rose to call the mention of the House, for one moment, to a statement, which though it did not affect himself, materially affected the credit of the office to which he belonged. It would be recollected, that the hon. member for Bedford had, on the preceding evening, adverted to a case, which, he said, came within his own knowledge.—["No," said Mr. Whitbread.] If, then, it did not come within his own knowledge, he ought to have taken care to inform himself fully on the subject, before he had alluded to it. The circumstance on which he touched, related to the conduct of the Secretary of State for the Home department, and the hon. gentleman had put a pointed question to him, with reference to it. The case adverted to by the hon. gentleman was that of M. Correa, a Portuguese, who was said to have been sent out of this country, and, as he had expressed it, 'shipped to the Brazils,'—["No," from Mr. Whitbread,] because the Portuguese ambassador here, the Chevalier de Souza, would not sign his license. He confessed, at the moment the statement was made, his opinion was that no such thing had ever occurred. He then observed, that he had never heard of such a transaction, and that the name of the individual was quite new to him; but that it might have occurred during a temporary absence from his office. This day, however, he made inquiries on the subject: he had asked his noble relation (viscount Sidmouth) whether he recollected any thing of the affair, and was answered, that no such case had ever occurred while he was in the department, and that he knew nothing about it. He then searched the books of the department, from the period his noble relation became connected with it, and the result was, that no such case was to be found, no such name was mentioned, as that to which the hon. member had drawn his attention. The hon. member also desired to know whether any rule existed, in the office of the Home department, for preventing Portuguese subjects (for he seemed to confine himself to them) from remaining in this country, unless they had a passport signed by the Portuguese minister at this court. He now could inform the hon. gentleman, that no such rule ever did exist.

said, he had not made the statement alluded to, as one that he could vouch for from his own knowledge., He then held in his hand, the representation which induced him to notice the subject; and, at the time he referred to it, he expressed his hope, that the right hon. gentleman would be able to give it a full contradiction. In adverting to it he might have made a mistake in the date, and he was sorry the right hon. gentleman had not examined the hooks a little farther back than he had deemed it necessary to go. He had not made any charge against the relation of the right hon. gentleman; but he had reprobated the way in which the Alien Act had been executed, and had specifically stated, that the noble lord was not in the office during the whole time that the Act had been in force. The rule, he understood, formerly was, that no Portuguese subject should be allowed to remain in Great Britain, without a license from the Portuguese ambassador; and the circumstances of the case, as represented to him, were these:—The Chevalier Anselmo Correa, formerly chargé-d' affaires to the court of Stockholm, came to this country, but having made himself obnoxious to the Chevalier de Souza, the latter refused to sign a licence for him, and he was sent out of this country, with a messenger from Mr. Ryder's office, in the most summary way. He (Mr. Whitbread) did not assert that he was shipped from hence to the Brazils. From this country he was sent to Lisbon, and, of his own accord, he afterwards proceeded to the Brazils. He there laid his case at the foot of the throne, and received a pension, and various honorary rewards. This statement was not now disproved, and he hoped the right hon. gentleman would push his inquiries a little further, and state whether he could find any trace of it.

said, he understood the circumstance to have been noticed, as if it had happened while the present Secretary of State for the Home department was in office. If it were otherwise, why should the question be put to him? How could he be expected to answer a question, of which he could not be supposed to know any thing? Under these circumstances, he thought, in common, he believed, with every gentleman in the House, that the charge which was made referred to the conduct of his noble relation.

said, he hoped, as the right hon. gentleman was now set right on the subject, he would make a more extended inquiry. With respect to the ignorance of the right hon. gentleman on the case alluded to, he (Mr. Whitbread) conceived that he paid him a compliment in asking for an explanation of what had occurred before he belonged to the Home department; because he supposed that he was perfectly acquainted with the antecedent proceedings of his office, and could at once call to his mind the circumstance he had stated.

presented a Petition from the ward of Cripple gate, praying that no alteration should be made in the existing laws respecting corn, until a sufficient time had elapsed to enable the House to judge of the effect which peace would have on the commercial, trading, and agricultural interests of the country. The hon. baronet said, he was instructed to state, that the inhabitants of this ward were duly summoned to consider this question. The meeting took place in the parish-church, awl was attended by a greater number of inhabitants than was ever known to have been assembled there on any occasion in the memory of man. The meeting was conducted in the most regular manner, and the unanimous sense of the people was expressed against any interference with the Corn Laws. No previous attempt was made to procure the signature of names; but the moment the petition was left for signatures, persons from every part of Abe ward affixed their names to it. There was no distinction of party, of religion, or of profession, attended to. All the inhabitants of the ward united in praying the House to abstain from making the proposed alterations.

The petition was ordered to lie on the table.

stated, that he held in his hand a Petition signed by 40,000 inhabi- tants of the city of Bristol, praying that no alteration should take place in the Corn Laws, on account of its ruinous tendency to the rest of the community. Notwithstanding the number of names affixed to this petition, many had been left behind, owing to the eagerness of the city to have it laid before Parliament. They thought they had no time to lose in expressing their sentiments to the House. He had assured them, that the legislature would not allow a measure of this importance to pass without the necessary delays for deep investigation. But he was sorry to say, he had been disappointed ire his expectations, and the assurances which he had given had proved unfounded. The gentlemen who had gained so much credit for the moderation with which the measure had been introduced, had departed from their course, and hurried the discussion in a manner and with a tone of which he did not approve. Respecting what was said of discouraging popular clamour, he thought, except in extreme cases, language of this sort rather unbecoming a representative of the people. He knew there were several gentlemen in that House, who were friendly to the expression of public feeling on questions of peace and war, and a variety of others, equally important; and yet those very persons would not permit the people to deliver their sentiments on this subject, which mainly affected them, without stigmatizing the expression of their opinion as mere clamour. He liked to hear the opinions and sentiments of the people on all subjects. He was pleased to see them vent their clamours in petitions to that House—either that the cause of their discontent might be removed, or that the impropriety of their complaints might be pointed out. On the subject of the price of bread, above all others, their sentiments, he conceived, ought to be attended to. No man representing a great city, as he did, could be ignorant of the general wants and necessities of the poor—and those wants and necessities must be evidently increased by any measure which tended to enhance the price of bread. The feelings of the people were, therefore, perfectly natural and he could say with great confidence, that their sentiments were now precisely the same as those they manifested last year. The people of Bristol, in the petition he then had the honour to present, showed that their ideas on the subject remained unchanged; and, he was sure, if time were allowed by the House, the voice of the entire population of the country would corroborate his assertion.

stated, that he had received a letter from the mayor of Bristol, relative to the petition then before the House. The mayor informed him, that it was not only most numerously but most respectably signed, and that it spoke the undivided sense of the people of that city. He was sure that those who brought forward, and those who supported the measure, had but one object in view, the benefit of the community in general. He believed the interest of no particular party was attempted to be served by this measure, but that the representatives of the country consulted the interests of their constituents as much as their own. For his own part, he was inclined to favour the measure; and, in voting against it, as he had hitherto done, he spoke rather the sentiments of his constituents than his own; and this, perhaps, was the only question on which he would consent to sacrifice his opinion to the sentiments of others.

