head of inquiry, it was on every account | a great satisfaction to your Committee, to have the advantage of the suggestions contained in the plan, which had been delivered to the chancellor of the Exchequer, and which has been already referred to. On the best consideration which your Committee could give to the subject, the principal objects to be attended to in any measure for affording relief, appeared to be, to enable those who have securities ultimately good, but which would not be available till too distant a period, to receive such advances as might enable them to support the pressure to which they might be exposed in the interval-to furnish some medium of circulation which might, either directly or indirectly, replace the quantity of currency suddenly withdrawn and, by the effect of these mea sures, to afford such assistance to individuals, as might revive confidence and credit.

Such a measure, under proper regulations, appears to be capable of producing very rapidly an effect far beyond the amount of the sum directly advanced, by setting at liberty and restoring to circulation sums to a much larger amount, which are rendered in a manner useless by the present stagnation.

It appeared to your Committee, that this object could not be effectually attained, but by advances issued under the authority, and resting upon the security, of the public.

In adopting such a measure, it is obviously necessary to keep in view, that the assistance to be given must be considered as merely temporary, and arising out of the very peculiar circumstances of the case; and also to establish such regulations as may prevent, as far as possible, the accommodation intended to be afforded from being applied to any persons but those who, on the one hand, stand in need of it from a real pressure arising out of the present circumstances, and, on the other, can give sufficient security for the repayment of it. The latter circumstance is entitled to peculiar attention for the purpose of confining this accommodation to the description of persons, to whom alone it can be permanently useful, or can be afforded with safety to the public.

Another consideration of equal importance is, that it should be so regulated as to furnish the opportunity to individuals to render their own exertions ultimately effectual, without, at the same time,

giving such a degree of facility to their transactions as might lead to a relaxation or suspension of those exertions.

The next material object which suggests itself, is to provide, as far as the nature of the case will permit, that the distribution of this assistance should be conducted in such a manner as may best secure the safe and impartial application of it.

On a consideration of the plan above referred to, it appears to your Committee, that it contains the outline of provisions adapted to all these objects; they have therefore made it the basis of the proposal which they think it their duty to suggest to the House, and have added such observations as appear to them to be ne cessary, upon any of the particular points, in the order in which they occur in the plan.

With respect to the amount of the sum to be issued, the committee are of opinion, that it will be advisable to extend it to 5,000,000l. instead of 3,000,000, as origi nally suggested. They are induced to do so, not only from wishing to leave a considerable latitude, in order the better to insure that the relief proposed shall be effectual, but also from having thought it right that the advances should be made on the deposit of goods in certain prin. cipal outports as well as in London, and from having had under their consideration the information received with respect to Scotland.

The interest to be allowed on the ex. chequer bills proposed to be issued, ought, in the opinion of the committee, to be fixed at two pence half-penny per cent. per day (being at the rate of about 31. 16s. per cent. per annum) instead of two pence per cent. per day, which would be only about three per cent. per annum; and they have been informed, that the gen tlemen who originally suggested the plan, concur in the propriety of this alteration. The committee approve of the principle on which a difference has been proposed to be made between the rate of interest to be allowed on the exchequer bills, and that of five per cent. which, according to a subsequent part of the plan, is proposed to be paid to the public by the parties to whom the advances shall be made. They conceive this to be expedient, not so much because the difference will furnish a fund for defraying the expense of the commission, as because it has a tendency to prevent any persons from taking advantage of this accommodation, who are not of the

stated in the plan, for the purpose already mentioned, of confining the aid to those instances where it may be safely and usefully given.

description intended to be assisted. The difference, however, between 31. 16s. and 51. per cent. together with the chance of some discount on these exchequer bills, even at the increased rate of interest, seems sufficiently to secure the object last stated, without rendering the terms of the proposed assistance more disadvantageous than is desirable.

The committee are of opinion, that the exchequer bills should be made out in sums of 100%. and of 50%. and, possibly, some proportion of them in sums of 201.

The periods fixed for the discharge of the exchequer bills in equal proportions, appear to be highly expedient, with a view to the object before described, of affording means "to individuals to render their own exertions ultimately effectual, without at the same time, giving such a degree of facility to their transactions as might lead to a relaxation or suspension of those exertions."

It may deserve consideration, whether some provision should not be made to enable persons to repay the sums advanced to them at an earlier period than they originally stipulated.

