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The governor and deputy gover, allowance for their loss on the for. hor, with Mr. Darell and Mr. Bo. mer engagement: and that if he lanquet,, were deputed by the court was disappointed in this expectato wait upon the chancellor of the tion, he must take other measures, exchequer with this resolution; and as usual. . they took with them a copy of it in After this, the governor asked of a paper sealed up, that in case Mr. Mr. Pitt if it could not be made Pitt (hould require it to be left with compatible with the forms of of him to thew it to the cabinet, it fice, that when the payments should might be in a situation guarded come to be made on this proposed from the eyes of the people in of loan, the money might be retained fice. The deputation waited on at once by the bank, as far as was Mr. Pitt when the court broke up, intended for the liquidation of their and waited 'till he came home; advances, without being sent up to when, being admitted, the governor the exchequer, as was hitherto told him, ibat a special court had practised, which mode had often been held on the subject, and that caused a delay of many days; and he and the other gentlemen were once last year a total disappointdeputed to bring him the resolu- ment of the sum ? Mr. Pitt said, tion of the court upon it; which that he saw no reason why this Mr. Pitt read attentively; and de- routine of office should not be al. firing to have a copy left with him, tered that he would think of it, the one sealed up was given to him, and order another arrangement. which he was desired by the governor to return to him when he had

(No. 34.) communicated it to the cabinet... In the conversation which took

took Resolution of the Court of Direca place afterwards, the governor alka t ors, and Deputation's Interview ed if it was not poflible that a part

mart with the Chancellor of the Exof the 1,500,000l. could be raised'. chequer, 2 ist of Feb. 1797. in Ireland for its own use? Mr. THE committee observing, with Pitt said, that the sum mentioned great uneasiness, the large and conwas all expected from this country stant decrease in the cash, held a

that a farther sum was wanted in particular consultation on that the whole ; but that the Irish go. subject this day; and on examiz vernment hoped to raise the reinain nation into the state of the cash der in that country. On the sub- since the beginning of this year, ject of the loan to be raised here to they found that in the course of pay off the above sum to the bank, the month of January there had Mr. Pitt faid, he meant to make it been a decrease of £. and equal, not only to that purpose, since the beginning of this month but to let him ar his ease for other a farther loss of £. and that parts of the public service, which the caflı was now reduced to be he had not been able to calculate tween £. and about £. with sufficient exac?itude on bringó value, in bullion and foreign coin, ing out the last loan. That he and about the value of £. meant to raise this additional fum in filver bullion. Perceiving also, in the same funds, and, if possible, by the constant calls of the bankers by the fame subscribers, to whom from all parts of the town for cash, proposals would be made, with an that there must be some extraordi.

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bary reasons for this drain, arising of the utmost consequence that our probably from the alarms of an ex. advances should be contracted as peated invasion; the committee, soon as possible. He said, he was after maturely considering the mat- occupied on that point, and hoped, ter, resolved to send a notice to in a couple of days, to have his the chancellor of the exchequer, of plan so arranged as to be able to the situation of matters at the bank: call the gentlemen together, with and to explain exactly to him how whom it might be necessary to ne. the cash is circumstanced, that he gotiate for a new loan. Mr. Pitt may, if possible and proper, strike also mentioned, that he hoped the out some means of alleviating the committee would, in the present public alarms, and stopping this situation of matters, think it necesapparent disposition in people's fary to endeavour at obtaining a minds for having a large deposit of supply of gold from foreign coun. call in their houses. The gover- tries, which the governor told him nior, deputy governor, with Mr. they were confidering about, and Darell and Mr. "Bosanquet, were should do what they could therein. deputed to wait upon Mr. Pitt; who went to him; and after de.

(No. 35.) fcribing to him the anxiety of mind. which all the directors were under

Interview with the Chancellor of on this subject, they explained to

the Exchequer, 22d Feb. 1797. Mr. Pitt the exact particulars a. Messrs. Goldsmid and Ellison bove-mentioned. Mr. Pitt seemed attended the committee this day, aware that this unusual drain of and were directed to give farther call from the bank must arise from orders to Hamburgh for the purthe alarm of an invasion, which he chase of gold; and were told that observed was now become much an application would immediately more geoeral than he could think be made to the minifter to order a necessary. He said, that by all his frigate or armed loop to go to informations he could not learn of Hamburgh co cake in such gold as any hostile preparations of confe. might be bought, and also to desire quence making in France to invade that the restriction on the captains this country, except the fleet which of the packets, not to take any was re-fitting at Brest, after being gold on board at Hamburgh for driven off from the coast of Ire. this country, might be taken off. land; but that he could not answer The governor and deputy governor that no partial attack on this coun: waited on Mr. Pitt on this subject, try would be made by such a mad who promised to apply to the ado and defperate enemy as we had to miralty for directions about send. deal with. The deputation pressed ing out a frigate or armed floop; on Mr. Pitt to declare something and that he would apply to the post. of this kind in parliament, in order master general to give the orders to to ease the public mind.

