The Statesman.
London, England, 1815-03-03 00:00:00

garret to the cellar, could not be ignorant.of the the Noble Lord thought it necessary to call' ilitPsitra'
wartfith of iiitefac witich the tOkolifriwltsilyw stibiOct ieotiiSit'OT the House was the SilverFokent. This
like this. It had beiii said went- alloWed to bwahoot 3s. in thW-ribland below
,tic seutiMent was changed : halls* Could Alert that* 'Standard: value of sliver. He should be glid to
such wee not the cast iu Bliatill• 1 li'Wow 'from the Right honourable Gentleman whit-
Mr. itAtur PAVES said, that in toting against ther the Bonk were prepared to replace them accord-
the proposed measure, he 1214 mot spen4t-histrwirmstiu , inttosttiW rent nine. ot tbet etentlitYdl-4t worlds
•
now- do so. Thr bad already re-

Litman (Mr. Grenfell), and now repeated, thit it
dust be deferred to the period when the wlink ctn.
rehey could be finally settled. The Iluciumna
of the price ha& nothing to do with the circuhni,,,
of the Bank. The circulation of the Bank hailpeat.
ly increased, while the difference of value betwep,
Bank piper and gold had greatly diminished. 1,
July, 1811, the Batik notes in circolition^s—

timents so much as he did those of his constituents.' opinion they ought to do , ley 1y
Perhaps this was the only quettirmin.veftechleterettld etiortnous prate frotn the issue of these
ever submit en opinion of his pwu to that of hieconu 'Tokens; and they were bound by every rule of jus-
stituents. Alen to replace them at their full- value. At all,
Petition received. eVellte, this was not a state in which-they could re
Lord MILTON preseafeil d similit'Petkion from 'Main long. This' pbint of 'Nicene Weenie now a
Sheffield, signed by 18,000 persons. tritsBon as. to the price of the prinvary artible of tie
Sir JOHN NEWPORT moved for an account of necessaries of life, which all Weald illostlebsi leo
sums paid by Government in Ireland, on account of titinitely blended andconneeted with the currency of
law expeuces during the' last seven yeari. the country ; for it could not be denied', that if the
Agreed to. 'currency were at its full value, the prime! corn,
vrtNtiovi TAX. instead of being at /30s. as it war no to be
Lord MILTON said he was directed by his con. , fixed, would be at 621.; and in proportion as the
stituents to put a questionve two to the Chancellor restrictions were continued, in the same proper-
of the Exchequer, respecting the Window Duty.— lion would the difficulties increase oh the other points,
First, whether it Was to apply to factories, in which , viz. the price of all artielet of necessity. So long as
(cotton manufactories particularly.) there was so the Bank should be allowed not to pay in specie,
large a number of windows more then were wanted and to fix the amount of the value of gold at 41. or
merely for light for ordinary purposes ? Secondly, any other sum, according to their will and pleasure,
whether those large buildings called Cloth Halls it was evident' they held in• their own hands the
were to be liable to the tax ? They had norhttheeto wens of keeping up the prices of every article of the
been so, but it was feared that it was now intended.; necessaries of life. There was another point also,
to subject them to it. !which was worthy of observation. In the last year's.
The CHANCELLOR. of the EXCHEQUER account, it appeared the country had paid for Et-.
observed, that the subject would come on regularly chequer Bills upwards of 2,000,0001. Before the
In the Course of the evening; but he had no difficulty I restrictions took place, Exchequer Bills were pay.
lin answering them. He intended to propose a modi- ;.able on their own account at the rate of 34d. pee
*cation respecting the factories, which would dimi- ;day, and they were a negociable article at that rate;
Dish the charge. The present resolutions included they were now become, on the contrary, a mere
the Cloth Halls, but, under the cireummetieesohat bank-note, and the public had paid 2,000,0001.•
matter might be further enquired. hito-. I merely for exchanging one piece of paper-for another.
