up by Mr. Pitt; it detailed the information given by different gentlemen who attended the committee for that purpose; all agreeing that fome speedy means fhould be devised to fupport the general commercial credit of the country, by public aid. It stated, that it would be neceffary, for that purpose, to iffue exchequer bills for five millions, at twopence halfpenny per cent per day, &c.

On the following day, in a committee of the whole Houfe upon the report, Mr. Pitt faid, that he fhould not enter into any argument at prefent, but referring to the report on the table, moved, that his majefty fhould be enabled to direct that exchequer bills, to the amount of five millions, be iffued to commiffioners, to be by them laid out under certain regulations and reftrictions, for the affiftance and accommodation of fuch perfons as may apply for it, and who fhall give to fuch commiffioners proper fecurity for the fums that may be advanced, for a time to be limited.

The following is an extract from the report:

"The chancellor of the exchequer laid before the committee a paper which had been delivered to him on the 23d inftant, by the lord mayor and Mr. Bofanquet; which is inferted in the appendix to this report. He also stated to the committee, the circumstances which had led to this paper being drawn up: that he had received reprefentations from many different quarters, which induced him to believe, that the failures which had taken place had begun by a run on those houses who had iffued circulating paper, without being poffeffed of fufficient capital; but that the confequences had

foon extended themselves so far as to effect many houfes of great folidity, and poffeffed of funds ultimately much more than sufficient to answer all demands upon them, but which had not the means converting thofe funds into money, or negotiable securities, in time to meet the preffure of the moment: that the fudden difcredit of a confiderable quantity of paper, which had been issued by different banks, in itfelf produced a deficiency of the circulating medium, which in the ordinary courfe of things could not be immediately replaced; and that this deficiency occafioned material inconvenience in mercantile tranfactions: that in addition to this immediate effect, these circumftances alfo were represented to have induced bankers and others to keep in their hands a greater quan tity of money than they thought neceffary in the ufual train of bufinefs, and that large fums were thus kept out of circulation, and great difficulty arofe in procuring the ufual advances on bills of exchange, particularly thofe of a long date: that many perfons were faid to be poffeiled of large ftocks of goods, which they could not at prefent difpofe of, and on the credit of which they could not raise money : that this occafioned an interruption of the ufual orders to manufacturers, which circumftance, toge ther with the interruption of the means by which they were enabled to make their weekly payments, tended to prevent the employment of a number of perfons engaged in different manufactures: that these evils were reprefented as likely rapidly to increafe to a very ferious extent, if fome extraordinary means were not adopted to reitore credit

K 3

and

:

and circulation that in confequence of these representations, he had defired a meeting of different gentlemen, in order to obtain the beft information in his power, refpecting the extent of the evil, and the poflibility and propriety of any measure to remedy it: that after much difcuffion, all the gentlemen prefent feemed to agree in a very ftrong opinion of the extent of the evil, though many objections at first occurred to any plan for remedying it that in the refult, it was agreed to defire the gentlemen, whofe names were mentioned in the paper now delivered, to meet the next day at the Manfion Houfe, to confider more particularly the propofal for the iffue of exchequer bills, to a certain amount, to be advanced under proper regulations, for the accommodation of fuch perfons as might apply for the fame, and likewife the objections to which fuch a propofal might be liable; and that the paper which he had laid before the committee, contained the opinion of the fecond meeting."

"The chancellor of the exchequer alfo gave an account to the committee of an application that had come within his knowledge, for the accommodation and fupport of an Houfe connected with a very important manufacturing diftrict. That the fum wanted for the fupport and accommodation of this House was comparatively fmall, and the fecurity propofed, as he had understood from very good authority, was admitted to be unquestionable; but that the application had hitherto been ineffectual."

"The lord mayor informed your committee, that, in conformity to the statement mentioned by the

chancellor of the exchequer, eleven gentlemen met at the Manfion Houfe on the 23d, felected principally from that part of the preceding meeting, who had expreffed the greatest difficulties in finding out a remedy; and, after a long difcuffion upon the fubject, they unanimoufly were of opinion, that the interpofition of parliament was neceffary; and that an iffue of exchequer bills, under certain regulations and ftipulations, was the best practicable remedy.

