The Statesman.
London, England, 1821-03-20 00:00:00

THE STATESMAN.

Mr. HUME said, that when be presented the Peti-
tion he informed the House it was from an individual,
and that he (Mr. H.) could not concttr in its prayer.
It really had not occurred to him to move that it
should be printed, or he would have done so. The
petition was then ordered to be printed.
Lord ARCHIBALD HAMILTON said it ap-
peared by the papers on the table, that among others
a sum of 46,0001. was charged in the accounts rela-
ting to the expenses of the proceeding against her Ma-
jesty. He understood that a part of the expenses of
the Milan Commission has been paid out of the Secret
Service Money. Ile wished to know whether there
would be any objection to give an account of the ex-
penses in detail ?
The CHANCELLOR of the EXCHEQUER said,
there would be no objection to give a detailed account
under general heads. It was impossible to produce
all the Touchers.

Lord CASTLEREAGH made some observations
which we did not distinctly hear. They related solely
to the auditing of the accouts.
Dr. LUSHINOTON said, he perfectly arreed with
the Right Hon. Gentleman that all the vouchers could
not be produced by either one side or the other. Some
of the accounts, indeed, were of a nature that ought to
be made public ; and he rather thought that sume
of
the expenses fur the Prosecution, could not be known
even to the Agents of the Crown. A sum of 10,000/.
had been paid, he understood, out of the Secret Service
Money, a payment, which he thought never wa, in-
tended by Parliament to be made out of such a fund.
Lord A. HAMILTON said, he was then to un.!er-
stand that no aceontit in detail was objected to.
The CHANCELLOR of the EXCHEQUER as-
sented.

Lord A. HAMILTON then gave notice of a motion
for such detailed account for Wednesday se'nuight.
Mr. BERNAL wished to know whether any step
had been taken by Ministers on the subject of the
littssian Tariff, as far as it affected the duties on
sugars?

Mr. WAREE, in a low tone of voice, wished to
know what steps on this subject were taken. if any
hail been taken by his Majesty's fiovernment
Lord CASTLERE.UiII said, that the subjeet was
under consideration. The Emperor of Russia hail
referred the Tariff to the consideration it his Minis.
ter, who had not vut made his Itepiwt. The Noble
Lord said that he 11;141 little doubt hitt that the duties
would be reotlated in a way that would produce mu-
tual satisfaction.

