HC Deb 06 June 1844 vol 75 cc318-9
Mr. Muntz

wished to put a question to the right hon. Baronet at the head of the Government connected with the subject of the Bank Charter. He wished to know what would happen in consequence of there being such an export of gold as would render it impossible for the Bank to pay its liabilities in gold, and thereby affect the circulation of the country?

Sir R. Peel

said, he would rather decline answering such questions, which were merely speculative, and the answers to which could not tend to any practical result. It would, he thought, be much better to reserve those points of detail until the general discussion on the Bank Charter question. The intention undoubtedly was, that any demand on the Bank would be paid in gold if desired. It would have the power of issuing notes to the amount of 14,000,000l. on securities, and might diminish that issue to 11,000,000l., the amount of the Government debt, if it should be necessary. The Bank had the complete control over the 3,000,000l., but if the 11,000,000l. of Government debt should be requited by the Bank, the Government would have no difficulty in raising the means to pay it off. He, however, by no means anticipated such a contingency as that which had entered into the speculative mind of the hon. Gentleman. He could only repeat that all demands on the Bank must, if desired, be paid in gold.

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