Star.
London, England, 1819-05-25 00:00:00

arecoiery of the advances made tee Government, then'
he (Mr. Tierney) would be the first to vote for a total
annihilation of the Bank, and for the establishment
of another. But while the present connection existed
between Government and the Bank, we could enter-
tain little hopes of a return to Cash Payments. The
embarrassments of both arose from reciprocal causes.
Render Government independent of the Bank, that
is, let the debts incurred by Government be dis-
charged, and then the Bank would' have no excuse
for delaying the Resumption of Cash Payments.—
While Government and the Bank continue to de-
pend upon each other, the public security would
be inconvenienced, if not endangered—(Hear, hear.)
He (Mr. Tierney) disliked the plan; and he found
many Gentlemen, of whose penetration and judg-
ment he h id a better opinion than his own, also ex-
press their disapprobation of it. But there was an
additional authority which seemed to corroborate
his opinion, namely, that of the Public ; for Consols,
which ought to have been at this time up to 86, were
down this day to 63. He drew a comparison be-
tween the poor man and the rich, by supposing that
-the latter for his £lOO wanted gold, and the former
for his £lO wanted also go!d. They both might tell
the Bank Directors—,, We do not like your paper—
we do not even like your silver—give us gold, even
if it be but for the purpose of burying in our gardens."
But you could not make men do that which they
had not the means of doing. In the height of. their
alarms, the Directors had been refused an audience
of the Chancellor of the Exchequer. They were
driven from door to door by the Ministers, and had
performed a kind of melancholy quaranekie 1—
(Hear, hear, hear!) The alarm had been excited by
the Ministers themselves—those. who had lived upon
alarms for the last two years—(Hear, hear, hear 1)
Alarm was to them their daily bread, and no man, he
thought, could rely upon persons who were not in-
fluenced by fixed opinions—(Hear, hear! Apt the
Opposition side.) Ile Never saw a set of men making
such an appearance as Ministers did on this occasion.
They had gone into the Committee without a plan of
any kind, and; for any good they did, Gog and Magog
might as well have been sitting on each side of the
Chair—(Larigkter)--an.l there they might have re-
mained, had it not been for the ability of the Chair-
man, who had helped them out of their scrape.—( Con-
timed laaghter.)—By some good luck a plan came to
them, either by the twopennyipost, or some other
couverance: immediately they laid hold of it, shouted
Te Deem, and thanked GOD for sending them a
wheelie which was directly in the teeth of the whole
system on which they had acted for the last twenty-
five years—Wear, Ater 1)--He should recommend
the amendment of his Host. Friend, as most likely to
conciliate the public mind, and to allay those alarms
which had sprung out of the bad management of the
Chancellor of the Exchequer—(Hear, hear.)—He
should therefore propose, either that the Amendment
be adopted, er that the House should adjourn the
further consideration of this momenteus question.—
(Loud, and continued cheering.)
Mr. MANNING considered this subject as one of
the first magnitude, especially when the alarm al-
ready excited was considered. That alarm was prin-
cipally founded on an apprehension that the Bank
war about to contract its issues. He could assure the
House acid the Country, that there were no grounds
for Übe Warm. The Dank, notwithstanding what had
been said, were ready, and even anxious, to return
to Cash Payments, as had been proved in 1817,
.when,they issued £6,000,000 in Gold. The Bank,
he was persuaded, if it retained the confidence of
the Piiblic, could soon resume its Cash Payments.
--Any want of confidence at this time to the
Bank might he attended with the most serious cala-
mity. He wished it to be clearly uuderstooll, that
the Bank Directors were anxious for die resumption
of cash payments, and that they never intended to
contract their discounts or accommodations to the
public. The Honourable Member warned the House
against withdrawing its confidence from the Bank,
as such a meeure would create the most serious ap-
prehensions and fears. lie then referred to the Isar
titular periods when the Bank had rendered the
Country and the Government the greatest services by
various acts of pecuniary accommodation. He in:
sisted, that independently of the monies due from
Government, the Bank had a sufficiency of assets to
pay all the demands which could be brought against
them. Ile afterwards gave a brief sketch of the va-
rious pecuniary distresses of the times, proving how
useful and liberal the Bank had always acted. Even'
foreigners acknowledged that their commercial mis-
fortunes would have been greater had it not been for
the liberality of the Bink of England—(Hear,hear.)i
He avowed himself hostile to some of the Resolutions,
particularly to the 4th and sth ; and should vete
against that part of the plan which proposed a scale
of payments between February, 1819, and May, 1821.
. The CHANCELLOR of the EXCHEQUER con-,
gratulated the country that a Committee had been
fixed on so proper Kir the dischat ge of the great duty
entrusted to it, and so free from political prejudices.
It was also fortunate that they had decided not to
enter into the investigation of mere abstract prin-
ciples, but to be guided in their opinions by expe-
rience and well established facts. For his part, he
wished to refer for his opinions to printed documents,
in which they are preserved, rather than to Gentle..
men who would state them without much candour'
or civility. Assuming that the object most desirable
would be to secure a resumption of cash paynients, ,
it was now to be determined by what means that
could be done most securely and expeditiously. The
object of the Amendment was, he thought, to get rid
of the original Resolutions, and of the whole plan of
the Committee. The Right Houourable Member had
said that the Bank was held up to obloquy, but be
(the Chancellor of the Exchequer) had been too long
conversant with these Gentlemen to doubt of their
disposition to fulfil the orders of Parliament,
If things were left to themselves, no matter how great
might be the exertions which the Battle might make
for the resumption of Cash Payments, the Public
would be as little prepared for such a measure as
they now are unprepared for a resumption of Cash
Payments in July next, although .by the law as it
existh the Bank is liable to pay itynotex in specie at
'illai.usis, It had been said that public opliuon wik
. .`iwith the Bank ; he would admit that public clamour
••bee* excited ; he hoped, however, the result of
• $ night's *bate would allay that unfounded alarm
' ha 4 preVailed; it was true a considerable de-
-5•
e

