On the motion of Mr. Vansittart, the estimates of the charges of the establishment in New South Wales. the Plantations, &c. and the account of exchequer bills issued under an act of the 39–40 of George III. were ordered to be referred to the Committee of Supply. The house resolved itself into a committee. Previous to the first resolution being put, that a sum not exceeding 3 millions he granted to his majesty, for paying off exchequer bills,
Mr. Vansittartmade several observations on the subject. He said that the Bank of England, with that liberality which distinguished all their proceedings, had expressed their willingness to extend the accommodation, on condition of receiving only 3 per cent. instead of 5, to which they were entitled. It was nevertheless necassary, as a point of form, to vote the present resolution.
§ Mr. Tierney ,so far from thinking the conduct of the bank liberal, thought that nothing could be more illiberal. The bank lent this 3 millions to government for 6 years, without interest, as the price of their charter, which had been granted to them on terms which iii his opinion ought not to have been allowed. They now came and offered it at 3 per cent. and then talked of their great liberality, when it was well known that, owing to the restriction on the issuing of specie, and the substitution of bank-notes, they had not only not lost sixpence by this loan, but had been enabled to make very extraordinary profits, of which, indeed, they had boasted, and which certainly should have had the effect of rendering them a little more generous to those through whose means they had obtained them. This accommodation did not cost the bank one farthing beyond the paper on which the notes were printed. He did not object to the resolution, but he rose merely to state that the bank had driven a hard bargain, and made an ungrateful return to the country for the privileges that had been granted to them.
Mr. Vansittartthought that the sacrifice of 60,000l. a year was a proof of very great liberality.—He did not pretend to deny that the bank had derived considerable advantages from their charter; advantages, indeed, much more considerable than were contemplated in the first instance; but certainly, comparing what the charter prescribed with what the bank had voluntarily offered, the offer must be deemed a liberal one.—The following resolutions were then put and agreed to, viz. 1. "That 3 millions be granted to his majesty, for paying off and discharging the exchequer bills made out by virtue of an act of the 39th and 40th of his present majesty, intituled, 'An act for establishing an agreement with. the governor and company of the bank of England, for advancing the sum of 3 millions towards the supply for the service of the year 1800,' outstanding and unprovided for.—2. That 30,000l. be granted to 539 discharge bills drawn, and to be drawn, from New South Wales, which may become due in the course of the year 1806.—3. That 8,250l. be granted for defraying Lord Henri, Petty observed, that as none the charge of the civil establishment of the province of Upper Canada, in America.—4. That 7,165l. be granted for defraying the charge of the Civil Establishment of Province of Nova Scotia.—5. That 4,650l. be granted for defraying the charge of the Civil Establishment of the Province of New Brunswick, in America.—6. That 3,100l. be granted for defraying the charge of the Civil Establishment of the Island of Saint John, in America, now called Prince Edward Island.—7. That 2,040l. be granted gradual for defraying the charge of the Civil Establishment of the Island of Cape Breton, in America.—8. That 2,565l. be granted for defraying the charge of the Civil Establishment of the island of Newfoundland, in America.—9. That 4,400l. be granted for defraying the charge of the Civil Establishment of the Bahama Islands, in America, in addition to the salaries now paid to the public offices out of the duty fund, and other incidental charges attending the same.—10. That 1,030l. be granted for defraying the charge of the Civil Establishment of the Bermudas or Somers Islands.—11. That 600l. be granted for defraying the charge of the Civil Establishment of the Island of Dominica.—12. That 12,819l. 9s. 4½d. be granted for defraying the charge of the Civil Establishment of New South Wales; all the above from the 1st of Jan. to the 31st day of Dec. 1806.–13. That 1,420l. be granted towards defraying the charge of the superintendence of Aliens, according to the provisions of an act passed in the 43d year of his present majesty, for the year 1806."