Star.
London, England, 1828-06-17 00:00:00

. '

____.---------- ----------- newel of the Charterathe exports from tbie country to
giggled by a great number of the native tt oder', the In4ja Amoupted ..,,0001.and!. is 1886 they
MOSS distinguished by their wealth and ability. These aniouoted to :4,811,0001. Ln 1814 weoexpOtted only
persons were, in common with the English settlers, er- 215,0%) yar4ciflplain potions, and in 1826 we exported
same article. Then' attain with
gaged in giving employment to the skill and enterprise 46,000,000 kerdrf the
of the manufactures of this country ; and he thought respect CO dyed non% in 1814, we ell:rotted 600,000
that-as they were engaged in the same pursuits, yield yards, and in 1826 thequantity exported was 10.000,000;
ing to this country the same advantages, they possessed, yards. lie understood also, that an immense quantity
from being altogether unrepresented in that House, an of cotton twist and yarn was likely to be exported this
additional claim upon its attention and consideration— year, and that a great quaritity had been exported last
(Hear). The Petitioners stated, that great facilities have year. He did not tinoersiand bow the Right Nos.
been lately afforded to those engaged in the commerce Gentleman (Mr. Huskisson) could reconcile the tegula.
of India; both with the mother country and with lo- tions wh ch had been made during the last ten years,
feigners; and they express a confidence that the same ohile he s
he had
had that been a Minister
aid of thed Crolnto wn. withlon►
the
system will be still pursued ; and that whatever changes prinripe night ln. the t
may take place, the Legislature will still be di-posed to list ot disahilities,, under which the British in India la.
consider freedom of intercourse the rule, and restriction. !soured be would not go, but it was utterly impossible
the exception—illear)—an exception, too, only to be for any country 0) &wish or improve while they were
allowed on some exam--an
and peculiar principle of persevered in. He denied that the present was not a fit
political or commercial policy. It was the more necessary tome for discussing the question, and maintained that it
that there should be no doubt upon this point, as many. infght.to be brought forward at every opportunity. He
of those things whith were feared mst at the time ot regretted the prejudices that existed among the Court
the.alteration of the Chatter, have noteme to pass. It of Directors, and was convinced that it was discussion.
they looked to the stave of the trade with India at the alone, if any thing, would remove Clem. The riches
time of the relinquishment of a part of that Charte, of India were unbounded, but the. miserable mood opo.
and its.coudition at the present moment, they would lizing system of the East India Company dePrive.tbis,
find that the direct Intercourse between our possess,ons country of the benefits which it would derite
item a
in she East and the Mother Country, had been more liberal and wise system. It was a sad refiection,ohat
thee doubled, while new branches of trade were opened, while Englishmen were permitted to go to every, part
and the demand for many articles of our manufacture of the world, they were excluded from.lndia, If such,
increased ;• and this, too, in spite:of predictions to the regulations, affecting Englishmen in their commerciali
conttary of many high practical authorities, the most transactions, eai,ted in Sprin, or in any other.countrY,
conversant with the trade of the East and the West, as they did io Indio, that House would night a!ter night.
acquainted oitholie habits and feelings of its people. In and very 'properly. ring with complaints. If the Right
the lame in inner it was stated by those same high autho- HMI. lientlemau did not bring the subject beim e the
ritie.,,that the oreatest evils mwt arise front giving any House in the course of the Session, he hoped that some
per erso s4on. to Bs itish capitalist, to introduce that capital !moo*
STELL Aveltdil.. . ..
with .Eurfipean isnot ovenierit• into the agricu:ture or ,A said, that as the time for discussing the
marnstactutes if the inhabit int, of British India. --cplestiol •Ali. to whether India could be helper governed
He, believed an opinion wds making way that B:iish thati horn had not yet arrived, he.sbould not then en.
capital might he most beneficially employed in Ihitish ter upon ft. He rose to rescue himself and
,his assn.
India.. He knew that its employment tended very much ciates in, the East- India Difectery from the unfounded
t o norrease.the bond of union between the people and charge w.hich,o44.lseen made against them by the Hon.
the-Aritish Authorities, and that it was of great import Member for Aberdeen. The Hon. Member had charged
once in its effect upon the national character. He was them .with prejudice, Ind he denied the justness of the
haply tt:s say' that the people of. this country had not accusation. Tn. y nod governed lidia according to
been,•slow•tio call the energies of the inhabitants of the laws prescribed by Parlianicnt. That system might.