pression of the Funds had taken plate, but there was
nothing contemplated by the Committee to warrant
such an event. The Right Hon. Gentleman then re-
ferred to the evidence that had been taken before the
Committee, and contended that out of 14 gentlemen
that had been examined, ten were in favour of the
regulations proposed by the Committee.
NI% RICARDO rose, amidst loud invitations. He
said he was one of those who conceived the Resolu-
tions calculated to effect their object. From the
speech of his Honourable Friend and other evidence,
he was induced to think that the Bank wanted to
resume Cash-payment, but did not know how to put
their wishes in operation. He had heard it declared
that the issues of paper had no effect whatever upon
the price of bullion. What supported this assertion,
or were not proofs in direct contrariety to it ? Now
it appeared that the Bank had failed to resume cash-
payments, year after year, although year after year
called upon by that House to do so—(Hear, hear.)
It was, therefore, high time that the matter should I
be taken out of their hands, and that the House should
feel itself called upon to look to the effecting of that
measure. He did not think this a question only be-
tween the Bank and the Ministers, but more between
Ministers and the Bank and the country—(Hear.)
He was, therefore, particularly disposed to concur
with his Right Hon. Friend in any measure which
might be devised to keep the Ministers also under
controul. One principle was clear ; that those who
had the command of the Circulating Medium of the
country had the power of regulating the price of
every commodity. This power clearly resided in the
hands of the Directors, as controuling the Circu-
lating Medium, and it was a most formidable one.
Why, then, putting the question shortly, for the ap-
plication of the measure recommended by the Com-
mittees, the result was, that by withdrawing a certain
[quantity of paper from the circulation, we restored
the remainder of it to the value of bullion; which
was to raise it '2 or 3 per cent. He Could not, how-
•ever, go along with the Right Hon. Gentleman in
his statement ; for in order to raise the paper cur-
rency to the value of a metallic one, there must be a
demand for gold over and above that actually in the
market. As to the plan itself undoubtedly he ap-
proved of it : for would they leave to the 13,1111: Direc-
tors, a power of keering out all the meals, and
making the currency of piper only? The Bank Di-
rectors could have no real interest in depreciating the
currency ; it was their in:erest to raise it to double its
value. They stood in the li ht of .creditors, not of '
debtors ; they were the last whom we should have ex-
pected to object to the plan. andhe thought nomeans
so likely to succeed as those before the House. The
Bank Directors, so long as they continued to make
large advances to Government, must be liable to get
into a situation of distress. They might extend their'
advances so far as to quadruple the currency cf the
country. Their error was, in supposing that the rate
of interest would always point out a proper limit to
their issues ; but the rate of interest had been proved
both by Hume and Adam Smith to depend, not
on the quantity of money, but on the profits of,
stock ; even though they did not advance any thing
to Government, it was in their power, by an ex-
cess of discounts, to make the circulation redundant.
The Bank Directors were, in the management of their
discounts, he had some reason to believe, governed
by old habits. One of their rules was, he under-
stood, to Az a particular limit, beyond which they
would not extend their accommodation to any indivi-
dual. The Honourable Gentleman, however, had
said, that the Directors did not confine themselves to
this limit, where the individual's credit was undoubt-
ed. He was certainly for leaving them to conduct
all such transactions according to their own discre-

