The Statesman.
London, England, 1819-06-22 00:00:00

kiANK. VkIibIIFY4TS.

The FA,' et 11AltitO% BY rem. upon •ho Order
of rho thy beim read, and their Lori.ships wool into
a Clllialatitto is is. b:11 aelaieristhg ii.e resomptiren
of Usk Paymeets a. a glees ; -rind by the Bank--
His Lordship (is fair 6- email be collected (ram the
i new' dole tows in w. iels he wake) thee observed that
,I•grooads of the wont Rif wave priipiised the
R•ports me the Wile of the House. The guest moo,
which was 400. la pe swam, had been intolved in
variety of nee,les' dimalti which be despaired of
fellowi• coacensing which, therefore, he
shootd mot fatigue lb. petleticia of the House. Wbe.
fae...r silver wee a legal tender or sot. was in his opi.
glen of Do wariest in the mug miry. We had con-
tinually bad gold sad silver both circulating in their
relative stam Awash there cook! islet no doubt the
'Manama saUde some difference in the value ofeach.l
Whatever hid been urged on the 'object of the Mint,
k appeared hoes referents to Ilambargh, Amster-
dam, Nib, and London, at various flews, that the
Mint Wombed no influence on the relative prices of
the precious ovals; sad the market prices, to like
manner, In different ports, could oat be in any man-
lier art:clad by the Mint values. lie most apologise
for his Imperfect knowledge on 'objects like these;
end his consolation was, ender this disadvantage,
that their Lordships' Committee had takenpreet pains
to investigate them In a satisfactory way. Mach bad
been said open the notation °Nina, far paper was con-
vertible to cash, bet that was not the matter at issue
now; it was as to the practicability of a speedy ro-
tors in Cush Payments, without incarrisde reeelsiosi,
used pistils( that return open a solid base. Paper
circulation, he believed, was regulated by the
standard. It was necessary, in the present
case, above all, that time shonld be afforded to the
ceentry to accommodate its feeling, and habits to thy
desired change. The placing the fiat approach to
Cash Payment!' in May. 1821, by paylog in bellies,
had obviired gr-at difficalties ; while the Meth sad
gratify of Wel payment had secured the benefits of h
gradated scale. Any other plan everpt that of re-
suming in bullion in ilto first instance, week' bey,
placed the Bank at the fancy or the mercy of the
Public by preferring eao meal to another. It woold
be most imp title to pet the Bank into each a state ;
for it was obvious, that supposiog the Beek to be
under the necessity of asking a great 1.0114110 of its

