The Statesman.
London, England, 1819-05-11 00:00:00

THE ft rartsmA

sanest of gold in circulation revinosly to the year " The ability of the Bank, however, to resume
17417; aol minters* with respect to that which and continue Cash Payments„ depends Ins upon the
oat hereafter be required, wee; orgersanty be more actual amount of treasure it may be possible to ace.
saw and unsatisfactory. mutate, than upon the state of the (onto exchanges
•• In the communication made to the Committee previously and subsequently to ling, resomPtioni and
by the. Crust of Directors of the Bank on the 45th to the &grata certaluty there may he that the ado het
March, it is observed, ' that the amount of specie price of old can be reduced to and made to conform
in circelation before the war was variously esdmated with the Mint Mk..
even by persons hest qualified, from their situation, " VANS/ such a reduction can be effected, and
to obtain ioforetxtion, It seems, betas', to have such a conformity established, it will be is vein for
been agreed that it was about thirty millions; bet the Bink to expend their capital in the purchase of
showier the amount, the whole hes been 'sported. bullion. No accumulation of srees•re. to •haterer
" Mr. Human states in his evidence 'That the talent it may be carried, cantrender the Bank comp*.
amount •f gold in the country, previous to the re. tent to satisfy the demands, which will inevitably
Unction, had been estimated by the late Lord Liver. be made for geld, if the Bank are under an oblige.
pool, at 30 millions. Mr. Rose stated it higher; lion to issue it at the rate of 31. 17s. 100. per ounce,
bet perhaps if we were to take it at 610 millions, that
,sad if the parties having • right to demand it, can
might be the annum which was ii circulation pee. continue to realise a profit of five or sit per cent.
villas to the Restriction Act' H. adds, • that be I spots its exportation.
thinks he is warranted in saying, that if '2O millions " The dominion in the Appendix afford ample
besides what remained in the Bonk was necessary for information with respect to the state of the foreign
the scale of espenditure before the liestfiction Act, eichanges, sod the price of geld measured in Mink-
it is taking it moderately to contend that as much notes, for several r ears past, and the various opi.
would be necesstry now.' nines of those who were deemed by your Committee
" Mr. Alexander Baring nb rrrr 6 That it is most competent to form • judgment with respect to
difficult, indeed impossible, to form any accurate es.i the nunswhich have of late intluenced the 'Rehears,
timely; but his impression is, that with • new and I and the price of gold will be ascertained by a refer.
perfect cob', such as the sovereion, which, its his i .nee to the evieence.
opinion would eschille the 11. and 21. notes, whether! " Your Committee have slimily observed, that
they are by law 'lauded or not, the amount of such for a considerable part of the years 1816 and 1817,
a gold cods, would not be much less than from 40 to I the foreign etching's' were in favour of this country,
45 millions. Ile does not mean that the whole and that since the mouth of July of the latter year
minuet waybill* required before Cash Payments could ! they have been below par. Some of the witnesses
be resumed; but he thinks that they could not be ascribed the enf ble change to the rant of the
safely undertaken with mach less than half of that I loons which had been made about that period by fat.
amount actually in the country, which its circa.. I reign Posen, to the remittal:no of British capital for
thin would ultimately abseil); sad that the half the purpose of being invested in foreign securities
could not he accumulated, without great presser. , and (foreign commercial miterpria, and to the effect
open the country, in less than few or lee years of a very large importation of corn in the course of
from the pretest time.' the last year ; sod some of those witnesses are of opi.
" The data om which any rang with respect nion, that so measures could here been taken by
to the amount of metallic currency that will be re- ' the Book to contrast the effect of sock exteosint re-
voked subsequently to the removal of the restriction, 'Moaners.
are so Imperfect, that your Committee abstain from I " Other witnesses admitting that the castes which
offering any detaine opinion open the subject; but have been adverted to had • tendency to depress the
they think that Mr. Baring has overrated that exchanges, conceive that a contraction of the issues
amount. With•rtspect also to the disposition of the of the Bank sufficient to comiterbalaoce the opera-
Public, to require gold coin as currency la pre. ben of these causes, might, aid infallibly would have
ference to aloes under fire pounds, a conclesion may taken place, had there been ea obligation os the
be drawn, bona the testimony of other witnesses,' Bank to pay its notes in specie en demand.
differing from that which Mr. Baring has formed.— " Homier the exchanges may have been thus sf.
