principle of expediency, the restriction began in a moment when an extraordinary alarm was excited; and it was proper that when the Bank resumed its cash pay. ments, no extraordinary demand should be created by precipitating the measure. Delay could be productive of no disadvantage, while a hasty renewal of the restriction might involve the Bank in very serious inconveniencies. Lord Auckland said, it was not on the state of exchange that he rested his support of the continuance of the restriction. A consideration of much greater importance determined his judgment; this consideration was derived from a view of the state of the country in its relations with foreign powers. He would offer no decided opinion on the probable period to which the continuance of peace might extend. Ministers, he doubted not, would omit nothing in their power to preserve a good understanding with foreign states; but it was impossible to determine how far their exertions might be successful. Before the expediency of discontinuing the restriction on the payments of the Bank could be established, it was necessary to wait to see how far there was a prospect of the durability of peace. Already the course of exchange was assuming a more favourable appearance, and the continuance of peace could not fail to increase this advantageous operation. In the view of a permanent peace, our financial prospects were of the most flattering kind, and it was agreeable to every principle of policy and expediency to wait for the operation of this financial prosperity before the restriction was precipitately withdrawn. He called the attention of the House to the very large drain of cash from this country for the last ten years. He produced calculations to show, that, during the few years previous to the original restriction in 1797, this drain had not amounted to less than 48 millions; and, including the drain which, from a variety of circumstances, had taken place during the last six years, the whole could not be estimated at less than 120 millions. Under such circumstances, policy required that the restriction should not be withdrawn till the operation of our financial prosperity began to be more fully experienced in the influence which it would necessarily produce in giving an advantageous turn to the course of the exchange, and the influx of bullion which it would create. In illustration of this position, his lordship laid before the House a calculation of the amount of the annual revenue, contrasted with the expenditure. The former he calculated at 34 millions, and the permanent charges at 25 millions, leaving for the ordinary expenses of the year a surplus of nine millions. Lord Grenville said, that whatever the period of peace might be, and in his opinion it might be of very short duration, he trusted the revenue of the country would be raised to a degree fully adequate to meet the expenditure; and that no speculations would be formed on views of the surplus of the revenue above the expenditure, which might ultimately be found delusive. His lordship placed this part of the subject in a very striking light; but declined any minute discussion, till the subject came regularly before the House. The state of the finances was one of the deepest interest: and he felt no ordinary degree of anxiety, that a subject so intimately connected with the salvation of the country, should be fully understood. Lord Sheffield said, he had not heard any argument which, in his opinion, could justify the risk of abandoning the Bank restriction at a crisis such as the present; nor had he heard any well-founded sug gestion that mischief or inconvenience could arise from the continuance of it at this time. He conceived that neither the expediency of the original measure, nor the state of the finances of the country, were the question before their lordships. The difficulty and delicacy of removing the restriction were foreseen at the time of imposing it; and as the difficulty, in consequence of the present very precarious state of Europe, is still greater than was expected, it cannot be thought prudent to hazard the relinquishment of the restriction just now, without some obvious necessity, or perhaps, till there is an influx of specie into this country. Notwithstanding all that had been asserted, he insisted that paper money had not been depreciated, nor had coin borne a premium in this kingdom, which he conceived to be the true criterion by which we should judge of the matter; for, when paper money is not depreciated, we know there is not too great an emission of that kind of currency; and he was disposed to consider a judicious increased issue of it as very advantageous, inasmuch as it enabled us better to carry on the great commercial transactions of this country; consequence of the scarcity of 1796, drained this country so much, as to become a principal cause of the Restriction act in the spring of 1797: so that instead of imputing the unfavourable exchange to the restriction, we must place it to its proper account, our own neglect and bad policy. We suffer quibbling objections to prevent a general enclosure and cultivation of the waste lands, and we neglect to remove the great discouragements to tillage. We do not give ourselves the trouble to examine our corn laws, which have been altered much for the worse within the last thirty years. The bill was read a second time. The King's Message respecting the Situation of the Prince of Wales.] Feb. 16. The Chancellor of the Exchequer brought