until it was fo by the Houfe, he thought that no gentleman could give a vote upon the fubject. He fhould have conceived that the preamble would have run much better in this manner:"Whereas the Bank having paid into the Exchequer, and fo on;" because it is proper to be in poffeffion of the money before you can use it; get the money firft, and then enact how it is to be appropriated The Bank had the fole right to the custody of the money; what ever was their profit, he confidered it to be of no confequence to the queftion of right; and the contrary doctrine, which had been ftarted that night, he averred to be unjutt, impolitic, and unfounded, on any principle of law, reafon, or common fenfe. The honourable gentleman (Mr. Yorke) who had reproached him with being an enemy to the lawyers, had done him a moft unmerited injuftice; but however much he refpected any profeffion, he never could forget his duty to his country and his regard to justice. In the opinions which he had adopted on this business, he went with almott all the eminent men of the profeffion who had been confult ed; one name only he had heard mentioned, who gave a different opinion, which perhaps might be unexceptionable; but he mutt beg leave to observe, that to him it was unintelligible. He thought, that as the preamble fet forth what was to be the fpirit of the bill, a neceflity exifted for perfectly understanding it previoufly to any investigating debate concerning the nature of the claufes. Mr. Chancellor Pitt answered, that with regard to the Bank accounting to the Exchequer, it was not meant to pay any refpect to their perfonal interefts, nor, till to-night, did he ever imagine that this particular point could have produced fuch strong words as had been used in argument. The money, when it was claimed by the Bank from the Exchequer, when emergencies required it, was to be paid by impreft, and as little time loft The preamble was poftponed, and the Committee proceeded. Mr. Sheridan contended against the provifion in the bill, which enabled the Treafurv, in cafe tht the fum left in the Bank of England should be reduced below 100,000l. to iffue Exchequer bills as a fecurity to the public creditor, There were various Itrong arguments against this power. Conftitutionally, it was a dangerous power; and as to the creditor, it was furely a bad commutation to fubftitute paper in the room of fpecie. By the original contract, the public creditors were to be paid in fpecie only. Specie is lodged in the hands of the Bank for their payment; and that fpecie is to be taken out of their hands, and Exchequer bills to be placed in their ftead. Exchequer bills might or might not be good payment. If the original bargain declared, that even Bank notes fhould-not be confi dered as good payment, it was a violent measure to force upon them that which, the original bargain declared were not to be offered. Mr. Chifwell gave notice, that on the Report he fhould move a clause that books fhould be kept open at the Bank for the inspection of names. The Committee went through the bill, and the report was ordered to be received upon the enfuing Thursday. Wednesday, 23d March, 1791. Mr. Chancellor Pitt obferved, that the commitment of the bill for the relief of Proteftant Roman Catholic Diffenters, under certain conditions and restrictions, ftood for the next P day. He believed that there was a ge. general concurrence of opinion in favour of the principle of the bill; but as he knew ha feveral gentlemen entertained doubts refpecting the propriety of particular clutes, and with ed to deliver their fentiments on the fubject, he thought it would be advifeable to put the commitment of the bill off for a few days, in order to give the gentlemen in question time to digeft their opinions, and ftate them. to the Houfe. He would not move the postponement of the commitment of the bill then, as the honourable and learned gentleman who introduced i', was not in the Houfe, but he gave notice that he would, upon the morrow, move the difcharge of the order, and the appointment of the Committee on the bill, for a future day... Mr. Ryder produ ed a confiderable number of motions for refolut.ons relative to the price of grain, which he faid he meant to form the able, that would, in his opinion, be a fit ratio to govern the prices at which corn of various kinds might be allowed to be imported into this country from Ireland, Quebec, and other places abroad; but as it would be for the convenience of the Houfe, with a view to the future difcuffion of the fubj. &t. that they thould be admitted to make a part of the bill, in order that they might affume a debatable fh pe, with the leave of the Houle he would move for them inftantly to refolve themfelves into an original Committee, in which he would introduce the reflutions, and then let them, be inferted in the bill, without meaning by fuch admiffion to have it in the mallest degree understood that gentlemen were thereby pledged to fupport the whole or any part of them, but that they fhould remain as open to objection, debate, and difcuffion afterwards, as any part of the bill. Mr. Powys admitted that it would be for the general convenience of the Houfe, that the refolutions fhould be allowed to be fo introduced, it being agreed on all hands that the receiving them should not govern and affect the future difcuffion of the table, as it was well known that there was