§ Lord Althorpmoved the Order of the Day for the House resolving itself into a Committee of the whole House, to consider further of the Supply to be granted to his Majesty.
§ Sir H. Parnellwished to ask a question of the noble Lord before the House went into a committee. The Charter of the Bank 981 of England would, the House was aware, expire in 1833, and he was desirous of receiving some information on the subject of its renewal. In the course of the last Session, an hon. Member of that House, the late Mr. Huskisson, gave notice of a motion, by which he proposed to draw the attention of the House to this important subject, but he was prevented from doing so by the temporary absence of the Secretary of State for the Home Department. This subject must now press with greater force on their attention, as the termination of the Charter was so nearly approaching. He did not now rise with a view to enter into an examination of the policy pursued by former Administrations with respect to this question. Their custom was, to make an arrangement, in the first instance, with the Bank of England, and then to come to Parliament for its sanction; thereby leaving the House hardly an opportunity to examine such arrangement. Now, he earnestly hoped to hear from the Chancellor of the Exchequer that this course would not be pursued on the present occasion, but that the House of Commons would be called on to institute a strict examination into all the circumstances connected with the banking-system of England, before they granted a renewal of the Charter, in order, on the one hand, that they might prevent the recurrence of those convulsions and those enormous losses which had been sustained by the present banking system, and on the other, to give to the country the great and immense benefit which would be derived from a sound system of banking. The subject was of the utmost importance, and he took the opportunity which now presented itself of procuring for himself and for the public some precise information relative to it. He hoped, therefore, that the noble Lord, the Chancellor of the Exchequer, would state to the House what course was intended to be followed on this occasion.
§ Lord Althorpsaid, he thought it would probably be found proper and fitting for the House to enter into an inquiry on this subject in the present Session. He had not positively made up his mind whether that inquiry should be instituted during this Session or in the next; but his impression was, that it would be desirable if it took place in the present. As to his right hon. friend's observation upon the course which former Governments had pursued with respect to the Bank, he 982 pledged himself to his right hon. friend, and to the House, that no such system should be now adopted. The question should be submitted to the House perfectly free from any private arrangement between the Government and the Bank. At the same time, Ministers would make up their minds as to what appeared to them right and proper to be done, but no pledge would be given, no engagement would be entered into. No man could attach more importance to the question than he did. He felt that it was most essential to place the whole banking system of the country on a sound footing, in order to secure the interests of the public.