Star.
London, England, 1819-05-12 00:00:00

. CPA 461
our curt-am-Ig, Trbich)
the Commit-
isare
_.- Conn
difficulties of
uncertainty

_ upon accounts,
are eepiiiitattosiatensen ts delivered in by Mr. Sedgn-
wick, which are to be found in the Appendix. From
these materials two calculations have been drawn.
The grounds upon which each of them rest are to be
found in the Appendix. The Committee are inclined
to think that of tile two approximating estimates,
the second is the best adapted to their view of the
subject : but they submit them both to the House with
a full serge of the imperfection towhich they are no-
cessarily liable.
In order to bring before the view of the House with
more distinctness the whole of the pian which the
Committee beg leave to recommendto their consi-
deration, they will state shortly the different parts of
which it consists :-
1. That provides should be made by Perliament for a repay-
** of the Debt of Government to the Bank to a considerable
PLIIIner., and that a part of that repayment should take place
NOW dew ainecadent to the Ira period which may be flood for
She eilemenecement of Bullion Primate by the Bank.
I.' That from acd after the Ist of Dee. 1819. or at latest the
la Feb. 1690, the Bank of England shall be required to pay ha
Notes is Gold Bullion duly assayed and stamped in his Majesty's
lent, if demanded, in NMI of nut less than the value of 60.
ineesti at the priced ".1 s. per ounce of Standard Bullion ;
flirt Of the Ist of Nev. 1890, or at such other period as may be
laid, the price shall be reduced to .0.195. 6d. unless the Bach
shall have previously reduced it to that raw, it being always un-
derstood that the price, when once lowered. shall not aissa be
raised by the Bank ; and that an the lit of May, Mal. the
flank shall pay i 1 Noteh if demanded. in Gold Bullies, is sunk
fri not less than the value of 30 ounces, at the price of LS. 17a.
101 d. per ounce of Standard Bullion.
3. That a Weekly Manua of the average Amount of Notes
in eirculation doting the preceding Week, shall be transmitted
to the Privy Conseil ; and a Quarterly Account of the average
Amount of Notes in cireulstioe during the preceang Quarter,
ihall be published in the Leedeet Caine.
4. That for two years, from and after the Ist of May, Mel.
the Batik shall pay its Notes in Gold Bullion oat y h the he
price ; and that whenever Parliament- 'shall thick proper JO re-
quire the Bank to pay its Notes in cais, wake tidier-cf shall be
given to the Bank ooe year before hood, sick's:4:4lw cat to be
given Wont the tat of May, 1 Ott
Should Parliament think proper to adopt this plan
' for the regulation•of the Bank cf England, it is evi-
dent that provisions must be made for applying the
Same principle to the Bank of Ireland.
The Committee are perfectly aware of an objection
which may be stated to this plan, viz. that during
its operation the country will probably have no cur-
rency except paper, for pigments beyond 40 shillings,
and that the advantages resulting from the converti-
bility of Bank-notes into bullion appears to be given,
at least in the first instance, only to the holders of
large sums.
In answer to this it must be remembered, that so
long as the price of gold shall continue high enough
to afford a profit upon the melting and exportation of
coin, framed according to the present Mint regula-
tions, there can be no circulation of gold coin in the
country. Under such circumstances, any fisrther
issue of gold Coin would be axles*. It would, indeed,
We worse than useless, as et purchase of the bullion
to be coined would raise ale price of gold, and the
expense of coining it would be a waste of public
money. Such an issue could oaly be useful when-
ever the price of gold is so far below the Mint price
as to compensate Zr the interest lost during the time
of coinage. But although the Committee entertain
great hopes that, during the operation of the plan in
question, the price of geld will fall to the Mint price
at an earlier period than what is fixed for its comple-
tion, yet the plan itself presumes that such fall may
not take place and have been established before the
Ist of May, 1821.
