Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-06-29
FOREIGN.
....-.
!IISH HDIIsE CE GnNyrin

me eTpei'shcy Of tie Bank resRming' Cash
paynrnfs.
The Committee of Secrecy appointed to
consider of the State of lie Bark OF
England, with references ia the Expedi-
encN al the ResumFtioa 81 Cash Paw
mehts al the period fixed by law, and
MO such other matters as are connected
ihercWItlI /: and 10 report TO The House
such information relative thereto, as
may be disclosed without injury TO the
Public interests, with their observations
thereupon have further considered the
matters 10 them referred, and havea
greed upon the following Report, =
Your Committee will preface, the obser
vaiIons they have 10 make upou The ma,
ters immediately referred In them by the
House, by brief recapitulaiion of Tie
laws winch imposed and have continued
Tue Restriction upon Pay menis in Cash
by The Bank Of EDgland.
IL rs Hoi necessary 10 advert 10 the cir
cumstanres under viii II that Restriction
was originally imposed by Order IN Coun
eli IN ihe year 1897, as they became the
suDlccf OF Parliameutarvinqu previous
" To the passing of the Act, by which the
restriction wascOWtirmed aud continued.
lis duration was limited by ,ie first Act.
which received the ROYAL Assent on the
Sd May 1907, 10 the 2i,h June following
FROM thai period il was continued until
one aonih after The commencement 81;
The succeeding Session; aud again. by
The trsi Avt Of that Session, until one
month after ihp conclusion o! The war by q
detlniiive treaty of Peace.
In 1902, the provisions ef the Acts "a
Dove referred 10 we're continued In opera
lion until the lst March of The following
year; they were further continued uruii
SIX weeks after ihc commencement of the
then next Session of Parliament, before
which period war having again brok u
out, they were continued uniiisiX months
alter HE ratification OF ii dchnilive Treaty
ofPeacc.
An Act which passed in the year 1914
continued the restriction until the 25ih
March OF The following wear. When, by AN
Act which rcc!ted in the preamllc, Cha,
IT was highly desirable, that the Bank oi
England should assoon a. possible return
To the payment OF lis notes IN cash" ih,.
further suspension of cash payments was
directed until the 9th vi JuiS, 1916.
In 1916 u was again C0nImued ill the
9Th July 1913, the preamble oil III. Act re-
citing, u" That IL is highly desirabl. that
the Bank Of England should, as soon DIS
possible, return 10 ihc Payment Of is
notes In cash, bui il is eApedient that the
provisions Of the Ats imposing the Re.
strlctiou shall be further conlinued. ia or
der 10 Afford time tn The Directors of the
Bank 10 maxi such preparations as to
their discretion and experience NAV ap-
pear most eNppdent Tor enabling item ia
resume payments IN cash without public
inconvenience, and al The earliest period
and that time should be fixed "a, which
the SAID Restriction should cease"
Il he Act which passed in the last SEES
sion, alter reciiing thai ii is highly desira
Die maj the Bank of England should, as
soon as possible, return To the payment
OF It's notes III cash, and Thai unforeseen
circumstances which have occurred since
the paSslns, OF the last Ac, continuing the
Restriction, have rendered il expedient
That The Restrlctioa should be further
continued, and that another period should
be hNed for the the termination thereof u
directed that the suspension should re-.
mann III force anDliler year.
The Restriction therefore at present
stands limited 10 he 5llI july uexf and.
III ihifiimenl oi tie du:y imposed upon
them by lhr House, your Committee will
proceed, IN lie hrsi instance, to report
The result OF HER inquiries into the Stale
OF Tie Bank OF England, and their opiuin.
ION with respect TO the expedency of The
resumption OF payments in specie, al The
period al which by law they are TO be re
sumed.
1. Your Committee called for an ac-
count OF The total amount of OUTSTANDING
demands on tie Bank of England. and of
Tie funds III The possession of the Rank
Tor the discharge ot those demands and
have aScerlaIned, That The sum wbicI, The
Bank were liable 10 he called on to nav
III tulfllment OF their engagements. a
mounted, on the 3Oth January last IN
i 80, 1874, $50, aud that The Bank we're
then III possession of Government Seen
| rites and either credits 10 The amount oI
i 81, COG 900, leaving surplus in favour
OF The Bark OF England Oi 4 1902 $40
exclusive OF The permanent dsbi due from
Government TO The Bank ol GA. Csc. 500
repay"Die on The expiration of ,ht Char.
ter.
This document furnishes a clear and
decisive proof OF HE lloIrISlluar condition
81 me affairs oi Inc hauk ofEmSland, and
IuSililes that ample confluence ~ Inch On,
Public have reposcd ia The stability Of
Their resources
The next point upon which the Com.
miitPe required information, respects tie
amount of Cash and Bullion In Tie Golfers
| ei the Bank, az Tie present aud at various
Other periods since The year 1897.
After several fluctuations in IIe amount
OF Their treasure, "hicIi as very much re.
duced al The close OF the war, there appears
to have been gradual increase from The
month OF July 1915, to tic month OF Oct.
IN the year 1917. During the interval he.
tween July 1916 and Jhy 1917, Tie mar
ket price OF gold did not exceed Is los
per on. The Exchanges with tie Cont
nenl, ior very considerable portion of
That PERIOD, we're IN favour of This couD-
Try ;and The Bauk took advantage oGilIose
circumstances, and made A great adj.