Lord Compton said, that this measure could not be in better hands than in those of his noble friend, and in the name of the committee, added, that all the members of it would be extremely willing to afford him every assistance. Mr. Bennet concurred in the sentiments expressed by the noble lord, and hoped the measure would be followed up to the utmost. for the very reason that the worthy alderman opposed it, namely, that it would give a preponderance to the landed interests. 'He thought the best way of putting an end to the foolish clamour raised out of doors, about annual parliaments and universal suffrage was, to reform each corrupt borough, as its corruption became known, in the same manner as it was proposed to reform that of Barnstaple. The demagogues was, for the House to show that it was always ready to do its duty when called upon. The first Resolution was agreed to; and on the second being read, Mr. W. Smith said, it was a long che-best answer to these senseless and noisy rished principle of his mind that some reform was necessary in the constitution of that House, but he also felt that unless some reform were effected, as well in the electors as in the elected, no effective good could be attained. He hoped measures such as were now recommended, would have the effect of introducing some more extensive reform, but although he might not obtain all he desired, he was happy to take whatever he could get. Mr. Blake thought, that though this right had been abused by the electors, the borough ought not therefore to be disfranchised. Lord Clive said, he did not wish to press himself forward on a task of this nature; yet as it seemed to be the desire of the House that he should proceed, he was willing to obey. His lordship concluded with moving for leave to bring in a bill to prevent bribery and corruption at the election of members to serve in parliament for the borough of Barnstaple. Mr. Wynn recommended the adoption of a resolution as a foundation for the bill to be introduced, and the following resolution was agreed to: "That it appears to the House that a general system of cor Mr. W. Smith explained his ideas of parliamentary reform, which, he said had never extended to the absurd doctrines of universal suffrage and annual parlia-ruption was practised at the last election ments. Mr. Wynn observed, that the practice of parliament was not to disfranchise the borough, but to increase the number of voters from the adjacent hundreds. In the present case, the corruption was made out so clearly, that the noble lord would probably see the propriety of introducing a bill with a view to prevent the repetition of such disgraceful scenes. He was sure that every member would gladly lend his assistance towards forwarding such a measure. for the borough of Barnstaple." Leave was then given to bring in the bill, and it was ordered, that the Speaker do not issue his warrant for making out a new writ for the borough of Barnstaple until the 30th of April. Mr. Wynn thought that the House, having thus ascertained the existence of the crime, ought to proceed to the punishment of the delinquent. It was therefore, on his motion, ordered, "That the Attorney-general be directed to prosecute sir Manasseh Masseh Lopes for Bri bery at the last Election for Barnstaple." HOUSE OF LORDS. Monday, April 5. Mr. Alderman Heygate admitted, that corruption had been proved to a great extent in Barnstaple, and hoped it might be punished with the utmost severity; but the House should pause, and consider BANK OF ENGLAND CASH PAYwhether they might not strengthen the MENTS.] The Earl of Harrowby preinterests of one part of the community at sented a Report from the Secret Committhe expense of the rest. Should boroughs tee appointed by the House to inquire be deprived of their exclusive representa-into the state of the Bank with reference tion, and the right of election be thrown to the question of the Resumption of open to the hundred, the interests of the trading and commercial parts of the community might be sacrificed to those of agriculture. Mr. Gordon said that he would support the principle of including the hundred, Cash Payments. The report stated the notice by the Bank of their intention of paying in cash, certain notes issued prior to 1817, which notice had been acted upon and had caused a considerable drain of specie, and recommended, with a view to the more speedy and effectual Resumption of Cash Payments generally, that the Bank should be prohibited from paying in gold the notes for the payment of which such notice had been given. His lordship stated his intention of bringing forward a legislative measure to-morrow, in unison with the recommendation contained in the report, with a view to the speedy passing of which, he should move that certain of the Standing Orders should be taken into consideration to-morrow, in order to their suspension. Earl Grey expressed his astonishment at the proposition which had so unexpectedly been made, and which had filled him with dismay and confusion. He felt it difficult, indeed, on so sudden and unlooked-for a proposition, to collect his thoughts upon the subject sufficiently to give an opinion. They were now in the fifth year of peace, and the twentythird since the first restriction on cash payments at the Bank. After repeated promises on the part of ministers, which had never been fulfilled, they at length came to a period at the commencement of the present session, when inquiry was proposed with a view to the resumption of cash payments, which all desired; they were even told that there was