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land was dependant on the Bank of Eng. sincere design to benefit the country. land. In the event of distress, they must Lord Clifden expressed his satisfaction come to England for relief, He would ask, that his Majesty's Ministers were not to could they do without the Bank of Eng- interfere with this subject during the preland? They could only obtain gold sent Session. Lord Limerick deprecated through the medium of the Bank in this the tenor of the speech of the Noble country. The question was then put and Lord (King) as uncalled for, and improper. agreed to.-Adjourned.
After a few farther remarks, the petition 20.--Several petitions were presented was read, and ordered to lie on the table. against any alteration in the banking
THE CURRENCY. system of Scotland,
The Marquis of Lansdowne was anx. Lord Calthorpe presented a petition for ious to call the attention of the House the abolition of slavery, from Tewkesbury to the subject of country notes being in Yorkshire, Clapham in Surrey, and made payable only in London. Ile was Bethnal in Staffordshire. The Army and desirous of a measure to prevent banks Marine Mutiny Bills were read a third from making notes payable in London time.-Adjourned.
only, and not in the town in which they 21.- The Bishop of Ferns moved for were issued. There were fifty-five banks copies of letters written by the Secretary who made their notes payable in London ; of the chartered schools in Ireland to the one of which was at so remote place as Commissioners of Inquiry. Lord King Aberdeen. He wished for the assistance said, various abuses existed in these of the Noble Earl on the subject. The schools, as appeared by the Commission. Earl of Liverpool said he would readily ers' report of 1815. Much cruelty was assist the Noble Marquis if he could, but said to be exercised in them, and great as the law now stood, he knew not how laxity of conduct practised throughout. to do so by a direct bill. With regard to The Bishop of Ferns, at considerable England, he could not see how the subject length, defended the chartered schools in could be effected. Ifa bill were brought Ireland from the charges imputed to in respecting Scotland and Ireland, he them. Lord King thought, as the Rev. should certainly move that a clause to Prelate was disposed to defend the system the purport wished for by the Noble which had been adopted, it would be bet. Marquis should be inserted. Several pcter to discuss the subject on a future day titions were presented against any alteraby a regular motion. The motion was tion in the banking system in Scotland, then agreed to. The Marquis of Lans, and their Lordships adjourned. downe moved for various returns connect. 22.- The following bills received the ed with the same subject, viz. the charter Royal assent by commission ; the Comschools in Ireland, and expressed a wish missioners were Lord Eldon, Earl of for farther inquiry into the subject. Shaftesbury, and Lord Melville. The THE CORN-LAWS.
Navy and Marine Mutiny Bill, the Scotch Lord King rose to present a petition Juries' Bill, the Road Advances' Bill, and from the Parish of St. Luke against the several private bills. Lord Melville gave corn-laws. He had been accused of hand. notice that he would to-morrow move for ling this subject very roughly—that he leave to bring in a bill to make perpetual had used various aliases in describing the an act of last Session relative to jointcorn-bill-that at one time he had called stocks in Scotland. it the dead weight-another, the land.
