many years before served his apprenticeship in passed through various gradations and em the King's yard; at the expiration of which,ployments, before they have been considered without having served in any subordinate office as qualified for that most difficult and importwhatever, he went into the merchant's service, ant situation; surely it might have been exand remained there until the above period: pected, that the Lords of the Admiralty would when he was brought from thence, and placed have paused before they ventured on the rash at once in the important situation of builder's measure of displacing a man of Mr. Marshall's assistant, over the heads of all those persons high character and talents, against the strong who for a number of years had been in pro- representations too, of most respectable memgress towards situations of that degree, and ¦ bers of the Navy Board, according to public who founded their just and reasonable expect report; and on the still more rash and unpreations of succeeding to them, on the practice of cedented measure of placing in his stead a man former Boards of Admiralty. After remaining whose whole time, except for a few months seven or eight months in the situation of before, had been employed in building ships assistant, Mr. Marshall was displaced, and of a totally different construction from those Mr. Tucker made builder-builder of one of erected in his Majesty's yards, The conse the first, if not the very first yard in the king- quence of this proceeding was such as might dom; a proceeding without a single precedent reasonably have been expected: every one has in the history of the dock-yards. At that very heard of what happened to the Mars, one of time, a senior assistant to Mr. Tucker was Mr. the finest ships in the navy; the back of which Sippins, a gentleman who had been more ra- was broken, by having been imprudently put pidly advanced than usual, through subordi out of the dock before she was sufficiently nate offices, to that situation, in consequence of planked to support her weight. Merchants' his superior skill and talents, and more parti- ships, to which the new builder had been used, cularly for his discovery of a most ingenions, would not have sustained such an injury, safe, cheap, and expeditious mode of repai- under similar circumstances; because, being ing the keels of men of war in dock, for which built fore and aft for burden, their weight is the sum of 1000l. had also been assigned him. borne up more equally throughout on the This gentleman, however, although on the water, than men of war; which being con. spot, and with such pretensions, was, with structed for swift sailing, are sharp, and overvarious others, passed by for Mr. Tucker. At hang at the head and stern; and their buoyancy the same time the other two vacancies, created being sustained from the centre, the ends preby the dismissal of Mr. Lugger, clerk of the ponderate, and produce the effect above al survey, and the storekeeper, were filled up, luded to, if not sufficiently secured by strong not by persons acquainted by previous educa- planking at the extremities. Another proof tion with the duties of those offices, but by of the ignorance of the new builder, or of Mr. Kitto, late purser to one of the honourable something worse, may be gathered from the gentlemen opposite to me, and by Mr. Salt, following circumstance: a report was made who had, I believe, been purser to another by him to the Commissioners of the Navy, that honourable member of the Admiralty. I state a large quantity of timber, received into the these as facts, but beg to be understood as not yard in Mr. Marshall's time for ship-building, intending to cast any reflections on Mr. Kitto consisting of 990 loads, or nearly 700 pieces, and Mr. Salt; whom I believe to be perfectly was so defective, as to be wholly unfit for that worthy and respectable men. Of Mr. Lugger, purpose, and to be good for nothing but carwhose hard case I know not from himself, but penter's work. When the Admiralty and from public report only, I have already Navy Boards were at Plymouth, a survey of spoken: his exemplary and unimpeached cha this parcel of timber was ordered to be made; racter I have long known. Of the other gens and Sir William Rule, a gentleman eminently tleman if I do not speak, it is only because I qualified, was appointed to that service, who, know not his case, and cannot, therefore, by having spent two days in examining about two my silence, be construed to mean him any thirds of it, reported, that he had so far discodisrespect. When it is considered what the vered not above five or six pieces which were education of builders has ever been-that after not perfectly fit for ship-building; and as the having been selected for their superior talents two Boards were about to leave Plymouth, he from a class consisting of a great many thou- either himself thought any further scrutiny sand artificers, they have always, hitherto, into the circumstances of such a report unne cessary, or was ordered to pursue it no further, as their Lordships were probably satisfied. But, notwithstanding these instances, the new builder still continues to hold his office, nor has any punishment, as far as I can learn, been inflicted on him.-I could give various instances of the ill effects of departure from long-established practice, which, although not absolutely connected with Mr. Marshall's

nymous letter, dated Admiralty, 21st July 1801, with the London post-mark, and signed La ah; in which it was stated, that a train was laid for the destruction of him, and other officers of the yard; that nothing but a powerful and respectful application to the King himself

would save them. This letter was received seven months

before any examination of Mr. Marshall and the other gentlemen took place.