• Under this uncertainty it would be difficult, if not
impossible, to foresee any moment previous to that
date, at which it might be expedient to make such
an issue, or at which the Public would be able to
avail itself of the power of resorting to the Mint for
the conversion of bullion into coin. But it will be
.able to avail itself of that power Under the operation
of this plan at as early a period as could reasonably
be expected under any plan for the simple resump-
tion of cash payments: In the interval the currency
must consist (as it has long consisted) of paper alone;
but, from the moment this plan begins to operate,
this paper would have whit it has•noe had since the
Bank restriction, and what it could not hive in the
interval preceding a simple resumption of cash pay-
ments--a metallic standard for its regulator. The
holder of large sums in notes would indeed have the
power of converting them into bullion at a fixed
price by presenting them at the Bank ; but the holder
of a small sum in notes has not now, and could not
hare the power of .onverting it into coin, under cir-
cumstances when, as has been before stated, no coin'
could remain and circulate' in the country. The
latter, therefore, is exposed to no disaivantage what-
ever during the operation of .the present plan, to
which he would not be exposed during the interval
which must precede a simple resumption of cash pay-
ments. But he derives from the first moment of its
commencement a participation in the security against
fluctuation afforded to the bolder of large sums.
Whether the wl tile of our cireaktien and currency shall
Uantoefordi be replaced either entirely on as ancient festive, ar
with what degree of 'herniae, particularly in respect of the
main notes, the hoot of which was formerly prohibited; whe-
ther the payments of the Bank shall be made at their option in
bellies we in coin ; or those payments coatisming to be made in
bullion ash, the Mint shall be open to the Rule for caking
such bullion into gold coin, whh or without a 'Openly or brae-
sage ; or whether, with a view to anise to the owantry a profit
equal to the whole value of the gold enspbyed as dead capital for
,be purpose of etradation, an endeavour shall be made to arise
the whole of ear currency (except for the anal payments ter
made in steer) to paper only, but to paper regulated by convert&
bikty into bedlion—these, with the numerase dew& trisected
with and dependaat on them, are points epos which the Hewn
will fad mach metal info/Inman in various parts of the evidence'
cootiined in the minutes, and upon which the Comesittee are
madded that a better judgment than tan be famed at pre wn%
is6l be derived front the ertectieece of the vetoing afthe plea
ifesevidkoely peeks.
Whir rapoct to the decision to betoken as to the fore drew
don of the smaller Ewen the Conneidiee are far waselithat
all we of etpeshemFy or pre& in this report need cenaldned
with another moat nepwcant ceesidsratiss. that of the amp,
votive facility with which such papers or the fee whisk k
is traltationed. may respectivelyb!" teiteht This pin
is essentiei so the enema of any amour: as this subject, and it
is of post weight the *don if the Cownittee. as am-
mute,h the cewparative dames el etevadisa ar iscourace.
which ay ef thaw "stem aims to inime. sad the
pookhannat.
awilildabil dawn anieweepred,

:

wick Meek maim, to obisia infonhad4e,
prabaltile remits of the iciptiriea actual NN.
under the authority of bb It lesq's c 4 ' *I
„ .411 lift :
// preventing or rendering meek more
forgery of Bank poper. They lure 1eamt.,i72,1. Pa%
• crust is; yet
tit snacpeiently e
underrect' to be ttir,yugogit
okft r*.s7 tssik
IF-tfre7tedinlitte,'l,gaine7"-Pph'erl'Ylbabiis:lltitll3:bestaleven fPeguiimPectiPalcansaLlurPeiviCrtivelllsatauniuceci°lalalatieyb44l‘lit:::"etilbtiCB4""UPerrant:ttil:ll:setlecheie:fis"rPlilaiiPirine"l:llllcitadrir:heuofilehnunialikali°Ple%lalciecl"telrfelle:lv.677:lt:4tlts::::::tilhtliiditliAli:'tbi;*.lit"ll4llhl:::la
anti,of
taerev"Y Treat degree,
pMeikctellit to for that
Par;Ais.