down the following message from his majesty: "GEORGE R. "His majesty having taken into consi deration the period which has elapsed since the adoption of those arrangements which were deemed by the wisdom of parliament, to be necessary for the discharge of the incumbrances of the Prince of Wales, and having adverted to the progress which has been made in carrying them into effect, recommends the present situation of the prince to the attention of this House. and if the event has helped to prove that immense quantities of gold coin in circulation are not absolutely necessary, this measure which we now regret, may in some degree become serviceable, by preventing hereafter, unfounded alarm on such a subject. Scotland has improved in every shape, with scarce any coin, and has been greatly benefited by a plentiful issue of paper money; and we find that great quantities of coin or bullion give little public credit to France or Spain; and consequently it may be inferred that coin has little to do with public credit: and, in truth, the necessity of having immense quantities of gold and silver in an unproductive state, in those two countries, arose from the want of public credit. Holland, when she flourished most, depended almost entirely on her bank; and countries truly commercial, such as Eng. land and Holland, could not have carried on their extensive trade by any other means. A very great proportion of the wealth of England would be in an unproductive state if it were necessary to have a coin currency for all its commercial transactions; and without a plentiful issue of paper currency, we could carry on but a small part of our present trade. He scarcely comprehended the suggestion, that the unfavourable exchange against this country took place in consequence of the Bank restriction. It did not take place immediately on the adoption of that mea-regret which his majesty must feel in sugsure: even since that time, during a certain period, there has been a great influx of gold, and the exchange has latterly become much more favourable during the existence of the restriction. It was perfectly easy to account for the unfavourable exchange, by the great remittances to the continent; and, more especially, in return for the immense importation of grain, the value of which was twenty-four millions in little more than two years; or, on an average of ten years, we have imported, of foreign corn, which we might have raised at home, to the value of at least four millions yearly-not far short of the ordinary real balance of trade in our favour. As the importation of foreign corn diminished, the course of exchange became proportionably more favourable to us. It therefore seemed reasonable to suppose that the immense payments for foreign corn consumed more than the balance of trade in our favour; and it may be observed, that the payments for a very extraordinary importation of corn, in "Notwithstanding the reluctance and gesting any addition to the burthens of his people, he is induced to resort, in this instance, to the experienced liberality and attachment of his faithful Commons, in the persuasion that they will be disposed to take such measures as may be calculated to promote the comfort, and support the dignity of so distinguished a branch of his royal family. G. R." Ordered to be referred to a committee of the whole House. The King's Message respecting Military Preparations in the Ports of France and Holland.] March 8. The Chancellor of the Exchequer delivered the following Message from his majesty : "GEORGE R. "His majesty thinks it necessary to acquaint the House of Commons, that, as very considerable military preparations are carrying on in the ports of France and Holland, he has judged it expedient to adopt additional measures of precaution for the security of his dominions: though the preparations to which his majesty, and perhaps really, prepared for one obrefers, are avowedly directed to colonial ject, might be directed to another. With service, yet, as discussions of great im- respect to the discussions referred to, it portance are now subsisting between his will not be expected that I should partimajesty and the French government, the cularly refer to the points which are the result of which must at present be un-subjects of dispute, or say any thing of certain, his majesty is induced to make this communication to his faithful commons, in the full persuasion that, whilst they partake of his majesty's earnest and unvarying solicitude for the continuance of peace, he may rely with perfect confidence on their public spirit and liberality, to enable his majesty to adopt such measures as circumstances may appear to require, for supporting the honour of his crown, and the essential interests of his people. G. R." Ordered to be taken into consideration the state to which those discussions have now arrived. I have, however, great satisfaction in stating, that there is reason to hope that these disputes will be amicably settled, on terms consistent with the interest and the honour of both countries. But, Sir, if unfortunately these expectations shall be disappointed; if the hopes which are entertained of an amicable adjustment shall prove too sanguine, and the renewal of hostilities shall become the only alternative consistent with our independence and our honour, I assure the House, that every communication which can throw light on the subject, and enable Debate in the Commons on the King's the House to form an opinion of the conMessage