RELIEF GRANTED TO MERCANTILE MEN.
At this period, through the spirit of commercial speculation, there occurred an unusual number of bankruptcies. A select committee was appointed by the commons to investigate this subject, and it was discovered that large issues of paper money and a scarcity of coin had induced bankers to suspend their usual discounts, in expectation of which merchants had formed engagements they could not meet. As a remedy for this evil an issue of exchequer-bills to the amount of £5,000,000 was recommended, under commissioners to be nominated for the purpose of lending portions to those merchants in distress who could give security. This bill was objected to as ineffectual against failures, and as opening a way to the exercise of improper patronage by government, but it was carried, and the relief proved beneficial.