"4
--s
great important.* that Pulimetat are advert. I 6.4 - a=unt and nature of the advances nude by the Bankhiet
public service have been stated, on diZernit ecc • 54
pig considerable obstacles to the nseasurm which -►
wise have been adopted by the Birk ; sad the pi„
mended essentially depend, emu a previous rid* '
But tbeincocvanenee of this mule of habituallyrovidise Cs the public exigencies, to so great an extent, is 3: MC ly
thrfesreterrietliceyliptolift"hatirdreb64:42tesorrardPriaiaeciFeachtiktcochfthmsiUtrtiv. e4rrnThinetleis strugliaze°274 entishrteno-Bgiti::-
, ever, of recent date: it had been acted upon to a lark tft,
for a cog period of years before the first restti.,:im titia"
' Bank. The amount of the advances appean to hate
Firmly increased with the succeeding embarralsmerns of tte
lsic service, and the extraordioary tenuous a th.: eon
of the lam war naturally produced an unpret,tit cud
tension of them. A considerable redaction of Mete sad
has since been effected, and a still further diminicauo oftie o
recommended in this Report.
It will be for the wisdom of Parliament to determine ass,
dler. in circler to guard against the unobserved rmurrence of the
Igugglee, some permanent regulation ought not to be estaitillsee.
Wending the very narrow restraint wader which the Bad
tees
originally placed is this respect ; but imposing some new pn..
eiple of fonitatims, so as on die else hard to allow the liaok sus
la free nee et its capita', as might enable it (as it aer arm paw
done previously to the Bank nntii:tion) to invest enter tie
Wank or some limited proportion thereof if not dermaded be
commercial discounts, in the Falai,' of Government seentais
and on the other, to Fervent it Irian engaging in such
he the accommcdatiox of (ir.virttnanit, when its own moven.
sue or barest d 1 tint rcquir,! theca, or from entermy iota ail
'nitration!, express or implied, which shall prevent its keg*
oufte Serarytin freely into the market. It is obvious, the h
imposing any new principle of limitados, reception ma le
made for cues of Feat emergency, to be stated to Parmen
and provided for by its express authority.
Whatever may be the decititot. of Parliament open all at as.
of the measures now in contemplation, the Committee Mai a
Will be desirable to repeal the laws which prohibit the mein
and importation of the coin, ana Which enact, that all bullion r.
tended for exportation shall be mom to com;st of foreign met
Or siva+. The policy bi these laws has keg been held by*.
bgst writers spathe subject to be a least dubious. Front the u.
tile of the article, so portable and so easily concealed, they cut
hardly be expected to be efficacious, and expairoce bas alsc
dandy proved their inefficacy. Netwithstardn the edgkosp
cif these Laws, the whole, or nearly the whsle of the gold Ms*
this kingdom, amounting; probably, to between 10 and 30 mi
hens, has entirely disappeared, and ennely a remnant tmeu n
maks of the semeigne which were nand in the year Mt Its
prohion, indeed; adds seeneshist to the diliculty, ant
spently to the expense of exportatina, and may, thenfam le
=lob--but
operate, in some degree, as seignonge spa we
it is a seigeorage perpetual, varying, aecordleg w is
Cztoor hoer facilities for sninglin which may at dam
most, and affording Men den an muctman, and, ft
Olin Of bet, as Marginate proteetioh
me mans, am by which this proteethe ia Worded, aft
WO, oblectiosable ; these being no _viii of di depeln
lemon bullion peodisell by the =kiss of istelipi or d Ask
611 coin. The *My genaftey is Mt eta oath esd the ire
Ilherefdte, has so craw operatics than to oar a great, ad,
qaterience proves, a sontiessfal teasptatima us perjury. •
!even upon vet anneal :Mesa et euleepob is Mick de Ids
Sidle metal in coin is egad to that el as niMel 4 Whit 01
the whole espense at the missy falls apse the Pobbratashite
doubted whether the proldlabies Ems an bureau tuba iii
ilia* that egoist ; &Musk the hew was yrebahly stir d
dhe ref Shims whida the bew bad is new. As sor cis aay
mks ufthad previously an ezponatioa, or istited be the
def M wig& it is everted. becauselt is sot them kismet sur-
feit, 'rhos it rents, it returns in the Mr el berm, odd
the Mini ii 'open, and the peke wick as to mkt it Iniettlii.
