Star.
London, England, 1816-05-02 00:00:00

being prevented from paying their notes, of every de-
nomination, in gold and silver ? He always thought,
if it were a measure *of compulsion, that never was
resistance-so weak as that which was opposed to it by
the Bank--(Hear, hear, hear )—And he was of °pi-
, pion, that if they *ere really desirous to renew, as
soon as Government would permit them, their pay-
ments in silver and gold, they had given, under the
-resistance which Ministers opposed to their wishes, a
lessen of the passive grece of fortitude which never
bed been exceeded.—(4 laugh.)—Therefore, from
this day forth he should think, whatever professions
that body might please to !visite, that they would be
very well contented to enjoy all those vast and almost
incalculable prOfits svhich grew out of the adoption
of this measure.— ( Hear, hear.)—For, from the tram-
reels created by it, arose a subservience in the Go-
vernment to the Bank, which rendered Ministers in.
cepable of fairly going into the money market. He
would not go farther into this subject, because it had
already been ably discussed by an Honourable Mem-
ber (Mr. Grenfell)., whose luminous statement,
Monde,' on the most authentic documents, was on
record—and chewed such an example of rapacity on
the part of a Corporate Body, and of acquiescence on
the part of a Government, as stood unrivalled in the
financial history of any country in Europe.—.(Hear,
hear.)—He believed, that his Right Hon. Friend (the
Chancellor of the- Exchequer) had no system of opi.'
nions at all on this subject. He had a sort of nntion,l
that if cash payments could be resumed, without al-
tering his plan of finance, it would be as well if things
were restored to their old order. But sooner than at-
tempt this reform, he thought it was better to ride
over this year and over the next year, and to make
up, by the assistance of the Bank, any defalcations
that might arise in the finances of the country, how-
ever exorbitantly be was to pay for the accommoda-
tion. He had no doubt, from the renewal of this
measure, being for two years, that it was connected
with the financial arrangements of his Right Hon.
Friend. He said, tbat his plans and the renewal of
the restriction were -coincident in'pOint of time, and
had no other connection. But any man who re-
collected what took place at the meeting of the
Bank Proprietors, would form a different opinion.
Early in the year, when the first bargain was about
to be entered into, the Proprietors were told, that
Ministers meant to renew the Bank Restriction Act.
Why Was this statement made, unless to induce the
Proprietors to agree, with a better grace, to the Loan
which was demanded of them ? But what other effect
had the information which was given on this subject ?
When it was afterwards stated that the Bill was intro-
duced, there was immense and an immediate rise
in the price of Bank Stock. It was said that the
Bank bad no interest in the renewal of the Restric-
tions. If that were so, it was strange that the most
' ignorant person in the market should at once perceive
that his property would be benefited by it, and that,
therefore, it was advisable for him to speculate. He
believed, on the occasion to which he alluded, that
Bank Stock rose about 18 per cent. Another point '
worthy of notice was, that the restriction was now
proposed for two years—whereas, in 1797, the House
proceeded, with fear and trembling, from six weeks
to six weeks. In 1802, Ministers proceeded with
great caution. When the mischievous practice of
connecting the measure, with the duration of the
war, was adopted, it was enacted, that six months
after the ratification of peace it should be given up.
Last year, when there was not so flittering a pros-
pect of pacification with the whole world as they now
enjoyed, did his Right Honourable Friend propose'
the measure for two years ? No, he moved for the
continuance of the resttictions only till the then en-
suing sth of July. And now, in the present year,
when there wag no likelihood of a renewal of hostili-
ties, he should be glad to know why, without stating
any reason, he called on the /Nue to pass this re-
strictive measure for tavo years—(Hear, hear.) He
could nut understand it, except the term of two years
was given as the price of the loan—(Hear, hear.) It
might be said, that this was in some degree elm-
nectcd with the agricultural distres.es of the country.
But, suppose this to be tree, why were two years
fixed on for the continuance of the' restriction ? Did
any person assign a particular limit to this distresss ?
Was it not a temporary evil ? Did they not find every
day. that it was more and more likely to be merely
temporary ? The evil, then, being in its nature of a
temporary description—and there was no man who
was capable of considering it, who did not admit
this—why did not his Right Honourable Friend pro.
pose his measure for a period of short duration ? No,
he had a very different feeling. The two years re-
striction had nothing to do with the agricultural dis-
tress, but was connected with the bargain made by
the Baok of England. That he knew would not be
avowed—but he asked of every person who was
anxious for the security of the finances of the country,
who were desirous of preserving their own property,
whether, after they had considered the circumstances
be had explained, they could imagine that this mea-
sure had nothing to do with the bargain entered into
between Government.and the Bank ? Would they,
fairly considering the subject,. vote for inquiry this
night, or give their resistance to a measure, the true
object of which was not avowed, and she only reasoa
for proposing which, he conceived he had stated ?
On what ground did his Right Honourable Friend
mean to call on them to accede to these-restrictions?
And-how did he mean to deftnd himself from the
charge of not having taken any steps to compel the
resumption of cash payments ? Those were points
on which the House was ignorant, but on which h
ought to be informed. Here he wished to correct an
error which had been unjustly imputed to him, and to
those Gentlemen who coincided with him in opinion.
It was said, that'they wished the cash payments to
be immediately resumed. They never harboured such
a sentiment. They always stated that it could not
be done without precautionary measures; but they
conceived that no time should be lost in opening the
Bank. The Learned Gentlematt then proceeded to
chew, that the suspension of cash payments had ope-
rated most mischievously for the country—and ar•
gued, that the agricultural distress had been occa-
sioned, in a great measure, by the sudden reduction
of those factitious prices, which the great eatent of
the paper circulation had created. There had been,
within a very short time, a greater reduction of the
currency of this country than was ever ham known,
in any part of arope, except its France, at the time
of the‘Miasiatippi scheme, and at the period of the

