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flutions which had been propofed. With regard to the conftitution of the committee, to which the noble duke objected, he would answer, it was neceffary that they fhould have before them every thing connected with the investigation; and with refpect to the conduct of it, never was the conduct of a committee more candid and impartial. The noble duke had faid, that a great part of his charge was directed against the chancellor of the exchequer; yet this culprit had been examined upon oath-the first inftance in this country of the kind, and which, in fact, was contrary to the principles of the law of England. With regard to the fummary alluded to, he was fure nothing could be expreffed with greater candour and modefty. That the diminution of bank-notes, according to the duke's pofition, would increafe the quantity of fpecie, was an abfurd hypothefis; that it might decrease the demand of then, was the only view in which the obfervation was intelligible, His lordship then defired the clerk might read the minutes of the court of directors in 1795, and the an. fwers of the chancellor of the exchequer on the imperial loan, in 1795 and 1796; the refolution of the committee of treasury, dated February 11, 1796, with his further anfwers. His lordflip faid, it appeared, from the evidence contained in the report, that the bank had at different times made application to the chancellor of the exchequer, stating the danger which they apprehended from the continuance of foreign remittances. A direct anfwer was given to the two first, viz. that no imperial loan fhould be brought forward. The third application mentioned both loan and ad. vances; the answer intimated, that there should be no loan, but it ne

ver was to be confidered as implying that there fhould be no advances. His lordship observed further, that the noble duke was inaccurate in the facts which he stated as a confequence of this measure; no bills drawn for these advances were received till July, yet the rate of exchange from October that year till March following rofe confiderably in our favour. It appeared from the report, that 14,918,000l. had been remitted to the continent this war, and in 1763, fifteen millions; were we lefs able now to fuftain fuch a charge? It was proved that the balance of trade for the laft four years was at an average of ten millions a-year; the whole remittances out of the country had been thirty-two millions, and the balance for the fame four years of the war had been forty-two millions:- was it poffible the ftoppage of the bank could be afcribed to the imperial remittances? With regard to the effect of the advances by the bank to government, he had to obferve, that a very confiderable fum had been ftated as advances by the bank, which in fact did not belong to them, but was the amount of unclaimed dividends, which had been taken for the public fervice. His lordship obferved, that the advances to government were by ne means unprecedented; for in the year 1780 they were 10,000,000l. fomewhat higher in 1797; and in 1793 they were only an hundred thoufand lefs. The bank, too, must be able to make advances in proportion to the general profperity of commerce and increafe of wealth. Our commerce was nearly double to what it was in 1782 and 1783. Was it poffible that this advance could produce effects so serious as to fufpend the money-payments of

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the bank? His lordship faid, that country bank-notes were the chief circulation in the country; and thefe in the moment of alarm produced a run upon the bank of England, the refervoir of the cash of the kingdom. After commenting upon the fubject for fome length, he concluded by moving the previous question.

The earl of Guildford obferved, that, whatever might be the neceffity of continuing the order of council, he doubted the neceffity of origin ally iffuing it. He thought that the bank might have been enabled to go on, or, if obliged to stop at laft, it would have been better that it had fhut up the doors, and fhewn to the public that its stoppage arofe from its own want of cafh; inftead of its being proved that fuch an event arofe from the wants of government. The bank themselves, he remarked, had exprefsly declared, that they were of opinion that the imperial loan had produced the fcarcity of their cafh; and the chancellor of the exchequer had no right to distrust their authority. The bank had repeatedly demanded of government repayment of their advances, which was one of their refources for extricating themselves from their embarraffiment; and he did not doubt but, had the promises of the chancellor of the exchequer been kept, they would have been enabled to go on. His lordship concluded by faying, they should confider whether they could avoid a decifion by fupporting the previous queftion, which he admitted was a fair way of getting rid of the refolutions, which however were fome of them undoubted truifms.

Lord Auckland rofe to make fome incidental remarks in answer to the duke of Bedford, nearly fimilar to those delivered by the earl of Liverpool.

The duke of Leeds congratulated the houfe on the favourable defcription of the fituation of the country given by the noble earl who fpoke fecond in the debate. He lamented that there fhould be any misunderstanding or dispute between the government and the bank. His grace concluded by faying, he thought it very extraordinary, and fomewhat ftrange, that the noble duke fhould come forward with what might be confidered as an oppofition-motion, grounded upon the very documents that afforded those who opposed it a fund of reasoning against it.

