Star.
London, England, 1820-06-01 00:00:00

With regard to the issuing of neik- Exchequer Bills,
the Right Hon. Gentleman apprehended that the
Honourable Member was led 'into a misconception
regarding them, by confounding two separate sulfa,
whieth_tletrghyery distinct in themselves, happened
"t/5 Ne`of - the same amount. Upon the whole, the
amount of Exchequer Bills outstanding and
unpro-
.'tg for, for the present year, would be less by ten
millions and a half than the amount of those in the
preceding year..
Mr. MABERLEY complained that the questions
• asked of the Right Honourable Gentleman were not
distinctly answered. He would put-one to him in a
special pleading way—What was the amount of the
Exchequer Bills voted for 1819, unsold on the sth
January, 1820? The Honourable Gentleman again
repeated his statements, and contended that his cal-'
colatiors were correct, and those of the Right Hon.'
Gentleman erroneous.
• Mr.MARTIN moved for an account of Exchequer
gills paid in the present year, and the amount of
those unprovided for.
Mr. PEARCE assured the Honourable Gentle-
man who had complained of the mariner in which in-
dividuals had been admitted to the Subscription Book,
that the Directors of the Bank had taken every pre-
caution in order that the utmost regularity and fair-
ness should prevail. •
Mr. J. SMITH stated, that some years ago suspi-
elbus of improper conduct in the mode of funding
Exchequer Bills having been entertained, a Com-
mittee bad been moved to inquire into the subject.
He pat it to the House whether respectable persons
could engage, in such manccuvres?
Mr. GRENFELL stated, that by a former ar-
rangement, six millions of balances, in the hands of
the`Bank, were to be subtracted and applied to the
public service: He now understood,, that instead of
it, the sum subtracted had been £6,600,000. The
increasing deficiency in the produce of the Consoli-
dated Fund was a blot in our Financial Accounts.—
hie
confe,sed that there was somelhing unintelligible
iu the mode in which matters were managed. Ile
understood that every Quarter a certain sum was
borrowed from the Bank of England, and that the
Bank repaid themselves out of the growing pro.
dace. of the Consolidated Fund in the ensuing Quar.,
ter. He wished that some light should he thrown'
on those transactions. ,
Mr. ELLICE understood from the statement of
the Right Ilonourable Gentleman opposite, that the
amount to be borrowed this year would be one mil-
lion and a half, besides the sums raised in Exchequer
Bills, and :bore taken out of the Sinking Fund. If
this were correct, he xvi,lis.•d the house should look
at the permanent system of Finance which the Right
flowatrahle 6entlemao had promised last year. He
had then unwisely raised three millions and'* half of
Taxes. Those had proved insufficient, and the
country was to go on from year. to year borrowing
money, without any prospect of termination to her
financial difficelties.l He wished tl.lChancellOr of
the Exchequer would answer the question which had
been put to him, std. would_state in what manner
Eichequer.Bills alluded to had found their way
to the . .
The CHANCPLLOE.of the t xOtr4vtit.:aid
tint know to what particular Bills the Honourable
Member alluded, but he believed there were. some'
Exchequer Bills carried into the market which could
not be paid, and which were issued at theltinte in
parsuance.of a contract for the purchase of silvei.
Mr. ELLICE was not flispdsed to disapprove of
any arrangement made with . a view to benefit the
Public Service. He only Wished that such arrange-
ments should be made known to the House.
Mr. MABEILLEY again asked the Chancellor of
the Exchequer what was the amount of the Bills
voted fur. tine service of 1819, that remained tutsoW
in January, 1820? . •
The CHANCELLOR of the EXtHEQUER could
not give a definitiVe answer to the question. Ht
could only state, that all the Bills that had been
issued, were issued for the purpose of replacing
others left Outstanding and unprovided for.
Mr. M A BEILLEY wished to know why the Right
Honour:6:e Gentleman did not fitly. state whether
the Exchequer Bills of 181$ bad boen made appli-
cable to the service. of 1819, and tly*hat amount ?:
The CHANCELLOR of the EXCHEQUER said,
that the true reason why he did not make that state-
ment was, that he did not recollect the amount.
THE NEW NOTES. .•
inqUired whether the plan adopted.
for making New Bank Notes had yet been brought
to its conviction? - .
Mr. COURTNEY stated, that the machinery had
been erected for . some time past;, :that its, opera-
tim was considerably advanced;...thatevery means was
taking to forward it, and, that 'there was reason to
believe every expedition would continue to be.used
to carry the intended bliject into. effect.
•There re-
areiried no•uncertainty as tb the sort of got* to be
e red, That point bad been. decided:
mr.t:PEARCE said, that the machinery wasinow
*holly in verition,,and Aat in afeyt:ilays the new
notes might be struck off. 'As it was necessary,hOw.
ever, to have a sufficient quantity of those notes tor
the ttse of the Public before they should be put into
circulation,' and it would take some time to prepare
the quantity required, it was impossible exactly to
fix the period at which they would be issued, but
that would be done as soon as it was possible.
Mr. BARINO" knew too well the diligence of the
Bank Director% not to be convinced that every ex-
pedition was used. But be did not see why they
should delay the issuing of the new notes ou the
ground stated by the Honourable Director, as it was
not intended to make at once a general exchange of
the old notes Tor the new, but the circulation of the
latter was to be progreislVe, as the old ones came in.
Mr. MARTIN wished to know whether the Right
Ikon' °taxable Gentleman opposite would have any ob-
jection to lay befOre the House a copy of the Con-
tract for S"lvbr which he had mentioned ? • 7
The CHANCELLOR of the EXCHEQUER said,
that he should :have no objestioh totirOdUce the do-
cument In que.stion..,
The ResigOOns vrerrehen agreed to, the Reuse
resumed, and the Report Was ordered to:be received
to4norroW.
scorat COURT&
Ili
. • ; i•le•
rd A. II AMILTOg repeated the question which
be bad put yesterday to the Noble Lord (Castlereagh)
revecting the Commission appointed to inquire into