The Sun.
London, England, 1855-11-02 00:00:00

THE BANK CHARTER ACT.

In the absence of any action by the Birmingham
Chamber of Commerce, Mr. Goddard has sent the fol.
lowing petition to the First Lord of the Treasury. He
" thinks the Chamber should have sent a petition of the
kind, instead of spending its time in the discussion of
abstract propositions" :

Tu the Right Hon. Lord Viscount Palmerston, First Lord
of the Treasury.
The Petition of Samuel Aspinwall Goddard, merchant
and gun manufacturer, of Birmingham, respectfully
showeth,
Ist.—That an Act was passed by the Imperial Parlia-
ment of Great Britain and Ireland, in the year of our Lord
one thousand eight hundred and forty-four, entitled "An
Act to regulate the issue of Bank of England notes, and
for giving to the Governor and Company of the Bank of
England certain privileges for a limited period."
2d. —That this Act was introduced and passed under the
Premiership and through the instrumentality of a states-
man who had, for a series of years, advocated measures for
restricting the issue of Bank notes, and maintaining their
convertibility into gold on demand.
3d.—That the said Act, being so passed, and under
such circumstances, cannot fairly be supposed to have pr-
mitted a greater issue of notes than required by the then
existing circumstances of the nation ; but, on the con-
trary, the bill having been opposed by many on the ground
of its fixing the limit of the issue of notes too low, and by
none fur placing the limit too high—may be supposed ra-
ther to err in the contrary direction.
4th.—That by that Act the amount of issue, by the
Bank of England, was limited to fourteen millions of
pounds sterling, with the exception of such notes as it
should give in exchange for gold; and excepting also as
hereinafter stated.

sth.—That, by the said Act, the amount of the issues
of the several private and joint-stock banks of England
and Wales was thenceforth restricted to the average
amount of their issues during the three years preceding
the passing of the said Act ; which period was notorious
for a limited amount of business and of Bank-note circu-
lation. It prohibited, at the same time, the establish-
ment of any other banks of issue ; but provided that should
any of these banks cease to issue notes, an additional
amount might be issued by the Bank of England on depo-
sit of Government securities equal to two-thirds of the
amount so withdrawn.

6th.—That after the passing of the said act, the commer-
cial system and policy of the kingdom underwent a radical
change through the adoption of what was called the " Free
Trade System," and in the repeal of the Navigation Laws.
That since that period the mercantile marine has vastly
increased, railways have been greatly extended, the popu-
lation has been materially augmented, and at the present
time the amount of taxation and of Government require-
-1 ments is much larger, causing in the aggregate greatly in-
creased transactions, and consequently requiring a larger
amount of bank notes.
7th.—That there is no reason to suppose that the trans-
actions of the empire have reached their maximum. That
there is no reason why labour should cease to find remune-
rative employment, nor why the prosperity of the commu-
ni4 should be chocked. Oa the contrary, your petitioner
believes a state of prosperity to be the natural condition of
an industrious people ; and any general adversity to be the
result of a vicious system. That prosperity begets pros-
perity ; that the application of labour begets further em-
ployment; that the supplying of comforts begets wants;
there being no limit whatever to the requirements of man;
that the demand by society fur increased comforts has in
all ages marked the progress of civilisation ; and that, as
the acquisition of knowledge enlarges the fied of research,
so the application of labour widens its field of action.
Bth.—That the experience of thirty years prior to the
passing of the Act of 1814 had shown that this empire
could not for any considerable period enjoy prosperity
under a less issue of Bank of England notes than twenty-
two. millions; that, therefore, the amount of forirteen
lions fixed by the Act of 1844, as aforesaid, with the
addi-
tion of such further amount as the Bank might
incident-
period
ally give for gold, was too low a sum, even. for,
ti ag
the
t that it
of the passing of the said act ; but that, inn
was adequate for that period , and that the wisdom of the
Legislature enabled it to fix upon th
P it cannot con-
the requirements of society
at thataimpanied as it is by a
ssfently be held that that sum, ao exact, 1111112 suited to
i • is sufficient for the
banks, of about one million
B transactions.
reduction of the legal issues of private and joint-stock
present time of vastly increasedt._.ag
all t
ese
h things into coml.
notice to the
9th,—That, therefore, ki
• the
will exercise . right that,your Lordship possse 3BOB, by
deration, your petitioner humbly prays that your Lordship
of 11314, in giving
intention of the
England of the
Bank of Eng
Act of 1844, so
alter and amend the said
virture of the said Act
as to place the
legal tender. t circulationßank-"e on an equal footing,
compares with the
present
With that establishe y e said Act in reference to the
requirements of the community at the time of its enact-
ment.
10th.—And your petitioner further prays, that in any
alteration that may be made in reference to Bank issues,
your Lordship will, while carefully guarding the interests
of all classes, enable Bank facilities to be more thoroughly
extended through the • • •
agricultural districts, so that the
rural labouring population, by receiving adequate wages,
may be encouraged to remain; it being obvious, as your
petitioner believes, that the increase of the agricultural
portion of the community does not keep healthy pace with
the growth and increase of the community at large, and
that it arises in a great measure from their labour not be-
ing adequately rewarded.
And your petitioner will ever pray.

GEELONG AND MELBOURNE RAILWAY.—A new clipper
ship, the Geelong, of 500 tons, has sailed from the
Tyne wish a full cargo of rails, carriages, locomotives,
&c., to be landed at the company's pier, in Corio Bay.
LENGTH OF SERVICE.—Last week died. in Norwich,
Mr. Thomas Carver, in his 71st year. For 56 years the
deceased has been connected with the Norfolk Chronicle,
and for 42 lie bad held the responsible position of over-
seer. He was carried to the grave on Thursday by six
bearers, the senior journeymen in the same establish-
ment, whose average period of service amounted to 411

bitoilt.zi:
years.
y
Goif)°tl7l:
STREET TO CLERKENIVELL.
CITY IMPROVEMENT.
f the Corporation of the City
Committed o
Improvement
thirty houses, situated • T '
m urnmill-
of London, above
Bull's Head-square,Bowliug-street,
New-street,
—E--x TYE xe
tetre°rlrdtlyO,F
street,
were put up to auction by Messrs.
and Peter-street,
.
Pullen and Son, Fore-street, C ripplegate, which will be
cleared away for the purpose of carrying into effect the
formation of the new street from Farringdon-street to
Clerkenw, ell toward the completion of which the Com-
mon Council of the city of London lately granted a sum
of nearly r 000/. The architect of the corporation
"0,
awaits alone the formation of the sewer (formerly called
the " Fleet ditch" which is being constructed under the
direction of the Metropolitan Commissioners of Sewers.
Upon that being accomplished, the vaults for the erec-
tion of the houses on either side of the thoroughfare will
be built, the pipes laid down for the gas and the water,
and the pathway made for vehicles and foot-passengers,
The sale will last two days.