Earl Strange (duke of Athol) faid, he had read the report with the greatest attention, and thought it contained a conclufive evidence, that no blame was afcribable to the chancellor of the exchequer for his conduct with regard to the bank. He had liftened to the arguments of the noble duke that day, and nothing that he had heard from him had in the fmalleft degree altered his opinion. But before he fat down, he could not help expreffing his feelings at the violent language of the noble duke in the conciufion of his fpeech. The noble duke he was perfuaded would not have used fuch language in any other place, and he thought the fame regard, decorum, and refpect was due to their lordships in general, who were at liberty to entertain whatever political fentiments their own judgments directed.

The duke of Bedford rofe to apologize for fome of the intemperate expreffions which he had made use of in the conclufion of his fpeech. His grace then referred to the evidence of Mr. Giles, Mr. Raikes, and Mr. Bofanquet, to fhew, that they clearly understood the chancellor of the exchequer, that neither loan nor advances were

to be made to the emperor without their previous knowledge, and that they re-afferted that the whole of the last two years. His grace thought that the repeated warnings which they gave him ought to have determined him from the drain of cafh from the bank, which had brought on the calamity of the Roppage of payment.

Lord Grenville rofe to make fome remarks upon what had fallen from the duke of Bedford, and contended that, if the chancellor of the exchequer had given any affurance to the governor and directors of the bank, that no advances fhould be made to the empreor without their previous concurrence, it would not have been what the noble duke had called it, the government taking the direction of the affairs of the bank of England into their own hands, but it would have been in fact a furrender of the functions of government into the hands of the bank. His lordfhip admitted that the chancellor of the exchequer might have overlooked the word advances in the application of the bank, and have anfwered them generally, without fuppofing government fhould be in any degree reftrained in private remittances to the emperor or other foreign power: neither was there any one fact to prove that the advances to the emperor had either occafioned a run upon the bank, affected the exchanges, or injured the credit of the country. After remarking at fome length that the exchange had rifen in our favour during the advances, which, he faid, had been fully proved by the convincing arguments of the noble earl, his lord. fhip concluded by making fome remarks on the violent language employed by the duke of Bed

ford.

The duke of Bedford made a fhort reply, in which he said, as long as he exifted, he should hold it his duty to declare his fentiments on public matters with freedom, equally regardless of the noble fecretary's reprehenfion or his mifreprefentation.

After a few words in explanation from the earl of Guildford, the previous question was put on each of the feries of refolutions, and carried.

Both the order of time and the order of precedence demanded that the first place fhould be affigned to the debates of the lords on this important fubject.-It was, however, in the houfe of commons that the most interefting debates took place; and to thefe it is our wifh particularly to direct the attention of the reader.

On the 28th of February a meffage fimilar to that which was prefented to the house of lords, was brought up in the houfe of commons, by the chancellor of the exchequer. When he moved the order of the day for taking the same into confideration →

The chancellor faid, he had given notice the preceding day that he fhould first move an address to his majefty, returning him thanks for his gracious communication, and to affure him that the house would proceed without delay to the deli. beration of the important fubje&. His fecond motion, he informed them, was for the appointment of a felect committee, to inquire into the outstanding engagements of the bank. He therefore moved, that an humble addrefs be prefented to his majefty, thanking him for his moft gracious communication.

Mr. Dundas feconded the motion, which was carried nem, con. and ordered to be taken to his majefty, by fuch of the members of

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the houfe as were of his majefty's privy council.

The chancellor of the exchequer next proceeded to fubmit to the houfe his promised motion relative to appointing a felect committee to make fuch inquiry into the state of the bank as might be thought neceffary to justify the neceffity of the meafure adopted by the bank in confequence of an order of council. But though there could be no hefitation with refpect to the folidity of the bank, it was incumbent, he obferved, upon them to take the proper means to fatisfy themfelves, that the measure which had been adopted in confequence of the opinion of council was occafioned by unavoidable emergency. It was now neceffary that parliament fhould be called upon to confirm that opinion, and to fanction that measure by an act of the legislature. With refpect to the amount of the outflanding demands of the bank, and the means which they poffefs for difcharging their obligations, the inquiry would be comprifed in a fhort compafs; and from the refult of a very short inveftigation, the advantage of the measure adopted would, in his opinion, appear fo obvious as to lay the natural foundation of every further proceeding on the part of the houfe. It was propofed that public fecurity fhould be given, not only for the outftanding claims on the bank, but alfo for thofe additional iffues of paper which might be deemed advifeable. It is neceffary, however, (continued Mr. Pitt) to obferve one point relative to the neceffity of adopting fuch a measure. It muft appear to every reflecting man, that it is a fubject of inquiry of fo delicate a nature, that it cannot, confittently with public fafety, be puhed to great particularity or minute

