A. D. 1797. 409 



deputy c;overnor and Mr. Bofanquet to wait on Mr. Pitt, to reprefent 

 to him the dreadful drain of their cafli^ ' and to afk him, how far he 

 ' thought the bank might go on paying ca(h, and when he would think 

 ' it neceflary to interfere, before (their) cafh was fo reduced, as might 

 ' be detrimental to the immediate fervice of the flate.' 



In this criiis the king wus requefted to come to town to aflift at a 

 meeting of the privy council ; and on Sunday (26"') a council was ac- 

 cordingly held at S\ James's, the refult of which, and of anoijicr meet- 

 ing immediately after it in Downing ftreet between the members of the 

 adminiftration, and the governor, deputy governor, Mr. Thornton, Mr. 

 Bofanquet, and other diredors of the bank, after a warm conference, 

 was, that the following order of privy council fliould be fent to the 

 bank. 



' At the council chamber, Whitehall, February 26'", I797. 



* By the lords of his Majefty's moft honourable privy council, 

 ' Present The Lord chancellorj 

 ' Lord president, 

 ' Duke of Portland, 

 ' Marquis Cornwallis, 

 ' Earl Spencer, 

 * Earl of Liverpool, 

 ' Lord Grenville, 

 ' Mr. Chancellor of the exchequer. 



' Upon the reprefentation of the chancellor of the exchequer, ftat- 

 ing, that from the refult of the information which he has received, 

 and of the inquiries which it has been his duty to make, refpedino- 

 the effedl of the unufual demands for fpecie, that have been made 

 upon the metropolis, in confequence of ill-founded or exaggerated 

 alarms in different parts of the country, it appears, that, unlets fome 

 meafure is immediately taken, there may be reafon to apprehend a 

 want of a fufEcient f^upply of cafh to anfwer the exigencies of the 

 public fervice. It is the unanimous opinion of the board, that it is 

 indiipenfably necefTary for the pubUc fervice, that the diredors of the 

 bank of England fhould forbear ifluing any cafh in payment, until 

 the fenfe of parliament can be taken on that fubjed, and the proper 

 meafures adopted thereupon, for maintaining the means of circulation, 

 and fupporting the public and commercial credit of the kingdom at 

 this important conjunclure; and it is ordered that a copy of this 

 minute be tranfmitted to the diredors of the bank of England : and 

 they are hereby required, on the grounds of the exigency of the cafe, 

 to conform themfelves thereto, until the fenfe of parliament can be 

 taken as aforefaid. (Signed) \V. Fawkener.' 



On Monday the following notice was pubUihed by the diredors of 

 5he bank. 



Vol. IV. 3 F 



