64] ANNUAL REGISTER, 1818. 



sumption of cash payments. In 

 the first place, he begged to deny 

 that he had ever expressed any 

 doubt as to the fact of the 

 Bank's having accumulated a large 

 amount of specie in their vaults ; 

 but what availed that accumula- 

 tion with respect to the return of 

 payments in cash, if there was 

 such a progressive increase in the 

 amount of the outstanding notes, 

 as tended to counteract the specie 

 accumulated. At the end of the 

 last session the chancellor of the 

 exchequer had declared, that 

 there was no doubt of the re- 

 sumption of cash payments by 

 the Bank at the expii-ation of the 

 time specified by law. Now all 

 must agree, that whenever that 

 resumption should take place, it 

 would be attended with a consider- 

 able diminution of their issues, and 

 probably with great and natural 

 alarm. It was by no means his 

 desire that such a measure should 

 be brought about by any sudden 

 stoppage of the issues, but rather 

 that the Bank would gradually 

 withdraw its outstanding notes. 

 But what inference did the con- 

 duct of the Bank, since the last 

 meeting of parliament, afford on 

 this head ? There were on the 

 table of the House the amounts 

 of issues for 18 months, from 

 July, 1816, to December, 1817, 

 from which it appeared that the 

 issues in the first six months 

 of that period amounted to 

 26,300,000/.; in the second to 

 27,400,000/. ; and in the last to 

 29,000,256/. Tlius it was evi- 

 dent, that if the Bank, in place 

 of preparing for the resumption 

 of their payments in cash at the 

 time specified by law, had deter- 

 mined to multiply impediments 



to such a result, they could not 

 have more dexterously managed 

 to effect the latter object than by 

 the conduct they were pursuing. 

 If these preparations tended to mul- 

 tiply difficulties, rather than to fa- 

 cilitate the return to payments in 

 cash, he must say, that there was 

 a juggle going on, disgraceful to 

 the Bank, and discreditable to 

 the government. In that case 

 the Bank had turned its back 

 upon its duty, either to amass 

 property for itself, or to show its 

 subserviency to the Treasury. If 

 in the accounts he now moved 

 for, and those for which in April 

 he intended to move, he should 

 see progressive reduction, he 

 would then feel that the Bank 

 were in earnest in their prepara- 

 tion. The right hon. gentleman 

 concluded with moving for " The 

 total %veekly amount of Bank 

 notes, and Bank post bills in 

 circulation from the third of Fe- 

 bruary to the third of March, 

 1818; distinguishing the Bank post 

 bills, the amount of notes under 

 the value of 5l. and stating the 

 aggregate amount of the whole." 



The Chancellor of the Exche- 

 quer said, that he did not intend 

 to oppose the production of this 

 account, nor did he think the 

 present a fit period for entering 

 into a consideration of the gene- 

 ral question. He agreed for the 

 most part with the principle 

 maintained by the right hon. gen- 

 tleman, that the reduction of the 

 issues of the Bank was a neces- 

 sary means and preparation for 

 enabling: them to resume their 

 cash payments. He had, how- 

 ever some limitations to suggest 

 to tlie broad proposition, that it 

 was the only means. 



The 



