Star. — London, England, 1805-06-15 00:00:00

N thys, it never occurred to him that what he had done was ill eg al, or that any indemnity was necefary.—. But molt certainly the law was violated, and as loon as the melives which Frit refrained him ceafed, in the failure of Boyd's bottle, he ought to have applied for a Bill of indemnity. Bltt What was the time in which this loan was made ? In 1795, 96, 97, great difficulties prcvail-.t for money ; and fo much was Government dillrefled by the delay of the advances • on the loan, that it was thought fit to retort to tram!: actions that would have been difgracefnl and ruinous to a private merchant, viz, the expedient of having Editions bills from Hamburg!), really drawn in London, by Walter Boyd, junior, in London, and accepted by the Treafury, for the purpofe of railing money. Of this 'peculation Boyd was the agent, bat it did not fncceed. And who was this Boyd ? lie was dnubticfs a man of great talent and enter p. iza ; perhaps an Loneft man; of powerful imagi i.ationi great rigour of mind and body, plau fi ble in einavetlation, tkilful in drawing np a projeft, and perpetually teeming with financial fehemes. Such a man was a dangerous pet fon to acquire the confi dence of - the Chancellor cf the Exchequer ; but be teemed to have gained it. And it is not improbable that this conneftioniin the end, was not only hurtful to Government, but, by encouraging his wild fpecu lations, mifchievous and ruinous to his houfe. In 1795, Boyd contrafted for a loan of eighteen mil lions ; and in December, 1795, a dole loan of eigh teen millions for the fervice of 1796 was contrafted for by Boyd, on Come claim, the jallice of which was much cretlioned, but which procured Mr. Boyd the coutraft, and caufed a variety of other offers to be set - tiled. It was one of the inflalments on this loan that the 40,c001. was granted to enable Boyd to make go"d. It seas gated, however, that on this Loan a a and a half per cent. was made previous to the firlt inftalment, and though it fell in the end, it was at firfl a profitable concern, and, in point of fa& the average premium and average difcount on the firlt and WI half years was, that the former was 7 and a half and the latter 6 and a half, fo that on this Loan Boyd mitzlit have nude a large profit if he fold his Sertp. In the month of April Boyd contrafts for another Loan of 7,500,0001. If then the Loan of 18,000,0001. fell to a difcount, was Boyd's bottle to be relieved, and fared the neceflity of felling Scrip at a loft, in preference to every other ? If he had fold his Scrip during the Premium, what had he done with the profit? If he kept a large part of it, he had wherewith to go to market and raife money. What reafon had Boyd to expert fuch a preference? It might he natural that, as the agent of the Hamburgh Wind Bills, lie fhould expeft a good turn from Mi lliners, unlefs he had aded on the principles of the Spartans, and diclained a recompence for his public fervices. But it is faid that the advance to Boyd was to avert a great public calamity. But it is proved that the failt:re of B-.yd's bottle, would have been leis difaftrous than that of other houfes of equal en gagements. If he had &rip, it is clearly proved that he could have got money for it at 15/ difcount, in deed, which would have been a lots of 16,0001. It' be had no fcrip what had become of his large profits ? As to the difficulty of a new loan, no loch thing could have been neceffary, cven if Boyd had failed. With refpea to the money market, (faid Mr. W.) I have conliderable jealoufy and diflike of it. I have been accuflomed from my youth to hear of the hop Market, and the corn market, and by a regular atten tion to thole markets, in a courfe of fifty years, did a perfon, whole mem( ry mull be mat dear to me, lay the foundation of every thing I poifefs. That foun dation of fortune in trade and induttry, appears to me far more legitimate than the gains of the money market, willing as I am to recognife the juft feelings of birth and family, I fee no reafon to he afhamed of that tile which fprings from virtuous induftry and ho neft commerce. Bat the money market, I confers, teems to be fomething very different. There it is laid, that even the votes of this Houfe may be influ enced ; if not, certain it is that loans add to the fources of