It has been observed in a former part of the Report, retied, in the course of the last awl the preceding year,
that when the Bank undertook so pay their notes in your Committee see no 10340 N to apprehend that (he
cash in the year 1817, no preference for coin was causes above mentioued, or icy noses, can
• soil the foreign Picking's caused a demand continue to affect them I.a surh a &ere, as to pre.
for the purpose of exportation. Mr. Harman states chide the Binh of Evened, by a constant reference
in his evidence, • That, at that pencil!, he was in. to the exchanges end the price of gold, and when ne.
diced to latter himself that the loon of the Bank emery, by a cautious reduction of their paper cu-
touts, be opened—that (if he might use the eapres. they, from gradually appeosimating it% vitae to that
Sion) the Public would hardly know whether the •of phi, and ultimately re.establishing and maintaiu.
Bank roes open or shh—that it was in a moment of hog it at par.
tranquillity—that People seemed indifferent about " Your Committee ban hail &witted to them a
gold—that instead of cuisine to the Binh for gold, caleolatirn of the amount of British calsitsl now
they brought their gold to the Bank ;—that remain. vested in fotrign 'notifies, and of the remittances
ed, sill the finamcial operations in France began,asd which may probably be required for further pay.
us soon as they were talked of, the tide turned.' I merits on 'cement of foreign loans. The calculation
" Mr. Stakey,a Gentleman very extensively con. is founded •n the estimates of three commercial
meted with books in the county of Somerset, gave houses, extensively engaged in foreign Loos, which
fi evidence to the following effect in the latter estimates are aced to vary to an inconsiderable h-
ood of the year 1816 and beginning of 1817, we had 'tent : and it is computed that the amount of British
1111 a tirculttlen of coin for some months ; it cost us at capital in foreign public securities, is aboet ten mil-
that period nearly sae hundred pounds to transmit lions and a half, seven millions of which are supposed
the surplus quantity of coin to London, of which to be in French stork. This estimate was forelsked
four.fitfhs in value, at least, consisted of gold. We to the Committee by Mr. Ilaldiutand, who thinks
could 'not get rid of it in the country, our customers there is a possibility of error, to the event of one
preferingoor stoles. lathe spring of 11117, I brought or two millions. He is of opinion, that little or
with me to town near 1000 guineas from one of our I nothing more will be seat from this country on ec.
banks; on taking them to our London beaker, be count of foreign loons, now is course of payment.
requested, as a favour, I would not leave them ! " Mr. Holland, a partner in the house of M .
there. They had lately sent so many to the Burk of ! Baring, does not consider the whole amount of iirl
England, that they did not like to trouble them any tish copilot hunted in foreign, iseleding American,
more; besides, the Beak only took those which were fends, to be tea millions; he speaks of capital per.
of fell weight. I mentally invested, sad does not take into the account
" Notwithstanding this evidence, it must be ad. • that which may have been employed in speculation in
mined, that no setiafactory conclusion can be drawn ! foreign Lindy, a great part of which, he observed,
from the experience of so short an interval as that bad been drawn back with profit to this country.--
which is referred to by Mr. Herman and Mr. Steekey. I He does not think that more than three million% of
Great socertainly most prevail with respect to the li.itish property are permanently invested its French
amount of gold which may be ',gaited for the per. I stock, awl is of opinion, that Hit tad in price
poses of internal circulation; aad the Bank most be l• considerable portico, of that • ill be withdrawn ;
prepared, not only for the possibility of a much and that there is no probability that soy consider.
