Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-07-02

neerp.dsetcy Of tie Bank fesuniias' Cash
pdyme,as..
49, y lcoNCLuoED.l
Ill D our CommIiiee have now pre-
seni'i 10 the House their view OF the two
important points which they proposed
tactoriing 10 the order of reiercnce) 10
make The FIRST subjects IF their inv-stiya-
fi"n--the state of the fauk of England
and the rxpediercy of re>umins cash
payments on the 9th of July next. They
now proceed To offer their observations
"''h respect 10 the period at which il
may be advisable TO terminate the resiric
ton.
they will. in the first instance. adyer,
to the supply of gold which NAV be ~
CURED In order 10 meet The probable de
| mands upon y Bank on the resumption
oi payments in speCic
IL Is di:hcult 10 form any accurate esti-
mate ct ,ir amount ofgoid in circulation
! previously TO the yenr 1877: aud eopiec-
lures with respect te thai which will
| hereafter be repaired, must necessarily be
more vagne and unsatisfactory.
ln the communication made TO the
| COMMITTEE by the Court of Directors of
| the Bank on the 25lh March, i, is ohserv-
| ed, that The amount of specie in circu-
'a'i"i before the war was variously est-
| maied even by persons best qualified
| from 'heir situation 10 obtain in!orma
non. " seems, bowever, TO have been
| agreed that II Was about thirty millions
hnt whatever The amount, the whole has
been exported.
Mr.. Hartman states I'm his evidence.
That the amount of gnid in the coun-
| Try, previous to-the restriction, had been
estimated by the late Lord Liverpool a,
30 mll'oas. Mr.. Rose stated il higher
but perhaps il we were 10 take il q, 20
millions, that might be about the amoun,
winch was IN circulation previous 10 ihe
Restriction Act" He adds, THAT he
thinks lie is Warranted in saving, that if
20 millions besides what remained i'm the
Bank MAS necessary for tie scale of ex-
pendiiHre before the Restriction Act, il is
| taking IT moderately To contend that as
much would be necessary now
MIR Alexander Barring observed, "Thai
IT Is difficult, indeed impossible, 10 form
| any accurate estimate; but his impress
| sion Is. that wilma new and perfect coin,
| such as the sovereign, which in his opin-
| ion would exclude the 4 and 6 = notes.
whether they are by law excluded or not.
the amount of such gold COIN would uol
be much less than from 40 To 45 millions.
| lie does moi mean that the whole amount
would be required before cash payments
could be resumed hut he thinks that
they could not be safely undertaken with
much less tran half OF that amount ac-
tually IN the country, which lis circula-
ton would ultimately absorb ; ami that
ti'- haH could hr ac~u.nulaird without
| gr al pressure upon tie country, in less
| than tour or five years from the present
| time" 4.
The data on which any reasoning with
| respect 10 the amount Of metallic cur
rency that will be required subsequently
| 10 The removal of the restriction, are so
| imperfect, that yomr Committee abstain
| from offering any decisive opinion upon
the subject; buf they think that MIR.
Barring has evtr-raiedihat amount. With
| respect also TO the disposition of the pub
| lie, 10 require gold coin as currency in
| preference 10 notes Hndcr five pounds.
conclusion ma be drawn, from the les
| iImony Of other ~ esseS, differing from
that which Mr.. Barring has formed. 1t
has been observed in former part of the
Report, that when The Bark undertook To
| pay their notes IN cash III the wear 1917,
| no preference for COIN was shown, until
He foreign exchanges caused demand
Tor the purpose of expectation. Mr. Iar
man states in his evidence, chat, al that
| period, he was indnccd 10 haiter himself
| that tie doors of The Bank would be
open"d-tl'at ct he might use The expires
! sion) the public would hardly know whe-
| Their the Bank was open or shut-that il
was i'll a moment OF tranquiIliix that
| people seemed Indifferent about gold
| that instead of coming 10 the bank for
| gold. they brought their gold to the
Bank that remained, Till the financial
| operations iii France began, and AS soon
as they were talked of, the tide turned >"
EIr ttnl l.,p,
| sively connected with banks in The comn.
~ of Somerset. gave evidence to the fol
| lowing effect: " In the latter end Of the
| year 1916 and beginning of 1917, we had
circulation OF. coin Cor some months
| II cost us at that period nearly one bun
dred pounds to transmit the surplus
quantity of coin To London, of which
four ffilIs IN value. at least. consisted of
gold. We could not get rid of il i'm The
country, our customers prefeTring our
notes. In the spring Of 1917, brought
WIN me To town near 1000 guinpas from
one OF our banks on taking them TO our
London banker, he requested, as favour,
| would not leave them there. They had
lately sent so many 10 The Bank OF Eng.
land. that they did no, like 10 trouble
them any more besides, the Bank only
iOuh those which we're Of fuIl weight"
Notwithstanding this evidence, II must
be admitted, that 10 satisfactory conclu-
slon can be drawn from tie experience of
81 short an interval as that which is re-
tered to by MIR. Hartman aud Mr. Stuc-
k(N. Great uncertainty must prevail with
respect TO the amount OF gold which NAV
be required for the purpose of internal
circulation; and the Bank must be pre-
pared, mol only for the possibility of
much larger demand for those purposes
than will probably he made, hui for the
consequences OF drain upon their trea
sure Inhnced either bN such iefnpnrarv