Star.
London, England, 1819-05-10 00:00:00

~•

tliry Clamierd.

. . .
• what mild n - ere it could be more • 'e AI restore order dhe
and rrecey to tb. .
our ' returnee will now rive the'
. , nw. s'e. ''',"ll . eats width ' ,e, t'‘" b. . • se. .g deg - cots •• -L.A. ' . ' Couhair,ybsvuttetiesselivp, orinabilt•es
thwanho
sawyish • noteriem., I .
.4
agreements entered intd) as, for instanee, the IndPismed upon fir
ee anne*l° ''
d'!• • and in. r' ' *.: 4e! •P ''s an 7•- of it. OS. ' at. mu 'M On i
the credit of anneal defies, ar.d upon tilhatidv ATACOnater the - erm . -as cient standard uf value •; em. -.Are, de • •°tl.
as a loan to the Pubi:c, in consideration of the al, of the ternaU . el the ne sumpsioo on ie.*. .On the • 4 • JP. .ftCes.oupour Able, ir it t . 61'.:-.1. •
tive. : . the,
Cash ' • colt •en ' , ,into • . i • *.i • tity of g. r. wit it
be regptred f ver,yet established." nauderd a.t • 4a ca
-meta,. • ast
e bins " purchased," *advise which iihr taken by the •thnifinatrye mem, of • .. M, .•• e I cannot ' tine,
„e„. , • etmitrency ;but e
~,. .. ,
si .• at iff the , C44.-Q,
•' . “ mast be ; r•I a , Prod' If peaFOr the sequel on iris solo eel beets ...3' ”•
sar.sii or ria.
Dank (usually iler en applicatilirtornethe Tr:. ury), when eh thL that the 'Sks c pay in * • .. itCup.c),don -47. • . ng•ment which they hdve 1 'f- •tc.)r-re.
issue of Exthequer Bine takes ce,,4ttid ether: they canuot td oinoilthudig•in that state, until there Was a tonffnereble pop- es • nor the purpose of acquiring' mS4 retaining the gold ia 1 in as hick 'Gold shall be neueeliget'6„,"'deS r"rnet.'l
sold to the public at a premium. mile 'twin never credit any thin •tif specie already in the circuLtdon of the country. I * ••-. . - i mei elintresto U preseat umopeantioo. which are i egoomromern.
folknvom fin:ntaryis.t:eacioins:i.
a:
omit:: ft
841 a,„
ptemium, nor deduct any dbcotell men! the BUB that taken; prebend, that by no process, even if the effects of goy tuddde hely, by increasing** value of the precious Metals, to thermos I -
nor do they resell such Bills to the PON,. • • reduction of issues were totally disregerded, could 'the sum inn '' 4 ProPnnionatlehntroe, the diffeulty of obtaining, within all-
day list. :AR of _
An account in the Appendix &hews the total amount of Ex. cessary 'for the purpose be brought into the totkary withinoten *Rod. period, an adequate supply for the use of this country. Sttn.
chequer thus* authorized to be issued by. Parliament in every periodemennoned. lam further of opinion, that the operatioti lt appears that the Governments of other countries in iOneme
year since the year 1792, and the emount which the Bank was of reduction necessary for the purpose I have Mentioned, must are now occupied in substituting a metallic,, for a large partner Your Committee would beep mute their 1 - atepori,
authorized to take of each descrinaion'of bills. :silvans be accomltenied with some restraint and inconvenience of the paper currency, which the necessities of war compelled not think U necessary, shortly to ad t`P'nh if tic,j
them to establish; and that the supply of gold and silver iii- Country limits. Toe notes of all thanevert-t2 ti''' `el. tlati!"
The amount of the. advances of the 'Bank to Governrint, to every branch of industry in the country ; and that if it were
1* affect" ilab
tt
' 44.4
deducting the sum issued front We Unclaimed Dividends, year forced, with a.rapidity at all approlcbing to what would be re- Ported into Europe of late years, has been diminished In C4411.6c- changeable for the times of the mei, of ”'"ei:btit,shrn.A.T, 7:7 4
WM. of February and 2d of August of each year, since ther suited for the payment in the ceurse of a twelvemonth, the in- guenee of the disturbed star tof the Spanish Contain. the current-7, tlr2.retore, they men
1814, and of the Bank Notes issued during the corresponding jury would be intoleruble ; the reduction of paper would pro- These efforts on the part of other Countries to restore to par in value to when' Bann of pestiend . It aayhm
. .
