had the same relative internal value. He had only adduced a particular instance, supposing also the particular period of his former opinions. He would here beg to refer the House to the condition of the country at the time of passing the Bank restriction act. Where would it have been, had that act not been passed? Did the House believe that the operations of the state could have been carried on without its assistance? or without taxes? or that the country could have been support ed without loans? What, then, would they have done had the Bank been obliged to contract its issues, to keep up a metallic currency, which at the same time that it cramped those issues, would have drained its treasures to preserve? He begged therefore that the House would not allow any thing like calumny to pursue a body of men who had done so much. If they were said to have misconducted themselves, why the House must own that they must have considered themselves charged with a higher duty than that of regulating their mere banking business [Hear!]. The House was bound to imagine that the good they had done was not done upon narrow views of mere commercial advantage, as to a banking concern. It was, on the contrary, highly commendable to that body, that they had never suffered such contracted views of profit to interfere with their great and honourable and zealous services to the country; that they had never permitted motives of such an interested description to hinder them from affording that prompt and vigorous relief, which, had it not come from them, he could assure the right hon. member, he was himself utterly ignorant whence it could have proceeded. Here then, he would also assure the right hon. gentle man, and the House, that he would never shrink from any principles that he ever held before on the subject.-He would now state the grounds, very shortly, which induced him to think the proposed measure the best calculated of any yet submitted to parliament, for effecting the purposes contemplated by the legislature. Looking to the evidence which had been submitted to the committee, it was impossible to disguise from themselves the impossibility of returning to a metallic currency without causing some pressure to the country. Adverting to what had been submitted as the resolutions of the committee, he could only say that he was disposed to concur in whatever suggestion might be offered, that at all tended to the attainment of so very desirable an object as the resumption of cash payments; and to push any measure of that description as far as might be consistent with our prosperity. If any change of circumstances could now be operated, that should assimilate with the former condi. tion of things as regarded the state of the currency, undoubtedly such a change would be infinitely more satisfactory than any thing else. It was the wish of government to have postponed the agitation of the present question for some time longer, thinking that very many causes were at present in operation throughout continental Europe which greatly affected the resumption of cash payments, almost indeed to prevention. These circumstances, combined with foreign loans, the large sums of money taken by them out of the country, and the extensive investments of capital in foreign funds, they considered, might have so operated with parliament as to have locked up this question until another session, when it would have been less difficult to deal with it than at present but they were diverted from that circumstance by the determination of parliament itself, and the public anxiety; and surely the House would go along with him, in saying, that this was a subject which, once entered upon, could not be left unsettled. As to the committee, the question was not left open to their discretion, whether the Bank could return to payments in specie or not. The only question for their investigation was, how that mea sure could be effected in the shortest space of time, and with the least possible injury to the community? Government, therefore, satisfied itself that by adopting, on the part of the Bank, the measure of bullion payments, it greatly accelerated the return to cash payments. So that, with relation to the opinions of the hon. gentlemen on the other side, and of the Bank, as far as regarded the principle of the ultimate resumption of such pay. ments in cash by the Bank, at the expiration of four years, and of the previous repayment of a portion of its advances to government, there was no difference, or very little, between them. The difference was upon the previous or intermediate deliveries of bullion. Really, he thought the Bank took a very wrong view of the subject, and one by no means warranted or reasonable. With respect to its own interests, this plan was one of for cause. the utmost advantage; and if adopted, I ment. There was no reason for dealing would remove from its mind every speculatively with contingent evils; and doubt if the exigencies of the coun- were some unforeseen calamity to fall try called for paper, however, he should upon us, or a bad harvest to cause large have no objection to meet their wishes, importations of foreign corn, it would supposing them excited by an unfavour- be early enough to provide for such able harvest, or some other unlooked-difficulties when they occurred. By fixIt was incumbent on the ing the commencement of the new sysHouse to adopt some measure of the tem in the month of February, a time was present description, seeing that now the selected when, in all probability, parlia time for it was come. The Bank should ment would be sitting. It was admitted, remember, that although the Mint standard on the other hand, by all sides, that it of gold was 31. 