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leon. This is possible; but Lord Talavera “ ment, and fine at the discretion of the has had no haud in the glorious work, " Court. The defendant was admitted to and I, therefore, should certainly not be “ bail.”—This is precisely such another disposed to thank him for it.--He is, as as that of De YONGE. But, what was said before, just where he was last year; enables this news-writer to say, that this but then the country behind him was un act was against the Statute of the 3d of touched; now it is devastated, ravaged, Ed. Ill. There is not a word of truth in ruined, the very gernie of its wants being, it. The statement is wholly false. It is to a great extent, destroyed. For what, an attempt to frighten people ; and, is, in then, is he to be thunked ?
fact, like the tricks that they had recourse
to in France to deter people from giving Jubilee DOLLARS. Since my last gold and silver a preference to paper. Number, two fresh puffs have appeared, in -But, that which is most to be dwelt order to persuade the public, that Silver upon is the folly of all this, while, at the will shortly become more abundant, and same time, it can, I dare say, be proved; that, of course, it is not worth their while to that coin is bouglit with paper at a prehoard. On the 25th the following para- mjum, or, in other words, that paper is graph was circulated :-" The Bullion bought with coin at a discount, in every “ Brokers to the Bank have, it is said, for- street in London, and in every town in the “mally declared, that Silver has within a couniry. However, such things will " few days fallen in value in such propor. be. There never yet has been a depreciated “ tion, as to reduce the intrinsic value of paper-money unattended with such symp
a dollar to five shillings ore penny and a toms. They belong to it. They make " fraction.” Whence this poff comes is part of its appurtenançes; and, as the very evident; but, will the Bank let out paper goes down, they will increase their dollars, at this price? They know in number as well as in force.--There better ; and I must actually see the thing, is one puf, which, out of many, I shall before I will believe, that they will let out select for insertion on account of its any dollars at 58. 6d. If they do, these great curiosity. It will make the sensible dollars will not remain long in circulation, reader laugh; but, he will also perceive, in spite of all the prosecutions that may that it may serve to dupe some few of be commenced against the dealers in coin, those who are enabled to hoard. The ob.
In my last I mentioned the case of ject of it is to persuade the public, that the dealer, taken up for selling Bank great masses of gold and silver may shortly Notes. Since that, it has been pub- be expected from China and India.lished more circumstantially, as follows. “A SINGULAR CHANGE is about to "Mansion-House, Tuesday, April 23. " take place in our commercial relations “ JAMES KING, Guard of the Yarmouth “ with the East, and especially with " Mail Coach, was brought up for exami “ China. For AGES, the precious metals nation,
, upon a charge of purchasing eight exported to the latter have been in a “ guineas, the coin on this reala, at a price “ state of accumulation ; a large portion of
considerably beyond their current value. " them will probably, in a shori time, re“The charge was brought by Mr. Nalder, “turn to this quarter of the globe. An ab. "The Under- Marshal of the city of Lon " solute want of raw materials of various * dun ; who, in consequence of informa “descriptions has at length opened the " lion received from the Treasury, that eyes of the Chinese to the folly of re. Bo there were persons about town employed laiming within their own empire, through " as agents to purchase guineas for exporta s motives of jealousy, a commodity which * tion, made ditlerent enquiry, and having “ derives is chief value from its being con. * found out the defendant, be marked eight ** sidered as the only general instrument of guineas, and went with Sayer, the Bow"
The countries contiguous to " street officer, who soiu those guineus to the "China begin now to experience the be" prisoner, and received for each ll. 5s. 6d. "neficial consequences of the change. Con " Mr. Nalder shortly afterwards took the “siderable supplies of specie have already “prisoner into custody, found the marked “reached various parts of India from
guineas upon hin, and brought him be “ China ; and in Bengal, silver has recent" tore the Lord Mayor ; the transaction" ly been most abundant. Indeed, it is w being against the Statule of the third of " so plentiful at Calcutta, that the rate of
Edward III. which subjects offenders to "interest, which in India has usually been "the penalty of twelve months imprison." extremely high, bas fallen almost as low
" as in Europe. In some of the ships about passes this, or any other, part of their " to arrive from India, large supplies of dol creed.---This quality in us was well “ lars, and specie in general, are expected; known to the author of the above para. " and it is calculated, that, before any graph, who did not put pen to paper
'till very long period elapses, we shall in this he had well considered the character of
