74] ANNUAL REGISTER, 1818. 



absurd (he said) to think that 

 the Bank would next year, or in 

 any future year, be more able, or 

 more willing, to return to cash 

 payments. Now or never was the 

 time for the House to return to 

 a wholesome currency. They 

 must meet the evil, and they 

 ought to meet it in a manly way 

 at once, and not allow themselves 

 to be abused longer with the 

 farce which had been playing oflF 

 upon them. 



Mr. Tierney, seeing a secretary 

 of the Treasury in his place, 

 hoped that in the absence of the 

 chancellor of the exchequer he 

 would be able to inform him 

 whether any and what steps were 

 taken for paying the nine millions 

 due by the public to the Bank of 

 England. In an early part of the 

 session provision was made for 

 six millions of that sum ; but 

 with respect to the remaining 

 three millions, he did not know 

 of any provision for it. 



Mr. Lushington assured the 

 right hon. gentleman that he 

 could give an answer which, he 

 trusted, would prove satisfactory. 

 Preparations were making for the 

 payment to the Bank, not only 

 of tlic six millions, but also of the 

 three millions ; but the particular 

 sums, and the periods when they 

 were to be paid, were yet matters 

 for consideration. 



Mr. S. Thornlon farther an- 

 swered the right hon. gentleman's 

 question, whether the Bank direc- 

 tors had given the notices re- 

 quired by parliament for the re- 

 payment of the sums of six 

 millions and three millions, by 

 raying that sujh notice had been 

 given ; and he could add, that it 

 was understood on the part of 

 the Bank that the sums in ques- 



tion would be paid off in the 

 course of the present year. 



The bill was afterwards read a 

 third time, and passed. 



In the House of Lords the 

 Bank Restriction Continuance 

 bill was introduced on May 

 26th by the nobleman considered 

 as at the head of the ministry, 

 the Earl of Liverpool. His lord- 

 ship followed in some measure 

 the steps of the chancellor of the 

 exchequer, particularlj' in de- 

 claring that he considered the 

 Bank fully prepared to pay in 

 cash ; but whereas the chancellor 

 had split into several heads the 

 arguments by which he endea- 

 voured to prove the necessity of 

 the restriction, the earl was con- 

 tent with taking a single ground, 

 and laid the %vholeof the necessity 

 to the stipulations of the French 

 government which promised to 

 pay, within a short period, more 

 than 30,000,000/. sterling. He 

 concluded a speech of no great 

 length with saying, that he could 

 not, consistently with the respon- 

 sibility which attached to his 

 station, consent to the return of 

 cash pajTTients at the present 

 period by the Bank ; and he had 

 therefore felt it an imperative 

 public duty to propose the pre- 

 sent bill. 



LorclGrenville, after expressing 

 the greatest disappointment at 

 the statement he had just heard 

 from the noble earl, said, that if 

 he felt or stated fewer objections 

 at the time when the continuation 

 of the restrictions for two years 

 was proposed, it was because he 

 confidently believed that parlia- 

 ment had given the country a 

 sacred pledge, which nothing but 

 the most urgent necessity could 

 tempt them to forego; and he 



fondly 



i 

 5- 



