The Statesman.
London, England, 1819-05-11 00:00:00

RI ON I)
EF.PORT VEIN THE SIXIVET COMMITTEE,
OP TH• LE,Cr Or INK

DANK RESUMING GASH PAYMENTS.
(Cnntlarea trim ana Paper sf Testrriay.)
it If. Your Committee proceed to tbe neat bead
of their entieiry—the espodiettey Of reverting to
Civil Payments, at the period liked by law for their
tesentrition.

" It still be seen, by • reference le the Papers in
the Appendix, that the Liebk, silliest departing
Until the participles epee which their lasses on the
discount on merteetilibills have long been regulated,
base etude,' very ceesidetabis reduction in the soosnt
of notes ootstaediog, ewespared with their amount at
the commencement of the year 1818.
Vrooe July so Dectrallor. 11117, theatorage assuloot
was L19.210.835
11 rim Jamsary to Jew, IBIS
k mai July Dreember ditto
Ilke literate soosoust for site Ikea sooths to th. rad
of North. 1819

•r Should the Legislators determine on the restore.
Con of Cash Payments on the sth July mat, the
Directors of the Hank would naturally feel them.
selves compelled to postpone the consideration of all
other interests to the security of the establishmeot
over abide th►y preside, and would make a further
end •ery midden reduction of that portion of their
stormier which they have immediately within their
eentroul.

" Much imporieut testimony. will be found in the
Minutes of Evidence, Kith respect to the effect to be
apprehended" front • very rapid diminution of the
present meant of currency upon lb. trading and
evict:Herat interests of the Empire, of which evi-
dence your Committee dent it incembent on them to
attract a patios, 'efficient to give the House • jolt
idea of the opinions upon this subject prevailing
amongst the persons whom they examined.
" Mr. Alenader Baring being ',quested to state
In what easier an attempt to effect the restoring of
Cash Nyland' within the period of a year would
operate open the centimetre and interest concerns of
the Empire, replied, g The resumption of Cash Pay.
meal can only be effected by dressing hellion into
the contry. by a reduction of the issues of the
Bank. I cannot thiok that she Busk could pay in
specie, with say eapectstinn of continuing in dirt
state, until there was • considerable portion of specie
already in the decollation of the country. I spine.
bend that by no process, even if the effects of isny
sudden ',mintieu of issues were totally disregarded,
coul,! the ass accessary for the papas be brought
into the country, within the fortiori mentioned. I
sun further of opinion, that the operation of redec-
'inn necessary for the porno'e I hate mentioned meet
sissy. be accompanied with some restraint anti in.
conveniene• to every branch of industry in thereon.
try ; sod that if it were forced, with a rapidity at
all approaching to what woad be required for the
payment in the course of a t•eivessenth, the injury
weld be intolerable; the reduction of paper
'retold produce all those effects which arise from
the reduction in oho arnoosit of money in any
country ; an effect which I think is well de-
scribed In Mr. 111111116% Rutty on Moncy.—The con.
sequences of • cootraction or expansion of the
amount of money in a cavalry seem more felt del-
lo the progress of such contraction and expansion,
Ain from any positive amount of money at any one
gives period. It Is not, in my opinion, of great
'importance what amount of money may exist is any
country; bet that the question of, whether it is on
lie increase or decrease is one of great imporlauce to
every branch of industry.'

" Mr. Moldings's(' stated, ' that he cnneeived it to
be necessary that the Bank of England, in order to be
enabled to resume the payment of its notes in specie,
should reduce their Wesel ainnont to the client of
three or more millleins forcibly' Ile explained,
• that by the term forcibly he went a redocibra sot
avisleg from three or foot millions less being demand-
ed, bet from three or four millions being demanded
■nd refereed by the Bank to the Public end G'vern.
meet. Ile considered this fotred reduction of the
issues of the thrill of Eneland to he tt •crsnry, in
order to tutor, the rest of the !tape► in circulation to
its ancient valve in gold, and the eschanges to par'
Beiug asked, if, •in order to produce she effect
which be anticipated from a forcible reduction of the
issues of the Bank, it wereld he necessary shut the
seduction should he sudden ?' be replied, • la my
opinion every possible disadvantage and ine nnn n knee
In the Public would arise (roma sodden reduction ; I
should certainly recommend lir being gradual'
" Mr. Gladstone, a Member of tie Hew, and a'
merchant principally engaged in trade with the East
and West Indies, and occasionally in general snide,
gave an opinion, ' that the inffeence which the re-
election of the Bank issues produces, is el a se.
bond:try eaten; shut, in other timer, she slseratise
of two or thre► millions in their issues would not
have been at all felt, but that io the present stile of
the trade of lhe coantry, slier a year of mock em-
ending, and a greet accumulation of foreign goods
itr the country, and of British goods for British ac.
count in foreign markets, whatever tends to furrow
the means of circulation, gets io a much greater de.
gen now thins it would in other INNIS!
'• After a full consideration of the evidence, sad'
of the several matters to which it is material to ad-
vert, in considering she espedieney of revenging pay-
ments in cash on the .sth July nest, the amount of
the mimicry of the Bask so Government, the quo.
City of bullion in their coffers, the probable effect of
a rapid and censiderable redaction of theft issues, In
whatever m or with whatever view such 'ethic-
lion migt t take place, your Committee are decidedly
of opinion, that it is espeditut to continue the Re.
Oriel ion beyond the 3th July nest
" 111. Your Comirtitteiliett novr presented to the
nesse their view of the tedimpnrtant points elicit
they proposed (seconding to the order of reference)
to make the titst subjects of their investigation—ihe
owe of the DIA of Enelind; and the eapedioney of
?vermin' Cash Pat merits on the sth July seat.—
They new proceed to offer their observations with
respect to the period at which it may he @drivable to
terminaie the restriclit n.

"They will. in the first instenee. where to ti.e
g"i'l'lV of gotld wit;ch mts be reqeired. in order to
prntthle demand., upon the Beek, oft the
1,•••••;itt, o of VII yments in 'rev-.
It i# eir:cutt :win r aerVe rfailbite of the