1797 opened very gloomily; finance, the backbone of a nation, was somewhat dislocated. People were alarmed at the rapid growth of the National Debt, and, selling out of the funds, found other investments for their capital: there had been an enormous drain of bullion to subsidise the allies, and Pitt had borrowed from the Bank in the most reckless manner. It was in vain that the Bank remonstrated with him, but still he borrowed, so that at last he had to be told that if he took any more, it would probably lead to the insolvency of the Bank. There was a run upon the country banks, and its effects were soon felt in London; and, on 26th, an order of the Privy Council was made, forbidding the Bank of England from making cash payments, until Parliament had been consulted. On inquiry, it was found that the Bank was not only perfectly solvent, but, after payment of all liabilities, its capital would amount to £9,660,290. Under these circumstances Mr. Pitt brought in a bill (37 George III. cap. 28), permitting the Bank to issue notes from 20s. upwards, in lieu of cash. This measure brought relief, and saved the National credit. Perhaps one of the chief National events in the year, was the mutiny of the fleets. Looking at it from this distance of time, one can hardly wonder at it, especially when we consider the way in which the crews were procured, by impressment and otherwise, their hard fare, the bad accommodation for them, the frequent punishments, from 50 to 500 lashes, at the discretion of a possibly irate captain, frequently for venial offences; add to this, small pay, and constant work, and we are fain to acknowledge that the men who could stand such treatment tamely, were almost more than human. Yet they stated their grievances very properly, and quietly, sending petitions, either in February, or March, to Lord Howe, begging him to use his influence with the Admiralty, to procure them an increase of wages, and an improvement in the quality, and quantity, of their provisions. No notice whatever was taken of this temperate remonstrance, so the men, finding no help came to them, tried to help themselves, and secret communication was opened between all the vessels of the fleet. No one can defend the gross breach of discipline of which they were guilty, but it must be remembered that they were ignorant men, smarting under a sense of injury, rendered especially galling, by their just complaints, and moderate demands, being utterly ignored.