sibility, besides the minister, and he wished to hear from them some information on the subject. He wished to know accurately, whether any interest had been paid for the money already borrowed by the emperor; or whether deductions had been made for that purpose out of the instalments advanced to his Imperial Majesty? It was material that the house know this, or know whether the emperor would have sent the interest, provided no advances had been made from this country, in order that they might judge of his future punctuality. The British parliament must expect the punctuality of a merchant, and not depend on the gallantry of a hero, for the payment of these sums. He would, therefore, add, as an amendment to the resolution, "That £500,000 should be granted to the emperor when his engagements upon the last loan are fulfilled, or satisfactory reasons given for the failure."

Mr. Sheridan contended that the guarantee for the payment of the interest of the loan, and the sinking fund for the redemption of the principal, stood upon the same ground, and that the creditors of the emperor in each case look to the public as their guarantee. He doubted whether, without advancing fresh sums to the emperor, he could have paid the interest of the former sums borrowed, and thought this held out but poor encouragement to expect the repayment of the principal sums advanced. He wished to know also whether the actions of the emperor's Austrian dominions were deposited in the Bank of England as a security? Whether the £5000 monthly, or £60,000 annually, had been paid according to the treaty, and had been applied towards the buying up of the bonds at the market price, and for the purpose of a sinking fund for the redemption of the capital of the loan? In short, Mr. Sheridan insisted, that there was a failure on the emperor's side of every part of the treaty, and that the £500,000 now proposed to be advanced, was to enable him to fulfil his former engagement with the British public.

Mr. Sheridan wished to know whether ministers considered themselves authorised to take the Prince of Conde's army in British pay, and continuing such payments, without the previous consent and approbation of parliament? For this measure, he observed, was virtually the same as increasing the loan to the emperor.

Mr. Sheridan's amendment was put and negatived without a division. The original address was then voted.

DECEMBER 22.

BILL FOR THE BETTER SUPPORT AND MAINTENANCE OF THE

POOR.

Mr. Pitt moved for leave to bring in this bill, observing at the same time, that there was no subject which more deserved the attention of the house, or which required a more careful and deliberate consideration.

MR. SHERIDAN said, he certainly agreed that there was no subject which was more deserving of the attention of the house, or which more demanded their most diligent and serious investigation. He hoped, however, that the right hon. gentleman would persevere in maturing his system, as he had taken the subject out of the hands of an hon. friend of his (Mr. Whitbread), who would have prosecuted it, if not with equal ability, yet with equal zeal, and, perhaps, with a greater degree of industry. He wished that the right hon. gentleman had at least entered into a short explanation of the particulars of the plan which he now proposed to bring forward. When he talked of the approbation given to the objects of the bill, he ought to have recollected that sanction had been given in a former parliament. He would, however, when the subject was brought forward in detail, pay it the closest attention, and he trusted that it would be attended with the utmost advantage to that class of the community for whose interests it was professedly brought forward.

Mr. Pitt denied having taken the measure out of the hands of Mr. Whitbread; on the contrary, the bill which he now proposed to be brought in was contrived on a much more enlarged scale, and which, when put in execution, would supersede the necessity of the other.

Mr. Sheridan reminded the right hon. gentleman that the bill which his hon. friend (Mr. Whitbread) moved for leave to bring in, referred not to a detached measure which he had in view, but was part of an extensive plan which he then had in agitation, if the house had permitted him to prosecute it.

FEBRUARY 27, 1797.

STOPPAGE OF CASH PAYMENTS AT THE BANK.

In January, 1795, the directors of the Bank of England informed the chancellor of the exchequer, that it was their wish "that he would arrange his finances for the year in such a manner as not to depend on any farther assistance from them." These remonstrances were renewed in April and July following; and on

the 8th of October they sent a written paper to the minister, which concluded by stating, "the absolute necessity which they conceived to exist for diminishing the sum of their present advances to government, the last having been granted with great reluctance on their part, on his pressing solicitations." In an interview with the chancellor of the exchequer, which took place on the 23rd of the same month, on the loans to the emperor being mentioned, the governor assured Mr. Pitt, "that another loan of that sort would go far to ruin the country ;” and on the 9th of February, 1797, the directors ordered the governor to inform the minister, "that under the present state of the bank's advances to government here, to agree with his request of making a farther advance of £1,500,000 as a loan to Ireland, would threaten ruin to the bank, and most probably bring the directors to shut up their doors." With this cause, another, springing out of the war, powerfully co-operated-this was, the dread of an invasion, which had induced the farmers and others, resident in the parts distant from the metropolis, to withdraw their money from the hands of those bankers with whom it was deposited. The run, therefore, commenced upon the country banks, and the demand for specie soon reached the metropolis. In this alarming state the ministry thought themselves compelled to interfere, and an order of the privy council was issued on the 26th of February, prohibiting the directors of the bank from “issuing any cash in payment till the sense of parliament could be taken on that subject, and the proper measures adopted thereupon for maintaining the means of circulation, and supporting the public and commercial credit of the kingdom at this important juncture." On the 27th the following message was delivered to the house of com

mons:

George R.