India. into exertion. Already the natives were in many not meet the views of the Hon. Member, and although
cases thought competent- to sit upon juries, and they he should not then go into. the genetal question, .stilt
hen the
were rapidly acquiring a knowledge of the English lan- w proper time arrived he should be leadylo
guage, and an acquaintance with its laws, so as to put discuss the subj
reed-that .the present opportuoity.
themselves in a condition to be raised to a higher rank Mr. BARING
,ag
in the scale of political and social life. This subject was not a fit one for enteriugupon the general question,
was one of the utmost importance. The new channels which was one of vast importance. Undoubtedly the
which were.opening to the trade and commerce of India question of colonization was, in reality the greatest
tianon
d
heohould agree very .much with and
by the rising State of New South Wales, and by the upon it
States of South America, now, in twit. infancy, rendered observed by the East /ndia Company, or tee by,Par.,
it doubly importont that India should engage their tit- liament. If Will Wen to be looked at h
ers eld tot
rnost.attention, and that they should be prepared, when dittributing the. populationof this country, such .a view
the opportunity presented itself,: to afford renewed and of the subject would bee-entirely new. The Direcyors-
augmerted encouragements and facilities to the • corn- of the East India Company bad certainly governed ink
augmented
metcial prosperity of that vast portion' of our Colonial close exclusive mannish but they had only acted in acs
possessions. , :=1: .s. . . . . . .
. cordance with the law and usage. When the Charter
Mr. W. WILITMORE.did not agree with the Right expired. that would' be .the proper time for discos..
Honourable.Gentlemanin thinking that that was not a sing the general, question; but be_ could not .helpi
proper time for the discussion of the question.. Be had. thinking that hit, Honourable Friend (Mr. Whitmore)
over and over again advanced the same opinions as his had argued it upon the
an,. t narrowest
adopt groued nds possible.,
Right Honourable Friend .had just delivetedras to the: grounds .far narrower thhose .by the Salt
impolity. of the present restrictions upon the intercourse India Company. it was tar from being a Mereslnefor
with. India. • The Right Honourable • Gentleman bad tinn of commerce. He ceit iitily looked. open the siii
Om freedom of •intetcourie should be the rule, prehension of the West India proprietots witbrespeet
midi
andowitrictionihoule be the exception; he went futtber, to the effects of a reduction of the duty oe Eat ladle
andisaid, there ohould be. no exception. But besides the sugar as unnecessary ;, but he also thought that the ex.
regalia otrestrictions, there should. be an alteration in pectations of the East India merchants with iespect t.)
tbeßsoreernmest of India, which should give freedom the advantages they would defive from such a measure,
to likitislocapital. His Right Honourable Friend had as very much overrated. In the i.resent state of the
justlyatated, that when latitude had been granted, new country, its best interest required that the greatest pos.
brabehes. .44 .commerce had been successfully intro- !Able ore should he taken not to create dissension and
chowdo and he, (Mr. Whitmore)' begged lease to call the misunderstanding .between tblise . great and important
attexotioo, of.the &louse to one,patticular instaoice. In colonies; and he thought that oothing could be more
1816 little or noindigo was produced in India, and what injurious, or should be more studiously avoided, than
was produced was of a veryinferim quality. Since that any irritating discussion with respect to those interests.
Ise half however, British capital had beenemployed in MA WARlSURTONssupootted the view to Icep by
its production, sind.noweinsteatrof it being of en inferior his Honourable Friends 011.Whitmore and Mr. Homey,
quality, is exceeded inoralase 1.94 per cent. that brought They one told that the possession of Colonies was de.
from anyother eartiofothe world, and the quantity im.. sireble, as securing to tae Mother Country a sure corn,
poi-tedium this country had increased ?O fold. Indeed inerce; but robed belitoked to the
.regulations of the
sticls'was the quantity and the value of the indigo now ion
India Company, he found them more .severe than
broegbt fromindia, that it was principally used in all those of our bitterest enemies. He could indeed coin.
markets. Some of the disqualificaiions which existed POre 'them with nothing but. the Marto and Berlin De
with respect to British subjects in India were most ar,, crees. Nor was the Goverriment of lodiato be looked
bittary. Without going through them all, he !night, at alone.; that et,Ceylon also required ,ottektion. lie=
perhaps .be:alloired to allode to 0041 which was of pal, Came the, Government possessed the monopoly of cin•
culler hardship. When ,any persoot returned .to thin 8/11100, the natives were prevented:from growing it. .
