be 70,000,000Z. Could we go on so? | Would it not be better to provide an income equal to our expenditure by revising our whole system of taxation? The committee of finance, which he thought deserved well of its country, had pointed out that the gross sum expended in collecting the revenue and in bounties and drawbacks amounted to 11,000,000l.; and he thought 2,000,000l. of this might be saved by a careful revision and examination of the whole subject; and he thought there could be no objection to this, after the necessity that had compelled us to reduce the gallant army and artillery that had saved the country, as well as our brave navy. He thought we might add to the revenue 4,000,000l., by substituting a property tax for the odious and oppressive assessed taxes, the House and window taxes, which produced together about 6,000,000l.; whereas a property tax would produce at 10 per cent 10,000,000. With these and 4,000,000l. from the sinking fund, an increased revenue would be found of 10,000,000l., with a clear sinking fund of 10,000,000/. in addition. This would be a firm base for the country to rest on, and property of all sorts would revive after such arrangements. He deprecated an income tax as inquisitorial and objectionable in the extreme; and in proposing a tax on property, he only meant that it should apply to real property (and not to trade or professions), by which only the affluent, the miser, and the absentee would be taxed, and the industrious classes of the community, who laboured hard for subsistence, and who were now almost borne down by the weight of the assessed, window, and house taxes, would be relieved by their repeal, which would give them new life, energy, and vigour, instead of their affections being alienated from the government by the constant visits of the informer and collector, from whose charges and surcharges they could only appeal to an arbitrary tribunal. He had no doubt of the Bank being prepared to meet cash payments, but it would require a much larger sum in specie to return from this extraordinary state, which one and twenty years had produced, than to have gone on with cash payments; and he, therefore, recommended in the proportion of three to two, as the government repaid the Bank, that the Bank should be obliged to purchase gold for the period of the restriction; by which operation, the currency would not be limited too suddenly, and that as the Bank had made so many millions by the restriction, he trusted that it would, with its usual liberality, disburse part of those profits in procuring gold sufficient for the currency against the period when the restriction should be taken off. That, as to the state of the exchanges, he did not agree with the noble lord; and thought that, whenever the Bank returned to cash payments, the exchanges would regulate themselves in time of peace. When the exchange was against us, if the Bank was paying in specie, we could export gold, if we were the debtor country, to the creditor country, and stop the rate of the exchange against us; as gold arriving in quantity would reduce its own value, and would in return be exported to pay necessary debts-provided the state of circumstances was not very extraordinary, and the balance of trade was not against us. This was no new principle in exchange; and whenever we paid in specie, the exchange, if left to itself, would set itself right. He appre hended the unfunded debt must be got rid of before the Bank could pay in cash, and that this was the great and substan tial objection to the immediate resumption of cash payments. Mr. Bernal said, that as a new member he had no claim on the attention of the House, but that which the possession of a little stock of common sense, and he hoped a larger stock of honesty and independence, might give him. He could assure the House he had no bias on the subject. He had listened to every syllable uttered by the right hon. gentleman who moved the original proposition, and he had paid equal attention to all that had fallen from the right hon. the chancellor of the exchequer and the noble secretary of state. He assured the House, that if the impression which had been made upon his mind by the luminous exposition of the right hon. member for Knaresborough, had been in the smallest degree removed by the speeches of the right hon. gentleman and the noble lord opposite, he would freely confess it. But the reverse was the case. The noble lord cautioned the House against taking a false step. A false step, however, it would in his opinion, take, if it did not adopt the original motion. The noble lord had also talked of the legiti mate elements of commerce. Now, he knew of no legitimate element of com- I was no more than how the inquiry should merce more indispensable than probity; be conducted, and in what manner the he knew of no true substratum on which committee by which it was to be pursued commercial probity could be founded, should be chosen. He admitted the acbut a real, a metallic currency, which curacy of the right hon. gentleman's obought not to be put aside for a fictitious, servation, that the further continuance of a valueless substitute. He appealed to the restriction was a measure of which no the House, whether it was possible to intimation had been given last year; and make a more candid proposition than he fully concurred in the propriety of the one originally made. It was a pro- going now into the inquiry, not with a position against which no substantial ar- view of ascertaining whether any necesguments had been or could be adduced.sity for the measure existed at the preIt could be opposed only by a set of men -pseudo-merchants he would call them who, usurping the old and legitimate character of English merchants, clung, like the creeping ivy round the oak of British greatness, sapping its juices, preying on its vitals, and hastening its destruction. That the committee