Star.
London, England, 1817-02-20 00:00:00

ADJOURNMENT tile THZ HoUML

. The CHANCELLOR of the EXCHEQUER
moved, that the House at its rising do adjourn till
Friday next.
Mr. BROUGHAM declared, that it was far from
his wish to object to such a motion, merely because
he thought it might suit the convenience of his Ma-
jesty's Ministers, or to oppose it upon any other
ground than that of the urgency and importance of
the business which stood before the Hem. Even if
it had been understood.on Monday last that such an
adjournment would be proposed, still incidents had
since occurred which constituted a new objection to
it. There had the day before, in c'nsequence of a
default in the attendance of Members, been no House I
and one or two most important questions had neces-
sarily dropped, and now remained to be fixed for
a futu're day. When he considered the nature of the
motion which was to have been brought forward by
an Honourable-Baronet (Sir M. W. Ridley), viz. a
motion for reducing some of the Lords of the Admi-
ralty, the reasons might be easily apprehended why
his Majesty's Ministers had not honoured the House
on that occasion with their presence.—(Hear, hear,
from the twaitition).—This then was,., in his opinion,
' one cause for not Consenting to lose another day.—
Further delay must necessarily take place in conic-,
quence of disclosures which were expected to be
made, and the whole of next week was already en-
gaged by different notices. The Honourable Baro-
net's motion must, if the proposed adjournment took
place, be thus put 4 to an indefinite period, and for
no other reason than that it was not the pleasure of
Ministers to make a House..—(lforousrs from the
other tide of :ht 'Heate).-11 the .able Lord whom
he now saw in his place, or any Gentleman on the
Treasury Bench, would say that it was 'the wish of
Ministers that a House should be made, he would
believe it, but not till then.—(Hear, hear).—The in-
tended delay was indeed, in one respect, consolatory
to him, after having heard much of the presting na-
ture of contents of that Report which was about
to be submitted to them, 'sallow he infeired from
that delay, that it had not been deemed necessary to
recommend any innovations on the Constitution, or
any infringements on the rights of the Subject. Had
such measures been in contemplation, it appeared to
him impossible that two days should be thus suffered
to be lost.

The_ CHANCELLOR of the EXCHEQUER
said, it was generally known that them was always
considerable difficulty in slaking a House on days
appointed for a ballot. Eyed with the advantage of
a call, the same difficulty had. been experienced that
Jay, and there had scarcely been A sufficient number
foe forming the Committee. He believed that it was
very well understood that the Cabinet Ministers were
employed in a very important investigation yesterday,
1 at the time when the House usually met. He did
not think the Honourable and Learned Gentleman
had stated any reason sufficient to induce the House
to depart from the ordinary respect hither*, shewn in
setting apart the birth-day of her Majesty by a sus-
ension of public business. It seemed to him ridi-
culous to suppose that any real inconvenience could
are with regard to the motion on the :object of the
Lords of the Admiralty, as an oppoettiffity for enter-
ing into that discussion would be afforded in the Com-
mutes on the Navy Estimates. He was astonished
that any Member **should say that it was of conse.
quence whether that discossion took place imme-
dietely. or a month hence.—(4 laugh fres s opfr•-
aifiegs).—He certainly regretted that any delay bad
mewed; and one of the effects of it must be, that

the. kept* of .0A- Sieves &rankle, could not.be
taken into coosidetatlon before Monday. Such &by,
were, honrever,' frequent ; no Witte could attach on
their account to. Ministers, and he believed the only
practical inconvenience would *be sortie ttansposition
of the (Wets and Notices standing on the paper.
Mr. CALCRAFT etptessed a wish that some ar-
rangement should be immediately agreed to. lie was
not aware that it was a matter of coutse to adjourn
over the Queen's bitth•day ; but he hoped, in conse.
quence of that adjournment. Fridley next would be
conceded to the Honourable Baronet for bringing
forward a question, in his opinion, of very great
importance.
Lord CASTLEREAGH did not think a question
relating to the reduction of two offices could be placed,
in point of urgency or importance, in competition
with a general inquiry into the Poor Laws of the
Country. There was no subject on which the atten-
tion of the House could be engaged that would be re.
ceived by the Country as a surer pledge of their dis-
position to enter into any investigation, however ex-
tended or elaborate, with a view to the adoption of
measures which might be demanded by the exigen-
cies of the time. Independent of subjects which
might affect the immediate safety of the State, there
was none that called for more prompt and anxious
consideration. He hoped, therefore. the Honourable
Gentleman (Mr. Curwen) would not be induced to
postpone his notice. With regard to the insinuations
of the Honourable and Learned Gentleman, he did
not think them very reepectlill to the House; and,
involved as his Majesty's Ministers were in the same
censure, he did not think himself called upon to give
any answer to them. Although not at all aware of
any thing pressing in point of time, which belonged
to the Hohourable Baronet's notice, he would con-
sent, should there not be time for going into it on,
Friday. that it should stand for Tuesday next. But
he could not agree that an inquiry into the system of
the present administration of the Po ,r Laws ought
to yield the precedeqcy to a motion for altering the
establishment of the Admiralty, which had been set-
tled at the Revolution.—(Hear, hear.)
Mr. CURWEN declared, that he felt unwilling
to accede to the postponement desired bar some of his
Honourable Friends, as he did not think he should
be doing justice to the subject.
Sir
.M. W. RIDLEY thought the proposed (Way
a strong proof of the apprehensions entertained by
Ministers as to the result of the motion of which he
had given notice. He was present the day before at
four o'clock, and there was but one iudividual mem-
ber of the Governmeat at that hour in his place.—
There were. however. several in neighbouring Offices,
and at no great distance, but the disposition to attend
seemed to be wanting.—(llearauer).
The question for the adjournment over to-morrow
was then put and carried without a division.
The following names were then read. being those
on which the ballot had fallen for constitutidg the Coat
mitt e to try the merits of the Wooers-Basset Elettioss
Was. Limits. Esq. Slr M. Foucans.
Joist HA avows, Esq. Was. Huasr, Esq.
FITXIIIIOI, Eq. J. ROUND, Esq.
ISONNTOII, Esq. R. Ainacaosssis.Esq.
Lord W: W. tonics, Esq.
T. ESTCOURT, Esq. C. Haavie,
Joni Joins, Esq. Sir J. WINTOSth
Joao BASTAID, Esq.
COMMITTEE OF SECRECY.

