concur with the other confederated powers in restoring the general tranquillity of Europe, which the new philosophy and principles of France had disturbed.

Lord Grenville defended the bill, which, he said did not make a new law, or make any act criminal which was not so already by the existing statute of treason. The noble marquis must be aware, that to supply the enemy with articles necessary for carrying on the war against us, was already treason under the act of Edward 3rd. The noble marquis had endeavoured to raise a smile, by asking whether it was fit that a man should suffer as a traitor, merely because he had sold the French an old pair of boots? He might have gone on in the same strain, and have asked whether a man ought to be put to death merely for having accidentally sold some shoes, or some arms, or some gunpowder, or some ball, to a nation actually at war with his own? These, surely were all instances of adhering to the king's enemies, and consequently would come within the law of treason, though the present bill had never been thought of.

The Earl of Lauderdale said, that the bill was not only objectionable in its general principle, but in the detail of its clauses. The making a mere verbal agreement to supply any of the prohibited articles treason, although no act should follow the agreement, was, he believed, new in the laws of treason. If any part of the French territories should be conquered and occupied by us or our allies during the war, all commerce with such part would be prohibited, except by licence from his majesty's ministers; which was in fact, vesting them with a new discretionary power. Their exercise of the discretionary powers vested in them by the alien bill, showed the impropriety of granting such powers. Persons subject to the regulations of that bill were suffered to be present at their lordships debates, only in order to calumniate their members: while others were sent out of the country for causes which it would be ludicrous to state. The clause for prohibiting the purchase of lands in France was at variance with the principle; for while the professed object was, to prevent France from raising supplies on lands declared to be public property, it prohibited buying lands the property of private persons, and this too at a time when nothing short of absolute folly could induce the subjects of this country to lay out their money in [VOL. XXX. ]

the purchase of national property in France. The new clause, attaching corruption of blood to the penalties of the bill, he conceived to be an infringement of the law of entailing Scotland, as sanctioned by a supplementary statute to the act of union. He should be sorry if in any war the country had not better means of defence than any that the bill could afford. But in what was the present war more dangerous than former wars? Was France, with Austria, Prussia, and Spain leagued against her, more formidable than when she combated with Spain, Holland, and America on her side? When noble lords exulted in the consequences of the war, he must say that he had seen those consequences in a melancholy list of more than 400 bankrupts. When they talked of the situation in which this country now stood, he must desire them to recollect what might have been its situation if, instead of engaging as principals in the war, we had, now that the French were driven back into their own territories, reserved our force to interpose for the restoration of general peace. It did not appear that our exertions had contributed to make the French abandon their conquests. Highly as he thought of the illustrious personage sent to command our troops on the continent, and confident as he was in the valour and the vigour of those troops, whenever they should be brought into action, he could not suppose that 1,900 men had saved Holland, or driven the French from the Austrian Netherlands.

The Lord Chancellor said, there was nothing in the bill which made words spoken treason. If a man entered into an agreement to supply the enemy, it was not the words but the act which was treason, and that was treason as the law before stood. With respect to intercourse with any part of France that might be held as conquest during the war, the bill made no difference, for no such intercourse was allowable in former wars, but by permission of the crown. The clause attaching corruption of blood to the penalties of the bill, made no alteration in the laws of treason, as they before extended to Scotland. What would have been the state of the country if an opposite line of conduct had been pursued, was matter. of speculation. What it actually was, their lordships knew. If an ambassador had been sent to Paris to negociate for peace, was it quite clear that the internal peace of this country would have been [3 B]

maintained? Was it quite certain that those deputations of fraternity to the French Convention would have ceasedthat the same general spirit of loyalty would have been called forth-that those clubs, whose numbers had been boasted of so much, would have shrunk from their purpose, and disappeared-that the projected conquest of Holland would have been abandoned, and a stop put to that systematic attack on the government, the religion, and the morals of every country? The few troops sent out under the able command of an exalted personage, in the noble lord's opinion, could not have contributed much to the driving the French from their conquests. He thought very differently. To the sending out of those troops, and to the promptitude with which the measure was carried into execution, it was in his opinion, to be ascribed that Holland was saved; that the French were defeated and driven back; that all Europe, from Petersburgh to Naples, was delivered from the plunder, the confiscation, the rapine, the murder, the destruction of order, morality, and religion, with which it was threatened by the prevalence of French arms and French principles. The House divided: Contents, 62. Not Contents, 7.

The bill was then passed.

Report from the Select Committee on the State of Commercial Credit.] April 25. A spirit of commercial speculation and commerce had been for some time increasing in every part of the kingdom, and had now got to such a height, as to threaten public fcredit with very serious danger. The circulating specie being by no means sufficient to answer the very increased 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. In consequence of this alarming state of public credit, on the motion of Mr. Pitt, a Select Committee was this day appointed to take into consideration the present State of Commercial Credit, and to report their opinion and observations thereupon to the House.

April 29. The lord mayor reported from the said committee, That the committee had made a progress in the matter to them referred, and had directed him to make the following

REPORT.