submitted to the House. That measure did not pro-
pose to make any alteration with respect to the circu-
lation of the Bank of England. further than that it
would enable the Bank to do that in 1821, which it
otherwise could not do until May 1822—namely, to I,
issue gold coin to what extent and in what manner
they should think lit.—The Right Honourable Gen-
tleman next said, that it had been his intention to in-
crease the legal tender of silver currency, but having
consulted many able gentlemen, they gave it as their
opinion—an opinion which he adopted—that the pos-
sible source or accommodation which might he thus
afforded to the public, would not be so great as to
justify a departure from a system, which was adopted,
after grave consideration. lie had only to add, that
it was his intention to propose a corresponding al-
teration with respect to the Bank of Ireland—that
Corporation being anxious to follow the Bank of
England in all its gradations towards the resumption
of Cash Payments.
Mr. BARING said, that as far as the limited mea-
sure now proposed went, he had no objection to it,
for if the House were still persuade•] that the steps
taken for a return to the ancient standard were right,
it undoubtedly would Ire prudent to give the Bunk, in
May next, instead of 1.822, the permission to pay in
cash, instead of in bullion. But lie thought it neces-
sary to look at the general effects of the measures
taken for the resumption of Cash Payments. It bad
now been seen that the paper currency had been
brought back to the level of gold more rapidly than
had been generally deemed possible, not more
ratpidl• than he had thought possible, because
he hail always thought that the value of the Bank
notes was in the hands of the Bank. There was one
or two observations which were called from him by
the Chancellor of the Exchequer. The Right Hon.
Gentleman had said, that the putting out of gold by
the Bank of England would operate as a relief to the
circulation of the world. This trmild have been an
important effect if it could be so produced, but he
(Mr. IL) held it to bra mistake; for just in proportion
as gold was put forth by the Bank, they mat with-
draw me% so that nothing would be diminished of
the general mass of rirculation.—(Hear.)—lt was
also remarked by the Right lion. Gentleman that the
withdrawing in part of I I. and 2/. notes would lessen
forg-ery. This al. ► he (Mr. li.) eunsidereda mistuke,
fvr so long as these notes continued, whether they
formed one-half or two-thirds of the circulation, faci-
lities and temptations for forgery would still exist.
But before any step was taken, he begged once more
to call tle- attention of the douse to that great snh-
ject which the proposal of the Right Hon. Gentleusan
would affect. He was aware in doing so, that nothing
was a greater misfortune than a varying standard, so
that if he thought lie hail not a very weighty cause
he should nut have troubled the Committee on the sub-
ject ; and having proposed his plan, and having it
disposed of, as it probably would be, the House might
proceed to the adoption of the plan of the Chancellor
of the Exchequer, which, when it was once settled, he
(Mr. B.) should be the last man to attempt to disturb.
But before the House set the seal of this plan,he begged
to ruff their attentian to the question , whether it was not
important that the whole question should be reconsider-
ed = l le wished the House to ask themselves what was the
real canoe of the situation of the country• ? Why were
they besieged, not with clamour, bat with Petitions,
couched in the most respectful terms from all classes,
and from none inure than from that important class
the agriculturists. We were now many years beyond
the time when the effects of the transition from war
to peace must have been felt ; when all the stories of
over production and under production were out of
place; when such reasons to account for the distresses
of the country were mere trash, as all this, if left to
itself, must have been regulated long ago.—(Hear.)—
It was natural, therefore, that they should look for a
solution to a circumstance in which no country ever
was placed before, a rapidly progressive increase of the
value of money. There had been many instances of a
contrary progress, but he had no recollection, and
most !answerable to this country it was, that we were
the Gen to give the example of this up-hill return to a
higher standard. There was no doubt, that fora long
time the country had been spending its capital instead
of its income, and that as this had created a temporary
appearance of prosperity, it would produce subsequent
exhaustion and distress. They might see the truth
of this, by applying it even to any country town. If
the country gentlemen of any neighbourhood were to
scrape together all the capital of the neighbourhood
to spend it in any unproductive works, there could be
no doubt that the process would produce a momentary•
prosperity and subsequent distress. But too long a
time bad elapsed since the peace, for the effect to con-
tinue to be felt, and be was therefore induced to look
to the other present peculiar circumstance, the up-hill
progress towards our ancient standard. If, indeed,
we hail now got over the difficulty, if we were now
at the t ,p of the hill, he should think we had
good reason to persevere ; but we were loaded with
immense debts, nit only the public debt, but
front individual to individual, that he saw no limit
to the pressure. lie had never thought with some
Geutleman, that there was a difficulty in the actual
payment in specie—(hear!).—The difficulty was in
mastering the increase of debts and of burthens, which
that payment would cast upon us. A question of
great importance, therefore, was to ascertain the de-
gree of depreciation from which we were returning.
it u•as an observation, than which nothing was more
tette, that the variation of the value of the currency
was not immediately perceived by the wisest of the
community. We saw that bread and every other ar-
ticle varied in price ; but it at first sight appeared,
that the standard by which all these things acre
measured borer varied. Bat that there had been a
change in this standard was now acknowledged even
by the Right Honourable Gentleman (Mr. Vansittart)
who had drawn into resolutions which it would hare
been better that the House should never have adopt-
ed, and which lie hoped they would one day rescind.—
(Itear, hear).—lt was said by the Honourable
31einber for Portarlington (Mr. Ricardo), that when
this act was passed, there was onle a difference of
six per cent. between that and the ancient currency of
the country; but it shonld have been observed, that
at that very time a change r;as going on, that the va-
lue of the currency hail fir some time been rising,
and that the price of commodities had not then accom-
mo.lated themselves to that increased value ; to look
teerely at the apparent difference between paper and
dd of t; or ti per cent. n not the right view of the

