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The Kentucky Gazette
Lexington, Fayette County, Kentucky
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London, March 1: Exchequer bills discounted amid high government interest rates; Bank of England halts £1.2M loan repayment to Pitt; invasion fears trigger bank runs in countryside like Newcastle; Sir Boyle Roche quips on inevitable defeat of French expedition to Ireland.
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The new exchequer bills were yesterday at a discount of two and a half per cent. As they are payable in three months, and bear an interest of more than five per cent, the gain upon them at present is 1 1/2 per cent. per annum. Government is now paying fifteen per cent. per annum, while it is unlawful for an individual to pay more than five!!!
The principal cause of quarrel between Mr. Pitt and the bank, we understand to be this: Some time ago the bank advanced to him £1,200,000l. It has been found difficult to obtain payment of this sum; but the last loyalty loan putting it in the power of the bank to repay themselves, they have stopped it; and this has not only wounded the pride but embarrassed the plans of the minister.
We yesterday stated generally, that the alarm of invasion had occasioned a great run on several country banks, some of which had, in consequence, been obliged to draw largely on London for cash. Handbills were circulated at Newcastle. They show the transactions that have taken place there, and we fear other parts of the kingdom are equally embarrassed by the precipitate and imprudent conduct of the holders of country bank notes.
It was gravely observed by Sir Boyle Roche, on hearing the French fleet was off the coast of Ireland, that "If the British fleet fell in with them, general Hoche and his troops would be soon made to bite the dust."
The same person, in a letter addressed to the people of Limerick, after applauding the loyalty of the country, says, "that the expedition of the French is attended with this impression, that though they had made a descent on the kingdom, they never would have got a footing in the country."
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Foreign News Details
Primary Location
London
Event Date
March 1
Key Persons
Outcome
exchequer bills at 2.5% discount yielding 1.5% gain per annum; bank stopped repayment of £1,200,000 loan to pitt; runs on country banks due to invasion alarm; no military outcome reported
Event Details
New exchequer bills traded at 2.5% discount, payable in three months with over 5% interest, while government pays 15% and individuals limited to 5%. Bank advanced £1,200,000 to Pitt, stopped repayment using loyalty loan, embarrassing minister. Invasion alarm caused runs on country banks, including Newcastle, due to imprudent note holders. Sir Boyle Roche remarked French fleet off Ireland would be defeated by British fleet, making Hoche bite the dust, and in letter to Limerick praised loyalty, stating French would not gain footing.