Star.
London, England, 1819-01-30 00:00:00

coMMITTICI OF SUPPLY.

The CHANCELLOR of the EXCHEQUER
moved the postponement of the order for the House
resolving itself into a Committee of Supply, till
Monday next__

' Mr. .GRENFELL said, that on Wednesday he
had called the attention of the Right Honourable
Chancellor of the Exchequer to a subject of great
importance, namely, the market price of silver, as
compared with the Mint value. He had then stated
that the market price of silver was .ss. 7id.an ourfe.
On all occasions of this sort it was necessary to pro-
cure the most accurate information. Accordingly, he
went on the following day into the City, to procure
a true statement of the market price, and found that

standard silver—that is, such as shillings and sir-
penes were made of, was ss. 7d. or 675. a pound.
This, it 'was obvious, must produce the greatest in-
convenience. The fact, however ridiculous it might
appear, really was, that 665. were now worth 675. It
seemed absurd to say, that there was no difference
between 66 and 67, but unfortunately, in conse-
quence of the system which had been pursued, it was
now really a fact, that 665. in the bullion market
were equal to 675. A nicker of silver need only put
66 shillings into a crucible, and expose them to whit
was called a sharp fire, and presently he would have
from these 66 shillings a lump of silver, which he
might sell for 67 shillings. Such was the state in
which the country was now placed with respect to
its coin. He could nor put any confidence in the ex-
pectation which wab held out as to the resumption of
cash payments by the Bank, while things were in
this state. Nor, indeed, when he recollected the
opinions held by the Right Hon. Gentleman opposite
on various other subjects, which had been so coin-
pletely contradicted by-facts, could he have any faith
in his arguments as to this. Could the I louse forget
the opinions expressed by the Right Honourable Gen!.
tleman, now Chancellor of the Exchequer, on, the
bullion question? In the debates on that occasion, he
had maintained, that Bank notes, in the opinion of
the country, were equal to specie ; and he not only
had said this, but had persuaded the House to pa.s
resolution to that effect. That ridiculous resolution
was scarcely entered upon the Journals-..-the ink wa,
scarcely dry, when in the market, a man who wished
to purchase a guinea, must give, not a pound note
and a shilling, but must add hve shillings more. Per-
haps lie should now be told that it was illegal to melt
down the coin. He certainly knew that there was
an impolitic law against exporting coin ; impolitic.
he called it, because such every law of the kind had
been held by every writer, from Locke to those of
the present day : and absurd, because such in fact it
was, seeing that it was totally ineffective. Such a
law must always be found inoperative- But what
made him chiefly desirous of attracting the attention
of the House to this most important subject was.
that if silver continued at its present price, the coun-
try, already deprived of its gold coin, would in a
very short while also lose the whole of the sil vet cut-,
rency, and thus be left without any of the precious
metals in its circulation. What this would end in,
or what expedient the Right Honourable Gentleman
opposite meant to propose for remedying the evil, he
did not know. He did not expect that any effective
remedy would be proposed by him ; and after what
had already been clone, he would not at all wonder

if the Righ.t Honourable Gentleman. haring already
maintained that the public was satisfie.l with a paper
pound, that they shbuld be also satisfied with a paper
shilling or a paper sixpei,ce.
Mr. WELLESLEY POLE..—As to the fact nien.

cloned by the Honourable r;entleman opposite, that'
according to the pre4ent prim ci Silver, 665. were
worth 675. it was certainly- tine; but he did not see
how tins could be charged as a matter of complaint
against any of his Majesty's Ministers. The principles
on which the regalations at the Mint with respect to
the new coinare had been framed, had been fOr the