country hone India, be was obliged to produce a cetti.. ;.i Mr. THANT said, that if the House would look fully
State fronothe authorities is In*O, stating that he had Imo the subject, it would find that all the testtictioos
conducted hiMself to their satisfaclion. before'llo:CoOld 'itnftosed upop -Eoropeons in India were upon political:
eistaiiphoorebare to Rim, to.ludia. 860 a re.saietkes and not upon commercial grounds—(Hear, hear). The.
wasswast improper, especially when it was remembered Directors of the: East India Company had no interest
that the parties were rieal traders. He did trust that; apart from the geheral interest of England and of India.
in future the pirectOrof the East India Company dud Mrs E.,GAtANT.eaid,that if the MOIL' Member for.,
1.
the Board of icontrOrd.would take a wiser . and more Bridgenorth had sidhered 40 theiprinciple that novas now
liberal teereesthaollft
:hitherto donee and he could inosonveoient to discossobi, question, there would have
not }.el expressing ;es hisepipion that they had acted been no cause tq ceopplaino, but not, content. with %thi-
rsted
wit I,treatim poird. kailoOfing..a regOlation so cotutarl. latiag that. 114,11a5IN4eleril other queatiups totally; ells-,
to 14bejtcptite4-4og amhat t which be had alluded, kinct horn the Petition, and Valis followed by ritnre than
when the um/ willi so near at which they must seek for one Gentleman, vim: rilit, satisfied with going Jiver ass
a reheratoof,t e'Chatlter. whole grounds .of Elbe:Government of India, went•to all
4.•41',U.A eigilaiorksorneshing, that. Ita,d fallen, other Govern locate where therehad ,been,monooniffo-r.
lit
fromilsigtin a 0 eiptirs discusskp.,
_He had .a,coPir of: The present Petition.wat one o, tbe most caution* and:
the American (the-United States) tariAi .for ohe present temperate
_documents ever presenteck too Rattlielfleati
year. . Upon plain caloricloths., which the Americans and called on the•lloubu to determine whetherit, was
suppmed to cost 184. per scope, yards,there Was a duty 'necessary to Maintain soictly,dse , prohibition of later,
of 914gOser ceot, , The real sort oftthgtcrittpn,sp estimated„ course by . Europeans with the. interior 01:ithe gouge
by the Americans, was Sd. the Agent eard,„ so thot try prehibitions which were. um, prescribed-• by•
thesis otos a dory -on it • 0gi.44.,perr,ce05.,., 0e.,4,10;.. • 404. the svmstonness -of -that ,liarlia Coinntny, but .hy the;
thatfrioth while .they adinittetabootews,moterial fuses wisctrun of _Parliament; iihrt the Veut:unees..listilherl
Anificot, oq,p,sretorem dpay,;l3i(*.tit4,lset,cept., being espreslest• a deep implosions As •t% The „continuance)
the solpf tettpa os ,thoseogiosnortoonl4,64,9.pf Indi4, -of the commerctal festirsirtions,.ibeingounnitcessaty.os.:l
and; sgypt, *ad; the countries ;Post , tasuarishli so our -He would milt observeolthat,as to the intercourae.witb
on ores intOorted,-Me ' trossochbot. the duties. itie, inkelors- the -,prohibitioo. ON/wan .. right 94 wroo2,
on. r „..,,,.,„w,st ~,,.,„,,,,..,. qtypeitt,,so,:iip he hark-beers sanctioned...lop...all throbraoches of the Legia-
ma ,suipos,... Ifthilosio,6o4 fooi, 1.14:0,,,git, tons, .nod bee appeaied,.to .the Mouse. whether Hon.l
was.eaceionged.4..wouldriggesaly iocrease the demand ,Oentlemen, in-stonsideting• an Aat of .V.,rbarnenti: acted 1
entrioyfisiet- • ••• -' -000, .:,:., fairly: byintrodueing every, woe likely, to cause isroae,
in India for our staple ce
Mit UUPgiely,TLe.4PLOkignigthilr:ViPillkftl'oati.le*sd *4“hif it Owe' kir ;ot just., to, Abe part* Mr:
vocittOAT,Of Ittittl4.lofts,tilltAlkatirrg4l444#' 11/3"1.14e4 4941/40"111PeolttOrlarth the tawny Of tho_
andirogYmod that theyrltotikeeloisoronssPft ciarkl.9pP.WittsEß-liHrrYa_enstli poluical.questioes fa au oritatiug Manner)
and violated by every regulotion,madeeineetaberenowal, es,Wiseiber: their- haNia,mere pot lull enough ,ot .nett.,
of the Charter,. The ,storWrOn E 44. 10;13-P040M 18160610)...froetearlei'witboati also resorting to the quesi.
