His Grace fat down, having moved the first of the following Refolutions: ' 1. That it appears to this Houfe that fubfequent to the month of June, 1795, and during the year 1796, a great diminution C was experienced in the Specie of the Bank of England. 2. That the Governor and Deputy Governor of the Bank, did, at various times, represent to the Chancellor of the Ex< chequer, the danger to the Bank from the diminution of its Specie, particularly at the following periods: 11th, Dec. 1794. Oct. Ditto < 11th, 8th, 10th, 21ft, Do. Do. Feb. 1797. 3. < That it appears that during these periods the Directors of the Bank frequently remonftrated with the Chancellor of the Exchequer, on the magnitude of their advances to Government, anxioufly requiring payment, or a confiderable reduction of the fame; but, that nevertheless, the Chancellor of the Exchequer, not only neglected to comply with the object of those remon ftrances, but ufually under pretence of the neceffity of the public fervice, renewed his demands for further aid; and that under the exigency of the cafe, as stated to them by the Chancellor of the Exchequer, the Directors of the Bank were from time to time, induced to confent to further accommodation. 4. That it appears that the Chancellor of the Exchequer frequently folicited fuch further accommodation, in the most anxious and preffing terms; declaring that it was impoffible to avoid the moft ferious embarraffment to the public fervice, ' unless the Directors of the Bank afforded the affiftance he required. 5. That it appears, that although by these means the Directors of the Bank were induced to comply with his demands, they generally expreffed their reluctance in ftrong language; and that they at laft, that is to fay, on the 28th of July, 1796, thought it neceffary, for their own juftification, to request the Chancellor of the Exchequer to lay before his Majefty's Cabinet their most ferious and folemn remonftrance, in which they declare that," fenfible of the alarming and dangerous state of public credit, nothing could induce them to comply with the "demand "demand then made upon them, but the dread that their refusal "might be productive of a greater evil." 6. That it appears, that during the above period, a confide'rable portion of the Bank advances was occafioned by pay'ments of Bills of Exchange drawn on the Treasury from ' abroad. 7. That it appears, that it had feldom been the custom of 'the Bank of England to advance on the account of fuch Bills, ⚫ more than from 20,000l. to 30,000l. and that even during the < American war fuch Bills never exceeded at any one time the • fum of 150,000l. The wifdom of our ancestors having forefeen and provided against the mischief of fimilar advances, by a Claufe in an Act palled in the 5th year of William and Mary; by which the Governor and Company of the Bank of England 'were reftrained from advancing any fums of money, other than ' on fuch Funds on which a credit is granted by Parliament. 8. That it appears, that from and after the year 1793, at 'which time an Act of Parliament paffed, containing a Claufe by which the Directors of the Bank are indemnified for the advances they had made out of the Bills drawn from abroad, and exempted in future from the penalties of the faid A&t of William and Mary, refpecting fuch advances to Government, "the amount of Treasury Bills paid at the Bank continued pro'greffively to increase, and that between the 1ft of January, 1795, and the 25th of February, 1797, fums to the amount of upwards of 15,000,000l. were at different periods advanced 'to Government upon this head. 9. That it appears, that the Directors of the Bank did, at various times, during the years 1795, 1796, and 1797, apply 'to the Chancellor of the Exchequer for repayment of fuch advances, and reprefented to him the ruinous confequences to 'themselves and to the public, of continuing the fyftem of making Treasury Bills payable at the Bank; and they even declared 'they conceived it to be " an unconftitutional mode of raising money, and what they were not warranted by their charter to "confent to." 10. That it appears, that the Chancellor of the Exchequer did, at various times, in that period, undertake to reduce the advances on that head within the fum of 500,000l. and likewife fo to arrange his payments as to put an end to the account; but that, nevertheless, the faid promifes never were kept by ⚫ him, and that the advances on Treafury Bills, on the 28th of February, 1797, amounted to 1,619,0491. That it appears to this Houfe, that foreign remittances "to a much larger amount than ever were known in the most ex < penfive penfive wars in which this country has been involved, have taken place fince the year 1793. 12. That the extent of fuch remittances, occafioned at so early a period as the end of the year 1794, and the beginning of the year 1795, great alarm in the minds of the Directors, which they at various periods communicated to the Chancellor of the Exchequer; and that on the 3d of December, 1795, the Court of Directors, under the apprehenfion that it was in• tended to grant a further Loan to the Emperor, came to a Refolution by which they declared it their unanimous opinion, < that fhould fuch a Loan take place, it would be most fatal in its confequences to the Bank of England. That they communicated fuch Refolution to the Chancellor of the Exchequer, who affured them he should lay afide all thoughts of it, unless the fituation of things relative to the Bank fhould fo alter as to render fuch a Loan of no importance or inconvenience to ⚫ them. 13. That on the 5th of February, 1796, the Chancellor of the Exchequer, after ftating, in converfation with the Governor and Deputation from the Bank of England, his opinion of the neceffity of further affifting the Emperor, promifed to take no ftep in that bufinefs without previously communicating to them his intention. 14. That on the 11th of February, 1796, the Directors of the Bank paffed unanimoufly the following Refolutions: "Refolved, That it is the opinion of this Court, founded upon "the experience of the effects of the late Imperial Loan, that, if other Loan or advance of money to the Emperor, or to "any other foreign State, fhould, in the prefent ftate of affairs, "take place, it will in all probability prove fatal to the Bank "of England. "The Court of Directors, therefore, do moft earnestly de"precate the adoption of any fuch measure, and they folemnly "proteft against any refponfibility for the calamitous conie"quences that may follow thereupon." To which Refolution, when communicated to him, the Chancellor of the Exchequer returned for anfwer, "That, "after the repeated intimations which he had given to the Go"vernor, &c. of the Bank, that no further Loan to the Empe"ror would be refolved on without previous communication "with the Bank, he did not fee any reafon for these Resolutions; "that he did fuppofe they were adopted in a moment of alarm, "and that he should confider them in that light." 15. That, both from the general tenor of the faid anfwer and from its particular reference to the fubftance and matter of the Refolutions then communicated to him, he gave the Governor Governor, &c. of the Bank to understand that he was bound 'by promife to them to negotiate no Loan for the fervice of his 'Imperial Majefty, nor to make any remittance either to his 'faid Imperial Majefty or any foreign prince, under any pretence whatfoever, without previoully communicating fuch his intention to the Bank of England; that the Directors fo un'derftood him, and that, imprefied with that belief, they 'abitained from making any further remonftrance on this 'fubject. 16. That nevertheless the Chancellor of the Exchequer for 'fome time prior to February 11, 1796, clandeftinely remitted, and did for feveral months fubfequent, clandeftinely remit his faid Imperial Majefty, and other foreign princes, large fums ' of money, in defiance of his repeated promifes, and in viola'tion of his folemn engagement with the Bank of England, and confequent upon their Refolution of the 11th February. 17. That it appears that if the faid advances of the Bank to 'Government had been paid off when required, or confiderably reduced, the Bank would have been enabled to reduce, if expedient, the amount of its outstanding notes; and that 'fuch option would have been of effential fervice to its interests. 18. That it appears from the evidence of the Governor and Deputy Governor of the Bank, that if the faid advances had been paid off when required, or confiderably reduced, 'the Bank would have been enabled to give more extended aid 'to the mercantile intereft of Great Britain in the way of ' discount. 19. That it appears that if the advances on Treasury Bills had been paid off when required, and as the Chancellor of 'the Exchequer had promifed, and the foreign remittances abstained from, as the Chancellor of the Exchequer had like'wife promifed, there would have exifted no neceffity for fufpending the due and ordinary courfe of the Bank payments ' in cafh. 20. That it appears to this House, upon an attentive exami'nation of the evidence reported by the Secret Committee, upon ' a minute perufal of the correfpondence between the Governor ' and Directors of the Bank of England and the Chancellor of the Exchequer, during the years 1795, 1796, and 1797; and ' after a thorough review of the whole circumftances of the cafe, 'that the neglect of the Chancellor of the Exchequer in dif 'charging or fufficiently diminishing the amount of the fums advanced to Government by the Bank of England, his persever'ance in directing Treafury Bills of Exchange, to an amount un'exampled, to be paid at the Bank, his frequent promifes and 'conftant breach of those promites to reduce their amount within No. 36. 8 H "the the fum of 500,000l. and the enormous amount of his remittances to foreign princes in Loans and Subfidies, were the principal and leading caufes which produced the neceffity for the "Order of Council on the 26th of February laft.' The Earl of Liverpool agreed, he faid, with the Noble Duke, in the complex nature of the subject; the difficulty of forming a proper view of it; and the great room it allowed for erroneous conclufions. For his part, he had to oppofe a fimple, but true and well-founded statement, to thefe propofitions of the Noble Duke, which required that flow of fplendid eloquence, that fpecious line of argument, he had juft exhibited to set them off, and to imprefs them on the attention of their Lordships. A Committee had been appointed by their Lordships to inquire into the causes that induced the Order of Council; that Committee had proceeded agreeable to their powers; and he would afk their Lordships whether there could be any fairer way or mode of bringing the fubject more fully before the Houfe, and to enable it to judge of the truth of its report, than by submitting to their Lordships infpection at the fame time all the documents and all the evidence upon which they had founded it? With refpect to the conduct of the Committee, he would aver, that none could be more fair or candid. No witneffes which any member of it propofed were refused to be examined. What queftions were objected to, or what accounts withheld? He defied the Noble Duke to point out any. It was not poffible that any inquiry could be conducted with more candour. There was one of the Noble Duke's conclufions he wifhed more particularly to obferve upon, namely, that which attached blame to the conduct of the Chancellor of the Exchequer. With refpect to that Minifter, he was examined upon oath before the Committee, and examined in the fame manner as any of the other witneffes. He would leave their Lordships to reflect a little upon this circumftance:---A man, the fubject of accusation, who was obliged to give evidence before those who accufed him; he believed there hardly exifted, in the records of the magiftracy of our country, an inftance entirely fimilar. He then adverted to the circumftances of the paper, the fummary which had fo large a fhare of the Noble Duke's reprehenfion. He thought it entirely correfponded with its title, and was, as far as it went, an accurate and modest statement of what it profeffed to defcribe. His Lordship obferved, that the diminution of Bank Notes, according to the Noble Duke's pofition, would increase the quantity of fpecie, was abfurd; that it might decrease the demand for them was the only view in which the obfervation was intelligible. But to come more immediately to the fubject in difcuffion, |