i ag 
find it neceflary (which I hope will 
not be the cafe) to difpofe of any 
of the Exchequer bills on the vote 
of credit, before provifion is made 
for their difcharge, and any lofs 
fhould arife from their being ata 
difcount in the market, I fhould of 
courfe propofe that fuch a lofs 
vet be made good by the pub- 
i. 
After a debate on the fubject of 
this letter, the court came to the 
following refolution thereon :— 
Refolved, That this court do 
confent to receive payment for the 
amount of advances on the Trea- 
fury bills which have been and 
fhall be paid before the firft of Au- 
guft, beyond the fum of 500,000l. 
and which will be 867,7001. in Ex- 
chequer bills, iffued on the vote of 
credit of the prefent year, under 
the ftipulation of indemnity from 
lofs on the fale propofed by Mr. 
Pitt, and to wave their claim of re- 
payment of the 500,000l. till the 
meeting of parliament; when the 
court will expect that this mode of 
paying Treafury bills fhall be totally 
done away. 
Refolved, That the court do not 
confent to advance any more mo- 
ney for the payment of fuch bills 
which fall due after the firft of Au- 
gut. 
Refolved, That the court do 
confent to the other part of the 
letter, — To advance the fum of 
800,0001. onthe credit of Exchequer 
bills on the confolidated fund, on 
condition of being paid off the 
400,0001. lately advanced to govern- 
ment, and the Navy bills due and 
coming due; but they do not con- 
fent to advance the fecond fum of 
800,0001. in the month of Augutt. 
‘ The Governor, Deputy Gover- 
mor, with Mr. Darell and,Mr. Sa- 
s 
C4 RY Gt NB TAC LE, 
13% 
muel Thornton, were defired by’ 
the court to carry up thefe refolu- 
tions to the Chancellor of the Ex- 
chequer; which they did as foon 
as the court broke up: and being 
admitted, they gave a copy of the’ 
refolutions to Mr. Pitt, who, having 
read! them attentively over, faid, 
“« He was obliged to the court for 
“what they did grant, which he 
“ fhould accept of; but added, that 
“it would be of no material ufe, 
‘in the prefent circumftances of 
“ the nation, unlefs: the ether re-. 
“ guifitions which he had made 
“ were complied with. That he 
“‘ muft refer the affair again in a 
‘¢ more pointed manner to the re- 
“ confideration of the court, which 
“he would do ina letter to be fent: 
“ to the Bank next Tuefday morn- 
“ing, for the previous deliberation’ 
“ of the Committee; and that he 
“‘ would be glad to fee the Gover- 
“ norand Deputy Governor again 
“ before the next court fhould 
“¢ meet.” 
(No. 29.) 
Copy of a Letter fron the Chancellor of the 
Exchequer, and Refolution of the Court 
of Directors, 28th of July, 1796. 
Downing-ftreet, Wednefday, July 27 the 
Gentlemen, 
AFTER attentively confidering® 
the refolutions of your court, which 
I received from you on Thurfday 
laft, | feel it an indifpenfable duty, 
however unwilling I am to urge 
any requeft which appears to them 
liable to any difficulty or objection, 
to reprefent to you, in the moft 
earneft manner, that i will be im- 
poffible to avoid the moft ferious 
and diftrefling embarraffments to 
the public fervice, unlefs in addi- 
tion to the accommodation which 
12 has 
