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

it was necessary to ; for it was Isspossib!e
that any greater aspersion could bn thrown on the
Bank than that it was they who had increased the
price of the necessaries of life, and added to the dis-
tresses of thrspo4r. When such an imputation was
cast, he would ask, what was it that was tti.Ant by
excessisie issues? The issues at the present day were
wit much-greater than they had formerly beeti beg
fore the Bank Restriction Bill. As for the issues

of one and two pound not..s, they were abso-
lutely necessary at that timer ar society and (WTI.
ateree could nut har.e gone on. At tlie year 1797,
'he issues of the Wink amounted to eleven mil-

lions ; to which it had been reduced from fourteen
millions, which had been issued before that time.
The issues at. the preient tnoment were only about
twenty millions, which was but abOut seven mil_
'{sues oteselhau thosepratteor •the issues before the
sesteietiun look place. How happened tt that the
Committee had made no caleulatioi of the pro-
gressive increase of our commeuCe tithing that pe.
riod ? How did it happen that they °mitt -1 to
explain the progressive increase of the country
banks ? Anil yet, since the) ear 179 t, the export*
of the country had increased, as he understood,
near fifty millions ; and the country beeps, which*
at the time of the restriction, issued bot about
ten millions, now issued about thirty
Notwithstanding the citadels bail i ietersed fifty
millions, and•the country banks issued thirty inila
lions instead of tetts yet the Bank of &Wood had
only increased Its issues by &bent see d
during that' period ;sand such locr..ase tinder such
circumstances would 'slither appear parsimonious
than excessive. Ile should next asks how could
the Bank of England be said to have increased the
prides or the neeessaries of fife ? It was allowed
that their notes only circulated in the metro.
pulls and its vicinity; how then could they'
have seriously affected the prides of the whole
kingdom ? The Committee indeed render justicd
in. their Report to the integrity, discretiont and
disinterestedness by which the Directote were
governed •in their issues of • notes. This was •
a tribute that was justly duo to them ; and it was
well known, that Insteed of keeping peace to the
increasing commerce of the country with their is.
sties, they bad narrowed their discounts consider.
ably. They had net only refused to discount all
Bills but those upon real solid mercantile trainee.
:tikitts,- but they had confined their discounts crwl.
derably with respect to Bills of the most unquos.
tionable sort. Itadhis respect they had acted with
excessive caution ; and even the Committee them..
selves seemed to be of opinion, that they were
rather parsirtionious in their-issso.... Such beau,
•
the case, was it right to talk of the excessive issue of
Bank slows ? ile thought there was ground to charget
the Committee with the sin of omission, for not
having stated in their report those circumstances
which he had ineationeds and which appeared to
him to be absolutely necessary in ' urder to form a
correct judgitent on thesubject. In reading the Re-
' port, it was nut apparent whether the Bank had is.
sued those- twenty millions upon the securit) oft
funds that were available, or whether it was mere.
ly on their own credit : they had omittel to states
that although the Batik 'had issued their nules to
the public to the amount of 20 millions, the public:
owed the Bank nu less than 18 *. Mins. If ever
then it should become the intent,' of the publiC
,that the Batik: should pay all its notes, they hid
nothing more to do than reps) to the Bank
those 18 millions, and the remaining 2 m
could be raised by the Cumpaily of the Batik in
half an' hour. lie believed that there was not •
public institution upon earth that hail conduct-
ill its affairs with more discretion, or with *realer
regard to the public welfare. When it was tali• ct.
ed to the Bank, that it bad increased its I refit,
'by its extra issues since the restriction, it should be
recullecteil, that the public participated in this in. •
crease of profits to the amount of 210,0001. annually.
At the different times that the charter had been re-flowed, the Bank had lent three millions to the Go.
vernmetit upon a forme,' occasion, at an interest of
3 per cent. instead of 5 ; in the last instance, free
of all interest fur live years. Bunks this partici.
patios of the public in the profits of the Bank, the
Conipany bail• reduced their charges fur the ma-
nagement of the.public debt 270,000!. annually ;
and the Government had taken to themselves the
managernent of unclaimed dividends. Tue report
of the Committee recommended, that, at the end
of two years, the Bank should be obliged to par
in speck. lle thought the Bank should look this
threatened mischief' fairly its the face; and ho was
Convinced that it would be found, that such I wee.
sure would be infieitely more detrimental to the pub.
lie than to ilte,.Bank. He was happy again to says
that hoagreed with the report in one respect, and .
that was in the,praises it bestows* upoa the c•intlect
of the Directors ; which praise was .f more value
as coming from the mouths of men who must be
considered generally hostile to the Batik. 'rhe re.
column d sita un of the Committee, Iro.orer, in plaits
English, amounted to this—that whittled!' might 6e
the price of bullion in the mean titties.Che Bass
shoutd'be compelled, at any toss, to buy up, wife.
in 2 years,' as much as would pay off their small
notes. If 'Parliament were to adopt the resolution so -
recommended to theto, it would be vet). easy to fore.
sees ,'tom the rapidity with •,whielt gold now goes
away through iiivisible channels, how mutts ayes
speedily it wool I then disappe sr. t very hotly who
had then any gold might hull it up to the last, ors
the certainty that the Batik would be obligt d to
perchafe it upon any terms. But why should the
Bank be at such a loss ? Was it they who exhaust.
ed (hi cowry of its bullion I Nu. It wes nothing
which'tfie Bank had done for' its profit that led to

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