with the precious metals the value off' their respective currencies, consettLently; will be alike secured from ctuzctifrefi wet
hall i unit
half years, appears from the Accounts presented to your Corn- duce all those effects which arise front the reduction in the ucteeme, Is,
would, by making the exchanges more unfavourable to this arratigonent which v.:II rffeettolly imam and
mittee to have been as follows: amount of money in any country ; an effect which I think is
country, aggravate the evil of a eon -core restriction, bu.t
BAEZ NOW. AnVANCE*. well described in Mr. Hume's Essay on Money. The conse-
°it
. upon
n am
par
a Bra with
wahmeicht4carinc
they will certainly, by Increasing the value of the precious me- this mine of the subject,
1814, Jan. to June 25,511,012 ... Feb. 26, 1814 25,607,305 quences of a contraction or expansion of the amount of money
ten, resider iucreased exertion on our part necessary for procur- sion, that there can be nothing in the cature of th:"•--memeewt1t
Jan. to 28,291,852 ... Aim. 2, • ... 34,937,800 in a country, seem more felt during the program of such con.
Inls, Jan. to June 27,155,824 '... Feb. 26, 1815 27,156,000 traction and expansion, then from any positive amount of money ing a sufficieft supply. I"urstar±damarnraid:tbstteevalafeeer'nle:;aAlt:lc.Lew:Lle:Liufitelit]
The ability of the Bank, however, to resume and continue sumption of Cash Payments upon the ph:, se..rh Menem
July to Dec. 96,611+,210 ... Aug. 2, ... 24,079,1C0 at any one given period. It is not, in my opinion, of greet ins-
cash payments, depends less upon the actual amount of treasnre mittze hive rte !-sled, then have Made it theirwe I'*:,,
jr,,taa•
1816, Jan. to June 26,468,283 ... Felt. 26, 1816 18,938,300 portance what aniount of tonne/ may exist in any country ; but
it itay be- pesstble to accumulate, than upon the state of the Inn certain the peoladde ammuit of that cireuntem uthenlense e•
July to Dec. 25,681,306 ... Aug. 2. ... 26,042,600 that the question of whether it is QE the increase or decrease, is
1817, Jan. to June 27,339,76 s ... Feb. 26, 1817 25 390,500 one of great importance to every branch of its industry. reign exelneigee previously and subsequently to their resumptive, nods ; thougt. they have to regret that they ha:Ten---,......•-•ter_..,,,
a•id to the degree of' certeinty there may Le, that the nierket to obtain as precise and full infonstation u might bed --`174
July to Dec. 29,210,035 ..: Aug. u, ... 2r:330,718 Air. Ilaldimmel stated, " that he conceived it to be necessary
1818, Jas. to June 27,934,.'5S ... Feb. 26, 1818 27,002,000 that the Bank of IS:island, in order to be enabled to resume the *spice of gold can be tidu.ced to and made to conform with the Tnere El' nut sufScient data from whim,.nerd.
0 marts: tee
July to Dec. 26,487,8:i9 ... Aug,. 2, • ... 27,060,900 payment of its Notes in specie, should reduce their present Mint Prise- amount ot Coentry Bank Notes at an • ° -1°
y one three in cir lee!
Feb. 11, 1819 21,930,000 *mount to the extent of three or four millions forcibly." lie ex- Unkss such a reduction can be effncted, and such a confer. Your Committee cited far accounts from the :Isar. cs
From the year 1700 to the year 1797, when the Restriction plained, " that by the termferribly, he meant •a reduction, net mitY established. it will be in vain fur the Rink to expend theit the nem i o of Promissory Note, tamped in
eac-0 16,, I
Act posed, the amount of advances made by the Bank to Go- arising front three or four millions less being demanded, but capital in is purchese of bullion. No accumulation of treasure, querter, from the year 1810; and as thete m en'escrelliame.
