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thefe diverfions already; but allowing them their value, I would afk, whether it is of more importance for this county at the present moment to create a diverfion upon a Continent, or to restore the credit of the Bank? And if the latter object is of higher importance, I will appeal to any Bank Director, or to any mercantile man in the House, whether fuch an event will not be greatly retarded by remittances being fent to the Emperor to the amount now proposed? I do not wish to enter at all into the queftion of the general policy of creating Continental diverfions; perhaps I do not value them fo highly as fome others, but in the prefent fituation of the country, to fend pecuniary fuccours to our Ally will only be making his ruin more certain, and the terms of peace to this country more ignominious. Though I am prepared, therefore, to give the mealure my decided nega tive, I fhall vote for the delay which has been proposed by my Right Honourable Friend."

The Chancellor of the Exchequer faid, that the Hon. Gentleman, in fupporting the Motion, had taken a very different line of argument from that on which it had been propofed. He had ftated what opinion he entertained of the value of a Continental diverfion, and therefore it was clear that, in contending for delay, they acted upon the principle of wholly rejecting the measure. The Honourable Gentleman affumed that the question involved an alternative that either the Bank was undone, or the idea of a Loan to the Emperor was to be abandoned. This, however, was the very point upon which they were at variance. The queftion, however, was what line of conduct would tend permanently to establish the Bank in its former fituation; what would tend ultimately to prove most beneficial to our foreign commerce, to our domestic industry, to the increase of our ma nufactures, to the general credit of the country, to the various causes operating upon circulation, and connected with our refources. The queftion then was, "Could the difference of exchange on the remittance of only two millions produce fuch. mifchief, as fhould induce the House rather to incur the fatal confequences of leaving the Emperor under the dreadful compulfion of making fuch a peace, as the neceffity of his affairs might embolden the Enemy to propofe, which would ftop up the channels through which the nation drew its beft refources, and shut up all the markets of Europe, that were the fources of our commerce?" Was not this, then, which he proposed, the best way of enabling the Bank to refume its operations? In confulting the general advantage of Europe, we beft confulted the folid advantage of the Bank of England and the real interefts of the country. With regard to the particular queftion put by the Right Honourable Gentleman, he had only to fay, that though

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the whole of the past advances, and those which were to be made, were to the amount of three millions and a half, for which the Loan was to be made, yet in the Bill power was to be reserved to authorize his Majefty, if neceffary, to put a stop to the continuation of advances, and to put what further payments were to be made to the public account.

Mr. William Smith faid, that the Right Honourable Gentleman accused his Honourable Friend of affuming, that the prefent measure involved the facrifice of the Bank, while he himfelf equally affumed that the Loan of the Emperor would produce all the good effects which he had stated. The Emperor was praised for his magnanimity and fidelity to his engagements, and he had no doubt with juftice, but it did not appear that the operation of these qualities had proved fo advantageous to this country; he thought it was not unlikely that any disagreement which might enfue between the Emperor and this country in the event of a feparate peace would be made the pretext of refufing payment of thofe fums we had guaranteed.

Sir William Pultenny said, that though he might be willing, for argument's fake, to admit that former remittances to his Imperial Majefty might have fomewhat contributed to affect the Bank, yet it was notorious that this was by no means the cafe -it was likewife notorious, that without the pecuniary affiftance of England, it was impoffible for the Emperor to carry on the operations of war--and where was the great mischief to be dreaded from our continuing to afford him that affiftance? There was evidence before the Committee that the exchange was confiderably turned in our favour; and could a contrary effect be reasonably apprehended from two millions peing gradually remitted? by no means: it was impoffible that a remittance, thus gradually made, could in the leaft affect the Courfe of Exchange. It was unjustly afferted, though the afsertion had been by many and frequently made, that these remittances had been made in fpecie. No fuch thing---the Bank Directors themselves depofe to the contrary. Whether the remittances were made in fpecie, in bullion, or in commodities, the effect on the Bank was precifely the fame. As well might it be faid that remittances in broad-cloath would affect the Bank. But even though a regard to our intereft might fomewhat reprefs our forwardness to make fuch remittances, in point of honour we could not withhold them. There was no one colourable reafon for entertaining the leaft fufpicion of the Emperor's fidelity-nay, to hint fuch a fufpicion, would on the part of this country be neither honourable nor manly. For his part he wished the vote to pafs immediately, and if poffible, with perfect unanimity, The Act moreover was fo framed, that if

his Imperial Majefty was inclined, or fhould be fuddenly compelled to make a feparate peace, then the farther remittance of any pecuniary fuceour from us would be immediately fufpended. He muft again repeat it, that after the many fevere trials we have witneffed of the Emperor's magnanimous perfeverance and faithful attachment to the common caufe, it were ungenerous to harbour any fufpicion derogatory to his honour, nor could any be entertained but by those who were ready to fufpect every thing and every perfon. On every confideration he thought the prefent Refolution fhould be paffed as speedily and as cordially as poffible; it would prove of infinite advantage to England; nor could he acquiefce in opinion with those who imagined that a feperate peace with the Emperor would accelerate a general pacification thoughout Europe.---Of the manner in which the war had hitherto been conducted, he could not aprove--and the conduct of it was a fubject which he trufted. would ere long be fubmitted to a ferious inquiry.

