Star.
London, England, 1826-02-28 00:00:00

telt point an except.. *Ma naiad nontemptate
t:o a2vantage finis; cceding to- it. As to the con-
nexion between -thi• Rank lof Enkind AM the .Go-
vernment, he looked Open it as useful to truth as was
that subsisting bet ween in individual and lila banker. As
to the sale an purillase of Exchequer Bills,'hextimghe
the lank -•ritgland could riot lay opt their capita
in a more'beneficia'l way.. The • lending money uplift.,
mortgage 'on lend, thoogb not in the 'total course of]
•
banking business, was , stery• great public service.
When only Si per • cint. was the rate of interest not
only here, but in Parts, at. Frankfort, and all over the
Continent, it was too-haul anon the mortgagee to pay,
as he was paying, fivejer- cent to the holders of the
mortgaget on land. To relieve this pressure of agri.;
cultural distress, the Bank of England lent its timely
aid and gave great and effectual relief to the :landed
interest!. The money advanced did not exceed
X 1,400,000, and was not, as had been stated, two' or three &dinar's.
The Hon. Gentleman thought the conduct of the Bank throughout
merited tontmendation.
The CHANCELLOR of the EXCHEQUER said,
the question really before the House did not requite
Gentlemen to go into way detail of statement. The H n.
/11, mber (Mr. Moberly) wished tp call for accounts Gf
the issues of the Bank of Eogland, without proposing
that such accounts should explaitr what proportion of
such issues had been made on account of Government,
what propOrti n had been issued upon the security of
mortgage, or what had been issued upon Exchequer
. Bails, or 113111 s of Etching,. The return which the
Member wislred for would not afford any in-
formation to the country ; .it woprd'only. have the effect
of misleading and deceiving.people; but whatever might
be its nature, be hoped the House would. Feel thit it was not
necessary to go into the whole pridelpliCand Nedra of the Bank,
in order to deterinknethe present minion. .'t • 1 t" -
Sir J. NEWPORT supported the dome me conducive to pub-
lic confidence.
Mr. MANNING should not have objected to the clause, if
parliamentary ground had been laid for it. But whatever might be
his individual feeling, it was impossible for him to give any assent
to a proposition which could only be acceded to by.the directors
as a body.
Mr. M A BERLY said, that at that hour, and anticipating. as
be did, what arid be the Jamie, he would not press the clause
to a division.
The question was then put, and the choke neguived without a
division.
After a few words from Mr. P. Gaxeret.r.,
Sir J. WROTTESLEY said in many cases the bankers might
have no:es in their possession, stamped, but trot issued. Now be
wished to know, whether the Stamp Office should not be obliged
to pay back the duty that might have been paid on such'notes?
The CHANCELLOR of the EXCHEQUER most certainly
thought that that was the state of the law at present. At any rate,
care should be taken that the duty should be returned for such
stamped notes as could be proved never to have been in circulation.
Sr. J. WROTTESLEY had merely asked the lisestiose from its
having come to his knowledge that the Stamp Office bad refused to
pay back the duty, but had offered to give fresh stampsln exchange.
The remaining clauses of the BIU were then read and agreed to.
Mr. HUME proposid to introduce a clause. providing, that if
any banker refused to pay in specie, mown days after the presenta-
tion of his note,the party balding his paper elhoold have the power
of recovering the same by a summary precool, and keying upon the
banker's goods, through the medium of a Magistrate's warrant.
The CH A NCEI.LOR of the EXCHEQUER Said the preaent
•• BM was intended to place the eireulatioe upon the same footing si
it was before the passing of that Act; and before which they suf.
fried no inconvenience for the want of thascJaese, and be thought
that it would be found highly inconvenient to give this power to
touhtry Justice., and render it perhaps intpo.sibk fur thr country
banker to carry on hie business. He did not therefore think that
it wa. n:cessary or proper to intro:Wee the clause.
Mr. HUDSON GURNEY Objected to the clOuse.
totonel JOHNSON supported it., ' ' '
' Mr. BE AU MON T could see net' rtiltrrence berm*" di Mt tlf
a country banker, and that of any other individual
instant a difference in the law.