HOUSE OF LORDS.

Tuesday, Feb. 12.-(See Minutes, p. 284.)

trade and commerce gradually increasing and swelling into an extent beyond any former example; they have consequently just reason to expect that in a short time there will be such a reflux of bullion into the country as to make up for the enormous drain of specie which the imperious nature of the circumstances just enumerated had unavoidably drawn out of it. Did not, therefore, cautious prudence, did not sound policy call for a temporary continuance of a measure from which no mischief had accrued; but from which, on the contrary, much benefit had resulted? There were other statements made by the Noble Lord, to which also he might be expected to advert, more particularly of some inaccuracies which the Noble Lord imagined he had discovered in a late statement of the financial situation of the country made in another place. As he did not conceive these observations to be immediately connected with the question before the House, to rectify these inaccuracies, if indeed any and as moreover it might not be in his power such existed, he should abstain altogether from that discussion, trusting that their Lordships would feel with him the expediency of continuing the restriction for the reasons he had now and before alleged, and of the sufficiency of which he hoped their Lordships were fully convinced.

site opinion. He could by no means agree Lord KING declared himself of a very oppo

[BANK RESTRICTION.]-Lord PELHAM moved the order of the day for the second reading of the bill "To continue for a further "time, to be limited, the restriction on the "cash payments of the Bank." In rising to make that motion, it was not, he said, his intention to detain their Lordships' attention for any length of time. The reasons, which, in his mind, justified the renewal of the measure, he had stated on a former occasion, and to what he had then urged but little now occurred to him to adduce in addition. He proceeded to take a cursory retrospect of the operation of the restriction since it was first imposed in 1797, down to the present time, and from that retrospect he thought himself warranted in asserting that no injurious consequences had arisen from it. Of the stability and solvency of the Bank, as no doubt was any where entertained, it was superfluous for him to bring forward any proof. Other reasons called for the continuance of the restriction, more particularly reasons of prudence and expediency. On a former day a Noble Lord (Moira) had asserted that the measure now under their Lordships' consideration must be either a measure of Government, brought forward by Ministers from motives which they imagined justified them in proposing it; or it was a measure suggested to them by the Bank, and proposed at the suggestion and for the convenience of the Directors. Nay, it was not very obscurely hinted that any thing like adequate and satisfactory by the Noble Lord, that the proposition might reasons had been adduced for further con have been the result of some mutual arrange-tinuing the restriction on the Bank, under ment and accommodation between Government and the Bank. To these observations he had only to repeat the same answer which he gave to the Noble Lord on the occasion already alluded to, viz. that the idea of renewing the restriction at the present moment originated solely with Government. Government had no communication, directly or indirectly, with the Bank, as a bank, upon the matter: upon the propriety of the measure the Directors of the Bank might have been consulted merely as individuals conversant with commercial affairs, and likely to be best acquainted with what might injure or promote the commercial prosperity of the country. It was indeed the general opinion of men best enabled to form correct notions on such topics, that the restric-proofs of that necessity? Did the country tion on the Bank had proved highly beneficial to commerce, and to a wider extension of every sort of commercial convenience and facility. These, in concurrence with many other motives, have induced Ministers now to propose it anew. They see the course of exchange, which the very large remittances in specie for the purchase of corn in times of scarcity, for subsidies to foreign powers, and for the maintenance of our fleets and armies in distant stations, had occasioned to be so much against this country, now gradually turn in its favour; they see our

the present circumstances of the country. It was a measure which he could not but look upon as a very extraordinary one-a measure that encroached on private property, that violated public faith, and that put the whole monied property of the nation at the mercy of the Bank Directors. It was an infringement of the solemn and sacred compact which the Bank had entered into with the public when Government granted them a charter; and could their Lordships precipitately assent to such a measure without such reasons having been adduced for its absolute necessity as ought to amount almost to demonstration, and enforce the strongest conviction in their Lordships' minds? But where were the

