Star.
London, England, 1826-02-15 00:00:00

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yeIirELLICE said, in 1814, and the following
hen we had most exports, and consequently a
mat index of gold, it was then more than at any othet
4seriod its oar power to return to the old syttem: • It
would-be said that we made large exports last year;
bet the question: *as, how had they been paid for, or
were they vid for at all? When gold encumbered
the Bank warehouSe, it became so cheap, that it was
disposei of in Austrian, Mexican, Chilian, and other
foreign Loans. What grow should be cur late if
a foreign sia:ion mould take advantage of this want of
preparation, which our imprudence had .caused, to
attack us in war ? He reprobated the idea of taking
Scotch Banks as o model for English met: The former,
he said, were constituted on a bad principle. He would
recommend any legislative measures, which might be
adopted, to extend to Scotland, that Scotch notes might
not supersede a metallic currency in the North of Eng-
land. As to the measures of free trade, he maintained
that they could not subsist in the present fluctuations.
All ideas of the sort weie absolutely chimerical, until
briad coals! be eaten its England at as cheap a rate as in
other countries. Let a free tradetake place-in commo-
dities, and he would warrant that tbeCorn Laws would
repeal themselves soon enough. He felt disposed to vote
for the measur:e, because it,- pre Unto, was a repeal of
those laws which were a disgrace to the Legislature,,
especially-whilst we talked of the necessity of establish-
ing a free trade. There was something rxtramdinary
in our situation as a nation, for though all other coun-
tries had in turn been bankrupt and would be so again,
yet we in a period, eleven years subsequent to the con-
clusion of peace, saw the price of our principal Stock
fall from 97 t 074 per cent. within a few months. Under
all these circumstances, he must entreat he House to co-operate
with hint in supporting the motion, emanate step towards putting
our credit and currency on a more safe and less variable foundation.
Mr. T. WILSON said, that the object of his rising
was not to answer the Hon. Member who had just sat
down, nor to oppose the measure before the House;
but to state that what he had said on theprevioux night
bad been in the cootie of the day confirmed, by the fall
which had taken place in the funds, and the failures
.which had been talked of as likely to take place, and
'iebich, if true, would be distressing to an extent beyond
what could he imagined. He would therefore take the
liberty of asking the Right Hon. Gentleman (the Chan-
cellor of the Exchequer) if in persevering in the mea-
sure before the House, his Majesty's Ministers were
prepared to say whether any rnea‘ures were in contem-
plation for the relief of the mercantile distresses of the
kingdom. It should be remembered that the mercantile
bodies, however wild and visionary might have been their
• schemes and their speculations, had yet been led to em-
.hark in them by the low rate to which the value of money
bad been reduced by the measures of Government ; and
it should also be biotic in mind that they had a right to
dispose their own property as it best please.! them-
selves. He believed that Ministers under these cot-
eamstaocies would hardly turn round upon the traders
of a country which was purely commercial, and tell
them that they were fools and blockheads not to have
foreseen the impending evil, and husbanded their re-
urces to meet it. He came ;bee to the House on the
. itehalf of the merchants of the City of London, and of
-Amber ports in the kingdonsiclaituing relief at the hands
slit the Goverment. He had always been prowl of sup-
pelting his Majesty's Ministers, because he thought
they were good pilots, anti weathered many storms;
. bet he mach *eared that the vessel in which they were
. maw about. to embark must be inevitably lost. The
cotton merchants had been particulary uafortunate, they
had bought goods at 12d. per lb. which were now only
wroth 6.1. because a market was not to be found for the

