198] 
puty-governor of the bank, that if 
the said advances had been paid off 
when required, or considerably re- 
duced, the bank would have been 
enabled to give more extended aid 
to the mercantile interest of Great 
Britain, in the way of discount. 
XIX. That it appears, that if the 
advances on treasury-bills had been 
paid off when required, and as the 
chancellor of the exchequer had 
promised, and the foreign remittan- 
ces abstained from,as the chancellor 
‘of the exchequer had likewise pro- 
mised, there would have existed no 
necessity for suspending the dueand 
ordinary course of the bank pay- 
ments in cash. 
XX. That it appears to this 
house, upon an attentive examina- 
tion of the evidence reported by 
the secret committee, upon a mi- 
nute perusal of the correspondence 
between the governor and directors 
of the bank of England, and the 
chancellor of the exchequer, during 
the years 1795, 1796, and 1797 ; 
and after a thorougi: review of the 
whele circumstances of the case, 
that the neglect of the chancellor of 
the exchequer, in discharging or suf- 
ficiently diminishing the amount of 
the stims advanced to government, 
by the bank of En, Jand, his perse- 
verance in directing treasury -bills of 
exchange, to an amount unexam- 
pled, to be patd at the bank, his fre- 
quent promises, and constant breach 
of those promises, to reduce their 
amount within the sum of 500,000/. 
and that the enormous amount of 
his remittances to foreign princes, 
in leans and subsidies, were the 
principal and leading causes which 
produced the necessity for the order 
of couacil on the 26th of February 
last. 
The constitution of the com- 
ANNUAL. REGISTER, 
1797. 
mittee, objected to by the duke of 
Bedford, was justified by the earl of 
Liverpool, from the propriety and 
necessity of their having, on all 
hands, and in every view, the fullest 
information, and praised their con- 
duct as the most'impartial and can- 
did. ‘The chancellor of the exche- 
quer, aiainst whom a great part of 
the noble duke’s’ charge was perso- 
nally directed, had been examined 
upon. oath, before the committee ; 
the first instance in which a patty 
accused, was desired to give evi- 
dence ayainst himself, in any court, 
or before ‘any magistrate. With re= 
gard to the capital point of discus- 
sion, the effect of the advances to 
the emperor, from the state of the 
exports and imports, and every other 
criterion of prosperity, there was 
no reason to believe, that a remit- 
tance, todouble the amount that had 
taken place during the present war, 
could, in the increased wealth and 
commerce, and increasing balance of 
trade in our favour, have been fol- 
lowed by such consequences as had 
been ascribed to that measure: 
which, initself, was wiseand expedi-= 
ent. To employ the enemy’s arms 
abroad for the security of this coun- 
try, had ever been considered as our 
true policy, by the greatest minis- 
ters who had guided the affairs of 
this country: Lord Godclphin, Mr. 
Pelham,-and the immortal father of 
the chancellor of the exchequer, the 
late lord Chatham. Were it neces- 
sary to illustrate the position, thatit 
was inthis manner, by stretching 
out the arm of its power, andkeep- 
ing the battle far from their own 
gates, that the English always had, 
and still might wage war with the 
greatcst glory and success, hemight 
appeal to the writings of a candid 
and impartial, as well as solid and 
penetrating 