country receive from that quarter further those whom he wanted to dupe. I do " supplies to the amount of 7 millions of dol- not know why we should not believe, that " lars.” - This is as nice a thing as I the Emperor of China is going to send have cast my eyes upon for a long time. over ship loads of gold and silver to our It is worth being put upon record ; and Bank; and, I dare say, I verily believe, will, I am certain, not be deemed unwor. that the story will be swallowed by thou, thy of particular notice by him who shall sands amongst us. Not that these tricks write the history of our paper-money, will answer any purpose in the end ; but, which will long be remembered in the the object of those who play them off is world as the most complete instance of just to postpone the evil hour from day to the effects of human credulity.-- This day, as they sometimes, I am told, borrow paragraph, were there nothing else; this money in the city, for half a day at a time! paragraph itself, is, I think, a clear proof -There is one little point, in which the of cullibility of this nation. What I tell fabricator of this paragraph forgot hinaus, that the Chinese, who have, for ages, self. He says, that the Chinese have disbeen accumulating gold and silver, have covered, that Gold and Silver derive their now, all of a sudden, resolved to let them chief value from being considered as the go out of their country; and that part of only general instrument of commerce.--Inthem are, at this moment, about to arrive deed! I ihought you told us, but the in England! Tell us this, and hope that it other day, that paper was better? There will induce us not to hoard? ---But, I are not less than half a dozen of dunces shall be told, perhaps, that, because this pestering the public with pamphlets about paragraph is written and an insertion ihe superiority of paper over gold. Mr. bought for it in a news-paper, it does not Boase tells them that guineus are an incumhence follow, that the people are fools brance, and the BARONET, whom the public enough to believe it. Yes, it does' The have, as it were by intuition, surnamed people who insert such paragraphs, know the wise, calls Bank notes a mine of national very well whom they are addressing. prosperity: In the face of all this, it is a They are cunning enough to know that ; | little too bad to tell us, that the Chinese and, besides, if there were people to be have discovered, that gold and silver are lieve, if there are people to believe, and so essentially useful in commerce, and strenuously lo contend, that the paper is are, indeed, the only general instrument not depreciated, though the guinea will “of commerce."'--But, as I said befors, fetch 25s. 6d. worth of it from the hands there is nothing too absurd for us to swalof the middle man, who has yet to take a low. We are, in this way, the most gross profit upon the transaction; if there are feeders that the world ever saw. The people, who, in the face of such facts no truth is, that, as the old regular trader, Mr. iorious as the sun at noon day, will con- CualMERS, says, almost every man detend, and sincerely contend, that the paper pends upon paper for his daily bread. is not depreciated; why, then, I say, that Nine out of every ten think they have an man must be very incredulous, who thinks interest in supporting the thing. There them incapable of believing this story are, comparatively, few who look deeply about the Chinese. Why should they fot into such matters. There is an old saying, believe it? Why should they not believe, “ If I buy the Devil, I'll sell the Devil.” that the Emperor of China is going to And it is ihus with the paper. Even those send a parcel of gold in exchange for some who view it in its proper light, take and of our Bank notes ? What is there that pass it as other people do. Indeed they they may not believe? Why should they cannot help themselves. But, all this will not believe that paper is gold? Why should not prevent the natural end of the paperthey not believe that Bank Directors have moriey, nor any of the consequences
that the power of working miracles? Talk of the paper-money is destined to bring Transubstantiation indeed! Pretend to laugh fortb. -MR. MARRYATT opened a scene at Catholic nations! Our faith in pecuniary somewhat new, on Thursday evening, in Matters (to say nothing of our religious the House of Commons. He explained a faith which is quite equal to theirs) sur- species of traffic carried on by the Bank
in Erchequer Bills, these latter being a received no answer ; and indeed, none
MR. MARRYATI'S SPEECH “ paper is easily printed, and as people
are willing to take paper for labour and In the llouse of Commons, 25th April, goods, the best way is for the govern
1811, on the suhject of Exchequer Bills to make a hundred ten pound
bought by the Bank. “ noies at once; and thus pay in iis own Mr. MarryATT requested the attention " home-made coin. Why not do this?” of the House for a few minutes, on a sub. --Indeed, it does seem absurd, that the ject which to him appeared of considergovernment should go to the Bank to get able importance; it was the excessive paper to pay with, when it could make it purchase of Exchequer Bills by the Bank as well at home. But, there is something of England. From oflicial communicain appearances ; there is something in tions, it had appeared, that the quantity seliled opinion; and I have heard a man of Bank paper in circulation before the in the country say, that he thought the Bank restriction, was on the average fourNational Debt, or Funds, would fall; but, teen millions; that at the time of the rethat the Bank of England would stand. striction, eleven milions; and that at the Aye, it is that of England put to the end present about twenty-four millions. The of it; and long habit, which is second na escessive nature of this larler issue was ture. --Besides, it would not look well found in the increased price of provisions, for the government to issue its own money; and every article of common use. Some to print it of and publish it from White of the evils which were imputed to this hall; for, it would easily occur then, to circulation, were, it was true, referred to every one, that there could not possibly the unguarded system of granting licences, be any want of money so long as there which had been lately pursued; and if were paper and ink.