Lion and pleasure, provided only that such a check
was established as should guard against a redun-
dancy. The proposed mode of resuming Payments
appeared to him the easiest that could be imagined.
The Bank would be placed under no restraint at first,
nor any sudden necessity of reducing its issues. An
opportunity would he afforded of effecting the object
in the most gradual manner; and even when Bullion
Payments should be made at the Mint price, the in-
convenience would bp but inconsiderable. If the
Bank managed discife:ly, they might open in 1320
with a very small issue of Gold: all they had to do
was to diminish their Paper regularly. What indeed
he was afraid of was, that they would reduce it too
rapidly—(llear). If he were to give them, advice,
he should counsel them not to buy any Bullion at
present, but rather to sell it, and wait with pa-
tience, till its price should fall, as it then soon would,
to the Mint price of £3 17s. 101 d. per ounce.—
He lamented the loss of that part of the original plan
which would compel the Bank to purchase gold as
well as to pay it on demand. He thought it might
serve to operate as a check against what might here-
after happen, that mas, against their starving the cir-
culation. Individuals might, indeed, by carrying
gold to the Mint, furnish an occasional supply to the
circulation. Mr. Mushett, who had given his evi-
dence with great precision and ability, stated his
opinion, that with £300,000 always in the Mint for
coinage, about 1:12,000,000 mightsbe added to the
currency within the period of a year. lie supposed
that this calculation implied, that the sum of three
hundred thousand pounds should be constantly kept
up by successive quantities, and besides, a year was
a long time to wait for such a supply, if it weft ac-
tually wanted. The Bank Directors could not pos-
sibly have any desire to thwart the Government;
and he did not think, therefore, that they would have
objected to the achiption of this part of the plan.
With regard to what had fallen from his Right Ho-
nourable Friend with regard to the gracinated scale
of payments, he might refer him to the evidence of
Mr. Thornton, as indicative that no serious objec-
tion was entertained against such a measure.—
He confessed himself to be utterly astonished at the
alarm which had gone forth, because, a reduction
which was to raise the value of the paper to a par
with gold (the difference being now only 3 per cent.
and. the amount of the reduction, therefore, not ne-
cessarily exceeding £1,500,000) was to be brought
about in the course-of four years—(hear, hear). -He
could °sly attribute it to the indiscreet conduct of the
Bank Directors, and to the remonstrance which they
had addressbd to Government, and in which they ac-
, pally sotititiegi tit alai-As-00r,, hefty.). The Hon.
Gentleman. (Mr.,gatuting) had Complaine4 of cOa-
dence being witb drawn from the Bank ; hut the House
had not withdriwn it on account of their want of pro-
bity, but op account of their ignorance of political