aught to be ,like.ohat,qoijipjlar articks procluCestiOAO. `0,90:41* vow rms.? ~li shoo Aso ,thoughe it right lo
Westfledstee. WOula. the House...believe that. wndoWeat,, Went intercousse .with tbeinterior. of Win wire .op.
present.lßetition, tbey i might he righta'
Indinsogae ossidionly. a duty el 271. the ton, Eill4Lnalial `ed..
to . ihe
„onion. that it was ionteo4 the greet Nit.and mosr.iruperr
sugar paid 371. the too? o While West India cocoa paid but it they Clough' voith,..hice, obey oonoko all,o, wt.*.
a duty of 's6t. per ton, East India cocoa pitid BH. per
ton. Wed. India spirits- paid a duty of 8,.• 6d. per, tant subjects, andworttly.iel,thediigheat sconsidesonien.
gallonoandlEast !oldie. spirits wete not adolitttd• under He was anxious tbat thoomotionstioulaboAnterea jot, •
a dirty of 48seihe gallon.- West-.lndia. wool paid no. but wished it tohe done caotietealyaheiegaosions not
thingebet these was a- duty- on East. India wool of 6i only tot the inteiettoot portiasoliemowtiose woo"
perbeotto eToie colvoqbeitte of such a system was to, or others7-the inhitbitanta of soieltloissio Empitto Hen.
crat*Pthedadosaryof India and of. England.. At-the dostan. The Honourable Gentleman went es to say',
periodotithtermewolatf the Charter, the Courtqf Direr. that. it 'would be better to same the discussion of theseo
torslialkult eeded. in making the House -Wine that subjects until a period Waived:lM othes renewal of .041
the eamobeecu wish Jadia could net be increased ; but Charter, when he woaldiheenitlitsatisfaction of knowing.
let the Reuse look at t.e facts. Its the year of the re- that, as far as be might be 'concerned, be would ennui

the tinult of his judgment sincerely as tostimas.otaff,
~.
be done. Thesquestion, as had been observed, sas•nce,
commercial, but depended vrostothestgritundv. Thd in.
wrests of milliens of subjects ve,ere to, he considesed *,
commercial points, but more on OW 01 gtorrads.R
and that could not be doubted.after*hathad hen: aleati
by several of tle very intelligent persons who had been
eiamined at the bar of the House. Most of those were
for the prevention of intercourse ; and Sir Thomas
Monte, amongst them, had admitted that if the quei-.1
tion were to be considered as one simply commercial,
no doubt unlimited intercourse Would increase thel
exports from Europe. From political missives, which
he, however, balanced in his mind, he, was opposed toy
the principles sought to be laid down, .and it was oo
dangers.ot a political kind that the propriety-of prey
vention on facility of intercourse altogether ~clea
pended. if permission were to be granted at stone
period or another, it must be supposed that- .a
Creole population would arise—not of course equal
in. number to the natives—and the problem to be
solved was, how to adjust the mutual. intereoairst . bp.
tween the two races so. that the inferior of the two Amid
not suffer. It was never intended that there should be
an equality between them, and the nese caste- would-
have rights. superior. He would notsay that the
nary could not be affected by law, but healidiae owe
would he .s •pr ivileped • class, more especially *beta it
Was recollected that Europeans, wherever settled, never
even mixed with any ether, race
.svituns ' pioadtKing
the evils he stated, as. throughout. die,g)o4..there ,
never was a perfect combination heave* their and any
other race, whether African or,Asiaiic.. lie consiakted.
that there was a great difficulty in considering the ques-„
tion, and thought there could be uo benefit in its agi=l
cation at pi rtent.' .- .
Mr. P. COURTENAY concurred with. the Hon.!
