474 
the famous report of the Bullion Com- 
mittee, which appeared in our last sup- 
plement, and the consideration led to’ 
one of the Songest debates known since. 
the revolution, One set of resolutions 
were moved by Mr. Horner, in a speech 
of unequalled ability, and another by 
Mr. VansirTant, on the part of the 
ministry. 
Mr. Horner was supported by Messrs. 
H. Tuornton, Witserrorce, Hus- 
xisson, Burvert, Wuirtpreap, G. 
Jounsrone, W. Suitu, Trerney, Ba-: 
RING, Parnect, Canninc, Marriott, 
and Suarp; and Mr. Vansittart’s by 
Messrs. Rost, Prercrvat, Dep. Gov. 
Mawnninco, Turton, Lone, Castre- 
REAGU, and Futter. 
the committee were outvoted by 151 
against 75; and on Mr. Horner's reso- 
lution for the Bank to pay cash in two 
years by 180 against45. Of course Mr. 
Vansittart’s resolutions were passed with- 
out a division ! 
As the last resolutions are entered on 
the Journals of the House, and are very 
long, we feel it necessary to record here 
only those of Mr. Horner. 
4. That the only money: which can be le- 
gally tendered in Great Britain, for any sum) 
above twelve-pence in the whole, is made, 
either of goldorsilver ; and that the weight 
standard, and denomination, at which any 
Such money is authorized to pass current, is 
fixed, under his Majesty’s prerogative, ac- 
cording to law. 
2. That since the 45d year of the reign of 
Queen Elizabeth, theindentures of his Majes- 
ty’s Mint have uniformly directed that all silver 
used for coin should consist’ of 11 oz. 2 dwts, 
of fine silver and 18 dwts. of alloy in each 
pound troy, and that the said pound troy 
should be divided into sixty-two shillings, or 
jnto other coins in that proportion. 
3. That, since the 15th year of the reign 
of King Charles the Second, the indentures 
of his Majesty’s Mint have uniformly di- 
rected, that all gold used for coin should 
consist of 11 oz. of pure goldand 1 oz. of alloy 
of each pound troy ; and that the said pound 
troy should be divided and coined into forty- 
four guineas and one half guinea, or into other 
coins in that proportion. 
4. That by a proclamation of the 4th year 
of the reign of King George the First, it was 
ordered and directed, that guineas and the se- 
veral other gold coins therein named, should 
be current at the rates and values then set 
upon them, viz. the guinea at the rate of 
21s. and other gold coins in the same pro- 
portion 5 thereby establishing, that the gold 
and silver coins of the realm should be a legal 
tender in all money payments, anda standard 
measure for ascertaining the value of all con- 
State of Public Affairs in May, 
On a division, 
{June fy, 
tracts for the payment ‘of monéy, in the res 
lative proportion of 152A Soy lbs. weight of ' 
sterling silver to one pound of sterling gold. 
5. That by a statute of the 14th year of 
the reign of his present Majesty, subsequently 
revived and made perpetual by a statute of’ 
the 59th year of his reign, it is enacted, That 
no tender in payment of money made in the 
silver coin of this realm, or any sum excecd- | 
ing the sum of 251. at one time, shall be re- 
puted in law, or allowed to te a legal tender, 
within Great Britain or Ireland, for more than 
according to its value by weight, after the 
rate of 5s. 2d. for eachaounce of silver. 
6. That by a proclamation of the 16th_ 
year of the reign of his present Majesty, cone 
firmed by several subsequent proclamations, ' 
it was ordered and directed, that if the weight 
of any guinea shallibe less than 5 dwts. 8 grs, ' 
such guinea shall cease to be a legal tender 
for the payment of any money within Great’ 
Britain or Ireland ; and so in the same pro- 
portion for any other gold coin. 
7. That under these laws (which consti ‘ 
tute the established policy of this realm, in 
regard to money,) no contract or undertaking 
for the payment of money, stipulated to be 
paid in pounds sterling, or in good and lawful 
‘money of Great Britain, can be legally satise 
fied and discharged, in gold coin, unless the ' 
coin tendered shall weigh in the proportion of 
$¢ parts of 5 dwts. 8 grs. of standard gold for 
each pound sterling, specified in the said con- 
tract ; nor in silver coin, for asum exceeding 
25]. unless such coin shall weigh in the pro- 
portion of 29 of a pound troy of standard silver 
for each pound sterling specified in the con- 
tract. 
8. That the promissory notes of the Bank 
of England are stipulations to pay, on de- 
mand, the sum-in pounds ste¢ling, ‘respecte 
tively specified in each of the said notes, 
9. That when it was enacted by the autho- 
rity of Parliament, that the payment of the 
promissory notes of the Bank of England in 
cash should for a time be suspended, it was 
not the intention of Parliament that any al- 
teration whatsoever should take place in the 
value of such promissory notes. 
10. That it appears, that the actual value 
of the promissory notes of the Bank of Eng- 
land (measuring such value by weight of 
standard gold and silver as aforesaid) has been, 
for a considerable period of time, and still is, 
considerably less than what is established by 
the laws of the realm to be the legal tender 
in payment of any money contract or stipu- 
lation. 
11. That the fall which has thus taken 
place in the value of promissory notes of the 
Bank of England, and in that of the country 
bank paper which is exchangeable for it, has 
been’ occasioned by too abundant issue of 
paper currency, both by the Bank of Eng 
land and the country banks; and that. this 
excess has originated from the want of that 
check and controul on the issues of the Bank 
i 