now labour under that extraordinary pressure, arising from a variety of difficulties and dan gers which were advanced in support of the first adoption of the restriction? On the contrary, was it not confessed to be in a state of the highest commercial prosperity? Where then could be the urgent necessity of its renewal in such prosperous times? what would be the effect of it, but the encouraging of an enormous issue of paper, which raised the price of every article, and must continue to keep the state of exchange unfavourable to

us? To prove that such must be the effect | he should leave to their Lordships' conresulting from such a measure, the Noble sideration. Lord entered into a variety of comparative statements of the course of exchange at different periods between Hamburgh and London, and between Lisbon and London. These statements he principally took from a paper called the Price Current, which was published twice a week, and which was generally looked upon in the city as very accurate. According to these statements it appeared, that from the time the restriction was first imposed, the course of exchange began to turn against this country in various proportions to the quantity of paper in circulation. Previous to the laying on the restriction, the Bank seldom issued notes to more than the amount of ten, eleven, or twelve millions; but since that period, they issued to the amount of fifteen and sixteen millions. Hence the rise in the price of bullion; for it was justly remarked, that in proportion as paper was plenty, and therefore cheap, gold would be scarce, and consequently dear. The average amount of our circulating medium was about ten millions: that had been found fully sufficient to answer all the purposes of the country. When, therefore, an unnecessary addition was made to it of one, two, or three millions, there was a depreciation in the value of paper in the same proportion. But it was not merely on account of the inconveniencies arising from the measure that he objected to it: he objected to its principle, and to its being drawn into a precedent, which, he feared, would be the case whenever it might suit the convenience of Ministers or the Bank; and thus Parliament might be called upon not only to confide implicitly in Ministers, but also to place the same confidence in the Directors of the Bank. In this point of view he wished their Lordships to consider the measure; for, when thus considered, it appeared to him to be highly objectionable.

Lord SUFFOLK said he would trouble their Lordships with but one observation, and that was, respecting the encouragements which he expected the Noble Secretary of State would have held out for the improvement of agriculture. Unless a much larger tract of land was cultivated in that manner, we should be continually under the necessity of sending our specie out of the country for the purchase of corn. The small tracts of land that were yet enclosed, bore no proportion to what remained uncultivated; and, unless encouragement was held out for further enclosures, as our population daily increased, so would our want of a supply of grain: and as France would now be the nearest and the cheapest market, it would naturally be resorted to in preference to any other. What immense sums of our money must, therefore, find their way into France! the consequences of which

The Earl of MOIRA was at a loss to see what he had to offer in addition to the statements he had made on a former occasion, which were confirmed by the papers now on their Lordships' table, but which had been scarcely once adverted to by the Noble Secretary of State. He perfectly concurred with the Noble Lord who spoke last but one, that, when the Bank issued paper to an extraordinary amount, their notes must virtually bear a discount, or suffer a depreciation, and the price of bullion must also rise in proportion. Gold was not sold for gold, but for paper; and its price would always be in proportion to the greater scarcity or plenty of paper, or to that against which it was exchanged. To the miscalculation in the statement of the Consolidated Fund, the Noble Lord again adverted; and persisted in his opinion, that there was evidently an error in it, though it might be wholly unintentional. Indeed, he was very little inclined to disapprove of any attempt to animate the hopes and uphold the spirits of the country, especially when it could be done on safe and certain grounds. He therefore felt backward to blame any overcharged colouring in the late statement of our financial prosperity; but he felt anxious at the same time to remind their Lordships, that when the delusion came to be dispelled, much more pernicious effects ensued in the public mind than when no expectation had been raised at all. He also wished to direct their Lordships' attention to the sacred nature of the compact, in which the Bank was bound towards all those who had intrusted their money to their integrity— a compact which carried with it as severe a responsibility, and as high a morality, as could be involved in any transaction between man and man. Was a compact so sacred lightly to be trifled with? When on a former occasion he hinted the possibility of a secret collusion between the Bank and Government, or some expectations of a mutual arrangement and accommodation, he was somewhat misunderstood by the Noble Secretary of State, who reminded him that there was a clause in the bill, prohibiting the Bank from making any pecuniary advance to Government beyond the amount of six hundred thousand pounds. He could assure the Noble Secretary that this was not the kind of accommodation which he had in his eye. The accommodation he had in view was, the facility which the Bank might afford Government for the issue of Exchequer bills, and which in reality have been issued to a most extraordinary amount. The Bank might be screened on one side by the continuance of the restriction, and be tempted on the other by the superior advantage of buying up Government paper of that description. Indeed, when this motive for

the renewal of the restriction occurred to his mind, he discovered a quality in the transaction which rendered it altogether uncongenial to his mode of thinking, and he was sorry that Ministers had advanced no sort of plausible argument to do away that unfavourable impression.