Viet is carried to the aNdl coined at Mr public neve
it she cola were legaßy ezpsanide, it mall pokily
mans into s matsy ere mile, Wismar the suss id the e.
changes rendered it a mum itinittame dim kale st
merchandise. No country fft =has maim/mei se imp a
metallic currency as rnatel, wed* way prilibides apse tic
melting, the export, or the oda din Mo.
The Committee come Aphile lbw adrget "a." letit.
it* to the 'plains which bap; byes eftisetpril and wry bibs
explained by ono of the triangles, Ale the Yfteatiat regehasos
of the Km foe the tnitew Stver wait ofihealashes seta-
, tics a perpetual drab" of Gold from chit Grootry, and dee*
ens issonuovotabie obstacle to the itsiimphoo d *tat
„aliens
havei daftbe2siandinctatithessaincitutstitaitstaidaaitiertaef vain. 73M
Thitatio
witoorms. The Committee more poetical's!, ran te the ed.
deuce of 31k. Pate and Fleteler,on one effle, eel Mr. Nish*
On the other ; and to a Paper received from de Motet of%
Majesty's 3dist : but midi important lehtsmite oft this pet
' of the subject:nal likewise be collected limn the teeisnoy mlf
'oiliest whose sentiments and mehoshy spas sish tsetse ass
be of greet welight.
The Conseihme being fuffy sesallk, that if the "Ms .1
the two first wituases be welt foonded, *ay atureapt so none
the liestrictios epos the Deal dust Fine imillcusal, wirer the
Dent reyulatites he the ads* el sheer were lint ahead. at-
icinaipoT;ettbeTa,n7godthinkkavethethabangtPitv:t2nat:hlepresem.sPieuairtiliiii:sittPszt- IfiniTterczaadwiethee'thatdhatitaisabiettcPiliaath:tinefectit3Crateleraciadieradranalins:egsignisa-ditmerlii!rt.
tbzeyonpudblithceforamomathe
camases, 40namtkatd therneta4Minewi shell
oppose
mat o
obap
rs"
tie to the successful execution of the plats, which they have
cured to recommend.

DISTIL
The Ist inst. at CahnJO, Dear lEd-Calter, the Sea. tn.
Hamilton, of a sea. _

IlAltiAltD.
On Tobodar, the 11th bean, at Isratgliu, bilea'._2l
Strikes, Wow IL dam, lb+ ingeoo, of Mioßad. *
cilia, ?omega* dawthaer et Cannes ikerrick, L' t} et tie haws
&cc
At Trichloopottr as the 24th October bat, Captaia Blind
James Foote, 7th Itect. N. I. and Owner-Manage ef !kith,
to Are, eldest dabehter of the late Paw Beth*, E*l. ettie
Stamp-OMce: Loaders.
.11a1 -% George losimisse, Fap. of the Royal Staff Can,*
'o6e. daughter of tbe Rev. W. W. Wilcocks, of Samba
Morley, Norfolk.
May 4, Captain I. H. Bainbridge, fare of the cat reeinott,
Ito Sophia, ifti daughter of Dobree, Bt. of Gamer- ,„„
April SS, at Corbels, the Rev. Jolla Craig, liraka va-
tkerine, only daughter of the James Pringle. Klual'iu-

DIED
Is October /sat. at poeush, Liratteasit-Colosei W. J.
rides, of tie Been of Eater= Regiment.
At Soh, es diesseday, the Bth umlaut, is the fist yew gib',
age, ad as iedissaesathew is the heart, Matilda, the ink of Liar
assist-Calead Raiser, oath Regiment, idiom the gdarried `414
tel °sad" el* EU was the second duvet of the Ref.