antinats. This 'reduction seemed to him to arise
troth the previous fall in the value oe systemfegri of th
agricultural
produce, us consequence of which the
1 country Banks was destroyed. throughout England to
such an extent, that no person couldharesurpt—
sed
it possible, without creating mach greater u
There was also a very great reduction in the paper
issued by the Bank of Legl and. It now amounted
to between twenty-five and twenty-six millions. Two
years ago it was twenty-nine millions—and at one
time it was somewhere about thirty-one
themllß,k
millions
i
but, even if the amount of paper issued by.
of England had remained stationary, the reduction
of the issues of the country Banks was sufficient to
create an immense evil. Another mischief which
i arose Pow the reduction of prices, w.ts, that Minis-
ters, who had borrowed money in time of war, when
it bore a high factitious value, were now obliged
to
pay the interest when it was restored to its real value.
—These appeared to him to be the two great
in-
conveniences that had resulted to the public from the,
system of restriction, the continuance of which most,
in a greater or less degree, be perpetuated by a recur-
rence to the measure. His idea, even during the pe-
riod of war, was, that allowing it to be very difficult
to return to the old principle—admitting that it re-
quired all the care and wisdom of Government—yet
if the war were likely to continue long, it would be
the most prudent mode of acting
.to proceed to cash
payments at once. ,He felt that it was false policy
and erroneous reasoning to expect any advantage
from such a system. Great inconveniences must ne-
cessarily follow from a continuance in a system that
left the country without any known and defined sten-
dard for the•value of their money. When such a
standard did not exist, much inconvenience must be
felt in a commercial country, with reference to the
exchange, with respect to bargains made for time,
whether by the public or private creditor, and in a
variety of other cases. All persons who had consi-
dered this subject, must wish to know what the cir-
cumstances of the country were that required a con-
tinuance of this system. He had no intention of for-1
cing his opinion on others. He.clid not mean to say
that cash payments should now be resumed. But he-
was desirous of learning why cash payments did not
nnw take place ? Why the measure was proposed ?
How long it was likely to be continued ? " If it were
found proper to resume the payment in cash, then
they had to inquire what was the most proper means
of effecting this object ? These were the points which
his motion embraced, and these, he conceived, ought
to be well considered before they paused a Bill to con-
tinue this measure for two years longer. What were
the grounds on which the Right Honourable Gentle-
man meant to proceed ? On what foundation did he
bring forward the measure ? Was there a necessity,
an expediency, a fitness for persisting in it ? He was
anxious that the Right Honourable Gentleman should
explain himself more fully than he had done on those
points ; and he was also desirous to be made acquaint
ted with the view of the question entertained by the
Bank, and to hear what were the circumstances under
which they would propose a renewal of cash pay-
ments ? If he referred to their former arguments,
he was at a loss to apply them to the present circum-
stances. Much reliance was placed on the large
amount of foreign expenditure—on the extensive im-
portation of corn—the high price of the precious me-
tals—and the disadvantageous state of the exchange.
But now a different situation of things existed. Our
foreign expenditure was reduced—there was no im.
portation of corn—gold had fallen almost to the mint
price—and the exchange was in our favour. Why,
then, in this posture ot affairs, was the measure re.
sorted to ? If his Right Honourable Friend supposed
that a liberal issue of Bank paper would have the ef-
fect of keeping up prices, or of raising them, it was •
the most monstrous proposition ever entertained by
any financier. Such an idea was countenanced by
the French Government in the time of the Regency,
and by our own Government about the same period ;
but the Government was, in both countries, the dupe
of projectors. It his Right Honourable Friend sup.
ported such a proposition, he could not plead that
he was the dupe of projectors—he would stand in the
situation of projector himself. Perhaps it would be i
worth while considering, whether the Bank might
not immediately commence the old system, by the'
cash payment ot its notes, successively, according to
their value ? Thug, six months after the first of Ja-
nuary next, they might pay all notes of the value of
al ; six months alter, those of :€2; at the expiration
of the following six months, those of £5; and six
months afterwards, all notes above that value. The
Learned Gentleman then made a few observations on
the necessity of introducing a good silver coinage, in-
stead of the present debased English and the still
more debased French coinage, which was in circula-
lation ; to preserve which, it was absolutely neceshary
that a fixed standard of currency should be established,
and concluded by moving—" That a Select Com-
mittee be appointed to inquire into the expediency of
the resumption of cash payments by the Bank of
England, and to consider the safest and most secure
way of effecting the same."
'lhe CHANCELLOR of the EXCHEQUER
was desirous that the Honourable Gentleman should
have had an opportunity of stating his objections to
the further progress of the Bill before the House for
continuing the restriction on the cash payments, of
the Bank of England, because the House was thereby
enabled to form their judgment as to how far those
objections were well or ill founded. He begged to
recall to the recollection of the Honourable Gentle.
man, that in the Report of the Bullion Committee of
1310, it was stated, that, even on the arrival of peace,
it would require two years for the Bank to resume its
cash payments. Indeed, nothing could be more
clear than that it would be highly dangerous to the
i commercial interests of the country to alter its cur-
rency in a sudden and hasty manner, without due
preparation ; and this preparation, he would contend,
could not be made in a period less than two years.—
He was the more confirmed in this opinion, whet; he
called to mind the amount of cash which the Bank
was under the necessity of furnishing for the public
service during several years past, the extent of which
prevented them from realizing that capital which
would enable them to resume their payments in species
at this moment. He denied that the fall in the prices
of agricultural produce was attributable to the dimi-
nution ot paper currency; because it was an indispu-
table fact, that that fall had preceded the diminution
of the circulation of country bank paper. The fact
was, that when the prices of agricultural produce fell,