ei•t:vetrlte:hia‘etaitsdbliplilisthea.t.
to.itehetillielahtote.e aminoutnhteofifrsttheplolaecper.scient
iti,hcetaidie.preciation of paw. id
depreciation of gold and silver asTalpiep:iekdnteowc_otthn.:adi....
dsuubbjceucitt.
epo.t.hillaaotcsiceo'n of the metals
tcgioertesns;pe comparison with
f the
system, which, commencit o' with the origin ofba-1:-
very of the American mines, and the perlolu sun
greater depreciation by the beginnine tl4
did not make itself "grentl:. felt *till the sos.l„m, of 4,1'
American war, which increased with the
inTerlireasfaecoilfilty_caloft:re,
went of country banks and with the restriction on tee
thel ian
eknodf n
of t
is shgiyiaelsdittenlainilsi,tebauesnaiandirittarid.riflid:i:eteitl
tgaaoost
itidhiftestnici.tolieirticco:ll.:h:vottiejanellh
betiattliawiruit:
ility oiace
ocuotnbt
Continent,
catiotmhei
afdr front thesanie mines
effecto faallstonearsic thea.
because if one million could be made to go u farat
two, it operated in depreciating the correnev of then.
tent of two.—(blear, hear.)--The fa
dceartti"aillittbyywriatthinstorliic'lainaksfairian'tle: at similarorge utleeinteciant;e,sri,itheet
anipreyctiaimtieoilio,rotcluierreernotoren,eywoapseirinattetdoliikk7e!srionnsi.eili:7the
• ne). ek,
were difference between paper and gold—Ofreo_
which, however, was in itself at one tittle very me!.
derable. By the evidence of the Il bie3
her for Ipswich (Mr. Ilaldimand), itn.puperairid t
tiltoiswindiiitire
lielbtiecefi:oa
funnel
atthaotnetitiiiir:
(it -bi:en
singular ~-oas teat
change in the price of commodities, amd especially of
agricultural produce. From 17,55 t., l;y6, when,
according to hint, the depreciation first canimmad, the
average price of tt heat was 535. or sfis. per fituort,r,
which was as nearly as possilile the price of the re.
sent day. "'riot' 1796 to 1;420, a period of 22 ream
the average price had been :465, or S7l. Tiler had
altered the currency, and had bruit lit had; wheat to
its old price; but the mischief was, that at the hewer
period 565. for Wheat was a good remunerating price,
hut now the farmer could not live under it, when
many out-goin.:,e, private inctuuhrances, front which
scarcely any family was free, and the great sweepisc.
mortgage over all. the National Debt, remained ib
they were when Corn was bOs. or 90s. The effects if
the rise of the value of the currency had beet Est t
ably and prophetically described by Dr. Coplestome,
who thought, however, that all these inconveniences
should he endured for the sake of the object. In sack
a state of things, how could it be no:Amended that;
greater alteration should be made in the currency than
good faith mortired? What faith required shouldle
done ; but nothing should be yielded to the mere cor•
motility of desiring a purer standard. If the couture
had bad no debt, and they had merely sat as umpires
to say what should have been done between debtors
and creditors, he should have not 11r,it.,tril to ban
sanctioned a departure from the old st.tmlard. Ile
should have taken the pound sterling (not now pretend•
ing to speak accurately) at 15 or 16 shiliings. But
the question of public faith intervened. It mild
not be tinuilityd that the public creditor, and to all
whom money was due, had been benefited to the et•
tent of the change in the value of money.—lt mint
he said that during- the depreciation they Lad bees
injured to the same extent.—(blear, hear, bear.)—He
did not svy that an argument might not be raised Ott
the subject, but the creditor received more than the
debtor could afford. 'f he effect was, that the intim•
tritons were bli g es! to labour tinder difficulties, th it the
drOIIPS might live in the greater.afflutenee. Ile used
the term drone merely to describe the operation of tile
system, not to convey the idea that justice should not
be done. Of tine two operations of raising and
lowering the value of the t urreto•y,
.the latter was
certainly better than the opposite, because the lower-
ing of the value of the (tummy was cheat:ng the
drones. The person who had any thing to sell found
the value of bi-! goods increasing:: the titan whit hall
to buy found the value of his money dimitlishine.
The operation (lie was speaking of interest, nut of
honesty) was advantageous to the country. The Her.
filetnher for Poitarlington told them that the change
of the vaine of the currency immediately had its effect
on all commodities. But the effect could not penetrate
into all parts of the country, or change habitual ex-
pences. If he was going to York, and gave a post.
boy, two shillings and sixpence, who was accustomed
to get three shillings, the man would think him a
shabby fellow, in spite of his political eronotny.—
'I he manner in which the value of the pound steiline
could be settled with justice to debtors and creditors
was, by considering its average value for a certam
length of timer—say seven years ; because the east
bulk of contracts would be found to have been mad-
within that time. Ile was not himself 'odd enongh
to recommend a departure from the standard : but
he meant to propose the anointment of a Conottiore
above stairs, to consider this subject; anti lie
before he sat down, state folly, as be tlionglit hs.
duty in fairness, the objects which urged hiui to
rtal:
that proposition. For the evils belungi tie to the l:rt
*sent system. he had two remedies to propose. The
first was to render permanent, what he hoped he might
without disrespect, call Ricardo's Mo. The perma-
nent establishment of this system would, isolee.t.
serve for the perfect preservation of the stambirst .
value; for, estimating the currency of the cuuntr!
at about twenty-five millions of notes, if bullion vete
only to be paid to those who held 100/. or
in notes, it wied s!. it was generally atimitte :.'•
sufficient far the Bank to he provided with thise
millions of bullion to supply any probable
_,alaacc
between Bonk Paper and that article. Jim lc..
the utmost, he conceived from four t•-. 1 five milituus el
bullion would he amply S'll/11:1211: for that purpose.--.
The advantage of this system v. ots:-I be to give
ties to the Bask, and it was to be recollected, that "1':
facilities given to the • Ita•t!: were fvcilitit•s "
the country, whose watos it a as the d::ty of the I:00
to consult, and whose act on:mo.:4;i in it wa, the ditty
of the Bank to promote • fur throo.,ll the
ot establist;
i.eot of this :v Cat sts•ni the :h would never be expose
to those sudden ilcosatals, •.r to have what was teriatif
" ruts upon it,- to whit I, it must be liable Veen...!
upon to pay in coin. This was a v:•ry material consi;
. deration, lie begged Gentl 'two to think, in the prese.ii
state of the public mind, especially from the re: th•
tint; of what load happened within some years back
From the increased suspic.in, indeed, which the is
eurrence of those years ,st err calculated to exc:te. • •
well as from the increased totes.; of circulating tord"":
occasioned by shore sit() millions of &h!. it was
floosie necessary to guard Cie Bank aj..init the 414. t