',Mom'. this would necessarily retard the fail of the
price of gold. It was smithy's riot idvailiage of
bellies that, unlike coin, it could sot dissppear ills Mops.
Mops. With respect so the other ports of the Mil,
he opprithended that there 'meld Mae difilculey ito
obtaining the fell raftearmice of their Lordships.
since no objection had hewn offered to them.
The Msequis of LANiDOWN fell it timidly me.
(emery for him to any. that on inflames which Ms
*Mohan might possess mould he seaming to Inflate
their Lordships to adopt • measere founded ins the
ircommendation of the Committee. The estect..
moots of the Bill Iced therefore his cordial support
sod approbatims. Ile rejoiced le see this Rill intro.
Bleed, not only becalm. throve. Us midmost, *es
, to be found the best road ft, pelting wit of the dif.
(trollies in which the client'', was lowolted, bet we
secoatet of the great sod sound priecipleslo economy
and legislation which it cooking. Ile hoped llit
coontry would spin heir of the theories fonivelled
ea be abstract Idea Ma pound sterling as a snit, ore
Bialt.ssot• and a shillittg being in public estimetion 1
equal to a pities; on the tendemy of gold te Ily to!
other coantriee where it was dearer, without predate.
ing ant change of salve; sod other absurdities of
that kind. The great object on all sides in the Com.
mittmend the Home had heart to return, as soon as
penible, to a emisllk standard. WI other this was to
be accomplished by paytreo•is in tallies or In coin,
the effect would be the same. The choice of Par.
liarneet was made in reference to coneeniency. The
crinsiderstion of this 11111 naturally I.s him twine,
observations en the hotbeds' aisle. for the year, of
which is termed a part—a system formed soot only
for the present year, bar, he might add, for (Were
years Ile entirely approved of the Loon made b,
Government for the swiml supplies. and of that part of
it especially ',Lich, without ioiserforieg with the efi !
revive operations of the Sinking Fund, burrowed •
part of it for the services of the pear. flaying no
real Sink* Farad hat the esteem of nor limonite over
oar 'swathe's', the 0 keit coarse appeated to him
I
to be the .skim of t!:i. nominal Sikkim( Fund tab.!
ietvient so the Loan. Ile 'Dished to koew If a Sink.
in Fond of ono per cent. was to he presided on that
pert of the Lean taken from the Sinking Fond of the
'Per, es well as upon lbw past of it obtained from
the Looteact ors ; and whether tke plan of providing 1
a one per sow. S'ilkina Fond was to be crettitiord in ,
filters yews, when the new erten of a real surplus;
was to be in operstion for eh. redaction of the Public
Debt. He (Lord Lansalowe) did not see the se.
eenity of following the old system, while its prircr
pie was departed from. Hiving said so much ward.
log the Lo-n, tiorre rill remiined for him to makes
few obi lions on the !ergo 21111011 flt of tassii-n to
I he raised, ma past of the new financial system; and
; Mee he must sly, that. in justice to the country,
I whose buidess, already great, might be ;named by
Ithat morn to the Buena system which the Bill now
before the Noose sanctioned, in justice to Parlia-
ment which wit shout to pass this Bill, and in justice
so the Cemmittres which had recommended it, the
perswineo• sestiessent of oar birlenCet ought to have
been debited tilt the effect of the restoration of our
currency had been ascertained, and the °pristine
of the latter 111011111 re •oghi not to hese bees
clogged with mot, other esperiment. He could
by no ineen• agree with a dock's@ which bed been
*chanced In another place, that these beriloos would
aff. et no class at all ; that they would he so snack
gained to the revs.. of the State silliest affecting
that of individusl.; in short, that they mere merely
tams is the abstract, and to become sebetewisl whim
they came Into she &chewier —(llear!)—Re.
menacing, as to did, this doctrine, the wily question
1111111, ought ell to appropriate in the prosiest einem.
stances of the country three indium of musty out of
oho reseerces and predictive capital of she or ins, be
create so addition in the Tremor, of the State?--.
Ought we to seduce our public debt by • sacrifice of
the fends that maintelmed national Wintry? Ought
we to deprive the People of three editions of capital
which 'mold Rectify in their beads much more
than in those of Government, to posy a portion a
oaf debt ? Ile thought not. There were sites
sad symptoms of a state of things is' this country
which proclaimed the impolicy of this systens.-11e.
sides swirly ethers which he would mot etionserste,
we saw not only an emigration of numbers of our
people, but an emigration of capital, which would
be increased by new tees, Would not the 011110l1r.
ing and distorting of the resources of the country,
which the new tales world create, be more than sof.
kciect to counterbalance the advantage resulting from
a reduction of the Public Debt? The course novo
consistent with the politic interest appeared to him
to be, to postpone any new tales till we had arljus!ed
end ascertained the moult of our @listing revenue
in the restored circulation, the effects of which we
then could measure. It had been calc!•leted that the
change in the circulation might affect our revenue to
Ise amount of 2 or 3,000,0001.; but this ought to be
'titled by experiment before we imposed on the
People fresh betides+. Regarding the policy of tie,
taxes on a future occasion, he *wild not new speak;
bet be was decidedir of opinion, that the peewit
was net the proper time. The Noble Lord said,
that in thus statirqt his views on the loss sod on the
return to cash payments, two roveseres which would
regent honour on the Government and the noose,
be mild Dot refrain frees delieeriag his 'pieties. on
the other part of oar ',tsarist eastern of which he did
Not approve, us be might not base another opportu-
nity of stet* his sentiments.
The Earl of LIVERPOOL would wily say, with
• velerwecie to the general dockine of the eanudiency
of having • metallic stondard, that though he had
formerly dffermi in opinion from the Noble Lord' .
sorrow, reseeding the 'mew of paper in cirealailoo,
sad the serenity of coullaulug the Hook Rettrictits, a

he bad oleo's 'miniskirt' that the I/total-Ibn ohneld
be removed so so.,n as I isible after the mar ; that
obe were never isle till ere lost stared beet eel very..
sod till er• bad refereed to a mooed eintosey. Ho
did oot, therefefr, romasead the system as a merino-
hent ere. Ile that • Noble Lou' bad .sid,tbss
daring the Restl'clien. the pre+ et lb. /task of
England was, in plincipio end Peed. • Grierement
paper. /le (Lord Lit ..rpnol)sitested, nat. ao pro-
tected by Gettraawnt, and hailed Gateromeot
oectirilieS, it *us in principle. Governesses', p,
bat not hi effect. This state of ibioco hall coottosed
a long time; but whether loog or short, tt *weld may
be jostilled by v;orosity. lie Isetiered the Ibmotietboit
Ado great instromeat of Of f 14011111ele mart Welker
the neva nt pato. bolted take* ibe eerWeet eepotte•
oily of esplaiaidg kit epiolon that It osgistmo dams.
in she other /leave the abusers 110084 orittomit sky
oppositlee as to iti priefipbt. as West *wee free/
the vote, ew 11111 tele. Tile Noble Leta (Loemiese)
bad properly breaght iortiead Ike other prix .f the
linendsl system; and he *mad sew make a door re.
meek' ••• what he hod said. .16 she Atm year et rho
palace, Paraiba/et hod remitted 18.4108.01101. lit ti ns.
ie oppnoitiou to the orbital at Gevenstamit. Ii this
remissive bad mot (eke* plate,. the Whaled Debi
might bate bee. r•dated. is the Preto/mime heed
sootier retooled. Seel. being the met, Gedereemit
nos obliged to depead on ispediests. The portent
Bill, alter a loss eaamlasiion; wu thestaht swoo-
p moy. The Noble allaripat bad asked, •hiville It
ewe hortteded to keep up the vesebiner) if thilalllt-
ing reed. These won tee gersti•ao els this use.

