BANK OF ENGLAND. (Hansard, 9 April 1812)

The Earl of Lauderdale

said, if any objection were made to the motion of which he had yesterday given notice, he would abstain from submitting it to the House at present. But he thought it was fitting their lordships should know what was the direct benefit the public had given to the Bank by the restriction of cash payments; what were the causes which rendered it so difficult to procure money for the public service; and by what means the measures of parliament had thrown an immense sum 248 of money into the pockets of the directors. To elucidate these points he would move, 1. For the average prices of Bank stock, half yearly, from the 5th July, 1797, to the 31st December, 1811.—2. For the rates of dividends, for a like period; with a statement of the amount of increase since 1797; and the time at which the increase took place; and, 3. For the amount of sums paid to the proprietors of Bank stock, over their dividends, since July, 1797; with the amount of each bonus and its date. He could see no objection to this motion. It might indeed be said, that all this information could be gained without bringing the matter-before their lordships. He had himself made some calculations, but he knew not whether they were accurate. If they were, then the accounts he would move for would show, that while the people in general were suffering, the Bank proprietors had put nearly 17 millions into their pockets. He thought it was important this should be known, before they discussed a Bill which would nearly go to make Bank-notes a legal tender. In his opinion, there was not a more proper mode of taxation, than to take away part of their wealth from those persons who had profited by the public distress.

On the suggestion of the earl of Liverpool, lord Lauderdale postponed his motion till Tuesday, observing, that when he brought it forward, he would move for similar accounts from the bank of Ireland.