17s. 10 d., no serious con- was most desirable to restore our currency sequences were likely to result to them in to its antient principles; and there was consequence of this plan, as they would certainly nothing in political appearances commence their issues under the protect- at present to warrant the supposition that ing price of 4. 1s. This was of much parliament would hereafter find it necesimportance, inasmuch as it would of ne- sary to abstain from carrying this measure cessity completely prevent any run upon into full effect. It was no small testimony their precious metals. With regard to the to the excellence of the plan under consisupposition that the repayment to the deration, that it had produced an union Bank was to be made at once, and that of sentiment, and had been approved of the whole amount was suddenly to be by the concurrent opinions of two comwithdrawn from circulation, it was a delu-mittees, formed of persons who differed sion which he was satisfied could not last above a few days. That repayment would be made gradually, and with reference to the convenience of the Bank, as well as the accommodation of the public. Nothing so wild and absurd as the idea of accomplishing this repayment per saltum, had ever been contemplated by the com. mittee, or could have entered into a rational mind. The Bank would be enabled to throw back by the medium of discounts, the paper thus restored to it, into general circulation, and could not by any possibility find itself crippled in paying gold bullion for its notes at the protecting price of 41. 1s. per ounce, which already exceeded the market price. It was not, however, called upon to issue gold till February next, and the protecting price at which it was to be issued would continue for a year and a half. The exchanges would, there was every reason to believe, improve in the mean time, independently of the operations of the Bank. But the truth undoubtedly was, that the Bank held the regulation of the market price of gold in its own hands; and as to any ground for future apprehension or alarm, he conceived that it would be more expe dient for parliament to deal with the danger when it arrived, than suffer the prospect of it to arrest the course of the present measure. If a later period than that of February next had been suggested, the public might have regarded the proceeding merely as a provisional arrange-true that he had been one of a deputation upon most other political questions. With the exception of the right hon. gentleman (Mr. Tierney) who differed with the com. mittee on one branch of the plan, and of an honourable director, there had been an unanimity of opinion; and in the secret committee of the other House on the same subject, there had been but one exception to a similar unanimity. To this he might add, that of four Bank directors examined by the committee, three had approved of the principle of the measure. The whole alarm which had prevailed had arisen from a false and inaccurate notion of the mode in which the details of the arrangement were to be effected. That alarm, however, would, he was convinced, immediately subside, and be quite at an end, when the financial measures which his majesty's ministers had it in contemplation to propose for the service of the year should be submitted to parliament. The capital of the country, he confidently believed, would soon be brought into full activity, and we should safely, and by almost imperceptible steps, return to our ancient system of circulation. Mr. Ellice hoped, that the House would indulge him with a hearing for a few minutes, whilst he endeavoured, in justice to his own character, to set himself right with regard to an allusion which had been made to him by the right hon. the chancellor of the exchequer. It was rose and said, that in consequence of the disgraceful state of the House he should move an adjournment. Mr. Canning said, he did not rise to obtrude on the committee his sentiments on this subject, as they were already known: he was not anxious to state the reasons which induced him to vote for this measure, or to scrutinize the reasons which actuated others; but he rose to conjure the committee, if they valued the effect which their decision on this subject would have on the country, to give a pa. tient hearing to every gentleman who wished to state his opinions on the plan proposed, more especially to those who dissented from the resolutions. One effect of their unanimity that night would be lost, if any grounds were given for supposing that it had been obtained either by members suppressing their own opinions, or what was worse, by clamouring down the opinions of others [Loud cheers.] of four who had waited on the first lord | of the Treasury to deprecate an early return to cash payments. His own objection, however, was simply to any large repayment to the Bank during a state of alarm, conceiving that the worst way of curing one extreme was to rush into the other. He had deprecated the sudden repayment of the advances at a critical moment, though he wished those advances had not been made. His amendment was consistent with this view of the subject. In his amendment, he had not contradicted any of the principles of the original resolution. His object was to guard, in the first place, against that mischief, the sudden reduction of the currency by means of the repayments of the Bank advances, which he had feared last year; and in the next place, to make the Bank and the government independent of each other, that they might not hereafter, as they had done heretofore, shift from one to the other the responsibility of the failure of those measures which parliament had entrusted to them for the restoration of a sound currency. He wished also to avoid the necessity of admitting, by a legislative measure, the depreciation of the currency. As to his resolution forbidding the Bank to make advances to the government, his hon. friend (Mr. Ricardo) had said, that the Bank should not be restrained from the employment of their capital as they pleased. In this he perfectly agreed; but he would say, let them first satisfy their debts. Let them pay their notes in cash on demand. As the committee, however, seemed so nearly agreed in opinion, he was unwilling to disturb their unanimity by pressing his amendment. It was of such importance that the principles should be agreed to, that he would wave his objections in detail. He was only sorry that the noble lord had held out the possibility that the question might be again brought into discussion next session. He hoped when once settled it would never be re considered. Mr. Ellice then with the leave of the House withdrew his amendment.