Commons Sitting of 11 April 1811

REPORT OF THE BULLION COMMITTEE.
Mr. Hornerwished to state, for the information of the right hon. gentlemen opposite, the substance of the Resolution which he should have the honour of pro-

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posing in a Committee on the 29th instant, founded on the Report of the Bullion Committee of last session. The main purpose which he professed to have in view, was, to embody the opinions of that Committee into his Resolutions, for the adoption of the House. In the first place, he would state in those Resolutions, that it was, from time immemorial, the custom, law, and policy of the country, that the standard should be of the lawful coin of the realm; that, having thus resolved, then it would be his object to propose that a deviation was apparent in the present currency, compared with the actual currency, as established by law. He should then propose to state what, in his opinion, was the cause of the deviation in the actual currency from what by law it was intended it should be; and next, to state what appeared to be the recent state of the foreign exchange; and lastly, he should submit, for the approbation of the Committee, what in his opinion appeared best calculated to remedy the evil complained of The hon. and learned gentleman then stated the various regulations imposed by acts of parliament from the time of Elizabeth to the present time, for settling the standard. Upon these acts he should pro-pose a Resolution, stating that the only legal money, which can pass, is gold and silver, as declared by the various proclamations alluded to with a reference to the acts; and that such being the fact, the fall or deviation in the currency was occasioned by too abundant an issue of paper, by the Bank of England, and country bankers; and that the only security for the country was to convert this paper into legal currency, at the option of the holder at the then price of exchange; concluding with a Resolution, recommending as expedient and necessary, the amending of the law, which authorises the Bank of England to suspend their cash payments. These were the substantial heads of his Resolution; and, he trusted, that if gentlemen on the opposite side were disposed, to offer any thing by way of Amendment, they would do him the courtesy to make him acquainted with the substance of their propositions, previous to the day on which he should move the House to go into a Committee.
The Chancellor of the Exchequerexpressed his acknowledgements to the hon. and learned, gentleman, for the candour of his communications; and assured him, that the Resolutions he intended to propose

would be met with equal candour on this side of the House.
Mr. Vansittartsaid, as it could not be expected that gentlemen were prepared to state their sentiments, without reference to the propositions of his hon. and learned friend, that it would be desirable that the Resolutions should, in some way or other, be put in the hands of gentlemen disposed to discuss the question.

PORTUGAL.
Mr. Secretary Ryder presented a Copy of the Letter from lord Wellington to the earl of Liverpool, dated 27th of October last. On the question that the Letter do lie on the table, and be printed,
Mr. Canninghaving been prevented from delivering his opinion on the subject of the affairs in Portugal on a former night, begged to be allowed to avail himself of the present opportunity to say a few words on this head. He was the more inclined to trouble the House on the present occasion, from observing how greatly the expectations of many gentlemen had been, exceeded by the conduct of the Portuguese troops, to whose zeal, spirit and gallantry lord Wellington had borne such ample testimony. He could not but recollect that some gentlemen had been pleased greatly to disparage the efforts and services of our allies in the Peninsula, and had even gone the length of predicting that no advantage whatever was to be expected from their co-operation. How pleasingly and satisfactorily those predictions had been answered, and proved to be unfounded, it would be needless for him now to endeavour to point out. An hon. and gallant general (Ferguson) who had at one time been impressed with this unfavourable idea of the Portuguese nation, had, with that magnanimity which was natural to him, retracted his error, and done justice to the zeal and spirit of the Portuguese. He had gained a victory more honourable to him than twenty conquests in the field of battle; he had triumphed over his prejudices and prepossessions, and he was not above confessing the victory, and making every atonement: in his power. He hoped that other gentlemen would follow so meritorious a conduct, and also retract the opinions, expressed by them on this subject. The happy effects produced by the organization of the Portuguese troops had been already seen and felt. Let us hope that similar results might occur in another part

of the Peninsula. To produce such a favourable change, nothing was more calculated than to hold out animating expectations, while on the other hand, desponding language was more calculated than any other circumstance to sink those to whom it was expressed deeper and deeper into trepidation, and distrust of themselves.
The Letter was then ordered to lie on the table, and to be printed.

BANK DOLLARS.
Mr. Manningsaid, he had waited for some time, expecting to see in the House a noble lord (Folkestone) who had expressed an anxiety as to the supply of silver coinage. He now thought it his duty to inform the House, in answer to what had fallen from that noble lord, that the Bank was in the course of having a large quantity of silver tokens or dollars stamped, for the purpose of putting them into circulation at the rate of 5s. and 6d. each. He thought it right to say thus much, previous to the rising of the House, that the public might be aware of the circumstance, and that persons who might be drawing dollars out of circulation, in the hope of their rising in value, might be assured that their expectations in this respect would be disappointed.
Adjourned till Monday se'nnight.