we learn
in a most able and animated speech, combated the ttist the General Congress and Executive Authority cotabliehed in
arguments against the measure, and urged its exile- that capital on the 2d of the preceding month, was held in th,
diency in impressive terms. I highest respect not only in the city, but in all the confederated
'f.he news of its installation inspired uni:ersal joy.
Mr. BROUGHAM, Mr. EDEN, and Mr. -MINIM :
rviorodanac
erininatioa is every where manifested to resist the domi.
THORNTON, severally explained. • i nion a all except the legitimate Sovereign, Ferdinand Vi t. We
Mr. TIERNEY would not have acted as Lord : also find that General Miranda rec ived daily new proofs of the
Kin; had done, had he been in his place, yet he could 1 conSaente and affection of kis countrymen—and this piker had
! been invested sziththe dignified rank of Lieutenant General, by
mu. but reprobate the, manner in which that Noble- Government."
man was attempted to be hunted down. The Right 1 the
laws"
t
Some of the letters speak of further reinforcements
Honourable Gentleman, who was exasperated at his expected ' by the enemy • but it is much' more likely
refusal to connect himself with his Administration, '
' that Soult will be obliged to leisenhis numbers, and de-
would lose no opportunty to bunt him down.— o
, : tach a part of his army to relieve Seville and strengthen
(Crier of Order, Order.) As to the Bill itself, wnen i
the Right Honourable Gentleman says, you shall I
SEBASTIAN! on the chores of the Guadalentin.
Yesterday was married, at Sunning-Hill, Berks;
take this for twenty shillings, can it have any effect
but to set men conjecturing what may be its real va-
: Captain JOHN CoCHET, of the Royal Navy, to Mrs.
lore ? No more effectual method could be devised to ' LuNG, widow of the late Captain LONG, of his Ma.
produce a depreciation, it it did not already exist.— . jesty's 89th regiment.
When it was said to an Englishman that he should I Bak.an.—This day there being no Court of Alder.
not take a note but at a certain value, it was much in I men, the Lord Mayor, after inspecting the Kenai's,
the nature of that sort of avowal to refute the order, orgred it to be at present prices.
- •