The Statesman.
London, England, 1819-05-10 00:00:00

TH E ESM

lIIMIL4/110111111. • •1111.11111/11.
1816. 3,u. to Jose 16.4811.1t1- Erb. 1/116 16,16111".10
Jely to Da. 46.1181.9901 Avg. 26,,D4
M 111110
1817. Jas. Jame raffe.3l tti. ist? rusi.lo3
July a Der ..19:110.ters Aug. Y. .1%840;18
1618. Jan. se Jeer 2;.634.!N8 F. b. ?6, 11118 11.6101,681
Jely to Dee. 66,411059 Aseg- V. 97.060-9100
Feb. 11, ISIS 21,11116,10.,
neat Or year 1784 se she year 1797. whey the Remits:ea
Art passed. she Nvesn.st et advance. smlt. by the Ilsab to Go.
gametal, nutlet the hates em.tetellius ea the 96th Velment., fa
each yeas, was—

lila 4,0713. any OICES•
1;911 10.1,7.360 ;.9011.93$
1;91. 11499. 49
1;91 11.119.11111 - 9.899...4.11
lit!
Mt 1.11,91b.:14/ S. ; 0i.514
1195 41,90.160 11.1114M
1196... —1400,110 11,7111,::111
" Tbe amount, therefore, of advances to the Go-
vernment does not appear to hire borne, for some
time previously to the Restrictinn Act, a nisei less
proportion to the total amount of Notes outststidiog,
than the advances since 1811 have borne to the Nola
issued in correspondino periods.
" It will be seen, that • material redaction of the
debt to the Bank took place between the month of
Awe!, 1815, and the niooth of February, 1816; it
hatinr beam reduced in the latter period to Mosso
of 18,1'88,3001. deducting the advances from Un-
claimed Dividnida.

"This debt was again increased between February,
1816, and the August following.
" In that intereal,War'l mato • very considerable'
amount were remitted ; a large addition, aetborised
by several Acts of Parliament, was made to the Ue.
funded Debt, and to the advances for which the
Gov.ornment were indebted to the Bank. The
amount of thew @demon.' ems again reduced from
27,060,11001. In 21,930,0001. between the T.J of As.
gest, ISIS, end the 1 ith of Febrewq. 1819.
" It was proposed, in May, 1818, to repay to
the Bonk a sum of from eight to inns millions, by
gradual instalments of one million • month, from
the month of May ; the Batik having thee eeitider-
eti that repayment sufficient (according to the evi-
dence of the Governor) to enable thew to make.
the **pediment of the tesiturption of Cash Payments.'
" "to meet these charge', and the services of. the
year, and also to rivet a farther reduction of the
Unfunded "Dotal, provision was made, by • loon of
theft millions in money, and a gradual funding of
liacheyaer Bills to the amount of a1r00(,47
with power In the subarrditals of making money pay.
111111112, instead of hringiog in Eschequer Bills ; and
if was andervo.4l that the Bank should retain one
halt of the monies paid ia, to the 'stout of the month-
ly Payments above asantionril.
" It appears, however, that (h. sew paid In we-
ety nnaccoont of this loots fell short of the amount
which was expected, and the repayment to the Batik
dirt not muds engird bye millions at the end of Jan.
1519; one million of which the Bank do not tetra.
do. as an elf.,ctive rep.) merit, interest to that amount
being doe to the Bank upon the whole of their ad.
• caws.

" The amount of the whams., of the Bank to Go-1
vein:rent war, on the 29th-April last, 19,438,9‘01.;
the sum of I Akfi,6lol. being deducted from the ac-
Loose furnished by the Bank, as the amount of ed.l
saneva °owns issued for the payment of divideOds.
" It will be seen by reference to a communication
omits by the Court of Directors of the Bank to the
Committee, as well as from the whole temper of the
evidence of the Directors who were examined person-
ally before them, that they consider the repayment
of a large proportion of those advances essentially
accessary, preperatory In the resumption of Cash Pey-
ote's. As the notes which are issued by the Bank
upon the discount of mercantile bills revert to them
at the expiration of the period which those bills have'
to rim and which never exceeds sixty-five days, it is
clear that that potties of their issues can be emended
or limited at their discretion ; whilst over the note"
which ace issued in consequence of advance' to Co.
',foment, they have not practically the same coo.
'foul. To whateVer extent these advances may be
reduced, the Wink will pin a corresponding cons, o'l
over the •moent of their ciocutatiog paper, and will
be enabled to supply the diminution of noses thus
created by au increase of their issues, either upon it.e
dicount of mercantile bills, or by the perches* of
lion, nr if necessary to make a reduction in the total
amount of notes outstanding equal to lb. whole or
any part of the repayment. . I
"The only mode diming a sospensinn of Cash Pay-
ments by which the Bank can ellen a seduction of
their issues, supposing ou part of the advances made
hit them to the Government to be repaid, Is by limit-
ing that accommodation to trade, which they base
lung been in the habit of grantiog, by the discount o.
mercantile bills of ondoehtsci solidity arising oat of
real commercial transactions, and falling due within
avert and flied period..
" Although the amount of the advisees aide by
the Batik on public securities is accurately stated io
the account in the Appendix, and although the Com-
mitten strongly &cilia. the repayment of the portion
of Oleo required by the Bank ; yet they think it ne-
cessary to observe, that its determining the actual
•furrow of the debt doe to the Bank, on account of
tt,eso advances, on allowance ought to be made in
faseur of the Public, to the extent of the balaeces of
public mosey deposited at the Bank.
" Tho attention of Parliament appears to have
Ibeen first called to the 'Vent awl repetition of those
halanccs, in the Report of the Committee nos Penile
Expehdatt le, presented in the year 1807; from
which it •ppoars that the aggiegate amount of the
Public Mosey deposited at the Bank, was then cal-
culated to be 11.104,0191. ; sad a sum equal to five
per cont. interest ou the average Winces in question,
was I•Sidried in that Controiti.o, not far f roe rho
amount of the profits derived by the Bank from this
source.

" The stew, amount of public balance' hold by
the Batik eppstets to have been about eletru millions
from the year 1807 in the sear 1816; and to eon-
sirlotatiout of the ailasui:sge resulting to the B.nk
horn the possession of them, Use soon of thief. mil-
lion* oat advanced by the Bank to Governesoist
I oithoot interest iv 'SUP; which mimeo' was can-
t tinned, itodm• the authority of Acts passed by the
I,r4istsiose, to April, 18114.—S,oce the 'ear 1816,
I the public balances held by On Bunk hate been trli•
ministred, and their got "went in the )ear 1818
OW not 'twit the sum of !•esen unillion•. Their
•.araoutit has been still.fut t her 'placed by the opera.
tics of so Act *hies his pst•cd its 'he rtst-tst Ses.