the captains of the packets. The deputation then mentioned The governor pressed Mr. Piti to him the necessity of bringing for again on the subject of the treasury ward the new loan, out of which bills, and told him, that he feared the re-payment of the seven mil. the court would not agree to pay lions to the bank was to be made, the treasury bills, which fall due es in the present emergency it was next week.

Mr.

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Mr. Pitt said, he would send to him, that it would in the pre30,00ol. to the bank in part provj. fent circumstances be highly requis fion thereof, but that he did not fire that some general meeting of think he could raise the money to the bankers and chief merchants of the full amount of the bills due, London should be held, in order to

bring on some resolution for the (No. 36.)

support of the public credit in this Interview with the Chancellor of alarming crisis, and they took the

the Exchequer, 24th of Febru. liberty to recommend to Mr. Pitt, ary, 1797.

to have a private meeting of some AT a committee of the whole of the chief bankers at his house court held this day, it appeared that to-morrow, at three o'clock, in the loss of cash yefterday was 'an which the plan for a more general bove £ ; and that about meeting on Tuesday or Wednes.

were already drawn day next might be laid; in the proout this day, which gave such an priety of which Mr. Pitt agreed, alarm for the safety of the house, and said he would summon a prethat the deputy governor and Mr. vious meeting for to.morrow acBofanquet were defired to wait on cordingly. This was communi. Mr. Pitt to mention to him these cated by the governor to the comcircumstances, and to ask him how mittee. far he thought the baok might ven. túre to go on paying cash, and . ANSWER to (No. 1.) when he would think it neceffary to interfere before our cash was so ON the communication of the reduced as might be detrimental to resolution (No. 1.) on the 17th of the immediate service of the state. January 1795, the chancellor of " Mr. Pitt said, this was a matter of the exchequer expressed his thanks , . great importance, and that he must for the communication ; and said, be prepared with some resolution he should arrange his measures in to bring forward in the council, for conformity: but that though he a proclamation to stop the issue of was going to reduce immediately call from the bank, and to give the sum of the treasury bills, it the security of parliament to the might not be in his power to bring notes of the bank. In consequence them down to the suin ftipulated, of which he thould think it might till after the first payment of the be proper to appoint a secret com loan. mittee of the house of commons to look into the state of the bank af. ANSWER to (No. 2.) fairs; which they assured him the bank were well prepared for, and THE chancellor of the exche. would produce to such a como quer having read the paper, seems mittee. Mr. Pitt alfo observed, that ed fully convinced of the propriety he should bave no objection to pro- of the representation; and declare : pose to parliament, in case of a ed, that it should have been attend. proclamation, to give parliamentary ed to on his part before, but that Security for bank notes. The go in the multiplicity of public affairs vernor and deputy governor this it had been forgotten. He, how day waited on-Mr. Pitt, to mention ever, said, that it should be coma

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plied with out of hand, and that millions and an half in questions, os he would order 1,200,000l. to be exchequer bills, payable out of the paid to the bank, on that account, growing produce of the consolidai. immediately.

od fund, in the quarters for Oao.

ber next and the April following, ANSWER 10 (No. 4.)

