Imágenes de páginas
PDF
EPUB

Into as low a condition as affignats or mandats. It appeared to him that the appointment of a committee, fuch as the chancellor of the exchequer had moved for, would anfwer no good purpose without a full and complete inquiry into all the circumftances that have led us to this dreadful fituation; and therefore this propofition fhould have his negative.

Mr. Martin faid, he could not help taking notice that the chancellor of the exchequer had proposed an inquiry which in its nature was a partial one. It appeared to him an abfurdity, and therefore he could not vote for it.

Sir John Sinclair remarked, that the only rational mode of judging what ought to be done in future, was to look at what had been done in former times; for this purpofe he referred to the journals in the year 1696, where it appeared there had been an inquiry into the affairs of the bank, but that inquiry had not been a partial one. "We fhould therefore (said he) know all the circumstances that led to that which we now feel. He had learnt from the chancellor of the exchequer that it was the intention of government that the notes of the bank of England fhould be received from individuals to the public; upon which there was one obfervation which appeared to him extremely neceffary. While the notes of the bank continue in credit, they may be received by the public from the individual, and the revenue will not fuffer; but if they fhould fall in credit, the revenue muft neceffarily be diminished, and the lofs in that refpect will be a lofs to the public in a ferious way. The next point to be confidered was, whether bank-notes were to be deemed a legal tender from the pub.

lic to the individual; becaufe, un-`
lefs this was enacted by law, it
would be impoffible to carry on
the public affairs, for there was not
fpecie enough in the country to
pay all the public creditors. The
depreciation of bank paper, he faid,
in fact, would alter the price of
every article that was purchased a-
broad. After commenting upon
the fubject at fome length, he con-
cluded by faying, he trufted, that if
a committee fhould be appointed,
it would confift of able and inde-
pendent men, and not of perfons
who would either fupport or oppofe
adminiftration upon interested or
party motives.

Mr. W. Smith faid, it appeared to him totally impoffible for him to fupport a motion which limited the committee to fuch a fuperficial inquiry. The meafure reforted to by government appeared to be a direct injury to the bank of England. He never heard that any request had been made on the part of the bank for the interference or affiftance of government; nor could he conceive the juftice of government, in the first inftance, making the bank a corporation of bankers, and afterwards exonerating them from paying the money depofited in their hands. With refpect of the propofal of referring the whole business to a fecret committee, who were to report their opinion to parliament, he thought the bank and the proprietors of the bank ought not to fubmit to have those for trustees of the national purfe, over whom they had no controul. The partnership between the government and the bank, he faid, was compulfive and unjuft, as "being a partnership between an infolvent government which required a folvent company to bolfter up its ruined finances." With refpect to the utility of a fe

K 4

cret

152

cret committee, he thought it would
be of none; for he would much ra-
ther take the word of the directors
of the bank, as to the refponfibility
and folidity of their funds, than he
would the report of a fecret com-
mittee of the house of commons,
which only had the power of mak-
ing a partial inquiry. Did the houfe
imagine, that the way to restore
the refponfibility of the bank was
to confirm its bankruptcy? for it
was clear that the first time the
bank refused to pay its notes in fpe-
cie, in confequence of the order of
council, it did commit an act of bank-
ruptcy. For thefe reasons he should
oppofe the motion as nugatory.

Lord Wycombe made a few re-
marks relative to the fituation of
the country, and faid that the houfe
had proceeded upon every thing
juft as the minifter had thought fit
to propofe, for a great length of
time, and more especially for the
two laft years; they had been quite
unmindful of the public rights and
of the liberties of the people. They
had availed themfelves of the pub
lic torpor and the public ignorance,
to deprive them of their deareft
rights. If he had reason to believe
that the fufpenfion of payment re
quired by the privy council was ne-
ceffary for the public purposes, and
if he had reafon to believe it was in-
tended to pursue this plan to remove
a public preffure at home, he should
have no objection to accede; but
if he thought all this was intended
merely to cover a defign of fending
money to the continent to carry on
the war, he was bound in duty
to give it his negative.

Mr. Pollen objected to the inquiry being a partial' one; but thought it ought to be as extenfive as poffible, to prove that admini ftration had not forfeited the confidence repofed in them.

Mr. C. Yorke faid, as the difference of opinion was only relative to the limitation of the powers of the committee, it appeared to him highly neceffary that an immediate report would be brought in.

