On the ift of March Mr. Fox moved that a feparate committee should be appointed for the purpose above mentioned. This was vehemently objected to by Mr. Pitt as wholly fuperfluous; which indeed was, in a sense most disgraceful to himself, but too true.-It was also opposed by Mr. Windham, who, bestowing high eulogiums on the minifter, was reminded of his former memorable threat while yet adverse to the system he now supported that he would strip off the right honorable gentleman's embroidery, and expose to view the filthy dowlas which lay concealed beneath it.'--Mr. Wilberforce likewife, renouncing all pretenfion to that respect which is due to candor and confiftency, hesitated not to declare that, from the commencement of the war, much of the public calamity was owing to the conduct of oppofition!" To that fickle and faithlefs part of the oppofition, indeed, which voted alternately for and against the minifter, without fenfe or fyftem, this cenfure was but too clearly and directly applicable.---Mr. Fox, in remarking upon the neceffity of the propofed enquiry, asked, "Whether any man breathing had any doubt of the folidity of the Bank before the minifter laid his rapacious hands upon the treasure deposited there, and which he had applied to the most unlawful and unconstitutional purposes? Enquiry," he faid, "was, at all events, indifpenfable; for, to use the celebrated argument of Demofthenes to the Athenians, if it should appear that the deplorable fituation of the country was brought on by the grofs mifconduct of the minister, then the people would have the confolation to reflect that their affairs might yet be retrieved; but if, as the minister afferted, affairs had been conducted wifely and well, then the people could expect nothing but inevitable ruin."---The houfe divided for the motion 67, against it 141.

Upon the report of the committee, it appeared that the amount of demands upon the Bank was 13,770,000l.; that their affets, exclufive of the permanent debt due from go

vernment,

vernment, amounted to the fum of 17,597,000l.; fo that there remained a furplus of 3,826,000 /. exclufive of the capital fum of 11,600,000l. three-per-cent. ftock, lent at different times to government, on parliamentary security. This being estimated at fifty per cent. agreeably to the actual price of the three-per-cents. the whole of the capital vested in the corporation of the Bank, after the payment of debts, amounted to the vaft fum of 9,626,000 /. The publication of this report immediately allayed, and almost extinguished, the exceffive alarm excited in the mercantile world by the ftoppage of the Bank. A bill was forthwith introduced, confirming the order of council, and suspending the law for preventing the iffue of notes under five pounds' value; in confequence of which the circulation of fpecie was fufpended, and the kingdom inundated with notes of twenty fhillings' and forty fhillings' value. A clause of the utmost importance was alfo inferted for preventing any perfon from being held to bail who offered Bank-of-England notes in discharge of debts; which was going, to every practical purpofe, the length of making them a legal tender. But as government-collectors and officers of the revenue were not only permitted, but obliged, by a clause of the bill, to receive these notes in payment of taxes, immenfe as they were now become, no confiderable inconvenience was in fact felt from this extraordinary state of things by any clafs or defcription of perfons. The notes themselves fuffered not the leaft depreciation; and the difaftrous confequences which might, with great probability, have previ oufly been supposed to refult from the daring and desperate conduct of the minifter, were happily found to be falla

cious.

On the 10th of March Mr. Sheridan moved several refolutions relative to the Bank, of which the moft remarkable went to the restoration of the important clause in the origi nal act of king William, reftraining the Bank from making any advances to government but on funds granted by par

liament,

liament, under the penalty of forfeiting treble the amount, and which was most infidiously repealed by Mr. Pitt in the feffion of 1793. But fo far were the directors of the Bank from concurring in this measure, that they made it an exprefs fubject of their complaint that they were required to advance money to government in an unconftitutional manner. This was negatived by the accustomed ministerial majority. The house being in committee upon the Bank Bill, Mr. Fox gave notice of an amendment to the second clause, "That the Bank should be prohibited from making any advances to government, by which the exifting debt should be increased, during the continuance of the prefent act." Had this amendment, fo obvious and rational, been carried, all Mr. Pitt's views of future and greater accommodation would have been fruftrated; but it was, as ufual, negatived at the inftance of the minifter, who had now completely fucceeded in converting the Bank of England into a mere engine of government, in bringing an indelible difgrace on its reputation, and in making it entirely fubfervient to the advancement of his own ruinous, wicked, and frantic projects.