Mr. B. BATHURST appeared at the bar with
the Report of the Committee of Secrecy. to whom
certain papers laid before the House by command of
his Royal Highness the Prince Regent had been
referred.

On the motion of Lord CASTLF.REAGH, the
Report was ordered to be read, and appeared to us
so differ but little in substance from the Report pre-
sented en the preceding day to the House of Lords.
—lt commenced by stating, that the remit of the
inquiries instituted by the Committee had been to
convince them, that attempts had been made in va.
'ions parts of the country, to take advantage of the
present distresses of the labouring classes. by teach.
sag them to look for immediate relief from plans of
Parliamentary Reform. These reforms were made
to consist chiefly in universal ,ufrac, and the elec•
tion of Representatives by ballot Under cover of
these schemes nu doubt, however, could remain, that
many of those ivho were the most active in the sup.
port of the ostensible object, contemplated nothing
less than the entire overthrow of the landed, and ex-
tinction of the funded property. These piojects were
indeed unequivocally avowed by an association el
persons who professed a set of principles comprised
in what was commonly denominated the Spencean
Plan, from the name of a visionary writer of that
name, who published it *bout twenty years ago. At
a meeting of these persons, held within the last
month, the question was discussed, whether the sues
eau of a reform in Parliament was not likely to pro-
Juce more evil than good ; and it was decided, that
it could only be productive of disadvantage to the
true interests of the country. It was further resolved,
that no constitution had ever existed, and that no
man could tell what it was. The landholder, how-
ever, it was clear., was a =master who ought to be
hunted down, but that the landholder was a still
more mischievous member in the community.
At these meetings the most blasphemous doctrines
were freely propagated, and as they were generally
of a convivial character. they seldom terminated
without songs, in which the most profane and sedi-
tious topics were introduced. Parodies on the liturgy
had been repeated in chorus on these occasions ; but
in more deliberate moments the arts resorted to were
chiefly directed towards distressed labourers, soldiers,
and disbanded seamen. Their doctrines were circu-
lated to a great extent by means of cheap publica-
tions. and handbills distributed gratuitously. Some
of these parties appeared to have entertained, for I
considerable time, the project of raising a great
power by means of a popular insurrection, and over-
turning, by physical strength, some of the most im-
portant establishments of the country. In further-
ance of this &taiga, Committees had been appointed
in differeetleatters, in the preparation of a firce.
which should be strong enough to overpower the
guarded% duty, and to possess itself of the artillery.
The Beek and the Tower were to be'the first objects
of the assault, sod the construction of a machine
bad been projected, which should have the effect of
impeding the approach of the wok'''. Thls latter
project appealed to have been relinquished,
and, pre-
vious to the intended ruing, it was judged expedient
to attntAilla as tar as Might be possit•te, the strength

