ould sanction
the measure; and that there is not an individual in this realm that
would act as courier." In private, Fox confessed that this would be the
very worst moment for making a peace with France; but, nevertheless, he
moved an amendment to the address to be returned to the king's message,
replete with inculpations of ministers for not having concluded a treaty
with the French republic. His friend, Lord Guildford, moved a similar
amendment in the Lords; but both were negatived by large majorities.

{A.D. 1797}

STOPPAGE OF CASH PAYMENTS AT THE BANK.

At the commencement of this year the aspect of public affairs wore a
gloomy appearance. The directors of the Bank of England had recently, on
several occasions, represented to the chancellor of the exchequer their
inability of supplying his increasing demands; and the dread of an
invasion had produced a run upon the bank for specie; so that when Pitt
requested a further advance, early in this year, of L1,500,000 as a loan
to Ireland, he was informed that a compliance with this request would
most likely cause the directors to shut their doors. In this state of
affairs the privy council, on the 26th* of February, sent an order,
prohibiting the directors of the Bank from issuing any cash or specie
in payment till the sense of parliament could be taken, and measures be
adopted for supporting public credit.

*This was on a Sunday; and it was the first time, during the
reign of the present monarch that business had been
transacted on that day.

This decisive step was announced by a royal message to parliament on the
next day; and the subject was immediately taken into consideration.
It was thought by the opposition that this would crush Pitt; and Fox
exultingly gave notice that he would move for an inquiry into all the
past transactions between the Bank and the minister; and Sheridan,
Whitbread, and others made motions all having one end in view--Pitt's
overthrow. But Pitt was too firmly seated to be overthrown by his
opponents, however ardently they might seek his downfall. The first step
taken was to appoint two secret committees for ascertaining the assets
of the Bank beyond its debts; and their reports stated that these
amounted to the sum of L3,826.890, exclusive of a permanent debt of
L11,666,800 in the three per cent, stock, due from government; and
also that the demands which occasioned this drain of cash had of late
increased, and that