The Sun.
London, England, 1833-08-10 00:00:00

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11 law, that bank,' of dep i•lt m'kii; le a-I
London, con.istirig of ripe e a p nets, le. (1:
t abject, to cleating up wbat arts:_in'glit hang over the..:
.4 •
'Jr. CLAY held in his hand the opinion of two ,
•
iertt gentlemen of the legal profession on
,this, saihikat,
they Avirii-e..lrd by
he Soli:teonrtiGreely concurred in ianutthhoerito3p,,inhiots4,,r,
required
m corroboration. He rose chi, fly to make sine or two
v.aervations on what hail fallen from the Hon. Alderman
(the Bank Director) behind bim. When that wort} y
Alderman att 'eked the respectability of petitioners, who
orayed for a greater freedom in banking, and called upon
them to prove their allegations, lie forgot that the
anus probancli lay with those who maintained
the monopoly, and not with those who complained
tfit. It was insufferable that the petitioners should be
put in the condition of defendants. The Bank, however,
'tail certainly good reason for wishing to deprive the pub-
dc of places of deposit so secure as competition would
;dye. In 1807 the amount of private deposits with the
Bank was only a million and a half, whilst now it was be-
tween five and six millions, arising from a growing feeling
an the part of the public, that a great society must
afford better security to depositors than the most le-.
spectable private individual.--(Hear, hear.) The Ban!:
spoke in very pretty langurpe, and made a great dis-
play of the swirlier in modo ; hut no sooner was
the hem of his garment touched, than the
fortiter in re became predominant. Nothing cou'd
be more diplomatic than the answers given by the
two Bank Directors yesterday, as to their understanding
of the bargain made with the Chancellor of the F.xelie-
quer. They had left the House in as great uncertainty
an the subject, as if regularly bred to diplomacy.
He had thought it ne. etsary to protest in relation to tl.e
4,000 individuals who had come forward again•t the
measure. If the question had been delayed, there would
have been upwards of 40,000. It was well understood
why thousands did not come forward and sign those pe-
titions. There were many motives acdiating
them which it was unnecessary to state, hut
opt his o vn authority he would tell the House, that these
were thousands connected with that part of London whirls
he represented, second to none either in wealth and
respectability, that were most decidedly opposed to the
measure.

Alo. GISBORNE complained that there was only one
London merchant examined before the Committee of last
session. It was stated that the inquiry was into the sys-
tem pursued by the Bank of En:!land—he under-
stood the inquiry to he into the general system of
B inking, and complained that they called only a
few English country bankers before them who had been
in business hut for a comparatively short period, whil,
they bad neglected to summon any banker from hey end
the borders, where a free system of banking had
been established for upwards of one hundred ye.irs.
—(Hear, heir.) He would move as an amendment
to the Hon. Solicitor General's clause, that two months
should be subsituted in place of six months, b,catlie
ccaten !ed that t vo months' bills were no part of the eir.
ci.latiol of the country. He male his motion in ord, r
to give freedom to the B,,stein of banking in London.
s.r JOHN WROTTESLEY said he had waited to the

last moment for expressing his opinion in order to see
whether it would he necessary for him to give any opinion
upon it at all. That clause was so important that he was
impressed with a feeling of awe upon it ; seeing the state

in which the House then was. That Parliament
been elected under the impression that all monopolies
should cease.—(Hear, hear.) By looking at the ptPilic
papers he found that 300 out of the 658 Alembers were
pleted at the hustings to voce for the repeal of all
monopolies, more particularly the Bank and East
Indi 1, vet now, when they were discussing one of
the most important of all, there were not above
fi ty Members present. In the year 1826 that
Hous. was engaged in finding a remedy for the panic tl at
then took place. It did not, however, blame the B ink
of England, but most unjustly, in his opinion, threw
all the blame on the country bankers.—(Hear, heat.)
IT
emn
te,asaunr,eis
wtl:tehn po
,itrtipm.iseu
idry,we
there hurried h
at:r tpanritu gohf Pathr-
e
country banking establishments were most mat-rially in.
jured. The laws of that year stated the insufficiency of
the country bankers, and the then Parliament agreed to
allow the Bank of England to establish branch hanks, but
also to the establishment of Joint Stick Bulks, with an
unlimited number of partners, within 65 miles of London.
Upon that occasion it was with the grea'est difficu ty that
that the then Government could persuade the Bank of
England m allow Joint Sock Banks within that

distance.—(llear, hear.) As they were found to 17e
good for the county as they were found to be good
for Southampton, he could see no reason why they should
not also be established in Winches er.—( Hear, hear.)
There was scarcely a man of intelligence before the Com-
mittee, and there were none but men of intelligence exa-
mined who could answer the question which e had put to all
of them why tho-e joint stoch hanks should rn.t do as well
in London as in the courrry. He stand it before several
Members of the Committee; hut 0) that goes, ion he had
nor got .ne fiatiartiC ory answer. He was sorry that he saw
so few gentlemen present who had pledged themselves
at the bust ngs to oppose this monopoly, otherwise he
would have pursued and acted on his intentions, which
were for the total ab, itiun of the monopoly, and that with-
out taking into view its own interest. As it was most
important that that measure should in some wry be
settled that session, and as he saw no chance of succeeding
in the proposition he would make, he was obliged to
gise his reluctant consent to the measure.
Mr. EWA RT denied what was advanced by the lion.
Alderman (Thompson). The spirit of monopoly was
invariably the same. could see no good reason why
joint stock banks should not be established in London.
If they were found good for the provinces, they would be
equally benefit.ial for the metropolis.
Mr. HENRY WILLOUGHBY doubted extremely
the policy of the clause introduced by the Learned So-
licitor. General Returns had been presented to the
House, which proved that in London the system of
bunking was not by any means perfect—(Hear, bear)
—for since 1824, thirteen hankers had become bankrupt
in Lo don an r 36 within the di trict of 65 miles.
Mr. GROTE deemed that any r valence existed to
show that any practical evil resulted from the Lon-
don B inking System. As to the returns alluded to by the
Hon. Bart., be only won lied from the manna in which
they were made out, that instead of thirteen there were
not 113 who had been bankrupt. Sever al were included
in those returns who were army and navy agents, and
who could not, properly speaking, be called bankers.
He therefore contended that no practical evil had resulted
trom the present London banking system.
_ _

Mr. J..A. SMITH said he conbinot concur in the ob-
servations of the Hun. Member for the city of London,
and suggested that the clause should not come into opera-

ion so eirly.
Lord ALTHORP could not concur in altering the date
of the operation of the clause, as it was a declaratory one.
Alter a few olervations from Mr. CLAY, the noose
divided, when there appeared—

For the amendment
Against it 49
Majority n favour of tLe Clause —33

The claue was then agreed to.

Mt. THICKNESS moved the insertion of the following
" that the said Governor and Company of the
Binh of England shad not, after the I"th Janusry, ISRP,
invest, or con inue invssred, in loan to Government, and
Government securities, any sinn or sums of money
which, s,perately or together, shall in amount exceed
heir subscribed and surplus capital."

After a few observations frotn Mr. Alderman THOMP-
SON. the clause was negatived.

The House resumed, and the Chairman reported pro-
grefe4.

Lorl ALTHORP in moving that the report he received
on iNl.,nday evening, said he hoped the House would hive
;ro objection to proceed with the Factories' Regulation
13111, On Monday morning.

Ou the motion of Lord DUNCANNON the Grand
Juries Ireland Bill was read a third time and passed.
The House then adjourni.l.