The Statesman.
London, England, 1818-03-05 00:00:00

!oPeitti
t

cash

o Ont
$ .
in ci r.

boasted issue of cash
, however, he appre-
that the country had
the professions or pro-
Of .the Bank or the
to the probability of
on cash payments.—
Belt was or Whether any, and
whi beneficial effect had arisen from the steps it was
repaid to have taken to prepare for the resumption
Aptyments in cash. This was the object of hit
einien, and that motion could not be resisted by
We; such grounds as were advanced by the Chan-
rein of the Exchequer towards the close.of she last
Solon. At all events it could not be constantly re-
eked, unless it were shown that some injury woold
:aeon to the Batik from its adoption. The Noble
Ltd concluded with moving for a Copy of any No.,
tit issued to the Public by the Bank in the course of
tb year 1817, respecting the Payment of its Notes'
is Cash ; together with a Statement of the Amount
W the Sums for which the Bank had become liable,
lad also of the Sums actually paid in consequence•of
each Notin of Notices, op to the latest period at
which the same could be 'node out.
The CHANCELLOR of the. EXCHEQUER
said, the Noble Loyd might easily have anticipated
an opposition to his motion, as the question had been
so fully eritued last year. Theefficacy of the means
for the resumption of cash paiments depended on
their. proreeding silently and secretly; and disclo-
sures would but retard the object which the Noble
Lord was so anxious to see accomplished. The
Bank was prepatiog, by partial issues, for a gene-
-tal payMent in cash, which he had no doubt would
b effected in the fila' list mentioned, unless they
were interrupted by causes, over which they, nor
the Government of this country. had any controul.--
An exposure of what the' Bank had done, or was
doing, would be highly impolitic. Their progressto
cash payments must be easy and imperceptible; and
the end would soon be accumplishen, if the policy of
foreign Powers did
.not interfere with the plans in
operation for that purpose.
Mr. • G RENFELL made a few observations in fa-
vour of the motion.
The noose then divided, • ,
• •

N Peg
A)411

.

hlninrity ;la** the httrion Yi
Mr. TIERNEY rose to make a motion which had
some connection with that just disposed of, and to
which he understood there would be no objection.—,
His motion was for a continuonce of the accounts al-
ready agreed to, of the weekly amount of Bank-
notes and Post-bills for the last year. They had
been at present given up 'to the 3d of February, and.
he wanted them to be continued up to the 34 of
March. He would pot now discuss the main quest.
-tion connected with ibis subject; but. he should
wish to call the atteistion of the House to the- state
.of the riank mod Ito paper teacups. Gentlemen, ho ap-
prehended, would see the necessity of examinbig
whether the Batik had or had not taken the proper
preparatory steps to 119101110 club payments. Ile
!avid not deny that they had collected a large stock
in bullion and specie—but he contended, that onleas
they met the time of payment with a reduced amount
of paper issue, it would be in *Rio for the Public to
expect cash payments out of any stock vihich the
Bank could be supposed to have. He believed the
Batik Directors meant to deal fairly and plainly with
the Public; and he thought that the present Chair-
man of that Corporation was a thorough-bred
honest City merchant, actuated by the most ho-
nourable views, though not perhaps up to the
chicanery of money-speculating tricks ; but yet
notwithstanding the good character of the patties.,
there was something singular in their arrange.
manta. Whatever differences of opinion might
prevail on this matter, be believed there was one
thing quite clear, namely, that cash payments
would effect a great reduCtion in the paper issue.
Nothing was further from his mind than any suppo.
siAioa that good would arise from a great and sudden
withdrawal of the Bank.notes in circulation, he
should be very sorry indeed, if by any cash arrange.
menu one of thorn were to be taken up nit the sth of',
July next. Nothitit could be beneficially done, bel
agreed, except by a progressive exchange .f notes
fur money ; whenever this .period errisen-e Certain
degree of inconvenience must accompany it; bet the
great thing was to see the Bank seriously contem-
plating this payment and acting with due precaution.
Now to his astonishment,' so far from toe Bank.act-
ing in this manner, they had done the very reverse,
for they were actually continuing and segmenting
their paper issue at the moment they should be doipg
the reverse to effect the ash payment,they said they
bad in View. this-was evideut *from 'the retinas of
their issue of Bank-notes. Tbese commenced in S•ly,
1816, and be would divide them into three periods.
For the first'sla months ending in December, 1818,.
the amount of notes • issued' was on an average
86,300,0001.; for the neat six months,"entlitig in July
last, when cash payments were said to 'hive been
partially resumed, 27,400,0001;-; and now, to the
otter astonishment of every body, the issue for the
last six months was 29,560,0001, There might be a
reason for this increase, awl he hoped the Bank
Directors *wild give that season. Only see
'the progressive, increase of Bank-notes issued, io.
these successive half yearsi in the first period the
increase. was a million; in the second 1,880,0001.;
in fact, the average increase of last year's
issue, as compared with preceding ones, was
poles, than 2,890,0001.4 so that during this time,
when it might be rationally expected the Bank were
preparing for cash payments, they had been taking a'
steady course to prevent the possibitity of their hav-
ing the power t• realize any such expeztation as that
which they had held out. Thy end -sioulri be,' that,
going on at this rate, the piper issue would be:iuch
as to frighten out of •his senses any man who called
for.casb payments, and the ,Directora- would -way he
was mad who called for them. under such' circlets-
staoces. The Right Hots. Gendeman opposite id
variably said that via accionmodation of the Bilik to
Government had any influence in the decision on this

II

. *: ..
_ . .-

nr• "
PRICE Mrt.litOCKS :THU DAY AT ONE O'CLOCK.
• Bast Stork 484 be 'lB5 5 per Ciat. Navy 'losel
penfeate Ned. 7910. 'lndia Heads 95 97 p
3 per Cent. Causal) 781 lark
Cowls/1111r Ace 7811 Long Asia.
4 per CAIN. Nil • • Exclorfer Hills 10 15 p

- STATESMAN.