Ye :nment, and of the Notes outstanding on tae 2.3:h of Fehr.i.. front three or foer milliors being demaudel and refused by the to whatevri extfet it may be carried, cao tender the Bank corn- number of Notes stamped in each of the classes into 'esees '-i, e'4
aty in each year, Was Bank to the Public and Government. He considered this ' at to satisfyolie demands, which will inevitably be made are *dividednaceordmg to their several tt muot; • nns "I
as it Lk,
170 10,217,360 7,008.968 forced reduction of the issues of the Bank of England to be ne- for gold, if the Beak are under an obligation to issue it at she initial value of each is assumed, far the sake of e'° '"' e enhtieu ten
1751 ...... .... 11,699,140 - *emery, in order to restore the rest of the paper in circulation to rate,of XS. 175. 10}d. per ounce, and if the parties having a the highest which rush note coda bear ae n ' - corona to the
179.2 11,349,810 ' 9,832,358 its ancient value in gold, and trio exchanges to par.". Being right to demand it can continue ter realise a profit of 5Sr6 pd arazodi the total amount etamPed II emit mete %%manse ct.ll°
1793 11,451,180 '9.064,698 asked if, "in order to pindece the effect which he anticipated rent. upon it.terPOrtation. 18146 t 4 .... •• • .... ••••••• •••.. • . it 20,213,mi
esteem,
1794 10,96.5,580 8,786,514s from a forcible reduction of the issues of the Bank, it would be The documents in the Appendix afford ample information. 161$ „es._ 8,2e4.0,.11
1795 15,539,160 ' 11,114,250 necessary that the reduction should be sudden?" Ile replied, ;vies. respect to the state of the Foreign exchanges, and the price 7,10.3. me
1496 11,030,110.........11,7J8.750 "In in opinion, every possible disadvantage and inconvenience of gold memured in Bank notes, for. several years past, and the . .181 4 9,975,98
to the Public would arise from a sudden reduction. I suoidd various opinions of those who were deemed by your Committee 1:1101 ....... mo ....
The amount, therefore, of advances to the Goverdment does.leanness
nnt appear me have borne, for me time previously to the Re- certainly recommend its being gradual." most competent to form a judgment with reepect to the causes If thew Noes um asi average circulate for nee vein, ge
seietion Act a much less proportion to the total amount of Mr. Gladstone, a Member of the
s. •house, and a. Merchant, which have of late influenced the exchanges, and the price of laiesest arregate amount to whom they em Lee .
Notes outstanding, than the advances since 1814 have borne to PrinelPaUY engaged in trade with the Fast and West Indies, and gold, will be ascertained by a reference to the evidence. £35,232,870. c read
the Notes issued in corresponding periods. occasionally in general trade, gave an opinion, " that the in- Your Committee here already observed, that for a consider- Your Committee are led to conclude, from the *-1
t.. •arinstietyr
It will be seen, that a material reduction of the debt to the flumice which the reduction of the Bank issues prodoces is of a able part of the years 1816 and 1817, the foreign exchennes were Mr. Lloyd, that the whole amount of Notes pae men'
Bank took plate between the month of August, 1815, and the secondary nature ; that in ether times, the alteration of two or in favour of this country, and that since the month of July of the still remain in such a state as to be circulated, can n C.
month of lBl6 ;it haying been reduced in the latter three ntillions in their issues would not have been at all felt ; latter year they have been below. par.—Some of the witnesses been at once In circulatioa. lie lays, a a Banes, may ill
. period to the earn February,of A 18,988,300, deducting the advances front but that in the present state of the trade of the country, after ascribed the unfavourelde change to the effect of the loans which 50,000 niotes'lving by him, his having paid the dilly, andeeeu
Unclaifned Dividends. a year of much over-trading, and a great accumulation of to- had been made about that period by Foreign Powers, to the re.. the Notes ready by no means proves that they are in circa.' '
This debt was again increased between February, 1816, and reign goods in the country, and of British goods- for Britishmittance of British capital for the purpose of being invested in Sometimes there may be a very Urge amount locked up by.binu4
the August following. account in foreign markets, whatever tends to narrow the means foreign securities and foreign commercial enterprise, and to the at other times they may be almost all is circulation. Itinne '
d
In that interval, War Tates to a very considerable amount of circulation, acts in a much greater degree now than it would effete of a very large importation of corn in the courses): the last alarm, be takes care to have them as much at home as 3' .
year ; anal some of those witnesses are of °Odom that no rhea- in time of prosperity and general conndence, he has I.
"bit'
were remitted ; a largo addition, authorized by several Acts of la other times."no Imitate
tyres could have been taken by the Bank to controul the effect in issuing them on satisfactory security."
