GENERAL HISTORY. 



[17 



signed for this delay, was that 

 the negotiation of foreign loans 

 might tend to prevent the re- 

 sumption of cash payments by 

 the Bank of England, which 

 must be considered only as the 

 ostensible reason, and not the 

 real one. What would be said 

 of the minister of France if he 

 were to tell the legislative body 

 of that country, that he could 

 not pay in cash, because there 

 was a loan negotiating for Eng- 

 land, or any other country. 

 Would not such an assertion be 

 laughed at as a mere subterfuge ; 

 and was it not to be expected 

 that such an assertion here would 

 be considered in the same light. 

 If, indeed, the negotiation of 

 loans here for foreign countries 

 was to be a cause of preventing 

 the Bank of England from pay- 

 ing in cash, then he could con- 

 ceive no time in which that re- 

 turn to a healthy circulation 

 could take place. 



Tlie Earl of Liverpool said, 

 that with regard to the particular 

 measure to which the noble lord's 

 inquiry was directed, he had uni- 

 formly held, and still did hold, 

 that it was the interest of this 

 country and of the Bank that 

 cash-paj'mentsshould be resumed 

 as soon as possible. He must 

 also remark, that he was equally 

 convinced that the particular 

 moment when the Bank ought to 

 resume the regular course of 

 payment, was a consideration of 

 the grfatest delicacy and import- 

 ance. Having said thus much, 

 he should only add, that he had 

 ground for believing, and indeed 

 knowing, that the Bank had 

 made every necessary preparation 

 for answering the demands which 



Vol. LX. 



might arise by the expiration of 

 the restriction bill. His lordship 

 then went into the same explana- 

 tion which had been given by the 

 chancellor of the exchequer in 

 the other House. 



The Em-l of Lauderdale affirmed 

 that he should consider himself 

 as wanting in duty, were he to 

 allow what had fallen from the 

 noble secretary of state to pass 

 unnoticed. He had stated that 

 the particular period for the re- 

 6umption of cash-payments was 

 a question of expediency, which 

 required great consideration. 

 Now, only two years ago, he had 

 treated with great derision all 

 those who ventured to doubt that 

 the Bank would pay in cash with- 

 in two years from that time. The 

 noble secretary had declared, 

 that notwithstanding the intended 

 delay, there was nothing in the 

 situation of the country to pre- 

 vent the Restriction act from 

 being allowed to expire, and that 

 the Bank was perfectly prepared 

 to pay its notes in cash at the 

 time fixed by the act of parlia- 

 ment. He knew not on what 

 information this opinion had been 

 founded; but though the Bank 

 had made ample preparation, the 

 noble secretary hinted that there 

 still might be something in the 

 relations subsisting among foreign 

 powers which ought to retard 

 the resumption of cash-payments. 

 What that something was, he 

 had not chosen to explain ; but 

 this much appeared — that this 

 most important of all measures 

 no longer depended upon the 

 decision of the British parliament, 

 but on what might be done by 

 the government of France or of 

 any other foreign country. In 

 [C] fiict, 



