HL Deb 23 June 1819 vol 40 cc1295-6

The bill having been read a third time,

Lord Holland

said, he could not allow the bill to pass, without recording on the Journals an attempt on his part to accelerate the resumption of cash payments, instead of putting them oil' for four years. Had he been told at the commencement of the session, that he should give his consent to a measure for postponing for four years the resumption of cash payments, he should have hesitated to believe it; but under the circumstances, if his amendment were negatived, he should certainly feel it his duty to vote for the passing of the bill. His object in moving his amendment, was, that there should be sufficient evidence afforded to the public of the sincere desire of parliament to resume cash payments, particularly after the acknowledgment made by noble lords on the other side, of the error of their former opinions upon this subject. He concluded by moving, to substitute the 1st of July, 1820, for the 1st May, 1823, with reference to the commencement of payments in specie.

The amendment was negatived.

The Earl of Harrowby moved as an amendment to the clause which leaves it at the option of the Bank to pay in gold coin or bullion, after the 1st of May, 1821, that the 1st of May 1822, should be substituted.

The Earl of Liverpool

observed, that if the Bank should at any time reduce their issues, in order to raise the value of their paper, the evil would carry its own correction along with it, for the public would then bring bullion to the Mint at a clear profit. By giving to the Bank the option to pay in coin, they afforded them a motive to accumulate treasure, and as the object of parliament was, that the measure should be gradual in its operation, the amendment was entitled to the consideration of the House. As some misunderstanding had arisen with respect to a statement of his the other night, he wished to repeat that, with the exception of the five millions which would be required to pay the Bank, he hoped no other loan would be necessary during peace.

The bill was then passed.