quantities upon hand. In the year 1793 Government
had a precedent fur acceding to the wishes of the mer-
chants of the peseta day. At that time Gout unseat
had authot ised the advance of fifty per cent. upon the
security of the go)ds, and a similar indulgence was
sought in the present instauce—au advance upon no questionable
security, but upon stolid prupotty. To this request be trusted the
Riflit *Jun. Gentlettnin would give a reply.
the CHANCELLOR of the EXCHEQUER —ln
respect to what has fallen from the lion. Member who
spoke last, who whilst he takes credit fur supporting
Ministers in their measures in what he calls " fair
weather;' yet thinks, because he alleges distress has
been produced in consequence of these same measures,
that we are unable to encounter the storm in foul
seedier," I must take leave to say those who supported
us on those occasioas are responsible equally with our-
selves, and I think it rather bard of him or others who
aid :o support our measures to turn round, when they
%oppose foul weather has set in, and reproach us with
having produced the alleged distress. Whether we ne
fit to wen her the storm or tea, it is not for me to say.
But this I will take eredit for Ministers, so far as to
say, we have endeavoured to profit by passing events,
that we have endeavoured to learn something from
experience, and that the measures now recoiled to
by us result from that experience, and I have no
hesitation whatever in avowing, notwithstanding the
taunts of Hon. Members with respect to our motives,
that I am now ten thousand times snore convinced of
Use pops- ety ef the measures adopted-by us in conse-
quence 1:f the sate of things that has occurred.—
question put to me by the llonMember I can have
no po.s Lle (election to answei, and I suppose what he
means is, that Government should follow the course
adopted for the relief of commercial distress in 179 d,
by advancing money on goods deposited with them as
o• cut ity fort epAy :pent of their issues upon such pteperty.
Isiow, Sir, a Government in cases of this kind is placed
in a state of the greatest chtliculty—it is placed in a,
111/OSt unfavourable point of view—it is surrounded on
all sides by scenes of distress; by representations of
distress ; the colouring of which is not softened down,
and, to every pat ticular case of distress, we are told it
is our duty to afford relief. But if thus called on, we
'endue to look beyond that period of distress as operat-
ing then, or as it may in future operate on the country.,
I don't coniplain of the difficulties and unpleasantness
of such a sittiaticn, for I acknowledge it is our duty to
afford every relief that is practicable. But it is also our
dose not to look so much to the effect of the particular
cast- 111 which our assistance is asked, as what may be its
consequences to the whole comniutlity; and if we find
a compliance will be snore piejudicial on the whole, it
is the first duty of Government not to let its feelings
get the better of its judgment, and endeavour to restrain
those feebugs, which, if gratified, would be attended
with ruinous consequences. L .oking to the ppoposition
made by the Hunourable Member, I must tell him, the
subj cc has had the most serious attention of Govern-
Meat, and 1 have no hesitation in saying, that no 1114 it•
ter with what care such a measure would be attended
to, much mischief would arise from such a nneassue.
The Honourable Member refers to the state of distress
prevdding in this country in 1793. I must my, ilk

'cirenmstaneet of the present time ate totally dlfertot.,
The embarrassaltents and diffkolties of the country were
at that time produced by its. Political random abroad,
and its internal diasensions at home, or, at least, by the
dangers that wete apprehended from them. •Tbe
distresses of that period were not marked by a peculiar
character, which might have rendered the establish:
mint of a perpetual precedent with respect to the ad-
vances upon the part of Parliament a matter of necessity.
The na ure of the present distress was caused by the
spirit of over trade, which led pers. ns to become the
purchasers of goods at enormously high prices, which
it was utterly impossible could be met by a correspond-
ing profit. If in this particular instance the House
followed the course proposed, would it not lead to a
recurrence of that to which I allude ? Would not this,
by parity of reasoning, lead to consequences precisely
the same? If we adopt the process which is recom-
mended to us, and make a legislative enactment to that
effect, should we not, as a prudent Government, consi-
der whether we may not be causing a recurrence of
that enormous fluctuation in our currency, of which we
complain. It the proposed measure were acted upon,
would it not be in the power of any man influenced by
An immoderate love of gain to s iy, " True—the plans
which I propose are wild and good for nothing; the
eredit which I am establishing is mere waste paper,
but still I have resources in the state of affairs in the
feelings of Government, and the precedent established
by Parliament; I du not, therefore, care what may be
the result of my speculations."--I do not (continued
the Right Honourable Gentleman) make any part cular
or individaal application, but I am decidedly of opinion
that a compliance with the proposition of the Honour.
able Gentleman would be attended with consequences
more injurious and more prejudicial to the interests of
the country, than would be compensated .by any tem-
porary relief which it might possibly afford. In this
state of things, his Majesty's Ministers are therefore
bound to refuse. their assent to the proposition. It,
indeed, they would afford relief to the present state of
the money market, caused by the temporary absorption
of that species of security, called Exchequer Bills, the
1-interest of which species of security was never so low as
at present—if this could, by assurances on the part of
the Bank, be removed—if it could be assumed that
the Bank would find a remedy for the temporary absorb-
lion of these securities, and if in consequence it would be
assumed, that 'money would find its way through
the ordinary channeli to all classes who wantit.—
If
by such a proceeding some remedy (for it is nonsense
to speak of effecting great things with small means),
though not a complete oee be effected, if by such a
course some relief be obtained, the Guvernment will
deem it to be its duty to apply to Parliament during
the present Session for the purpose of repaying the Bank
those advances which it might. have made upon the
purchase of Exchequer Bills. I do not precisely under-
stand what the expression of feeling upon the part of the mercantile
interests of the City of London is with regard to the measure
adopted by his Majesty's Government. I believe it to be unfavour-
able. I belicve it is not the wish of that body to acquiesce tacitly
and quietly in that measure, the consideration ut which has been
submitted to the House. If the effect of this measure have been
to deprive his Majesty's Ministers of the confidence of that body to
which I have alluded, I regret, I lament it ; but I will nut consent
to purchase the et atinuance of tbCir confidence by adopting a
measure of which I do not approve.
Mr. T. WILSON explained.—When he spoke of his confidence
being lessened in Ministers, he was not speaking of his confidence
iu the prudence of their general policy, but of his conftdruce in
their wisdom as to this particular measure.

