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& poffible; and hoped to be able of the dire&tors of the bank to be to conclude it by Friday the 5th against any such affistance in mo of February, when he would ex- ney, he promised that he would pect to see the deputation again. not coinmit himself to any engage
ment for a farther loan to the em(No. 15.)
peror, without a previous commuInterview with the Chancellor of nication on the subject with the the Exchequer, 5th of February, gentlemen of the bank.
Mr. Pitt read some extracts of 1796.
letters from the British resident and THE governor, deputy gover- others at Hamburgh, which men. ROS, Mr. Peters, and Mr. Bofan- tioned that large quantities of Engquet, this day waited upon Mr. lih guineas were imported thither Pitt again, according to appoint- by ihe packets from Yarmouth; ment, to hear his determination and one mentioned that the guincas abou: ihe latter part of the cout's were melted down on arrival there. refolution, on the 28th ultimo, as
Mr. Pitt said, that attention thould to fixing a time when the present be paid to this circumstance at mode of paying the treasury bills in the ports from which the packets advance liould be brought to a failed. period. Mr. Pitt, after much conversation on the subjec, said, That
(No. 16.) measures were now taking for a Interview with the Chancellor of payment of 500,000l. more on this
the Exchequer, 12th of Febru. account, to the bank, which
ary, 1796. would reduce their advance on THE governor told Mr. Pitt, this score to under 200,000l.; but That the court had received his that, as matters were fitnated, he letter of the with inftant, and could net foresee a poffibility of would comply with his desire of paying the remainder, and quite continuing to pay the treasury bills finising the account, till May or as usual till May, when he hoped June next; for that, as some part of it would be totally done away; and our cavalry had not been brought that he might look to a temporary home from Germany, there mult accommodation of 500,oool. in the still be some monies drawn for their interval; but abfolutely required, charges, but he did not think it that it nould never exceed that could amount to above 300,oool. fum. more in the whole. Mr. Pitt,
Mr. Pitt faid, That as far as lay however, said, he would digest his in his power, it Mould not exceed ideas on this subject more particu- it; but that demands did arife oclarly, and send a letter with a pro- calonally which he could not foreposal to the bank court against fee, but which the public service next Thursday.
required to be provided for; and if Mr. Pitt dwelt much on the ne. the money from the loan did not Çesity of some farther fupport to Aow in fast enough, he might be be given to the einperor, to enable obliged to have recourse for temhim to continue his efforts againit porary asistance to the bank; and the French, as the most probable that it lay with the court of direcmeans of bringing the war to an iors to judge whether they chose to end; but knowing the sentiments accommodate the public or not.
refolved, That a representation in Interview with the Chancellor of writing flould be made to the
the Exchequer, 11th April, 1796. chancellor of the exchequer on the
THE governor and deputy go- subject. vernor this day waited on the chancellor of the exchequer at his de.
(No. 19.) hre; when he ju formed them, that Interview with the Chancellor of he meant to propose in parliament the Exchequer, 24th May, 1796. a farther loan of about fix millions IN confequence of an appointand a half, in order to fund the ment from the chancellor of the four millions of exchequer bills, exchequer, the governor and depewhich the bank holds on the lup- ty governor waited upon him this ply and vote of credit of 1795; day, with a view to lay before two millions of exchequer bills him the resolution entered into by which have issued to the public, the court on the 19th instant; but and about half a million, the a- they found him fó impressed with mount of navy biils held by the the neceslity of providing the funds bank, due in the months when he to pay off the treasury bills for means to fund them, but which the 900,000l. and that he had formed governor had informed Mr. Pitt his plan for the liquidation thereof, that the bank chose to have the that they thought it prudent to payment of. Mr. Pitt said, he hoped withhold the resolurion from him. to be able to bring this matter be Mr. Pitt explained his measure fore the house on Monday next the in the following letter to the go18th inftant; and would defire the vernor and deputy governor, which governor and deputy governor to he wrote while they were with come on some day this week, to a him. previous meeting with the parties Downing-Street, 25th May, 1,96, who were to be concerned in this
I BEG leave to acquaint you,
for the information of your court, (No. 18.)
that a warrant is directed for the The Governor's Report, and Reso- issue of 900,00ol. for the payment
lution of the Court of Directors, of the bills to become due to that · 19th of May, 1796.