With respect to the appointment of commissioners, the manner of selecting proper persons for that purpose, must remain for the consideration of parliament, if the measure in contemplation should be adopted; but the committee are inclined to think, that the number to be appointed should not exceed twenty; and they have reason to believe, that respectable persons will be found, who will give the public the benefit of their services, without receiving any emolument.

An augmentation has been already suggested of the total amount of exchequer bills to be issued; but an issue of one fourth part of this augmented sum, in the first instance, instead of one half of the sum originally proposed, may, it is conceived, be sufficent, as there will be the means of making further issues in case of necessity.

The security on the deposit of goods, which in the plan is confined to goods actually in London, may, in the opinion of the committee, be safely and properly extended to a few other principal ports Bristol, Hull, and Liverpool, may be sufficient in England; and Leith and Glasgow in Scotland. Subject to this alteration, the committee agree in the propriety of confining the advances to the species of security, and in the proportion

With respect to the apportionment of the sums to be advanced, it would have been very satisfactory to the committee, if it had appeared possible to subject it beforehand to fixed rules; but, upon the fullest consideration, they are decidedly of opinion, that, from the nature of the subject, it is impossible to frame any rules which will be found applicable to the various cases which must occur, without such a knowledge of those cases, and of the nature, circumstances, and amount of the different demands, as can only be obtained from the applications to be brought under the consideration of the commissioners.

The nature of the securities being already fixed, and the proportion of the advances limited, the regulation of further details must, it is conceived, be left to the judgment of the commissioners; but it appears at the same time highly expedient that they should be required, as proposed, to take the earliest opportunity of laying down general rules for their own guidance, which should never be deviated from in particular cases, but be subject to revision on general grounds as occasion may require.

The power proposed to be given to the board to administer oaths, ought to apply to any person who may be willing to be examined as to any points depending before them; and a proper oath of office ought also to be taken by the commissioners, and such of their officers as they may think fit, before they enter upon the execution of their duty.

Your Committee having thus stated the different observations which occurred to them on the particular parts of the plan, they have only to recapitulate the result which they think it their duty to submit to the consideration of the House.

1. That power be given to issue exchequer bills to an amount not exceeding 5,000,000l. in sums of 100l. 50l. and 20%. to bear an interest of two pence half-penny per cent. per day, and to be payable one fourth part on the 31st day of August next, one fourth part on the 30th of November next, one fourth part on the 28th of February 1794, and one fourth part on the 31st of May 1794.

2. That commissioners should be appointed for the purpose of advancing these

exchequer bills, under certain regulations, for the accommodation of such persons as may apply for the same-to act without fee or reward-to take an oath for the due execution of the trust-to have power to appoint the necessary officers-to administer oaths-and to apply such sums as may be requisite for defraying the expenses of executing the commission; for which purpose the commissioners of the treasury should advance such sums as may be necessary.

3. That immediately after the passing of the act, one fourth part of the exchequer bills shall be issued, on the requisition of the commissioners, to the persons to whom they shall think proper to advance the same, in the manner after directed.

4. That the commisioners shall be at liberty to advance such exchequer bills, to the persons applying for the same, in equal proportions of bills payable at the different periods before-mentioned, on the security of goods to be deposited in the custody of officers to be named by the commissioners in London, Bristol, Hull, Liverpool, Leith, or Glasgow, or on such personal securities of a given number of persons as shall be satisfactory to the commissioners, such securities to be given in a form to be prescribed for that purpose and to be made binding on the persons giving the same, to the amount for which each person shall respectively make himself security. These advances in no case to be more than 50l. per cent. on the value of the securities, and to be less at the discretion of the commissioners: and to be made on condition, that the sums so advanced shall be repaid, with interest, at the rate of 5l. per centum per annum, fifteen days before the date when the respective exchequer bills shall fall due, or earlier, at the option of the parties.

5. That immediately after the passing of the act the commissioners shall receive and open all such applications as shall be then made to them, specifying the amount of the advance desired, and the particulars of the security. That they shall proceed to class the said applications, according to the amount respectively applied for, the security offered, and the circumstances, situation, and connexions of the parties: and shall then frame general regulations. for apportioning the sums to be advanced with a view to the points before specified, as well as to the total amount of the sum applied for, and such other considerations

as they shall think material, by which regulations they shall be guided in their decision on particular cases, but which they shall be at liberty to revise on ge neral grounds, as occasion may require. That they shall proceed to apportion and advance such part as they shall think necessary, of the exchequer bills then at their disposal, to an amount not exceeding 1,250,000l., as before specified; and if the applications first made shall be for less than that amount, shall, in like manner, be at liberty, from time to time, to make further advances on fresh applications.