1141 r. ROBERTSON was astonishei at hearing that
the recurrence to cash payments would afford the pet;
lic hut little relief. He had been led to believe that it
would have totally. .released us (torn that distress in
which the country was plunged. A great portion of
this distress was owing to the withdrawing of ihe ii
at-
ing capital of the country; this, according to the calcu-
, !Astons of Mr. Colquhoun, was 430,000,000, when wheat
w a. as high as SOa. or 40s. He (Mr. R.) would, at a
later period, take from this the one-fourth ; this would
leavta capital of 330,000,000. if such a Sum
since the peace, necessary to the activity and welfare
of society, how was its bus'ness to be carried on when
256,000,000 had lett the country, and we had a floating
capital of 70,000,000 instead of 330,000,000? With
auch a diminution the interests of the community could not be
worked. It was imperative upon Ministers to give their assistance,
for when, upon the commencement of the speculations in the coun-
try, many,allembers of that House called upon them to arrest the
progress of the Joint Stuck Companies, which were then illegal, they
temained intent, and by the repeal of the nubble Act made them
legal; neither did they give their support to the Lord Chancellor
when he declared those associations to be contrary to law.
Sir H. PARNELL expressed his full conviction -that
until the exclusive privilege of the Batik of England in
the City of London was modified and curtailed, these
dangerous and eatraordinai y fluctuations in the currency
and capital of individuals would constantly be recurring
from rime to time. As to the proposal for introducing
a mixed silver and gold standard, he hoped it would
not, if adopted, be suffered to interfere with the late
wise M.nt regulations, for if it did, it would create
more evil than it could do good.
Mr. Alderman BRYDGEs attributed much of our
embarrassments to the increasing necessity of making
remittances to lore gn countries, as well as to the with-
drawing of so large a sum of mohey as was mecessary
to pay up instalments to Russian and Scrota American
'Loans. He leAted, unless Government issued Excite-
quer hills in the same stay as it had done in 1793, for
the relief of the merchants, a total stagnation would
take place in all trade, which would not only alarm '
Monism s, kit completely cripple our trade, anti cut up
our resources as a commercial country.
Alderman HEYGATE said, that he felt perfectly
convinced that the Administration did not, upon this
measure, speak the sentiments of the great body of the
nobility and gentry that were in the habit of supporting
them. It appeared lu him that the general sentiments
of all classes were, that the Ministers were indifferent to
the sufferings of the people, and that they were sacrificing
the country to a cold-blooded theory. Excepting a few
persons, who might be called the Political Economists'
Club, nobody approved of the measures of the Ministers.
The country was evidently on the eve of a great
convulsion, and its situation was 'truly swim's. He
knew that a great number of the Members who
supported Ministers in this ,treasure were, secretly,
of very different opinions. Notwithstanding the
vast majority of Ministers, they received no ap-
plause; oo cheers were given to their speeches; their
support was derived chiefly from those woo, upon prin.
civic and general system, were their most bitter oppo-
nents. He defied the Administration to carry their
present measures through; they would be obliged to
recoil, even at the ill themselves bad done, and they
would be compelled at last to shew some sympathy for
the sufferings of the people. It was only for want of a
proper circulating medium that the-Exchequer Bills
could now hardly be sold; they were now at 20 dis-
count. flee Government Securities could not be sold