a period somewhere about last October, when there would have been little difficulty in the Bank resuming cash payments, and the chancellor of the exchequer, in the House of Commons, had congratulated parliament that there was already a virtual return to cash payments effected by this very measure of paying notes dated prior to 1817. Could it possibly have been supposed, after all this that a proposition would be brought forward to annul this very measure on the part of the Bank, which was thus made the subject of so much complacent congratulation. What was to be inferred from such conduct on the part of his majesty's ministers ? No other conclusion could be drawn than this-that their late conduct with regard to the Bank, their late declarations and congratulations, were founded either in folly or in fraud. Either their conduct had arisen from ignorance, or it was the result of deliberate deceit. Out of this dilemma they could not escape; either they knew nothing of the subject respecting which they promised so much, or they were deliberately deceiving those who listened to them. How was he to judge of the necessity of the measure (VOL. XXXIX.) now proposed, when all information was withheld? Undoubtedly, there were some members on the committee whom he highly esteemed and respected but was confidence in them to supersede his functions, and suspend his privilege as a member of the legislature? He could conceive no necessity for such a measure short of that which operated in 1797, to induce the privy council to suspend cash payments at the Bank; and if that case had occurred, he contended that the same course ought to have been resorted to; namely, that the privy council should, upon their responsibility, have directed the suspension of cash payments at the Bank, and then would have come the legitimate functions of parliament to investigate the grounds on which that determination had been come to. This, he maintained, would have been the right and proper course; and that the practice which seemed of late to be increasing, of ministers interposing the shield of parliament between them and their responsibility, broke in upon the proper and constitutional functions of parliament, and led to consequences that no man could foresee or foretel. He had felt it his duty to say thus much upon the very unexpected proposition brought forward by the noble earl, and against which he must now decidedly and solemnly protest. The Earl of Harrowby said, he had not given any notice in his situation as one of the king's ministers, but in his capacity as chairman of the committee, by whom this report had been unanimously agreed to. Neither was there the least foundation for the supposition that this measure was required on the part of the Bank; on the contrary, there was no doubt whatever of the ability of the Bank to make good all their engagements. The reason for the measure was the opinion of the committee, that in order to ensure at the earliest period, the permanent resumption of cash payments, it was expedient to pass the measure alluded to. As to what had been said by the noble earl regarding an order in council as in 1797, there was no analogy between the two periods. In the former case, parliament was not sitting, whilst in the present, parliament was not only sitting, but had actually entered into the investigation of the subject. How, then, could it be said with any regard to constitutional principles, that the privy council ought at all to have interfered? (4 U) Lord Holland commented upon the extraordinary nature of the proposition of which notice had been given, combined with the extraordinary rapidity with which it appeared to be intended to hurry it through the House. He agreed with his noble friend (earl Grey), that ministers had by their conduct, with reference to this subject, convicted themselves either of ignorance or deceit, the measure now proposed being decidedly at variance with all that they had for some time past held out on the question of the resumption of cash payments. But what did the noble earl (Harrowby) say for this measure? Did he not institute a suit against the Bank, and by alleging that the Bank ought to be prevented from paying the notes which they had given notice they would discharge in cash, in point of fact, charge that body with hav. ing adopted a measure either in perfect ignorance of what effects would be produced, or that must necessarily retard the general resumption of cash payments; for this was the character given to these notices of the Bank by the noble earl and the committee? Amidst this inconsistency no reason had been alleged, why the House should be called upon to pass with unexampled rapidity a measure like the present, and therefore he should solemnly protest against it. He decidedly objected to the practice of neutralizing the functions of the legislature by calling upon its members to decide, in the first instance, upon measures which ought to originate with the ministers upon their own responsibility, and then come before parliament for the exercise of their discretion as to the grounds upon which such measures had been adopted. He agreed therefore that the proper course would have been for an order in council to have issued to prevent the Bank from paying in specie the notes they had given notice to pay, and then it would have been for parliament to decide upon the grounds of that measure. The Earl of Liverpool disclaimed the idea that any necessity existed on the part of the Bank for this measure. The Bank were perfectly able to make good all their