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discussion of the comparative merits of this bill, and that which he had submitted to the House in 1783. His object, he said, had been to take the power from the directors, where it was improperly placed, and to rest it in commissioners, who were to be subject to the controul of parliament. That bill, he contended, had a clear and precise meaning, while that at present under consideration had no defined object, but has a concealed meaning, and grasps at the whole

Indian patronage without any responsibility.-Mr. Pitt drew very different conclusions from a similar comparative view of these different measures, and the bill passed.

About this time a very curious and unexpected proposal, for an amicable negociation with France, was made by the French minister Le Brun, if the letters delivered to lord Grenville may deserve that appellation. But as they have been mentioned by other writers, they cannot be omitted by us*.

The

*The following letters were delivered to lord Grenville (No. 1 and No. 2) on Friday the 26th of April, 1793, by Mr. John Salter, of Poplar, at his lordship's office, Whitehall.

NUMBER I.

MY LORD,

"The French Republic being desirous to terminate all its differences with Great Britain, and to end a war, which by the means it is likely to rage, cannot fail to bring miseries, dreadful to humanity, on both nations: I have the honour to demand of your lordship, as minister of his Britannic majesty, a passport and safe-conduct for a person possessed with full power to repair to London for that purpose.

"Mr. John Salter, notary public in London, will deliver this to your lordship, and on the condition of its being requisite, another letter, containing the name of the person who will have the confidence of his nation.

"Paris, April 2, 1793.

"I have the honour to be, my lord,

"Your lordship's obedient humble servant,
"The minister for foreign affairs,

"Second year of the French Republic.

"To his excellency lord Grenville."

"LE BRUN."

NUMBER II.

66 MY LORD,

"Agreeable to the intimation given in my first letter, and which has for its object the restoration of peace, I have the honour to inform your lordship that Mr. Marat will be deputed to give to our nation that desirable event.

"I need not remind your lordship that it will be necessary to attach to him three persons, as his secretary, valet de chambre, and a courier: and I claim of your lordship the necessary protection for them.

"I have the honour to be, my lord,

"Your lordship's most obedient humble servant,
"The minister for foreign affairs,

"Paris, April 2, 1793. "To his excellency lord Grenville."

"LE BRUN."

[K 2]

The proposal to commence a negotiation of so much importance by the intervention of a notary public is as ridiculous as it was unusual. At the same time, it would have been highly improper for the British government to engage in treaties with every faction in France whose successful crimes had given it a transient ascendancy; nor would such a pliant, accommodating policy, have gained any thing but disgrace and misfortune. Besides, Le Brun was known to be equally rash and faithless, and to have been among the foremost of those who wished to involve France in a war with this country; a circumstance which formed one of the criminal charges that conducted him to the guillotine. Nor can we omit the observation, that almost immediately after this strange, irregular proposal was made, the party who pretended to make it

were no more.

A spirit of commercial speculation and enterprize had been for some time encreasing in every part

of the kingdom, and had now got to such an height, as to threaten public credit with very serious danger. The circulating specie being by no means sufficient to answer the very encreased demands of trade, the quantity of paper currency brought into circulation, as a supplying medium, was so great and disproportionate, that a scarcity of specie was produced which threatened a general stagnation in the commercial world. But as these embarrassments arose from the precipitation, and not the inability, of British merchants, there wanted nothing but such activity and understanding as seems to have been employed in providing a remedy. In consequence of this alarming state of public credit, on Thursday, the 25th of April, Mr. Pitt moved that a select committee of fifteen be appointed to take into consideration the present state of commercial credit, and to report their opinion and observations upon it. On the 29th, the report of the select committee was brought

up

Copy of the Minister's letter to Mr. Salter.

SIR,

"You will deliver to his excellency lord Grenville, minister and secretary of state to his Britannic majesty for foreign affairs, the inclosed letter No. I. and if his lordship demands it, also the inclosed letter, No. II. on behalf of the French Republic.

"I am, with consideration, Sir,

"Your very humble and obedient servant,
"The minister for foreign affairs,

"Paris, April 2, 1793.

"Second year of the French Republic. "To Mr. Salter, Poplar, London."

"LE BRUN."

"And I do attest the truth of the before-mentioned copies of letters No. I. and No. II. as also the letter to Mr. Salter, to have been signed by Mr. Le Brun, minister for foreign affairs in France, in my presence; to have received the letters so delivered to lord Grenville (as also copies of the same) from the said minister, and to have delivered the same into the hands of Mr. Salter; and I do hereby authorise and desire the publication thereof.

66 Biggin-House, Surrey, May 21, 1793."

"JAMES MATTHEWS."

up by Mr. Pitt; it detailed the information given by different gentlemen who attended the commit

tee for that purpose, all agreeing that some speedy means should be devised to support the general commercial credit of the country, by public aid. It stated, that it would be necessary, for that purpose, to issue exchequer bills for five millions, at twopence halfpenny per cent per day, &c.

On the following day, in a committee of the whole House upon the report, Mr. Pitt said, that he should not enter into any argument at present, but referring to the report on the table, moved, that his majesty should be enabled to direct that exchequer bills, to the amount of five millions, be issued to commissioners, to be by them laid out under certain regulations and restrictions, for the assistance and accommodation of such persons as may apply for it, and who shall give to such commissioners proper security for the sums that may be advanced, for a time to be limited.