it all; lad something overt to be dime to abet sitets a ante of skate:
Rs was no wont of evil, but he could foretel timid& could come
to ao good.
Mr. HUME wished that when the worthy Alderman
was abusing the system of political economy, he had
pointed out what particular part of the system he ob.
' jected to. - If the worthy Alderman alluded to the mea-
sures adopted by Ministers with respect to free trade,
he could by no means agree with him. Those measures
h id, he believed, met with the general approbation, not
only of Parliament, but of the country. He could not
suppose the country would shew such a want oflood
sense as to turn round at the present moment and find
fault with the operation of those measures. With re-
spect to the present measures of Government, he
thought that they were ill-timed ; hut Min sters were
placed in a situation of great difficulty; and it was hard
to say what ought to be done. The Honourable Al-
derman asked why the Government did not i,sue Ex-
chequer bills? Now, he must know that the" Exchequer
bills already in circulation were at a discount, and
if the amount were augmented the depieciation would
be proportionately increased. The result might be that
the revenue would be collected in Government paper,
and Ministers would thus be lett without means. He
should be sorry that the transactions of the Government should
incur the risk of being interrupted by issue of Exchequer Bills.
He was sure that the Bank would afro, d all the assistance in their
power. They would not suffer the public securities to remain to a
state of depreciation it they could help: it. It was hard upon
Ministers, in their present difficulties, that they should be taunted
on the score of their liberal system of commercial policy, by persons
who bad no projects of their own to suggest. The attacks *Weft
had been made upon political economy were not such as he ex-
pected to proceed arum his aide of the House.
Mr. Alderman WOOD was afraid that the obser-
vations of his worthy. brother Alderman about the
want of cheering, would not have much weight with
the Cabinet ; for if Ministers did not get m my cheers,
they got what they liked much better, a vast majority
—(A lauith). Although the present state of affairs was
certainly very distressing, it was better to let matters
go on without any legislative interference. An issue of
Exchequer Bills, under present circumstances, would,
he thought, produce no benefit. The Worthy Alder-
man must have known, before he left the City that
afternoon, that two great houses intimately counected
with foreign loans had failed. Foreign Stock, too, had
fallen very low indeed. Under these circumstances, an
issue of Exchequer Bills, though it might allot d some
relief, could oily do so at a loss rat from thirty to forty
per. cent. The Worthy Alder man concluded by rei-
terating his opinion of the inutility of adopting any
Parliamentary measures at the present moment.
Mr. Alderman HEYGATE, in answer to what had
fallen from the Hon. Member for Aberdeen, besged to
state that he objected to the principles of free trade
being applied to this country, which, on account of its burden of
taxation, could never compete with its foreign rivals.
Mr. Arrwoou contended that the Bank were
bound, at the peseta moment, to carry into the market,
all Exchequer Bills and other Government securities in
their possession, and sell them at whatever price they
would br;ng, and with the produce to afford assistance
to merchants, by discounting their bills, or lending
them money on security. That was a proceedaig per-
fectly consistent with political economy. Merchants
had a right, in a commercial point of view, to call upon the Bank
for relief in their distresses.