for the investigation of this most interesting and important subject should be appointed by ballot, was a proposition which, sitting there as representatives of the nation, he conceived it was the duty of the unbiassed part of that House to oppose; and he trusted that those who were new members would take that opportunity of giving a decisive proof of their independence, by showing that they were not to be deceived by the mere shadow of an inquiry, which ought to be of the most substantial character. Mr. Canning, although he thought that all the general argument on the great question connected with the present motion might be advantageously postponed, until the report of the committee about to be appointed, should give a more favourable opportunity of treating it, and although, with that impression on his mind, it was his intention to trespass but for a very short time on the House, was persuaded they would feel, after the appeal, civil in the highest degree, which the right hon. gentleman had made to his opinion in particular, that he should not deal fairly, either by himself, or by the House, if he did not shortly state the grounds on which he should give his vote on the present motion. The question at issue was, not whether the restriction on cash payments should be continued for reasons of common notoriety, or such as any honourable member might collect by his own research, for his own information; or, whether that restriction should be continued without any inquiry at all but, all parties allowing some inquiry to be expedient, the question of this evening sent moment (for of that no man he believed had a doubt), but with the view of ascertaining whether the state of the Bank, and the operation of the existing causes of the continuance of the restric tion to the period now fixed by law, did or did not render it necessary to extend that continuance, for a longer period. The subject had been so frequently discussed in that House, that it was impossible for any man, however imperfectly he might have considered it, not to be conscious of the opinions which he would take into the committee, and of the result to which he should most anxiously look. For himself, from the moment when he first turned his attention to the subjeet, he had entertained but one opinion, and one wish with respect to it. He had always considered the Bank restriction as a great departure from the essential principles of our monetary system-a departure justified only by necessity; and he had always looked forward with an anxiety which, although frequently disappointed, was never abated, to the period when things might safely revert to their sound and natural course.-He could assure the right hon. gentleman, both in his own name and in that of his friends near him, that not only when they proposed the continuance of the restriction in the last session, they sincerely believed they were proposing it for the last time, but that up to September, October, nay, he believed he might say to November last, but certainly to October, they had continued to entertain a confident expectation that there would be no necessity for renewing the proposition. He did not however hesitate to say, that since that period a state of things had arisen which had impressed on the minds of his majesty's ministers an honest and conscientious, but unwilling conviction, that it was their duty to propose the restriction again in the present session, although for a limited time-limited expressly with the view of showing, that it was their intended to be proposed-namely, the sincere persuasion and belief, that the 1st March 1820; that to state the present term of that restriction might then be cause of the continuance of the restriction permitted to expire. With this double as only of such a temporary nature, would be conviction on their minds-first, that it to mislead those whose opinions might be was impossible for the Bank to resume formed on the statement, and they, withtheir cash payments at the period now out any unwillingness on their own part prescribed by law, and secondly, that the to resume their cash payments, provided winding up of all those circumstances the legislature should think fit, neverwhich rendered the extension of the re-theless preferred submitting to the constriction necessary, would be completed sequences, whatever they might be, of a even by so early a period as the beginning parliamentary inquiry, to the being parties of the year 1820; he would not hesitate to a measure which could only raise exto avow, that it was their original inten-pectations which must infallibly be distion to propose to parliament that short appointed. Before it was assumed—as it continuance of the restriction without any had been on the other side of the House inquiry. To put the House in possession that government had altered their inof a complete detail of all the circum- tention from unworthy subserviency to stances which brought the question to its any body of men, it ought to be conpresent aspect, he must here state, that sidered in what a new situation the comwhich his right hon. friend, and his noble munication in question placed them, changfriend who preceded him in the debate, ing as it did the very elements on which had omitted; namely, that, having in the their judgment had been formed. They first instance (as he had already observed) had originally determined to extend the resolved to propose the extension of the restriction to a short time beyond the restriction, without inquiry, to the 1st of period now prescribed, by the act of January, 1820, his majesty's ministers parliament of last session, on the convic were subsequently induced to alter that tion that sufficient reasons existed to day to the 1st of March, in order that render the resumption at that period parliament might be sitting at the time of unsafe. Those reasons were in their the opening of the Bank, the