i

iatiosit s..

enteure •olt from enabling the
!
ne and ft . notes ur other small gums, man: •
whom wr• • Ately to be susceptible of panic, t•
apply fo: ;h., • ••t in coin. Fur persons bolding sae
notes wouh., he event of any new war, or sudden
rank, he likely to press upon the Bank fur
cash, eitl.• 0: the purpose of immediately taking it
to the yna ,or for the purpose of hoarding. But
if Mr. Hi' •-'s system were rendered permanent, one
of these ives fur a tun upon the Bank would
be taken , as bullion could only be resorted
to for the pu pose of hoarding. With this system,
then, be re;leated that at the utmost four or five mil-
lions in bullion would be sufficient to meet any pro-
bable demand upon the Bank, and to guard against
any public inconvenience. The establishment of this
system would, indeed, obviate the necessity of any
coinage, and consequently prevent the expense which I
sack coinage created, while it would also save the
country from the loss occasioned by the wear and
tear of coin, which loss was notoriously material, after i
coin had circulated for Llf or 30 years. But to co-
courage the adoption of this system, the House had
the exairp!e of Hamburgh, where it had long pre-
called, and where, through its existence, the genuine
standard of value had been preserved to its utmost
purity. In Hamburgh too, that system was found per- I
feeds; applicable to every purpose of commercial con.
venience. But, as yet, he had beard no objection in
that House to the permanent establishment of this plan,
lave that urged by the Chancellor of the Exchequer
upon the subject of forgery. But the Right lion.
tietaleniati seemed to be much affected by the pro-
gress of the Commission appointed to devise some
means of preventing the commission of that crime :
for, on his view, the question, as to the practica-
bility of such prevention, hail never been fairly tried.
It was impossible, indeed, to fabricate any thing more
clumsy titan the present Bank-note,—(hear),--ao4l
theref ge lie concluded that it could not require inaeh
ingenuity to invent one more difficult of imitation, if
the Cumaiissioners alluded to hail directed their atten-
tion to that object. It was found that in other coon-
tries where a paper currency prevailed, no such for-
geries were heard of as unhappily occurred in this
country. Ile might be answered by a statement, that
the game degree of ingenuity was tint applied to the
sante purpose in those Countries. But it so !lapin neil,
that in America, fur instance, the forgery of Kink.
woes was very rarely heard of, and in that country
there were nutes in circulation of vat ions ilescriptiona.
In France too he learned that there never was a
forgery of the notes of the National Hank, until
the Allies entered Paris.—(A and hear).
This Bank, however, never issued any notes tinder 20/.
But that circtimet4tice could offer no obstacle to forgery.
Reverting to the observation of the Chancellor of the
Excheypter as to the forgery of small Bank-owe., which
was urged in objection to the permaneucy ~t the system
which he (Mr. I.) reconanientled, lie %lipid ask. idle
some token, or any thing in the shape of metal, coold
not be substituted for our small notes, if forgery were
deemed so irremediable? Fur any substitnte 'would be
preferable to a promise to pay, when there was really no I
intention to perform that promise. Instead of such
stuall-notes then, he would propose some gold token for
parposei• of piddle convenience, as %re!! as to guard
against crimes. The second remedy lie li:od to
propose was, the establishment of a double standard,
namely, of gold and silver. This conlil he done, lie
would first say, without any violation whaterer of
good faith, that is, assuming the silver to be it tlie
rate of 62 pence per ounce, for then it was eqni% dent
to gold at the Mint price. He had by...idea to n
that lie in this instance made do not el propoLitivn ;
for by the Act of 170-1 silver was made a lei ,41 tender
to the stnuunt of 2:d. and for any sum above that it
oas made a legal tender by weight, a'rordiug to an
Act of 1790. Up then to the year 1790, there could
1.1. 10 doubt of the existence of a double standard of

