Star.
London, England, 1818-05-02 00:00:00

Gentleman, when he called upon them to renew it
but for one year. If it were now passed-without in-
quiry, who could expect that in the next year there
would be the same disposition In the 18319 Honor-
able Gentleman, in the Bank, or elsewhere, Ow cont
'nue that from which they derived so much profit?
If they decided that the Bank should have another
year allowed them to prepare for the resumption of
cash payments, he hoped the Restriction Act would
be renewed in a way that it had never been renewed
in before—(Hear, hear, hear!) He hoped something
would be done to make the Bank believe that they
were in earnest. This had never been done yet, andi
that was the truth of it. Make the Bank believe that
they were in earnest, and though the return to cash
payments were deferred to another year infinite good
would result from the course pursued. He knew
that. some persons were much alarmed at the idea of
the Bank returning to cash payments.—He knew the
horror Which some felt of the bare idea; what these
would say—Are you aware of the conseqUences of
that which you would ask ? Do you wish that we
should never get our rents? Do you wish to create
universal contusion and alarm, and pluneeThe nation
in general bankruptcy?—(hear, hear I) these alarms
,wore natural, but he did not think them well foun-
ded. The. present system was in itself replete with
evil: it encouraged all sorts of speculations—nothing
was secure or solid—changes were continually taking
place, and no man knew what was to come next.—
While the Bank Restriction Act was thus likely to be
ann

many renewed, there would always be rumours
afloat at the end of every.six months, that it would
be renewed, or that it would not, and thus specula-
tion would be constantly kept alive. He considered
the Chancellor of the Exeliequer himself to be a spe-
culator (he did not mean to use the word in an offen-
sive sense), but he lived on the system, all his dreams
isvere of it, and on It must all hie financial arrange-
ments depend. 'At present the Bank note could not
be converted intu cash, and thus the only true crite-
rion of the excess of paper thrown into circulation
was last. The Bank Directors; however, could not
believe a word of this. Their idea of this was, that
all was right so lotig as they issued money on
bills, and notes on good Exchequer hills. They had,
in fact, a most confused notion of what a good cur-
rency was. They contended there was no fear of
their acting improperly, since in all former times
their conduct had been correct. The answer to this
was, that till of law years they had had no opportu-
nity of acting improperly, while their notes were con-
vertible into cash at pleasure. This was the reason
the public had no cause for complaint ; and that ar-
gument reminded him of the French Gentleman,
who, wishing to know what was prose and what was
verse, was astonished at finding he had been talking.
prose all his life without knowing it.. It be
seen what the discretion of the Bank Directors was,
when it was known,. that, called ciri to prepare for
the resumption of cash xay,melits, they had, in tht
last year increased their issues of paper to 2,00,0061.-
over and above what it had preiiousty been. Would
any man be found in that House 'who cotild say the,
Bank ought nut to be called onto accomit.frir thig'
In reply to Mr. Horner, the Chancellor of the Fflf.
chequer stated his criterion of the extent to which
Bank notes should he issued. He had said-Las. The'

