The Statesman.
London, England, 1818-05-02 00:00:00

THE STA'r'ESrsiAN.

Nouse look at the contrast tarnished by the state r
of the two countries; France, degraded France,
mat her financial difficulties manfully, she reduced
then, sod artanged measures for the ultimate
liquidation of the demands made upon her; while
la England the Chancellor of the Exchequer was
driven to the necessity of borrowing three millions in
the way of loan, and at the same time calling for a
further Restriction of the Bank cash payments, and
doing so on the ground that foreign loans, nego.
dieted in pert en English capital, rendered such a
course decesury. On this part of the subject, he
would only say, that it was melancholy to see the
esistence of soch a state of things as encouraged
English capitalists to piece a full confidence in the.
fonds of Foreign States—to lend their money to
France, where no disguise or shuffling in the funds
took place—where, in fact, two and two made four.
20 years ago, such a course of events had been
foretold, the Chancellor of the Exchequer (though
of the best authority in the world) would have ri-
dicoled the notion that after the termination of such a
war, and after three years peaces such a thing could
exist in this country, In the teeth of every mercantile
policy, as an unrestricted issue of paper money, not
convertible to metallic currency. The appointment
of the Committee to consider this subject might pos-
sibly rescue the character of the country from the
odium that this coarse of policy must necessarily en.
tail upon it ; at all events, the Committee could do no
possible harm—they were not to enquire into the in-
ternal affairs of the Bank, for if such had been his in-
tention, he would have moved fora Secret Committee.
Ilia only intention was, that they should consider the
public circumstances e hichot this time, prevented the
Hank from resuming cash payments; and consider the
most early period of reverting to an interchange of
paper for metallic currency, under such wholesome
regulations as would make the renewal of cash pay.
meats advisable to the Public. The next duty for
the Committee woold be to examine the price of
gold, and also the subject of the foreign loans, and
what proportion of them were to be remitted in mo-
ney and in goods. A great part of the Austrian
loan was remitted in goods, under the direction of
Alr. Bowyer. All lie asked was, that the [loose
should pause until such a Committee had examined
the question, and reported their opinions thereon.
Previous to putting the motion, with which he meant
to conclude, he begged to thank the House ter the
patient bearing they had given him —[Hear, hear
—lie concluded by moving for the appointment of a
Committee to take into consideration the circum-
stances connected with the Bank Restriction Act,
and to devise such measures as would appear advis-
able for the resumption of cash payments; and also
to consider the regulation and circulation of the 11.
end 21. notes.

