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Transactions in Parliament relative what is already agreed for; and to the Stoppage of Payment in Specie particularly, that the stipulation of the Bank of England.

for the future advances to be made Copies of all Communications between by them, if necessary, for payment the Directors of the Bank and the

of treasury bills of exchange, be Chancellor of the Exchequer, re

ftri&tly adhered to, as they cannot Specting Aavances to Government

allow that advance at any time to fince the first of November, 1794.

exceed the fuin, of five hundred

thousand pounds. (No. 1.) Copy of a Resolution of the Court

(No. 2.) of Directors, the 15th of Janu. In the Court of Directors, on the ary, 1795.

16th of April, 1795. Resolved,

THE governor and deputy goTHAT the governor and depu. vernor were direct s by the court • ty governor do take an early to wait upon the chancellor of the opportunity of informing the chan- exchequer, and to mention to him cellor of the exchequer, that the the uneasiness which they have felt court of directors, defirous at all on being left, during so long a pea times to give every assistance and riod, in an advance of one and an accommodation to the public ser. half, to upwards of two millions of vice, think it proper at the present money, for the bills accepted by period, when a loan, under the the treasury. That this mode of guarantee of this country, for a fo- paying the treasury bills in advance reign state, of the large amount of was never meant to be carried to fix millions sterling, and also one any great extent, at the most to for our own national wants of 500,oool. and that only as a temat eighteen millions sterling, are about porary accommodation to be raised, to bring to his confi. The chancellor of the exchequer deration, that it is their wish that did promise to the governor and he would settle his arrangements of deputy governor in December last, finances for the present year in such and particularly in a conversation a manner as not to depend on any on the 17th of January, that the farther affiftance from them beyond amount of thefe bills paid at the 1797

(N) bank, hank, then exceeding the sum of inform the chancellor of the ex500,oool. fliould certainly be paid chequer that it is the request of off after the receipt of the first pay- this court that he will either adopt ment on the new loan; which pro- some other mode of paying the mise hath not yet taken place. The treasury bills of exchange, than by court have therefore come tů a directing them for payment at the resolution, that they cannot in fu- bank; or fo to arrange the furnih. ture allow of any disburse on this ing of money for the payment of account exceeding the sum of these bills, that the amount for 500,oool.; and they do request, which the bank Mould be in ad. that the chancellor of the exche. vance, shall not at any time exceed quer will be pleased to order the the sum of 100,00ol. as this court kame to be paid.

is determined to give orders to the

cashiers, to refuse payment of all - (No. 3.)

bills, whenever the advance hall Copy of a Noie fron, the Governor amount to such sum of 500,000l.

and Deputy Governor, to the That previously the court is deChancellor of the Exchequer. sirous of fixing on a certain day

Bank, 5th June, 1795. with Mr. Pitt, when such order THE governor and deputy go. Thall take place; but in the mean vernor of the bank prelent their time depend on his former and rerespectful compliments to Mr. Pitt; peated promise to reduce the preand take the liberty of Itating to sent advance as speediiy as posible. him, that though he was pleased to promise, the last time they had the

(No. 5.) honour of an interview, that the Report of the Governor, and Re. amount of the treasury bills paid folution of the Court of Direcby the bank should immediately tors, 6th of August, 1795. be reduced to the sum of 500,oool. THE governor having laid be(berond which sum, by a resolu- fore the court a letter from the tion of the (wirt, it was not to chancellor of the exchequer, which país); the bank are now in ad. was received yesterday at four vance on that account 1,210,0151. o'clock in the afternoon), contain. 178. 3d. and before the end of ing a request for a farther accomnext week it will be increased to modation on the credit of the grow. 1,658,4671. They at the same ing surplus of the consolidated time beg to express their concern fund: at being so repeatedly obliged to Resolved, That the confidertrouble him on the subje&t, hoping ation of this letter be postponed; he will give such directions as may, and that the governor and deputy in future prevent it.

governor be desired to wait on Mr. To the right hon. Wm. Pitt, Pitt, and inform him, that this &c. &c. &c.

