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[177 assignats, and the assignats that pro- the calamities of war did not rest duced the revolution, with all the with Great Britain. To a motion mileriès suffered by France, and in- of this tendency, he did not see Alicted on her neighbours. To sew why any objection should be made a disposition, even a zeal for the by either side of the house: as it settlement of a government in was calculated to procure an essenFrance, that should respect the tial advantage to the country, while rights of men and nations, would not it contributed to strengthen the be a greater bleffing to that country, hands of government. On these thän to alỊ Europe. The motion grounds, he thought himself julbefore the house had a happy ten- tified in supporting the present modency to harmonize the great body tion. of the French and English people Mr. Johnes could never forget the (who could not be said properly to ignominiousmanner in which ourambe at war with each other, though bassador had been dismissed, nor fortheir governments were) into peace give the insult offered to the nation. and good neighbourhood, by dil- The objects for which we contended Countenancing and disapproving the were, our liberties, our fortunes, infinuations of insincerity, on the our religion, our God, and our part of this country, in the late ne- king! On a division of the house, gociation. It would affist ministers; there appeared for Mr. Pollen's moin proving that the prolongation of tion, 85: against it, 291.

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VOL. XXXIX.

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Sir William Pultney said, that ally declared its respect for personal what the parliament and the nation fafety, property, and morals, and has should require was not so much an denounced vengeance against the immediate peace, as a secure one: anarchists. It has likewise mani. and this object would be accom- fested an appearance of a wish for plished by patience under our suffer- peace. It is for the French nation ings, and perseverance in the con- to realize the peace, of which their test. As long as the enemy re- new government speaks to them tained Belgium and Holland there with eautious reserve. And this obcould be no security for England. ject, a frank declaration on the part Now was the moment to strain every of the people of England, through nerve in the ftruggle; and he was their representatives, of a fincere niore fearful that ministers would be disposition to peace, on a fair moral too forward than too tardy in bring- balis, equally conducive to the secuing matters to a termination. His rity and welfare of both nations, by complaint against them was that, on awakening the senfibility, and gainhearing the disasters that had be- ing the confidence of the French nafallen The Imperial arms, they had tion, would materially tend to fornot immediately come down to the ward. The basis to which he alluded -house, and called for a loan to invi- was a due regard to justice, private gorate the brave exertions of our property, public credit, and the illustrious ally.

rights of nations. It was time for the Sir John Macpherson spoke to the English nation to open their eyes on following effect. He thought that it the true object of the war : an obwould not be a greater proof of mo- ject which ought to be as remote deration and justice, than of found from the spirit of vengeance, as political wisdom, to declare that we that of conquest. It points, on the Itood up only in defence of our own contrary, to a reasonable agreement rights and liberties, and not for the between the belligerent states; an purpose of encroaching on those of agreement dictated by the force of other nations. He was anxious that their wants, and founded on the insuch a declaration should be made, dispensable protection of the right not only because it would contribute of property, without which no to give peace to this country, but to state can be certain of providing all Europe, and among other na- for the subsistence of its subjects, tions, even to our enemies. The in- nor of maintaining the security of terests of Britain would be best pro- its civil order. Commerce and moted by consulting not only our modern finance having intermingled own advantage, but that of all the all property, even that of nations, civilized world: by endeavouring it follows that public credit has benot only to obtain from, but to ex- come the universal depofitary of tend to France, a just, honourable, civilized society. There is only one and solid peace. The French go- . property, and one real finance in vernment has ceased to be an incen- Europe, the circulation of which diary assembly, fanguinary dictators, is as essential to the political body, and a club of plunderers. It has as that of the blood to the human assumed the form and the tone of body: it was a violation of the regular governments. It has officia right of property that produced the

affignats, allignats, and the assignats that pro- the calamities of war did not rest duced the revolution, with all the with Great Britain, To a motion miseries suffered by France, and in- of this tendency, he did not see 'flicted on her neighbours. To fhew why any objection should be made a disposition, even a zeal for the by either side of the house: as it settlement of a government in

was calculated to procure an essenFrance, that should respect the tial advantage to the country, while rights of men and nations, would not it contributed to strengthen the be a greater bleffing to that country, hands of government. On these thän to al! Europe. The motion grounds, he thought himself jusbefore the house had a happy ten- tified in supporting the present modency to harmonize the great body tion. of the French and English people Mr. Johnes could never forget the (who could not be said properly to ignominiousmanner in which ourambe at war with each other, though bassador had been dismissed, nor fortheir governments were) into peace give the insult offered to the nation. and good neighbourhood, by dif- The objects for which we contended countenancing and disapproving the were, our liberties, our fortunes, infinuations of insincerity, on the our religion, our God, and our part of this country, in the late ne- king! On a division of the house, gociation. It would affist ministers, there appeared for Mr. Pollen's moin proving that the prolongation of tion, 85: against it, 291.

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VOL. XXXIX.

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CHAP CH A P. XII.

Nature of Money. Hisory of Bank of England. Stoppage of Bank Faye

ments in Species--Message thereon, from his Majesly to Parliament. Debates on this Subject, in toth Houses.--Measures for the Support of Public Credit, and the Relief of various pecuniary EmbarrasmentsReport of the Committee uppointed to inquire into the State of the Bank.