-Lord Milton attempted to address the House, but the confusion was so great, and the calls of" question" so loud and reiterated, that in a few moments he sat down. Mr. Marryat, and several other members, of fered themselves to the committee; but the clamour was so great, that it was impossible to hear what was said. In the midst of this confusion, Mr. W. Smith Mr. Irving shortly addressed the committee. He objected to the repayment of the ten millions to the Bank, as likely to be attended with inconvenience. He also objected to the 4th and 5th resolutions. Mr. T. Wilson expressed an opinion different from that of the report of the committee, with regard to the degree of confidence which ought to be reposed in the Bank; for it ought, in his judgment, to be left to the discretion of the Bank to decide at what period the resumption of cash payments should commence, and thus a sufficient opportunity would be af forded to the directors of that corporation to prepare for such resumption. This course of proceeding was, in his view, the more expedient, considering the circumstances in which the Bank was placed; those circumstances being materially dif ferent from any period heretofore, when this question was brought under the consideration of parliament. With regard to preparations for the resumption of cash payments, he was decidedly of opinion, that instead of purchasing bullion, the provision of that article should rather be left to the natural operations of trade. On his part, he had no hesitation in declaring, that the Bank was as fully competent, as well as willing, to resume cash payments, if left to the exercise of its own discretion, as the country was to surmount all its difficulties, if its intrinsic energies were duly excited and judiciously directed. Mr. Peel rose to reply. He said he was not desirous to trouble the House with any unnecessary speeches, and was too anxious to carry the resolutions, to trespass upon the indulgence of the House usually granted to persons in his situation. On one or two points he had been misunderstood; but he did not think the misconception of sufficient importance to waste the time of the House in explanation. He congratulated the committee that they were now about to attain the object which they had in contemplation, and that they were at last in sight of the goal from which they had started two and twenty years ago. He sincerely hoped, that the difficulties which some had anticipated would not prove so great as their apprehensions had represented them, and he trusted that parliament would derive from their recent experience this salutary lesson-not to resort again to any variable substitute for the ancient standard of the country. Having said thus much, he had only to add a proposition calculated to render the seventh resolution correspondent with the fourth. The amendment was merely verbal, but it was necessary because it would appear from the present wording of the seventh resolution, that it was left to the discretion of the Bank to pay in gold at more than 31. 19s. 6d., provided it did not exceed 47. 1s., within the interval between the 1st of Oc tober 1820 and the 1st of May 1821. To obviate this error, therefore, he proposed, that the Bank should be called upon to pay in that interval at the rate of 31. 19s. 6d., or at some sum between that and 3. 178. 10 d. Here the call for question! question! became loud and universal, but Mr. Cripps calling for a division, which the House and almost every one had lost sight for two and twenty years, and of the revival of which he had some. times been almost induced himself to despair. Since, however, it was now resolved, by some of those who had dissented from the argument adduced in favour of this principle, to proceed to a division, and defeat that unanimity, which had so happily prevailed in the other House upon this subject, and which was so essentially necessary in his mind to the restoration of perfect confidence on the part of the public, he should claim the indulgent attention of the House to the arguments which had prevailed with him as a member of the committee, to adopt the principle of the recurrence to the ancient standard. Here a loud cry of "withdraw the opposition!" interrupted the right hon. gen tleman for some time, and we observed Mr. Cripps on his legs addressing the House. Mr. Canning continued. If he were then to understand that the opposition made by the hon. member was withdrawn, he would give one of the most satisfactory proofs of his sincerity in wishing for the adoption of the principle, by not attempting to occupy the time of the House any longer. Mr. Cripps agreed to withdraw his opposition; and Mr. Manning also concurred in this proceeding, reserving to himself, however, the right of stating his objections to the proposed measures on a future occasion. Mr. Canning said, that undoubtedly the acquiescence on this occasion of his hon. friend who spoke last, would not preclude Mr. Canning appealed to the House to him from expressing his dissent from any corroborate him in the statement, that of the details of the bill which would be throughout the examination of this ques- brought forward, founded upon the resotion he had never manifested a wish to lutions of the committee. But he would obtrude his observations on the House. take the assent of his hon. friend and But he hoped it was not now a question others in this instance, as nothing less than whether the House were to acknowledge an acquiescence in the unanimous deterthe principle of a necessity for the country mination of parliament, that the country to return as soon as possible to cash pay- should return, as speedily as possible, to ments by an undivided vote, which would the ancient standard of value in the estaof course produce more effect in tranquil-blishment of a metallic currency [loud lising men's minds than any reasoning, and universal cries of hear, hear !]