"The committee alfo received information from Mr. Thornton, Mr. Alderman Anderson, and Mr. Chifwell, members of this committee, with respect to inftances which had failen under their perfonal obfervation, to the following effect;

"Mr.Thornton reprefented, that he was at this time acquainted with the fituation of five or fix mercantile houfes, who were in the poffeffion of large quantities of goods, the produce of which would give them effectual relief; but that owing to the ftagnation of trade, and the impoflibility of converting thefe goods into money, the houfes in queftion were under very great apprehenfion of being shortly obliged to ftop-payment.

"He informed the committee, that he was lately appointed a truftee for liquidating the concerns of a houfe in London, with extenfive connections in the country, that had been obliged to fufpend its payments. That after the intervention of about three weeks, it had been enabled to pay its acceptances, and within twelve months would difcharge all its debts; and that the partners had a reasonable expectation of retaining a furplus of 100,cool. And if they had had the opportunity

opportunity of raifing only a moderate fur of money on the fecurities which they held, the calamity that befel them and their connections might have been averted.

"Mr. Alderman Anderfon informed your committee, that it had fallen under his own personal knowledge, that feven mercantile houfes, of known and undoubted property, and with a large quantity of goods on hand, now not faleable, are brought to very great diftress from the scarcity of money, and will not be able to make good their payments, if not affifted; which would prove of very ferious confequence to many other merchants and manufacturers, to whom they ftand' indebted.

"Mr. Chifwell stated, that the prefent mercantile diftrefs arofe from an alarming ftagnation of credit, which, on his knowledge, had reduced eight houses of known and large property to ftop their payments. That he alfo knew others of the fame defcription, who have had temporary affiftance from him and others, but which will be ineffectual, if they are not farther relieved in a fhort time. He alfo stated, that various applications had been made to him from different houfes of undoubted and very confiderable capitals, which, in ordinary times, or even in times of preffure, he would have affifted; and that he is now only withheld by the uncertainty to what extent the mischief may increase from the prefent unexampled general alarm and want of credit. He alfo farther ftated, that if thofe houfes were not affifted, the confequence would be, the immediate failure of many others of good credit and fortune dependent on them.

"The committee understanding that Mr. Gilbert Innes, a director of the royal bank of Scotland, was at prefent in London, defired his attendance, and received information from him to the following effect.

"That as a director of the royal bank of Scotland, he has had many occafions to judge of the prefent ftate of commercial credit in Scotland.

"That the country is in very great diftrefs, and the two chartered banks will not be able much longer, with prudence to themfelves, to furnish the accommodation and fupport neceffary to different mercantile and manufacturing houses, nor to the country banks; and if fomething is not immediately done by government, a very general failure may be expected; and that many houfes with undoubted effects, and who would ultimately pay all demands against them, will be involved, unless they can obtain a temporary relief.

"There have been feveral failures, and a very confiderable one lately, which is connected with manufacturers, who may ultimately be involved, and where feven or eight hundred perfons are now employed.

66

The effect of thefe failures, in his opinion, muft occafion many manufacturers to be thrown out of employment, and he has heard that fome were already difiniffed; and fuch is the preffure of the times, that the diftrefs, if not ruin, of feveral principal manufacturing houses, may enfue. Many manufacturers would have been difmiffed, but for the liberal fupport their employers have received from the royal bank; but that affiftK 4

ance

ance cannot with prudence be continued without extraordinary aid.

"This profpect of diftrefs to the manufacturers, in his opinion, arifes, not fo much from a failure of the ufual markets for the goods, as from the difficulty in difcounting in London and in Scotland the long dated bills received for those goods.

Great quantities of manufactured goods belonging to manufacturers in Scotland are now in London, for which, when fold, bills are granted for a fmall part at three months, and the remainder from fix to fourteen months, the greateft part of which goods have been formerly fold for long-dated bills, but are not fo now from the difficulty of obtaining discounts; and he has heard manufacturers fay, they were willing to fell their goods with a confiderable lofs to obtain relief, by fales, for ready money.

"Manufacturers frequently borrow money for the purposes of their trade, on perfonal bonds; but great part of that money has been called for at Whitsunday next (15th May) and from the state of credit in Scotland, he has reafon to think the manufacturers will not be able to anfwer thefe demands, by borrowing on the former fecurities.

"The manufacturers keep as little stock in their warehouses as they can, and as fashion varies, he should think the mercantile intereft would be more benefited by depofiting the raw materials on pledge, than the manufacturer, who however might indirectly be benefited by the ad

or other unquestionable private fecurity, would, when properly underftood, be a material relief in the prefent diftrefs of Scotland; and he has no doubt but feveral perfons might be found to concur in giving a joint fecurity for the fupport of co-partnerships, with perfect fafety to the public.

"He believes the quantity of paper circulated by the country banks has of late been confiderably diminished, and their discounts on bills of exchange greatly fo, fince thefe troubles began. With regard to the royal bank, the circulation is nearly the fame and the affiftance given to the country greatly fuperior to what it has afforded at any former period.

"In addition to these statements, your committee, when they were on the point of concluding their report, had the opportunity of receiving farther information from Mr. Macdowall, a member of this Houfe, who ftated, that he is reprefentative in parliament, for the city of Glasgow, from whence he had this morning returned, and that he had there found all the commercial houfes and manufacturers in the greateft diftrefs, from the late stagnation of commercial credit, and total want of private confidence.

"The prefent diftress does not appear to him to arise from a want of property or funds, but from the ftop which has been lately put to difcounting bills at any of the Glafgow, Paifley, or Greenock banks; who have not for fome time patt difcounted to any extent, from their notes being poured in upon them for gold, and from the alarm which' the prefent fituation of credit in London has occafioned.

"The

"The manufacturers have plenty of goods on hand in London and in Glasgow, which they cannot fell but at fo reduced a price, as renders it perfectly abfurd for them to think of difpofing of their goods, in order to obtain immediate relief. The manufacturers, and those who have cotton mills, have begun to discharge the workmen employed by them during the laft fortnight; and by a letter received from the lord provoft of Glafgow, by him this morning, he learns that the manufacturers have difcharged a very great number of workmen. There are employed in Glasgow, Paisley, and their dependencies, in different parts of Scotland, about 160,000 men, women, and children. Any relief to be adminiftered, muft be given immediately to render it effectual."

On Friday the 3d of May, Mr. Pitt moved the order of the day, for the House to refolve itself into a committee of the whole House, on the bill to direct the iffue of exchequer bills for five millions, to aid the commercial credit of this country. Much difcuffion accordingly took place on the various provifions of the bill, after which the committee paffed through the whole of it.

The commiflioners, under whofe direction the whole plan was ordered to be carried on, were lord Sheffield, Sir Grey Cooper, bart. Mr. Poulteney, Mr. Chifwell, Sir John Sinclair, bart. Mr. Alderman Anderfon, Mr. R. Smith, Mr. Bofanquet, Mr. T. Boddington, Mr. Manning, Mr. Whitmore, Mr. Baring, Mr. Hartley, Mr. Raikes, Mr. Forfter, Mr. Darrel, Mr. C. Grant, Mr. G. Innes, Mr. Harman, and Mr. Brogden.

The places where the goods were

to be depofited, as a security under this bill, for the aid to be given, were London, Bristol, Hull, Liver pool, Glasgow, and Leith.

On the fixth of May the bill paffed the Commons; and on the eighth, it paffed the House of Lords without a division, and received the royal affent by commiffion.

Mr. Sheridan having, on the 18th of April, moved for a copy of the memorial, dated the 5th of April, and prefented to the ftatesgeneral by the British and Imperial minifters, he rofe on Thursday, the 25th inftant, to make a motion on the fubject.

After fome general obfervations on the war, he came to the immediate object of his attention, lord Auckland, his majesty's minifter at the Hague; when he declared his difapprobation of every memorial to which that noble lord had subscrib ed his name, from the firft difturbauces in France, to that on which his intended motion would be founded. With regard to the particular paper of the 5th of April, he objected to it not only on account of its indecency, but also, as it dif clofed new principles for carrying on the war. It stated, "that fome of the deteftable regicides, (meaning thofe men who were concerned in the death of the king of France) were now in fuch a fituation, that they may be subjected to the sword of the law." The war was declared on the 21st of January, and there the matter refted till the 5th of April, when, by the treachery of Dumourier, the commiffioners fent by the convention to the army commanded by him, had been taken into cuftody. It was then only neceflary to fay, that thefe regicides

fhould