Presides& was at the Camas of Wells Cathedral, and ndlY
*vise brother at Mr Thomas Frasklad, Dart. of Thirlltel,
• lady whose weggare moons and tW'
awed* qualities bed endeared her so iths to her nuurious
ihkeds. dies to a discodwairte hatband am; wt 2
bitterly bewail her lose.
nitraday, at fleashaea, Dept. Nasal, on half tat "
Bawd llarise Carps.
NDOS Ittialid arid published by 1 with )(err Tule"'
Mee, Tenn* Bar.

irk continue is REPORT OF THE LORDS' COMMlTTil—fOsod
s muds mining With MIPICt to that part of our currency,
miry for Baum has cosigned 41 Country Bank-notes, the Cosi
entertained that tiledrav endeavoured, from inch accounts as
; this forenoon a firsithed them frcmi thisEtscact. to
11) &Mos Carlow 'sonsi estimate of their alhougt. diSculti
to 665.-4116 fir. grarioue descriptions, which throw ; great uncut.
. and 'Waterford, upon any egculations founded upon these arca

•
leer. to obloin ialiossaas„ t
Al Of the isligi:ie&
pricy of his M. c 4
*. 'lllw
Boa 6,7
or rendering meek more lark th.... 114
Bank paper. They lure leans Mons
lr
iciently inane to be br luOtt pe under the cosi:brans of Pit L--:"%
be very able persons whose at t, C.; ployed is dee examinant) "Iti4
of :tit as. heft a
['sectarians that the principles riStes• s purpose will in their applicalio. —9 bate
mitts
bast a much mare decrial cloylVs...---"``
y means yet arlapud tot :he
'lldileit
iceaPizujiaHliCtavlaunitteeerniornig.:;otactlilabaloFTlPi7hrri:.:l3Citadrelle;b7ll"::::Peelf;:l:l4lll: If a Fart of those ptlncrile: hat ia to L.
degree, effectual for au prarpo "41tItIti
riser point to which the Comm:tue thlk • ase that Parham:tat Scold advert. lb.r L-
euze of the advances nude by the Rank for
Lave been stated, on diZerent occasion -
e obstacles to the toessar.s 'Rind s,"
adopted by the Bank ; and the pLu se2t --'
illy depends upon a previous riduaiot dteses.
s:ence of this souk of babitually•previfil
=cies, to so mat an extent., is ea: Mg ly
,es principle* of considerable
wits[
elation in which Government aid the &
toward, each ether. Ills system is no, let -
date: it had been acted upon to a lark as,"
I of years before the first restta:izn unto ih
want of the advances appears ta have so%
with the succeeding embirraysments of tt,
nd the extraordinary tenuous a thecorded*,
t war saturally produced an unpreci.tknuS
• A considerable tediation of these adva 4
retied, and a still further dimininiou of du:,
I this Report.
the wisdom of Parliament to determine ire,
guard against the unobeerved rmurrence of ti 4
rims/mut regulation ought sot to be estiollat
ry narrow restraint under which the Bad
in this respect ; but imposing some new pm.
Is, so as on the core hated to allow the it iv*
espial, as might enable it (as it appall to hoe
to the Bank riatia:rion) fa invest either the
properties thereof if not demanded let
mats, in the imam of Government Rani;
prevent it from engaging in such patellas,
ditioi c,....Ltnotowt. waen iu Olga C211,121i.
U not require theca, or from ecter;ng into sty
rim or implied, which shall prevent its brisk
rely into the market. It it obvious, ties:
w principle of limitadona esception mot be
i great emergency, to be stated to ParSacita
by its express authority.
be the dec«iore of Parliament open all orsit
row in contemplation, the Comminee Mat a
to repeal the .aws which prohibit the aielag
if the coin, ana Which enact, that all bullion a.
talon shall be mane to consist of foreign Ni
Keay hi these laws has locg been held by de
ie subject to be a hoot dubious. From the at
r, so porable and to easily concealed, tinned
eel co be efficacious, and experieoce ins dos
sir nisignaty. Notvrithstardag the
whole, or ucarly the whsle at the gold end
ousting,. probably, to between 10 and 30 td
r disappeared, and sanely a remnant mos
reign which were amid in the year 1117.