the country bankers became alarmed; they drew in
their advances, and hence the circulation tvis les-
sened. 'the Right Honourable Gentleman then pro-
ceeded to contend, that the proposed extension of a
•paper currency would have the happiest effects upon
the credit of the country, by restoring that confidence
which had been created by the sudden alarm that
had taken place front the supposed intention of the.
Bank to withdraw its notes from circulation. The
practical question before the House was, whether
it was necessary that any inquiry should take place
previous to the House determining at what period
payments in cash should be resumed ? He contended
that no such inquiry was necessary, because ever since
the Bullion Committee had sat, information had been
laid before the House of every topic connected with
this.question. It was in the power of every Gentle-
man, therefore, to form his judgment without the de-
lay proposed. The only point which had remained
unexamined was as to the amount of cash in the Bank.
This it had always been thought proper to avoid ;
and he apprehended the House would not now de-
part from a course which it had heretofore deemed
politic to pursue.
Mr. J. P. GRANT declared Le never heard a case
more ably stated than that of his Learned Friend, or
more feebly answered than that of the Right Hon.
Gentleman. He fully concurred with his Learned
Friend that if the Right Honourable Gentleman's
Bill were adopted, the resumption of cash payments
would never take place while the people submitted to
the Restriction. He certainly thought a very strong
ground had been laid for inquiry, and he trusted the
House would not reject the motion of his Honourable
Friend.