“His Majesty thinks it proper to communicate to the house of commons, without delay, the measure adopted to obviate the effects, which might be occasioned by the unusual demand of specie lately made, from different parts of the country, in the metropolis. The peculiar nature and exigency of the case appeared to require, in the first instance, the measure contained in the order of council which his Majesty has directed to be laid before the house. In recommending this important subject to the immediate and serious attention of the house of commons, his Majesty relies with the utmost confidence on the experienced wisdom and firmness of his parliament for taking such measures as may be best calculated to meet any temporary pressure, and to call forth, in the most effectual manner, the extensive resources of his kingdoms in support of their public and commercial credit, and in defence of their dearest interests. "G. R." Mr. Pitt moved, “That his Majesty's message be taken into consideration tomorrow."

MR. SHERIDAN rose, not to pursue the observations which had been made upon the present critical state of the country, but to express his surprise that the consideration of the order in council should be put off for a single day. In the first part of the order he found nothing but an opinion respecting the circumstances of the bank, as connected with the present state of public affairs;

the conclusion of it contained nothing less than a positive requisition of all the cash in the bank—a requisition which, however strange and unconstitutional, the bank directors thought themselves bound in duty to obey. The order certainly was of such a nature that the house had a right to expect some explanation on the subject. The conduct of the minister, however, had suggested to him a motion, upon which he would certainly take the sense of the house, and upon which they ought not to delay a single hour in expressing an opinion. He should endeavour to abstain from expressing those sentiments of indignation which every man must feel on this occasion. He could not, however, but remark, that the right hon. gentleman was now acting upon the same system of delusion which had characterised all his administration. He entertained no doubts about the solidity of the bank, and would rely more upon their own statement of their situation than any declaration of that house; nor did he object to the public pledging their security for the outstanding engagements of the bank; but he remonstrated strongly against the mode in which the business was brought before the legislature. What right had government to exercise a compulsory power over the Bank of England? The fair way would have been for the bank to have laid a statement of their situation before the house, to have described the causes to which their embarrassments were to be imputed, and to have prayed for that interference in their behalf, which he was sure the legislature, upon proper grounds, would have been ready to grant. Instead of this, an order of council had been issued putting the whole cash of the bank in requisition. And upon what pretence? To satisfy the necessary demands for the public service! What right had government to the cash of the bank more than to the cash of any individual in the kingdom? As well, and with full as much justice, might the right hon. gentleman have put in requisition the money of those wealthy placemen and pensioners who were planted around him. Nay, this would not have been so bad ; for, in the present instance, by an act of compulsion upon the bank, he was obliging it to break faith with its creditors. And what were these public exigencies on account of which this strange and unprecedented measure was adopted? They must necessarily be such as the public paper securities could not satisfy. With respect to the appointment of a committee to inquire into the affairs of the bank,

it was notorious that a leak had sprung in the vessel, and it was pretty evident that it had been occasioned by the exportation of specie to foreign countries; as to the criminality of the pilot, that would be matter for future consideration. Taking that for granted, therefore, of which every one was perfectly convinced, that the immense exportation of specie was the cause of the present embarrassments, he should move, " That it is the opinion of this house that no farther exportation of specie or gold should take place for the use of the emperor, or any other foreign power, until the sense of parliament should have been taken on the subject, upon a full review of the causes of the present exigencies of the public." It might be said that, in a season of such great difficulties, it was not probable that the minister of the country would take a step which would add so much to their pressure. With regard to his professions, he had seen him so often abandon them that he no longer reposed any trust either in his representations or his promises. He now placed as little confidence in his discretion. After his boasting, but a few months ago, of the high state of public credit; after vaunting his address in filching so much money from the country without its being publicly known; and after bringing down the communication of this day, what confidence could he (Mr. Sheridan) place in his discretion? It was not enough for the house to leave him to be guided by the dictates of his prudence, for prudence they found, by dire experience, he did not possess; nor was it their duty to be satisfied by his professions, for they had witnessed his promises no sooner made than broken; they ought to say not only that he ought not, but that he dared not to do it. He (the chancellor of the exchequer) might plead that the faith of the country was pledged to the emperor; but was not the faith of the bank also pledged to its creditors? If the right hon. gentleman urged, that withholding supplies from the emperor would occasion great inconveniencies in carrying on the war, he would grant that this might be true; but of two evils they were to choose the least, and then he would ask if there was any man who thought that, were we to go on furnishing money to the imperial army, this country would find any compensation in their possible, or even probable successes, for the certain evils which it would thereby sustain? He concluded with repeating his determination to take the sense of the house upon his motion, and with express