The petition was laid on the table.

wished to call the attention of the House to certain proceedings, of the highest importance, that had recently taken place in India. It appeared, from a late Calcutta Gazette, that an officer of rank was tried by a court-martial, for having extorted money from the natives, for his own purposes; and, in his defense, he admitted the fact, but stated that it was a customary proceeding. The court-martial, however, in opposition to the evidence, and to the petition of the accuser, acquitted him. The circumstance afterwards came under the cognizance of the court of directors; who expressed their unequivocal displeasure at his conduct, and observed, that, but for certain circumstances, they would have caused his name to be erased from the list of the Indian army. They also declared that if any case of a similar kind occurred in future, it would be so dealt with, and if the court-martial did not inflict an adequate punishment, they would cause the delinquent to be suspended, and sent to Europe, by the first opportunity. The hon. member then pointed out the necessity which existed for giving due protection to the natives of India, and was proceeding to animadvert, with severity, on the conduct of those who, in the person of the officer alluded to, tolerated a dangerous abuse of authority, when he was called to order by

, who said, that the hon. member's proper course would be, to give notice of a motion on the subject, as the House could not be converted into a place for mere general conversation.

stated that the subject to which the hon. gentleman referred, had been very seriously examined. Every means had been adopted to prevent the natives from suffering any oppression; and he was sure the result of the steps which had been taken, would be found perfectly satisfactory.

stated, that he was desired by a considerable number of his constituents, to ask of the Chancellor of the Exchequer a question, relative to the proposed extent of the new Window Duty. This question embraced two points. One of them referred to the manufacturing counties—those, be meant, where cotton factories were erected, and which required a greater number of windows than was necessary for the mere purpose of lighting the building. The other related to those large buildings, called cloth-halls, which were so numerous in the West Riding of Yorkshire. The windows of these establishments were not formerly chargeable, and his lordship wished to know, whether the right hon. gentleman meant now to extend the new duty to them and to the factories.

said, that with respect to the charge on the windows of factories, it was his intention, when the consideration of Resolutions was resumed, to propose a modification of the tax, by which the charge on those buildings would be diminished. As to the buildings which were made use of as cloth-markets, and which were termed cloth-halls, he had never heretofore taken them into his consideration. It was a subject worthy of inquiry; but he did not know on what principle they could be excluded from the operation of the tax. As, however, they came under circumstances of a more peculiar nature than other buildings, it would be proper to look into the subject, before any decision took place.

said, that the buildings termed cloth-halls, which were to be met with in Leeds, Halifax, and Huddersfield, were of very great extent. The manu- facturer exhibited his cloth in them for sale, paying a certain sum for a stand for that purpose. If he did not sell his goods on one market day, they remained in the hall until the next, and in no other way were those buildings used as warehouses. They were, in fact, rather markets than warehouses.

said, it was probable, from the tenure by which they were held, and the profits arising from them, that the proprietors would be enabled to pay the tax. He should, however, be happy to receive any information on the subject.

apologized to the House for undertaking a task which many other members would have been more able to perform. He was aware of the importance of the subject. There was scarcely a question of any public interest which, in some way or other, did not involve the present. He thought the Chancellor of the Exchequer appeared to undervalue its importance in the Bill which he had proposed to the House. He did not mean to move for the resumption of cash payments on the part of the Bank, but for an inquiry, whether the Bank was or was not in a situation to renew such payment—whether or not it was desirous of taking measures to resume them? The noble lord then took a view of the increase of the issues of paper money from the Bank, which, from ten millions originally, had amounted to 31 millions in the present year. Probably, in consequence of those paper payments it was that there was now no just standard of value. He feared this evil was likely to continue. All bodies corporate wished to promote their own interests. He would not advert to what had passed, but it was in evidence before the House, that the Bank did not think it would be a serious evil for the country that the restrictions should be made permanent. If these opinions still prevailed, it was certainly high time for Parliament to take the subject into its consideration. He did not doubt the solvency of the Bank, but this was no argument in the present case. The connation existing between the Government and the Bank (even before the existence of the restrictions) had always been an object of jealousy to the House. According to the Bill now in progress, a loan of three millions, free of interest, was to be continued by the Bank to Government; and, before such Bill passed, it would be proper to inquire whether this loan, considered as the price of the restriction, was an adequate compensation. He thought it his duty to state to the House the view which he had taken of this part of the subject. The capital of the Bank was 11,500,000l.; and prior to the restrictions, the dividend on this capital was seven per cent. In the year 1797, and the succeeding ones, after the restrictions had been imposed, immense bonuses were distributed to the proprietors of the Bank. The total amount of these bonuses formed a dividend of 56 per cent on their capital, and in money upwards of seven millions. He did not regret that the proprietors of the Bank should have such enormous profits, but that those profits should be obtained at the expense of the public. He was so strongly impressed with the importance of the subject, that he had made a motion two years ago to limit the profits of the Bank. Another object of the committee should be to inquire how far the Bank ought to be liable, and at what or any expense to reinstate the usual currency of the country. It had often been said that the paper of the Bank had not a forced circulation through the country. This might be the case previous to the restrictions; but since Bank notes had been made a legal tender, there was no choice between receiving them and taking nothing. When annuitants claimed their dividends, they must either accept the paper offered them or not receive their annuities. This would form a fair subject of inquiry, for he was totally ignorant of the views of the Bank on this point, the Chancellor of the Exchequer having proposed the Bill without entering into any explanation of his intentions. By the papers already produced, the House were acquainted, not only with the amount, but with the impure value of the Bank tokens. It would be necessary to state whether the Bank were not pledged to replace them by sterling value. He wished to know whether they considered themselves bound, at any expense, to restore the proper currency. There was nothing now in circulation but those tokens, which were worth three shillings less in the pound than sterling value. He thought the committee, if appointed, would be of opinion that the Bank were bound to restore the sterling value at any ex- pense. It was an evil which would not stop of itself, or even remain where it now was. In the important discussions which had lately taken place on an article of the first necessity, he had scarcely heard any one who did not connect its price with the value of the currency. Were the latter in the state it ought to be, he had seen it stated in a recent publication on the subject, by Mr. Malthus, that the price of corn would be reduced to 60s. per quarter. He wished that persons connected with the Bank should state to the House at what price they would attempt to restore the currency of the country. The noble lord then alluded to the price of gold, which from 3l. 17s. per ounce, had risen to 4l. 9s. As long as the Bank were relieved from making payments in cash, and as long as they had the power of fixing the price at which they would purchase bullion, they might produce most incalculable mischief to the country. Having the control of the currency in their hands, by issuing paper at a time when gold was low, they might raise the value of it above the price at which they purchase it. The power of fixing the price at which they should purchase gold, might in this way be a power of continuing the restrictions indefinitely. He wished to advert to another point, the effect upon our finances. By the last accounts before the House, the charge to the country on Exchequer bills was no less than two millions. This subject was of the utmost consequence as it respected the finances of the country. Last year the charge for Exchequer bills was upwards of two millions sterling. Before the Bank restriction took place, Exchequer bills were convertible into gold, and for that convenience it was fair that a charge should be made. But what was an Exchequer bill now convertible into?—A Bank note—one piece of paper for another; and yet for this the public were to pay 2,000,000l. annually! They were doomed to expend 2,000,000l. Yearly—for what? Why, to effect a forced circulation of government paper! This was a state of things which it became the House to inquire into, and to remedy, if possible. He had now said more on the subject than he originally intended. He was quite aware how difficult any remedy must he. Some years ago he had made a proposition for setting aside the ulterior profits of the Bank, till they should make good the currency of the country. But even this was a matter of great difficulty. He knew that Bank stock had been bought as high as 250, and that some had been bought even higher; and he was aware, therefore, that it was impossible to devise any remedy which would not be injurious to certain persons. He hoped he had said enough to justify his proposing that a committee should be appointed to inquire into the subject. The noble lord concluded with moving,

