, 
138 
(No. 32.) 
Interview with the Chancellor of the Ex- 
chequer, 9th of February, 1797. 
THE Governor this day commu- 
nicated to the Committee the cir- 
cumftance mentioned by Mr. Pitt 
yefterday, about a farther loan for 
Ireland; which ftruck them all as 
kely to produce the moft difaftrous 
confequences to the Houfe. And 
the Committee joired in opinion 
fully, that the Governor in his in- 
terview with Mr. Pitt to-day, fhould 
tell him, that under the prefent 
fiate of the Bank’s advances to go- 
vernment here, fuch a meafure 
would threaten ruin to the houfe, 
and moft probably bring us un- 
der the neceflity to fhut up our 
doors. 
After the court this day, the Go- 
vernor, with Mr. §. Thornton (as 
the Deputy could not attend) and 
Mr. Puget, waited on Mr. Pitt; 
who told them, that notwithftand- 
ing the difficulties and dangers 
which they forefaw by his carrying 
into execution a farther loan for 
Ireland, he found it to be a meafure 
of government abfolutely neceffary ; 
but that he would do every thing he 
could to obviate the difficulties, by 
»making the Bank more eafy in o- 
ther points; and he propofed to 
raife, by an addition to the prefent 
voluntary loan, or by other means, 
with the confent of the fubfcribers 
to that loan, whatever fum the 
Bank might defire to be paid off 
from its advances to government. 
He propofed this from an opinion 
that it was poflibly in the power of 
the Bank to render itfelf fafe by the 
diminution of its ouiftanding notes; 
and he added that he withed this 
reduction of their notes to be ef- 
fected by a diminution of their ad- 
yances'to government, rather than 
APPEND BX «F:0 
by leffening their commercial dif- 
counts. 
On the Governor’s ftating that, 
in the event of the meafurevof an 
Irifh loan being effected here, the 
Bank would probably think it ne- 
ceflary to reftrain their advances, 
both to government and the pub- 
lic, by way of difcount, Mr. Pitt 
anfwered, He had rather pay back 
five millions to the Bank than that 
they fhould reftrain their difcounts 
three millions; or to that effect. 
Mr. Pitt expreffed an opinion that 
a good deal of the money that had 
been taken from this country laft 
year was returned; and, perhaps, 
kept back in London, or in other 
parts of the kingdom, from whence 
he hoped to draw the refources he 
wants by a loan under the propof- 
ed circumftances. Some difcuffion 
took place with Mr. Puget, whether 
a part at leaft of the Irifh loan 
might not be negotiated in Ireland: 
and reafon was given to think that 
a trial for this would be made. Mr. 
Puget fuggefted, that a pecuniary 
affiftance given by this government 
to the Irifh government might be 
preferable to aloan, as the money 
might be demanded back when 
there was preffing occafion for it : 
but Mr. Pitt was of opinion, that if 
the neceflity to call it back fhould 
arife, Ireland would not be able to 
pay it; whereas he hoped the fpe- 
cie would find its way back, by the 
regular courfe of trade, as foon as 
the internal ftate of that country 
would permit. 
Mr. Pitt propofed that the repay- 
ment to the Bank fhould be made 
proportionate to the inftalments on 
the Irifh loan, or to exceed them 
confiderably if defired; alfo that 
no difcount for prompt payment 
fhould be made on the Irith loan... 
On their return from Mr. it 
& 
