The Sun.
London, England, 1865-05-03 00:00:00

the monetary millennium to be inaugurated when
none but the national establishment shall issue 3
note, and when the Government shall be ablell
exact what terms it pleases for the " concession "of
so lucrative a monopoly. But strange to say, the
bankers have shown no disposition to avail them'
s
of those proiisions. -Like the chickens in 00
nursery rhyme, they won't come and be killed to
please the Finance Minister. A few weak concerns
may lose their privilege by failing or giving uP 1)25'.
ness , but the majority hold on with a persistel,
which Mr. Gladstone regards with characteri
impatience, At the present time of progress he file te
us that centuries must elapse before the comp
triumph of the act of 1844.. As of course the nelre
of such banks would cease to circulate if the Pub
refused to accept them in payment, it would seem
l
e
that the nation in general. is slow to pere.elve
benefits which the het of 1844 itithiroB to thorn, 6110
its t
as a bank can
e°
loses its right of issue when it ca,,,
meet engagements it follows that in the esuve
mate of the Chancellor of the Exchequer we halo
a .number of establishments existing aln°l4 of
which are not likely to die out for some hundred
years. years. But Mr. Gladstone cannot let well 3. fi° d
A state of things with which the public are satts.
.etv'
.and which evidently possesses considerable gal/ a'n'
is not to be tolerated if it stands in the waY
act passed by Sir Robert Peel, .and of eer'lla
changes desired by Mr. William Ewart Glads.l°ll.,:a
Therefore. the bankers are to have their " Perraissl--,
bill." They are to have the power of confornil,("rb.
to Mr. Gladstone's ideas, and of adopting J3cea
Gladstone's crotchets, any time in the next fljtod
years. If they come in and " conform," well
good, but if not—it is darkly hinted that it ma 1..00
the worse for them. We have little anticip▪ atib,
that the sentiments of the bankers upon thls.,„.• 811 v.
ject will undergo any change. To issue notes .174
able on demand has always been one of the „
valuable portions of the banking trade, and so. loyl
a s the members of that trade are alive to theliief
interests they will refuse to relinquish one any
source of their profits. Of course, if there welt, ad,
great evil to be remedied, or any great 11h"c o'o
vantage to be gained, it would be Mr. (112*.hoif
duty to persevere with his measure, no 1113.°1'. tijef
the bankers regarded it or what opposition
offered to it. But it is not on such grounds,tiljton
rights of private banks of issue are now assail,
the
the
.Chancellor of the Exchequer's own showob'that
public have so much confidence in these net
trio.
they are likely to go on taking them for een,lan•
In this, as in other matters, however, the
cellor of the Exchequer is looking to the day ,wand
he shall be at the head of a Radical Cabinet'
xpe-
able to do many things that are just now 111 e
and
the
dient. " The establishment of a compidsl jot
final system" of centralised banking may not
now be more practicable than the enfranenn the
of the great unwashed or the spoliation °
Irish Church Establishment. But something, If
be done towards accomplishing that object' the
the thin end of the wedge be got in 0, ,- •eat
driving it home may be left to some more cony'—aut,
season. For our own part, we must corifessooso
selves unable to discover any solid reasons f°.r.iiivg
continual endeavours to get the privilege of. ot.
bank-notes into the hands of one establism" the
As was pointed out by Sir Stafford Northeete, cst
security of the public might be insured toe gsrby
extent by regulating each bank's issue of not dove
the amount of bullion in hand, as is already
by the. Scotch banks, and by the Bank of En tale
itself. Bankers themselves tell us that a 1011:',pee•
of small accounts is preferable to a few great -cus'
We know not why this rule should not have the
tomers' side ; why it should not be better,l,ealion
notes in circulation to represent a number 011' oue
reserves in various parts of the country, 111:8 is
enormous sum locked up in the bank
,cePtecelit
Threadneedle-street. The reference to tne"„ the
failure at Birmingham did not greatly t
Chancellor's case. If the state is to interfel7Vie'l
the issue of bank-notes because a firm with ha th of
amounting to a million has issued £20,000 w° little
notes, we ought to push the argument ;tors,
farther, and say that, in the interest of deP.°'; ac•
the state ought to keep everybody's banklijitie,;
count, as well as to issue everybody's haue-,0
If the inconvenience of those who hold t.`,7iiorl
worth of notes is a reason for legislation, orii.ooo
that of depositors who have £980,000 on the;',foid
of an insolvent concern is a reason dston
stronger. We are sure that not even Mr. (Pa, 1)01;1
will as yet advocate the opening of a national uffer•
with branches everywhere, for the benefit of rt' i$
ing depositors, and very little more satisfae.t°,oti•
the reasoning by which similar interference Is
fieden o bhalf of noteholders.