-
The CHANCELLOR of the EXCHEQUER
should take the liberty of stating some of his reasons
for dissenting from the Right Hon. Gentleman, and
he should occupy as little of the time of the douse
es was consistent with the importance of the subject.
He was glad that he had stated his case more upon'
the general question than upon particulars. He felt
great satisfaction since he bad before spoken on the
present subject ; for, since that time what he hod
bad occasion to state had occurred, and he should
now address the House, and call upon them, not
upon conjecture, but on what had actually taken
place. In considering the probable effect of foreign
loans, eonsiderable deduction was to be Made be-
forelhe question could be decided. He was not at
all of opinion, that a Committee would be of any
advantage whatever ; on the contrary, he considered
their enquiries would be most unsatisfactory. lithe
Committee were to sit, they would leave the House
in greater doubt and uncertainty than they were in
before. The Right Hon. Gentleman had taken it in
the last half year that there was an excess of Bank-
notes in circulation. He failed there from one fact
—that he had his data Isom the public sums, but
not completely. Besides, he had omitted one of the
most important parts of the question—the internal
trade and transactions of the country. The foreign
Swede had increased about 6,000.0001. aggregate im-
ports and 'sports, and the internal trade had in
creased in a much later proportion. In 1816, the
trade had not been so good ; but it would be diffi-
cult to point out a greater revival than in 1817.—
There was one thing likewise which it was of t►►e
greatest importance to observe. The issues of coun-
try banks had certainly increased last year; but the
increase was not owing to any artificial measure, but
to the revival of general trade, and the consequent
stir in the money market. The Right lion. Gentle-
man had truly said, that a large treasure was accu-
mulated in the Bank ; for what purpose could it he
accumulated but to prepare for the resumption of
cash pay ments ?—and in whet manner could they
have procured this treasure but by the issue of their
notes in the form of payment for the necessary pur-
chases ? The assumption, therefore, that the high
price of gold was caused by an over issue of paper,'
was most certainly untenable in the manner in which
the Right Hon. Gentleman attempted to enforce his
position. There was certainly some plausibility in
'the illusion made to the 6 per cent. difference be-
tween the value of the old end new silver coinage,
tort his argument relative to the price of gold entirely
failed him. It was then notorious that some ether
cause most be sought for, and the fact of the foriegn
loan and the military operations on the Continent,
might throw some light on the subject. In June,
1814, the issue of Bank paper was e 300,0001. and
the price of gold was 51. 10s. per ounce. In 1815,
the Bank issues were 26,300,0001. that is nearly
3,000,0001. more than at the preceding period, and
yet the price of gold, so far from rising in propor-
tiou to the excess of paper, was 41. 6s. 6d. per ounce.
In the year 1817, a loan had been• negociated
io
France, to the amount of 8,000,0001. sterling, or.
12,000,0001. of stock. There were now required to
be raised, two sums of 16,000,0001. of fl.. renter,
and 40,000,000 of fr. renter, besides another sum,
which would make a total_ of 30,000,0001. sterling,
or 45,000,0001. of stock. There was also a Prussian
loan. As to the portion likely to be remitted in the
calCulation of the French contribution, he could only
speak from rumour : he knew nothing on that sub-
ject which could justify him making it the ground of
calculation.—[hear! from Mr. Tierney.]--When
the House saw such a state of things, and recollected
that at a former period the Directors of the Bank
said that a second Austrian loan of 3 or 43000)0001.

w'obltbe fatal tts'ilati Bank, and indeclid Mr: Pitt to
addirt the proPlielY of their remonstriliCe, and reL
commend an attempt to tiegociate the ibis in Spam'-
Mr. TIERNEY—...'r What elite did hello ? 'n&
was not the course pursued at the time slictatiegoti
the spur of the occasion, and under the preginth of
the hasty alarm which prevailed, and without' any
proper consideration of the financial state of the
country."
The CHANCELLOR of the EXCHEQUER.
resumed, and said, that if a loan not exceeding 3 or
4,000,0001. caused such set ioos apprehensions at that
period, what ought not be the caution to be Obieried

on an comeliest of this kind, when the loan to be
negociated amounted to 30,000,0001. sterling ? When
the authority ,of Mr. Pitt was quoted, the House
would do well to recollec, whether they would ad-
here to the course laid down by the uniforni sop-
porters of that statesman's principlea, or at once
adopt the maxims of those who uniformly vilified his
whole course of proceeding [Hear, hew! from
the Opposition benehesl—The Right Hon. Gentle.
man had certainly been successful its pointing out the
errors in the preamble of the Bill; there was certainly
a mistake in it—but it was his intention to rectify it
in the ComMittee, as it conveyed sit unfounded re-
flection on the Bank; for this species of negligence
he admitted he was culpable in allowing the pre-
amble of the former Act to be verbally copied for the
new Bill. It was true that Mr. Pitt had referred
the affairs of the Bank to a Committee, bet he had
done so under alarming and unfOrseen circumstances,
`sod not in such acase as the present. The pro.
posed question was, to consider what inconvenience
would be sustained by a resumption of c •sh payments?
To this he would reply by putting another question,
what inconvenience would arise from prolonging
for another year this resumption ?—[A laugh.]—
'rhe Committee, if appointed, could take no pro-,
specctive course; for how could they foresee the
events of the ensuing year ? As to the foreign
loans, these could only be said to have immediate
operation—their influence was any thing but perma-
nent ; they must be closed in less than twelve months,
and from the nature of ate circumstances to which
they applied they were riot' likely to recur. On'the
subject of the country banks, the Right Honourable
Gentleman had laid it down as illegal and uncousti-
tutional, to question the right of individuals to issue'
a paper circulation on. their own security.—(Mr.
Tierney, " I merely questioned the policy.") —Now
he would, on the contrary, con , that there ez-
4110kd
isted the strongest reason for en airing into this spe-
cies of issue, unless it ' were maintained:pat a coin-
age of such a description could be allowed to pass
without controul. The Right ilonourable Gentle..-
man had said, that the elect-oaf the country bank
measure would be to throw the circulation into the
bands of Governments. This he would distinctly
deny ; for it, on the contrary, gave a valid security
to the country bank paper, which, for the purposes
of immediate circulation, gave it a preference to the
Government paper, from its being free from the
comparatively disadvantageous forms which were ne.
cessary in procuring cash for the latter. He,would
here beg to disclaim that which had been so often al-
luded to, of his having ever entertained any idea of
an issue of stock debentures. lie had no such in-
tention, as he thought the public securities were al-
ready issued to as great an extent as was either.neces-
sary or desirable. He would also deny that the be.
isefit of the rise of pace in the fonds had fallen mere.
ly into the hands of the large capitalist; how many
small stock-holders were there who had equally par-
ticipated in this benefit ?—[llear,heurn l'he rise in
the price had also diffused a considerable capital
throughout the country, sod influencld its general
trade. As to the general character of the country
being at stake, all he would say was this, that while
16,000,0001. of the Unfunded Debt had within a
i short period been reduced, and the credit of Eng-
land been for years unimpaired, and her resources
triumphing with this, as it was called, paper issue,
there could be little apprehension of her. character
.. if,riug from her system. She had taken a memor.
solo and active part in the liberation of the Conti-
tient —she had subFelized all Europe with this paper
treatiry, which the Right Honourable Gentleman
l'ad so often declared valueless, and redeemed ss Wien
'tie last three years 50,000,0001. of debt—while on
.iie epposite side, she tied certainly created,another
lebt, hut which in a comparison with her state at
the Peace of Amiens, left her with 15,000,0001.
less of Unfunded Debt. This was a more favoura-
ble financial state than could be shown by any other
country in Europe. America had been loudly
talked of, and he would only say that he respected
his Trans-atlantic Brethren, and hoped that the sin-
cerest and most cordial intercourse would continue to
subsist among them and the European States. But
the sort of relief the People of America got was a
reduction of internal taxation, the support of the
country being provided for by their commercial
duties, which showed at once that America had
thrown herself entirely on a peace establishment,
and relinquished any idea of holding to the Powers
of Europe a hostile (rout. In England 17,000,0001.
of taxes were relinquished since the peace, besides
the adoption of other advantages. It was in vain for
the Right Hon. Gentleman to enforce the necessity
of cash payments in this manner. In the partial ar-
rangement of last year for a cash circulation two
millions and a half of the sum coined had almost im-
mediately disappeared. It was true that the course
of exchanges might be turned by cash payments, but
nothing to the client of the operation of the thirty
millions loan. In acceding to the proposition of the
Right Hon. Gentleman he saw at one side nothiog
but dangers, while on the other he saw no possible
inconvenience from the prolongationof the Resqic..
tion Act for one year longer.—(l lough.)---He felt
,it, therefore, necessary to oppose the, motion.—
(Hear, hear ! j , •
Lord ALTHOR.PE thought it most extraordinary
that on such a highly important and most complicated
question resistance should be offered to enquiry.—
(Hear, hear !)—Of the two grounds on which the
Restrictions had beets originally imposed, not one
was now alleged to exist. but a very extraordinary
reason was now assigned. They were told that the
Restrictions must be continued, on account of the
foreign loans. This was the first time that such a
ground had ever been alleged fur such a measure.
This was placing a question of vital importance to
the country in dependence on circumstances nut under

the controul ,nf the country. Whether we were in

proipesity or in thorns, rilieltuor capital were &bun-

dant of scarce, foreign loans tnight thus call own us
toroltoin the Bank of England from redeeming its
pledges
and keeping faith with the Public. But at
leyist it was'proper to enquire wheilier tli. 1111.440
loans' iwede it inexpedient now to resume payment.
The Rank.might perhaps be unprepared to pay. He
thought it would in that case be proper to continue
the Restrictions till the Bank could recall its issues :
but it was necessary to enquire whether.thicaii was
so. As to the withdraWn Bill, he had to dbierve
that it was not the niece security that a-banker peas
sensed stock which could establish his commercial

credit. It was his character, his skill in .business,
and his attention to the circumstances of his situa-
tion ; it .was principally these things that People re-
garded in a country Welter. Gold and silver were
made our standards of Mee for other commodities,
on the ground that they were less variable than other
things that could be used fora currency. But it was
evident that the price of stock which the country
bankers were to deposit es a security for their issues
varied from day to day, and therefore ought not to be
adopted as a standard. As he thereforedoubted the pru-
dence of the Chancellor of the Exchequer in proposing
this system, he thought sufficient grounds were laid
for enquiry by a Committee. One of the first princi-
ples of the banking business was, that the banker,
sad those who received his notes, should hpve -the.
complete disposal of his capital. People would not'
receive his notes, unless they were assured that they.
would be paid upon presenting them for payment._
They would not suhmit to any thing like the cir.
coitous mode of sending them to London to be paid
for there. Besides, the Plan proposed would give
an unfair advantage to the holders of small notes,
over those who held notes to a greater amount.—
These objections and others had met the Right Ron.
Gentleman (the Chancellor of the Exchequer); and,
therefore, he had expressed himself dissatisfied with'
his scheme, and had for the preseut abandoned it :
but as it was not finally given op, and as no suffi-
cient reasons had been assigned for its temporary sur-
render, a Committee ought to be appointed to en-
quire into those dangers to public credit which it was
intended to obviate or prevent. As.the Right Hon.
Gentleman was uncertain and wavering himself in
his plans and views, he ought to be corrected or con-
firmed by the result of a Parliamentary investiga.
lion. These measures regarding the currency, cou-
pled with the continuance of the Batik Restriction,
might be injorious to the country, and therefore
ought to be enquired into.
Sir H. PARNELL said, it had been already re-
marked by the Noble Lord (Althorpe), that a great
part of the Austrian Loan had been remitted in com•
modities. To confirm this, he would observe, that
for two or three years imm• dimply preceding the time
when that loan had been contracted for, the exports
amounted to but two or three millions, whereas dur uz
the operation of the loan, they rose to ten, a fact
showing that when a country was obliged to make
great remittances, exportations would natuislly
Ireland found it possible to remit ten or
three millions annually to her ahcentees, with..ut
either specie or coin. What then could it be
in—but exportation of goods, which overthrew
the Right Honourable Gentleman's opinion, that
remittances from a country were necessarily at-
tended with a disappearance of the currency ?
'l'he Right Honourable Gentleman had referred to
the opinion of the Bank ; but in his apprehension it
showed no arguing on principles, and nothing but
an attention to their own interests. The first and
principal objection to the plan of the Right Hon.
Gentleman was, that by adopting it, we lost the op.
portunity of commencing a gradual return to cash
payments. Another great inconvenience resulting
from it would be, that it would cause a great ad-
ditional issue of paper by the Bank of England,
and by country banks. If this went on, the same
things would happen as had already. Gold would
rise—the exchange would fall—and the Chancellor
of the Exchequer would again come down to the
House, and say it was impossible to return to cash
payments. It appeared to him that the plan we'll('
go on from year to year, and was little likely soon
to terminate. It appeared to him that so long as a
loan was necessary to the Chancellor of the Exche-
quer, so long there would be no sincere desire on the
part of the Government that we should have a re.
sumption of cash payments. He accordingly came
Ito this conclusion—that as loans were rendered ne•
cessary by the excess of our expenditure over our in-
come, it was oar grand object to bring down the
former to the latter. He trusted a more rigid enquiry
on that subject would be instituted than had yet
taken place till that was done we should never be
able to get out of the difficulties that surrounded us,
both with regard to our currency, and of various other
descriptions.
Mr. CIrARLES GRANT denied that there was
arty breach of faith to the country io not 'resuming
the cash payments; for it was impossible for Par-
aliment to have foreseen the contingencies that ren-
dered that n.eirsurs. impolitic. Bat Parliament had
redeemed its pledge so far, that the 13ank was now
able to resume the payments, if the state of the
country and our foreign relations would admit of
such a step. Nothing was more rash or false, than a
blind application of general principles to specific
cases ; and nothing could so much defeat the
objects of those who would apply such principles,
as a precipitate recurrence to a system in opposition
to existing contingencies. What would be the con.
*quence if the cosh payments were now resemed,
lewd an extraordinary drain were made upon the
Bank ? would not the greatest inconvenience and evil
result from such a state of things? and was it fit that,
leech a risk should be run in the present state of the
tenuity ? The loans made by foreign countries must
produce at all times • great effect on the eschatiges.
h eas well known, that at the time when the Aug.
tzsan loan was made in this country, although the
S'velalo amount was only for three or four millions, such
au nefevuurable turn took place in forsio exchanges,
that our merchants felt it as a most serious incon-
venience. For the truth of thit fact he c.rtilrl produce
the testimony of that eminent merchant, Mr. Boyd.
He contended, that all which could be done by a
Committee for any practical purpose, could be Bona
by t't.e House in that discussion ; and that a discretion
was to be exercised by the Bank, even in a sound
Matt of currency, smoothing to the exercise of which