But what had been their conduct? They bad enicrancnils.or(bedinigg upgrheParend etro resume their thpeiler payments.
But
conti-
nued their advances to the Chancellor of the Exche-
quer, in spite of the approaching period when the
restriction was to expire. Yet it would be said that
they had done this for the public interest ; but the
protec titionwasofthtahtenpfuhbisliemianjteesrtesyts
Ministers—(Hear,
wasi
notte(lin
busi-
ness;irer
isters
hear). The Honourable Director had talked of the
accommodation which they had furnished to Go-
vernment, and the sacrifices they had made at dif-
ferent times for the Country at large—(hear, hear).
Now he gave them no credit whatever for those sa-
crifices. It was their duty to attend to the"business
and promote the interests of the Bank Proprietors.--
He had been much astonished at the small amount
of their savings, having previously conceived that it
was at least £5,000,000. This was now explained,
for they had thrown away a million here and a mil-
lion there, for the purposes, as it appeared, of pro-
tecting the public. With regard to reductions in
1796. which the Honourable Director had referred
to as a sort of warning that the circulation might be
hereafter cramped in the same way, he must observe,
that in 1796 the case was extremely different. The
price of gold was then below the Mint price, but a
panic prevailed, and the bank was induced to lessen
its issues. It had heen asked, why should not the poor
man with only £lO get gold for it if he wished, as
well as the rich rlSan ? To this he answered, that
they did the same benefit to the poor man by restor-
ing the whole currency to its proper value, and by
making one thousand pounds worth what it purport-
ed to be, instead of what it now really was, worth
only £970. Besides, the poor man, if he were very
desirous of gold, might carry his £lO note to a gold-
smith's, and procure with a very trifling difference,
the full proportion of what the Bank itself paid.—
To revert to the subject of the advances to Govern-
ment, he must ask why were they made? He could
only ascribe it to the strong propensity of the Bank
Directors to act as I\linisters—( laugh).—lf they
L would give up this anxiety about the state, and at-
tend only to their own interests, things would go on
much better--(//car, heal).—A most fearful and de-
structivei depreciationwe had hreacdo,actl.eod, and
netim
he time
was happy
taken place,
but
from that
to reflect that we had so tar retraced our step's. We
had nearly got home, and he hoped the Eight Ho-
' nourable Gentleman would lend them hi; as,..itance

to enable them to reach it safety. He Ivciild venture
to state, that in a very few weeks all alarm would be
forgotten, and at the end of the year we should all be
surprised to reflect that any alarm had ever prevailed
at a prospect of a variation of 3 per cent. in the value
of the circulating medium. His own general opi-
nion was, that an unfavourable state of exchange
mutt always proceed from a redundant currency. If
corn were imported and paid for in bullion, it was a
proof that bullion was the cheapest commodity.—
Suppose all the Bank notes to be paid in gold, would
not gold become infinitely cheaper ? If our paper
had been of any intrinsic value, it would, having be-
come cheap from excess, have been exported also—
(Hear.) He thought it right here to pay the tribute
of his approbation to the late excellent regulations
of the, Mint. He entirely approved of making gold
the standard, and of keeping silver as a token cur-
rency. It appeared to him to be a solid improve-
ment in the system of our coinage. Nothing could
be clearer than that Government had the power, by
limiting the quantity, to regulate the value of the
silver. The Hon. Gentleman, (Mr. J. P. Grant) in-
! deed had observed, that the silver coin might be
' imitated abroad; supposing this to be the fact, the
value of the silver coin might be lessened, but that of
the gold would not therefore be raised. Silver was not
alegal tender above.tos. and gold could be demanded.
it was true that £lO5 might be offered in silver in-
stead of £lO3 in gold; but this could have no effect
in altering the relation between gold and all other
commodities. He should be happy to argue this
question with: the Hon. Member (Mr. Grant), or
the', Old Merchant,"—(a laugh)—(n some occasion
when it would be less irrelevant to the subject under
consideration.—(The Hon. Member sat (tutu, mnicht
loud and general cheering from, all sides of the House.)
Mr. Alderman HEYGATE opposed the Report
He was only surprised how we had contrived to go
on with so incompetent a monied ciicuLstion for so
many years—(Cries off Question.) •
Lord CASTLEREAGH rose and proposed, as
there was no pi obability of their being able to come
to any satisfactory division on this important subject
that evenil;g, that the debate should he adjourned
until to-morrow, with an understanding that this sub-
ject should then take precedence of all others.—The
motion was agreed to una rcce, and the Debate ad-
journed accordingly.
The Mouse then resumed, and the other Orders of
the Day being disposed of, the House adjourned at
Two o'clock.

