The Parliamentary History of England, from the Earliest Period to the Year ...
Po avtorjih William Cobbett
had it in his power to bargain for a new advantages to the public might have been loan, conformably with his former engage- improved. He next touched upon the ment? The utmost period would have bills antedated from Hamburgh, but been till the 15th of January: or if he had drawn upon unstamped paper in London been urgent for money, he might have on the treasury, by Mr. Boyd, jun. What come to parliament, and obtained a vote degree of preference might arise from this of credit. Suppose it could not have accommodation, it was not for him to debeen done by a vote of credit, it might by termine. Mr. Boyd had positively denied a short loan of two or three millions. that he formed any claim to the present
The goodness of the terms became the loan, from the accommodation he had next subject of consideration. Now he given to government in that instance. acknowledged that the terms were to be Other gentlemen, however, who were ex. relatively viewed. It would often bappen amined as to that particular, admitted that the terms of a loan would be good that at least in that transaction, there at one time for the contractor, and at was nothing likely to preclude or weaken another for the public; but we had au- Mr. Boyd's claims. Mr. Smith then prothority that the terms were fair for both, ceeded to examine the mode of concludwhen the bonus was a little under or a ing the bargain between the minister and little over 4 per cent. The terms when Mr. Boyd. From its privacy, it was of the last loan came out were 74 premium, all others the most suspicious. It inIt was at six before the opening of the volved a responsibility, which no minister, budget, at 5į at the first negotiation, except for particular reasons, could wish and immediately after it rose to 6. Mr. to undertake; since he subjected himself Boyd himself 'stated the bonus to be to the imputation of having acted un61. 15s. 9d. per cent., and therefore it was fairly for the public, if he granted too fanot surprising that he should call it a bad vourable terms to the contractor; or unbargain for the public, when the calcu- generously to the contractor if he took lator made it so much above the usual any undue advantage for the public at rate. In every way he estimated the his
expense. public loss at a very considerable sum; Having gone through the detail of for by the bringing down of the king's facts, he proceeded to draw one or two message on the day after the opening of general conclusions. When he consithe budget, the right hon. gentleman dered the amount of the late loans, the caused an advance of profit upon the loan liquidation of the public debt appeared of 900,0001. Whether the purport of to be practically impossible. We had that message was foreseen on the 25th lately added to the mass no less a sum of November he could not tell, but he than forty-eight millions. If such had blamed the right hon. gentleman, be- been the effect of so short a period of cause he had no occasion to have settled war, when we considered how much Euthe terms of the loan before the 5th of rope had been engaged in wars since the December, and on that day he might pos- beginning of this century, and how little sibly have ascertained whether such a prospect there was that they would in message would have been brought down future be discontinued, any prospect of or not; for Mr. Smith knew to a certainty the liquidation of the immense load of that on Monday the 7th, when the budget public debt must appear to be altogether was opened a person in a public coffee- impracticable, or at least to be removed house informed the company that a mes. to an indefinite period. The expense of sage would be sent down to the House one year's warfare had completely undone that day, containing his majesty's recog- the effect of twelve years of peace. Unnition of the French republic; and when der such united disadvantages, he feared he was afterwards informed that no such it might be said of the national debt with circumstance had happened, he seemed the most literal accuracy, surprised, and attributed it to some odd
-"Multosque per annos, accident.
The next day, however, ve- "Multa virûm volvens durando secula vincit." rified his declaration. If, therefore, the Mr. Smith next remarked upon the bad circumstance of the message was so pub- effect of loans, such as the present, on a lic, it must evidently have been for some commercial country. They held out the days before in the contemplation of mi- hope of sudden and immense gains; they nisters. He did not make any imputa- induced men to forsake the sober tract of tions of corruption, but he thought the slowly productive industry for the more (VOL. XXXII.)