. however satisfactory, or any majority, The resolutions were agreed to without however triumphant, on a division. An a dissentient voice; and were ordered to undivided vote upon the principle at least be reported to-morrow. was become, from recent events, more necessary than ever, to show the public that the House was in earnest in its attempts to restore the ancient standard, of HOUSE OF LORDS. ORDINATION FOR THE COLONIES.] without the previous consent of the bishop of the diocese. That permission would of course be produced here, before autho. rity could be obtained to assume the cure of souls in this country. Connected with this part of the bill, was a clause relative to converted Roman Catholics. At present persons of that religion who had received regular ordination, on acknowledging the errors of the church of Rome, were entitled to act as Protestant clergymen. It did not appear proper that the refuse of the church of Rome should be so readily admitted into the church of England. It was therefore proposed, that they should not be allowed to exercise spiritual functions, until they obtained the permission of the bishop of the diocese in which they might happen to reside. Thus the church of England would still be open to such persons, while security for their character and fitness would be given. Another object of the bill was, to provide that the bishops of Canada, Nova Scotia, and Calcutta, should not continue to ordain after leaving the sees to which they were appointed. Earl Bathurst rose to introduce a bill for regulating the ordination of persons designed to perform clerical duties in the colonies. The noble earl referred to the discussion on the subject which took place some time ago, when it appeared that considerable irregularity prevailed in the appointment of persons to discharge clerical functions in the colonies. It had been the practice for the bishop of London to ordain persons for the colonies, but that practice, though it had long existed, and was, from the necessity of the case, continued by the bishops on their own responsibility, was, according to the opinion of the crown lawyers, illegal. One of the disadvantages of this system was, that no means existed of compelling the persons so ordained to exercise their clerical functions in the colonies, while their residence or return to this country produced a superabundance of candidates for clerical duties. The wants of the colonies too, as to religious instruction, were, in consequence of this state of things, very imperfectly supplied. To remedy this evil, it was proposed by the bill to vest the power of the ordination for the colonies in the archbishops of Canterbury and York, and the bishop of London. Provisions were introduced to secure the object of the ordination, and to prevent persons who might be very proper for communicating religious instruction in the colonies, but less suited to that duty here, from availing themselves of the character they had acquired, to enter on the care of souls in this country. If residing in colonies where there was a bishop, it would be required of them, on their return, to produce a certificate from him, or from the governor of the colony, of their good conduct. Regard must also be had to ability, as well as character, for such a duty; and it was therefore proposed, that persons so returning should not be permitted to accept the cure of souls in this country, without the permission of the bishop of the diocese. By acts passed in the present reign, bishops duly consecrated were appointed to Canada, Nova Scotia, and Calcutta. These bishops possessed the power of ordination within their dioceses. It was, however, very improper to allow all the individuals ordained in the colonies, purely for domestic purposes, to come and officiate in this country. It was therefore provided, that no charge intrusted to such persons should be left with the view of leaving the settlement, (VOL. XL.) The Bill was read a first time. HOUSE OF COMMONS. Wednesday, May 26. PENRYN BRIBERY BILL-PETITION FROM CHORLEY.] Sir R. Wilson said, he had a petition to present from 500 inhabitants of the town of Chorley, in Lancashire, praying that the right of elective franchise, so grossly abused by the inhabitants of Penryn, might be transferred to them. He was of opinion, that their request was highly reasonable. Though the House had rejected his motion for transferring the franchise from Barnstaple to some of the unrepresented large towns, he should not relinquish that subject; nor till some such measure was taken to introduce a more equal representation of the people in that House, would he consent to the imposition of one shilling of additional taxes. Ordered to lie on the table. RESOLUTIONS RESPECTING THE RESUMPTION OF CASH PAYMENTS BY THE BANK OF ENGLAND.] Mr. Brogden brought up the report of the committee of the whole House, upon the Resolutions respecting the Resumption of Cash Payments, The said Resolutions were as follow: 1. That it is expedient to continue (3 F) |