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doubted but that the conditions were, in general, ſufficiently favorable to the contractors, and that it was always intended they ſhould be ſo. In one inſtance, in the latter end of Lord North's adminiſtration, the Scrip was at a premium of 10l. per cent, two days before the names of the ſubſcribers were ſent to the Bank from the Treaſury. Of courſe, every 10,000l. allotted to a private friend was preciſeiy the ſame thing as putting a thouſand pounds bank note into his hand. Mr. Pitt, feeing all the evils of ſuch a practice, originated the principle of open competition for loans, by giving public notice in the city, through the Bank of England, that he would receive propoſals from as many ſets of gentlemen as ſhould be inclined to make them, and would accept the loweſt tenders that ſhould be given in by perſons of known credit [1]; which tenders were to be opened in the preſence of the Governor and Deputy Governor of the Bank, in order to guard againſt any partiality on
- ↑ The Governor and Deputy Governor of the Bank were always previouſly conſulted as to the competency of the perſons who ſent in lifts; and only one inſtance is recollected of a doubt having been expreſſed of the ſufficency of thoſe who defired to offer.
