Star.
London, England, 1818-05-02 00:00:00

England had
Continent

. here, the
diminished;
joy the cre-
thereby de-
, the re-
and dete-
, the Con-
had no
which
attribute-
' England.

increase
arts and
general ap-

__ its pros-
lamented that
had been
country had
which
..ut though
labour, its
by refer-
century. He
country, that
had not
impor-
ciuri,l7
of the

mines of
- of 3500,
country. He
Lion. Uentie-
danger to be
cash pay-
ppose—who
revulsion would
a mea-

nothing had
than the
the re-
He felt,

. right 3 a
ments--and he
iperite, and
Lke place
re affairs
: done by'
;he coun-
circula-
, on a par
'consistency
• said that
ierstood that
'ash pay-
le 'louse
new career
or limit.
'reasury-
ple, and
,ht I tor.
lc of the
(hear.)--
of that
there to
whispered
s absence ;
Hon. Mena-
i-hot shot
.the Chan-
monstrous
Lquiry, be al.-
: the pro-
.nay, that
of course,

thought it

question go
.11( had done
towards the re-
vo succes-
tally to in-
us circum-
, had occa-
pleased PAC.
r ourable har-
iwn from
soon after,
Continent
Govern-
These
country ;
applied to-
there was

time revert

added the
Continent, which

Majority against the Motion

was estimated at -not less than 6,000,000/. Under
all these circumstances, as a Member of Parliament,
he could not but adfnit this was not a favourable
time to establish again a metallic currency. As
to the issues of the Bank, they had been increased,
from 1816, in consequence of the withdrawing about
that time of most of the country notes ; a restriction
of the issue of the Bank was, in his view of the sub-
ject, necetsary at the time of the change of system ;
and he could assure the House it was the intention
of the Bank to adopt it, but it must be done with
great caution, and there might be circumstances
which, even at the moment of resuming cash pay-
ments, would render it expedient to pursue a diffe-
rent conduct. These matters of great delicacy, not-
withstanding the reflections thrown out against the
Directors of the Bank, he would say must be left to
their discretion.- • On the question before the Houv,
he begged to say there were, in his opinion, sufficient
facts to enable Members to form their judgment.—
The Bank had done its part, and had no favour to
ask; but we, as guardians of the public interest, we
must act with prudence and discretion, and not press
a measere of this nature at an improper time, whioh
he considered to be the object of the present motion.
Mr. FRANKLAND LEWIS urged the necessity
of going into the Committee. It,was useless to call
upon the Bank two years ago to make preparations
to resume cash payments, if, at the expiration of that
period, the restrictions were to be renewed, and the
gold collected to effect those payments was to be dis-
posed of for other purposes, so that the Bank would
find itself as unprepared as ever, whenever .a fresh.
call was made for a return to a metallic circulation.
Mr. GRENFELL, alluding to the speech of Mr.
Huskisson, observed, that it would have been as well
if the Right Honourable Gentleman would give the
House the benefit of his vote, as well as his opinion,
in favour of the appointment of the Committee. He
alluded to the various expedients which the Chancel.
for of the Exchequer had invented to continue the
restriction ; and contended, that, with respect to the
remarks he had on former occasions made upon the
proceedings of the Bank, that that Corporation had
not been treated with any undue asperity. He con-
ceived that no sufficient reasons had been assigned for
continuing the restriction.
Lord CASTLEREAGH would, at that late hour
of the night, only direct his attention to the argument
of inquiry, so strongly urged on the other side. He
admitted, that it was one which was always of a
plausible nature ; and particularly so, when applied
to a subject of intricacy. He confessed, however,',
that never had he heard an argument of less plausi-
bility than the one which this night had been pro-,
pounded. The motion of the Right Hon. Gentleman
(Mr. Tierney) involved three points of inquiry-Ist,'
With regard to the private banking system-2d, as
to the currency of the country—and 3d, an inquiry
as to what restrictions should be imposed open the
Bank, to prevent an improVident issue. Against the
latter consideration he strongly protested. It was
not, he conceived, the duty of this House to interfere
or encroach upon the independence of the Bank. He
' iepresented, in strong terms, the difficulties in which
the Bank would be placed if it were obliged to sup-
-1 ply the country with specie, and to satisfy all the
demands upon them, when it was a well-known fact
that the 2,600,000 sovereigns and half sovereigns
which had been issued, had been sent out of the
country.