Mr. PEiItSE said, that the lank, within the last
six weeks, had administered relief to the extent of their
means, to those whom they could with propriety ac-
commodate. Ti.e Bank Directors were perfectly willing
to discoont_merchants' bills, whets the eireumsrances..of
the case were such as impelionsly called on them to do
fo, and when they could do so consistently with their
own security ; but it would be unbecoming of them to
go farther. The tendency of all the measures which
had been lately pursued by the Rank was to put the
country under infinite obligations to them. These mea-
sures might possibly not be sufficient to meet the exigen- '
cies of the times, but they were dictated by thl best
feelings for the country. With respect to merchants'
bills. and• to the relief to be afforded to merchants, he
had only to observe, that they stemed to think they
might receive that relief in the best manner, according
to the plan on which it had formerly been afforded
them. He agreed with the Chancellor of the Exchequer,
that, only in extreme cases, relief should be afforded,
and that it Was not to be granted for the purpose of en-
couraging speculations. One and all of the mer•
chants of this country were now in a state of em-
batrasinient for the wane of money ; and the question
Was, how tlley were to be relieved? He knew
that, on this day communications had taken place
between the Government and the Directors, the
issue of which he could not one, state, but he knew that
there had been the most anxious communications as to
the memo: es that should he adopted, for the purpose of
affording immediate relief in the most beneficial man--
He recsminiended the sale of bills at the highest
rate of 'limiest ; first, because he thought it would
en ible many men, now, embarrassed for want of ready
money, to discharge their debts immediately ; and,
2Jly, because be thought it would have the effect of
bringing into the market N great deal of that money
which he knew was now put by in the chests of indi-
viduals. He knew that money was put by in this manner
even by bankers themselves, not only to meet their own
oligencies, but because they did not like to lay out their
money in Government Exchequer Bills, because their
interest was tow, acid becime their value was not fixed.
If Commissioners Were authorised to issue Exchequer
Bills of the description he had mentioned, to the amtfunt
0f5,000,0..01. the measure would have the effect of restor-
ing confidence throughout the country. So effectually, ia-
deed, did he think the measure would tend to the resto-
ration of confidence in pecuniary 4ransaetions, that he was of opi-
nion the Conuctissiefefi would not find it necessary to issue more
than half the amount of Bills placed at their disposal, and that half
never would find its way into the Bank, but would be taken up by
parties who now kept their money locked up. In what he said, he
begged to be understood, as only expressing his own individual
opinion.
Mr. W. SMITH differed from all the measures which
he had heard proposed. Hr did not think that because
a man was unfortunate in his speculations in cotton, or
any other article of that description entered into for his
own private benefit, he was peculiarly entitled to the
assistance of Government to retrieve his losses; neither
did he think the Bank of England bound to sacrifice by
the sale of Government secutities, a great portion of its
capital for the relief of persons who were unfortunate
in speculations. He thought that substantial relief
would be afforded by Ciovernment making advances upon goods
which could not at present be converted into money. lie thought
nothing could be store fallacious than the doctrine of the Chancellor
of the Eacbcquer, that such relief would be an encouragement to
speculation, as if any man would engage in speculation merely be-
cause a hope was held out that some relief would be aforded bins
when his capital should be reduced 75 per cent.
Mr. HUSKISSON—As the debate has hitherto been
confined to that portion of the House which considers
itself as purely practical in those matters, I shall nu
follow the example set by the Hon. Member for Co

toothy, an travel out of the tholetieal fine, it shall
jest attempt to recall the attention of the House to put
situation, according to the views or those pfactital
authorities who hay e ad ire:sect themielves to the piti:
posed plaits for telief. The Hoi. MeMber fair the Citf
of London (Mr. Wilson) has asked my Right Hod!
Friend, the Chancellor of the Excheqper, whether) od
the part of his Majesty's Government -there was any id:
tention of issuing an additional quantity of Exchequer
Bills, in order to afford relief to the distress sihith no*
exists among a class of person! who- are the holders of
goods which, from the present state of the market, ale
not convertible into money, arid that Hun. Member, in
putting the questioa, gave it as his opinion, that such
au addeional issue of Exchequer Bills could be .the
most efficacious, indeed, the only method of relief. Tire
Hon° rrable Member for Callington (Mr. Attwoodo
who is also looked up to as a practical authority, has;
without proposing any question, given it as opinion that
the only means of relieving the distress is this, that in-
stead of the Government issuing Exchequer Bills, ii,e
Batik of England should p•oceed to sell a!l
other secutitier which they now hold from Ole
Government. As I kn iw u' other ' result n heti
such a proceeding (mild produce, s rcett to al,aw
into the coffers of the 13.t-:k a; roe... a val.:tie
of the notes in circulation as if ti,ey we. e to o-it
bullion, or anything else, the consequence wou:d
be diametrically opposite to that an icipat ol by
the Son. Member for Callington. It would lessen the
amount of Bank notes in circulation to the extent of
the securities thrown into the meeker. Whit the other
consequences would be—what effects such, a proceeding
would produce upon the price. of the public securities of
the country, to the Bankers in general, ettri to the other
great interests connected with the circulation of the
country, need not be printed out; bur' think, that if his
Majesty's Ministers age to blame for not coalescing with
the Bank of England, to devise :ome immediate and effi-
cient plan, the difference btweets the measures propo.esi
for relief by those who attribute blame to the Govern-
ment, clearly shews the difficulty which they would
rience in agreeing to adapt specifio measures of relief, if
they were placed in responsible situations, for Irons the
same theory they draw conclusions sliametrically oppo-
site. The view which I take of"the present situation of
the commercial community, which I an ready, to admit
is one of great distress, aggravate.l by unfortunate
events, which takes place deity, and is this day aggra-
vatedbyan occurrence I have heard anti ded to since I en-
tered this House, I shall state very .shottly. If there
was no difficulty in procuring Bills of Eschang,-, w aces
are the ordinary and natural means of c pryingA on com-
mercial transactioi:s, those bills would pass from hand
to hand, and the Bank was ready to afford every faci-
lity for discounting Bills of Exchange, to what extent
I will not say, but certainly to an extent sufficient to
carry on the ordinary and usual commercial trans-
actions; but at the present moment, such is the dis-
trnst, such is the want of confidence between man and
man, that Bills of Exchange cannot be created, and,
therefore, the commercial woad has not the intervenieg
means of procuring from the Bank the quantity of money
necessary for carrying on the business of commerce.
'l'hat there is a much greater quantity of circulatrng
medium necessary to perform the ordinary operations
of commerce is obvious to every one ; and the question
is, how are we to supply the deficiency? Tile Hon.
Member for Callington says, I see no difficulty in the
Bank of England making advances upon goods, but then, says that
Honaurahle firnrbsaan. that ivaishl ....wary to the principks
of political economy.
Mr. ATTWOOD said he had not exactly said What had been
imputed to Wm. _