determi- ninds so evident, and so generally acnation being at the same time taken, that knowledged, that no inquiry into them if, most unfortunately, their expectations would have been considered necessary. should then again be disappointed, and And the shortness of the new postponethey should again find imposed upon ment which it was intended to propose them the unpleasant duty of proposing would, they flattered themselves, have the further continuance of the restriction, been accepted as a security, for the sinthey would not make that proposition cerity with which the intention and the without themselves originating the fullest expectation of then terminating the reparliamentary inquiry. In that disposi- striction were entertained. But here tion the session of parliament was opened. came an offer on the part of the Bank to On the very first night, the right hon. show by evidence, that the return to cash gentleman opposite gave a notice which payments at the time intended to be prowas evidently meant to anticipate any in- posed would be as unsafe as at the time tention on the part of his right hon. friend at present prescribed. That this commuto bring the subject before the House. nication should have been made by the That occurrence alone suggested no mo- Bank precisely at the moment when it tive to his majesty's government for was made, on the day subsequent to the changing the course which they had re- meeting of parliament, and after the gosolved to pursue; but on the succeeding vernment had disclosed the course which day, a necessity for such a change was it was in contemplation to pursue;-that it suggested by the communication from should not have been made twenty-four the Bank to which his noble and his right hours sooner-by which such disclosure hon. friend had adverted. A number of would have been prevented; that it gentlemen constituting the governing should not have been made at any of the committee of the directors of the Bank, many interviews between the Treasury waited on his right hon. friend, and in- and the Bank at which the term to be formed him, that it would in their opi- fixed for the renewed restriction was denion be a delusion, to imagine that cash bated, discussed, and finally settled-are payments could be resumed at the period circumstances for which he neither could pretend, nor was bound, to account. He stated the fact as it had occurred, and he stated it in the presence of those who would contradict him if he stated it incorrectly. jesty's ministers would have acted unfairly to themselves, to the Bank, to the House, and to the public, if they had done otherwise than they were doing,-if they had persisted in proposing the continuance of the restriction for a limited period only, while they had in their pockets a document which warned them, that the return to cash payment could not with safety be made at the expiration of that period? Under those circumstances, therefore, there was but one clear course for government to pursue, one only by which they could meet and refute all the right hon. gentleman's taunts of tergiversation; namely, to state the facts which had occurred to derange the elements of their previous decision, and which therefore justified the change in their proposition to parliament. In thus stating the reasons which had What, then, had his majesty's government to do upon this extraordinary and unexpected communication? What else but what they did? To accept the suggestion of the Bank, and propose a committee to inquire into the matters upon which the opinion of the Bank was founded. Was there any thing in that which could be attributed to want of principal, or to subserviency to other men's will? In all former debates on the subject within his memory, it had been constantly, and even studiously and emulously admitted on all sides, that the Bank were perfectly able and willing to pay in cash, and that their only desire was, to be passive in the hands of parliament, submitting to what-induced government to adopt the course ever regulations might, on public grounds, they were pursuing, he had in effect antibe deemed expedient. But the commu- cipated the question as to the propriety nication, now for the first time made by of the committee to be appointed being the Bank, and their plain and unqualified a committee of secrecy. The committee declaration, that to describe the causes was to inquire into the private affairs of which rendered the resumption of cash the Bank, and it would obviously be to payments an unsafe measure as only tem- violate a private right were those affairs porary would be to propagate a delusion to be exposed to the public. But then throughout the country;-these unfore- came the usual reprobation of a committee seen and unexpected circumstances placed chosen by ballot, accompanied by all the the question on an entirely new ground. trite, common-place, worn-out arguments The right hon. gentleman had taunted his against such a committee, which, although right hon. friend, the chancellor of the they had wearied the old parliament, it exchequer, for what he was pleased to seemed to be thought might be tried with call his facile and flexible concession to success on the new. In what did a comthe Bank. But how would the right hon. mittee chosen by ballot differ from one gentleman have taunted his majesty's go- nominated in the House? In one essential vernment, if they had neglected this point it was better; for, in proposing a notice on the part of the Bank;-if, pos- committee by name, the House could only sessed of the information which the Bank judge, consecutively and individually of communicated to them, they had never each member as he was proposed; while theless persevered in their intention of in appointing a committee by ballot they only proposing the continuance of the were enabled to judge, not only of the fitrestriction for a short period, and that ness