§ The report of the Committee of Ways and Means being brought up, the first Resolution was agreed to.
The Chancellor of the Exchequersaid, that as to the second Resolution, which respected Exchequer bills, he should move that it be re-committed, in order to make an alteration in the form of it, as it appeared that the old subscribers, who were allowed to subscribe to the amount of 80 per cent, on their former subscriptions, had not come forward with subscriptions enough to fill up the whole sum which it was intended to raise.
§ Mr. Tierneysaid, that in consequence of the change in the mind of the Chancellor of the Exchequer, in the short space of two hours on Monday morning, several persons had been losers to a considerable extent. The right hon. gentleman had at first sent a letter to the city, in which it was said that Exchequer bills only would be received in the hew subscriptions; in consequence of which Exchequer bills rose 7 and 8, and even 10 shillings. Shortly, after, however, a new letter was sent, in which it was said that Exchequer bills were not at all necessary. The consequence was, that Exchequer bills fell as much as they had before 246 risen, and the purchasers had thus incurred a heavy loss.
The Chancellor of the Exchequersaid, that he had been induced to make the change in consequence of a representation that the subscription would not be filled up under the former plan. The purchasers of Exchequer bills would not be losers, as the original subscribers would still be at liberty, as before, to set down their names to the amount of 80 per cent, on their former subscriptions.
§ The Resolution was ordered to be recommitted to-morrow week.