The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-10-16


indirect schemes for. pailiating the possible
evils resulting from the suspension of cash
payments. would prove wholly Inadequate
for that purpose, because the necessary pro
portion Could never be adjusted, aud it once
hxed, might aggravate very much the in
conveniences OF temporary pressure ;
and even IL their efficacy could be made 10
appear, that would be Objectionable as
a most hurtful and improper interference
with the rights ct commercial property
According to the best judgment your
committee has been enabled to form, no
sufficient remedy for the present, or secu-
except the repeal of the law which sus-
ponds the cash payments of the bank of Eng
land.
10 cfecsing so Important a change, your
committee are of opinion that some difficult
ties most be encountered, and that there are
some contingent dangers 10 the bank, against
which it ought most carefully and strongly
TO be guarded. But llthoSe may be effec.
tally provided for, by entrusting TO the dis
cre,ion of the bank itself the charge of con
Quoting and completing the operation, and
by allowing to the bank SO ample period
OF time Tor conducting it, as will be more
than sufficient TO effect its completion. To
the discretion, experience, and integrity of
the directors of the bank, your committee
believe that parliament may safely en;rust
the charge Of efiecting that which parliament
may'in its wisdom determine upon rs neces-
sity to be Effected and that the directors
OF that great institution, FAR from making
themselves a party with these who have a
temporary interest in spreading alarm, will
take much longer view of the permanen,
interests OF the bank, as ndissolubiy blended
with those of the public. The particular
mode of gradually affecting the resumption
OF cash ayments ought therefore, i'm the o
pinioD OF your committee, to be left in a
great measure to the discretion of the bank,
aud parliament ought to do little more than
to nix, dehntiveiy, the time at which cash
payments are to become, as before, coupul
sorry The period allowed oughtto be am
pie. in order that the bank directors NAV
feel their way and that, having a constant
watch upon the varying circumstances thai
ought to guide them and awaiting them.
selves only of favorable circumstances, the,
may tread back their steps slowly, and may
preserve both the course of their own af
fairs as a company, and that of public and
commercial credit not only safe but unem
barrassed.
:" With this view, Your committee woult
Suggest that the restriction on cash payment.
Cannot safely be removed at an earlier De
Rod than two years from the present time
tyour committee are of opinion, that ear
iy provision ought to be made by parliamen
for Terminating, by the end of that period
the operation of the several statutes which
have imposed and continued that restricu
on.
g In suggesting this period of two years
your committee have not overlooked the cir
cumstance, that as the law stands at present
the bank would be compelled to pay in casi
a tho end nf Si IN Inc In
ton Of Il dehnitivc treaty of peace so tina
it peace were TO be concluded within tina
period, the Recommendation of your com
IDittee might seem TO have the effect of post
poning, instead of accelerating the resump
ton of payments. But your committee are
of opinion, that if peace were immediately
to be ratified, in the present state of ou,
circulation it weuld be most hazardous t
compel the bank to pay cash in six months
and would be found wholly impracticable
Indeed the restoration OF peace, by OPENING
new fields OF commercial enterprise. woult
multiply instead of abridging the demand:
upon The bank for discount and would rem
der it peculiarly distressing to the CONNER
ciai world If the bank were suddenly ant
materially 10 restrict their issues. Yoa,
committee are therefore of opinion, that e.
ven if peace should intervene, two year.
should be given TO the bank for resumine its
payments ; but that even if the war should
be prolonged, cash payments should be re.
sumed by the end of that period.
Although the details OF the best mode
OF returning TO cash payments ought to be
left to the discretion of the bank of England
as already stated, certain provisions woult
be necessary, under the authority of parlia
ment both for the convenience of the banl
itself, and for the security of the other bank
ing establishment in this country and in Ire
land.
=" Your committee conceive it may be con
venient for the bank to be permi ted to is
sue notes under the value of ST. for some lit
tile time after it had resumed payments il
specie.
/" il will be convenient also for the char
tered banks of Ireland and Scotland, and al
the country banks. that they should not b,
compelled to pay in specie until some time
after the resumption OF payments in cash b,
the bank Of England but that they shoulC
continue for short period upon their pre-
seut footing, ofbeing liable to pay their ows
notes on demand in bank of England pa
per-"
From late London Paher.