Star.
London, England, 1818-05-27 00:00:00

PUBLIC MONUMENT TO THE MEMORY OV THE
LATE LAMENTED PRINCESS CHARLOTTE OF
WALES AND SAXLCOBOURO:
THE CENOTAPH COMMITTEE, after
ma-
tnrely considering the various communications spay have
received, and in conformity with what they have teams to be-
lieve is the wish of the Public, beg leave to state, that it is their
intention, should their Funds be adequate, to construct the pro-
posed TEMPLE of the CENOTAPH on a scale suficiently
extensive to admit of its being appropriated to the purposes of
DIVINE WORSHIP, and constituted a FREE CHURCH.
(For the Committee),
BENJAMIN ROTCM, Jos

WEDNESDAY, MAY 27, 1818.

PARLIAMENT AR

BANK RES'

HOUSE OF
A Message front the Commons
Tax, the Irish Bank Restriction,
Pay and Clothing, and the Silk -
a first time.
The Earl of SHAPTESB.
Qtreen's Council Bill.
Lord HOLLAND gave notice,
would move the second reading
Shops Bill.
The Marquis of LANSDO`..
hit would move the second reading
Rewards Bill.
The Earl of L AUDERD.._
be would move the second reading
a the Sale of Game, with a view t,
Lord GRENVILLE presented
diens of the Poor in Bristol against
Bill. His Lordship said, he truste
next Session of Parliament, seriously
the Poor Laws into considered°
it than be brought before them,
fisted measures, they should at last
feet the Poor Laws, so as that they .
tolerable burden to the country, which

The Earl of LIVERPOO...
mittee on the Bank Restriction
stated his views on this
spectful to the House to
pressing this subject.
great delicacy should be .
at which they should recur
ments. On the return of
many, that the period of ,
But that was not his opinion,
to peace produced aiwa-
in the state of property,
stances which imperious].
breathing time before they
renewal of cash payment-
,in a measure for the ct
striction Act in 1816, an,
it would be better to contim
stead of one, in order
time to make preparation
payments. He had now
another similar Bill, whil
only under an imperiou,
had, he believed, made
for returning to a state
circumstances of the coui
to that resumption, the
dangerous than a .continuani
There was a circumstancP
not but have considerable
operations of this and every
He alluded to the arrangement
the French contributions,
fected the Exchanges of
would leave for France
time, a sum cf no less than
question was, whether
this kind, without endca
rency of this country f 7
apprehended. He was
der such a state of things
able operation on our curren
cumstance at all to be -
things growing out of an:
knew it had beer. said,
to be lent by individuals
would be paid in manuf,
our manufactures woul,
they could, according to
rowing; but let them
could, still it was impost
vance to the French Govern'
favourable effect on the
regard this country. Besi
gress to pay up the adv
ment, to a greater eaten'
also furnished an additi(
ante of the Bank Restric
currency from going out
Lord GRENVILLE al
tinuance of this Restricti,
plicit belief to the reasons
he did so because he con
the Bank had given a pl
this measure so destruct'
rests, that nothing shot,
should ever cause the conch
beyond the present time'
Bank the privilege of pa
ciated paper, .5 per cent.
money it professed to rep 7
lieve that this was any of
to the Bank ; became, of
not have contented itself
silence ; it would loudly
discharge the just claim,
but strong and imperir
Parliament to continue
grounds
e of necessity h,
assigned as the a
some time this year tc
knew to what extent ; b,
consenting to destroy I
public credit?—( Hear, I
subttituted, instead of
variable paper currency
the variation of wealth,
of a body—not the State,
yet made by this restrir
State—Wear, hear.)—'
doubled the amount of
assumed to themselves
regulating the financial
the Constitution had lodg
Parliament. Well lodged
very ill-lodged should
England—(hear, hear.)—,
Parliament, in this as it
cap a that " neguid drlrime,
cad no doubt that all
classes Lad been eaused

