The Statesman.
London, England, 1818-02-07 00:00:00

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for arty thing he knew or wfshid to know ti she entre.
teary, that it wail the lotention of the Bent. to ,ire.
same cast payMeriti according to the Act
men,. Fur this object 'he was not informs' et in,
step they bad liken; except oh!, Which he. readily,
admitted, was a material one trio--he meant their
endeavours to prepare thernselre: with gold for issue;
hat, on:the other band, if the further *es to hi
brought about by the issuing of notes, then be West
deny that any proper `steps of preparation lied been
taken.--.-Gentlemen eppos!te might smile et
his ebservations ; but he Should Say that desire
was for the reduction Of paper issues: lie had been
told tbit the Bank bad pressed for the repayment of
the 6,000,00:1. • The ,favouruble change he
could perspire. in paymtint by •Exchequer Bill* would
'rite from thetiitterence Of 4 and 3 per cent..; bat
no material 'difference would 'be made,
.If the
6,000,0001. were paid off in Ktchequer Bills, lie
could see, in that case,' no security for an ailteration
es to the issees. The B silk, hi the present system,
could decline the'reneivals of disrounti. But if thee
look F..tchetfolir Bills, they would remake no con-
trout over 'keit notes, is they did not sell Ex:
chequer Bills. Their rule Was not to sell such
Bills. lie doubted Whether, according in their Char.
ter, as to its preventing them from dealing in Go.
'eminent securities, they bad a right to buy Eache-.
quer Bills. That, however; wit an Old subject of
&spate, which be did not then desire to retire. He
was aware that it would he said, that they did bet
deal lit what they slid not Sell. Unless he found:that'
proper measures Were taken, he should consider it
his duty to mote on the subject frOW week to *et*,
to obtain the only security that could he obtained
for restoring the old, natural, a: d w linlesome practice:
Without such measures, they n ight joit as Well read,
the Arabian Nights' Earriainmenlr, or shy other
hook, as listen to the monstrous doctrine, that for
State purposes a paper i toe cools! be continned safri7
which was not convertible into cash. He belleveda
frein his opittiets of the eh tractor of the Binh, that
they wished to reservist cash payments. But, on (htti
other baud, it was to be con.ittered filet there was
pi ri NI body of persons, living on the nucleation*
of thedity, but havio.r, the ear of certain people—
, ye/soils wt,n dig not regard what thight hapPon in sn.
o:lier year, but Wilt, writhed to turn tottch considera-
lions In their own interest. iie ut n'il put P th alt
who were tint gamblers or specalstorai whtther they
must nut.feel that it Nast !twit duty, from day to
day, to exercise their vigilem•e and ar•rieity in via-.
Witting into concerns so material to the interests of
the ciountry. He should not tresp"se fdrther on the
atteastien.of the house.--(Hear, hear!)—ft would
.be for the House. to tioterniOle herher, • a (ter thion
.!,yeais of peace, this should he the only country in
Eurripe to which the stigma applied ; for it' east his
ronsidered_r,etigaia, if the Restriction wes•Co)itinced
as a measure tit state policy, of traortirig to an arti-
ficerl circulat,ion us the means of snalatairileg publiC '
j credit. . _.• • •
The CHANCELLOR of the'• ititcliEQuiqt
' observed, that he had tin objection to reply mita, ex-
plicitly to the question of the R•rtitt Honourable
Gentleman, and lie was ready to admit that the
! /louse end the Public were entitlad..takthe firlletr 1114
formation which it. ens in his pester arid consistene
with his fluty lu afford, With .regard to the imme.
dime subject of the Right lion. Geollenten's en.
quirt', he bad not the smallest hesitation in declaring,
[that it was the intention of his Majesty's hlialistera
(hit the repayment to the Bank of the 'loan of
G. 0.00,0001. ehoukl be matte in money, and not in
Exchequer 13ille.—Uleur, hear!]--Upon the miter
more general suhject *hid, had been whetted to,
elt hough nut_ now before the .Douse, he.Oaa desires!
of making one or two observations. .if It sl ouid be-
come necessary to propose to Parliament the peat..
ponemeill of the triump's of CAMI pit mem%
would not he from any purpose of conluities ithecoesi .
venience of Government, but would he siibutitleff en
ground' perfectly distinct. 11.. roofil IYII, agree that
it was desirable at the preterit moment to re.
truce the issues of the notes of the Bank of England ;
and he cutiailleietl the repiymeeit of the 6,600,000 t.
in mum., us expedient, not. to ena'l4 the itai.k tn
lessee their paper in that proportion which appearrd
to be the view of the Right Honoraria'. Getitlemen, •
but to enalle them to event: orrninwrida ti on to •t rade,
arid to lapport the commercial Interests of She coon.
try. It was spot this cousideratlfin that hi shnuld.
priihnbly feet it his duty to propose some arranges
me.rs for the -final repayment of this loan. Much
hart been alreidy 'avidity the arrapgenseht made,oti-
ginallh and the present rate of leteritte would cause
silting to the country' of •nut less than 1,000,0001.
nut of the 6,000,0001. compoiiiiig the loan. The
Right Hun.- Gentleman, he belieled, had done po
more than justice to the Bank, in espressing his Con.
eiefion that they were sincerely desirous of resuming
their urdinsry, course of payments; bur the litrer?sit
of the Public, and the security of commerce; might.
ire a particular state of thirigs, form 4 very re4sfarable
ground fur the interference of Parliamout, to delay
the period at which. thatr• teSursiption hold take
place. The subject was net, however, now wider
consideration, and he 'should 'not, therefore, enter
into any element upon the different points inaoierd
in it with respect to *hick questions might be seised s
hut lie begged leave to re-state, that whether the
semption. of payments in cash on the part of the
of Fogiand should cummviice in the present
year, or be delayed till the ensiriog, the measures of
Grriernment would be equally directed to fotward
and encourage it.
• Mr. Ti MOT EY. 1 (eel, no doubt in common
withether Witostvers of this Hoots, particular flatus.
(*cairn its hearing that payment to the MA is to be
made in cash; jetl csonot but regret the levity with
which the Right lionourahle Gentleman alluded to
the resump.ion of cash payments. •111 in this, or the
neat year. •The ground of this ieluclant confesaiuis
ii the gonerally.adinived intention of Goiernment
to make some considerable 11)*(1% 'to foreigii''Powess.
:Is it oatkilown that the glare..- is already given
Does he not know that in pursuance of these awns.
tines, the monied specolarors-tsitme of whom he
knows very intimately, and might have inforoilld hits
—have made-a transfer of their properties from the
funds here to such piste's and funds abroad as owl
tend to turn their capital to advantage. during the
rifectiynernnt•_oTf
htahaosteheloadtaisngienv
wfoereihganveco
to
u proiide
countries?--
against by the sth of July, when cash paytotota aftl

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