BREACH OF PRIVILEGE. lord's tax-the job of jobs—and so forth. The Lord Chancellor said, he had reHe had received a good deal of advice on ceived a letter from an individual, a learn. the subject - now he would venture to ed counsel, who had pleaded at the bar give advice. He would advise Noble on an Irish cause, complaining of having Lords to consider what would be the si. been called a liar and a scoundrel. He tuation of the country if corn were to get moved that Mr John L. Wharton be orup. Before he expected any thing to be dered to attend the house to-morrow. The done, the cobwebs of the Cabinet must bills on the table were then forwarded in be brushed away, and the hunter remov- their respective stages, and the House aded. He asked the House to do justice. journed. It was a breach of trust to make corn 23.— The Deputy Usher of the Black dear. Parliament had contrived these Rod informed their Lordships that Mr J. ineasures to keep up the price of corn. L. Wharton was in attendance, pursuant He was afraid the time would come when to their order. On being called to the they might be called tithe exactors. Lord Bar, Mr Wharton read an apology to Mr Calthorpe defended the measures which Fonblanque for the expressions used in a had been adopted by Parliament, and letter to that gentleman, when the Lord which, he considered, had originated in a Chancellor said, that as Mr Wharton appeared to have made a very proper apolo. be precisely the same throughout Eng. gy, their Lordships would probably think land, Scotland, and Ireland. If, in one of it unnecessary to proceed farther. He these countries, they had the example of should therefore move that Mr Wharton gold and paper circulating together, there be discharged.-Ordered. Mr Wharton was evidence of the practability of having was then discharged, without the payment a medium equally safe and less expensive of any fees. The Earl of Lauderdale pre than gold. The proper measure to be sented a petition from Dumfries, against desired was, that the banking system any alteration of the banking system of should be placed on a secure and perma. Scotland. Lord Melville moved, accord. nent basis. What would the Right Ho. ing to his notice, the first reading of a nourable Gentleman say to the country, if, bill, to continue an act passed last Ses. between this time and 1829, any country sion, enabling joint-stock companies to banks should fail ? They and they alone sue and be sued by their officers. That should be held answerable for the conse. was a temporary act, and would expire quentes, if they would not call for securiin July, and the bill he brought in was ty by deposits to an amount sufficient to to make it perpetual. Read a first time, guard against all loss to the note holders. and ordered to be printed. Mr Spiller, The instruction which he (Mr Hume) from the Commissioners of Highland intended to move to the committee, was roads, presented the twelfth report of the for the introduction of a clause, requiring Commissioners for the repair of roads in all bankers, and banking establishments, Scotland. Several other bills went through to lodge a deposit equal to the amount of their respective stages, and their Lordships the bank-notes they intended to circulate adjourned to Wednesday the 5th of April. for the one-pound notes during the first
BANKING SYSTEM IN SCOTLAND. year, for the five and ten pound- notes
House OF COMMONS.-Feb. 27.-A during the second year, and for all other petition was presented from Inverness notes during the third year. They might against any measure to disturb the paper then issue as many notes as they pleased. currency of Scotland. Ordered to be He (Mr Hume) was of opinion, that the printed.
quantity of paper currency was of no A petition was presented from Kirrie- consequence, if it was convertible into muir, Forfarshire, against the Small Note gold. Whether there were twenty or Bijl being extended to Scotland.--Order. thirty millions, was immaterial, if the ed to be printed.
circulation was checked by that delicate Mr Hume presented petitions from barometer, the state of the exchanges. Aberdeen, &c. against the extension of During last year more bank-notes were the Small Notes Bill to Scotland. If the stamped in Ireland, by two millions, than Scotch small notes were extinguished, the in any preceding year. This was, in proeffect would be to throw half the popula- portion, a greater increase than in this tion out of employ. He hoped Ministers country; yet it had been attended with would “ let well alone," a principle that less inconvenience.
The Honourable it would have been well for them to ex. Gentleman then referred to the constita. tend to other of their measures.
tion of the Scotch Chartered Banks, The Hon. Captain Gordon supported which admitted of no possibility of loss. the petitions, and hoped that the Minis. On this model the banks in several of the ters would pause before they adopted the United States of North America were threatened measures respecting the cur. founded.-- The Hon. Gentleman conclu. rency and small notes in Scotland. Or. ded with moving the following resolution, dered to be printed.
as the first instruction to the committee : SMALL NOTES' BILL.