6. That if, upon consideration of the total amount of the sums applied for, and of the nature of the applications, it shall at any time appear to the commissioners that further advances, beyond the sum of 1,250,000l. may be advisable, the commissioners of the treasury shall be enabled, on their requisition, to authorize the advance of any proportion of the remaining. exchequer bills, to such an amount, and at such times, as shall be found expedient; and that the commissioners shall, from time to time, by public notice, fix the periods for receiving applications, for framing general regulations, and for apportioning the advances to be made.

7. That on failure of re-payment, at the limited times, of the sums advanced, the commissioners shall be authorized to sell, by public auction, so much as may be necessary of the goods on the deposits of which such sum shall have been advanced, or to proceed against the persons who have given security for the same.

8. That all the monies which shall be repaid, from time to time, by the parties to whom advances shall have been made, or which shall, in case of default, be recovered by the commissioners, shall be placed in the bank, where a distinct account shall be kept of the same; that these monies shall be applicable to pay the principal and interest of the exchequer bills, at the times limited for paying the same respectively; and the surplus, if any, after the 31st of May 1794, shall be applicable, in the first instance, for the purpose of replacing the sums issued for defraying the expense of the commission, and the remainder as parliament shall direct.

APPENDIX.

In consequence of a meeting of gentlemen, convened on Monday the 22d of April, at Mr. Pitt's house, where

each party may be accommodated; and, in determining the amount of advances, the board to be directed by an attention to the extent of all the demands, and the nature of the trade in which each party is engaged.

an opinion generally prevailed, that it would be of considerable benefit to the commercial interest of this country, if any means could be devised to revive public credit, and restore confidence; the lord mayor, at the desire of the chancellor of the exchequer, assembled the following gentlemen the next day, at the Mansionhouse, who were of opinion, that the following were the outlines of a plan which would be of essential service, if carried into execution viz. lord Mayor, Alderman Anderson, Mr. Bosanquet, Mr. Forster, Mr. Baring, Mr. Chiswell, Mr. Thornton, Mr. Harman, Mr. Winthrop, Mr. Boddington, Mr. Hunter.

That parliament should order an issue of exchequer bills, bearing an interest of 2d. per cent. per day, to the amonnt of 3,000,000l. to be made out in sums of 1007. and 50%. to be discharged on 31st August, on 30th November, on 28th February 1794, on 31st May.

That a committee of proper persons be appointed, in the bill to be brought into parliament, as a board for the management of this concern, and to lend out these exchequer bills for the relief of the commercial part of the kingdom.

That the lords of the Treasury do issue one half of the above exchequer bills to the afore-mentioned board, who shall lend the same as money, in equal proportions of each sort of the bills, to such persons as shall apply for the same, on the following securities, and under the following conditions; viz.

As to the securities;

On goods to be deposited in the hands of officers appointed by the board, and which goods must be actually in London. On securities arising from the joint concurrence of a number of persons of property, uniting and subscribing for the support of any particular house or town. As to the conditions, that in no case more than 501. per cent. on their estimated value, be advanced on any of the above securities; but less may be, at the dis cretion of the board. And on the conditions that all persons applying for assistance shall be bound, besides depositing the securities, to repay to the board the money advanced, together with interest for the same after the rate of 5 per cent. 15 days before the date of the respective exchequer bills they may receive shall fall due.

That it shall be in the discretion of the board to determine to how large an amount [VOL. XXX. ]

That to enable the board to form some general standing regulations for the guidance of their minds in making this apportionment, at the very first outset it may be advisable for the chancellor of the exchequer, as soon as the bill shall have been brought into parliament, and shall have received the first reading, to nominate a proper person to receive all letters that shall be sent scaled up, superscribed as containing the proposals of such parties as may wish for relief, and stating the specific securities proposed to be pledged. All these letters to be kept by him sacredly unopened; and as soon as the bill shall have received the royal assent, the board to meet and open these letters, and apportion amongst the claimants 4th parts of the sum which shall have been issued to the board, and reserving the other th part to answer such occasional calls as may be made afterwards.