respecting_Military Preparations duct which government has thought proin the Ports of France and Holland.]per to pursue, will be unreservedly proMarch 9. The House having resolved itself into a committee on the King's Message, to-morrow. Mr. Chancellor Addington rose and said:-I rise, Sir, to propose an address to his majesty on the subject of his gracious message; and I feel perfectly convinced that his majesty's appeal to the wisdom and to the public spirit of this House, will not have been made in vain. There are two points to which his majesty particularly refers; the state of the military preparations now going on in the ports of France and Holland, and the important discussions now pending between the governments of the two countries. Either of these points, Sir, would separately be ground for vigilance and circumspection; conjointly, they not only require vigilance and circumspection, but they further lay the foundation for such preparations as may be sufficient to meet any emergency to which circumstances may give rise. His majesty has stated distinctly that these preparations are ostensibly for colonial purposes. This is certainly declared to be their distinct object, and I hope it will be found that it is their real purpose. But when it is recollected what important discussions are now going forward between the government of this country and France, and what an intimate connection there may be between the issue of these discussions and the preparations to which his majesty's message alludes, it is impossible to determine how far armaments ostensibly, duced. As to the measures to be adopted, in consequence of the message, this is not the time for me to enter into any explanation. His majesty, by bringing forward the message, expresses his desire that some augmentation should take place in our naval forces. It is also expedient that means should be taken to augment our means of internal security. With respect to the latter, our obvious policy is, to have recourse to that constitutional force, the militia. In the situation in which the country is now placed, I am confident that public men will make up their minds to the necessity of considerable privation. I beg, however, that what I have said may be clearly understood. I desire that nothing of what is stated in his majesty's message, or what I have now mentioned, shall be construed into an idea that the preparations which circumstances require have any reference to offensive operations. I wish to be distinctly understood, that the preparations which are recommended in his majesty's message solely relate to measures of defence and of precaution. On this day I am anxious that unanimity should mark our proceedings. In the address which I shall propose I am anxious to have the concurrence of gentlemen of all descriptions in this House. Whatever may be their opinions of men and measures; whatever may be their sentiments of the policy of concluding the peace, or of the nature of the terms on which it was concluded; whatever may be their ideas | vernment of this country and that of of the comparative advantages of continu- France he dwelt for some time. But not ing the war, I am convinced that the ad- the smallest hint was dropped by him dress which I shall conclude with moving, respecting the subjects to which those disis one to which they cannot in reason cussions refer; whether they relate to object. I shall now move, "That an Europe, Asia, Africa, or America, we humble address be presented to his ma are left totally in the dark. When his jesty, to return his majesty the thanks of majesty states these discussions to be of this House for his most gracious message: the utmost importance, I, without hesitato assure his majesty, that his faithful tion, believe the assertion; but certainly Commons are fully sensible of the fresh it might reasonably be expected, that proof which his majesty has thus afforded when we are called upon to afford his maof his unceasing attention to the welfare jesty the means of additional defence, we of his people: that under the circum- should be informed of the particulars that stances which his majesty has been gra- render such additional defence necessary, ciously pleased to communicate, they This address has no other meaning whatcannot hesitate to concur with his majesty ever, than that the Commons are ready in thinking it expedient to adopt addi- to support the honour of the crown, and tional precautions for the security of his the essential interest of the people-most dominions that though the preparations, certainly they are, and it is upon this to which his majesty refers, are avowedly ground solely that my vote is now given in directed to colonial service, yet, as dis- its favour, not pledging myself to support cussions of great importance appear to be the measures that may be adopted in subsisting between his majesty and the consequence of existing circumstances. French government, the result of which His majesty's ministers would do well to is at present uncertain, his majesty's consider seriously the tendency of their faithful Commons, whilst they partake of measures. If through their negligence, his majesty's earnest and unvarying soli- rashness, or ill-concerted plans, they incitude for the continuance of peace, will, volve their country in war at this imporwith the utmost chearfulness, support his tant period, I shall pronounce the present majesty in the adoption of such measures administration to be the most fatal and as