national debt, and other public
business be continued, subject to an annual deduction of L120,000 from
the remuneration at present assigned for that purpose: That the laws
restricting the interest of money to five per cent, be repealed, so far
as concerned bills not having more than three months to run before they
become due: That it is expedient that royal charters be granted for
the establishment of joint-stock banks, within a certain distance from
London: That all banks should enter into a composition, in lieu of
stamp-duties, at present chargeable at the rate of seven shillings for
every one hundred pounds issued in notes: That it is expedient that a
bill should be introduced into parliament to regulate country banks, the
provisions of which should be such as to encourage joint-stock banking
companies in the country to issue the notes of the Bank of England."
These resolutions were moved on the 1st of June, and the first of them
was met by an amendment to the effect of delaying the consideration
of the measure till the ensuing session. The opposition proceeded
principally from members hostile to the renewal of the privileges of
the Bank; and to that hostility they now added objections to particular
parts of the proposed plan. They demanded delay in order that there
might be more full inquiry, and they contended that such inquiry would
make it manifest, that the exclusive privileges of the Bank ought not
to be renewed. The amendment, however, was lost by three hundred
and sixteen to eighty-three, and the first resolution, affirming the
propriety of continuing the privileges of the Bank was agreed to without
a division. The second resolution, making the notes of the Bank of
England a legal tender for sums of L5 and upwards was opposed still more
energetically, as being both unnecessary and mischievous; but it was
carried by a majority of fifty-eight. Lord Althorp, however, agreed so
far to modify the proposal as to make it incumbent to pay all L5
notes in gold, if demanded. To the resolution which provided for the
continuance of remuneration, a counter resolution was moved, to the
effect that it was, in the opinion of the committee, expedient that
the remuneration now insured by law to the Bank of England for the
management of the public debt and other public business should cease;
but this was also lost by a large majority. The sixth and eighth
resolutions, which went to regulate the establishment of joint-stock
banki