. Mr. SIONCK supported the clause, which bitd•
and continued in every succeudie Set shier the restriction, and If •
it were now left out, the measure would be the very reverse of a
return to a metallic currency.
Mr. Alderman HEYGATE defended the country bankers, and
said they had been driven to the issue of one pound notes, which
was the most expensive, the most inconvenient, and the least
profitable part of their business.
Mr. WARR'S did not know whether it would be prudent to
grant the power of summary process, but be trusted that the Go-
vernment would consider the subject.
Sir IL WILSON thought the power of proceeding by summary
process ought to exist, but smatter so short a period as seven days.
Lord A. HA- .1 I LTON supported the clause, as involving the
principle of the measure. It was a mockery to compel a man to
resort to an action at law to recoverebe value of one pound.
Mr. MONCK said, if the clause were not adopted, they should
leave the bolder of the one pound note in a wee se situation than he
now was. From the year 1797 down to 1823, every succeeding
act of Parliament had contained it. Country bankers bad no
right to complain, because they were not bound to issue one pound
notes at all. If they chose to do so it must be upon the conditions
imposed by the law, and take the bad with the good.
Air. A BER.CROM BY said, the West of this clause would be
to increase the rapidity of that contraction. He did not object to
its principle, but he thought it objectionable under the present cir-
cumstances of the country.
Mr. HOME DRUMMOND said, that this law did exist in
Scotland, but he felt the objection against adopting it in this country
that it would beat variance with the general law Cot the recovery
of small debts.
Mr. HUME should divide the House to see who voted with
him, and he was sure be should have all the country bankers—(A
laugh)..--If they refused to. pass the. clause, C,pbbett might well
boast of the triumph of the Gridiron, for there ?multi no longer be
a metallic catreticy.in the country. He called upon the Committee
to support him, and be was sure that every solvent Banker would
do so.—(lAughtter and eries of " Order:,
Mr. ii.,IIARTIN rose to order. The Hon. Member had made
use of see and indecent expressioos.—(Cries' of
Older! Cbair 1 lie 4 great beshur4 •
'The CHANCELLOR of the EXCHEQUER said that nothing
could be istereiliserdsrly than disclaiming fur two hours ',bother
a Messberhati bieen.rote of osder or but. He was sure the Hon.
Member for Aberdeen would see that his language had been some-
what disecdetrbessbecwase...lll ;entitled an ineeresurd motive, that of
coucusliag theiriineelvency. te those Gentlemen Who did not rote
with
Mr. 11V fltg4dlWilta4 ,that his won,* might perhaps have lin'
plied wore thantrelmeent to do.
Mr. Secretary cA/4/411kG—I do not vote against the
proposition for Of purpose of affording any protection
to the cottony b wakirr, against the payment of any just
demand, but I dq. sp, .6ecause the proposition seems to
me to imply great diperedit on thescountry bankers. If
things were in the same state now as they were last
year, I probably should not throw any obstacle in the
way of the Hon. Member,- but the House will obseive,
that there is a great difference between the state of things
when the discussion upon this subject took place last
year; Then the question was, how we should apply a.
remedy to au evil, in a system then considered to be per-
manent, or at least expected to be of considerable dares.
tion. tI that were the case at present, the object of the
Hon. Member might be well worth considering; but now.
that the Hume has decided that the system of issuing
1/. notes shall ceasoet the expiration of three years, ,1
certainly do think that we cannot apply the lemedy ncra
proposed. Le she amuse of the discussion upon the
principal mentos spr which the Hostas has already
decided, it was intimated by the Hon. Member for
Taunton, and other crtjemen, that by eur ribte twit!'
that occasion a e,sbust‘Cleathital our own object,and that
we abpuld cacate aanFastalit wintry bankers analerm
which Weald priesitice it-peoeipittlle thg
country bask IL. oases. and a. et wraction id' *hut car-
renoy to such a degree sets. AO produce cortiderabitigr
Gcsvenii*L At arsereertaluly did not think the