Lord LASCEI.tA had received applications re-1 He did' not mean to say the Bank could help it; be
spectitrg the Cloth Halls, which being large build- did not wish to cast any reflection on them ; but he
ings, required great light : there were two at Leeds, thought the House ought to endeavour to remedy: the
' one at Bradford, elle' at. Ratifier, and one at Hud- evil as far as was in their power. It'wai in vain to.I
j dersfield, almost covered with glass. They. were talk of the averages of corn, or any other articlfyl
rather markets than warehouser, as odds womanly till the system of the currency was completely settled.:
deposited in them *hen undisposed of, from one Some years ago he had proposed that the Bank
market day to another. , should have no more profits till they had restored
The CHANCELLOR; of the EXCHEQUER and made good the currency of the country; but
! hoped the Hon. Member would give him particular ! that was over-ruled, and the circumstances he had
information the subjeeti • already mentioned had been the result of it. It was,
BANK Itt.STRICTIOV. al 100,, in his view of the subject, a most important
Lord ARCHIBALD HAMILTON: cell/Minced point, that the country was unquestionably in greater
by apologisiog for bringing forward a WOO which difficulties in the moment of peace, than during the
there were so many Members morn capable of treat- course of war; and he saw no way so likely to draw'
ing than himself. There was no greet' qiiektion, it out of its present situation, as by instituting a fair
whether of the corn trade or any thing Os/fin-which I enquiry into the situation of the'Bank, and the re-
this was not in some desired ittrtatred. The Right, lation in which it stood as to the various bearings.
Non. Gentleman opposite had appeared" to Ma to I which the restrictions had oh the most essential late.-
' undervalue the importance of this eubjekt. As this rests of the country. He begged pardon for so Longo
Act was just about to expire (on the 25th), his ob. ' a trespass on the House, and concluded by moving,'
ject would be, an ehquiry whether a contineatiou " Thir a Committee' be appeihted to examine' into'
of the restriction would be advisable" of net. vid! and to state Hie total amount of the issues of paper
great importance originally attached toittifettialetre: made by the Bank;. whether they are in a condition'
was well known, acid he could not help cohltestitig tb resume cash payments ; and whether they were'
it with that apparent indifferencete prekinti wMt Itaking any steps to enable them to do so. Te• en-
seemed to look at its *continuntiee oft tnefeibittir quire into the connection between the Bank and the
of course. The mode in which heiersivred it' teas, r Government : also into the profits made by the
Whether the Bents dialer did net' deekettitaceelitiii I,Bank, and whether they were willing to replete the
ance; whether the Bank had mitmr,ltill wlietiertkey , tokens they bad issued, according to the legal stand- I

•roia, ..._ Aneervei
to 34 millions and a half, and the exchange on Vitt,
'under 18 At present,- the Noble Lord elated the
amount in circulation to be 31 millioniaesl,but a
thenor ivie4reyr
bisliefeA" that it was about 28 millions-and a half—
,The exchange on Hamburgh, which was then her ,21,
oral now above 32. He should now state his Nasal's
itfor supposing that the practical resumption of k..s;
11paymente by the Bank would take- i
iatistant period. • If the peace with America had takea
;place at the same time as the treaty of Paris was con.
Iduded ; if we had not been under the necessity ef
'keeping an ariny on the Continent to support our :11.
!lies ;)if welled not been obliged to send a fleet and army
lacross the Atlantic; if our foreign expenditure hid
sot necessarily been. so great in the present year, he
could have no reason to doubt, but that the exchanos
would hive been settled so permanently in our favour
that the Bank would have been able to have resumed
, cash payments within the time stated in the law,—;ix
months after the conclusion of peace. The (1.
changes had turned so much in favour of this countly,
in spite of all these drewbacks, that he had every
reason for supposing that such would have been the
case, if it had hot been for the circumstances he had
mentioned. In spite of all these circumstances, the
exchange with• ifaMburgh, whlet, in January, 1814,
! was 28,in October was St 'Gold, in doubloons, was
in Jan. at the rate of 51. Kis.' whereas in Oct. it was
but 41. 2s. Silver, which had been at 6s. 11d. the
ounce, had fallen to ss. 6d. Ile-could-have hardly be.
lieved that any extension of commerce would have
produoed so great an effect upon the exchanges in ao
short time. Since the examinations by the Bailie*
Committee, the prices• of gold had become higher,
and the exchanges more unfavourable than they were
at that time. He should now statethe foreign mete
ditnre of. the country for some years past. In 1811,
it was 15,182,0001.; in 1812, it amounted to
18,533,0001.; in the yeti- 1813, it was 22,931,0001.;
but in the year 1814, during which the country made
its greatest exertion, and such an exertion as was)
never before made by any country, our foreign ex.
.peuditure was no less than 30,264,0001. If, then,
this enormous foreign expenditure, made by the
Country during the last year, could have been step.