LONDON: •
TllllllOll3l. 'MARCH 5, 1111&

—w-
Extract of a letter free the Agent to LLOYD'S, at
itsmsgste, dated 4th March, half-past 11 o'clock at
bight, recei►ed by express :
" The Glory, of Aberdeen, from London, boend
to Montauk!, is on shore on the Main, to the

Northward. It is blowing a violent storm ; several
Vessels are coming in, one dims:tett, but it is im-
possible to get on board thorn yet. A man has landed
on the Pier from the_ Wopfash, of G'►ottenborgh,
from Amsterdam to ; and by all accounts a
member of ships are on shore, sod s great many
wrecks.

The co. ndect of Ministers and their Collectors, in re.
Ord to the Propeity Tes,pots us in mind of the saying
of a Scotch Judge, 'who told some appellants whom
he iid not •much like, that they should have justice
but no mere,. In like manner we are at last, it ap-
pears, to have justice from the CHAncet.Lott of the
Excuzotan In the matter of the dead Property Taz,
but no mercy from his Ts: Inspectors in respect to
the meant of the confiscations made by virtue of the
horrid Act. In the noise of Commons, -last night,
ltdr.Bno'uotrast brought forward his motion for a
Commiiiee to enquire what steps had been taken to
secure the deitruction of the Property Taz Returns.
'The motion produced from the CHANCELLOR of the
.Excutquatt a declaration of some importance to the
country. Ile was so open and unequivocal on this
occasion (a rare occurrence) as to state that he consi.
dered therroperty Tat applicable only to a state of
war,and he had no intention of proposing a renewal of
that itnpost so long as the'nestion should continue to
be blessed with Peace. I Looking at the spirit in
which the powers given by the fate Act to a host of
interested myrmidon., and to a Government equally
' 'rapacious for the spoils of industry, have been and
still continue •to be exercised in some places, we
cannot but consider, with the eulogists of the
Ninistryl.thls declaration a very gratifying one.—
Now that such a Tim is admitted to be wholly unite.

cesw►r, we earnestly trust the Representatives of the
spirit df the Government wilt be directed to infuse
little more lenity into their proceedings, under the
authorities of the abolished Confiscation System
new so inapplicable to the state of the country, than
•appear to tintrilatety cliseneterised the 66 whirlwind
warrants"of a certain Inspector of Tares in the Bir-
mingham rj:strict. A curious article on this subject
has reached es, which we may yet insert, bit cannot

And room fork tmday.
hir.Titnottr's motion for an account of Bank-
stows orstitendlng, was agreed to by the House. It
, gave hint on opportouity or remarking upon the vast
locrea4e of issues by the Bank of England within the
last eighteen mort•he, to an average eatent of uearly
three millirins annually.
In the course of the evening a Petition mr3s offered

. to the !louse, pray log for radical Reform, but the
nottourable House always considers itself insulted
by such Petiliuna.

• More Paris Papers (to the 2tl inst.) have reached
• ur, but their contents are unimportant. The Chem.
' her of Peers has a topic fruitful of discussion before
it, in the endless subject of the Recruitment Project.
Only two speeches out of 38 recorded to be delivered
have yet been made. The Committee of the Deputies
on the Concordat were to assemble again on Monday,
and-the meeting was to be attended by the Minister
for Foreign Affairs, the Keeper of the Seals, and the
Minister of the Interior.

. -
The Emperor of Russa, it ita.said, is expected at
Vienna about the !tiddlers( May; and also the Kiel;
of Painters, and several of the Sovereigns and Princes
of Germany.
• As_ from Camel contains a statement, *Ski
very i l accords with the reports in this country, of
the Doke of CLARE/ICI being about to be united In
marriage to a Lady of English birth. It'states that a!
marriage has been proposed, at Camel, between the
Duke of CLuitancu. and a Princess of Hutt, youngest!
daughter of the Landgrave Femmes, brother of
the Elector. The negotiations for the marriage are
. said to base actually commenced. Though this is the;
. family into which the Duke of CAXIRIDGC is about
to enter by marriage, it is probable that the Paris
• Papers are cot altogether wrong, in supposing, that
the Landgrave's family will give a bride to another of
nor Princes. lie has two other daughters not much
older than the third ; And the Duke of CLARUNCE is
supposed to be convinced, that his choice must be
directed, according to the ordinary course of the al-
liances of our Royal Family.

-•v►-

Private letters are said to express a confident be-
lief that a Treaty has actually been concluded between
the Allied Sovereigns and France, for the evacuation
of the French territory by the Army of Occupation
in the course of the next summer, and the psi meat

of 600 million, of francs by the French Government
uJtcr liic • debul lure rf the hoops!!—According to