Gentleman who bad Ott sat. downohat all I.helestric-
tions alluded to were referable to politial grounds, en
which both the Government .and the Parliament had
joined.. Every measure which .had taken place since
1813 was more in favour than against
.the permisihre
system. He would not, however; then' ge farthet„.as in
the Orders of the Day which the House hat(to pi through,
there was one for the progress of a 111E45.11t.e designed to
carry into effect one of the Objects pf the petition which
had been presented.
The petition was then brought up and read. In moving that It
tie on the liable.
Mr. HUSKISSON said be was not anxious. to .prot
long the present debate; but he was never. more sot,
prised than at hearing from the Honourable Gentleman
(Mr. Hume) that he (Mr. Huskisson) had- formed pan
of a Government which had stood still for the last ten
years. He would, on the tontrary, say, that ever since
the charter had been renewed, every thing in the ;rosier
of Government had been dont to give facilities for
trading with India, but he would not their* detain the
House by detailing the number of ships, or the various
Other change, which had taken- place.
air. Barnum and bir. HU= esplatoed. •
Mr. WI WI ANI thought that it would be patter if
Houourahle Members, instead of making statements,
would move for papers, which would prove what had
really been the conduct of parties who were- accused ;
and as to the power of granting licenses, it was
.well
known that if the India Company acted without cause,
the Board of Coottoul had a superintending power,
and could always, give redfess. With respect to the order:
!alluded to respecting the certificates of good conduct)
to be brought home, the Court of Directors had atlury
to `perform; and it was-known that persons were-often
sent home.for misconduct, whetelote it was-deemed the
'easiest mode .of proving that. such had not been the
oamson for the return of any-individual, that he should
have a voucher to that effect. .
After a few words -in explanation from Mr. W. Wein:oar, the
Pedthm.Wai•ordered re be printed. ,
Mi. HUSK-MON presented ayetition from merchants con-
nected with Cabala, praying the repeat of the 51st Geo. 111. and
a consolidetrea- of the provinces of Upper and Lower Canada. '
After afew. wordirfrom Mr. Itosousum, the Petition was laid on
the table, and ordered to be referred to the Committee.
Lord NA'LLETORT presented a petition front Lestwithiel,
praying for 'tiii 'abolition of slaveiy, and the equalization of the
silatietsbn irsigar....;.Read and ordered to be printed. - - '
.• :Mt. 41. CAN agave notice, that on this day fortnight lir wbuld
swage that alli.the,cbildren of negro slaves born after the year lag
-should be. adored free. •
• BANK 1001‘Eis (SCoIfLAND AND MU/IND) 1311. t.
; ..The CHANCELLOR of 'the EXCHEQUER moved Atli tbe
&deed- the Day for the House resolving into-a Committer eta
this Mill be read. • • s . .
' On the question that the Seeasse do leave the c,lair,.. _
Mi. ft UM E said, th at .on a former eccaoso be, bud
been anxious to object to the farther progress ed this
.
:M 11, as be wr
as convinced it. would have •a' deficit).
6We:id of a beneficial, tendency. .The' ion 4
delierit,..
however, on the subject bad preveAterl'.hini;but he
tumult now shortly sate not abe tiopse:hut.objictiona,
to the Bill., The objector fbal. Billyrxto rostra Scotch
banknotes from circulating in Eii uil. ~ e bad ob-
jected to putting an end to the small notes, in 1.826,
and .he had seen nothing
.since which Ought toinduce
him to change the opinion he then entertained. " Did
;he Righillen.Gentleanan mean to make any difference
in principle between a paper circulation of IL and a paper
toculation of 51.? If so, he thotighttlie, KigfitHou..
