16] ANNUAL REGISTER, 1818. 



age, of eleven millions, or two 

 millions more than the sum which 

 they claimed due from the public. 

 He was convinced that it would 

 be highly advantageous to the 

 public interests that the govern- 

 ment should be unfettered by 

 these obligations ; and what he 

 wished on tliis occasion was, to 

 know, whether any arrangement 

 was in progress, or had been con- 

 cluded, either for discharging 

 the loans in question, or placing 

 them on a better footing ; and if 

 any, what arrangement ? 



The Chancellor of the Exche- 

 quer expressed his wish to give 

 a distinct answer to the important 

 question which the hon. gentle- 

 man had thought proper to put ; 

 namely, whether it was the in- 

 tention of his majesty's ministers 

 to propose any farther restriction 

 upon cash payments by the Bank. 

 He was enabled to say, that the 

 Bank had made ample prepara- 

 tion for resuming its payments in 

 cash at the time fixed by parlia- 

 ment, and that he knew of nothing 

 in the internal state of the coun- 

 try, or of its political relations 

 with foreign powers, which would 

 render it expedient to continue 

 the restriction ; but that there 

 was reason to believe that pecu- 

 niary arrangements with foreign 

 powers were going on of such a 

 nature and extent, as might pro- 

 bably make it necessary for par- 

 liament to continue the restric- 

 tion, so long as the immediate 

 effects of those arrangements 

 were in operation. As to the 

 loan of six millions from the 

 bank at 4 per cent interest, he 

 should, ere long, have to submit a 

 proposition to thi- House for the 

 payment of that debt ; but with 



respect to the three millions 

 without interest, which, for ob- 

 vious reasons, was rather to be 

 regarded as a gift than a loan, he 

 rather thought that neither the 

 House nor the hon. gentleman 

 himself, would be reconciled to 

 anj' proposition for depriving the 

 public of such an important ac- 

 commodation. 



In the House of Lords the 

 topic of the Bank restriction was 

 opened on February 3rd. The 

 Earl of Lauderdale said, he would 

 trouble their lordships with some 

 motions connected with a ques- 

 tion of the greatest moment. 

 The time was fast approaching 

 when the subject of the resump- 

 tion of cash-payments by the 

 Bank must come before their 

 lordships. He trusted that par- 

 liament would not consent to 

 continue the restrictions without 

 a full inquiry into the circum- 

 stances of this question, upon 

 which, more than any other, the 

 welfare of the country depended. 

 He concluded by moving for 

 accounts of the weeklj^ amount 

 of Bank-notes in circulation in 

 the years 1815, 16, and 17 ; the 

 average amount, the highest and 

 lowest amount in each year, dis- 

 tinguishing the notes of different 

 sums, the rates of exchange, the 

 number of licences granted for 

 the issue of notes, &c ; all which 

 were ordered. 



Lord Kinn; felt himself called 

 upon to advert to the subject of 

 the Bank, in consequence of its 

 being asserted, from official au- 

 thority in another place, that 

 doubts existed whether payments 

 in cash could be resumed at the 

 Bank at the period appointed for 

 that purpose. The reason as- 

 signed 



