: ‘ 
138] ANNUAL REGISTER, 1797. 
of the measures taken in pursuance 
of the minute of council on the 
twenty-sixth instant: the motion 
being read, 
Mr. Fox declared his expecta- 
tion that the minister, who had 
conducted affairs in such a manner 
as to call for the measure now pro- 
posed, would not have been cot- 
tented to pass, so slightly, over the 
nature of the present crisis, but 
would have thought it incumbent 
on him, at least, to give some ge- 
hetal statement of the citcum- 
Stances which had led to that situa- 
tion of unparalleled, and unprece- 
dented embarrassment, in which 
we were now placed. Every nian, 
who read the proclamation of coun- 
cil, must have been struck with thé 
reflection, that this was the first 
time that a measure had beeu 
adopted, by the executive govern- 
ment of this country, to prevent 
the bank from answering the de- 
mands of its lawful creditots: 4 
iiieasute which, he contendéd, 
would destroy the credit of the bank. 
Ifthe measure was indispénsably 
required, from the pressing txigen- 
cy of the country, and the imperious 
consideration of public safety, an 
act of parliament was surely the 
only proper mode of effecting thé 
purpose. The house of corimors 
was that particular branch of thé 
legislature which it was of most 
essential importance should be con- 
sulted on suth an dccdsion. ‘The 
neglect that had taken place inthis 
instance was of the most mischiev- 
ous example. The’ king, or exe- 
cutive government, by the present 
measure, had claimed a power to 
atinihilate, by one breath, all the 
propetty of the creditors of the 
bank. It might be said, that suck 
a power would be equally danger- 
ous in any branch of the legisla- 
ture. But, it had been found, by 
experience, that whenever a power 
ot this kind had been confided to 
a senate, or to alatge bodyof men, 
it had been better preserved, and 
had presented fewer instances of 
abuse, thanin those situations where 
the case was otherwise. The sta- 
bility of credit had always been 
better maintainéd inrépublics, than 
in those goveruments where it de- 
pended merely on an individual, 
or on a smal) body of men only: 
With regard to the important point 
intended for the support of the 
bank, namely, that the public were 
to be called upon to guarantee the 
sécurity of the bank-notés, Mr. Fox 
atin 3 that every sanction given 
by the public to the credit of indi- 
viduals, though for a time it might 
be attended with some advantage, 
would ultimately be found to be 
injurious and destructive. As to 
the secrecy of the intended com- 
mittéc, hé said, while the credit 
of a corporation is entire, the pub- 
lié have no tight to pry into their 
sécfets : but, when once a failure 
has taken place, or a slut has been 
thrown upon its character, the best 
remédy, if thé-staté of its affairs 
be, iiide@d, such as to bear a fair 
scrittiny, is, to brig it into the 
utmost publicity. The house, he © 
observed, were called on to decide 
on the merits of the Whole trans- 
action ; and that it was necéssary, for 
enabling them to form their judge- 
ment on the casé, that all the concerns 
of the bank shou!d be investigated, 
Let me beg of you not to imitate 
the blind confidence of the lords of 
the 