amount in the course of the preTHE governor having informed sent week. I must at the same the court, That the present ad- time defre you to request of the vance on treasury bills of exchange court, in consequence of the pref. is 8 35,000l. beyond which there is sure arising froin tais unexpected a notice now lying in the house of payment, that they will accommoa further fun of about 200,000l. date government by advancing a which will shortly become due; sum of 200,000l, to the account of and that a notice was brought on the paymafter general, to be repaid Monday last from the treasury, con out of the cash to be received on taining a list of bills drawn on the the next payment of the loan of commitsioners to the sum of 7,500,cool. 900,oooi, more, of which the prin I have the honour to be, &c. cipal part would fall due on the
(Signed) W'm. Pirt. 29th inftant, which were directed Governor and Deputy for payment at the bąuk : the court Governor of the Bank.
The governor afterwards men, which the governor said he should tioned in conversation the desire of refer to the court for their opinion. the court to have the new arrangements made which should ease the
(No. 21.) bank from the payment of the trca- Copy of a Letter from the Chanfury bills. The promise to which cellor of the Exchequer, and Repoint Mr. Pittacknowledged to have solution of the Court of Direc. made; but being exceflively hus. tors, 21st of July, 1796. ried with a variety of business, and
Downing Sneet, about to set off to attend the elec Wednesday, 20th of July, 1796. tion at Cambridge, he desired leave Gentlemen, to dcfer this object until some time AS the preffure of demands for next week, after his return, when the public service, at the present he would resume it.
moment, prevents the payment in
cash of the fum advanced by the (No. 29.)
bank on treasury biils, I Niould Interview with the Chancellor of consider it as a great a cominoda. the Excheqner, 14th June, 1796. tion if the court would accept of
THE governor and deputy go. exchequer bills on the vote of crevernor this day waited on Mr. Pitt dit, to the amount of the sum now with a statement of the treasury due beyond five hundred thousand bills paid by the bank, which ad- pounds. I would als beg the favance now to the sum of
vour of you to propose to the court, £.1,002,555 6 4 in order to guard against any farand of bills al
ther excess on that point, that any ready advised, 230,093 16 i farther fums to be advanced for but not yet due)
treasi.ry bills should be paid in ex.
chequer bills, on the credit of the £11,232,649 2 5 consolidated fund, at the end of and requested that speedy measures each month. I am also under the might be taken to pay off the fame. indispensable neceflity of exprefting Mr. Pitt told them, That he had my eai neft hope, that the court made arrangements to pay off the will be induced to make a present 200,000l. which he had borrowed advance of eight hundred thousand (as by his letter of the 2;th of May, pounds, on the credit of the concopied in the private ininute book folidated fund, which will enable of the court), and also for the pay- me to make provision for the pre-, ment of 800,000l. out of the mo. sent demands, and to pay immedinies received on the last loan, for ately the four hundred thousand which he would take up exchequer pounds lately advanced by the bills to that amount on the voie of bank, and the navy bills now due. credit of 1795; and in conse. I Mall also be obliged to request a quence of these payments he hoped farther advance of the like fum of the bank would have patience to eight hundred thousand pounds, on wait for the discharge of the ad- the same security, trwards the end vance on the treasury bilis above of the month of August. It gives mentioned until the quarter ending me much concern to be obliged to the 5th of July, of the consolidated apply for an accommodation to so fund, when the surplus thereof large an extent; but I cannot too hould be applied to that purpose strongly represent how neceilary it
is for the public service: and I hundred thousand pounds on the trust the very large re-payments credit of exchequer bills on the which are secured to the bank in consolidated fund, on condition of the course of the present year, will being paid off the 400,000l. lately admit of their making these tempo- advanced to government, and the rary advances at a period when they navy bills due and coming due; are peculiarly important.
but they do not consent to advance I have the honour to be, &c. the second fum of eight hundred
(Signed) WM. Pitt. thousand pounds in the month of Governor and Deputy
Auguft. Governor of the Bank.
The governor, deputy governor, P. S. In case the bank Thould with Mr. Darell and Mr. Samuel find it necessary (which I hope will Thornton, were desired by the not be the cafe) to dispose of any
court to carry up these resolutions of the exchequer bills on the vote to the chancellor of the exchequer; of credit, before provision is made which they did as soon as the court for their discharge, and any loss broke up. And being admitted, fhould arise from their being at a
they gave a copy of the resolutions discount in the inarker, I houd of to Mr. Pitt, who having read them course propofe that such a loss attentively over, faid, “ He was should be made good by the public.