Mr. MARRYATT said, the House and the
country at present laboured under the grievous disap-
pointment of finding their expectations deceived, of
the resumption of cash payments by the Bank, at the
expiration of six months after the signature of a defi-
nitive Treaty of Peace. With respect to the Bill pro-
posed by the Right Honourable Gentleman, he had
read its provisions with extreme surprize, for he could
not see a single ground which rendered such a Bill
necessary. What were the points of expediency as
applicable to it ? Was the price of bullion as high
now as it had been ? Quite the reverse. It was well
known that a large quantity of specie had found its
way into this country. He, as a merchant, knew the
fact; and'it had also happened to him individually,
that a considerable quantity of foreign specie had been
senfto him, which, from the depsectation of its value,
he had sent back to his correspondents, as a less loss
was sustained even by the expense of double freightage,
than would have been incurredpby selling it here,—
The Chancellor of the Exchequer had expressly said,
that there was not the slightest connection between
the continuance of the restrictions and his dealing
with the Bank. He was glad to bear that statement,
for if there had been any such connection, he should
have no hesitation in saying, that it was one of the
most usurious bargains which any Jew broke: ever
made with any heedless, spendthrift minor.—(Hear,
and a laugh.)—What possible argument then could
be urged to prevent the resumption of cash pay-
rapists ? The consequences of the present Bill would
be most grievous to the country. All that distress
apd difficulty, that revulsion, he might almost say
' convulsion, which the country had undergone dur-
ing the last year, would be renewed whenever the
Bank should be compelled, as a time must surely
come when it would be compelled to resume its pay-
ntents in cash.—(Hear, Lear.)—The restrictions he
' considered as a great and powerful engine in the
hands of Ministers, to alter.and modify the property
of the country at their discretion; but such a power
they ought rot to possess, and he wished to see the
necromancer's wand broken and thrown into the Red
Sea.—(Hear, /war.) The only way, in l;is opinion,
of compelling the Bank to resume their payments,
would be by making it their interest to do so. The
Act was originally passed to rescue the Bank from
the consequences of its own improvidence, and what
had they done since ? The average annual issue of
their notes, in the four years preceding the raving of
that Act, was about £11,000,000. It was now about
£27,00X.1,000, producing an annual profit ofgSoo,ooo.
He thought it would be a wise course when the Bill
went into the Committee, to propose the insertion
of a clause for the Bank to pay £50,000 a year, or
any given sum, to the public, until they did resume
their cash payments; abd he trusted that some such
amendment would be adopted.
Mr. F. LEWIS said, he wished to add his protest
against the dangerous system involved in the principle,
of the Bill. He thought a strong and unanswerable
case had been made out for inquiry.
Lord CASTLEREAGH, concurring with the
general wish of the House and country for a speedy
return to payments in cash, had no intention at pre-
sent to travel over the ground which had already
been gone over, but be could not help expressing his
decided conviction that the measure of restricting was
the best ever adopted in this canntry, and had been
productive of•all those advantages which had elevated
the British Empire to its present pinnacle of gran-
deur. He considered the dre.td which the lionuur-
able Member who had just sat down entertained of
this measure being a precedent for Administration in
all time coming, to be ill-founded. He wished the
House to consider that the late war had been no
Ordinary one, but had combined a variety of circum-
stances which rendered it unparalleled in our history,
and he trusted it would be always unparalleled.—
When Gentlemen talked of a pure standard of value
being kept, he would put it to them, bow that purity
could have been maintained in any way so well as the
cne adopted by Parliament- The'standard of value
must have been distorted by the precious metals being
drawn out of the cowry, and it.couli only be pre-
served by setting a high value on these metals at
home. When lit considered the various systems sug-
gested for preserving that purity, he felt none equal
to the one adopted by Parliament, without which he
believed no Bank could have remained. He deci-
dedly thought some measures were necessary to pre-
pare the Bank and the country for the issuing of pay-
ment in cash, and ehat it was better to'act on a per-
suasive than a compulsive system. The question
was of infinite moment, and was worthy of serious
consideration. If compulsion were used without due
preparation, the Bank would obviously suffer a very
great shock. They required an interval to prepare
salutary measures, which he had no doubt the intel-
ligence of the Bank Directors would suggest, whereas,
if compulsive measures were imposed on them, they

would only be menaced, and public credit
gered. The salutary effects of some -
the silver currency had been seen; and

principles were applied to gold, he saw
to believe the B.4nk would voluntarily c

themselves.. He thought it impossible
so respectable a body the motive of filli,
pockets by thus paying in paper—(l/1
Ofittorition).—lf Gentlemen on the
thought so, he begged to assure them
He had this security, that when the gi
became sufficiently favourable, should
come So infatuated to their interests as to withholds
metallic circulation, individuals would have it in:het
power to carry gold to his Majesty's Mint, and thts
to secure a metallic circulation. After some reman4
on the necessity of the Restrictions, the 1761)1e
observed, that by an intermediate principle of con,
pulsion respecting minor notes some good might be
done. His object was, in what he proposed, to !rube
matters go on smoothly, 15 it was better to tell the,
Bank at once the precise period at which they let*
called to issue cash, then doce.ve them by a false pe.
rind, as much inconvenience had arisen to the prim
banks through the country, fr.rn the ignorance
the period when cgs): payments would be called fir.
Sir J. NEWPORT observed, that the lleble
in his usual style of eloquence, peculiar no doi:ht to
himself, but at all times unintelligible to the Hcuw,
had talked of a an intermediate principle ni coe..;,
sion."—(l-kar, hear, and a Laygli.)—His net u„ Jer.
standing the Noble Lord arose probably from the
sublimity of style to which the Noble Lord unitennie
aspired, but which was unfortunately inacceesihle
any individual but the /C,:ble Lord himstlfs—(4
Laugh.) —He wished to know what these aces
meant ?

de
ena
twat
able
ready
Lo
eslrc

Lord CASTLEREAGH said, that he meant, 4
any compulsion at all were to be used, it should oily
be for small notes.

