The Statesman.
London, England, 1819-05-26 00:00:00

lotto this additional burden of 2.800,0001. lid
could nut but consider it so unjust to the Poetry to
call on the Public to pay the interest of tts. Nistirnal
Debt in the old stander.l ; the agreement with the
public creditt.r having been made in • d•prectitesi
currency. Another objection also to th• pots ay.,
in his opinion, the Caries+ roles at which the 11•11 k
was to pay; they were to commence paymesit at the
rate of 41. Is. per attic., end in the cosine of Ilse
or three years the poyekist teat to he at 31. 17.. It/d.
only; test woad be a considerable lots to pianos
entering into lasting Intgoitts or contracts, a too .f
sot less than 4 per cent. Ile thought there soukl ho
mere inconvenience in returning to the old standard
than theta could be in adopting the peseta deprecia.
than sod regulating the cerrency accordingly. Ile could
Ito nothieg which would prevent the Bank. just pre.
olois In the time • • 'sg at which they taouli te-
nse Cash Payments, issuing • large quantify of
gold, increasing their issue of japer, and thin tern.
log the ezehango se Moth against us as lit render it
impassible for them to resebie Cash Payments. Th.
Noble Lord then entered Ode • (*kasha' of the
evnootet of bullion, *bitch it would be necessary the
Bonk slimed possess before they could resume Caves
Palmetto, and which by the Bank, he said, was
estimated at brteeets 3u and 40 millions. mod *hick
he said, If they were Sincere, woad require four or
five years for them to setysetulatt. Bet of their sits-
aril, he mast doubt slue the present system was
that meet evidently for their advantage; aid they
were now calling oat not to be bound down to hoses
or to sum+, bat to be left ollh a discretionary power
of their Well. Now the country had already had a
proof how on Ibis subject the Bank •neld act while
they had such discrolitioary poster. The conduct of
the Bank when Lord King's Bill wag passed prole/
that Sher wu so silicotr wish on the part of the
Bank 88 relent to Cash Payments; sod their con-
duct then was another res_ins why be could not nouP
congest Is give them his coolldeoce. The Noble
Lord concluded• by declaring his opiiii,n that Cask
i'dyments, when resumed, should not be on tbe old
.tandard, hot in • currency adapted to our present
urps.-ietrtd currency.
:.'it • i..l:ll'i'i a .id. he enderolood gala was this day-
at the piece of 41. sat nonce. It bud been said that the
MA were est to be clopito4.l on fur resuming Case
Payments. Ile MAI an nn 'eosin to doubt them;
they bad already tried 11. a tripes+ Put, •nd paid
cask to the amount ref several mills oss, a molder-
•liii lost I. thetnitim ; end if use esperirnent nett
fasilsl, the Rank were too to be blamed foe
the -failure. I use 11:-. ....hie Member rotated
late a defence of the le: i- .od contended that
*ore was nothing to fear fr--it a restricted issue. The
country generally were de- toes of otornisig to a
I metallic currency, and thst feeling ought to be cont.
plied with. Ile could not, however, ogre, to all
the Resolutioes proposed by the Right 800. Gelato.
Ma ebb bruised forward aim question; epithet.
could he agree with the R.-olutints proposed by the
Member fur Coventry, which sent to prescribe to
the Chancellor of the Forlievor the manlier era
which the &sok ear to be repaid, which ouabt not.
iu Isis opinitsto, to be adopted. I' in order, he =OO4
i move that the fourth and fifth of the original Bern-
(lesions should be rejected, and he remoinlog Resu •
lotions he adoplud.
Mr. J. SNI lilt took a different view of this sob.
:pa from that stated by the Coessro..... lie was
' for giving all c..nfithosre to the Batik Directory, who
is his opinion had done notch by their voided to
sale the ceinotry, end every rell•-• lion on Ii Mr con.
duct gave hint pain. The lion. Gentlernao moored
at length into a defence of the conduct of st.o Desk
Minters, who, be said, bad on many occaskao
bees greatly_ misrepresented. Otte subject, in per.
titular. he would ethyl to; that was the balding
of Book Stock. It was well hones that to hold
Bank Stock was most advantageous ' yet these Geo..
!lemma had almost invariably given up to the Public
the benefit of holding Ibis Stock, and bad confined
themselves to hold only Use limited quantity of stock.
necessary to vilify them for the wilco of Director..
Ile thought the Busk should now have been left
unfettered. A time should be filed for resuming
Cash Payments, bet in the meat' time the Bank
should be Fitt to follow their own judgment, as to
the steps necessary to be adopted, preparatory to that
mestere takieg place. With respect to the alarm
which. 'listed of a contracted circelaticro, he con.
*Wired it as onfoonded. Ile had no fears of that
sortfliet be did apprehend great ditficulty and Omen-
vessieure from the proposed arrangement for the
Beak payittg its bullion in February next. The Bank
woad be driven into the market by this measure to
purchase bullion, and world thus raise the price
.egaiest themselves long befoti the time arrived for
paying at thereto of 31. 191. ed. or 31. 174. 10d. per
usuou. lie olio objeLted to 'ha amendment of the
Member for Coventry, which provided that Govern.
woe abosid repay the money dee to the Bank at the
rate of 600,0001. a month. Ile considered the adoption
at such I Resolution as tending to cramp the hands of
Gootoneteol, and therefore he trusted it would not
be ontettalard. To the Resolutions proposed by the
Right Hoe. Chairman of the Committee, be had no
objection.
Mr. PgARSE, a Bank Director, defended the
rfessdoet of the Dank. A panic had arisen in the
1 public mind which he sod his brother Directors re.
' stetted to wittiest; end !sari done every thing in their
1 posse so pretest. It had been said, the Bunk Di.
rectors had no wish or intention to resume Cask
Payments; be denied that mettle° ; the Directors
bad been, and still were analogs to prepare for anti
accomplish that object; and he leveed, they would
be able to effect it without . y material re-
duction of their intros; or ineolttrelib to the Pub-
lic. Ho was proud In say that, whilst let else Boum,
sod in this country there were peruses oliellisiwg an
anxious desire to cast reflections en tee BMA, Ito
every Other country ie./irksome the character* hi the
Bank of England "Hue* may respected, bet steed
cc ishnut topcoat. Wilk respect to the -Reliceotien
he dad not object in ohs heal mind .r
the resumption .S. 011811 Par..'" ; but ,
to all the Intermediate regolationit, which
sores to place the Bank at the mercy of p
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