t
and number of the conspirators. For this ptiipbse h
was resolved, that a general meeting should be ad:
vertised, and the map of London was carefully era;
mined, that the most spacious and convenient spot
In: the assemblage of a large multitude might be
selected. The place at length chosen was Spafiodsp
and the minds of the populace were ins'ustrieusly
prepared for the occasion by placards, stimulating
the n.ost violent and even sanguinary recesses; one
of them begianing with these weeds, ..Britons to
arms—the 140 d belongs to the people—no taxes--ne
Bishops, no useless lumber—down with the Regent
—down with Castlereagh." The leaders of the in.
n..
tended insurrection already began to erect the t
coloured flag, and to assume other symbols of the
French Revolution. A Committee of Safety had
been appointed, consisting of 24 persons, and the
names of particular individuals had been adveitisert
as proper objects of their hos ility appeared
have been determined, that no violence should be
employed at the first meeting; but the opportunity
w is net lost of appointing a second, at which, pre.
vinus to the commencement of the ostensible bed-
ness, the most seditious and inflammatory harangues
were addressed to the people assembled. The inter.
val between the two meetings had been employed in
conveying the intelligence of a second meeting being
about to take place to all the Most populous districts
in the kingdom. One of the Committee discharged
all the immediate expanses, and active preparations
were made for seducing the soldiers from their elle.
giance. The barracks had beeit reconnoitred, and an
accurate account taken of the different gunsmiths*
&lops, and of the arms which were Likely to be found
in them. Plans were likewise adopted foe seducing the
sailors, an 4 getting possession of the shipping, by hold-
ing nut hopes of high rank unda the new goiernmest.
—For the accomplishment of these objets n i great
lquantity of arms sweated to have been provided,
but a sufficient supply was probably expected from
the spoliation of the gunsmiths' shops and ware.
houses. One person, however, had been employed
in the manufacture of two hundred mid fifty pike.
heads, which order he had executed, and had been
paid for. On the day of the second meeting above al.
iuJed to, a general invitation was circulated by printed
hand-bills and various ensigns,' exhortirz the pope:
lace to rally round the tricoloured flag, and a wag-
gon was brought to the ground, contaming a certain
quantity of ammunition. The mob proceeded thence
into the city, where they broke open several shops,
for the purpose of se,zihg arms, and manifested
desire to make an immediate attack upon the Tower,
in the hope of bring able either to overpower or se.
duce the garrison—but from a subsequent belief that
their numbers were insufficient, appeared to have laid
aside this design.
However improbable the success of these prnj(c!.s
was in the estimation of the Committee, they had
yet no doubt of their having been deliberately ento-
tertsined by a set of desperate men. The excesses
which had been committed were clearly not the effect
of any sudden explosion of popular feeling, nor woe
produced by the onauthorised arts of a single indivi-
dual. The design had been common to many, and
had been entertained with the most confident rapes-
cations of success
The information which had been submitted to the
Committee, with respect to similar excesses in other
parts of the country, had led them to the conclusion,
that one great source of mischief and delusion had
been the formation of societies, assuming the name,
after one established in the metropolis, of Hampden
clubs, and the principle of which was to multiply
themselves nut only in all the great towns, but in
every village. The object professed by these asso-
ciations was Parliamentary &for ii on the widest
basis; but the Committee could not hesitate to say,
that their members, who consisted chiefly of the ia•
touring classes in the manufacturing districts, ex-
pected and avowed that they aimed at nothing Ault
of revolution. The principles of the Spencean plan
were universally disseminated, and tracts published
which directly attacked the foundation of all loyalty
arid all religion. It had been proved, that they
talked freely of the demolition of churches, as well
as the equal division of the land, of which it was not
uncommon for individuals to mark out their own fu-
ture allotments. They boasted, when questioned
upon their religious opinions, that uiey were nit
ashamed to confess that they abhorred tyranny of
every sort—a belief appeared to prevail among teen
that the day of general rising was not far distant.
At Manchester the news of a second meeting in
Spafields had been received with exultation, and the
capture of the Bank and the 'rower generally ante
cipated—they spoke with confidence of the number
of their adherents; the able-bodied men were distin
guished, the names of those whom they supposed to
be their enemies were registered, and the writes—
'4 be ready, be steady," understcod to be the general
signal which they would at some time he called upon
to obey. Many manufacturers of arms had latriv
received very large orders, and different modes loI"
been taught, extensively, of converting the iniFlL-
smuts of husbandry into offensive weapons.
The clubs alluded to had been extended as fir as
Glasgow, and the Committee were usianituouely rf
opinion, that under the pretence of a Reform in tie
Representation, the object of many was the overdue,
of the existing f, tin tit Government in this country.
This they considered t., be a fair and necessary in-
ference from the iwarination which. had been laid
before than; but the) had declined to communicax
in an appendix the evidence on which they found
their jiiiisment, Irian an apprel;eniWn tit danger ts
particular individuals, :TOM a belief mit it nerts
it published at this mornei.t, prejudi,e, iu some C 00/
the due administration of justice.
The Committee were happy in the consideration.
that the disaffection apreared to have heen contineJ
to the manufacturing and more popti:ous districts.
where distress was the most prevalent. and that eve
there bad been instances of exemplary fortitude in chi
support of great privations, and in resisting the art*
put into practice liar the purposes of iiidamsuatied
and delusion:
which
ft
whttiohiclohebi
laiaedddyidbieraodbnniot
Tie contagion, there was reason to suppose, 1114
reached Jew or none of the agricultural classes; 04
cause
t afn
uotd hsuceogr s col
e
laboured. At the
ueisnierridtircso.d",r tohtatht lAvergcryrprokriil
felt it their duty to submit to the House, on a tio
consideration of the arts and activity of their leselro•
the dangerous, lino:lord, and irreligious ago
esestmreemetimedisvowee, 1

