The Sun.
London, England, 1824-12-21 00:00:00

AUDITORS.

Rich. Hart Davis, Esq. M.P. Joseph Fry, Esq.
I
Simon M‘Gillivray, Esq. Edward Goldsmul,-Esq.
At a MEETING held at the London Tavern on the 13th

instant, Present,
WILLIAM WILLIAMS, Esq. M.P. in the Chair,
and many other_Gentlemen, it was resolved, -
" That a communication by Railway connecting. London
with Manchester and Birmingham, and also Hull-with Man-,
cheater and London, would be an object of great public ntliity.
That a Company be formed, with a Capital consisting of
Two Millions Five Hundred Thousand Pounds, for that pur-
pose."
These Resolutions having passed, the Meeting then adjourn-
ed to Monday the 20th instant, when the above-named Gentle-
men were appointed as the. London Direction, and the following-
Resolution was passed unanimously : -
" That the Directors now appointed have power to select Se-
. ven Directors to be added to their number, from the District
through which the proposed Rail Road will pass."
The capital of 2,500,0001. is to be divided into 25,000 Shares,
of 1001. each, of which a liberal proportion will be reserved for
those persons resident in the neighbourhood of the line of the
proposed Rail-Road.
O. Applications:for Shares may be made previously to the Ist
of January, by. Letter, poit
_paid, addressed-to the Chairman,
to be left at the Old London Tavern, Bishops gate-street.
(Signed) GEO. 11 IBBERT, Chairman.

HAMPSHIRE GENERAL BENEFIT Souttair.
A GENERAL MEETING of this NsTi-
i TUTION is appointed to Ow plate at the GRAND
JURY CHAMBER, m WINCHESTER, on TUESDAY
the 21st day of. December, at Twelve o'Cloek, for the purpose
of receiving the Reports of the Local Committees, and consider-
ing the necessary arrangements previous to opening the Offices
of the Institution.

JOHN FLEM ING, Esq. President.

GENERAL INFIRMARY AT
Api,AN for tho establishment of a GENE-
RAL INFIRMARY at CHICHESTER, for the re.
ception of the diseased Poor of the Western part of Sussex, and
South-Eastern part of Hampshire, having been submitted to
us, and having.. tnet with our entire approbation, we earnestiy
request the Nobility, Gentry, Clergy, and other principal in-
habitants of those districts, to meet at the Council Chamber,
Chichester, on .Wednesday, the 29th of December,. at half-past
Twelve o'Clock, to take the above-mentioned plan into consi-
der.ttion, and to consult on the best nit..ans of carrying it into
effect. ' (Signed)
4 Norfolk, G. Daysh, J. Sargent,
SekeY, .! G. Staunton, .J.• Peaehey,
R. J. Chichester, •E. S. Dickinsi :1.
. R. Spene r,. • F. Dns, C. Baker,....
NV .S. 1
, ' Richmond, S. Twyford, •
'1 Arran, M. Toghill,,
R. Su)) G. Lennox, H. Conmer,
S.IC. J ise' W. Huskisson W. Smyth.
• • E. Ifni 'r. 13. Pechell, •

• .ALL ONE DAB'.
(-1 A Itit'OLL the Contractor, respect
'kJ foinnt• the Public., VW t Agile of 4110 A) "1"f V.
Will hti • douideil on dm Imst of Thiit•ltt,tiotti.(DC.,cinb,),
which Day
"TWO PRIZES OF £30,000,
Anti qil the other Capitals, must be drawn.
There are NO BLANKS in the Scheme, as every Ticket is
sure of getting:XL, at least.
A great variety of Nunibers. are on Sale at' CA II WILL'S
fortunate Offices, No. 19, CORNIIILL; 26, OXFORD:.
STREET ; and 7, CHARING.CROSS.• •

COUNTY FI-ItE OFFAL;
AND
PROVIDENT LIFE OFFICE, •
REGENT - STREET, LONDON.
PRESIDENT AND TRUSTEES.
The DUKE of RUTLAND
The MARQUESS of NORTHAMPTON
EARL GREY
LORD•BRAYBROOKE
LORD KING, Ltc. &c. &c.
DIRECTORS:
J. T. Barber Beaumont, Esq. William Praetl, Esq.
Francis Const,'Eq. ' Lieut. Col. Saniwyll
Sir Julio Doyle, Batt. Jams Sedgwick,
Sir George Docket, Burt. Hon. W. Shirley
Sir .John• Harrington, Bart. Walter Strickland,
!Sir S. B. Morland, Bart. M.P. sir W. E. Welly. flirt.
lion. Thus. Packer Sir Robert Wilt•on, Wl'.