:ped immediately after the peace of Piris, there could
,have been bet little doubt, but that the exchanges
w'ould hat* been so greatly and so permanently is
our favour; that the Bank might have renamed its
payments. An Honourable and lamented Friend of
his (Mr. Thornton) had stated, that the opinion he
gave on the Bullion question would be mach shaken,
iireverhe am the exchanges recovering before tie
resumed its payments. He had directly take
.. Op that challenge, and stated, that it the exchanges
did not recover after peace, uuless some very uousual
circumstances should take place, his opiniou would
be altered. He was now convinced that the Home,
by a compultive view of the present rate of excite?s
with the former, sad of the price of
• beF

.• got* Ileseesst6
gall lakinlieps to sheet the distontin Mice or tho rti. ' and of silver : also as to the purchase of gold," &c. mkt it formerly bore, would believe, that be was
strictions ?—The higheit late return tits 31MIllioni. 1 The CHA NC El.f.tlit of the EXCHEQUER at- 'not too sanguine in expressiug his sincere hope tatl
Let the House contemplate this progreisioneonderna..' lowed the Noble Lord had stated his propositions Ilse time would arrive at no very distant-period use
Bider itt importance duly. If. cenhiquenee of the ; with great clearness and precision, and he should the cash payments might be resumed. • •
extent of paper, there Was at present no'smindard' of . take occasion in the observations he had to bring Mr. ERA.NKLAND LEWIS sold, thaireeehte
value, and no limit. to paper isintes. He v&seed this
iforward on this subject; eo give his• reasons why he .'edly at the time the House thought proper to appoint
as an evil likely to increase, and having a tendency • thought the present motionwas unnecessary. He I that Committee (which' was gederally called the Ret.
only to promote the interests of the Bank.. 'the I begged leave to observe, that the retteictittits, When Ilion Committee) all those symptoms did insist which
t
actual question of the solvency ofhe Bank could originally framed, were by no means a measure of a depreciation of the currency would have produced,
not be brought to the test; without danger. Ode the Bank, but an act of the State, for which the land from which suah depreciation might be fairly hp
great point was, tile conhection between the Go. Bank ought not to be held responsible, but the Go. ! ferred. As to the excess of issues producing demo
vernment and the Bank, which had always bees a vernment only. It was unquestionably necessary 1 dation of the currency, the plate priuciple opee
subject of jealehty. Circumstances• hekecorred' j that this question should be fully and fairly in- , which that supposition rested, was, that if the nun-
in the present Setsion to show' the importauce of this; veStig,ated ; and he was desirous a time should be , ber of things to be bought and sold in: the- country
point. He did not east blame on the Batt ; but It fixed at which the restrictions should cease. The ' remained the same, and the currency esti Wormed,
was matter for eticisirv.. Was hit* regard the late ! period he had it in contemplation to propose to this a greater proportion of this carrencyelust fall to the
prompt acquiescence of the Bank to the Ministers' effete would be the sth of July, 1816, that no fur- ' share of each thing. The relative value' of the retti
proposal, as a price for the contiheance of the re. 1 titer measure should NI proposed, and that the fullest rency being thus lowered, it produced thesame pried
strictions ?-11e thought, though the question i& ! view of the subject should come under the revision . Bud effects as a depreciatiew of the crier/may; The
volved difficulties, that the Bank did not adopt pre. ;of the House. fa the period of the fist restriction, i preseut price of gold was within a shilling or twee*
per principles respecting general circulationi The . they were all alarmed at the situation of the country; high is when the Bullion Committee' made their re,
enormous profits or the Bank were nototioeht, and but the caution with which Parliament proceeded was , port. When be heard of the immense foreign ex.
