Sir William Pultney was not deterred, by the failure of his motion, for fhortening the duration of the bank-bill, from moving for "leave to bring in a bill for the establishment of another bank, fhould the bank of England not open for payment in fpecie, on the 24th of June next." If they fhould not be able to open for payment at that period, there could be no ground for continuing their monopoly any longer but if they fhould, no fecond bank would be established, and his propofal, at all events, would do no harm. He thought, however, that if another bank were inftituted, it would aid the operations of the old bank. Scotland had two banks, and the affairs of the old one were much more profperous fince the eftablishment of the new. Though all the arguments were previoufly op`pofed to it, that could be urged against a new bank of England, on. the prefent occafion, he contended that the monopoly of the bank was injurious; that an open competition would be of public fervice; and that, in feveral inftances the directors of the bank had been improvident. Though fir William's talents were admired, and many of his remarks approved, yet his motion was oppofed by fir Francis Baring, Mr. Samuel Thornton, the folicitor-general, Mr. Pitt, and Mr. Manning. It was fupported, though not in a very decided tone, by Mr. Sheridan; who, wifhed that fome bank director would give him fome farther information refpecting the old bank. On the fubject of bankag in general, Mr. Sheridan faid, that it would not be amifs, if mercantile people, and others, in their fchemes for multiplying the fign of

wealth, would return, as much as poffible, to the primitive principles of commerce: an example of which had of late been given on a grand fcale by a fociety equally refpectable for character and capital. He would be readily understood, he faid, to allude to the Security Bank, lately established in Cornhill, by Meffis. Huchins and Hartfinck: an inftitution that had already been productive of great conveniency to thofe who had occafion to borrow money on pledges, and which promifed fairly to be of advantage alfo to thofe who lent it. This inftitution, which was likely to be followed by many others on the fame plan, in different parts of the kingdom, might, perhaps, form no inconfiderable æra in the hiftory of exchange and commerce.

Mr. Manning faid that there was every reafon to hope that the directors of the bank would foon be enabled to re-open it for payments in fpecie. Vaft quantities of gold had flowed into the bank, as well from the country as from abroad, and the bankers felt no inconvenience from the want of it.-On a divifion of the houfe, there appeared for the motion 15, against it 50.

Guided by the unity of the fubject, we have followed fir William's plan to the period of its difcuffion, and rejection, though this has carried us fomewhat beyond that of another bufinefs in the house of commons, originating in the floppage of the bank, and which it will be fufficient to touch on in a very fummary manner, as we have already given an account of the fame bufinefs, as it was introduced, treated, and difpofed of, in the houfe of peers. On the fixteenth

of

of May, Mr. Grey, who had been a member of the committee, appointed by the house of commons, to examine into the neceffity and the caufes of the order of council, of February 26, and who diffented, on certain points, from the fentiments of the majority of that committee, felt himfelf called upon to explain the grounds on which that difference of opinion was founded. He felt it to be a tafk, which his public duty likewife impofed, to fubmit to the houfe, refolutions of a criminatory nature against the chancellor of the exchequer, founded on the proofs collected by the committce, and contained in their report, and which amounted to a charge of mifconduct and guilt, which the houfe could not fuffer to pafs with impunity. Before he proceeded to open the nature of his propofitions, he stated the difference of opinion between him, and, he believed, the whole of the committee. The object of its inveftigation comprehended two points: firft, the neceffity of the order of council; and fecondly, the caufes by which it had been produced. It was upon the firft point that the difference alluded to exifted. He had thought that the order of the council was not proper, and was not neceffary. This opinion was founded on the clofeft obfervation of the ftate of the bank, and a thorough conviction that the interference of power was not the remedy by which its embarrafments could be obviated.- So much in explanation of his differing from the rest of the committee. With regard to the fecond point, the caufes by which it had been produced; the committee had ftated, that, whatever might be the effects

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of other caufes, whether progreffive, or likely to cease, the dread of invafion had occafioned the drain, which had reduced the bank to the neceffity of fufpending their moneypayments. What he, however, imputed, as a ferious charge against the chancellor of the exchequer, was, that prior to this period, the affairs of the bank were fo reduced, that a drain, which in other circumftances would not have produced that effect, had, in this inftance, occafioned the immediate neceffity of ftopping payment. Inflead of taking meafures to counteract the danger of this, instead of exerting himself to provide a remedy for the evil which he had rendered probable, the chancellor of the exchequer had aggravated and accelerated the caufes by which the event was ultimately produced. To fupport this heavy charge, he called the attention of the houfe to the evidence on the table, on which he proceeded to make various comments.-Mr. Grey, in conclufion of a long fpeech, obferved, that we had experienced the bad effects of purfuing a fyftem contrary to good faith. Under the conduct of minifters it had brought us to the brink of ruin. The profligate fyftem of adminiftration would be complete, if it fhould be crowned with the fanction of parliament. He then moved a feries of refolutions, the fame in fubftance with thofe that had been propofed, on the day before, on the fame fubject, in the upper houfe, by the duke of Bedford.

