The greater part of May was taken up by the discussion in the House of Commons of the Report of the Bullion Committee, which recommended the resumption of specie payments by the Bank of England as speedily as possible. This was negatived, on the ground that the Bank paper was not depreciated—but, as a matter of fact, it was. Vide the following letter from Lord King to his tenants:—
"By lease, dated 1802, you have agreed to pay the annual rent of —— in good and lawful money of Great Britain. In consequence of the late depreciation of paper money, I can no longer accept of any bank notes at their nominal value in payment of your rent in the legal coin of the realm; at the same time, having no other object than to receive payment of the real intrinsic value of the sum stipulated by agreement, and being desirous to avoid giving you unnecessary trouble, I shall be willing to receive payment in either of the manners following, according to your option—
"1st. By payment in guineas.
"2nd. If guineas cannot be procured, by a payment in Portugal gold coin, equal in weight to the number of guineas requisite to discharge the debt.
"3rd. By a payment in Bank-paper of a sum sufficient to purchase (at the present market price) the weight of standard gold requisite to discharge the rent. The alteration of the value of paper money is estimated in this manner.
"The price of gold in 1802, the year of your agreement, was £4 per oz.; the present market price is £4 14s., owing to the diminished value of paper—in that proportion, an addition of £17 10s. per cent. in paper money will be required as equivalent for the payment of rent in paper.
"(Signed) King.
"N.B.—A power of re-entry and ejectment is reserved by deed in case of non-payment of rent due. No draft will be received."
