The Statesman.
London, England, 1818-02-04 00:00:00

IMPERIAL PARLIAMENT.

HOUSE OF LORDS, FED. S.

FINANCE—BANK RESTRICTION.
The Earl of LAUDERDALE moved for a artsieS
of Accounts relative to the state of the Revenue and
the Public Debt : among them was an account of the
produce of the And Tax for the years 1812, 13, 14,
15, ■nd• 18 ; an aceoont of the Funded Debt and the
Charges thereon to the let of hostelry; 1818; an
account of the Unfunded Debt from the Ist of Fe-
bruary, 1803,-to the .let of-February, 1818 ; eft ae-
count of the total sonvent of the National Debt to
'the same date•; an account of thesameuut of the 5 per
Cent. Stock, &e. These (Motions were agreed to.
The Earl of LAUDERDALE then said, that
though he was aware busioesebof mach importance
was expected, he must trouble !their Lordships with
some motions connected with a question of tha great.
Est moment to the interest of the country. The time
Was fast approaching when the subject of the resump-
tion of cash payments by the Book must come be-
fore their Lordships, and when that great question
snow( he decided ono way or another. Re trusted
that Parliament would not consent to continue the
Restriction without a full-enquiry into the circum-
stances of the case, which alone could enable them to
Cottle to a right decision on. the whole of this ques-
tion, epon which more than upon any other the wel.
fare of tee country depended. lo the meantime he
should merely move for the following accounts, viz.
the Banknotes in circulation during the years 1815,
1816, and 1817; the highest and lowest amount of
the-notes in Circulation at different periods, between
the Ist of January 1816 and 1817, distinguishing
the note's above and below 51. ; the market price of
gold and silver bars, and Spanish dollars, sod the
course of exchange on Ilamburgh, from the lst of
Jan. 'lBl5 to Jan. 1818, both inclusive. The num-
ber of Stamps issued during the same period for Pro.
missory.notes, distinguishing the different kinds.
Lord KING rose to. ask for information on the
subject t 4 the Bank. Ile was induced to enquire of
the Noble Secretary of State what was really in-
tended with respect to the resumption of cash pay.
wents ; for very considerable alarm had been excited
by what had b.wn reported to have been stated on high
authority in another place. The reason which had
been stated for the continuance of the Restriction on
the Mink, would. perhaps, appear to many perfectly
unintelligible ; but he was the more inclined to regard
it with alarm, es he was certain that the reason
•hich bad been wr merely the ostensible and