. .
circulation of a country ought to bear proportion tes
its trade, revenue, and expenchttire.",--(Hear, hear.)
This was his criterion in }Bll, And it•was.also that
of the House since they had adopted-Ilse:VAlat Hon.
Gentleman's Resolution. His object ACIS was to
shew that Bank Notes were not depressed by the in,.
creased issue which had taken place since 1797,
and this the Right.Hon.fientleirran had undertaken
to shew from the increase of trade arid sif!eVenue
which had taken place betwestwihat year awl the
year 1811. He (Mr. Tiernseyr would now make the
statement founded enlis- own criterion, by compa-
ring the revenue and the issues of Bank Notes in the
years ending January 5, 1817, and January 5, 1818.
In the year 1816 (ending January 5, 1818) the ex-
ports and imports amounted to 81,000,0001. and
some odd thousands. In the following year the
amount was 87,000,6001. and odd. There was in.
increase in the' latter year over the former of
5,747,0001. In 1816, the revenue was 57,00%0001.
in 1817, 47,000,000/. some odd thousands. The
Budget was, in 1816, 25,000,0001.; in 1817, it was
22,000,00 N. The Budget and revenue of the former
year, together amounted to 82,000,0001 that of the
latter year to 6$,000,(K)01. The Bank Notes out-
st..inding in the year 1816 amounted to 26,500,000/.
In the following year they amounted to 28,200,0001.
From this it appeared, that while there was a dimi-
nished demand for money, there was an increased
issue of paper exceeding 2,000,0001. The Country
Banks were then to be taken into consideration.—
Their paper in circulation bad in 1816 been larger
than it was for many years. Last year it had been
very much increased, so that altogether it might be
assumed there had been not less than 8,000,0001.
thrown into the circulation of the country. Under
stu.h circumstances, would any man say that inqUiry
was not necessary? He then proceeded to notice the
wand financial measure brought forward by the
Chancellor of the Exchequer, which, though he had
been induced to postpone, it appeared he was not
disposed to abandon. He alluded to the Bill for re-
gulatir.q Country Bankers. This measure he strongly
censured. and maintained that the inference drawn
of the number of failures which had taken 'place
from the number of licenses withdrawn was unfair.
If sixty Country Bankers had failed since 1814, this
was not astonishing at the close of so extraordinary
a war; and he had no doubt thi.t in Landon the fai-
lures might be proVed to have been in the same pro-.
portion—( Hear, hear.)--The measure intended to re-
strict the issue of small notes, he held to be intended
merely to pave the way for a more extended circula-
tion of Government paper—(Hear, hear.)--Notes
stamped as these were to be, would only be looked
at to ascertain that they had the Government stamp.
The idea of Ministers seemed to be, that since they
had circulated so many notes for others, it might be
as well that they should at lan circulate some for
themselves. At present any. person who paid 301.
for a license, might circulate Bank paper, provided
he had the means of getting people to take it, and
he (Mr. Tierney) was not prepared to say that a man
should be prohibited from using his credit iti any
i*ay he pleased. If the Bank would cordially lee 4
itself to prepare -for a gradual resumption of pay-
' m;ents in sash, he did not believe those fatal elects
, woutd telatit frOni the pi oposed change which sonic.

anticipated. Here he (Mr. Tierney
ground for apycinting a Committee
line which the Bank ought to purse
the public from inconvenience. P
a Committee could be better empi
quirks connected with this suhicc,
raising the Funds so as to change tl
into Three and a Half Stock, he übi,
to the Stockholder. He thought i
the Stocks by artificial means, tn,stu
to rise through the general prosper
lie complained of the Stocks ha'
from '25 to 30 per cent. in the me
months, to benefit, not the people,
pitalists, who had money at cent
vantage of the fluctuations of the
the present system, he sheaved the
bled to obtain great benefits, from
trious and unsttspecting were exclu
who had property to lose—every m:
act on the principle of at. Engiid
ciple of fair dealing, was bound u
rid of the present system: The
Act, it should be remembered, ha,
passed on the plea of necessity, an,
could still be made out, it ought D
newed. The character of the coot
for the attention of all Europe was
finance, in ordiir to improve their
peace. This wet the only country
had not made one step towards
theas--(Heer, hear.)--The course 1
suing, by putting off the evil day
affected the honour of threountry,
had dealings with it feel they had u
who might never be able to pay wi
currency of the country should be
wished to make the-tresint systc
passing the present BilT the end w
attained. But this would be mcst
was the 'restless state of man, that
to be constantly preparing for w
find us while yet our payments in
sumed, it was not advancing too m
was that day an end of the Briti
hear, hear). Frar.ce, though said to
'seen rising in the storm: while our
Exchequer was seen coming to Pat
he confessed to be a complicated I
a miserable 8,000,000/. and they w
renew the Bank Restriction Act.
Committee on this subject would t
most important services. He did
meddle with the iaternal affairs rd
consider h, w they could most con
cash payments, and when, and to
portion of the foreign loans would
country in gold, and how much
and what would be the eiect of ti
gold that might be sent out of the
the expense of bringing it back.
to -be inquired into, before they
dispose of the present He col
fqr a Select Committee to examine
ipy, and what. necessity, for con
' 'Restriction Act •