promulgated among than, and the design doh le.
r 2 itly conceived, of é forcible destruction of all Oro.
party, that the evil wa, of an extent which the exist-
in, laws were not strong enough to contronl.
Lord CASTLEREAGH then moved, chit the
geeort should b.: printed, and taken into considera-
lien oa Ishilday next, which was ordered accordingly.
Mr. LAM ETON moved for an account of the ex-
penses of Lo:d Castlereagh's mission in 1814. Ordered.
Mr. GOULBURNE gave notice or a motion to
alter at• ariend an act of the 43d of his present Ma-
jesty, re,pectiag passengers leaving the country on
board foreign ships. In 1803 he stated, it had been
found neces.ary to lay restrictions on persons leaving
the country, and under th,ise restrictions no ship was
311,) wed to carry More than a limited number of per-
sitn. The alteration he now proposed was to allow
Ithe same number of persons to go out to the colo-
/I;es ir. foreign ships as would be allowed on board
4Jarisports.

TRANSACTIONS WITH THE BANE.
Mr. GRENFELL having moved that the Peti-
tion from the Freeholders and others of the County
o' Cornwall, and the Petition of the Lord Mayor,
Aldermen, and Common Council of the City of Len-
dcn be entered as read, proceeded to state his wish
to redeem the pledge he had given last Session, of
hying again before the House the Transactions of
et Public withihe Bank of England; and he was
the more induced to proceed from a consideration of
me circumstances in which the country now stood,
and which were of such a nature as to render neces-
sary every retrenchment of expenditure. He entered
on the subject with a confident hope of being able to
introduce such principles of economy and retrench.
pent, in addition to what was effected last Session,
Is to save the country a very considerable sum,
without proposing any thing unfair to the Bank, or
tramping the resources of that great corporate body.
Fe bad so often addressed the House on the same
sibject, that he should compress as much as possible
chat he had to say, at the same time that the ins-
retain nature of it, and the interval that had elapsed
"nee he last claimed the attention of the House, ren-
dered it necessary that he should trespass somewhat
at their patience. He should first state the progress
mottle in the last Session of Parliament, and then those
do ther retrenchments of which he thought the sub.
kezt capable. When be first called the attention of '
the House to the matter, he was aware that he ex- 1
ocl himself to the irritation, if not to the hostile
fcelin;s of a very respectable body of men, the Di-
ne tors 01 the Bank of England-. [the Hon. Gentle-
=in here proceeded to eulogize several of the Direc-
tors of the Bank]—towards whom, in .their indivi-
dual capacity, he bad no possible dislike: but to
whose system, as a corporate body, he was decidedly
hostile, and to their acquisition of exorbitant gains at
the public expense, but on no public grounds. Those
gins and profits it was his object to curtail within
litniu that should leave the Bank a liberal cornpensa.
lion, t.n principles of moderation, equity, and justice
towards the Public. The Howe would recollect,
that in the year 1797, just twenty years ago, when
the Restriction Act was passed, the affairs of the Bank
were investigated by a Committee of Secrecy, which
was the first occurrence of that nature that had taken
since the original grant of the Charter, in the
It then appeared, that for nearly ccen-
the only profiti derived to the Bank Proprietors
re dividends, sometimes as high as nine per cent.
. other times as low as ; making an average of
61 per cent. ; but there was nothing like a bonus or
increase of capital during that period. By the
investigitioo it also appeared that there had ac.
.aitilated in the hands of the Bank a surplus of on.
divided profits to the amount of it 3,800,0000 which,
added to the fund of 4f11,600,000, made a grand
' in their hands of dr15,a00,000; with this capi-
the Bank started With the Restriction Act, and
profits were the consequence. The first
Jon was the rate of management of the pub.
which was exorbitant in a degree, such as
of no other banking or commercial clash-
could present. The profits of the Banks of
Amsterdam, or Hsmburgb, sunk into insig.
in comparison with those of the • /lank of
• fug the last twenty years. In proof of this
a tact within his own knowledge, and
as being himself a Bank Proprietor. be was
I to weak that the profits of the Bank
the last twenty years, in addition to
usual dividend of seven per cent. amounted to
nun of twenty.seven hsar•)--
defied either tbe Chancellor of the Eachequer or
of the Honourable Bank Directors then present
• the accuracy of that statement. Ingiving
of the profits of the Bank of England
their engagements with the public, he begged leave
Mae. once for all, that he did not mean to impute
to the Bank that made these gains. He
)1t only with the Government that tolerated
For, besides the natural desire Of gain that,
car man in every relation in life. the Bank
were bound by oath to exert thentsehres on
: to improve the property of their OA.
out he trusted that the ardour that mime-
d* Directors, and the success'that attended their
discharge of their duty, would induce
its torn. to consider the interests of the
dear.) Much of these enormous pro.
attributed to the influence which their
money-gave the Bank Directors ever
Chancellor of the Exchequer in their pecuniary
and when this was properly considered,
naturally aspect that the Right Honourable
-posite would net make any opposition
for a thorough investigadoa of the
it would thereby reader bins in fu-
dependent on the Directors. Bet, notwith-
his, and that many of those Oho usually
Ministers on such occasions were, be was
desirous of terminating the present system.
-)at the Right Honourable Gentleman
off the trammels which time or in-
tposed on him. It was impossible to
Bank bad, on many occasions, afforded
,minodations to the Public ; but it should
be considered, that it was the public that bad
the Bank to grant the accommodation, by
the Restriction Act. But even there very
were sources of new profits obtained
__ exercised by the Directors over the
of the Exchequer in all pecuniary arrange-
influence had manifested itself in many
; and no one could look at it without sc-