"That a committee be appointed to examine and state the total amount of outstanding demands upon the Bank of England, and of the funds for discharging the same; and also, to examine into and state their opinion upon the effect produced upon the currency and commercial relations of the United Kingdoms, by the different acts passed since the year 1797, for continuing the restriction on payments in cash by the Bank of England, and to report their opinion how far, and under what limitations, it may be expedient to continue the same."

said, that the proposition of the noble lord went into a variety of curious circumstances of political economy, which, if they could be followed up without injury to the public service, might be of great advantage. But, at the present time, tie did not think they could be safely entered into. It would be a summary answer to the noble lord's motion to state, that he was about to submit to the House a proposition, which would confine the Bank restrictions to a definite period. It would be his object, after the present motion was disposed of, to state a limited period for the termination of the Bank restrictions, in the sanguine hope, under the circumstances he should state, that no farther extension, after the prescribed time had elapsed, would be necessary. He was sure, in the view his Majesty's government had taken, that, if they did not think it necessary, for reasons of slate, to continue the measure, the Bank would be ready to proceed in that course which the exigencies of the country had occasioned them to abandon. If they did not, the circumstance would not rest with the Bank, but with the government of the country; and I with them, indeed, it ought now to rest. It was not the Bank that originally wished to suspend the payment in cash; circumstances of a public nature obliged the government to call on them to adopt that measure. He had no objec- tion, then, to state, that the period at which it was his intention that the Bank restrictions should cease, was the 5th of July, 1816. At the expiration of these sixteen months, he thought there was good ground to hope, that there would be no further occasion for renewing this measure. He had fixed the period for commencing cash payments, as near the close of the next session of parliament as possible, in order that the subject might come before the house in the fullest and most intelligible shape.

As the whole of the noble lord's arguments were founded on a supposition, that the Bank Restrictions would be continued to an indefinite period, he thought it hardly necessary to enter at length into a refutation of them; yet he should consider it an ill compliment to the noble lord, if he passed them over without close examination. The questions which the noble lord had suggested should be submitted to the committee, were—first, whether the Bank was in a condition to resume cash payments, and whether they were taking steps to prepare for that event; second, as to the connexion between the Bank and the Government; thirdly, as to the profits of the Bank; fourthly, as to the circulation of silver tokens; and, fifthly and lastly, as to the state of exchanges, and the price at which the Bank was purchasing gold for renewing their cash payments. He thought, even taking the noble lord's own view of the subject, that no measure could be more calculated to defeat the resumption of cash-payments, than the very inquiries which he wished to be made; for, if once the information which these inquiries would give were published, it would place the Bank at the mercy of every speculator in bullion in the country. With respect to the first question, whether the Bank was in a condition to resume its cash-payments, and the amount of bullion in hand? he could only say, that the investigation of these circumstances would, be attended with the worst possible consequences. [Mr. Whitbread here said across the table, "Have a secret committee."]—Even if a secret committee were appointed, it would be extremely inconvenient to disclose these matters. When a committee of secrecy was appointed on a former occasion, their proceedings were made public; but in what manner, or by whom they had been so revealed, he knew not. It was sufficient to say that much inconvenience had resulted from the disclosure; and in a question of such delicacy, any public discussion must be considered as extremely dangerous. In the examination of such a subject, it would of course become necessary to call before the committee the persons who were employed by the Bank in the purchase of bullion; and hence a risk would be run of exposing the private transactions of that body, and there by placing them in the hands of the speculators, who were always on the alert in matters of that kind. The noble lord would recollect also, that besides the Bank, the Government were great purchasers of, bullion for the public service; and they also would feel inconvenience from the inquiry contemplated, as the necessary consequence would be an enormous enhancement of the price of gold. He would submit these observations to the judgment of any gentleman of practical experience, and he was satisfied that his conclusions would be pronounced in every respect correct.

The second branch of the noble lord's proposed inquiry was, as to the advances made by the Bank to Government. It had been insinuated that these allowances were given, in the first instance, as an inducement to extend the restrictions; if so, the food for restriction was very limited, for the period of its final termination would very soon arrive. He could assure the noble lord, however, that these advances had in no respect trenched upon the capital of the Bank nor would they at any period interfere with the resumption of cash-payments. The third subject of investigation which the noble lord proposed was, as to the profits of the Bank. If the I noble lord was able to show that the introduction of the restriction had added to the profits of the Bank, he should think this a fair subject of inquiry. He denied the fact; but whether they had or not must ever remain in doubt, as it was impossible to ascertain what would have been the event of things which had never existed. What the profits of the Bank would have been if those restrictions had not taken place, no one could tell. But, as he before stated, the restriction was a matter of state policy, and had no more to do with the profits of the Bank, than it had with the profits of any disinterested individual. The House would recollect, that at the time the Bank Restrictions were first proposed, the public securities were at a very low price; the 3 per cent. consols being down at 46 and 47, and all other securities were depressed in the same degree. Those, therefore, who were in possession of large capitals, made enormous profits; and, as had been stated by an hon. and lamented member, whose abilities were known to all, while his death was universally deplored—(Mr. Henry Thornton)—at that time a profit of 18 per cent. was made on government securities. That being the case, it was obvious that the Bank, which was the greatest of all the dealers in public securities, must have made profits to an enormous extent, independent of any change in currency whatever. At that time, the Bank had divided a million in one bonus, but they were never able afterwards to make so large a bonus. From hence it was fairly to be deduced, that their profits were not wholly to be ascribed to the restriction.

