Lords Sitting of 2 April 1818

STOCK DEBENTURES.
The Earl of Lauderdale The Earl of Lauderdale moved for accounts of the Gold and Silver Coinage, from the commencement of the present reign, which were ordered; and, with reference to the motion of which he had given notice for the 14th instant, observed, that since he had intimated his intention of bringing the subject forward, reports had gone abroad which, if true, would materially affect the question. He did not mean to go into the minutiae of these rumours, but should shortly notice that there was said to exist an intention on the part of government of issuing Stock Debentures, upon the security of stock to be deposited in the hands of commissioners; as if this were true it would very materially alter the nature of the question as to the currency of the country; and as he did not wish to come there upon a non-entity, upon a question, the circumstances of which would be altogether changed from those that now existed, he wished to know whether there was actually an intention of issuing any debentures of the description alluded to?
The Earl of Liverpoolsaid, he had also heard, as well as the noble lord, a variety of rumours relative to the subject alluded to; but all he could say was, that whatever measures it might be thought expedient by government to bring forward, would be explained at the proper time. It was
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for the noble lord, however, to consider, whether it was advisable to give credit to a mere general rumour.
The Earl of Lauderdaleobserved, that it was something more than a general rumour, as it appeared that, like the lords of the Articles, who formerly in Scotland considered what subjects should be brought before the legislature, the monied men in the city, were now considering this very subject, with a view to the question, whether any bill respecting it should be laid before parliament? Under these circumstances, he thought himself entitled to ask for information, particularly as the question so materially involved the subject of his motion. The noble lord had talked of future explanation; but the mischief was, that these financial measures had of late come up to that House at a period of the session when it was impossible properly to discuss them.
The Earl of Liverpoolsaid, that whatever measures might be in the contemplation of government, due notice would be given of their being brought forward, and they would be properly explained. He agreed with the noble lord, that financial measures ought to be brought under discussion at a period sufficiently early; but it' would be evident that he could not, consistently with his public duty, enter into farther explanation.
The Earl of Lauderdalethen stated, that the bringing forward the motion of which he had given notice, must be considered to depend upon the circumstances that occurred in the mean time.