court cannot take his letter into

consideration, until it has received (No. 4.)

satisfaction respecting the re-pay. Resolution of the Court of Direc- ment of the monies already ad.

tors, 30th of July, 1795. vanced for payment of treasury Resolved,

bills of exchange, to reduce that THAT the governor and deputy account under the stipulated sum goveruor of the bank be desired to Of 500,0001. above which the bank


was never to be in advance; and

(No. 6.) antil it has had sufficient security Copy of a Letter from the Chariheld out, that it shall not be called cellor of the Exchequer, and Reupon to farther advances on this solution of the Court of Direc. account in future: and that they tors, 13th of August, 1795. do request Mr. Pitt to enter into Downing-Street, 12th of Aug. 1795. full explanations on this fubjeét, Gentlemen, which is not even touched upon in I HAVE to request the favour of his letter.

you to state to your court, that if

they think proper to afford the acInterview with the Chancellor of commodation which I have re

the Exchequer, 7th of August, quested in my letter of the 5th in1797.

stant, by taking exchequer bills THE governor and depnty go- payable out of the growing produce vernor this day waited on Mr. Pitt of the consolidated fund, they may at the hour he had appointed :- depend upon measures being imWhen the governor first observed mediately taken for the payment of to him, that bis letter did not arrive one million of the sum they have in time to be taken into consider- advanced for the payment of bills; ation by the committee on Wed. and farther payments to the amount nesday; and that it was therefore in the whole of another million of neceffity laid before the court may be made in the course of Sepon Thursday, without much pre- tember, October, and November, vious consultation on it in the com. in such proportions as may be mittee:- And the governor then found convenient. But as fresh read to Mr. Pite the following note, bills may be expected to arrive, I as containing the substance of what am under the necessity of request. passed upon it in the court: ing that a latitude Mould be alo

The governor having laid before lowed for the payment of such the court a letter received yester. bills to an amount not exceeding day afternoon from the chancellor one million; in addition for which of the exchequer, containing a re. suin, payment shall be provided quest for a farther accommodation before the end of February, or, if of two millions and an half, on the the court materially prefer it, of growing produce of the consolidated January. In order to guard against fund;

any freth disappointment, I beg Resolved, That the confideration leave to ľuggest that it may be of this letter be postponed; and that useful, if from time to time you the governor and deputy governor send me notice, whenever the be deGired to wait on Mr. Pitt, and amount advanced comes within fifa inform him, that this court cannot ty thousand pounds of the limit fully take his letter into consider- fixed, that warrants may be prepared ation until he has finally settled the without delay. arrangement, notified to him last

I am, &c. week, relative to the reduction of

(Sigved) WM. Pitt. the amount of the treasury bills Governor and Deputy 1. paid by the bank, so that the sum ad. Governor of the Bank. I vanced may never exceed 500,oool. IN the court held this day, after of which his letter makes not the reading Mr. Pitt's letter of the 12th least mention,

of August, it was resolved, That (N 2)


this court do not accede to the pro. payment of bills of exchange drawn posal contained in the said letter, on the treasury. When the last re. It was farther resolved, That the solution was proposed, Mr. Wincourt do consent to Mr. Pitt's re- throp moved the following amend. quest, in his letter of the 5th in- ment, and was seconded by Mr. ftant; namely, to advance two Simeon, to be added after the words millions five hundred thousand “ Consolidated Fund," and to leave pounds on exchequer bills, on the out all the remainder; security of the surplus of the con. “ Provided at least two millions folidated fund, to be re-paid as “ of the same shall be applied follows:

" to the discharge of the sum About eleven huvdred thousand for which the bank is now in

pounds from the produce of o advance, on account of bills the quarter ending the 10th of " accepted by the treasury; it October next; and for the “ being the intention of this remainder they are willing to “ court to restrain the amount wait till the ending of the * of such advance to the fum quarter of the 5th of April, " of 500,oool, agreeably to 1796.