The noble lord next wished it to be ascertained to what expense the Bank would be put in resuming their cash-payments? This was a question with which he apprehended a committee could have nothing to do, unless, indeed they were to consist of Jew-brokers. This he knew, if the committee once entered into an inquiry of the price of bullion, the consequence would be, that none would be found to buy, and an enormous advance would take place in its price; the greatest speculations would ensue, and nothing but knavery and fraud would be the result. [Lord A. Hamilton here said, he had no wish that the committee should inquire into these minute circumstances. The Chancellor of the Exchequer said, if the noble lord wished to retract any part of his arguments, there certainly could be no objection to such a proceeding. The last head of inquiry to which the noble lord adverted, was the silver currency. His lordship had proposed to inquire, whether the Rink would be ready at a future period to replace their tokens with the regular silver currency of the country. He apprehended the Bank would at all times be ready to discharge their tokens with the standard coin of the country; but he did not imagine they were bound to confine themselves to silver coin alone, conceiving that payments in gold would answer every purpose. From these payments he was sure there was no wish to shrink. With respect to the silver currency itself, this was a question which must be referred to the period when payments in gold were resumed.

Having now answered the main heads of the noble lord's arguments, and conceiving that those arguments were founded on the supposition that the cash-payments were to be postponed to an indefinite period, he trusted he had convinced him of the absence of all necessity for the committee for which he had moved. The principal evil which had been complained of', was the difficulty of fixing a standard value. This was a subject which had already been so much discussed, that he did not consider it necessary to enter upon it then. Whatever inconvenience was experienced on that score, however, would vanish in proportion as the value of bullion was diminished. The noble lord had alluded to the number of Bank notes which were in circulation, and to the increase which had taken place in their issue. In 1811, the circulation of notes amounted to 24 millions and a half, and at the present period, the circulation had reached 31 millions. The average, however, was about 28 millions and a half: but, notwithstanding this, it was gratifying to observe the improvement which had taken place in the exchanges with foreign countries; for in 1811, the exchange at Hamburgh was but 24, while from the recent accounts it appeared it had risen to 32.

He would now state the grounds upon which he conceived it more than probable that cash-payments would be resumed in July 1816. If the peace with America had been ratified at the same time with that at Paris—if the foreign expenses had been concluded—if the arrears which were due to foreign states had been paid—if the keeping up a large standing army on the continent had not been necessary—and if we had not had to transport a large army across the Atlantic, the short period which had elapsed since the conclusion of the peace, he was satisfied, would have so completely restored the affairs of the country to their original situation, that the Bank would, without delay, have been able to resume their cash-payments. Any gentleman, who compared the progressive improvement of the rate of exchange since 1814, would at once be able to discover the truth of this proposition. In January, 1814, the exchange with Hamburgh was at 28; before October it was at 32. In January, 1814, the price of gold in doubloons, was 5l. 10s. per oz.; before the end of the year it had fallen to 4l. 9s. per oz. The price of silver in the same period had fallen from 6s. 11d. per oz. to 5s. 6d. With these favorable prospects, he thought he should not be presuming too much in anticipating such a favorable change by July, 1816, as would ensure a return to the old currency of the country. He held an account in his hand which would show the enormous expenditure of specie, which within the last few years had been made on the continent by this country. In 1811, the foreign payments were 15,182,000l.; in 1812, 18,533,000l.; in 1813, 22,931,000l. and in 1814, 31,284,000l. In the face of such an expenditure he thought it was not extraordinary that restrictions should be placed on the cash-payments of the Bank, but now that they might be considered as in a great measure stopped, if no new cause should occur to render their continuance necessary, it was but natural to suppose that these sums would revert to their old channel; and if this should be the case, there was no doubt that, by the period he had fixed, the Bank would resume its payments in specie.

contended, that the conclusions to which the bullion committee had come, had been fully verified by every circumstance which had since occurred. When the resolutions of that committee were submitted to the House, it was contended that the depreciation which was asserted to exist, arose only from temporary causes, and would be removed with the return of peace. At this moment the country was in a state of peace, and yet the same evils still existed. He contended, that the facts by no means bore out the Chancellor of the Exchequer in his assertion, that the foreign expenditure of the country was the cause of the disadvantages under which this country labored with respect to the exchanges; there was only one or two shillings difference between the price of specie now and at the time the celebrated report of the bullion committee was made. When he heard of the immense foreign expenditure, be could not conceive how our keeping an army of 38,000 men in Belgium could materially affect the exchanges, in a year when it was stated that our exports were vastly greater than they had been in any former year. In the year 1795, when the duke of York was in Holland with a much larger army, that circumstance did not produce such an unfavorable effect on our exchanges. He had heard of the large exportation of gold in order to pay for foreign corn. He could not conceive why corn was necessarily to be paid for in gold more titan any other article imported; but, at all events, the quantity of corn imported into this country last year, was not more than a third part of what had been imported in some former years. As long as the currency was in a sound state, he maintained that there would be no difference between the price of specie in circulation and in the market. It had been said that the rise in the value of bullion had taken place all over Europe; but this was not true, since in France there had never been any difference between the mint and the market price of gold. He agreed that the issues of the Bank, considering the unlimited powers they possessed, had been very moderate; and although inquiry was necessary, he looked with perfect confidence to the capability of the Bank at any time to resume its cash-payments. An inquiry was necessary, because he thought the explanations attempted by the other side of the House had tailed. He reprobated temporary measures, like the present; and argued that the foreign exchanges were taken at a false par, and that consequently when they appeared against us they were in truth in our favour. It was now said that the Bank was to renew cash payments in July 1816; but would the Chancellor of the Exchequer take upon himself to assert that no new prohibitory Bill would be offered, for which no new excuse would be assigned? It might, perhaps, then be urged that the remittances to absentees on the continent were so extensive as to turn the exchange against us, and that consequently the time was not yet arrived when the Bank could pay in specie. It was plain that there was some radical error, which wanted correction, and it was fit that a committee should ascertain where it lay. A longer delay of such an inquiry could produce no good, and might be attended with very serious consequences.

differed entirely from the hon. gentleman who had last spoken. He thought (although he admitted that he had not heard the speech of the noble lord who introduced the subject) that he had never heard a committee moved for on so slight grounds. It had been generally admitted that the Bank was no party to the act of the Government for restraining the cash payments. He knew that, in point of fact, they were not aware of the measure until two days before it took place. It had appeared, on the examination of the affairs of the Bank at that time, that their property amounted to 16 millions sterling, exclusive of the debt then due to them by government. When the great profits which the Bank had made since the Restriction Act were taken into consideration, there could be no doubt but that their solidity was at least as great now as it had been then. He believed that the price of bullion was now 4l. 9s. while the Mint price, or, as he might say, the Bank price was 3l. 17s. It was, therefore, perfectly clear and evident, that while there was such a difference, it would be quite useless for the Bank to issue gold. As fast as they could coin it, people who dealt in that article would melt it down, and none of it could continue in circulation. He really could not conceive what the gentlemen on the other side proposed to themselves. If they were asked, did they doubt the solvency of the Bank, they answered, No. They, however, said, that when the restriction was first imposed, the country was under peculiar circumstances. Did not the same circumstances exist now? and would not the reason of the restriction continue as long as the market price of gold was higher than the Mint price? The whole increase of the issue of Bank of England notes, since the Restriction Act was passed, was but about 12 millions. When it was considered that before that time, there were 44 millions of gold in circulation, it was really wonderful with how small an increase of issues the wants of the country had been supplied. As for gold being in abundance in France while there was a scarcity here, it must be recollected that it was not by the rate of exchanges, but by plunder and rapine that France had got her gold. When the French laid an enormous military contribution on a country, they were generally content to take half the sum, if it was paid in gold. In considering the out-goings of this country, besides what had been stated as its foreign expenditure, there were very large sums drawn out of it by our absentees, who were now amusing themselves on the continent. This sum was much larger than would generally be supposed. The importation of corn had been considerably more than two millions sterling. There was also a million of dollars sent monthly to Portugal, in payment of an old debt. Under all these circumstances, he was astonished that the exchanges were as favorable as they now were. He thought, that if it had not been for the circumstances already stated, the exchanges must have been still more in our favour; but, at the same time, it appeared to him the most visionary thing in the world, for any man to suppose there was a possibility of resuming cash payments, until the market price of gold was as low as the Mint price.