most part approved even by the Honourable Gentle-
man himselt. The only point on which the Honour-
able Gentleman (Mr. Grenfell) differed from him was
in thinking that the seigniorage was not fixed at a
rate sufficiently high. The Honourable Gentleman'
thought that six_per cent. was not high enough.
Mr. GRENFELL said across the table, that- he
thought six per cent. high enough.
Mr. W. POLE said, if he was not mistaken, the
Honourable Gentleman wished the right of seignior-
age to be fixed at ten per cent.
Mr. GRENFELL said that he certainly did not
recollect. that he had ever mentioned the rate of the
seigniorage which he thought ought to be taken ; or'
if he had mentioned it to the Bight Honourable
Gentleman, it must have been in private conversation.
Mr. AV. POLE continued.—The Honourable Gen-
tleman must, however, admit. whatever the rate of
seigniorage wls, that whenever the market pri.'e of
silver exc,vded the Mint. price, th.it very 6.cnin-
stance must happen which h.' now considered as .o
surpri.ing, and as to which nothing woula content
hint bu: -that he must bhur.,• the Chancellor of the,
Exchequer. If the seigniorage, instead, ui six per
cent. was made ten per cent. still when tit market
price rose to eleven, the very same thing would hap-
pen. and there would be a profit in melting down
the coin. But then as to the inconvenience s. hick
was likely to arise from this stare of things, the 11,
nourable Gentleman kept out of sight this circtin:-
stance, which was of material importance on the
subject—namely, that silver coin was tat a legal
tender for any sum exceeding forty shillings; there-
fore, that unless there was some still greater rise in
the price of Silver, which was by no means probable,
he did not think that any great inconvenience to the
Public was likely to arise ; for the temptation to melt
' down the Coin at present was not sufficiently great
to induce any one to attempt it. As to the laws
against the exportation of Coin, he would go the
whole length with the Honourable Gentleman in
condemnation of them. lie thought they were not
merely futile, but even worse. This subject had nut
escaped the attention of his Majesty's Ministers, but
it was no law of theirs: it was the old law of the
I country—at least as old, he believed, as the reign of
Queen Elizabeth, or even older than that.. The ex-
pediency of altering or repealing it was a very tit
subject for the consideration of that Committee which
'it was proposed should he appoi:ned. But the pre-
' sent market price or Silver was not such, he thought,
as was likely to make it any inducement to export
our Silver Coin. There was one curious circum-
stance which he would mention to the I louse, as a
proof that the present high price of Silver was ow.

As to the question of the Bank Restriction.
great difficulty in seeing how this applied to
question always appeared to him to he a nit.
cate one, and he must confess, that, a-WI an
tention which he had gisen to it, iddio!:gh
read all, or ne..-rly all, the publications relP.:
lie was much at a loss to come to a conclesi
it. There was this singularity in that quegi
it was one on which no two persons seemed
Ile had spoken with many persons upci: it,
did not find any two of them az;-rce in t' c
He had read many works upon it, but no :w
authors were agreed upon it. He had heal
Jel,al,7s on it, in which no two Me :.hers we'
in their views—even on the other side of 0
no two Members agreed upon it—nay, an
Bank Directors theinselve4 there were no tvl
upon k—{!fear, kcar, and laughter.) In
of things, he certainly thoneht that !hc -1-1
of a Committee to consider the yte•
most proper way of coming to a
and in that Committee lie trusted tilAi.
nags would be laid aside, and that !;.'
come to the discussion with candour an.i
convinced of the importance of the subiec.k
comityg to that decision which would be n
formable to the interests of the country,
Mr. WILSON, of London, observed, that
does would almost necessarily arise in thi
Silver, as long as Lank-notes remained the!
cularing medium of the country. For the
of trade, a large issue of Bank-notes was
and he thought the present system of nix
in such affairs was all that could be desire,
existing circumstances. Certainly that sysie)
require considerable attention before it coui.
dered any thing like unobjectionable or perff
saw there was a remedy for the evils comp'
but there was only one, namely, to coin b
price of Silver, or, in other words, to inc.
seigniors from its present amount to six
Lord. A. HAMILTON, remarking en
Right Hon. Gentleman (Mr. W.
the various opinions on the Opposithn s
House, on the Bank Restriction, said. t
wished for a pattern of inconsiinnicies, he
refer to that Right Hon. Gentleman himseh
Colleagues. Ifislionotim ble Fiferd had na
signal instance of these—namely, the not()
solution passed at the instigation of the Ri.,
Gentleman, lIQW Chancellor of the k;sela
ting forth that a Rank-note was, in
doe, equal to 20s. while t: tile very
that• Resolution r.-as recorded, tie I.

