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upon the loan, which, within three days after the conclufion of the bargain, bore a profit to the fubfcribers of no lefs than 250,000l. a profit little less than all the loans during the American war had brought to the contractors, though lord North was often reprobated for extravagance, and even in one instance convicted of corruption. The average intereft of lord North's loans did not exceed 4 per cent. thofe of the prefent chancellor, in a period of much greater profperity, were no less than 5. In the courfe of four years, fifty-one millions had been borrowed; and if the loan of eleven millions formerly contracted for by Mr. Morgan was thrown out of the account, the intereft paid by the country would be found to amount to per cent. This loan was, he contended, ftill more reprehenfible from the fituation of the country. Exclufive of this loan of eighteen millions, the national debt amounted to 388 millions; the annual intereft of this debt to 10,640,000l. During the laft nine years, a fum of about 15 millions 3 per cents. had been paid off, but 98 millions had been added. Since the year 1791, though the ways and means had been stated to exceed the expenditure, the deficiency in that year was 430,000l. in 1792 ftill more; in 1793 800,000l. and in the prefent year it amounted to a very large fum indeed. Add to this, that fince the year 1784 five millions of taxes annually had been laid on. Should then any of the means of our profperity fail, where would the taxes be found to pay fuch an enormous accumulation of debt? More money, he contended, was thrown away by the loan, than faved by the reduction in the expenditure of the public offices.

The inquiry was readily agreed to by Mr. Pitt, who vindicated the governors of the bank from having had any fhare in the tranfaction of the loan, except being witnelles to it. With refpect to the obfervation of Mr. Smith, that the greater part of those who compofed the lift of Boyd and Co. were excluded from a large portion of their fubfcription, when it was known that fo confiderable a bonus was attached to the loan, he averred, that neither in this nor any other loan did he know the manner in which it was diftributed. The question for confideration, he obferved, was, whether, under all the circumftances in which the loan was made, it was an improvident bargain. If a better loan could have been made, he muft fubmit to cenfure; but the guilt to be imputed to him was not to be governed by the fum which the contractors might profit by the loan, but upon circumstances antecedent to the prefent period. At the moment of contracting for the loan,, gentlemen confidered the whole fum which from a fortunate concurrence had ultimately come to the fubfcribers, as fo much money abfolutely taken from the public; but the utmost loss to them was the difference between the terms upon which the loan might have been had, and those which had been made. In all loans, fubfcribers had been allowed to have 5 per cent. but the whole profit to the fubfcribers, according to the arguments adduced, was to be confidered as a lofs to the public. Mr. Morgan had neither informed him of any thing refpecting an imperial loan, nor of the ftate of the navy debt. Let it, however, be fuppofed that the terms of Mr. Mor gan, as they had been since stated, had been agreed to; this would not amount to any thing like the fupply

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of the public lofs which was faid to be fuitained. After the meffage had been brought forward, many circumftances had occurred, both in the fituation of this country and of Europe, which were not then known either by them or him. The offer of gentlemen who now inveighed fo much against him was not 10 or 12 percent. but two billings upon the long annuities. The whole effects of the loan, le contended, proved that the credit of the country was greater than in former loans; and it was reafonable at the time it was made to conjecture, that bringing 18 millions to market would have an immediate effect to the amount of 2 per cent. With refpect to the meflage from his majefty being brought forward at fuch a time as must be advantageous to the loan, it was a specific event, arifing from the fentiments conveyed from the throne at the opening of the feffion; he thought it of great public importance that it fhould come at the time it did. How far it operated on the price of stock, he should not attempt to determine: but he could by no means agree that it conveyed a fenfe of an immediate peace. The rife in the funds did not, he contended, proceed from the message, but from the progrefs of the Auftrian arms, the difference which had taken place in the affairs of Europe, the rapidly increasing diftrefs of the enemy from the almoft extinguished state of their refources, and the great change in the minds of the people.

The reason why better terms than two fhillings upon the long annuity were not offered, was stated by Mr. Fox to arife from the houfe not having been acquainted with his majesty's meffage one hour before. The minifter had laid great firefs on a fortnight's experience of