thought that the right hon. gentleman had even exceeded himself, in saying that there were very slight grounds for the present, motion. He considered that if there had been no grounds at all stated by gentlemen of that side of the House, still there ought to be an inquiry such as was proposed. It was the ministers who brought forward a bill for continuing the restriction. It therefore rested with them to come down to the House, and state the reasons and the circumstances which made it necessary. The right hon. gentleman, however, who spoke last, had cut the matter very short. He said that circumstances were now the same as when the restriction was first imposed. The Chancellor of the Exchequer had, however, held forth a promise of a speedy resumption of cash payments. This promise was no more definite than former promises of the like nature; and although he did not question his sincerity, he could not avoid thinking him too sanguine. He must say that he could entertain no such hope. He had 110 doubt but when the period should arrive which had been mentioned by the Chancellor of the Exchequer, there would be found new ways of accounting for the exchanges not having risen up to his present expectations. He was of opinion, that time ought to be given to the Bank to prepare for resuming its cash payments; but he at the same time thought, that notice should be given to them to make this preparation. He thought that there could be no safety for public credit, until the Bank, at least, took some steps towards resuming their payments. The right hon. gentleman's expectation appeared to him neither founded on, nor warranted by experience. Other countries had tried the effects of a forced paper circulation in their difficulties, and had met only with ill success and great discredit, whilst others had carried on long and extensive wars without having recourse to such an expedient. Undoubtedly the evil resulting to France from her excessive issue of assonates, was greater in degree than ours; but then it differed only in degree, and not in kind. Since that period, too, France had got a metallic currency; and the right hon. gentleman conceived that he had fully accounted for this, by attributing it to French conquest and French plunder. But the question was not how it came into France, but how it remained there. The internal laws and policy of a state maintained a money circulation, quite independently of the means by which it was procured. France, with armies running almost to every extremity of the world, had regained a metallic currency, much more abundant than she had ever had before, and much larger than was necessary to a thriving and prosperous community. He regarded it as a proof of real impoverishment, and of the absence of credit, in that country. If he had ever been supposed to entertain an opinion that a currency, exclusively metallic, was a desirable regulation, he had been much misunderstood. He wished to see as much paper as possible in circulation, and the more the better, provided it was at all times convertible into the standard currency of the realm. The right hon. gentleman had talked of Jew brokers in a way that he did not very well understand. Was it meant for the purpose of affixing a stigma on their religion? or was it meant that information which could be procured from them alone, ought not to be received by a parliamentary committee appointed to inquire into the subject? When sir Isaac Newton, as master of the Mint, drew up his celebrated report on the state of the different currencies of Europe—that report, which was now a sort of text authority on the principles of circulation—he presumed he was in a great measure founded on the information derived from persons of this description. One of the points that seemed to him most to call for examination, related to the manner in which the Bank had discharged that indispensable duty to the public, of keeping a sufficient treasure in their coffers to meet the future demands upon them, since the year 1797, or rather since 1795. This was a topic on which he knew some ingenious guesses had been made, but it was one on which accurate information was extremely desirable. The situation of a Bank director was one of arduous duties; duties which required for their discharge, not only as much integrity as was possessed by the present directors, but more enlarged views of the true principles of commerce and credit than was evinced by the directors of 1810. Another serious object of inquiry was as to the extent of the profits made by the Bank since the period of the restriction. The right hon. gentleman had stated that these profits might have been as large if the restriction had not taken place, because the securities of government were so low, that any man might have made 15 per cent., and the Bank being large holders, must have gained in that proportion. But the real profits arising from the restriction could not be measured this way; they must be measured by the permanent excess of its issues since the removal of all legal limitation upon those issues. Our actual currency since the year 1797, had been nothing else than a forced government paper, the profits of which redounded not to government, but to the Bank. To put a case, Government issues 10 millions of Exchequer bills, on which the Bank accommodates them with an immediate advance of its notes, and receives from them an interest of 5 per cent. on the same. Now this advance would be very liberal on the part of the Bank, if these notes thus advanced to the aid of government were payable on demand in gold. As the case stood, however, the only expense incurred by the Bank, was the paper of which the notes were made, and the cost of the engraving. If 10 millions of one kind of paper were thus furnished in exchange for 10 millions of another kind, and interest upon this sum was paid to the Bank, what was this but a circuitous way of forcing the circulation of a government paper, the profits of which accrued to the Bank alone? Was this a subject on which the House ought to receive no information, except what the Chancellor of the Exchequer should think it right to communicate? The right hon. gentleman had referred to the bullion question, as one that had now become matter rather of fact than of opinion; and this observation, from views no doubt equally profound, had been repeated by the right hon. gentleman who spoke last. For his own part, he remained as firm as ever in his original conviction. He had not been inattentive to the subsequent course of events, and had perceived amongst them many new and curious illustrations of the currency and the commerce of Europe. Instead, however, of producing any alteration in the doctrines maintained on that side of the House, they had served to strengthen and confirm them in his mind in every respect. The great principle on which he had always rested the question was, that so long as the standard currency of a country remained unvaried, however that standard might be expressed, no change in its real value could affect its relative value to other commodities. Whenever depreciation had once begun, then it was possible for commercial or other circumstances to affect the value of gold; but he had never supposed that when gold was at 5l. 11s. or, as it had once been, at 5l. 14s., that this rise was solely attributable to an excess of paper circulation, or that the apparent depreciation was the true measure of the excess in the issues of the Bank. What he conceived to be the true solution of the difficulty was, that a depreciation having taken place from excess, an opening had been made for the operation of other causes, which were now in a great measure removed. These causes were the occupation of commercial countries by immense armies, the consequent distress and discredit, together with the greatly augmented remittances made from one part of Europe to another. The effect produced by the change of circumstances was to bring back the price of gold to between 1l. 9s and 4l. 11s.; precisely what it was in 1810. The exchanges now, though really in our favour, were nominally against us 8 or 9 per cent.; and here he begged to ask, could this appearance be explained, but in a depreciation in the value of our domestic currency? The extraordinary circumstance adverted to, of the price of gold falling in the course of last year to 1s. he ascribed to the then situation of the armies in the North, by which great quantities of bullion were driven in the direction of this country. It happened, too, at the same time, that many of the country banks failed, a circumstance which necessarily operated to induce the Bank to diminish their issues. This was a measure that raised the real value of their paper in the same proportion. He believed, also, that there had been a rise in the real price of gold,—be meant as measured by other commodities in some of the countries of Europe. This he partly attributed to the effects of war destroying the settled habits of commercial credit, and partly to an interruption in the working of the mines produced by the disturbances of South America. He had reason to believe that from Mexico the supplies were much less abundant than usual. His conclusion was, upon the whole review of this question, that our currency was in an artificial and depreciated state; a state, the evils of which were too manifest to be denied, and were equally injurious to the public creditor, by diminishing the value of his dividend, and to the private creditor the value of his legal claim. Its effects on public credit, and on our financial situation, would lead him into too wide a field of discussion; but it appeared to him to be incontrovertible, that this evil, excited in consequence of an excessive issue of Bank paper, is, that the government were not duly, vigilant over those issues, and that the renewal of the restriction should not be granted without a declaration that the parliament and the country expected that immediate measures would be taken by the Bank to resume their cash payments.