. -
was•tn pror,iess, prohibiting that Is), I:;w
this Resolution it was &dared .-
tion to do. Itituttever inc)n,',:a
throughout thk. at
thiVtii.at there WAS :tut ore ev;/

itast a

', lilu

Bir:1
the etinverti'.iility of kietvel
IRA said, :-.e nt t t
the object of hi. 11ot:our:ad tt i, !1,1
observations u:ts bt mirk,
Gentleman opposite (31r. W. 1%4
Friend's obseri:itton rnat the I:recc

J

itlfo

I I,

WAS not a befficient to ,;(:, mire.
this the Right Hon. Gentiem.:n r.,•plied, that
the drain would not last. He (Alr.
hoped so too ; but then that was all a tiler'
tion of the Right Hon. Gentleman. Then
Hon. Gentleman said he had taken great
make himself master of the subject of the
striction ; that he had read all the pamphlets
ever been written upon it, without being
make up his mind upon it. He would,
beg the Right Hon. Gentleman to read
pamphlet, which he would venture to say,
Hon. Gentleman had not et read, whic,
sure the Chancellor of the Exchequer woul
commend to him, and which he himself
met with that very morning ; it was " A
the night Hon. Robert Peel, by one of hi
tuents in Oxford." Who the author was he
know ; but, whoever he was, he was an honor
University. If the Right Elon. Gentlema
read that pamphlet, he would venture t(
would give him some additional iufonnati
was glad that they were to have the Rigl
Gentleman's presence on Tuesday; and, af
he had always been of opinion that the cue,
one which ought to be referred to a Comn
was glad to find him now, for the first time,
2,:.t u,n).n it.
Mr. W. POLE evl:tinrd. The Right
able Gentloman (Mr. Tierney) altering of
one or two words, had contrived to make i
that he (Mr. Pole) had said the very reverse
which he had really. Ile had not said that
nlu ays of opinion that the subject ought
ferred to a Committee. The word always w
by the Right Honourable Gentleman, and i
that he did it with the intention of making
pear ridiculous to the liouse—(Laughte,
Right Honourable Gentleman's talent for
was une for which he had often been admin
eially for his adroitness in using it a
ponents when he had no argument at band.
no doubt, that in the coarre of this Session,
Honourable Gentleman would assist his wad
gument very much by this talent; buf he
that the first of this sharp-shooting had been
against LamAhicr would,
read the paw.; ten which the Eight Ito
Gentleman teconunended. And again he ,
but express his satisfaction that the stib;ei
be referred to t Committee choseti by ballot—
ter)—he repeated it, ch tun by ballot, lot
the fairest way of enabling each Member
those whom he thought most p:oper to si
Committee.

.. .
ing to some temporary causc : Dollars, which were Mr. (iIiENFELL explained.--!'le entii
two pence an ounce worse than Standard. Silver, at proved of the Mint regttlation
present sold at the rate or two pence an ounce more MILIPELLANEOr%
than the Standard Silver, according to the market Mr. STEWART WO/tTl.litt °ht.:tired leave to
price. This was entirely owing to the temporary tie- rill to regulate the Cutkry Tr.ttle in I:vglat:d.
bk Ste U.
dibl D1.F.Y1,1 referring to .7:..}. 1 1.-- su.re
nand tin l)oilars in the Last India market, and was
only temporary. lie therefore thought that the pre• st:i. t1:17.4i.iv.• fly ti.;,`.,;(l.nt3r)llli...itak.),lirthe'ted ‘-::e1.1:1-ovwc
sent ri..e in Silver was cooing to some such tern- Waio itkellekti to bring it fintatrird al/ 8111A6ai?
porary cause: but if it should turn out not to be so, rite ill A 5t:1.:1.1,0R of thc 1:\ctt...::;.1
1 eonoiaer,rl that ejite..tion Ai sa nit...h .....nt..:‘,.i %.1.
and that the pl!r.ent seigniorage was not adequate
that it would be pr.litr to r..fi
he knew of but one remedy, and that was a legisia'-i,sr'unacjtc\,!:ullecii". "Ilu•
.1'
side:- the sub... ri.
rive one. Parliament must, then, con on the 14,4; ~ .of Mr MAXNINC. there tc:ltord
ject, and provide such a.remedy as might be thought taid before the floe.. :at tecount of the tr.anher
most etrectual. But he Milt repeat )iis convictio- it prowcuten hy the 4 glieers of the )lingo. ooaoten
,
that the evil was temporary, and would n - .
. ei,in a the 10a1.,,, briitvea t 0:.% April. !bid, aad
LeAse- J.,:a,,:.) i 0 1.... -- .v.ijoi.., ..i.a.

:r. F,

THE EVENING STAR.

LONDON.