Gentleman wrong in principle, because bethought that
there was as anuch ;hare of losing'bro ird: note as by
a 11. note. He would ...so contend that 'llia mks mais;
the wood principles which ought to regulate ;Ike cam-
isole)... Those s.)W thought, that curreocy.Ought of,
ssett to. be,of any value, might prefer thet.h..ihotild ,be
mune wide rather than in another—tia.,gold for iestaece,
bacauue it had an intrinsic:value. Brut if
,Adam Sinith's
wineiple were to be allowed—that the,ettroneyetarsof
,per value, but that it was. merely a means ofosnamefce,,
and t re Right Bon. Gentleman bad ,admitterfahat prim-;1
ciple—then he would contend that the turnip,' old
be a: economical as possible, ln proportion as.iltectu-;
relic,. . war expensive, in this ptoportion was the country
impoverished, and lin therefore contended that the
medium of exchange ought to be the cheapest pot-,
bible. With regard to a guinea and paper, a guineai
WAS tiot necessary for the internal operations of the,
country, but only for the external .operations. If, there-
fore, they mixed the two, they ought to have as tms,c,h
piper as possible, and as much gold as might be neces,
soy for tiansacatoos abroad. It this view were correct,
Is put it, to Owl:lease whether it were rieba,to reduce
the paper turtency ?.. it the object of, tint silt !imp
',remit panic, it, would not ,lie. found tik3fiaWerti 10
panics which had- taken. place ,were pot atptibutable to
an excess of. met. cutrency, but to the great,and itpa,
portant thaws' Atm: porunserce, and to the stiddeo
demand ffae Stildtto enterer our exchanges, If it were,
ilitended, to ept,„baokingon a secure footings let security
ha dr in•M4P4 of,taankers, and let no persons without ca-
pitol be allowettto ;Oma:Hwy, But the ,fight Hen. Gent,.
bad lett the bookers mi,the wire footing, and auffered al
,osiem to contioueierbich,was pregnant with panic and
task
_The true foundaticp,for the security of a. pepe:
clicaletioe : lays, not.. ill ,the denumitoitiou -of the, note*
10014.110 t itt 0014 ton-convertibility cf,those notes,i
of whatever denomination, into gold., What ,Ilie cowrie
try wanted Was, simply a good, seaserpt igniting. 'lb*
difference 41ptie.betwern an ilicempetept ayaiem atul,a.
guarded and secure on-, was more Wan enough to ac-

vitt for all those evils and mischiefs which it was n,v,
sought to charge upon the scheme of paper circulatiois
generally. The history of the United States of America
imbed s singular illustration of the truth of this min.
cipfe. Iti that country the banking system was different
'in,different provinces. In the state of Massachusetts, for
in tance, the law was,, that every bank. o!9uid•Publidt
an account of all its transactions, the amount of its es►
sets of every description, and the ,extent of its itsuse
on a giyooday in the year. Besides this security, niy..
hank 4 het refused to give bullion for its paper in wv..
one •in wee, was deptived of Its charter or right 'tre.
issue notes by' that single refusel. Js Massachusetts..
, Dius were issued in abundance, of is ittee
.11 Tole
fp 4 dollar; and yet such was theforceof these regoye, •
tions, that during the whole period of the War with this.
country, not a single bank in the province bad'failed........
(Hear). On the other hand, in the state of Kentucky;
where the system of banking was pretty neatly the semi
as is England—that was to say, where any 'Man opened
a bank, and issued notes, who could get people to take
them—the consequences ensued which might naturally
be, expected from such an arrangement; bankruptcies
and panics were almost as common as among ourselves;
and the paper Was often as low as at from 15 to eoes.
'rent. discount. In France, 'agent, where the banking
efEitirs of the country were seen and tolderstorre by
eV ry b dye( alarms were comparatively, if not entirely
unknown. The effect of nny, Bill whieh.was totemic
or rest ain the ciicul tion or-limpet in Scotland, iiioss
i.ecessarily;b& to produce erects the most detrimental'
t, it ,it kiiigdom. At present there was twenty millions
Of cap W. lkiffied 'its ' the different banking 'homes 'by
different indivilnali, the greater out of white cos,
Listed of Small deposits of from SOL to 301. each, for
which ibesi °sealers :received interest. Here was all the
,benefit of the saving bank system secured to the indue
triune:lld the Use of twenty millions of money to the
public.. ilf the money $o invested were not placed la
the bay.bs, .wh..t would be. the .result? It wouid he
hoarded in small sums by the proprietor.; these lair
leould . lose the benefit arising from lending ft, and
thy •countre at large the enormous advantage of its
employment and distribution. And this result emu
beitneeitable netts any' emttaction of the paper system
in Scotland; for it was 'selectee well known that it the
bankers erased to issue theirnOtes, they could no longer
allpar. the'soine rate of fifties' to their depositing cos.
tomera. la epticlosios‘bedesited so have it recollected,
that he was oo thick.andethin advocate of a paper sys.
semi. ,Nso man could be more .etrungly. hostile than be
leis .to arty, eiyatiptona of a paper coteimcy not readily,
Sind practitalirconvertible into. gold i• and he Ivey
believed our own Suspension Act of 1797 to have
one of the most pernicious measures ever inflicted
upon the country. But because he believed that it
wags a paper system founded upon a safe and legnialeil •
basis thaethe country Wanted, and not a Meassie winch
should still farther restrict a currency already very no.
ter Lilly too far diminisbed'and scanty, be should've.*
the going into a Committee, and should move that the
mouon be further considered that day three mouths. •
Lord HOWICK, in seconding the amendment, said, •
That I'o3llol'ld not trouble the House by going into the
geoeral question of Scotch or English paper currency.