-" That it be an instruction to the The Chancellor of the Exchequer then committee on the bill, to provide for têmoved that the order of the day be read, quiring, from banks and banking estabfor committing the Promissory Notes' Bill lishments, deposits (to be lodged in the to a committee of the whole House. Exchequer, or other proper office) equal
The order of the day having been read, in amount to the amount of promissory
Mr Hume said, the measure before the notes payable on demand, issued by them House was not only not adapted to the respectively." emergency, but calculated to prove high. The Chancellor of the Exchequer said, ly mischievous as regarded England, the present was a bill for a temporary and still more so as regarded Scotland. purpose, namely, that of accelerating the He warned the Scotch members, that period when the existing permission 10 they could not with any consistency sup- issue small notes will by law cease. It port this measure as to England, and would be a very inconvenient, not to say then turn round and reject it as to Scot- clumsy mode of legislation, he thought, to land. In his opinion, the currency should ingrafi a permanent regulation on a mea. sure which was of a temporary character Mr Huskisson was persuaded, if the by its very nature. The House had decid. House allowed such a resolution to pass ed, that the circulation of those one.pound as that proposed by the Hon. Member notes, which the Hon. Gentleman thought for Aberdeen, on to-morrow the difficul. 80 harmless and innocent, was in the ties of the country would be considerably highest degree prejudicial and mischievous augmented, (lond cheers ). to the public welfare. The Treasury
Upon strangers being ordered to with. were the most objectionable hands in draw, Mr Huskisson said, that until he which deposits could be made. He had saw chartered banks really established, as himself very strong objections to allowing he had observed before, he did not feel the Treasury the privilege of prying into himself at liberty to pronounce a decided the affairs of individuals. He could not opinion upon the subject. The House consent to invest the Government with the then divided. Against the resolution, power of examining the affairs of any man 120; in favour of it, 9. Majority 111. in the United Kingdom, who might be The Chancellor of the Exchequer opengaged in this species of pursuit (hear, posed the other amendment, “ That the hear). The Hon. Member (Mr Hume) Bank of England should be required to seemed to have forgotten that there were make monthly returns of the amount of two species of customers who dealt with all their issues, and publish the same in country bankers--those who took their the London Gazette." Mr Maberly ex. notes, and those who deposited pro. pressed very great surprise that the Right perty in their keeping. Now the propo- Hon. Gentleman should think proper to sition of the Hon. Gentleman would have
oppose a proposition so very little liable the effect of giving to one class of cus- to objection as the one he had then sub. tomers a higher degree of security than mitted to the House. to the others. If, indeed, we were at The Chancellor of the Exchequer had liberty to establish charter banks, with always said, that the Bank should, in his a limited liability, he could understand opinion, produce an account of their issues, if they were to enjoy any peculiar privi. if required, for a specific purpose, such as leges, then he could understand the pro. had, for instance, occurred during the priety and justice of demanding compen- present Session ; but he thought that consation in way of capital of this descrip- stantly and periodically to publish the a. tion : but in cases where no such privilege mount of issues would be attended with was asked for, it seemed to him a most very injurious consequences, and actually unreasonable and inconvenient restriction mislead rather than direct those who upon the fair employment of capital. As might pretend to guide their operations by the Hon. Gentleman had proposed the re- such accounts. Mr Pearse said, that he solution as a substitute for the bill, he was a friend to publicity generally, but he must give it his opposition, (hear, hear). thought that the publication which it was
Mr Hobhouse said, unless something the object of the amendment to attain, was done to strike at the root of the pre. would be rather mischievous than bene. sent banking system, the country would ficial. Mr Abercromby would feel disbe exposed to the constant recurrence of posed to support the amendment, if he those evils under which it now suffered, were disposed to regard the Bank as trusand which it was impossible to say how tees for the public, but he would recomlong might continue, (hear, hear). The mend his Hon. Friend to withdraw it. real cause of the present calamities could Mr Maberly said, the Bank Directors be distinctly traced to the oecasional aug. gave their evidence to the effect that their mentation and contraction of the cur. conduct was regulated with a view of adrency, not merely the notes of the Bank of vancing the public interest. But was it England, but of the country paper. The quite consistent with that declaration, currency of the country regulated every that thirteen millions had been lent by the thing, and as long as the law permitted Bank to the Governinent for defraying 800 establishments to trade in that cur. the military and naval expenditure ? Was rency, he should say, to manufacture that it quite consistent with his declaration, currency without controul or restraint, so that the Bank was embarrassed with five long must the country be exposed to those millions of deficiences-seven millions of evils, (hear). If the Government had the dead weight-three millions to pay those courage to deal with the question, they who were willing to accept of the four would introduce a radical change in the and a-half per cents., besides nearly two system, which would prevent the recur. millions advanced on mortgages of land ? rence of the existing evils ; and upon all The whole of the amount of the enthe grounds he had stated, he should give gagements which the Bank was then un. his support to the proposition of his Hon. der exceeded twenty-five millions. The Friend.
