Star.
London, England, 1826-02-14 00:00:00

public; for the fact war, they paid fot their advantages
by lending money to the Government for a series
of years, without any adequate compensation.-
7t was thougla by some, that when the Bank charter expired, bet-
tyt terms would he obtainable by Oovernment from that body.
Now. this wag also a misapprehension. He did not desire mks-

live privileges for the Bank ; but only desired to prevent the esta-
blishment of any rival bank in the metropolis. If that were once
permitted, the mutual endeavour would he to issue as large a quan-
tity of paper as possible, and the responsibility from the eircum-
&tam? of its being divided, would be diminished. He was ready
to admit, the paper currency of the Country banks might have par-
tially
.occasioned the distress, which, however, was principally
Caused by excessive trading, and the Spirit of wild speculation lately
so prevalent in this country.
,Mr. BARING s lid, he was anxious to bring this very
important question to islue, for he was convinced that
much injury would be done by a discussion of this sort
day after day. He should, therefore; feel it kis duty to
take the sense of the House upon an amendment. His
impre.sion Was, that the proposed measure was one of
danger, and he should mbee a resolution to that effect.
Ile should move as an amendment-o--
" That it is the opinion of this House, that in the present die-
tressed state of public and private credit, it is not expedient to enter
into consideration of the banking system of the country."
If the House thought prop. r to support his Majesty's
I‘l nisters in this project, he should give up further op-
po4tion. Before he moved his amendment, he was
desitous of saying a few words in the way of explana-
tion. Ile had first to apologise to the Right Hon.
Gentleman for that which he had said. He thought
the flight Hon. Gentleman had imputed to him a
desire to persist in misrepresentation. He could not
avoid calling the attention of the House to the peculiar
situation in which it stusd. The Country was in a most
extraordinary position. No person ever saw such a
state of utter want of confidence between man and man.
Although a clever speech, made by the Right Hon.
Gentleman who stood high in the councils of the coon.
try, was deservedly admired by all those who heard
him, it could not reach the understanding of chose who
looked for s 1 distinct remedy. No man of business in
that House from one end to the other, whether Mer-
chant or Banker, had told them he had confidence in the
proposed measure. None had ventured to say it could
be adopted without danger. One Gentleman, who knew
something about the circulation of the currency, had
merely said lie was inclined to vote for the Resolution.
-Gentlemen came from the Inns of Court, with informa-
tion derived from books, to give the measure supFinrt,
but not one practical man could say it was possible to
adopt it without danger. The Right Honourable Gen-
Veman, with his great and splendid talents, had given
the strongest support to the intended measure, yet
upon such a question, be (Mr. Baring) would rather
take the opinion of the Right Hon. Gentleman at the
head of the Board of Trade. The speeches made on
'this subject brought to his recollection the story relate:
by the Earl of Chesterfield. One person made a speech
which was plain, but good sense, no one however attended to it.
Another made a brilliant speech which had no relation to the sub*
livery one attended to it, and it was considered excellent.
fast, which was really good, was decided to be the worst. All
who had taken the subject from books and theory were decided on'
the subject. They Made brilliant speeches upon a false view of
the subject, and who could say that very circumstance was not an
increase of the evil. The object was to restore confidence and some-
thiag like ease, by bringing about that change which must be at-
tended with evil. Men of business recommended delay, and their
judgment must be better than theory. The issue-R-ene pound
notes bad been condemned, but one pound notes had little to dli
with the panic. All the vile schemes and impositions wets MPS
made. The countrymen were the dupes of London sharpert.-..r
The over-trading was with merchants residing in town. where
s one pound note did not exist. It had been urged, that if
they did not make the Change then, they would never make
it. If it really was a nuisance to be abated, that Howse
ought to do its duty ; but what was the case ? Would say
commercial man get up and say the change could be made
, without great risk? If any Gentleman could say there was
no risk, he would give up his opposition. The Hon. Member rts.
peated his former objections to the measure. It was out of time;
the experiment should not be made with the experiments for the
benefit of free trade. It would throw the country into ecologic*,
and upon the eve of a general election itinerant statesmen would
not fail to use it as an Instrument for promoting their attempts
upon credulity. Ile bad formerly stated his opinion that Mimi-
ties in the currency had been occasioned by choking the resources
of the Wok. The Government bad drawn too much upon those
resources. Under wise and proper management he thought public
business might be carried on with the preestgeurrency. He would
leave the thing alone for the present. and Sedate respecting the
Country Dank Notes at the end of another year. The Honourable
hienther concluded by moving the Amendment which he had
previously stated.
Air. PASCOE G REN FELL believed in his conscience that
there would be no safety to the credit of this country, unless the
piste of notes were to be supplied by a metallic currency. The
Bank Note system was one of the causes of the present evil.
The Amendment was then read by the Srescea.
Mr. BROUGHAM said, it was his opinion that a
returrence to a metallic currency was the only means
of restoring that tranquillity which had lately been so
disc urbed. It could not be denied that the panic had
commenced with the holders of the one and two-pound
notes; persons generally speaking in an inferior sphere
of life. This had increased gradually, so that in the
end individuals who were possessed of larger notes had
also been affected by the panic. It was necessary that
some decisive step should be taken to prevent a recur-
rime of this terror. Hedid not like to hear hisHon.Friend
(Mr. Baring) wish for a postponement of the question.
Procrastination in this instance would do infinite harm.
He Itnew very well what would be the cOasecitience,l
when at some future period they would propound the
question. The answer would be, " What, shall we gn
back ? No, stand still. Don't retrace your steps."
"'Tis a pity when everything is in io flourishing a rate
to do away with these notes." And if at a period of
en.baraassment still some excuse would be offered;
" What, would you increase- the embarrassment ?" He
wished something to be devised as soon as possible at
the plesent period. His Hon. Friend had said, " Don't
do it now; but then he had not said when he would
dO it. If he would state any fixed period, some-
thing less than three ) ears, he would then be satisfied.
thought that if it were generally known that as soon
as the notes now in circulation were worn out, fresh
ones would not be issued, they would find that at the
cod of a year and a half, or at the utmost three years, a
metallic currency, which had gradually supplied the
place of these notes, would be fully established. None
of the Hon. Members on either side of the House had
yet suggested a currency which would be intrinsically
valuable, whether of gold, silver, of even a mixture of
both. He thought that tamper ng with the currency as
it now stood, or proposing one which would be liable to'
be changed every two or three years, was not only im-
politic, but also Unjust to a very great degree. He
would merely say to those lion. Gentlemen who were doing so
at this period—" Recollect well the month of December ; relent
oo all thrhoeton of that fortnight or those three weeks of distress!"
fie was fearful that if the former circulation was still allowed to
go on, tbe mischief which they had been latiourbig to stop would
return with all its train of horrors? lie did not doubt but that it
would be followed by distrees in another quarter, he maw the
agricultural. In a state of suspension like the present, he ebuuld
give his vote for putting the question at rest.