• The tHANCELiOR of the
to state. bit remoras foi. diestaniag
lie Was ghed so ltud that * itigD
hl4 rate Ont.)* ease on broad
than dn'atithmetical caleulat
circurnstiqest
fek saueactionAlzat.since the Rig!'
had given noticeii his motion, he
ledge or -those transactions whirl
%tut matters olcu§ecture
ject of the Commmee. for.;whicl
Gentleman so .would be to in.
bible ell* of 41e.for}tip loans of
in this country, and leo Tar .the
'Of golst Esc attributable 'so the. 4
kit*. The inbours- of such a Col
• -aeePtCluetplicable as the tesul
ansiilsfaitoty, and rather ere.rtis
of doubts—Orear, hear, from the (ti
The Bullibn Committee came to
ingenious as tifeirinTtdry was, it I.
result. The Right Ben. Gentle
that because there was an excess
last half year, there had been an I
expense. He also tool the arm,
and expenditure, as they appeare,
counts already fur nished—thear
Beucheq—but he omitted to inch
tiun the internal and productive
try—(hear, hear, h•arb. The
country had within the last year
six millions, and nothing was mot
the unfortunate depression of tra,
active and effective revival of it
year. The issues of country bark
creased last year ; but tLe increas,
any artificial measure, but to the
trade, and the consequent stir in
The Right Hon. Gentleman had
large treasure was accumulated in
purpose could it be accumulated
the resumption of cash paymer
manner could they have procure
by the issue of their notes in :I:
for the necessary purchases ? The
fore, that the high price of gold
over issue of paper, was most cc
'the manner in which the Light
man attempted to enforce his p
-certainly some plausibility in to
the 6 per cent. difference bet"'ec
old and new silver coinage.

lative to the price of phi en.l:,
was then notorious that some 0
sought for, and the fact of the to
military operations on the (o:.'
-some light ou the subject. In .1::
of Bank paper was Y 1,6000001
gold was 54 101. per ounce.
tssues were 26,300,000/. that is
mire than at the preceding periot%
Of gold; so far from rising: in p'
cess of paper, was 41,:•65. rid.rer
1817, a loan had been negotiate'
amount-et 8,000,000/.• sterlinF.
stock. There were now require,
arms of 16.000,000 E of fr. rf'd€4.
fr..rattes; .besidwiwnother sam. w
a total of 30,000,000!. sterling:
stock. That iris Asa a I'rubsi