whole of the capital of the Bank was lent to Government. This was, in a great Government amounted to a perfect and degree, a principal cause of the over-issues. unequivocal declaration, that the one
A long conversation followed, after pound note was not convertible into gold which
but by the medium of an action, the pe. Mr Hume said, that as the House bad riod of which would be six months, and not adopted a previous suggestion, which the expense of which would be £.20 or he had made, he now meant to offer an £.30. He would divide alone upon the amendment, which would enable the poor question. Mr Canning said, the effect to obtain payment from country bankers of the proposed measure would be, to of their one-pound notes. He held in his enable a malicious person to expose bankhand the act of 37 Geo. III. one clause ers to vexatious and inconvenient appear. of which enacted, “ That if any country ance before magistrates. Lord Archibald banker should refuse to pay gold for his Hamilton and Mr Hume severally exsmall notes within three days of demand, plained, when cries of " question” be. it was in the power of any Magistrate to coming loud and reiterated, the House distrain upon his property by summary divided—For the original clause, 163; process.” This necessary and salutary for the amendment, 19.—Majority, 144. provision had continued for ten or twelve Mr Hume said, it was his intention to years. The 37th Geo. III. had fixed the move" That there be inserted in the period at three days, but a subsequent bill a clause, enacting that all promissory act, passed in the same Session, had made notes issued by country bankers should it seven days, and thus it had continued be made payable at the place where they throughout all the subsequent measures, were issued.” Mr Huskisson said, that until it was left out altogether. He if the Honourable Member had waited reasonably believed that the omission had but a little, it was his (Mr Huskisson's) been merely the effect of a clerical error, intention to propose a clause (Hear, and had not been intentional. At present, hear) to that effect. a person holding a one-pound country The clause of Mr Hume was then bank note was in a similar situation to a withdrawn. person holding any commercial promis. Mr Huskisson then handed his clause sory note, or other undertaking to pay. to the Chairman. Mr Hume saw no reaThe holder of the one-pound note, in or. son why the clause should not apply to all der to recover its value, must bring his notes in future to be issued, and not mere. action against the banker, which was at. ly to those issued after the 5th of April tended with great expense, and occasioned 1829. It ought to take immediate effect. a delay of six months. The substance of Mr Huskisson was anxious not to place the clause proposed was, that if any country bankers in any new difficulties. banker should refuse to pay in specie the The clause was agreed to. value of his note longer than seven days, Mr Hume said, that he had another (he had taken the last amendment of the clause, to which he could foresee no obact,) the Magistrate might proceed by jection ; it went to provide, “ That all summary process.
licensed bankers shall return and deposit The Chancellor of the Exchequer said, in the Stamp-office, London, on the 1st that, under the present bill, the proposi. day of every calendar month, an account tion of the Hon. Member for Aberdeen of the greatest number of notes issued by would lead to very many serious objec. them, on the preceding month; the tions,
truth of it being testified by a clerk, or Mr Hudson Gurney strongly objected other competent witness.” Such a return to the motion of the Honourable Mem. was extremely desirable, and the House ber for Aberdeen (Mr Hume). Lord would thus obtain a view of the whole Archibald Hamilton could not possibly paper circulation of the kingdom. . understand upon what principle this bill Several Members suggested that the was passed, except to compel an issue of return might be made to the Stampgold. He therefore thought that this office once in every quarter. clause ought to be re-enacted under cer. Mr Hume had no objection to the tain limitations. Mr Abercrombie said, change. The Chancellor of the Exchethe present bill had been modified, in or- quer hoped the Honourable Gentleman der that the contraction of issues should would not press this clause. Mr Hume not be too sudden, but the present clause agreed to withdraw it. would have a strong tendency to increase The other clauses and the preamble the rapidity with which this contraction were then gone through, and the House would take place. Mr H. Drummond having resumed, it was ordered that the thought that the proposed clause would report should be brought up to-morrow. have the effect of supporting credit. Mr Sir G. Clerk moved for a return of the Hume said, the present conduct of the number of banks established in Scotland
issuing notes payable on demand, distin. fore the House, accounts in detail of the guishing the chartered banks, and the Exchequer Bills advanced by the Com. number of partners of those which were missioners for Public Works, under the not chartered. Mr Gordon asked, if the acts of the 51st Geo. III. caps. 34 and return ought not to include the number 124, and 3d Geo. IV. cap 86, specifying that had failed ? The reply, he appre. the loans granted by them, to whom they hended, would be nil Sir G. Clerk add. were granted, on what security they were ed, that that preposition had been al. advanced, &c. The Chancellor of the ready made. Mr Abercromy moved the Exchequer said, that he could see no ob. printing of the papers now on the table, jection to the motion of the Honourable relative to education in Scotland. --Order. Member, excepting as far as related to sd.-Adjourned.
