§ The order of the day for the further consideration of the question relative to the public balances in the hands of the Bank having been read,
The Chancellor of the Exchequersuggested the expediency of deferring any further debate for the present. As the resolutions on both sides would be printed, and no new enactment was intended during the present session, it appeared more 1085 advisable to resume the discussion when there should be a fuller attendance, and the subject should have undergone the requisite previous consideration.
§ Mr. Grenfellreadily acquiesced in the right hon. gentleman's suggestion. He had only wished to lay a foundation during the present session for some future legislative proceeding, and he was happy to reflect that so much valuable information had already been laid before the House.
§ Mr. Mellishwas adverse to the postponement of the discussion.
§ Mr. Grenfellhad no desire to shrink from immediate discussion. None of the delay that had taken place was attributable to him; and he was satisfied that the only result of discussion, come when it would, would be to secure a great saving of public money.
§ Mr. Manningprotested against leaving an impression on the public mind unfavourable to the Bank, arising out of so grave a charge as that preferred by the hon. member. Any gentleman by an easy calculation might see that the allowance to the Bank for the management of public business did not exceed 8d. in the 100l. Nothing could be further from the fact than that any collusion existed between the Executive Government and the Bank.
§ Mr. Tierneywas glad to find something at last extracted from the Bank directors. He lamented, however, that they should have taken so long a time to consider what they had to say. Ample time and various opportunities had occurred for entering into a general explanation, and the Resolutions themselves presented the means of conveying the sentiments of the Bank to the public, and in an authentic shape. Now, however, at the close of the session, the directors were full of anxiety for statement and discussion. He had heard of people whom it was difficult to get to sing, but once prevailed on, it was difficult to make them desist. He must for his own part protest against the doctrine, that because a settlement as to the composition between the public and the Bank was made eight years ago, Parliament ought not to interfere with, or to revive that settlement. There had been a greatly increased expenditure since that period, and a large accumulation of public balances in the hands of the Bank; and these 1086 were quite sufficient reasons, in his opinion, to call for the vigilance of the House of Commons.
§ Mr. Grenfellsaid, that if the Chancellor of the Exchequer would declare it to be his intention to make the composition with the Bank depend in some degree on the basis of their circulation, he should not wish to press his proposition: but when the Bank already made about 300,000l. a year on account of their management, and also 800,000l. a year on account of the increase of their issues, it appeared reasonable, that the public should have some farther participation in their profits. He proposed that the discussion should be resumed on Thursday next.
The Chancellor of the Exchequerthought there would be no use in fixing the discussion for Thursday, as there was no probability of any considerable attendance of members.
Mr. Baringthought that the great responsibility to which the Bank subjected itself, entitled it to the profits that it received.
§ Mr. Hammersleywas afraid that these perpetual discussions with respect to the affairs of the Bank would disincline gentlemen of the respectability of those who were now Bank directors from accepting the office.
After some further consideration, the further discussion was adjourned to this day se'nnight.