On the report of the committee on the Bank Bill, fir William Pulteney proposed a clause, the object of which was to enable the Bank to refcind the restrictions of the bill at any period less distant than the 24th of June, to which it was originally limited. But this was oppofed by Mr. Pitt, and negatived, though by 36 voices only.

On the 24th of April, when the fupplies of the year were supposed to be voted, and the exigencies of government fully provided for, Mr. Pitt fuddenly came forward with propofals for a fecond loan, comprehending a great variety of deficiencies, and covering a vast mass of floating and unfunded debt, confifting of Exchequer-bills, Navybills, &c. adding alfo a vote of credit for three millions, with a view to another prodigal remittance to the emperor. The whole fum proposed to be funded was precifely eighteen

millions,

millions, as before; and for every 100%. in money, 1734 three-per-cent. and 20. four-per-cent. ftock were to be granted by government, together with a long-annuity of 6s. 6d. For the intereft of this fecond ftupendous loan, raised upon terms fo exorbitantly ufurious, taxes were again imposed to the amount of 1,284,000l. which, conjointly with the taxes of the preceding loan, made up the fum of 3,416,000/. Such were the immenfe and incredible fupplies which Mr. Pitt could extort from the people of England in a single feffion, in order to carry on the present incomprehenfible war; although, when a finking fund was to be created ten years previous to this period, he could never devise the ways and means of raising one folitary million for that most falutary and important of all purposes-the redemption of the public debt! And fo incorrect—or, to speak plainly and properly, so detestably deceitful-had been the estimates prefented to the house from time to time, that, in the four years which had now elapfed fince the commencement of the prefent war, about fifty-one millions had been contracted with, and more than forty-nine millions without, the previous confent of parliament, as appeared by the papers laid before the house.

On the first of May Mr. Pitt moved for a loan of three millions and a half to the emperor, of which 1,600,000 ↳ had been already remitted. Also another loan of one million and a half for the fervice of Ireland. The fum of 80,000l. was moreover granted as a portion to the prin cefs-royal, on her marriage to the duke of Wirtemberg.

In the course of the feffion Mr. Dundas brought forward his statement of India finance; and in his fpeech upon this occafion he apprized the house, that though there appeared to be, from various caufes, a decrease of revenue, owing to a diminution in the fale of certain articles during the war, and an increase of military arrangements, the Company's affairs were, notwithstanding, as favourable and as flourishing as the most fanguine perfon could with; and the refolu

tions moved by him in affirmance of his ftatement were agreed to with little oppofition.

Addreffes to the throne, of a pacific tendency, were alfo moved, during the feffion, by the earl of Oxford in the upper house, and by Mr. Pollen (one of the few profelytes from the majority) in the commons, giving rise to debates, in which the queftions refpecting the conduct of minifters relative to the war, and the late abortive attempt at negotiation, were again ably and copiously difcuffed without producing any fenfible effect. Mr. Pitt had the boldness,

on this occafion, to declare to the house," that peace did not depend upon their declarations, which were more likely to fruftrate than to accelerate this object." Strange doctrine from one who had been himself a party in the declarations of the house which had been the means of terminating the American war!" We have tried the executive government," faid Mr. Fox in anfwer, "long enough to be convinced that no good would be done by confiding in the promise of mi nifters any longer. Let us not perpetually talk of our wishes for peace; let us use means for obtaining it. Let us truft minifters no longer; LET US VOTE for PEACE." The divifion in the upper house was 16 to 52,* and in the lower 85 to 291.

So

The addrefs moved by the earl of Oxford was excellently framed, and is, from its merit, entitled to infertion at full length. His lordship moved "That an addrefs might be presented to the throne, to reprefent to his majefty, that, in the present alarming fituation of the country, the house confidered it to be its duty to apprize him of his own danger and of the ruin which threatened the nation. That the fhock which had been lately given to public credit muft deprive us of thofe means whereby we were enabled to hold our rank amongst nations, unless we were relieved from our prefent enormous expenditure by an immediate, fincere, and lafting peace. That the house faw with concern that the late negotiation was broken off by the conduct and demands of his majesty's ministers, and not by want of difpofition for peace on the part of the French. That, in anfwer to the note delivered by Mr. Wickham, the Directory declared, that, yielding to the ardent defire to procure peace, it would not fear to exprefs itself openly charged by the conftitution with the execution of the laws, it could not make or liften to any propofal which would be contrary to them: the

:

Conftitutional