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the Prince Regent was delivered to both houses of parliament, the purport of which was, that his Royal Highness, having taken into consideration the present defective state and inadequate amount of the silver coinage, had given the necessary directions for providing a new and extensive issue of silver coins; and that he relies on the assistance of parliament, in enabling him to carry these directions into effect, and upon their co-operation in any further requisite measures.

This message having in the House of Lords been referred, on the 30th, to a committee of the whole House, the Earl of Liverpool rose, to propose an address in answer; previously to which, he said, it might not be improper to state the general outline of the measures which government had in contemplation on the subject. After alluding to the elaborate work of his father on the coinage, he remarked, that it was impossible for him to state his views as to the silver coinage, without saying something on the gold coin; and he laid down as the foundation of the measures in contemplation, that gold was, in fact, the standard or measure of property in this country. This being the case, it was intended to leave the gold coin in its present state; and it was a happiness, that we had now arrived at a period, when gold might be again allowed to operate as a measure of value on the old principle. With respect to silver, it was only necessary to take care, that there should be enough of it for the purposes of change, and should not be liable to be melted

down. They were therefore to consider, 1. what was the present actual price of silver; 2. what it was likely to be; 3. at what price it should be taken in the new coinage. The present price was 5s. 1d. per ounce; at the rate of 62 shillings for the pound of silver, as calculated upon in 1773, the price would be 5s. 2d.; so that it was now below the mint price, and therefore might be coined on the old principle. But as the market price might rise, it would be proper to prevent the melting down of the coin, by rendering it an operation of no profit, which would be effected by fixing upon the coin a small seignorage, or raising its value above bullion. This security he thought would be obtained, by raising its coined value to 5s. 9d.; in which case the difference between the mint price of 62 shillings for the pound, and 68 or 70 shillings, would pay for the re-coinage. The Earl then came to the discussion of the most important part of the present measure, which was, the arrangements to be adopted in calling in the deteriorated silver coin, and substituting the new. This process should be simultaneous; for if the base silver should be suffered to circulate with the good, the latter would disappear, since the temptation of melting it down, to be converted into the counterfeit, would be irresistible. Hc thought that 2,500,000l. of new coinage would be sufficient to supply the place of the shillings and sixpences called in, or driven from circulation, which, from the improved machinery of the mint, might be prepared in six or seven

months.

months. With regard to the indemnity to be granted to the holders of the old coin, he was disposed to adopt the most liberal principles; and he would propose, that all the silver which could be considered as legal tender, by having the proper marks, should be received, when called in, at the current value. Mere counterfeits could not be received for more than their value, as determined by weight and fineness. He concluded, by moving an address to the Prince Regent, thanking him for his message, and assuring him of the desire of the House, to concur in its objects.

The Earl of Lauderdale declared his dissent from the doctrines maintained by the noble earl, and reasoned against the principle, that gold was the best standard for the coin of the kingdom. He stated the great expense which would accrue to the public, by calling in the current silver and issuing a new silver coinage; and expressed his apprehension, that the fluctuations in the price of silver would occasion the new coin to be melted down. On these grounds he proposed an amendment to the address, consisting of a detail of objections to the plan of a new coinage, and an humble request, that it might be suspended.

The amendment was negatived, and the original address was agreed to without a division.

In the House of Commons, the subject of the Prince Regent's message was taken into consideration on May 30th.

Mr. Wellesley Pole (master of the mint) rose to explain the grounds on which a new coinage

of silver had been directed, and the principles upon which it was proposed to carry this measure into effect. In his speech, he entered more minutely into the subject than was done by the minister in the upper house, particularly with respect to the question, whether gold or silver was the fittest metal for a standard of coin. With regard to the mode of withdrawing the old, and substituting the new coin, he said he should propose, that no alteration should take place in the coin, till two millions and a half of the new coin should be ready to issue from the Mint; but while it was in progress, proper steps would be taken to lodge it for circulation. When all was prepared, a proclamation would be issued, calling upon all persons to bring in their old coin to be exchanged within a limited time, and he did not doubt, that the transfer might be

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effected within a very few days. When the new coin got into circulation, it would of course supersede the bank tokens, which would be brought to the Mint to be re-coined. It had at first been intended to send half a million of the new coin to Ireland, but upon consideration, this plan had been abandoned. that country, the bank tokens in circulation were coined by government, and by act of parliament had been made a legal tender till the expiration of the Bank restriction, when they were to be received by the tellers of the Exchequer, and coins of the realm exchanged. The right hon. gentleman concluded, by moving the following resolutions :

"That it is expedient, that all

silver coin, plate, or bullion, of silver, in mass, molten, or alloyed, or any manufacture of silver, be permitted to be brought to the Mint, in pursuance to any proclamation, to be issued by his Majesty, and melted and coined into current silver coin of this kingdom, of a standard, in fineness, of eleven ounces two penny weights of fine silver, and eighteen penny weights of alloy, in the pound troy, and in weight, after the rate of sixty-six shillings, to every pound troy; and that there be delivered a sum in silver coins, after the rate of sixty-two shillings of the standard fineness and weight aforesaid, for every pound of silver so bought; and that, for the defalcation or diminution, and for the charge for assaying coinage, and waste in coinage, there be retained at the Mint, the sum of four shillings for every pound troy of such silver, which shall be brought as aforesaid.