value in the country. This, indeed, was the rate
until 1797, when, by an Order in Council, an altera-
tion was made in the whole system of oer currency.
If it were argued that silver was likely to he cheap..r
than gold, he would maintain. that as the object was
to reduce the value of the pound sterling, or to esta-
lilish the cheapest standard of rattle, the argument
ennui not avail. Hut the fact was, that there rvas no
likelihood whatever of any material variation between
the price of gold and silver, if both were established at
standards of value. In France, indeed, where the
double standard had long existed, one per toil wa. the'
utmost satiation that had, he understood, el er ap-
peared Setween the price of gold and silver. Rut the i
ordinary operation of the money mariTt rvould Ile sni
ttcient guarantee against any materini cariati he-
town those two articles in this country, where it
should be recollected that the establishment Of a per-
fect standard of value wax not so much the e. •ith ).-
ut,ta as the creation of the moans to re7ttllte the price
of the currency. The Hon. Metnh•?r, after rec.,pittt-
%siting the objects which he had in view in recommend-
ing' a Committee above stairs upon th'.. • object, in
which Committee, if appointed, it would i.e com;,etent
to others to suggest any objections or measures which
they might thick proper, concluded with prJ;;osing
that the Chairntan should he instructed to move the
House that it was expedient to appoint a SO:set Com-
mittee, to consider the Art of the 59th of the late
Rini:. chap. 491 with a view to alleviate the pressure
which the due execution of that Act less likely to pra-
dace upon the several branches of public industry.
The motion having been put,
Air. RICARDO toss, 8114 set out with remarking',
that although his Hun. Friend bad pleaded so notch
for the establishment of two standards of value, the
tendency of his argument was to thew that the pre-
cious metals themselves were bait very variable and
uncertain standards. He agreed in the opinion, that
if it shon:rl belong to any hods- of men to diutinish
or extend the current.; of the country, that power
could not be vested in safer hands than those of the
Bank of England. He adverted to the recommen-
dation of his Noble Friend. the Member for Salis-
bury in 1919, that gold should he paid for notes at
the lime that gold was above 41. an tme. Should
his lion. Friend who had jest sat dorm, accede to
that proposition, the difference bettreen gold and paper
was as 15$. to t 9s. at one time, and as 19s. to 2Us. in
inl9. The Hon. Gentleman contrasted the argu-
ment of his lion. Friend that evening with the state-
tn. ents which he had made, and the opinions which hr
h.." 1 "Pressed beta'', the Committee of tliat House in
Itsl9, maintaining tbst they were qnitc at variance.
lintas to his proposition of a double standard. would
"" Hon. Friend nrri it..in that silver sitnuld be a
standard of ease as sled as gold, wi•i*c the fu'lue'

wasat 4%. or 3s. 6d. an outset, instead of ss. ttd.