the affairs of France. Had any thing happened which the minifter had not faid he had long forefeen? and was it not his general topic in favour of carrying on the war? If fo, was it not criminal to avail him felf of fuch a meflage at fuch a time? If (Mr. Fox faid) he un derttood the meffage, it was, that his majefty would negotiate when there appeared on the part of the French a reasonable difpofition for peace; and that then he would give fuch a difpofition the speedieft ef, fect. The minifter had conveyed an idea that he did not foresee the neceffity of the message on the 25th November, when the loan was agreed for how was that reconcilable with the fentiment deli vered from the throne on the 29th October? as he said that the meffage was only to follow up what was then expreffed on the govern ment of France. If he then forefaw the fituation of the enemy, did he not, forefee it equally when he made the loan? The minifter, therefore, ought either to have brought forward the meffage fooner, or have deferred the loan till the meffage had been produced. The minifter faid, he thought it important to convey the information at that time to the house, -alluding to Mr. Grey's intended motion for a negotiation for peace, the notice for which had been given long previous to the 25th November, and was poftponed at the defire of the minifter, who wished previously to bring on the budget. The operations of the Auftrians upon the Rhine, and the diftreiles of the French, were well known before the loan was contracted; and the effect of this was trifling upon the funds; but the effect of the meflage was great and inftantane», ous. The minifter had faid, no

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body fufpected him of corruption in this bufinefs. He did not know what the minister had done in every respect upon this loan: but when he faw a method followed which favoured the probability of corruption, by furnishing an opportunity of putting millions of the public money into the pockets of individuals, he did not like to have it defended by mere affertion. Had any reafon been hewn for making the loan fo early? Had any thing been urged by the minifter to induce a belief that the reafon for negotiating was not as ftrong in his mind long ago as at prefent? The loan, he contended, was not only in itfelf difgraceful, but it would have a bad effect in future; men would fay there was no fafety in a public competition; it was true, a competition was talked of; but the minifter might recollect fome private promife he had made to an individual, and that, after they at tended to bid, he might give an option to that individual to take it to himself.

Mr. Sheridan obferved that they were two diftinct things, to say that the minifter has no part of the bonus himself, and to fay that he has not contrived to make a diftribution of it to others. In 1783, lord John Cavendish, who, it was clear, had been influenced by the pureft motives, had been far from tenderly treated refpecting the loan he had made. He totally doubted the minifter's ignorance of the fubaltern fubfcribers to the prefent loan, and wifhed the houfe to call for a lift of the contractors, and then for the fubordinate lifts of the bankers. The lord mayor, he obferved, was faid to have two millions of the loan; and he pointedly noticed the conduct of that magiftrate refpecting the meetings which re

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garded the two celebrated bills. He thought there was fuil right to fatten a fufpicion on the dift. ibution of the loan. Could any man in the fhape of a politician, and circumftanced like the minifter, affert that he did not, on the 25th of November know that the French were already in pofeflion of fuck an order of things, or in the course of obtaining it, as could justify a negotiation for peace? Mr. Sheridan proceeded to remark what he confidered as inconfiftent in the minifter, who, on the opening of the budget, had declared the French in the very gulph of bankruptcy, and yet came forward with another propofition, afferting that the order of things in that country was favourable to a treaty. Could it be thought that the minister had made no eftimate on the probable duration of the prefent government of France, when he bargained for the loan? It might have been expected from his declarations, that the prefent council of 503 did not elect themselves, and that four out of the five members of the council of ancients had not imbrued their hands in the blood of their fovereign. Yet the reverse was the fact. Upon a review of the circumstances of the loan, there were, in his conception, grounds for friu fuficion, that if the minifter had not been guilty of pers fonal corruption, he had, through the means of particular agents, ufed one of the most pernicios fpecies of briles that had ever been resorted to by the most corrupt government.

The lord mayor afferted that he had never made a declaration in the common hall that he would op. pofe the bills. Out of 8000 of his conftituents, a majority of 2000 had indeed opposed the bills, but thefe he could not confider as a ma

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jority of the whole. He declared in the face of God and that auguft affembly, that he knew nothing of the loan,"till his hair-dreffer, an honeft fellow, told him that the houfe with which he was connected got 2,800,000l. of the loan." God knows, he had no impure motives! much ftrefs was laid upon a bonus, but would any one take a loan without a bonus?

The houfe, after much oppofi tion, agreed to a clofe committee, which all members who pleafed were allowed to attend.

This committee, after fitting a confiderable time, and examining feveral witneffes, completed their report, which was brought up by Mr. W. Smith. After a fpeech remarkable for its force of argument and accuracy of detail, Mr. Smith moved a ftring of refolutions eftablifhing the principle of an open competition-that the loan was bad and improvident- and that the minifter, in adjusting the terms, had been guilty of a departure from his own principles, and of a breach of his duty. Mr. Smith obferved, that 8 millions of the loan was divided amongst thofe gentlemen who had fupported the meafures of the minifter in Grocers' Hall; and this yielded a clear profit of 90,000l. Mr. Boyd had, he faid, urged, that his claim to the loan was a right, founded in justice and the nature of things, and recognifed by conftant practice and public opinion. How came it, then, that the chancellor of the exchequer, who had fo long adminiftered the finances, fhould he fitate about it? Inftead of five millions of the fcrip remain ing in the market at the time the loan was made, there was only 1,400,000l. In 1794, Mr. Boyd had made a barg in for the loan a month previous to the laft pay

