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

TUZ .STATESMAN

;;:zazs=r;ii
refeience to the allusion 'to" Jew brOkere; he' . ata if prices to be 16 per cen and to have been at
could not see the force of the argument. Infortna. the time of this calculation, stilt increasing. This,
frog. must be sought for there, if any could be then, was a heavier tax than that upon prOperty, The
,found in such quarters. When, Sir Isaac Newton latter, produced fourteen millions, , the
former cost
was Master of the Mint and drew up that celebrated the country twenty millions, and he feared was
!statement On the coniparitive Value of the cur- likely to do so to the end of time. 'tVe appeared to'
!fetich nit' only be dila country, but of the either -Mm to be in a constant elate of vacillation between*
;Defined of 19nrone,. %illicit,• in ftibt• was nose the tekt the buoyancy of our exports, and the depression of
of every. sobsenuent,inquiry, he (Mr. IL) had be. our domestic. currency. If a person were to go to
doubt that the celebrated character whom be had Paris, and carry with him, as he probably would,
named, felt it necessary to resort to every source of few light- guineas, he might procure for each 20,
information. which wag open to liite„andperhaps,. livrea two sous, which would be an exchange in his.
iniOng the seat, to' Jett' Wiese. It Weald:there- (flout. Let him buy a bill with his Bank-notes,
five bbtilldisgracer fOr a Goultelttain at Unit itself', and he would' get but 22 livres for his pound, kti ex.
of the sate- clurnntlite of Inquiry whirls Were] change cousiderdbiy against him: Such was the dd.
deemedessential by so celebrated a man.- But he; feretice between London and Parkin thereat and the
(Mr. Horner) held it imperative that Parliament) nominal exchange, or between French and English
should ascertain how the Bank stood in point of ; gold on the one hand, and French gold and English
specie to meet their engagements. Whether it had ; paper on the other.
deranged its own concerns, or the• Government had Mr...TIERNEY said, the enquiry was not what
thine so fork, the inquirf warequally necessary... were the profits of the Bank, hut when the unnatural
above all; how it stood since the restriction' waif ens- system of its' paper issue should cease, and whether
'ected in 1707. Of the character of the; Bank Di. any reasonable expectation was. to be indulged that
rectors he had the fullest confidence ; but he could• cash payments could be resumed in July, 1816. ?
not extend that confidence to an interminable periodd For his own part, he firmly believed there was no
the gustation was not as to the abstractprofils of the chance of that. The assistance of the House to en.
'Mink, but as to the collateral ones arising froth the': quire into the subject wits wanted. This, it Was gild,
greater Melina Which the restriction placed at thek would be inconvenient—So it would continue to be
dispoui.—[Nees'!]-ohring to this advantage,, they I ill long as-the present connection between the Go.
became larger purchasers than they could have been ; verement and the Bank continued to subsist ; aud,
otherwise of public, securities. All this was of less in fact, he (Mr. T.) never saw a set of Gentlemen
consequence than the plain and obvious considems more willing to submit to restrietions.—[,l laugh.]
tion, that, through the systetis of Government, paper --Be would not ask, what were the profits of the
was forced into circutititin, the profit of which solely Bank, but he would like to know what other cir.
centred in the think. So' long as the Bank paid in cantistance but this connection between the parties
specie. and became; the purchasers' of Exchequer !canted the adjournment during this Session. He
Bills, then the transaction was. open and -fair ; but shrewdly suspected that the 3,000,0001: would not '
when this controul ceased, and the Bank took have been forthcoming if the renewal of the restriction
16,000,0001. of Exchequer Bills for their own notes, was not agreed upon. It Was not uncharitable to suLL-
and received exclusively the interest accruing there- ! pose that the parties played into eachother hinds;'
from, what was it, in fact, but an issue to the Batik, ' and that' the Batik tendered its aid; and the Minister]
of Government paper, for the discount of which they repaid' it. He remembereds when. the Act • waifirit alone received the emolument.—[lleur !]—With re.i brobght into play, having asked-the Governor of the
Terence to the Right Hon. Gentleman's statement of Balk whether the proposal for the continued re.
the rates of Exchange, and the foreign expenditure, striction emanated from him or from Mr. Pi& f—The I
there were some contradictory points which rendered ' latter met the question with one'of his eltiquent see. I
previous enquiry necessary. It had been already teeces, which was certainly very'fineibiadid notcon.
laid down that the standard price of mend was not taro one word to the point. The whole tissue of the
dependant upon the price of other commodities, but system of Exchequer Bills, as discounted by the I
that these bore a relative proportion to its nomi- Bank of England, was nothing else:but an advance
nal value; bit if the price of commodities so of-Ito Government, which they could hot obtain in any
fected that nominal currency that it far exceeded , other shape: To all intents and purposes, for the
its due proportion, they the standard of moneyllast three years, Ministers were incapable of rea.
was lost, and its value became a floating regulation. tiding their financial propositions, without the con.
In the former Committee up stairs, it appeared that currence of the Bank. Here was, at once, a east ad.
commercial matters affected the currency, but when i vantage to those concersed in the Bank, from the
51. I Is. was paid as the market price of gold, it was ; pre.information thereby obtained, and its intim&
never conceived that this depreciation arose from the ence in the monied market.—CHear, hear 11—
Bank restriction, but from the state in which Europe Notethat peace had returned, a new system should
was placed two years ago. Those circumstances had be adopted. Whatever expence it entailed, a be.
now passed away. The return of peace had removed lance should be struck, and the Government at all
;
those causes which, by the expenditure of transfer. events should stand independent of the Bank.—
ring vast armies, had given a vacillation to the peen. Without this adjustment nothing could satisfactorily
niary resources of the country, and it wasfulitime to or usefully bti effected.—Here the Right Honour.
enquire into the subject with a view to its permanent elk. Gentleman entered into an abk and elabo.
adjustment. In 1810, the price of gold was,4l. 8140 d. rate review of the proceedings of the 'B'ullion Com.
to 41. 10s. the exchange at ten per cent. The prices . mikes in 1810, and subsequently; and ably exposed
