The Statesman.
London, England, 1818-05-02 00:00:00

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Stated it was his intention to move an Amendment to
the Bill in that stage, wept it should be consider-
ed more conformable to the practice of the House,
to take another more advanced stage for that purpose.
Mr. TIERNEY objected to the proposed mode of
proceeding, as did also
Mr. wyNN..: as unusual and inconvenient; and
The CHANCELLOR of the EXCHEQUER
Consented to withdraw his 'Mice of an Ammidafeut to
the Bill in this stage.
Mr. TIERNEY-rose for the purpose of address.
log them, be •feared, at considerable length, pur-
suant to a notice which be some time since had given,
relative to topics of the most grave and important
nature. The House was now called to consider and
investigate what was the real currency of this coun-
try at this moment, sod whether that currency was
that which it ought to be, or consistent with the wel-
fare of the country. lia,skould refrain from making
any comments generally as to the state of the coon-
try, whether prosperous or otherwise, only so far as
was connected with the subject oilier money transac-
tions. To bear the statements of the Right Honour-
able Gentleman from time to time, might lead most
to imagine that things were in a very strange, if not
embarrassed state. It was on all bands admitted,
that, taking the debt of this country as aka round
number, it amounted at the beginning of the year to
800,000,0001., to which was to be added forty mil-
lions on account of the present year, making a total
of 840,000,0001. as the standing debt of this country,
and this in the third year after the conclusion of
peace. This view of the case might, perhaps, savour,
even in the Right Hon. Genes mind, of something
like adversity ; but then carne speedily the consoling
reflection that we bad a Sinking Fund of fourteen
millions. So far we had again a glimpse of prosperi-
ty ; ho .c ever, the prospect must be allowed to darken
when the Public were informedthat every farthing of
• this Sinking Fund was to he borrowed , forthwith.--
(4 laugh.)—But then again a fresh
.gleam of pros-
perity broke in• on the Right Hon. Gentleman's
reveries, and he began to console the House with the
favourable nature of the terms on which the country
might be accommodated with the money wanted for
the public service.(Hear, hear !)—But if all these
prospects, good and bad, were. to he bottomed upon
a paper circulation, not convertible into cash; what'
would be the sensation produced upon every one's
mind in that !louse ? All would start at such a pro-
position, and cry with one voice " God fotbid !"
Bat he would ask, what else could he intended when
the lieu se was called upon in the third year after the
conclusion of a peace, most glorious and satisfactory
in its results, to renew a sj stem for which, no possi-
ble apology or defence could be offered, except the
extreone danger in which the country had then been
placed by most unforeseen and calamitous circum-
stances ? Should then the House hesitate as to the
tote it ought to pronounce, when the question be-
fore it was, whether the Restriction ofcash payments
on the part of the Rank should be renewed in the
year 1818, on the terms and ill the manner prescribed
by the Right Honourable Gentleman ? No doubt
the House would leek to' that official character
for a statement at least of some grounds whereon
he might hope to induce the House to make so
great a sacrifice to his views and wishes. Had any
veal been hinted at?. Nay, had not that Right
Gessiloms is .t o years age stated it was
then irttentled by the Bank to resume cash payments,
and that nothing had then come to Isis knowledge to
induce him to think the Batik would be notable or
indisposed to redeem its pledge ? But now, forsooth,
after this lapse of time, the House was .called, on to
enlarge the duration-of this Restriction, especially on
the grounds, as stated in the preamble of the Bill.,
that it was in contemplation that several large foreign
loans would be immediately contracted, and that a
vast number of curious Englishmen were now Ira-
yelling on the Continent; in both of which cases it
would naturally follow, asa consequence, that should
cash payments be tesumed, a great drain of specie
from this conntry would be the result, and that it
bad beets still advisable to continue the Restriction
as to cash payments., As to the danger of foreign
loans, the policy of this country had been such of
late, that he very much feared one )ear would be just
as fruitful in that species of fruitless speculation as
another ; but certainly the -resident and curious
Gentry complained of, might be altogether thrown
out of the calculation, as they had, by the confession
of that Right Honourable Gentleman, almost all,
most maliciously and unkindly for his position, re-
turned home.—[A laugh.]—The Right Honourable
Gentleman should recollect that his great predeces-
sor, Mr. Pitt, had not disdained to submit to the
House. when the Bill was originally proposed, the
grounds upon which the original Order in Council
had been issued, and referred the subject to a Com-
mittee, to report how far it would be expedient to
continue its operation. Our Chancellor of the Ex-
chequer told the blouse boldly, that he believed it to
be expedient, and, of course, the House ought to be-
lieve so too. It was material to consider the differ-
ence also of our situation now from that at the intro-'
duction of the Bank Restriction by Mr. Pitt. The
causes of the euactmeikt of the Bank Restriction were
enumerated in the preamble of the Bill, and stated,
that numerous unfounded and exaggerated statements
end reports having been circulated, respecting the
prospect of approaching, famine, invasion, and inter-
nal commotion, such a measure had become expedient ;
whereas now there was neither foreign subsidies to pay
—no west armies to be supported abroad or at home
—no Wet, disturbance, or panic, occasioned by dread
of foreign invasions or of famine—but, instead of all
these appalling circumstances, if-the Chancellor of the
Exchequer, that is, his view of the question, were
istibstituted, the house would have all the arguments
now suggested for the continuance of the Restriction.
He, for one, should object to the Chancellor of the
Exchequer, as an interested witness; his whole ar-
rangement, if it could be called such, was bottooo-
- on his own statement, and he was pledged to
sapport what he called a loan, or subscription, or
20 other as appropriate names, because it was not
pussisle to find one word which could describe it.—•
It was of oto consequence that this proceeding was
denominated a breech of faith with the public cre-
ditor. In 18IG, the year after the peace, a RAI was
introduced to extend this Rill, for two years longer,
expressly for the purpose of giving time to the Bank
Directors to renew cash payments without incurring
any public inconvenience. Now it was rernatia.ale