Mr. Wilberforce Bird faid, that as foon as he heard of the order of council he was filled with alarm for the fitatation of manufacturers, and inftantly waited on the directors of the bank, in hopes that fome referve had been made in favour of that induftrious description of men; but, much to his concern, he found that no fuch reserve had been made.. He had the honour to reprefent a manufacturing town, and he had inftructions from his conftituents to inquire what method would be recommended to enable them to carry on their business, and to anfwer the many demands to which it naturally expofed them. A rumour had gone abroad, that it was the intention of the bank to iffue fmall notes of one or two guineas each; and he was exceedingly folicitous to know if the rumour had any foundation, as fuch an expedient would quiet the alarm, and enable manufacturers to answer the many claims continually made on them.

The chancellor of the exchequer replied, that the neceffity of providing for fmall payments had fuggefted the idea of doing fomething with that view. It was therefore his intention, before the house separated, to move for leave to bring. in a bill which might be carried through the house with the utmost rapidity, to enable the bank to ilue notes below five pounds value.

Sir W. Pulteney faid, he confidered the state of the country as in reality no worfe in confequence of the prefent ftep, provided wife

measures

measures were taken upon it. The ftoppage of payment in cafh was not to be held as a permanent fyftem, though the motives affigned did not fatisfy him that it was to be limited. In 1793 the Newcastle banks bad declared, as now, that they must stop the payment of their notes in cafh, under the preffure of temporary fcarcity; but they foon obtained the neceffary fupply, and went on again as before. It was notorious to every body, that the bank had not always befide them cath for all the notes they iffued; for if they had, why iffue notes at all However, he was of opinion, that the caufes which had contributed to place the bank in this fituation ought to be known; though fuch a measure as that adopted by adminiftration might do no harm for once, yet it was neceffary to prevent it in future. He did not approve of the plan propofed by the chancellor of the exchequer; as partial reports from the committee would not be fufficient. It was certain, however, that the country could not ftand if the credit of the bank was fhaken; it was therefore neceffary to protect its ftability by a full inveftigation into the caufes which had led to this fituation. It was impoffible however to prevent the exportation of fpecie and bullion: Spain and Portugal were inftances of it; and if the prohibition were complied with, they would feel its bad effects.

Mr. Huffey faid, the honourable baronet had made feveral obfervations concerning the cafh kept by the bank; but would he fay, that the advances made to the emperor would return in two months to fupply the demand of cafh which might come upon the bank. It was the chancellor of the exchequer who impofed upon them the fatal order.

Let him pay them all the money they had advanced, and then the difficulty would ceafe. It was not that the bank was unable to fatisfy its creditors, but it was the cons tinued demand of money to feed. the expences of this ruinous and difaftrous war which rendered it unjust to those who depended upon it. It was idle in the extreme, it was deluding the people, to talk of a committee fuch as that propofed. Let the chancellor of the exchequer pay the ten millions due to the bank, and every thing would refume its ufual course.

The chancellor of the exchequer faid, that he had been called upon fo immediately by the honourable baronet and the honourable gentleman who had juft fat down, that he hoped for the indulgence of the houfe while he made a reply. The honourable baronet was alarmed at the way in which the propofal was conceived, as it implied that the measure was to be permanent. He affured the houfe that nothing could be farther from his intention; fo much the contrary, that he had no objection to a limited time being fixed. However, while it continued, it ought to have the fanction of legiflative authority. With refpec to the caufes which produced the neceflity of the measure, opinions would be different, as the general fentiments of individuals were different on political topics. He however was ready to fay, that the Auftrian loan, though one of the caufes, was not the immediate caufe to which the neceffity was to be afcribed. The necellity of the ma fure originated in a fudden demand of fpecie beyond the ufual average; and with refpect to the quantities of money exported, and the remittances received, it was a point which the houfe could ascertain by a motion

#54

a motion of their own, better than
by any question to him. With re-
gard to the obfervation of the ho-
nourable gentleman "Pay the bank
what they have advanced, and they
will be able to anfwer all demands,"
it was founded entirely on mistake;
for by far the greater part of that
fum was floating advances not now
made for the first time; nor was
there more now outstanding than
had been before on many occafions
prior to his coming into office. The
honourable gentleman fuppofed
that taxes were paid in fpecie, and
that the public creditor, on the other
hand, was not paid at all. He
fhould repeat, therefore, that the
inquiry which was neceffary to be
entered upon at prefent, was com-
prehended in his original motion;
whatever went beyond that object
might be referred to a future op-
portunity.

try.

Mr. Curwen faid; that this was another rafh endeavour on the part of the minifter to delude the counHis arguments at this time of the day were a mockery of their feelings and understanding. He faid, that paper was in common ufage taken by the public creditor: but, good God! was not the cafe now widely different, when paper could no longer be converted into cafh! After making feveral remarks on the conduct of the minifter, he concluded by faying, unlefs the house made a decided stand, the country was ruined.

