doubtedly in proportion as the day of redemption was known to approximate, the price would increafe, and on that ac count it was, that he thought the prefent bill imperfect, ins almuch as it did not provide to guard against the lofs the Public were likely to fuftain, in confequence of the price at. which the flocks were to be redeemed, not being by previous contract fixed with the public creditor." Earl Bathu ft afked whether fuch a doctrine was ever before Tar! heard of, as that the minifter was to be blamed for having Bathurft. added to the public credit, and at the fame time to private accomodation, in refpect to borrowing of money, bv occaGoning a confiderable rife in the price of stock. He ob jected against the plan of the noble Earl, (Stanhope) declaring, that heretofore it had been deemed an advantage that the redemption of ftock was not near at hand, and therefore, it appeared to him extraordinary indeed to contend, that the public creditors would willingly pay a premium of 10 per cent, for a right of priority of redemption. Lord Loughborough obferved, that he fhould find himself Ld. Loughexceffively at a lois in what manner to argue were the firft borough. principles of the plan of the noble Earl (Stanhope) to be queftioned. What he had heard that day, put him in mind of what he had read within thefe few months in a hook, in which it was flated, that a French engineer was employed at Conftantinople, during the fiege of that city by the Ruffians, and that at a particular period, fome of the Turkish Divan took it into their heads, that the Frenchman, in whofe hands they had placed the fole direction of their manoeuvres in the point of defence, was not quite fo fkilful as he ought to bea To afcertain this, the Frenchman, and fome of the Turkifh engineers were ordered to difpute fcientifically and profeffional before the Divan. When they began their controverfy, the first question put by the Frenchman was, "What was the "amount of the three angles of an equilateral triangle? This question, the Turkish engineers conftrued into a defign to entrap, and therefore defired the Frenchman firft "to define "the fize of his triangle." Having built fome ridicule on this quotation, his Lordfhip proceeded to take a comprehen five view of the whole fubject, and of all its collateral and relative circumftances. He made moft handfome mention of Lord Stanhope's pamphlet, declaring, that it had afforded him great pleasure and information; that its facts were strongly urged, its calculations demonftrably juft and correct, and its reafoning clear and convincing, and that wherever matter of doubt or caufe for difference of opinion fuggefted itself, it was offered fairly to difcuffion. He explained in intelligible terms the relationship which the price of stock bore to the real intereft of money and its value, and con tended, of Rich mond. tended, that it was abfurd to take the eftimation of the latter from the price of the former. He denied that the increase of the price of the 3 per cents. from 58 to 72 per cent. was a proof of the great increase of trade. The increase of trade always produced a gradual, but not a rapid or fudden effect on the funds, a fact fufficiently evinced by what had happened, when the late Mr. Pelham took his measures respectthe flocks fo many years fince. He entered very fully into the Report of the Committee of the Houfe of Commons, and dwelt on various parts of it, contending that they were grofsly erroneous. He faid that he could not speak fo favourably of the bill on the table, as his noble friend had done; because he feared it would be productive of most mischievous effects. His prejudices in favour of a bill, profeffing fo great and fo defireable an object, had been at firft fo ftrong, that it coft him fome ftruggles before he could furmount them, and look at the fubject fairly, and with a view to the confideration of its real merits. Having examined it deliberately, he was convinced it might entail difadvantages, inftead of conferring a benefit on the country, and that in a future war fhould we be obliged to fell flock, we fhould be buying cheap and felling dear; the one would act in an arithmetical, the other in a geometrical progreffion; a ftate either the permanence or extent of which might lead to irrecoverable ruin. The Duke The Duke of Richmond faid that the hypothetical ftatement of the fupplies, and ways and means of the year, as made by the noble Vifcount (Stormont) was incorrect. He pointed out particulars in which he conceived it to be erroneous. He next begged leave to take notice of what the noble Viscount had said against taking the income of one year only, and asked how the Committee could have done otherwife, unlefs they had taken the averages of years of war. In reply to the affertion, that the rife in the three per cents. was not owing to an increase of trade or an influx of wealth, he ftated that bills of exchange had rifen ten per cent. in favour of this country, which was a clear proof of our trade having confiderably increased. He stated what the noble and learned Lord had charged as erroneous, to be correct. Earl Earl Stanhope faid, he wondered not at the noble Duke's Stanhope. avowing himself to be no friend to his fcheme; for how the plague could any man approve that of which it was clear that he did not understand one word? His Lordship then explained, that his propofition was, that the public creditor fhould, on condition of receiving the bonus of priority of redemption, fubfcribe to the condition of letting go be the par inftead of 100l. as at prefent, but till ftocks rofe to 90, he was to be paid off at the market price. The The Duke of Richmond, in answer, admitted that he had mifunderstood the noble Earl. The Committee went through the bill, and it was then read a third time. Tho Houfe adjourned. Friday, 26th May. The King, in the ufual form of ftate, came to the House, and the Gentleman Ufher of the Black Rod being ordered to go to the House of Commons, and defire their prefence, the Speaker of that Houfe came to the bar, attended by feveral members. He prefented to his Majeft, and to the House, the bill for appropriating certain fumns towards the discharge of the national debt. On this occafion he addreffed His Majefty to the following purport: "That His Majefty's faith ful Commons had taken into their ferious confideration "His Majefty's gracious fpeech, communicated at the