Mitaifierial influence. In that market all the bad pa Toms are excited, and the gain of one is always in proportion to the loffes of others. Be this as it may, however, the loan of 40,0001. was granted to Boyd and Benfield, both Members of Parliament, to relieve them in a prelling emergency. Here Mr. W. recapitulated the circumltances of the application, and contended that the Chancellor of the Exchequer was b. and to have made inquiries as to the refpon fibility of Boyd—to have inqnired into his general circumftances. He mull have found then that Boyd's pretences, that the Bank had particularly aimed at him in their limitations of difcouuts, was un founded. But Mr. Pitt made no inquiries. It might he faid, that the nearer Boyd was to failure, yet at might he of importance to poßpone the failure for a year, if it would be lefs difafirous to the public when it came. But, in fait, the tranfaftions of Go vernment with Boyd did not end here. Money was advanced to the extent of tso,oool. at different times for their Alliance, though the apparent ground was public fervice, particularly the Silver Contraft, to be fent to India, when in fait Boyd's houfe had no filver to fend. At the time of all thefe tranfadions, and in 1796, it appears that Boyd knew the Houle was ruined, as appears from his correfpondence with Ben field, which (hewed the perpetual difficulties of the houfe, and the expedients to which it was necell'ary to Tefort to raife money. Yet Boyd had the Loans cf 1797 and 1798. Such are the dangers to which the pobik had been expofed by the improper confidence J.:vied in Boyd, which proper inquiries, in the power of the Chancellor of the Exchequer to make, would have removed. Of thefe tranfaftions Mr. W. read detailed Itatements from End's publication.— From this it appeared that it was not Born unfuc cefsfttl ventures in trade, not from unfortunate bar gains, not front calamities abroad, or failures at home, that the bottle was brought to ruin , but by unfucced tut tsanfaftions in the alley. And furely to repair thefe loffes, or to enable men to plunge deeper in them, was an application of the public money which Parliament would never fanaion. Mg. W. then af flicted incidentally to the delays which appeared tb take place in the payment of halt pay, which was From three to fix months due before it was iffued. To this he begged leave to call the attention of the 'Brea ftirer of the Navy. It was a fpecies of allowance which ought on no account to be in arrear. There was no teafon why it fhould ; and be 'rutted that in innate arrangements would he made for paying it with entire rtnituallty. He alluded then mat c • • tbys, it net was illegal But moil as the Mr the failure for a Lill which this difficulties Covernme • on the bat ti " adieu's tha to a privat Editions 1 London, t I } accepted b money. ( waslie itdid d iZe j pet tation i gre tnnvet tic pirpetuall] a man. was dente of'tt honed to 1 • that this cc to Governt lations t mi ;*95 , 11 " Y( lions; and teen millioi for by Bay, much quell contra d, at set - tiled. I that the 4o gaud. It and a half in Raiment. Ertl a profs average pro and Lill hal • half and th, t. Boyd mink Scrip. In •• another La ; , 1 t8,000,000l be relieved, a loft, in pi his Scrip d • I with the pri wherewith reafon had •• might he ni Wind Bills, niflers, nnle Spartans, at fervices. I to avert a g that the fail • leis difaftro • gagements. Re could ha deed, which be had no fc As to the • • could have With refpes have conlidt been accuflc Market, and tion to thole perfon, what the foundati dation of lot far more le market, will of birth and • that tile chi nett contrite' • teems to be Paid, that ev • enced ; if n fources of M bad pallinns in proporcio may, howev Boyd and B relieve them recapitulate, and contend was b. and t • fibility of B circumllanct Boyd's prei aimed at hin Jimmied. might he fai yet It might for a year, i when it cam vernment wi advanced to for their atilt public fervic fent to India to fend. Ai in 1796, it a ruined, as ap field, which hnufe, and t rn fermt to r rf 1797 and public had b J.:vied in power of tht would have read detaileo From this it cefsful ventt gains, not tri that the hou tranfaeti , thefe loffes, them, was • Parliament it bided inside Itake place it 1 fiam three t this he begg firer of the which ough , was no I eat( /unite arran etith entire g notion of the Treifurer's office, in which the thee; was fo perfef, that ars) , deviation teemed itupraai cable. Yet in prattice abates had been deteded.