a difference of opinion refpecting the prices which ought to govern the importation. The Hufe immediately refolved felf into a Committee of the whole Houfe, Mr. Bramfton in the chair. Mr. Ryder then moved his refolutions, which were read fhort pro forand agreed to, and immediately reported to the House. ma. Mr. Steele made a report from the Committee on the Quebec bill. Counfel was called in and heard on, the first petition. Counfel on the fecond petition was heard in part, and the farther confideration of the re port adjourned to the enfuing Wednefday. After fome converfation be tween Mr. Fox, Mr. Huffey, Mr. Alderman Wation, and Mr. Chancel lor Pitt, the three former of whom fuggefled the propriety of re-committing the bill, and moved a question upon it, which was negatived. Friday, 25th March. Sir Benjamin Hammet rifing, obferved, that he had in his hand a pes tition against the bill for appropriating the fum of five hundred thou fand pounds of unclaimed dividends, &c. figned by a most respectable body of stockholders; names which would be allowed to carry with them the greatett weight and importance. He had fuggefted his propofal to the Bank, of lending five hundred thou fand pounds without intereft, as long as the fame should be unclaimed. There had, in confequence, been a meeting of the Directors on the preceding day, and a meeting of Proprietors was to take place upon the enfuing Tuesday. The petition was brought up and read, as follows: "To the Honourable the Commons of Great Britain, in Parliament affembled. "The humble Petition of the Sub. fcribers who are Proprietors in the Public Funds of Great Britain, "Humbly fheweth, That your petitioners are deep, ly interested in the Public Funds of Great Britain, "That your petitioners have in vefted their property in thofe funds, with the most perfect reliance on the faith and juice of Parliament, and in full confidence and perfuafion that the Legillature of Great Britain would never, without the confent of the Proprietors, make any effential al teration, either in respect to their fecuri ics, which confft principally in funds fpecifically appropriated to the pment of their annuities, or in reSpect to the mode of their payment, exprefly ftipulated and del neated in the feveral itatutes that fix the conditions of the public loans. That your petitioners have seen, with equal concern and aftonishment, a bill brought into Parliament by the right honourable the Chancel lor of the Exchequer; the avowed object of which is to take back five hundred thousand pounds, part of the fums that have been iffued by the Exchequer to the Governor and Company of the Bank of England, in pursuance of many acts of Parlia. ment; and particularly of the Confolidared Act. pafled the 28th year of his prefent Majefty, being part of the funds appropriated by law to the pay ment of the public creditors, and ex prefsly declared not to be divertible to any other ufe or purpose whats ever. "That the principle of the faid bill appears to your petitioners o have a direct tendency to deftroy the con fidence which many natives and foreigners have hitherto repofed in the equity and juftice of Parliament; to violate the public faith folemnly plighted; and by feizing on private property, accura ely defcribed, and Landing as fuch in the books of the Bank of England, to excite alarms and apprehenfions of the most fes rous and dangerous nature, "That your petitioners with to be heard by Counfel, if it fall appear to them to be neceffary; although it is a cafe that does not depend on nice and intricate fubtilty, or on a deep knowledge of the technical forms of law; bat on the rights of British fubjects, which ought in no cafe whatever to be invaded. They humbly petition for no more than a facred obfervance of national con tracts, containing exprefs ftipulations, eality undertoos, and ratibed by fo lemn act of the Supreme Legifla ture. "Under anxious apprehenfions, not more fentibly felt on their ac count, than for, the good faith, the public credit, and the honour of the nation; and impreffed with a fenfe of the duty they owe not only to themselves, but to the community at large, your petitioners humbly intreat this honourable House to take the premises into their most ferious confideration; and they pray, that no alteration in their fecurity, for the better or the worfe, may take place without their confent; and that the faid bill may not pass into a law." Mr. Chancellor Pitt obferved, that as long previous notice had been already given, he trufted that the petition could afford no pretext for not delaving the report. It had been appointed for the preceding day, and he would certainly confider him. felf as authorized to move that it fhould be received immediately. In his opinion, there certainly was an irregularity in the mode in which the petitioners had defired to be heard by Counfel, as they had not come forward until this late flage of the bill. Mr. Fox on the contrary, contended that the conduct of the petitioners was not irregular as they might, perhaps, (but he did not pretend to Pa Speak fpeak decidedly upon this point) After fame little difficulty with regard to the mode of difpofing of the petition, it was ordered to be laid upon the table, and Counfel heard upon the third reading. Mr. Pitt gave notice, that it was probable that he might be command. ed to bring down on Monday a mel fage from His