!Orrneptcluio.,...'..d.l'li%rmy.urars•ecout.ulocinchfdcorh:::toltierilo:areb,uu_atbc.......wallsito,
jiti.luhree;:wl6_ljutliiit s-.
. '
";"" ,hem ht
e. He hew net t_ Wit ' a
employed that is is
ill
uhjees. The at is
Plan fis ...so
rune the Five Dar v....
ha objected ~- •-'.ot. 7112.
. ...
sAss . 'ls nal*
*b it
unfair to site
mitaad of leosie..l._
L;gdthistl:
onsVi.ltyitlsolirtfyu ~.,:sit- the. __anad(imen5t,,d30,,.....2...t..:,.,....,.
's having be,,,,lwThrltrr• : 811
'c'Ple. but the,,,,....W1en &II
command tot;`, ell. thi
4. the market take 14 dal
d the a....fai ' Cads
from
.ashich the'in. er,l'a*
Excluded. Every--,„.,-us.
:ngery 6:tr'clid:untr7teehy;Srtn2nanrotddß:'l kn.arewudnaoerrlAri unlessn
ttithies-i-ellii:e4e:".:3l7--:ait.L41:::;:.....:. int
Per
be
W
it
ix(
f .:
on
fie
ards removing :.s. .. 6-..
ab:
Par 'c -.1.. ir,
Into, Ind made aiiuc. we
tier,
ay what she owed. fc", &II
Id be settled. If
all
sn'em Permanen; b, alb
hal
mcst dangerous. ;4,4 Pit
mil
fon
its in cash were oct pre
wh
0L
üßAiridrtt.renishHdEerem%Pirl-=rq,4l::, tint
said to be hu:..b'e nal pat
ire our Chartell,,i . s tie iris
to Parliament with . z tior
ated scheme for Cell
hey were called um; for.
for.
di t
e did not wish dien s; per
o
airs of the Bank, buts si
wh.
it conveniently retinal
the
aid to inquire what?"
abl,
would be sent out die,
con
stitch of them in gera,
.of the Bank it:pp:lag issu
of the ccuntt-y, and That (M!
No
ck. These pohposeseught
exii
they could sat..facterily
ape
k concladea, be iy,.....4
cos
amine whether there ea
r continuing the kg pis
ha
VI.)
the ESCHEWER toss
Of I
'mist %. from die motion. it, .
itigat Hon. Gentleman
bar
read and general priai.
cur,
I eulations, applicable to
atit?ethcari.—lie is) per
Right Non Crinuemaa Tar
Cis,
on, he had actual bow- the
which were preeirs2sly
eve
its mind. Tlmirst Gb•
tur
which the Eight Hat
! pul
to inquire into the per
est 4
ems on the price ..Igud al sc
• .the excess in the pore furl
the. excess in th.: pipet cap
a Committee would te, wh
e tesnk was likely to tx Th.
native than getting rid
the Oppo,i:iaa Beskier), Cap
gen
se to a concituicia—ket cou
as, it led m no radial tha
saitlemah lad mime'. wit
:cess of paper Jaring tin of I
a an aggre4ate etces..i soil
amount ct the avenue assn
',eared in the rulaic ae vac
rear jiver the Oppoiria me
clude in his cicala- Col
:tire trade of the COI&
le flr:.o e trade of ix Ear
.(J
year increased Sic se the
s more rem it:able is the
I trade in 11.16, and the del
of it in the foilevii the
banks had certair4 it os
crease ..- as net ca` ;0 fina
the revival of gents' coo
it in the money rarlat
of,
had %TOT :id. theta
Tra
elmill the Bank : ler ...kat ten
:lated brat IP / If/I ire &I to i
ymer.t ?—a::•! 1:: -....hz But
icured i:it eve,•:re bat are
in ti:v form of nyment c-,:,
' The a,,::mptioc, thee- dut
geld was ceased k 7 is thn
It cert,irly na:r:.'o:e .1
reli
igl.t Ho....n.ra'le ti....—• Ein
111 potion. rem %co lal
in the allrs;0-. .r.r.e.e:•
:.lc
ev-ecn C.!f. V-7 Ilt el i: Itii
. i)•:! :1:s :I. :;t:inent II rat
err.ix'v failed him. I: r it:
me other canoe must •' r,ii
Coe fore;En leans and t t:le
(,_ or..!ent, :right thrc i of
In June. :sl'r. the int: tics
PAPOI. ait.l fie price ci riot
:e. In ISIS. the 13,..4:: Rig
,at is itemly S.OOOAAr but
Period, and* yet the r:::.
inn,
is Properties te Cie c cio,
• per onacc. In theyr?; Cie
cuite.l in France, tl.: I
iing, or 1'2,000.J0U . Pm
squired col* raised, zr 'rd
r,.te.s. and 4000.0 lUr,
sat. which amid Tr - ova,
iing, or 41,000,0001., the
"4-üblian lox As w : fa: