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

1 tlivir esflibliohomet. From the

of the

year 181/1 the stock has been progressively diminish.
ed. Tien disinetion has taken place In conseq • mire
of engagements into which the Conk entered (1.• no-
tarially with the pia. r reserved to them by she off-
line Reatrictiob Act) to the months of No.ii.ober.
1816, and April and Septeenhar of the follow:fig
year, to pay in the first sod second instance cash for
all notes issued prior to iitr Ist JlinClliy, MIT, sod
Ist Jensery 1816; and in the latter to :•gy rash
for their notes of y denomination, dated prior to
the Ist January, 1817.
" The total qualitity of Old coin Issued from the
Bask, in ennsequence of the engagements Moo en-
tered late, and the continuance of the fractional pay.
meals, seder five pseuds, appeals by gements be-
fore the Hoes., to have amounted, betive/n the lac
J y, 1817. and the Ist January, 1810, te tla
sem of 1,590,2561. In trainees and half.golisem, and
I. sovereigns and half-sovereign! to 4,450,7231.-1
Toot Committee have esbertilned, that sebsegeentlf
to the let J 4 y Iher• hes been h forther deemed
on the Built for gold to the viten' id about 700,01:161.
The total ...It. therefore, which has been issued
the Bsok sine. the Commencement of the year 1517'.
has limo sboet 3,30,0001., and no doubt min hopes►
tertaiiied that the coin thus drown from the Bank.
was Jemmied, not for the purpose! of internal cira
relation, but in order to realise a profit either eta
its sale as bullion id fill couotry, or es lie imports.
lion. o.
" Your Committee ere confirmed in this conctesioth
by the doctinents before this 'loom ; from whiik It
appears, that the aem inset, from the oth of Dee.
1816, (whets the ante* of the Bank bereme mob*
epee, the notice Weed in the weeding month,) to
Jely, 1517, mounted truly to 38,0105. Ifls, 'honk
the Bank had become Il;bl. on It.e Id of !sky of the
latter year re pay cash for all Avis note. of 11. and
21. vale.. dated prior to the Ist et J4ionery. 1817.
" In July. 1817, the foreign esrbangm became eats
favourable, and have continued so since that period;
a profit has been realised on the esportation of gold
rein, and the Bank ha• been subject to it constant alio
wand for cash in payment of their sties.
" The following estract hum the eridenCe giceia
by Mr. Alessoder Bering shawl the 'wrote. to
'kick a considerable portion of the gold thus with..
drawn from 114 enters of the Batik ha• been applied :
--A la Freon.. it appears, by tree Report of this
Minister of Finance, that there has been carried en
the Mint of Fiance, in the 10 months preceding the
.31st of December I.st, gold to the amount nf 113
millions of franca. (being egell to above fire mil.
lions stmlimt); sod silver to the amount of s little
more then three millions of 'mace. Of thrt gold.
upwards of three.foer rho sass in toils from this ease-
try ; and this opetatit•n has continued daring this
present sears though rise sm unt of tt.r if:portstions
of the year hes not been reported.'
" Your Committee are satisfied that thetank, IA
eederisking to pay their noses in cash, ender flinch&
ceenstances abere.mentiosted, acted from the big
motives, end from belief that lb. unworn *mild
Iteed to facilitate the complete memption of poy
meats in specie. Unfortunately It has had a contrary
effect; the Isst.of the tbirka nolictiNerine Wen given
et a period when the 'salience were nnfammtable.
when the price of gold had risen hoe 31. 18,. 6d. to
41. per ounce; end st • time ol.en the Bank bed set
(according to the evidence given by Mr. Ilsrmati)that
contrail over the Imes, which might hem enabled
them to counterszt the effect of the oaf hie eso
change, by • reduction of their paper tersessey.
" There was, in fact, In the half year beton*
Jely and December, 1817, a conidemble iscrroe in
the amount of notes 'steed by the Bank. The me.
sage amount outstanding, in the four half yeses pre-
ceding, had not exceeded 26.771,9141. In this half
year it was lammed to 29.210,0351. having been I.
the prestos half year, 27.380,7681. ft appears by
Ike returns, that on the sth of Jelyi 1617, imam.
diately preceding the payments of the dividends, the
amount oetslaeding was 15,600,0001. end ow the 4tll
of
October, being a few day; before the passeent
of the dividends of that qeerter, the amount was
123.9150,0001.

" The igaCl of sovereigns between July sod De-
cember, 1817, amosesed to 1,21 s ,4231. se that bed
the sovereigns remained In circulation, there rioted
have been en increase to the circulating med... is-
sued by the Bank of England in the costae of that
half year, compared with the storey* 'mount set.
standing in the fear half years preceding to the ci.
tent of 3,678,501.
" Year Committee cannot avoid expressing an
opinion thet whatever might be the policy, and how-
ever lasdeble the intentions of the Bonk, in engage
Jog to make partial livers of coin in payment of their
noles, yet, win-, the crackling., become +nf
able, and the price of gold lose about the Mint prier,
the oily mode by which they could have retained the
coin in cktolipine world here been a, contraction it
their issues; mod unless the Bank at that period♦,
possessed such a rontroel over the amnsnt of these
.I.sstes, as would have enabled them In effect that ob.
ject, year Committee mast cnnsider it to beer beam
meapedient, in the then state of the eaeltanges, .8q
undertake an ealensirr though pvtial issue of coils,
which subjected the Bank to considerable loss, hod
a 8" drain of treater,.
Under these impressions, and from a Arm pm-
victiou that the inetieued is.o of coin from the
Bird', by diminiskihg Ike menet of their t re,
wield have the elect of postponing the p►riod at
I which the termination of the Resteiction. can take
place, without produtleg, on the other .bend, any
advantage what►ver to the country, while the es-
changes, and the pare of golJ are in their present
state, your Committee were induced to recommeed
to the !loose, in their first flepert, the immediate
, enactment of a leis ‘o.sespessel all payments in mid
!coin by the Bank, until your Committee might be
',Milled to present to the Ileums their vi.w of lee
whole 'eject which has been referred to their ems.
I sideration.

Tot• neat Importagt point to which the Geo,
mhtett will call the 'attbotion of the Hooey, Is the
*mount of the inert of the Book of !toothiest, *high
are otatitareling opoa Government secorkiel I or, in
other arotdv, the amount tof the debt dee b 7 the
Pabtic to the flick of &gland.
" The necessity of the ?operators of • torge por-
tion of that debt has teen se eareossly lodated on
by the beak, god the patent god eldest of the two.

71",51, ~

beteeen the thaverremont and the Bonk, in.
•019•1 in many important ennsidetaii )))) s, that year
Cominizt.e deem it Incumbent epos them to enter
into mow detail with respert to the origin and gra.
lOW increase if It. lid made Its the Bank on
!than of the Public, and the effect which they have
%shim carded to the @meant at *hick they at present
Vara, at deptiving the Bstslt of that cont,nul over
their issues of notes. the po lon of which is deemed
by them an essential preliminary to the resamptims
of Cash Payments.

" the Appendix to the Report will be fond
en account of the moment of advances, made by the
11.i.k of England to Government on Exchequer Rills
nr.sl other *realities, from the year 1702 to the latest
'period to which it ran he made op.
" The- first item of this 'Account, entitled ' An
At/saner rut of seas Wood for the payment of di.
tbleeds,' nor sosoootiog to the is. of 1,098,8201.
oufht not, in the opiates of year Consultive, to be
censidered •es any portion of the debt dee by Go-
vernment to the Rank. It arises from money ed.
Airedly Irdeed by Government at the Bank for pay.
weal of sinrldenda ie public creditors, which not
ithiiiiqg been chimed, has. been withdrawn from the
glut, and applied to the psblie service, ender the
~revisions of Atte of the legisl.ture passed in the
•ass 1791, IFOB, sod 1810. It is sot therefore an

assocs. Irons the fends of the Bank, but is the pro•
perty of the nehlie creditors, 'kith Its, been mode
airillabit fur ;mobile pipes's, until demanded by
Uwe.

" It mill lir moo frogs the Arenas,. that a rest
proportion of rho *droners of ilar tient are at pro-
sent mode erode, the too brads oft Esehrgoer CMS
iniprit,' sod 6 Eseheciarr Bills perchatrd ; and be-
fore. Or Committer point out the dirtinetion hetwrro
theta brads of Or Acecont, rhos will stoutly advert
to the lass which hats boon petard Finn the limits.
ohm of r lir Braik for tiro crystalline of tbeir advances
t. Govereraroot.