Mr..HUSKISSON—I am sorry that I have miiiii-
derstood the Hon. Member. I shall not, theretare,
assume that he has said so, but I certainly so under-
stood his argument. Some Honourable Member has
said, that the Government might not to alliance
money upon goods to the Bank of England, as it
would be contrary to the principles of political economy.
tell the Honourable Member that such a proceeding
by the B ink of England would be contrary to their
charter, and to the law under which that body exists.
The Bank of England is not by law permitted to deal
in goods, or to lend money on goods. The question
then is, what can be done to procure a more abundant
supply of circulation ? for that is the whole question
to be considered, let us discuss it as long as we please.
It in the opinions expressed by practical merchants, and
in the reports of the Bank Committee in 1819, there be
any fact more than another, on which all agreed, it was
this, that it there is a sufficient quantity of Bank notes
to meet the exigencies of the country—to meet the de-
mands of commerce—it was immaterial whether that
supply was of one description of security or another.
fiat is the proposition whi h I maintain, and which is
the foundation given by my Right Hon. Friend to the
question proposed by the Honourable Member. The
Gentleman who spoke last has animadverted upon my
Right Honourable Friend (the Chancellor of the Et-
chequer), whom he has chargtoi with saying, that hit
Majesty'. Government would not interfere oy agord-
ing relief, lest they should establish a precedent ler
parties who happen to be unfortunate in specul.tions,
and that it would be ao encouragement to persons :0
speculate. My Right Hon. Friend did not state it 'II
that way. lie said, not that in consequence of any re-
lief on the part of Government, a man would Specu:ate,
with the Moral certainty that he should be unfortunate,
but that men would be more ready to enter into specu•
latiuns, if, in the event of each loss, they should have
such description of relief afforded them. The argument
of my Right Hon. Friend is, that the precedent cat
distress would be applicable to all times and all occa-
sions, and so it would, for every man feels his own
distress, and thinks it greater than that of any other
man, and we should, if we once established the pre.
cedent, have the argument of peculiarity urged in every
case. For my part I would say, let us not meddle with
the trade of the country in that way. If sanguine spe-
culators chose to embark in rash speculations, such as
those in which many have engaged during the last
twelve months, and should not get out of them in time
for that is the grand object of such speculayr,), we:c
to have it held out to them, that in case of .1 loss they
had an asylum in the Government, I say, that it would
afford as great encouragement to improvideut specu-
lators as the Poor Laws often do to those who otherwise
would have the means of placing themselves in a 'Awe
of comparative indeperience, I again say, that tile.
proper remedy, in my opinion, is this—if the Bank o!
Cogtand is at liberty (and I know it has the means to
wsnr extent of affording relief) to issue with safety a
paruity of paper in the purchase of securities, ad
,rirderstnnding having Liked place between the Flit
Lord of the Treasury and the B ink, that those securities
row taken out of tire market as the most efficacion.
node of adding to the circulation, will, in due and
~,roper time, so as not to embarrass the state of 04

