Star.
London, England, 1828-06-06 00:00:00

pointmeat of a committee, but ha cettbilai Shasslibt
that. there.otlftto be notice given to those toterettecl.
Mr. C. WM) *mood yet desite to know the simnel of
the Bankers who had signed tip Petldone
Mr. PAU LETT THOMSON wished that the sydem alloOd
be assimilated to that of Paris. There was not.a capital in Europe,
with the exception of London, which had not slaughtering plates
adjacent to them.
Mr. Sheriff SPOTTIS w oortx stated that bee mattes *en:
the property of the City of London, and any-slisposala the pro-
perty of others Involved grave consideration. He considered that
she subject was one that should be left to private speculation.
Mr. GORDON, on moving that the Petition be printed, gave
Police that, on Monday next. he would move that it be referred to a
Committee. He hare testimony to the respectability of the signatures.
Mr. C. PA LLM ER moved for leave to bring in a Bill to Con-
solidate and Amend the Laws relative to Savings Banks.
Mr. CRIPPS seconded the motion.—Leave was then given.
Mr. SUGDEN obtained leave to bring in a Bill to Amend the
Laws relative to the Property of Idiots, Lunatics, and persons of
unsound mind. He would nut proceed further with it till the next
Session.

ADJOURNED DEBATE—CURRENCY.
The CHA NCELLOR of the EXCHEQUER moved the
Order of the Day for the House resuming the Debate on the Scotch
Bank Note Bill.

Mr. DAVENPORT said that it was quite unfair to
compel persons who had contracted obligations in a de•
predated cur►ency to meet them now in a metallic cur•
rency. He had nothing to do with the Banks—he
expected nothing from the course he was now pursuing—
but a sense of duty compelled him not to give a silent
vote. He did not wish to oppose the Government; but
it did not follow that because the House had legislated
on this subject betore, that it was not to be reconsidered
when circumstances required tempos occurrit
fastitiee, and so it was with this important subject. It
was clear that all the capital had lately been flowing to
the head, while the members, in other words the lower
`cl4sses of the people, were in a state of penury and dis- '
tress. If capital was as abundant as it was stated to be,
how happened it that labourers could not obtain work,_
or that so many looms were in a state of inactivity? At
Manchester, trade had very considerably declined;
so it was in other places; and to the absence of
credit, in other wards the absence of the Country
Bankers' issues, he attributed so deplorable a state
of things. They were the connecting links which the
inniure of 1819 had destroyed. He was surprised
to hear it said that there were 22,000,000 of sovereigns
in circulation, but a great portion of it was, he thought,
locked up in sttong boxes. It could not be said, be-
cause'such an amount was coined, that it was therefore
in circulation; and to supply the deficiency he thought
, the issue of country notes was absolutely necessary. It
I was said that the resent panic was caused by the failure

of the country banks; but there was no reason to argue
that a similar result would take place again, unless the
Government were as ignorant, or the country bankers
as improvident as they had been, when a metallic cur.
rency was again resorted to. The former classes were
little, if at all, affected by the failure of the country
banks, because, and he regretted to say so, they could
not scrape a pound together to lose ; while, on the
other'hand, Many industrious persons were unable to
carry on their business for the want of accommodation.
The measure of 1819, of the Right Hon. Gentleman
(Mr. Peel) produced more injury, and a greater degree
of suffering throughout the country, than any other
ten Bills, or any other ten Ministers, had inflicted upon
the country. He acquitted the Right Hon. Gentleman
of any evil intention on the subject; but certain evil
having resulted from it, he thought it imperatively re.
quireda remedy. At all events they should not refuse
inquiry, although a Right Honourable Gentleman (Mr.
Huskisson) bad said that he could not agree to it for
fear of disturbing the public mind. What that meant
he could not pretend to say—it was liable to many
interpretations; but of one thing he was certain, that
the Right Honourable Gentleman's authority would
not weigh much in that Hoyse. He (Mr. Davenport)
would oppose the proposed Bill as an infraction of a
pledge held out in 1822, and at the same time 'as can.
trary to all principles of justice. He did not deny the
right of the Government to withdraw any given species
01 currency, if they assigned proper motives forit ; but
id this case the ground of expediency was the only one
proposed. He admitted that three years ago the Go-
vernment could fairly resist the appointment of a Com-,
le ittee; but no such reason could now be pleaded.
While a Committee vhs refused to England, it was
allowed to Scotland, but then there were forty-five
substantial reasons to account for it—(A laugh). It
Wald not be fairly said that the issue of small notes
Onsed the late panic—no—the Government knew well
Whit caused it—the great restriction of the Bank of Eng-
land issues,tegether with over speculation,evidently pro-
duced it. If they made up their minds not to have one
pund notes, they must find out some representative for
money of less intrinsic value than a gold or silver cur-
saucy. He trusted, after all, that the Government would
do Ostler, and use every exertion to improve the condi-
tion of the people. Such were his views, and he only
diicharged his duty in stating them to the House.
Mr. DENISON said, he Must oppose the amend-
ment of his Hon. Friend (Sir Jsmes Graham). He was
one of those individuals who opposed the Restriction
Act in 1797, and he did so on the ground that the cur-
rency would be depreciated as the necessary result.—
All bad Gcivernments, from that of Barris in France,
to the first Punic War, all commenced by depreciating
Labe currency. But he attributed no such motives to our
Government. Our arms had been most eminently
successful, but our finances suffered in proportion; and,
contracting our debt in
.one currency, and attempting
to pay it in another, had caused unspeakable ruin. But
he might be asked, why did he not bring the subject
forward at an earlier period ? The reason was, that
the House was against him ; he wished to fix the price
of gold at 41. 10s. but others thought it should be at
51. ss.—and, in short, it would have been fruitless for
limy individual not connected with the Government to
hare stirred in a matter of so much importance. They
had now for several years tried a metallic currency
—they must now abide by it—for it was cleat that
they could not with safety return to a paper cur-
rency, or return to an altered standard of valise.
The only gradual remedy for the existing evil was,
the gradual withdrawal of the small notes, and a
system of wise retrenchment. If there was a foreign
war, which GOD forbid, our gold would soon vanish,
and in the result produce greater panics than those,
from which we had just escaped. The amount of
small notes now in circulation was stated at about
three millions, and in a calculation of sixty millions,
the gradual withdrawal of such a sum could do no pos-
sible mischief. However, be that as it might, the cur-I
rency having been altered, could not now be re-altered;
and in order to effect permanent relief for 'the people,
Government should cut down the expenditure to the'
lowest possible amount—(Hear). It the people saw''
such a disposition in the Governmentoind he regretted
they did not see more, they would bear up against their
dil4culties with cheerful resignation. If such a course'
were not adopted, he did not see how the public bur-1
then; could be much longer endured—(Hear). .
Mr. L FOSTER said, that there was,not the slightest
intention of unneetsatily contracting the circulation of
ihe.cotmtry. The whole mourn of small country bank