Star.
London, England, 1818-05-19 00:00:00

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heart, anxious for the success this in ; and he
was therefore willing, for, die stateale' security
which his AkersOlialitsyntioivsovOilld give, to make a
temporary reheatOthe'bniihets. He felt this
a very delicate subject ; but he could not, in duty to
the investigation he had originated, refrain frontsay-,
ing what he had said—(Mach cheering.) He again
expressed his hope that the measure would find no
interested opponents elsewhere. In that House there
was none particularly connected with the abuses
which were the objects of the Commission. But he
looked confidently for the special and strenuous sup-
port of the heads of the Christien Church. The Gos-
pel was emphatically styled the Gospel of the Poor. ,
Surely the heads of our great establishment for teach- I
ing the Gospel could not fail to etert all their pot*
in providing that the poor should not be robbed., •
The Bill went then through a Committee, and tile
Report was ordered to be brought up to morrow.
BANK RESTRICTION BILL.
On the motion of the CHANCELLOR of the EX-
CHEQUER, the Report of the Bank Restriction Bill
was taken into further consideration.
Mr. F. LEWIS said, that in passing this Bill some
preparation ought to be made by the Bank, to re-
sume, at its expiration, cash payments. If this were
not done, he conceived that the present nieasare
would go to render the restriction interminable. He
should, therefore, propose a clause, which, if the
House agreed to it, would pave the way for the re-
sumption of cash payments, in the course of the next
Session. He felt that his powers were not calcu-
lated to produce that effect on the House—(these
was, at this tine, a coniiderable noise) which the im-
portance of this subject demanded—but he rose in the
hope that his observations would call up individuals
of greater talent than he possessed. It was his wish
that a Bill, considerably different from that now
before the House, should be passed. He was anxious
that the Bank should, by a legislative provision, be
called on to limit their issue of Notes. For this pur-
pose he should move an Amendment to the preamble
of the Bill, specifically binding thein to do so. Two
years ago, such a proposition was made and nega
tired—but the arguments which were then opposed
to it, did not apply to the present circumstances—
several reasons had formerly been urged against
such a provision. The supporting an army in trance
was one. But that army wags now almost entirely
maintained by France—and, therefore, the argument
failed. Again, the unfavour able state of the ex-
change was stated as a reason for continuing the
restriction—but was this a fair argument, when it
was known that a loan was toast raised for France,
and when it was perfectly understood that a part of
that loan would be contracted for in England?—
The effect, en a parity of reasoning, must be, as spe-
cie must be sent from this country to create a fa-
vourable, not an unfavourable state of the exchange.
If the circumstances of a loan being made for France
were used as a reason for abandoning cash payments for
he moment, it might have some weight—but he de-
nied, at all events, that it was a good one for conti-
nuing such a measure for any considerable length of
time. Let the House look to France itself. Under
all misfortunes she had adhered to a metallic circu-
lation—and the price of theprecious metals remained
almost unchanged—(hear, hear.) Let Parliament
reverse the picture. Notwithstanding the flourishing
state, as it was termed, of this country, no citcum-
stances, it was said, appeared, to authorise the re-
sumption of cash. payments. What then was the in-
ference ? It, was clearly this—that gross misma-
nagement must exist somewhere. This country had
drawn from France and from other nations larger
quantities of gold and silver, than had been received
in any other part of the world. Yet that abduction
had not compelled those countries from which the
resource was drawn, to resort to a paper circulation,
and, by a parity of reasoning. it was evident that the
sending out of this country a quantity of the pre-
cious metals, ought not to lead to the result, that
cash payments should be wholly abandoned. Other
causes than those stated must be looked to at the
reason, for the non-resumption of cash payments,
and other remedies must be resorted to, for the cor-
rection of the evil—remedies very different indeed
from those hitherto proposed. The Honourable Gen-
tleman then entered into a review of the circum-
stances which attended the great issue of country
bank notes. A vast quantity of paper of that de-
scription had got into circulation. Many of those
country houses had failed—and the consequence was
that an additional supply of Bank of England paper
was called tor. When he said this, he meant not to
deny that the country banks had done much service,
but it was most evident that, by their multiplicity,
they had spread over the country a greater portion of
Bank of England Notes, than, under other circum-
stances, would have been disseminated. The number
of country banks had, undoubtedly, produced many
good effects. They had occasioned the transaction
of business on niore moderate terms than it otherwise
would have been performed, and it had also ren-
dered it necessary that the issue of each individual
should, in a considerable proportion, be contracted.
Still, however, they had • facilitated the paper sys-
tem—but, to revert to the general principle. It was
most evident that the great increase of paper money
bad tended to raise the prices of every article, even
to double them. What was the consequence? Why
the expenses of the war were doubled, and thus it
was, that in time of peace, they were borne down
by the weight of an immense taxation. The longer
th..y suffered this system to exist, the greater did
the evil become. It must be found at one time or
other necessary to face it—and the present hour he
considered to be a proper one to meet and check the
evil. There could, he was convinced, be no inter-1
minion to uade by the removal of the Restriction
Act. He would ask, had not the rash speculations,
so remarkable of late years, mainly arisen out of the
rise of prices, wirich a depreciation in the currency
caused, and the facility of borrowing money that
existed? This led to substitute rash speculation for
a prudent trade on fair and solid capital. It was the
losses from such a system of trade that bred discon-
tent throughout the country, as much as any other
cause. He admitted that they ought not unneces-
sarily to interfere with the Bank ; but this bill was a
lamentable interference with the Bank, and it was to
get rid of this interference that he meant to propose a
declaratory Preamble. The Member fur Sin rey (Mr.
S. Thornton) complained of the House calling so
often for Bauk accounts. This was imperative, so