Star.
London, England, 1819-05-26 00:00:00

Howe wu, whether the 'present plea was the bast
calculated to obtain that object, and whether the time
proposed was the most proper ? He trusted that no
Member of that House would countenance a suppo-
sition that the Bank Directors alone were competent
to-determine the period fit for discharging their en-
gagements to the Public.
Mr. ABERCROMBIE looked upon the present
measure as one of vital importance, and one which
would set at rest for ever all those delusions under

which the country had so long laboured. It was of
the greatest moment that it should go to the Public
with every mark of unanimity. He therefore strongly
advised his Honourable Friend, the Member for Co-
ventry (Mr. Ellice) to withdraw his amendment.
Lord CASTLEREAGH admitted the importance
of the present measure. As to the alarm which had
arisen among the public, he did not see any thing to
justify it, Anxiety might be natural till the question
was fully understood ; but he trusted that only a very
little time would be necessary to give the public
mind a clear view of all its bearings. It was not ex-
traordinary that individuals should wish to make a
provision for any contingencies which they . might
think were approaching ; but as they had no fair
means of judging correctly of those contingencies,
their apprehensions had no foundation whatever.—

It was proper, however, to put an end to that anxiety,
and it was the duty of Government, with as little
delay as possible, to lay before the people the real
state, not only of this question, but of the finances cif
the country. Let it not be supposed that any chenL
had,been given to the prosperity of the'country.—.
Ail the means o( prosperity continued to exist, but
they were suspended in their operation till the people
became acquainted with their teal situation. It ?was
therefore the duty Of the House to take a manly,iiew
Of the present difficulties, and by the energy of its
measures to prove that our resources had preserved all
their spring, and could easily regain all their activity.
He then repelled the charge of inconsistency attempt-
ed to be cast on his Majesty's Ministers for bringing
forward the present measure after having so long
continued the Restrictions. He'had never argued in,
their favour but on the ground of strong necessity at
the time, and on the principle of self-defence. The
difference on that question had been exaggerated in
the heat of debate, and, when coolly investigated,
would be found to consist more in terms than realities.
But whilst he felt it necessary to re-establish what he
would call the legitimate currency of the country, he
could not join with those who described the system
of Restrictions as iniquitous. He was convinced that
they had saved the nation. But their necessity was
passed, and they must cease. He then read several
passages of the evidence given before the Committee
to prove that Bank .Notes were only depreciated in
comparison with the bullion standard of value, bur in
no other sense. It was therefore wrong to say that we
had a depreciated currency. Could any one believe
that we should have been able to make the exertions
we have made, and to contend with the enemy as we
had done, if the Bank had been-obliged to controul
its issues, as it had a right to do so if it pleased ?
The Bank had been charged with higher defies, when
it undertook the management of the public circulation,
than the mere carrying on of its commercial concerns.
It was impossible to consider that Body, while en-
trusted with such measures, as acting nudely in the
capacity of Bankers. It was also. much to-the ho-
nour of the Bank Directors, that whenever the coun-
try was in distress, they did not suffer any considera-
tions of expense to deter them from extending all
the relief in their power by enlarging their issues.
He therefore trusted, that whilst the country rev
turned to the legitimate system, which would render
such exertions on the part of the Bank useless in fu-
r ture, what she had done would not be forgotten.
With respect to the Resumption of Cash Payments,
there appeared but one opinion here: the only diffe-
rence regarded the means to be employed, and Of
these it seemed that the Bank had taken a wrong
view. He really thought that nothing ought to giv
more satisfaction to that Establishment than to fin
that some plan bad been adopted that would Tetley
them from any responsibility in the public opinion
for whatever duty they might have to perform
That they should be required to restore the metallic
currency of the land, was no proof of want of` con-
fidence on the part of the British Parliament.—
It was only saying that the time was come when the
Restrictions must cease, and they must return to th 4
exercise of those Banking functions to which they
had heretofore confined themselves. The plan pro-
posed gave them no cause to contract their issues.
They were not called at once to pay in gold at thd
current price. They would, on the contrary, remaid
for twenty months under the protecting price of
eighty-one shillings, and as the market price now
stood, there was no likelihood of a sun on them. On
what principle, therefore, could it be feared that thet
should contract their issues? The alarm excited on
that subject was completely unfounded. It was als#
wrong to think that the ten millions to be repaid
the Bank would be taken out of the circulation of t
country. Nothing so wild could ever be credited.
would only be the delusion of one day. No idea
the sudden repayment of those advances had ev
entered the view of the Committee, or of Parlia-
ment. They would occupy the course of the next
two years, which might be considered .as the time
fixed for their liquidatton. But that it should be in-
tended, instanter, to withdraw so large a sum from the
public circulation, must appear to the whole countrkl
too wild a plan to have ever entered the mind of mad.
But even if it were intended, the Bank, either by the
purchase of gold, or the exchange of bills, might
throw out to the same amount the very day atter
having received it. The nt measure was to iri-
nigorate the • exertions o L fPre Bank, not to cripple
them. An d what cause could there possihly hop
suppose the Bank crippled by u measure which left
her, until October, 18d%, cony
• of
tacting price of eighty-one
,gong reasons to believe that
improve and arrive et pas in
ire ; and the Bank, it was well _
in this country regulate the rice
argument of the state of tbe xchange
against the measure,. what a aonshar
dons of a similar name might
against iti--(ifieer. hoor).—Zhae
apprehend that danger could
was COL open to meet that dank
the Committal did not recommend
the measure to commence before t