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TOLD and filver, and other pre. The bank of England, which has

cious metals, have a two-fold the greatest circulation of any bank value: a value intrinsic, and a value in England, was originally projected conventional. They are valuable by a merchant of the name of Paton account of their own quali- terson, and established in the year ties; and they are valuable as 1694, The company was incorthe figns and pledges of wealth. porated by parliament, in the 5th This distinction men learnt to and 6th of William and Mary, make in the progress of com- in confideration of the loan of merce. And there was never an 1,200,0001. granted to the governabstraction more curious in itself, ment, for which the subscribers reor in common affairs more important ceived nearly 8 per cent. By an act in its consequences. The con- of the 8th and 9th of William III. ventional, or arbitrary, value of gold they were empowered to enlarge and silver, the signs and pledges of their capital stock to 2,201,171l. wealth, has been taken off, has been By another act of 7th of Anne, they abstracted from the solid metals, and were farther empowered to aug, transferred to paper: a very flimsy ment their capital to 4,402,3431, and unsubstantial body, and which on which they advanced 400,0001.

, may be considered as holding a more to government; in 1714 anmiddle place between matter and other loan of 1,500,0002.; and other fpirit. It is not, however, the pa- loans in fubsequent periods. Nor per that is, in fact, the substitute was the bank of England found for money, but something still more to be a greater conveniency to exile; the promise, the act of the government than this, with others mind stamped upon it; so that mo- called country banks, was to indiney has come to be, not so much vidual adventurers in manufactures a lubftantial, or material, as a meta- and commerce, and every species of physical thing; and so easily multi- improvement. plied, that the number of paper- But, in this country, as in others, dollars in America, assignats in different causes concurred to reFrance; and bank notes in Great mind the world that there was a Britain, have almost exceeded cal- wide difference between money that culation.

poflefled an intrinsic value, and mo

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ney of the abstracted kind, which October following, they sent a writwas merely conventional,

A run

ten paper to the minister, which was made on the bank of England concluded by stating, “the absolute which threatened its ruin. Govern- necessity, which they conceived to ment interfered for its preservation, exist, for diminishing the sum of and the minds of men began to be their present advances to governturned back from metaphysics to ment; the last having been granted matter: from the sign to the thing with great reluctance on their part; fignified. The spirit of adventure, on his pressing folicitations.” In an in many instances, out-ran its capi. interview with the chancellor of the tal,* and an increased capital stock exchequer, which tock place on the required an increase in the circula- 23d of the same month, on the ting medium: but the immediate loans to the emperor being menand principal cause of the shake that tioned, the governor allured Mr. was given to the bank of England, Pitt, “ That another loan of that in 1797, is unquestionably the pre-fort would go nigh to ruin the sent war, which, among other ex- country.” And on the 9th of Fepences, to an unheard of amount, bruary, 1797, the directors ordered included large pecuniary remittances the governor to inform the minifter, to foreign powers, but especially the that, under the present state of emperor of Germany.

the banks advances to government In the month of January, 1795, here, to agree with his request the court of directors informed the of making a farther advance of chancellor of the exchequer, that it 1,500,0001. as a loan to Ireland, was their wish, “ that he would ar- would threaten ruin to the bank, range his finances for the year, in and most probably bring the disuch a manner as not to depend on rectors to shut up their doors.” any farther assistance from them.” With this cause, another springThese remonstrances were renewed ing also out of the war, powerin the months of April and July, in fully co-operated.

This was the the same year; and on the 8th of dread of an invasion, which had

* That the run on the bank was, in part owing to this cause, is rendered probablc, by the many and great embarasments of principal traders, noticed in a former volume. When from this and whatever other cause, there was a great scarcity, or more properly, a great demand for money, many merchants and tradesmen stopped, and others were on the brink of stopping payment, though their debts were found, on the strictest inquiry, to be greatly exceeded by their property. On this emergency, ministry, willing to nourish trade, the fource of revenue, the source of their own power and influence, abroad and at home, very wisely advanced large sums of money to mercantile houses, on receiving deposits of goods into public warehouses : nor is it in very many instances, that they have appeared in so respectable a light, as when they assumed the character of paternal and patriotic pawn. brokers. The emperors of Germany, in pledging their copper-mines, as collateral securities for the payment of the bank.notes of Vienna, have also appeared, on many occafions, in the respectable light of pawn brokers. Though pawn-broking has been disgraced by the baseness of little pawn-brokers, in the same manner as the law, the guardian of our properties and lives, has been degraded by vile attornies, and other legal practic tioners, yet there is nothing in the system of pawn broking, disgraceful, or incompa:ible with the higher virtue and honour. To advance money, or any thing else on deposits or pledges, is nothing more than the fimple quid pro quo, the principle of barter, the first stage of commerce. At the same time that government afforded succour to trade, in this man. Der, it ordered a new coinage of gold and silver: in both ways, returning from refinexient and abuse, to the original, and most natural medium of commerce.

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