The Statesman.
London, England, 1815-06-30 00:00:00

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Ant no such objection prevailed in the heart of that
Right Honourable G►ntleman on the' present occa-
sion.—[ Hear, hear!]—There were other branches
of the Royal Family who were much more worthy

'notes was trifling. The composition was then in-
ceased to 42,0001. The provision, however, was
made respecting the gradual increase of the circula-
tion, which was one foundation on which to regu-
late the composition. After a variety iif
he moved some amendments for dioingoishitig ti3O
classes of notes and post bills, arrording to the
rates of duties, and for ordering !barmen!s to the
Receiver General by annual instead of triennial are,
rages
The
CHANCELLOR. of the' EXCHEQUEIt
did not consider thrir Mr.."Pitt'i-prlticiple of ercaqge‘
ment had been materially_ departed from eit .oto he
Lord Sidmouth or Mr. Perceval. When the Beak
stopped payments in cash, it was thought by eriierg
that the outstanding notes amounted to 20,00:40001i
whereas they were only 12,000,0001. The difference
between the arrangements was, that, the former one
was permanent, and the presept fluctuating, aceord+
ing to the notes in circulation.- Ile costsi&red him.
self wholly responsible for this arraitgem.itt, such se
it stood. He had offered terms consistent with the
public advantage, and with the faith of Parliament.
The Right Hots. Gentleman contended, that it watt.
vain to enter into an examine • as to the equality
of charge upon the Bank as compared to what might
be paid by private bankers. It was impossible to
institute such a comparison, because there was no
similarity in the situation of the parties. No pri.
rate bankers could accommodate Government with
the advances made by the .Bank of England. The
principle on which be bad proceeded was; that the.
public were entitled to al full tt composition as was
consistent with these indolgerei, de condo. mica
of which the Bank had well merited. He had adopt-
ed a triennial average in preference -to any other, mod
lupon the whole, conceived a very qdvatitageous bit.
gain had been concluded as compared To the farmer
arrangement, without at the same time pusldwg the
Bank to that extreme of concession which was imp
' concileable to the system hitherto pursued.
:Mr. BANKFS thought' it a strange fancy to nah
. present the leans at low htterest advanced by the
Bank as a sort of payment for the licence of trail.
init. The public, In his opinion, paid sulficiew.ll/1
and even eitravagantly, for theicetratotiodition,lid&
for the general trausaction of its business. Alt dig
could be urged in favour of the existing system,. wee
the excellence of the secirity. But be' mast object
to the use of the word composition, as not nitres.
sive of the true idea that ought to prevail. lit the
Act of Parliament which recognised the preslsut set.:
tlement, the• word was " compensation," and "the
ordinary convertible term of that word was 14 semi.
'talent." He could see no reason Why the Chan-
cellor of. the Exchequer should adhere' to an errs,"
neous system, and apprehended the Directors of the
Bank would act more honoembly in not claiming
fer..their °pule* Corporation an eeensption fleas
those burdens to which every other clai of the com-
munity was exposed. ~ •
serMr. B. SHAW thought thew. - inced
.41asiliesited
great liberality in their dealings with the State, sad
that it would he unjust to require them to pay a duty
on notes Issued by way of luau for the service of the
people. •
Mr. FORBES considered a lean et three millions
as no great exertion of geoerosit,, when the Davis
had in their bands an aterage,balance Of Osten IC.
lions of public money.
Mr. THORNTON thought enough had been said
in defence of the agreement made between the Chan.
cellor of the Excheqoer and the Benkf%to reedisr it
unnecessary for him to trouble the Committee • .
any observations. Indeed, be despaired of me
any impression ou the Hon. Members oppiisite to
as they received every thing that came from; any
Gentleman connected with the Batik with glebe
prejudice, though he could assure them be 'Wei.
voured to discharge hisduty with uprightness and im-
partiality between the Public and the great Cor.
poration for which he was a trustee. Supposing him)
however, to err by leaning to the side of the Bank,
he was certainly met by a more than equal seal, and
he might say prejudice, by the Gentlemen on the
other side. He then defended the agreement made et
, different times for a compensation in the stead of
stamp duties, and gave some explanations respecting
the renewal of the' Charter, and the privileges it
gave. On the present occasion a new principle had
been agreed upon littween the Government and the
Batik, which raised The compensation to 87,5001. a
veal-. It was proposed by the Chancellor of the
'Exchequer, and acquiesced in by the Bank. Would
the House -annul such a coptract for the sake of
gaining 40001. a year, when they consideied the im-
mense transactions the public had with the Batik; and
the importance it was to maintain its distracter and
credit? Was it nothing to refuse to ratify what the
Executive Government had thought reasonable and
just. He then showed some errors in Mr. Bankes's
calculations respecting the profits of the Bank, and
sat down with an assurance that the House would
always find the Directors liberal and fair its their
dealings with the Public.
Mr. MELLISH made some observations upon the
calculations of the Hon. Gentleman (Mr. Gretrfell),
which he could not agree with. lie considered, that
it would be fairer to take an average of three_ jives,
as was the case in the Property 'vas, thin to 6x
upon the last year, which was one when the hisses
were uncommonly great. Whether, however, the
sum was 91,0001. or 87,0001. the diffeneece *odd
not be a material object to the Batik.
Mr. GRENFELL, in explanation pis, that
99,5721. would be the 'proportion that the Bank
ought, in his opinion, to pay on account of the issue*
of the last year. He should, 'however, abstain from
entering more folly into the subject, as the regular
discussion would come on on Monday.

After a long conversation, in which Mr. Finley,
Mr. Forbes, and Lord A. Hamilton took, a part, the
Committee divided on the amendment.

- F.'r the amendment - - It
Agaims It - - - 32
Maintity - - --20
A long conversation took place upon several other
clauses of the Bill.
_ _

Mr. FORBES mo►ed an amendment to one clingy,
the effect of which was to put private Bankers in
Scotland upon an equality in this respect eirh the
the great chartered Banks. .

Tiouse,. it ,Wll6
port progress.
This motion era
postponed till t 0.4
The, other order
Adjnuttied.


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P

ET THE GOV*UI

Faescuway,-..'
g rIo of SUCCIPint.a
agitated your degt
A greet sacriftco
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Imperial Power.
phis political life.
Your new Car
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itatended.
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Pyrenees ,• Ira
who,. born
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country?
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all ages,
nation c
destroyi
Emperor, i
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reins of t

(Signed).

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their reply
justice
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the county;
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