!UP. et which tie* the Parliament would be sitting.
Had a later period been proposed, the public would
have imagined that the determination of the Com-
mittee was not final, and that the Restriction might
once more be renewed. By fixing the lsh of Fe-
bruary next, it was at once proclaimed to the whole,
country that the intention was real and irrevocable.-4-1
Should any unforeseen calamity occur, it would be,
preferable for Parliament to act upon it *hen it rose,
than to do it now by speculative views. Parliament
would be assembled when the measure would come
into operation, but he could hardly figure to himself
a state of things which could induce the Legislature
again to throw loose this question-(Hear, hear.)-
On these grounds it was evident that no ratienal
danger could be apprehended from the measure.
None could be more mild in its operation. With the
exception of two Honourable Members of this House,
and a Noble Lord belonging to. another place, in all
three individuals, the measure had nia with the
united approbation of the Committees of both Houses,
so divided on other subjects. Even on the part of the
Bank Directors, this measure came as much recom-
mended, as any that had ever come before Parliament.
Three out of four Bank Directors had given their de-
cided opinion in favour of its principle. Two others
had afterwards supported it, without counting the
great name of Mr. Baring. It was clear, therefore,
that no measure had ever come before Pa 'liament
with greater authority than the present. Re could
not understand the reason of the alarm excited. It
must proceed from a want of information which pre-
vented the plan from being understood. But he was
satisfied that when the measure and the financial ar-'
rangements' of the year should be clearly explained,'
the whole of the alarm would be removed. On those'
wounds he gave his cordial support to the Resolu
tions, in perfect confidence (even greater than he had
ever felt before) that it was taking the wisest course
-(Hear, hear, hear).
Mr. ELLICE rose to reply to the remarks which
had been made on his conduct personally, as also on
the Amendments he had proposed. It was said that
he had been one of those who had waited upon the
Chancellor of the Exchequer 'and Lord Liverpool, to
deprecate the toe speedy re-payment of the advances
of the Bank. It should be recollected that he was
one of four, differing from the other three in prin-
ciples. He had declared at that time, that it was a
bad way to cover one extreme by running into ano-
ther. He had deprecated the* sudden re-payment of
the advances at a critical moment, though he wishes
those advances had not been made. His Amendment
was consistent with this view of the subject. In his
Amendment, he hid not contradicted any of the
principles of the original Resolution. His object was
to guard, in the first place, against that mischief, the
sudden reduction of the currency by means of the re-
payments of the Bank advances, which he had feared
last year ; and in the next place, to make the Bank
and the Government independent of each Other, that
they might not hereafter, as they had' done hereto-
fore, shift from one to the other the responsibility of
the failure of those measures which Parliament had
entrusted to them for the restoration of a sound cur..
rency-( Hear, hear).-He wished also to avoid 1114
necessity of adinitting, by a legislative measure, the
,depreciation of the currency. As to his ResoAtieti
forbidding the Bank to make advances to the Go-
his Hopourable Friend (Mr. Ricardo) had,
raid, that the Bank should riot be restrained from the
I 'Diplomatic of their capital as they pleased. In this
M(Mt, Ellice) perfectly agreed ; but he would say,
them first satisfy their debts. Let them pay their
*ate: •in cash on demand-( Hear, hear).-As the
'Committee, however, seemed so nearly agreed in opi-
i(ion, kb was unwilling to distort') their unanimity by
pressing his Amendment-( Near, hear).-It was of
latch importance that the principles should be agreed, LONPON MAlitlpTB, MAT es.
that he would waive his objectionsin detail. lie was PRICK of Ruu.tos.-Portegal gOid,' in coin, was
T sorry cliat.the Noble Lord (Lord Castlereagh) at £4. 0•04. Sayer,
~in bars, standard,'gili4d.
bad held out the possibility that the question might Corro7.-TheY.e India Company have &tiered
lie. again brought into discussion next Session- 292 balei Sni-it Cotton for site IFtli 'Neve '; it"is
(dear, hear).-He hoped when once settled it would -however, believed, that the private traders will not
never be reconsidered-(Hear, hear). bring forward any Cotton at so early a day ; para.
'Lord MILTON attempted to address the House, cularly in the present depressed gate of the market.
but the.confapien was so great, and the calls of Ques- The demand *for Cotton suitable for exportation con-
lion so unt4.4A4 reiterated, that in a few moments siderably subsided list week ; the Bengals were-in
he sat down:. ,
consequenee offered on lower terms, 400 balts*ere
`Mr. WIARRYAT, and several other Members, of- taken at 6d. icileid. for good fair quality, and 6trd.
fered themielves to the Coinniitteet but the clamour for good, the prices may be stated at the rednctioei of
,was so great that it wet impossible to hear what was Id. per pound ; the Bengals offering are end fin
~pod. In the midst of this confusion, small parcels, which a moderate demand would wen
Mr. WILLIAM SMITH moved the adjpurnment take off the market ; the other purchases coesist of
of the House. a fewMaranhamsl7d. Demeraras 18d. and Suriname
Mr. CANNING then presented himself. 'lie did at ISd. per pound.
I not rise to obtrude on the Committee his sentiments on Socian.-=There was little business done in Masco-
this subject, as_ they were already 'known-she was vales last week by private contract ; the new Sugars
Inot anxious to state the reasons which induced him were offered freely, bat, from the dull state of trade,
to vote for this measure, or to scrutinize the reasons very few sales were effected : fine white realised 87s,
which actuated others-but he rose AO tenjere the to 90s. 6d. good 844. to 355. the other. descriptions,
ComMittee, if they valued the effect which their de- brown and yellow, sold 765. to 335.
cision on this subject would have on the country, to' COFFEE.-Wednesday a public sale was brought
give a patient hearing to every Gentleman who wished' forward, Consisting OEIO3 casks and 159 hags Co&e,
to state his opinions on the plan proposed, more es- the whole sold heavily, at a reduction of 10s. pet cwt.
penally to those who dissented from the Resolutions.. Que.-There is little variation in Oil'; generally,
One effect of their unanimity this night would be lost, the market is heavy t Sperm maintains the late.prices,
'if any grounds were given for supposing that it had on account of the scarcity ; there is an arrival of
been obtained either by Members suppressing their Cape Oil, but no price's are yet Cled.
own opinions, or, what was worse, by clamouring I..TVERPWL, MA* if..
down the opinions of others-(Loud cheers.) . , The arrivals efecitoti'have continued to be heavy,
Mr. IRVING expressed his opposition to the fourti and many of the importers beidg disposed to sell,
and fifth Resolutions.
, Poweds and Orleans have given way nearly Id. per
Mr. T. WILSON expressed an opinion different'potind ; there has, however, been a fair demand,
from that of the Report of tha,Committee, with re- principally for home use, but partly foe exportation
Bard to the degree of confidence which ought to be also, and the sales amount to about 11,M0 bags,
reposed in the Bank; for it ought, in his judgment, , consisting. of 3800 Roweds 11 id. to 12d. for etdi.
to he left to the discretion of the Bank to decide at nary to fair, 12id. to 13d. good fair to good, duty
what period -the Resumption of Cash Payments 4)0, and 110 to 122 ti. for good fair to very pH,
should commence, and thus a sufficient opportunity in bond ; 1360 Orleans, Ild. to 12 d. for inferior to
would he afforded to the Directors of that Corpora- fair-and 10 bales prime 16.ad."166 Sea islands
Lion to prepare for such Resumption. This course 2s. Old. to 3s. for middling to very fine,. including
of proceeding , in his view, the more expedient, some stained 16d. to 16id.120 Peinams 17d. to 18d.
. _
the. --flees in which the Bank was i duty paid, and 17d. to 1711 inhond • 2050 Marin-
being materially dide-hams 16d. andat few 16id. 430 Bahian I.sid. to 17d.
heretofore, when this question 30 Minaa 154.60 rams Idd. 120 Demeraras laid.
' consideration, of Parliament. to 183,4. for goba fair to very fine, and 110 sdtd Yes-
for the Resumption of terday by auction 14i to 1514. for middfing to good
decidedly of opinion, that, ', fair t 10 West India 14d.
the provision of that.' _: •' • ' • 01..ASO0Vir, NAY M.
the natural ?perations ! - Catrox.The salts' of the week amount to 1451
his parr; he had no he. Sea Island Omits 96, at es. 2d. to 2s. 6d.-111421nrdittr:
Bank was as fully corn- p 19d*-
buca 70,4 a6tl44ai itot4ll. t°13141.--"Utieritll:4s4:
resume Cash Payments.ll7o.--nshis 10, at 17t1.-r•Daneraa $4, at 1114..-4baluadas I:
knelt discretion, as the at tod.-Carriacou to, at ran.--T iessee its, at 5940-Sant iv
all its difficulties? W its I at toad.-Benpla 155, at W. t0.e14.
1 -