[3 D)
dazzling prospects of monied speculation possible to submit, the chancellor of the exHe mentioned, that some years since, chequer did, immediately after, without prowhen he was in Holland, several mer posing any other terms, agree for the loan cantile men had complained to him of the with Boyd and his party, although it was undecline of their commerce, in consequence not to come to a final settlement on that day,
derstood, by all the parties, that they were of the persons who had large capitals
5. " That, by giving this preference to Boyd having taken their property out of trade, and his party, the chancellor of the excheand turned their attention to specula- quer did totally depart from the principle of tions in money. Such speculations tended free and open competition, after having, by a to enrich individuals, but to impoverish communication through the governor of the the country
They threw the small, bank, only two days preceding, expressly inprofits of the many into the pockets of vited persons to bid on that principle, and the few; those who had once tasted who had also previously made preparations
for that purpose. the sweets of such transactions, were af
6. " That the preference, so given to Boyd terwards but little inclined to engage in and his party, was claimed by them on the the pursuits of commerce. They thought foundation of a supposed fact in the settleonly how they might still more improve ment of the preceding loan for the service of
the year 1795, between the chancellor of the
, by continuing to employ it in the same exchequer and the said Boyd and his party; channel . He should now move a string under' the condition, that no other public
namely, that the contract was entered into of resolutions of fact arising out of the • loan for this country should be made, until Report. As they were very numerous 'the period fixed for the last payment of the and not very short, he would have them loan then contracted for should have now read, and then leave it to the dis- elapsed;' and on the allegation, that the necretion of the House, whether they should gociation of a new loan at that time would be immediately proceed to the discussion, or injurious to the said Boyd and his party. allow them first to be printed, and ap
7. " That it appears to this House, not point a future day for their consideration. only that the said Boyd has not any where Mr. Smith then read the Resolutions, condition was ever expressed in specific terms,
contended or affirmed, that the preceding which are as follow:
or reduced to any form; but that the contrary 1. "That it apears to this House, that the is implied in the arguments made use of by principle of making Loans for the public ser- him in support of his claim, 'viz. that it was vice by free and open competition, uniformly a right, which was founded in justice and professed by the chancellor of the exchequer, the nature of things, recognized by constant has been very generally recognized, as afford-practice and public opinion.' ing the fairest prospect of public advantage. 8. " That it does not appear to this House,
2. " That in all the communications rela- that the chancellor of the exchequer has any tive to the formation of the late loan, which where admitted the reality of such engagepassed between the chancellor of the exche- ment or condition, having been made by him guer and the governor of the Bank of Eng with the said Boyd and his party, but, on the land, or any of the parties concerned, previo contrary, that he did state to the parties asous to the 24th of November last, the chan- sembled at his House on the 25th of Nocellor of the exchequer did invariably profess vember, that the circumstances had come a resolution to adhere strictly to the principle but recently to his knowledge, and that he of free and open competition.
did not admit any obligation to exist, although 3. "That on the 25th of November, 1795, the said Boyd contends that his right was not the day appointed by the chancellor of the only founded in justice and the nature of things, exchequer for a meeting of the several com- but recognized by constant practice and pubpetitors for the loan, to settle the prelimina- lic opinion. ries thereof, and when they were all assem- 9. " That it appears to this House, that no bled, the chancellor of the exchequer, after a such condition is, in fact, either expressed or separate conference with Messrs. Boyd and implied, in any of the papers laid before this his party, did propose to the other compe- House, 'in which the particulars of the contitors, viz. Mellish and Morgan, to bid for the tract for the said loan appear to have been loan, 'on condition that an option should be fully adjusted and settled between the con* reserved to Boyd and his party, of taking tracting parties.
the loan at such a price as should be equal 10. « That it appears to this House, that ' in value to one half per cent., on the whole such a restriction is introduced into the mesum borrowed, above the highest offer of the morandum of the contract for the loan for competitors'
the service of the present year; and that 4. " That the said Mellish and Morgan, no precedent is any where alleged for the having refused to become competitors on a introduction of a stipulation so new, and of condition, to wbich they deemed it almost im- which the consequences may be extremely
11. "That in the month of October 1795, a negotiation for a new loan, or from fixing the said Walter Boyd, esq., did state to the the deposit to be made on such loan on some chancellor of the 'exchequer the right of the day previous to the last payment on the precontractors to object to the negotiation of a ceding one. new loan; that the chancellor of the exche- .17." That it appears to this House, that, quer did, on that occasion, say, that he would of the 24,076,500l. of additional capital, cresend for their party (viz. that of Boyd and ated by the loan for the service of the year Robarts) to hear what they had to say, before 1795, there remained, on the 24th of Novemany competition should take place; but, that ber last, only 1,962,532. of Aoating scrip; be seemed positively determined not to admit that is, which had not been converted into of their claim.
