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the private bankers in England. It was an immenfe trading company, which dealt in bullion, difcounted bills of exchange, advanced money on fecurity to individuals, and occafionally to the government.-Its advances to the latter became at length fo confiderable, as to abforb the whole capital with occafional aug. mentations, as will appear from the enfuing debates. Its connexion with the government, and the advances of money to the fupport of every war, rendered it the policy of the minifters, as well as of the bank directors, to involve in mystery as much as poffible its proceedings. Some fpirited, and, we must add, patriotic efforts were, however, made by the late alderman Pickett, to oblige the directors to lay their accounts, annually, before the public; and we must remark (fo effential is publicity to the welfare of every nation al inftitution) that if his applications had been fuccefsful, the bank would probably never have experienced the fhock which we have now to record.

In the courfe of the prefent war, the remittances to the emperor and other foreign, powers preifed fo heavily on the bank of England, that, fo early as the month of January 1795, the court of directors informed the chancellor of the exchequer, that it was their with," that he would arrange his finances for the year in fuch a manner as not to depend on any further affiftance from them." Thefe remonitrances were renewed in the months of April and July, in the fame year; and on the 8th of &tober following, they fent a written paper to the minifter, which concluded by ftating

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abfolute neceflity, which they conceive to exift, for dirumfhing the fum of their prefent advances to government; the laft having been granted with great reluctance on

their part, on bis preffing folicitations." In an interview with the chancellor of the exchequer, which took place on the 23d of the fame month, on the loans to the emperor being mentioned, the governor affured Mr. Pitt," that another loan of that fort would go nigh to ruin the country ;" and on the 9th of February 1797, the directors ordered the governor to inform the minifter, "that under the prefent ftate of the bank's advances to government here, to agree with his requeft of making a farther advance of 1,500,000l. as a loan to Ireland, would threaten ruin to the bank, and moft probably bring the directors to but up their doors."

With this caufe, another is fup-. pofed by fome to have powerfully co-operated to the late event, and that was the dread of an invasion, which had induced the farmers and others refident in the parts diftant from the metropolis, to withdraw, their money from the hands of thofe bankers with whom it was depofited. The run, therefore (to speak in the technical language of the money-market), commenced upon the country banks, and the demand for fpecie foon reached the metropolis. In this alarming flate the miniftry thought themfelves compelled to interfere, and an order of the privy council was iffued on the 20th of February, prohibiting the directors of the bank from ituing any cath in payment till the fenfe of parliament can be taken on that fubject, and the proper meatures adopted thereupon for maintaining the means of circulation, and fupporting the public and commercial credit of the kingdom at this important conjunc

ture."

As the parliament was fortunately fitting at this critical moment, no time was to be loft in laying these proceedings before it. On the fol

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lowing day, therefore, the 27th of February, a metlage was delivered from his majefty to both houfes of parliament, ftating, "That an unufual demand of fpecie having been made from different parts of the country on the metropolis, it had been found neceffary to make an order of council to the directors of the bank, prohibiting the iffuing of any cah in payment till the fenfe of parliament could be taken on the fubject. The order of council was read along with his majefty's meffage; and lord Grenville, in the house of lords, rofe to move," that the communication from his majelly fhould be taken into confideration on the following day."

The duke of Norfolk obferved, that as the meffage was fo foon to be taken into confideration, he fhould not then enter much into the fubject. The caufe in which the order originated muft have given fetious alarm to their lordships and the public. The bank was ordered to refufe payment of their own bills in the polfellion of individuals, who confidered them as property.

His grace thought that the defperate exigency to which minifters had driven the country, was owing to the exportation of fpecie to the en-, peror of Germany and our other allies upon the continent; and on this account he moved, that an humble addrefs be prefented to his majefty, to prevent the further exportation of fpecie, until the fenfe of parliament be taken on that subject.

Lord Grenville faid, as their lordfhips had determined not to take the fubject into confideration till the next day, he did not with to difcufs it, as neither he nor the house were prepared for it,

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The duke of Norfolk on the contrary urged the neceffity of deciding upon it that day.

The earl of Guildford faid, he did not rife with any intention to difcufs this fubject, as it was determined for the next day, though he thought it required immediate confideration. His lordship added, that, confidering the glaring incapacity and ill conduct of his majesty's minifers in the courfe of the war, he thoughtfome firong meature thould be adopted for the fupport of public credit. He contended, that minifters ought to have been aware of the neceflity to which they had reduced the country, and not have fuffered, themselves to be taken by furprife, and driven, as it were, to a ftep fo alarming as to require the bank to ftop payment of their own notes.

