Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-06-29

tlle restoring Of cash payments within the
period OF year would operate upon the
commerce and i4ternal concerns of the
empire, replied, "'rhe resumption OF cash
payments can only be effected by draw
ing bullion INTO the country, by a reduc-
ton OF the issues OF the Bank. cannot
think that The Bank could pay IN specie,
with any expectation OF continuing in
that state. until there was a considerable
portion OF specie already in the circula-
lion OF the country. | apprelIend that
by no process. even if the effects of any
sudden reduction of issues we're totally
iisregardei!, could the sum necessary for
the purpose be brought into The country,
within the period mentioned. am fur
ther OF opinion, that The operation of re-
duetion necessary for the purpose have
mentioned must always be accompanied
with some restraint aud Inconvenience
10 every branch OF industry IN the coun-
try f.; and that 1t II were forced, with ra-
pidiiy at Ill approaching TO what would
he required for the payment in the course
OF iweivemonili, the injury would be
Iniolerable; the reduction of paper would
preduce all those effects which arise from
lie reduction in the amount of money in
any country an effect which think is
well described IN Mr.. Hmme's Essay on
Money. The consequences of a couirac-
llail or expansion of the amount of money
In country seem more felt during the
progress OF such contraction and expan-
sion, than from any positive amount of
money atany one Civ nperlod. |, is not,
IN my opinion, OF great Importance what
amount OF money may exis, IN any coun
IN haf X, II. 4 al.
Is on The increase or decrease, is one of
great importance 10 every branch OF its
industry"
MIR. tlaldimand stated, "tbat he con-
ceived IL TO be necessary tia, the Bank of
England, IN order 10 be enabled TO resume
the payment OF its notes in specie, should
reduce iheE present amount 10 the extent
OF three or four millions forcibiy." He
explained, that by the term forcibiy he
meant reduction, not arising from three
or tour millions less being demanded, but
from three or four millions being demand
ed aud refused by the Bank To the Public
and Government. He considered tins
forced reduction of the issues OF the Bank
OF England to be necessary, in orde, 10
restore the rest of the paper in Giro uiaiion
10 ITS ancient value i'll gold, and the ex
changes to par" Being ask. Il, ii, "in
order 10 produce the effect winch he anti
clpated from a tOrcible reduction of the
issues OF the Bank, il would be necessary
! that he reduction should be snddcn o.
herephed, In my opinion every posi-
ble disadvantage and inconv nience 10
the public would arise from sudden re
| ductIon ] should certainly recommend
| MS being gradual"
Mr.. Gladstone, Nj mber flhe House.
"A ntP h.4 nj He, "A
trade with The East and West Indies. and
| occasionally in general trade, gave an o.
pinlon, that The influence which the re-
ducilon OF the Bank issues produces. is of
secondary nature; that, in other times,
the alteration OF two or three millions In
ihen ISSUES would not have been at all
felt but that IN The present state of the
trade OF The country, after year of much
oVertradIng. and great accumulation of
foreign goods Ia The country and of
British goods for British account in TO-
reign markets, whatever tends TO narrow
the means OF circulation, acts i'm much
greater degree nov than II would in other
times"
Alter a full consideration Of the evil
dence, and ofthe several matters to which
II Is material TO advert, in considering
the expediency of resumiug payments in
cash on the 5th July next, the amount of
the Advances of The Bank to Govern
ment, the quantity of bullion in their
Golfers, the probable effect of rapid
and considerable reduction of their issues,
III whatever manner or with whatever
view such reduction might take place.
your Committee are decidedly of opinion.
that II is expedient 10 continue the Re-
striction beyond the 9Th July next.
TO BE Continued