Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-05-28

see that II would be am extra ordlnary sep
Tor Ministers Ia have stepped in bel. rcn
Parliament and their Committees. int. by
am aci OF State 10 have al. once decided
that very question which these Commit
tees we're appointed TO consider. Ii would
surely be admitted that there Was no
more proper mode in which corluupi.
cation respecting snc!i u measure conld
be received by parliament than through
the Report OF Il Committee, whose deli
Deraiions were turned upon TINT yery
subject. This Was enough 10 show now
VIDE Tie distinction Was between the q. e.
oi l!S. and the pre- sent The suggestion
was that which the House wonld muw
most naturally adopt, rather than the
measure of 1885,, hich MAS rrsorirti To-
as The more summary remedy fora e.an-
ger then so imminent. As 10 ilic obirc-
hons TO Fastening the measure, II must
be PLAIN that II was in itseIfwise and ne.
cessary The utmost expedition was M.
cessary IN adopting il. In the year 1877,
The course adopted was still more rapid
because the unprecedented mischief vas
more Immediate. Aud here he must state
how fully he c0ncurred in The sentiments
expressed by his right honorable iriend
(Nlr. FeeD that this measure Was recon-
inendcd In the hearty spirit of ,asieail :.
Inc lime when cash pay ments should ne
Geflni'ively resumed. II The drain from
the Bank (Which ii was the object Of tliiS
measure 10 prevenO was allowed TO opo-
rate, il would have The inevitable effect oc
pns'poning the period of rcsuming cash
payments. Farther than this, the Bank
was not interested i'll the question ~
10 the exteHt 10 which the drain had ops.
rated, some statements had already been
made. Ii appeared that wilia the HIST
au Inf he, e
paid by the Banks, in gIineaS, hall g,i-
neasand sovereiSns was about E9, OtO. OUO.
Ii The drain was TO continue i'm this pro-
portion, II was obvious TO what an extent
1t must operate i'll postponing lie period
Tor the resnmptioH of cash payments
he question, therefore, was between
the inconvenience of passing this Bill
more rapidly than the ordinary forms adj
miited, or the Inconvenience Of having
The period of recurrence TO cash paw
ments postponed by the operation>of That
cause which the Bill when thus passed
would prevent To morrow or next dav
the pay nent of dividends commences bv
the Bank, AMI ii would be no inconside-
rable sum which would be required from
the present sock OF specie TO pay HE
fractional sums. Therefore the House
must see, that if the proceedings on This
Bill were moi as rapid as the acceleratins
forms OF Parliament admitted, very So
rious inconvenience must naturally op-
cur.
Another thing 10 be considered waa,
that tie agitation of this subject operaitd
a, notice TO the holders of the pariicu-
lar notes to call OH the Bank directly 10
make good their engagement as signitied
by their notice. Above all he must beg The
house To consider that this meas ure was
moi mehnt,s and, III fact, was no, any pdsl-
gence to the bank, but was recommended
by The Committee in their anxiety for Tie
speedy resumption of cash PAYMENT
Secondly, he hoped that the house would
see that the precedent OF 1897, was not
applicable TO The circumstances OF the
present time. And, thirdly, if the horse
was persuaded of the wisdom of the mca-
sure, he Trusted they would see The ne
cesslfy of adopting II with as little delay
as possible. On these grounds he called
the attention OF the house TO concur inihe
motion Of his right hon. friend, and 10
agree to suspend those orders " hich would
Otherwise prevent lie bill from being
passed with that rapidiiy which was SO
deSirable-for the house must be aware
they w're now within two days OF the
time when they usually adjourned for the
Easter holidays, and that therefore if !his
Dill should he postponed IN any Of It's
stages I'LL after that time, if would be
worse THAN Dugatorv .-Uiear hear y
MIR. F1ERNEY begged leave 10 say 4
few words. The proposed measure he
said was one Of the most important that
ever came before the House, and he icli
much alarmed al the composure with
which the proposition was received. In
the year 1917, the Bank gave notice tliat
they were ready 10 pay IN specie III! notes
Tor fractional paris of f. 3 issued prior ~
the commencement Of that year. May
individuals had called in these notes. not
for The purpose of sending ihcm TO Tie
Bank, but 10 be able 10 say, thar il th,y
wished 10 convert them into gold, they
could do so. In forming this expectation
they had relied on the promise OF HE
Bank aud tie faith of the Legislature, bat
II the proposed measure Vas adopted they
might ind That neither Was TO be relied
on. In consequence Of lie notice gwen
by the Bank, The drain began and conjn-
ued without producing any grand object,
except 10 enable the Righi Hon. Gentle
man opposite UhP Chancellor of the Ex-
chequer) 10 make a speech, saying, thai
the Bank had resumed Cash Payments.
"a laugh from the Opposition Bruches.)
1t was OUly This morning when The Com
mlitce mel, that he (Mr. 'fietneS) Tor lie
first Time learned that the measure nuw
proposed was III contemplation, and if he
we're allowed 10 STAKE all that he knpW he
could state reasons for which this Bi!i
ought not To pass. ~, hoae,er, there
wcrc reasons winch, as Member Of tie
Secret Committee, he vas not al l.urgtv
to disclose, he should argue only on .hOse
which u was fairly within lis power 20
notice. with respect 10 The Bank ii bal
hrpn sHlI ilni iheN mrre so nnvinna E,r