on this head their interest• was evident.. '-Theli ca. ; such, as to show, that nothing but the necessity of the penditure, he could not conceive how our keeping
pital was 11,600,0001. When resteletfon ' was had' case could have prevailed on theni to adopt it. The.lan army of 38,000 men in Belgium could materially
on, their dividend was 7 per cent.; but after 1707, ! Noble Lord proposed, by the Committee be had , affect the exchanges, in a year *hen it was stated
large bonuses were distributed. Thtiagh this was moved for, first to enquire whether the Bank was now that our exports were Vastly greater than they hid
matter of perfect notoriety, it seated to bare escaped in a state to make cash payments, and whether they ! been in any former year. Io the yele 1795, when
particular remark.- The total amount of the bo. , had takeh any steps to enable them so to do? Si. ' the Duke of York was in Holland with a much larger
noses since 1797 came to 561 per cent.'on the ca. ' condly, to enquire ihta the connexion between the 1 army, that circumstance did pot produce such ea
pital, and amounted, besides those things of trldch Bank and the Government ? Thirdly, to enquire; unfavourable effect on 'our exchanges. Wet bed bend
we hod not information, to 7,000,0001. In 1799 into the profits they had made, and whether they !of the large exportation of gold in order to pay for
the dividend was 10 per cent. Besides* this, there were willing to replace the tokens by the standard of. foreign corn. He could, not conceive why corn as
had been the Property Tax : tie whole amount mak. ' silver? His next point was as to the purchase of 1 necessarily to be paid for in gold more than any other
ing 7,600,0001. He did not censure the Bank for gold. With respect to the two first, he thought no ; article imported; but, at !ail-etents, the quantity of
making profit; he only regretted that their profits measure could be more adapted to defeat the purpose i corn imported in this country- last year was not more
were made at • the public expence. Vitae benefits of the Noble Lord than the measure he proposed.— . than a third part of what had been trepotted in soma
Aittrived.by the Bank were all at the effelite et the' Aso, the question of the profits of. the Bank; as he; former yetre. If We were to look at the circoladoo
public. What he had stated respecting the dividends. considered the whole measure of the restrictions to be iof France, there never ilia • exiiiibilltercouriiipany
and their amount, lie had taken from Accountk laid one of state policy, and not an act of the Bank, the' difference between the market and the Mint price of
before the House. Some years ago hrhad' made a.. House had no right to call On the'Bank for an account ; golds As gold and silver had remained at the ante
motion that the Batik should reinstate the Currency of profit& arising from a measure that was forced on ' price on the Continent, it was absurd to argue that
of the country, and Ire weld(' be gladteseeceive in- them. He thought it was bat fair t 6 ask, whether the ; when gold was dear here, it was sent to cosetries
formation, whether it was the intention Elf Govern- Bank would not have made large profits &the reetric-1 where it was cheap. lie certainly thought that the
ment that they should• do se?—There wits another lions had not taken place. Every species of the funds Bank.had made a very moderate use of the great and
.pnint,in which it was true lie had no fault to find with were much depreciated at thetime, and in the nature' unlimited powers they had of issuing their notes. As
the Bank, and that related to 'their paper. ft had of evedts they could not fail to have made large pro- i far as their conduct was concerned, he had rather to
been often said in the House that the porter of the fits from the extension of their tapital, which was . thank them for their moderation, than to complaim
Beek' wet net forced into circulation. Sear an is.. much larger then that of any other description of 'of them. He had no particular wish to cell them to
mitten might We' beers entertained as ciptsisting is persons. With respect to the bonuses to which the; account for the profits they might have made. Nei-
the tenth before the restriction took place, but surely Noble Lord had alluded; be believed. the loyalty, ther did he at all wish to enquire into the state of
tile easecoilld not be said of it since that! neat took' loan was the largest benefit they had received ; and their affairs. 'rhe amount of the debt due to there
place. Every body Was new well aware what It WAS that took place, and the dividend of a million which by the Government was well known and it was also
it present a legal tender, and all pernt were they made among them on that occasion was paid, known that they did not divide equal to their profits.
obliged to receive it in lima of the currency of the before the restrictions took place, so wet it could be He did, however, think the Right Hots. Gentleman
country. And being 'speaking on thet head, he no matter for the future consideration of the House. rather too sanguine in his prophecy, that the Bank
would ask, and should be glad to .be Jefermed, With respect to the purchase of gold, he thought it a would be in a condition to resume its payments in
whether tee Batik looked.upoo-; hohnd subject fit only for a committee of Jew-brokers, and July, 1816.
to replace the currency of the 'lt—. the foot- . not aufficiently known to the Members of that House Mr. ROSE differed entirely with the Hon. Gentle.
hag it was before the restrletieni ware aHlowed by to decide on it with confidence and security. The man who had just sat down, as to the necessity of a
Parliament ?—TMs was certainly a most (*portant next point was, whether the Hank was prepared to Committee en this subject: In no instance, since he
question, and aright to be well understood' bribe replace the tokens at the standard weight. He had been in Parliament, did he hear a Contained
House and the Public. The whole carretity of the thought they assuredly' Would. If they did not do it moved for upon so slight a
country was at this moment in the heads of the in silver currency, they Would do it itt gold: or, in instance. He agreed that the Bank was no ;Arty to
Bank ; was subject to their' eontroul' alolia ; and it other Words, they would not attempt to replace it by the restrictions, and he knew that they had no loft'
became rtecessary to' kunst when it woo likely the paper. With respect to the silver curreocy, he had ground as in the present
mation of the intention to impose them, until the
circulating medium would again return ihto its old made some observations on it last night, in answer to very morning on which they took place. After the
and legitimate channel I—Another pqint to which some questions put to him by an Honourable Gen- restrictions had been imposed. au examination took