§ 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- 758 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.