248 L O N 
duftion of the papers, becaufe granting the® would con¬ 
vey an idea that there was Jam-thing wrong \ the condnft: 
of the perfons concerned, and in his opinion no cafe had 
been adduced to warrant fuch a fuppofition. 
Lord A. Hamilton thought it unneceffary, after the able 
manner in which his motion had been fupported, *o tref- 
pafs further on the time of the houfe. If, as an honour¬ 
able gentleman had laid, India mufl at all events be go¬ 
verned as it now is, there was an end of his motion, and 
all of a iimilar nature: but he thought, if that country 
mull be governed as it now is, the public had much bet¬ 
ter not have it at all.—A divilion took place : for the 
motion, 18; again ft it, 53. 
Scarcely any fubjeft occupied more of the attention of 
the houfe of commons, during this feffion, than the con¬ 
federation of the report of the committee, appointed in the 
preceding fefiiorj, to examine the (late of the bullion and 
currency of the kingdom. Mr. Horner, on the 6th of 
-.May, in a committee of the whole houfe, introduced the 
fubjeft in an elaborate and very intelligent fpeech; the 
general intent of which was to Ihow that the paper-cur¬ 
rency of the country had undergone an adtnal deprecia¬ 
tion, and that the only remedy was to provide for the re- 
fumption of call: payments at the bank as fpeedily as pof- 
fibie.—He was replied to by Mr. Rofe, who undertook to 
maintain tftree points:—that the bank-paper was not de¬ 
preciated—that it was not in the power of the bank ma¬ 
terially to aft'eft the circulation—and that not a guinea 
more would be feen, even were the bank-reftriftion taken 
off to-morrow.-—The debate thus commenced was pro¬ 
tracted by daily adjournments till the 9th; and was con¬ 
ducted by many of the ablelt fpeakers on both Tides of the 
houfe. To give ar.y adequate idea of the arguments em¬ 
ployed would require the compafs of a pamphlet: in ge¬ 
neral terms it may beobferved, that principle was oppofed 
to principle, and fa 61 to fa£t; and that the very oppofire 
lights, in which the fubjeft was viewed by men of great 
ability and information. Teemed to prove that the theory 
of this important part of political economy is yet crude 
and undetermined. When the queftion was at length put 
upon the firft refolution moved by Mr. Horner, it was re- 
je6Ied by 151 votes againft 75. This divilion decided 
the fate of all the other refolutions, except the laft, the 
purport of which was to oblige the bank to recommence 
its calh-payments at the expiration of two years from the 
pr.efent time, inltead of fix months from the ratification 
of a definitive peace, as it now ltood. A fecond divilion 
took place upon this refolution, which was negatived by 
180 againft 45. 
On May 13th, the houfe being in a committee on the 
fame fubjeft, Mr. Vanlittart introduced his rival fet of re¬ 
folutions, fupported by the miniftry. The debates upon 
them, which were in great meafure a recapitulation of 
thofe on the topics of the preceding refolutions, continued 
by adjournment to the 15th; when, after various amend¬ 
ments had been moved and rejected, they all puffed. The 
refolutions thus fanftioned may be regarded as matter of 
liiftory, and contain many curious particulars : we iliall 
therefore infert them at length. 
I. That the right of eftabliihing and regulating the le¬ 
gal money of this kingdom hath at all times been a royal 
prerogative, veiled in the fovereigns thereof, who have 
from time to time exercifed the fame as they have feen fit, 
in changing fuch legal money, or altering and varying 
the value, and enforcing or reftraining the circulation 
thereof, by proclamation, or in concurrence with the ef- 
tates of the realm by aft of parliament; and that fuch le¬ 
gal money cannot lawfully be defaced, melted down, or 
exported. 
II. That the promifiory motfes of the governor and com¬ 
pany of the bank of England are engagements to pay cer¬ 
tain films of money in the legal coin of this kingdom ; 
and that for more than a century palt the laid governor 
and company were at all times ready to difcharge fitch 
promiffory notes in legal coin of‘ the realm, until re- 
D O N» 
(trained from to iff g c.t ’. • r r ’ ’ -nary, ^97, 
by his majefiy’s oidu in council, 1 - • act 01 par¬ 
liament. 