His lordthip faid, it was very extraordinary, that the impulfe thould be fo fudden, as to caufe fuch a violent measure to be adopted, without confulting parliament. Parliament had been fitting the whole of the laft fortnight, and not a fingle word had been dropt on the fubject. Not being aware of the reaions which prompted ministers on a fudden to adopt a meafure fo extraordinary, he could not argue on its expediency or its neceflity; but thought the conduct of his majefty's minifters gave room for fufpicion, and rendered his noble friend's motion highly proper. ·

Lord Romney remarked, that in the profent momentous fituation of the country, every thing which hađ the appearance of fufpicion ought to be removed, as it must have a dangerous tendency without doors. The words "extraordinary and illegal," which were in his noble friend's motion, he obferved, amounted to a very ftrong infinuation that the neceifary ftep to be taken, was occafioned by the mifconduct of minifters. His lordship faid, if there. were any ground for fuch an infinu-, ation, no man would be more eager

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than himself to reprobate it in the ftrongeft terms. He thought, whenever this fubject fhould be difcuffed, that nothing relative to the injuftice or ill conduct of the war ought to be alluded to, as it might make an impreffion on the public mind.

The earl of Guildford faid, that the words "extraordinary and illegal" being offenfive, he made no doubt but the noble duke would readily ftrike them out, as he held under the prefent circumftances the witholding of fpecie from foreign powers an indifpenfable meafure.

The duke of Grafton urged the neceflity of acceding to the motion, as the refufal of the houfe would have an evil tendency with the public at large. He thought they fhould affure the nation, that no more fpecie would be exported out of the kingdom till the fenfe of parliament fhould be taken upon it; and contended, that it was the duty of the noble fecretary to ftate upon what grounds the prefent measure had been adopted. He approved of the words "extraordinary and illegal," from a conviction that they were applicable and merited attention.

Lord Grenville faid, as the fubject was to be difcuffed the next day, he had no right to be called on for an explanation. His lordfhip argued, that the bank were not obliged to obey the order of council, though he could make it appear they acted highly proper for themfelves and the public.. He was ready, he faid, to prove, that tranfmitting money to fupport our allies was ftrictly neceffary, and attended with the moft falutary effects to the country. He affured the houfe he would certainly vote against the present motion, as it tended to convey an infination against minifters, and to deeide, in an indirect way, part of a

very important fubject before the whole was confidered.

The earl of Guildford replied, that neither he nor the noble duke meant to fay any thing at prefent on the fums already fent to the emperor; but, as the bank were ordered to ftop payment, he thought it impoffible tojuftify the fending of fpecie from the country, and at the fame time withhold it from thofe who have an undoubted claim on their own property.

The duke of Norfolk rofe to no tice the objectionable words contained in his motion, viz. "extraordinary and illegal," which he thought ftrictly applicable to the order of council; but had he fuppofed his motion would have met with a more favourable reception without them, they certainly fhould not have been inferted. His grace obferved, that he muft take the fenfe of the house on the whole of his motion. That the order of council was extraordinary and illegal no perfon could deny, fince it required the bank not to pay money to thofe individuals who prefented their notes. It had been remarked, that the order of council was not binding upon the bank, His grace could not tell what was the extent of its jurifdi&tion; however, it certainly was an high conflituted authority, and muft produce great effect on thofe to whom its orders were directed. His grace concluded by afking the noble lord one queftion: Was it intended to fend money to the emperor of Germany?

The duke of Grafton obferved, that anfwering this question, and affuring the house that no fuch thing was intended, muft give the greateft fatisfaction to the country; and it would not then be neceffary to prefs his noble friend's motion to a divifion.

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Lord Grenville replied, he would not difcufs that day the fubject which was to be taken into confideration the next.

The earl of Moira rofe, and declared he thought an anfwer ought to have been given by the noble fecretary of State. He was afraid, that, in confequence of the refufal to answer on this fubject, a fufpicion might go abroad that minifters did mean directly to fend fpecie out of the kingdom; when they had taken a measure to withhold it from its right owners. However, free as his mind was from fufpicion, he believed the more the affairs of the bank were inquired into, the more fubftantial their affluent would be found. He concluded by voting with the noble duke. The queftion being put, the house divided, Contents

