The Sun.
London, England, 1849-02-23 00:00:00

L BiaTl6°T BANK.

ancllier part of ot:r paper will be fund an announce-
ment 4,f nitwit importitoce to all per,,ty::.: engeged in trade,
but who, thLug!, otherwise most respvetable, do not,fromlong
stataln.g and success in life, enjoy the eputalion of being
undoubtedly A. I. with the private bankere, nor even with
the more liberal joint-stock banks in London. It is now
seven and twenty years ago since the introduction of the
joint-stock principle in banking was first mooted in England;
but the success of the principle was hopeles then, because
the Birk had by charter a most injurious monopoly • of
banking. No other bank was allowed to have more than
six partners—a restriction which at one blow pre-
vented capital from being employed in banking, and
turned over the business of banking to parties who were most
incompetent to conduct it from their want of capital. And
this monopoly of the Bank did a still greater mischief. It
kept a vast deal of capital idle and unproductive, and thereby
prevented the due employment of labour. But the storm
came on the Bank of England at last. It caught them at
the latter end of 18.25; they were compelled to beg and pray
of Mr. Huskisson' Lord Liverpocil, and Mr. Canning fbr
liberty to suspend cash payments; but those .4,linisters were
too wisa to implicate themselves in any such transaction ;
they told the Bank fairly that they had brought themselves
into the hobble by sticking to their charter and disallowing a
free trade in banking, and that they (the Government)
would not help them, even though the Bank should reduce
the nation to a state of barter.

Mr. Canning and Lord Liverpool died in a year or two;
but they had left a Treasury minute for their successors.
The consequence was, that joint-stock banking was imported
by l‘lr. Joplin into England. It had already worked well
with the Provincial Bank of Ireland and all sensible men
saw that it would work equally well in England.
Still, nevertheless, the Bank had influence enough to keep
a radius of sixty•tive miles around London to themselves;
and it was only after a Committee of the House of Commons
of 1832 sat to inquire into the renewal of the Bank Charter,
that joint•stock banks could be established in London. And
even then, as now, the practice introduced was far from being
perfect. The Scotch system of cash credits has not been
acted upon by any of the present London joint-stock banks.
The principle of that system is this. Any person who has ,
real property can become security for a person engaged in
trade, the tradesman of course having a drawing account
to the amount of the security. There are a few details which
we need not mention here; for we wish to impress on the
public the great value of enlisting the activity and enter-
prise of young men by allowing them to be assisted by those
who, having performed their duty in life, are willing, on
account of their faith in the integrity of their juniors, to
pledge their name, credit, and property for the purpose.
And there is another consideration of much weight. There
is a great difficulty meeting every middle-class trader when
he wants discount for the most certain acceptances, which
only amount to small Sums, froth 501. to 200 i. for instance.
Every man of business knows this well in London, but people
in the country knew it much more.
The British Bank will do what is wanted in this respect.
The Chairman, Mr. Macgregor; the Member for Glasgow,
and the late Secretary of the Board of Trade, is Chairman
of the Bank. He undirstood the business well, and we
hope to see him carry out the reform in banking, practically,
as it ought to have been done two or three years ago.—Loa-
don .11.1ercantite Journal.

IMPERIAL PARLIAMENT.

HOUSE OF LORDS. Feb. 22.
Lord BROUUJIAM, in presenting a petition praying
tor an extension of the principle of local courts, took
occasion to express a wish that some measure might be
adopted to remedy the abuses of the Palace Court.
SLAVERY.
• (Continued from our Third Edition of last night.)
Lord BROUGHAM said that, as the. Noble Lord was
absent when he made his remarks, the best thing he '
could do was to re-state them, and they were. these;—"
" 'That I abstain at present frOm bringing the conduct cir::.„
the Governor of Ceylon before the House. That my
reason for doing so was, that proceedings which had
4en tidopt,,tl elsewhere might .possibly,
,and I fondly., ).
hoped would, end in explanations of that conduct. That
if they did not end in satisfactory explanations of that
conduct, there was an additional reason for the postpone-
ment, as then their Lordships might peradventure be
called upon to exercise other functions than those of their
legislative functions in regard to the Governor of the
colony of Cey!on." Those were his words, and he defied
any one to rend the Blue Book of the Government, where
the facts in rr bard to Ceylon were detailed, and say that
they could have spoken under so suppressed feelings.
The Noble Earl however need not despair, as he might
rest assurtd that, if spared, he would not fail to give
him notice of a motion on the subject. As to the
appointment of this Committee of Inquiry, he had no
objections to it, although, as regarded himself, he had
all the information he wanted on the subject. The
Noble Earl had complained of the Noble L (Stan-
ley's) characteristic impetuosity. No doubt they all
had their characteristics. The Noble Earl had his; and
as he was in a humour to confer favours on the Noble
Earl, he would say to-night the Noble Earl had come
forward with his characteristic—(Hear, hear, and
laughter)—what should he call it—for if he took in the
whole scope of the Dictionary, it would be difficult to find
a suitable word—(Laughter)—but he would say with his
characteristic perseverance—that was a soft phrase-
ology—(Laughter)—not calculated to give offence—
then, with his characteristic courage and perseverance,
the Noble Earl had come forward to-night and said,
as he expected he would, that ho was quite satisfied
with all that had taken plaee since 1846, and that in-
stead of the results of the Government measures shak-
ing his convictions, they had rather confirmed them.—
(Hear, hear.) If that was the case, he would say be
was most happy in the possession of a sanguine tem-
peratnent, which made the most trivial success have
the same efftct upon him as would the most splendid
triumph.
Lord BEAUMONT condemned the conduct of the
Noble and Learned Lord who had just sat down, in re-
ferring to the colony of Ceylon in the way he had done,
and without giving notice, when the interests of the
colony and the character of the Governor were at stake.
He could only draw the inference that the Noble and
Learned Lord had prejudged the charge against Lord
Torrington.

LordBROUGLIAM repeated the explanation ho had
before given. _

Earl GREY said that after having heard the Noble
and Learned Lord's account of what he did say, he was
of opinion that it was even more utterly unjustifiable
than be had imagined. If thes,Noble and Learned Lord
did not wish to give a notice, the way to do that was to
say nothing.—(flear.) There was no necessity for any
of their Lordships to state their reasons for not giving $
notice. But under cover of giving an explanation which
nobody asked for, he took the opportunity—certainly e
very unusual thing with the Noble and Learned Lord
of making a speech—(Laughter)—and stating that Uh"
less a satisfactory account were given of Lord, Torring
ton's conduct, he should bring forward a motion with the
view of criminating that Noble Lord. He did object
that under such a cover the most offensive insinuations
should be inferred.—(Hear.)
Lord BROUGHAM said the Noble Earl appeared; to
be very anxious that the matter should be brought fur
ward, in order that he might defend Lord Terringta•
He (L' rd Brougham) had read the defence of Lord 111')r.
rington in another place, and he must say that it sr
peared to him to be worse than no defence at all.
After a few words from the Bishop of OXFORD 111
reply, the motion was agreed to, and the Committee was
nominated.

CHARITABLE TRUSTS BILL.
The Bishop of OXFORD begged to ask whether it
were the intention of the Noble and Learned Lord to
bring in the Charitable Trusts Bill again this session,
and it so, whether it would be the same Bill as was in-
troduced and passed their Lordships' House last.sessioti.
The LORD CHANCELLOR answered both ques•
tions in the affirmative.
The House then adjourned.