Parliament, was made to the Unfunded Debt, and to the ad- After a full consideration of the evidence, and of the several of such extensive remittances. Mr. Lloyd expressed an opinion, that the issue of paper In
moots for which the Government were indebted to the Bank. matters to which it is material to advert, in considering the ex- Other witnesses, admitting that the canes which have been the Country Burks might be from 40 to 50 millions • but you
The amount of those advances was again reduced from twenty- pediency of resuming payments in cash on the sth July next, adverted to bad a tendency to depress the exchanges, conceive Committee are rather led to infer, front the g mai'"ter
seven millions sixty thousand nine hundred pounds to twenty the amount of the advances of the Bank to Government, the en. tenord it
that a contraction of the issues of the Bank sufkient to counter- Information before Went, that the amount of thick:lmhof th
one milli/nu nine hundred and thirty thousand pounds, between quantity of bullion in their ci
coffers the probable effect of a rapid
the 2d of August, 1818, and the'llth of February, 1819. and, considerable reduction of their issue*, in whatever manner, balance the operation of these causes, might, and infallibly would paper circulation, throughout Great Britain, hasten: e• .
It was proposed, in May, 1818, to repay to the Bank a sum or with whatever view such redaction might take place, have taken plea, had there been an obligation on the Bank to from 20 to 25 millions.
pay its notes in specie on demand. Whatever may have been the amount, it appears union. a
of from eight to nine million, by gradual instalments of one Committee are decidedly of opinion that it is expedient to con- However the exchanges may have been thus affected, in the to have beets liable to great fluctuations, as may indeed be ink.
million a month, from the month ot.May ; the Bank having tinue the restriction beyond the sth July next.
attunethen considered that repayment sufficient (according to the evi- On attune of the last and the preceding year; your Committee see nut from the account ofstamps the before alluded to, but ea
nthe next point of inquiry, namely, the period no reason to apprehend that the causes above mentioned, or any more certainty from accounts famished by the three chatttrta
dente of the Governor)" to enable them to make the experi-
ment of the Resumption of Cash Payments. at which it may be advisable to terminate the Re- similar ceases, cart continue dr affect them In slich a degree as Banks of Scotland, representiug the proportions which the Ted.
To meet these Warges, and the services of the year, and also striction, the Committee report as follows: to preclude the Bank of England, by a constant reference to the tett), averages bear to each other, of the respective condoned
to effect a further reduction of the Unfunded Debt, provision 111. Your Committee have nod presented to die H their exchanges andtheprice of each Bank, at three corresponding •
gold, and want necessary, by a eau- . periods; the miles by one
intim of their paper currency, from gradually approxi- the circulation of these Banks is thus *hewn, establish the dent
was made, by .a, loan of thfeeillilliollll in money, and a gradual view of the two important paints which they proposed (accord- dale
red
muting its
value to that of gold, and ultimately resestmonhins of the proportionate variations in each respectively; but it era
funding of Exchequer Bills to the amount of about 27 millions, mg to the order of s eto coke the met subjects tlf their and maintaining It at par. be observed that those scales, being constructed upon dinette
with power to the subscribers of making money payments, in- investigation—the mete m the Balk of *leant% and the
dead of bringing in Exchequer Bills; and it was understood diency of resuming Cash Payments an the sth July next. 'My
num your committee have had submitted to them a calculation of data, afford no means of comparing with one another the and
the amount of British capital now invested in foreign securities, Mount of their respective Issues.
' 'that the Bank should retain one half of the monies paid in, to
now proceed to offer thdy observations with *meet to the Po- and of the remittances, which may probably be required for' Last Qum. Third Qatar. Last feu
the extent of the monthly payments abovementioned. died at which it may be advisable to terminate the Restriction. further payments ce account of foreign loans. The calculation •is 1813. 1816. 1814
It appeal, however, that the sum paid in money on account
. They will, in the first instance, advert to the supply of Gold founded (*the estimates of three commercial houses, extensively British Linen Company 1,400 - 910 - 1,263
of this loan fell short of the amount which was expected,' and which may berequired • order to meet the probable demands
itsengaged in foreign loans, which estimates ermetined to vary to Bank of Scotland - 8,773 - 6,728 - 8,171
the repayment to the Bank did not much exceed five millions at upon the Bank on the resumption of Payments its speein
the end of Jemmy, 1819; one million of which the Bank doan in
It is difficult to f •any est eof the d etetdderable extant; sad ft t.
e°l°Pateld this the Royal Bank • - 735. e 967 - 1,131
not ;tinnier as an effective re-payment, intereu to that amount Gold in are on° ace . • a &kith capital in foreign public meneydnos about ten =As a very large put of the cursenny Of Scotland ie funietti
circulation previously to the year 179 f, and ceeleeatree five hundred thousand pounds, WWI =MOM 10111141161* pp- by those Banks, it met be infersed from the preceding "do
beldue'tts the Bulk Upon the whole of their advances. with respect to that which will hereafter be required, must no. posed to be its French Stock. This fleelmato Wasidellisbad --- .