larger demand for those purposes than will probably I able aunt will be remitted from this country, In coo-
lie made, but for the consequences of a drain upon I sequence of loans now contracted for abroad.
their treasure, induced either by such a temporary " Your Committee are of opinion, that the felon
depression of the eathangeses shall afford a profitou effect open the exchanges a remittances on account
the exportation of the precious metals, or by a din. of foreign loons, will be very limited ; that peepers.
position to hoard thee, arising from sadden panic tions for the resumption of Cosh Payments will tend
and temporary want of confidence in paper currency. tto diminish that elect ; and that subsequently to
It must be cootidered also, that the stock of gold I their resumption it will be • subject to a constantly
now in this country is very limited. The long con. 'operating controal. In corroboration of this opi.
ti of the Restriction Ins caused the experts. nion, the Committee refer to the manner in uloich the
lion of nearly the whole of that which circulated
leachanges of France sod Holland (countries having a
!lifelessly, and the balers, inducement to transmit metallic curtsey) hate beta affected by shni:ar re.
thecoin from this coultry, where it was ton neceisary ' mittanen.
Ito other places where it cosh! be more profitably em. " The Dutch capitalists have embarked to a very
I played, hes heroin • very trilling degree contended considerable cutest in the Foreign Loans that have
by the Legislative emetaseets which prohibit such an recently been made, end are supposed toile,. taken
appplicatiou of it. meanly three.fourtha of those made by Itusiii ; but
" It is possible, is the .pintos of your Commlllet,ltio sensible effect has been produced upon she es.
spin to procure any quaintly of geld width is likely , changes or currency of Holland. Flame, notwith.
to be required for the purposes of currency; but a !stattcling the great esteut of contributions to F.
!moan amount of the capital of the cavalry I reign Powers, which have been defrayed hr that
must be withdthwe frbin productive employmeot, for country, has maintained an ample mstillic cos resse .
the purpose of smelting and retaining the gold in It appears, in the ',Mena of Mr. Holland sod M..
circulation; and asses are at present in operation, Irving, that the price a gold has fetnained neal!y
which are likely, by incredsing the value of the pre. stationary at Paris for the last four )ears; ear. in
hoes 'Wails to increase in • proportionate degree, 1807, when there was in this ceinstry a variation
the difficulty of obtaining, 'Mit. a limited period, its price to the extent of seven per rent. there •so
an adequate sapply for the use of this zealotry. none in Pari. ;and that between the S•ti Oztober as.d
" It appears that the Goveinsneuts of other . the 2't.l December last, whilst the variation if,
tries is FArope ere now occupied in substithing a the exchanges Woven Paris and this country
swell'', for a large portion of the paper currency, amounted to four per tent, tie grfntest vsfistion
which the necessities of war compelled them to esta. between Voris end any country, w6u h had a mein.
Wish: and that the supply of gold and silver imported lie nineties-, did not eaceed one-half too (rat.
into Ramp, of late years, has been diminished in " Mr. Rothschild being elatoined, as to tie elf, rt
roasequeuce of the disturbed state of the Spassish Co. of the contrthutioos which France has paid to In.
1 loonier. reign counifley, upon her exchsroge., replied, • Per-

i " These efforts nn the part of ether entintriri In
10.0101010 par •ith the !strikes metals the sake of
itheir respective ructenties, would, by milting the
, eicbsors more unfavourable to this country. aggro.
tart tho esil of a long essoinised resttictinn ; bet they
wlil cettainly, by increasing the value of the preriees
Imetals, render inciessed esertion on our part nen.
sig; r.:r reocui!ni • siGtient stirray.

. .
ham from one to one anal a I.alf per cent.'
•• When your Committee consider the West and
•aloe of the exportable produce of thi4 country, they
eon hare nn sleight of its ability In command tech •
portion of the precious mehis as rim be necessary
for the imposes of internal currenry, end to main-
tain them i.. circulation by "le same mein, by which
they are oishilained in othri must:its, %bete, fres