engagements; nor did they desire or call for any measure of this description. It was the opinion of the committee, without reference to any desire, or otherwise, on the part of the Bank, that the object which all equally desired could not be attained within any period that was desirable, if the Bank were allowed to continue paying a certain por tion of their notes in specie. This partial payment in specie so involved the question, and so precluded the obtaining the requisite information to enable the committee to form a judgment upon the subject, that it was thought essentially necessary that this partial payment in specie should be put an end to for a time, in order that the general payment in specie might be accelerated. As to the argument that this ought to have been done as in 1797, by an order in council, it was merely necessary to answer, that the two periods had no similarity. In 1797, the parliament was not sitting, and the privy council was called upon to act, in consequence of information communicated by the Bank, and they wisely restrained the Bank from paying in specie, and threw themselves upon parliament for indemnity. But how was the case now? Parliament was not only sitting, but each House had appointed a committee expressly to investigate the affairs of the Bank, which committee had been sitting for upwards of two months, and had used the greatest diligence in collecting evidence and information? How could the privy council act in such a case? How could the privy council know what evidence had been adduced before the committee? How, then, could the privy council come to any determination upon what they did not know? Had the privy council ventured upon such a step, would there not have been speeches without end from noble lords on the other side, protesting against such an unconstitutional assump tion of power? He was decidedly of opinion, that it would have been contrary to all constitutional principles for the privy council to have assumed such a power during the sitting of parliament; and he could not but consider the argument of the noble earl as extremely unconstitutional. He perfectly well recollected that the assumption of such a resort to was to move that the House do now adjourn. power by the privy council in 1797, | though called for by necessity, and when parliament was not sitting, was decidedly objected to, as unconstitutional, by the late Mr. Fox, who argued that parliament ought to have been immediately assem bled. The Marquis of Lansdowne was anxious that no impression should go forth to the public, that there was any necessity for the proposed measure arising out of the affairs of the Bank. The fact was, that the Bank were perfectly able to fulfil all their engagements, and that no measure of this sort was desired on their part. It was the opinion of the committee, that by allowing a partial payment in specie to operate in the way it did, that permanent resumption of cash payments, which was so much desired, would be retarded. Earl Grey could not agree that any ground had been stated for passing rapidly through that House such a measure as that which was to be proposed, nor could he agree that any thing short of the impending ruin of the Bank, as in 1797, could justify such a measure. He still thought, that the regular course would have been for an order in council to have issued. As to what was reported to have been said by Mr. Fox against the exercise of such a power, he could only say that he was a member of the committee in 1797, and had no recollection of any such objection having been urged by Mr. Fox. He (earl Grey) at that period said, and he was entitled to take credit to himself for his foresight, that the restriction in cash payments then imposed would not be ended in the way anticipated by some, but that it would last for a much longer period than the greater number of those who supported it looked forward to. They had now seen how long the restriction had lasted; and when it was said that this measure was to be brought forward to hasten the period of the termination of the restriction, he could not but consider that it was entirely a pretence, and that the restriction was likely to continue much longer than was again attempted to be anticipated. He thought the measure pregnant with danger, but aware as he was that several of his noble friends took a different view of the subject, he despaired of being able to produce a contrary impression, and he doubted whether he should attend tomorrow. There being now a question before the House, the only mode he could now The Earl of Lauderdale rose for the purpose of stating, that there was nothing whatever in the situation of the Bank that called for such a measure, that body being perfectly able to fulfil all its engagements. The measure was recommended on grounds that were wholly distinct from any relation to the state of the affairs of the Bank. The question of adjournment was put and negatived. The standing orders were ordered to be taken into consideration tomorrow, and the Lords to be summoned. HOUSE OF COMMONS. Monday, April 5. On MR. WYNDHAM QUIN.] Mr. Agar Ellis withdrew the notice which he had given for a motion for an address to remove the hon. W. Quin from the situation of Custos Rotulorum of Limerick. In doing this he wished to explain that he had intended to found the address on the resolutions which the House had already adopted respecting that member. reperusing those resolutions he was shaken in his opinion; and several gentlemen of more parliamentary experience whom he had consulted, thought that the words