BANKING. (Hansard, 7 March 1842)

§ Mr. C. Wood
wished, before the House resolved itself into a committee, to put a question to the right hon. Gentleman opposite, in order that he might ascertain what were the intentions of the Government on a subject of very great importance, and that had excited great interest in the country. The House was perfectly-aware that for the last two Sessions a parliamentary committee had been sitting of which he (Mr. Wood) was the chairman, having for its object to inquire into the effects produced by banks of issue upon the country. The events which had occurred in the middle of the last Session of the last Parliament had brought the Session suddenly to a close, and interrupted the sittings of the committee, which was then inquiring into this subject. There was barely time to pass an act of Parliament providing for a more accurate and general publication of the amount of bank-notes put in circulation, but it was impossible for the committee to come to any conclusion or make any report to the House. Since Parliament had met many inquiries had been made of him, and he had received a great many communications from different parts of the country, owing to his having been chairman of that committee, requesting him to ascertain what were the intentions of the Government with respect to the question. Some time since he had mentioned the circumstance to the right hon. Baronet, in order that he might have time to consider the matter, and to confer with his Colleagues as to the course the Government might think advisable to adopt. He was quite aware that there would be considerable difficulty in reappointing the committee, from the circumstance that many of its efficient and active members had not seats in the present House of Commons. He, therefore, wished to ask what course the Government intended to pursue on a subject that had excited great interest in many parts of the kingdom?

§ Sir R. Peel
said, he had given his best 139 consideration to this important subject, and, certainly looking at the time bestowed upon the question by the committee of last Session, the application with which they had devoted themselves to it, and more especially to the attention and ability with which the hon. Gentleman had conducted its deliberations, he was disposed to regret that the committee had separated without agreeing upon some distinct report. The question, as now presented, was certainly a difficult one. To reappoint the committee of inquiry would, he thought, be almost useless. For three Sessions an inquiry had been conducted by a committee of that House With reference to the joint-stock bank system. That committee had exhausted the subject, or, at least, if they had not, it was because the subject was not to be exhausted. On the termination of that inquiry, an hon. Gentleman had proposed the appointment of the committee which had been already referred to. That committee had sat two Sessions, so that altogether there had been committees on the subject of banking during five consecutive Sessions of Parliament. To renew this committee, therefore, for the purposes of inquiry, would he thought be useless; but then the question occurred, shall we reappoint the committee in order that it may report? Now, on this point of the subject, it must be taken into consideration, that no less than eight Members of the late committee were without seats in the present Parliament; and of those eight, he must say, that some of them were the most regular and the most active Members upon the committee. He could not but think, therefore, that any report agreed upon by the committee now would be imperfect; and, in addition to this consideration, he really thought that the question was one of so much importance that it ought to be dealt with rather by the executive Government than by a committee. With regard to the course the Government would pursue, he could not, at present, give any express statement of what would be done. The subject was one for consideration, and as soon as it was possible to give it the careful deliberation it required, the Government would not fail to entertain it, and to make known the result to the House.

§ Mr. C. Wood
entirely concurred in what had fallen from the right hon. Gentleman. He had asked the question merely because 140 he wished to know what was to be done, and that the answer might go forth. The answer given by the right hon. Gentleman was, in his opinion, the only one that it was in his power to give. He was sure that it was one that would satisfy all parties; as the subject was one that must be dealt with by the executive Government.