In case, on opening these letters, the sum thought proper to be advanced should be found to amount to a greater sum than the board is enabled to apply, it would be advisable to give power to the chancellor of the exchequer, on consultation with the board, to cause the whole, or any part of the remainder of the bills, in his discretion, to be issued to the board.

It will be necessary for the board to employ an able solicitor to give advice, also some eminent brokers to look at the goods, and clerks to enter all their transactions, which will certainly be multifarious. And it must also open a cash account at the bank, into which all monies received must be paid, and which must lie there till issued to the exchequer in discharging the bills as they become due.

The difference between the rate of interest to be paid, and what is granted on the exchequer bills, will amply pay all these charges, and any other attendant ones, and the surplus to be at the disposition of parliament. The board must be authorized to administer oaths to all persons applying for assistance: and the exchequer bills should be framed in such a manner as to leave in blank the day on which the interest of each respectively is [3 C]

to commence, that the same may be filled up by direction of the board at the time of issuing them to the public.

If the goods are not redeemed at the time agreed on, power to be given to the commissioners to advertise the goods to be sold at public auction. And to proceed, by regular course of law, for recovery against parties associating under the second head of securities.

A clause in the bill to be inserted to facilitate and expedite the transfer of property, cutting short the matter of form; and commissioners to execute their charge without any fee or reward: but some money must be issued from the exchequer to pay expenses in the first instance; and commissioners should be invested with full discretionary powers.

The Report having been read, Mr. Pitt moved, that it be referred to a Committee of the whole House to-morrow.

Mr. Jekyll did not rise to oppose the motion, because he had no doubt that Expedition was necessary. The state of credit was alarming indeed, and he could not help thinking that there was some degree of blame on those who had the care of the executive government, with respect to the cause of that melancholy report-a report which he considered as the knell of our commerce. The paper circulation of this country, through the medium of country banks, would, if not guarded against, be the ruin of our paper credit. The report contained matter of blame to ministers, who must long since have foreseen the calamities by which the people of this country were so justly alarmed at this awful moment. He trusted the remedy, late as it came, would be the best which the nature of things was capable of affording; but he could not help observing, that it was not, on the first view of it, the most respectable thing for government to take in pledges like a common pawnbro.. ker. He wished the whole scheme might not appear to be founded on mistaken principles.

Mr. Fox said, that he did not intend to make any opposition to going into the proposed committee; but if he forbore to do so, he trusted it would not be construed into his giving any kind of assent to the measure. He agreed that, taking the evil and the remedy together, it involved matter most important to the country, and of very delicate and diffi

cult discussion. It seemed to him a business of a very anomalous nature; nor had he ever heard of a system in any shape similar, having been hitherto adopted or thought of. But, although he could not feel disposed to give it his assent, yet he confessed, that under the present most alarming circumstances of the country, as to mercantile credit, he wanted nerves to give it a decided opposition. In such a case, he should be apt to be somewhat diffident of his own opinion, if opposed by those who had occasion to bestow more time and attention on the subject. He rose, therefore, chiefly for the purpose of saying, that it did by no means appear clear to him, at first sight, that the remedy proposed would be effectual for the purpose intended; and that, as it was, in his opinion, a measure of very considerable difficulty and danger, he hoped it would receive a full and deliberate discussion. Whether the present calamitous state of commercial credit was or was not owing to the war, was surely a matter not capable of proof; but, seeing the coincidence between them in point of time, those would unquestionably be rash, on the other hand who should pretend to say decisively, that they have been totally unconnected. He begged to warn that House and the public, that there ought to be a considerable degree of confidence as to the good effect of such a measure as the present, before it should be adopted: if the executive government is to interfere in such a case, might we not be beginning a system, where we did not see the end of it? If the sum now proposed to be raised should be found insufficient-were we to stop? These were points for the consideration of the House, and he conceived it to be a very serious moment: he confessed he felt a reluctance to a measure so novel and important, and he trusted that every possible information would be brought forward upon the subject. -Parliament and government were now going to assume a new character and a new function: they were in their nature, the one legislative, the other executive; but now they were about to depart from their natural functions and to support the credit of commercial houses by advancing money upon their stock in trade. It surely would be incumbent upon ministers to show that this was necessary on the part of parliament and of government, and that it could not be so effectually or properly done by the bank, or any other