'to that whoever was the imount at the dose of 1813, not WI tin
Tice' amount of the advances of the Bank to Government eemem be and tida
y more vaguetutu dory. the Committee by Mr. Hadimand, who taiga atm ii a'pnisd. one-third had been withdrawn front circulation in 1816, mutt
was, en the 99th of April last, X 19,438,900, the sum of In the communication mode to the Goltunittee by the Cook bility of error, to the extent of one or nirotallices. He is or which period sat nod amount has been re-issued.
X1,091,8!0 being deducted from the account furnished by the of Directors of the Bank, on the 25th March, it Is
Boole as the amount of adeances on sums issued for the pay- a th, the of lo circulation before the opinion, that little '''' "'bin more will be apt trail dal "Wl' A n'wnalik'n' cuiTeePcildfng Iv" thl° is point °l69r;issd
. ft amount .
meat IS dividends.. • war was try on amesent of theettett Wee% now in oranhe eesetyment,, least, equal in degree, emirate to have taken place in tat pan
I,frionfirrnioh f
their
. _ variously estimated,' ever by persons beet qualified, from their Mr. Halm', a partner in the imps in', dm, issued by the Country Banks to England. The' number dile!
iopinion yank respect to the situation .to obtain information. it seems, however, to have not consider the whole welted in As_ establishments lieeened.lin 011 e wee 940; in 1817, was 752.
neallity of Chinigment repaying Jrut of what they been agreed that It was about thirty millions ;bin whatnot the including' amount 4 al"
reign, American Funds, to be ten millions; be speak. Mr. Iloyd stated, that the circulation of the Country Beth
owe the Bank; previous to any Resumption of Cash asnount, the whole leas been exported. of capital permanently invested, and does not take into the am was at its highest In 1813 and 1814, but was confidently re
Mr.llarman states in his evidence, " 'That the ansonnt of count that which
may haveheen • empioyei is epeutatien lb duced in 1816, and the beginning of 1817; and being ained ass
PaymOnts, the Committee state :
gold' tn the country• previous to the restriction, bad been esti-
'ln confirmation of this view of the subject, the Committee mated by the nue Lori ms,-----i ...sm. at thirty millions. Mr. Rom drawn back • •
Foreign Funds, a great part of which, be observed. had been the amount outstanding at the latter periud,when conipaintivria
beg leave to refer to the evidence of Mr. lialdimand, now one'watt proth to this country. Hi does our think that the former, he answered, " I can hardly say, I should thinks
stated it higher ; but perhaps if we were to it at twenty
of the Bank Directors. lie states, that "it is his opinion that millions, that might be aboutPs the amount which was in circa! more
than
three militia° of Belt" proper"' are permanently was
reduced
twarli
one-ball."
a sum of from eight to ten millions should be repaid to the'Bank. Invested in FreneleStock, ind IV of opinion, thet if it advances Your Committee were furnished by Mr. Stuckey wet th
lation previous to the Restriction Aet."' He "
by Government, supposing the public balances to remain with- thinks he is warranted in saying, that if twenty nullit
adds, besides
in price, a considerable nion of that will be withdrawai and following Scale of the Circulation of a considerable Cahn
nut any considerable decrease in amount" . And being asked, what remained in the Bank ts for the of e that
there
is
no
P •lky
that any emniderahie sum will be Bank for the East four years :
" Does the aggregate amount of such balances operate as a dimi- dit before the Restriction Act, ittaking •
Is lt moderately to tracked for abroad.
expels- remitted from thisscountry, in conseemence of loans wowttoo- Match I 816... ......to-........r.• -...--.11/
nutian of the amuunt of the total advances made by the Bank in•
coutend that as much would be necessary soot."
to the Public?" he answers, "lies, it does." Mn Alexander Baring observed, "'Dem it is difficult, indeed changes YQIlf Committee are of °pluton, that the .future effect don ...... -. 1516..., .5....—...111
For the reasons alleged, it appears to your Committee, that impossible, to form any accurate estimate • but his im r i is, the of remittances on account of Foresee Lewin •••..•••• ...... 1,19
although the amuunt of the advances of the Bank upon Go- -that with anu andperfect coin, such'the w
verntitent secerietee is accurately stated • . in the Appendix, yet in in his opinion would exclude the A 3 and fil notes, Swhelcilaser they Cash Payments will tend to diminish that effect; and that nib. evidence of Mr. John Smith, a Member of the Home, Kele
determining the effect which these admixes have, of dminish-seguently to their resumption it will be subject to a constantly inuel Gurney, and Mr. Gikkrist. . .