leaving the balance to be adjusted at the end of ten
years? The variation between paper and gold had not
at any period since the Restriction upon Cash Pay-

melds, exceeded 10 per cent.] Rod, while it was at
-the lowest, it would be recollected that the Fun;l-

holders were material sufferers, when gold was at the
rate, for instance, of 4/., 41. 10s., 51., and even M. 10s.,

an ounce. Yet, because within a year or two, the
pound note hsd recovered its just valve, those who
were quite aware of that suffering turned round and
raised an outcry against the Stockholders. His
Hon. Friend had not given any opinion ar to the
amount of the depreciation, and he had certainly not
shewn that degree of knowledge and information upon
this part of the subject which he usually displayed.—
fle begged to call the attention of the House to the re-

lative price of torn and bullion at the dine when corn
was at its highest price. The highest price of bullion
was W. 10*., and vet when wheat was 109 s. a quarter,
in the year 1±,17, bullion was only 31. lbs. rid. This
was sufficient to shew that there were other causes of

the rise and fall in the price of cotumodities, besides
alteration in the value of the currency. His Honour-
ahle Friend bad said, that a great deal of capital had
been expended daring the war. Now he (Mr. R.)
doubted whether this was a sound proposition, for he
believed that the savings of individuals during the
war worthd be found to have more than counteracted

the profuse expenditure of the Government, and th it
the capital of the country at the end of the war was in
fact greater than it was at the commencement of it.—
lie could nut agree uith his lion. Friend, that there
was any affectation in wishitig to have a purer standard
of eurrenr:.• in this conntry Goan the rest of the world.
Why should we not have a purer standard ? If other
countries had comni:tteil an error in this respect. did
it follow that any attempt on the part of this country
to mend it was a piece of colcombry, as his Hon.
Friend had called it ? If with regsrml to any question
of finance, we taund that our neighbours had not
adopted the best possible plan, and we knew a better,
it was surely justifiable in ns to avail ourselves of our
superior knowledge. Ile (Mr. It.) undoubtedly did
wish for a better system, and it was for that rea-
son that he wished to see one metal adopted as a stand-
ard of currency, and the system of two metals reject-
ed. IVith respect to the adoption of a gold token,
hr thought it wool I be attended with greater dan-
ger, if by a gold token was meant a token materially
less in value than the gold coin which it represented.
The necessary consequence of such a systent would he,
that the tokens would be imitated it, foreign countries,
and poured into this country in motels quantities, as would
very speedily produce a depreciation of our currency,
equivalent to the difference between the value of tbe so-
vereign and that of the tokew which represented the so-
vereign. If he could he in.lieretl to give his consent to
the introduetion of a gold token. it must be of such a
calve as nearly to equal time vain,• of the sovereign. He
would permit no snore alloy io the token than what
n until he sufficient to cover time actual brassage or ex-
pense of coining the bullion into motley. Such a plan
would afford a soillirient security against the inroads,
and might be advantageously Adopted. It had been
said, that if one metal were adopted for a standard of
correney. it would be its the power of speculators to
raise or lower the standard,mot consequently plsee the
Bank in ass awkward predicament ; but time power which
the Bank hail of regulating its issues, would always be
sifficient t,, prevent any ine.nwenience of that kind.
With respect to the suggestion of the Right liononrable
I ;eatletian opposite for ditnissi,hing the issues of bank-
notes a ; a faTtirity against forgery. he entirely concurred
with his Ilononrable Friend that such a plan would
be wholly ineffectual as a remedy against forgery. It
w.ss perfectly clear. that whether the issues consisted
alto.;ether of Ilaal.-notes, ur half Hank-notes and
half in sovereigns. the danger of forgery would be
just the same. The only effectual remedy against
brgery would be to hasten the period at whirls the
Bank might cosmetice paymoit in specie. He should
be pa-truly ready to abandon his own plan, if by so
doing that miist desirable object could be effected ;
and be was quite satisfied that the Bank was at this
tiume in such a state of preparation, that in a very
few month!' they might provill.• the best and only
effectual security against the imitation of their notes,
loy returning to the system of currency which ex-
isted in this country previous to 1797. The Right
llonourable lientletnan opposite had dwelt much upon
the tendency of his measure to prevent the accu-
mulation of coin iu the Bank, as if time coffers of
the Bank were overflowing with coin. Now, the
fact was, that time Bank had a great deal of bul-
lion and very little coin. To propose a measure,
therefore, for preventing the accumulation of coin in
the bands of the Batik, was to provide against a
danger, which was not at all likely to occur. With
respect to the laws relating to Parry, he should be
extremely glad to see them repealed, and h • thought
no time more proper for the repeal of these laws
than the present, when time rate of in'erest had ac-
tually sunk below 5 per em nt. The rate of interest
io the market bad been invariably under 5 per emit.
since 1:'19. It would he a great advantage to the
mercantile interests, that the Bank of England should
discount the notes presented to them, not at clue
invariable rate of interest, but varying according to
the alteration of time rate of interest in the market.
Ile Honourable 3lettibtr concluded by thanking
time House for the attention with which they had beard