— This flruck him as fingular in the machinery ; and as to the borrowing and fending between one branch and another which had occurred, though he alledged nothing wrong, yet it was poffible that this by-play might take place, and if it could lead to prat:1;011 ahnfe it fhould be prevented. He alluded alto to the non-payment of bills when due, which frequently took place, a circumftance, which for the regularity of bufinefs and the credit of the Government, Should he prevented. Having gone through the liatements, he kid, that he had now nearly finished the talk he had undertaken, in bringing before the Houfe the different Refolutions on the fubjea of the Report be• fore them. He trolled that the Houfe would fo far concur with him on this occalion; that they would not fuller a violation of law, capable of fuch abate as the Loan to Boyd and Benfield, to pals without a protell againft the precedent. This was the more ne ?tffary in the prefent circumftances, when the weight of public burdens was fo great, and danger of mai verfation in the adminiftration of our immenfe reve. noes fo much to be dreaded. It was neceflary to Slew too, that notwithftanding the con fi dence which Mr. Pitt had enjoyed, yet when irregularities com mitted by him, even though in the hurry of other more important concerns, and amid( the trying Situ ation of the country and of Europe, at former times were-difcovered, they were not to pats without a eau- Lion to prevent their being drawn into example. lithe Right Honourable Gentleman himfelf was conkious of the purity of his meiives, he ought to have no ob jeliou to fuch a warning being given to his fuccef fors.—He concluded with calling on the friends of Lord Sidmouth, whofe adminiß ration was praifed as fo conftitutional and ceconomical, to join in a vote, which went to Secure regularity and ceconomy in the management of the public money. That Noble Lord had been thought by the Houfe, and particularly by Mr. Pitt, as a bad War Minifler, and it might have been thought he was the worft the nation could re ceive, till the la( twelve months adminiftration of Mr. Pitt (hewed that he was exceeded ; for if Lord Sidmouth had done little, Mr. Pitt had done lets and under LordSt.Vincent's adminißration, we knew where the enemy's fleets were, but now they go to Sea, and meanwhile we remain ignorant in what quarter they are to dire& their attacks on us. Upon the prefent occafirm, therefore, the friends of Lord Sidnouth had an oprrtunity of upholdingthe princi ples of financial adminiitration which they claimed for that Noble Los d. He then read the Refolutioris: " That Nam Boyd, Heeled, and Co. being Contractor, for two I.oans in September, 1796, did, in the month of December following, repro/cm their inability to the Right Hon. the Chancel lor of the Exelsegoer to make coot: their initalmenu, ea account of the eonduet of the Bank, and the difappoinunents they had met with from various eagles." " That etc Chancellor of the Exchequer being impreffed with the neceffity wf !importing the hook of the Paid Mara Boyd, Ben field, and Co. for the fake of public credit, and having undcritood the Treafurer of the Navy,that the fum of 40,0001. could be fparcd from the Naval Service, upon good fecurides, did coufcut to ad vance the fame." " That the money was *dually advanced upon competent (mu rky, and was repaid by Boyd, &afield, and Co. without lutereft ; that no memorandum waa made of the tranfadiou, and no Ail of indemnity applied for." That the advance of the raid eo,oool. as above Rated, was con trary to law, and unlefs the At notice were taken, might cdtablith a d.ngerous precedent." " That, in confequenee of a Memorial from the Right Hoa. Hcnry Oundas ' the then Treafurer of the Navy, praying fur a difcharge from former amounts, and from an amount of 24,cr001. advanced to Adam jeilleac, it was refolved, that the l'reafurer of the Navy ihould be fodifeharged ; and therefore a *arrant was directed for that pumofe." " That a Writ of Privy Seal was prepared, executed on the 28tH of May, and appearing to be regißrred on the Hit of May, by which the Treafurer of the Navy was exonerated." Further