the iiii

'knowledging that such a ColleitA over the concerns,
of Goiernment was In its mire unfit find anoma•
loos, and in its consequences Mischievous and danger-
ous. Statement* to this effdet had been Ilrequenqnsee
in the House; bit motions founded on them always
encountered opposition, more remarkable for its taci-
turnity, and formid4ble by the rot of the itx Hon.
Bank Directors, than fir the arguments advancediin
the question. it had been said, Indeed, that the

statements were exaggerated—but no proofs were
ver advanced in support of the allegation ; and
when he, and his friends on the ►ame side of the

question, complained of the exorbitant charge of
. _

£300,000 tor management, the lioncurable Direc-
tors said, that the Bank indeed was extremely mo-
Jerate, being satisfied with only 7d. in every AIM.
But let it be considered (said Mr. Grenfell) that this
7d. was levied annually, upon' an amount of debt
which he almost shuddered to mention—on no less

than 800 millions of pounds sterling ! The real
question, however, for the consideration of the House
was, whether the nature of the service, and the risk

run by the Bank, were such as enabled it to receive a
yearly sum, which, in November last, amounted to
£282,001.? This could be considered in a Commit-
tee only, where he should be glad to encounter the
Honourable Directors in fair discussion, and where,
he trusted, he should be enabled to prove that the
services of the Bank would be fairly and even libe-
rally remunerated by half their present profits, or by
about £150,000 a year. There was another source
of immense profits to the Bank, namely, the sums
of public money that have accumulated, and were
sow lying in their hands. The amount of these
within the last twenty years was seldom less than
nine millions, and not unfrequently exceeded &f-
-leet) millions, the average being about eleven millions.
This money, locked up from public use, caused a
loss to the public of about 5 or £600,000 annually,
producing an equal profit to the Bank. When this
abuse had on a former occasion been complained of,
and an account demanded of the sums of money so
accumulated, what was the conduct of the Bank
Directors ? They prevented for a few days the pro-
duction of the accouat ; and an Honourable Bank
Director opposite (Mr. Thornton) had asserted, that
the money was not serviceable to the Bank ; but not-
withstanding this assertion, the Gentlemen were very
unwilling to part with it.—(Hear, hear.)—'They
en-
deavoured then to excite alarm, and spoke of the
danger resulting to the public credit by such discus-
sions; but he knew of no injury such discussing
could create to the credit of Government, but the
proofs they afforded of what was well expressed on a
former occasion by an Hoa. and Learned Gentleman,
whose absence he sincerely regretted (Mr. Horner)--
(Cries of Bear, Islas, hear)—who designated it as a
sy►tem of profligate profusion on the part of the
Government, and of rapacity on that of the Bank.—
He apprehended, in the present instance, the usual
opposition of the Chancellor of the. Exchequer, more
formidable by his phalanx of voters than the strength
of his argumeatcbut this consideration should not de-
ter him from the performanse of a duty he owed the
country ; and in this determination he was the more
confirmed by the reflection, that although he might
be out-voted upon particular occasions, it was not
the vote of one night that decided questions. He
remembered his having moved for the production of
certain accounts connected with the pecuniary con-
sienes of the public with the Bank, which the House
were induced to refuse by the eloquence and argu-
ments of the Right Hon. Gentleman; but in eight
days after, when the subject was again brought be-
fore the House, for the purpose of enabling it to re-
vise its former decision, the Right Hon. Gentleman
went down, and contrary to the wishes of the Direc-
tors of the Bank, granted what was required ; so that
be (Mr. Grentell) obtained, by an unanimous vote
on the 26th of April, what had been refused on the
18th.—(Hear, item.) The arrangements relative to
what was called the Stamp Composition-money paid
by the Bank, likewise afforded evidence of the fre-
quency with which -the opposition of Ministers was
followed by almost immediate acquiescence. It was
well known that the Bank were permitted, for theirown
convenience, to issue promissory notes without the meal
stamp, by making a composition with Government.—
'This arrangement had been made originally on very
Lequitable principles by Mr. Pitt, who was the only
Chancellor of the Exchequer that knew how to ma-
nage the flank but his principles, which were regu-
lated 6* the extent of issues of notes, were deviated
from by iLord Sidmoutb, as it it were equitable, or in
the contemplation of the Legislature, that this wealthy
establishment should be free from the expense which
the poorest country bank is compelled to submit td
with the extremest severity. At the time of altering
the amount of the Stamp Duties, a question was put
to the Chancellor of the Exchequer, to ascertain on
what principle the Bank composition should be car-
ried oa, to which the Right Hon. Gentleman replied,
that the composition should be iffcreased in proper-
tioo, not to the increase of circulation, but merely to
the increase of Stamp Dutiei l It was observed
front the Opposition side of the House, that such a
measure would be only a continuation of the injus-
tice long carried on, by which the Bank had for
se-
veral years been pocketing £53,900 annually; and
in consequence of the discussions that took place on
that occasion, a Bill was brought in, by which the
composition was raised from £48,000 to £87,000,
and amounted, in the last year, to £90,000. A third
proof of the good effects of discussion might be shewn
by reference to the amount of public money in the
hands of the Bank. In former discussions on this
subject, it had been stated that the money was not
serviceable to the. Bank. This observation bad been
madk by the Honourable Member for Taunton (Mr.
Baring), whom he congratulated on his return from
his foreign mission. Ot this money six millions were
advanced to the public at tour per cent. which would
undoubtedly be at any time a valuable concession;
and by which a saving of sixty thousand pounds per
annum WAS effected. But as this sum tormed only
a part of the public money in the hands of the Bank,
he contended, that instead 'of paying four per cent.
for it, the public would have had it for nothing.—
Soon alter there was another concession of three ma-
fiosi at S per cent. equivalent to a saving of £60,000 ;
there was also an advance, at no interest, of un-
clamied dividends, equivalent to en annual saving of
£15,000; 40 adding together—
the wing ea the advance or six millions at
per cant. of
The saving on **advance of three millions, at
psr ceat. of •

