Observations On the Report of the Bullion Committee 9

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To advance to Government on the security of Exchequer Bills, issued on the credit of taxes, the produce of which is constantly coming in. 2. To advance on Exchequer Bills, issued under the authority of Parlia- ment for various purposes, if other purcha- sers do not offer, when it is necessary to relieve the market for the accommodation of the public* 3. To advance on the loans of the year, the repayment of which can be depended on, as the fund is pledged for the advance, and can be sold if nece...ssary. 4. To ad- vance on legitimate mercantile paper, payable within two months, 01; at any shorter period, and having three names on it. 5. Never to advance at less interest than 5 per cent. ; and 6. To consider not only the solidity of the paper, but also the amount of the acconunodation the individual applyi?igfor it already has. "f It is owing to the Committee having kept this last rule entirely out of their view, that they triumphantly exclaim, *' though' the ♦ See Mr. Pearsc's evidence, p.

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