248 
For the Monthly Magazine. 
Ow THE FINANCES OF THE BANK. 
‘HE Bank of England has always 
been confidered as an efiablithment 
of fo much importance to the welfare. 
and profperity of this country, that the 
firft moment of its failing to fulfil-its en- 
Zagements, has invariably been regarded 
‘as the immediate ‘termination of ali the 
public and commercial credit of the 
kingdom. But the eventsof the prefent 
year have proved thefe apprehenfions to 
have been it founded; end whatever 
cenneétion may have been fuppofed to 
exift between it and either the Treafury 
or the Royal Exchange, it is now evi- 
dent, that loans may be contracted, and 
the fpeculations of moneylefs adventurers 
be continued, long after its faith has been 
broken, and the ju demands of its cre- 
ditors have been filenced by. the control 
of the legifleture. 
When the Dire€iors of the Bank, in 
the month of February, were reftrained 
from doing what in faét was phyfically 
impoffible for them to do, and were in- 
dulged with the liberty of exchanging a 
faithlefs prornife for another, which they 
do not full; the public, regarding the 
fhort period to which this refiraint was 
limited, might perhaps be’ led to hcpe, 
that in the courfe of four months, when 
the interpofition of the legiflature was to 
ceafe, the weund which had been given 
to credit, would be healed by the retu:n- 
ing fath of the Bank, and that the 
temporary fufpenfion of its payments, 
would appear to lave been more the ef- 
feét of excetiive caution, than of any 
deficiency or mifmanagement in its con- 
cerns. But this term has iong expired: 
~—the legiflature has ‘again interpofed its 
authority, and a limited reftraint of 
four months has been extended toaterm 
of indefinite duration, without produc- 
ing any other effeét than that of proving 
the excefs of public credulity.—The 
notes of the Bank are circulated as free- 
ly as ever, and feem to retain the fame 
credit as when, according to.the tenor 
of their promife, they were honoured 
with an immediate payment in fpecie. 
‘Tothofe who have regarded the pa- 
tient acquiefcence of the nation in all 
the ruinous and contradictory meafures 
ef the laf four years, neither this, nor 
perhaps any other, inftance of credulity 
will appear furprifing. Butit is far from 
my intention to éxpatiate on a fubject fo 
degrading to the character of the country, 
I am_induced only to offer the following 
ftatemenis and obfervations to the atten- 
fion of the reader, with the view of 
Faéts relative tothe Finances of the Bank. 
poe, 
sy - 
leading him to form a more accurate 
judgment of the importance of the Bank, 
and of the conduét of the Direétors in 
the management of its affairs. . _ 
From an examination of the minutes 
of the feleét committees in beth houfes 
of Parliament, it appears, that out of 
the great variety of documients which 
have been prefented to them, they have 
thought proper to communicate only a 
part to the public; and do not feem to 
have communicated thofe which might 
lead toa knowledge of the real fituation 
of the Bank. The quantity of nutes in- 
circulation, or the amount of their ad- 
vances tothe Treafury, can give but a 
very imperfeét idea of the concerns of 
this company, without having, at the 
fame time, an account of their cafh, and 
of the bills which they have difcounted 
for private individuals. Of thefe, how-- 
ever; no other information is communi- 
cated, than that they have been laid bé- 
fore the committees, andthat every mo- 
tion for their being publifhed has been 
uniformly negatived. - Without prefum- 
ing to alfign a reafon for this exceffive 
caution, ic muf be acknowledged, that 
the decuments which they have with- 
held, appear to have been drawn up at 
the Bank m fuch a manner as to puzzie, 
rather than to inform, the underftand- 
ing . and therefore that they were pro- 
bably framed with the view of conceal- 
ing the truth, not only fromthe public, 
but even rrom the committees themfelves. 
— Inftead of a plain and direct ftatement 
of particulars, the amounts of the cafh, 
and the ditcounts, have been given in a 
{et of cabalifticali numbers, which, with- 
cut the aid of other information, would 
require an Oedipus to decypher them. I 
am no friend to myfteries of any kind. 
In the prefent cafe, they are peculiarly. 
fufpicious, and ought to awaken the jea- 
loufy of the public. The Bank is a 
trading company—a great part of the 
nation are its creditors, and when its 
embarrafiments oblige it to fop-payment, 
the nation ought to be made acquainted 
not only with the real ftate of its affairs, 
but with the conduét of thofe perfons 
who have been entrufted with the direc- 
tion of them. Impreffed, therefore, 
with thefe fentiments. J fhall make no 
apology for introducing the public a lit- 
tle farther than the committees have 
‘thought fit, into the -fecret recefies of the 
Bank, by inferting fome of thofe enig- 
matical tables, which, perhaps, may be 
made to afford more information than 
their authors intended they fhauld do. 
. Gere. TABLE 
