The Chancellor of the Exchequerafter moving, "that the several acts imposing a restriction on the issue of cash in the payments made by the 52 Bank be read," stated, that it was not his intention to preface the motion he meant to submit to the house with many introductory observations. There had, on a former occasion, existed considerable objections to the measure for confirming the order of council by which the restriction of the issues of cash from the Bank had been imposed. He was himself of opinion, that the measure was a wise one; and whatever doubts might have existed, in the first instance, as to its expediency, had been fully and satisfactorily obviated in the discussion which had taken place, on the subject's being brought before the house. But though doubts had been entertained as to the propriety of the measure, during a period of peace, he had never heard its policy questioned during a period of war. Under the impression, therefore, that no doubts existed on the subject, he should take it for granted, that no objection would be made, in the present instance, to a renewal of the measure. It was satisfactory to know that the credit of the Bank had remained firm and unshaken, during the past experience of the measure, and that its sufficiency to make good its engagements, both was, and is, unaffected by even the slightest suspicion. It was highly to the credit of the Bank, too, that it had not availed itself of the dispositions of the act, to issue a quantity of paper exceeding the amount of its capital; or abused the discretion, which a measure essential to the public welfare, necessarily left for its own private ends. It was, however, expedient, that the house should, from time to time, be made acquainted with the quantity of paper in circulation, and he proposed to move for an account of that which was actually in circulation at different periods during the last year; but he should first move, "for leave to bring in a bill, to continue, for a time to be limited, the restriction on the issues of cash by the Bank of England."
§ Mr. Jekyll.—Sir; I do not rise to oppose I the motion of the right Don. Gent. but to direct his attention, and that of the house, to the lamentable state to which the public are reduced by the want of circulating specie. The shameful practice of hoarding up cash, has been carried to such an excessive pitch, that it is with great difficulty, specie can be procured for the common purposes of life. I am sorry to observe the prevalence of this ungenerous feeling, at a crisis, which calls for every possible exertion; and, I am assured, from the respectable authority of a principal banking-house, that, if the practice be net put a stop to, bankers 53 will in a short time not be able to procure specie for the fractional parts of change. I have seen too, in a newspaper of this morning, some resolutions of a respectable corporation,* calculated to meet the evil, and recommending the acceptance of dollars at a certain rate, and of French crowns and half crowns, in change. These observations I have thrown out, Sir, merely, to call the attention of the right hon. gent. to a grievance, which loudly calls for legislative interference.
The Chancellor of the Exchequeragreed with, the hon.gent. that the evil of which he complained, but too certainly existed; and assured him, that it had been under the consideration of his Majesty's government. He admitted that the hon.gent. had commented justly on the baseness of such a practice, at such a crisis. The remedy, however, rested with individuals, who might easily correct a practice, that was as inconsistent with public spirit, as it was with the duty of a good citizen.—The motion was then put, and leave given to bring in the bill. After which the Chancellor of the Exchequer moved, "that there be laid before the house an account of the amount of Bank of England notes in circulation on the 1st of June, 1st of August, 1st of October, and 25th of November, 1803; distinguishing the amount of the value of those below 5l." Ordered.