The Statesman.
London, England, 1815-04-20 00:00:00

HOUSE OF COMMONS.

A Petition was presented from the Clerks in the ofikelftke
Arcismptant-Gmenal of the High Court of Clearers, prey*"
fur ass inerme of Salary.
Cssl. PA 1,41 Eit presented a Petition from the Trade's of the
city of Bath, nsaia:t the late Insolvent Debtors' Bill, slid pray-
ieg for its repeal.
The Cliunti State Bill wits rend a third time.
The I fait NaM.4klAtielifra Bill,sad the Rill fur grantiag
compensation In the Ofilestre of the • Come mit SOW
bore's, peed thsossgh a Committer.
The White Herrings Fishery and Sweet WIWI BM lie"
brought in and mad a Ors: time.
The Mutlatle Arid Kill then pawed themes* a Commituee.
Mr. BANK Eli awe moire of au •tiste for Toesday ass', se-,
!alive to the building of the New Mint.

BANK OF ENGLAND.
Mr. GRENFELL rose to call the attentiott of
the House to a subject with reference to which be
had given a notice previous to the ream. He felt,
however, that he should have need of all the in-
dulgence of the House, in the observations with
which he considered it necessary to preface the mo-
tion which he should have the honour to submit on
this occasion. in bringing under their consideration
public transactions between Government and the
Bank of England, it was his intention to confine
himself strictly to those in which the public had an
interest. The House, in his opinion, had nothing to
do with the private concerns or dealings of that Cor-
potation, and could never, unless under very pecu-
liar circumstances, properly interfere with its ordi-
nary mercantile profits ; hat, on the other hand,
where the national property was in question, and
where the public was one of the contracting parties,
he deemed it a binding duty upon that House to en-
quire what were the terms, principles, and condl-1
tions of the contract, expressed or implied, and to I
see that they might be such as ought to be satisfac-
tory to the country. It. was well known that a
large proportion of the profits of the Bank arose
from public funds deposited in their hands. These
sums were placed under different heeds of service in
their books to the credit of the public, and were
thence drawn out by the officer& of their respective
departments. The whole operation was as simple
and as easily managed as the similar concerns of any
private baralters. In relation to this part of the ques-
tion, he should move for the production of went
papers presented to a Select Committee ei tint'
House in the year 1807, which exhibited a fair,
honest account of the aggregate balances of public
money, or what might be called the Stationary Fend
of deposits at that period iii the hands of the Bank,
productive to them, and unproductive to the public.
Ile was satisfitld that he was not overstating the fact
when he described the Bank as annually deriving
from the possession of this average amount of public
money, a sum equal to the whole annual interest of
such funds. The sum at which these aggregate ba-
lances were then estimated was to the enormous
amount of 11,000,0001. conveying an annual profit
of upwards of 500,0001. not to the public, to whom
he contended these profits belonged, but to the Bank
of England, who could have no shadow of claim to
them, except as the price at which they managed the
public business.--.[l/ear, hear!]—Re should have,
presently something to say with
_respect to the re-
muneration due to the Batik upon that head. The
year 1808 was the last period at which he had any,
authentic information as to the amount of public
funds in their hands, when the balances remained un-
diminished. That they had since greatly increased
' with the great increase of the public expenditure was
probable, although he was aware that the latter was
not an infallible criterion for calculating their amount.l
llle could readily conceive various Causes that must
operate both to their increase and their reduction.-1
I The papers, however, for which he should move!
would afford ample information upon these points,
land he should receive from the Right Hon. Gentle-
! man (the Chancellor of the Exchequer), or his lion.
Friend (Mr. Mellish), whom he saw in his place,
whatever facts or opinions they thought proper to
communicate, with the same alacrity and satisfaction
they made against his argument, as if they con-
' tributed to it the most powerful supptirt. In the
year 1806, he believed, under Lord Grenville's ad-
ministration, a transaction took place between Go-
vernment and the Batik, which had been called a loan
from the latter to the former, a term, as he conceived,
altogether inapplicable to the circumstances of that
transaction. The Bank then agreed to advance •
sum of 3,000,0001. at 3 per cent., that is, they agreed
to accommodate the public with so much •of their
own money, for which the public was to pay them
this per tentage. This agreement expired in
December last, when the principal sum was dis.
chargrd, together with an accumulation-of Interest
amounting to 740,0001. In 1808, under Mr. Per-
ceval's administration, another advance of 3,000,0001.
• took place, upon which no interest was to be paid,
' on the special ground of thd large balances of public
property deposited with the Bank. The period for
%stitch this was originally advanced had also expired,
but had been since extended on the same ground till
the sth of April, 1816. All these transactions he
held to be most erroneously designated either as
loan', or advances, or accommodations; be regard-
, ed them as nothing more than a liberty secured to the
public of ti k•of their own money, and of
nt lug use
' droning Wm their own deposits. A large balance