The Statesman.
London, England, 1810-11-09 00:00:00

. .
rrovitCOAßSTr's POLIMAL iteadrE.R.

r" Bet it 'tap 'mat that the Bank led letwposigy '
1. " to mower, and that It behbeed Me* to adapt scab
mods or granting relief, to that important public body,
" The Haase of Commons, homeser, knew mottles of tbiS.
" No application was made to theta by dm Book, mar did U
" tipper eves that application, bad been made for the
" Order in Conseil; on the contrary, it appeared that this
"-faretions- Conseil, iditead of tantalising the threctun
"of the Baok, aided entirely ups. the authority oftthe
Chneceller of the Eschecpser. Nay, what added to his
..-1" surprise was, ilia not one of tds Sauk Direetois who bad
" seata in that Howe, had ever cease Inward aid espressO
e sus opinion upon the subject. Some intbrostion was cer-
" thinly necessary before the Hou,e sectioned se novel and
" dangerous a measure. They hail herd. of the Bank a short
" time ago lending two 'millions .to Government, and they
,“ had also heard of the dividends on Bank Stock locrewslog.
ti-Was it not material to be informed, therefore, hOw they
" had come to stop Payment at sitime when their nears
" seemed to be' going on so prosperously ?"—Mr. 'want-
dast. SpeecligBth Feb.lllo7.

d,.__.

PAPER AGAINST GOLD)
Al! tgAlriziATlOx or TUN %grant Or "MX
commiirlsE; Ix A Alt Uinta, Tcfr TVS
VitADE2yEN AND ir•liallEeli MID Nem& i•LISIMILY.

• • LETTER Xlii.
4lkged ability of the Bank —Praneeillop out ioAdsers Jts
'What Isar calla *pit rt of Pukk ClVelit—Maneioss Mount
Meeting—Brook ryalson...Quarter !Asians Rseasslisos-•
Privy Council Besolutions—Repreeentolisnt of the renal
Printe relative to these Resotutiosu:-Real Origin of the
Mansion Moises Meeting—Directors prevail upon Mr. Pitt
to have a private Meeting of Bankers at his Horse—
' Plan of a public Meeting Mere laid -Peep behind the Curtain
—Meeting.of the Bank Proprietors—Declaration of the Of-
verniirs, Mr.lrosansuet and Mr.' Thorutss—Then &tiara-
. flow coniparedwith the "initiate .Id/wore of the Bank--Pri-
mai Minute of the Book, expressing their dans for the
Safely of the House, and fosycailing upon Mr. Pitt toknow
sthen hi .mild interfere. .
QESTIAMENI—Whee- we look at• the boast, re.
ferrcd to in the words of my motto, and consider
how many boasts of the same sort the Minister had
uttered, •and which he inutcontinned in the habit
of ettering, .down almost to three"), hour of the
flank stoppage, we cannot help wondering that he
could longer endure his existence. What, then,
will be the astonishment of posterity, to hear him,
in a few months after that event, speak of it and of
the measures groeingout of it, as the happy means
of safety to the country ; and what will be their
shame to find, that he was still confided in hod "up.
ported ?
As we proceed with the history of the measures
of rensedy which were now adopted, we must not
foil to pay particular attention to tho opinions rid
doctrines, at this time expressed and laid dewu by
thoMittister and his adherents, especially by those
of 'is adherents, who had a more immediate into,
rest in the concerns of the Bank of England. We
"Mast take care to bear in mind what they then said
M to the origin of the Order of Council for the
stoppage of gold and silver payments at the Bunk ;
what they said as to the nature sod twos/lig of the
measure; what they said as to the ability of the
Bank to resume its payments; and what they said
as to the time of such resnmption. What they
rhea said, as to all these points, we ant take ogre
to bear in mind ; because, we shall hoe to compare
it with what the same persons havirsaid since, and
hnfa to show how, in this case, as well as iu so
many others, the nation hiss been led on, by de.
WO% to acquiesce in what, if proposed to it all at
once, would have made it shrink with alfrightoar
fired it with indignation.
B!fure the agave of COMMIS! 0144 the day
after-the Message and getter of Conned had beta
told beforeit, that is to say, on tha VIM of Febra.
aryl 1797, the AutiJacubin adherents of rha MI.
:lister- had beta hard at workout` of dear/. k meet.
ing had been called le the Mauston lloese of the
city of London, &waiting of Alerchunts; Bankers,
and others, the Chairman bt.4ng the Lord Mayor,
whose name was LittODIC WATSON, who then, or
verysoon afterwards, filled the lucrative office of
Commissary General. tb• the Array, and who was,
in a very few fare after that, made. a Baronet.
Thecpersons assembled upon this 'oecasion prd.
claimed, their rtsolutioa 'not to refuse Bank-notrs
in
,peyroont of any soms duo to them, and to use
theitatmost endelvowl to make all their payments
in thil+same manner.* ; which, as you will perceive,
Qon‘lemen, was 'neither more nor leis than result'.
in/h..;ttat they. would do their uttbost:to keep up
their, own .relit and. cons•equence, abd, in fact* to
presterve themselves from instant ruin. • • •
Similar Resolutions were passed in •the country,,
wherq •the Quarter Sessions, happening to be then
takißg'place, the Resolutions were sent forth front
thq tieuch, with, of Course, something of a Alagiste.
tag weight and authority, and will be seen in tlie
instance of the magistrates of Sorry, who, nith
Lards Granite!, and Onslow at their head, appear
to hare led the way{. The Privy Council ,pray
read their names all over) had also a meeting upon,
the subject, and it was quite cnrions to see the
Judges.and great pensioners, and even the Ministers
thernselOes, not eseeptlog the Lord High Trees.
Surer, publishing their promises to receive and to
pay Bank.notrs, and, as far as depended on them.

