GENERAL HISTORY. 



[71 



issued by country bankers on the 

 conditions prescribed by the bill, 

 and that the consequence would 

 be to drive them out of circula- 

 tion, to the benefit of the Bank 

 of England. He wished to know 

 whether it was proposed that the 

 notes issued should pay any duty? 



The Chancellor of the Exche- 

 quer replied, that they would pay 

 the same duty as was now paid, 

 though the form would be dif- 

 ferent. 



Sir J. Netuport, alluding to 

 what had fallen from the right 

 hon. gentleman the other day, 

 respecting the total disappearance 

 of the 2,500,000/. issued in coin 

 by the Bank, informed him that 

 it had not been all transmitted to 

 foreign countries, as he seemed 

 to imagine. The fact was, that 

 at that period some bankers, 

 having placed full confidence in 

 the assiu-ance given by the right 

 hon. gentleman respecting the 

 resumption of cash payments, 

 had made preparations for that 

 purpose. With that end in view, 

 a particular banker had drawn a 

 large sum from the Bank in Ire- 

 land as a preparation against that 

 period. 



Mr. Grenfell observed that 

 100/. five per cents was of more 

 value than 100/. exchequer bills; 

 and that 100/. four per cents was 

 also of more value ; but in a less 

 proportion. He wished to know 

 whether the chancellor of the 

 exchequer intended to propose 

 any clause in the bill which would 

 regulate the difference, as this 

 was a matter of some importance? 



The Chancellor of the Exche- 

 quer said, that the subject men- 

 tioned by the hon. gentleman 

 would be proper for the commit- 



tee. Great difficulty had been 

 found in making 1 any distinction 

 between the different public 

 stocks ; and he should be happy 

 to receive any communication on 

 the subject. 



On April 30th the Chancellor 

 of the Exchequer informed the 

 House that the next Monday 

 was fixed for the discussion of 

 the Bank Restriction bill, and on 

 the same night the first reading 

 of the Country Bank Notes bill 

 was to take place. He thought 

 it his duty now to mention, that 

 in consequence of a meeting of 

 the principal country bankers 

 yesterday, in which certain modi- 

 fications had been proposed in 

 the measure, which would render 

 it impossible to be carried through 

 during the present session, he 

 should move that the order of 

 the day for the second reading of 

 the bill be discharged. 



This, after some observations 

 on the bill, was accordingly 

 effected. 



On May 18, the order of the 

 day for taking into consideration 

 the report of the committee on 

 the Bank Restriction bill being 

 read, 



Mr.FranUandLexms addressed 

 the House. He said that nothing 

 was now left to the House but 

 to amend the bill as best they 

 might, for in a little more than 

 one month the Bank must resume 

 cash payments should it not pass. 

 He rose therefore to propose an 

 amendment v/hich would steer 

 between those two evils, to the 

 effect of engaging the Bank to 

 resume cash payments at a defi- 

 nite period. The bill therefore 

 ought to contain, not a special 

 enadipient, but a distinct expres- 

 sion 