were now correspondent, and although the eitehaege.ittheisiillcy of the Bank, and the injurious connection
was nominally in our favour, it was, infect, teii per width iinbaisted between the Government and it's Di.
cent. against us. How was this to be explained bat vectors. The Beek of England. has never observed
by the depreciation of the currency.—Ellear ajust impartiality between the different Administra.
The Right lion. Gentleman- bad said, as a proof Lions of this country; or'could• any Minister, whom
of the prospective reduction in the value of gold, the Sovereign may wish to place at the helm, retain
that it was now to be had for 41. 2s. or 41. 4s.— that situation unless supported by the Bank ' • but if
Now this may be accounted for in a variety of ways,' the Directors were hostile to him, he would he in.
The sudden influx of gold driven from the Cott. waved in such financial difficulties, as it would be
; the failure of the country banks, limiting Impossible for him to surmount. He even firmly be.
the circulation of bank paper, and thereby reduo. lieved, if at any time a Member were determined,
ing the relative value of specie. Other causes may from.a sincere desire of promoting the public interest,
have contributed to produce this effect. But it we" to Compel the Hank ,to renew its payments Ia cash,
an important fact, that there was generally a rise •that the anitiortif a •ttio. mot woued prbcore aMt
in the. *aloe of gold throughout the world. Indit.! of the-House fit °lwo:tads:oi tie/inure at its commence.
pendent of its consumption in carry on the meet. The- Weise itself wilt ceetainly censurable-for
Northern wars, the internal state of the new this, bat no blante could attach to the Bank. These
world, by preventing the working of the mines gnat- reasons induced him to desire the appointment of a
ly interrupted the supply; similar causes operated Committee to examine into the measures adopted for
at Brazil ; but the state. of Mexico particularly the resumption of payments in specie.
affected the quantity of ;piker.. From circumstances Mr. M AR:HYATT explained.
nut unconnected with them arose that artificial cir- Mr. HUSKISSON reMarked, that he had been so
culation of Bitola;notes which in it's effect not only often alluded to, that he must say a-few words..--•-•
' depreciated the currency of the country, hut em- Whatever °Onion he had formerly entertained with
braced .thentoney market in all its bearings, involving respect to the currency of the country, that opinion
the national finance in a manner not to be column. he still retained. He had no hesitation in saying that
plated without a foreboding which it was impossible the .currency was depreciated'. At :the same time,
for the Bank to remove in the mode likely to. be if had seen any reason foe changing his opinion on
.adopted, unless they set out forthwith by a diminution this subject, he should have declared that change in an
of its paper issue.—[flear, hear,!] • • honest and open manner. As to the present clues.
Mr. ROSE and Mr. HORNER explained. lion, it seemed to have been assumed by at least one
Mr. MARRY AT concurred with a Right Hon. [pnourable Gentleman, that we had been in a state
Gentleman (Mr. Rose) that the restriction ought to -of peace for nine months : this was certainly not the
be 'Make(' on as the act of the Legislature .
.Act : and he must say that the same necessity which
It was the effect, however, and not the object of the': lwride t:cv the Act deaf plead fon it's 'trotted conti.
restrintion that was now under consideration, and :14 ; nation.: 'The Chancelloe of the &chequer had said,
I contended," that the Bank- ought no longer to be aIL4 the restrictions might be removed in Jell, 18'lG:
lowed the possession of such enormous profits, withr no doubt he would not have sead.e such an assertion
out the participation of the public. [lieu t? !]: thout authority, and tie' trusted that hefgre the,
former circulation of the Bank previous to there-. Anclusion of the debate tbis declaration would hi'
striction was between 11 and 13 millions; in the einfirrned by the Gentlemen of the Batik. He would
!year of the restriction it was about eight, and wait teat readily allow that Cash paymenti ought • not to
' now thirty millions. Taking the subsequent kittens. remain suspended after the proposed time, unleie
of their issues at 18 millions, here was in the ins ciraimatanceli shook] arise as otsraordivary os those
serest drill that sum, a clear additional annual pro. of the late war. He did not regret the vote which
fit of 01/0,0001. To this were to be added, the di& he-bad given on this matter in 1811, tkough at the
firma (*onuses they had distributed, and an increase sometime he was grad that his opinion had been over-
,of 11 per cent. on their dividends from other causes, ruled. Ab that time no human fonesklit co'uld have
—The public interest did not require that the Bahl anticipated whet had shinetapplsinetf. Re *mild not,
should receive interest 'upon' Exchetpref Bills, not i.e.;seev *noir, that thin cask suspension was an in,.
commercial credit require that the .discounts of the! aides* necessary to a *tate' of war; nothing could
Bank should have been increased sevenfold,. since justify it, bat imperetite emergency. He thought
, they ceased to pay in specie. 'Wore the year 1797, no benefit Could result from the proposed enqtry.
it was a regulation of the Bank. not to open, any dis 4 OARING, in rising. to give his opinion on
, comic account with the Laotian bankers. - Since that this subjent„ wished merely to be considered es speak.
period, this rule had been abandoned ; and the con'. hag ladieidehh4 ; fir ihougk he was one connected
sequence war, that 'moat of the London banker's with the Bank Directors, he bad hot been httel'y
I being the corresehedents of bankers iti the country, amens thew. nor was he nuthotised .to glee tiwir
the piper of. the latter . became convertible at cpHecttva j„ndpsent. Ile Was "Woo; te.Attlichte
; times into paper of the Bank of England. Country the Bank against the charge of pert:Way teen
nor_ Wes u*e,. en.21;01 been
per-
bankers had, accordingly, sprung up tike mush. :dealer
rooms, and, as too many k,pew to their cost, had stated, government;
at it gave the Teitereickwehtethent fo
.
been as ephemeral in their duration. The operation insetted, or that it consulted Its own interest withon
of this unfortunate system had been to create a rage sang regard-to the public. indeed; the interest- of
' for mercantile speculation, and to raise the prices of each ledleideet. Directsw le
all commodities in this cannery. 4 Right Bonaire. ling to soilwit vox, tkor. w
(..owoose their
r.
Trilassitil ',twit was too trif.
*ho he. was glad ittovi to sett od'the own edviiikegete fiat tke comespelly, The Bon.
ble Gentle Man,
Treasury Bench (Mr!' asiiM lA% tad ;Waited Gentlesbut 0111 i preilede to Mate, thlet having been