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PRICE SEVEN-PENCE. !( a
ARY PROCEEDINGS. Payments, the excessive issue of Bank Paper, and i 1
sl ; '4'
the forced circulation of it. lithe benefits from this )11 LORDS, MAY ec. Restriction were an hundred fold greater, and the
1.
canons brought up the Irish Window danger and difficulty of resuming cash payments a •
action, the English and Irish Militia thousand times greater than any the Noble Earl had Ptl
Silk ounties Bills, which were read
stated, still the danger would be light, the ciifficulty /I
WRY brought up thc Report of the far more trivial, compared to the horrid spectacle
we now exhibel of a paper affording an easy corn- •
notice, that on dd.; day se'nnight he missioo of forgery ; and which eutrapped not only !acting of the Privately Stealing in hundreds, but thousands to the gallows—( Hear,
)—Parliament ought to have had an o
hear, hear.)—Parliament
Oft I\ gave notice, that re-morrow .
of s
examining into thenlledged necessity for
reading of the Offenders' Convict.on portunie ts
the continuance of this Restriction, and also into the .
steps taken by the Bank towards a resumption of
)ALE gave notice, that to-morrow
reading of the Rill for the Prevention
i
Cash Payments. It-was the imperative duty of Par- I •
, view to its being thrown out.
to look into this question ; which was rot i
against the Poor Laws Amendment the affair of the Bank, but of the country ; and one
yawned a Petition from the Guar. liament
in which the country was more interested than per-
e trusted the House would, in the
seriously take the whole subject of haps in any other---(hear, hear, hear.)--He contended
Tadon ; and, indeed, every time that
the
of IS
minions
to France last
year,
that advance t hem, until, by gradual and well di-
I at Lot be able to improve and per. Is/ British Capitalists, could not have had the effect
,11l
of altering the Foreign Exchanges agsinerthis coun-
ter they should be no longer tlk in-
try, which they were at present.
try. The Bank paper was at a depreciation of .r." per st 1,,,,
RESTIOCTION.
cent.; and, although they had wisely got rid of the
POOL rose to move the Corn-
Income- Tax of 10 per cent. to the State, yet, by i
striction Bill. He had already
continuing this Restriction, they were making every
!
subject, but it would be re• man in the country pay an Income Tax of 5 per cent.
to the Bank of England—(hear, hear.) . • ,He believed all agreed that The Earl of lIARROWBY contended, that it
• (
,il, .
e used as to the precise time
would have been impossible, but for this Restriction
ecur to a state of cash pay-
on Cash Payments, that we should have been able
of peace, it was the opinion of to employ all our energies and resources in destroy-
f that resumption was arrived. ing the power of the great enemy of the civilized
ion,because a change from war
Lys, he might say, a convulsion world. There was, in his opinion, no one time since
the Restriction on Cash Payments, at which it could
and was attended by circum- be truly said that the Bank paper was depreciated.
I '.c.11:
sly called on them to allow a The Bank issues had not been greater thin the ne.
hey should have recourse to a cessities of the public circulation required. The ill-
us. With this view he brought
timate solvency of the Bank of England stood en
continuance of the Bank Re-
nd at that time he stated that high, that it was as certain as the existence of the '
• i 1
British Constitution. It was too much to charge the
i
outline it for two years in-
that the Bank should have Bank Restriction as the cause of the increase of for-
-111 i ,
ion for a resumption of cash (series when it was well known that all crimes had
w to move the Committee on lucreased fourfold since the Bank Restriction was
hich he did with regret, and imposed. It had been said, that it was impossible i
as sense of duty. The Bank to drain a country of its gold ; but when he was in
Paris, in 1811, a Banker there told him, that itsr • r
a every necessary preparation
of cash payments. But if the six months, no less a sum than six millions of Eng-
i.
lish Guineas had been melted down in the Mint of
kun t r y were now unfavourable
: attempt would be far more France—(hear, /war.}—
The Marquis of LANSDOWN could not suffer
itinuance of the Restriction.
this opportueity to pass, without once more entering
ince depending, which could e:
tits protest against the whole financial system of the
51e influence over the financial yea . r The expense of the war, and the enormous
:very other country in Europe. increase of every article, had been owing to this Re-
.ngement for the payment of striction, and. also all the accumulated distress which
ins, which had materially af- the country had suffered, and was still suffering un-
f Europe. This arrangement der—( Hear, hear.)—The narrow ground of the last
:e to raise, within a Itrnited French Loan was no reason for tontinu
stric ;iipg this Re-
ban SO millions sterling. Thef . i
on ; for he had the autlio.ity or one of the Con- / • they could look at a thing of tractors of that Loan in saying, that a very small 11, i
:avouring to protect the cur- portion of it came out of this country. For although I