'.':.attinges, be biked up by the bwir ent making prorsslon 'for
at purpose. That is the only Measure which, in my opinion, Fitt
•,•.'ord immediate relief. Hit Majesty's Ministers, acting with the.
14. ink of England, are *dearest% to alleviate the distress. and have
t)e4:efore taken, in my opinion, the best course—a course, which
s this advantage over all others, that it tan be taken withodt
taeoparnienee or danger.
Mr. ELLICE thought that though this =eaters might be Of
I,sifstance to a few jobbers in the Stocks, it would by ao means have
...te general good effect It seat supposed likely to produce. He felt
thedlificoky of the case as deeply al it could be felt by the Minis-
ters themselves, and it must be admitted that even if the proposed
raid should not be advanced, the Right Hutt. Gentleman had
sacrificed his feelings to his doty.
Mr. ?RAUSE explained. He observed, that there was no
'desire on the part of the Rank to make a profit on the aid which
it was their with to contribute to the alleviation of commercial
distress. _ _ _

The Report was then brought up. On the question that it be read,
Mr. T. WILSON agreed with the Hon. Member fur Coventry
(Mr. Ellice), that the intended relief would not afford much be-
nefit to those who expected it.
The Report was then read as follows—" It is the .pinion of this
Committee, that the'notes of the Bank of England and of Provin-
.:..l Banks, under the value of live pounds, which shall have been
stamped, and were in circulation en the Sth of Feb. 1826, should be
allowed to circulate until the 6th of April, 14329, and gr. longer."
Mr. A TTWOOD adverted to the statement of tha Right Hon.
Gentleman (Mr. Iluskisman) that the Bank of England were inter-
dicted from dealing as merchants, which the Honourable Member
uterned to donhr.

Air. HUSK ISSON—They are precluded from dealing in all
cornmexlities except poll ami silver.
N.r. U UDSON G(j t N rose to move the amendment to the
neport, of which he totimated his itaterrion last night--namely,
that the words, "the notes of Ate Bank of England,' be endued.
Ile concurred in what bad faLen from the Hon. Bank Director
(Mr. Pearce), that in all Bank-discussions the Bent of England had
been moat iojuriyosly—bir was almost tempted to say, infamously•-•
c‘latnilated. Of his own knowledge he could assert, that but hsr
the Bank of England the commerce of the country would now be
in a state of stagnation ; and their measures had the effect of ward-
i‘ig off front the country a great calamity.
Colonel WODEHOUE said, he should feel it his duty to sup •
von the Government in the measure they bad proposed, yet he was
disposed to coincide hi the amendment proposed by the Hon. Mem.
ler who had just ►at down, and he thought the country was much
indebted to him for renewing the question of the otv.ission be bad
detn:ed it expedient to adopt.
'1 he gallery was then ordered to be cleared ; but on its re-opening
it was found that no division had taken place upon the amendment.
The House adjourned at Ilalf.past Ten o'clock.
LIST of the MINORITY of thirty-nine, who (on the 13th Feb.)
♦oted against the passing any Resolution, at the present time,
for withdrawing Bank Notes under al. :
Attwood, Matthew Groiset, L. IL
Fright, Henry Gascoyne, General
Bennett, John Hume, Joseph
bridges, blr. Aid. Heygate, Mr. Ald.,
tlair, James Heatheote, L. G.
Thomas Hon- W.l'-

Palmer, C. Fyahe
Plummer, J.
Robarts, A. W.
Roberts, Col.
Robertson, Alex.
Robinson, Sir Gco.

taxing. Sr Iywood, .
Ca'craft, John 1 Innes, John Smith, Samuel
Calvert, Nicli. 1 Inglcby, Sir W. A. Smith, Abel
Farquhar' Sir Robt. 1 Irwin, John Thompson, Mr. Ald.
Gurney, Hudson Kcnipt, T. IL Wilson, Thomas
Gordon, Robert Martin, John Whitbread, W. H.
Griffith, L. W. I Maberly, John ' Wood, Mr. Ald.
Graham, Sir S. Maberly, Major Walker, J.
Tellers—Baring, Alexander; Wrottesley, Sir J.
After the division on Mr. Baring's motion on Monday night,
when the House went into a Committee on the C,liancriler of the
Exchequer's resolution, Mr. Hudson Gurney moved to omit the
words '• of the Bank of England" in the Resolution for disconti-
nuing the circulation of 0n..-pound notes.
LIST OF THE MINORITY.
Attwood, Matthew Martin, John 1 Thompson, Ald.
Prima r, F. Pai, F. Wodshosse, E.
Gordon, Hon. W.
teller—Hodson Gurney.