mweins
a Director, he would now give his humble 8, Wort
that, notwithstanding the eXpeclations held out by
the Chancellor of the Exchequer, there was no more
chance of the Bank being able to pay In specie in
July twelve months, than there was that it would he
able to pay in specie to-morrow. He founded this
opinion chiefly on the artificial state of our currency,
and the avowed determination to raise the import
pride of corn to 80s. in order to keep up the produce
of the taxes at their present amount, and to Ake
sum of 50 millions annually for the revenue of the
country. While this artificial state lasted, We could
notget pounds sterling to pay the interest of our
'debt'. His opinion was, that it would have been
wise to sink hits n sound state of oar currency gra&
dually ; but 'he Would watn the House not to expect
that the high taxes proposed to he raised, and the
high prices on every article of subsistence, could tie-
ver be paid in guineas: They should look also to
the gradual manner in which the circulation of Bank
notes had crept up, from 11 millions at the period Of
the restriction, to 25 or ft millions, and With which
the increase of country notes had kept paces On
all thesti accounts he thought the return to clash pay.
ments a• very improbable event at airy specific period.
Mr. PONSONBY Contended that the very 'pow..
site opinions which the ileutie had• heard loudly platir;
I ed for the proposed enquiry.
Mr. W. SMITH took I similar line of itgliment,
and related an anecdote of Mr. Fot, al 'a proof of the,
superior foresight of that distingbished* mail. The
very day after the Bank ceased paying in Welt, be
happened to cell upon Mr. F'ox, and mentioning td.
him the circumstance, added, " but it can't hat
" Can't last lone" replied Mr: Pox, " t despet.ltildir
What yeti may do, but I think 1 shalt neveithirtiit
see it opened again."
Mr. B.SRAW spoke shortly of the great aceosto:
modation afforded by the Bank to commercial
suits.

