The Sun.
London, England, 1822-03-22 00:00:00

(RATE OF DISCOUNT,)

Mr. YOUNG rose and begged some explanation upon a sub-
ject of the greatest importance to the pecuniary interests of the
country. His question was with a view to prevent the conti-
nuance of those speculations which were known to prevail in
consequence of a rumour that the Bank meant to reduce its pre-
sent rate of discount. When he put a similar question at the
last Court, it was understood by the Governor in too large a
sense, and therefOre he had withheld all information at the time.
He begged now to explain, that he did not desire a specific an-
swer from the Governor ; all he wished was a pledge that no
reduction would take place, until an opportunity was afforded
of taking the sense of the Court of Proprietors upon it. If pub-
lic notice to that effect were given, there would be an end of
those speculations which at present so generally affected the

country. He hoped his present request would not be deemed
unreasonable, and that the answer of the Governor would give
public satisfaction.
The GOVERNOR was sorry that lie could not accede to the
Hon. Proprietor's request without encouraging those 'specula-
tions which it was his object to repress.—Hlear.)--It was ex-
tremely injurious to the public interests, that any thing should
occur there, on which measures out of doors became founded.
His situation was therefore a most difficult one, and par-
ticularly when explanations were called for which must
have the effect of adding fuel to the fire already complained
of. The giving any pledge to call a Court upon the subject,
would, he thought, operate equally to keep alive speculations.
The best course, then, would be for him to abstain from saying
a syllable upon the subject.—(Hear, hear.)
Mr. YOUNG ,could not see how such a pledge as he had hint-
ed at could possibly create speculation. In his view it must
have the directly contrary effect.
The GovmtNoß asked how it was possible he could; at this
moment. give any opinion which could have the effect of bind-
ing the Court of Directors upon any particular course ?
Mr. YOUNG thought the subject could not have escaped the
attention of the Court since the last meeting of the proprietors,
and that therefore the Governor could not be unprepared to
give the information now sought.
The GOVERNOR repeated the impossibility of his giving any
information upon the subject.
Mr. YOUNG said, that he felt he had discharged his duty,
although he had failed in obtaining the necessary information.
The GOVERNOR replied, he trusted that he had also dis-
charged his.—(Hear !)
THANKS TO .THE DIRECTORS.

Mr. BAINBRIDGE rose to propose a resolution which he
trusted would meet with their unanimous voice. It was this—
" Resolved, that the thanks of this Court are due to the Go-
vernor, Deputy-Governor, and Court of Directors of the Bank
of England, for their 'constant attention to the public interests
of this unrivalled commercial company ; and also for their
uniform attention to the discharge of their respective duties, by
which the character of this nation was raised v. the distinguish-
ed station in which it now stands, after being for a-series of
years in a situation of unexampled difficulty."—(Hear.)
Mr. BENJAMIN SHAW entreated the Court to pause, before
they incurred the indelicacy of bestowing this praise upon the
effect of their own acts.

Mr. BAINBRIIPOE said, that this caution did not apply, for
the Directors who were to be praised had no more to do with
this motion than the Honourable Proprietor. He could assure
him that he had not shewn it to any individual until he en-
tered the Court.

Air. BENJAMIN SIIAW was quite convinced that the Direc-
, tors had had nothing to do with the resolution, and that it had
solely emanated from the Honourable Proprieter's own mind,
and he gave him the fullest credit for the suggestion; but he
must again say, that such a resolution, however proper in itself,
ought not to be suddenly propounded in that Court, as it went
to pass an opinion upon their own body. He thought it would
be indelicate for them to appear before the public, lifting up
their own acts, and attributing to the Directors and the Bank,
the exercise of that great and mighty power which had shewn
itself capable of working the country through its difficulties,
and bringing it to the state to which it had now arrived. Were
he not standing as a proprietor in that Court, no man would
be more ready to convey the sentiment contained in the reso-
lution throughout the country and the world • but he thought
it savour9d a little of indelicacy for them to do it as a body.—
(Hear, hear!)
Mr. DARBY thought there never was a period when the re-
solution was more necessary. He wished it had been passed
many years ago; for it would have shewn their firm determi-
nation to support the interests of the country. If they did not
adopt the resolution, who would ? for who were so competent
as they were to judge of the manner in which their affairs had
been conducted ?—(Hear !)
Mr. A ST E L strongly dissuaded the Honourable Proprietor
from pressing his motion. However deserving the tribute con-
veyed in the resolution was, he thought it unwise for them to
take upon themselves to proclaim that they had upheld the
country during an arduous period of twenty years of war, and

' achieved its glorious result. If a general motion of thanks to
the Directors for their services were put, it should have that
support which he was sorry he could not give to the present mo-
tion at the moment--( ear.)
Mr. RANDLE JACKSON said, that there could be but one
feeling upon the sentiment conveyed in the motion ; but to
promote unanimity, he strongly recommended the adoption of
the course suggested by the Hon. Proprietor who spoke last.
He thought it indelicate that, however just the tribute, it
should remain for them to proclaim it. The Honourable Pro-
prietor (Mr. Darby) had said, " if we do not put it, who else
will ?"_-(A laugh.)—For that very reason he thought the mo-
tion rather indelicate. It would bring the House of Conunons
upon their back. What would the Honourable Gentleman
say (we presume 4r. Orenfell), when they declared that They
had saved the country ? Why, he would repeat over and over
again his. declaration, that they had taken care to be paid.S
per cent. and 3 per cent., and so on, for every shilling they had
advanced. lie begged, however, that it should not be said ho
did not
,approve of the statement that the Bank of England
had carried the country on its. shoulders through the war. Ife
approved of the sentiment ; but thought its expression inex-
pedient now.
Mr. BAINBRIDGE. had no objection to alter the words of his
motion, so. as to. convey merely the general expression of thanks
to the- Court of Directors, in which all seemed disposed to
concur.—(Hear.)
The GOVERNOR remarked, that he happened accidentally
to have a paper in his hand, which would, he trusted, convince
the Hon. Alderman, that if the Batik had erred, it was not on
the side of a reduction of the circulating medium ; for upon
looking at the amount of their issues, he found, that on the
9th of March, 1322, their issues exceeded, by the suni of
3,889,0001., those of the same date in the preceding year
(March 9, 1821), and that the latter exceeded the issues of the
9th of March, 1820, by the sum of 3,444,001.—(Hear.)—1t
was therefore quite clear; that the repayment of the Govern-
ment debt, called for in July, 1319, did -not induce the Bank
to diminish their issues, for they had been increasing them in
the years which had since followed.—(Hear.)
Mr. Alderman IIEYGATE said, that if the Bank issues had
been increased since the payment of the Government debt, it
only showed that they had been previously kept too low for the
business of the country. On the point of forgery he could not
help remarking, that if the Bank prosecutions had ceasecl,
those for counterfeiting the coin of the realm had supplied their
place.
In answer to a question from Mr. Pars;E, the GOVERNOp.
said that the account of issues from which he had quoted, of
course included the sovereigns issued by the Bank.
The conversation upon Mr. Bainbridge's vote of thanks was
renewed among the Proprietors who had previously spoken,
and a general vote of thanks was • ultimately carried unani-
mously, and the Court then adjourned.