amount of the note, and to levy distress upon the effects of the person so failing in his engagement."

MR. SHERIDAN stated, this was as important a subject as could possibly engage the attention of the house in the present unfortunate situation of the country. One unfortunate consequence would follow from the issue of those bills, that if any should not be paid, a general distrust would take place with respect to their validity, and the whole would undergo a most alarming depreciation. At the same time it would be a most unfortunate thing to hold out to all the manufacturers in the kingdom, a menace of being imprisoned or sent to the house of correction, if, not from any fraudulent purpose, but from the failure of remittances or the pressure of the times, they should be unable to make good their engagement. If the bill was accompanied with such a menace, instead of having the effect to afford a temporary relief to their credit, it would tempt them rather to incur the evils of immediate bankruptcy, than run the risk of being subjected to a punishment so painful and degrading At the same time, if these bills were to rest merely on nominal credit, they would not answer the purpose to afford relief to the laborious poor. If presented to the baker and butcher, they would not be accepted by them to their full amount, and this circumstance must also tend to create a general depreciation. He should therefore, propose, in order to remedy this evil, that the persons issuing those notes, as a security for their payment, should previously deposit property adequate to the amount of the notes issued, and that no individuals should be allowed to issue those notes, whose substance did not allow them to make this deposit. This precaution, he remarked, would remove every chance for fraud or depreciation, which must otherwise inevitably take place in the circulation of this paper. If manufacturers were in such a situation as to justify them in issuing those notes, they must either be on such a footing of credit with their banker, or in possession of good bills, which would enable them to produce security to the amount of the notes issued. He illustrated his proposition by referring to the instance of lottery tickets. The dealers in those tickets were allowed to divide them in small shares for the accommodation of their customers, after having deposited the original tickets as a security. He then gave notice of his intention to move that evening for an immediate supply of copper coinage,

in pennies and two-pennies, for the relief of the laborious poor. He should not move for any fresh coinage of halfpence, as, if these were of the proper standard, they must tend to cut out all those which were now in circulation; an evil which might be of greater magnitude than the relief it was intended to afford. He could not confide for a moment in the diligence of ministers; else, when they foresaw, as they must necessarily have done, the approach of this great public calamity, they would have taken measures to have had by this time waggon-loads of this useful coin coming up from Bolton's manufactory at Birmingham.

The clause, after some further discussion, went through the committee, in which a penalty that a magistrate might inflict was limited to the sum of twenty shillings: and being reported, it was added to the bill by way of rider.

Mr. Sheridan then moved, "That an humble address be presented to his Majesty, that he will be graciously pleased to give directions that measures may be taken for procuring an immediate supply of such copper coinage as may be best adapted to the payment of the laborious poor in the present exigency."

Ordered.

THANKS TO ADMIRAL SIR JOHN JERVIS.

Mr. Dundas moved, "That the thanks of this house be given to Admiral Sir John Jervis, Knight of the most honourable order of the Bath, for his able and gallant conduct in the most brilliant and decisive victory obtained over the Spanish fleet, on the 14th day of February last, by the fleet under his command.”

Mr. Keene did not consider this motion sufficient, and, therefore, moved in addition to it, "That an humble address be presented to his Majesty, that his Majesty would be graciously pleased to confer some signal mark of his royal favour on Admiral Sir John Jervis, for his gallant and meritorious exertions on the 14th of February," &c.

Mr. Sheridan said, it is impossible but that every man must feel the sentiment that everything that can be done by this house, ought to be done in the present instance to express our high sense of the distinguished merit and eminent services of the gallant admiral. I differ, however, from the hon. mover of the resolution, who has stated, that for the sake of Sir John Jervis, he is, at all events, desirous that it should appear on the journals of this house. If the motion be put and opposed, to insert it on the journals of this house, instead of adding to the well-earned reputation of that brave officer, would, I conceive, have a contrary effect. The journals of this house do not contain the records of

