«HISTORY OF EUROPE.’ 
sequences to the bank of England.” 
That they communicated such re- 
solution to the chancellor of the ex- 
chequer. who assured them, ‘ he 
should lay aside ail thougiis of it, 
unless. the situation of things, rela- 
tive 'to the bank, should so alter as 
to. render such a loan of ‘no impor 
tance or inconvenience to them.” 
_XILI..That on the 5th of Fe- 
bruary, 1796, the chancellor of the 
exchequer, after stating, in conver- 
sation with the governor and depu- 
tation.from the bank of England, 
his opinion of the necessity of the 
farther assisting the emperor, pro- 
mised to take no steps in that basi- 
ness, without previously communi- 
- cating to them his intention. 
XIV..That on the llth of Fe- 
bruary, 1796, the directors of the 
bank passed unanimously the fol- 
lowing resolutions : 
Resolved, 
That it is the opinion of this 
court, founded on the experience of 
the effects of the lateimperial loan, 
that if any other Joan or advance of 
money to the emperor, or to any 
other fureign state, should, in the 
present state of affairs, take place, 
it will, in all probability, prove fatal 
to the bank of England. 
The court of directors, therefore, 
_ do, most earnestly’ deprecate the 
adoption of any such measure, and 
they solemnly protestagainstany re- 
sponsibility for thecalamitous conse- 
quences that may follow thereupon.” 
~ Towhich resolution, when com- 
municated to bim, the ehancellorof 
__ the exchequer returned for answer, 
© That, after the repeated intima- 
tion which he had given to the go- 
~ yvernor, &c of the bank, that vo far- 
Aher loan to the emperor would be 
resolved on, without previous com- 
- munication with the bank, he did 
(197; 
not sée ally, reason for these resolu- 
tions ; thathe did suppose they were; 
adopted in a moment of. alarm,- 
and that he should consider them, 
ia that light.” ty % 
XV. That, both from the general 
Aenor of the said answer, and from’ 
its particular reference to the sub- 
stance and matter of the resolutions; 
then eommanieated to him, be gaver 
the governors, &c. of the, bank to, 
understand, that he was bound by~ 
promise to them to hegociate no, 
_loan for the service of his Imperial 
majesty, nortomake aay remittance 
eitherto his said Imperial majesty, 
or any. foreign prince, under any 
pretence: whutso-ver, without pre-, 
viously communicating such his in- 
tention to ths bankof Mngland; that? 
the directors so understood him,and 
that, impressed with tnat belief, they: 
abstained from making any farther 
remonstrances on this subject. 
XVi. That, nevertheless, the, 
chancelior of the exchequer, for: 
some time prior to February 11, 
1796, clandestinely remitted,anddid : 
for several months snbsequent clan= 
destinely remit, his said Imperial : 
majesty, aud other foreign princes, 
large stiins of money,in dehance of 
his repeated promises, and in viola- 
.tion of his solemn engagement with’ 
the bank of England, and conse-" 
quent upon their own resolution of’ 
the 1}th of February. 
XViL. That it appears, that if 
the said advances. of the bank to 
government had been paid off when: 
required, or considerably reduced, » 
the bank would have been enabled, 
to reduce, if expedient, the amount 
of its outstanding notes ; and that 
snch option would have been of es- 
sentiakservice to ils interests. 
X VILL. "That it appears from the 
evidence’ of the governor and de- 
[Os] pary 
