The Statesman.
London, England, 1819-05-25 00:00:00

THE s flier ESP

chided It. Report. jodujoe from the teadeocy of these fotaillmiale' 4 Pay alatigie Caolii A. 16 Wei Ika
publications which had become favourites with the km. established as Mireatood allevnatikle, tie gem-
enimmermal sad trading world. Tim question n e wail whbriter lie sperstioa could his way left
pop/sled to the Hoes* was, whether the enootly o the discretion of that body. Ile thought it Meld
s'inelti obtain a future metallic standard, or whether not. for k world produces division of responaibility,
the system upon which the country had been acting which wet ti.bertaideti. Beside, nettle Rink were
these I'2 veers mold continue. The Committee hod of opinion that each • principle as the Committee re.
pfellaPd as Its opinion that we could not go ea commended was neitherformee in truth nor sanction.
fairly, regulating the trensactioes between men and ell by repository, It would tat be fair that they
man, without resorting to • metallic currency. All !hostel beboand by it. If they bused their attention
the writer, upon politics, economy had recognised • to *armlet presented by the Beek, they *toed eel-
rnmellk standard as the Daly safe standard. It we* drolly see how oreemery it was tw have • particular
mess kahle how those eke departed from the pried. regard paid to the price of gold, previously to the
I,le led themselves into error. One of the witneeme. reamPlien of Cash Paymouts. 'Phil belly bed
a very respectable man, who had avowed he saw ore loon requested to mower same qmstleas as Go
objection to contionieg so ledefielie and coMplete the period of seat • resemption, but so elfish .
sespeneion, provided that the pound mooting worst*. tory or conclusive answers bad been made. The
Ward as a standard; whew eaked to dela what he Right Hmmerable Gentlemen then read en mired
tweet bg.thesseeed ? admitted It wee digit -elf to do. from their letter to the Committee, and obiewsd, he
fine what it wee. bet that almost soy Gentleman or slily reed it to show that the Book would not act as they
rose of edscatiee might form to himself soutoptesior were wished to do, unless ampelled to it by Perlis.
ides .f what he kneaded to she endastried by the meat •rhe third alternative was, a positive lineta•
term. then it had 800 yeas applied as • standard, lion of Bank soles; bet that he considered unwise.
preceding the goideo standard upwards of 300 years. They could not beforehand prescribe what amount
—[4 lough.)—Fro• the pages of Mr. Ads. Smith should or not be issued, for eireemistances alter d,
he had serried to these of that great ernsoseet of the and the cirmtation of the country would necessarily
intellectual world, Mr. Locke. who had wish so mach vary in • greater or lesser degree with them. If, es
ingenuity frosted of thou most aborts, sobjects,itien. in the yes, 1797, the market price did not taped the
tity, space.deratioa, end morally; bet meet from the Mint price then the issues of the Bank might bees.
weeks of this greet lose it was impossible to collect ' tended rather then diminished; if, however, the wee
any precise end satisfactory debilities* d the posed. I verse occurred, then there would be no alterative bet
—With similar wail of memos bed he seerebed s fossil the lasses to the eiteemstances of the times
the works of the Immortal Sir I. Newton, the disco. The fourth alternative was that they had adepted..—
wirer of the motions of the plasma, system and ea. And the plan proceeded on the principle, that they
pounder of the lowa of nature. He ton, after being I should regulate its issues in the same molter as they
at the heed of the Mint fir yeas, had here obliged had done previous to the Restriction. They fated
to pet op with the maga, fineries that a definite I the Bank coatiderably lower in treasure lbws wadi
quantity of bellies' mum coostitele the tree standard. enable them at once to resume Cash Psymote. The
The Couterittee had, after laborious investigation, market price of gold was higher than the Mint peke;
nuns* tile resolution that a certain weight of gold of the Beek wet considerably in advance to theGovere.