- he did mean to pay part of the

bank's advance on the treasury bills ON presenting this paper, Mr, out of that inoney; but he hoped Pitt said, it was not bis fault that that the whole of it would not be the account had not been dimi. required, but that it should be pronilhed, for he had ordered, some vided for out of other funds. The time since, two warrants to be made governor then observed to him, out, amounting to above 600,000l. how frequeut promises had been which were now completing, and given to reduce this advance to the would soon come down to us; limit of 500,oool, which had never shewing, at the same time, the pre- yet been carried into effect; and paratory parts thereof. The go. begged leave to reprefent, how devernor then replied, that 600,000l. Grous the bank court was, to have would not nearly reduce the a. the payment of the treafury acmount to the agreed sum; that ceptances otherwise arranged than * our calls had lately been so great, at the bank ; which Mr. Pitt faid, with large drains of cash and bul: thould be taken up on a future oc- . lion, as made us earnestly will to caGon. The governor faid, he lefsen our credits, as much as pos. could not engage for any thing; fible; and then he wished Mr. Pitt but he knew how desirous the would, without particular inconve- court always was to alift the go.. nience to himself, name a day from vernment; though a provident carc whence the resolution of the court for their establiment must preThould take place. The deputy go- cede all other objects. , Mr. Pitt vernor asked, if Mr. Pitç could do observed on this, that the welfare this next Monday (when the chairs of the bank, we muft suppose, was were to meet hiin on the national. an object of equal importance to stock bufiness)? He replied, he him as to us. The governor then could not, he believed, be ready to added, that though he did not en. do it by that time; but he might gage for the court, if Mr. Pitt probably then inform us farther could promise that two millions of about it; and added his hope, that the fum now asked for thould be.' the bank did not, for this year, applied to extinguilh so much of mean to reftrict him from the cre- the advance on the treasury bills dit of 300,00oł. on treasury bills. he believed it might be acceded to:

Mr. Pix replied, that he could not
ANSWER 1 (No. 5.) answer for lo large a part being

paid immediately ; but that he MR. PITT acknowledged, that would, on this information, draw he had not, in his note of Wednes.

up a new letter to the court, to be day last, entered into any particu. considered next Thursday; and be lars about the payment of the trea wished to see the two governors at fury bills; but that he meant, if twelve o'clock on Tuesday next. the bank affifted him with the two, to submit to them the plan of his

letter :

letter : and the governor and de confequences. The chancellor of puty promised to wait on him at the exchequer viewed this in a moft that time accordingly.

serious light.

The governor then mentioned ANSWERS to (No. 7.)

the probability of the claims of the

American fhips taken in the West AFTER Mr. Pitt had read this Indies soon comiog to a hearing, paper, with great attention, twice, and which he said, from report, he began by expressing his fatis. would amount to near four milfaction and approbation of the mea. lions. Mr. Pitt agreed that appeals fure of communicating such mat-, were soon to be made, but he did ters to him; saying, what he would not think the amount would come most certainly frame his arrange up to such a fum. The governor Idents in a manger that might ena. then resumed the subject of the ble him to remove our fears, and treasury bills; and hoped, that af, prevent unpleasant consequences; ter the meeting of parliament, Mr. aud that he would endeavour to do, Pitt would so arrange matters as to this, in such a nanner as should prevent their continuing to be paid produce no alarm; strongly recom, by the bank in the manner lately mending to the court of directors adopted. His reply was, that this to use every possible precaution to object would foon cease; their prevent that also.

o amount seemed to have impressed The governor thea faid, That his mind with a design to difconhe hoped Mr. Pitt did not conceive tinue the service that occafioned à lo be the intention of the court them; the troops were about to to refuse the advance of the land return home. He candidly acand malt, 4796; but only that it was knowledged, that the expense of their wish to protract it for some our troops on the continent had time. Mr. Pitt said, he understood, been enormous ; and intimated, it. 1o, and should avoid applying for that the bent and operation of the it until it might be more suitable war, as long as it did still continue, to the bank. He also said he would be naval, and in the West mould certainly re-imburse a mil Indies. lion of the treasury bills, and re: The governor then made his acpay the 1,100,000l. as foon as the knowledgments to Mr. Pits, for the accounts were made up and, if indulgence of so much time as he necessary, the 1,400,000l, remain- had given to him and the deputy ing should be re-imbursed. I governor. The chancellor of the

The governos mentioned to him, exchequer said, he was going out the drain of cash to Ireland, the of town to-morrow, for a week, calls for the West-India armament, and at his return would be glad to . and the probability of foon per see the governors again, if any! ceiving. those thar may be occa. thing material Mould occur. fioned by the claimants of the ueutral ihips being re-imbursed : in all which be seemed to: concur. Report from the Committee of Secrecy, Then the governor stated io bim, appointed by the House of Lords, that the price of gold, being so to examine and state the total much above the value of our Amount of outstanding Demands on" guinus, muft neceffarily impress the Bank of England, and likewise his mind with the wuávoidable of the Funds for discharging nie

James

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