A. D. 1793. 2^7 



of the great drain of cafh from the bank of England, exceeding every 

 demand of the kind for about ten years back. Of thefe banks above 

 100 failed, whereof there were 12 in York-fnire, 7 in Northumberland, 

 7 in Lincoln-fliire, 6 in Suflex, 5 in Lancafliire, 4 in Northampton-fliire, 

 4 in Somerfet-fhire, &c. 



In confequence of an interview of feveral of the principal merchant-s 

 and traders with Mr. Pitt, the prime minifter. a meeting was held at 

 the Manfion houfe (Aprd 23'') to concert meafur-S for putting a flop to 

 this terrible calamity ; when the lord mayor, and Meffieurs Anderfon, 

 Boianquet, Forfter, Baring, Chifwell, Thornton, Harman, Winthrop, 

 Boddington, and Hunter, after much deliberation, drew up the ourhnes 

 of a plan for the revival of commercial credit, and the reftoration of 

 confidence, by a parliamentary advance of exchequer bills, imder pro- 

 per regulations, to houfes of real capital ; a copy of which vvas imme- 

 diately laid before Mr. Pitt by the lord mayor and Mr. Bofanquet. 



At the meeting of a fele£t committee of tlie houfe of commons, Mr. 

 Pitt, having laid before them the paper drawn up by the gentlemen af- 

 fembled at the Manfion-houfe, flated, that he was informed from dif- 

 ferent quarters, that the failures had begun by a run on thofe houfes, 

 which had ilfued circulating paper without fufficient capital, the confe- 

 quences of which had affected many houfes of great fohdity, poffefFed 

 of funds in goods and other property much more than fufficient to la- 

 tisfy all demands upon them, but unable to convei-t their funds into 

 cafh in due time to anfwer the prefTure of the moment in the prefent 

 general difcredit of circulating paper : that the fudden deficiency of fo 

 much circulating paper had induced the bank<?rs to retain greater fums 

 in their hands than were neceflary in the ordinary courfe of their bufi- 

 nefs, whereby the evil was greatly increafed, and bills of exchange, efpe- 

 cially thofe of a long date, could not be difcounted : that the orders and 

 payments to the manufacturers being thereby m'-errupted, they were 

 rendered incapable of continuing their regular weekly payments to their 

 workmen, who mufl: be thrown out of employment *, whence evils of 

 the mofi: ferious nature mufl: rapidly enfue : and that thofe evils were 

 likely to increafe to a mofl; dangerous extent, if fome effc^dual remedy 

 were not immediately applied. 



Meffieurs Thornton, Anderfon, and Chifwell, reprefented to the com- 

 mittee, that each of theni perfonally knew the fituution of many mer- 

 cantile houfes of great capital and refpedability to be fuch, that, if they 

 were not affifted during the prefent alarming ftagnation of credit and of 

 fales, they mufl inevitably flop payment, which would bring on the im- 



* I infert in a note, becaufe the information is tries. It is a melancholy confideration, tliat the 

 not contained in the report of the feleft commit- fame caufes, which increafe the nuniLt.- of drones, 

 lee, that many of the difcharged workmen enUlled diminifli that of the working bees, la the great 

 in the army, and many emigrated to other coun. hive of Britifh induft'-y. 



LI2 



