The Sun.
London, England, 1854-06-16 00:00:00

BANK CHARTERS.

TO THE EDITOR OF THE SUN.
Sin,—Observing some remarks of late in the different
newspapers, on the Bank charters of 1844, 1845, and
1846, I am surprised that not a single hint is given
about the immense sums of unclaimed moneys that continue
to remain in hands of all the old banking companies in
England, and Ireland, and Scotland also. 'These companies
have hitherto been realising large profits from such depo-
sits, and it is impossible for the shareholders to put the
annual interest, or dividends on the unclaimed moneys
into their pockets iu strict honour or honesty.
These funds belonged to our forefathers and their
heirs, or next of kin, and ought to be now paid
over, with the interest annually due, to the CJnamissioners
who manage the National Debt, and applied in pait to pay
off the debt due to the Bank of England, upon a receipt or
obligation that the various sums will be paid to the par-
ties who are the heirs or next of kin to the original depo-
sitors ! As to the renewal of the charter to the Bank of
England, so far back as 1822 Mr. John Smith,
M.P. stated in Parliament that he decidedly ob-
jected,' because the directors could not give an equiva-
lent for such a valuable monopoly ! The question now
must very soon be discussed ! Is the Bank Charter to be
renewed and continued for over, or when is it to have an
end? It is gross absurdity to continue the monopoly a
single year longer, because the directors cannot at all
times advance the moneys required for the business of
the Government, and continue to discount the enormous
amount of bills of exchange daily presented to them ;
and being so tied up' by the stringent measures and
clauses in the charters for 1844, 1845, and 1846, they
are so awkwardly placed, that they are compelled to
raise the interest on the loans and bills they discount, and
put on the screw, as they term it, that the whole trade of
the country is deranged. By referring to the speeches in
May, 1847, in both Houses of Parliament, Lord Brougham
stated as an undoubted fact, that paper of the very best
description had been refused to be discounted the past week
at 12 per cent. and in the north of England traders had large
orders from America ; but in consequence of the want of
money they could not execute them, and were obliged to
stop their mills, and throe zkuanalluair of pcinpla /ant of
employment. 12th May.—The pressure for money very
severe. Interest on Exchequer bills proposed to be raised
to 3d. per day. 16th May.—lt was estimated that there
were 40 millions of sovereigns in circulation. Mr. Hume
recommended 11. notes to be again issued—Lord George
Bentinck knew one house that had 40,01,01. sterling of
silver, and could not raise any money on it !
Now, the late advance of the interest to 5 per cent. by
the Bank directors, in the opinion of many intelligent mer-
chants and bankers, was rather premature, especially as
the value of money continues so reasonable in France, and
in Holland, and large arrivals of specie and gold dust
are expected from Australia.—Trusting that you may
consider the above worth your notice in your next paper,
r' you will much oblige a constant reader and a supporter of
our able Chancellor of the Exchequer.—Your obedient
servant,