concurred with a right hon. gentleman that the restriction ought; to be looked on as the act of the legislature alone. It was the effect, however, and not the object of the restriction that was now under consideration; and he contended, that the Bank ought no longer to be allowed the possession of such enormous profits, without participation out the part of the public. The circulation of the Bank previous to the restriction was between 11 and 13 millions; in the year of the restriction it was about eight, and it was now 31 millions. Taking the subsequent increase of their issues at 18 millions, here was in the interest upon that sum, a clear additional annual profit of 900,000l. To this were to be added, the different bonuses they had distributed, and an increase of 11 per cent. on their dividends from other causes. The public interest did not require that the Bank should receive interest upon exchequer bills, nor commercial credit require that the discounts of the Bank should have been in-: creased seven-fold since they ceased to pay in specie. Before the year 1797, it was a regulation of the Bank not to open any discount account with the London bankers. Since that period, this rule had been abandoned, and the consequence was, that most of the London bankers being the correspondents of bankers in the country, the paper of the latter became convertible at all times into paper of the bank of England. Country bankers had, accordingly, sprung up like mushrooms, and, as too many knew to their cost, had been as ephemeral in their duration. The operation of this unfortunate system had been to create a rage for mer- cantile speculation, and to raise the price of all commodities in this country. A right hon. gentleman, whom he was glad now to see on the Treasury-bench (Mr. Huskisson), had calculated the rise of prices to be 15 per cent., and had stated it to have been, at the time of this calculation, still increasing. This, then, was a heavier tax than that upon property. The latter produced 14 millions; the former cost the country 20 millions, and he feared was likely to do so to the end of time. We appeared to him to be in a constant state of vacillation between the buoyancy of our exports, and the depression of our domestic currency. If a person were to go to Paris, and carry with him, as he probably would, a few light guineas, he might procure for each 26 livers 2 sous, which would be an exchange in his favour. Let him buy a bill with his Bank notes, and he would get but 22 livers for his pound, an exchange considerably against him. Such was the difference between London and Paris in the real and the nominal exchange, or between French and English gold on the one hand, and French gold and English paper on the other. The hon. member lamented the minister's dependence upon the Bank; which dependence could not be denied, for according to the words of the wisest man, "the borrower is always the slave of the lender." This dependence he also deprecated the more, because he conceived it seriously prejudicial to the public service. He would vote for the appointment of the committee, in order to ascertain the conditions upon which the Bank directors were willing to resume their payments in cash, as well as upon what grounds the present measure was thought necessary. An explanation of these points was required to satisfy the public.

began by observing, that a sort of understanding appeared to prevail between the Chancellor of the Exchequer and his right hon. friend near him (Mr. Huskisson), that the one should not say a word about the state of our currency, and that the other should not touch upon the sinking fund. Upon that understanding, however, he should not dwell, but advert to the question before the House. His motive for supporting an inquiry was, he declared, with a view to ascertain the state of things in which it was contemplated that the Bank was likely to resume payments in cash, or the grounds upon which the Chancellor of the Exchequer calcu- lated that such resumption would take place at the period mentioned in the Bill before the House. If the Bank were likely to resume its cash payments, even at the period alluded to, namely, in July 1816, he was ready to state that he, for one, should rest satisfied. But he could not entertain such a hope: he felt convinced, that he should never live to see that event; on the contrary, he fully believed, that as long as the Chancellor of the Exchequer and the Bank could contrive to agree, the restriction was likely to continue. The House, then, he thought, was bound to inquire into the subject, in order to ascertain how the affairs of the Bank stood, and when the public could look for the gratification of their wishes, in the restoration of a sound currency for the payment of their just claims. The Bank directors always stated that they were desirous to resume their cash payments—that they were anxious, truly, for the removal of the restriction; but yet he must say, that he never saw a body of men so patient under restriction as those hon. gentlemen appeared to be, [a laugh!]; for they uniformly opposed every proposition of inquiry, and every measure taken in order to remove that restriction. Such opposition, then, seemed to cast some suspicion upon the sincerity of these gentlemen. The right hon. gentleman reviewed the history of the Bank since the commencement of the restriction in 1797, and thence concluded that the Bank directors were not willing to resume cash payments,. because the restriction was found more conducive to their interests. But from the present system of our finances, and the connation between the Bank and the Treasury, he thought it impossible for the Bank to make its cash payments for a very considerable period, especially after the declaration of the Chancellor of the Exchequer, that it would require four years to wind up our expenses; for the advances of the Bank to Government in the purchase of Exchequer-bills, &c. with the usual. Leger domain, would be demanded, at least for that period. Of the details of these transactions the House had received an ample and able detail from an hon. gentleman (Mr. F. Lewis); and from these details it was evident, that twill intents and purposes, the Bank had become the master of the minister. This assertion he defied any man to deny; and it imperiously called for the interposition of parliament; because such a state of things was incon- sistent with the public interest, and furnished the strongest reason for restoring our currency to its natural state. Of this he was the more persuaded, because he had no doubt that the facility with which the minister could obtain advances from the Bank, served to encourage a much greater degree of expense than would otherwise take place. Indeed, if it were not for such advances, he was convinced that the minister would be obliged to resort to that House with such a frightful picture of our finances as the country had never witnessed, and such as he believed very few imagined to exist. But such advances would not have been made, if they were not attended with profit to the lenders; and he apprehended that the worthy directors would, upon inquiry, be found to derive a degree of profit from these transactions that was materially injurious to the public service. He was therefore anxious for inquiry, in the hope of preventing the continuance of such an evil, and also with a view to ascertain the state of the Bank, which had never yet been made known; for it was notorious, that upon the inquiry which took place seventeen years ago, the proportion of cash possessed by the Bank, compared to the notes it had in circulation, was never ascertained. The grounds upon which the restriction was enacted were well known; but the point which he had stated was totally unknown, not only at the time that the restriction was enacted, but even at this day. The House had, in fact, no notion of the circumstances under which that great public, and universally admitted evil, the restriction, would be removed. In 1811 it was proposed to remove the restriction in two years, but that proposition was negative. It was not, however, too much to expect that the Bank should transact business as it would have done had no restriction taken place; but even this reasonable requisition was resisted, especially by the Bank directors, who truly professed so much desire to be relieved from the restriction. It appeared to him the paramount duty of the House to ask the reason of such conduct, and to institute an inquiry, with a view to regulate the future conduct of the Bank, if it were not found expedient to remove the restriction. He had said, that the Bank was the master of the minister, and its partialities were notorious; for although the directors refused to lord Henry Petty an advance of three millions without interest, they readily complied with a similar request from his successor, thus evincing their disposition towards a certain set of ministers. But the fact was that these directors were become so powerful under the existing system, that they were enabled to overturn any ministers whom the Regent might appoint, and towards whom they felt hostility. The existence of such an extraordinary power he conceived dangerous to the constitution, and therefore he deprecated its existence. The right hon. gentleman concluded with forcibly exhorting the House to appoint a committee, in order to consider the means of putting an end to such an unnatural state of things.