• certain fineeas ought to oonstitate the steadied. meat ; the (internment could net speedily ropey
Such and so vague bad bees the &Melees ester. I them, sod they, therefore, wished to protract she
Mined and seed epos up to 1797. The danger of I period of the resumption of Cash Payments (or a
each theoretic principles being reduced to practicel term of fenyears. That term was far more diets'sl
could set be increased by looking it full its the face, than had evet been contemplated at the time when
end examining it most minutely. 1 here plificiples on.' the Restrictions were first ireposed,or than amid have
tired into every am of our transactions with foreign i been calculated oa by the Rank themselves. The in.
nations, and every foreign Jew was able to detect j diligence was extreme, bet the case required it,
their fallacious teadency end tern them to edrestsge. and he regretted say cireemstsuots shosid have
!)—Tbe peewit tinseled°, of the country I occurred to make it necessary for them to es.
tpoiadetsd from the Bank of &gifted and six or I
seven • teed it, or the Bank to hare required it. Every
hundred private baskets throughout the country.— one around him too well understood the Resole.
The decided's of Bank of England notes had its rise' tious be had to !impart, formula soy detail of their
in purchases made of gold end edger bellies and i prieciples or provisions Necessary stall. It was tree
coin, advisors made en Government securities. and they requited the Bank to pay in gnarl, after a period
at bills of *schema fee mercantile accommodation. I of two years, but ender seek emdilications as ren.
The issues of Back notes, which, is 1815, amiseated doted she measure both practicable end expedient.—
fa 27 rellioes, in 1818 'meowed to only 25 milUeas. They had, however, proposed a plan to prevent the
It was worth *lids ezamining on what they were ad. imported's el that article, from being carried to any!
ematettl. Were they advanced on the Teas?—No., improper or lojerious rowers ; and he should thee !
They were adesoced ea the anticipation of the Re. proceed to notice some of the objections to the wee.
motet, upon the faith of Government, and of Par. sore. As a preheat:wry reinsure, they recommend.
linment. How then would it be possible to distill. ell the repayment to the Bank of its advances t• Go.!
gush the issue of the Rank from hoses by the Go. vernment, but in making that recommendation, he •
? There would he Ibis difference. hilai if feared, they had been meets misendersteed. They
the• isms werosniente by the Goveraumet there world I
be a saving of 34. pee mot. to the reentry. Eve, the j lions they bad advanced. They amid set team.
atm-It-holder received Banknotes in payment of Ms ' mend the lament repayment of seek s sem. because it
dividend. The difference between tie issees of oar I would, by abstracting so much from she teetotaller',
paper ciresiatiem sod that of other cagoules was, have • tendency to cruse all merle, end add to
that in this country the security rested both on the a flognalion which was already so severely felt
faith of the Bank sod of Government, in other cm. for • gradual repayment they had used. the to-cessiry
tries ma that of the Bunk alone. If the pritseiplee now errangeuveuts. In his epitome, he saw no necessity
eontended for were adopted, the doctrine of Mr. I whatsoever that the 10 million. of ethane., theold be
Law, of perniciees memory, most prevail, that lands, repaid, es a prelionioary measure to the resemptilms
goods, chattels. and every thing might be converted !of Cash Peyments. Bet the Committee recommended
into a circulstlni capital, provided it were repro- t the advances should be repaid, braes* the Bunk de.
rented by estmething generally transferable. The I dared they wanted them; mud it was incumbent ea
true criteriee was, that paper should be en a par them to pay their debts before they indeed on Cash
with gold. Eva ince the year 1816, it was halm. Payments for the future. There should be mutuality
Bible not to see that the evils of nor system had ar. in the transaction. Ou armee grounds, he did sot
rived at an abusing height. In the year 1815, trade think a considerable repsymeet would he thee ed.
bad appereatly revived, all was eipeastiers ; bet in visable. He could not advert to a pore which bad
sad 1817, the natural result of our siteedee been laid on the table (the doceilant fees the Bask)
at hear, sad the 'schemes with foreigo coontries without expressing his wish that the betimes+ between
was, that prices failed, trade slackened, and general the Government and the Bank shoed be cheesed as
commercial leaguer prevailed. The reentry basks speedily as possible.—(liter, hear!)—The power
withdrew their eireelation tor their own security, mid of limiting the d.ties of the Beak to its origins%
bendreds failed through excessive speculation. He object could net be too speedily enforced. lie did
here traced the gradesl rise of the haves of the Beek not blame the Bank for the tone of that docement of
Mote whoa they had net mach *needed the 20th ioniser; but he should take the liberty of
twenty-three millions, until the year 1818, when, reeding a few of the paregrepbs to the Horse, ad.