Sir J. NEWPORT proceeded. Now he had the
pleasure for once to understand the Noble Lord; but
would it not have been better for him at first to hare
spoken in a manner fit to meet the comprehension of
all, than to have clothed his meaning in language to
tally devoid of common sense (Much Lary.),
The Noble Lord thought the Bank Directors would
I.not be so indifferent to the interests of the Public.

or so -criminal, as to fill their pockets at the el.—
pence of the public.—(Hear, hear, hear!)—But did
be know that they were sworn to do all they pos.
sibly could for the promotion of the interests of
their constituents, and must either perjure themselve‘
or act criminally The Noble Lord had said the Bank
Restrictions should be taken off as soon as the gold
exchange caabled private individuals to compete with
the Bank. This was a happy illustration of the prin.
ciples on which the Noble Lord acted ; but he (Sir
J. Newport) cerraialy thought such a period would
be conremporano nrs with the termination of the
Noble Lord's piditical existence. (Hear, hear).—
" The intermediate principle of compulsion" (to use
the Nobie Lord's exquisite phraseology), was neither
more nor less than a beginning, on his part, to cite's.
late cash payments. Why not tell the House so at
once ? (bear.) Why exprov his sentiments in lan-
guage by any miin of common under.
standing ? (Hear.) But the fact was, grant the
Noble Lord the two . years he now sought, and there
would cover be en end of ‘4 his intermediate principle
of compulsion." (A laugh.) This transaction indi-
cated, in the strongt.st manlier, the too close comics.
tion existing hetwren Or: Bank and the'Chaucellor cf
the Exchequer for the time It was on this
principle the Chancel:or of the Exchequer tor the
day trii.d to get ever, by ceery means in his power,
the awful aspect of public finance, and endeavoured
to turn away the attention of the puNlic tram its
alarming nature. He believed, on his conscience,
that this would ruin finance, and he protested sc•
lemnly against the idea of a measme being tstablis!A
in time of peace, which had only been at first For.
sr.l fra• six weeks in war, and continued item six
v.-mks t^ six weeks.

Mr. MANNING was of opinion that two years
were necessary, and in fact it was the safest course
Parliament could pursue.. It was much b7ttcr or
adopt this, as it would prepare the country, d:aiacd
as it was, for the reception of cash payments. Tut
question was of some importance to the commercial
interests of the country, independent 44 the Bank.—
There WAS no such oath administered to the Directors
as the Honourable Bit-inlet had said, for they WO4
merely called to exercise their best judgment in pr;)-
' rooting the interest tit their constituents, but were Ott
sworn. The Honourable Member entered at some
length into a variety of instances, to shew that the
issuing of notes had not been so productive of mischief
as some Members supposed. External causes had
interfered in a very great degree to prevent the pos.
stbility of their suddenly resuming cash payments.—
There was not a Bank Director who did not wish to
resume cash payment:—(dear, hrar) ; but at the
saina time the Bank %vas thankful for the Bill in pro-
gress through the House, as it felt that those pay-
ments could not be-resumed for the period of teo
yea,.—(llear,hear).—lf the return of cash payments
was left to the.discretion of the Bank, such measures
of precaution would be adopted as would insure its
being as spc-ecly as circumstances would peftnit.,
Mr. PONSCNi3Y, in reply to the Honourable
Gentleman. who said that his I-lowan:able Friend had
misstated the oath of the Dirc,:ti.rs, co:000yd, that
it no oath were takc n at all, yi.-t that the Directors
were bound by hon:.ur and their duty to tit,. propiie-
tors to make the best profv.; they could. He had nu
doubt that from the moment at which Parliame.it
might declare their opinirli of the expediency of re-
turning to cash payments, the Bank Directors would
take the necessary steps that would lead to that re-
turn ; but he hod also no doubt that until such a de-
chi ratitas should be made by Parliameat, thiugs ou
go on in the way in which they now did. Ile chject
tef his Honourable and Leartied Friend's motion was
to lix some time at which tie House might declare
itcopinion that it would be proper and safe fa the
Bank to resume etch payments. If the House re-
fused to accede to the motion, he (Mr. Ponsonby)
and every body else, must think that the measure of
restriction was intended to be a measure of perpetuit y.
Mr. BARING expressed his sense of the necessity
of returning, as soon as it was practible to do so, to
cash payments ; and exposed the absurdity of the
statement made by the Chancellor of the Exchequer,
that the circulation of the paper was safe latcause it
was issued voluntarily—the•great Alan of the Bank

credit
ircis theitilh
N every rea‘ -6014711
come (AT bees a'
to attLibutt: 6121:e
ling their ovi
tltar, Ina Woreopposice
he did rot. :re'bredeg
gold mbar,.
the Bani peoe

A
_ins* Wog issued 01110110r' ay, alone payment of the
e
'creditor, and in the other great transactions of
pa
meat. Still, be contended, that there had'
Go
ao Gm
abuse on the
parr of the Bank in the amount
Eairl
7,
the paper put into circulation. In fact, it was im-
liosiiete that the Governors of the Bank could mis-
lone ot this respect without injuring themselves,
afire than any other elass of the community. With
licorice to the question before the House, he main-
-vsined that nothing could be more calculated to im-
mge the return to cash paymenti, than any pledge'
6de by Parliament on the subject. As for the de.
of opinion recommended by the Honour-
chration
sbk Gentleman who had just spoken, that was sl-
ogy to be found in the Bill now in progress.
Lord FOLKSTONE supported the motion, and
opressed hit firm persuasion, that.if the Bill passed,
top might as well enact a perpetual suspension of
:tab payments. The Bank had hitherto taken no
itcp) to fulfil the expectations of the country, and
doe was no reason expect they would, unless they
we forced, by a vo to
te of that House..
Mr. HUSKISSON declared, that be was for re.
ternicg to cash payments as soon as it would be con-
oleo with the public interest. Until the paper cir-
caution of this country became convettible at plea-
so into coin, that circulation would not be in a
satisfactory state. He admitted also, that the sus-
pension of cash payments, and the consequent issue
et paper, had occasioned much mischief, by the en-1
coaragement they afforded to inordinate speculation.ll
lit than, on the other hand, if cash payments had
boa renewed at a former period, the country would
sot have been able to make those exertions which had
ow than counterbalanced every inconvenience.—
Adverting to the proposition made by the Honour-,
age and Learned Gentleman, he maintained 'that it
would be unvise for Parliament to take the direction
of the matter into their own hands ; but that it was
essential that they should declare to the Bank and to
the country, that they expected that cash payments
should be resumed, and that they were aware that
toe was no safety to the property of the country
bat in a recurrence to the ancient system of our cur-
rency, He hoped, therefore, than when the House
went into a Committee on the Bill, his Right Hon.
Friend would propose the introduction in the pre-
amble Of 2 declaration, that the time allowed to the
Bank was to enable them to prepare for a return to
'calltpayments.
Mr. THOMPSON expressed his confident hope,
that in the course of the year specie would be circu-
lating in great abundance in this country ; founding
this opinion on the fact of the great rise of the ex-
change, within the last four months. He hoped the
time tea; not far distant, when, as had been said by a
Right Honourable Gentleman opposite, on a former
occasion, every man would have a guinea in his
pocket ; and it would then be seen what little anxiety
there would be for bank notes. He concluded by
expressing a hope, that Ministers would promote the
productive labour of the country, in which, more than
gold, its real wealth consisted.
Mr. HORNER, in reply, declared, that in any
thing which be bad advanced on this question, he
had meant no personal disrespect to the Directors of
the Bank, or to their organs in the House. He had
spoken of them merely collectively as a Corporatioa,
and considering them in that capacity, he had no
hesitation in repeating that he put no confidence
in their declarations, when they expressed an
anxiety for the resumption of cash payments,—
He would not take up much of the time of the House
at that late hour, and therefore, would forego the
tempting opportunity of exposing the inconsistency'
of the arguments which had been urged in support
of restriction, by the Right Honourable Gentleman
opposite, (Mr. Huskisson) who though he admitted
the sound policy of a speedy resumption of cash
payments, seemed by his speech to leave that clues-
lion in the same state which it had been in for some,
years past. As to what hid been said on the subject
by the Noble Lord (Castlereagh), he (Mr. Horner)
expresse.! his ignorance of the precise tendency. He
would therefore, from inability, abstain from fAlow.
ing him. The Noble Lord had thrown out such a
mass of language and ideas, and had made such a
novel combination of twisted expressions—(dear,
hear)—that it was difficult, in the many theories he
urged, to understand tNiat one which applied to the
resumption of cash piy meats, or the manner in which
they might be most speedily effected
Mixtymsue genus, prolesque blformis—
Hie !abor, ille domus, et inextricabilis error,
ipse tio.o= tecri ambage3que resolvit,
CL:a regros file ve,,rigia."
It *as passible that the Noble Lord had a thread
which would guide him through the labyrinth of
theory an?. phraseology into which he had gone, but
as that eruead was not visible to him (Mr. Horner)
he would not rise an entrance—(llear, hear.) The
Hon. and Learned Wrnlnr then took a view .of ar-
guments w!.ich ha,: been urged on the other side of
the ILluse in fivoUr of restriction, and observed, that
if the expediency of the resumption of cash payment
at the end of two years, which had been admitted,
ilros put into the Bill—if it were made part of the
111 that the Bank should'resume its payments in that
t'me, and that the intermediate period should be spent
is making preparatory arrangements for that pur-
Pow, he should withdraw his motion, and lend
his
aid to the forwarding of such arrangements. But,
Ile added, that this was riot the intention of Ministers,
and that by the present Bill they left the time of pay-
ment' as undefined as it was in 1797. The Bank Di-
rectors had once expressed themselves anxious to at-
tend to the directions of the House ; it therefore now
becatoe the House, if they sincerely wished for the
/gumption of cash payments, to give such directions
s would most speedily conduce to that object—Hear.
!tie had asked of the Gentlemen opposite what were
tiose. fortunate circumstances under which cash pay-
ments would be more easy than at present To this
question no answer had been given. No one efficient
reason had been given why those payments should
not now be resumed. Under those circumstances
then he put it to those Members who were present,
whether after all they had heard they did not con-
scientiously believe that an inquiry was necessary ?
If after what had passed they did not vote for inquiry,
tile,' should stand to the. consequences. The Hon.
and Learned Member concluded his reply, by stating,
that if the Committee on the Bill were pressed that
nights he should move some clauses in consequence of
what had fallen from the Noble Lord (Castlereagh).
tlinerafient end Kt HORNER explained ; and

