Star.
London, England, 1803-02-18 00:00:00

prehenfions appear to be founded I Anfas to the
argument, that the balance of Exchange being
agamtt us, was a fnflicient caufe ; if ever there
was a pofition llrongrr than another to prove the
very contrary, it was this : for what could poffi-
bly be a ftronger, or a clearer frame for caufing
and keeping up the balance of Exchange againft
us, than the reftrietion againa the Hine of calls
from the Bank of England. He would fuppofe
that an Engl?fh Gentleman at Hamburgh applied
for cafh, in return for his draft for too guineas on
the Bank of England, would he receive too gui-
neas for it ? No, certainly, but a very inferior
film. The Hamburgh Merchant would very na-
turally objeet, that the draft would indeed entitle
his Correfpondent in London to receive what was
there eftimated as equivalent to fuch a fum, but
not to receive gold, the only value which could be
current on the Continent. He would therefore
neceffarily make his charge for every difadvantage
to which fuch an exchange of calls for paper would
expofe him ; and, of confequence, fo long as this
1 rellriaion upon the Bank continued, fo long mull
Exchange be againli us, and fo long mil the fame
argument exalt for continuing the reflriaion. With
relpea to the argument, that the price of bullion
was long fo high as to make it impoffible for the
Bank to be prepared with a fufficiency, without
very confiderable lots, the argument, he believed,
upon a fair inveftigation, would prove equally
vague; and that it wouldappear, on the produaion
of proper documents on the current prices of Wl-
' lion for a (cries of years pall, that the fluauation
was not greater than, from the ordinary occur.
rences of trade, might have been expelled. Bat
to tell the Houfe,at a period like this, after the flat-
tering piaure which Miniflers had drawn of our
commercial and financial profperity—a piaure un-
equalled in the annals of the country—to appre-
• hend, at a moment when our exports to the Conti-
nent exceeded any thing which had been heard of in
formeryears,that exchanges fhould continue againfl
us, or that an embarraffing run would be occafioned
upon our Bank, to carry our bullion out of the
country, and thus to Jollity a refiriaion fo inju-
rious to the community, and the property of In-
dividuals, was a fubjca that demanded the fulleft
invefligation. That fuch an inveftigation would
turn out unfavourably to the (lability of the Bank,
he had not the flightefl apprehenfion. If the mea-
fure was one folicited by the Bank,before he fhould
have given it his affent,he would fira have felt it his
duty to examine what cafe the Bank had made
out to jollity fuch a conceffion. But it was avow-
ed the Bank had made no fuch folicitation. Did it
not then behove the Houfe to inveffigate the true
ground, and to afcertain whether it was for the
accommodation of the Bank itfelf, or to accom.
modate a compaft between the Bank and his Ma-
jelly's Minitters, they were now called on to con-
tinue a year longer a meafure Co invafive upon the
rights and property of individuals ? For his own
part, he had ftrong reafon to fufira it was a mea-
fure to accommodate the Bank, in confequence of
an accommodation to the Minifter, which, if the
Bank should grant, they would be unable to meet
the demands of the public, which they had aright
to expert about this time, on the final expiration
of the !aft Reftriaion Bill, and for which, of
courfe it was their duty to prepare. But the Mi-
nifter, in lieu of this accommodation, pledged him.
Pelf to ;noted the Bank by a continuance of the
Re aria ion. This, he believed to be the true Date
of the fa& ; for notwithflanding the exuberant
(late of our finances, as boalted by fslinifters on the
opening of Parliament, it was pretty obvious there
had been a grofs mifcalculation fomewhere. In-
deed, on looking loofely over the accounts of the
laft year, as brought forward by the Minifter, he
had difcovered omiffions of no inconfiderable ex-
tent. For inflance, there was a furn of 2,781,cr001.
in Exchequer Bills, charged to the credit of t Bor,
which were not put to the debit fide of the ac-
count in 1802. Befides a firm of 600,0001. intereft
up al the Loan of the IA year, for fomething
above a 0,000,0001. charged as if paid, but not due
on that Loan, becaufe not completed at the pe-
riod up to which the ftatement was made. There
were Come other errors or mil-aaternents, which
fcrved to eke out the flattering difplay of finance
made by the Minifter on the opening of the Bd-
finn • a ftatement calculated to catch a little vain
popularity, by enabling the Minifler to avoid, for
the prefent, calling for a Loan, and fubßituting
in its place an iffue of Exchequer Bills to the
amount of above five millions: a meafure which
his Lordfltip conceived to be the molt imprudent
and impolitic that any hlinifier could potTibly
adopt, becaufe it was anticipating at a moment of
Peace, thole refources which mould remain only
for any (udders emergency of war, an emergency
which, in the prefers precarious Rate of Europe,
no man knew bow foon might occur. Having re-
proved, with much force, this (pecks of policy, he
next proceeded to condemn the ground upon which
the Miniaer had noted that Exchequer Bills had
been iffued to fo confiderable an amount, namely,
to fupply the demands of the market, and gratify
the wifhes of the Bank. He was not furprifed at
this baleful readinefs with which the Bank receiv-
ed thole Bills to any extent, charged as they were
with a high intereft, in exchange for their own
notes, for which they paid no intereft ; nor was it
wonderful they were received by the public, when I
they could at all times be difpofed of foe Bank
Notes. The policy, therefore, of continuing the
Relit-4%ons on the Bank, appeared obvioufly
foundedin a with of accommodating the Bank in
*turn for the accommodation afforded to the Mi-
nifter. The documents which his Lordthip wifhed
to move for, for the information of the Haute on
this fubjelt, were:

" t. Return of the amount of Claim ontßanding again* the
Rank of England (richtfivrly of the Debt due triGovenvntent),
and of the .mount of Ca& and Dolls= on hand to meet the
fame, on the t Il elf Februaty,
" 2. An Arrount of the comparative difference between the
Cat and Rollie • now in ,be Bunk, and that at the period, of
ta.•attb..f February, and the November, t 797•
" 3. An A.:c uirt of th- Rate. d Ft,hange between London
and Ifanahurgh, on the IR of Fritatuary, for twelve facceffive
years, aiding with the IR of the , rrfent month.
" 4. An Actuteit of the curt,' • pneet of Standard Galt pa
the -lame tian, vod for the fame prfluti and _

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An'Acenunt of the moue: to Notes et. tbe Rank n(
Erg'. •oi air-übrien an the esth ch.- lune, Ansa, Oil.
rXc..nu jau. lalt, tatunguditistig ••••-d- 31."