Star.
London, England, 1803-02-08 00:00:00

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the clear& manner. One eircumgance :iail made
a ionfiderable impreffion on his mind, which was,
that .the Court of DireCtors had long fince declar-
ed, they were competent and ready to refume their
calls operations, whenever Government thould
give them pertniffion fo to do, and this being In,
Le could not conceive a poflible cafe, in which it
Could be impolitic to adopt it. Here was, in his
opinion, a Rill further reafon for inquiry, which
could not but produce the happieft effeCts, by al-
laying all alarms, both at home and abroad, on this
moinentousfobjea ; and placing the credit of the
country on that firm, folid, and pre eminent hafts
on which it had formerly flood. In his opinion, it
Was owing to the prudent condua of the Bank,
that nn more pernicious effeeis had enfucd from
the original reltriCtion. If it be true, that owing
to their prudence, difcretion, and good condo&
hut into which the Houfe have had no power of in-
quiry, thnfc mifchiefs had been avoided, n hich had
been apprehended by many at the commencement
of tilts meafure—no matter whether politic or
otherwife, at the moment—an inquiry would
tend to (hew that good conduit in its true co-
lours, and would refleet the highell honour on the
charaCter of thcfe who had In worthily and ho-
nourably purfued it. If while the Bank was obli7ed
to pay in fpecie, any confiderable or imprudent
exportation, or diminution of fpecie, had taken
place, the charge would in fuch cafe fall on the
Direan,rs, who would be amenable to that Houfe
and to the country ; but when that check was re-
moved, in his opinion, the whole credit of the
country was placed on a degree and extent of
Confidence, which no wife Government would en.
troll in the hands of any let of men, and he had
kso doubt but that was the reafon why the Right
(
Hob. Gentleman had ex preffed his honourable im.
patience to fee a termination of the prefent mea-
fure. He withed, therefore, that an inquiry might
be made how far the inconvenience had been felt;
and alfo, whether the removal of it might not take
place by degrees;-whether fome gradual fyflem
blight not be introduced, by paying. off the (mall
notes, or by fixing Come very limited time, in
which they would begin to refume (mall payments
in fpecie ? The Hon. Gentleman who (poke latt
had laid, that the Bank did not like to ferve the
public by the importation of bullion, when that
was attended with a great expence to them-
felves from the high price it bore ; but he did not
*le* it in this light, for in proportion as that was
high in value, our manltifaditres would become
equally increafcd in their price, In that what the
Bank loft, other perfons would gain, which would
form a counter poife in the courfe of exchange. He
reconciled, though but imperftal y, a period when
the courfe of exchange was formerly greatly aga loft
this country. In the year 1773, when there was a
great deal of bad money in the country, it was fo,
bbt he belieVed that was not owing fo much to the
general commercial fituatinn of the country as the
!tate of our fpecie ; for as loon as by a new coinage
the money again became good, the exchange ot:ce
Snore became rapidly favourable to us. Certainly,
Paid he, a Bank note is not fo valuable as a guinea,
becaufe it is not exportable. He admitted that
the exchange has rifen in our favour within the left
eine months, but could not fay, whether it was
owing to the Rate of the currency of the country.
When he heard that one thing is fcarce, and an-
other plenty, he could not but infer, that one thing
*as dear and another cheap i and that if there was
g fcarcity of bullies. imported, all articles of ma-
nufaCture and commerce would fetch a higher
price. In fume plates in the country, where a
preference was given to gold before paper, he had
heard that a premium had been given for guineas;
hut this was not owing to the want of fpecie,
though it was evidently a depreciation of the Bank
paper. It was therefore dangerous to fay, that the
yell. inion wascontinued on account tithe c :change.
On this principle he would not oppofe the Motion,
becaufe fome meafure of a fimilar nature might,
perhaps, be neceffary for a Ilion time, but he with-
ad to go a little flower in the bufinefi, and to have
risme inquiry,
Mr. BANKS laid, that he did not know exactly
to what extent of time this refiriltion was intended
to be continued, but be thought it requifite, for the
credit of the Houfe, that they fhould require to
know what caufe there was for its continuance.—
He did not know whether the Hon. Gentleman

( Tierney ) meant to move for an inquiry; but if the
continuance was not very fhort, be believed he
Ibould bring forward tome Inch meafure. All
would depend on the continuance of the refiriaion.
Lord HAWS csa u a ir (aid, the onl y °Nation teem-
ed to be to the length of time of the continuance of
this reflriainn, and that certainly might be more
properly dilcuffed in the different Rages, after the
Dill wrs brought in. He withed, however, to fet
both the lion. Gentlemen right (Mr. Tierney and
Mr. Fox) who fpoke immediately after his Right
Hon. Friend, as to what had been advanced by
him refpefting the Courfe of Exchange. He rer-
feelly agreed with him, that the ftoppage of the
tank was to be greatly regretted. and he believed
no perfon would think otherwife ; it was equally
true, that it was greatly to be walled that they
should, as loon as poflible, renew their call ope-
rations. The ground on which his Right Hon.
Friend put the queflion was this : having impofed
a raft...Rion that had continued for feveral years
'without any inconvenience having refulted from
it, and without any being felt at the prefent mo-
ment, is it not wife, raid lie, to paufe before filch
a refiriaion be taken off, and till a more favourable
opportunity offers of doing it away ? Owing to
the drains of fpecie which had been occafioned by
the remittance of immenie films for the payment
of the •Ai:ny and Navy abroad, and bullion not
coming into the country as it would have done,
the exchange had been reduced extremely low,
and h.id operated greatly to the difadvantage of
this country ; but now, fince the peace had taken
place, and we h.sJ experienced a confcquent in-
creafe of commerce, th at exchange was very rapidly
improving in our favour.—His Right Honourable
Friend had by no means laid, that the rettrielion
oueht to be continued folely on account of the
ea. lunge ; lie had only atked, shat his Lordlhip
Cod, he thought it ritvellary repeat to the Houle
in.en be fully and fairly under flood;

" Would you take a Pei iod of an unfavourable
date of exchange, as that which is molt proper to
Segin once more to revert to the ancient fyflem of
paying in cath at the Bank r' No loch idea ever
entered into the mind of his Right Hon. Friend, as
the inference drawn by the Hon. Gentleman un-
der the Gallery (Tierney), that at any future pe•
riod, the payments in cath by the Bank fhould de-
pend on, or be regulated by the courfe of exchange.
With regard to the appointment of a Committee
of inquiry, he objc9ed to it, becaure he was of
opinion, that it would only create alarm both at
home and abroad, when altogether unneceffary.
—When this mealiire was originally retorted to,
the Honk bad molt wifely deemed it necelfarv,
in order to ettablilli as a fit to the whole world
the futliciency of the Bank ; that fufficiency
had thereby been eflabliilied beyond a pollibility
of doubt. Not an iota of doubt, on that head,
at this moment exilts in this or any other coon-
ti y ; and the Honfe now know, by the paper on
the table, to what amount notes have been itiiied,
and whether the Bank Directors have abufed the
power with which they have been entruned Per-
haps, in another view, and at a future period, it
might he deemed expedient, to enquire into the
general Rate of the paper money of the country ;
but whenever that fhould be thought prudent or
neceltary, it fhould be done on a loge and exten-
five Icale, and with the molt ferious and minute
inveftigation, that fo great and important a fubjen
required. His Lordship then adverted to I\lr.
Fox's obfervations, rcfpetting the courfe of ex-
change at the period when the coinage was bad,
and agreed with that Hon. Gentleman, as to the
fat of the courfe of exchange being then toppled
to be againft this country, but he had the greaten
reafon to believe. from every information lie had
been able to eolith, that from the defative (late
of our coinage, the courfe of exchange apueared
to be againft us, when, in faft, it was really the
reverfe. If the Houte would look to the courfe of
exchange for three years pall, and compare it with
that of the laft twelve months, it would he clearly
fccn, that it was owing to the cartes Itated by his
Right Hon. Friend; and he had not the fmallett
doubt, but that in a short time it will once more
be in our favour. He thought it neceffary to nate
tliefe reafons why he molt diifent to the appoint.
ment of any Committee of Inquiry, as they applied
equally in favour of the Houk agreeing to the
Motion now tinder confideration,for leave to bring
in a Bill for the continuance of the reiiriaion.

