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T is not, at this period, neceffary to 
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the meafure of reftri€ting the Bank from 
making its iffues in {pecie was founded; 
for although confiderable objections were, 
in the firft inftance, raifed againft its expe- 
diency, yet, after the meafure was adopted, 
moft perfons agreed that there would be 
great danger in making the Bank iffue fpe- 
cie precipitately. : 
When the laf renewal of the reftriétion 
took place, it was fully juftified by the 
ftate of the exchange, for if the Bank had 
not been then refrained by law from pay- 
ing in cafh, all the fpecie in the country 
would have found its way to the continent, 
where Englifh coin would have held a 
higher value than at home: and, although 
the courfe of exchange is not at prefent 
fuch as to afford the fame folid argument 
for the neceflity of continuing the mea- 
fure*, yet other important confiderations 
feem to have called for its adoption. 
The circumftances which induced the 
Chancellor of the Exchequer, (who pro- 
feffed himfelf to be anxious that the. Bank 
fhould refume the practice of paying in 
{pecie) were itated to be the following :— 
There was no influx of bullion into the 
country from abroad, to replace the {pecie 
that might be fent out of the kingdom; 
that it had been found neceflary for Paria- 
ment to enable Country-banks to iffue 
fmall notes, to a confiderabie amount, for - 
{pecie, and it would be improper, whilft 
this quantity of paper was in circulation, 
fo take off, inconfiderately oy premature- 
ly, the check upon the iflue of gafa from 
the Bank; for the immediate confequence 
would be, a fudden and general demand 
on the Bank, agd a certain exportation of 
* The exchange was ftated to be at par 
with Hamburg, and a little below par with 
Amfterdam, 
molt 