Majesty, relative to the prefent fituation of affairs in Europe. After certain clauses had been read from the act of Parliament, relative to the conduct to be observed previous to the expiration of the charter of the East India Company, Mr. Chancellor Pitt conceived that, in the prefent ftate of India, this was not the time for the difcuffion of what measures fhould be adopted with regard to the renewal of the Company's charter. He meant, however, now to make the motions required by the act, that when that event should take place, whatever line of condu& the Houfe fhould think proper to pur fue, they might have, the means of fettlement in their own hand. He would not pretend to advise any re newal of the charter, nor would he, on the prefent occafion, hazard the leaft opinion upon the fubject. Only from the motions which he should now make, it would be understood that the exclufive commercial privi leges of the East India Company fhould ceafe, unless it should appear to be the pleature of the Houfe to provide for the continuance of their exercise in the fame channel. Mr. Huffy having obferved that, from diligent inquiry, and long at tention to the fabject, he was decided. ly of opinion that the charter ought never to be renewed, exprefled his approbation of the motions which had been made. General Smith mentioned fome ob. ftacles, which, in his opinion, were likely to arife against the profecution of the prefent war in India. Mr. Chancellor Pitt answered, that the faith of the nation, was pledged to make provifion for any engagements which had been entered into by Parliament, or through the medium of the East India Company. Mr. Mr. Rofe having brought up the report concerning the Bank Dividend bill, Mr. Chifiwell rofe, and obferved, : that his chief motive for begging leave to trefpafs upon the patience of the Houfe, was grounded upon the recollection of what had fallen from the right honourable gentleman, in the intimation which he had that day given of a meffage which might be expected on Monday, the nature of which, he thought, should induce the right honourable gentleman and the Hoafe to be very cautious in any proceeding that affected public credit, or even that affected the Bank and the ftockholders; for it might happen that a future loan would be required, and certainly, any thing that had a tendency to weaken the fecurity of the public creditor, could not prove a favourable circumftance upon fuch an occafion. Mr. Chifwell next reverted to the measure which had been adopted when the term of payment of the long annuities had been alter ed in 1786. It had then been thought neceffary to allow a certain time for those who might not like the nature of the bill to exprefs their diffent, and then continue to be paid as formerly. This he recommended in the prefent inftance, if the bill was not to be given up; a circumftance that would please him and many more, much better than any poffible amend ment which could be made to it. However, as he feared that this would not be done, he intended to offer a claufe which he trufted the Houfe would accept and make part of the bill. The claufe being moved and read, it appeared that the purport of it went to enact, that a book fhould be opened and kept for fix months at the Bank, that thofe proprietors of unclaimed dividend, and other flockholders in the different public funds, who diffented from the propofal made in the bill to change their fecurity, might have an opportunity of ftating and figning fuch diffent in that book, and thus efcape from being in any manner affected by the bill. Mr. Steele remarked, that gentlemen who spoke on the other fide, feemed to reft their arguments upon a neceffity which they had conceived there was for having the particular confent of every individual proprietor of unclaimed dividends, and every proprietor in the public funds; but he never would allow that any fuch confent was neceffary, or that, though one or more proprietors or flockholders fhould positively diffent, there was any reafon for giving up the bill; and, therefore, adopting a claufe fo contradictory to the other parts of it, was nothing else than giving it up. With regard to obtaining confent, that claufe in the bill which gave the public creditor three months, after his dividend was due, for confi dering whether he would withdraw his money, or allow the fecurity to be transferred from the Bank to Govern ment, was perfectly fufficient for every reafonable purpofe; because, doubtless, if a man allowed his dividends to remain three months after he knew that it was due, and by the operation of this bill, certainly, as he had the power of withdrawing it, which he had not done, it might be inferred, that he was, to all intents and purposes, fatisfied with the tranffer, and virtually gave his confent to take public fecurity, inftead of the Bank, thinking the one at least as good as the other. Mr. Fox obferved, that he felt am ple reafon to approve of the claufe which had been brought up; and as he had all along wished that the bill might have all fuccefs, he fhould feel a greater pleasure if the clause were adopted. He next adverted to what the honourable gentleman who spoke laft had faid concerning the consent which had been, or could be, obtain ed to this meature; and this was a confent by inference, or rather a fupe pofed confent. He allowed that there might be a confent by inference, or a virtual |