410 A. D. 1797. 



' Bank of England, February 2f^ 1797- 

 ' In conlequcnce of an order of his Majefty's privy council notified 



* to the bank laft night, a copy of which is hereunto annexed, 



* The governor, deputy governor, and directors, of the bank of Eng- 



* land think it their duty to inform the proprietors of bank flock, as 

 ' well as the public at large, that the general concerns of the bank are 

 ' in the moft affluent and flourifliing fituation, and fuch as to preclude 

 ' every doubt as to the fecurity of its notes. 



* The diredors mean to continue their ufual difcounts for the accom- 

 ' raodation of the commercial intereft, paying the amount in bank notes : 

 ■ and the dividend warrants will be paid in the fame manner. 



(Signed) ' Francis Martin, fecretary.' 

 (To this was annexed a copy of the order of council.) 

 The aftual arrival of an event, which, by all perfons who had ever 

 contemplated a probability of its happening, had been dreaded as the 

 death-blow to the commercial profperity of the country, produced a 

 confiderable alarm : but it was infinitely fliort of what might have been 

 expelled. The principal merchants and bankers immediately met at 

 the manfion-houfe, and drew up the following refolution. 



' Manfion-houfe, London, February 27"", 1797. 



* At a meeting of merchants, bankers, &c. held here this day to con- 



* fider of the fieps, which it may be proper to take to prevent embar- 

 ■' raffment to public credit, from the effect of any ill-founded or exag- 

 ' gerated alarms, and to fupport it with the utmoft exertions at the pre- 

 ' fent important conjundure, 



' The lord mayor. in the chair, 

 ' Refolved unanimoufly, that we the underfigned, being highly fen- 



* fible, how neceflliry the prefervation of public credit is at this time, 

 ' do moft readily hereby declare, that we will not refufe to receive bank 



* notes in payment of any fum of money to be paid to us ; and we will 

 ' ufe our utmoft endeavours to make all our payments in the fame 



* manner. (Signed) Brook. Watson.' 



It was immediately figned by all the other gentlemen present, and, 

 in a few days, by above three thoufand principal merchants, bankers, 

 and traders. 



On the following day a paper, nearly fimilar, v.-as figned and publifli- 

 ed by the lords of the privy council. And in a fev>r days all tranlaclions 

 of every kind went on, as if nothing had happened ; and people in 

 general did not perceive, at leaft not immediately, that there was any 

 difference between bank notes, not convertible into money of folid gold 

 and filver, and that money itfelf 



In the courfe of the inveftigations, which took place in each of the 

 houfes of parliament in confequence of this extraordinary event, a va- 

 riety of accounts were produced, illufixative of the affairs of the bank. 