Litrit .bkh It oat very impatient I 8 !MOW,. Re
( Lord 'Armee/0) hod always mild, that i &eget
Nokias Feed there was Goner there was ewes ben
peed the *tiepins of oar income ever ser .111111.4.
1 to,. to all its branches. At leas es the unadeet
1 qiekinit Fund lasted, the estioisal credit6e coed
i have ii. cues, of romphint whatever; sod, therms
fore. the question of the noweinal Sioking Feud,
' obether their Imp:ships adhered le it or net, could
not inlomire it • consideratioo of the question dot
before them. Witatemr COOISP they might Mutt
pry per to adopt, the deficiency of the Sikkim.
1 rood ought to be made iv,. Dot, in his *pinions 1$
lass not joslieii se to decide the question proposed
Iby the Noble Marquis at present. It was ier•rirtsot
to glair toiletry that it dwelt! look le a surplus Ron
: venue ; sad am a survive of 2.500,0001. eelleloot
for a debt of 800,000,0001. ? Ue did mot belie%
I that the eatioction of the Distiorrol WM week, be
soy Weak to the errentiy ; [liter, hest!]—but
their Leriskips would oat de their dirty is theasselees
or to pesimity, if they did not look to toe* Amiss.
doe of that debt. A great temstry must I see ir em-
ploy of memos above Me espeoditirre. This i.e
absolutely necessary, not wily to esehle tier to dis-
charge the ordinary impose's of Government, but to
glee her ii. amass of presiding for chose who wet.
entitled to h. 7 generosity end gratitude. The some
principl .r, in feet, applied to a state es to ea led'.
sided. With this view of the sabjec•, he conceived
that the weenie, now to be coasidered net whether
it wool., not be oepedient to provide s Sini:iiig Feed
,of about I per cont. on the capital of oar dent. Ile
!should think that, with that provisino, the country
remold have Vie aeons, met wily of reeerering from its
present hordes's, bet of aseetiog the esigiiimies
of • Niece war. The amount of tasetiori now
proposed war 3,000,0001. leavlog a Sinks's( Fond
of about 5,0UU,0UU1.---If be were Not meek
disappoioted in his expectations of the Retools,,
he cesilidesitly anticipated ;bet, at a short period. lbe
country would arrive at that point whoa oe ebeeld
hares elver Sinking Food, shove its expenditure, of
8,000,0001.; and his opinion was, that if the country
bad once a deer Sinking Fend of 8,000,0001., that
lead erred net Increase farther, sad there ',mild be
the mesas of relieving the country to the meseat of
400,0001. s yeer' from the berate. of fie pretest
system. We might thee look (Premed re the con.
litigant* of peace, or to the renewal of .air, with-
out any alarm. Ile was persuaded that if, seder
thew. circumstances we should be wigged in war, WO
.hoold hese the effectual moons of citifying It en.—
With respect to that present teat., there were
2,000.0001. et least, which could me predate any
Feasible presser. open the lower tasks of society,—
I:i 1815, and the years seeemidieg to 11,18.000,0001.
of team were takes ell; and firth whole amount no*
proposed ea. only 3,000,00111. It wet epos tires.
grounds that he ti .teed their Lordship, wield feet
no didieelty in seceding to Oils steatite.
The Eirl of LAUDERDALE congratulated the
llonse that this messere. end the opinions now en-
tertained by the 'sett intellivid tanks of society.
had given the droll blow to those priociples which
bad so long prevailed in the country. Ersoltiog sr
this subject in every point of view. he was ens of
those who said that it had been much m'situdersteed.
li. those* that the Director. of the Bank of F.;l.
I land had acted a part which did them the highest
ham*. By the Act of Restriction, their Lordships%
bed, is fact, transferred te the Bank of linglind
what wee once considered es the greatest plower 'sod
pride of the prerogative of the Crown—the right of
',gelatine the currency of the coei•try. When he
beard People say that the Bonk had Implies them-
selves, their Lerrlships should remember. ober. be in-
vesting them with dad pewee, they had pleeed them
in a eery different Maoism from ohs. of any other
body 1,1 Ibe coentry ; It was their duty from that
moment to collider whet It ass best for three rode,
both with teepee' to the Propellers and to the cotes
try muted. Whoa he considered thee, what woe had
been mode of that power, he whet way it Is& hems
smirched, and for whet mods' he prided himself as
an roiliS honey', that It had bbeen mesh less abased
'
than
i tb:
I i;rh e t fwhich
Noblei Eahedrl repeated, a
""then Tel(
eji"soy
c.cloh tiat
persons.
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