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Article HOUSE OF COMMONS. ← Page 5 of 5
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House Of Commons.
The Hon . Member then called out , ' Is there no Genlleman'from Herefordshire that will second my motion . —Which not being done , it fell of course to the ground . Mr . Pitt brought up a Message from the King , acquainting the House that the Privy Council had recommended it to-the Bank to issue no more cash , till the ... opinion of Parliament could be taken . ( See tbe Lords report . ) The Message being read , the Chancellor of the Exchequer said , that though be meant merely to move , ¦ That his Majesty's Message be taken into consideration
to-morrow , ' he thought it neccessary to inform the House that it would be proper to appoint a Select Committee , to inquire into the affairs of the Bank . From this he apprehended no danger , being perfectly convinced of the solidity and permanency of" its security . At the same time , to guard against an extension of thc extraordinary demands made upon it , he intended to propose the rendering of Bank Notes legal tenders , in particular cases hereafter to be explained . Mr . Fox thought he should be remiss in his duty if he did not state generally to the House his ideas upon the present important subject . As far as the Minister ' s
statement went , the measure he proposed might be proper : it remained to be known how far he meant to make Bank Notes legal tenders . If without limitation , he doubted not but the measure would be ruinous and mischievous . As to a Select ' Committee , he thought it should not only examine the affairs of the Bank , but enquire whether it is not the misconduct of Government , and the consequent der plorable state of our finances , that have brought on pur present necessities . Mr . Alderman Combe asked if Bank Notes were to be good and legal payment from Government to individuals . Mr . Pitt was not prepared to give a precise answer to the question . Mr . Sheridan was surprised that the consideration of such important papers as the King ' s Message , and the Order of Council , should be put off for a single dav .
The stoppage at the Bank , he said , was entirely an expedient of the Minister ' s , and alarming enough to demand immediate attention ; nor would the necessity for it have occurcd if the Bank ha-l not been so long identified with the Government . The cause of our present alarming situation wanted no explanation . We all knew that the ship had sprung a most dangerous Ifak ; but it remained to be determined what was to be done with the pilot . One remedy he thought highly necessary , and that ivas , to prevent farther drains of cash to the Emperor , till the sense of Parliament could be taken . To trust a Minister who had so grossly abused confidence would
be absurd ; and to send more specie out of the country in such dreadful circumstances , would be an insult to common sense . We were arrived at the verge of bankruptcy , to which we have been so long endeavouring to drive the French , and it would be well if we did not fall into the gulph . Mr . Sheridan concluded by handing the following motion to the chair . ' That no farther exportation of specie or coin to the Emperor , or any other foreign Prince , shall take place until the sense of Parliament , upon a full review of the present exigencies-shall be ascertained . '
,. . Mr . Nicholls seconded the motion , and among several severe remarks upon the Minister , said , that bis refusal to answer the questions of Alderman Combe was an act of atrocious arrogance . Mr .-Pitt said he did think himself at liberty to discuss what thc Hon . mover called the illegal measures of sending money to the Emperor ; but he should say , that to decline exercising the discretion with which his Majesty ' s servants had been intrusted , might involve in it very serious consequences , even to the safety of Great Britain .
The II ° n- Gentleman had inferred that the specie was only retained in the Bank , because it might be wanted for the use of the Emperor ; but did he not know that there were domestic monthly payments , which must necessarily be made in cash ? After several other remaks , Mr . Pitt moved the Order of thc Day , ftp BE nECVlAItlY CONTlXUlil .. ]
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
House Of Commons.
The Hon . Member then called out , ' Is there no Genlleman'from Herefordshire that will second my motion . —Which not being done , it fell of course to the ground . Mr . Pitt brought up a Message from the King , acquainting the House that the Privy Council had recommended it to-the Bank to issue no more cash , till the ... opinion of Parliament could be taken . ( See tbe Lords report . ) The Message being read , the Chancellor of the Exchequer said , that though be meant merely to move , ¦ That his Majesty's Message be taken into consideration
to-morrow , ' he thought it neccessary to inform the House that it would be proper to appoint a Select Committee , to inquire into the affairs of the Bank . From this he apprehended no danger , being perfectly convinced of the solidity and permanency of" its security . At the same time , to guard against an extension of thc extraordinary demands made upon it , he intended to propose the rendering of Bank Notes legal tenders , in particular cases hereafter to be explained . Mr . Fox thought he should be remiss in his duty if he did not state generally to the House his ideas upon the present important subject . As far as the Minister ' s
statement went , the measure he proposed might be proper : it remained to be known how far he meant to make Bank Notes legal tenders . If without limitation , he doubted not but the measure would be ruinous and mischievous . As to a Select ' Committee , he thought it should not only examine the affairs of the Bank , but enquire whether it is not the misconduct of Government , and the consequent der plorable state of our finances , that have brought on pur present necessities . Mr . Alderman Combe asked if Bank Notes were to be good and legal payment from Government to individuals . Mr . Pitt was not prepared to give a precise answer to the question . Mr . Sheridan was surprised that the consideration of such important papers as the King ' s Message , and the Order of Council , should be put off for a single dav .
The stoppage at the Bank , he said , was entirely an expedient of the Minister ' s , and alarming enough to demand immediate attention ; nor would the necessity for it have occurcd if the Bank ha-l not been so long identified with the Government . The cause of our present alarming situation wanted no explanation . We all knew that the ship had sprung a most dangerous Ifak ; but it remained to be determined what was to be done with the pilot . One remedy he thought highly necessary , and that ivas , to prevent farther drains of cash to the Emperor , till the sense of Parliament could be taken . To trust a Minister who had so grossly abused confidence would
be absurd ; and to send more specie out of the country in such dreadful circumstances , would be an insult to common sense . We were arrived at the verge of bankruptcy , to which we have been so long endeavouring to drive the French , and it would be well if we did not fall into the gulph . Mr . Sheridan concluded by handing the following motion to the chair . ' That no farther exportation of specie or coin to the Emperor , or any other foreign Prince , shall take place until the sense of Parliament , upon a full review of the present exigencies-shall be ascertained . '
,. . Mr . Nicholls seconded the motion , and among several severe remarks upon the Minister , said , that bis refusal to answer the questions of Alderman Combe was an act of atrocious arrogance . Mr .-Pitt said he did think himself at liberty to discuss what thc Hon . mover called the illegal measures of sending money to the Emperor ; but he should say , that to decline exercising the discretion with which his Majesty ' s servants had been intrusted , might involve in it very serious consequences , even to the safety of Great Britain .
The II ° n- Gentleman had inferred that the specie was only retained in the Bank , because it might be wanted for the use of the Emperor ; but did he not know that there were domestic monthly payments , which must necessarily be made in cash ? After several other remaks , Mr . Pitt moved the Order of thc Day , ftp BE nECVlAItlY CONTlXUlil .. ]