.

•

'

~_

the currency woeld be affected. He revered the lea •
boars of the Bullion Committee; but he thought,
they had • not- made sufficient allowance for the
perturbing causes which were in operation throughout
Eur Ope. They. bad attempted to define, whet rise
•
undefinable, in laying doWn principles upon calcu-
lations of an ordinary and an extraordinary state of
I • ~ .
war; whereas, the events which had C.! luied;' Were
ileiintid ill calculation in theft Magnitude ana'CcnfsreS
gdences. tie then Weill kilo a coMparisoh of di Valli
• • • 'l.!
of extatan4e at different petint:-, ahlrienitiri P •
ettitlitt
•
specie bid been ezportedt whi.tr tipi.rsil4r'ciet-fent;
••• •
WAS cleba4tfaitper cent. which din be litifttl'ik
•,-•• . . . •
the currency did not reiblifi the rate' exilitititti.
.• , • v 4. t, •
THip years me, the floiiie • he'd dotitti.a; thim„,
, • 17-I.r
state of the cosoiiy, like that which at presenttel:
. ,
sited, it woeld .be ensile' to resume cash paymentit
and it Wes theriTore unnecessary to go itito•a Ceiol.
. , •. .
mittee. In conelusipti, fie'ttiought it not inipostriblit
that' e'simitar o
fper4ation was going fin id Eutopr, lb
what te
~a . co this country
place in it the beginntni• if
laii*Century, the effect of which Was tn'tnekegoid the
standard of value, instead of silver'. Prom all (fie
consideration he could give the sullret, Ire (*White%
self bound to oppose the motion. i
Mr. .1. P. GRANT thought that the liaise ou'z'ht Volif Mai.
silty itself with temporary expedients, .but s ft tile (whined
thoroughly and completely which could he-? be d• tie by a
Committee. He could tell tie Right Hoefoorable 'Gentleman,
who had jut sat down, that if he would put his finget.oo any
passage in thel Reports, made in 1197, on this aubjegt, Which
said that foreign loans affected cash payments, then be would
give up the argument.--(Hear, hear!}- In proof or hits as.
'triton, that an such statement had been made, he referred ‘o
the 'videos-ea lle. Boyd, through whose hands. in 4793, the
Austrian Loan of Four Millions was transmitted. This lien-
' ileorin srated, th I the I. an was made chiefly in bills or et-
change, with 1,4100001. in Spanish silver dollars, and 150,000.
in Louis trors, which .were, in fact, purchased from the
Bank, so that they assisted the scared v of coin, - by their
own sales, if any setircity'existi.d. The Wan of 1797 was also
aid in hills of eschiange, dusting toe. as months prior to the
stoppage at. thr Bank of England ; if gold had been export-
ed, it muse h ire been at a loss.' an.t vet they were told
that the restriction was rendered sittees-ary by &quakily of
gold sent out of she country, w heu ill tact the importation of
it would have been a profitable spectibitton. Indeed, Nit.
Boyd said that it would have hi eon bad remittance of the
loan if made in gallt,aud it was mores tivemeut and acceptable
to the C ort of. V ienoWin the form in a bids it was transmitted.
The fact Was, that the neeslity or 11,1 t• s fit tine was the-effect
of the Iltrukadsancesio-Goveitmentoind Mr, Giles had stated,
in his evidence before the Bullion Co 11111 l wee, that if those snout
had beefs repaid Id the Bank, there wou'd have been sin necessity
kie suspend their payments iii cash. But trotter the previa sys-
tem, it would be as ea-y to fill a reservoir, that hada hole its die
bottom of it, with water, as for the Batik to pay all their Notre
'..iti ca-h. .
,
Mr. HUSKISSON complimented the Right lion. Gentle:non