Heves content so oppose the present iliiesinsply upos
the around of the excessive mischief aod.inconveninte
which it must produce in the North, when the,•same
money which was current on one side of a given lure
would now be forbidden to be received on the other.
The effect:of snob a law could only be, that it would
be violated whenever:nen': interests were concerned in '
setting it at defiance; and then a system of inform-
ing would grow up—men would cake a Scotch note
from their employer one day, end inforin against him
for paying it torten) perhaps the next. • He held in his
hand a letter from Cumberlarid, destribing in the
listrongest terms the bindiance which the Measurebefore
the House, was calculated to glee `to every descriptioe
Of trade upon the Border; anderhea kitiet tolisidered
Ithet the effect would be to render' the ire* mass of the
-§aottish eurreociansfailable in all the traneltetionidi
our northern Market., he was not Without hope that tie
Right Hon..Gent.oppotite would consent to abandoniw
.. • hir. AlderniaoTHOMPSON believed that the Night",
Honourable Chancellor
,of the Exchequer, in looking '
iit the question generally, had ezeinated the small note
currency of the. kingdom far 'ton low. :The Right Hod.
Gentleman put the whole amount under two millions
!Ands halt. . But there. were 668 bankers in England;
inere.thau 500 were issuers of U. notes; and supposing
'each to have only 10,e001. out in such notes (which
was a i very moderate. vacillation) here was 40
amount made out, without going any • farther, of
5,000,060/. Then the effect of the policy now pumice
must necessarily be to witbdraw.this whole. suet front
the circulation of the country; and certniply he did out
believe that 4such .a course could fail. to,be attended with
considerable mischief. The amount of our circulating
medium was already too small for the purposes ofcom-
merce.: In'
.the year 1795, the circulation had been--
gold, andyl.bl4nk.
peafpeErngalabnotil about 7,000,0001.,
am0ih0u1.p_45,000.06014
about 52,060,0001. The amount of the public
;het time had been 16,000,004. so that it took three
years taxes to call. in . the whole circulation of the
country ? But how was the fact now? The amount
Itt°agsetbees a rt
of the currency wa5.'65;000,0001. and the annual
amount of the taxes exceeded 60,000,0001. so that
the whole currency of the country must be paid
and received as taxes in the course of a singk
secatity
rear. For himself, he was unable to see any
might
pat ;altos well bare derived by a well regulated paper
,ystens; and he regretted that the Committee pt.( p:esd
by the Hon. Member for Carlisle (Sir J. Graham), had
not been granted, in which the possibility cf devising
such a system might have been discussed. He agreed
that the system of paper issues ought to be a guarded
one. It might, perhaps, be well if some restrictions
were imposed as to the number of banks
putting forth
paper; as, for instance, that no new bank should i
future be allowed to constitute itself for such a pur posen
!
without the consent and permission of the Board of
Trade. As the case stood, however, he was convinced
that the country needed a more extended scale of cur-
rency than gold, of itself, could afford. The distresses of
,1321, 1822, and 1826, had only proceeded from a COn-
traction in the circulation, and be fully expected that
tie measures now pending would be attended with A
' .
mauler efikct. '
i Mr. H. GURNEY said, that the Bill before the
' House certainly granted one very valuable boon to
Scotland. For it he read its provisions rightle, Theo
amounted to this—that if any Englishman in any wart
came into possession of a Scotch U. note, he must inet
F. 201. penalty .to get the value of it. The words of the
l
ipill..were precisely against " negotiating or transfer
ring so that a man in such a case would have
choice but to go to Edinburgh to receive.h v
person. All he apprehended that the House could pov.
et .
isnotern
)0, do would be, to prevent Scotch bankers from ha. e
ing agents in London to pay their uotes, so that
paper, *to be converted into motiey,.. must absolute, 112
yi•te
•ent across the Border. It ncrcecould be intended 0