and to state, that as it was a subject of general notoriety, that the proceedings of this establishment were marked by the most perfect regularity and propriety, Noble Lords were not justifiable in throwing out these loose assertions, without being prepared to submit a distinct case to their Lordships' consideration. After touching upon this point, his Lordship proceeded to argue on the question immediately before the House. He alluded particularly to what he had said on a former night on the subject of the course of exchange. He had then asserted, and he now repeated his observation, that it was not on the state of exchange that he rested his support of the continuance of the restriction. A consideration of much greater importance determined

The Earl of WESTMORELAND contended, that the present question had nothing to do with the stability of the Bank, or the expediency of the original restriction. These points were long since satisfactorily settled; and he had only to say, that the sole result of the investigation which had in the first instance taken place was, if possible, to place the credit of the Bank in a still more unexceptionable point of view than it had pre-his judgment; this consideration was derived viously been contemplated. The only question now was, with regard to the expediency of removing, at the present moment, a restriction, the beneficial effects of which have been already fully experienced. At the time when the restriction originally took place, the expediency of the measure did not originate from any idea of the inadequacy of the Bank to answer every just demand, but was the result of an extraordinary and unaccountable alarm, which gave rise to an unusual demand. It never was the intention of the establishment of the Bank that there never should be an issue of paper greater than, at a moment's notice, could be covered by an issue of cash. This, indeed, would be completely contrary to the very nature of such an establishment. It was only necessary that the funds of the Bank should bear a full proportion to the demands for which they might ultimately become responsible. That the resources of the Bank were completely adequate to every demand was questioned by no one, and therefore the question of continuing the restriction was simply one of expediency. On the principle of expediency, the restriction began in a moment when an extraordinary alarm was excited; and it was proper that when the Bank resumed its cash payments, no extraordinary demand should be created by precipitating the measure. Delay could be productive of no disadvantage, while a hasty renewal of the restriction might involve the Bank in very serious inconveniencies. His Lordship illustrated these topics with considerable force, and placed the argument arising from the state of exchange with foreign countries as applicable to this question, in a very prominent point of view.

Lord AUCKLAND took occasion to advert to an allusion made by a Noble Lord who spoke second in the debate (Lord King), who had asserted that the proceedings of the Bank of Ireland were not sufficiently characterized by prudence. Having taken a very active part in the establishment of that Bank, he thought it his duty to animadvert on this expression,

from a view of the state of the country in its relations with foreign powers. He would offer no decided opinion on the probable period to which the continuance of peace might extend. Ministers, he doubted not, would omit nothing in their power to preserve a good understanding with foreign states, but it was impossible to determine how far their exertions might be successful. Before the expediency of discontinuing the restriction on the payments of the Bank could be established, it was necessary to wait to see how far there was a prospect of the durability of peace. Already the course of exchange was assuming a more favourable appearance, and the continuance of peace could not fail to increase this advantageous operation. In the view of a permanent peace, our financial prospects, his Lordship contended, were of the most flattering kind, and it was agreeable to every principle of policy and expediency to wait for the operation of this financial prosperity before the restriction was precipitately withdrawn. His Lordship particularly called the attention of the House to the very large drain of cash from this country for the last ten years. He produced calculations to shew, that, during the few years previous to the original restriction in 1797, this drain had not amounted to less than 48 millions; and, including the drain which, from a variety of circumstances, had taken place during the last six years, the whole could not be estimated at less than 120 millions. Under such circumstances, policy required that the restriction should not be withdrawn till the operation of our financial prosperity began to be more fully experienced in the influence which it would necessarily produce in giving an advantageous turn to the course of the exchange, and the influx of bullion which it would create. In illustration of this position, his Lordship laid before the House a calculation of the amount of the annual revenue, contrasted with the expenditure. The former he calculated at 34 millions, and the permanent charges at 25 millions, leaving for the ordinary expenses of the year a surplus