GENERAL HISTORY. 



[41 



traction of a measure, during 

 the continuance of wl'iich the fi- 

 nancial state of the country coulil 

 not be said to have recovered a 

 sound and healthful condition. 



'i'his avowed intention induced 

 Mr. Horner, on May 1st, to rl'r.e 

 in order to make a motion for tiie 

 apimintnient of a select conmiittee 

 to inquire into the expediency of 

 restoring the cash payments of the 

 Bank of England, and the safest 

 and most advantageous means of 

 eitecting it. In a jircliminary 

 speech, dis[)laying a very exact 

 and comprehensive knowledge of 

 the subject, the lion, member 

 took a \ iew of the reasons vvliich 

 had iieen adduced for the renew- 

 als of the Bank restriction, and 

 the evils wliicli they had occasion- 

 ed j and expressed his conviction 

 that neitiier the directors nor the 

 ministers could be trusted as sin- 

 cere in their professions of de- 

 siring that cash payments should 

 be resumed at any period, till 

 measures had been prep.ared for 

 effecting the resumption. He 

 suggested some arrangements fur 

 entering upon a gradual payment 

 W'hicii would gviard the Bank 

 from the danger of a sudden 

 change, and concluded with the 

 motion above-mentioned. 



The Chancellor of the Exchequer 

 positively denied that, ijy jnolong- 

 ing the restriction for two years, 

 there was any intention of render- 

 ing it perpetual. lie said that 

 an act i)assed long ago had em- 

 powered liie Bank to prepare the 

 way for a gencial payment, by 

 enabling it to issue cash for notes 

 under the value of 51. giving 

 notice thereof to the 8]jcaker, on 

 which it had acted to a great ex- 

 tent ; and he concluded his argu- 



ments in favoiu' of a furtlior de- 

 lay of two voars, by declaring 

 that he had no doubt whatever of 

 an aljsolute resmuption of pay- 

 ment at the end of that period. 



After several £])eakers on botli 

 sides had delivered their opinions 

 on the subjoci, and the mover 

 had concluded with a general re- 

 ply to tlie ai'giuneuts of the op- 

 posers of his motion, the House 

 divided, when there appeared. 

 For it, 73; Against it, 14G : ne- 

 gati\e majority 7;^- 



On jilay 3d the House resolved 

 itself into a committee on a bill, 

 for fiwther continuing an act of 

 the 44t]i year of his Majesty, to 

 continue the restrictions on pay- 

 ments of cash by the Bank of 

 England; when the first clause 

 having been read, for continuing 

 the restriction till the 5th of July, 

 1S18, 



Mr. Horner declared himself 

 nn willing to oppose the measure 

 of allowing two years for the 

 Bank to return to cash payments, 

 because it appeared to concur with 

 the general sense of the Ho\ise ; 

 (tut it seemed to be as generally 

 the sense of the House that such 

 protectioii to the Bank ought not 

 to be extended beyond that period ; 

 and as there v/as no clause ex- 

 pressive of this expectation, he 

 hoped tlie bill would not pass 

 the committee without receiving 

 such an amendment. He tlien 

 put the question to the Chancellor 

 of the Exchequer, whether he 

 would agree to the introduction 

 of such clause ; and expressed 

 his resolution of opposing the bill 

 in every stage in case of non-coni- 

 pii.'.nce. 



The Chancellor of the Exchequer 

 said, that it being iu the preamble 



expressed 



