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

thys, it never occurred to him that what he had done
was illegal, 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, plaufible 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
tationi gre
tnnvet tic
pirpetuall]
a man. was
dente of'tt
honed to 1
•
that this cc
to Governt
lationst 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