stock by the full payments having been made 12. "That the said Boyd, in his addresses thereon. to the chancellor of the exchequer, on the sub- 18." That it appears to this House, that ject of his supposed right to a preference over of the loan raised in the year 1795, for the the other competitors supported that right by service of the Emperor, and guaranteed by arguments drawn from his situation as a his majesty, there remained, az floating scrip, holder of scrip of the preceding loan and on the 24th day of November last, the sum from the injury which he and the other con of 1,393,7341.; and that, therefore,' even if tractors for that loan must inevitably suffer, the existence of the said Austrian scrip be alas holders of that scrip, by the introduction lowed to create any impediment to the negoof eighteen millions more into the market, tiation of a new loan, for the service of Great while a large portion of the last year's scrip Britain (as seems to be asserted by the said was still in hand; and that it does not appear Walter Boyd) yet the total amount of Aoating that the said Boyd did ever allege, or pre- scrip on the 24th of November last, did not tend, to the chancellor of the exchequer, that exceed 3,356,2961. he had an unalienable inherent right to a pre- 19. " That it does not appear to this House, ference for the loan then depending, which that the house of Messrs. Boyd and Co. were belonged to him exclusively, as a contractor possessed of more than 500,000l. of the said for the preceding loan, though he should have foating scrip. disposed of the whole of his share therein. 20. "That it does not appear to this House,
is. " That it appears to this House, that it that the said Walter Boyd took any steps to is, generally, to the negotiation of a new loan ascertain who were the holders of the said before a certain period, to which the said Aoating scrip at the time of the negotiation of Walter Boyd objects in all his communications the present loan, or to procure for them any with the chancellor of the exchequer; and indemnification for the injury which they that the principle of his objection to such ne- might possibly suffer from the introduction gotiation applies equally, whether the depo- of so large an additional quantity as 25,385,2501. sit on such loan be appointed to take place of new capital into the inarket. shortly before or after the last payment on 21. " That it appears to this House, that the preceding loan.
of the 18 millions sterling subscribed for the 14. " That it appears to this House, that serviceofthe year 1795, no more than 445,7181. the value of the existing funds is affected in a remained unpaid on the 24th of November far greater degree by the negotiation for a new last. loan, and the settlement of the terms thereof, 22. " That it appears to this House to have than by the making the deposit on such loan been a matter of public notoriety, for some after it is settled.
weeks previous to the 25th of Nuveinber last, 15. " That it appears to this House, that that Messrs. Mellish and Mr. James Morgan before all the payments were made on the were making preparationsto be competitors for loan for the service of the year 1794, the the loan to be negociated for the service of the chancellor of the exchequer did negociate a year 1796. new loan with the said Boyd and his party 23. " That it appears to this House, that, for the year 1795; and that, although consi- under the circumstances of this notoriety, and derable sums of the loan for 1794 were then notwithstanding his own engagement to outstanding as floating scrip, though the funds Messrs. Boyd and Co. the chancellor of the were considerably affected by the transaction, exchequer did, even on the 23d of November, and though the deposit was expected to be formally authorize the governor of the bank speedily called for, yet neither James Mor- to announce to all the parties concerned, that gan, esq. nor any other of the contributors to the loan would certainly be disposed of by the former loan either objected to the nego- competition, without having sent for the tiation, or made any complaint on account party of Messrs. Boyd and Co. to discuss their of it.
claim. 16. " That it appears to this House, that, 24. " That it appears to this House, that waiving all consideration of the interests of the chancellor of the exchequer did not, in the contracting parties, cases may arise in fact, ever send for the said Boyd and Co.; which it might be highly prejudicial to the that the discussion of their claim with him public service, if the chancellor of the exche- did not take place at all, but on their own requer should be precluded from entering into peated application, and then not till the very day before the competitors were to meet; and (as bad been usual on former occasions) until that till they were actually met, the parties of a day or two before it was submitted to the Morgan and Mellish were not apprized of any consideration of this House, some communidoubt existing in the mind of the chancellor cation to the parties of the probability of a of the exchequer on the admissibility of com- message from his majesty, similar to that petition.