III. That the promiffory notes of th tie 1 •''mpany 
have hitherto been, and are at this time he. i be, eoui- 
valent to the legal coin of the realm, in ali pecuniary 
trahfaftions to which fuch coin is legally ipplicafble. 
IV. That at various p nods, as well boro e as fince the 
faid reftriftion, the exchanges between Great Brit in and 
feveral other countries have been unfavourable to Great 
Britain ; and that during fiich periods, the prices of gold 
and filver bullion, efpecially of fuch gold bullion as could 
be legally exported, have frequently rifen above the mint- 
price ; and the coinage ot money at the mint has been 
either wholly fufpended, or greatly diminifhed in amount; 
and that fuch circumftances have ufually occurred, when 
expenfive naval and military operations have been carried 
on abroad, and in times of pubiic danger or alarm, or 
when large importations of grain from foreign parts have 
taken place. 
V. That fuch unfavourable exchanges, and rife in the 
price of bullion, occurred to a greater or lefs degree, 
du.ing the wars carried on by king William III. and 
queen Anne, and alfo* during part of the feven-years war, 
and of the American war; and during the war and fcarcity 
of grain in 1795 and 1796, when the difficulty increased 
to fuch a degree, that, on the 25th of February, 1797, the 
bank of England was reftrained from making payments in 
cafh by his majeftv’s order in council, confirmed and con¬ 
tinued to the present time by divers afts of parliament; 
and the exchanges became afterwards Hill more unfavour¬ 
able, and the price of bullion higher, during the fcarcity 
which prevailed for two years previous to the peace of 
Amiens. 
VI. That during the period of feventy-five years, end¬ 
ing with the 1 ft of January, 1796, and previous to the 
aforefaid reftriefion, whereof, with the exception of fome 
fma!l intervals, accounts are before the houfe, the price 
of ftandard gold in bars has been at or under the mint- 
price thirty-four years and five mopths, and above the faid 
mint-price thirty-nine years and feven months ; and that 
the price of foreign gold coin has been at or under 3I. 18s. 
per ounce thirty-one years and two months, and above 
the faid price forty-two years and ten months; and that, 
during the fame period of feventy-five years, the price of 
ftandard filver appears to have been at or under the mint- 
price, three years and two months only. 
VII. That, the unfavourable llate of the exchanges, and 
the high price of bullion, do not, in any of the inltances 
above referred to, appear to have been produced by the 
reftriefion upon cafh-payments at the bank of England, 
or by any excefs in the iffue of bank-notes; inafmuch as 
all the faid inltances, except the laft, occurred previoufly 
to any reftriefion on fuch cafh-payments ; and becaufe, 
fo far as appears by fuch information as has been procured, 
the price of bullion has frequently been higheft, and the 
exchanges mod unfavourable, at periods when the ifiues 
of bank-notes have been confiderably diminifhed ; and to 
have been afterwards reftored to their ordinary rates, al¬ 
though thofe ifiues have been inereal’ed, 
VIII. That, during the latter part and for fome time 
after the clofe of the American war, during the years 
1781, 1782, and 1783, the exchange with Hamburgh fell 
from 34. 1. to 31. 5. being about 8 per cent, and the price 
of foreign gold rofe from 3I. 17s. 6d. to 4I. 2s. 3d. per 
ounce, and the price of dollars from 5s. 4~d. per ounce 
to 5s. ii^d. and that the bank-notes in circulation were 
reduced, between March 1782, and December 1782, from 
9,160,000k to 5,995.000]. being a diminution of-above 
one-third, and continued (with occafional variations) at 
fuch reduced rates until December 3784; and that the 
exchange with Hamburgh rofe to 34. 6. and the price of 
gold fell to 3I. 17s. 6d. and dollars fo 5s. ifd. per ounce 
before the 25th of February, 1787, the amount or bank¬ 
notes being then increafed to 8,688,oool. 
IX. 
