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nion fully, that the governor in his nion that a good deal of the money interview with Mr. Pitt to-day, that had been taken from this counthould tell him, that under the pre- try last year was returned : and, fent state of the bank's advances to perhaps, kept back in London, or government here, such a measure in other parts of the kingdom, would threaten ruin to the house, from whence he hoped to draw the and most probably bring us under resources he wants by a loan under the necessity to shut up our doors. the proposed circumstances. Some
After the court this day, the go- discullion took place with Mr. Puvernor, with Mr. S. Thornton (as get, whether a part at least of the the deputy could not attend), and Irish loan might not be negotiated Mr. Puget, waited on Mr. Pitt; in Ireland: and reaton was given who told then, that notwithstands to think that a trial for this would ing the difficulties and dangers be made. Mr. Puget fuggested, which they foresaw by his carrying that a pecuniary afli tance given by into execution a farther loan for this government to the Irish governIreland, he found it to be a mea ment might be preferable to a loan, sue of government absolutely ne as the money might be demanded ceffary; but that he would do every back when there was presling occathing he could to obviate the diffi- fion for it: but Mr. Pitt was of culties, by making the bank more opinion, that if the neceflity to call easy in other points; and he pro- it back should arise, Ireland would posed to raise, by an addition to not be able to pay it; whereas he ihe present voluntary loan, or by hoped the specie would find its way other means, with the consent of back, by the regular course of trade, the subscribers to that loan, what as soon as the internal state of that ever sum the bank might desire to country would permit. be paid off from its advances to go. Mr. Pitt proposed that the revernment. He proposed this, from payment to the bank mould be an opinion that it was poflibly in made proportionate to the instalthe power of the bank to render it- ments on the Irish loan, or to exself fase by the diminution of its ceed them considerably if desired : outstanding notes ; and he added also that no discount for prompt that he withed this reduction of payment thould be made on the their notes to be effected by a di- Irish loan. mination of their advances to go
On their return from Mr. Pitt, verament rather than by lessening the governor ordered a committee their cominercial discuunts.
to be sum.poned to meet to-morOn the governor's stating, that row, on very special affairs, at 12 in the event of the measure of an o'clock. Irish loan being effected here, the bank would probably think it ne
(No. 33.) ceffary to restrain their advances, Le:ter from the Chancellor of the both to government and to the Exchequer, and Resolution of public, by way of discount :--Mr. the Court of Directors, 13th of Pite answered, 'He had rather pay February, 1797. back five millions to the bank, than AT a court or directors held this that they should restrain their dif. day on special affairs, the govercounts three millions; or to that nor laid before the court the matter eritct. Mr. Pitt expressed an ople which had been proposed to the
P A P E R s. committee of the treafury by Mr. render them much more at ease, as Pitt, and which had been the sub to the effect of other operations. I ject of the several minutes of the wish also to have it understood, that committee on the 8th, 9th, and I should propose the re-payments to 10th instant, in their private book: be received by the bank, to take and the governor then read to the place by inftalments, at leaft as court the following letter, which early, and to as great an amount, he had received from the chancel as any remittance that could be lor of the exchequer, viz.