circumstances may appear to require, destructive that ever directed the affairs for maintaining the honour of his majesty's of Great Britain. crown and the esssential interest of his people." Lord Hawkesbury said :-The message and the address refer to two objects the Mr. Fox said:-I have no intention to preparations going forward in the ports of oppose the motion, at least in its present France and Holland, and the discussions form. I have only one observation to pending betwixt this country and France. make; and that is, that no vote was ever The hon. gentleman seems to conceive, required from the House under circum- that my right hon. friend stated that stances of more utter darkness than the either of these taken separately would present. The proposal is, that "an ad- have been a sufficient ground for taking dress be presented to his majesty, stating, the measures of precaution to which the that the House concur with him, that message refers. Now, this is not exactly under existing circumstances additional what my right hon. friend stated he deprecautions are necessary to be adopted.clared explicitly that either taken separateThe right hon. gentleman then states, that he trusts no one can refuse his assent to the present motion. Certainly not; no person can deny, that after the message yesterday received additional precaution is necessary and proper. The right hon. gentleman stated, that there were two points in his majesty's message, and that each of these was a sufficient ground for involving the country in war. Little was said by the right hon. gentleman respect-puted points referred to in his majesty's ing the fact, that preparations are carrying on in the ports of France. On the discussions that are subsisting between the go ly would have been a ground of circumspection, and that united, they required something more; that they called on ministers to advise his majesty to send a message to the House, recommending measures of additional precaution. With respect to the address I allow that it does not pledge the House, or any individual member, to the opinion which he may hereafter give on the subject of the dis message; and I have no difficulty in assuring the House, that if, unfortunately, those discussions shall terminate in a # renewal of war, it will then become the duty of ministers to lay before them every degree of information that can guide their judgment of the conduct of ministers during the negociation in question. But I even go further and say, that it will then become our duty to bring before the view of the House and the country documents to explain, not merely those points which were immediately depending, but the whole of our conduct, from the conclusion of peace up to the present moment. On a deliberate review of the whole of that conduct, there is not one atom of it which I see reason to repent of. was necessary. He hoped it would not be Mr. Windham said, he agreed with Mr. Fox, that, by the measure now proposed, the House was placed in rather a hard situation because he did not think it was sufficient to be told, that hereafter they should be put into possession of the grounds of the present procedure. He was of opinion that the House ought to have been enabled to form a judgment, when measures of so serious a nature as the present were proposed. The House at present literally knew nothing. From the period of signing the definitive treaty, now a twelvemonth ago, and though another considerable armament was called for, yet no information had been afforded. He therefore must, for one, enter his protest against the mode adopted by ministers. The force now proposed to be got in readiness was stated to be merely a defensive force. But he thought it was proper to know whether such a force as that about to be raised ought not be considered as fit to be used prudentially, either as a defensive or an offensive force? Undoubtedly, every Mr. Sheridan said, he should have been force at first must be considered as being well content to have given his silent vote of a defensive nature; but what he wished of approbation, but for some expressions. to know was, whether the right hon. gen- in the speech of the right hon. gentleman tleman meant that this force was of a na- who had just sat down. The right hon. ture only capable of being used as a de- gentleman had appeared to-day in a state fensive force? He felt very doubtful of of unusual anxiety to deprecate the idea the propriety of ministers placing the that he, and those who had thought and House in the situation in which it at pre- acted with him, because they had been sent found itself; at the same time that avowedly hostile to the peace, should now he concurred in the propriety of what had be otherwise considered than as the men been advanced, that by the present ad- the most zealously disposed to maintain dress the House pledged itself to no- it. Nay, the right hon. gentleman had thing specifically. An hon. gentleman maintained, that those who had condemned (Mr. Fox) had said, in the perfect spirit the peace on his principles were peculiarly of all his policy for these ten or fourteen entitled to the credit of being the persons years past, that peace was his first object. now most reluctant to the renewal of war. Be it so. But from the present want of He would not pause to examine the consistinformation the House was completely atency of this claim; but he called on the a loss to determine whether peace or war House to look at the argument set up this |