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your fubjects, will enfure our perfeverance in that line of conduct which may best preferve the advantages refulting to your people from your majefty's aufpicious go

vernment.

The bleffings which we derive from our civil and religious eftablishments have long been deeply imprinted on our minds; and we cannot but feel more and more, from the events of every day, how much they distinguish us among all the nations of Europe: we fhall never be unmindful that they can only be preferved by inculcating and enforcing a due reverence and obedience to the laws, by repreffing with promptitude every attempt to difturb our internal tranquillity, and by maintaining inviolate that happy conftitution which we inherit from our ancestors, on which the fecurity and happiness of every clafs of your majefty's fubjects effentially depend.

ANSWER.

Gentlemen,

I return you my warmeft thanks for this loyal and dutiful addrefs, and for the expreffions of your affectionate attachment to my perfon and government. The affurances of your firm determination to re-fift, to the utmoft, the unwarrantable pretenfions and inordinate ambition of the enemy, afford me the highest fatisfaction at this important conjuncture. They justify the reliance which I have uniformly placed on the vigour and wifdom of your councils, and leave me no room to doubt that the ftrength and refources of thefe kingdoms will be effectually employed in fupporting our deareft interefts, maintaining our happy conftitution, and vindicating the honour and independence of the country.

Papers which passed in the late Negotiation for Peace at Lifle, between Lord Malmesbury, Plenipotentiary from the King of Great Britain, and the Commiffioners from the French Directory. Prefented to the House of Commons, by Command of his Majefty, November 3, 1797.

(No. 1.) - Official Note. - Lord Grenville to the Minifter for Foreign Affairs of the French Republic.

The fignature of the prelimina ries of a peace, the definitive conclufion of which is to put an end to the continental war, appears to afford to the two governments of Great Britain and France a natural opportunity and new facilities for the renewal of pacific negotiations between them: a part of the obstacles, which might have retarded this falutary work, no longer exift ing; and the interefts to be treated of being, after this event, neither fo extenfive nor fo complicated as they were before.

The court of London, always defirous of employing fuch means as are beft calculated to contribute to this object, fo interefting to the happiness of the two nations, is unwilling to omit renewing to the French government the affurance of the continuance of its difpofi tions on this fubject. And the underfigned is authorised to propose to the minifter for foreign affairs to enter without delay, and in fuch manner as fhall be judged the most expedient, upon the difcuffion of the views and pretenfions of each party for the regulation of the preliminaries of a peace, which may be definitively arranged at the future congrefs.

As foon as the form of this negotiation fhall have been agreed upon, the British government will be ready

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(No. 2.)-Official Note.-The Minifter for Foreign Affairs to Lord Grenville.

The underfigned minifter for foreign affairs of the French republic, loft no time in laying before the executive directory the note which was tranfmitted to him on the rft of June (O. S.) by lord Grenville, in the name of his Britannic majefty. He is directed to anfwer it.

The executive directory fees with fatisfaction the defire which the cabinet of St. James's expreffes to put an end, at length, to the calamities of war. It will receive with eagerness the overtures and propofals which fhall be made to it by the court of England.

The executive directory defires, notwithstanding, that the negotia tions fhould be fet on foot at once for a definitive treaty. This proceeding appears to the directory preferable to a congrefs, of which the refult must be remote, and which does not correfpond with

the ardent defire that it has to reestablish, as quickly as poffible, peace between the two powers. (Signed) CH. DELACROIX. Paris, 16 Prairial, 5th Year of the French Republic, one

and indivifible.

(June 4, 1797.).

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Lord

(No. 3.)
Official Note.
Grenville to the Minifter for Foreign
Affairs.

ed, with the greatest fatisfaction, the affurances of the difpofitions of the executive directory to entertain with eagerness the pacific overtures of Great Britain, as well as of its defire to re-establish, as foon as poffible, peace between the two powers.

Anxious to contribute to it in every thing which can depend upon itself, the British government will not delay to fend to Paris, or to fuch other place, upon the continent, as may be agreed upon, a minifter, to treat and conclude with the plenipotentiary, who fhall be appointed by the executive directory.