intrinsic energies wow. 114-4miliaasi oosly
.
directed. . .
Mr. PEEL rose to reply. Ite was not desirous to
trouble the Howe with any unnecessary speeches,
and he was too anxious to carry the Resolutions, to
trespass upon the indulgence of the House usually
granted to persons in Ins situation. 9u. 6ne or two
points he had been misunderstood; but he did not
think the misconception of sufficient importance to
waste time in explanation. He congratulated the
Czimmittee that they were no* abont to attain the
objett which they had in contemplation, and that
they were now in sight of the' goalifnain wlielithey
had started 22 years ago. Ile sincerely &Ted that
the difficulties which some had anticipated would not
prove so great as their apprehensions had repre-
sented them, and he hoped that Parliament would
derive from their recent experience this salutary
lesson—not to resort again to any variable substi-
' tate for the ancient standard of the country. (Hear.)
He had to propose a verbal alteration in one of the
Resolutions : it was this—that is, whereas the 7th
Resolution states, that " the Bank may, at any pe-
riod between the Ist February, 1820, and the Ist
May, 1321, undertake to deliver gold of standard
fineness, assayed and stamped as before-mentioned, at
any rate between the sums of 124. Is. per ounce, and
£3. 17s. lov. per ounce ; but that such intermediate
rate having been once fixed by the Bank, that rate
shall not be subsequently increased ;' the maximum
rate here stated should be Es. 19s. 6d. which mould
make it consistent with the fourth Resolution, which
fixes the periactfor paying at £4.ls. not to extend
beyond October, 1820.
When Mr. Pm snt down, and the CUATIIMAN
rose to put the question, there was a loud cry-of
" withdraw," accompanied with some exelainations
of " No, no," which continued for a minute or two
in the mid:,[ of the confusion Mr. CANNING rose
and said, the Committee would remember that h_e
had no disposition to trespass on their time ; but he
had then hoped that the decision would be unanimous,
as had been the case in the other House. But, as he
now found that these Resolutions were to be opposed
—as he found that the sense of the House was to be
taken—as he found that the decision of the House was
to go forth as a divided, and not as an unanimous di=
cicinn—he hoped that the part which he had taken ill
a Member of the Committee would justify him in
s tating-h i s rea sons for recom men d ing th ese Resolutions.
[The Eight Hon. Gentleman was proceedinr, when
several Menders called out " Agreed, agreed r and
a Member intimated to him that Mr. Crinps with-
dres4bis Amendment.l-11, resumed the Right Hon.
Gentleman, he was to understand that th_ rionour-
' able Member withdrew his opposition, he (Mr. Can-
', fling) arctuld give the hest pledge of the sincerity of
his iatenfi not to consume the time of the House,
bYi siitnidoon, wn Inniediately.
The Riglit `lion: Gentleman then sat down; and
' Mr. Caffilvii withdrew his Amendment. _

