§ Lord Archibald Hamiltonrose to submit a motion, which could not, he imagined, lead to a diversity of sentiment. It was, "That there be laid before this House, a copy of any notice given by the directors of the bank to the public in the year 1816, respecting any payment of their notes in specie; also an account of the amount of specie which in consequence of such notice the said company of the bank became liable to pay on demand; and an account of all specie actually paid in consequence of such order, to the latest period the same can be made out." The noble lord stated, that his object in calling for these returns was, to demonstrate the opinions he entertained upon the subject. It might be said, that the information he sought ought to remain a secret with the bank directors, who were its proper depositories, and in whom the utmost confidence should be placed. For his own part, he confessed that he could not pay implicit confidence in those personages, and that his experience taught him rather to distrust their proceedings. The noble lord, in illustration of his opinion, adverted to the evidence given by certain of the directors before the bullion committee, who broadly affirmed, that it was immaterial to the bank, whether the restriction was continued in perpetuity, or at once withdrawn. In calling the attention of the House to this subject, he did so from a conscientious feeling, that the prosperity of the country was connected with the affairs of the bank. His own experience convinced him that the interest and prosperity of the affairs of the bank, and those of the country, were mutually connected, but acted upon in an inverse ratio. The prosperity of the bank always kept pace with the distresses of the country. The one decreased as the other advanced, and so the operation of cause and effect would continue as long as the present mode of management was protected. The entire regulation of the bank affairs should not be vested in the directors, to the exclusion of the interposition of that House in behalf of the public. The noble lord 471 proceeded to point out the baneful effects that were endured by the public from the influence of the bank upon the circulating medium of the country, which was at one moment greatly augmented, and then suddenly withdrawn by the operation of the issue or recall of paper money. Admitting that bank paper had not been depreciated, was there no evil in the fluctuation which was incidental to the present course of things? Was the transition of price, in the articles of life, no evil for the public? Or had it not produced the greater part of the distress which all now deplored? He would ask, whether the country had not borrowed money at a rate of 15s. in the pound, and was now paying it at a rate of 20s.? His present object was merely to seek information, and he only required the addition of dates and sums to the information already communicated to the public. He was far from requiring any improper interference with the concerns of the bank; he merely wished to protect the public from a serious loss in the management of its general accounts. The noble lord concluded by putting the motion with which he set out.
The Chancellor of the Exchequerexpressed his anxiety for the resumption of cash payments at the bank. As to the motion before the House, nothing, in his opinion, could be more improper than any inquiry on the part of the House into the preliminary means by which the bank prepared to carry its intention of resuming cash payments into effect. It was impossible that the bank could at any time resume those payments, without being furnished with ample treasure for the purpose. The particular transaction to which the noble lord's motion, referred was highly creditable to the bank, for it showed the sincere disposition of the directors to pay in specie at the earliest possible moment. Their notice stated their readiness to pay a part of their notes in this manner; and the right hon. gentleman here repeated his former observation relative to the smallness of amount which was demanded from the bank, in consequence of the notice alluded to. The resumption of cash payments could only be undertaken with great confidence in the public; and how could this confidence be maintained if parliament, in the face of the public, should exhibit a jealousy and want of confidence in the directors? This would overturn the whole arrangement for resuming cash payments, and do as much injury to the re-appearance 472 of the metallic currency, as could be effected by an absolute prohibition. The bank had been now six months preparing to collect the treasure necessary for resuming cash payments, and they were thus to be interrupted in their first public step. If public circumstances continued, as there was every likelihood they would the bank, would be able to pay in specie on the 5th July 1818. If the state of exchange continued to improve, and the price of bullion to fall, there could be no doubt that this resumption would take place. In this state of things, with the drain which necessarily was taken from the country by non-residents, by the consumption of the British army beyond the allowance paid by France government was yet able to issue two millions and a half of silver currency; there were, then, the most sanguine hopes that the bank would be able to carry its intentions into effect. If the noble lord's motion were acceded to, it would be only the prelude to others, which would interfere with the existing state of the arrangements making for the resumption of cash payments. He would therefore oppose it.
§ The motion was rejected without a division.