him.
Mr. PEARSE said, lie felt that he rose tinder con-
iticra b le disadvantages, when the House had recentiy
heard from the. Honourable Mew'er for Taunton, a
speed' abounding- with so inudi knowledge and in-
formation. While he ailinitteil the talent of that
Honourable Gentleman, he snot observe, that he ap-
peared to him to have started a great variety of v..ry
stranae notions. lie coati' not but express nis snr-
prise, that after the measure of I sl9 had received the
sAnction of Parliament, an.l the Bank was now ready
to discharge its duty, the very persons who pro-
moted that measure were now the first to object to its
operation.
Mr. PEE.ii said, it was impossible for elagnencz of
the greatest orator to have convinced him more com-
pletely of the policy of introducing the Act fur re-
moving the restrictions from the Bank, than he bad
been fiv the declaration which he hail just heard from
his lion. Friend, who was himself a Bank Director—
that the Bank hail no controul %ill:dere/ over the cur-
rency of the country. Ile appro :died with (pester
dididence, however, the arguments of the °nationals
wha hail opened this debate, erpeeially as there was
no material difference betwren mem in the principles
r, u whieli those arguincats were fetta !ckl. Ile protest-

THE STAITS4Ai4.-

ed against the anclusions which the Hun. Wildman,
had drawn from those principles, anti the two propo-
sitions which he bad recommended to the Committee.
Upon the decision, as to the means of preventing for-
gery, he thought the permanent adoption of the Hien-
do plan Ivould materially depend. Although it might
not be possible to take any effectual remedy against
forgery, he regretted that the Committee had made no
attempt to approximate at donut towards such a remedy
—(Hear, Lear.) Adverting to Ireland, the Hight
Honourable Gentleman observed, that in that country
great progress had been made in preventing forgery
by the mathematical accuracy with which globular
figures were introduced upon the notes. By this
means forgery was rendered, if not Impossible, at
least very difficult. 'lke Right Hon. Member, after
some further observations upon the effect which is re-
sumption of Cash Payments would have upon our
currency, concluded by supporting the motion.
Mr. F. LEWIS, Mr. CHI PPS, and Mr. ELLIS sup-
ported the motion.
Mr. tilliNEY spoke a few words in a low tone of
voice, in which we understood him to maintain that
any proposition would be preferable to the insecurity
of paper circulation.
Lord FOLKESTONE thought that the danger did
not consist in the mere existence of a paper currency,
but iu a piper currency not convertible into money.
lie hail been of opinion formerly, and he saw no
reason fur changing that opinion now, that it would
have been wise in Parliament to have altered the
standard, before they determined on a return to cash
payments. The misfortune was, that we were brought
into such a situation by the system we hail pursued,
as to render it inevitable that great injustice must be
done in either case ; but the question was, in which
ease the greater injustice would be done ? and he
thought that a greater injustice would follow from a
return to the established standard. If the standard
was altered by a deviated law, in an open undisguised
manner, it would not be an act of injustice as in the
case where it was secretly done ; but when they
talked of breach of faith, he nould ask what greater
breach of faith could there be than the suspension of
cask payments?
Mr. BICAKDO explained.
Mr. 1117SKISSON protested against the doetrine
laid down by the Noble Lard as to an alteration in
the standard, for the Public Debt was contracted on
the coisi:ition that, in six months after the peace, the
original standard should be restored. The country
had certainly made a great sacrifice by returning t
the ancient standard, bat it was a are. Hire Wll.Ol
was necessary to the preservation of its character and
honour.

Lord FOLKESTONE observed, that if the under.'
standing was, th it in six month; I.fter peace the
ancient standard should be restored, the faith of the!
coultay not kept in that respect.
Mr. 11.11:1\ti said, that wh..t was proposed was no
novelty, but was known to the country fr the feign
of Elizabeth down to 1797. Any one who measured
the extent of the depreciation by. the price of gold,
must lose sight oldie state of the country. He hoped
the country would not find that it had undertaken to
carry more than its shoulders could hear.
The CHANCELLOR of the EXCHEQUER said a
few words, in the course of which he said, that a new
stamp and paper had heen devised, by which the dif-
ficulty of committing forgery would he considerably
increased.