that brave officer's glory. They would only bear testimony to the rejection of the motion. I cannot, however, submit to the doctrine, that this house have no right to interfere to express their marked approbation of a distinguished character, or to apply to his Majesty to signalize the most eminent public services by a peculiar mark of his royal favour. If there was any chance that the present motion would be passed unanimously, it would experience my warmest approbation. I cannot allow the proud boast of the right hon. gentleman to pass unnoticed, that in no instance has there appeared on the part of the executive government any degree of insensibility to the worth of gallant officers, or any want of promptitude to reward the claims of public services. The very mention of the name of the hon. admiral must forcibly recal the recollection of his former services, and the degree of attention which they experienced from the executive government. No mark of honour-no testimony of reward has hitherto followed from his gallant exertions, which ministers feel themselves compelled to notice in terms of the highest panegyric. While they have withheld from him and other illustrious characters, the just reward of their merit, on whom have they chosen to throw away their honours? On who have no pretensions to professional desert, who can exhibit no claims of public service. The late instances of individuals, on whom, for no reason whatever that could justify any addition of dignity in the eyes of the nation, the distinction of the peerage has been conferred, undoubtedly tend to cheapen the honour, and to take away from it all idea of reward for public services. If any honour could be conferred on the gallant admiral, in a way so marked as to separate it from the mass of honours which have been lavished on others, it would, undoubtedly, only be a just tribute for his distinguished services. I conceive that I am fully borne out by facts, when I aver, that honours have not lately been conferred in a manner agreeable to the public voice or the public wishes. I need only allude to the instance of a noble lord (Howe) who, by his gallant and able conduct had formed the strongest claims upon the gratitude and justice of his country. A blue riband was then vacant. It was pointed out for the noble lord by public expectation and public rumour. The noble lord could certainly feel no desire for such a distinction from any motive of personal vanity but it was natural he should wish, for

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persons

the dignity of the service to which he belonged, that it should experience the most distinguished marks of the royal approbation. But, instead of the blue riband being given to the gallant and venerable admiral, he was offered a paltry bauble, which he properly rejected, while this signal honour, which ought only to be accorded to the highest merit, was jerked on the shoulders of a person, for what claims of public service, I confess, I know not, and I am disposed to think that the country must be equally at a loss to discover.

Mr. Keene, in compliance with the wish of a great majority in the house, withdrew his motion. Mr. Dundas's was carried nem. con.

MARCH 9.

STOPPAGE OF CASH PAYMENTS AT THE BANK.

MR. SHERIDAN begged leave to offer a few observations upon the reports of the Committee of Secrecy, as they were materially connected with the business of the day, and afterwards suggest such a proposition as the nature of the circumstances seemed to require. The first measure which he thought necessary to adopt was, to endeavour to prevent the impression which the report of the Committee of Secrecy might have upon the public opinion respecting the situation of the bank, because, according to the report of the committee, the government was represented as a debtor to the bank in various sums, independent of eleven millions which the committee reckoned as forming so much of the capital stock of the bank, when, in fact, that sum of eleven millions was no debt at all; and a declaration of such a nature was entirely calculated to mislead. Instead of being included in the capital stock of the bank as a debt, it should have been reckoned, what it really is, an annuity of £350,000 per annum, that being the stipulated interest for the sum during a certain period of years. If the eleven millions were actually belonging to the effects of the bank, and available at any time, and for any purpose, that sum might be made applicable in any exigency to discharge any demand which might occur; but that could not be called a debt where there were no means of claiming the sum so reckoned. Government might pay off that sum if they were so inclined, it is true; but it was improbable that it would do so; nor was it at present very probable that government would

pay it off in 1814, that being the expiration of the eighteen years for which it was obtained, when it could retain the use of it for so small an interest as three per cent. There was no power in the bank to compel the payment of this money at any period, and the payment of it rested solely of it rested solely on the option of the government. The bank, as a corporation, was merely a vehicle for managing the national debt; and so long as the national debt existed, the bank would exist also; it would be a corporation to the end of time. He wished, indeed, it might not be so; but he repeated it would be a corporation to the end of time, if the national debt remained unpaid. So far, then, it was evident, that eleven millions did not form a part of the capital stock of the bank, but only gave it an annuity; and this was an instance, he would not say of the inaccuracy or deliberate intention of the committee to misrepresent, but of a statement, in consequence of which a sort of impression had gone abroad, as if that money were immediately applicable to any object of national relief. The inquiry then would be, of what effects the seventeen millions are composed which are to defray the outstanding engagements of the bank; they consist, of course, of cash in hand, of other disposable securities, and of bills which the bank has discounted. If part of the assets, then, consist in bills which have been discounted, the motion of his hon. friend (Mr. Tierney) was proper, in desiring to know the increase or decrease of those discounts; for if the bank were to continue to issue fresh discounts, whatever might have been the incredible distress of individuals, according to the hon. baronet (Sir Benjamin Hammet), after it had refused to pay its own notes, although he did not wish to give his opinion of the propriety of extending its discounts, he was obliged to say, that the distress of individuals was the only excuse for such a measure. He now came to examine the situation of the bank in respect to government. It appeared by the paper on the table, that government owed £9,964,000 to the bank, which remained as part of their assets, and the permanent securities for defraying the £13,770,000 of outstanding demands upon it. Now, what had been the conduct of government in this affair, but the most extraordinary that ever occurred? By parity of reasoning, let any gentleman take a supposable case of individuals acting in the same way, and see how it would stand. If a merchant, for instance, had assets in bonds, merchandize, discounts, and other