nefs of detail." It would alfo, he faid, be highly improper for the committee to enter into a minute investigation of the precife ftate of the different defcriptions of fpecie belonging to the bank. It would therefore be neceffary that the committee appointed fhould be a fecret one, and that they thould be inftructed not to push their inquiries too minutely into particulars. On thefe grounds he was defirous to reit the motion, which was to the fol lowing effect:

"That a committee be appointed to examine and ftate the total amount of outstanding demands on the bank of England, and likewise of the funds for difcharging the fame, and to report the refult thereof to the houfe, together with their opinion of the neceflity of providing for the confirmation and continuance of the measures taken in pursuance of the minúte of coun cil, on the 26th inftant,"

The motion being read,

Mr. Fox rofe, and addreffed the house. When he confidered, he faid, the wonderful event which had this night been announced to the houfe; when he took into review the caufes which had led to this extraordinary fituation of affairs, and the effects likely to refult from it; after the paufe which had been afforded for deliberation, he did not at all feel inore fanguinely or more, agreeably than he did on the first mention of the fubject. The right honourable gentleman had moved for the appointment of a committee for the purpofe of inquiry; but it might be expected, that the minifter who had conducted affairs in fuch a manner as to call for the meafure which was now propofed, would not have been contented to pafs fo flightly over the nature of the crifis. Every man who read the

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order of council must have been ftruck with the reflection that this was the first time a measure had been adopted by the executive government in this country to prevent the bank from answering the demands of its lawful creditors. If the measure was indifpenfably required from the preffing exigency of the country, and the imperious confideration of public fafety, an act of parliament was furely the only proper mode of effecting the purpose. That house was that particular branch of the legislature which fhould have been confulted on fuch an occafion. All those who had turned their attention to the paper-credit of this country, (Mr. Fox obferved), muit view with alarm for years and centuries to come, that the minifters or the executive government had by the prefent meafure claimed a power to annihilate at one breath all the property of the creditors of the bank. The proclamation of the council merely forbade the iffuing of money; the paper, however, fubfequently published from the bank removed all doubt with refpect to the nature and extent of the meafure; and thanks were due to the directors for the explicitnefs they had manifefted on the occafion. The minifter, who came down to the house, and endeavoured to prove that neceffity had compelled him to this fa. tal and irremediable act of bank ruptcy, ought at least to have been prepared to fhew that the neceffity had been occafioned by no fault of his own, and that the most rigid œconomy had prevailed in every department of administration. "If I thought that the committee (added Mr. Fox) would be empowered to go into all the caufes which have led to this difaftrous ftate of affairs, and into all the circumftances connected with the tranfaction, I cer

tainly fhould not defire that the inquiry fhould be placed on a more extenfive fcale. But the right honourable gentleman has intimated, that it is not his intention the inquiry fhould be conducted in this manner. I therefore fay, if the houfe of commons fhould allow this committee to be appointed, they will moft fcandalously abandon their duty if they confine their inquiry to what the chancellor of the exchequer has this night ftated." Mr. Fox next remarked, that the direc tors of the bank often told the minifter, what the effect would be of fending fuch vaft fums of money abroad; for he fent fums not only against the opinion and in defiance of the remonftrances of the bank, but in one inftance against the known fpirit, and palpably against the very letter, of the conftitution. In the courfe of what he had faid, he had abftained from much obfervation upon what he thought would be the effect of the meature now before the house. He thought that in many parts of the measure it was impoffible to conceive any thing that would be more mifchievous to this country; he could not put any thing in competition with the danger of refufing to pay the public creditor. He did not think, that even under the measures of the prefent adminiftration our total ruin was become fo near. It was our duty, if posible, to retrieve our affairs; but if the houfe perfifted in confiding in minifters, our ruin (faid Mr, Fox) is inevitable!"

Mr. Hobhouse obferved, that, when information was received that this measure was to be adopted, all the bankers were ftruck with confternation. They did not know whether they should be able to keep open their fhops; and he was afraid that the bank-paper would fall

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