Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-07-06

latter 81. los. Thus it was clear that th
price ofsDlJ and of corn had no relation
The former was enhanced by the supple.
Ut bullion, which we were under theneces.
slty Of remitting to the Peninsula and
what would have been the degree of ell
lancemcnt if at the SANG time the bank
paid in specie
The following statement shews Die fu;ility of
| this main plan for continuing the restriction
VIZ the higl, price of bullion.
Mr. MABRYAr said the House and the
country at present labored under the
grievous disappointment Of finding their
expectations deceived, of the RESUMPTION
OF cash payments by the bank, at the ex-
piratlon OF six months after the signature
Ut dchnitlve treaty of peace. With re-
spect to the bill proposed by the right non
oraoie gentleman, lie had read its provi-
sions with extreme surprize, for he could
not see single ground which rendered
| such bill necessary. What were the
points OF cxpediency as applicable to it
WAS the price OF bullion as high now as it
bad been? Quite the reverse. 1t was well
known that large quantity of specie had
found ITS way into this country. He, as a
merchant, knew the fact; and it had also
happened to him individually, that a con.
siderable quantity of foreign specie had
been sent to hun, which from the deprecia-
| ton OF its value, he had sent back To ms
correspondent, as less loss was sustained,
even by the expence of double freightage,
than would have been incurred by selling
1T here. Hear, hearty Thea, as to TO
reign exchanges, how did they stand !?
they were in our favor in every part of
tho world. With respect to the bank, il
was said that they made no objections t.
the resumption Of the cash payments. On
the contrary, they protested against not
being allowed to establish their credit on
the same basis rs it had heretofore stood,
and upon which it always ought to stand.
What other causes then could be alled,ed?
was there to be loan ?-No. The Chan
! cellor of the EXcheluer had expressly said /,
that there was not the slightest connection
between the continuance of the restrictions
and his dealings with the bank. He was
glad to hear that statement, for if there
had been any such connexion, he should
have no hesitation in saying, that it was
one OF the most uSurious bargains which
/ any Jew broker ever made with any heed
less, spendthrilt minor (hear, laugh
| Wnat possible argument then couldb be urg-
ed to prevent the resumption of cash pay
ments? The consequences of the present
Dill would be most grievOus to the country.
All that distress and difficulty, that revul-
sion, ne might almost say convusion, which
/ the country had undergone during the last
! year, w0u' be renewed whenever the bank
! should be compelled, as time must surely
! come when it would be compelled, to re-
sumo ITS payments in cash (hear, hear y
The restrictions he considered as a great
aud powerful engine in the hands of min-
listers to altar and to modify the property
of the country at their discretion but
such power they ought No. to possess,
| and he wished to see the necrOmancer' IS
wand broken and thrown into the Red
Sea. Hear, hear y rhe only way in his
| opinion, OF compelling the bank to re-
sumo their payments, would be by making
/ 1t their interest to do so. The act was orr
| glnally passed to rescue the bank from the
! consequences of its own imprOvideBce,
! and what had they done since The ave-
rage annual issue of their notes, in the four
| years preceding the passing of that act.
was about 1 ,000,000i. 1t was now about
| 27,000,000L. producing an annual profit of
S0O,O00t. He thought it would be wise
| course, when the bill went into the COM
Inittee, to propose the insertion of clause
Tor the bank to pay 100000. year on any
given SUN. to the public, until they did re-
sumo their cash payments; and he trusted
that some such amendment would be a.
dopted.
Lord Castlereagh having, in order to prove
the expediency Of the contemplated restriction,
| grouped together ideas and words " astonished
to meet" and concluded by promising an inter
| mediate system of compulsion respecting minor
notes" drew upon himself the pungent satire OF
Sir j. Newport. The latter observed
That the noble lord, in his usual style of
eloquence, peculiar no doubt TO himself, but
at all times unintelligible to the House,
had talked Of an intermediate principle
of com?ulsion." (IIear, hear! and a
laugh. )-His not understanding the noble
lord arose probably from the sublimity OF
style to which the noble lord uniformly as
pred, but which was unfortunately mac
cesslble to any individual but the noble
lord himself. "a laugh. HE wished to
know what these words meant?
Lord CAsTLEREAGH said that he m cant
If any compulsion at all were to be used,
it should only be for small notes.
Sir j. NEWPORT proceeded. Now he
had the pleasure for once to understand
the noble lord but would it not have been
better for him at first to have spoken in a
manner fit to meet the comprehension Of
| all than IN kaya oIofhod he ,,aaninor N,