The following is an extract from the report:

"The chancellor of the exchequer laid before the committee a paper which had been delivered to him on the 23d instant, by the lord mayor and Mr. Bosanquet; which is inserted in the appendix to this report. He also stated to the committee, the circumstances which had led to this paper being drawn up: that he had received representations from many different quarters, which induced him to believe, that the failures which had taken place had begun by a run on those houses who had issued circulating paper, without being possessed of sufficient capital; but that the consequences had

soon extended themselves so far as to effect many houses of great solidity, and possessed of funds ultimately much more than sufficient to answer all demands upon them; but which had not the means of converting those funds into money, or negotiable securities, in time to meet the pressure of the moment : that the sudden discredit of a considerable quantity of paper, which had been issued by different banks, in itself produced a deficiency of the circulating medium, which in the ordinary course of things could not be immediately replaced; and that this deficiency occasioned material inconvenience in mercantile transactions: that in addition to this immediate effect, these circumstances also were represented to have induced bankers and others to keep in their hands a greater quantity of money than they thought necessary in the usual train of business, and that large sums were thus kept out of circulation, and great difficulty arose in procuring the usual advances on bills of exchange, particularly those of a long date : that many persons were said to be possessed of large stocks of goods, which they could not at present dispose of, and on the credit of which they could not raise money: that this occasioned an interruption of the usual orders to manufacturers, which circumstance, together with the interruption of the means by which they were enabled to make their weekly payments, tended to prevent the employment of a number of persons engaged in different manufactures: that these evils were represented as likely rapidly to increase to a very serious extent, if some extraordinary means were not adopted to restore credit

and

and circulation: that in consequence of these representations, he had desired a meeting of different gentlemen, in order to obtain the best information in his power, respecting the extent of the evil, and the possibility and propriety of any measure to remedy it: that after much discussion, all the gentlemen present seemed to agree in a very strong opinion of the extent of the evil, though many objections at first occurred to any plan for remedying it that in the result, it was agreed to desire the gentlemen, whose names were mentioned in the paper now delivered, to meet the next day at the Mansion House, to consider more particularly the proposal for the issue of exchequer bills to a certain amount, to be advanced under proper regulations, for the accommodation of such persons as might apply for the same, and likewise the objections to which such a proposal might be liable; and that the paper which he had laid before the committee, contained the opinion of the second meeting."

"The chancellor of the exchequer also gave an account to the committee of an application that had come within his knowledge, for the accommodation and support of an House connected with a very important manufacturing district. That the sum wanted for the support and accommodation of this House was comparatively small, and the security proposed, as he had understood from very good authority, was admitted to be unquestionable; but that the application had hitherto been ineffectual."

"The lord mayor informed your committee, that, in conformity to the statement mentioned by the

chancellor of the exchequer, eleven gentlemen met at the Mansion House on the 23d, selected principally from that part of the preceding meeting, who had expressed the greatest difficulties in finding out a remedy; and, after a long discussion upon the subject, they unanimously were of opinion, that the interposition of parliament was necessary; and that an issue of exchequer bills, under certain regulations and stipulations, was the best practicable remedy.

"The committee also received information from Mr. Thornton, Mr. Alderman Anderson, and Mr. Chiswell, members of this committee, with respect to instances which had fallen under their personal observation, to the following effect :

"Mr. Thornton represented, that he was at this time acquainted with the situation of five or six mercantile houses, who were in the possession of large quantities of goods, the produce of which would give them effectual relief; but that owing to the stagnation of trade, and the impossibility of converting these goods into money, the houses in question were under very great apprehension of being shortly obliged to stop payment.

"He informed the committee, that he was lately appointed a trustee for liquidating the concerns of a house in London, with extensive connections in the country, that had been obliged to suspend its payments. That after the intervention of about three weeks, it had been enabled to pay its acceptances, and within twelve months would discharge all its debts; and that the partners had a reasonable expectation of retaining a surplus of 100,000l. And if they had had the opportunity

opportunity of raising only a moderate sum of money on the securities which they held, the calamity that befel them and their connections might have been averted.

"Mr. Alderman Anderson informed your committee, that it had fallen under his own personal knowledge, that seven mercantile houses, of known and undoubted property, and with a large quantity of goods on hand, now not saleable, are brought to very great distress from the scarcity of money, and will not be able to make good their payments, if not assisted; which would prove of very serious consequence to many other merchants and manufacturers, to whom they stand indebted.

ments.

"Mr. Chiswell stated, that the present mercantile distress arose from an alarming stagnation of credit, which, on his knowledge, had reduced eight houses of known and large property to stop their payThat he also knew others of the same description, who have had temporary assistance from him and others, but which will be ineffectual, if they are not farther relieved in a short time. He also stated, that various applications had been made to him from different houses of undoubted and very considerable capitals, which, in ordinary times, or even in times of pressure, he would have assisted; and that he is now only withheld by the uncertainty to what extent the mischief may increase from the present unexampled general alarm and want of credit. He also farther stated, that if those houses were not assisted, the consequence would be, the immediate failure of many others of good credit and fortune dependant on them.

"The committee understanding that Mr. Gilbert Innes, a director of the royal bank of Scotland, was at present in London, desired his attendance, and received information from him to the following effect.

"That as a director of the royal bank of Scotland, he has had many occasions to judge of the present state of commercial credit in Scotland.

"That the country is in very great distress, and the two chartered banks will not be able much longer, with prudence to themselves, to furnish the accommodation and support necessary to different mercantile and manufacturing houses, nor to the country banks; and if something is not immediately done by government, a very general failure may be expected; and that many houses with undoubted effects, and who would ultimately pay all demands against them, will be involved, unless they can obtain a temporary relief.

"There have been several failures, and a very considerable one lately, which is connected with manufacturers, who may ultimately be involved, and where seven or eight hundred persons are now employed.

"The effect of these failures, in his opinion, must occasion many manufacturers to be thrown out of employment, and he has heard that some were already dismissed; and such is the pressure of the times, that the distress, if not ruin, of several principal manufacturing houses, may ensue. Many manufacturers would have been dismissed, but for the liberal support their employers have received from the royal bank; but that assist

ance

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