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On the 28th of February, the order for taking his majefty's meffage isto confideration having been read, and afterwards the meffage, lord Grenville rofe to explain the nature of the motions relative to his majefty's meffage, and obferved, he fhould not have occafion to go much into detail as to the caufes which had induced the board of council to iffue that order referred to in the melage. Their lordihios were fummoned to take into confideration, under the exigency of the times, the measure which his majefty's minifters had thought proper to adopt, and which, he trutled, after a due confideration, they would approve. His lordship obferved, that, in the course of the debate the preceding day, fome noble lords had treated the order of council with great afperity; though, he thought, the fubject ought to be dif

1797.

cuffed with deliberation and candour. Notwithstanding the illfounded alarm, he was perfuaded the refources of the country were in a moft flourishing ftate, and, he contended, that the prefent meafure was only of a temporary nature. His lordship avoided going into a detail, as all parliamentary proceedings affecting the public purfe, were confidered as falling more immediately within the province of the other house. He fhould, therefore, recommend to their lordships to wait till the proceedings of the house of commons came before them. He, however, informed the house, he had two motions for their confideration, the firft, "that an humble address be prefented to his majefty, to return thanks for his gracious communication, and to affure his majesty, he might rely with the utmost confidence on the wifdom of parliament, to call forth, in cafe of neceflity, the extenfive refources of the kingdom."

His other motion was for the appointment of a committee of nine lords to examine and report on the outstanding demands against the bank, and the ftate of the funds to difcharge the fame, and alfo to inquire the cause that rendered the order of council neceffary; and he made no doubt but the refult of the inquiry would give their lordships, as well as the country, the most convincing proof that the bank was in a state of affluence. His lordship obferved, that in an inveftigation into fo delicate a matter as the concerns of the bank of England, the utmoft fecrecy and caution were neceffary, as the interefts of every individual were deeply implicated, and a difclosure would be attended with dangerous confe quences. He therefore propofed,

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that the committee fhould be felect and fecret. Having thus explained the nature of his motions, he would not trouble the house with any farther obfervations.

The duke of Grafton fupported the addrefs, and hoped it would pafs nemine diffentiente; but wifhed it had not come before the house fo fuddenly, as it was almoft impoffible to form an opinion refpecting it. The noble fecretary of ftate had faid fomething, to fhew that his majefty's minifters were driven to this measure by imperious neceffity. His grace made fome pertinent remarks on the conduct of minifters in adopting fo miferable an expedient, and faid they had gone to the extreme length of a measure, founded in an affumption of power unknown to the laws and conftitution of the country. Minifters being aware of this, would be obliged to have recourse to a bill of indemnity to legalize their conduct. For unless this act could be obtained, the bank-directors were liable to an action from every individual to whom they refufed payment.

Lord Grenville faid, undoubtedly, his majefty's minifters had undertaken a very arduous refponfibility; they had adopted the measure which the order of council contained, on the ground of ftate-neceffity, though the bank were not bound to obey that order. With regard to the bill of indemnity, it would be for their lordships, after the whole of the fubject had been confidered, to decide whether the bill of indemnity was neceffary or not. His lordhip admitted, that the measure could not be juftified by the ftrict letter of the law, but thought it the duty of minifters to confider the interefts of the public, and not to hefitate in adopting a meafure which the exigency of the cafe required.

The earl of Guildford thought act of iudemnity abfolutely neceffary, at leaft for the directors of the bank and their clerks, who must act illegally, and be liable to actions. His lordship then adverted to the fpeech of the noble fecretary, in the opening of which, he said, fome of the noble lords had been difpofed, in the preceding day's debate, to treat the measure harthly and with afperity; for his part he could not recal a fingle word he had uttered on that fubject; he had forborne to give his opinion till he heard more of the reafons on which it was grounded. His lordship faid, he had no objection to the firft motion relative to the addrefs. With refpect to the second, there were parts of the inquiry which by no means required fecrecy; on the contrary, they ought to be made as public as poffible.

His lordship had a strong objection to the committee being a fecret one, as it was a mode of fmuggling bufincfs through the houfe, and giving up the power of judging to nine individuals, how ever refpectable they might be. If the bank were in fuch a flourishing ftate as it was reprefented, it ought to be laid before the public, to remove all ground of fufpicion.

The earl of Liverpool approved of a fecret committee, where fubjects of a delicate nature were to be inveftigated. His lordship faw no ground for the noble earl's objec tion, as the committee would make their report to the house, and their lordships might determine upon it as they thought proper.

The duke of Grafton could not accede to the arguments of the noble earl relative to a fecret committee, as the idea of fecrecy conveyed fomething difagreeable and fufpicious. He thought the fubje& ought to come openly before the house, that they might act upon it

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