§ Mr. Brogdenbrought up the report of the committee of the whole House, upon the Resolutions respecting the Resumption of Cash Payments. The said Resolutions were as follow:
The resolutions were agreed to; and a bill or bills were ordered to be brought in by Mr. Peel and the chancellor of the exchequer.
- 1. "That it is expedient to continue
803 the restriction on payments in cash by the Bank of England, beyond the time to which it is at present limited by law. - 2. "That it is expedient that a definite period should be fixed for the termination of the restriction on cash payments; and that preparatory measures should be taken, with a view to facilitate and ensure, on the arrival of that period, the payment of the promissory notes of the Bank of England, in the legal coin of the realm.
- 3. "That in order to give to the Bank a greater control over the issues of heir notes than they at present possess, provision ought to be made, for the gradual repayment to the Bank of the sum of ten millions; being part of the sum due to the Bank, on account of advances made by them for the public service, end on account of the purchase of exchequer bills under the authority of acts of the legislature.
- 4. "That it is expedient to provide, by Jaw, that from the 1st February 1820, he Bank shall be liable to deliver, on demand, gold of standard fineness, having been assayed and stamped at his Majesty's mint, a quantity of not less than sixty ounces being required in exchange for such an amount of notes of the Bank as shall be equal to the value of the gold so required, at the rate of 4l. 1s. per ounce.
- 5. "That from the 1st October, 1820, the Bank shall be liable to deliver, on demand, gold of standard fineness, assayed and stamped as before mentioned, a quantify of not less than sixty ounces being required in exchange for such an amount of notes as shall be equal to the value of the gold so required, at the rate of 3l. 19s. 6d. per ounce.
- 6. "That from the 1st May 1821, the Bank shall be liable to deliver, on demand, gold of standard fineness, assayed and stamped as before mentioned, a quantity of not less than sixty ounces being required in exchange for such an amount of notes as shall be equal in value to the gold so required, at the rate of 3l. 17s. 10½d. per ounce.
- 7. "That the Bank may, at any period between the 1st February 1820, and the 1st October 1820, undertake to deliver gold of standard fineness, assayed and stamped as before mentioned, at any rate between the sums of 4l. 1s. per ounce and 3l. 19s. 6d. per ounce; and at any period between the 1st October 1820, and the 1st of May 1821, at any rate between the sums of 3l. 19s. 6d. and 3l. 17s. 10½d. per ounce; but that such intermediate rate
804 having been once fixed by the Bank, that rate shall not be subsequently increased. - 8. "That from the 1st May 1823, the Bank shall pay its notes, on demand, in the legal coin of the realm.
- 9. "That it is expedient to repeal the laws, prohibiting the melting and the exportation of the coin of the realm."