made to Ireland, under the instalDorning Street, Feb. 10, 1797. ments to be fixed for that loan. I Gentlemen,
shall be extremely glad to know the I have to request you to acquaint sentiments of the court on that subyour court, that from the repte. ject, and to confer with you, and sentations received froin Ireland, it any other gentlemen of the court, appears indispensable, for the pub. on any point which may require lic service, that a loan mould be explanation, and on the best means raised here, for the use of that of carrying the measure into exegovernment, to the amount of cution, if it meets with the con1,500,00ol. on which I understand currence of the court. a considerable deposit will be re I have the honour to be, &c. &c. quifite about the end of March. I
(Signed) Wm. Putt, am fully sensible that, in the pre Governor and Deputy ! fent situation, such a loan might Governor of the Bank. produce great temporary inconverience here; and unless some mea
The court received this commusures were adopted to guard against nication with great uneafiness, from its poflible effects, might make it an apprehension of the bad conseappear necessary for the bank, from quences which would, in all pro. prudence and precaution, to re- bability, arise to the bank from Atrain the accommodation which the remiitance of such a sum to they now give to the commerce of Ireland, and the great drain of cash the country, within much narrower
which it would occafion; and after limits than is desirable. In order
a very serious debate upon the to avoid this great inconvenience, subject, they came to the following and at the faire time to be enabled refolution, viz. to provide for the urgent demands “ Resolved, That the court is of from Ireland, which are connected an opinion, that the ri-payment with the greatest interert and safe. 66 of seven millions of the money ty, to prevent farther embarrait "advanced by the bank to governa ments in the vigorous exertions "ment will be of very essential ferwhich the present crisis may re 6 vice to this house: but the court quile; it may, I think, be expedi- “is nevertheless extremely appreent to propofe to parliament to “ hensive that the nego:iating the raise money fufficient for paying proposed loan for Ireland in this off fx (or if it thould be thought “ country, will necesarily endan, necellary) seven millions (includ- “ger the safety of the back of ing the treasury bills) of ihe funn“ England, by the large drains of now ontstanding due from the pub- “ cath which it must occafion for lic to the bank. So great a reduc “the remittance of that sum to Iretion of their advances mult, I trust, "land."
The governor and deputy gover- allowance for their lofs on the fornor, with Mr. Darell and Mr. Bo
per engagement: and that if he fanquet, were deputed by the court was disappointed in this expecta. to wait upon the chancellor of the tion, he must take other measures, exchequer with this resolution; and as usual. they took with them a copy of it in After this, the governor alked of a paper sealed up, that in case Mr. Mr. Pitt if it could not be made Pitt Tould require it to be left with compatible with the forms of of. him to sew it to the cabinet, it fice, that when the payments should might be in a situation guarded come to be made on this proposed from the eyes of the people in of man, the money might be retained fice. The deputation waited on at once by the bank, as far as was Mr. Pitt when the court broke up, intended for the liquidation of their and waited till he came home; advances, without being sent up to when, being admitted, the governor the exchequer, as was hitherto told - him, that a special court had practised, which mode had often been held on the subject, and that caused a delay of many days; and he and the other gentlemen were once last year a total disappointdeputed to bring him the resolu- ment of the sum? Mr. Pitt laid, tion of the court upon it; which that he saw no reason why this Mr. Pitt read attentively; and de- routine of office should not be al. firing to have a copy left with bim, tered--that he would think of it, the one sealed up was given to him, and order another arrangement. which he was desired by the governor to return to him when he had
(No. 34.) communicated it to the cabinet. Resolution of the Court of DirecIn the conversation which took
tors, and Deputation's Interview place afterwards, the governor alk with the Chancellor of the Exed if it was not possible that a part chequer, 2ift of Feb. 1797. of the 1,500,000l. could be raised in Ireland for its own use! Mr.
THE committee observing, with Pitt laid, that the fum mentioned great uneasiness, the large and conwas all expected from this country
ftant decrease in the cash, held a that a tarther sum was wanted in particular consultation on chat the whole; but that the Irish GO
subject this day; and on examivernment hoped to raise the remain- nation into the state of the call der in that country.
On the sub- since the beginning of this year, ject of ite loan to be raised here to they found that in the crurse of pay off the above fum to the bank, the month of January there had
and Mr Pitt said, he meant to make it been a decrease of ļ, equal, not only to that purpose
, since the beginning of this month bur to set him at his ease for other
a farther loss of £ and that parts of the public service, which the cash was now reduced to be. he had not been able to caiculate tween
and about k with sufficient exactitude on bring- value, in bullion and foreign coin, ing out the lat loan. That he and about the value of £ meant to raise this additional fum in filver bulion.
