Star.
London, England, 1803-12-14 00:00:00

1-10li3E OF LORDS, TUESDAY, DEC. t 3.

The Curat,ilid Pill, Iri'tt Prornifrnry Not, Li!!. LA: Pro-
e'hon Itia, 1-131,-is Corpus SuipenGon BM, and Matti.' Law Bill,
went through a Committee.
.On the motion for the third reading of the Bank
Reariaion B:11,
Lord GRENVILLF Lid, that he did not mean to
oppole the B;11 under the prefent circomrianres of the
country, and confidering that it had fo often been
adopted by Parliament. He was afraid, however,
that it was owing to the frequency of its adoption that
it had been alurioil a matter of cootie to pats it. He
slid not, for ''ne, regard it in fo light a manner. He
could not conceal frum himfelf that though it had
tita been introduced in a period of great difficulty,
ant to remedy a temporary inconvenience, it had it-
felf been prodattive of much evil; never till now,
had the iffue of Bank end private paper extended to
fuch an enormous amount, as not merely to enter in-
to great commercial fpeculations, but into almoll all
the ti ainfadions of private life. He was afraid that
the continuance of the meafure would produce the
very mifchief which Government intended to guard
againft in the contemplation of invalion. He did
not with to alarm the Public upon this topic, but it
was better to alarm them now, than when the remedy
Mould be too late. The bell fecurity againft the in-
conveniences which a; mild attend that event, would
be to have the cafh circulation of the country gradu-
ally reamed ; and on this account he thought that in-
dividuals, intlead of being condemned as they had
been in another place, fhould be praind for what had
been called hoarding. The clamour attempted to be
railed on this point was precifely of the fame nature
as that which had been direaed againft the farmers
during the late fcarcity. His Lordlhip, after further
cap /timing on the evils refulting from an exceffive pa-
per circulation, fuggefled, with a view of giving in-
crcafed confidence to whet it might be deemed ex-
pedient for commercial facilitiesto retain, that a Com.
z*ittee (bout,' be appointed to enquire into the fufti-
ciency of the country banks, and to propofe a plan
of reciprocal guarantee between them, the Bank of
England, and the Public. As Parliament was gene-
rally fuppofed to be on the point of adjourning for the
receis, he would not enter into any of the details
which occurred to him in relation to fuch a plan.
Lord HAWK!SBUKY replied to his Lordlhip, and
petfealy concurred with him in the opinion that it
was a fulijeift of regret, that the Legiflature had ever
been obliged to recur to the meafore now before their
Lordfhips. He, and thole with whom he aced, were
under the neceffity of continuing that fyftem, becaufe
they found it impnffible to deviate from it, without
difturbing the whole commercial relations of the
country. They c ,uld not by any meafures of theirs
replace the country in that precife point of credit in
which it flood prior to the year 1796, when the Aft
for reftrining the payment in fpecie was fira I.afted,
and therefore they were compelled to perfevere in
that prat-tic:, which no doubt had been wifely retort-
ed to by hi. predeceffors. His Lordlhip acquiefced
in the troth and foundnefs of the principles advanced
by the Noble Earl, as applying to commerce and
credit, but he could not, with the flight confideration
he could afford the fubjeet at this moment, fay that
he was prepared to give his concurrence to the idea
thrown out by his Lordlhip, of appointing one or
more Comm:aces. He could not fee any great be-
nefit that would refult from it, and it was not quite
clear that f.sme diladvantage, would nut arife from
their appointment.
Lord Kim° was glad to hear it admitted by the
Noble Secretary of State, that the principle on which
this and (imam Bills were founded, was radically
vicious. His Lordlhip regretted that the motions

he had repeatedly fubmitted to that Houle, fi.r af:ei-
taininir, at the end rfevery quarter, the amount of
notes ifiiied by the Bank, had not b:en adored. lie
thought that rellraining the Bank from making its
payments in fpecie, had a tendency to withdraw the
cut rent coin of the realm from circulation. His Lord-
!hip entered with very great avidity into the it:hie.'d
of the exportation of tpecie in coin, and condtmned
the pra:tice of prohibition ; an idea in which the
Noble Secretary of State teemed to concur.
'l'he Duke of NORFOLK, in additing to the Bill,
tritfied that Minitiers were not influznced to this mca.
lure by any reprefentatinns from the Bank of Eng-
land. Much as he refpeiled that Corporation, and
delerving as it was of every fupport the Legiflature
conld affiod it, he hoped, that a meafure fn general
and fertiais in its ortotion up... 1 the cr.:dit of the
country .Wotild not be Call kJ into cffc&, unit A Mi•
riiflerS were fully convinced of the neccflity 1,1- it.—
l!., for pro to inr.tai ;vim
the formidable influence of that C.,:pi:raton.
Lord HAW KR SILLIRT elCillpAZt d the Balik liom at-
t in r xerrik an influence over ....node's, to
i d.ice them to prormite this meolitre. Or, the c•-n-
-ii.ov, 'he Bank was inclined to ref..rte i:s payments
twiner 0144 151;i...tiers judyed it to be advifable.
Ato.r tome unids in expl..ii.v.ton, by L'rd
• t, the Bill -nct•a.tcad:f-cordrd