Zee. &.e. Ste.
CAPITALS. A MILLION STERLING and upwards.
The PROFITS are divided amongst those who now insure,
ns well as the original Nlembers,
respective Payments. its just proportion to their
In the FIRE-OFFICE, RETURNS, during the last ten
years, to the amount of ‘42,000. have been paid to all Per-
sons who have continued insured Seven Yeats, upon Annual
as well as Septenuial Policies, and whether they have been
Sufferers or otherwise.
In the LIFE OFFICE, BONUSES of .Cl 3 Bs. and £r6 14s.
per cent. have been ijivided during the last Fourteen Years ;
apd other very peculiar Advantages are atforded.

LitiRED
BY a new Method the above troublesome
Complaint is entirely eradicated, (without the use of
Bougie or Caustic), whether of ling or shut standing, ex-
cept constitutional, as well as all weaknesses generally ae.
companying it, and in a short time the whole system is re.
established, tieing one of the greatest discoveries ever wade.
By JOHN LYNCH, 44, Duke•street,
AilLettrrs must be post-paid.
A perfect Cure fur Bilious 'Affections and Obstructions it'
the Bowels. •
(The price of the Medicine is Four Poutulta rated.

TO TIIE EDITOR OF THE TIRES.
" Money is neither Whig nor Tory.'"—Swift.
SlR—The good peooe of these realms are
destined to acquire great experience in all mat-
ters relating to currency ; and deservedly, for
none are more willing to pay for it, or possess to
a greater degree the most invaluable cast of mind
which constantly disposes men to reward those
by whom they are cheated. But experience (says
the old proverb) is a dear school; though fools
will learn in no other ; and therefore, as we con-
fessedly have still more to learn, so will it natu-
rally follow that we have much to pay for ; apres
le, fait, Breton.
More than five years have now elapsed since I
addressed some letters to you on the subject of
our Mint regulations and the Bank restriction ;
the former remain a monument 01: human folly
and absurdity ; but of this, as a strictly scientific
(and therefore dry and uninteresting) subject,
shall say nothing at present.
My present business is with the Bank of Eng-
laud. The Restriction Act was
,repeaied in
1819 ; the Raul has since resumed cash pay-
ments; every thing has appeared to go on
smoothly and comfortably ; and I little thought
that I should again have to trouble you on this
point : when, lo and behold'. fresh matter arises ;•
the Bonk rosin's- headlong into a vast variety of
engagements and undertakings, smite o immense.,
magnitude, others of less, but all of them at va-
riance with every sound principle. It is, 'there-
fore, very fur from impossible, that ‘vlile others
warble a " Bertha We" chat RIPEStqI is the
Bank pirector”), you and I may have to chaunt
the " tuiserere" of another restriction. But I will
explain myself.
The, first operation its which we find the Bank
engaged, since the resumption of cash payments,
is the purchase from Government of a ;tart of the
annuity created for the defraying of the naval
and military pensions. The part so purchased
be the Bank was 555,7 14, :and ,ftr wide!' it'
agreed to pay in the following inatiner:—.. •
WO—April - 865,710 113t?5,--.llnly ; • A:1;130.370
July - 1.225,990 11129—;Januftey: • -1.097,070
October - • 37,870 July • 1,087.870
1924—January 1,175,0(A) 1;)27---lanuatf 1 1',037,870
April - 07.870 July ; ;,.V‘• 992;870
• joy 1,175.000' )! '90,073
October - *27,370 July , 1L0i'7.,500
1825—January - 1,1:15,000 ~u• 1.-Oral—to 4,
April .. • 27,370 • ''xIEtkOW4AI9
vug • /.
• Wow, in conaequenceof this transnctiimi, a tiei',4l44o4ble
addition ,hat< alsinly been made. tiy the piper money of Me
cpuntry; from
the same cause it is-re't.odarly. ncreasing, and
by the time the transrietion comPlett(l,4le lealition will be

enormoita.• • .
Now I. say nothing on the-measure itxrlf,4lA
perli ctlifttaefess;. tbrir rr ‘„*„..nittcoory'tt.t.
why not bOrrow from the Sinking Fond, Mr.l construct it'ireW
Sinking Fund out of the naval and militarl pensions as they
fell in and became extinct ? The exotica. was simple, the
country taught equally have been relieved from taxes, it would
not have had the annuity to pay during years, and still a
sinking fund of this description' (t aking the rate of interest at 4
per cent.) would have amount il at the expiration of the 45
years, to upwards of 2411,0011',000/.
But, leaving all tlik ont of the question, why sell this an•
nuity to the Bank. andirt to the public? Because the public,
though partial to the perp.tual annuities, is averse to the pur-
chase of annuities for a term of years. But the nature of
things will not be changed', and, 'whether in a terminable or a
perpetual annuity, to borrow is still to borrow ;. the two modes
stand in a certain defined, fixed relation to each other. To

