The Statesman.
London, England, 1810-10-24 00:00:00

of the -Bank not having gold to answer their notes.
These prints, never equalled in venality, I believe,
by any prints in the world, The Morning Post only
excepted, now abused those WIC unfortunate Jac°.
bins for nut ackno;:lcdging the necessity of the
Order in Council. They (3d March, 1797) again
accused the Jacobins of having caused " a distrust
of the Bank," and of having formed a design to ,
ruin the credit of Me country, in which "they
" had so far succeeded, at least, as to persuade
" the people, in some parts of the country, that
41$ gold was preferable to Bank-notes." :- •
Gentlemen, pause here fur a- moment, and eon.
template the foolishness as well as the injustice of
such observations as these. You will beair.in mind,
that the Jacobins, as they. were called, were, by
these same writers, constantly represented as men
without learning, without sense, without property,
and, of course, without influence. How, then,
were they to have the power of producing such an
effect upon the minds of the nation ; and upon the
minds of those too, who held the bank-notes and
who owned the Stock 2 The Jacobins, as these venal
prints had the impudence to tall them, had not
been able to persuade the people. to check Mr. PITT
in his ruinous career of war and expenditure ; they
had not been able to prevent any one of the mea.
Bares of that Minister ; they had not been able to
persuade the people to do any one thing that they
wished them to do, and, at the very time we are
speaking of, they were outvoted in the Parliament,
four to one. Yet, to these same Jacobins was now
ascribed that reit upon the Bank, which produced
the Order in Council ; whiCh produced an order,
issaed by the King's Privy Council, to encourage
a Company of Merchants to refuse, illegally,. to
pay their promissory notes, when duly presented.
The Jacobins, as they were still called, with rpde.
glee of impudence nut to be adequately described;
tlto Jacobins, who wore represented as defeated and
put down, and as being held in abhorrence br the
people, were, nevertheless, at the same moment,
represented as having such power over the mind of
that same people, as to cause them to make a run
upon the Bank, which was called 44:. stabbing the
44 country iu its vitals." Mr. Fos, in answer to
Mr. WI miensuace, who (Wick 1, 1797) attri.
butod " much of the public eaknaily to the con-
" duct of the Opposition, and te. the conduct of
44 those who had proceeded to lengths Which the Op:
44 position would not avow;" answer to this, Mr.
Fox said " this reminds me of a scene in Bee
" Jonson, where it appears, that an Impostor had
64 played his tricks very successfully fur a long time
44 upon his dupes, and, when he was detected,. the
" dupes became very angry, not at the Impostor,
" but at those who had detected him." - : •

Now was the time for those, who had been de.
bided into a support of Mr. Prrr's measures, to
make a frank and manly acknowledgment of their
error, and to juin Mr. Fox iii demanding a change
of system. They had, when war was first con.
templated, received the most solemn assurances, that
the resources for vigorous preparation (at first
preparation only was talked of) were ample, even
from the excess of the revenue ;*'they had been,
when, after the war had begun and had brought, at
once, very disastrous effects as to pecuniary mat.
tens, told that those effects were completely removed
and that Ike revenue was in a favourable state t ;
they had been told, that the war could not be of
long duration ; they had been told, that the situa.
den of France, in every respect, and especially
IN respect to her finances, was desperate beyond de..
scription ; the French system had been repeatedly
described to them as one that ceuld not last above
a few months, having in itself the reeds of inovits.
ble destruction ; they bad been assured, that all ,
the powers of Europe would join us against/Prance;
they had been told, that, if there were au other cause
of rifle to our enemy, that enemy meat be reined by
the less of all his colonies (which welling tiken), and
by the annihilation of his travalforee, *bid seem. I
od to have been nearly completetbp. the fourth
year of the war ; they had had, year after year,
exhibited to them such pietares of the lettuces of
Fresco compared with thew of England, as to
snake them believe that Franosineet speedily become
bankrupt, while England' lifillt(aml partly in Con-
sequence of the war) be, every day, more
and mare rich ; that her madimerte was daily in.
creamer*, and lust her erislit, *bids was always
Grady .nalaWielled, was now bunt ripen a rock ;
they had, regal)* the King's'ilPseeh, made at the
beginning of tWiesaion of which wears new speak.
invited during which the stoppage to place,-at the
begiaisiog of that very Session they had been told,in
the King's Speech, of the SOLIDITY of the pecu.
stiary resources of she country t, white the Minister
and his adherents echoed hack the assertion. Upon
this last.occasiois, which, Geotlemeo, is worthy of
particular attontioui tbd. time brill only four
months before the Bank)istoppage actually took
place ; upon this ,occasion,' Sir WILLIAM Low.
Turn, who seconded tbe AdifrinS, and who• is now
a Lord, I believe, said : " it we rogirded our
cc fousneAs. _they were ABUNUANT in the
6' , EX'I'LLEME7 and such as were adequate to any
" emergency of the country.'o fiord MottreTn
son of • the Earl of Carlisle, 'who' moved the Ad.
tirg93 to the King, in answee to his. Speech, said :
",Ao-to our internal situation, we have witnessed'
"•it, for some time past, joy ;ad eultatien,
14 and have reason to congratulate his Majesty and
ce the People at.large, upon our (suspicions pro.
speete In that respect." And Mr. Pin. himself'
said, " As to oar resources, they furnisli, '
44 in a moment like the present,k a subjeet.of
peculiar congratulation and tvell-groundacen-
" jideace. d. Our. resources fedi afn

• " Centimes of the Ifotwe.a. Compote,• It. is a great
" consolation to me to reflect; that you rill find Maple rmourcitt
" for effectually defraying the ea-pence of rigorous prepara-
" lions, from the exterior the actitelerveotos &load the area;
" Star e.rpenditure."-.-KINO SPEECH, 15th liec. 1,92.
+ " 1 feel too feasibly the repented proofs which I bare re-
,' ceived of the erection of my-snbi.cts o.ot, N lament the ne-
" cessity of any additional borthem. Ii is, however. a great
" consolation to me,-to observe the favourable state of the Re-
" Velitlf, and the complete success of the measure which was last
" 'car adopted fur rensisviv the embarrassments affecting cons-
" utervita credit ' Seneca, Idth January, 1i9%.
" It W a great satisfaction to me to observe. thst.•
Wit hottioding the temporary embarrassments. w Welt bane been.
" experienced, the mute of the roamers*, atanufactorev. and
" revenue of the country proves the real extent and SOLII•
DITY of our resources, swot furnish you web means as mess
be equal to sap exertions which the prevent crisis may re-,
0, tptire."..---YiNG*• Srescu, 6th Oct. Fa&


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