THE university'^ OF Illinois' LIBRARY 35Z B875 V.5 "^WSM^t n SUBSTANCE — SPEECH ^ir jriLLIAM PULTENET, Ban. niS MOTION 7TH APRIL, I797, SHORTENING THE TIME DURING WHICH THE BANK OF ENGLAND SHOULD BE RESTRAINED FROM ISSUING CASH FOR. ITS DEBTS AND DEMANDS. LONDON : PRINTED TOR JOHN STOCKDAtE, PICCADli-LV 1797- Pr;V* One Shiiling* The Accounts hitherto given to the Public^ of the foJhw'mg Speech f having been imperfe£i, and the fuhjecl being deeply interejling to all, it has heer^ thought important to give a more full and correB account of it, fo far as it could be done from me" ^lory^ and from very Jhort notes. SUBSTANCE, wc. Mr. Speaker, T GAVE notice that it was my intention to move an amendment at the third reading of this bill, by leaving out the words ^' twenty-fourth of Jpne," for the purpofe of introducing the words ** lixth of May." The object of the amendment is to ihorten the time during which the Bank of England fhall be reflrained from iffuing cafh, in the payment of its notes and other debts. 1 ob- je6led, when the bill was in its progrefs, to the length of time which the Right Hon. Gentleman over againfl me propofed for the termination of that rellraint, and I then propofed, that it ihould be limited to one month : the Committee was of a different opinion, and, upon a divifion, the blank was filled up, with the words " twenty- fourth of June." This meafure feemed to me fo important, that I conceived it to be my duty to A 2 the ( 4 ) the public to undertake to bring it again uncfer the confideration of the Houfe in another ftage of the bill. The Houfe will do me the juflice to acknow- ledge, that I very feldom intrude myfelf upon your attention : and never, unlefs I think the matter is of real importance. My objedlion to the length of time allowed by the bill, as it now ftands, is not only that I am convinced that the time allow- ed, or indeed a much longer time, if that were intended, would not enable the Bank to pay the demands upon it in cafh, as formerly, but becaufe our lituation has become of fo perilous a nature, that we ought, on no account, to delay a mo- ment longer than is abfolutely neceffary, to take the mofl efFedual and the mofl: infallible means of placing this country upon its former high and lofty footing of national credit. I ventured to llate, very early in the progrefs of this bill, that we might attain that end in a month from that time ; and I am ftill of opinion, that, if proper meafures had been adopted, it might have been done. The nation, I am certain, w411 hereafter be convinced that my idea was juft,, and I heartily v/ifh that the ferious calamities which await us, and are already begun to be felt, may, by adopt- ing fpeedily a wife conduct, be in fome degree averted. - When I frated to the Houfe, that national and commercial credit might be rc-eftablifhed in a 2 month^ ( 5 ) month, I did not then know that the blank m the bill was intended to be filled up with fo diftant a date as the 24th of June. I had the lefs reafori to iuppole that it would, as there was a claufe, at the end of the bill, referving a power to repeal, alter, or vary the acly during the prefent feflioii of Parliament, whieh made it unneceirary to give too long a time at firfl, lince, by means of that power referved, the time might be enlarged, if found to be neceliary ; but it feemed to me that the time could not with propriety be fhortened, after having given to the Bank an expectation, that it would not be called upon for cafh till the expiration of a longer period. It was flattering, I confefs, to me, that the Houfe at that time fhewcd a degree of impatience to know what remedy had occurred on fo intercfi- ing a fubjedl ; and I am grateful for that degree of indulgence which thefe marks of impatience implied. I did not, however, impute it fo much to any expectations from me, as to the general fentation which evcrv one felt of the dangerous iituation in which the country was placed, by the fudden ft op of payments in cafh by the Bank, and it v.^as therefore natural that every glimmering of hf>pe fliould be eagerly grafped at. I was prciTed, at a fecond debate, to explain myfelf; and I then propofed, that the liiling up the blank fhould be poflponcd for a few days, in hopes, that what I meant to ftate might be a ground ( 6 ) ground for fiiring up the blank with a very fhorl time, and the Houfe feemed not unwilling ta agree to that fliort delay ; but a motion having been made concerning the time to be inferted iiv the blank, and an amendment for a Ihorter time propofed, a divilion took place, and the words *' twenty-fourth of June" were carried by a ma^* jority. I had an opportunity, however, of fo far giving an idea at that time, of the principal fea- ture of my plan, by afking whether there was, in the records of hiftory, any inftance where a mo-» nopoly had ever conducted its affairs well ; and I added, that I did not complain of the Bank, or of its Directors, becaufe it was in the nature of man that a monopoly mufl necefTarily be ill condudled. The blank being thus filled up, the moment for explaining my ideas was no longer preiling ; and as hopes were given to the Houfe, that the Secret Committee, on the caufes which occalioned the fatal Minute of Council, would very foon bring down their Rep-ort, it appeared to me that the fac^s, which muft be ilated in that Report, would give great light to the Houfe, and would enable it the better to judge of any propolitions which might be fuggefted as a remedy againit the confequences of the late alarming event v I therefore determined to delay the matter till after that Report Ihould be printed ; but, having de- clared that I made no fecret of my ideas, I have had the advantage lince that time of difcuffing the fubje(^ ( 7 ) lubje<5l with many different perfons, and I have nO reaibn to think that their opinions are very diffe- rent from my own, 1 think it, however, neceflary to move an amendment as to the period for paying cafh at the Bank, in this laft flage of the bill, and before it fhall pafs this Houfe, that whether I fuc- ceed in this motion or not, the Houfe may have an opportunity of again confidering the great magni- tude and importance of the queftion, and that I mav take this occafion of removinscfome eroneous ideas, which I find have been entertained, con- cerning the nature of my intended propolition; in hopes, that by now removing thefe miltakes, it may be heard with lefs prejudice when it comes fairly under difcuffion, accompanied with the Report from the Secret Committee. The obje6l which all of us muft have moft anxi- oufly in view, is the reftoration of credit as fpeedily as poflible ; but there is another object: of not lefs magnitude and importance, which we ought alfo to have in view, the putting an end to all poflible rilk of a limilar misfortune in future. Security for the future ought, I think, to attract: the atten- tion, even more powerfully than immediate relief from an exifting temporary evil. Upon this principle it i?, that we perfifl in the prefent war, notwithflanding the various preffures _which it continues to occafion. If our aim were merely ^onqueft, the nation would not fubmit to the unavoid- ( 8 ) unavoidable burdens it muft bear ; but our object is fecurity for the future ; to attain which it is wife to endure almoll any degree of temporary' hardfhip. The ideas, however, which I Ihall have the honour to fubmit to the Houfe, have not only in view our future fecuritv, but have alfo the advan- tage of affording, I believe, the bell: and mofl immediate remedy for the exilting evil, and, in my opinion, that remedy mult chiefly arife from the putting an end to the n:]onopoly of the Bank of England. I know there are many prejudices in the public mind with regard to this fubjedl, but I am never afraid of fuch prejudices if the meafure be in itfelf right, and has been duly conlidered. I know that the people of this