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Article HOUSE OF COMMONS. ← Page 5 of 5
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House Of Commons.
Mr . Pitt then rose . The reports , he said , related to two very interesting subjects—the first to the solidity of the Bank—the second to the necessity of continuing the restriction upon it . The solvency of the Bank was equally unquestioned by the Committee and the public ; nor till that night had he heard . any insinuations thrown out against its security . Then indeed an honourable gentleman ( Mr . Sheridan ) insinuated that the eleven millions due from Government , was not , strictly speaking , a debt to that amount , but merely an annuity of
350 , 000 ! . The fact , however , was , that the eleven millions were like any other -capital , and ought to beset against the demands on the Bank ; nor would the Committee have made a true report if thev bad concluded otherwise . As to the second reporf , it was intimately connected with the first ; but he thought it more confined than was necessary— -it went no farther than merely to ascertain the necessity of continuing the restriction upon the Bank , without enquiring into the causes that produced that necessity . The Committee , however , had said , that a limitation was necessary . The House iva ; to determine what were the
proper measures to continue the regulation . Though the state of the country , added Mr . Pitt , is such as to afford sufficient means of providing for the public service , it is for the House to effect a reduction in the expenditure , if they deem it expedient . The House will consider whether we ought to continue the present contest ; and if it thinks that the desired object cannot be attained without the same expence , it remains for them to determine , whether it is worth the purchase : ( The House taking this for a pacific indication , a cry of hear , hear , came from all parts of it . ) Af r er a few less important remarkshe concluded by
, moving , ' That the Chairman be instructed to move for leave to bring in a Bill for confirming and continuing the restrictions upon the Bank , in conformity to the Minute of Council of the 26 th of February , 1-97 . ' Mr . Fox denied that the eleven millions , for which Government paid an annuity to the Bank , could be considered as absolute assets in favour of the latter . The . rumoured measure of Government guarranteeing the Bant notes , and
identifying itself with that body , was an additional calamity . The Bank ought to do nothing inconsistent with the interest of their constituents . The Minister and Parliament should act . for the Nation : the Bank Directors for their Proprietors . After opposing the conduct of the Bank , in increasing their discounts in the midst of their difficulties , to ( hat of private persons in similar situations , Mr . Fox adverted to the circumstances of the nation . We were now brought to a choice of evils , and had only to choose the least . It had been said , ' Perish Commerce , five the Constitution ! ' and surely the Bank might say , ' Perish Commerce , an < d
let 11 s pay our debts !' Mr . Fox next adverted to the expedients of the Minister ; said that , like all other projectors , he was never fired of producing new plans ; and at las ! compared him to the profligate lady in the play , who seized money that was not heir own , declared it necessary to the preservation of her honour , and wondered how the owner could be so mad as to want it . He happened to have the hey of the itra-. ocr in which the money was deposited , and he tool ; it out ! He concluded by objecting to the revival of the Committee , and to the chusing another by ballot .
After a few words from Mr . Pitt in explanation , Colonel Porter said , that being scrutineer , he found the greater part of the lists the same , and these were called House lists . He asked if sucli a practice did not derogate from the dignity of the House ? Lord Hawkesbury attempted to establish a wide difference between a stoppage of payment and a public bankruptcy , and thought that , in the existing circumstances , the diminution of paperwould . be an evil . Sir John Mitford ( the Solicitor General ) comparedthe stoppage of the Bank to
. the closing the doors of a theatre on fire , lest the people should hurt themselves by endeavouring to get out too fast ( a laugh ) . He considered the Bank as a Corporation , instituted not for individuals , but for the public service ; and said that the 11 , 856 , 000 ! . lent to Government , if sold as Bank Stock , would produce between fifteen and sixteen millions , and was consequently equivalent to that sum , f * TO BE REGULARLY CONTINUED . ' }
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
House Of Commons.
Mr . Pitt then rose . The reports , he said , related to two very interesting subjects—the first to the solidity of the Bank—the second to the necessity of continuing the restriction upon it . The solvency of the Bank was equally unquestioned by the Committee and the public ; nor till that night had he heard . any insinuations thrown out against its security . Then indeed an honourable gentleman ( Mr . Sheridan ) insinuated that the eleven millions due from Government , was not , strictly speaking , a debt to that amount , but merely an annuity of
350 , 000 ! . The fact , however , was , that the eleven millions were like any other -capital , and ought to beset against the demands on the Bank ; nor would the Committee have made a true report if thev bad concluded otherwise . As to the second reporf , it was intimately connected with the first ; but he thought it more confined than was necessary— -it went no farther than merely to ascertain the necessity of continuing the restriction upon the Bank , without enquiring into the causes that produced that necessity . The Committee , however , had said , that a limitation was necessary . The House iva ; to determine what were the
proper measures to continue the regulation . Though the state of the country , added Mr . Pitt , is such as to afford sufficient means of providing for the public service , it is for the House to effect a reduction in the expenditure , if they deem it expedient . The House will consider whether we ought to continue the present contest ; and if it thinks that the desired object cannot be attained without the same expence , it remains for them to determine , whether it is worth the purchase : ( The House taking this for a pacific indication , a cry of hear , hear , came from all parts of it . ) Af r er a few less important remarkshe concluded by
, moving , ' That the Chairman be instructed to move for leave to bring in a Bill for confirming and continuing the restrictions upon the Bank , in conformity to the Minute of Council of the 26 th of February , 1-97 . ' Mr . Fox denied that the eleven millions , for which Government paid an annuity to the Bank , could be considered as absolute assets in favour of the latter . The . rumoured measure of Government guarranteeing the Bant notes , and
identifying itself with that body , was an additional calamity . The Bank ought to do nothing inconsistent with the interest of their constituents . The Minister and Parliament should act . for the Nation : the Bank Directors for their Proprietors . After opposing the conduct of the Bank , in increasing their discounts in the midst of their difficulties , to ( hat of private persons in similar situations , Mr . Fox adverted to the circumstances of the nation . We were now brought to a choice of evils , and had only to choose the least . It had been said , ' Perish Commerce , five the Constitution ! ' and surely the Bank might say , ' Perish Commerce , an < d
let 11 s pay our debts !' Mr . Fox next adverted to the expedients of the Minister ; said that , like all other projectors , he was never fired of producing new plans ; and at las ! compared him to the profligate lady in the play , who seized money that was not heir own , declared it necessary to the preservation of her honour , and wondered how the owner could be so mad as to want it . He happened to have the hey of the itra-. ocr in which the money was deposited , and he tool ; it out ! He concluded by objecting to the revival of the Committee , and to the chusing another by ballot .
After a few words from Mr . Pitt in explanation , Colonel Porter said , that being scrutineer , he found the greater part of the lists the same , and these were called House lists . He asked if sucli a practice did not derogate from the dignity of the House ? Lord Hawkesbury attempted to establish a wide difference between a stoppage of payment and a public bankruptcy , and thought that , in the existing circumstances , the diminution of paperwould . be an evil . Sir John Mitford ( the Solicitor General ) comparedthe stoppage of the Bank to
. the closing the doors of a theatre on fire , lest the people should hurt themselves by endeavouring to get out too fast ( a laugh ) . He considered the Bank as a Corporation , instituted not for individuals , but for the public service ; and said that the 11 , 856 , 000 ! . lent to Government , if sold as Bank Stock , would produce between fifteen and sixteen millions , and was consequently equivalent to that sum , f * TO BE REGULARLY CONTINUED . ' }