11,,VKNIN(4, NITA

LqNDON.

• -111P",•-•
WEDNESDAY, FEBRUARY= 11190.'
STUCK EXCHANGE. TWICLVZ O'CLOCh.

The faiiiirc uf a great Lien Contraes.or . and general merchant,
to .eL w..s announced this day on 'Change, created the utmost con-,
s:ernatiun in tiin City.

Consols opeutgl this morning at 74i, soon after an eminent
Broker came into the House, and purchased this Hundred Thou-
sand Consuls, which caused the market to improve considerably :
since which, they have been done at 75i j, and are now 751 j for
the Account, with a good deal doing. Exchequer Bilb,which were
done yesterday at 22 discount, are this morning at t disc. to par.
This improvement is owing to the Bank Brokers having purchased
a considerable quantity of BAckequer Bills. The Cunsol Market
has net been so lively for some days past as it is this morning.
In the Forelso Market. South American SecurAies are very
►eavy, in conesequence of the above failure.
Current Prices: Old Spanish Se 2, Mexican 30 52, Colombian
lew 40 42, Russian 71 73, Greek Bonds 17 111.

Anglo Mexican
Paseo Peruvian
United 31eiticau
Ditto New
Welch Iron at Coal

1°
1 a
an

iritt
itto
ioa6
And

PNICR OF STOCKS( AT TWO O'CLOCK,
Bank Stock 196
• 3 per Cent. lted. 75% 76 75% 76 75%
per Cent. Cons. 7414 3/$ 75 A 74%
Si per Cent. 84
3) ye' Cent. Red. 83% %
4 per Cent. 927/8 3/8 34 1/4
Long Ann. 18 11-16 % tti
India Bonds 16 10 18 dis.
.4:1,000 N.xcheq. Bil 6 S dis. par.
4:5O'J ditto 1 prem. 2 dis.
4:10;1 and L2OO ditto 1 prem. 2 dis.
Co is. for Acct. 74'/4 75 74% 75% 74%
FRENCH FUNDS, Niue, Fitastuart 13.
Five per Cents. • • . 40c.
Three per Cents. . . 531. 76e.
Bank &belt . 20131.
'Loyal Spaniels Loan . . 47}1.
Ilaytian Loan • • 7751.
FOREION FUNDS, TWO O'CLOCK
Cdtonbian lids, 410 C. Meg. Bonds Ip. Ct.
I
Ditto Acct. • • DandsAMlS,llp C. 50 44 511N/i
_ .

Debi 11514514,41 40 134142 391 1 Oa. Reit. 51- lo 52 981
Acc. 41 40.42 40g Span. 5 p Cs. C. 9 84 2 01
Danis4 Bowls, 61 Span.sp. LI. C. lea,
CI re% It 1101 We French Renew, 5 p C. 94125 c
Du. Rh, 1825,18 171 Exchange, 25155 e
BRITISH AND FOREIGN SHARKS, TWO O'CLOCK
MARL PAID.
100 40 25
100 10
40
ftO
40 12 12
115 In le 91

The great fluctuations that have taken place in almost
?let y species of stock, is producing the most disastrous
hnisequences in the City, and several brokers and
-übers who had large accounts to settle, have in con-
!,comice of the rapid depression been übable to pay
::.c,r differences. This morning the whole monied
%world in the City was thrown into the utmost consterna-
oa by the failure of Mr. B. A. GOLDSCHMIDT, Of St.
ilelen's-place, whose spepulations were second to one
individual only. It was rema:ked yesterday that Mr.
GoLDSCHMIDT did not appear as usual OD 'Change, but
h :le4lth was assigned a; the cause, .though some
Icrott. suspected there were other reasons when
lie lunching names Were announced as defaulters