SATLIIDAY, JANUARY 30, 1819.
caAatta's Maarraaox.—Handay at the Baah,
Ezekegver, and tionth-ties

.e advance in the market price of Silver to ss. Id.
ich is ld. above the Mint price, produced some
0,..i0n in the House of Commons last night.—
.. difference amounts to Is. in the pound weight,
tarnishes a sufficient profit to allow the new
`ita be melted down. The MAS raR of the MINT
;;;red, that while the market price was so much
:r than the Mint price, we could not hope to
1 our silver coin in circulation, but expressed a
e that this drain would not last, and that the
•tet might take a favourable turn. But in eza-
I;ng this question, the real fact should not be lost
of :—For Bank Paper a certain quantity of Sil-
oakd formerly be obtained, but now a smaller

:ay for the same nominal value of Paper.—
then, the Silver risen in value, or has the Paper
in value? This is the real question: and we

no hesitation in asserting the latter to be the

for in truth the value of Bank Paper can only
measured by the quantity of the valuable Metals
cao be bought with it.
'the remedy, then, is obvious: make Silver a legal
ider to any amount—(for it is absurd to have two
ealiic measure: of value, when it is impossible to
!vent these from changing their relative values)—
ike Si!ver a legal tender, and resume cash payments
:liar metal which shall be so made the legal tender.
.silver should.be preferred, on many accounts, for
~a 1 cash payments; but principally because you
mild thus, at once, render the relative value of Bank
,-,tes and the Silver currency equal and invariable :
r would any inconvenience result from it, or any
in upon the Bank ; for no one would collect, for
:e purpose of melting. Coin which-he could always
munand for Notes at the Bank; and the incon.
taience of carrying large sums in Silver would
mays insure among Commercial Men and Dea-
ls a preference to Bank Paper. Were this mea,
ire instantly adopted the new coinage would be
reserved, and probably would be found quito
jail to all the demands of circultion.—Nor eau
,wesent dreaded evil be in any other way averted.
regard this advice and you will soon see the Bank
r 1 reduced in value to 15s. in the pound ; or, in
der words, every commodity rise in that propor-
except Bank paper. The case is very obvious—.
is no sophistry or mystery in the argument.
tvl:en ever any article cannot purchase the same
•:antity of any other commodity that it form*,
:1, it is only because that article has ceased to be
longer of its former value. If silver be made a

_AI tender, though absolutely silver and paper will
brought to the same price, the latter, strictly
eaking, will bocome the more valued of the two,
•• the greater convenience which it will afford in re.
•;ving payments.

The Paris Papers of Wednesday arrived this

morning.
The Clamber of Peers met on Tuesday, in public
;.:sembly, for the discussion of the proposition made
Ly the Duke de LEVIS for the entire abolition of the
Droit d'Aubaine. The Marquis de MALI,EvILLE,
rant JUR kr.oußG, 2.111 Count CORNET, were heard
3:,ainst the proposition, and Count BOISSY
ani the Marquis de Pasrortrr, in its favour. The
cl;scussion was then adjourned till Saturday.
The Chamber of Deputies had also a meeting on
Tuesday, when the debate on the Project of Law re-
..:.•ecting Petitions, of which we took notice yester-
day, was resumed and concluded. The proposition
fot obliging the Chamber to receive any Petition
wbich a Member might think proper to present and
reommend; as also several other propositions, of 21
regulatory nature, were rejected; and the only new
0:1er finally adopted was one for directing the in-
sert:on in the Orders of the Day of all Petitions, and
th: objects of them, twenty-four hours before they

arc presented.
The Funds continue rising. Oa Tuesday they left

ci at 691 r. 25c.

A later from our private Correspondent at Paris,
~.,tains the following particulars respecting the late
'iat at the College of Louis-le-Grand :
You will have heard of the Riot of the College
Lyuis-le-Grand; the causes have been variously
ated, but they are very simple. Some of the Stu-
.s, instead of squandering away their pocket-
money in the usual way, with boys, at School,
t'Tugh.t it better to make a subscription of their
iittlr ,avings for the benefit of theh countrymen,'
relations, at the Champ
mastc:s were violent, and threatened the parties
with expulsiun, which was carried into effect. The
:est of the boys insisted on their being recalled, and
to the refusal, they broke all the N‘indows, nearly
L.21,)C0 squares of glass, the forms, benehes, tables, &c.
4r.1 finding about 1800 candles, they them
411. We need not add that the expulsions are ;a:-
Irerous. Would it not have been better to nave let
boys dispose of their saviis;s in their own way ?
Mother ground of discontent was, twat the worthy
Reads insisted on the boys going to confession once
a forthight, which they sturdily refused."

