The Northern Daily Times.
Liverpool, Merseyside, England, 1856-02-26 00:00:00

is a pos

ticabilitv

pediency of their further

The Bank Directors must feel that
they cannot meet the wants of the public, and
consequently new banks are springing up in the
metropolis on every side -

continuance

.uie increase of these

Joint Stock institutions cannot be attributed to

nything but a want of sufficient commercial accom-

nodation, and ti

they follow the Banks

advantage of their advances

discount, they.

at the same

time, require to keep a large amount of bullion
in reserve in their tills, and thus, while
they derive inordinate dividends from the public,
they prevent that accumulation of gold
in the Bank of England's vaults which alone can

render the existence of the present system toler-
The Bank of England cannot hold gold in

sufficient quantity to preserve the convertibility of
the amount of notes required in circulation, except
when the other banks which do not issue, and the

merchants and employers of labour, do not want it

We are now, as a matter of course, confining our
observations to the condition of the Bank, as shown

in its ordinary weekly returns, and these certainly
cannot incline any sane man to place reliance on
either the expediency, or the practicability, of main-
taining the Bank Charter Act. And we conclude
with these very intelligible propositions—if
gold is
to continue the commodity which is to regulate
the amount of money we are to have for all pur
poses, no law should be suffered to interfere with
its price, so as to prevent the country obtaining a
sufficient quantity to meet all its wants. Give us
Free Trade in bullion—leave its price to find its
natural level all over the world—and we shall have
money like bread, which is almost fabulously cheap
considering that we:are engaged in the second year
of one of the greatest wars on record.

W yesterday published a lengthened report
of the proceedings at the Chamber of Com-
merce special meeting on Saturday last, to con-
sider the " Partnership Amendment Bill," now
before the Legislature. The object of this bill is
to apply the principle of Limited Liability in res-
pect to the lending of money, by enabling one
party to lend money to another not only for a fixed
rate of interest as he now does, but for a rate

varying according to the profit and loss of the
business, the lender in both cases only to risk the

sum he has agreed to advance; the law at present
does not allow the latter form of loan without the
lender risking his whole fortune if the borrower
becomes bankrupt. Our own opinion is, that the
effect of this permission would be to bring capital
into connection
with with commercial undertakings,
great advantage to all parties, and
that to a commercial community it would be
a great boon. It liberates capital, and enables the
owners
ffords of it to employ it as they may choose, and
it a scone for parties in active business to
obtain capital not onl
lenders,
y from the present class of
periods, V
and
whgoe
,niefr atlhl ye
ywti lalklendit moderateonlyfor
rate
o
orrasortf
interest, demand to be secured from
having the assets of the rislc
byte,sol
borrow
in their hands, in the shape of assignnPl but also from
taking the chance capitalists, who would prefer
of a varying rate of interest
allowing their money to remain in the concern for
a longer stipulated term. Some capitalists and
some borrowers would prefer one form, some an-
other—but all that would be matter of agreement,