Sir FRANCIS nattexo laid, that in his opinion,
the Houfe Ihould not confider the prefent continu-
ance of the reftriaion, as a circumthvace arifisag
out of common carafes, but as growing toit of un-
fortfeen and irrelithble events. Time had been a
great convulfion in political afEtirs in every quar-
ter of the globe, and that coraullion had operated
very great and very important changes—the mule
of exchange between this country and all others
had varied as well as other matters ; it will at pre-
fent admit the importation of Calvet, but not of
gold; flyer has lately fallen to per cent.—Cold
has continued much at the fame price as before.—
Thek circumaances. he repeated, do not arife
from common caufes, but from the various eflot is
and exertions of foreign countries to gain advan-
tages over this--the convulfion had extended and
affeufled them all in a greater or lets degree. and
prudence ought to diaate to us to wait with pa-
tience till the effeas of the florm fubfide.

The CHANCELLOR of the Excloozy E a laid, in
reply, that Ise bad not originally in his contempla-
tion to propofe this rearidion. At the dole of the
lag year, and of the lag Seffion of Parliament, he
hoped to be under no neceflity of intioducing, filch
a meafure. 4, We are now." raid he, 4, not in a
Rate of warfare, but yet, the Rate of the country
is not fuch as to place us in fuch a fituation (as
may be fuppofed ) of complete fecurity in the United
Kingdoms. They need not dread the ref-tilts, what-
ever they may be, and these can be no doubt of
its credit in opulence to fupport any demands that
may be made upon them : the reafon of this Ad
was to meet the influence of any premature de-
mands when (as has been already explained) there
was no influx arifing from accidental caufes ; the
Hotife mutt confider what is at this time the un-
favourable courfe of Exchange, the commodities
expored, and the delay in the importation of bul-
lion ; we moil not, therefore, neglect the obferva-
lion of my Noble Friend, but alto add, that if the
payments in fpecie by the Bank be not reftrained,
the run upon it willjbe extreme,notwithftanding the
precautions that have been taken to prevent it. The
holders of (mall notes may be induced to exchange
them for cafh : in thefe obfervations I with it to be
underftood that I had no correfpondence or com-
munication whatever with any perfons concerned
in the Bank. There are commercial and political
relations b-tween the Government and the Bank 11
of England, which in fome views it may not be '
difereet or proper in his Majefty's Mittiflers to
mention, as it is neceffary to ufe fome difcretion :
,all that may be neeeffary to ohferve is, the (late
of commercial at d political affairs is at prefent fo
difiraded, that until they may be reflored, the Go-
vernment of this country mutt confider it at a duty
to keep up the utmost degree of vigilance."
Mr.Vasso numerated a variety of caufes
that at different times affected the coutfe of ex-
change as it regarded this country, and obferved,
that the difficulty which the Spaniards experienced
during the war in getting home the produce of
their mines, was one of the principal reafons why
we were in WADE of bullion. Thcfc oharadions
now no longer prevented the conveyance of thole
treafures into Spain, and it was natural to taped
that a great quantity of them would (portly find
its way into this country.
After fome explanation betwixt Mr. Tierney
and Mr. Vanfittart, leave was given to bring in
the Bill.
The Houk waived itklf :nto a Committee of Supply, and
a varkty of kik Accounts were rektrcd to it.
Mr. Coaa T, attar meet ieotne that the Votes for the different
Sums for which Ise now meant to move were the fame u Mote
which patfod to the lag tetSon, propofrd a variety of Sums to
be voted for local purpokr. rhe kveral motions were agued to.
The Houk retuned, and the Report ordered for tronsorrow.
Mr WicKNAIII gaya inalcc, that he would on Monday move
for leau to bring in a Pill for placing Revenue Olken, with
rlard to the right of !Icahn', on tZic fame footing with the
fame O&M IN England and Scgtland...-Adjourool

LONDON.