"That it is expedient, that the silver coin of the realm, heretoforé coined and now current, be permitted to be brought to the Mint, and exchanged for new silver coin, according to the denomination for which such old

silver coin shall have heretofore passed.

"That provision be made for defraying the loss arising from the deficiency and re-coinage of the silver coin of the realm, and also the charges and expenses of melting down, casting, and assaying, and re-coining the same, and all other expenses incident thereto.

"That it is expedient, that provision be made for regulating the currency of the gold and silver coins of this realm."

After some observations from different members, the resolutions were agreed to.

The silver coinage bill was brought in, and read a second time in the House of Commons on June 7th. It is not necessary to enter into the debate on this occasion, as it appears to have passed the House without opposition.

The Earl of Lauderdale moved in the House of Lords for a committee on the state of the currency, which was negatived.

The coinage bill being read a third time on June 21st, the noble lord entered a long protest against it.

VOL. LVIII.

[F]

CHAPTER

THE

CHAPTER VI.

The Budget.

HE House of Coinmons having on May 27th, resolved itself into a committee of Ways and Means, the Chancellor of the Exchequer said, that in rising to submit to the committee the general provisions which he had thought it necessary to make for the service of the year, he found it impossible to disguise the fact, that the proposition with which he should conclude, grew out of the circumstance of the House having judged it wise to take a course different from that which he had thought it his duty to recommend. The nature of the arrangements for the service of the year were necessarily much altered by the rejection of the property tax; but whatever pain he might feel that the House had determined against that line of conduct which in his opinion would have been most beneficial to the country, it was nevertheless his duty to bow to their decision, and to submit to them the ways and means which remained, for meeting the supplies necessarily demanded for the service of the year. He should do this with the most sincere desire that the result might be such as to leave the House nothing to regret. He should explain the reasons which had influenced him in making those arrangements, which, under existing circum

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stances, he thought most advisable, and furnish that general view of the subject, which, indeed, without a dereliction of his duty he could not omit, and which, from the situation be had the honour to hold, he might, perhaps, be thought more competent to supply than any other person. In doing this, he had the satisfaction to know, that the statement he should have to submit to the committee would be upon the whole consolatory, as he should not be under the necessity of presenting to them any discouraging view of the state of public credit, and as the country was amply possessed of the means of meeting that expenditure which the public service demanded.

Before he proceeded to take a general view of the supplies and ways and means of the year, it would be proper for him to call the attention of the committee to the more immediate object of the resolutions which he should have the honour to submit to them, which arose out of a proposition communicated to him in a letter which he had received from the Bank of England, and which had been laid before the House. For the course pursued in this instance two precedents had occurred within no great distance of time from each other. One was the proposition made by the

Baub,

Bank, June 13, 1781, concerning the renewal of their charter, which had been referred to a committee of ways and means; and the other was a communication, dated Feb. 19, 1800, respecting the advance of a sum for the public service, connected with a similar proposition for the extension of the charter for a further term of years, which had been disposed of in a similar way. The first resolution which he should have to move was, that the committee should approve and accept the proposition of the bank of England, for granting an advance of 3,000,000l. at three per cent. interest, accompanied with a condition, that the corporation should be permitted to extend their capital by an addition of one-fourth, or 25 per cent., with a further proposition that their promissory notes should continue to be received in all payments made on account of the public revenue. The permission which it was in contemplation to grant them, allowing them to augment their capital, which was at present fixed at about eleven millions and a half, to between 14 and 15,000,000l., was, in truth, only allowing them to divide something less than 3,000,0001. of their own money among their proprietors, on condition that they should advance the sum of 3,000,000l. for the public service, at an interest of three per cent. This was an advantage of considerable importance to the public. When it was necessary that money should be borrowed for the nation, it was not to be doubted that it was no inconsiderable benefit to be enabled to obtain so

large a sum as 3,000,000l. paying only three per cent. interest. It was only necessary to consider whether this proposition was accompanied with any condition that could be viewed as objectionable. The principal subject for consideration was the proposed augmentation of the capital. To him, this appeared not only free from objection, but that which was in itself very desirable. Since the capital of the Bank was fixed at eleven millions and a half, a great increase of bank paper had taken place; it was therefore proper that their capital should be increased, to give the holders of their notes additional security. Such an augmentation of their capital as they now of themselves proposed, he was of opinion, if not necessary, was at least as desirable for the public as for the Bank. If this was, as he considered it to be, advantageous for the public, he did not see that any objection could be made to the mode in which the Bank proposed to employ that sum. If the corporation had (as it had been said they had) a large sum of undivided profits in their hands, he did not know that they could do better than divide it among their proprictors on equitable terms, and add it to their capital.

The second condition which accompanied their proposition, was, that the Bank promissory notes should continue to be received in payment at the Exchequer. It was well known that for many years their notes had been received in payment, and he doubted not they would have continued to be so taken, if this arrange[F 2]

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