Perceiving also, in the same funds, and, if posible, by the conitant calls of the bankers by the same subscribers, to whom from all parts of the town for calli, proposals would be made, with an
that there must be fome extraordi. (O3)
nary reasons for this drain, arising of the utmost consequence that our
Interview with the Chancellor of on this subject, they explained to
the Exchequer, 22d Feb. 1797, Mr. Pitt the exact particulars a Messrs. Goldsmid and Ellison bove-mentioned. Mr. Pite seemed attended the committee this day, aware that this unusual drain of and were directed to give farther cash from the bank must arise from orders to Hamburgh for the purthe alain of an invasion, which he chase of gold; and were told that observed was now become much an application would immediately more general than he could think be made to the minister to order a necessary. He said, that by all his frigate or armed floop to go to informations he could not learn of Hamburgh to take in such gold as any hostile preparations of conse- might be bought, and also to defire quence making in France to invade that the restriction on the captains this country, except the flect which of the packets, not to take any was re-fitting at Brest
, after being gold on board at Hamburgh for driven off from the coast of Ire this country, might be taken off. land; but that he could not answer The governor and deputy governer that no partial attack on this coi.n. waited on Mr. Pitt on this subject, try would be made by such a nad who promised to apply to the adand desperate enemy as we had to miralty for directions about senddeal with. The deputation pressed ing out a frigåte or arnied loop; on Mr. Pitt to declare something and that he would apply to the postof this kind in parliainent, in order malter general to give the orders la to case the public mind.
the caprains of the packets. The deputation then mentioned The governor prefred Mr. Pitt to him the neceflity of bringing for- again on the subject of the trafury ward the new loan, out of which bills, and told him, that he feared the re payınent of the seven mil. the Court would not agree to pay lions to the lank was to be made, the treafury bills, which fall due as in the present emergency it was next weck.
Mr. Pitt said, he would send to him, that it would in the pre50,000l. to the bank in part provi- fent circumstances be highly requiGon thereof, but that he did not fite that some general meeting of think he could raise the money to the bankers and chief merchants of the full amount of the bills due. London thould be held, in order to
bring on some resolution for the (No. 36.)
support of the public credit in this Interview with the Chancellor of alarming crisis; and they took the
the Exchequer, 24th of Febru- liberty to recommend to Mr. Pitt, ary, 1797
to have a private meeting of fome AT a committee of the whole of the chief bankers at his house court held this day, it appeared that to-morrow, at three o'clock, in the loss of cash yesterday was a. which the plan for a more general bove ..
and that about meeting on Tuesday or Wednes
were already drawn day next might be laid ; in the proout this day, which gave such an priety of which Mr. Pitt agreed, alarm for the safety of the house, and said he would summon a prethat the deputy governor and Mr. vious meeting for co-morrow acBosanquet were desired to wait on cordingly. This was communiMr. Pitt to mention to him these cated by the governor to the com. circumstances, and to ask him how mittee. far he thought the bank might ven. ture to go on paying cath, and ANSWER to (No. 1.) when he would think it neceliury to interfere before our cash was so ON the communication of the reduced as might be detrimental to resolution (No. 1.) on the 17:h of the immediate service of the state. January 1795, the chancelior of Mr. Pitt said, this was a matter of the exchequer expressed his thanks great importance, and that he must for the communication; and said, be prepared with some resolution he should arrange his measures in to bring forward in the council, for conformity : but that though he a proclamation to stop the issue of was going to reduce immediately cain from the bank, and to give the firm of the treasury bills, it the security of parliament to the night not be in his power to bring notes of the bank. In consequence them down to the fum ftipulated, of which he Nould think it might till after the firit payment of the be proper to appoint a secret com
loan, mittee of the house of commons to look into the state of the bank af. ANSWER to (No. 2.) fairs; which they assured him the bank were uell prepared for, and THE chancellor of the excle. would produce to such a con- quer having read the paper, lie..)mittee. Mr. Pitt allo observed, that ed fully convinced of the propriety he should have no objection to pro- of the representation ; and declar. pole to parliament, in case of a ed, that it Whould have been attendproclamation, to give parliamentary ed to on his part before, but that fecurity for bank notes. The go in the multiplicity of public affairs vernor and deputy governor this it had been forgotter. He, how. day waited on Mr. Pitt, to mention ever, said, that it should be com