The undersigned is directed to defire to know the wifh of the di

rectory, as to the place of the negotiation, in order that a fpeedy determination may be taken here upon that fubject; and to requeft the minifter for foreign affairs to fend him, without delay, the neceffary paffports, to enable the king's plenipotentiary to repair immediately to his deftination. The question fing preliminary or definitive artica, will neceffarily depend up on the progrefs and turn of the negotiations, to which, on the part of Great Britain, will be brought the moft fincere defire for the speedy re-establishment of peace. (Signed) GRENVILLE. Weftminster, June 8, 1797.

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(No. 4.)-Official Note.-The Minifter for Foreign Affairs to Lord Grenville.

The executive directory of the French republic has feen with fatisfaction, by the official nota of lord Grenville, dated June 8th (O.S.), that the court of London fhews itThe court of London has receiv felf difpofed to fet on foot, without

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delay,

make them correfpond with the wants of the commercial world. A confiderable degree of diftrefs confequently enfued, which diftrefs may alfo be imputed to another caufe, in evidence before the committee. By law, no man is to take more than 51. per cent. intereft for money lent or advanced by him; and this reftriction is understood to apply to bankers in the bufinefs of difcounting; fo that in time of war, when a much greater intereft than gl. per cent. can be made of money, upon government fecurities, the difcounts which merchants obtain from banters and other individuals, are neceffarily much diminished, and they are forced, on that account, to refort directly to

the bank.

Some of the perfons whom the committee examined on this part of the subject, have expreffed a Atrong opinion of the inconvent ence produced by the conduct of the bank, in diminishing their notes, in circulation, and in restricting their difcounts.

One of these perfons is of opinion, that an increafed quantity of bank notes, proportioned to the increafed occafion for them, muft tend to prevent a demand for guineas rather than to promote it; and that if the quantity of notes iffued is very confiderably lefs than the occafions of the mercantile world require, a run upon the bank will be the confequence. He is of opinion alfo, that the directors of the bank do not avail themselves of the full extent of their credit; and that the caution neceffary to be obferved by private bankers in the amount of their bills, does not apply to the cafe of the bank of Eng. land, for feveral reafons which he affigns. A great quantity of bank notes, in his opinion, is abfolutely

neceffary for the circulation of the metropolis; and that in this refpect, it is immaterial whether these notes are iffued for advances made to go. vernment, or in difcounts to private perfons, except that in the laft cafe, thofe whofe bills are difcounted to a greater extent, may fuppofe that more relief is granted to them. He allows, however, that as the bank difcounts, even in timė of war, at 51. per cent, there may be a greater difpofition to borrow of the bank at 51. per cent. than it may be prudent always for the bank to comply with.

Another of thofe gentlemen is of opinion, that the refolution of the bank to reftrict their discounts, excited an alarm and distrust that led to an increase of the drain of their cafh; that it has contributed alfo to the forced fale and deprecia tion of public fecurities, and to other embarraffments occafioned by an infufficient fupply of bank notes and cafh; which fupply has not kept pace with the demand arifing from the employment and circulation of active capital, parti cularly for the laft fifteen months; and he alfo is of opinion, that it would not fignify materially to the public, whether the quantum of bank notes introduced into circulation, was created by difcounting bills for the pierchants, or by advances to government.

The committee have judged it right to ftate the caufes aligned by thefe gentlemen, of the diftrels that has lately prevailed from the want of fufficient means of circulation in commercial tranfactions: the committee, however, do not mean to decide whether the bank direc-, tors might not have folid reafons. for their conduct in this respect, or to convey any opinion on this. doubtful and delicate queftion; but,

conceive

conceive it their duty to call the attention of the houfe to a point of fo great importance, and refer the houfe to the arguments stated more at large in the evidence.

The committee have thus gone through the chief points which have occurred in their inquiry refpecting the caufes which produced the order in council of the 26th of February laft, as refulting from the evidence taken by them, and the accounts laid before them. They fubmit the fame to the confideration of the houfe; but as the minutes of their proceedings are inferted in the former part of this report, and as the houfe is thereby poffeffed of the evidence on the whole of this fubject, in great detail, the members of it will be enabled to fupply any omiffions, and to correct any defects which may be found in this fummary.

