The Statesman.
London, England, 1810-11-10 00:00:00

after all that you have seen and felt, shall prove to
the world that your confidence is as blind as ever?
'' Have any three months, in the course of- this
64 war," said Mr. Fox, " past without the Minis.
64 ter's producing some new expedient? and have
4 nut all his expedients proved erroneous? Year
'" after year he has been amusing us with predic.
64 tiotis with respect to FrilliCe, which was now on
" the verge and now in the gulf of bankruptcy ;
66 the assignats and the mandats could not possi-
" Wy continue, he s.siil ; which was very true, hut
fie while he was thus amusing :Is, he led us to the
66 very same verge, aye, into the very same guilt."
Mr. HOB:IOUSE said, 46 that the assurances of the
66 Minister would 'lever beat down this plain die-
" tate .of the common sense, that by his conduct
66 the Bank had been•obligeS to commit an act of
" insolvency, by refusing specie for its paper] and,
66 therefore, he wished fur a full inquiry into his
" conduct." Mr. Sum DAIS, in a most admirable
speech, laid the whole matter open, completely
pos,d the motive of the proposed committee, and
,moved to Mr. Pitts motion'an amendment, in the
following*Wupls, " That the committee should lit-
" squire into the causes which produced the Order
66i„ Caudell."
In spite, however, of .thesespeeehes; in spite of
all the arguments made use of on this side, and none
of Which met with-everc an attempt at an -answer
from all one but Mr. Purr himself; in spite of all
this,. tho House decided, by a majority of 244 to
138, agatuit Mr. Settutoates amondmeut, that is to
say, against isiquiring into the cause of the alleged
necessity which induced the Peivy.Courrcil to issue
an order, 'sanctioning a refusal, on the part of the
Batik, to pay their promissory notes in gold and
silver. The nsett,'who .Mutedupon this occasion,
should he known. Wo fiord only. the mimes of the
Minority recorded. Thaseyau will 'keep in mind,
Gentlemen, and, beforei ifre have finished the sub'.
ject, we shall come at the pames.of theilstieriti;
or, at least, we can get the names of all the mein.
hers besides the minority*. Mr. Fox renewed the
subjkt, on the lit of Mitch, by a motion for the
appointment of aisepirete Committee " to inquire'
44 into the causes, whith produced the Order in
" Council of • the tatty of I4`ebruery," for the
stoppage of cash paymentS at the Bank; and he
'was left In a ri,nilar minority.
. Mere, it Is; Gentiemen; that you see the real
cause of all-the ci:latnitio4 that have !alloy upon our
:Country, and of all the dangers that.no* threaten
it, and. these- ore dangers. that will not be frowned
out of conntenance, that Will net be made trobide
their head, at the sound of the voice of men in
power; dangers that are not to be taiked.or voted
away. You have teett these clangors creep on Upon
us ,by slow degrees, but you have mma their pace
to be stead). They • have _ever atop*. They
keep 'gathering about us; and be is a very foolish
men, who espects'eny remedy, 'Jill the great cause
of time evil be remered; that is to say, until there
shall take place a radical reform of the Commons'
House of Parliament, agreeably to the principles of
fhb Euglish Constitution, which reform, to use the
words of the Kent Within, it now more than ever
necessary to the safety of both the,people and the
throne.
The motions for a full inquiry being rejected, the
Minister proceeded in his work of. getting ISE-
CRET COMMITTEE, who were to inquire.into
the affairs .of the Bank; and to -report Buie opi-
nion .rilative to the necessity of Contistuiv, by Act
of Parliament, nib refusal of coin at the Bank,
And, . now, . Geiolcsneu, I beg you to :ensue well
the manner of appointing this coniniittee. -It . was
toi.consist ofAfteeit members ; every Member of .the
House,. who was present, might -pot fifteen names
into'e bus; and, when all the mimes were taken
out, the fifteen persons, whose names app-nred of.
tenest upon the tickets put in, were the Committee.
Qf course that side which hats mgjority of tickets
to put in would choose the members fit tile Coin.
.mittee. The custom, indeed, is, upon such occa.
skins, to make out a List and send it round amongst
the members, and, of cocrse, all those, who are.
on the side °Nice Minister wilt take the ministerial
List ; so that, in fact, ultoever has a majority in
the House, chooses the Committee. U pun the
particular occasionbefure us, Mr. SHERIDAN, before
the report of who were the Committee was made to
the Ilouse, read the names of them out loud in the ;
House; and, when tho report came to 6e made, it'
appeared that his List was perfectly correct+. ln.
deed, he had got hold of one of the Ministerial
Lists, and of course he could not be in error in this
respect.
But, even a 'committee, thus formed; a Secret.
Committee chosen by the Minister's omen party;
even this Committee were, Mr. PITT said (See De.
!Wes, 28 February)," by no, means called upon to
'• pu4h their inquiries, into circumstances the.
" disclosure of which would be attended pith tear.
44 porary injury to the credit of the country, and
" with pet-maltose embarrassment to the opera.
" lions of the Bank." Mr. PITT said, that .his

