The Statesman.
London, England, 1819-05-13 00:00:00

TTIR firrATF.Sm Ar►

cntentenct to ploy in bullion ; or farther, if it sheatil
be thostaht proper to intred•re more thou pus point
in a irsdusred vole. et rites somewhat beinw these
which might successively he Bled. Either of the let.
ter espedients would salmi a greater security egelosit
any escrssive redaction of the issues of the amok.
hut the, Wight intrndere • degree of enumplicotiow
into the system, end might cramp the operstions of
the (lank in an i silent in ; end the Com-
mittee think that, on the whole, • preferiblt secu-
rity would be effsirded by leaving the Mint open in
the Public, by which env considerable deficiency in
the paper currency wankd be sitoptied, and its effects
counteracted by the coinage of Rshl.
In order In bring before the view of the ffnuse,
with more distinctness, the whole of the plan which
the Committee beg leave to recommend so their con.
sideretion, they will stele shortly the different pails
of which it consists:—

I. That provision ehould he merle by Parliament
for • re-payment of the debt of Government to she
Batik to a corisideroblo •mu•nt, and that a pert of
that re-payment should take plice some time sole.
cedent to the first period which may be 6aell for the
commencement of bullion payments by the Batik.
2. The t from end after theist of December. 1816.
or et latest the Id of February, 11420, the Book of
Finland shall be required to pay its notes i• gold
billion, duly •sayrd and wattled in his Melody's
Mint, if demanded, in sums of pot less than the tale,
of GO oz. at the price of -11. I s. per ounce of standard
bullion ; that on the lit of November, 1820, •r at
sod other period as may be filet% the price shell he
reduced to 31. 19s. 6J. uol.•ss the Dank shell have
previo•ely reduced it so tl.at rate, it being aloes*
understood that the price, when once lotarretl, shall
not egain be wised by she Bank ; end that on the It,
of May, 1821. the Bank shell p•y its nose•, if de.
minded, in gold bullion, In aura nit 11.4 s stun the
value of 30 ounces. at tt:e price of 31. 17s. luid per
ounce of sten4ard Lullir u

3. That a weekly ercoent of the average 'risotto,
of notes in circulation dosing the precedult week,
doll be transmitted to 1.. e Privy Gowned ; stool a
quarterly account of the a g• mosso, of noses in
the it...coifing quarter, shall be circulation ilorinit
published ifs the London Gu:ette :
4. That fir t 4 •• years, from and after the Ist of
May, MI, the Bank shall pay its notes in gold
bullion only at the Mint price; and that •h•neser
Parliament shall (WA pr, per to require ils• Book to
pas ifs noses in coin, notice throeof shall be given to
the Bank one year brreoff. Asstd, such notice slot to be
given before the Ist of M•s,
Should l'adiamont think ti•ovvr set adopt this plan
for the resul..tion of the Bet k s.f England. it is evi-
dent that provisis•os must Ite made fur applying the
same principle to the Bonk of Ireland.
The Committee are perfectly aware of an objection
which may be stated to this plan, wiz. that during its
operation the country will probably hate no cur-
rency swept paper, for payments beyond forty shil-
lings, and that the advantages resulting from the con-
wertibility of Bank-nofes iota bullion appears to ba
given, at least in the first instance, only to the holders
of large sums.
in answer to this It mast be remembered, that an
long as the price of gold shall caution high enough
to 'ford a profit upon tho melting and esportation
of coin, framed according to the present Mint rept-
teflon, there can be no circulation of gold coin In the
contry. Under sock cireesestaeces, any farther
Issue of gold nit would be useless. It would le.
deed be worse than useless, as the purchase of the
bullion to be coined would raise the price of gold,
and the repent.* of coining it would be a ante of
public money. Seth an issue could only he useful
whenever the price of gold is so far below the Mint
price as to competente for the interest Inst during
the time of citing,. Bet, although the Committee
entertain great hopes that, during the operation of
the plan in weenies, the price of gold will fall to
the Mint price at an earlier period they what is Used
for Its completion, yet the plots itself presumes that
such fall may net take place and have been esta-
blished before the Ist of May, 1821.
Under this certainty it would be difficult, if net
Impossible, to foresee any moment previous to that
date, at which it might be npedient to make tech an
issue, or at which the Public would be able to avail
itself of the power of retorting to the Mint for the
conversion of bullion into coin. Bet it will be able
to avail itself of tkat power under the operation of
this plan at as early a period as could reasonably be
espected ender any plan for the simple resumption of
Cash Payments. In the interval, the currency mast
consist (as it hes Nog consisted) of paper alone; but
from the moment this plan begins to operate, this
paper would have whet it has not had since the Bank
restriction, and what It could not have in the interval
preceding a simple resumption of Cash Payments—a
metallic standard for its regulator. The bolder of
large sums in notes world indeed have the power of
correcting them into bullion at a iced price by pre-
senting them at the Bank ; bet the bolder of a small
sem its notes ham net new, and could not base the
power of converting it into coin, ender dreamt
stances when, •s Isom beets betor• stated, uta coin
could remain end circulate in the country. The
latter, therefore, Is esposed to no disadvantage what-
ever daring the *parttime of the pretest plan, to
which be would mot be @spend during the interval
which must precede a simple resumption of Cash Pay-
ments. Bet he derives from the first moment of its
commencement a participation in the security giant
Initiation afforded to the holder of large sums.
'his detail of the plan now proposed by the Com.
millet will they hope be sufficient to rupiah, both its
'More and Its objects. Above all, they frost it will,
be manifest that the plan is now recommended by
them as a temporary meesere, as the mode which are
pears to them at once the most desirable, and the
must effectual for the attainment of the object which
the Parliament basin view—the restoration of our
currency to its ancient standard of metallic value.
They think it probable, us they have already stated,
that this object may thus be attained at a period com-
paratively toiler than that for which they have ulti-
mately provided. Bat they entertain a confident es-
pectation, that in this mode it will be effected at that
period. it not before, end with the least prettiest is-
convenience to any of the 'notes!, which it msy effect.

Aber a* attainment of ibis first sad vest object,
many linpoilaat questions otil still temsio to be de-
lis miued by the Lreflalitt tmec• it% tl.a 13 stem