Mr. Brandling fpoke in favour

of a full inquiry.-And

Mr. Baftard alfo faid, that a partial inquiry would do much harm, rather than produce good. How ever, he was of opinion, that the bank needed no fupport; but if the ftate of the bank was to be inveftigated, was it not of much greater importance to know the flate of the country; for without

fairly examining into our fituation, there was no chance of falvation.

Mr. Dent, with his ufual judgment and eloquence, thought a committee of inquiry could do no good, but a great deal of harm. He was confident that the bank was equal to every demand upon it. It was the enormous expence of the war which caused the prefent failure

a war not entered into by this country by choice, but a war wantonly made against us by a people who had denied the existence of a Being!!!

Mr. Sheridan rofe, and, after adverting to the eloquent fpeech of Mr. Dent, and particularly the latter part of it, in a strain of pleafantry, faid, there certainly was no moment in which the British house of commons had been more powerfully called upon to renounce all dependence on the minifters, and to repofe confidence in themselves. On the laft fpeech of the chancellor of the exchequer he meant to make a few remarks. In one part of his argument, he advanced the abfurd pofition, that, were government to difcharge all the debts they owed to the bank, as the payment would be made good in paper, it would not relieve that public body from the difficulties produced by their want of cash. Was any man, however, fo ignorant as not to know that the deficiency arose not merely from the pofitive want of cafh, but from the comparative furplus of paper which they had iffued? After commenting at confiderable length upon this fubject, Mr. Sheridan faid he did not conceive of the meafure as a temporary expedient ; but he forefaw that the bank never would be able afterwards to defray its outstanding engagements in cash. For how was it poffible that they could; fince they were about to iffue a greater quantity of paper, and

their

their cafh was seized upon for the public fervice?

He faid, they had heard of the bank a fhort time ago lending two millions to government; and they had alfo heard of dividends on the bank stock increasing: how came they then to stop payment at a time when their affairs feemed to be going on fo profperously? The chancellor of the exchequer had faid it was the wifh of the bank that the measure should be adopted; he therefore called upon fome of the directors of the bank to come forward and say whether it was, or was not, at their defire that the order in council had been iffued. For his part he did not approve of appointing a committee to inquire into the affairs of the bank, as he had the firmeft confidence in its folidity; but he deemed it highly expedient that a committee fhould be appointed to inquire into the grounds upon which the order had been iffued. However, there was but one hope, and one opinion, viz. that the bank would be found to be perfectly fecure. Why then should the public guarantee their notes? As well might the mafter of the mint indorfe a guinea. Mr. Sheridan then fuggefted the fteps which, in his opinion, ought to be taken. Bank-notes ought to be made a legal tender to government, and government ought to be compelled to make every payment in banknotes, except the dividends on public ftock, which ought to be paid in cafh. He faid he would not oppofe the measure, but would move an amendment in the original motion, after" this houfe," " and alfo to inquire into the caufes which have produced this order of council dated the 26th of February, providing for the confirmation

and continuance of the measure contained in the order."

[ocr errors]

Mr. S. Thornton faid, as Mr. Sheridan, and feveral gentlemen who had spoken before, had ap pealed to him and alfo to other directors of the bank, he defired to acquaint them he was reftrained from fatisfying their curiofity, by a fenfe of the duty which he owed to the public welfare. But if the houfe would appoint a committee of inquiry, there was no investigation which the directors would not most chearfully meet.

Mr. fecretary Dundas faid a few words in anfwer to Mr. Sheridan. The amendment proposed negatived the original motion. The honourable gentleman profelled himself adverfe to an inquiry, and yet wanted to enlarge it, by adding a queftion refpecting the caufes of the embargo, and these were alleged to be a total mifmanagement in every department of finance. Thus an inquiry into every circumftance of the war would be fet on foot; and this firft and great object of fatisfying the public relative to the folvency of the bank would be delayed till the ftate of the nation in every particular could have been afcertained. The reafon why he (Mr. Dundas) wifhed to go into a fecret committee was, that it might be neceffary to put queftions to the bank-directors, which it might not be proper to make public.

Mr. Grey rofe to explain the amendment, and correct Mr. Dundas when he faid his honourable friend was adverfe to any inquiry. It was not becaufe an inquiry was not neceffary, that it had been objected to, but because it was thought inconvenient.

The attorney-general faid, he fhould vote against the amendment.

Mr.

« AnteriorContinuar »