l'he CHANCELLOR of the EXCH EQU spoke'
1 at considerable length in explanation: among otter.
thiege, he observed, that the weight of the late ex.
Pensive war must necessarily press upon the country
fora considerable time. But he did not augur gtoo.
mily : fears about the diminution of trade, and the
!'high price of provisions, had been the bujgbeers of
this country for generations back; and he could
quote, from pamphlets a century old, expressions of
as great alarm on those accounts as any they had late.
ly heard.
Mr. GRENFELLgave notice that he should mere,
on the proper opportunity, an amendment founded
on the expressient Used in the Property Tax Act; •
namely, that the restriction should last till the,sth of
July, 1816, and ne longer." •
Lord A. HAMlLTON'replis4 at length.
On the division the numbers were
Noes, 'l34—Ayet, SB—Majurity artittgt the looting!, 93.
When the Gallery re-opened the Haase win ha
Committee.
The CHANCELLOR of the IrACHEQUER
objected to tying up the 'House by the particular of.
Mr. Grenfell's athendment, which, we 'understood,
had been moved while the gallery wUclosed.
Mr. HORNER etwalbseled on the': Wanes 14.1 he
Vtovernor of the .7_. • .4
Mr. TIERNEY pressed the doyenne for filp off:
nion ; if the words proposed were not adopted; petiFir
the public nor the Bank would beliese the Helen in
earnest. • • ,
• Mr. BARING objbcted to the emeodmeilt; net
thinking the cash resumptions probable at the time
specified.
Mr. DOUGLAS said a few words.

A ditision took place on the amendment..—.
Nnes, 92—Ayes, 15—Majority, hi.
Report ordered for Monday nut.
The Local Poor Bill was read a third time, and
passed.
Sdveral Orders were disposed of.
• Aseourned'at one o'clock.

LAM M' L LIGENCE.

COURT OF KlNG's BENCR, timid

CON.
• RANDALL V. PENVOLD.
The Plaintiff and Defendant were carpenters, and
carried on business, in partnership, in St. John's-
I square, Clerkenwell. One of their men, as be Was
One day at work in the shop, heard a noise inn room
over his head, called the tool room, and thinking
, somebody was there going to steal the tools, he went
up very softly and peeped through the key hole,when
10! instead of finding a man breaking the command.
meet of " Thou; shalt not steal," he discovered a
1 woman violating that which says 44 Thou shalt not
commit adultery." Hardly willing to believe the
evidence of his eyes,he looked through a broken pane
L in the 'window, and had " confirmation strong as
proof of 'holy writ." He quietly retired, without di,-
Curbing the happy pair ; but he no sooner crept to
the bottom of the stairs, than he ran op again, meking
all the noise he possibly could, with a view to alarm
the ckumutis peesonits of this curious scene, in which
the Defendant had been playing the pirt of a very
'6f4YESertner, to the probable increase of the Plain..
ilff'ittock in trade. The witness' found the Indus-
; • trious tradesman adjusting his dress, and the &none-
inent of this performaace, which may be called
" Love among the Shavangs,ff was particularly
striking and allectltig. The witness not being well
read in the law of Partnership Property, or not
being acquainted. with the particular conditions of
the partnership deed between his two • masters, or
frOm sonic Other Caine which did not appear, took no
notice to the one of the way in which the other had
been employing himself ; and about three months
iafter left the service of the cupenters, and went to
Portugal with the army. On his return, however, to
this Country, he stated what he hacheen, and hence
the present action for criminal conversation arose.
In support eg the• Plaintiff's case, after the mar-
riage had been proved, evidence was called to speak
to the terms_ upon which the plaintiff and his wife
appeared to 'live, end the material fiett were stated
by the witness, to whom we have already alluded.
On the part of the Defendants the ATTORNNW
; GENERAL said, he should t*ske out a case which
would entitle, hier to a verdict. The tale that had
Linen told
.b x Peeping Tom" was 'but little en.
titled to mat ; it reminded him of a Reverend Pre.
.006 n befng told'an amorous tale of a man
and wotalto tilsetiveied in k green-hoast) iu Ireland,

w