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

Ernill a Inkr 4
From lgtc London pqper.1
HoSsE OF COMMONS, APRIL 8
SECRET co NMIITEE RESTiIIT

Mr.. PEEL wished 10 offer a few obscr
vailons 10 the house. He was sure ever
one must feel that il would be premaiur,
to enter al large Into the general primer
pies on which this Report has been made
The Report itself laid "a sufficient grount
tor the measure which he was about I,
propose. He should movc for leave tt
bring IN Bill 10 restrain the Bank from
making payments of fractional sums IN,
der 4 ., and To restrain them from pay in,
their notes, issoed before The LIST day o
January, 1917, iii gold. I'm consequence,
on the Bank Che was sure with The brs
inienti"ns) having issued a notice ,ha
They would pay t!i,i r notes Of an Garlic,
dale than January 1, 1917, there hac
been considerable drain on the Bank
and OF the treasure which had been pre-
viousiy collected, there had been drawn
oui, up 10 The commencement Of the pre-
sent year. no less Il sum than f $1,000, COO
There had been drawn out
since the Isl January, in
lie present year zoo, 0OC
Making together $500. COO
by Tie issue OF this treasure no good had
been effected. Unless the Issue at gold
had been accompanied b. a simultaneous
reduction OF bauk paper-(bear. hear D-
the consequence must inevitably BE- tina,
The gold would BE- sent where pro III
could be made of ii. No doubt could be
entertained OF the destination Of thai
gold which had been issued by the bank
since he notice la which he had alluded
II was IN fact announced 10 them hy The
Report made BY The Minister of Finance
IN FRANCE. From that Report il appcar
q III st.a. Al Il
preceded the first al last January, there
had been coined 25,o00,000 of francs at
the French Mint, amounting in value TO
abou, & 5000, 900. The committee had il
on authority on which they could per.
fectly rely, that three-four,hs of the gold
used III this coinage was the same that
had been issued from the bank. Hewould
now ask of the House 10 restrain The bank
from making further payments i'm gold
I'LL the end of the present session Of par
lament. The reasons OH which he called
for such measure were shortly these {:
IL was evident TO every one that when the
period arrived for the resumption of cash
paymcnts, q quantity ofbullion would be
necessary, considerably exceeding any
supply the bank could be supposed To
possess at present This fact could moi;
be questioned. and it necessarily follow
ed, that tlLr treasure OF which The bank
might now be deprived would in no re-
spect benefit the country, but would only
tend 10 make the bank more unable 10
pay IN cash, and consequently TO post
pone the period at which the resumption
would he effected. These reasons led him
10 propose The bill which he now asked
leave to bring in, and lie begged to say
he moved for il solely with view of ia
ciliiating the return TO cash paymenis.-
The committee had confident hope,
that at All early period after the recess,
they should be able in their Report TO
propose plan for the resumption of ca h
payments. This hope lie thought would
Prove TO be well founded and he must
beg leave To add, that lie was Of opinion,
The mestimable advantages attendant on
return 10 metallic currency might he
purchased by the plan now IN contrmpla
ton. without snbjeciing the mercantile
world To those lnconveniencPs and en-
barrassnients which some gentlemen an
tlcipated. He then moved for leave 10
bring in bill TO restrain the governor and
company 81 the bank of England from
making certain pay ments in gold, pursH-
ant TO notices given for that purpose
The right hon. gentleman added, The
house would feel that this bill, if permit
ted to be brought in, ought To pass with
the least possible delay. aud he therefore
hoped that there wonldbe 10 objectlan to
lis passing that evening through lis seve-
raj stages.
MIR. BRoUGHAM said, he confessed he
was somewhat embarrassed from the
manner in which the right hon. gentle
man, as chairman of the committee, had
introduced this subject in that einbar-
raSsment he was sure tie house had par
tlcIpated. THIS Was not Il proceeding
instituted or the confidence Of the re
sponslble advisers of the crown 4; nor did
IL rest on the confidence Of The commits.
Tee ; but IL came before them on the par
tial statement of something which The
right hon. gentleman derived know.
ledge Of from what passed III the com
mittee and on this statement, without
any disclosure made, without any facts
10 guide them, the house was called upon
TO pass bill without notice, without dis
cussioR, aud, indeed, without the posi-
bility Of discussion. This mode OF pro-
ceeding was without precedent, and could
not be defended upon principle. Former
~, when legislative measure was adopt
ed OIL this subject, the house proceeded
not only IN different, but in AN opposite
manner. In 1907, tue responsible minis
tiers OF the crown, acting OIL information
which they relied on, procured al order
III council, and they then came down ia
the house, and called upon them moi on
sudden To pass a bill without notice
and without discussion, but, in tie usua
course OF legislative proceedings, they
proposed a bill To- pass tie house &C
cording 10 the usual and established rules
- IL was true that on that OCCASION III,
house had moi all the facts before Ilicm
but the house rested on the report of ID,
committee he objected 10 lie measure
because " rested not on il,e rcspOusibiii,
of mlniaiCrs. In IlO7. Mr.. PHI cnn I,r