declared his adherence to the opinions which he had expressed on a former occasion, with regard to the theory of money, and the depreciation of our currency: but as to the practical question before the House, it appeared to be simply this, Whether the restriction should be continued for fifteen months? which he could not by any means deem an unreasonable proposition. It would be recollected, that in 1811 it was not thought practicable to put an end to the restriction within less than two years, and he could not therefore consider the present measure as improper, especially after a fair view of the state of the country, and after the declaration which the House had heard from his right hon. friend, the Chancellor of the Exchequer. When a responsible minister of the Crown stated his sanguine expectation, that within the period mentioned in the Bill it would not be inconvenient for the Bank to resume its cash payments, he could not help thinking that statement entitled to attention, and that it served to render the proposed committee unnecessary. Indeed, he should oppose such a committee, because he thought its appointment would serve to impede the object for which that statement encouraged us to hope. For himself, he declared, that bearing this statement in mind, and considering the improved prospects of the country, with the reduced price of bullion, he could not see why the restoration of our natural currency should not be looked for as an event likely to take place, much sooner than the right hon. gentleman who spoke last professed to contemplate. With regard to a vote which he had formerly given, in 1811, for the resumption of cash payments in two years, he would not disguise the satisfaction he now felt, that that vote was over-ruled by the House; because if it had not, it would have been impossible for this country to have made those great efforts which had happily produced such glorious results. Nor was there any inconsistency between his past and present conduct; for no human foresight could, by any possibility, have anticipated those results. Had the struggle been of longer continuance, greater and more serious difficulties must have followed, from protracting the restriction to an indefinite period, than he was willing to state. With regard to what had fallen from the right hon. gentleman who spoke last, in his attack upon the Bank, for acting in its dealings with Government from motives of partiality and preference, he considered him to have totally failed in making out his case. It had been argued by another hon. member, that upon any future war, they were to expect a renewal of the restrictions; but he, for one, should deprecate any such measure; for, in his opinion, nothing but such a war; and such a singular concurrence of circumstances as produced the restriction of 1797, could warrant the Bank in applying for, or the Government in consenting to, a renewal of that restriction. There was no safety for the public credit of the country, but in the resumption and continuance of cash payments. With regard to the motion for an inquiry, as no benefit could result from it, he should certainly oppose it.

, in rising to deliver his opinion upon the question, was anxious to guard himself from being considered as delivering the collective opinion of those who were in the direction of the Bank. What he had to offer would certainly be his own individual opinion, because he had not sat in the court of directors for the last twelve months; and if he had, it was not likely that he, or any other person, would be deputed to convey their collective sentiments. He was anxious, however, to defend the Bank from some charges which had been trade against it; and first, as to the charge of partiality in its transactions with Government. The Bank certainly had, under peculiar circumstances, declined advancing the loan to lord Henry Petty, which, under other circumstances, they had advanced to his successor; but in so doing it had acted upon the principle of a fair defence of its own interests, and from no motives of political partiality. Neither was it the fact, as had been stated, that the Bank was anxious to enlarge its discounts, and invited bankers to become discounters. On the contrary, the general practice of the Batik, instead of inviting, was to ward off too much facility in discounting. Then, as to the general charge, that the Bank looked exclusively to its own interests:—It was certainly the duty of the directors to watch over the interests of the proprietors; but he, for one, and he believed he could say as much for his brethren in the direction, would never act with a total disregard of the public interests, as necessarily affected by the state of the currency. In fact, those who conducted the affairs of the Bank would essentially injure their own interests if they acted otherwise. The right hon. gentleman who spoke last had expressed his confidence, that his right hon. friend the Chancellor of the Exchequer, in fixing a definite period when the cash payments would be resumed, had determined upon that period from some communication with the governor or directors of the Bank. He (Mr. Baring) certainly could not know what communication might have passed between the Chancellor of the Exchequer and the Bank; but he was quite sure there was no information which a director, merely as a director, could give, which might not be obtained from many other individuals. If he, for example, were asked by the right hon. gentleman, at what period it was probable cash payments might be resumed, he should certainly, like a Quaker, answer the question by another question, and inquire in return what foreign payments the right hon. gentleman had yet to make, or engagements to fulfill Upon the matter itself, he much doubted whether the right hon. gentleman had any authority from the Bank in what he had stated, [Hear, hear!] though certainly he was not aware that he had not. A right hon. friend of his (Mr. Tierney) had expressed a wish to hear the opinions of some of the Bank directors; and he assuredly had no objection to state his own, guarding himself as before, that in what he said he delivered only his own opinion. He firmly believed that there was no more chance of resuming the cash payments in July twelvemonth, than there was of resuming them to-morrow. [Hear, hear!] He would briefly state the grounds of that opinion. The Chancellor of the Exchequer had argued, from the vast foreign expenditure which this country had sustained, that there was a great capacity for it, which when that expenditure ceased, would be applicable to the resumption of cash payments The theory was certainly plausible; but the right hon. gentleman seemed to forget, that when the country possessed that capacity, it also possessed the monopoly of nearly all the trade of the world; whereas now every country was carrying on its own trade. It always appeared to him, that the great effort for restoring the currency should be made immediately after peace, when our warehouses were full and the Continent quite hare of merchandize. His great doubt, however, of being able to restore a sound currency, arose from the artificial state in which we were, and the impossibility of going on without an artificial currency to meet that state. If the high prices and high taxes continued, those high prices and high taxes could never be paid in guineas, but must be paid in paper. The only evil of Bank notes, in his opinion, had been their gradual extension from year to year. At the time of the Restriction they were not more than eight millions, afterwards they got to eleven millions; and the general average now existing was between 25 and 27 millions. As long as there was any thing artificial in the country, there must be an artificial currency to compete with it. He was convinced that the right hon. gentleman would be unable to manage his affairs, from the moment the Bank drew in their issues, in order to make up these cash-payments: this would pull a string that would affect every country bank in the kingdom, by necessarily calling on them to take up their notes; and general stagnation and ruin would be the immediate consequence. He should vote against the motion, from the conviction that any inquiry of the nature proposed, would only still further impede the object that was desired, by leading to injurious exposure. Yet he would do every thing in his power to promote return to cash-payments; being convinced that there could be no permanent security for this country till its circulating medium was restored to its original state. He could assure the House, that it had ever been the wish of the Bank to do their duty to the country.

