Some peers declared that, in their opinion, the subscription to the proposed loan, far from amounting to the two millions which the Chancellor of the Exchequer expected, would fall far short of one million.

Others, with much reason, complained that a law of such grave importance should have been sent up to them in such a shape that they must either take the whole or throw out the whole.

The privilege of the Commons with respect to money bills had of late been grossly abused.

The Bank had been created by one money bill; this General Society was to be created by another money bill.

Such a bill the Lords could not amend; they might indeed reject it; but to reject it was to shake the foundations of public credit and to leave the kingdom defenceless.