Your Committee have thought it incumbent on them, in proceeding to execute the orders of the House, to direct their attention to three principal points.

1. Whether the difficulties at present experienced, or the probability of their continuance and increase, are of such urgent importance to the public interest, as to require the interposition of the legislature.

2. On the supposition that such interposition should be deemed necessary, what is the most practicable and effectual plan which can be adopted for giving relief.

3. What means can be suggested for preventing the renewal of similar inconveniences.

The consideration of the first and second head appeared in some measure blended together; and the third, though, of great importance, appearing to be less urgent in point of time, your Committee have thought it proper to submit to the House such considerations as occurred to them upon the two first points, reserving the latter for a separate report.

Under the first of these heads, the notoriety of failures to a considerable extent, the general embarrassment and apprehension which has ensued, the consideration of the necessary connexion between different mercantile houses, and their dependence on each other, and the influence which the state of commercial credit must have upon the trade, the revenue, and general interests of the country, appeared sufficient, without minute examination, to satisfy your Committee that the present situation strongly called for an immediate and effectual remedy, if any practicable plan could be suggested for that purpose.

In addition to this, the Committee had an opportunity of collecting, from several of their own members, information, grounded either on their general observa tion upon the subject, or on their own immediate and personal knowledge.

Your Committee, understanding that some suggestions on this subject had been laid before the chancellor of the exchequer, on the part of several persons of great eminence and respectability in the city of London, were of opinion that a communication of these suggestions, would be very material to the objects of their inquiry, with a view of ascertaining the opinion of persons of this description, both with respect to the necessity of some

The chancellor of the exchequer accordingly 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 affect 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 negociable 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 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 circulation. That in consequence of these re

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 this 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 a 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 the 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.

Your 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

considerable loss to obtain relief, by sales | for ready money.

Manufacturers frequently borrow money for the purposes of their trade on personal bonds, great part of that money has been called for at Whitsunday next, 15th May, and from the state of credit in Scotland he has reason to think the manufacturers will not be able to answer these demands by borrowing on the former

securities.

The manufacturers keep as little stock in their warehouses as they can, and as fashion varies, he should think the mercantile interest would be more benefited by depositing the raw materials on pledge than the manufacturer, who, however, might indirectly be benefited by the advance.

He certainly thinks that paper issued on government security, and advanced upon the deposit of goods or other unquestionable private security, would, when properly understood, be a material relief in the present distress of Scotland; and he has no doubt several persons might be found to concur in giving a joint security for the support of co-partnerships, with perfect safety to the public.

He believes the quantity of paper circulated by the country banks, has of late been considerably diminished, and their discounts on bills of exchange greatly so, since these troubles began: with regard to the royal bank, the circulation is nearly the same, and the assistance given to the country greatly superior to what it has given at any former period.

In addition to these statements, your Committee, when they were on the point of concluding their report, had the opportunity of receiving further information from Mr. Macdowall, a member of this House, who stated, that he is representative in parliament, for the city of Glasgow, from whence he had, this morning, returned; and that he had there found all the commercial houses and manufacturers in the greatest distress, from the late stagnation of commercial credit, and total want of private confidence.

The present distress does not appear to him to arise from a want of property or funds, but from the stop which has been lately put to discounting bills at any of the Glasgow, Paisley, or Greenock banks, who have not for some time past discounted to any extent, from their notes being poured in upon them for gold, and from the alarm which the present situa

tion of credit in London has occasioned. The manufacturers have plenty of goods on hand in London, and in Glasgow, which they cannot sell but at so reduced a price as renders it perfectly absurd for them to think of disposing of their goods, in order to obtain immediate relief: the manufacturers, and those who have cotton mills, have began to discharge the workmen employed by them during the last fortnight; and, by a letter received from the lord provost of Glasgow, by him, this morning, he learns that the manufacturers have discharged a very great number of workmen.-There are employed in Glasgow, Paisley, and their dependencies, in different parts of Scotland, about one hundred and sixty thousand men, women, and children: any relief to be administered must be given immediately to render it effectual.

The result of the information thus obtained confirms your committee in the general impression which they have already stated, and seems to preclude the necessity of requiring further evidence as to the extent of the evil, and the necessity of a remedy; and the urgency of the occasion appears to render it highly desirable to avoid all unnecessary delay.

Your Committee, therefore, think it proper to state what has occurred to them under the second head of enquiry, without detaining the House by observations of any considerable length, on circumstances which appear of themselves sufficiently clear and forcible. They think it however material to remark, that if the present distress were confined in its effects to individuals, however they might regret the extent of private calamity, they should not consider the case as justifying an extraordinary public interposition, much less should they recommend such a measure, if the pressure had been felt only by houses of doubtful credit, or who had suffered from the consequences of rash and unwarrantable speculations:- But it appears to your Committee, that the embarrassments arising from the want of credit, have already affected houses of undoubted solidity and sufficient ultimate resources; and that there is too much reason to apprehend that these embarrassments may extend in a degree which no individual exertions can counteract, with sufficient expedition and certainty, to prevent consequences of the most serious national importance.

In proceeding to examine the second