THe CH R-O.N Crh, E. 
the Governor ordered a Committee 
to be fummoned to meet to-mor- 
row, on very fpecial affairs, at 
twelve o’clock. 
(No. 33.) 
Letter from the Chancellor’ of the Exche- 
quer, and Refolution of the Court of 
DireGtors, 13th of February, 1797. 
AT acourt of Direétors held this 
day on fpecial affairs, the Governor 
laid before the court the matter 
which had been propofed to the 
Committee of the Treafury by Mr. 
Pitt, and which had been the fub- 
ject of the feveral minutes of the 
Committee on the 8th, 9th, and 
10th inftant, in their private book : 
and the Governor then read to the 
court the following letter, which 
he had received from the Chancel- 
lor of the Exchequer, viz. 
Downing -frrect, Feb. 10, 1797. 
Gentlemen, 
T have to requeft you to acquaint 
your court, that from the reprefen- 
tations received from Ireland, it ap- 
pears indifpenfable for the public 
fervice, that a loan fhould be raifed 
here for the ufe of that govern- 
ment, to the amount of 1,500,000l. 
on which I underftand a confidera- 
ble depofit will be requifite about 
the end of March. Iam fully fen- 
fible that, in the prefent fituation, 
fuch a loan might produce great 
temporary inconvenience here; 
and unlefs fome meafures were a- 
ponies to guard againft its poffible 
effects, might make it appear ne- 
cefiary for the Bank, from prudence 
and precaution, to reftrain the ac- 
commodation which they now give 
to the commerce of the country, 
within much narrower limits than 
is defirable. In order to avoid this 
Se 
great inconvenience, and at the 
fame time to be enabled to provide 
for the urgent demands from Ire- 
land, which are conne¢ted with the 
greateft intereft and fafety, to pre- 
vent farther embarrafiments in the 
vigorous exertions which the pre- 
fent crifis may require, it may, I 
think, be expedient to propofe to 
parliament to raife money fufficient 
for paying off fix or (if it fhould be ~ 
thought neceffary) feven millions 
(including the Treafury bills) of 
the fum now outftanding, due from 
the public to the Bank. So great 
a reduction of their advances muft, 
I truft, render them much more at 
eafe as to the effect of other opera 
tions. I wifhalfo to have it under- 
ftood, that I fhould propofe the re- 
payments to be received by the 
Bank, to take place by inftalments 
at leaft as early, and to as great an 
amount, as any remittance that 
could be made to Ireland under the 
inftalments to be fixed for that loan. 
I fhall be extremely glad to know 
the fentiments of the court on that 
fubject, and to confer with you, and 
any other gentlemen of the court, 
on any point which may require 
explanation, and on the beft means 
of carrying the meafure into exe- 
cution, if it meets with the concur- 
rence of the court, 
Ihave the honour to be, &c. 
(Signed) Ws. Pitt. 
Governor and Deputy Governor 
of the Bank. 
The court received this commu- 
nication with great uneafinefs, from 
an apprehenfion of the bad confe- 
quences which would, in all proba- 
bility, arife to the Bank from the 
remittance of fucha fum to Ireland, 
and the great drain of cafh which 
it would occafion; and after a very 
ferious 