ments of Meffrs. Morgan and And gerflein for the laft loan: what, then, was the opinion of Mr. Boyd and of the minifter? Mr. Smith next argued, whether, had the claim of Mr. Boyd been well grounded, there was a neceffity to conclude the bargain during the time of his exclufive privilege.This, from a review of the different means by which money might have been raised for a fhort time, he contended was not the cafe : Mr. Morgan himself had offered to lend five millions. Mr. Smith objected to the calculations of the minifter refpecting the terms of the loan; and contended that there was 120,00ol. more profit upon it than he had stated. The preference given to the three per cents. in the bargain, was, he argued, extremely unfavourable for the public. The terms of the loan might certainly have been more advantageous; Mr. Morgan would have been content to take it at three fhillings, long annuity, lefs. In every way, whether calculating by the unufuat amount of the premium, by the difference between the real and oftenfible intereft, or from Mr. Morgan's offer, he estimated the public lofs at near half a million. The king's meffage had produced a further profit of 900,000l. fterling. He feverely centured, as difgraceful to the country, the bills ante-dated from Hamburgh, but drawn on unftamped paper in London, on the Treafury, by Mr. W. Boyd. When, he faid, he confidered the amount of the late loans, the liquidation of the national debt, which had been theoretically held out, appeared to be practically impoffible, We had lately added to the mafs no lefs than fifty-two millions fterling. Mr. Sinith further remarked, with great ability, the bad effects to a

commercial country in taking mofey out of trade to employ it in money fpeculations.

valid. The mode of executing
them was dictated by the neceffary
regard to fecrecy. The fervice`ren-
dered to government by this tranf
action was by no means of fuch
magnitude as to give Mr. Boyd
trong claim upon it; nor did
that gentleman think fo; and was
it likely, he afked under the preffing
neceflity he was in of making large
demands of money that he should
add eight or ten per cent. to the
public burdens? Mr. Pitt remark-
ed upon feveral inconfiftencies he
thought had arifen in the evidence
of Mr. Morgan to the committee.
Had he determined to throw the
loan at all events into the hands of
Mr. Boyd, would he have delibe-
rately announced his intention of
competition, and invited competi-
tors? How could Mr. Morgan con-
tend that he had fuftained injury from
having prepared his property to qua-
lify himfelf to be a bidder, when he
ftated, that till the 22d of Novem-
ber he never began to doubt that
there would be a competition? It
had, he obferved, been proved,
that he teftified ftrong prejudice,
and great reluctance to depart from
the fyftem of competition, and
did not agree to it till it was
brought forward in an uncontro-
vertible way. No exprefs condi-
tion indeed fubfifted: but were there
not other confiderations equally
binding to the obfervance of a
claim founded in juftice and ho-
nour? He had promifed the con-
tractors for the loan of 1795, that
there fhould be no payment on
any new loan before February
1796: he was therefore bound to
act as he had done, and was con-
firmed in its propriety from a re-
ference to what had been done in
fimilar circumstances. He warmly
vindicated the terms of the loan,
and thought much credit was due

The conduct of the chancellor of the exchequer was fupported, in a fpeech of confiderable length, by Mr. Sylvefter Douglas, and by Mr. a Steele. It was again arraigned by Mr. Francis. Mr. Pitt, in a very adroit fpeech, obferved that he thought himself fully warranted in affuming the benefit of the opinion of the committee, which, after a laboured investigation, had decided that there was no diftribution of the loan for the purpose of corrupt influence. It had, he abferved, been indirectly infinuated, that, with undue partiality, he had contrived to erich Mr. Boyd at the expence of the public; and for this purpose frequent allufions had been made to the Hamburgh bills. In every loan, he faid, parliament inferted a claufe, holding out a premium for the prompt payment of the fubfcription, as the money might probably be wanted before the inftalments became due. Government, therefore, had entered into a negotiation with a monied house to advance fuch fums as were wanted for the fervice. The aid of parliament could not be had without calling it together at great inconvenience. In confequence of this, treafury warrants were offered; but Mr. Boyd faid, bills of exchange were a more mercantile commodity; and, to avoid the expence of ftamps, they were dated at Hamburgh to make them foreign bills of exchange. In all this there was nothing unwarrantable, or which gave Mr. Boyd an exclufive right to dictate the terms of a future loan. The bills were merely a fecurity from government for the funs: whether on ftamped or unstamped paper, they were equally

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