me 60,000

• 0 Tbey 446 ti 5,000
To which if their Aided the Itereite of Stiteito
Conikiltion; of • • . _ 34,000.

ai

TM total wine would he ,e toopoo
fig.c7edotiiln eon
dnOt say..ibeit all this anneal saving was
e
le4nence of discussions in that House,
but they toot place lit ast since that discussion;
and he would leave it to the House tvi•consider whe-
ther it teas doe to it, or rather to the vigilance of the
Right Hon. Gentleman; and the justice and new-born
liberality of the Honourable Bank Directors
After having thui stated the progress of our pecu.
niary transactions with the Bank, and the results of
previous proctedingi, it might perhapi be asked, if
he were Dot satisfied with the amount of savings'
already obtaineds and what further gains he could
promise himself in prosecuting the matter ? To this
he would answer, that he would never rest satisfied
until the whole subject was arranged on equitable
principles; and it would now become his duty to
point out what sources of future profits, or, rather, of
further economy, he still discovered. The balance
of public money was nearly the same as it had been
for the last ten or twelve years, or about an aggre-
gate amount of eleven millions, unproductive to the
country, which thereby sustained an annual loss of
£550,000. From this sum were to be deducted
£160,000 saved on money advanced to Mr. Perce-
val, whereby the right of the public to share in the
enormous profits of the Bank was distinctly recog-
nised. This united with the savings of £60,000 on
the advance of 6 millions at 4 per cent. and of £60,000
on the advance of S millions at S per cent. formed
an aggregate of £270,000. So that as annual
profit still remained to the Bank, or at least a loss
accrued to the public, which, with reference to Ids
argument, had precisely the same effect, of 4280,000;
and all this was granted to the Bank for the insignia.
leant service of acting as the treasurer of the pablie.
The nest source of economy was to be foood in the
exorbitant rate of management; and biro the Ho-
nourable Member contended that the Bank, instead
of receiving £282,000 annually for this service,
'womift be liberally rewarded by £150,000. There
awe also some minor charges which it would not be
below the dignity of the House to consider, particu-
larly as during the last Session they had struggled
hard to save £l,OOO from the salary of the Secretary
of the Admiralty, and £1,500 from that of the Vice-
' Treasurer of Ireland. One of those charges was
£4,000 for house expenses. 'Phis was transferred to
the Batik, with four millions purchased of South Sea
Stock, and was, in the original grant to the South
Sea Company, to have continued only until that ca-
pital was paid. This had been done long since, and
consequently this disgraceful charge ought to termi-
nate. But, besides the £3OO on every million de-
rived by the Bank for managing the national debt,
being about 7d. a hundred, whereby the Bank ga'ned
from 4 to £500,000 during the war, they were not.
satisfied without a commis ion of 20d. a hundred on
every load contracted. He hoped he should never
live to see another loan contracted in this conntry-••
(Hear, hear, from the Chased/or of the Exchequer)—tbe,
House should legislate for every future contingency. '
—Having thus gone through the several items of ex-
penstin oUr arrangements with the BAnk, and pointed
,out the possibility of an effectual economy, he begged
leave to assure the House that in so doing he was ac-
tuated by no feeling but a concern for the public
good, and a conscientious conviction, ardent, per-
haps, but certainly sincere, of the necessity of cor-
recting the abuses that existed in the present system,
and relieving the burdens that pressed so heavily on
the whole frame of society. If, however. the Bank
were Ale, by a liberal interpretation of their Char-
ters, to show their tight to those several expenses, he
should be ready to acknowledge his error; but the
only place to enter into that examination was a Select
Committee. He therefore called on the Bank Direc.

