A tour through Holland : $b along the right and left banks of the Rhine, to the south of Germany, in the summer and autumn of 1806Carr, John, Sir
History
A tour through Holland : $b along the right and left banks of the Rhine, to the south of Germany, in the summer and autumn of 1806
Carr, John, Sir
Netherlands -- Description and travel; Rhine River Valley -- Description and travel
“The aforesaid provisional representatives have, therefore, not only
taken the requisite, and most efficacious measures, that henceforward
there shall not be delivered from, nor advanced by, the said bank,
contrary to its original institution, any specie whatsoever, by any
authority, either as a loan, or in any other illegal manner; but also
that the said bonds, lodged in the said bank as securities, as
aforesaid, shall be liquidated as soon as possible, and generally,
that this city, as debtor to the bank, shall, with all practicable
dispatch, discharge in cash the balance of its account with the said
bank, which being done, the provisional representatives declare, that
there can exist no deficiency of any kind soever; and that they will,
without delay, take into their serious consideration, and will carry
into immediate effect, the means to obtain this end.”
For this sum, amounting to upwards of nine millions of florins, the
proper investments had been made, but of the deposits, which ought to
have been permanent, in consequence of the expiration of the receipts,
not a florin remained in the caves of the bank. It appeared that the
directors, like the magistrate who presided at the execution of the
murderer, beneficially for the state, no doubt had departed from the
strict letter of the law, and instead of suffering so much wealth to
remain in a state of unproductive inertion, they had duplicated the
energies of credit by judicious and advantageous loans of it to a
variety of merchants and tradesmen. This statement excited the highest
indignation against the directors, who were, in the violence of that
party-spirit which then raged in Holland, branded with every epithet
which appertains to the real national defaulter. The deficiency thus
explained could have no injurious influence upon the bank, with regard
to the cash receipts which were unexpired, unless the debts due to the
bank, upon such accommodations, should not be regularly discharged. But
no explanation could appease the popular fury, which connected this
politic deviation from the strict letter of an unwise law into high
treason against the state, and loudly demanded, that all the directors
of the bank, and persons entrusted with the management of any other
public fund, should be put under arrest: to such a height was this
spirit carried, that many of the members of the old government would
have been sacrificed to the animosity of faction, and revolutionary
vengeance, had not the French general interfered, and by a humane
proclamation addressed to people enlightened by the benign effects of
public education, averted their anger.
Public-domain text, read in full here on John Shaqi.
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