" On lb. eilainal establishmont of lb. Bank, by
the sth and eth William and Miry, a penalty is in-
posod upon the Directives, if they ow ac-
count of the Carporatlos, any Crown land', or if
the advance to his Majesty any sum of money by "ivy
of lees or antiripaiinn on any branch of the public
, elbow than on such funds only on which a
credit of loan is or shall be grantod by Pailistnent.--
Serb is its hem. Mr since bre. grantril from tinny
to tine, and advances made upon •hcm. 'Pie amount
ennastiv, from Ise year 1777 to tar year 17:41. PE-
trot trd from the dureekeuts published in the Report
of Ikr C. 4•1111111.11 of Secrecy of 1797, sill be found
in the Ai.pendii.

it 1,. thy. peer 1703 •n Art love 199911 Pd. priorities
the t;ovetner god Company of ab• 13.5 k nf EN;fond
from any peoalty, oa accoon, rf Otis having ad.
vented, as adisnciog ip foots., any sums of money an
Payment of bills of exchange accepted by the lon.'s
.f Tryosury, end made payable at lb. Nat. ha'
set elleitted any bioneh than revenue IN. mo-
tive, lee psositic this Act are fall. dolsiled in tbeavi-
dente &in by Slr. Boutiques, then a &Soweto' of toe
Hint, In the t:ornoil.ter of Secrecy in the year 1797.
lie st.teo. • that it bed brew Moe remote of the ktailL,
tem, rut nosed, to advance, for lb. amount of such
Treasury bills of exchange as were directed for pay-
ment in the Mak, until Ilia 'maim was about 10 or
30,0901 otten ibeTreetary usually soot orders fur the
amoral of loses 'deistic., to be set afros the respective
aertZents to whith IMbilla pooperly beloaged. Is tee
American war, they bad been permitted to tea t. a
larger amount, bet he believed they never etereded
330,0401. Doubts occurred to him, shy. G 9
'bother the penalties of obit Act of William end
Nagy did not emend to this transaction; soil for the
pooping) of remosing them, the Act of 1793 was in.
Irrithiced anst passed. It stipears to have been nrigi.
pally proposed, that the Kink 'book! be etersnmeted
Its odesure, to a limited amount of 90,0001. or
100,11(.01.; hut the Act paled "'Molt any limita-
tion ; its operatien being of roars, conesed to ad-
iroocfo upon Treasury tills of exchange., en which
species of sersoily, boweser, no sdnocus appear to
have been made sit re the Restriction.

66 By an Act which pawed ',pry Atansy ane, th.
first Restriethin Act, the Bank were prohibited from
making any been or MIMIC* Ais accoont of the politic
during the cootinesore of the Restriction;
bet st the cemmencernent of the following Session,
it was enacted, ' that the Bank may make an ail.
•secs os the credit of deti►s on malt. and on the
Lasers; imposed in that Session, and any other ad.
stance which may be asshorked by any other Arta
which may he passed dosing the coolinsance of the
Restriction.'
" In almost all the Acts airthorising Ike issue of
Escheriorr Dills passed sistnegventl., a special Ouse
Ins been intrndered, empowering tho Bank to ad-
vance the whole or a portion of t ,t• "lows sit specified
in the Act. They never advance any sees hryonii lb.
harrow to which they are limbed in theseve►el Ads,
nor hay. the bills 'totted to them end the bills per.
chased by them, together, eacredid that amount.

•s The bills d 'bed es 6 issued,' ate sts..tp
'st•ieh pu direetl, to the Bank fine the lischequer,
nadir pesial rnuuracla Or enierfd iale;
ass fir lest usu., the bills issesd epos the credit et
anssual duties, slut •inert the a/biota of 3,u3040)01.
as a lean to the rie:,ll.. in runsldetatien of the re-
tests' of the Chaster.

" The bills' peressed,' are those shish sr• taken
by the Bank (regally on an omnivore, frees the
'fiessory); .bee as isms of Elzhecierr Bills takes
place. and 'bye they cannot he sold to the Public at
a premium. The Book never credit say premiss,
n•r deduct any discount upon Or bills thus takers;
nor es, they resell such bills to the l'ablic.
" As accostut in the Appendix shoos the tete'
amount ai Eheheqesteltells seihnrised t• be issued by
Ysitismes►l to (wiry yes', 'steer toe yeer 1792, sod
Ike rranunt obeilOilte oink atithorited• to lake
of each' dint I". of bills. • •
•• Tl.e @mount of the advsnsts of the Rank In Go-
voit.tdept.(agedectilsit the sad biased from the
tJn-
elait:•t:tiJ)tsideeds) 'the 'Alb Feb: sod Itrl 'of Ail-

S. e4ch 'Per since the'year 1514, and of the
I:auk•ea.es is•oed during the cortespoedheig half-
) enr*, %trots from the Accounts pretested to our
s'.•n rtistto to bare been as fallout :

~

ADT.I.ICre

TA,. to .lone 11.0; Feb. 1511 • :Lett;
ly to IN% 5/4.-2,11.CA Asp. 1. P. 41
1.,. P. 1.. Jest ti.l tett. 26. lbls
. t• U, •,. ?;''.l;l'.b!