The Statesman.
London, England, 1819-05-12 00:00:00

THY, I'ATirSM Af4

them, by loch o reduction of Avis issues, as may be
made without producing public iucenvnienes.
" If the price of gold shall rennin the same as it
is at present, the demand from the Dank, which will
have to deliver it at that price, will necessarily be
vevy limited. If, in the interval, any cation shall
afoot it, ■nd produce a rise its its pace, the Rank
mess, iu that case contract its pape►, either pest-
Cicely, as compared 'milli its present stosent, or re-
latively, to any invested detimnd which there may
be for it ; and them, by i dreg its roles as air-
reocy, proportionately diminish the inducement to
dvntatid gold.

66 It Mey be objected, that the adoption of Ibis
avocation spree's to recognize • dep•rtere from the
ancient standard of vale•; bat it recognizes it no
catharsis, than it at present practically calms;
it recognises it for • very limited period, and
faith •o oiler view, than to provide for the
gradesl retard to that standard, the deviation from
which it acknowledges. _ . .

" The Committee trust,that they have sufficiestly
expleitied the grounds on which they recommend,
that pith • sit* to the establishment of a metallic
standard of value at the earliest period, the Beek
should be requited to deliver standard gold io OS-
chow fur their notes,
" They du tint 'sprees soy preference for the sys-
tem of hellion payments over that of wipeouts iu
specie abstractedly; nor are they prepared 10 re.
commend them as a permanent substitute; bet they
consider them lb. best meets. of fscilitesieg and en-
suring the reset ' ism of ['epeeists in specie with the
least politic inconveitience. Tl.ey are of opinion,
that, when once the ancient standard of value in this
country has been re.establisheil, the great impedi.
meats to a return to Der former cyst.. will bare
been overcome ; and it will be in the power of the
Batik, or of individuals, by taking edrantage of •
favourable state of eacbaoge, to increase the seppiy
of the precious metals is this country, to any went
to which they are likely to be required.
" Your Committee are .rare that it may be ob.
jetted to the plan of bullion payments, which they
have recommended, first, that by necessarily centime.
lug the notes below five pounds in circulation, it
continues the present inducements to the crime of for.
eery ; and secondly, that by requiting the presents.
tion of a large amount of notes in demand for gold, it
gives to the p n or of nolo% to that *mount an as
commodation which the bolder of a smaller smoothy
will 'toe possess.
" On the first of these objections your Committee
observe, that it is scarcely possible to calculate on a
resumption of specie payments, accompanied with the
total exclusion of the small notes, at a period much,
if at all earlier than that at which it may take place,
if the recommendation of the C(.nemittee be adopted.
When the Legislator, has, at former periods, con.
templated the removal of the restriction, the necessity
of continuing the circulation of the small note* (or
some time iisstsseqe•nily, has been foreseen, and is at
present provided for by law. It Is true, that after
the resumption of Cash Payments, amoant of
small Bank-notes in circulation would probably be
diminished; but there seems no reason for rondo&
leg that the temptation to forgery, which most de.
peed on contiderrions of risk aid profit, would be ,
autleished be proportion to the decrease of those
notes, provided they were not altogether escleded.
The force of ibis objectiou will also be lessened pro.
pertionately to the degree of success which may et.'
tenol the attempts, that are at preset making, to'
&vibe mans of rendering the imitation of Bank-notes
more difficalt. Your Committee have been informed,
that the plan recommended by the Commissioners sp.
I pointed for 'equity into the mode of preventing the
forgery of Bank-notes may be expected to he in full
operation in about three months; and they have re.
wive& from two rcientific Members of that Commis-
sion (Sir Joseph Banks and Dr. Wollaston) the se.
defect/ley assurance, that their confidence in the in-
creased security which the new form of note will af.
ford, as well by creating fresh obstacles to a success.
tel imitation, as by giving a more obvious facility to
, the public in detecting auy attempt to give currency
to forged notes, has here confirmed, by the progress
of their enquiry and experiments since the date of
their Report communicated to parliament.
" With respect to the second objection to bullion
payments, your Committee remark, that the object
of the plan which they recommend is, by securing a
controel over the quantity of the circulating medium,
to regulste the value of the whole, and to maintain
paper oa a par with gold. While this object is ef-
fected, the bolder of notes, to whatever eulogist, has
a minify for their viler, which, without this plan,
be would not possess ,luring the Weird which most
precede the resumption of Cash Payments.
Should the House determine to act epos the re.
commendatioo of the Committee, it will be espedieot
to condos, the Act whkk pissed in the present Ses-
sion, restricting the further issue of gold coin from
the Bank. They propose nu interference with the
laws which regulate the Mist, coeceiviog it desirable
to retain, as • check upon any wades contraction of
the issues ref the Bask, the 'power which individuals
at present poises. of receiving coin from the Mint in
caching, for bellies, without loss or deduction at the
rate of 31. 171. 10441. per *once.
" They recommend, not as an appendage to the
plan which they bare suggested, bat as a politic
seaters under any ustens of currency, the total re.
peal of the laws which poohibit the melting or !Sports-
littiion of the coin of the sestet. Yoer Committee conceive
to have been clearly demonstrated by long experi-
ence, that they ere wholly ineffectual for the object
for which they were designed ; that they offer temp-
tations to perjury and flied, end give those who
violate the law, an unfair advantage over those who
respect it.
" Yl.or Committee have received an intimation

from the Directors of the Oink of Ireland, that th►y
shall be prepared to regime C.sb Payments *
months after their resumption by the Musk of
land. fit snaking this communication, the Directors
contemplated a sewn In payments in specie; bet the
Cowesittse hese the wished* of aiming to the
Mom, On the sethority of the Governor of the
Meek of Ireland, whom they have had on imports.
oily of personally examining, that there is suesnts to
bwlivire„ that o• difficulty would nim, on the p.tt
of the Molt of limas's!, in tarrying ialn any
limitations of the same mouse smith those which ma)
ad'or'ed with respect I. the Beak se Ent •ati.