are by law excluded or not, the ant tof oak agold '
ing the cuntroul of the Bank over their issues, a deduction must would not be much {psi than from 40 to 4$ 01111loos. He operating controuL In torroborastion of this opinion, the Cote- Whatever may have been the diminution in the mean
be made corresponding in amount to the average lutes held furmittee refer to the manner in which the Exchanges of France the circulation of Country Banks in 1816 and 1817, it waste
mean that the whole amount would be req before cash and Holland (countries having a metallic currency), have been la 'degree caused by a diminution of the issues of the Bei
any given period by •the Bank as a deposit of public money, payments could be resumed , but he thinks that the could sot
since that deposit-, by lessening the amount of Notes in circula- be safely undertaken with muck less than half of that amount affected by similar remittances. of Insgland. 'Else circulation of country paper is liable to it
tion, restores to the Bank in proportioa to its extent, the power The Dutch Capitalists have embarked to a very considerable affected by wait of confidence, generally brought on by ens
tually its the country, which its circulation would ab-
of acceding to the applications made to them fur the discount of ultimately - extent in the Foreign Loans that have recently been made, and slue failures in some of those establishments, and the Jesse a
sorb; amid that the half could not be accumulated without great
mercantile bills. are supposed to have taken Read). three-fourths of those nude which is, that either Country Banks, however solvent,
pressure upon upon the country, In lees than four or five years from by Russia;
•Your Committee trust they shall not be considered to have but no sensible elect has been produced open the pate more or less in the general Oiscredit, and are obligen too
Incthe present time."
cooped into unnecessary details in having thus given a full ex- •Lxchanges or Currency of Hoiland. France, notwithstanding strict their Lewes, from a regard to their own security. b*
The data on which any reasoning with respect to the taunt
position of the relations between the Government and the Bank.the great extent of Contributions to Foreign Powers, which (video of Mr. Tooke " a like effect is sometimes product
of metallic currency *at will be required subsequently to the
It will he seen by reference to the evidence, that the amount ahave been defrayed by that Country, has maintained an ample and in a much greater'degree, from the discredit of their or
removal of the restriction, so imperfect, that your C mi
their advances to the l'eblie is urged by the Bank as one of themetallic currency. It appears in the evidence of Mr. Holland tomers, to whom they are In the habit of advancing roman
abstain from offering anynkcisive opinion upon the subject, but
main intim-dime:ay to the early resumption of cash payments; they think that Mr. Baring has over-rated that (man Kith and Mr. Irving, that the price of Gold has remained neatly most oftheir customers being holders of articles which are ha,.
and that in order to nuke preparations for their resumption,stationary at I'aris for the last four years ; that in 1807, when to be affected by a general depression of price.
respect also to the disposition of thepublic, to require gold coin • • •
mon I
the Bank require a repayment to the extent of ten 'Militias. as currency •
us preference to notes under five pounds, a conchs-
The Conurtittee was anxious therefore that the amount and opmof seven per cent. there was none in Paris ; and that between the witnesses mast' conversant with the management et Courei
sion may be drawn, front the testimony of e.. witnesses, dif-
ration of these advances, and the degree to which thee effect is feting from that which Mr. Baring has formed. It has the sth October and the 29d December last,' whilst the varia.. Rinks, and to whose evidence your Committee te•g leans
counteracted by the balences of public money held by the Bank obeerved in a former part of the Report, that when the Bank don In the Exchanges between Paris and this Country amounted refer, that a reduction in the Amount of the Notes issued 0
should be clearly understood ; and this appeared to them theto four per cent. the greatest variation between Paris arid any the Bank of England would speedily and necessarily be foil
undertook to pa, their notes in cash in the year no
more necessary, as the Committee feel it their duty tocloee this year 1817, pre- Country, which had a metallic currency, did not exceed one by a proportionate reduction of the Country Bank Paper; 01
ference for coin was sh • ewn, until the foreign exchanges caused liar cent. • It must be obvious, that, independently of that cause, the ler
branch of their inquiry with an earnest recommendation to the a demand for the of exportation.