The committee being defirous of confining themselves to thofe matters on which they have thought proper to call evidence, and fentible of the difficulty (even at all times) of appreciating the extent and influence of alarm, forbear from adverting to the effects produced upon the ftate of pecuniary tranfactions and circulation, by the apprehenfions of invafion generally prevalent towards the clofe of the laft year, and in the beginning of the prefent, but of which the operation muft doubtle fs have been confiderable. Nor will they attempt to eftimate how far the interruption given to the banking operations of many great commercial cities, by the troubles and calamities which have agitated Europe, and the entire ruin of many commercial houfes and establishments, may have tended to derange the accustomed courfe and confidence of general circulation.

The committee think it fufficient merely to enumerate confiderations of fuch general notoriety, and to fubmit them, without farther obfervation, to the wisdom of the house.

Copy of Refolutions moved by the Duke of Bedford, May 15, 1797' in Confequence of the above Report The previous question was carried on the whole Series.

1. "THAT it appears to this houfe, that fubfequent to the month of June, 1795, and during the year 1796, a great diminution was experienced in the fpecie of the bank of England.

2. That the governor and deputy governor of the bank did, at various times, reprefent to the chancellor of the exchequer the danger to the bank, from the diminution of its fpecie, particularly at the following periods:

11th December, 1794,
10th October, 1795,
23d October, 1795,
18th November, 1795,
3d December, 1795,

15th and 16th January, 1796,
28th January, 1796,

5th and 8th February, 1796," 11th February, 1796,

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8th, 10th, and 21st February, 1797.

3. That it appears, that during thefe periods the directors of the bank frequently remonftrated with the chancellor of the exchequer on the magnitude of their advances to government, anxioufly requiring payment, or a confiderable reduc tion of the fame; but that neverthelefs the chancellor of the exchequer not only neglected to comply with the object of thofe remonfrances, but ufually, under pré(P 4)

tence

tence of the neceffity of the public fervice, renewed his demands for farther aid; and that under the exigency of the cafe, as flated to them by the chancellor of the exchequer, the directors of the bank were, from time to time, induced to 'confent to farther accommodation.

4. That it appears that the chancellor of the exchequer frequently folicited fuch farther accommodation in the most anxious and preffing terms; declaring, that it was impoflible to avoid the most serious embarrassments to the public fervice, unless the bank directors afforded the affiftance he required.

5. That it appears, that although by thefe means the directors of the bank were induced to comply with his demands, they generally expreffed their reluctance in ftrong language; and that they at last, that is to fay, on the 28th of July, 1796, thought it neceffary for their own juftification, to requeft the chancellor of the exchequer to lay before his majefty's cabinet, their most ferious and folema remonftrance; in which they declare, that, "fenfible of the alarming and dangerous frate of public credit, nothing could induce them to comply with the demand then made upon them, but the dread that this refufal might be productive of a greater evil,"

6. That it appears, that during the above period, a confiderable portion of the bank advances was occafioned by payments of bills of exchange drawn on the treasury from abroad.

7. That it appears, that it had feldom been the custom of the bank of England to advance, on the account of fuch bilis, more than from 20,0col. to 30,000l.; and that even during the American war, fuch bills never exceeded at

any one time the fum of 150,000l. the wifdom of our ancestors having foreseen and provided against the mifchief of fimilar advances, by a clause in an act paffed in the 5th year of William and Mary, by which the governor and company of the bank of England were re ftrained from advancing any fums of money, other than on fuch funds on which a credit is granted by parliament.

8. That it appears, that from and after the year 1793, at which time an act of parliament paffed, containing a claufe, by which the directors of the bank are indemnified for the advances they had made on bills drawn from abroad, and exempted in future from the penal ties of the faid act of William and Mary refpecting fuch advances to government, the amount of trea fury bills paid at the bank continued progreffively to increase; and that between the 1ft of January 1795, and the 25th of February 1797, fums to the amount of upwards of 15,000,000l. were at dif. ferent periods advanced to govern ment upon this head.

9. That it appears, that the di rectors of the bank did, at various times during the years 1795, 1796, and 1797. apply to the chancellor of the exchequer for re-payment of fuch advances, and reprefent to him the ruinous confequences to them felves and to the public, of continuing the fyftem of making treafury uilis payable at the bank: and that they even declared they conceived it to be "an unconftitutional mode of raifing money, and what they were not warranted by their charter to confent to."

10. That it appears, that the chaucellor of the exchequer did, at various times in that period, undertake to reduce the advances on

that

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