--Hence it is that Parliament could pass an act for closing the other way. is chosen; and this brings up the doors of the room where the Lords us back to our supposition of the thousand of Trade sat to grant those exiravayant pounds wanted by the government. It licences, and another to close up that issues, not bank notes. Oh, no! not for the where the Bank Directors met to manufacworld! It does not grind its own money. ture their notes, parliament could not It issues an Exchequer Bill for a thousand pass two Acts more highly beneficial to pounds. That is to say, it makes a pro- ihe community. The fact of the exces- : missory note, bearing interest; the Bank sive issue of Bank-notes was not to be takes the said note, and gives the govern: denied; it was plain and palpable; but ment a hundred of its notes for it at ten then there came an answer promptly on pounds each, or ten notes at a hundred the other side. The Bank, it would be pounds each, no matter which; and these said, made no attempt at forcing their the governinent pays away for goods or paper into circulation, and the people services, or no malier what. So, you only got it as they asked for it. But the see, the government gives promissory maiter of mischief lay in another direc. notes that bear an interest in exchange for tion. The Bank formerly drove a most promissory notes that beur no interest.--- flourishing Discount trade. It was nota After this, the reader will enter with due rious that the trade was cut short at once ; preparation upon Mr. MAKRYATT's Speech, and it was equally notorious that it was cut which I shall insert immediately after this short 'merely by their most regular and Summary. The Speech, as will be seen, best cuslomers having found their way inte
the Gazette. When this prosperous traffic i culation, and were made to pay even a was at an end, the Bank looked about for lower interest than now, they might pass another. They came into the market, as Bank-notes do; they would be received bought up Exchequer Bills, and paid with more willingly than Bank-notes, and their own paper. They thus pushell out an would naturally help to check their exorimmense quantity of paperwhich cost ihem bitant issue. À profit would be derived nothing ; but which the public neither from them, and divided between the pube wished for, nor wanted. Let the house lic and the directors; not buried in the consider the effects of this principle once exclusive coffers of the Bank. It was established. The whole transaction went true, that those issues and purchases furagainst the original objects of a National nished the Chancellor of the Excheguer Bank. The Bank was established for the with an occasional opportunity of display assistance of commerce, lo discount bills, on the rising wealin of the country. But to buy up bullion, and other purposes of the ground was false and hollow. The the same kind. There was present to the whole statement arose from misconcepminds of the founders of the Bank, all the lion. The whole system was l'allacious; danger which might arise from too close and the nation, like children looking a connection between the Bank and the through a magnifying glass in a rareeGovernment, and they adopit:devery pre- show, were oniy more deceived as they caution in their power against the evil. were more deiigbeed. A Righi Hon. Bå. But in 1793, a Bill was brought in by Mr. ronet (Sir J. Sinclair), in a late publica. Pitt, to allow the Bank in issue nioney tion, had actually ventured to stait, ibat a upon Treasury acceptances. Even then Minister wanting to borrow, should enthe principle was so far respected, that deavour to increase the circulating mea the issue was limited to 600,0001. Some dium of the country. To mention this modificat ons of the law had since taken singular opinion was enough for it, place, and it was possible the Bank Bui there was a circumstance spring. might be sheltered by the letter, but ing from this unjustifiable intercourse they had certainly violated the spirit of the Bank with Government, which of the law, even as it stood at this mo- ought to awake the house. It was rement. The House should look at the corded in the report of the Lords' Secret hardships sustained by individuals in Commillce on ihe Bank Restriction, that this trade. What was to be the chance in 1797, the Governor and Deputy Goverof private men, in a comperition with the nor of the Bank, on the occasion of some Bank of England ? In the first instance, transaction with the Government, actually this mighty purchaser swelled the price demanded of Mr. Pitt an obligation, that of the article by his perpetual presence in he would not subsidise, or, enter into any the market. In the second place, he money negociation with any foreign Go. swelled the price, without suffering any vernment, Power, or Poientate, without thing by his own extravagancies. The acquainting the Governor and Deputy individual brought actual property; the Governor of the Bank fortlıwith. The proprice of his land, bis inheritance, his goods, mise was exlorted from Mr. Pitt; and ihus and must lay those down for the Exche. were the most important secrets of the quer Bill. The Bank was not pressed by State, and the whole course of our foreign this inconvenience. It parted with non policy, put at the mercy of those two men. thing. It was liberal of nothing that was Let this be not forgouien by the House. worth keeping. It simply went to its paper- Mr. Pitt was forced to submit w the demill
