§ The House resolved into a Committee on the Local Token Bill.
The Chancellor of the Exchequersaid, that before the adjournment he had given notice of a Bill for the purpose of allowing the Local Tokens already issued to remain in circulation for some time longer, and at the same time to prevent any addition being made to the quantity now in circulation. Many objections had been made to the suppression of this species of currency; but, even if no chance existed of the place of it being adequately supplied by any other kind, it would be wrong to continue a currency so entirely out of the controul of government, so much debased, and confined, from the limited credit of the issuers, to certain districts. As, however, temporary inconvenience might arise from the act in ques- 363 tion, the measure which he should now propose might be desirable. The House was acquainted with the improvement in the state of the exchange, from which there was a prospect of an influx of bullion, by which the means of remedying the evils arising from the species of currency under consideration, might be increased. The time which he intended to propose for the operation of his Bill was six months, but the proper occasion for discussing the period would be in the committee on the Bill. He should move that the chairman do report to the House their opinion, that leave be given to bring in a Bill to amend the Local Token Act.
§ Mr. Whitbreadsaid, that six months might possibly be objected to, as at the end of that time the House would not be sitting. The proper time for discussing it, however, would be in the committee on the Bill.
The Chancellor of the Exchequersaid, that he was unwilling to hold out any probability of a long term being granted, as he was convinced of the mischievous-ness of the currency in question.
§ The motion was then put and carried.