of those resolutions were not strong enough to warrant the proceeding he had contemplated. In what he had done he had been actuated by nothing but a sense of duty. FIRST REPORT FROM THE BANK OF CASH PAYENGLAND COMMITTEE - MENTS BILL.] Mr. Peel, from the Secret Committee on the affairs of the Bank presented the following Report: FIRST REPORT OF THE SECRET COM- MENTS. The COMMITTEE of SECRECY appointed to consider of the state of the Bank of England, with reference to the expediency of the Resumption of Cash Payments at the period fixed by law, and into such other matters as are connected therewith; and to report to the House such information relative thereto, as may be disclosed without injury to the public interests, with their Observations thereupon 1399] HOUSE OF COMMONS, First Report of the Bank Committee- [1400 "Are engaged in deliberating upon their report, which they hope to be able to present to the House on an early day after the approaching recess. "The committee having a confident expectation that, in that report, they shall be enabled to fix a period, and recommend a plan, for the final removal of the present restriction on the Bank, think it their duty to submit to the House, that the execution of any such plan would, in their opinion, be materially obstructed and delayed by a continuance of the drain upon the treasure of the Bank, on account of the engagement of the Bank to pay in cash all its notes outstanding, of an earlier date than January 1st 1817, and on account of the payment in cash of fractional sums under 51. "That the committee therefore think it their duty to suggest to the House, the expediency of passing forthwith a bill, restraining all such payments in gold coin, until the report of the committee shall have been received, and considered by the House, and a legislative measure passed thereupon." The Report was ordered to be printed. Mr. Peel then said, that in moving for leave to bring in a Bill, founded on the Report which had been read, he was relieved by that Report from the necessity of offering more than one or two observations; both because they would be premature, and because the committee itself had alleged sufficient grounds for the proposition. The object of the bill for which he moved, would be to restrain the issue of sovereigns for fractional payments under 51. in consequence of notices issued in the course of 1816-17, in which they undertook to pay in specie all notes dated previously to the 1st of Jan. 1817. In consequence of these notices issued by the Bank with the best intentions, the treasure of that body had suffered a very considerable drain. Accounts had been presented to the House, of the issues of sovereigns between the 1st Jan. 1816, and the 1st Jan. of the present year, and in that time it appeared, that 4,500,000l. had been issued from the Bank. Subsequently to the 1st Jan. last, it also appeared that 700,000l. more had been issued; so that the whole that had been issued by the Bank since Jan. 1816, amounted to 5,200,000l. The issue of that treasure had not been attended with any good to the nation; and he thought, indeed, it might have foreseen, that unless this issue had been accompanied by a simultaneous reduction of the number of bank-notes, the gold would find its way to those places where was little doubt at present as to the place there was a greater demand for it. There of its destination; for by a report of the minister of finance in France, it appeared, that within the first six months of the last year, 125 millions of francs had been coined at the French mint, three-fourths of which, it was understood, had been derived from the gold coin of this realm. This sum of 125 millions of francs, at the par of exchange, was about five millions drawn from the Bank of England.-The sterling, three-fourths of which had been object of the bill would be, to restrain, till the expiration of the present session of he had described. The delay would enparliament, issues of cash in the manner able the House to consider the subject, and to take the measures which the committee might hereafter suggest. The reasons for this measure lay within a short compass. Whenever the time came for removing the restriction, a large sum in siderably exceeded the sum which the cash would be necessary; that sum conBank had at present in its possession; and as it was manifest, that any diminution of this sum would not be productive of any advantage to the country by its immediate effects, so it was also plain, that this diminution of its treasure would make the Bank more unable to return to cash payments, and would therefore tend to postpone the period for the termination of the restriction. It was for these reasons, and in the fullest confidence that it would tend to hasten the period of cash payments, that he should propose the measure. The committee had stated, in their Report, that they confidently expected, that after the recess they might be able to propose a plan for the speedy removal of the restriction on cash paywere well founded; and he could add to ments: these expectations, he trusted, this, that he was equally confident, that the restoration of a standard of value in this country, as invariable as the nature of things admitted of, would not be accompanied by those inconveniences which moved" for leave to bring in a Bill to some persons had apprehended. He then restrain the Governor and Company of the Bank of England from making Payments in Cash, under certain Notices given by them for that Purpose."-Mr. Peel then added, as it was of the highest utility that |