Mr. TIERNEY in reply observed, that the Noble.
Lord who spoke last had undertaken to simplify the
object of his Motion, and because the inquiry em-
braced various points, had endeavoured to simplift,
it by arguing that there ought to be no incibiry at
all. The difference between him and the Noble Lord
was this—that the one desired to know what he w.b,
about, and the other looked upon this as an anti-
quated notion. The Noble Lord thought it would
embarrass the public mind and create alarm, if the
proposed inquiry was insured ; whilst he was of opi-
nion that the country never could be alarmed at see-
ing its Representatives inquire before they acted—
(hear, hear ).—lie regretted the absence of a Right
Honourable Gentliman (Mr. Canning), who had
given to the Chancellor of the Exchequer, at the time
of the Bullion Committee's discussions—discussions
which he had been reproached for not renewing that
night—so severe a lecture upon the doctrines he then
maintained. Had any body foretold at that time to
him, that an I: L nourable Member, so severely lashed
for his erroneous opinions on matters of finance, would
soon after become Chancellor of the Exchequer, he
should have tlxpught the prophet out of his wits (hear)
had it been adCed, Oat the lecturer, and a party
to the lecture, (Mr. Hus'iisson), would also sit by this
Chancehor of the Etc tequer, and support him on
occa,ions like the prete tt, it must have exceeded all
human credulity—(Haar, Right Hon.
Gentleman, indeed, seemed, after much deliberation,
to have made up his mind, that the best way after
all was to speak the truth, and the first confession
was, that stock debentures were not worth a farthing.
With regard to the preamble, indeed, the Right Hon.
Gentleman asserted that he had had nothing to do
with it, and that it was entirely-a mistake. The person
employed to draw it up had probably applied for
some reason to prefix to such a measure, and the Right
lion. Gentleman not having one at hand, desired him
to find the best he could ; the consequence of which
was that he took the preamble assigned to the last.--
The present motion would probably be negatived ;
and he sincerely regreted it, because he believed it to
be the last struggle upon the subject of the national
currency. The consequence must be,.to persuade the
public that there was a powerful Body somewhere,
interested in maintaining the currency upon its pre-
sent system. That the ultimate effects of this perse-
verance must be dreadful he had no doubt. One of
the worst omens was, that we had a Chancellor of
the Exchequer, under such circumstances, who evi-
dently had a leaning against all sound opinions, and
who had no other anxiety than to keep up the circu-
lation. The day of reckoning would, however, ar.
rive, and he should be sorry to be one of those on
whose heads the shame must then lie—(hear,lear)
The question was then loudly called for, and stran-
gers were ordered to withdraw.—On a division, the
numbers were:

Ayes
Noes

..111., 61

The CHANCELLOR of the EXCHEQUER then
moved, *at the Bank Restriction Bill should be read

a second time.—Mr. BENNET immediately mo'vei
that the House do adjourn.
Mr. TIERNZY rose and quitted the House amidst
loud cheers from•the Opposition Benches.
Strangers were ordered to withdraw, but no divi-
sion took place.
On returning to the Gallery, we found that the Bill
had been read a second time, and was ordered to be
committed on Monday next.
The other Orders of the Day were then disposed
of, and at half-past two o'clock-the House adjourned.

THE EVENING STAR.

LONDON.

SATURDAY, MAY 2, 1818.
THE FUNDS.
PRICE OE STOCKS THIS DAY AT TWELVE O'CLOCK :
Reduced 7914—Consols 80}1—fur Acc. 80:i
4 per Cent. 96j 97—Navy Anns.lo7i
India Bonds 96 97 pr.--Exch. Bills 19 22 pr.

• The important question of the Bank Restriction
came on last night, in the House of Commons, and
gave rise to a very long and able discussion—to our
full Report of which, we beg to refer our Readers for