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

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. TUESDAY MAY 26 1819: . , , • . PRICE Sprl4l4 —llll4Cr. , • !
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not drawn on existing taxes pledged for that pur-
pose. They were Exchequer Bills, representing
tares which were not yervoted; What differences
therefore, could be seen between issues made by the
Bank on Government securities, and issues made
direct by the Government itself? If the latter plan
were adopted, an interest of three and a half per
cent. on the Whole would be saved to the countryi
What did the public creditor receive, if he applied
for the payment of his debt? Bank notes. What
remedy could be procured if he did not receive
them ? Had he any other than to decline taking his
money till the Cash-payments should be resumedi
It would be said that the Bank was safe, and that
no fear need be entertained of its solvency. This he
admitted, but was that any argument for excessive
issues on her part? 11 it was, then were those of
la* well founded. But lie contended that the best
securior..w.ould-lsa Sr= inrie—a4- pap. 41.44.:-
,_(hear,dlear It was impossible to look a; the
fiistory of the country for the last three years,- itta
'nnt to desire to put an end to the present system.—
In 1814 and ISIS there had been a considernie in
crease in the circulating medium. Every th'ig then
appeared to prosper, and our' mports and exports to
augment. In 1818 and'lBl7 the natural results of
the system were felt. Langour pervaded the countr#
property was accumulated to a great amount, bat
there was no demand, the Country Banks having
reduced their circulation. In 1817 and 1818. thd
country began to recover. The circulating mediurrt
was once more increased. Previous to 1814, the
issues of the Bank did not exceed twenty-three Mil-
lions. , In 1815, they were brought to between 25
and 26. In 1816 they were limited to 26 ; but in
1817 they weie pushed to twenty-nine millions, be-
sides a large • issue of gold. Speculation revived;
prices having suddenly risen, all were eager to take
advantage of the change. Country Bankers lent
their capital, and the same scenes were acted over
again. Prices sunk a second time; corn fell so low
as 30 or 40 per cent. and he feared misery would
ensue, he would not say to the same extent, but from
the same cause: If he looked at the evidence, mi.?
deuce which must satisfy even his Honourable Friend
but he was sorry to find that his Honourable Friend
(Mr. Marryatt, who seemed to have fallen fast asleep)
did not seem to take as much interest in the evidence as
its importance required—(Lord laughter.) If he looked
at the evidence of Mr. (ilaastane, and read that, in
1817 the importations of corn and other articles front
lrelaqd at Liverpool, amounted to £l,2oo,ooo—that
in 1818 they reached £l,9(lo,ooo—that in,1817, 311
thousand bales of cotton were imported into that
town, and in the ensuing year 421 thousand, it
would appear that there was a great increase ins
trade. But the consequence n as that prices fell, tag
the demand ceased, and that there was in the port of
Liverpool an accumulation of goods to the amount
of £3,000,000 beyond the quantity received in 1817,
These vacilrations of trade might be of little import-
ance to the State, but how deeply did it not derange
all the relations of society ! At one time there was
an excessive• demand for labour—at another there
was none. He wished to speak baldly—he would
not conceal the impression which his mind received—
(Heat.) It was impossible to hear the statements in the
Petition from Carlisle, without perceiving that there
'was something unsound in the system—(Hear, hear.)
Our prosperity, might appear great from the Custom
House returns, but the state of the poor, the distresses
of the industrious, and the amount of the poor's raters
would shew whether the present system was perfect
or not-.(?tear, hem.) It had within itself no cons+
teracting principle. It administered excitement to
.excitation, and where it found a disposition to spies&
late. it increased it.. Then all demand ceased, suit
alarm spread itself throughout the country' Bankers
Mere obliged to contract their issues te the sitoni
the times--they even made demands oh those unit
were solvent, in order to provide for tlae4i own safotyi
and all was distress and desolation. these wino
the consequences of the Restrictions, ld we not
look our difficuhies in the illeo—(Hear,
Let not the House nor the country judge of the frame

mation on the subject ?
Mr. MARRYATT contended, that after the most
careful examination of the testimonies adduced, he
could not find one witness whose evidence was not in
perfect contradiction to that of another.
The Petition was then brought up, read, laid on
the table, and ordered to be printed.

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