al; adds haelletilind to the difficulty, anti ash
pen of exportaties, sod may, therefam it
ate, in some degree, as s seigoorage upon *
cietonde Fwelteettail eatyitrg, seeteding to Os
facilities for soroggling with may at dans
sod aliarding thermion is uoteratn, and, h
nodespate protectiob
es by which this protecdsa i Worded, set
abt ; tine Wog otb poodbilltyof
nolsoell by the nwitiss el brags or d
sly pecerin is that of as Gosh lad the hos
oast operatics Mal to °ls a gist, tat;, id
a sonessfol tensmatien to perjury. •
ancient :Tessa d simen, lo wink tit ti
as is evil to that of the mold he What, MI
oi chemise. falls epos die Pahlitst g;
the prolibisioni deal ant Scream rider '
mise ; affkbogii the laser was erebehly se d
rhich the hew hod is Sew. beer tic eon
rim* to espoeutits, or melted ide tot►
onginted. because It is met dims kismet ca-
ms% is returns ii the deep' si balks odd
I, Sad the pike etch as to saheb warden.
to the Mist sod coned at Me pale nen
oft wen legaßy esplanade, it wed. pokily
fllmery as one, velitinter de stated doe s-
it a min stsittanee than Me it
country to .has maioldard so larie a
as amok wad* eel Peehadlheagies its
1, se the oda if lie teas
cosnee ollaphole ekes lkopott miasma adven-
t which ben beali MOIMPIed sod sett' Lally
r d she Vomits, that the Yonot argehosat
Golf froaiSiverthialsiaggrestrlenheil.dvest sad thereby
Pentair obstacle to the iiiimmbeed Bengt
BMA at die ancient otaidard d yam. Nit
2 directly mid stain* medley-cried by stiii
:isandttese more particularly mkt ts the ed.
e and Fleteber,no ose and Hr. Nish*
ho a Paper received fast the Kamer WI
bat Wick Wapitis* Millilestl* cm this pot
r likewise be coarcled Rost the midway*
Unruh and sistheeby Opts *eh astais
being fay medlar, that if the "him st
ewes be welt fieusded, lay as sopt se noses
me the Bask dust peen bielllcsal,mlserthe
or the color el silver were lint aimed, is-
triple tapes which that *Moo appears to la
en this put sf the subject fa cmaidends:
their duty to state, that they me ere rand to
pretest Mint regulations respecting die tan
s such silver cots stall not be a legal so&
t at 40s. and the Mist shall sot be ars"
4.lcallisgrezecutistikated the plan, plan, willve.hircAletlitlallihreatia;s'
BiRTIL
Dem led G der, the Beet *IL
lIARRARD.
am Da
I isarome, at he the
us PO,'
ROM, il,imgeses of
geme as amass i.lorrich, Lell et the .1111..
• me the Mk October bees Captain
Regt. N. I. and Quorter-Mmert a
Pew Din—
e E 9. el the
igheer of the late Be&
ace.
Staff ow, to
Losimor, FAt of the UPI C
aws
r of the Re
ev. W. W. Wilmaks, of awTh
I. H. Bainbridge, fated the sett regitata,
ghtee
we e
of theatre4DßevßevlD°aree:Li.D.
jeateedloloamm:Ceptmee.:ls:ll G:a-licsastriusc.
at Posesh,
ay Emmen Regiment
is flee
yam
teday. the tith instant, .V 7
is he the heart, Matilda, the ._e!,lf,,*
door, lath Regiment, idiom she
She was die second daugrer of Xur
wardiTlirthelosa.eicsksmirkTh*".Clatialeili.:Lcoser,gagetagedair
brWigiklBl.4temibandernsucomaiselea:27:ll"lloo74Lia.oanc:e7;illiaLnoy-1;435:1'
grid and published by I seas Kart
Tycicct
Mee, Tertirkr Bar.