on the able manner in which he had brooght this subject be-
i fore the I louse, 111000 he could not :wee with him in all his
reasoning' and conclusions. He had Mai morning again read
over the Report of the Bullion Committee, and thought it a
perspicnous statement of important boils, with a clear deiturtitni
corium and salons' y principles. Ile NI ::ti therefore n little stir-
prised that his Right Hon. Friend (the Chancellor of the Exelie-
I quer) seemed to Miuk that it required au effort of enrage to
refer to that document, and the inveirigations by which it was
'produced. The business of the House then was, to see whettfee
those princiOes could be safely acted upon at the present junc-
ture, and he was decidedly of opiMon mai they could not. The
contraction of the circulation of the country in 11115 and ISIS.
was acknowledged by those who had opposed the principles of
the Bullion Committee, to have produced a great foil of pities
from which the flood i uinous ini-chief ensued ; and if rerourse
Was now had its cash payments, and a considerable diminution
la the circulating medium took place, which was Inc tier:emery
Consequence, it would by Jul) next produce great press. retied
'distress. It was necessary then to non till 51W rate of exehisage
was again in favour of England, or at least at par, Watt. this
memo's was attempted. He thought there mould he no dottht fiat
if cash payments had been resumed whew the rate of r schauge
was in savour of this cottony, the gold a Itot•h had snore hero
uselessly thin. n awe . wool • have been sufficient to maintain
a metaliie co rrency.-[fiear, hear, hear I] - IS, 1 that time bad
been sanTered to go by, and it would not he safe to atteirpt it
now, when loans to the amount of 30 millions had been nego-
ciatcd on the Continent. whims must he made gond from the
money market of this country chiefly, whoever might be the
contras ors. The consequence of re ,ovitig the Restriction, un-
der present circumstances, would he a revulsion which world
act most injuriously upon the crpital. the labs :r, the circula-
tion, and the trade of the country. But a gradual and cautious
resumption might Ise made, without danger, to au extent of cir-
culation measured by the foreign exchange.
Lord FOLK F.SION li Miser. ed, that two years ago it was
said the Bank was prepared, and that elections ances were must
favourable fug resuming cash payments. Two year. were then
given for preparation. The two years are now gone by, and
again the continuance of the Restriction is proposed. Such
was the use made by the Bank of the two years given fur pre-
paration. Was not this, he would ask, a good reason for a Com-
mittee of Enquiry? He appealed to Gentlemen, of whatever
condition or pursuit, men et lauded property or.capitalists, us
to abet' wa• the effect of this career of Restriction upon their
friends, their connexions, and their ac..uaintaace-and he asked
them whether, wills the knowledge of that effect, they could re-
fuse an investigation ? Would they leave Me mailer without cu-
quiry to the Gentlemen on the other side, who, in their three
speeches-for three only had spoken-so far from stating any
pounds against the motion, employed their eloquence audja.
genuily in refitting each oilier?
Mr. SA MU EL THORN TON said the Bank *as moat anxious
to resume cash payments. The foreign loans, he said. were ad-
vantageous iii gins :his country rich cu.toniers- Prussia, tit
example. He would be must happy. as a Director, tp restanie