from the consequences to be the peculiar situation of Europe required the inter-
I
'
sure the House would consi- vention of British credit in obtaining that Loan for gs as harine
a most unfavour- the French Government, yet the greater part of the i
1,. .
urrency. This was not a car-
money was found in France itself, or in the other
e compared with a state of countries on .the Continent. They might as well •
my foreign loan whatever. He say, that if we engaged to furnish bread, or arms. . !
to any foreign nation, we should have to send all
that great part of the sums
Is belonging to this country, the flour and iron out of this country, in order •
to enable us to perform our contracts, as to sat
actures. He was aware that
I '
Id go as far in payment as that our contracting for a Foreign Loan requirea
to the wish of the party box- us to send all our money abroad—(hear, hear.)—
go to the utmost extent they, He could look with no confidence to any prepara-
t '"! '
desible but that such an ad- tions of the Bank for the resumption of cash pay.
overnment must have an un- ments, unless the House imposed on them the duty
e foreign exchanges, as they of making those preparations. He reprobated the ;
Besides, measures were in pro- power the Bank had acquired, not only over the pro-
rances of the Bank to Govern- perty, but over the lives of many in the community. nt than even in 1795. That lilt' Their paper first held out a temptation to forgery ;
kneel reason for the continu- and then the Bank assumed a power of prosecuting
iction to prevent the surplus as it pleased, either for the greater or lesser crime,
at of the country. not according to the advice or judgment of. the Law •
admitted that on the last con- Officers of the Crown, but at the sole discrimination
tion he did give the most ire- of the Bank Solicitors. Even Bank Proprietors had I ins then assigned for it. But requested the Directors to call a meeting, to consider
insidered that Parliament and tl:e propriety of petitioning Parliament against this I ,
)ledge to the country. Was Bill, as a measure destructive of their own credit ; but . . ctive to our credit and inte- the Directors refused to call a meeting, for what •
art of the endangering both reason it was impossible to guess, much less to tell. . .
ontinuance of this restriction Earl BA THURST said ire Bank had not express. ..,
e? This measure gave to the ed any wish to Government on this subject ; but ‘1
aging its creditors in a depre- they were prepared to have resumed Cash Payments •
mt. he believed, below the 1 •,if it had been deemed a measure of expediency or
epresent. He could not be-
.
necessity. It was not for the Proprietors of the !Bank Z
other than an accommodation to dictate the period of the resumption of Cash Pay-
ments ; and the Bank • ,
otherwise, that body would e I
Directors, therefore, did their •
If with preserving a profound duty by refusing to call any such meeting. As long 1
as
y demand an opportunity to . .
there was an unfavourable state of the Exchange
ns of its creditors. Nothing against us, the value of gold would cause it to be .• i s
ious necessity should induce exported from this country. But an unfavourable 4
this Restriction ; and no such
course of Exchange was not produced by an excess i
had been made out. It, had of issue of Bank Paper, neither did it produce a de- - . s only cause, that France was predation of that paper. In 1815, the course of /
to negotiate a Loan, no one Ilechange was unfavourable ;in 1817, it was favour- o t'7
:.:
but was that a reason for their able to us; and yet, in the latter year, there was a 4 s
the very foundations of our greater issue of Bank Paper than in the former. i
reason,
hear.)—By this measure they The Earl of LAUDERDALE could not help ex-
- •,
i ,
a fixed metallic currency, a . pressing his sorrow at the arguments he heard on
y ; not variable on account of . the other side. If the President of the Council (Hay-
, but according to the caprice I rowby) were serious in his opinion, that the Bank i •.-
~
te, but of a body in the State, Restriction had materially aided our commerce, .1
riction far paramount to the ' what prospect had they that he would ever concur ,
I
-The Bank had several times in the resumption of cash payments? As it was the 1 X t .
its issues, and by so doing, interest of the Bank Directors to make as much pro- t :
a power to a certain extent of .
..
•
fit as they could, what prospect had they that they . lii
I state of the country. which ; would ever attempt to return to a payment of cash
. I'Y
odged in the Government and (on demand? This measure was merely allowing N
ged he thought it there ; butithe Bank with impunity to put their hands into the
i he think it in the 'Bank of. pockets of the people. The Bank had forced ezo-
-It was therefore the duty of ' vernment to pay up seven millions of their advances, lt
in every other instance, to take and with that they purchased- gold. But they could .
rimenti ca niat respet6lico." lie I not be said to have placed themselves in a situation
cash payments, sseee 1:4(7 were iss2 ,
i the distress of the middlin of resuming g ,
d by the Restriction of Cas i more of their paper IA _ry ; ear. Lysie thing
. .