which was delivered, might have preceded the 25. " That it appears to this House, that settlement; and that the public might then Messrs. Boyd and his party were very willing have had the full benefit of that advance in to leave the terms of the loan to be fixed by the public funds, which it was impossible not the chancellor of the exchequer, who did fix to foresee that such a message would produce, them accordingly.
and which, in the present instance, actually 26. " That it appears to this House, that amounted to a sum exceeding 900,0001 on the the contractors for the loan of 1795 could not loan so recently contracted for. suffer any pecuniary loss by the introduction 32. " That it appears to this House, that of a new loan before all the payments on the the suin of 649,000l. of the 4 per cent. annuipreceding loan were completed, otherwise ties, created in the year 1795, was in pledge than as holders of scrip, or shares therein; at the Bank on the 24th of November last. and that, on that principle, all the contri- 33. " That it appears to this House, that butors to the loan of 1795 had as good a claim on the 3rd of November 1795, the commisas the contractors to a preference for the suc- sioners appointed for the liquidating the naceeding loan, in proportion to the amount of tional debt, did, for the first time, begin to the shares in the loan of 1795 then held by purchase in the 4 per cent. consolidafed anthem respectively.
nuities. 27." That it appears to this House, that 34. " That it appears to this House, that, Mr. James Morgan, one of the persons in- immediately on the purchases by the said comtending to be competitors for the late loan, missioners being made in the 4 per cent. anhas given in evidence to the committee, that nuities, a very considerable advance took place he would have offered, on the 25th of Novem in the price of the said annuities, the 3 per ber, to have taken the said loan on the fol- cent. annuities not rising in equal proportion. lowing terms: 1201. 3 per cent. consolidated 35. " That it appears to this House, that, annuities 251. 3 per cent reduced, and 3s. 6d. on the application of some of the parties conper annum of long annuity, for every 1001. cerned in the negotiation for the present loan, subscribed, being a difference of 3s. per annum through the medium of the governor of the long annuity, or 499,5001. more advantageous Bank, the chancellor of the exchequer did to the public, than the terms made by the agree, that the whole of the new capital should chancellor of the exchequer to the party of be created in the 3 per cent consolidated and Boyd and Co.
reduced annuities, with a very small propor28. "That it appears to this House, that tion of long annuities, to the total exclusion the loan so finally and unexpectedly settled, of the 4 per cents. and contrary to the geneon the said 2: th of November, was not subral practice on former occasions, when sums initted to the consideration of this House until of considerable magnitude have been raised. the 7th of December; and that the deposit 36. " That it appears to this House, that, was not required from the contributors until in the month of September, 1795, the said the 10th of December.
Walter Boyd did, at the request of the chan. 29. " That it appears to this House, that cellor of the exchequer, undertake to advance this interval of twelve days, between the set-money for the use of government to the tlement of the terms of the loan and the sub- amount of one million, for which he was to mitting it to the consideration of this House, reimburse himself by bills to be drawn upon very greatly exceeds any that has been known the lords cominissioners of the treasury, to be on such occasions; and that no advantage is accepted by them, and negociated at his own likely to accrue to the public from an interval convenience; and that bills to the amount of of such unprecedented length.
