Star.
London, England, 1816-05-04 00:00:00

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tiviri proper, at the earliest opportunity." Some such
worth wripld meetthe wishes of all.
Mr. HORNER observed that the preamble was
generally the last thing considered, but here it was
the first. He would not be satisfied unless the Com-
mittee came to some specific decision on the subject;
and he thought the clause he had proposed might be
so modified as to meet every objection. He was net
very sure of the words ,4 no longer, Experience
bad sliewn they were much to be distrusted, as con-
taining one meaning. in one session and a different
meaning in another.—( Rear, end a Largh.) °
Mr. S. '':l-IORNTON said, the Directors of the
BAnk were not altogether so inactive as had been re-
presented. They tacre as anxious as possible to do
every thing they could for public advantage; and
the neafneot that the Exchange became favourable,
they vsoniteesaitainly resume payments in cash.
•Mr:4l-IUSKISSQN arid Mr. SMYTH explained.
Lord MILTON said, that while the preamble of
every Bill expre'ssed the desirableness of cash pay-'
*tenth these had never taken place. The present
Moment was. certainly unfavourable for continuing
the restrictions. A great fall in price had recently
taken place, which was now succeeded by arise, and
the continuance of these restrictions would afford a
' strong encouragement •to country bankers to ;Sate
paper. Unless the prices fell• considerably beyond
what they had been, trade must be curtailed. 'The
House of Commons sheluld speak boldly to the Batik;
for by merely passing the Act in the same mode as
last year, we were encouraging them to go on in their
present' career.—(Rear).—He should tell them it was
their duty to teatime cash payments, as an act et jos-
lice to the public, though attended with loss to them.,
delves. He deprecated the present-system as afford.'
frig too great facilities to the Chancellor of the Ez-1
chequer in borrowing, which he could not otherwise
have.
Mr. ,GRENFELL moved the insertion of the
words “no hanger," in the preamble. He believed
the Bank Directors,, as individuals, were very sincere
its their wishes to accommodate the public, but as a
commercial body they were bound to look to them,.
selves, and mind their profits. By the continuance,
of this Act they gained 41800.000 annually, making
the whole of their profits of the public to amount to'
A 1,500.000 per annum.
' Mr. MANNING was not aware off the propriety
of tying up the hands of the Directors, as it was im-
possible to foresee what Political occurrences might
take place. The affairs of human We were. envelo.
'Tied in obi:entity, and, kwas not proper to limit the
powers of the Directory ai be knew they would .do
every thing they craold foe the general interests of the
Empire.
Lord Mtr.rott and Mr. GitnißLL explained.
Lord A. HAMILTON said the House was now
labouring. under a difficulty—how to express its ear.
seitoess In teiis cause, iri the best manner. He sup-
ported the insertion of the words 4, no longer," as
experience poin:ed out * propriety of their being so
insertid. The Bank wire long ago bound to take
precautions for meeting the public demand, and he
certainly thought them as much bound last year as
they colid be in this year. Atter some further gene-
ral remarks by the Noble Lord, the House diiided—
For the Amendment 67-w Against it 133—Majority
for Ministers 76. •
Mr. HORNER then Moved an enacting clause—
s, providing that the Directors of the Bank should,
without delay. take such measures of precaution as,
would enable them to resume teach payments as early
after the passing of the_ kce as in their judgment
should appear practicable and safe."
The CHANCELLOR of the EXCHEQUER
contended that this was a declarition which had bet-
ter be inserted in the preamble of the Bill.
Mr. TIERNEY observed, that if the object on
both sides were the same, it was of little conseqnence
how it was attained : he thought the clause much to
be preferred to the mere notice in the preamble; and
if the former appeared rci convey any centure, it
might be attend to suit the delicate feelings of the
Ilink Directors. It was a point upon which many
Gentlemen Were in the dark, whether the present
Bill was the measure of the' Chancellor of the Ex-
chequer, for the public benefit, or of the Directors,
for their own ? he was: hound to presume the former,
lied to believe that the Directors,. according so their
own statement, were gentlemen, only living for the
purpose of resenting rash payments, and willing to
inundate the country with gold in a week, it the
cb.totellor of the 4zehequer would but allow them.
4.--Why, then, did they resist the clause of his Ho-
nourable Friend (Mr. Heiner), which Was framed
*to second their own wishes t Without it, the Bill
'meld be nugatory. However demure the Bank Di-
rectors might Irok, and whatever professions they
might make, they seemed resolved to act in opposi-
tion to these looks and professions; they had still
upon their countenances all' tbil beautiful simplicity'
evil innocence they haat worn for the last 19 years—
always pretending to be ready to pay in gold, yet,
when the time came, always finding some reason to
keep their money in their own hands. He entertain-
ed great personal respect for the Directors indivi.
dually I but, speakhig of themeollectivelyt he could
not help saying that they seemed seri-desirous of re-
taining in their hands the annual gain of 41300,000.
Under these circumstances, what course was left but
to hold over them a clause like that proposed ?
• The CHANCELLOR of the EXCHEQUER
mt .plained, repeating that the preamble was the fit
place for the mention of preparation.
Mr. HORNER observed upon the inconsistency
of the Directors, who professed to be ready to obey
the orders of Parliament, yet resisted most firmly all
kinds of instruction.
The Committee then divided—For Mr. Hornet's
clause, 54—p Against it, 144—Majority, 90.
On our re-admission to the Gallery we found the
Committee discussing the declaration in the preamble,
proposed by the Chancellor of the Exchequer, viz.
that the Bill was enacted, o in order to afford time to
the Directors of the Bank of England to make such
preparations as weak! enable them to resume cash
payments.St
Mr. BARING spoke in favour of the declaration.
- Mr. HOR'NER called on his Honourable Friend
(My. Manning). who hid, on a recent occasion, said,
that if Parliament gavwdirections on the subject, the
Bank would immediately take such steps as would
prep's.' e for carrying those directiona into effect, simply
tO state, whether-ha would conlidct the words pro: