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Article HOUSE OF COMMONS. ← Page 2 of 5 →
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House Of Commons.
Mr . Dundas said , that the Motion went to infer that the distress nf this country originated in the remittances made to the Emperor . These remittances had , in hi * opinion , an effect directly ihe reverse . ^ ^ Mr . Sheridan said , that he should disdain to argue any farther a question which Ministers had affected not to understand , especially after the curious position of the last speaker . The House then divided on Mr . Pitt ' s Motion for the order of the day Ayes 240—Noes 77—Majority 163 .
Tuesday , 28 . The order of the day being read for taking his Majesty's Message into consideration , it was read as follows : ' His Majesty thinks it proper to communicate to the House of Commons , without delay , the measure adopted to obviate the effects which might be occasioned by the unusual demand of specie lately made , from different parts of the country , on the metropolis . ' The peculiar nature and exigency of the case appeared to require , in the first instancethe measure contained in the Order of Councilwhich his Majesty has
, , directed to be laid before Ihe House . In recommending this important subject to the immediate and serious attention of the House of Commons , his Majesty relies , with the utmost confidence , on the experienced wisdom and firmness of his Parliament , for taking such measures as may be best calculated to meet any temporary pressure ; and to call forth , in the moat effectual manner , the extensive resources of his kingdoms , in support of their public and commercial credit , and in defence of their dearest interests . ' After moving an Addresswhichas usualwas an echo of the Messageand
, , , , which was carried mm . con . Mr . Pitt called the attention of the House to the oppointment of a Committee to examine into the affairs of the Bank . Though there was no doubt of its security , Parliament would not fail to give it the additional weight of public faith . The examination would lie in a very , narrow compass , and should not , he thought , go into great particularity , or discover the exact nature
of their properly , or the actual amount of their cash . Such an enquiry as he proposed , could only be pursued by a Secret Committee , which , if satisfied of the propriety of the late measure , would report accordingly to the House . Mr . Pitt then moved , ' That a Committee be appointed to examine into the outstanding demands upon the Bank , and the funds for discharging the same ; and that the said Committee do report the result of their examination to the House , with their opinion upon the propriety of the measure adopted , in consequence of thc vote of Privy
Council . ' Mr . Fox said , that his reflections , since the receipt of the Message , had not enabled him to think more sanguinely of the tremendous measure now offered to the consideration of the Committee ; a measure by which public credit was not only impaired , but its foundations for a time destroyed . Even if credit should recover from the blow , every man for centuries to come would lament that it ivas in the King's power to order a stoppage of payments at the Bank . Though the Minister had more cause to feel for the mischief than himselfhe felt nervous
, , when about to state the entire sense of the Proclamation ; it declared nothingless than that the circumstances of the nation were such ,, that recourse is had to the great repository of cash , the money issued for other purposes is seized , and tbe public creditor defrauded . After shewing that a depreciation of paper must effect a proportionate deduction from the property of the Stockholder , and that there could exist no greater right to make the deduction than to confiscate the whole , Mr . Fox said , that in all other disastrous periods Ministers had been able to say to Parliamentand Parliament to the Nationthat whatever had been lostcredit was
, , , sate . He then ' adverted to the delicacy that was remommended in the purposed enquiry , and asked if there could be a point of greater delicacy , than to seize the money of the public . The Committee ought lo know as much as the Chancellor of the Exchequer ; and he wished thc Iloiue not to imitate the Lords of Council : but to know Ihe grounds the Minister acted upon before they absolved him . Was this a time for confidence ? And who was the Minister that demanded it ?
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
House Of Commons.
Mr . Dundas said , that the Motion went to infer that the distress nf this country originated in the remittances made to the Emperor . These remittances had , in hi * opinion , an effect directly ihe reverse . ^ ^ Mr . Sheridan said , that he should disdain to argue any farther a question which Ministers had affected not to understand , especially after the curious position of the last speaker . The House then divided on Mr . Pitt ' s Motion for the order of the day Ayes 240—Noes 77—Majority 163 .
Tuesday , 28 . The order of the day being read for taking his Majesty's Message into consideration , it was read as follows : ' His Majesty thinks it proper to communicate to the House of Commons , without delay , the measure adopted to obviate the effects which might be occasioned by the unusual demand of specie lately made , from different parts of the country , on the metropolis . ' The peculiar nature and exigency of the case appeared to require , in the first instancethe measure contained in the Order of Councilwhich his Majesty has
, , directed to be laid before Ihe House . In recommending this important subject to the immediate and serious attention of the House of Commons , his Majesty relies , with the utmost confidence , on the experienced wisdom and firmness of his Parliament , for taking such measures as may be best calculated to meet any temporary pressure ; and to call forth , in the moat effectual manner , the extensive resources of his kingdoms , in support of their public and commercial credit , and in defence of their dearest interests . ' After moving an Addresswhichas usualwas an echo of the Messageand
, , , , which was carried mm . con . Mr . Pitt called the attention of the House to the oppointment of a Committee to examine into the affairs of the Bank . Though there was no doubt of its security , Parliament would not fail to give it the additional weight of public faith . The examination would lie in a very , narrow compass , and should not , he thought , go into great particularity , or discover the exact nature
of their properly , or the actual amount of their cash . Such an enquiry as he proposed , could only be pursued by a Secret Committee , which , if satisfied of the propriety of the late measure , would report accordingly to the House . Mr . Pitt then moved , ' That a Committee be appointed to examine into the outstanding demands upon the Bank , and the funds for discharging the same ; and that the said Committee do report the result of their examination to the House , with their opinion upon the propriety of the measure adopted , in consequence of thc vote of Privy
Council . ' Mr . Fox said , that his reflections , since the receipt of the Message , had not enabled him to think more sanguinely of the tremendous measure now offered to the consideration of the Committee ; a measure by which public credit was not only impaired , but its foundations for a time destroyed . Even if credit should recover from the blow , every man for centuries to come would lament that it ivas in the King's power to order a stoppage of payments at the Bank . Though the Minister had more cause to feel for the mischief than himselfhe felt nervous
, , when about to state the entire sense of the Proclamation ; it declared nothingless than that the circumstances of the nation were such ,, that recourse is had to the great repository of cash , the money issued for other purposes is seized , and tbe public creditor defrauded . After shewing that a depreciation of paper must effect a proportionate deduction from the property of the Stockholder , and that there could exist no greater right to make the deduction than to confiscate the whole , Mr . Fox said , that in all other disastrous periods Ministers had been able to say to Parliamentand Parliament to the Nationthat whatever had been lostcredit was
, , , sate . He then ' adverted to the delicacy that was remommended in the purposed enquiry , and asked if there could be a point of greater delicacy , than to seize the money of the public . The Committee ought lo know as much as the Chancellor of the Exchequer ; and he wished thc Iloiue not to imitate the Lords of Council : but to know Ihe grounds the Minister acted upon before they absolved him . Was this a time for confidence ? And who was the Minister that demanded it ?