of each individual member for a share without any parliamentary inquiry? in the task proposed to be allotted to the Would he not in that case have accused committee, but of their fitness with relathem, and with much greater show of tion to one another as a whole. It could reason, of proceeding to legislate in the not be denied, that the efficiency of a dark, and on grounds of which they them- committee depended in no slight degree selves well knew the fallaciousness? Would on the association of individuals who, he not have asked them if such a com- however differently some of them might munication had not been made to them, view the same question, were best capaand would he not have urged it against ble, from their skill and experience in them as a reproach that when now, for the subject of the inquiry, to place every the first time these twenty years, the topic which related to it in the clearest Bank had voluntarily come forward to point of view, to counteract each other's solicit inquiry, their solicitation had been prejudices, and correct each other's judgrepulsed? Was it not clear that his ma-ments. "Aye," said the opponents of the (VOL. XXXIX.) (S) : ballot, "but then there is influence." He (Mr. C.) had always understood that ballots were originally resorted to for the very purpose of destroying influence. He certainly knew of places where ballots were resorted to for that express purpose, and where, if such a mode of appointment were relinquished, there would be no end to the just complaints of influence of the most direct and operative kind. He would grant to the right hon. gentleman that on this subject no secrets ought to be kept from the new members. It was probable-highly probable-that each of the new members would find upon his table to-morrow morning-coming there no doubt by some invisible hand, a list of a proposed committee, some of them from one side of the House, some from the other-some perhaps more fortunate from both such at least was the practice in his (Mr. C.'s) younger days; at which time, as regularly as one list came from ministers, another proceeded from the opposition, and those two lists were handed about the House, each exhibiting a wonderful correspondence in the names of which it was composed. If such a practice were to be adopted in the present instance, he should be glad to know how it would prejudice a fair appointment of the committee? The young and inexperienced member, for whom the right hon. gentleman expressed so much concern, might examine those lists by himself, in the solitude of his closet, or he might call in the assistance of some other new member, as young and tender as himself; they might then, upon comparison of qualities and balance of endowments, erase, change, substitute at their pleasure,-strike out such names as might be obnoxious to them, and put their corrected lists into the glasses with the consciousness of having judged for the best, and with the satisfaction of knowing that no human eye had supervised the process, or could detect the result of their deliberations. So far the right hon. gentleman and himself concurred in enlightening the young members. But he (Mr. C.) thought it fair to go farther. He would tell these young gentlemen, that they were not aware of all the amusement which it was probable they would derive from the appointment of a committee by ballot. He was afraid, indeed, that he might by this anticipation, deprive them of the pleasure of surprise, and thereby weaken the effect of the exhibition. But upon the whole it was better to be quite open with them, and so he would tell them all. They must know, then, that to-morrow they might expect a scene the most amusing and comical that they could imagine. The joke was an old joke to be sure; but though an old joke, still it might be new to new members, for some hon. gentleman on the other side of the House who had got hold of one of the proposed lists of this (the ministerial) side, gravely to propound a question to the Speaker, whether or not it was allowable to offer a wager in the House, and on being answered in the negative, to declare that he was only prevented by the decision of the chair on the impropriety of such a proceeding, from laying a wager that he would read the names of the committee upon whom the choice of the House would follow. It was then the usage for such an hon. member solemnly to read his list, and in the coincidence between that list and the list sub. sequently returned by the scrutineers, lay the whole humour of the proceeding. This coincidence never failed to convulse the oldest House of Commons with laughter. The office of producing the list had generally fallen to some honourable member on the second bench of the other side of the House, whose countenance was of the gravest cast, every thing depending on the seriousness with which the wager was propounded. Who would on the present occasion undertake the task of getting up and displaying his skill in guessing, he knew not. He should be sorry if what he had said should have the effect of preventing the joke, from which he trusted the young members would not receive less amusement and instruction than their predecessors had always received. Now, for himself, he could not pretend to the gift of anticipation to be possessed to-morrow by the hon. gentlemen opposite; yet he might, without trenching on their province or prerogative, say, if not exactly of whom, yet of what materials such a committee as that proposed ought, in his opinion, to consist. He thought it ought to be formed in such a manner as to give general satisfaction to the House, and to the country; and that satisfaction it could not give if it did not comprise, without any distinction of political party, he would not say every man, because the amount must be limited by the number of the committee, but a large proportion of those individuals on both sides of the |