w, , given was _ uecretary or _ tie ~ oght ore.. _
not the rearone. The reason which cad been assigns, ships- were entitled tp some explanation from the
rd was certain financial operations in the money. Noble Viscount, of the reasons on which his conduct
market, particularly great Loans negociating for was founded. The Papers the Noble Viscount bad
soother country. Now this, he was snared, ought. laid on the table must have one of two objects
not, and could not, be the reel'caose of delay in the either it is meant to found on them some prospective
resumption of cash payments. Were the scene of measures, which however he hoped could not be the
this story to be changed, and were a French Minister case; or else it is intended to make them serve to
to say, that the Bank of France had ample fonds to the House and the country as a justification of the
outset every demand, was ready to pay all its notes, past. If either of these objects were in view, or
bet that some Loans which were making in per- both of them, 'it was equally important- that their
many rendered it necessary' to posttiOne the day of Lordships should have the opportunity, not only of
payment—were this to be said in a French Legislative examining the Papers, bet of investigating every cit.-
Assembly, how would the Minister who ventured cumstance connected with them, whit!' 'might be nm.
such a paltry excuse be derided and scoffed at Their cessary to elicit the truth. The mode of selecting the
Lordships must, however, now sae the necessity of intlivideale to whom the Papers were to be tobmit.
strict Investigation. Every moment that the resump. ted was therefore a question of great importance:
tints of cash plyments was delayed was fatal to the for it was most essential, with * view -to any measure
welfare of the country. Until that healthful course that might be adopted, that the investigation should
wacreserted to, financial •difficelties and distress be full 'and complete. Thal.was the only eequiry
must continue to increase. Without it, there could 'which could be satisfactory either to the Boise or
he no stability, no security for properity of any kind. the People. It was, therefore, an important ques.
Their Lordships were mot iguitrant of great embarrass. lion for their Lordships, whether in choosing a Cunt.
meat and loss which had been sustained by the do. mittee, it ought not to he one so constituted as to
preciation of paper &klieg the war. Great distress ensure a full investigation of all the parts of the sub.
had been since occasioned by the mensures'which had ject submitted to their 'consideration, and thereby
beep taken to bring it to par. A difference had again to lay a foundation for measures which could not fail
been produced. and hence it was thought necessary to be satisfactory. For this reasoo 'he sobtnittett to
that the Bank should continue to refuse' payment of the Noble Viscount, whether he ought not to state
their notes. The uncertainty of the armors, of the to the House the reasons which bad induced him to
Government in this respect produced fluctuations, propose the coarse of secret investigation which bis
which were destructive of every kind of property, motion implied.
and attacked the interests of all classes. it must Lord SLDMOUTH, in reply, stated, that in 1801
therefore be obvious that there could, es he had al. a Committee of Secrecy had been appointed ill coo.
ready said, be no stability in money transactions en- sequence of a Message from the House of Commons,
less the currency of the country was placed upon a but that was not the mode they were called on to
solid foundation, and the- Bank resumed the whole. follow now, nor was it necessary by the practice Of
some practice of paying its.notes in specie. He hoped the House in that case more than when a comma.
be should hear from the Noble Secretary of State cation was received from the Throne. The first corn.
tornetirieg satisfactory on this-important subject. munication last year was no mere than a Message,
The Earl of LIVERPOOL said, he should be which when sent did not presume to state what the
ready to meet the question upon this subjett when. proceedings of the Committee of Secrecy were to be,
ever the discussion came on. At present it was not but merely laid papers before the House to be sob-
necessary to go into it. lie had maintained upon mitted to their consideration. That was the course
former occasions, and he now maintained, that it was of proceeding he called on their Lordships to pursue
of essential importance that the payments in cash at at present ; that was all the appeal he Made to them
the*Bank should be resumed at the earliest period It But in answer to the Noble Mtrqois; he had no be.
was possible to resort to such a measure, but it was sitation to say, that the object of the Papers laid be.
admitted by many of those who originally opposed fore them was to pot their Lordships in possession of
the Restriction, that it involved a question of great fads which tended to show what had been the state
delicacy and difficulty. lie could now state that of the country since the last Report of the Committee
there was nothing in the internal situation of the of Secrecy,
.anti to show their Lordships the manner
cooetry, nothing in the state of oar foreign relations, in which the discretionary potters vested in Minister&
that could tend to prevent the 'Bank from pay. had in the. mean time been exercised. As 'to Ihd
lug in specie at the time appolused, for which larger powers which the Noble Marquis had desired'
they had made preparations, and for which they were. for the Committee, there was no power vested in a
ready. Circumstances, however, might arise out of Committee of that House, as in • Committee of the
the negociatione of foreign cuuutries, which Might House of Commons, to call for papers, persons, and
vender it expedient to ,pottpone for a- time the re-' records; if the Committee wanted further informs.
somption of cash 'payments; the Noble Lord said tion, they might, through their Chairemo, make a
that this argument would„ apply -forsony time, be motion for• the attendance of witnesses bot-the
(Lard Liverpool); on ilto contrary., could state with 'coarse he had now -proposed, was that which bad al.
the istniost confidence,, diet beyond a certain period ways been followed by Committees of that House.
theca causes must cease to operate. Asto the asses. The Earl of•CARNARVON observed, tbat.after
lion that the government were not able .to pay their the House bad been told from the Throne that the
debts 'l4 the Batik, be could Most confidently state country was in a state of perfect' tranquillity,' they
Ow the Goveroment were ready to •paf.all that the could not be acting nu the sper•of any necessity; or
Batik ate- detnauite This argument, therefore. feel the influence of alarm; there was, therefore,
was of the ottly.circuasstaace that could full time for deliberaticni. But It it was to •be the'
/stud the payment: of cash was wbaf bebtsdelceady province of -the future Committee to enquire bow
stated. 1,„ .• . Ministers had ezeici.ed the high discretionary prodete
Eon} KING, in explanation slid, he did not mean that had been vetted hi them, the Houle must not
en state that the Government were unable to pay delude itself or the comitry,by consenting to go into-
their debt to the Bank, but. that the- Batik, in the that enquiry upon such information as sbdold be fir-
event of the issumpli.on of cash .payments, weld he rushed by Ministers themselves : he 'contended that
enable to take that mass of Exchequer Bills which the Committee should been poem to -call for ether
were tiny in their possession. 7 • 3 evidence, and ezamine ether fact*. He would -not
The Earl of LAUDEBDALE, in eamsequence of then go We mob adhesion on the two Reports of.
whit had-passed, felt-himself called apon to dem. j last Session, bathe did 'entreat their Lordship% W
cute in the stroniget.termit, the (Iquique that the. re- compare these Reposts with the judicial proceedinge4
s,siol)lion of cash. payments at the 1ia11.14.4 that had followed them, and • thee to itke wfrethbik
*as to be delayed 47 the tetgociation of foreign loans. they would slip be so enamoured of Secret Commit.