House to make immediate provision for the gradual repayment hit. Hat states in his evidence, "that . at that period. he • Rothschild being examined, as to the effect of the Cots_ ,is liable to a sudden and highly inconvenient contraction, use
occurred in itit
to the Bulk of that portion of the debt which the Bank requiretnbutions which France has paid to Foreign Countries, upir such circumstances of distrust and difficulty IS
was induced to flatter himself thit the doors of the Bank would
to be repaid, and to eetablish some permanent provisions, lin be —that (if
be might use the expression) the public orb it
rifting and defining- the authority of the Bank to make advancesper nt." CC , ing increase in the issues of the Bank of Er.glandi the
would hardly know whether the Bank w* open or shut—that it sinaikr tr.
to the Government, sad to purchase Government securities • was in a moment of tranquilli -mhatpeople seemed indifferent " When your Committee considers the extent and which is fortunately unassailable by the influence of
and bringing under the coasters/ inspection of Parliament the
' about gold—tbu instead of co7nir.the for gold, "g to Bank they value," Scc..see, as given in the STAR of Sat da ur y, of
euntstances, must have a tendency, by diminishing the asPiA
extent to which that authority may be in future exercised. brought their gold tc the Bank—that remained, till the financial. down to the reference to the opinions of Mr. Bari the
' t
Pape Currency, to raise eke value tit the whole.
t aheefen
On the second head of the inquiry, the conclusion operations in France began, and as soon as they were talked of, ti
r. ng Thin in the opinion of your Constrittee, was one a . .
produced by the rapid contraction of our Currency in Mlles.
of which we gave in our last, the Couitaittee report, the tide turned."fall ill the no il
In speaking of this plan, Mr. Baring observes, "under be andbed in part the? .
as follows: Mr. Stuckey, a gentleman very extensively connected with
a system, the whole amount of Bullion that would be required Bold, and the favourableatate of the Foreign km nes
11. Your Committee proceed to the next head of their in- Banks in the county of Somerset, gave evidence to the slowing musrbe that amount which the Bank would be under • ' - that interval.
motet'-' In the latter end of the year 1816 and beginning of •
. quiry, the expediency *lnverting to Cash Payments at the pin . - cesuty of keeping for the purpose of balancing the variations Such contraction is an evil to which the system of C°..,73121
pod Seed by law for their resumption. 1817, we had a circulation of coin for some months; it cost us .that may from time to time occur in the amount of currency, Banks, resting up's iedi;idual credit,may be occasiaall7
at that period nearly one buny,
It will be seen by a rekrence to the Papers in the Appea- hundred pounds to transmit the sure which at different periods the state of the Country Committee are inclined to hope that it will Aft
dix, that the Bank, without departing from the principles upon plus quantity of coin to London, of which 4-sth may require, but your
6in °aloe+ at and farther, any amount which the Public may be disposed likely either to prevail to the same extent, or to endure forne
-winch thee Issues on the &seabed of mercantile bills have thug kart, consisted of gold. We could not get rid of it in We coon- hoard. I should not think that the amount requiredso •to
period, "hich an intoner°,
by the long a when the fluctuations to a. e
been regulated, have made a very considerable reduction in thepreferring oar notes. Ir th
try, our customers
Would paper currency exposed, shall be
I brought with me to town near one thousand guineas from one e gradual rouniptiost
tier oat ot notes °OMINOUS& compered with their amount at not think that the contraction and ex • • pension of Currency at the plan which they reminntend for dr 1
tie conmeracentent of tOe year 181*: . of our Banks; on taking them to our London banker% he re- different periods could go much beyond that amount. di d Cash car -Payments, v• e whit It
Front July to Detentbee,llll7, the average amount - quested, as a favour, I would not leave them there. They had ' um
mg wo go certainly to a leu extent than under further to pro el
a system of Whether ft may be practicable . ~..._ais whichaur
was 419,210.085 lately sent so many to the Bank of England, that they did not mon bee
, )mouse there could be no small
hoards, and persons convenience to the public and the loss to in
meali
_,,
in.,
From January below, 1818 g7,954,518 like to trouble them any more; besides, the Bank oily took would be less disposed to hoard larger sums when they had not from the occasional insolvency of Country Banks, l ~4s,
those that were if full weight."
