The Statesman.
London, England, 1818-04-21 00:00:00

THE STATFSMAN.

therefore consisted of paper of four descriptions,- of
three different species of silver, with a Seigniorage,
and of gold without .).Se3gwiosage. -The -Afferent*,
hetsienn twO itssereigtlis Snd silvet of lbw
snmk sioailnil issOunr, io the ne* colt Ige, 'Was ten.'
pent l'athi.sig. Sir illaaVt gat,* it as hirWpit
°ion, that from the relation which the sew slim

opinion, that so far from ramoiing Mint regelatians,
They were abselotely necessary, for the porpose of
prelitettivi viatrat shooks to 't eir Pipet currency.—
He *Gold next observe, that the' ejrsteis of Country
BaillEr;"41. for poroe 'rare
,post, c.WW
loiWy for riformition. There wee a (61 which do.
isandod isperstivei the att•ntioo of !Olio' 101:41.01.111%

(11:, f."*:,'..YeersAbY,,isiti.. hundred had bees eiresdy
sweptTrois tie face of the country. The coneeteeot
z•-eraisTerrilti4oeil wieleFattiff infellff-trardiffrefitii:
• Ihllliettleft‘bittlillnil,itottitteei, bf such a great pro-
, nildstot evil, it was satisfactoty to -knew Mat tbestitir
source of plight break retaliate' stable and impala
luted. It was necessary then, that the prettl
system of Country Banks should be conside ;,,
Their ruin sits likely to bring ruin on thotio
sands if a change war not effected. He referred
to tin; 'Condition of Seethed with respect tallish.;
and dwelt open the system which penned the*
with much commendation. He could not lee the
force of the Noble :Lord's objections againathe pee..
posed resolution of country paper currency. Upon
what principle was seek currency established at all I
Why were Baok:ootes taken, because a credit.was
entertained of thew who booed Ahem / Would not
the Banker, then, who bad previously deposited a se-
curity for bid engagements, stand upon higher credit
than he who deposited nowt ? Ue had yet to state,'
for the consideration of their Lordships, that is the
great commercial Comity of Lancaster, there was
not one Country Bank-Rote to be found in circula-
tion. The interest of the county was far from being
diminished thereby ; oo the contrary, its prosperity
was a proof that the seine system. adopted throogh-
, out the wintry, would be attended with favourable
results. He reverted to the present condition of the
National Bank, and dwelt on a few observations
that had fallen from the Noble Lord. Ho would
repeat that he knew nothing in the foreign relations
of this country, or in its internal state, that induced
liim to take the part be did in the question before
their Lordships. He was enabled to stale, that the
Bank might have reamed its payments last year,
even though the advances 'to Government had been
as great as they were in the present year. He con-
tended that the issue of two millions sterling within
the last six months was an inadequate reason for the
unfavourable change that had occurred in exchanges.
Until the French financial operations had taken of.
few, the exchanges were in favour of this courier',
,The reduction of paper currency, in his view, wee
not likely to be instrumental in reversing the preload
condition of the exchanges. Although an advocate
`for
the resumption of cask payments by the Bank,
he woukd lay, that the present ells sot the moment
for its execution. It was because he was somanclooe
for cash payments, that he woeld wish it lobe done
at a proper occasion. Their Lordship, however, here.
after, would he better informed on the 'object, when
the intended Bill came under the vonaideratioa of
the House. His Lordship concluded by opposing the
motion. •

The Marquis of LANSDOWNE sopported theme.
lion. The Noble Earl had referred to two parts of
the Financial projects—the Bank Restriction and the
Country Banks Security. The arguments he had
urged, in favour of the Restriction, were in them-
selves so many inducements to enquiry. Loans write
only to be considered in the nature of investments,
and could not prevent a country fromearrying on its
own circulation, if otherwise in a state to do so.—
The examples of Genoa, of Holland, and of England
herself, in former periods of her history, were proofs
of this fact. They all afforded large loans to other
nations, without experiencing that want of coin cit..
dilation which the Noble Earl wield represent as the
consequence of such undertakings. Even the removal
of great families out of the country, whether for par.
poses of business, of pleasure, or of luxury, could
Dot have the least effect on the monetary 'memo The-
me of Ireland was an example. Though the number of
her absentees was great, yet even at its greatest height
the quantity of specie In the country was considerable.
He would ask, had not the Bank extended its issues,
was the( with a view to the resumption? It had been
said, but he could not pledge himself to the fact, that
the Bank had, with a laudable anxiety to aecom.
plish this object, purchased gold from the Continent
to the amount of 15 millions, and lodged it in their
coffers. Both these operations were injudicious. By
increasing the issee of paper they caused it to over-
flow, and by withdrawing the precious metals from
the Continent, they created a demand in that direc-
gen. His Lordship proceeded at some length to no-
tice the great increase of forgeries since the passing
of the Restriction Act, and recommended strongly
an attention to some improvement in the manofectere
'of Notes, which might render their imitation more
difficult. lie concluded with expressing Ms deter.
mination, if the present system was persevered in,
to introduce some measure imposing es the Bank the
necessity of taking such a precaution.
The Earl of HARROWBY opposed the motion
Chiefly on the ground that Government did not In.
Seed to make the present system permanent.
Lord SI DMOUTH, after alluding to that part of
'the speech of the Noble Marquis (Lansdown) which
referred to the executions. for forgery, read a state.•
ment to the Hoare, from which it appeared that the'
whole number of persons executed last year on the
'Prosecution of the Bank of England and the Coon-
*" Banks, amounted to seven; that in the 12 years
which preceded the Bank Restriction Act, four per-
sons were prosecuted for forgery by the Bank of
England, and 808 for coining; and that in the 21
years since the Restriction, 3099 were prosecuted for
coining, and 998 for forgeries.
The Marquis of LANSDOWN wished to know
whether the Act included persona tried for having
in their possession forged Notes, knowing them to
be forged ?
Lord SIDMOUTH replied, that it included all
persons charged with forging, uttering, and possess-
ing.