Page:Rose 1810 Observations respecting the public expenditure and the influence of the Crown.djvu/33

 doubted but that the conditions were, in general, ufficiently favorable to the contractors, and that it was always intended they hould be o. In one intance, in the latter end of Lord North's adminitration, the Scrip was at a premium of 10l. per cent, two days before the names of the ubcribers were ent to the Bank from the Treaury. Of coure, every 10,000l. allotted to a private friend was precieiy the ame thing as putting a thouand pounds bank note into his hand. Mr. Pitt, feeing all the evils of uch a practice, originated the principle of open competition for loans, by giving public notice in the city, through the Bank of England, that he would receive propoals from as many ets of gentlemen as hould be inclined to make them, and would accept the lowet tenders that hould be given in by perons of known credit ; which tenders were to be opened in the preence of the Governor and Deputy Governor of the Bank, in order to guard againt any partiality on the