HC Deb 19 March 1840 vol 52 cc1245-7

On the motion for nominating the Committee to inquire into the effects on the currency of the issue of Bank Notes payable on demand,

Mr. Wodehouse

rose to put a question to the Chancellor of the Exchequer prior to his nomination of the Banking Committee. His question related to a petition which appeared in the 9th report of public petitions. It was a petition from bankers, traders, and merchants, from Manchester, showing that great losses had of late been incurred by the manufacturers and traders, in consequence of the fluctuations in the value of money; and that similar fluctuations, producing similar calamitous results, had been, in the memory of the petitioners, of frequent occurrence. The petitioners, therefore, prayed the hon. House to appoint a committee on the earliest possible day to ascertain how far the present laws which regulated the currency had caused this, and to provide a remedy. His question was—did the Chancellor of the Exchequer mean to refer this petition to the consideration of the committee, or did he not? If referred, was it with a view to provide a remedy for the evil whereof the petitioners complained? If excluded, on what grounds; and, lastly, whether, in that case, such a petition, of such a nature, coming from such a quarter, and at such a moment, ought to be excluded from the consideration of that committee, which, if he, (Mr. Wodehouse) rightly understood him, was about to be specifically appointed for entering into a preliminary consideration of the principles on which the paper circulation of the country was to be regulated for the time to come?

The Chancellor of the Exchequer

said, it certainly was his intention to refer that petition to the consideration of the committee, and it was therefore, unnecessary for him to say more about it.

Mr. Wodehouse

wished to know if in giving that answer, the right hon. Gentleman was aware of the evidence offered in 1826, by Mr. Lloyd, before the House of Lords, showing that nine parts out of ten of the monetary circulation of Manchester consisted of internal bills of exchange.

The Chancellor of the Exchequer

If the House thinks it right that I should submit to a preliminary cross examination, I shall be happy to answer any of the questions the hon. Gentleman may think it fit to put to me, but I feel that I cannot do so without entering into a statement of a more general nature than would, perhaps, be quite convenient at this moment.

Mr. Wodehouse

Then I throw myself on the mercy of the Speaker. I repeat, that it is on record from the evidence given before this House, as well as the House of Lords, that at Manchester the greater part of the circulation for many years has consisted of bills of exchange.

The Chancellor of the Exchequer moved that the following Members be nominated to constitute the Committee:—Mr. Chancellor of the Exchequer, Sir R. Peel, Mr. Hume, Mr. Labouchere, Mr. Goulburn, Mr. M. Philips, Mr. O'Connell, Sir J. Graham, Mr. Clay, Mr. Gisborne, Sir J. R. Reid, Mr. Oswald, Mr. C. Wood, Mr. Rickford, Mr. J. Parker, Mr. Pattison, Mr. Herries, Mr. Ellice, Mr. Sergeant Jackson, Mr. Hector, Mr. Grote, Sir T. Fremantle, Mr. J. A. Smith, Mr. Strutt. Mr. Matthias Attwood, and Mr. Morrison.

On the names being read,