BANK REPORT AND EVIDENCE.—The Minutes talon
before the Secret Committee efthe House of Commons is
now re-printed by Mr. CLEMENT, No. 192, Strand, in
380 Svo. pages, at the price of 7s. It consists of the
Evidence of Six Bank Directors, including the Go-
vernor and Deputy-Governor of the Bank of Eng-
land, together with that of Eighteen of the First
Commercial Characters in this Country. This Re-
port, illustrated by such a body of valuable evidence,
is perhaps the most important Official Document to
' the Mercantile, Manufacturing, and • Agricultural
Interests of the United Kingdom that ever was pub-
lished.

Bow-axsarr.--Yesterday a man of the name of Dehary was ex-
amined at Bow-street, who had been found in the Duke of YOU'S
house, near 64 bed-chamber, after his Royal Highness had re-
tired to rest. lle was discovered by the Page, as he also was
going to bed, 'and had be entered only a minute later, be would
have got uninterruptedly to the Duxes chamber. He had
climbed over the garden wall from the Green Park by means of
a large stone tied to a rope, which he threw over the wall. His
plea was, that he had written in vain to the Duke, informing
him of his distress; and having been denied admittance by the
porter at the front door, he had recourse to the expedient de-
scribed, in order to have an interview with his Royal Highness.
The Doi bad consented in the first instance to his liberatioe,
(the man appearing delirious) upon ,:ondition of his returning to
his Lome, Whicli; however, not having done, Le was yesterday
committed to Br idewell as a vagrant.

STATE OF THE ODDS.-BETTING-ROOM, MAY 24.
DERBY.

3 to 1 apt Pledge 7 to 1 apt Sir Topaz
4. to 2 apt Sultan 10 to 1 agat F.uphratts
13 to 2 apt Louisa 14 to 1 agst Quail
7 to 1 agat Dominic 20 to 1 sist any other.

THE' EVENITs

6 LONDON.

TUESDAY, MAY 25, hfl9.

THE FUNOS.

PRICE OF STOCKS THIS DAT AT ONE O.C.
Bank Stock 212 214
3 per Cent. Reduced 664 654
3 per Cent. Consols 67if 6C
Si per Cent. 744 74-4 Cent. S3l
5 per Cent. Na•y 101i1 9M
Bank Long Annuities 16 15-16 17
India Stock 206 205 206
India Bonds 5 pre. 10 dis.
Exchequer Bills (2d.) 2 7 6 dis.
Consols for Acct. 67} 674 661.

The di sciwinn in the House of Common,
on the Bank Report, or rather on the
proposed by the Committee, and :chic'
night submitted to the House, v!as intei
luminous. Tile first three Resolinir.ns v
unanimously, on the motion of Mr.
,the fourth was read, that relatirg t p,
Bullimi,in stamped ingots in gnat tiffs
60 ounces, at £.l. ls. per ounce, Mr. E
his intention to propote several Amend
Was followed by Mr. J. P. GRANT,
tack on the Mint Regulations ; to why
Pima replied in a very able speech.
Mr. Ttutuzy defended the Bank, an
swercd by the CHANCELLOR of the Excir
MANwrNo, the Bank liirector, opposed
tion, and was replied tc by Mr. Blasco°.
of Mr. ,lIANNING'S speech deserves parti(
tion at this moment :._,alluding to Cie pre,
he said it was founded on•apprehension t'

WAS about to contract its issues, arid
Howe that there w..snci ground for
sion. We give Mr. :ifarstNa's itatemf
gi ee of credit. On the motion of Lord C.
the Debate was Adjourr.e..l till this ever,
The result of this diS:uss'cl haz!
with great anxiety, to see what ea-ect it
duce in the money market ; and 'long.
there was a considerable bustle this morning te!
what effect the question, in its present state,
have on the Funds. Long before the hour of bi
the Stock Exchange was crowded to excess, anti
seemed to be a general expectation that
would open at 66, but even belote the time of
siness had fully arrived an eminent broker
100,000 at 67, which gave an instant impul_
opening market. The price instantly went to 67k,
fell again to 67k, at v.hich pi]te they w.:re
the Commissioners made their purchases, which
did in the Reduced at 661 from the jcbbeni
rally. It was evident from the quantity of
sold out by Powers of Attorney that some degree
alarm had reached the country holders. Bulk S'
was sold at 211 but rose again to 212-214.
Consols fluctuated liter in the day froth 67} to
66i, 66k. Exchequer Bills fell to 7s. discounts
recovered Is. and the 5 per Cents. have fallen bell
par, from a report very generally circulated, that ,
Minister means to fund in the 4 and 5 per Cent,.

