The National Register.
London, England, 1811-08-18 00:00:00

OF THE BANK OF ENGLAND!

Since none of the reasons derived from the prineples of jus-
tice, prudence, or lit:nanity, have been able to induce the Eng-
lish Government to depart from its anti-social system—that sys-
tem which gives it as many er.emie4 as there are true ci:izens is
the different Staten of Europe ;—we may he permitted to con-
template, with some interest, the crisis in which that Bank,
upon which req the power and security of the nation, is placed.
When speaking of the affairs of a Bank, we arc not involved
in those political reveries, amidst which a people already blinthd
by its passions may be amused and deceived with impunity:
here every thing is certain. It the facts alleged be true,—if it he
a fact that four pounds sterling in Bank .notes are werth only
three guineas (and, unfortunately for the Bank, this is dis!lnted
by no One), it mist soon submit to ack:iowledge that its bank-
ruptcy is almost declared. Doubtless, the Ministers and ,their
partisans have good reasons for not all at once •avowing their
situation; doubtless, they haVe still some precauthns to take,
some essential operations to concert, before they give to the
situation to which they have conducLed affairs, the only name
which befits it. This course is na:ural, and potzt all surprislrg:
but that there should be found men of sense and acuteness, wh
can shut their eyes to the light of evidence, and seek in pi seri.
ble palliatives for a cure to the evil, is -what wily hardly le be•
lieved six months after the fall of the Bauk,—that is, very soon.
Why was not This foreseen, will then say the stupid politi-
cians of Wood-street? It was 3.) clear!

Our k almost tem,)ted to laugh at the grave tone with which
a Noble Lord, in the House of Commons, endeavourud to !thew
how much the notes of the h:nglish Bank differed from assiptatts
to which a' Member had the indiscretion to compare thew,
" HOW can you as,imilate things IA) Uliiike ?" said lu g-avely.
s' Upon the creation of a4signats, their issue w..s enormous
And It. highaully iur.teased i.O a year Or tW9O Witb is, 911

contrary, even
!,een an inci.
France) in paper e_ aught ue a-... :d,
by no ineans,the quantity issued, but the power. II f ittcessantly
issuing, which decides the fall of a paper-iiioney; but xis Inure
proper tv observe, that the Noble-Lord hac.bitirkeei the epics.
tiun.
The roint.for-considerati:ni is not what has happened to the
Bank of London, but what. is now apf
.I:ening t.). it, and what
must naturaily ensu.:. How is it that a AsstiV. iii Ns() small
quantity, has already, -depreciated.? .1 he ivab.e Lord should
have thought of this objectinn, which lie himself indiscreetly
furnishes, and which it•ie natural to make to th se who attri-
bute the fall of .assignats Its th, it enormous *1 hey
io not see that they take the effect for the cause.; and ntstead of
saying that the great ie.ue w :s tli: cause ofdepreciatio.,;(llc,-
ought to perceive,. from the then existing bt,te of ilticgs in
France, and from what is now goiiiig torwardin knxland, that,
in both countries, it was leilreciation.that led to itsue, whether
iii assii!nats or bank paper. The coniparsuni J Cher fare, was not
so misolaced as he w.shed to persuade the Fl ouse. •-•
As lung as England shared with aliEurope the weight of the
struggle agitiil4. a nati,in divided' and. t by parties;—while,
enjoyinf, inimenst and exclusive commerce, .she ekveloped all
the sources of prosperity,—is it surprising that slieJcept at par
the paper of her Bank, and th et she eijoye.l a credit which the
Inuit iosi,;nificant hanker o'itaius as lolig as his :::Fairs appear in
a prosperoJs state? Certainly n t ; and it "trin.t have 14sted till
the favouring causes ceased to op: rate—till the perio.l when.
Franc,f, uni.ed as a whole, resumed her superiority upon the
Con inent. But the point is now f England to cause the effect
to oontimie while the cause has ceased—to re-establish her cre-
dit, sinking under the weight of the very fora; which supported
it. Such is the problem which the English Nlinisters have to
salve.
I, there any.ptespect that they will succeed ? •
It is a truth become trite, that paper :noncy exists from the
coniidaice red used in those w Ito issue it. This confidence is
built urc,ii their knawn resources and th it conduct. If it ifi
ascertained that a hankin,,,rfirm gains more than it expends, its
p‘iper't njoys a credit, which is in itself an, addition to the pro.
perty ot the bankers. if unfin-eseen accidenis or nil •conduct
augment expenses and diminish receipt-, their credit declinet,
and can only be restored by a different system of conduct.
i 4 the irate of the Bn.lt of its credit has der
.dined to tla degrest..that the tioinii,;tl vlitie of its pier is to
its reabtalue 4s 9ts ,tut7s. What. ha. produced ibis fall? An ex.
penditure islo.says increasing, whicu must still increase in a
trightful progression ; and a of its receipts, which
loon, twin the effects qt the continental :.ystern. wid he more
.and more reduced. What cure is propp,tii for the evil ? 'chit
'intim most curioue part pi the subject. SIAM say that it does
not exist; others, Arm it is of no consequence; a third party, in
the hope, doubtless, cf res'rting to the true remedy, proclaims
aloud the dang;:r. , 'What will be the eyenr ? One of two things:
eir-her the Litter will be listened to; or tile noise which they
have Inadef-end their very zeal, will hasten the evil.
But we-do not antkip Ate evemts ; we wish to present facts,
not conjectures,:, the event. belongs to futurity) which we do
not presume to penetrate. .

.51a
yen in a period of fifteen years, there has scarcely
Icnip;e of fifteen nuilions sterling (860 millions of
L)aper circulation." It might be il'lswacd, that it is