700,000l. were drawn in London on the com30." That it appears to this House, that missioners of the treasury, in the name of his majesty's gracious Message, containing a Walter Boyd junior, bearing a fictitious date, communication, that his majesty would be at Hamburgh, several weeks preceding the • induced to meet any disposition for a nego- time at which, with the privity of the chan. . tiation, on the part of the enemy, with an cellor of the exchequer, they were really
earnest desire to give it the fullest and spee- drawn in London; and that the said Walter diest effect,' was delivered to this House on Boyd, junr. is a gentleman not engaged in any Tuesday the 8th of December; and that in house of business in Hamburgh. consequence of the intimation contained in the 37. " That it appears to this House, that, message, the value of the loan suddenly rose the said bills, though drawn in London, yet above 5 per cent., creating by that operation professing to be foreign, and not written on only, an additional profit on the whole loan stamped paper, were of such a nature and deof more than 900,0001. sterling,
scription as the Bank of England would have 31. " That it appears to this House that, if refused to discount for any commercial house lhe settlement of the loan had been deferred whatever, and such as it would have been injurious to the credit of any private house to be present on that day, " That on inspechave negociated. 38. «That it appears to this House, that mination of the parties, the committee
tion of the lists, as well as from the exathe said Walter Boyd, esq. has declared that no part of his right to a preference, as a con
saw no ground to suppose, that any intertractor for the new loan, was grounded on
ference took place on the part of any the transaction of the bills dated ai Hamburgh, persons connected with government in and circulated by him for the service of go- the distribution of any part of the loan." vernment; that he never had any expectation He must also do the hon. gentleman who of that sort; and that he took no merit at all was chairman of the committee, and who to himself in having consented to that ope- had submitted that forty-fold system of ration.
resolutions to the House, of which the 39. " That it appears to this House, that no such declarations on the part of a contractor, first, the justice to say, that he had been
subject of the present motion formed the palpably preferred, and immoderately benefited, by the gift of a loan of 18 millions ster: uniform in professing a sincere belief
that ling, on such terms, and accompanied with nothing of undue, corrupt, or culpable such arrangements, as to create a profit of 12 motives had operated on the chancellor per cent. or 2,160,0001., before the first pay of the exchequer in the transaction of ment became due, can acquit thechancellor of the loan, and that the highest degree of the exchequer of having departed from the blame he had ever thought imputable to principle of free and open competition in fa- him was that of improvidence. The hon vour of Walter Boyd, 'esq. in a manner in- gentleman professed that he had not the compatible with the interest of the public. 40. " That it appears
to this House, that, slightest suspicion that the loan had been in every part of the transaction of the late employed by government as the instruloan, the public interest has been sacrificed ment of corruption; yet in his very outby the chancellor of the exchequer; and that set the other night, he thought fit to rethe profits to the contributors, at the expense mark, what he was pleased to call, a most of the nation, have been so exorbitantly extraordinary coincidence, between the swelled, as to have risen, even before the de- names of the gentlemen in the list of subposit was made thereon, to an amount greatly scribers to the loan delivered to the Bank, exceeding the deposit itself
, viz. on a loan of and of those who attended the meeting of 18 millions to the enormous and incredible merchants, &c. held at Grocers'-hall where sum of 2,160,0001. sterling."
the measure of the two bills for the safety The question being put upon the first of his majesty's person, and against sediResolution, the debate thereon was, with tious meetings, was approved of. A mi. the approbation of both sides of the nister, he said, would not in these days, House, adjourned to the 26th.
be so weak or clumsy as to attenpt the
direct bribery of members of this House, Feb. 26th. The House having re- by the distribution among them of paltry sumed the adjourned debate on the first portions of scrip, but that it might be a Resolution, viz., . " That it appears to stroke of refined and effectual corruption, this House, that the principle of making to purchase the sanction of the great Loans for the public service by free and monied interest of the metropolis to his open competition, uniformly professed by measures, especially during a war, by the chancellor of the exchequer, has been large allotments of the profit of a bargain, very generally recognized, as affording profuse in regard to the state in proporthe fairest prospect of public advantage.' tion as it was advantageous to them. Did
Mr. Sylvester Douglas hoped he had the hon. gentleman really expect that the no occasion to make any apology for House would suppose him idle and absurd rising to express his sentiments on the enough to occupy their time with stating present motion, as he had the honour to these things, merely to point out a cube named on the Select Committee, and rious and accidental coincidence of cirhad attended it regularly, and spared no cumstances totally unconnected and inde. pains in the diligent investigation of the pendent; or would it be doing justice to subject concerning which the House had his understanding, not to conclude, whatthought fit to direct an inquiry. At the ever colour he might use, that he meant close of that inquiry, it was a great satis. to imply that the loan was the cause, and faction to him to find that there was an the vote at Grocers'-hall the effect? Nei. unanimous concurrence of opinion be ther were his resolutions, and especially tween himself and all his colleagues of the two last, left inconsistent with his the committee who had thought proper to uniform professions concerning the chan