§ Mr. Dent,in adverting to this subject, observed, that an opinion had been given by a professional man, different from those of the Attorney and Solicitor General. The subject was of very considerable importance, as it involved a capital of 20,250,000l. and if the period of payment was to be deferred till April 1805, and any event, such as a peace, should take place, causing a great rise in the price of the funds, a very material consideration would arise out of it, as the loyalty loan could not then rise above par. It was important that the question respecting the time of payment should be settled, as he understood that several holders of the loan, to the amount of upwards of 2,000,000l. had given notice that they expected to be paid on the 10th of April next.
The Chancellor of the Exchequersaid, that the subject divided itself into two heads: the first a question of law, and the next of equity. With respect to the question of law, the law officers of the crown had given an opinion different to that supported by the hon. gent. As to the question of equity, whilst he agreed in the importance of the subject, he should certainly pay every attention to it, and endeavour to bring the point, respecting which difficulties had arisen, to a decision as soon as possible.