Mr. Pitt obferved, that, however copioufly the caufes which had pro duced the fearcity of cash had been ftated by Mr. Grey, they might be reduced to a few fimple and plain

points. The motion, fubmitted to the houfe, appeared to him to reft on two grounds: firft, the increafed advances made by the bank on treafury-bills; fecondly, the loans and remittances made to the emperor. He argued, at confiderable length, that there were many other circumstances, and thofe very powerful in their operation, that had contributed to the extraordinary demand for cafh, exclufively of thofe affigned by the honourable gentleman. As to the alleged breach of promife to the bank, in fending remittances to the emperor, without meaning any perfonal application to himfelf, he required the houfe to weigh, with peculiar caution, an evidence arifing out of a verbal correfpondence, and in which one of the parties was abfent, and not even confulted, when it was committed to writing, after an interval of two or three days. The advances to the emperor, which had taken place fince the applications of the directors to him arofe evidently out of a new ftate of exifting circumftances, to which any difcuffion, on that fubject, which had previously taken place between them, could not be applicable. Mr. Grey's motion was fupported by Mr. Fox, and Mr. W. Smith: but the previous queftion, moved

by Mr. Thornton, was carried by 206, against 66.

When a national bank ftops payment, under a defpotic government, there is ground for alarm, and defpair; because there is none who can fay to the defpot, What dost thou? No third party to whom to appeal. If a national bank, or one under the influence and control of government, ftop payment, in a free country, an inquiry, if not offered, may be demanded: an appeal may be made, by the creditors, to a third party: to that juftice and good faith, and that regard to the maintenance of public credit, which, in the prefent age, conftitute the fpirit and ftrength of free governments. Whatever may

be thought of the caufes that ren dered the interference of the privy council, in the affairs of the bank, neceffary, there are few who will affirm, that this interference was not prudent and indifpenfable. They faid no more than this" Check a precipitation, which may convert an imaginary, into a real, evil. Have patience for a limited and a little time, and of the refponfibility of the bank and government you fhall be fully fatisfied."-The fulfillment of this prediction is a credit, at once, to the character of Englishmen, and of the British conftitution.

CHAP

the navy. The principal of the fewas, a rigorous difcip ne too teverely maintained, and the horth behaviour to the men of feveral of their officers, efpecially of thofe for whom they entertained lit e refpect, and whom they reprefented as moft forward, at all times, to exercise authority in the most odious manner. Another caufe, not fo frequently mentioned, but not the lefs real, was the ftriking difproportion obferved in the diftri bution of prize-money: this they confidered not only as inequitable, but as a proof of the contempt in which they were held by their officers; and yet, it was evident, that, to the bravery of the feamen, was principally due the fuccefs in moft engagements.

Thefe latent caufes of difcontent, by the contagion of a general spirit of inquiry into rights, natural and conventional, were kindled, in the navy, into an open flame.

That part of the fleet which led the way, in expreffing difcontent, was the divifion commanded by lord Bidport, and yet no fymptoms of this nature had been perceived by the officers, Hence, it was furmifed, that a fpirit of diffatisfaction had been infufed into the fhips companies by thofe who had lately entered among them: feveral of whom were known to be of qualifications fuperior to the fituation to which they were driven by unprofperous circumftances, and, in fome degree, allured by the greatnefs of the bounties given. Of thefe, feveral were difcovered afterwards to have been difqualified attorneys, and cafhiered excilemen, clerks difmiffed from employment, and other iudividuals in fimilar cafes. It was alfo fuggefted, that, befides thefe, many perfons had entered on-board the

hips, as common feamen, completely qualified to breed difturbances, by acting in that ftation, and felected, for that very purpose, by the enemies of government.

Certain it is, that the plan of operations, concerted among the difaffected, evinced great judgement and fagacity. They were conducted with fpirit and ability, and plainly fhewed, that the authors were perfons of no contemptible capacities; as no measures could have been taken more effectually conducive to the end proposed.

The firft notice given, of a diffatisfied fpirit in the navy, was to lord Howe. In the courfe of February and March, he received feveral letters, inclofing petitions, from different fhips companies,, in the channel fleet. They were anonymous, and afked for no more than an increase of pay, to enable them to provide better for their families. Thefe petitions appeared obviously to proceed from one perfon: the ftyle and hand-writing being the fame in each. The novelty of the circumftance, however, induced lord Howe to make particular inquiry, from the commanding-officer at Portsmouth, whether any diffatisfaction prevailed in the fleet. He was answered in the negative, and the whole represented as a scandalous endeavour to give government to underftand, that the navy difapproved of their conduct in that department.

The admiralty, to which lord Howe tranfmitted thefe petitions, feemed to be of the fame opinion, and they were laid by without farther notice; when, fuddenly the tranfactions that took place at Portfmouth fhewed that they were only the prelude to proceedings of much

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