that the balance due from Adam Jcllicoe, on the 3oth of June. 1788, had encreafed to 3y,0001. exclufire of certain ether rums not comprehended in this balance." And lailly, " That the Firft Lord of the Treafury did not ufc the means to make the fish able empaies previoully to the exoneratiou of the laid Treafurer of the Navy." As Coon as the Refolutions were handed up to the Chair, The CHANCELLOR of the EXCHEQUER rofe, and. in a very mafterly fpeech, vindicated his condo& with refpea to all the points on which the left Speaker had animadverted. He began by obferving, that much of what had fallen from the Hon. Member was wholly irrelevant, not only to the particular Refolutions with which be had concluded, but to that fubjet which it was his with to dire& the attention of the Houfe. All that had been advanced of -a gene' al defcriptinn, all that related to the amount or diftribution of our naval and military force was totally extraneous on the prefent occafion. No tice had been given, for no very ditiant day, of a motion, when alt thefe fobjeas would be fully confi dered, and therefore he mould in the mean time con fider them as quite foreign to the bufinefs before the Houfe. He declined too entering on the fubjell of the funded and money market, on which the Hon. Gentleman had expreffed himfelf in fuch Rrong terms. Perhaps the terms were not fufficiently adap ted to the Hon. Gentleman's claffical idiom, but the exigence of a money market hi a country conftituted as this was, where commercial fpeculations, formed as - it were the ground work on which the whole pecu niary details of the Rate were condueed, .whatever objeftion there might be to the term, there could be none to the .exigence of an eflablifhment by which thefe objeas could be accomplifhed. If the Hon. Gentleman was at 411 difpofed to reprefent there mo ney trantaaions as being at all proofs of a fordid (pi rit, he was confident that fuch a do trine would be but little reliflied either in the Houfe or the country. After making there preliminary oldervations, the Right Hon. Gentleman went on to the diredt confi deration of the fubjea, in Ibbltance as follows: The Hon. Gentleman has fir( of all alluded to the com munication of Mr. Raikes, and as he does not fay that there exiiis on this part of the (Oita any dire& charge againhi my conduit, it is the lets neceffary for me to take up the time of the Houfe. When the Hon. Gentleman firft alluded to this fubjea, he cer tainly viewed it in a light different from what he has now ex preffed, and it gives me great fatisfaaion that the inquiry which has taken place has fo far altered his opinion. As be has found in this inftance that he was too precipitate in his original conclufion. I troll that be will henceforth be more cautious in expreffing his opinions of the criminality of others before their condua has been fully inveftigated. When Gentle men (peak of the attention to be given to any com munication, it is fortify not alking too much that they keep in view the circurafincec wade, which the communication took place, the degree of nntheatici.' ty which it may reafonably be fuppofed to pollefs, the charader of the individual by whom it is communi cated, and the probability that what has been com municated is confiftent with truth. Now with regard to this communication of Mr. Raikes I mutt be per. mitted to obferve, that it was not made in his capaci ty of Governor of the Bank of England—it was not given as a Ratement derived from his own knowledge, hot one obtained from the information of others—it was not accompanied by any documents—it was not repeated under circumftances more Rriking than when originally produced. Taking into view, then,all the circumflances of the cafe, and calling the atten tion of the Houle to what appears in my evidence be fore the Committee, I hope that there will be no rea fon found for fuppofing that !have not in this inflame fulfilled my duty to the country in that confidential fituation which I then enjoyed, however I may regret that in confequence of what has fince appeared, the inquiry had not been at that time more fully purfued. —But the Hon. Gentleman thinks it extraordinary, that I &mild not have kept in my recolledion that the pradice of withdrawing money from the Bank and placing it in the hands of a privatc banker was contrary to