was sorry he did not see the hon. gentleman who presided over the concerns of the Bank, in his place at that moment, as he never looked with more anxiety for any man's opinion upon a subject, than he did for his opinion on that now before the House, as he conceived that he must be better informed upon it than any other person. He wished to know how it had happened, that since our expenditure abroad had in a great degree ceased, gold, which, during the remission of money to the continent, had fallen to 4l. 5s. had risen to 4l. 9s. It was in vain to say, that the Bank directors did not make money by their advances and issues: it was not only their object, but their duty: they were the trustees of the corporation, and they must do all they could to increase the profits of the concern. It had been said, that to institute the proposed inquiry would have the effect of snaking it known, that the Bank Company wanted to buy gold, and the consequence would be, that every one who had it to sell would raise his price. He was of opinion that in this respect the inquiry could make no difference, as five pounds worth of gold could not at present be purchased for the Bank without its being known who was the purchaser. Though the Chancellor of the Exchequer had said he thought cash-payments might be resumed on the 5th of July next year, one of the Bank directors had given it as his opinion that this could not be done in less than five years. To which of these statements ought the House to pay most attention? He, as every man who heard him must do, wished to see the Bank flourish, and was actuated by no hostility against the company; but still he could never bring himself to say that he thought they were not interested in the continuance of the present fictitious currency. The opinions of the Chancellor of the Exchequer and a Bank director, which had been expressed in that debate, were, as he had shown, in direct opposition to each other: he hoped the House would put itself in a situation to form an opinion of its own. Feeling, as he did, that the financial and commercial state of the country would never be healthy until the return of a legitimate metallic currency, he must support the motion of his noble friend; the tendency of which, he trusted, would be to incite the Bank to every possible exertion for the acceleration of that desirable object.

supported the motion; contending, that the sanguine hope expressed by the Chancellor of the Exchequer, was an insufficient reason for refusing to refer the subject to a committee.

also supported the motion. He contended, that the silence of the governor of the Bank afforded ample proof that he did not coincide in the opinion of the Chancellor of the Exchequer, as to the probability of a speedy resumption of payments in specie. In his opinion, all the governments which had succeeded each other in this country had neglected their duty in not imposing a restriction on the profits of the Bank of England. Those profits had been immense, in consequence of the restriction, and it was impossible not to believe that the long continuance of the restriction was in some measure attributable to the advantages derived from it. He recollected that on the morning when the payments in cash had ceased at the Bank, he called on Mr. Fox, to acquaint him with the circumstance. Mr. Fox was already apprised of it. "There is one comfort, however," said he (Mr Smith), "it cannot last long." "Not last long!" replied Mr. Fox, "I do not know what you may do; but I shall never live to see the Bank pay in money again." That great man's prophecy had been fulfilled in his case, and he feared it might with truth have been extended to his own. It appeared to him, that without a committee to investigate the subject, and lay down some principles on which the House might hereafter act, the object which they had in view could never be accomplished, and he should therefore vote for the motion.

contended, that although the Bank had benefited by the restriction, they had materially benefited the country in return; and had enabled it to wade through its difficulties, at a period of great danger and distress. What was called an artificial currency had become so much a part of our financial and commercial constitution that it was impossible to think of putting a sudden stop to it. The change, to be unattended with mischief, must be one of a gradual nature.

begged the indulgence of the House for a few minutes. He denied that the restriction on the Bank had been imposed as the means of giving energy to the country. No ministry could ever be as mad or presumptuous as to propose it on such a ground. It took place under circumstances which it was to be hoped would never recur. Between the period at which it occurred and the present there was certainly a glorious contrast. At the former, revolutionary France threatened to overwhelm the world, our allies had been subdued, our finances were in a state the most precarious. Now, we had seen our allies victorious, we had seen the French revolution terminated, and a truly free and happy constitution established in France; we had seen a peace concluded which he trusted would prove as permanent as profound. He justified the silence of his hon. friend the governor of the Bank, and expressed a hope that the predictions which had been hazarded that night would not be fulfilled; a hope founded on the recollection of those by which they had been preceded. The fears expressed on account of the high price of labour, and the assertion that the ruin of our manufactures must follow, were bugbears which had been used to frighten the people of this country, not merely from year to year, but from generation to generation. To be satisfied of this, gentlemen need only refer to what had been written on this subject at the beginning of the last century, and they would find these topics had been quite as eloquently pressed on the consideration of the public then, as they were now in our day. Referring to the apprehension expressed by an hon. gentleman, that he should not see the Bank resume its payments in cash, he stated it to be his hope, that he would live many years after the restriction had ceased; and he did not hesitate to repeat it as his sanguine belief, that that event would take place at the period which he proposed to name in the committee, when the present motion was disposed of.

said, he intended to vote for the motion; and if the inquiry proposed were not granted, when the Bill came into the committee, he would move to add to the clause for limiting the Bank restrictions to July, 1816, the words which were used with respect to the property tax," and no longer."

replied at some length, after which strangers were ordered to withdraw, and the gallery was cleared.

, whilst in the lobby, addressed the members who had gone forth. He requested them not to retire when the division was over, as Mr. Grenfell proposed to add as an amendment to the clause limiting the Bank restriction to July, 1816, the words "and no longer." These words were well thought of, and when these were pressed on the House, it would be seen what confidence the Chan- cellor of the Exchequer had in the opinion he had expressed:

The numbers on the division were—

Sir R. Ferguson, Mr. C. Wynn, and Mr. Ramsden, were shut out.

objected to the amendment, upon the ground that it would seem to limit the discretion of the House.

inferred, and was sure the House would infer, from the silence of the governor of the Bank of England, that he looked to the event of the resumption of cash payments with any thing but hope and satisfaction.

thought the words of the amendment would show that they were more in earnest than was usual on such subjects. If a case could be made out to justify the adoption of the measure afterwards, it would be competent to the right hon. gentleman to move it.

called upon the House to notice the coincidence, in the silence of the governor of the Bank, and the refusal of the Chancellor of the Exchequer to agree to the introduction of the words proposed as an amendment. This would give them a proper idea of the confidence the right hon. gentleman put in the opinion he had expressed.

did not think that payments could then be resumed with any safety; and that the insertion of these words might have the effect of inducing some conscientious persons to make greater exertions than would otherwise be consistent with their duty.

The House divided—

The Bill then passed through the committee.