hout injury to the
public interests. The first report, which was brought up by Mr. Peel on
the 5th of April, represented that the Bank, having been induced to pay
in specie all notes issued previous to 1817, had been drained of cash
to the amount of more than L5,000,000, most of which had gone to the
continent, and had been there recoined; and that, to prevent this drain
continuing, and to enable the Bank to accumulate a larger store of
bullion, with a view to the final resumption of cash-payments, it was
expedient to restrain the further payment of notes alluded to in specie.
A bill was brought in to this effect, and, the standing orders of the
house having been suspended, it was passed through its different
stages in the same evening. In the upper house Lord Harrowby moved
the suspension of the standing orders, that the bill might pass at one
sitting; but Earl Grey and others opposed it at considerable length,
contending that, if necessary, it would have been better for ministers
to issue an order of council for suspending Bank payments on their
own responsibility. The bill, however, was read a third time on the
following day and passed; and a similar measure was also carried in both
houses for the protection of Ireland. The second report was presented
on the 5th of May, when two bills were passed, founded on a plan
recommended by the committee for a gradual return to cash-payments. The
principal provisions of these bills were, that a definite period should
be fixed for the termination of the restriction, while preparatory
measures should be taken, with a view to facilitate and ensure, on the
arrival of that period, payment of the promissory notes of the Bank of
England in legal coin of the realm; that provision ought to be made
for the repayment of L10,000,000, being part of the sum due to the Bank
on account of advances for the public services; that from the 14th of
February, 1820, the Bank shall be liable to deliver on-demand, gold
of standard fineness, having been assayed and stamped at the mint, a
quantity of not less than sixty ounces being required in exchange for
notes at the rate of L4. 1s. per ounce; that from the 1st of October,
1820, the Bank shall be liable to deliver gold at the rate L3. 19s. 6d.
per ounce: and from the 1st of May 1821, L3. 17s. 10d.; that the Bank
may at any period between the 1st of February and the 1st of October,
1820, undertake to deliver gold as before mentioned, at any rate between