Ia answer to an observation by Mr. hlAxstise,
Mr. CAnnzto said, that undoubtedly the 'ace loar
Ristit7 ancen-ahle Genttertian on this occasion d
not preclude himAcen-the right ordisctissing the' •
tails of 'the • theas4re when the Bill came before the
House # bbt hoilonld not take the conCiartence of any'
Gentleman this night for lees than an acknowledg-
ment of the propriety of returning to Cash taimentA,
and ar re*ertipkto the ancient princiisle or IS7eial-
lie CtirrencY..-The Beighitions were theOgcreed to.
dThe House resigned, and the Report *nu ordered
to be resumetrthii day. .
The other Orders of. the Day Were then'disposed
of, and the lloi4e adjourned at One o'clock.

COMMERCE.

-- • ,
'plate mistress of a pm- of proceeding was, in his view
shillings. There were considering the.circumstances
at the &change world pliced—those circumstances I
the coarse rof the sett rent from any period heretofor
ell knows, oould.alwaye was brought under the conside
rice of gold. U the With regard to preparations fo
bachaege were twougl# Cash Payments, he was decid
number of other 014006, lastend of chasing
W
tht not always owed gird . bpirather be left to
Mae wu no ground ocrrof heal On 1
I arise when Parliament g that the E
iger. The Ugandans of. riot. 111 IA it willing, will
amend the execution of if left to 31r esercisii of he
fits 3114 lit pf P, ill. wis.;o suppopits