• Lista the Minority, on Mr. Sberielan's Amendment, on
the 28th of Feb. 1797 :
Aubry,'Sir J. t linker, J.; Bampfylde J. C.; Barclay,
G.; Bastard, J. P. p Bainclerk, C.; Hidditiph, R.; Baker,
W,; Banbury: Sir C.; Bird. W. W. •' Burdett, Sit F.;
Botiveri, lion. h.; 'Bruden, J.; Burch, J. It.; Byng, J.;
Clarke, F. ; Coke, F.; Combe, H. C.; Courienny, J. ;
Crewe, J.; Curwen, J. C.;. Copies-, Sir L.; Diilben. Sir W.
Dashwood, Sir It. W. ; Denison, ‘V. J.; Dundas,.C. ; Fitz-
patrick, General; Fletcher, Sir H.; Folkts, Sir Ft.; Fox,
Bight Hun. C. J.; Galway, Viscount; Greene, J. • Hare, J.;
Harrison, J.; Hobhouse, BL; Hussey, W. ; Jelfery,, N. ;
Jervoise, C. J.; Keene, W. ; T.; Knight, It. P.;
Langston, J. ; Langston, W. G. ; Lemon,. Sir W.; Nicholls,
J . ; firth, 1).; N orthey. W.,; !Nene, H.; Palk, L. ; Phil-
lips, J. G ,• Plumer, W.; Pollen, G. A.; Porter. Puke-
' ney, Sir W.; Rawdon Hon. J.; Ruwdon, G.; Ridley,
Sir M.; Richtirdson, 1.; Robson, R. IL; itu-sell, Lurd J. ;
Russell,. Lord W.; St. John, St. A.; Scudamore, J.; Sheri-
dan, It. B.; Shum, G. C.; Shuckburg, Sir G.; Sinclair, Sir
J.; Smith, W.; Spencer, Lord R. ;. Stanley, Lord.; Sturt,
C. i Tarleton, General ; Taylor, C. 'W.; Tyrwnitt, T.;
Townsheitd, Lord J.; Talon. Ilan.. H. • Vase, Sir F.; Vy-
net., It.; Walwvii, J.; Walpole, Colonel; Western, C. C.;
Wilkins, W. ; W ituiitigtsm, Sir F.; Wycombe, Earl of ;
Lloyd, J. L. ; Miller, Sir W. . • . .
Charles Grey and Samuel Whitbread- •
+ List of tie Secret Consteittee.-Williatillutsey; Charles
Grey; William rigour; Thomas Pool s; 'I hoonas Grenville;
William Wilherforcil. John Blackharne; Thomas Berne
Binrospon; Cita EV* itragge ; Sir John Mitfordi(Soliritur-Ge-
nem') ; Willitim Wdlwrforce Bird; John Fate ; Isaac Haw-
kins Brow.ne ; Si' John Scott (Allurury-General); Johu Wil-
liam Anderson.
The gate first had, as will be seen by a reference to the
List, voted with Mr. Fox for a full inquiry; but all the rest
belonged to the patty of Mr. Pitt.

THE STATESMAN._


• .

TR1,t7:71

- r-Aw

principal object in appointing such a Committee
was• to have it ascertained, that the affairs of the
Bank were its a prosperous slate; that the Baal
had abundant means to answer all the sterna:4.4pm
it; and that, therefore, the holders of Bank.notei
ought to look upon them as being equally good with
-gold and silver. Now, the way, and the only way,
to produce this so-much.wished.for couvictipn was,
one would have thought, to let the Committee as-s:
certain that the quantity of Gold and Silver in the
Bank was sitilicieot for p ling off the Notes; or,
at any rate, was in a due proportion to the Notes.
But, so far from this being done, the Committee did
not make any inquiries at all relative to the quan-
tity of gold and Silver in the Bank. They mere-
ly inquired into the state of the books's( the Bank,
setting their Bank-notes on one side and their Stock
on the other side. The Bank said : We owe the
holders the amount of our Notes, but the Govern-
ment owes us still more; and oot a word was said
abJur Gold and Silver, though one would have
I thhughe, that this was the great, and, indeed, the
only, thing to make inquiry about; especially as
I Mr. PAI SE, in his pamphlet, published the year be.
I fore, had made statements, whence he had drawn a
conclusion, that the Bank, if plat to the test, " had
• sr not money to pay half a crown in the pound."
This was a charge, which, one would have thought,
it would have been the great object of the Minister
and tine Bank to do away. But, no such thing was
even att,smpted, and the two reports of the Corn.
mime*, did accordingly nut at all tend to the re•
storatiou of that sort of confidence, which would
have enabled the Batik to open its doors to the ap-
plicants fur Guineas. It was in vain that Mr. PITT
told the House, that the reports of the Secret Corn.
mittee were high)), consoling; that the affairs of the
Bank were in a most prosperous state ; • that persons
most conversant (alluding to, the Mansioti House
Resolvers) believed in the solidity of its means;
that the public had nothing to do with the internal
economy of tho Bank ; that it was.sotkient for,the
public to know, that the corporation was a rich
corporation; that the.solidity of the Bank was as.
serted in the report of the Secret Committee then on
the table; that that report Wow doubt upon the
subject ; that it was an important consolation, that
there were funds amply safficient for the ultimate
security of those who could not have their demands
satisfied for a time; and that as to what oas due
from the government to the Bank, it rested upon
the hest possible security, because it rested upon
the aggregate porrs of the country. (Sec De-
bates, 9th March, 1797.) In vain did Lord Haw kes.
bury, in answer- to Mr. Fox, deny that the term
Bankruptcy applied to the situation of the Bank
or the Government. He said, what was very true,
that the embarrassments of the Bank. were imputed
to the scarcity or want of specie. But, in vain did
he question the truth of this proposition; in vain
did he say that want of money was no proof of po.
verty ; in vain did he say that a scarcity of guineas
might arise from an increase of trade, and not from
the-excess of paper; (Debate, 9th March, 1797) in
vain did Sir J. Mitford, then Solicitor.Goneral (same
Debate), say that no man, however rich, would be
able to stand a run; that it was unfair to call the stop.
page a Bankruptcy ; that the Bank was solvent,
although at this time unable to pay in cash ; that
the refusal to pay in 'cash could not be called a
fraud. because the public knew that such an event
might happen! that the stoppage at the Bank was
like that which might he enforced by the door-keep.
crs of a iheatre, upon a false alarm of fire, in or-
der to prevent the people from rushing out all at
once, to their destruction or injury ; that if no.
thing had been dole to put a step to the run upon
the Bank, the 8a..1t must have been totally ruined;
that there were other public creditors besides the
Stock-holders, the army and the navy ; that they
were as much public creditors as the holders of
Bank.notes could be, and that they required pay.
I mint in cash inure so than any other description or
men in this country'.
In vain was all this said. Mr. GREY (now Earl
Grey), said that the evidence brought before the
Committee had not satisfied him ; and the satisfac-
tion to the public was evidently not greater ; for, if
it had been satisfactory, or it the report of the Se-
cret Committee had been satisfactory, there could
have been no occasion what,ter for continuing the
power of the Bank to refuse payment in specie.
This was told them by Mr. Fos and Mr. Sheridan,
who asked : if the Bank be in so prosperous a si.

* Ftasr Rs:Pilaf; . March S, 1797.—The Coininittee ap •
pointed to examitir and state the total :tomato of the outstand-
tug demands 'on the Hank of England, and likewise of the'
Fuud for discharging toe satin • mud to report the result there-
of to the House, together n lit; their uptown nu the necessity,
of providing Nettie coyarmation and emitinuance, for a time'
to be limited., of measures taken in pursuance of the minute of
Council oil the 2Gtn of February lust; and who are empowered
to report their proceedings from time to time to the House;
have, pursuant to thC order of the House, prticeeded to exa-
mine into' the several matters referred to their consideration,
and have Unanimously agreed upon the following report, viz.
—Your Committee have examined the total amount of out-
stauding demands on the Bank.of England, nod liken ise of the
Funds for discharging the same; and think it their duty, with-
out lass of time, to state 'Wows total amounts, and to report
the result thereof to the House. Your Committee find loom
such examouttion, taut the total amount of outstanding de-
mands on the Hark, on, the 25113 day of February last (to
which day the accounts- could be completely made up), was
15,770,590 h ; and that the total amount of the Funds for dis-
charging those demands (not ineluditc.t. the permanent debt due
from Government of 11,6446,fi0ui. %Welt hears an lowest of
threeyer rent.) was on the same 25th day of February last,
17,5942801. ; and that the result is, that there nits, on the
25th day of Vehruorylast, a turples of effects belon4ing to the
Bank beyond the amount of tiara...debts. amounting to the
sum of $,826,8901. (genitive of the itbove mentioned fkrtna•
neat debt of 11,ti$6,800i. due from Government. And your
Committee farther represent, that since the 25th of February
last, considerable isiues have hero math, by the Bonk in Bank-
notes, both upon Government securities and in discountiog hills,
the particulars of which retold not immediately tie made up;
but as those issues appear to our Committee to have hew
made upon correspondent securities, taken with tile ikin3l care
and attention, the actual baliutee‘p favour of thi: Batik did nut
appear to your Comtnittee to have been thereby diminished.
Set:lino Rirowr, Tuesday, 7th March.—Mr. Brampston
brought up the fittlio wing Report :
The Committee appointed to examine and state the total
;lumina of most:indite. demand+ OU the Batik of Englaittl, :out
li.eniseof the Funds fur ihclutrgiug the same ; aunt to report
the result thereof to the noose, together with their opinion on
the necessity or providing or the confirmation anti continuance
fur a time to lie tituitrd,of measures taken in pursuance of Use
Minute of Council on tine 26th of February last ; and who
were einpowered to repott their proceedings from time to lime
to the House, have fartitir examined into .the several matters
referred to their consillta•at ion ; and have agreed to report fn
the Mouse;—That, it, their pp Mon, it is necessary to provide
fur !Ste evolirination,aud continuance. finr a time to be limited, of
the measures lakin in pursuance 41 the Order of Council on
the '2l7th of t'sb)unry lost : saboititmg to the wisdom of Par-
, liument to gieteritinto for What limited time it may be Decctsury,
that thu.e measures t hould be et/m.lolla.