the provifions of an exprefi Ad of Par liament. In my evidence before the Committee, I did not Gy that the Ad of Parliament was not in my recolledion, but only elided that I might not at that time have particularly adverted to all its provi lions. I will not now enter into any controverfy as to the real conflrudion of the Ad, but undoubtedly it is a grave queftion, whether the meaning of the Ad is, that even when the money is boaaj& drawn out of the Bank for purpofes aridly naval, it may not be lodged in the hands of a private banker for the greater facility to be given to the public fervice? I will not now Wilt on this point, but certainly from my evidence before the Committee, it moil appear that I received what appeared to me fuch a faiisfac tory account of the withdrawing of any part of the public money from the Bank, for the purpofe cf be. ing placed in the hands of a private banker, as in my mind rendered more minute enquiry altogether un neceffary. The next point to which the Honourable Gentleman adverted was, the cafe of Mr. Jellicoe, on whole deficiency to the public, Lord Melville ob tained a full releafe by an order of the Treafury.— After having examined this fubjed with the utmott de gree of attention, I Rill remain of the fame opinion now, that I entertained when the releafe was originally obtained. I think enough was then laid before the Trcalbry to Galion that meafure, and I cannot think that any further invelligations would have placed the matter in a clearer point of view. Let me, in a few words, Rate the circumftances of the cafe fairly to the Houfe: Mr. Jellicoe was an old fez.- yam of the public, and one who it was fisppofed had ferved with diligence and fidelity. He had been em ployed long before Lord Melville was appointed to the Treafurerfhip of the Navy, and therefore in any of his proceedings refpeding him, the Noble Lord could not be fuppofed to ad from any feelings of par. tiality or prejudice. Soon after Lord Melville's ac ceffion to office, he difeovered that Mr. Jellicoe was greatly embairaffed, and that the balances in his hands were much larger than the fecurity of the pub lic money could admit of, as there appeared no rea fonable prnfped of their being fpeedily liquidated. 1 only alit of the Houle to look at the circumftances of this cafe, and then to fay whether it was not impof fible not to mix in their contemplation of it, feelings of compaffion, when they . confidered that 11.. Jelli coe was as it were drawn into that fort of connection which accomplifhed his ruin. Every one who knows the private charader and difpofitions of Lord Mel ville, mutt know that he is peculiarly alive to fuch li beral and humane impreflions, and that he would not he difpofed to pufh matters to the lalt extremity, unlef: forced to it by the imperious call of public duty. If a different courfc had been followed than that which Lord Melville purfued, the confequence might have been that the individual and his family might have been ruined, while'the public would for ever have been deprived of even the chance of recovering any part of the deficiency which exißed. Aging then on kind and benevolent views, without at all cow. prornifing the public intereit, Lord Melville did give time, and looking to the fubjed with all the care I could, I thought, and (till continue of the fame opi nion, that what he did was not only fiddly jullifiable, but ei•titled to the highelt approbation. Such was the view which the Treafury took of the fubjed, and filch, after the inquiries before the Committee, was the opinion which the Houfe was bound to hold at the relent moment. The Honourable Gentleman has indeed alluded to the Incongruity of dates in the warrant of the Treafury, and it is eafy to .conceive that this may have happened through mere inadver tency. If, however, the inflruments had been made out before the Treafury had actually agreed to the warrant, I fee no reafon for imputing to any indi vidual ferious criminality. The Houfe are not un aware, that the difpatch of bufinefs frequently re quires difpenfing with forms. If forms were in every cafe to be rigidly enforced, official bufinefs would, in many inßances, be materially obtruded, and in fume cafes totally put to a Rand. In this particular cafe it may have happened that the war rant was made out on my authority, and if