exclusive of an latressed (desolation of gold, they , milting as he did that they contained a meletscboly
amounted to twesty.nine millions. The cupidity of I truth, us to the midst and improper Influence pas-
sim merchants, and even of the artistry bankers, I stored by that body. 'l'bu peregrephs relative to the
being by this means Packed, all resolved to share practicability of the plan proposed by Parliament for
in the yoke of a speculatiow en the state of ear I a resumption of Cash Payment, he did not portico.
circulation ; the scene of 1816 was sorted ova !tarty object t.. Tb. Bask, like another commercial
join, cote,. 641 hum 301. so 401. per esow.... I body, had • right to give their opinions; and teat
The evidence et Mr. Gladstone, of Liverpool, preyed, they had done an, very etiareseolously, would be
diet In 1818 the Import of cotton amounted le evident on the perusal.
170,000 Mies, In 1817 to 350,000, dad in 1818 he Here he reed to i$ certain point from the sit
451,000 bales; tee whieb, bed the Liverpool mets lions of the Banky,and the. observed, bet the Bank
chants had a morket, ell would have been well ; bet had certainly goat a step toe trevelletrieme.
It. erremoseestre of Mei• net bowie, a corremmicling abet beyond their proper peovincy, when they
deemed, them bad been left on heeds a semis, of cossideted tbeemelves bound to take an of suit
aloe in this one article emounties N 8,000,0001. the provide for the Security of the commercial regale.
lealteble conwqmotres of which were, that labour time el this great empire.
beanie enommtedy depressed in price, and the most He confirmed reeding tetrads frees the same does.
fatal eekettegoetroto were felt by the /sheering poor. divot, when he Old, hewing so far trespassed on the
These simeatiome of made hid perhaps little to de attention of the House with these important attracts,
with the Rotation. At ewe time the price of taboos he should bog to remind them of the potted of the
bad been thought ton high by every well.wisber of establishment of the Bank, in 1688. They geoid
their country, at another It certainly bed sunk so not (ergot the objects for which it was insikused,
low, es io lead site country to surest, that net with. they could not forget its advantages, its importsoce,
steed the thierishie4 details as do ocr commercial without teribig an adeqoate interest in its concerns,
condition, es slated in returns rade from the Cum and regrettiog they shoeld have launched beyoud their
towhees* entries (for he shaskl net attempt to Cool depth, and changed places with the responsible ad.
real soy thing) —[lleer, I—intr prospects of fleets of the Crowe. For blown, he east o bleb re.
the missals of eammyreitel prosperity were very I spect for the Beek as a body, for many iadivolesis
feint indeed, end that something very tonsured hodeed t oho composed it he had the highest ponible respect t
lurked beneath the serfsee of our political economy. , nor did he wonder much at what he hail jest reed.—;
Hitherto, Cash Payments being likely to be rear. ; But •bila be gave diem credit for their mosteet, he
red to at sew fixed period, had restrained the tOe !could net bend to their jedgaserits es an lostoilible
ardent spirit 4 speeeletion in the cavalry ; but whet I geide. Like all other largo bodies, they took their
woitd be its consequences, or who would attempt t • loon view, of the subject, and he felt courier:ad they
pet a mound to the inendation of fictitious capital, I should be relieved from the toilsome lobos, of attend.
which would be the malt of making indefinite the int to " she interests of the whole conirownity."-...
period of a resumption of Cash Payments? lie pert. --[Hear. Ater!]—Tbe feat wee not ist the blab,
veiled, directed the attention of the House to the l bet ie the Government ; thoy .-aneferred some of
-mond Resolution, mad most sesiously looked for ifs their dedet into their hands, anti obey flood& wet
sopped en this head. The Committee aborted there shriek front receiving soreldeine as they dims ad.—
we, only • choke left them of four alternatives, wad Mock of starts had been excited by die pieposed
in the first of Rem felt it particelsrly necessary to plan but an esiminstion of its practical resells
impels the Hrr igity of preparing by degree, for the would best emit hew moth Il was eafoiaded. Sup-