“ their former resolutions." I And that the governor and deputy The said amendment being put to governor be desired to inform Mr. the vote, was negatived; and the Pitt, that the court still adhere to resolution as first moved was car. their former resolution, of insisting ried in the affirmative. that the credit on the treasury bills be restrained to 500,oool. but that

August 14, 1795 the court will wait for the re-pay- THE governor and deputy go. ment of one million of the money vernor, in compliance with the desire already advanced beyond the faid of the court held yesterday, waited Sum of soo,cool. until the latter this day on the chancellor of the end of November (if it is of essen exchequer, to signify to him, that cial service to the government of his letter of the 12th instant bad the country that it Mould do so), been duly considered; and it was provided positive assurance is given refolved, that the proposals which by the chancellor of the exche. it contained could not be acceded quer, that this additional million to; and to communicate to him the fhall punctually be repaid at that farther resolution of the court re: time; and that in no case, if this specting his request in his letter of propofition is acceded to, the bank the 5th instant, as minuted in this is to be in advance beyond one book yesterday. The governor put million and an half for payment of into his hands a copy of the two rethe treasury bills, which by the end solutions, which Mr. Pitt read ate! of November are to be reduced to tentively; and returned foon after 500,oool.

with a letter, written by himself, at The court also request, that the the request of the governor and degovernor and deputy governor will puty governor, signifying his ac. express to Mr. Pitt, the earneft de- quiescence in the said resolutton, fire they have, that some other and promising punctually to commeans may be adopted, in the next ply with the conditions Aipulated {effion of parliament, for the future therein,


Downing-Street, 14th Aug. 1795 court, formally announce to him

their apprehensions of the conseGentlemen,

quences that were likely to ensue I HAVE to request the favour of

from the emperor's loan taking you to inform your court, that I

place; the events seem fully to agree to the conditions specified in

juftify their fears, and to render their resolution of yesterday, (fee

every measure of caution absolute. the note of the 13th of August,)

ly necessary for their future safe. for the advance of two millions and

ty. an half on the credit of the conilo. In addition to the above causes, lidated fund; and will take care it may be proper to state, that large that they shall be punctually com• fums are likely soon to be called for plied with. I return the paper con- 'by the claimants of the cargoes and laining the relolution; and am, freights of the neutral fhips taken, Gentlemen, &c. &c. &c.

and about to be re-imbursed; many (Signed) Wm. Pitt.

of whom, as they are credibly in. Governor and Deputy ?

formed, are instructed by their Governor of the Bank.

owners and proprietors to take

back their returns in specie or (No. 7.)

bullion, Copy of a written Paper delivered The present price of gold being

to the Chancellor of the Exche. from 4l. zs. to 41. 45. per ounce, quer.

and our guineas being to be purBank of England, Sth O&. 1795. chased at 31. 175. 1047. clearly de

THE very large and continued monstrates the grounds of our fears; drain of bullion and specie which it being only necessary to state those the bank has lately experienced, facts to the chancellor of the exarising from the effects of the loan chequer. . to the emperor, and other subsidies, Ever ready as the court of directogether with the prospect of the tors have been to accommodate and demand for gold not appearing like give their afsiftance in the service ly soon to cease, has excited such of the public, they must now ex. apprehensions in the court of die press their hopes, that Mr. Pitt will, rectors, that, on the most serious on the meeting of parliament, so deliberation, they deem it right to arrange his plans of finance, as not communicate to the chancellor of to depend upon the immediate ad. the exchequer, the absolute ne- vance of the duties on land and ceflity they conceive to exist for malt, 1796; and that he will be diminishing the sum of their pre- pleased to provide the means of relent advances to government-the imbursement to the bank, con. laf having been granted with exformably to his agreement of the treme reluctance on their part, on million on account of the treasury his preffing solicitations and state bills, and the one million one hun. ment that serious embarrassments dred thousand, part of the advance would arise to the public service, on the product of the consolidated if the bank refused.'

fund, in case it shall not have been It must occur to Mr. Pitt's recol. previously paid, and also to re-imlection, that last January the go. burse the remaining 1,400,qool. vernor and deputy governor of the on the same product in January or bank did, by instructions from their February, instead of April.

(N 3) . (No.

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