eect

•
id THE EVENING STAR.
LONDON. -
tt.
SATURDAY, JANUARY 30, 1819.
.11 1;,.,G Commits 's MASTravox.--Handay at the Buie
esekeeeer, and Soeth.Bes House.
at
advance in the market price of Silver to ss. Id.
ek is ld. above the Mint price, produced some
its
~ion in the House of Commons last night.—
. difference amounts to Is. in the pound weight,
se , tarnishes a sufficient profit to allow the new
to be melted down. The MAirsß of the MINI
i3ed, that while the market price was so much
to ,er than the Mint price, we could not hope tc
• -e our silver coin in circulation, but expressed ;
that this drain would not last, and that the
1• net might take a favourable turn. But in era
d ;lig this question, the real fact should not be los
s,
it of :—For Bank Paper a certain quantity of Sil
coalti formerly be obtained, but now a smalls
' es.:ty for the same nominal value of Paper.--
then, the Silver risen in value, or has the Pape
kin value? This is the real question: and w
no hesitation in asserting th,e latter to be dt
for in truth the value of Bank Paper can onl
• neasured by the quantity of the valuable Metal
t CV be bought with it.
The remedy, then, is obvious: make Silver a leg:
tiler to any amount—(for it is absurd to have tw
etaltic measures of value, when it is impossible t
• re vent these from changing their relative values)-
e ke Sileser a legal tender, and resume cash payment
• :_rat metal which shall be so made the legal tende
f silver shonld.be preferred, on many accounts, fi
e gal cash payments ; but principally because ye
thus, at once, render the relative value of Ban
:es and the Silver currency equal and invariable
1 or would any inconvenience result from it, or an
et upon the Bank ; for no one would collect, fi
• .e purpose of melting. Coin which-he could alwa;
• .mmatici for Notes at the Bank; and the incot
• aience of carrying large sums in Silver wool
'ways insure among Commercial Men and De
is a preference to Bank Paper. Were this me
Jr! instantly adopted the new coinage would I
reserved, and probably would be found qui
34 to all the demands of circultion.--Nor
,wesent dreaded evil be in any other way averte
eregard this advice and you will soon see the Bat
re • reduced in value to 15s. in the pound ; er,
Wee words, every commodity rise in that props
1 except Bank paper. The case is very obvious
e is no sophistry or mystery in the argume
Then ever any article cannot purchase the sat
:entity of any other commodity that it forme]
it is only because that article has ceased to
longer of its former value. If silver be made
,e 1 tender, though absolutely silver and paper s
brought to the same price, the latter, stric
eaking, will bocome the more valued of the is
the greater convenience which it will afford in
..ving payments.
The Paris Papers of Wednesday arrived I
morning.
The Clamber of Peers met on Tuesday, in pul
esembly, for the discussion of the proposition m,
Ly the Duke de LEVIS for the entire abolition of
d'Aubaine. The Marquis de Mmennerte
Print Wren euoußG, and Count CORNET, were he
e;ainst the proposition, and Count Bojssr D'Awc
:eel the Marquis de Pessroarr, in its favour. '
cl'ecussion was then adjourned till Saturday.
The Chamber of Deputies bad also a meeting
Tuesday, when the debate on the Project of Law
iyecting Petitions, of which we took notice yes
day, was resumed and concluded. The proposi
fie obliging the Chamber to receive any Yeti
which a Member might think proper to present
neommend; as also several other propositions,
regulatory nature, were rejected; and the only
Order finally adopted was one for directing tb
:.ertion in the Orders of the Day of all Petitions,
th: ohjects of them, twenty-four hours before
arc presented.
The Funds continue rising. Oa Tuesday the;
ci at 691 r. 25c.
A later from our private Correspondent at I
~,tainS the following particulars respecting tin
nat at the College of Louis-le-Grand :
You will hive heard of the Riot of the Cc
e! L';uis-le-Gtand ; the causes have been yeti
rated, but they are very simple. Some of the
eect, instead of squandering away their pc
money in the usual way, with boys, at Sc
iouglet it better to make a subscription of
iittlt -4.5/tugs for the benefit of ',ltch countrl
eel relations, at the Champ a' s
the masees were violent, and threatened the r
'nth expulsien, which was carried into effect.
lee of the boys insisted on their being
to the refusal, they broke all the N% indows, •
``l,)CO squares of glass, the forms, benches, Lehi(
el finding about 1800 candles, they litelt:ed
ell. We need not add that the expulsions a
reerous. Would it not have been better to ii.
t'•.e boys dispose of their sa,vie;s in their own
Another ground of discontent was, tact the .1
Reads insisted on the boys going to confessio
a fortoight, which they sturdily refused."