The Paris Papers of Saturday arrived this morn'.
The Journal de Paris, with which the Report
gina:cd of the KING'S Coronation having beer.
for tEe ‘2sth of August next, persists, in spite of

contradictions of the other Journals, in the
ness of its statement. It affirms that all :he

sary orders for the ceremony have been given.
that a Commission, which had been appointed :c

gulate every thing connected with the solemnity,
already terminated its labours.
The Chamber of Deputies have had another
discussion on the Budget. A supplementary aria
of credit to the amount of 2.500,000 francs, for it
demnity to English subjects in vi::ue o: a Conve:
tion of the Ist September, l SIT, was not pasted
out a good deal If reluctance. list-Gs::' de
minded that the Treaty alluded to shouldte prt*
duced, and observed, that in Erg!anc: a Chazce:lc:
of tl:e Exchequer would never have ventured t 3
move such a grant in a Ccrnm;r.e3 of Supply vitt•
out having previously laid a copy of the Treaty be
fore the House.
M. LAINK explained, that the sum in question hri
been granted as indemnity for the property of Ent
lish subjects sequestered at Bourdeaux in 1814 ;.a:;.4
M. Dassou.as, who happened to be on the Mires
terial Bench, produced a copy of the Treaty, was,
being read, the question of the grant was, atter soze
conversation, passed without a division.
The Council General of the Bank of France hat
issued an intimation that, after the Ist of June nes;
the Bank will only grant Discounts at the rate c
Four per Cent. on paper of SO days and upwards.
Five per Cents. Friday-661r. 85c.

llas
THE DUCHESS OF KENT.—The following Bu
was issued yesterday afternoon :
" MONDAY, !NH'S 0.C7/Ve, r.:'.
" Her Royal Highness the Duchess of Rehr, and her ilfact,
continue in a favourable state."
Prince LEOPOLD of SAIE-CODOURG „arrive,' rtl
Friday last at Paris, on his way to England.
Poimiowni, MAY 24.-Wiild E.N.R.--Arrived the Fe'..
(transport.) from Guernsey; Prudent, Qtativoti; aad
from Waterford; Mao, from Swiderland.--Sailed the Richard,
for llavre ; and FAlward, Htvis, for Waterford.

DIED.
The Bart of Stamford and Warrington, Lord Lieutenant or
the County of Chester

LONDON s fisted art pssislish---ed by Links Kat, Pickett.
Titritplc-kos.

L

tt.cct
SCI
111% lAA ti
IteKolutiux
:11 Were ;al
:resting
tvere ca
Pd)lThrls
not I;
:Lutt f:ani
dme M. Re
awl was as
lIEQUEL fly
1 the Rest!,
o. Oiie
• att-
that the Ba
assure.::
le-t ever; L
..Asztzta.t.J
it v:cu:si
;h .A
ruing to .
: state, W(::
lur of busi. -
:css, ani
that Conseil
e time of bu-
3roker boo • -
impulse to the
lit to 67i, bat
w.:re wt."'
es, which they
jcbbens
Ltity of Stoc
ome degree
Bank Ste:
12-214.
at 61 to 67,
discounts t
fallen belt,
lated, that
per Cent,.
this morn' :g
le Report cri.
ig beer. filt:
ir, spite of tit
in the correct.
all :he neces.
en giver., aid
)poir.ted to re
seerr.ritl.,
another day's
rlentary arid,
francs, for is
GI a ConveD
pa.eci
linuoszT
I;ouldbe p
a Chat:cc:lc:
e ventured t:
Supply_ with.
Abe Treaty be
s question hri
party of Ent
:inlBl4;aJ
on the lii: it
freaty,
ras, atter soze
t.
Vranre have