The Virginia Gazette

January 13. Lord Guernsey, upon the Speaker's Return, from the Lords, moved that an humble Address of Thanks be presented to his Majesty for the great Wisdom he had shown in his most gracious Speech, in recommending the most serious Attention to be paid to the Gold Coin Act, and for the particular Regard he had expressed to render a general Tranquility throughout his Dominions. He said his Majesty had seen the most glorious Sight that a Monarch could, yet it had not filled him with any vain Notions; that no rapacious Thoughts filled his Breast; that it was true we kept up a powerful Fleet and Armament, but it was not to destroy or disturb the Peace or other weaker Powers, but to maintain the Honour and Dignity of this Nation; that his Majesty had most seriously recommended the State of the Gold Coin to be looked into, and he made no Doubt but that every Member would lend an assisting Hand.

Mr. St. John dwelt particularly on the very singular Benefits that Act had produced, by raising the Exchange in our Favour with every Country in Europe, especially with Amsterdam, a Circumstance not known for many Years. He likewise expatiated largely on the Speech from the Throne, so far as it recommended the further Consideration of so momentous a Business to Parliament; observing, that, as a Standard between Man and Man, as immediately and essentially connected with our Trade and Revenue, it was of the highest Consequence to our trading and commercial Interests.

Mr. Prescott next rose, and said, that whatever high Opinion those Gentlemen might please to entertain of the Act in Question, he by no Means approved of its being brought in so late in the Session, nor of its injurious Effects in Relation to a Set of Men (though Bankers) who only held other People's Cash, but who were obliged to pay it back at a different Standard, at a very considerable Loss.

Lord North replied, that since the ruinous State of the Gold Coin showed the Necessity there was to put it under some Regulation, to prevent its Increase, and the many Consequences which might be justly dreaded from it, he was glad to find that those who could best bear the Loss, and were Gainers by the Situation which occasioned it, were those who felt it most severely; that if a Tax had been laid to make good the Deficiency, it would have put the Nation at large to a very high Expense, and opened a Door for very gross Impositions, as was the Case in King William's Time, when, on a Notice of a similar Kind relative to the Silver Coin, the Nation had been put to an Expense of two Millions and a Half; but that, in the present Instance, the Expense had fallen where it could be best borne; and that if any further Regulations should become necessary, it would be trifling, and therefore, he believed, be cheerfully made good by the Publick.

Mr. Van (Member for Brecon) then got up, and said, that tho the Honourable Gentleman (Mr. Prescott) had informed the House what a Loss the Bankers had sustained, but forgot to acquaint them that immediately after the passing the Act last Session the Bankers issued out Orders that they would take Guineas that wanted 18 d. which gave them an Opportunity to dispose of the greatest Part of their light Gold; they then issued out fresh Order, that they could not take any Guineas but at the Standard allowed by the Bank: So that, in his humble Opinion, the Bankers had not suffered so much as the Merchants. The Order of the Day was then read, and the House broke up at four o'Clock.

January 14. About Half past three o'Clock Lord North came, and the House proceeded to Business, when Lord Guernsey, desired Leave to bring in the humble Address of Thanks to his Majesty which he moved for on Thursday. The Address was read to the House by Mr. Hat sell, and was to the following Purport: That they returned his Majesty their hearty Thanks for his most gracious Speech, and expressing their Concern that the Peace was not concluded between Russia and the Porte; but that they were glad to hear his Majesty express how pacifick all other foreign Powers were, and that his Intentions were to render a general Tranquillity throughout his Kingdom, as far as lay consistent with the Honour of his Crown and the Interests of his People. They assured his Majesty they would give their utmost Attention to the internal and domestick Affairs; and that they Should always retain the most grateful Sense of his Majesty's great Wisdom, in recommending to their most serious Attention the State of the Gold Coin' and that his Majesty might rest assured that nothing should be wanting in them to put the Gold Coin upon such a Footing as might not only remove the present Grievance, but render the Credit and Commerce of the Kingdom sufficiently secure from being exposed again to the like Danger. That his Majesty might depend on his faithful Commons granting such Supplies as might be wanting for the present Year; that they would not suffer any Part of the publick Service to escape their Notice, but they would be careful to select the most material for their immediate Deliberation, as they were certain of having his Majesty's Concurrence to any Thing that might be for the Happiness and Prosperity of his People.

The Question was then put, that the above Address should pass, which was carried nem. con.