one part of the details, which it was to be 28.---Accounts of the number of bank. wished should be excluded, in order to ers in Scotland was presented and agreed avoid prying into the private concerns of
individuals. Mr Tierney said, it had Several petitions were presented for been argued on a former occasion, that the abolition of slavery ; for an amend. the interference of Government in the ment of the corn-laws: for a repeal on transactions of commerce was bad, and the duty on leather ; against any altera. likely to produce bad effects. But the tion of the corn-laws; and for a reduction question now was, whether a departure of the tobacco duties.
had not taken place from all ordinary Sir. G. Warrendar presented two petie courses, and whether extraordinary protions from Haddington against any alter. ceedings ought not to be adopted. ation in the currency of Scotland.
The Chancellor of the Exchequer :The Lord Advocale obtained leave to The Right Honourable Gentleman says, bring in a bill for the regulation of the that we ought to follow the example of qualifications of special jurymen in Scot. 1793. This would be to lead the public land.
to look upon the Government as the geCOMMERCIAL DISTRESS.
neral banker and pawnbroker of the counMr T. Wilson asked, whether Govern. try, (hear, hear,) and hold out an inment had determined on granting any re- ducement to them not to rely upon their lief to the commercial distresses of the own resources, industry, and prudence, country ? The Chancellor of the Exchequer while they had a never failing support in stated, that in an answer to an application the assistance of others. Would not the from Government to the Bank of Eng. inevitable result be, that, upon some fu. land, the Directors had answered, that ture occasion, we should be called upon they had the best means of affording re- for an advance of 15 millions, and the lief then under consideration. Mr Ellice application be justified upon the ground asked, whether the relief was to be ex- of precedent ? (Hear, hear.) Will any tended to the manufacturing towns ? and body say, then, that a departure from the whether personal security would be re- principle which we have laid down, would ceived ? The Chancellor of the Exche- not be dangerous in the extreme, or, that quer said, he was not at present prepared making the example of 1793 a precedent, to answer the question, but was confident would not be a misfortune? Mr Baring it was the desire of the Bank to afford re- said, if ever the old Latin adage, Bis dat lief in the most effectual manner (hear, qui cito dat, was applicable to any case, it hear). Mr Tierney asked, whether Go. was applicable to the present. vernment had undertaken to indemnify The question was then put, and the the Bank for any loss? The Chancellor motion was carried. of the Exchequer replied, that it had not. PROMISSORY NOTES' BILL. Mr Tierney said, he felt the strongest The Chancellor of the Exchequer disaprobation at the whole measure, moved the order of the day for receiving which must be less efficient than an issue the report on the Promissory Notes' Bill. of Exchequer Bills, though certainly the Mr J. Smith recommended Ministers to Bank was entitled to high praise for suspend the operation of the bill upon the throwing themselves in the gap, which table for a short period, in order that the none else would approach (hear).
public might be better acquainted with · Sir F. Burdett was glad relief was to the proposed change before it was effected. be afforded to the distresses of the com- The Chancellor of the Exchequer said, mercial community, though he could not there would be some alterations made in conceive why Government should refuse this bill. The first of these were to ex. to follow the precedents of former times, punge the clause that empowered a Juswhich had produced the best effects. tice of the Peace summarily to levy the EXCHEQUER BİLLS.
penalty inflicted by the Act. His propo. Mr Ellice moved, that there be laid be. sition was, that, instead of this, the