country will always lil}en to reafon, and are capable of underflanding it, %vhen proper pains is taken xo place things in their proper light. Whether this excellent and diftinguifhing quality of our countrymen be owing to the nature of our free government, and the liberty of the prefs, which gives every man' an interefl, and alfo the means of judging of public affairs ; or whether it proceeds from that natural good fenfe, and that candor and found judgment, which our people are admitted to pofTefs, I know not ; but I have never entertained any apprehen- fion, from any prejudices which the people of England may have taken up, whether of recent or ( 9 ) or of long fianding, becaufe I have always Teen that they give way in time, to truth and reafon, when properly explained. The prejudices in favour of the prefent Bank have proceeded, from the long habit of confider- ing it, as a fort ut pillar, which nothing could fhake. Its antiquity alone has had a great effedl, and the iinpoiing myftery which has hitherto been obferved in the condu<5l of its affairs, has, as ufual, created an awe and veneration, which the human mind muft, for a time, have Ibme diffi- culty to overcome. But the late events, have, in a great meafure, dilpelled this charm ; the Bank of England has been obliged to difclofe the flate of its affairs, the veil is drawn up, and we fee nothing of that fancied magnificence, which, till now, made a wonderful impreflion. It can never again, I believe, affume the fame place in the imaginatiori of the public. The prejudices in favour of the Bank, are, however, upheld by another very powerful caufe. The Bank has been llipported, and is ftill fup- ported, by the fear and terror which, by means of its monopoly, it has had the power to infpire. It is well known, that there is hardly an extenfive trader, a manufaiSturcr, or a banker, either in London, or at a difi:ance from it, to whom the Bank could not do a ferious injury, and could pften bring on 9yen infolvency. This may be B eafily ( 10 ] cafily under flood, by attending to the manner a£ carrying on buiinefs at the Bank. It is the practice of all traders to receive bills of Exchange from their correfpondents, ufually payable at two months, or at fhorter periods : when they have oocafion for cafli they offer thefe bills to the Banfe;, to be difcounted, and receive bank-notes for the amount, deducfling the intereft. Thefe bank- notes have hitherto been held as the fame thing as cafh. If the Bank, from any motive, fhould refufe to difcount the bills prefented by any trader, the refufal, in the liril: place, brings his credit into queflion ; and though, on fuch occa- fions, he may often get his bills difcounted by the bankers or mopeyed men, yet this is not always the cafe; and in times when money is particularly valuable, difcounts are hardly any where to be obtained, except from the Bank. This cafe applies chiefly to the traders in Lon- don ; but the London bankers themfelves are in no better fltuation, for the buiinefs of mofl of them is connected with their country correlpon- dents, who fend up bills, payable at the ufual time, and then draw upon the bankers, who can- not, with fafety, accept fuch bills to any great ex- tent, unlefs they are fure of being able to get their correfpondents bills difcounted at the Bank to an- fwer the acceptances defired. The Bank, by refufing fuch difcounts, or even leffening the ufual quan- tity of difcount, can immediately oblige the 3 banker ( " ) banker to rerirain his country correfpondehts froiti drawing upon him ; by which the banker's profits are diminifhed, and his country correfpondents are embarrafTed ; which muft alfo immediately effect all thofe with whom the country correfpon- dents are conne6led. By the fame means the Bank has the power of injuring every country bank in the kingdom : for the country banks, in order to give currency to their notes, are obliged to pay cafh on demand, or give bills on London ; which bills in the country are for the moft part preferred to cafh ; becaufe remittances are continually making to London from all parts of the kingdom. Every country bank mufl, therefore, have a ccrrefpondent banker in London, on whom he can draw, when ne- ceffary, and to whom he fends all bills on Lon- don, which the country bank happens to difcount. The Bank of England has always been jealous of the country banks ; though, in truth, they have hot only promoted the general profperity of the country, with which the profperity of the Bank is connex5ted, but would have contributed much more to the profperity of the Bank of England itfelf, if the fpirit of monopoly had permitted it to judge fairly. It has often happened that the Bank of England has refufed, or leffened, the difcounts to the correfpondents of particular couiiiry banks, which immediately obliged them to reftrain their country correfpondent bank, from drawing in B % the ( li ) the fame manner as before, tvhich of neceffity affe^led the tranfadions of the country bank, and obliged it to diminifli its ufual difcounts, to to the great inconvenience of its neighbour- hood. But if the power' of the Bank of England was great, with refpecl to traders of all defcriptions, it was flill more important, with regard to the government of the country. It is well known, that no war can now be carried on by this country, withoui loans; and in all cafes of loans, it has been the ufual pradice of the Bank, to advance the further inflalments on the fubfcriptions, af- ter the fubfcribers had paid a certain proportion, and the Bank of England was contented to re- ceive repayment from the fubfcribers, about the time of the laft inflalment, by which means the fubfcribers had the opportunity of felling the new flock gradually, and generally to ad- vantage. Whenever the Bank, from any caufe or mo- tive, has chofen to alter its former practice, and has either refufed to pay any inftalments for the fubfcribers, or to pay in a different mode, it has, I- believe, never failed, to occalion a fall in the price of the new fubfcription, and thereby the fubfcribers have often loft conliderably ; in con- fcquence of which, it always became impoffible for Government to make fubfequent loans on fo good terms as before. There are various other modes ( 13 ) modes by' which the Bank has had It In its power to diftrefs and embarrafs Government, which I fliall not now enumerate : I have faid enough to fhow, that GovenHiient has been ren- dered dependent on the Bank, and more particu- larly fo, in the time of war ; and though the Bank has not yet fallen into the hands of ambi- tious men, yet it is evident that it might, in fuch hands, affume a power fufficient to control and over-awe, not only the executive govern- ment, but King, Lords, and Commons. As the Bank has thus become dangerous to government, it might, on the other hand, by uniting with an ambitious minifter, become the means of eitablifhing a fourth eflate, fiiiiicicnt to involve this nation in irretrievable flavery, and ought, therefore, to be dreaded as much as a certain Eaft India bill was jitftly dreaded, at a period not very remote. I will not fay, that the prefent minifter, by the endeavouring at this cri- lis, to take the Bank of England under his pro- te6tion, can have any view to make ufe here- after of that engine, to perpetuate his own power, and to enable him to domineer over our confti- tution : if that could be fappofed, it would only Ihow, that men can entertain a very different train of ideas, when endeavouring to overfet a rival, from what occurs to them when intending to fupport and fix themfelves. My ( H ) My object is to fecure the country agaltifl: all tllk, either from the Bank, as oppofed to Govern- ment and the confritution, or as the engine of ambitious men, to maintain themfelves in SL dangerous power. I could with to know^ if any man thinks, that his Majefty would be at free liberty to change a miniUcr, who had once ob- tained a decided afccndency in the direction of the Bank of England retaining its monopoly. When the Report of the Secret Committee comes, I have no doubt, that I fhall be able td fatisfy the Houfs, that the neceffity of preventing the iijue of cafh from the Bank, for payment of the deists and, demands due to their creditors, was, in fa 61, pccalioned by their own mifcQ^du6l. In the mean time, I think it right to'aflure th6 Houfe, that my ideas concerning the mifcondu6t of the Bank, and the danger from its monopoly, are not lately taken up, but that the fame opi- nion has prevailed in my mind for more than five and twenty years, founded upon fa6ls which had theh come to my knowledge, and lincfe that time a great number of fa6ls, have confirmed me uniformly in that opiilion. I think it alfo neceiTary to aflure the Houfe, that I have never had the idea of recommending any breach of parliamentary faith, refpec^irig the monopoly of the Bank ; I conlider, and have al- ways conlidered the obfervance of parliamentary faith. ( 15 ) faith, as one of the mofl important pillars on which this country Hands ; our pubhc credit, which has chiefly proved the means of riling us fo high amongft nations, has no other foundation on which it can fecurely reft. It is material how- ever, to ftate to the Houfe, what is the nature of this monopoly, and how it originated. The Bank of England was eftablifhed in con- fequcnce of an a.6i 5th and 6th of William and Mary, in the year 1694, by which a6l certain duties were impofcd, and commiffioners were authorifed to receive fubfcriptions, and the crown was empowered, when the fubfcriptions fliould be complete, to the amount of 1,200,000/. as a loan to Government for the war, to grant a charter of incorporation to the fubfcribers, under the name of T/ie Governor and Company of the Banh of Rnglandj for which fum the company was to receive an intereft of 80,000/. and 400c/. for ex- penfe of management, making 84,000/. perann. but fubje6l to redemption. A charter was accord- ingly granted, which, after reciting theadl of par- liament, and other matters, contains thefe im- portant words : *' Now know ye, that we, beincr " delirous to promote the public good and be- " nefit of our people, ivhich in ihefe p-efmts arp '^ clnefly defigncd and intended , as well as the " profits and advantage of all fuch as have " fubfcribed and contributed according to \^p ** faid a6l of parliament, (fsf^f." The ( i6 ) The Bank of England, foon afterwards, was much embarrailfid in its afiairs, and' Government interpofed to fupport it, by means of exchequer bills. The war having continued, it was thought neceffar}' by Government, to apply to the Bank for a further loan ; and, as a mark of gratitude, the Bank infilled, that they fhould be invefled with a monopoly. This v.'as done by an a6l 7th and 8th William and Mary, declaring, *' that " during the fubliftence of their charter, no other *' company fhould be incorporated with a power *'of iffaing notes payable on demand." Afterwards, in the reign of Queen Anne, the nation then being at war, it became necefTary to apply for another loan from the Bank ; which, upon that occafion obtained, by an acl 6th and 7th of Queen Anne, a further fecurity for their mono- poly ; that a6t declares, " that during the Bank ^* charter, no perfons more in number than fix in *' partnerfhip, fhould be allowed fo ifTue notes *' payable in a lefs time than fix months." Thefe two a6ts cQnftitute the prefent monopoly of the Bank; for as no company can be incorporated, no perfons can join in partnerfhip to iffue notes, without being anfwerable to the full amount of their fortunes, and even if they were willing to engage upon that dangerous footing, the num- ber being limited to fix^ no fuch company could ever have a capital fufHcient to ftand in any com- iti ( 17 ) iCompetltion with the Bank of England, nor has it ever been attempted. Several other loans %Vere made to government, amounting, at laft, to ^,200,000/. which fum, by the feveral a6ls, muft be repaid to the Bank upon redemption of their charter and monopoly ; and the period of fuch redemption has, from time to time, been pro- longed. The Bank, however, made feveral other advances to scoverr.ment, amounting; with the laid 3,200,000/. in the whole to above r 1,000,000/. for thefe additional advances, annuities were ac- cepted by the Bank, and thefe Hand upon the fame footing as other public ilocks, for which payment of the principal cannot be demanded. As my obje6l is merely to diveft the Bank of its monopoly, I have fm intention that it fhould be deprived of its right to a6l as a corporation ; I confider the pov»er given by the monopoly to be of the nature of all other defpotic power, which corrupts the defpot, as much as it corrupts the ilave ; but the power of a6ting without a mo- nopoly can have no fuch effedt, and may be very tifeful to the public. Neither have I any intention, that the Pro- prietors of Bank ftock fhould be, in any degree, injured. 1 am convinced, that their dividends, Inftead of being diminifned, will be confiderably increafcd by the change. As little have I any intention to deprive the direclors of their falaries, though I certainly with C to ( '8 ) to deprive them of the dangerous part of their prefent powers. It may, at firft light, feem very extraordinary to alTert, that the profits of the Bank would become more confiderable without having a monopoly, than with it. This, however, is not mere theory, but has been afcertained by prac- tife ; for, befides the daily experience v/e have of want of exertion, with regard to tradefmen, who have exclulive privileges ; amongfl whom, however, fome degree of competition always exifts ; I can refer the Houfe to an example which now exifts, and is exactly in point. The Houfe has learnt, by a claufe which has jufl now been added to this bill, as a rider, for allowing to each of the two banks in Scotland, an iffue of 25,000/. in cafh from the Bank here, if demanded by them ; that there are two banks in Scotland, that one of them was eftablifhed by an a6t of the Scotch Parliament, in 1695, one year after the Bank of England, and the other by a royal charter, (which in that country can efta- blifh corporations), in the year 1727. The firfl bank was created in the fame manner as the Ban|c of England, without any monopoly ; and as government had never occalion to apply for a loan of money from that bank, it never had the opportunity of making the unreafonable de- mand of a monoply ; but from the lituation of tiic country, which was unable, from want of capital,, ( '9 ) capital, to eftablifh at that time another bank, it, in fa6l, acted in the ulual manner of a mo- nopoly, was very limited in its operations, and was conlidered as a6ling very frequently with partiality. After the Rebellion in 1715, it was fuppofed to favour a particular party, the Jaco- bites, which induced government loon after to promote the eltabhlhinent of another bank in the year 1727. There arc the moft undoubted proofs, that as late as the year 1725, there was the greateft fcarcity of money in Scotland, that loans were obtained, even for fmall fums, with difficulty, and that no regularity was obfep*^ed in payments. A capital could not, indeed, have been found for the new bank, if the idea had not occurred of employing, for that purpofe, the money, which, at the Union, was agreed to be paid to Scotland, as an equivalent for certain prior Englifh taxes ; to which, by the union, though they had been impofed to pay the in- tereft of Englifh national debts, Scotland was to become fubje(51. After the new bank was eftablifhed, each of them, for fome time, viewed the other with jealoufy and apprehenlion. This, by degrees, wore off, and each began to iflue their notes more freely. From this time a new fpring was given to the exertions and induftry of the country, and all who have had occafion to be acquainted with it, C a know ( ao ) know that its progrefs has been more rapid thaii any thing that has occurred, perhaps^ in the hifr lory of the world, unlets what is lately faid to have happened in America. The cfTecSl of this progrefs began to be very much obferved foon after the Rebellion of 1745, and the caufe of it not having immediately occurred to common obfervation, it was by many fuppofed to have arifen from the money fent down to pay the troops of government, during the Rebellion ; but it required little fagacity to perceive, that the interruption which the induftry of the coun- try mull have met with, during that fcene of confufion, muft have amounted to a much greater lofs than could be compenfated by any advantages from the pay of the troops. The progrefs lince has been ftill more rapid, which has been affifted too, by the ellablifhment of many inferior banks in the principal towns, none of which could have been eftablifhed, if the two banks at Edin- burgh had not, by the ilfue of their notes, in pro- portion as the growing tranfa6lions of the country required, alForded a confiderable mafs of circu- lating medium, for the commencement of a circulating capital to the inferior banks. The two incorporated banks have not, how- ever; fufFered either by the competition between them, or by the eftablifhment of thefe inferior banks, but, on the contrary, have gone on con- tinually increaling their profits. Each of them found. ( 21 ) found, after fome time, that their firfl capitals were inCufficient to fupply the demands of their bulinefs, and each of them have twice come to this Houfe for powers to increate their capital flock. I believe the ftock of the old bank did not fell at much premium, till fome time after the eftablifhment of the new bank, but it after- guards rofe to 400 per cent, and I believe the ilock of the other bank rofe in proportion. Since the great increafe of each of their capitals, they have been able to make fuch confiderable dividends, that even the incrcafcd flock fells at the premium of 170 or 180 per cent. A clear proof, that each of them has fuccceded, much better than either could have done, without a competition. — This experience, I hope, in a mat- ter precifely fimilar, will fatisfy the Houfe, that I do not proceed upon fpeculation when I affert, and iirmly believe, that the proprietors of bank flock will not fuffer, but, on the contrary, will greatly profit by the eftablifhment of another bank. When it is confidered too, what a wide field the flourilhing and progreflive fi^ate of the trade and induflry of this country affords, when it is proved beyond all doubt, that the amount of our exports and imports have increafed above all calculation, what apprehenfion can we entertain, that there is not full room for the trade of two l^reat banking companies in this metropolis, as well ( " ) well as for the ellablifhment of numberlels in- ferior banks in the principal places of the kingdom. It has been circulated out of doors, that I in- tended to propofe the eilablifhment of an oppo- fit'ion bank ; but I never meant an oppolition bank, nor even a rival bank. The bank which I fhould think of recommending, would merely be one to fupply to the trade, the manu- fa6lures, and the agriculture of the country, what the prefent bank has not chofen, or has been unable ; to fupply, and that deficiency is much more than enough, to give full employment to another bank equal to the prefent. Another mifapprehenfion has taken place, with regard to my intended propofal ; for it has been fuppofed, that I meant, that the new bank fhould iflue paper not convertible into coin at all times according to the will of the holder, and that its paper would therefore be a fi(5litious currency ; but I can affure the houfe, that no fuch idea ever entered into my mind. — My opi- nion has been uniform and firm, ever fince I had occafion to confider the fubjedl of paper currency, that no paper can ever anfvver as a medium for the circulation of commodities, which is not at every moment, convertible into coin, at the option of the holder. It is upon this account, that I have fo ftrongly felt the dangerous confequences which may arife, from making the period fo re- mote ( "-3 ) mote as the 24th of June, when the prefent bank fhall pay cafh for its debts and demands. In no country of the world, has paper of any other fort than fuch as was immediately convertible into coin, been long able to pafs at par, and I dread, that our folly may lead us, to bring the paper of the prefent bank to a dhcount, by an ill-judged indulgence. If this Ihall once happen, it will foon be reduced to the fame flate as the French aflignats. But if another bank be eflablifhed, I think it not only ought to be an exprefs condi- tion in the charter, that it fhall pay at all times, cath for its notes, but alfo, that it fhall be a forfeiture of the charter, if at any time, or on any account, the Bank iliould ever apply to govern- ment, dire61:ly or indireclly, to protect it from paying in cafh every demand which may come againll it. I thall now take notice of fome of the caufes which have been affigned for the diftrefs of the Bank, and the unhappy Minute of Council. This dire event has been afcribed to the ad- vances made by the Bank to Government ; and the Right Hon. Gentleman over againft me mult, 1 think, have proceeded upon that idea, if it be true, that he authorifed the Governor of the Bank to inform the proprietors, that it was his intention to propofe to parliament, to repay to the Bank, out of the intended loan, no lefs than iix or feven millions. Ano- Another Hon. Gendeman from the bench be- low was flrongly of this opinion, when he intro- duced a motion on the fubje6l, and fupported it with his ufual ability^ retting very much upon the heavy and repeated complaints of the Diredtors of the Bank, with refpedt to their advances, and the failure of Government to repay them. I fhall make no defence of Government as io its failure of keeping promife, efpecially in money matters, for it admits of no anfwer or palliation ; but, v/ith refpe6l to the effect produced by its loans to Government on the tituation of the Bank, my view of the fubjedl is very different. — I am convinced that the loans to Government have not been the caufe of its prefent diitrefs, and 1 further think, that the Bank has no fair ground to de- mand repayment from Government, at this critical moment, of any part of the occaiional advances. It is not pretended, I believe, by the Dire6lors of the Bank, that by making thefe advances to Government, they increafed the total amount of the notes put out in the circle, or^ in other words, they do not affert, that they continued their dif- counts to the fame amount as before, and that they made their loans to Government by an iffue of additional notes to the amount of the loan. If that be not the cafe, and that the fame number of notes would have been out, whether they had lent to Government or not, it feemsto me, to be 4 im~ ( ij ) impoffible to maintain, that the prefent diftrefs of the Bank can proceed from that caufe. It is faid, indeed, that if the notes were iffued in the way of difcount, the notes would be re- turning to the Bank in regular payments, at Hated periods ; but of what importance is this, if it be true ; then an equal number of notes would in both cafes have been out in the circle, and would have borne the fame proportion to the quantity of cafh in the Bank coffers, to pay them on demand ; for it is certain, that at all times, a very fmall proportion of the advances by the Bank to Government have been made in actual caih. — The ilfues made to Government in notes are fpeedily thrown into the circle ; they come very foon into the hands of the bankers, who again ufe them in difcounts, and in that way they equally aft as a medium of circulation, as if the notes were iffued and re-iffued by the Bank itlelf on difcount. It is perfedly well known, that every banker in London keeps a confiderable quantity of bank-notes always in his poireffioii for carrying on his trade, amounting amonglt the whole bankers to a good many millions. — Thefe notes, when in poffejQion of the bankers, are perfedlly harmlefs with regard to demands made for cafh' on the Bank, becaufe the notes, till very lately, were confidered by the bankers, as well as by their cuftomers, as preferable, for many rea- ibns, to cafh, except for fra(^ionaJ fums,^A part D oi ( "6 ) of the bankers trade, is to deal in difcounts, an6 the notes which are neceffary for fuch tranfac- tions are continually going out, and continually returning back to his Ihop in the fame manner, as happens with regard to difcounts at the office •of the Bank, and they occalion no additional demand for calh on the Bank, any more than if the difcounts were all carried on by the Bank itfelf, and the Bank receives five per cent, interefl for thefe very notes from Government, without having the trouble of employing them itfelf in difcounts, by which they would only gain the the fame intereft. With regard to the propriety of the demand of the Bank, of repayment at this time of its late advances to government, it will be neceflary to ilate to the Houfe, the amount of thefe advances, and to make feme obfervations upon them. — ^ There are three accounts upon the table of the "Houfe relating to thefe advances ; by the firft of i^vhich it appears, that the amount is ilated by the Bank, on the firft of October, 1796, to have been 9,183,896/. . In the next account, the advances are made to amount, on the 25th of February laft, to 9,964,413/. but neither of thefe accounts include any intereft. By the laft ac- count, they are made to amount, on the 9th' of March 1797, to 10^9 16^010/. in wliich is ia- cluded 580,670/. lasifhe amount of interefti It appears by the feveraL iftatements> and particir- larly ( ^7 ) larly by the fecond account, that about 6,ooo,cod/. has been advanced upon the land-tax and malt- tax, viz. about 4,ooo,ooc/. on the land, and near 2,000,000/. on the malt. It alfo appears that 141,000/. is ftill due as advanced on the land for 1794, and 312,000/. for 1795. This arrear muft probably arife, partly from intereft and partly from money ftill remauiing in the hands of the colle(5lors, which it was certainly the duty of Government to have called in, long before this time — for it is well known, that the whole of the land-tax, is always recovered by re aflelT- ments, if neceflary, in the different diflri(51s out of which it is levied. But there is a much greater arrea in 1796, amounting to 1,000,624/. which is probably on account of the fecend land-tax of 1796; collected, as ufual, after Lady-day of the fucceeding year. The land-tax, for 1 797, is itated as 2,000,000/. in arrear, and this is certainly an advance by the Bank to Government, upon the land-tax which will be colledled in the courfe of the prefent year, but of which no part can yet have been coUedled, nor the whole, till after Lady- day 1798. The fame fort of obfervations, apply to the advances on malt. — There is ftated a conliderable arrear in 1794 and 1795, which probably may chiefly proceed form the conftant deficiency upon this tax, and the intereft on the Bank advances; but it feems ftrange, that the whole of the malt- D a tax ( ^^ ) tax for 1796, is ftated as in arrear, though at leail the half of it ought, I imagine, to have been re- ceived before the 9th of March, to which time this account is made up. This feems to imply a degree of neghgence. The malt, for 1797, is properly flated as all due, being an advance by the Bank upon the vote of Parliament, before any part of that year's tax could be collecled ; but it will be found, by an account to be afterwards referred to, that though the whole of the land and malt for 1797 is ilated as due to the Bank by Government, yet that a conliderable part of the money, though agreed to be lent on thofe taxes, had, on the 23th of February, flill remained in the hands of the Bank, fubjecl indeed to the calls which Government might make. With regard, however, to the money thu& advanced on the land and malt, amounting to near 6,000,000/. the Bank can, I think, have na fair claim for immediate repayment, becaufe they have at all times taken thefe taxes as their fecurity, and perfectly underftood, that they were to be repaid as the taxes came in. — They have alfo, indeed, another fecurity, for I under- fland it is the pradlice, v/henever the Bank agrees to make advances upon the land or malt, that exchequer bills to the /uU amount of thefe taxes- are delivered, and are from time to time fet apart by the Bank, as the advances are gradually made, and from that time the refpeclive exchequer bills bear intereit. If therefore the Bank were at any tim« ( 29 ) time embarraffed, on account of the amount of advances adually made on the land or malt, I apprehend the Dlre6lors would be entitled to fell thefe exchequer bills in the market, in order to raife the money, by which operation, the Bank could only lofe the occafional difcount ; and I admit, that in fuch a cafe the Bank might probably have a fair claim on Government, in cafe of fuch' a<5lual diftrefs, to make good that difcount. It therefore appears to me, that the Bank can have no fair claim for immediate repayment from Go- vernment, of the money advanced on the land or malt, except to the amount of the known deficiency . of the tax on malt, and the intercft incurred; which obfervation takes off a very great propor- tion of this 6,ooOjOoo/. firom the total claim (in- cluding intereft) of 10,916,010/. There are befides two other deductions to make from the demand of the Bank ; the account flates an advance on the confolidated fund, 1796, of 1,323,000/. I conlider this advance in nearly the fame light as the advances on the land and malt ; for it is advanced upon particular taxes, out of which it is expelled by the Bank to be repaid, as the taxes come in, and I believe exchequer bills are alfo in the fame manner lodged for this advance. It is true, that it appears by the report juft printed, from the Sele6l Committee on the Finances, that there has been a deficiency in the lafl year, in the produce of the confolidated fund, which has probably prevented hitherto the regular repay- I ment ( 3° ) mcnt of thig fum to the Bank from the taxes ; but ftill the Bank could have been in no diftrefs on this account, beyond what might be loll by the faleofthe exchequer bills. The other article to be deducted, is 37(3,730/. being the amount of unclaimed dividends, which cannot furely be conlidered as a debt due by Oovcrnment, unlefs thefe old dividends were atlually to be paid by the Bank, which is never likely to happen, as no demand has been made, though a lift has been long printed and difperfed ; and for this fum alfb exchequer bills are lodged. Wheb thefe fcveral deductions are made, the total amount, for the immediate repayment of which the Bank can have a fair claim, including all intereft, is no more than 3,7.95.380/. ; and if to this be added the deficiency on m'alti and even the 1,323,000/. on the confblidated fund,' the total will not amount to 5,000,600/.^ • . >. . But even ^gairift thi^'remaining claim, Govern- ment is entitled to fiate feveral confiderable^fums of money ; for there is reafon to belifeve that it will appear by an account which will be brought before the Houfe, that the Bank were in poflef- lion, on the 26th of February, of Government money to the amount of nearly five millions llerling, for which they allow to government no interefl whatever, whilft they have charged to Government, as is ufual with bankers, full interefl on all the money adlually advanced for the ;pj^^g.;, Thefe, fi^m? confift of three articles, viz. /'''^"'- - Caih ( 3« ) I- Cafli depofits, about - - c,ooo,ooo It is believed, that though part of this money maybe depolits from individuals, yet that a very great part of it is govern- ment money, ariling from the produce of various taxes, which are paid into the Bank aim oft weekly from the different offices, and though continually going out by the drafts of government, are alfo continually coming in again, by new payments from the offices, fo as always to leave a large balance in the hands of the Bank. 2dly, Dividends ifTued for payment to fundries _ _ ^ - 1,800,000 This fum, I believe, is either the amiount of dividends which were pay- able early in January, and not yet called for, or what has been imprefled, for payment of the dividends, to be ifTued early in this month of April ; but in whichever view it be taken, it is the the money of Government till called for by the creditors, and is lodged in the hands of the Bank, though deftined for a fpecial purpofe; and other money muil: ^■naili'^fi be ifTued continually for the fubfe- quent dividends; fo that a large ba- iance mufl always, I conceive, remain Carried over 3,800,000 ( 3^ ) Brought over 3,800,000 in the hands of the Bank out of thefe dividends. The third fum in the hands of the •Bank, is exchequer bills to the amount of 1,200,00© This feems to be money, which the Bank has indeed undertaken to ifTlae on demand to Government, on the credit of exchequer bills, but was not, in fa6l, iffued on the 25th of February laf^, and therefore remained with it, out of fome of the advances which the Bank had agreed to make. Total ^5,000,000 From this view of the account between the Bank and Government, which, I have reafon to think, is pretty corre6t, it feems to appear, that the late diflrefs of the Bank cannot poffibly have arifen from the advances to Government, but from fome other caufe, which it will not be difficult to point out, when the report from the Secret Committee comes down. And, fecondly, that there can be no fair gound for the demand now made by the Bank, to have an immediate repayment of fix or feven millions from the public. It ( 33 ) It is faid, however, that the Bank DiveOion have informed the merchants, that if the Bank (hall obtain repayment of fuch a fum from Govern- ment, out of the intended loan, they will greatly increafe their difcounts for the fupport of com- mercial credit. 1 think the merchants will de- ceive themfelves, if they expe6l any actual relief by fuch means ; becaufe the prefent difficulties have evidently arifen, from a deficiency of the total neceffary quantity of circulating medium ; and in confec[uence of the propofed loan, a great proportion of that exiHing medium, will be vf ith^ drawn from the hands in which it is now placed, and where it is now acSling in circulation, and will then be paid into the Bank, which operation muit of neceffity diminifh the exiiling quantity of the medium now in the circle, for no one can believe, that the notes which are now out are hoarded up and unemployed, at a time when the pro- fits on money are fo much higher than at ^ny former period. So long, therefore, as the loan remains with the Bank, after being paid in, be- fore it be re-iflued, it is withdrawn from the ufes to which it is now applied ; and even if the whole of what is paid in, were to be re-iffued by the Bank, it would make . no difference as to the total quantity in circulation, but would in the interval, occalion confidcrable difirefs whilft ft is in its progrefs to the Bank, and before it has E had ( 34 ) had time to return from thence, by the flow pro- grefs of being re-iffued in difcounts. ; I do not, however, underfland, that the Bank has ever explicitly undertaken, to re-iflue in dif- counts,' the whole that Ihall be repaid to them. The dire(5lors have contented themfelves, with making vague and general declarations, of good in- tentions, upon which the commercial body cannot, and ought not to rely ; and whatever part of the repayment the Bank does not re-iflue, it will be fo much withdrawn from the prefent feanty and deficient quantity of circulating medium. This argument proceeds upon the fuppolition, that the repayment will be made to the Bank in its own notes; and there is little probability, that any thing but fractional fums will be re- paid in cafli ; and if the Bank re-ifliies the whole of the notes, the operation will make no diffe- rence between their cafli and the quantity of their notes which are out ; on the other hand, if they do not re-iflue the whole, it may indeed make a difference in the proportion of cafh, but will eflTentially diftrefs the . commercial circula- tion, which, if they had not a monopoly, they could not be called upon to attend to ; but hav- ing a moixopoly, it is an eflential part of their duty. In every view, therefore, the plan of im- mediate repayment to the Bank, feems to have been formed without due conlideration of the circumftances of the cafe. I v^-iU ( 3S ) I will fay little on the fubjed of another caufcj which has been afligned by many, as the true ground of the prefent diftrefs; I mean the ex- portation of coin or bullion. The public mind, I believe, is now fufficiently informed, and enligh* tened, upon that fubjcd, and the author of the ** Nature and Caufes of the Wealth of Nations'* has fo clearly refuted, all the grofs and vulgar idtas upon this point, which, however, I own, have very univerfally prevailed in almoft all na- tions, that it cannot be neceiTary to fay much upon it. I mentioned to the Houfe, in a former debate, the cafe of Spain and Portugal, as a proof of the grofs error of all fuch ideas. To thefe two countries, about fix millions of gold and lilver are annually brought from the mines, and in both, the ftri(^efr prohibitory lav/s are inforced, againft their exportation ; yet it has been found altoge- ther impoflible to retain thefe precious metals ; and if they could be retained, it would be a moft material and ferious lofs to both thefe countries ; for if the whole of the gold and fil- ver, which has been imported during fo long a period, from their mines, were now in thefe countries, and could not go abroad, they would be of little or no value there; the two countries want no more than is neceffary for their limited cir- culation at home, and for plate and ornaments. The value of the remainder, arifes from the want which other countries have of thefe metals, having E 2 no ( 36 ) jio mines of their own ; and that value cahnof be obtained, if they are not allowed to be exported. The truth is^ that no laws in any country can prevent the precious metals from going out, or from coming back. They always muft, and will follow the a6lual demand ; and all forts of prohi* bitions with regard to them, are only hurtful to the countries which make them. This leads me to take notice of a circumflance with regard to the flate of the coin in the coffers of the Bank. An account has been lately pre- fented to the Houfe, of the coinage at the Mint, for four years, viz. from 1793 to 1796 inclulive, by which it appears, that during the lirft two of thefe four years the Bank coined in £. s, gold - - 5,306,324 o But in the fecond two years, to the 30th of Nov. 1796, the Bank coined only in gold - 885,205 p And in one of thefe two lafl years, 1795, they coined in lilver 295 5 885,500 5 So that there was a deficiency in the coinage of the lad two years, compared with the two firfl years, of no lefs than 4,420,823 15 The ( 57 ■> The Houfe knows, that the whole coinage, both of gold and lilver, has at all times, In this century, been made in confequence of bullion fent to the Mint by the Bank. There was Indeed a great re- coinage, chiefly of lilver, in the reign of King William, and another great re-coinage of light guineas during the adminlftration of Lord North, Tt appears, by a table publifhed in " Chalmers's Eflimate of the Comparative Strength of Great Britain," that the re-coinage of gold and lilver, from the year 1780 to the year 1792, excepting during fouryears, was, on an average, 2,248,0 1 1,5/. per annum ; the Bank feems, therefore, to have been highly culpable, during the lafl two years, in hav- ing dccreafed, to the amount of nearly four millions and a half, the ufual quantity of coinage ; when, on the contrary, they ought In time of war, to have increafed very much, their ufual coinage, m order to affill the commerce of the country, during an increafed demand for the means of cir- culation. This obvious precaution, would have en- abled it to anfwer the extraordinary demands for a circulating medium, which Is always occalioncd by a ftate of war. There feems little more ne- ceflary than this, to account for the prefent litu- ation of the Bank ; but, in truth, there are other obvious caufes, which I Ihall not enter, into until the evidence comes down from the Secret Com- mittee : I fhall only obferve, that it appears from the coinage table in Chalmers, that the Bank fell Into the fame unaccountable error, or ra- ther (38 ) \het followed the fame pra6lice (for it is impof^ lible to fuppofe that they did not forefee th6 confequences), during the two laft years of the American war, and the two immediate following years, viz. 178 1, 1782, 1783, and 1784, when the average coinage amounted to only 656,085,5/. per annum, and the confequences were nearly the fame as at prefent, by reducing the Hocks to a very low price^ and occasioning very general diflrefs. It is faid, however, that there is no ground for expecting, that the Bank ought to be at the fole expenfe of coining, for though the coinage be at the expenfe of government, yet it frequently cods more to the Bank for bullion, when the exchange is unfavourable^ than the amount the Bank receives in the current value of guineas when returned from the Mint, which lofs falls upon the Bank : and it is alfo faid, that the Bank Diredtors cannot be accufed of having ever refufed to buy whatever gold bullion is brought to them, and that they always fend it to be coined at the Mint. With regard to the firil:, it is certainly true, that if the Bank did not enjoy a monopoly, there would be no reafon for expe61ing that it fliould undertake the expenfe of furnifhing gold for coining, except for the circulation of their own particular notes ; whereas at prefent it is ad- mitted, that almoil: all the inferior banks are fur- ( 39 ) furnlflied with coin at the expenfe of the Bank, of England ; but this is merely the price which the Bank pays for holding its monopoly, from which it will, of courfe, in a great degree, be re- lieved, when that is at an end. It is merely a de- dudlion from their very great profits, and it can be Ihewn, that if matters werefo managed, as would be done if a competition was eflabliihed, there would be great gain, inflead of lofs, by a plentiful coinage, even when the exchange is mofl unfa- vourable. At the fame time I admit, that our gold currency in this country, is not at prefent pro- perly regulated ; I mean as to the true propor- tional value between gold and "filver, which in all countries is attended with manifefl difadvantage ; but in this country the efFe6ls of this, are coun- teracled by other circumftances. With regard to the fecond obje6lion, it may be true, that the Bank has not refufed to pur chafe gold that was brought to them ; but, in the firfl: place, they cannot affert, that, within thcfe two or three years, they have not often refufed to purchafe dol- lars, and thereby forced them to be re-exported ; and, fecondly, even as to gold, the anfwer is far from amounting to a juftification ; becaufe it feems to have been their duty, as monopoliils, to have pro- cured gold wherever it could be obtained, without trufting merely to what might be brought to them by other people ; and it is underilood that the Bank has, for fome time at leafl, eftablifhed a fixed price, higher than which they will never confent 3 to ( 40 ) to purchafe gold, and, of confequence, they cannot expect^ that any other gold will be brought to them, except the light guineas, which it is not wc.rth the while of the holders to melt and recoin ; and thofc light guineas, \yhich are voluntarily brought to the Bank, are believed tq have been al- moft the only recoinage that has in fa6t been made by the Bank for the lafl two years, dupqg a part of which time, the exchange being unfavourable, the price of gold has been higher than the Mii^t price ; but certainly, if the Bank maintains its monopoly, it is bound, in jufiice to the public, to provide always a fufficient quantity of gold to anfwer fully the circulation of its notes. It appears to me, that the eflablifhment of another Bank, would be fo far from hurting the credit of the prefent Bank, that nothing could tend more to its fpeedy re-eftablifliment ; for the new Bank, by paying cafh for all its notes on demand, would certainly diminifh the demands for cafh upon the prefent Bank ; and by adding to the circulating medium, that deficiency of quan- tity, which, by exciting general diflrefs and gene- ral diffidence, has been one of the principal caufes, of the demand for cafh from every quarter, the prefent Bank would evidently be very much relieved. I am very far from wifhing to diminifli the cre- dit of the prefent Bank, or to prevent its notes from having a free circulation, particularly during th? ( 41 ) the prefent period, whilft cafh for its notes cannot be paid. It is mofl: eflential to the country, that they fhould continue to pafs freely ; but every one mufl admit, that this cannot, in the nature of things, continue to be the cafe long, and that, if payments in cafh do not fpeedily recommence at the Bank, its notes cannot continue to be held as of equal value to gold and lilver ; they muft fufFer a gradual depreciation, and will, if they continue in the circle, become foon in the fame ftate with the French affignats. It is on this account, that I have anxioufly wifhed, that the period for re-opening the Bank fhould be fhorten- ed : but, fuppofing the Houfe to continue of its former opinion, and fix that period for the 24th of June, no man, I think, will be bold enough to fay, that it is abfolutely certain, that the Bank will be able to pay cafh for its notes, when that day arrives; and if the contrary fhould be the cafe, and that no precaution be taken to provide againll the eife6ls of fuch a misfortune, there would be no other refource, but to prolong the time for pajnng cafh, which would infallibly de- preciate the value of the notes, and bring on a more certain and more rapid run upon the Bank, whenever its doors are opened. It feems to me, therefore, a matter of common prudence, to provide immediately an effectual remedy againft fuch an alarming misfortune, and that remedy, I think, is a very plain and obvious F one. ( 40 one, that of paffing an a6t for opening an imme- diate fubfcription for another Bank, whofe opera- tions fhould commence on the day after the period fixed for the Bank to pay its notes in cafh ; but not to commence at all, in cafe the Bank fhould, on that day, recommence its ufual payments in cafh, and continue to pay cafh freely for a cer- tain number of days after it opens. I have not been able to learn what reafons canbe affigned againil fuch a meafure of pre- caution, which could do no poffible harm, if the Bank fhould be able to refume its ufual pradiice ; and, on the other hand, would fe- cure the public againfl the dreadful efFedls of the pofUble inability of the prefent Bank to pay cafh. This fubfcription, I would propofe, fhould be equal to ten or twelve millions, and, by pafling the a A immediately, the fubfcribers would have time to make their arrangements, and be jeady to a6t on the day they are allowed to open. It has been faid, however, that no fubfcriptions could be obtained for fuch a new Bank, as none of the prefent bankers, or confiderable merchants, would engage in it ; and I am ready to admit, that fuch is the dominion of the prefent Bank, and fo great is the dread of its power, by every merchant, banker, and trader, in this metropolis, that I do believe neither their flrong wifh for the public profperity, in which their own is involved, nor the objedt of great gain from the eflablifh- ment of ^nch a Bank, would induce them to ex- pofe ( 43 ) pofe themfelves to the refentment of the prefent Bank, if it Ihould be able to open again, and to continue its monopoly ; but there feems to be an eafy method of obtaining the obje6l, without expofing any perfon to refentment. The a6t might provide, that the fubfcriptions fhould be taken in at the Exchequer, by a committee fvvorn to fecrecy, and the mode of fubfcription to be, by putting into the flit of a box, with three locks, a fealed paper, containing the name of the fubfcriber, the fum fubfcribed, and the names of the firft dire6tors for whom he votes. Thefe papers might be lent by any perfon, or by pofi:, to be put into the flit, without the poflibility of tracing from whence they came ; and if the pre- fent Bank fhould really open, on the day ap- pointed, and be able to continue to pay freely for a week or ten days, that then the box, with- out being opened, fhould be put in the fire. I have very little doubt, that a very large fubfcription would be obtained by fuch means, and that the effedl upon public credit, would be complete, in cafe the prefent Bank fhould prove unable to open at the time fixed. Whatever language the bankers and merchants may feel themfelves obliged to hold, yet no one can believe, that they have any fatisfaclion, in being, and continuing, under a dominion which has proved fo grievous and fo difaflrous ; and whether the condu6l of the Bank has proceeded F a from < 44 ) from error Or defign, is of little confeqUcilce^ lince the mifchief has been univerfally felt. I fhaJl never believe that the merchants and bankers of this country will prove unwilling to emancipate themfelves, if they can do it without rifking the refentment of the Bank — No man was heard in France to complain openly of the Baftile, whilfl it exifted. The merchants and bankers of this country have the blood of Englifhmen, and will be happy to relieve themfelves, from a lituation of perpetual terror, if they can do it conliftently with a due regard to their own fafety. We have been told that public credit may be revived in the prefent Bank, and that we ought to wait till we are convinced that it cannot be re- liored in that manner. But no one can fay, with certainty, that it will be fo revived ; and if we wait till convinced that it cannot be done, the kingdom mull be involved in the moll ferious calamity. The public fafety is too important a matter to admit of the exercife of delicacy upon a point of fo much moment. Nobody, I believe, has ever pretended to fay, that there would be any breach of public faith in eflablifhing another Bank, in cafe the prefent Bank fhould not refume its payments at the time now to be fixed ; and in the mode propofed, the new Bank would not be enabled to a6l, if the prefent Bank fhould recommence and hold out ; but I am fully perfuaded, that if fuch an a6l Ihould pafs, and that the proprietors of the prefent Bank 3 were ( 45 ) were convinced that they could not poflibly re- commence at the period fixed, they would fee it to be their intereft, to make an offer of giving up their monopoly, upon condition, that their char- ter as a corporation fhould be continued, and that they would requefl, that the new Bank fhould commence its operations as fpeedily as pofTible, becaiife that would be an efFeclual means of fupporting the credit of the prefent Bank. An objeclion was made againfl the eflablilli- ment of another bank, that it might be confidered as a breach of faith to the public creditors, whofc payments are directed to be made at the Bank. But in the firft place, if this Bank continues a corporation, the payments to the public creditors may flill be continued to be made there, provided the Bank pays cafh for its notes ; but all queftion of faith to the public creditors, would be eafily re- moved, by permitting fuch creditors, as declared their afTent in writing, to be in that cafe paid at the new Bank, and the others to continue to be paid at the prefent Bank. When I confider the magnitude of this matter, and the facility with which the public credit might be reftored, 1 caruiot help complaining of the Right Honourable Gentleman, over againfl me, that he has fhown no inclination, but much to the contrary, to give any aid in producing fo important an efFecl. It fecms to me, to have been ( 46 ) been his duty to have prepared the public mind, for the attainment of fuch an object, and to have endeavoured to remove thofe prejudices, which very naturally prevail, and ought to pre- vail, in favour of old inflitutions. His negledl- ing to do it, mufl either have proceeded from not fully underftanding the fubje6l, although no ob- je6V, at a time like this, could be more material for him to underfland, or from unwillingnefs to rilk any degree of unpopularity, which might at firft attend a meafure of the kind. I am fure he would run_ no rilk of unpopularity, if he was willing to face the danger ; and with regard to the Right Honourable Gentleman's not under- ftanding the fubje6V, 1 believe the Houfe will not be apt to think fo ill of his talents and ability. This matter muft foon come under a further difcuffion, and with great advantages to the Right Honourable Gentleman and the Houfe, from the evidence which the Secret Committee will very foon lay before us. In the mean time, I will move, that the words " twenty -fourth of " June" be left out of the Bill, for the purpofe of introducing the words " lixth of May,'* as the period when the Bank fhall recommence the payment of cafl;i for its debts and demands. ERRA- ERRATA. page 8; line 19 from top, fort's, rezd are. 24, after intereji, infert to judge, ir, 5, for cffe3, read affeS. II, 22, after is, infert clofely, a If 12, ioT fells, xtidfiJd till very lateljf, 12 f 27, for rti«rji, read a»y. 23i 29, after ///s^ infert a/um. HISTORY of LONDON and as ENFIROm. THIS DAY AR'E PUBLISHED, Parts I. II. and III. Price to Subfcribers los. 6d. each, or to Non-Subfcribers 13s. 6d, Neatly -printed on Superfine Wove Royal Vuper, eind llot-prejjed ; CONTAINING A large Four-Sheet Map of the Country from Twenty to Thirty Miks round London ; Plan of the Canais ; a large Map of the Thames ; and Two Whole Sheet Maps of Effex and Kent ; Views of Blackfriars-bridge with St. Paul's ; the Con,duit at Bayfwater ; Fairlop Oak in Hainault Foreft ; the Monument; Tower of Lojidon ; Somerfet Houfe ; Queen's Walk in the Green Park ; Wcftminfter-bridge with the. Abbey; and a View of London from Dr. Lettfom's, Camberwell; an ancient Plar^ of London ; a Survey of the fame after the Great Fire in 1666 ; and a large Four- Sheet Plan of London in its prefent State, four feet eight inches, by three feet three inches, including the furrourlJing Villages of Hampftead, Highgate, Hackney, Clapton, Homerton, Stratford, Greenwich, Deptford, Peckham, Cambei-well, Bat- terfca, Chelfca, and Kenlington ; being Twenty-nine Miles in Circumference, THE HISTORY OF LONDON AND ITS ENVIRONS, COMPREHENDING WINDSOR, St. ALBANS, BERKHAMSTEAD, GUILDFORD, MAIDSTONE, CHELMSFORD, AND HERTFORD. LONDON: Printed for John Stockdale, Piccadilly. ^he Work luill he completed in "Eight Parts, making ttuo la- ge Volumes in Royal ^art^ j4 fiW Copies on a large H'ove Elephant Paper, luith Proof Imprejfitns of tiie Plates f at One Guinea each Part. The Subfcription fill continues open, and a LIST of the SUBSCRIBERS will bt printed. Part IV. containing a particular Account of Middlefex and SyrreVj will be publilhed in June, A U I '. T T E R ^ ON Q ^ [NANCE, V. AND ON "> ^TAL DEFENCE^ THOSE WHO ARE INCLINED T THE PRESENT POSTURE UBLIC AFFAIRS. CHARNOCK. JuN^ If he be