compare the value of an annuity for a term of years with a per
petual annuity is easy ; and therefore, •if the public objected
to lend money on annuities for a term of years, why not borrow
in perpetual annuities?
But let us proceed,. The next operation in which we find
the Bank engaged is the making advances on the security of
landed property : what these advances may amount to I do not
know, but they are supposed to be about 2,000,000/.
The next expedient hit upon in order to increase the issues
of Bank paper, is to make advances upon funded property,
nouveau genre de fulie ! The extent of these advances
.1 am at
a loss to determine: it may be two, but it certainly does not
fall short) of .one million ; hut be it what it will, it is an addi.
tion to the general 'mass of paper.
I might go on, but where so many points remain to be dia•
cussed,' we must be short on each ; add then, to all I have
stated, the advances made by the Bank to the dissentients in
the operation of reducing the 4 per cents. and its regular ad.
vances to Government on Exchequer_ hills, and you will find a
mass of paper fur exceeding what would have circulated in the
natural course of things, and which must therefore necessarily
interfere with the usual and ordinary transactions of the com-
munity. There is.also one observation which is applicable to
all these transactions—viz. that they are completely at variance
with the original purposes for which the Bank was established,
and with every.sound principle of banking_
To this it is said that the trade oldie Bank in discounts fulls
of, and that therefore It has recourse to these exptdi-enis in
artier to increase its issues. But wohtt.istehfunuslyt.s3 is
stse
n‘tiliedifiset?ileiranntin,dgawrerhaeo;
when money may be had in the
l'tl.„llltyleee.ttoirrptrleesentneelYlank fur discounts,
streets?wwill
p
ly
t system is the very
agnulairre.sqtautenelltooltfli(altthptfilit:n:iisgs!weiesnntatelnive!rini
conecquences: lilt
we first create money, and then, instead of waiting flue solid
oniise,uarnesdtilente,etsvilto;- bvuetryoutrutrerem
customers and a regular demand, we attempt by every possible
arnevdertislesostoo'
species of quackery to force it into circulation. At leoetb we
succeed, and then we iintnediately cry out that the market
with discount diminish ; that-is, we first overstock' the market
with money, and then, in pure simplicity or soul, we wonder
that people do not ask for more.
Then again it is contended, that the' Bank has a large ea.pi-
-1,1 and great resources, and that, keeping within li eertailt
ts,
it has a right to employ this capital as it pleases. Nov all
this very easily said, and perhaps not quite so easily an-
swered. Involved in the gloom
of —ysterantsintricate sys-
tem, the Batik studiously withholds all knowledge of its affatra
from the public; but, here and thew,. thneigli chinks and
crannies, light breaks ; a few leading facts, which can be
neither misrepresented :1102 controverted, jut out as promon-
toriet to direct-us in our course ; and Alteretore. though we can.,
not speak with the utmost accuracy and precision, yet I believe
it will be found that we know quite enough of the affairs of the
Bank for all the purposes of illustration.
The original capital of the Bank, end enbettluent additions
to this capital, amounting altogether to 14,61001', is lent to

Government at 3 per cent. ; here, the Bank'• stands In the
simple relation of a fundholder, and this is nit property .of
which the Bank stands possessed, but property that it has
Parted with, and in lieu of which it receives an annuity; it is
not available for any of its present operaticins, nor is it indeed
available for any purpose whatever, because the money has
been long since spent and gone; and before it can be returned
by Government to the Bank, it must be raised by loan, or taxes
on the public ; and therefore though this capital so lent by the
Bank to Government may be a good security for the ultimata
solvency of the Bank, yet it is no security whatever against a
suspension of cash payments ;it was not so in r. Pitt's time,
and at the period of the last suspension, nor will it be in any
other.
Come we then to the active disposable capital of the Mink
to that capital, in short, which alone is applicable to its pre-
sent transactions.
When the affairs of the Bank were investigated in the year
1819, the Bank Directors delivered in a statement, dated the
31st of March, HIM and by which it appeared that the then
capital of the Bank was 5,231,1901.
Since that time the Bank has made profits, and on the other
hand has paid dividends to its proprietors ; but by the consider-
able reduction in the rate.of interest in general, and particu-
larly on all Government securities, the profits of the Bank
must have materially diminished ; and, including the remune-
ration for the payment of the dividends, and the interest it re-
ceives on its capital lent to Governpient, I do not believe tits
own expellees deducted) that the manual average net profits of
the Bank since 1810 have exceeded 900,000/., and certainly.
not 1.200,0091. Take them, however, at the latter sum, and
then the amount will stand Ants

The active capital ()film Bank, according to the state.
ment dated the 31st of March, 1819, was .1:5,231,190
Add profits made from April, 1819, till Octobet,
1824, at the rate of 1,200,0004 per annum 6,800,000

Deduct 4 yearly dividends of 10 per cent.
on 14,686,800/ • - - .C 5,071,720
Deduct 2 yearly dividends of 8 per cent. on
the same sum -