The Sun.
London, England, 1830-05-01 00:00:00

REMARKS ON THE CONDUCT OF THE BANK OF ENGLAND

RESPECTING THE FORGERIES COMMITTED BY HENRY

FAUNTLEROY, BY WHICH LARGE SUMS OF MONEY

IN STOCK WERE ILLEGALLY TRANSFERRED FROM

THE PROPRIETORS BY THE LACHES OF THE BANK OF

ENGLAND, AND WHICH lIAVE NOT, AFTER. TVE LAPSE

OF MANY YEARS, BEEN REPLACED BY THE BANK OF

ENGLAND.

To the Bank of England the management of the
public debt, and the care of the books containing
the names of the public creditors, are entrusted.
For the management of this business, by the
statute of 31 Geo. 111. cap. 33, sec. 3, they are
paid a large sum of money; 4501. for every million,
making in the whole about 400,0001. per annum ;
they are the paid agents of the public, and there-
fore responsible for all losses, whether wilful or
negligent.

The stock belonging to several proprietors has
been permitted to be transferred by the lathes of the
Bank of England, not in compliance with the direc-
tions of the Act of Parliament for making such
transfers, and therefore they are, as every other paid
agent (as indeed all bankers), liable to all losses sus-
tained by their neglect.
The stock, as is said by the Bank, has been trans-
ferred, and, by their own acknowledgement, illegally
transferred : with respect, therefore, to the pro-
prietors of the stock, this is no transfer at all in the
eye of the law ; therefore the stock must be there,
and, consequently, the Bank liable for it, and for
every dividend accruing due from the time of the
forgery.

So far with regard to the public Now as respects
the conduct pursued by the Bank of England to-
wards the suffering creditors of the firm of Marsh
and Co.—the case is one of peculiar hardship.
It is most evident that the Bank of England sus-
pected forgeries, and did not chuse to examine into
the matter, from the letters written on some of the
forged powers of attorney, by direction of the Bank,
" 11. W. D." which, being interpreted, is, " band
writing differs ;" and had a proper enquiry been
then made, the extent of fraud committed by Faunt-
eroy would have been greatly diminished, and the
]banking-house and creditors saved from ruin.
It is the well-known practice of the Bank of Eng-
land, to require a power of attorney fur the transfer
of stock to lie at the office a day before the transfer
is made : many of these forged powers were, ac-
cording to that practice, so deposited by Fauntleroy ;
and the next day, on his sending one of his unsuspi-
cious partners to make the transfer, the Bank clerk
said to him, " the house must indemnify us." What
stronger proof can there be of their suspicion of a
forgery than their asking for this indemnity ? The
Bank is placed in this dilemma : either the power of
attorney was a forgery, or it was not. Then, by
asking for the indemnity, suspected a forgery; and,
if so, it was their bounden duty to the public to have
prosecuted ; and if there was no forgery, indemnity
was unnecessary.

Now, what is the conduct of the Bank of Eng-
land ? Partly to indemnify themselves for the losses
thus sustained, they say to the parties, whose stock
has been illegally transferred, not by any act of their
own—" If you, the parties, do not go before the
Commissioners of Bankrupts, and prove that this is
a debt due from the house to you, we, the Bank of
England, will not either replace. your, stock or pay
your dividends ;" that is, we are a powerful body,
you shall obey your mandates, and, to indemnify us
for our laches, you shall go and swear that Marsh
and Co. are your debtors, although the stockholders
were not concerned in that transaction.

What privity of action was there between the
parties whose stock vas transferred, and Fauntleroy ?
the answer must be, none. How, therefore, can
those stockholders swear that the bankrupts were
indebted to them on such transactions?