* M ANSION -HOUSE, LON MM.—February 27, 179 7.
At n meeting of Merchants, Bankers, &c. held here this day,
to consider Of the steps which it may be proper.. to take, to
prevent embarrassments to Public Credit, from the etrects at.
any ilirfoonded and exaggerated adattes, and toczyort it
with thin utmost exertions at the present Important nwtere.
—The,lnien blavoa in the Cholrt—Rgsoi.Veb PlANl-
sonsuy,—Tbat we, the uadersigned, bele( higti)y sensible
how she preservatioo of Piddle Credit is at ildo thelk
do mast n ily hereby declare, that we will not retie to re-
wive Hiutk-nines 4 plyment of any snot of money to be_ paid
to us; hod we will use oar utmost endeavours to make a oat
,gmynietitt in the same inanner.--Haoon Watson: •
Haegolutioa lies for signing at the following :
London Tavern, Bisitopsgate-street ; Crown and Anthi, Ta-
vern, Strandi St. Allitui's Tavern, St. Alleto's-itreef;
TTllree-
Crnwvq Coffee-house, in Three-Crowo.court, lovoeKli 1 au4
at Lloyd's Coffee-house.
+ SljaltEY.—At the Gene,
Peace ptitur Sovereign Lord
Newinona, by ailUnticarnent,
ThivA tlet 24 day of March,
are knenitin agbacribed, being
;we ctbs i^ Maispirct of the ph
the 101441* at Ors littiturtion
hind pismire% la Micelle the N
all payworing ladlpaey.wntd
I es individually,- thliit alleetation
Lirantley, . ti
Onslow and be •
John Fred's**. •
' Joseph dbaw,

Lti~~

•

~.

. • _

+..

l

~
enerol Qetteter SeAt. er the
I the 1004, tioldriset r alto nary,
to and tor the said cattail. oq
veil. 1797.—We whose dames
og desirousto ceinthhitai itsilir its
e public sod c0t:2074d MORI:it
runt he o crisis, do -
Notes.ot the Sauk it . '. its
te IMlppoii, as fu us
Mos tot the pebilt Isishat,
Juba Jnbe Aso "'"•''?"-",
Pet B eir 4
Me
4101111".

r

•
1 of those

to 1ivi;..414.4 to. support
tholes:.
These Meetings and their Resolutions furnished
the venal prints with the pretence for asserting, that
• the alarm was at an end; that the people had had•
timA to reflect, and that reflection coishl nut fail to
convince them, that theire was no room for suspect-
ing tltv solidity of the I.3.tnk. The v►ectings and re.
solutions (to which latter, in London, there were
Ip.m obtained thousands of signatures) were repro.
'lotted as having, been perfoetly voluntary; that
they were thow.spontaneous effects of pure public
spirit, working in the breasts of loyal and disinte-
rest" i tarn, and, of course, that those who did not
citne forward to resolve, or to sign, were disloyal
!nen.

Gentlemen, stop with me here fur a minute. Some
of you may have been induced, by these venal
writers, to think ill of all those of your neighbours
who disapproved of Mr. PITT and his deeds; seine
of you may have be -it 'lris led, by the representa-
tions of these writers, to hate your hottest neigh.
bourn, to stigmatize them as Jacobins, aid to sus.
pect them, in fact, of treasonable designs; some of
you may, from this corrupt and deadly source, have
had your minds so 1)(3U:onc!, and so perverted from
theiraatural.bies, as to have vontribeied towards
those fatal iliVillietlS in the nation, the effect of
which, it is l 0 be feared,' your children's children
Wesel' of you, therefore, as answer to
this desetiptioni let mu beg the earnest attention,
while I davelope Ate true source of the above-men-
Boned nioitings and resolves, which, as you bare
seen, two described by the venal writers, as being
perfectly vislaistary, and flowing from pure public
spirit. •
Yon will boar in wind, that the Order in Conn.
cii was sieued on Sunday, the 26th of February,
and that it was -laid before the House of Commons
on Monday, the 27th, on which lastAnentioneil
day, the Mansion House Meeting, Mr. BLIOOR
WArson in the Chair, took place. The neit.Tues.
day, the 28th, the Minister; in opening the way
for his first motion' about the law to sanction the
Order in Council, said, ea dilation to this meeting g
44 With respect to the first step to be *considered,
" the state. of the 'Bank, that Weedy haat in a
1' great measure, been ascertained by the cunfl.
44 dance of public opinion. Of this public opinion
gg the must unequivocal and satisfactory proofs
" have been ofai•ded, even within the short space
" that has elapsed since the minute of Council has'
6' been issued. It has been clearly evinced, that
• " there is no doubt entertained with respect to the
" solidity of the Bank to aie..eer all the demands of
44 ifs creditors." Titus he appeared to consider the
resolution of the Meeting of thetwtikers -and Her.
thaws as expressive of the opinions and feelings of
the nation at large, and, of course, as Dein a vo.
Juntary act, au act of their own, an act not,. by.
any means, dictated by him, or by the Bank, nor
hatched or contrived by them. Thus the thing ap.
peered to the world; • thus it appeared to the." Nest
66 thinking people in all Europe ;" this was its,
outside look; butt let us now take a peep bellied
the curtain.
For a while no official documents were laid be,,,
fore Parliament, relating to the Stoppage. This
was avoided by one means or another. Bid, it
could not be for ever avoided ; and,_ at lest, some.
of Ake papers were laid before the Romeo( Cum.
4111 on : but, by the time that these got priuted, the
public was lulled again, wad the piperspissed with
• little or no notice. Amongst these papei's was a
minute of .the BANK DIRECTORS, respetting an-
-4 interview with the Chancellor of the Exchequer
ss (Mr.'Pitt) on the 24th of February, MY/ ;"
which, you will observe, was on the Friday before,.
the Bank having issued Gold on Saturday for the
.last tiro.. On the Thursday the run upon the
- Bank- bed been very hard ; and, the measure of
- Stoppage of eash.payments seems to have then been
looked upon as settled. With this measure in their
eye, .the Bank Directors and Mr. Pitt did what we
Sisellive recorded iu the following minute of the
Bank Directors' Proceediues, wider the date just
• mentioned, of the 24th of February, 1791. "The
" Gov.ereer and Deputy. Governor this day waited
44 on Mr. Pitt, to mention to him, that it witch!,
46 in the present circeinsrances, be highly requi.
44 site, that some rweral meeting of the bankei:s
" and chief merchants. of London should be held,
• -• 44 in order to bring on sense resolution for the sup.
• " port of the public credit in this alarming crisis ;1
44 and they took the liberty to recommend to Mr.
44 Pitt to have a private meeting of some of the_
44 chief bankers at his house to.morraze, at three
gg o'clock, in which the plan for a inure general
.6' meeting on Tuesday or Wednesday next might
64 be laid, in the propriety of which Mr. Pitt
agreeill and said he Would, summon a previous
44 mitten! for tooaporrom accordingly. This

Thomas Ev.oicc.,
ltd. Carpenter Smith.
GeorAe Griffin Stouestrcet,
James fluleock,
W :Ilium Hint
. Robert Burnett.
Gideon Fournier,
Benjamin fLolsertson,
Jounthati Stoney',
James Feild*,
Edward Layton.
•
Ordered, That the Clerk of the Peace do cause the above
to be forthwith advertised in the Morning Papers.-14 IM
IP Court, LAWSON.
$ At the Council Chamber, Whitehall, the %Soh of Fe.
bru.iry, 1 i97,—Yreivio,--irlie Lords of hi. Majesty's Most
linoouvable Privy Council.—We, whine names are hereunto
Itubscribed, being desirous to contribute, as far as we can. to
the support of the pabitc and commercial credit of this King-
&Ha at this impoetant crisis, do hereby agree end bind our-
dyes 40 receive the Notes of the Bank of Eng.lord In all pay-
ments as MimeY, and to support, as far as depends on us mill-
*thirdly, -their circulation.,
J. Caatuar, Sydney.
Loughborow:h. C. Grenville,
Eltathaas, P. Osolow aid Cranky,
. Dorset. W alslngharp,
Leeds, Kenyon,
Montrose, Mahnesbury.
R o &burgh. . Auckland,
Portland, St. Helen's.
To waisheml, Henry Addington,
COrliwalii., W. PITT,
Bute, • HF.NRY DUNDAS -
Pembroke, Cha. Townsheud, .
- Vest Moreland, C. C.
Greed*. V. C.
Chesterfield, J. C. V I I.LI ERS, •
Sandwich, James Oceanic,
Dreannund Hay Yinutsal R.. P. Anktli
• ' Macclesfield, Wm. Wrote.
SPilicer, TRONA IS ST UELE, .
Liverpool, A.. Misedonaltly
31nriungtint, 11.1:1Ouglits, •
Slower liutiontand, W. Windhoek

Thomas It-trrow,
• Francis Lawson,
John J.w'. Sherrser,
Robert Firrest,
Joha Pardon,
}Award Morris.
Vitruvius Lusies.
Samuel Marryatt,
W. D. Beat.
Arthur Omlow.

.'"11

•
, •••
• NW..

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•AI

• •The following 'is the itePoet taketi entire, from The,'
Morning Chemitcle, of the Sd Mare4.ll9i :
" Yesterday a Caen of Iltoarietors Sass held at the Bank.
..—The Governor of the B ink, after the Order in Council, Of
the With of February, was read, stated, that tit:Court of Di-
rectors had aholightit their duty to acquiesce in the Order, and
hoped that they had acted in conformity to the opinion and
wishes of the Proprieton of Bank Stock.—Mr. 11•SMAII
unwed, " that it is the opi • of this gourt, that the thanks I
of the Proprietors of think Stuck are doe to the Court of Di-
reetors, for their acquiescence in the Order in Count it, and for
their speedy communication theredt to Illis Court."—The ant-
ties was put and carried unatiiitiously.—Mr. A I.LaRDYCE risk-
ed, whether Ike application had been made from the Bank to
Govern:Sent, for the Order in Council, to prohibit them from
is-striae specie I—The Governor of the Bank replied, that so
such applwation bad been made by the Court of Directors, but
that the Bank having experienced an soexanipled drain of spe•
cie for some time past, that Court bad thought it their duty to
acquaint the Minister of the cowers with the circumstance, that
he might take what measures he 'nicht deem necessary, and at
thesanie time remove all responsibilite for stick measures front
_ the Direction. lie added, that a Secret Committee of the
House of Commons bad bees appointed to enquire into the state
of the Bank accounts. and that the Court of Directors were
fully per:raided that the result of that enquiry would be is repqrt
of the perfed solidity of the Corporation. Mr. Si nso re wish- 1
rd ta he informed. whether there was any precedent fur the
liodse of Commons appointhr,,, a Committee to enquire into ,
the affaira of the Bank? In his opinion, if a Committee was.
In be appointed, it saelit to be a Committee chosen from the
Proprietary ; but sifter the assurance which they bad trout tbe '
Directors of the solidity of the Batik capital, liesaw no two-
'MY for nay Cliepsiey at Proprietor stated, that there
was a precedent for the mishit nit theakaraals of the Howe
of Commons, in 1696.—Mr. ex too said, he had examined
into the proceedings of the Hiiuse of Commons St 1696, and
found that there was out the smallest reseitiblatice between that
and the present measure. At that time the Bank had been es-
tablished fur only two )ears, their Notes were at a discount all
ever the kingdom, and the silver coinage was called i t, circum-
stances which were totally different from (he preeeut. —Mr.
Boa & tighoe beegedleave to trouble the Court with a very few
words.. lie said than the Order in Council was to be consider-
ed entirely as ni great state measure, which was not adopted
at the instance or those Loncerntd in the direction of the Bank.
The Court of Directors, in the present state of public affairs,
bad considered it to he their duty to keep the Minister of the
Country inlprined -respecting the sittaition of the Dank. For
some time past there had been au unexampled run fir specie
upon the Bank, and this they communicated to the Chancellor
of the Exchequer, leaning his. to adopt what measures he might
think prepsr, The consequence. was the Order in Council, of
the Vliih of February, was issued. It would have been absurd
ht the Directors of the Bank to have resisted this Order, be
cause the Minister must have been supposed to hr in possession
of a great deal of information to-which they had no aeons, and
to be in the knowledge of circumstances of which they were
nut aware; besides, that there was no, knowing what might
have been the consequences had the uisumal drain for cash,
u rich they had experienced, been coutinued for any length
of tint:. They complied, th-refore. with the Order of
his Majesty's Council 4 understanding it to have been dic-
tated by nalinnal and meant to opreate only for a
short Bow. De had no iirwaiion in 1:13 in that the, alratrS
ni the laink were in 'a state of the greatest affluence and
prosperity, tied they had even a consideratile surplus, and
that be earnestly hoped ibty would tows an rentarretta
to pay their Nowt ili cash in the 114111 e manner as they had for-
merly dnne.—Mr. TMOIINTON wished it to be understood ex-
plicitly, that the Order in Conned was not issued at the
stance of the Mink. Directors I that their accnuotb stern not
teihterod to The House of Commons for exainin ttion, and that
:they uritherlisked nor wiskedfor the portnerslip and gmarattlee
fq. Crisoseament.-1 here ben% no other buoys', liefeae the
sondes, they adjerurned !apnea*. forblight,, teiteu the divi •
'ideadditeeense due."

Lirs
• 1