Mr. Sheridan confeffed himself not a little furprised at hearing the Worthy Baronet fpeak fo lightly of a remittance of two millions of money. He muft fuppofe he was familiarized to it by the profligate prodigality which marked the conduct of the prefent war---two millions appeared but a mere trifle to the Honourable Baronet; indeed it was natural to one in his circumftances not to think much of fuch a fum. But could the Worthy Baronet, while he liftened to the fuggeftion of domestic œconomy, was it poffible for him to contemplate the prodigal expenditure of fuch a fum, without fome little degree of trepidation and alarm? In whatever light it might be viewed by the Worthy Baronet, fure he was that these remittances, in the opinion of others, had made no flight impreffion on the Bank. And on this point he would take the opinion of the Bank itself. What then do the Bank directors fay? No later than last February the Directors had given it as their fentiment, that any further Loan to the Emperor would in all probabity prove fatal to the Bank. Upon the subject of a Loan to Ireland, the Governor had on the 9th day of February laft, made a communication to Committee, who had agreed that fuch a Loan threatened ruin to the Bank, and would reduce them to the neceffity of fhutting up their doors. But if now, faid he, a Loan to a much greater amount is made, how far more ferious must be the alarm of the Bank Directors, and how far more fatal must be its confequence to the Bank, and how prejudicial to the speedy restoration of its affairs. The true way of confidering the fubject was, whether the advantages to the Emperor and Great Britain, to be gained by the Loan, would counterbalance the certain difadvantages that fuch Loan would produce at home. Gentlemen

Gentlemen would confider that they were now granting a Loan of a larger amount than what was apprehended by the Bank, and that there were to be repayments for neutral cargoes which would amount to four millions, to be added to the one and a half for Ireland, and two for the Emperor. Would not these then, he wished to afk any Bank Director, have a material ef fect upon the refumption of payments at the Bank? Neither could he see how we were bound in honour to make these advances to the Emperor. His Imperial Majefty did not appear very anxious to make his own conduct a model of imitation in this particular. He was not over tender of the point of honour, either in paying the intereft of the advances already made, or the repayment of the inftalments at the appointed time. After nearly ruining the Bank by our endeavours to relieve our Ally, the idea was too prepofterous to be entertained for a moment, that the point of honour fhould compel us to continue till we accomplished that ruin. Mr. Sheridan alfo treated as frivolous the diftinction of the remittances not being made in fpecie---it was a diftinction unworthy the good fenfe and acuteness of the Honourable Baronet: for it was perfectly the fame whether these remittances were made in fpecie or commodities, or in bullion, and in proof of this affertion, Mr. Sheridan here referred to the Report of the Secret Committee, and to the evidence of Mr. Winthorp and Mr. Hoare, which proved that the Loan, however made, could not alter the inconveniences that arise from them. The Emperor, he had no doubt, would make no objection to the money, whenever or however it appeared; but would receive it with as much alacrity as any other German Prince. Neither was he difpofed to believe that the financial resources of his Imperial Majefty were at fo low an ebb as the Worthy Baronet feemed fond of infinuating. This appeared from the promife of his Imperial Majefty in a late proclamation," that whatever damage may be done to the City or Suburbs of Vienna, by the preparations neceffary for defence against the affault of the Enemy, fhall be repaired after the reftoration of Peace, at his Majefty's own expence." But whatever might be the Emperor's pecuniary fituation, it was better for England to endeavour the restoration of its own public credit, than to purchase a precarious co-operation at the hazard of its utter ruin. If he made a feparate Peace, and nevertheless received the Loan, it might not be attributed to a breach of good faith, but to the imperious neceffity of his fituation.

Mr. Wilberforce begged to interpofe his protest against the doctrine of the remittances to the Emperor having produced the neceffity of the Minute of Council refpecting the payments of the Bank. He, who had coolly and cautiously weighed and ex

amined all the facts and circumstances relative to the fituation of the Bank, could fafely aver, that it was his firm belief that these remittances were of extremely small effect in producing that fituation of the Bank; and unless his colleagues on the Committee had been very lately induced to alter their opinions, he was fure they would acquiefce in his fentiments on this fubject. The Honourable Gentleman (Mr. Sheridan) repofed more confidence in the opinions of the Bank Directors, than in that of any others; doubtless because it fomewhat coincided with his own, and feemed unfriendly to the character of his Right Honourable Friend (Mr. Pitt). He was likewife ready to call on them for their opinion on the prefent occafion; and fure he was, that if the Loan was not propofed in a naked, infulated manner, but inverted and accompanied by all the advantages that might reafonably be expected to accrue from it, they would not hesitate a moment in deciding on its propriety. This he was confident would be their opinion, unless they were blind to their own intereft, and to the intereft of the country. On the restoration of public credit depended the opening of the Bank, and this was not to be promoted or prejudiced by the paltry confideration of one or two millions: that was a contracted policy from which no good could arife.

Sir James Pultney infifted very ftrongly on the neceffity and utility of continential diverfions. The co-operation of the Em-. peror he conceived to be the fureft means of obtaining a fafe and honourable peace: for fuch a peace could never be extorted from the Enemybut by every endeavour to aggravate his distresses. If the Enemy cease to have an army of two hundred thoufand men to support on the Rhine, might they not foon convert the money thus expended to the conftruction of a fleet, and draw all their men to their fea-ports, and thus threaten us with serious alarms of invafion?

General Tarleton took a survey of the relative fituation of the two contending armies in Italy: he alfo adverted to the nature of the armiftice lately agreed upon between the Archduke Charles and General Buonaparte: And from both it was easy and evident to conclude, that after the repeated and uninterrupted fucceffes of the victorious French General, it was impoffible he could liften for a moment to the proposal of an armistice unless he had been confidently perfuaded that the Emperor was seriously inclined to peace, and ready to enter on a feparate Negotiation, for the immediate attainment of that object. Indeed, it was his opinion, that a feparate peace must have been concluded on the 16th or 17th ult. and we were now, on the 1ft of May, difcuffing the propriety of making farther advances to an Ally,

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