the induce ments which were to prevail on the Treafury were not fubmitted for a few days after this mechanical part of the bufinefs was completed, furely no mate-' rial difference exifted. The refponfibility on my part was not in the fmalleft degree weakened ; and if the proceeding at all required vindication, I was prepar ed with the fame defence in the one cafe as in the other. The Hon. Gentleman, however, fays, that the mode of granting the releafe was not regular, and in this I can by no means agree with him ; on the contrary, from all I have feen or read, it appears that all tran fadions of this fort were carried through by an order from the Privy Seal. The Hon. Member alfo com plains, that no precedent of a fimilar proceeding can be produced, and this I am the more furprized at, as the cafe of Lord Grenville Rrikes my mind as being lin every refped analogou s . In the cafe of Lord Gren ville, a turn for fecretery ice money was paid by Lord Grenville, with the view of promoting the public in tereft, and the perfon who received it betrayed his truß. Lord Grenville made oath of the payment of the money, and by a warrant under the Privy Seat received compenfation: Precifely fimilar to this was the cafe of Lord Melville, one of whole officers be. trayed his trust, and therefore the Noble Lord equally deferred* Weak:feast eke -courequenca of condo& f !hall not further ehlarge oft this hese. ; t I proceed to the confideration of the advance of tti e ao,oool. to Boyd and Benfield, on which In mod • animadvedion has taken place. On this part of th e fubjeft the Honourable Gentleman adverted to the life of Hamburgh bills, to the circumftances attend. ing two different loans, and to feveral other fobj e e., all of which have been formerly under the confider, ! . tion of this Honfe. Through the whole of thefe fub. jeds it is certainly not my with to follow him, but on one or two points it will be neceffary for me to make a few obferrations. The Honourable Gentlema , fuppofes that there was a dole loan formed for the fervice of the year 1795; but I believe that it muff b e in the recollection of the Houfe, that this Ratement is incorrect. The firft dofe loan was in December 1795. and the feccnd was in April 1796. Let not the Hon. Gentleman, however, imagine, that thef e loans were thus negociated,with the view of favouring any particular individual. The fad war, that feveral inftalments of the former loan, for the tervice of the year 1795, Rill remained unpaid, and, according to pofitive agreement, no loan by competition was to be negociated, till the whole of the intlalments were completed. In 1795, Mr. Boyd, and other refpedablo perfons, were admitted to the loan, as the higheft bidders, and the dole loan was given to them, in pre. ference to any other party, the public fifth being pledged to them explicitly to that extent. If the Hon. Gentleman means to fay, that I ever gave Mr. Boyd any improper preference, I can appeal to the circumftances of the cafe to thew that he is millaketu In no cafe have I ever interfered with undue influ ence, in contracting for a loan, but have, on the con. trary, on all occafions, been anxious to preferve the principle of fair competition. As a proof of this, let me recal to the Hon. Member's recollection. the vote of this Houfe refpeding that very loan of which the Hon. Member (peaks in fuch fevere terms. (Here the Right Honourable Gentleman read tbettefolution of the Houfe, approving of his conduit in the general principles of negotiating loans). With refped to the Hamburgh bills, of which the Honourable Gentleman has fpoken ft, much, a few words of explanation will be neceffary, as many Gentlemen were not mem bers of this Flonfe, when the traufaflion alluded was fully in9uired into' and decided upon, after a full in velligation by a Committee. The Hon. Gentleman has laid, that the bufinefs was got rid of by moving the previous queftion, but he does not Rate that this courfe was adopted merely becaufe the fads to be declared in the firft Refolutions, were held to he un neceffiry, as they were to be followed up by Refolu tions of thong cenfure againft my conduct. The firft Refolutions were accordingly got rid of by the previous queftion ; but the Hon. Member has not furely forgot what was the fate of two other refo. lotions by which they were