cash payments. The hank wutild no longer be subject to re-
peated and harassing motions ail houtly: asperities, as they
were now. lu the present Session, there Mid been no has titan
17 motions, and there were several notices sill remaining, on ibis
subject. • .
hi r. E. LEW IS and Mr. GREN FELL sopporied the motion.
Lord CASTLEREAGH (Tooted the Motion, on tiie groiltol,
that it could pot be expected that the Ba •eould find specie
ifilit,
enough to supply both the domestic and kir t dernitntl.,w hich,
under the existing sta:e of tilCexchangeo% Mt .i be made upon it.
Mr. TIER NEY rose to repiy.. Tee clitferNice. he Raid, h•-
twern the Chancellor of the Exchequer and him 'Ton this cr.-
casipie was, thal•hr wished the Wane not to proceed without
enquiring what it was about to do, while 1:11 Right Honour-
able Gentleman desieed it• to decide issitbout any enquiry at
all. Notiody asked shut •t be Hank should resume rash pay-
ments in July, but he, and every impartial man ssliori he
consulted, wished to ascertain when it Wft• prliblible, and
under abet circumstances such resumption alight to take
place. SA mild it not, he appealed to the (louse, for this satis-
faction of its own mind as well as that of the Petiole out ,of
i ull
duo,., be better to ascerwin the grounds open n hid) it wired,
than to pronounce its decision in the dark. 'I he Chancellor of i:tet
Exchequer nip placed iq ;tithe, an awkwattl bli iii.V 'Mi. lie :i.ifl
Ipursued a system for 'l.)ears, which he was oill divased to
follow up, but in this Ive was opposed by some id his triestdsniar
I him. Those friends professed a desire to reilitlrun Committee,
othme good
old system of currency recommended by the
Bullion
and sanc.inned by the lung established practice of the et...miry,
but the Right Hon. Gentleman's views wire quite different.
As to the Directors of the Batik; he court dot crown,- in the
opinion that those Gentlemen were anxious to 1 c3-ttne cash pay-
ments. Those Gentlemen professed nernivate company, as wi-11
as sometimes in that house, .Beirdrt,tre fur .lie resomption, of
rash payments. They Were, no iloalat, individually very fair,
1-amiable tieutlemen, but as a body hie. must say that he toought
them most dangerous, and that, they nester would resume cash
payments if they were kit ufged WI in so by finding that House
in earnest to produce the measure.• He, therefore, exhorted the
House to show its earnest6e4 uptin•this occieino. If it did not
do so, he feared that the conimieures would be dread. al-that
a terrible revulsion would iiiioe place. This was. probably the
last struggle to guard against that meldrieholy event, and letcach
man, who telt for the country, ha: e the satisfaction of stoidsirg
' that whatever be the result Iv- had dune his duty..--[Loud
cheers.] -The House then dtvidcd,
For the Motion . . !-19
Against it . . . lot
Majority for the Minister -1-5
Upon our re-Omission to the Callery, a pioptssition was
made that the Bank restriction Bill should tie read a second
time.
Air. BENNETT moved an adjournment; and Mr. Tierney
withdrew amidst the loads-t cheers
Strangers were excluded for a division, • it the motion was
agreed to without a division, and the this was ordered to be
committed on Monday.
While straog. rs ocre excluded, we undersea
HERON gave notice of la motion for Thursday r
peal of the Septennial Act.
Adjolif..ed at Half pan Two o'Clocit, till '

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