“ obliged to the court for what
So they did grant, which he thould After a deirate on the subject of " accept of; but added, that is this letter, the court came to the " would be of po material use, in following resolution thereon:
“ the present circumstances of the Resolved, That this court do “ nation, unless the other requi. consent to receive payment for the “ fitions which he had made were amount of advances on the treasury « complied with. That he must bills which have been and shall be “ refer the affair again in a more paid before the first of August, be. “ pointed inanner to the re-con. yond the fun of 500,oool and “ lideration of the court, which he which will be 867,70l. in exche " would do in a letter to be feat quer bills illued on the vote of cre. " to the bank next Tuesday morn: dit of the present year, under the “ ing, for the previous deliberation ftipulation of indemnity from lofs “ of the committee ; and that he on the fale proposed by Mr. Pitt, “ would be glad to see the gover. and to wave their claim of re-pay 5* nor and deputy governor agaia ment of the 500,000l. tiil the meet “ before the next court hould ing of parliamient; when the court 66 meet." will expect that this mode of pay. ing treasury bills thall be totally
(No. 22.) done away.
Copy of a Letter from the ChancelResolved, That the court do not lor of the Exebequer, and Resoconsent to advance any more mo. bution of the Court of Directors, ney for the payment of such bills 28th July, 1796. which fall due after the first of
Downing Street, Auguft:
Wednesday, July 271h. Resolved, That the court do Gentlemen, consent to the other part of the AFTER attentively conndering letter, to advance the sum of eight the resolutious of your court, whicha
I received from you on Thursday such treasury bills as have been ac. lait, I feel it an indispensable duty, cepted, and thail fall due during however wowilling I am to urge the month of August, be likewise any requeft which appears to them discharged on a deposit of like ex. liable to any difficulty or objection, chequer bills to be issued on the to represent to you, in the most consolidated fund to an equal a. Carnest manger, that it will be im- mount, which bills have been poffible to avoid the most serious stated by the chancellor of the exand ditreffing, embarrassments to chequer to be about the sum of the public service, unless in addi- 300,oool. tion to the accominodation which That this court do not engage to has been already agreed to for the advance for any sum of treatury prefent month, the court can con- bills which may be drawn, and fent to advance the second sum of shall fall due after the month of 800,oool. in the month of August, August. and can also make provision for
That this court do expect that the payment of such farther trea- the chancellor of the exchequer fury bills as may fall due in the will give a promise that a new next month, or as may be drawn mode of paying the treasury bills payable in September and O&tober. fhall be adopted immediately on With respect to those for the two the meeting of parliainent, as this latter months, as none such have court will not continue the mode yet been accepted, I should hope of discharging them any longer. an arrangement may be made for Refolved, That the court, hav. accepting them, payable at a pe- ing granted this accommodation riod subsequent to October, by with great reluctance, and contrary which means the inconvenience of to their wishes, the governor be the advance may possibly be in a desired to present to Mr. Pitt, a great degree obviated. I must re- copy of the following memorial; queft you to take the firft oppor- and reqnest of him, that, for the funity of laying this application justification of the court of direcbefore your court, and to state to tors, the fame may be laid before them, that objects of the utmost his majefty's cabinet : importance to the public are in “ The court of directors of the volved in their determination up- bank of England, fully fenfible of on it.
the alarming and dangerous fituI have the horour to be, ation of the public credit of this Gentleinen,
kingdom, and deeply impressed Your obedient bumble fervant, with the communication lately
(Signed) WM. Pitt. made to them by the right honourGovernor and Deputy?
able Willam Pitt, both by letter Governor of the Bank.
and in a conference with the goResolved, That this court do vernor and deputy governor, are agree to advance, for the service of very willing and desirous to do the public, the sum of 800,0ool. every thing in their power to suptowards the end of the nionth of port the national credit, and to enAugust, on the security of exche- able his majesty's minifters to carry quer bills to be issued under the on the public service; but in come act of parliament on the surplus of plying with the request made to the consolidated fund; and that them by the right honourable Wil