open"ing of the feffion, and had provided a fund for the gradual "extinction of the national debt; a measure as conducive to "the welfare of the country as the honour of the Crown. "The heavy burdens which His Majefty's faithful Com"mons already laboured under, from the enormous expences "incurred during the last ten years, had not deterred them "from cheerfully fubmitting to any expence which they "deemed confiftent with the good faith, the credit, and the "honour of the nation. The unanimity with which the bill had paffed in its laft ftage, could only be equalled by "the zeal entertained for His Majefty's Crown, dignity, and "the fupport of the true intereft of this nation. If any "farther fupplies were neceffary to fupport the national cre"dit, His Majefty's faithful Commons would cheerfully "fubmit to them, not doubting but their zeal for their coun"try must be received with a heartfelt fatisfaction by the Fa"ther of his people. Therefore, in the name of the whole "Commons of England, he prefented to His Majefty a bill for providing neceffary refources for that great national purpofe; likewife bills for raifing two millions and an "half by Exchequer bills." Several other money bills were then presented, and, in the ufual form, received the royal affent in the old French, words, Le roi remercie fes fujets. When the King had returned, and the Lords were unrobed, Lord Rawdon prefented a petition from the pawnbrokers, praying that they might be heard by counfel in favour of a bill now on their Lordships' table, and which bill was to make permanent the act lately paffed in respect to their bufinefs. His Lordship faid, that the laft bill would Ld. Loughborough. The Marquis of Staftord. expire in Auguft, and that as no complaint had come before their Lordships of its impropriety, he trusted that the arguments of counfel would, with that circumftance, convince their Lordships, that, to render it permanent, would be to enter upon an act of only common juftice. Lord Loughborough contended that the bill was in its prefent form injurious and oppreffive to the poor. The poor particularly claimed their Lordships' care, and their Lordhips' aid and protection. It was a well-known fact, that the pawnbroker, even under the legal circumstances of the prefent bill, obtained by the letter, what the fpirit of the act never meant, and that he was thereby enabled to exact 251. inftead of 201. per cent. It was a partial and oppreffive bill, affecting that clafs of the commonalty which, of all others, demanded the protection of Parliament; and therefore he truited, that no delufive arguments fhould have weight, but that the matter might be clearly underflood, and fo difpofed of, as to afford relief, inftead of holding out the means of oppreffion to the indigent. As to the bill itself in its parliamentary form, there was a greater neceffity that counfel fhould be heard against it, than for it, as it went to repeal an old law; and therefore he hoped that the fecond reading would be postponed to Tuelday, when the matter being intermediately confidered by their Lordships, they might come prepared to give it the moft ferious and impartial investiga tion. The Marquis of Stafford obferved, that when the bill was brought in, the pawnbrokers were heard in its favour by countel. He did not mean to fay that the poor were not oppreffed, and that means fhould not be found out to relieve them. He spoke merely on the precedent of hearing counfel. The bill was poftponed until the ensuing Tuesday. Tucfday, 30th May. The order of the day being read for the fecond reading of the pawnbrokers' bill, counfel were called in, and being heard in fupport of the bill, counfel were heard against it. Ld. Lough- Lord Loughborough pointed out, what he termed, the imLorough. propriety of the act, and, complaining that it was evidently partial against the inferior order of fociety, moved that it might be rejected. Id. Rawdon Lord Rawdon acknowledged that the noble Lord's obfervations were very prevailing; but he wifhed to go into a Committee on the bill, when all the precautions might be put into effect. Lord Lord Hawke fupported the bill, and defired it might go into Ld. Hawko a Committee. The bill was rejected without a divifion. Friday, 2d June. A petition was prefented from the agents of Lady Anne Foley, praying, as the caufe was to come on before the House the 6th inftant, that the Houfe would discharge the order, as her Ladyfhip has appealed upon the merits from the Confiftorial Court to the Court of Arches. The agents and proctors on both sides being called in, her Ladyfhip's proctor, Mr. Jennoter, was afked to state what merits he had to alledge in behalf of faid petition. He stated three; First, That there were not two witneffes to any one of the facts of adultery fet forth in the libel, but only one to each. Secondly, That the teftimony of one of the evidences was impeachable, as being invalid. Thirdly, That the letter from the Earl of Peterborough was not proved to be intended for her Ladyfhip, and therefore was evidence only against his Lordship. On these three points, the proctor stated that he had taken the opinions of eminent civilians, upon whofe advice an appeal had been lodged in the Court of Arches; and therefore prayed the Houfe that the bill might reft in obeyance during the faid inquiry. The proctor, on the other fide, urged, that this appeal might not be delayed, fo as to be the work of many years; and that afterwards another delay might be created, by a farther application to the Court of Delegates. He therefore, as a verdict was obtained in a court of law, prayed, that speedy juftice might take place, and that the bill might proceed. Viscount Dudley and Ward obferved, that he was fo tho- Vifcount roughly convinced of the juftice of the ground upon which Dudley and Ward. the Lady had been proceeded against, as to think it his duty to oppose the petition. Lord Loughborough stated the great delay which might arise Ld. Loughin the caufe, by admitting the prayer of the petition to be borough. complied with. He defired to be informed if there were any precedents. If none, it might be referred to a Committee to inquire and report. A precedent was adduced ftrongly in point; and the prayer of the petition was in confequence agreed to, and the bill ordered to lie upon the table, until the faid caufe shall be heard and fully determined. The Houfe adjourned. Wednesday, |