the }tot se then divided, when' Aire appiateci—tot
For the motion, tS—Against, 148—Majority, 79.
A LIM *l4.
On *tering. the Gallery, we found Sir SAMUEL
ROMILLY apologishsg for bringing forward at tint'
late hour the motion of which he had given notice,
and stating that he bad beet obliged so to do, in con-
sequence of the precipitation with which the Alien
Bill was pressed through the Hons. by Ministers; al.
though no satisfactory reason had been assigned why
this power, extraordinaryin time of peace, should
be invested its them. It had been said that the Act
at present in forte Would expire on the 12th of May :
but that could be no argument for the Bill, as there
are now no foreigners in the country; whose presence
ought to be considered dangerous. What he wished to
gain by his motion was, to know the number of fo-
reigners who had been sent out of this country at the
instance of any Foreign Minister under the several
Alien Acts. This would chew to the House the man-
ner in which this power, which was now sought to
be renewed, had hitherto been exercised, and whe-
ther it had been in any instances abused ? This
information, he contended, was 'necessary, as the
House should know, before they granted any such
power, whether it would be likely to be abused; and
they could only judge of this by seeing how it had
hitherto been exercised. The House should also re-•
collect, before they passed this Bill, what were the
circumstances under which the Alien Bill was first
introduced, and compare those with those of the pre-
sent time. France was at that period in a state of
revolution, when the most dangerous notions of liberty
were entertained, and when she was in the habit of
sending delegates, who spread those notions to other
countries. But the same dangers did not now exist.
There were now no persons coming from France,
whose presence or opinions could be considered inju.
rious to this country, and therefore there was not the
same necessity for the existence of such a law as the
Alien Act: The Hon. and Learned Member then con-
tended against the policy of a measure which would
exclude foreign friends from our shores, for we had
now no enemies abroad, and therefore all persons,
coming to the country should be considered as friends,
and should be encouraged, as they had been ever
since the Magna Charta to the present Act. (Hear.)
He mentioned the high opinions which had ever been
entertained by foreigners of the liberty and indepen-
dence of English law, and particularly those of Mon-
tesquieu, and contrasted them with those entertained
at the present day, when the arbitrary expulsion of
an Englishman from a foreign country was attempted
to be justified by precedents drawn from English
practice. (Hear.)--He further observed, that if this
systent of banishing strangers out of the country was
founded on that alliance which had been formed of
ruling against the will of the people, it was proper
that the House should be informed of it, and of the
grounds of its necessity here. He also objected to
the Bill, as unjust towards all persons coming to the
country whom it presumed to be Aliens, and left it
to then; to prove that they were not subject to its
operation. If they failed to do this, they became
liable to be banished at the will of Ministers. He
concluded by moving for an account of the number.
of Aliens sent out of this country, under the Acts re-
lative to Aliens, on the application of any foreign
Minister, distinguishing the number in each year. i
Lord CASTLEREAGH was not surprized that
the Honourable and Learned Gentleman should be
now an enemy to the Allien Bill : he had been so
even when the measure was first introduced. A Peace
Alien Bill was passed after the Treaty of Amiens, I
another was passed in 1611; and he would prove, in
the proper stage of the Bill, that the reasons for it
had augmented since 1814. He had no hesitation
in saying, that the Noble Lord at the head of the de-1
partment never exercised the powers entrusted to Go-
vernment under the Alien Act, in deference to the,
representations of any foreign Minister; he was au-
thorized to say, that he had never made jt an instru-
ment of foreign policy. It might br very inconve-
nient to disclose any representatioot from foreign Mi.
'sisters to Government.
Mr. PONSONIW begged leave to read the motion
to the Noble Lord, in order that he might know the.
purport of it ; for not one of the objections he had
stated lay against that metien, as it did no: seek one
' of the objects which he supposed it to seek. He begged
of the Noble Lord to think of some other reason
against the motion, for the sake of his friends who
were to vote with him.
Mr. MILEY ADDINGTON said there might be
two or three cases at the outside, in ,which applica-
tions had been made by foreign Ministers, but no
person had ever been sent out of the country in con-
sequence of such application. He had been induced
to make inquiries of a relation of his own in the of-
fice, in consequence of what fell the other night from
the Honourable Member for Taunton (Mr. Baring).
He had carried his inquiries still farther. He had
desired the attendance at the Home Office of the first
and second Clerk of the Alien Office, who were dis-
charged two or three weeks ago on retiring pensions,
one of whom had been in the office since 1793, and,
they had assured him, that they never knew of one
instance of any person being sent out of the country
on the representation of any foreign Minister.—lf
' the Honourable and Learned Gentleman persisted in
his motion, the only return to it would be the mono-
syllable Nil.
Mr. BARING really believed that the Right Ho.
nourable Gentleman (Mr. H. Addington) with all
his solemnity of expression, was totally unacquainted
with what was passing in his own office. The case
he had alluded to was that of two merchants of Hot-
land, men who never meddled with politics, and who
had been here on business merely commercial: they
had been ordered out of the country in a few hours.
He had applied personally to Lord Sidmouth, and
the answer was this, that the instructions had come
to his office from the Secretary of State for the Fo-
reign Department : that he knew nothing of the mat-
ter himself; but that the insuuctions were so peremp-
tory that he durst not but obey. He happened to
find out that they were sent out of the country in con-
sequence of the application of a Foreign Minister,
and that the whole originated in ignorance and mis-
apprehension.
Lord CASTLEREAGH explained. No indivi-
duals were sent out of the country for any other than
obcts of British policy.
Lord MILTON said this was the fact which the
House wished to have cleared op.
Mr B. BATHURST said, if there were any in-