The Amendment was then negatived, and the ori-
ginal Resolutions were agreed to without a division.
The House resumed, upon which leave was given
to bring in a Bill founded on the Resolutions.
The County Courts Bill went through a Committee,
the Report of which was received, and ordered to be
taken into further consideration MS Monday.
On the motion fur the third reading of the Orem-
pound Disfranchisement Bill,
Mr. SYKES observed, that if it affected the elec-
tions upon a more popular principle, he would have
support: d it; but as that was not the case, he world
resist the passing of the Bill. After enumerating his
objections, the Honourable Member stated, that his
wish was to see the two seats transferred to Yorkshire,
which would in that case send four Members into
Parliament, like the city of London. As that, how-
ever, was not likely to be adopted, he should content
himself with moving as an Amendment, that the pre-
sent Bill lie read a third time that day six months.
Lord JOHN RUSSELL hoped it would not be sup-
posed, that in relinquishing the charge of the BOLO
had departed from the original line of conciliation be
bad prescribed to himself, or had been itidneuced by
any disgust. On the test introduction of the Bill, be.
had endeavoured to obtain the supporters of moderate
reform, on whichever side of the House. At first he
had proposed the elective franchise at Leeils to be ex-
ercised by those who paid scut and lot ; then, con-
ceiving that there might be some members indisposed
to agree to so extensive a suffrage, he had proposed to
confine it to housekeepers of the pounds a-year ; and
seeing the House still inclisidosed to that extent,
he had further restricted it to honseteepers of 101. a
year. Athongh by doing se, he departed from his
d,ri:dinal intention, yet, he felt that the restriction of
the elective francida e to housekeepers of 10/. a year
would still admit a considerable proportion of the
pourer housekeepers, whose favour and good will he
thottAst it the duty of the House to conciliate. After
that, he vas extremely sorry to find' that an Honour-
able tientleman opposite thought it right to raise the
qualification to 201. a year. That, in his opinion,
deprived the Bill of its popular character. His ori-
ginal object was to bring within the circle of the
Constitution a large mass of the unrepresented people,
and induce them to think that they bad Represen-
tatives sitting in that House. So feeling, be could no
longer take charge of the Bill. At the same time be
j was unwilling to lose the Bill altogether, and if the
House were to be pressed to a division, be should cer-
Willy vow against the amendment.
31r. C. CALVERT, although he thought that the
system of scot and lot best, would certainly oppose
the amendment.
Mr. MARTIN opposed the Bill, and supported the
amendment.
Mr. 11. DAVIS made a few observations.
Mr. S. IVOR I'LEY thought the Member la Hull
entirely mistaken in the facts be had stated to the
Howe. OR the present hers, wbith were take* 30
Years ago, there were 1.,4100 • basses, rseed.as moni
more than 20/. a ear, pd he hid no doolot 111.1Hilist
Elcctive*Franchise were transferred to Le*, the vase

house now rated at 10/.a.year, which he did not think
would be raised to 201. on the change proposed.
There were 1,305 houses of this class; so that there
would be at least 3,000 voters. Besides these, many
would be addld to that number, from this circum-
stance, that persons not being householders, but being
in possession of premises to that amount, would be
entitled to vote. He thought that this would ninke
the election sufficiently popular. If 101. had heels
Liken as the qualification, there would have been
10,000 voters at least. Such a number he should con-
sider a great evil.
Mr. SYKES explaltied.
Mr. SW NN maintained, that Grampound was die•
franchised because it had no Aristocratic protection.
Sir NI. W. RIDLEY supported the Bill. . •
The Amendment was then negatived without a
division, and the Bill was then read a third time.

Oil the motion for the passing of the Bill. Mr.
TENNYSON moved, to strike out of the preamble
the words, " the number of Burgesses serving is
PArliament for the part of the United Kingdo►a
called England would thereby become incomplete."
Mr. U. 'MISS opposed the motion.
After a short discnssion, in which Lord J. Russell,
Mr. F. Palmer, Mr. S. Wortley, and Mr. Courtenay
participated, the ►notion was agreed to, and the words
were expunged.
The Bill was then passed.
The otl►er orders of the day were then disposed of,
and at two o'clock this morning the House adduarne.t.

~. . .
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r • ‘•
of house ;MY be petit increased, and conseqesesthr
. the siansber of sows would be more_ than that saw
, I er. There were at present 48b houses rated at from
IV. to a year. These he bad oo doubt would
be added to the former. Besides these, there was not a