The Sun.
London, England, 1841-01-21 00:00:00

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EVENING Io2DITIO.

ONE BANK OF ISSUE.

The principle obstacles to the establishment of one
Bank of Issue are thus enumerated by Mr. Gilbart :
" We think the country Batiks of Issue will have no
difficulty in showing that numerous issuers are a check
upon each other by the system of exchanges, which can-
not apply to a single issuer—that, were there a single
issuer, there would be no greater security against undue
fluctuations in the amount of currency than in the case
of numerous issuersthat a currency conducted on a
• principle of being regulated by the foreign exchanges is
wholly unsuitable to our agricultural, manufacturing,
and mining operations—that a currency administered by
one Bank of. Issue could not be distributed as present,
in a manner adapted to the local circumstances and dis-
tricts of the country—that the assistance [JON given to
trade and industry by country b takers would h, much
curtailed or attended with heavier chemges to the parties,
operating- as a tax upon the middle cas,:es of the com-
munity—and that in some districts hmiks, or brant:hes
of banks, would be discontinued from inability to pay
their expenses in case they had no longe7- the profit upon

the issue of notes, and those districts wend thus h:!
deprived of all banking accommodation. It may also
be maintained that a sole Bank of Issue would soon
become more powerful than the Government, and might
be abased to the worst purposes of either tyranny Li-
fiction."

The political evils that may result from a sole 13,mk
of Issue have been too much overlookod. ‘Vere th,
whole currency issued by a Government hank, or by

bank closely connected with the Goveroment,
a foreign power, by get tinu- possttssion of
our notes. pes.,l!z- ,zi-nuuei,
when t;.1,, tao:r enemies

ouid hr` S:ttlti'' _

(pored e Or night ut;t a politic.ll party -atteipp• tx-,,eT„ „
barrass the Government by making' a run of gold? This.
would be no new event. A run for gold on,the Irish
banks took (dace in 1831, when the Government com-
menced a ProseCution against Mr. O'Connell and
another in 1833, during the passing of Earl Grey's Co-
ercion Bill. A run was mine on the Bank of England
in 1832, during the passing of the Reform Bill ; and
large sums were drawn in gold from the Savings Banks:
in 1838 by the Chartists, actuated solely by political
motives. A cntraction of the currency oceasioned.4l4y
these means would admit of DO remedy, for it is a part
of the system that the bank shall issue no notes except
upon a deposit.of void. Another evil would be, that
whenever distress was produced by a contraction of the
currency, it would be ascribed directly to the GoVern-
ment, and hence would ensue popular discontent and
insubordination. Sir Robert Peel seemed alive to these
dangers. He wished to ascertain if Mr. Loyd weic
friendly to a Government currency, convertible into
gold upon demand. Mr. Loyd answered with his usual
wariness. Sir Robert was baffled, and gave up the pm-
suit.—lficsbnitzster Review.

THE STATE UHURCH.

TO THE• EDITOR OF THE SUN,

Silt,—Knowing the strong tight in wine!) you justly
view the arrogant assumptions of the EeclesiaAiCa. Es-
tablishment of England, I am induced to address you a
few lines on the subject.
I believe there is no nuisance which the people of
these countries are more called upon, as a duty to bot►a
God and man, to get rid of than what calls itself the
Church of England. But, Sir, this nuisance is not to
be abated merely by getting rid of the Bishops in the
House of Lords ; nor will it be sufficient to abolish the
Ecclesiastical Courts, which exercise a tyrannical and
arrogant authority, in the name of a sect, over those
Englishmen who diselaitn and disdain its communion.
No, Sir, the ramifications of this iniquity are spread all
over the land. Thus the Parish Minister, being Chairman
of all Vestry meetings composed of persons of all reli-
gious denominations, gives of necessity a rank to the sect
to which he belongs, while it attaches to himself a po-
litical weight and influencr that is incalculable.
Let then the Bishops be sent out of the House of
Lords. Let the Ecclesiastical Courts be abolished.
Let the Ministers of the Moloch or King-Supreme
Head of the Church Heresy be thrown for support
upon the resources of their own flocks, and let
the parochial divisions which were borrowed from the
Church be changed into territorial communes which
shall choose annually a chairman, and then the different
sects will be placed on an equality.
Another point which I would allude to is the Prero•
gative Courts, wherein the pr Tony of the country as
disposed of by will, passes as it v •-e through the hands
of Dr. Tooley, who is ignorantly made to call every exe-
cutor or administrator who takes out letters of adminis-
tration, he he Jew, Infidel, or Mahommedan, " his
beloved Son." All these monstrosities had in-
deed their origin in the Church, as according to

the primitive principle of community of goods,
no Chri!tian was supposed to keep back from
the Christian Voluntary Association any portion of h►s
worldly goods. It was usuai, however, for him to de-
elate his wish or will how they should be disposed of,
and the Bishop, in a friendly manner, took care 1,0 have
such wish or will carried into eff,ct. This might answer

II very wi•II for their own community, but what has• it

to say to the devising of the effects of the whole people
of a nation? Such a tyranny, Sir, is intolerable, and
should long since have been swept away in England as
it was in Scotbnd, where they substituted the Com-
missary for the Ecclesiastical Courts.
Let me add one further advantage in doing away
with il3e ecclesiastical estAlisliments, namely, that this
would promote the complete amalgamation of the
people, as it is, no doubt, a great close of disunion to
have two different establishmnits at either side of the
Tweed, and en anomalous buyenet-upheld Ecclesiasti-
cal Establishment at the other side of the Channel,
which is very ji;stly represented as one of the grievances
of the Irish people, and to get rii of which I would
heartily join in a repeal, if no other way could be found
for• accomplishing it.
am, Sr.A your obedient servant,
WILLIAM VILLIERS SANKEY.