. .
starlet t h 146 Intoive Foreign Migiteek, tact if theti
were no instances, the motion was unnecessary.
31, Si ROMILLY wished to know what was
meant by British policy ? It might be thoirght an
object of British policy to oblige a Foreign Court.by
sending perions disagreeable to it out of the country.
He knew that individuals were sent off on grounds
not at all connected frith danger to the country ap-1
prehended from them. A cause happened to he re-
ferred to his arbitration between two foreigners.—
One of his Majesty's Ministers, (he would rather not
mention his name as he was now dead) took a strong
interest in one of them. In the course of the husinecs
one of them was found to have misconducted himself.
The Noble Lord to whom he had alluded, said that
was a person who ought to be sent out of the country
on the Alien Bill. He knew tint immorality had
often been made a pretence for sending persons out of
the country. The Noble Lord had characterised him
as a general enemy to Alien Bills. This was the first
time he had spoken on the subject, and lie bad deli-
vered no opinion with respect to the necessity in for-
mer times., But when the Noble described lilm as
an enemy to it in 1793, he seemed quite to have for-
gotten himself; for that was thirteen years before he
was a Menber of Parliament, This was exactly the
fable of the Wolfe and the Lamb. It really was un-
- worthy of the Noble Lord to seek such a momentary
triumph, as that which he could gain by assertions
: like this.
The House then divided—For the motion, 31--
Against it, 82—Majority, 51.
Sir JOHN COX HIPPISLEY gave notice that
he should move for the appointment of a Select Com-
mittee to examine and report upon the regulations
prevailing in Foreign States, respecting the inter.
mission of Papal Rescripts, and the intercourse of
their Roman Catholic subjects with the See of Rome;
and also epon the nomination, election, collation, or
institution of the Episcopal Order of their Clergy nl
the Roman Communion.
The CHANCELLOR of the EXCHEQUER'
postponed the commitment of the Bank Restriction
Bill, after an intimation from Mr. Ponsonby, that in
consequence of the lateness of the hour, he would
avail himself of every facility the Rules f the House
afforded him, in moving adjournments.
The other Orders of the Day were then proceeded
in, after which the House adjourned at HALF•PAST
TWO O'CLOOK.