HC Deb 10 April 1818 vol 37 cc1283-4

The Chancellor of the Exchequer brought in the Bank Restriction Continuance bill. On the motion that it be read a first time,

Sir C. Monck

reminded the House, that at the beginning of the session the chancellor of the exchequer had stated, that after defraying all the expenses of the last year, there would be an excess of revenue amounting to three millions'. The right hon. gentleman had now acknowledged, that the excess of the revenue, which might truly be called a sinking fund, was 1,800,000l., and that the appearance of a larger surplus had been produced by the confusion of the Irish and English accounts. He now wished to know whether the sums paid into the Bank of England by the different saving banks, and amounting in all to 657,000l., and on which exchequer bills had been issued, were included in that sum of 1,800,000.

The Chancellor of the Exchequer

said, that the accounts which he had laid on the table would explain what the amount of the saving last year had been. As to the money which came from the Saving banks, it was not at all connected with the sum mentioned by the hon. baronet. It was quite a separate account. The bill was read a first time.

Mr. Grenfell

said, that as he considered this a measure for establishing a permanent paper currency in time of peace, he wished to know whether it was in the contemplation of the chancellor of the exchequer to take any steps for securing to the public any share of the vast profits which the Batik of England received from this system?

The Chancellor of the Exchequer

said, he was of opinion, as he had always been, that it would not be consistent with the honour or welfare of the country, to make itself a partner in any profits which the Bank of England happened to derive from the restriction.