68 
Lord King, condemned the bill in 
its principle; and thought the pre- 
cedent was still worse, Inasmuch as 
abuses, are gradual and progressive. 
At present, as it was a time of 
peace, it was possible that the bank 
did not issue much paper for the 
accommodation of government; but 
if this measure should be had re- 
course to in war, it was impossi- 
ble to calculate to what an extent 
the abuse might increase, from 
having the whole monied interest of 
the country at the disposal of the 
minister and the bank directors, for 
the time being. The issues of the 
bank, before the restriction, was 
about ten millions on an average ; 
it is now sixteen millions, and it is 
evident that their profits are in pro- 
portion to their issues. He then 
shewed, that the exchange with 
Hamburgh, was turned against this 
' country, by the conduct of the 
bank, in increasing its issues. He 
considered the issues excessive ; and 
that this conduct of the bank, had 
produced something of a deprecia- 
tion. This depreciation, however, 
was only discovered by foreign ex- 
change; it must be great indeed 
before it could be perceived in the 
home market, by different prices 
for commodities ; for gold and for 
yank 
was no security against the depre- 
ciation of its paper, no more than 
the security of exchequer bills, pre- 
vented them from being at a dis- 
count. 
The earl of Moira repeated, that 
it was his opinion, that this measure 
had been brought forward by minis- 
ters, in order to support the splen- 
did statement they had chosen to 
make, of the financial situation and 
resources of the country: it was 
ANNUAL REGISTER, 
1803. 
necessary for the government, to 
have an understanding with the 
bank, for the purpose of circulating» 
its exchequer bills. It was evident, | 
the bank could not receive their ex= 
chequer bills so freely, if they were 
obliged to pay their notes in specie. 
He thought nothing could be more” 
unjust, either to the inhabitants of 
this country or to foreigners, | than” 
the interference of the government, 
to prevent the bank from making 
good their engagements. : 
The earl of Westmoreland sup-) 
ported the bill, on the ground of ac-— 
knowledged solvency i in the bank. 
Lord Auckland defended the 
measure, at considerable length, 
and held out. a very flattering pic- 
ture of the resources of the country, 
and of its financial prosperity ; and 
said, at some future day in the ses=" 
sion,. he would bring forward some 
resolutions, for the purpose of con- 
vincing the house more fully, of the 
accuracy of the financial statements 
which had been made. 
Lord Grenville rejoiced, that the 
noble Lord had promised to bring 
forward a discussion of the resources 
of the country; he would join.most, 
anxiously and most sincerely in 
such an inquiry, and in forwarding: 
such measures as would seem best 
calculated to improve and increase — 
our resources; because he was fully’ 
convinced, that by such manly ~ 
measures alone, the country could 
be saved from the imminent danger, — 
to which it is now exposed. It” 
would give him great pleasure then, — 
to find the gov ernment determined, 
to look the situation of the country — 
in the face. 
Lord King, in explanation, said 
that the Irish bank paper was de" 
preciated considerably, mm conse 
quence, - 