followed. On thefe the Houfe divided ; and, let me Rate, that the two tellers were an Hon. and Learned Gentleman (Mr. Jekyl) and another Hon. Gentleman on the other tide, (Mr. Whitbread). The ayes went forth, and no lefi, than eight members concurred with thefe Ho nourable Gentlemen in opinion, that the ufe of Ham burgh Bills was a practice to be reprobated. Such was the opinion of the Houfe as to that practice, which even now the Honourable Member condemns as contrary to all honour. Now, Sir, let me fay a few words as to the circumftances under which the Loan to Boyd snit ll..sreldsa ney had been contractors for the two loans of eighteen millions in December, t 795, and of feeen millions in the fpring of the following year. At the time their application was made, they continued holders of a number of !hares . Al that time it was needlefs for me to remind the Houfe, that there was a moll dif treffing fcarcity of money in the mercantile w0r1d...-. Securities, however good in themfelves, bills, parti cularly of a remote date, nay even Government bills and Eaft-India fecurities, could not be exchanged for money. An inftalment on the loan of April was to be paid, and in their application to me, they Rated diftinftly that unlefs Tome aid was afford ed them by Government, they could not find mons? to cower it, though in poireffion of undoubted fe -1 curities. I know that in the firs examination of Mr. Drummond, one of the partners in the houfe, this fad is not admitted. On his fecond examine. Lion, however, he Rates, that he had mifconceieed the import of the quettion formerly put to him ; and that in September, 2796, fuch was the fcarcity of money, that fecurities which in ordinary cafes were availably for all purpofes, had become totally ufelefs. But it is not, Sir, to his evidence only that we are to look to the proof of this Ratement. We have a general recollection of all the circumstances to which he alludes; and we know that the Roppage of payments at the Bank arofe out of the fame caufes. A molt intelligent gentleman too, a Member of this Houfe (Mr. S. Thornton), and from his fituation both as Governor and Deputy Governor of the Bank, well qualified to give a cored} opinion on the fuhjed, declared before the Committee, that this reprefenta tion of the Rate of the mercantile intereft of that time was by no means exaggerated ; on the fame molt refpedable authority the Houfe would fee that if the houfe of Boyd and Bonfield had fold Scrip to relieve themfelves from embarraffment, they would only have accelerated that evil which they were anxious to ward off. At that time the difcounr was from 53 to 15 per cent. and if Boyd and Benfield had come into the market with a large torn, the con fequence mutt have been, that a Rill larger depreci ation would have taken place. This, howeerr. would have been only a part of the difaftrous cottfe quences which molt have enfued. If it had been known, and furely I need not Cay that it would have been impoffible to conceal it, their creditors would of courfe have immediately become clamorous for a fa tisfaCtion of their demands. A run would have im mediately taken place, and an embarraffment which was only temporary Might hare been fucceeded by abfolute ruin. If the relief then afforded had not been given, the confequence was, that other loan holders would have been unable to complete their payments, and would have been involved in a iimi lar cataftrophe. A new loan mutt therefore have been negociated, and thelofs to the public mutt have beenlar more coofiderabTe than if the whole of the 40,0031. advanced had been loft without hope of rettitution. Let another circumflance be kept in view, and that is, that the houfe of Boyd and ben field had been alive in making thofe pecuniary ad vances to the Continent, at a period when of liance given to the Emperor of Germany appeared to hold uut a reafonable hope of the permanent fafcty of this 11013. Geni irteciared, I bring for w 'tenfure RE teemed to ltad lately )tour. < debt due sauce wa I;entlem: payment was dire() idininer, of the cot the cane 4:42mmod: juttifiable the evide among CI the flare lecurities impendan fall upon efiAbliani -ble Genii to intima as they d - the accot liut the baying ai would ha tltkmen which oc Was perfu liwing , desnan is who mos 1 1 9 great Aft th at . not agr ee • tita6 ; u