permitted we would give a fuller account than thefe few notes of à speech of confiderable length on an occafion of great alarm, and fraught, with great genius or invention, as well as folid obfervation and penetration, into the nature and effects, common, probable, or poffible, of banking. Though we have already exceeded our ufual limits, in parliamentary affairs, on the prefent novel and important fubject, we cannot help bringing what follows under the notice of our readers. "I have faid enough to fhew, that government has been rendered dependent on the bank, and more particularly fo in the time of war; and though the bank has not yet fallen into the hands of ambitious men, 'yet it is evident that it might, in fuch hands, affume a power fufficient to control and overawe, not only the executive government, but king, lords, and commons.

As the bank has thus become dangerous to government, it might, on the other hand, by uniting with an ambitious minifter, become the means of a fourth eftate, fufficient to involve this nation in irretrievable flavery, and ought, therefore, to be dreaded as much as a certain EaftIndia bill was juftly dreaded at a period not very remote. I will not fay, that the prefent minifter, by endeavouring, at this crifis, to take the bank of England under his protection, can have any view to make ule hereafter of that engine to perpetuate his own power, and to enable him to domineer over our conftitution: if that could be fuppofed, it would only fhew, that men can entertain a very different train of ideas, when endeavouring to overfet rival, from what occurs to them when intending to fupport and fix

themfelves. My object is to fecure the country against all risk, either from the bank, as oppofed to government and the conftitution, or as the engine of ambitious men, to maintain theinfelves in a dangerous power. I could wish to know, if any man thinks that his majesty would be at free liberty to change a minifter, who had once obtained a decided afcendency in the direction of the bank of England, retaining its monopoly?"

Sir William, having blamed the chancellor of the exchequer for not preparing the house and the public mind for the adoption of fuch a plan as he had to propofe,

Mr. Pitt faid, that this was not the time for entering on the various topics touched upon with fo much ability and ingenioufnefs by the honourable baronet, whofe fpecch was intended only to prepare the houfe for the practical developement of his plan: only he thought it fit to fay, now, that when the honourable baronet had affumed, that his majefty's chancellor of the exchequer was wrong not to prepare the public mind for the reception of opinions, which, fo far from entertaining before, he did not even now entertain, he had affumed more than the houfe would agree to. If, like the honourable baronet, he had been for feveral years convinced of thote points, he would have been blameable indeed not to have difclofed them: but till he had formed thofe opinions, he could hardly be faid to be wrong in not expreffing them.

Sir William Pultney's motion being negatived, the bank-bill was pafled, and in a few days thereafter carried through the houfe of lords without any alteration.

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 eftablified, 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 previously oppofed 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 direcors 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 foine farther information refpecting the old bank. On the fubject of banking in general, Mr. Sheridan faid, that it would not be amifs, if mercantile people, and others, in their fchemes for multiplying the fign of

He

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. would be readily understood, he faid, to allude to the Security Bank, lately established in Cornhill, by Meffrs. Huchins and Hartfinck: an inititution that had already been productive of great conveniency to thofe who had occafion tó borrow money on pledges, 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 history of exchange and commerce.

and

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 ftoppage of the bank, and which it will be fufficient to touch on in a very fummary manner, as we hare 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

points. The motion, fubmitted to the house, appeared to him to reft on two grounds: first, 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 circumftances, and those 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 himself, 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 stops payment, under a defpotic government, there is ground for alarm, and defpair; because there is none who can fay to the defpot, What doft 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, conflitute the fpirit and firength of free governments. Whatever may be thought of the caufes that rendered the interference of the privy council, in the affairs of the bank, neceflary, 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 responsibility 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.

СНАР.