The Statesman.
London, England, 1810-09-21 00:00:00

the circumstances which called for the restriction.
The bullion was taken out of the country by Go-
vernment to prevent our armies on the Con-
tinent from perishing, and to pay the subsidies
which were stipulated to those Sovereigns who
were contending with France for interests in
which this country was deeply concerned. The Di-
rectors of the Bank had presented no less than 29
remonstrances to the Government upon this sub-
ject, previous to the year 1797. Government saw
the evil as well as the Directors of the Bank; but
Mr. Pitt, in a comparison of evils, thought it bet-
ter to risk the smaller, that of the Bank stopping
its payment., to the greater one of our brave
armies perishing on the barren sands of Germany
for want of money to placebos provisions. The
interest of the Bank nod the mercantile part of the
community were ideotiled; and if the Bank should
be ordered to pay is specie after two years, it
would produce not merely a consoision, but an
earthquake in the trading world. The unavoidable
consequence would be that the Bank must imme-
diately put a stop to its issues, and cease to
grant accommodations to commercial men.
if he had only judged from the Report itself, he
would really suppose it to have emanated from men
totally unacquainted with commercial affairs. How
could they think it right, that when coiniiierce and
its demands were increasing, the issues of the Bank
should decrease ? He believed that it was the wish
of the Directors, and of the Company, that payment
in specie should be made as soon as it was possible.
When it was i.ecollected, however, that even the
Gentlemen of the Committee professed the greatest
approbation of the integrity,
.discretion, and self-
denial with which the Directors of the Bank had
administered its affairs, since the year 1797, they
might have left it to that integrity, discretion, and
self-denial, to judge of the time when it would
be possible to pay iu specie. What would be the
effect of adopting such a recommendation at pm-
sent, if before the two years were ended, it
would be found absolutely necessary to enlarge
the term ? The Committee were also of opi.
nion, that the price of bullion has the greatest
ititluence in regulating the rates of foreign ex.
change. The Merchants, however, whom they
examined, were not of that opinion, but stated
that it was the general balance of trade upon which
the exchange principally depended. There was
a very strong instance against the opinion of
the Committee in this respect. In 1797, when the
price of bulliou was very loci, the exchange upon
hlamhurgh was thirty-eight and a fraction. This
was just the same as it was in the years 1809 and
1810, wh. n the price of bullion was at the
highest. lie hoped the Court would excuse him
for having troubled them at so much lengtb.—lt
was harti fur any one to know the great aver.
sinn he felt to obtrude himself on the notice of the
public upon questions foreign to his profession ;
brat stilt occasions dial soinetinses,occur in whieh be,
felt it a pan nount duty to conquer this repugnance,
and to state his outuiceis. He declared that in so
doing he was not influenced by any party or private
views, but that he stated with sincerity and single-
ness of bean that which was the firm conviction
Mr his mind. He wished that the period of pay.
ing in specie should be left to the discretion of
the Directors—a discretion which had never.
been abused. He hoped that the Directors would
exercise _their honest judgment, and not suffer'
themselves to be iuffienced by .party leaden,
by 'peers, or pamphleteers. They had no other
defy but to administer faithfully these affairs which
were entrusted to their hands. He indeed thought,
that, in 1797, it would have been better to have
laid the case before a General Meeting of their con.
stituents, than to. have pretested their 29 remon.
'trances to the Government. Ile thought that their
best policy was to continua to give their assistance
to the public; and if ever a time should come when
power shorild attempt to oppress them, the public
voice would then be raised in their support, as the
public would then feel their interests interwoven and
iusakarably connected with the interest of the Bank.
(The speech of Mr. Jackson was followd by load
applause.)
Mr. PasasE (the Governor of the Bank) then
rem, sad stated the regret he felt, that lie was
-gettable to express his sentiments in a utauner ade.
'quote to the strength of the impressions upon his
mind relative to the subject, which had been just
brought under the consideration of the Court. It
was a satisfaction to him, however, to reflect,
that, after the clear and able statement of the
Learned Gentleman who had already addressed the
Court, little remained to be said, in order to place
that subject in its proper light. As to the evi.
donee which he had given before the Committee
of the House of Commous, and which had been
quoted by she Learned Gentleman, he could assure
the Court, that in giving that evidence he was in.
fluenced by the must conscientious regard to the
public interest, and had, to the bust of his judgnielit,
'Wed whet in his opinion were the true principles
upon whiclethe state of the currency term-el. The
same course he was determined on all occasions to
pursue, as long as his conduct should meet the
approbation of that Court. No political or undue
motives should ever induce him to adopt a different
line of cundect. Upon the subject of the Report
which had been alluded to, the Court, he ob.
served, might be assured, that it was the Wen.
Con of the Board of Directors to watch with
jealousy any measure which might be attempted to
be taken founded upon that Report; and to pre-
vent, so far as in their power, any injurious con.
sequences that might result from it to the Company
lie could not omit ou that occasion to express
a hope, that the Court and the Public, in forming
an opinion upon the subject, would rather look to
the evidence than to the Report, that their judg-
ment might be founded upon the facts in evidence
before the Committee, rather than upon the as-
sumed inferences of the reporters on that evidence.,
As to what had been stated respecting kbe increased
issue of paper, he must say, that it appeared to
him much more astonishing that that issue had in. 3
creased only to so moderate an amount, than that
it had increased so much, and. the commence.+
ment of the restrictions in 170 g. 2110 inceeise
consisted, altogether, in the issue of one iwd two:,
pound notes; which became necessary to supply the
piece of guineas, when cash issues were restricted'

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