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FORE:A great portion of the present Session was[143] occupied with discussing the return to cash payments, which, by the Act of Parliament, ought to take place on the 5th of July of this year. It appears that no less than fifty debates and conversations in both Houses took place on this important subject during the Session. Very soon after the meeting of Parliament a secret committee of each House was appointed to inquire into the state of the Bank. These committees were, however, so managed, by delivering to the members lists of suitable persons for such committees, that scarcely any but Ministerial men were voted, though these votes were given by ballot. In the Commons this result was so evident that the Opposition declined to vote at all. The first reports of the committees went rather to close more strictly than to open the issue of gold by the Bank. It had been paying in gold its notes issued previous to January, 1817. This payment it was proposed to stop, as, at present, evidently injurious to the interests of the country. Mr. Peel, on moving for a Bill for this purpose, stated that the gold at the present price was fast finding its way abroad, and was as rapidly absorbed in re-minting a gold coinage for France. It appeared that during the first half of 1818 gold to the value of no less than one hundred and twenty-eight million francs had been coined at the French mint, of which three-fourths were derived from the gold coinage of England. A Bill was accordingly passed to stop payment altogether in gold till the necessary preparations were made by a fresh Bill. Still, the condition of the Bank was represented as flourishing. Its liabilities were stated in January, 1819, as amounting to thirty-three million eight hundred and ninety-four thousand five hundred and eighty pounds; its assets, including the debt due from Government, fifty-three million seven hundred and eighty-three thousand seven hundred pounds. The total Bank surplus appeared to be nineteen million eight hundred and eighty-nine thousand one hundred and twenty pounds; and its surplus, independent of the Government debt, and therefore available for current use, was five million two hundred and two thousand three hundred and twenty pounds. The committees adopted the scheme broached by Mr. Ricardo in his "Proposals for an Economical and Secure Currency," published in 1816. This was that the Bank, in the first instance, should not pay for its notes in gold coin, but in ingots of a certain weight, its fineness being attested by a stamp; and this degree of purity should be regulated from time to time till the gold descended to the Mint price of three pounds seventeen shillings and tenpence-halfpenny per ounce. When the Mint gold at length reached this rate of value, then the payment in coin was to be begun. Resolutions to this effect were moved by the Earl of Harrowby on the 21st of May, and they received the approval, not only of the Ministerial side, but of the leading Opposition members, Lords Grenville, Lansdowne, and King.Much opposition was excited by the part of Mr. Stanley's letter to the Duke of Leinster which spoke of "encouraging" the clergy to give religious instruction, and requiring the attendance of the scholars at their respective places of worship on Sunday to be registered by the schoolmaster. This was treading on religious ground, and committing both Protestants and Catholics to the actual support of what they mutually deemed[359] false. But the Government were driven to this course by the cry of "infidelity" and "atheism" which the new plan encountered as soon as it was proposed in Parliament. Explanations were afterwards issued by authority, showing that the "encouragement" of religious instruction meant only granting "facility of access" to the children out of school hours, not "employing or remunerating" the teachers. The Commissioners very properly treated the Bible as a book for religious instruction; but so far from offering the sacred volume an "indignity," or "forbidding" its use, they said: "To the religious instructors of the children they cheerfully leave, in communicating instruction, the use of the sacred volume itself, as containing those doctrines and precepts a knowledge of which must lie at the foundation of all true religion." To obviate every cavil, however, as far as possible, without departing from the fundamental principle of the Board, it was arranged that the Bible might be read at any hour of the day, provided the time was distinctly specified, so that there should be no suspicion of a desire to take advantage of the presence of Roman Catholics. This satisfied the Presbyterians, who nearly all placed their schools in connection with the Board. But the great body of the Established clergy continued for some time afterwards hostile, having put forward the Church Education Society as a rival candidate for Parliamentary recognition and support. Its committee declared that the national system was "essentially defective" in permitting the Catholic children to refuse the Bible. They said this permission "involves a practical indignity to the Word of God," and that it was "carrying into effect the discipline of the Church of Rome, in restricting the use of the inspired writings." This was the grand charge against the Board, the vital point in the controversy.
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