prom July to December, ditto.... ......... ......, aGiiayiti;,iithe means of noting them as currency, if the' stiouln be die. such provision without an interference with tee rifles's' i
founded (r'
for the three mouths to
The average Monet Notvethstandinut this evidence it must be admitted, that no
. posed to do co, otherwise than by selling or carrying them to penv and the,transactious of the community fowl
,sitt
rice rood March, 1819 - "?• •• Of difficulty, resPecant ts •
cu tances, incline to menial credit are questous great
short al interval as that which is referred' to by
Should the Legislature determine on the restoration of cash Mr. Ilallnan
iShink, that ten millions of Bullion would be aoundanCommittee'could not, without further evideuce sad
t fur your
. .___
oil rice sth July sleat. the. Directors of the Balk would and Mr. Stuckey. Gieat uncertainty must prevail with I espc-ct
papu.so. se.every ptrpose; but it is difficult to s oak Stith enabled th Ives to aubtait au 00'4
p 1 accuracy of an derable delay, have
• • to the amount of gold which way be required for the purposes
naturally feel themselves compelled to posmone the mummers-
ton ef all other interests to the security of the establishnient of internal circulation; and the Bank must be prepared net onto whir .rtyspert to the preservation of the standard ' , Your C have forborne from ettarint ee° le' ...
de, and • would make a further and very for the peesibility of a much larger demand for utose purpcses efr; baring gtitai, 44 Than he es- utie 6 tid .o. va.ue, .
Mist rd mei the value of Cur C11:::S.:
.of q c n ent that the scan- soutug upou the Mist pr a upon
e es.ae': of that
portion ot. their currency winch' they than will probably be made, but for the•cousequencee of a drain ogee e 4 the -Comfy,of the amps!"redi` ea
, mei course the par video of the P*per, by variations in the numerical antount,
a • lib ii.,re • ' upon their treasure induced enter by such a tame-imam depres- ' aid 1-,nrioute.t...u.
. , wtthin their comets the - reed in much
• e Keel, ,
.greater Purity than undu any Bank of England. se many dm- e•tne
..,: ~.
~e
xi testimony will be fouod In the Minutes of . don of the exchanges as shall afford a profit on eipkrtation .rioste.th a it,.
4 the precious Moab, to by a dimpoelion to Mead them, airrta.l. her:ffielhdel that value; such, ior inbtan..••, as t...e var.) ii.g,5,7,,
ar.„.1!.1
teamikiratmi , to tke effect to be apprehended from a sing front
sudden . inn semidelivered aPa the Committee iri retirenee' -Hal triedkt and cettliduste—the fluctuations in. ,ay. ii.rhabo
wan% of ' •
c opt m•
%leek, rapid • of the present amount of currency upon Panicto Me flood ifullore'Payrnentt, in which'he the, ei niews•Eis countrrhtelt parer—therliihrentdegreea44lu '•''
-0 interests of she Empire of which paper curreney. It oast be coadderedden, the iwoia ~,,„0.:. 'ef rot i ~•
them • - '• .1 ' ..-T-1 ......11 :61 I Carl 144:610111tEVYAStierte as m ipraehmetnine.,r
Pme bun& Otte tame •Mu 1 tcur: -trey citcuLete. at . e, m
ne• . deem it incumbent on tiem to et. i end now hi this country is very limited. „ Tia ge,oatinuauce I • t mole be..linl •• if, ame ellEe.it' , se **
44.
° ."pinion,' that re selisie.ori ..
retie. • '• • riche Rtyrriet:oB ILI conod the emanative soneyntheOrhan ~ •e • hi n-/ ,•.. , ,_! --, ----ty.... earfoog is late dot year t umlauts, are 61 u —...4, . e 10, the 1...:14""
.
two s potion adlicient to give the Houet a just idea of the i_rm_,
....,.,_,.
_.__,___,
___,..„,,, . t___.,...„..._., et j.t '
tit nin not unnecemanty cramp citchtattup; that chignon con be allwalotruil" al"1"'re" j '" i.
PROPUMIIi •4•3 !d *in_ ' -t Utt''
opi,ao4. upon his eabjcd prevniling amongst the panes whd.r. ri. ".r... ---,-,..-- _ _7°.' rOm`e'mmsonmein"7 'rid *in_ 0/Ilkley meneureestmowe of G • -einount 4 t.he Lsees os the pact uf.ieAeila.:
to cninsaut use cow Ir.= MI , vatere•tenae autsaCcet-qur eiti.• Weeded* 4: .. .
Uninitfility) but that, on tbe eustralf•fl it. oargtven thaw..-:nay t, leff.•