Lastly, the Bank of England has no right, either
in law or equity, to insist or demand from the parties
whose stock has been transferred, any one condition ;
and the Bank must be taught by the country, how-
ever-powerful the- Bank may be, that stock illegally
transferred is no transfer at all ; and they must not
only be answerable, being, as before said, paid agents
for that stock, but for all dividends accruing and un-
paid by them to the parties whose stock has been
illegally transferred, from the very day of the forgery.
The following proposition canuot be too often re-
peated :—" That the Bank of England is not only
responsible for stock illegally sold out, but are also
responsible for all dividends that would accrue
thereon if the same had not been so illegally sold
out ; and this proposition no Court of Law or
Espii:y can, nor would the state of the public credit,
suffer for one instant to be disputed."
The public and individuals have been too long
deterred from entering into a contest with the Bank,
dreading, not only the expense of contending with
such a wealthy body, but also the various subter-
fuges of the law, which could be made use of to keep
the parties out of the money for years; but it is now
to be hoped that there will be an end to this system,
by the decisive steps which the assignees, in justice,
to the creditors, have judiciously arid firmly adopted,
arid for which the creditors, and indeed the public
at large, are highly indebted to them.

THE MARKETS-(THIS DAY)

COVENT-GAR:

There was a good suppl
and the trade was tolerably
as on this day se'nnight.

a. d. s.d
Potatoes (cwt.) ..... 26to 5 0
New ditto (per lb.) 1 0 1 9
Cahbages (12 heads) 0 0 0(1
Ditto Red 1 2 2 6
Ditto Savoy 0 9 1 6
1-I(xse liadish(bundle) 1 6 361
13rocoli 0 8 1 6
Celery
Rhubarb 0 6 I 0
Turnips 12 benches) 1 0 2 0
N oung Carrots 5 0 8 0
Cqlleworts or Greens 1 2 2 0
Radishes 0 8 1 6
Young Onions 1 4 2 6
Leeks 0 8 1 6
Brocoli Sprouts (bush )0 6 0 9
Turnip Greens 0 4 0 8
OH Carrots 2 0 4 0
Parsnips (dozen)

SHIPPINC4 INTELLIGENCE-(THIS DA'Y'.)

rizom LLOYD'S.

PORTSMOUTH, APRIL 'O.—Wind S.E. to N.W.—Arrived his
Majsty'A ship Pail,s, from Bengal, sailed Jan. 9, from Madras
Jan. 16, from the Cape March 7, from St, Helena March 23, and
Ascension March 2q.

FAcmotrru, A PRIL 29.—Wind E.—Arrived the Opossum
;racket, from Tampico. sailed March 4, from Vera Cruz March
I?, and from Havannah March 2S ; also the Sully, —, from
New York.

HAwriNcs, Apart, 30.—Seven ships of war and two brigs are
steering to the eastward, supposed to be the Russian squadron.
PLymouru, APRIL 29.—Wind E.—Off port the Hoop, Tumis,
from Surinam.

COWES, APRIL 29.—Arrived the Tino, Wilson, from Cape
Coast Castle.

BRIGHTCN, APRIL 30.—Arrived the Lavinia, Brooks, from
Mauritius.

BRISTOL, APRIL 30.—Arrived the Maria, Bailey, from Ja-
maica.

HOLYHEAD, APRIL 29.—Off port the Miramichi, Hutchinson,
frown St. John's, New Brunswick.
LIVERPOOL, Arm 29.—Arrived the Grotius, Barston, from
Mobile.

CLYDE, APRIL 2S and 29.—Arrived the Richard Brown, Dun.
lop, from Grenada; and Mary, liagnia: from Charleston.
CA-PE OF Goon HOPE, MARCH 10.—The American ship Dau-
phin, Hussey, parted from her cables last night, and is now on
shore in the Bay—crew saved; cargo and stores expected to be
saved.

His Majesty's ship Pallas, arrived at Portsmouth ;passed Ter-
ceira on the 21st ult., when the only vessel cruising there was a
brig, apparently Portuguese.
The Black River packet, from Jamaica, is supposed to be ar-
rived off Dover.

EMY.

ITY
MR. HUME'S MOTION
ACADEMY.
Phillips, G. R.
Poyntz, W. S
Ponsonby, Hon. G.
Roliing9P; Sir G.
Robinson, G. IL
Bickford, W.
Ridley, Sir M. W.
Sibthorpe, C. I).
Slaney, It. A.
Sykes, D.
Strutt, J. H.
Taylor, 31. A.
Thomson, C. P.
j Warburton, H
Webb, E.
j Wilbraham, P.
Wood, Alderman
NVo,d, John

TELLER.
Hume, Joseph
Sir G. Philips paired