ton to enter into the investigation freely and man-
fully, and expos', if they could, the fallacies that had
been urged against them. If, however, instead of
that manly ground of conduct, they would only shel-
ter themselves under the shield of the Chancellor of
the Exchequer, what inference could be drawn f tom
such a proceeding but that they evaded inquiry, from
the conviction that they were incapable of bearing
the light, and that they shrunk from the touch of a
Parliamentary investigation? The Honourable Gen-
tleman concluded by moving—
* mat a Select Committee be appointed to inquire Into tke
engagements now subsisting between the thavenoment and the
Bank of Ingland, to consider what advantages the Bank derives
front he transactions with the Public, with a view to the adoption
of sane arrangement, consistent with the good lank that aught
to waist, and to report thereon to the House."
The CHANCELLOR of the EXCHEQUER
said, the Honourable Proprietor had brought forward
his Motion with a good deal of dexterity, by making
an appeal to the Bank. He called on the Directors
of that establishment to adopt a manly line of con-
duct, and to bring under the closest inspection of the
House, all the transactions which that concern was
engaged in. Now, he conceived, the aims ftrobandi
rested on those who called for examination, to state
the grounds on which it was necessary ; instead of
demanding of those, whose transactions were props-
ed to be made the subject of investigation, to advance
reasons for refusing their compliance. If the trans-
actions between Government and the Bank had not
been brought distinctly under the view ot Parliament,
if they had not received as much consideration as
could be afforded to 'any subject—then, certainly, lie
would allow that the arguments of the Honourable
Gentleman carried great weight with them. But
he had himself stated the period when the engage.
ments of the Bank were fully considered, and when
they received the approbation of Parliament.—
They were completely entered into, in 1807, be-
fore the Select Committee of Finance, by whom
several useful suggestions were thrown out.—
Of these Mr. Percent had availed himself in the first
instance; and he ( Mr. Vansittart) bad always thought
himself bound to attend to them whenever an oppor-
tunity occurred. If the Honourable Gentleman could
chew that the engagements between Government and
the Bank had, on any occasion, assumed such a cha-
racter as called for minute Parliamentary inquiry—
if a rate of advantage were allowed to the Bank,
which justice did not warrant—then he should have
no objection to a motion of this kind. But he had
never heard suzh a charge insinuated except by the
Honourable Gentleman. He had argued, that the
profits of the Bank were progressively increasing ; but

• • •it must appal*. to e•-ery person who can:Were e in"
'subject fairly that the 'contrary was the case, and that
the profiti Made by the Bank in the transactions be.
tweed them and 'die GoVernment, vver p.bsolitte/y
creasing, and in a very rapid degaee. This was very
clear when the relative :value of money in war and
peace was considered. In time of peace, whey the
imereit of nraey was lowered, neither the Bank nor
any other great body could Make so much profit by
the employment of their 'capital as in time of war.
He here spoke of profs generally, those of five per
cent. which the Bank had made in some of their ulna.

actions with Government, as well as those lower,—
Now, if 'they were able, during a period of war, to
make 5 per cent. the redt:ction of interest, consequent
on peace, must alone have very materially l'wered
their profits. And it should also he recolle:fed,
that the rystem of discount had likewise onderzoue
a very great alteration. The inference he would
draw from dive facts was, that the arrangement
with the Bank, which, two years ago, was thought
favourable by Parliament. must now be considered

more advantageous to the public than it was then.
With respect to the employment of the balances held
by the Bank, for the service of the public. he bad
never heard a flan by which, without the cuncur-
rence of the Bank, it could be ca-ri-d in,o etE ct.

Dining Mr. Perceval'; administration a plan WAS
devised for that porpoie—but it was abandoned ;
and, after siring it tis utmost conrideration,
it appeared to him to be impracticable, without
the Bank themselves completely concurred in it....
That plan having been thrown aside. Mr. Perceval
thought the public ought to derive some benefit from
the balances which were placed under the contronl of
the Bank, and, in consequence, au arrangement WAS
made, the principle of which was still acted on, al-
though some modification had been made in the de-
tails. By that arrangement a rum of money had
been borrowed, part of it without interest, and the re.
mainder at a very moderate rate. In the last year
the Bank lent £6,000,000 to Government, at £4 per
cent. and £3,000,000 at an interest of •$3 per cent.
Now, if the arrangement made by Mr. Perceval was
calculated to benefit the public, he contended, consi-
dering the difference of the periods, that those ar-
rangements which followed were still more advan-

