Star.
London, England, 1811-07-03 00:00:00

Causes; but the plan Ile piispesea vtould be titalter.
able : end who would prefer. a,veerincand uncer-
tain standard to .one • that' 'Was 'fixed arid perma-
nent ? He felt the peculiarity of his situation in in-
troducing a measure which might more.properly
have come from his Majesty's Ministers, and consi-
dering the monstrous.state of the present times, he
felt himself in the predicament of a tailor, who
should endeavour to make a coat to fit a humpy.
...He could not be expected to do it complete-
ly, but he would endeavour to make it fit.—
What he would propose—premising especially and
distinctly, that the Bank can show, and shall show
itself solvent—was, first, that various branches from
the Bank of England, like that of Scotland, should
be extended through the country. Secondly, that
books should be opened in a similar manner, and
for similar purposes. Thirdly, that persons possess-
ing Bank Notes (still supposing the solvency of the
Bank ), upon depositing such notes, shall have full
security for the same. Fourthly, that every person
sl credited shall have power to transfer his property
as he may please. Fifthly, as such entries can
never be forged, they may safely be taken as legal
tender. And such a mode would operate as a
security against robbery, insurrection, or even
invasion. He had lately alluded to a person pos-
sessing great landed property, who had sig.
reified to his tenants, that he would not con-
sent to receive any other payment of his rents
than guineas or bullion, or Bank paper at dis-
tount. He had no suspicion as to the purity of
that person's motive, but he was fully impressed
with the mischief which was likely to result from
his act ; and therefore alone it was, before it might
be too late, that lie had, at the present advanced
period of the Session, called ther Lordships' atten-
tion to the subject. It was a fundamental part of
his plan to show, that a pound sterling and a pound I
bank-note (still.supposing the Bank solvent) were on
a par. For instance, he should go to his banker;
with 20 guineas in one hand, and with '2l pound
notes in the other, and his banker would receive
and acknowledge them as perfectly equal. He
would appeal on that subject to the general feeling
and good sense of the country; and he thought it
essential to the best interests of the country, that
Eve or six months should not be allowed to inter-
venc before some effectual measures were adopted
for the occasion.. The Noble Lord (said Earl
Stanhope) may catechise me, but if lie does,
shall ca techise in my turn. The measure taken
by that Noble Lord, he contended, was calculated
to produce serious discontent among a most use-
ful class of men, to whom their Lordships all
must look for the support of their dignity
and the collection of their rents. He re-
peated, that his Bill was nut to make Bank notes
i
legal tender,but tti prevent a guinea rrem passing for I
snore than 21 shillings, or a pound-note for less
than shillings. It was stated on a former evening,l
by the Noble Secretary of State ( Earl of Liverpool),
thht although he highly approved of the plan which
he (Earl Stanhope) had proposed, yet he thought
it unnecessary, since the example set by the Noble i
Lord (Lord King) was not at all likely to be fol.
tokved. But lie, on the contrary, was persuaded the I
example would be followed by numbers, if riot
timely prevented, and he adduced in support of that
persuasion, a va: iety of letters which he had lately
received from various persons, who felt alarm at the
konsequences, and who bad consulted him as an un-
feed
lite'yer how they should act. In one instance
a Gentleman of Hampshire had purchased an es-'
tate, for which he had agreed to pay 4.001 , one 1
hundred pounds were paid*in advance, and possession
tebtained. Various expensive improvements were
trade previous to the* demand of the other three
hundred pounds, when, to his surprise, he was called
tipOn peremptorily for that sum in gold or at least
for that sum in notes at the alleged rate of dis-
count, which was at the rate of 275. for a guinea.
Suppose (said his Lordship) instead of four hun-
dred pounds, the sum had been a hundred thou-
sand, what Noble Lord would like to be placed in
such a situation. His Lordship read a variety of
letters, in which similar cases had been stated to
aim, and conjured the House to make effectual use
of the short remaining period of the. Session it, pro:
siding against the evil, and not like the lazy fire-
man to suffer the building
.to be destroyed before he
would bring forth his engine. His Lordship then
tnoved the second reading of the Bill.
Lord KING expressed himself particularly
anxious to reply to what had been advanced by the
Noble Earl, and the observations he should make
he meant to divide into two distinct parts ; first with
respect to his own conduct, and next as to that
which was matter of pudic discussion, and he'
should explicitly state the reasons which induced
him to make that stand in defence of his own pro-
perty, against that which he apprehended was ap-
proaching to a further depreciation of the currency
of the realm. From the course of the debates in
another place (the House of Commons), there was
now no reason to expect any alteration for the better
S.t the present state rf the currency, and it was now
certain that it was the ultimate determination of Go-
vernment that no alteration should take place with re-
spect to the Bank Restriction Act, and having ob-
served the progressive depreciation of Bank-notes for
the last fourteen years, he had thought it full time to
have recourse to what thelaw ad left to individuals to
resort to, if they should think proper ; and if any
Person should ask, whether he would refuse bank-
rotes in payment of a lawful debt, he should au-
swer, that he had refused them, and that lie bad
given notice to his tenants, that lie should not re-
teive Bank-notes in payment of rent. He was now
• perfectly prepared not only to vindicate the legality
:of this step, but he was come to that House to prove
'she principle upon which he had done so ; and he
thought he could not have acted moreequitably and
justly than to receive payment invalue,as to weight, as
the currency then stood at the time the several con-
tracts were entered into. All old contracts should
be paid in a currency of the exact value which it
bore at the time that contract was made; and, he
asked, could there be a mere fair .and equitable
principle than this He had endeavoured to ascer-
tain, as precisely as possible, the price Of gold at
the various periods, froM the returns made to the
House of Commons; and in consequence of the
depreciation of Bank notes, he found that upon
!eases dated is 1787, he could no longer consent to
receive Bank notes in payment of those rents, but to
receive. nothing but the legal coin of the realm,
for vriOpurppse be gavy notice to his tenants that
,