. The mill was set in motion, the pur. mand; and did the House ever expect 10 chase was made without difficulty, and see a firmer Minister thian Mr. Pitt? Bot the price of every thing we eat, or drink, the Bank had still more power at this moor wear, was instantly increased. But ment. Then, they had but their share in why did it not strike the Minister that the the circulation of the country; now, they Exchequer Bills might be subservient 10 had the whole circulation by iheir pupermore useful purposes than the profits of mill. The Bank were now purchasers of the Bank, and the increase of a paper cir- Exchequer Bills 10 the amount of sevenculation already enormous ? The coun. teen millions. This might be shewn to try would be better inclined to receive be highly injorious to the general interests Exchequer Bills paying interest, than of the Empire. But where was the purBank-notes paying none. If the Exche- chase to stop? Was it to be said that an quer Bilds were put intoʻa form' fit for cir. enquiry into these things was an enquiry
into the circumstances of private property ? , rities was an injury to the country, The Certainly not. From the moment of the Bank made no profit by these transactions, Bank restriction, the Bank ceased to be a It had only complied with the regulations private undertaking. It became a public adopted by the wisdom of Parliament, instrument, strongly affecting public inte without travelling into the vague staterests; and it was as justifiable to call such ments, of its having raised the price of the an agent to account, as any of his Majesty's necessaries of life by its issue of paper ; Ministers. The charge now brought all which he (Mr. Manning) must most against the Bank was plain and intelligible. positively deny, (hear! hear from the It was that of converting the means which Chancellor of the Exchequer): be must were confided to it for public profits, inform the Hon. Member, (Mr. Marryaut) into its own aggrandisement, and that that every paper wbich could be required charge was only to be met by a fair, open, for his satisfaction was already on the table, and candid refutation. The papers might in the Appendix to the Bullion Report, be refused; but if the Bank was guilties, and in the accounts which the cashier of the they would not be refused. It would be Bank had lately presented to the House. impossible to attribute refusal to any other | As to other transactions, pot connected motive than the consciousness of guilt, and with matters of a public nature, it was not the fear of exposure. Mr. Marryatt then to be expected that any gratification moved, “ That there be laid before the would be given to mere curiosity. House, an account of the Exchequer Bills held by the Bank of England on the first Mx. MarryATT complained that the day of January, April, June, and October, only account which was material should in each year, froni 1797, up to the latest be still refused. He desired to know, period to which the account could be com- not the amount of the Bank dealing pleted.”
with Government, but the actual amount
of the purchase of Exchequer Bills by the Mr. MANNING observed, that the cliarge Bank, on its private account in the mar. against the Bank rested merely on the ket. But the Bank was now putting itself authority of the Hon. Member who had forward as the supporter of the public sejust spoken. There was no document on curities. Why was it to stop at sevenihe subject before the House, and the icen millions ? Why not buy up the House was certainly not bound to take whole thirty millions of Exchequer Bills notice of a mere unauthenticated stale- that were out? Why not buy up all ment. Some Acts of Parliament had other securities? It would cost the Bank been stated as limiting the purchase of nothing but another application to the Exchequer Bills to 600,0001. It was true paper-mill
. The Bank might then, wirh that there had been a regulation for that the whole mass of public securities in its purpose, but it was merely temporary, hands, proceed to model its proceedings as and died with the time. (The Hon. Mem- might best suit its convenience. One of ber then quoted a variety of acts, in which its operations might be the reduction of purchases to the amount of millions were the interest; and the five per Cents, might authorised by Parlianient.) There had become four, and four three, and so on. been, in the passing of those various Acts, These might be the first fruits of the new opportunity enough to resist the exten- power which the Bank had now taken to sion of the purchase, if it were really ille- itself, and only a beginning of what might gal. When the Bank was charged with be effected by collusion with the Minister the extravagant traffic in Exchequer Bills, of the day. The papers necessary for deit ought to be known, that it never pur- monstrating those charges might be rechased at a premium. It was only when fused; but as a public man, he could not money was greatly wanting in the market give confidence to those who demanded and the must serious inconveniencies that he should give it blindly, with a premight result front withholding their pur- cipice at his feet. He could not give his chase, that the Directors of the Bank ap: entire acquiescence to those who told him peared in the market. The Bank had to shut his eyes, and walk on. been charged with raising the price of the government securities. This was a curi. After a few words from Sir J. Newport, ous charge, and he (Mr. Manning) must the question was put, and negatived wilkgo to school again, if he was to learn, that oyt a division. keeping up the value of government secu.