tagious ; and he did not think it right to check or
impede this system at a time when leis benefit could
be derived from the public money, by the Bank, than
what it must have produced when the bargain was
originally concluded. The present time was, he
conceived, ill suited Inc such an inquiry as that pro-
posed. In the last Session of Parliament, it was
determined that the Bank should commence pay-
ments in cash on the sth of July, 1818 —and there
was a clear understanding, that they should begin
to make preparations for that purpose. It would be
wrong to agree to an inquiry, which would go to lay
open those arrangements which the Bank had made
.preparatory to their resumption of cash payments.—
One of those arrangements they were acquainted with.
It was a notice to pay a part of their paper, which
bad been issued at proton' periods. The result of this
experiment was vet y well known. It was found that
no very great disposition prevailed to send in those
notes, in order to obtain cash ; and therefore great
encouragement was feOd out to the Bank to perse-
vere in calling in notes of particular dates. By this
means, before the time arrived for a complete re-
sumption of cash payments, it was hoped that there
would be such an issue of specie, as would prevent
any embarrassment at the Bank, and would remove
every fear that might be entertained of a de ficrer.cy of
cash in the country. When the House saw this, he
thought, that, instead of making enquiries into con-
tracts, settled at present by Act of Parliament, they
ought to await the completion of the preparations he
had alluded to. They ought not to harass the Bank
to proceed to measures, which, he was sum, they
were most anxious to adopt, and which the House
had a tie' to call for, when the proper time ar-
rived. He confessed, when, at the close ef last
Session, considerable benefits were derived by the
Government from its transactions with the Bank—
when it was fixed that, on the sth of July, 1818,
they should resume their porticoes in specie—he did
not think they would have been harassed by inquiries
which could have no other practical effect tban to
disturb existing regulations, and to render the Bank
less quick, and probably less able, to commence pay-
ment in cash, than they otherwise would be. It the
Honourable Gentleman had adduced any arguments,
novel in their nature, or which bad nut already been
discussed in that House, he should have entered more •
into 'detail, though with some personal inconvenience.
(The Right Honourable Gentleman was afflicted
with a severe cough).—But, asthis was not the case,
he conceived the general observations he had made
weres'sueicient for the occasion.
Mr. P. MOORE said, the Right Honourable Gen-
tleman hal not overturned one of the statements made
by his Honourable Friend, who had called tor a Com-
mittee, that he might have an opportunity of proving
every fact hr had laid before the House. The Com-
mittee of 1807, was not formed by the Ministry of
that day, Istit 'originated with a Noble Ft iend of Isis,
aow a Member of the other House. From the Re-
port of that Committee much advantage had loco
derived; but it did not your-tenth solar as it would
kayo done, if the statements of his Honoitrable Friend
(Mr. Grenfell) had been irocvidence before that Com-
mittee. Any unprejudiced persoo. who heat d his Ho-
nourable Friend Ming forward his statement of facts
that night, could have no doubt whatever that he
would, if opportunity were given him, prove every one
of than. In conclusion, the Honourable Gentleman
strongly recommended the repeal of t!,e Restriction
Act as the only means of setting the sul,j:ct at rest.
Mr. MARRYATr said, the greatest argument
that could be adduced no favour of the pretent rum.
tion, was the benefit that had been derived from pre-
vious inquiries of the same nature. In consequence
of the labours ef the Committee of 1807, the pub-
lic had gained 4160,000 per annum, a loan of
X 3.000,000, having been granted by the Bunk, in
1808, without interest. Last Session the question
was again introduced, and a corresponding advan-
tage followed. He was of opinion, that the Book
received too much for the management of the public
debt. And here it might not belmpror er to remark,
that the Bank of the United States of America did
all the business of the State, merely in consideration of
the balances placed in their hands, witich could bear
no comparison with those with the Gov,:rronent of this
country left at the disposal of the Bank of k.Nland

awir at
was the first occurr
place since the orig
)ear 169 i. It the
tury the only profit
were dividends, soi
at other times as li
pqm cent.; but
an increase of cal
same investigstion
cumulated in the b
divided profits to t
added to the fund
total in their handl
tal the Bank start
enormous profits
consideration was
lie debt, which wa
the history of no
lishment could pre
Beau, Amster&
millrace in comp
England,• foe the
stated a tact
hieh, as being
enabled to serif]
within the Int
' usual dividen
sum of tweet
• e defied either t
ny of the Ham
°.disPute the acc
exposition of
n their
' gates once for a
ay censure to tho
mind fault only I
hem. For, bosh
'kmfled it man
, ;
.rectoss were be
very occasion to
Invents; Out he
ed the Directors,
unions to the di
,e House, in its
oblici--eNaar, A
were to be at
ommand of me
very Chancellor
eigssiatione; eat
• would natural
tleman uppol
o his motion
*sok affairs, as i
`l7e less depende
landing this, ee
me with Minist
vinced, desire'
still feared tha
Id not throw
sauce bad imps
7 that the Bat
eat stemma
slim be tonsil
abkd the Ban,
ins of the lies
eeownodations
the influence
hancellor of the
'ens'. This id,
"aces ; and