The Sun.
London, England, 1833-06-01 00:00:00

or invested in additional capital, the enormous
sum of 17,318.0761, besides retaining still a re-
served fnnd or rest of neatly 3,000,0001., which re-
mains undivided! Thus have the Bank proprietors
in about 30 years pocketed or accumulated more
than 20.000,00 W. sterling, in addition to the con-
tinued interest of 7 per cent., which was paid on
their capital at the beginn'ng of that period. They
now receive a dividend of 8 per cent., and have, as
we mentioned, a rest of nearly 3,000,0001. In this
dividend is included 251,0001. for their services in
paying the dividends on the national debt, bur
nearly all their profits result from their monopoly.
We have therefore reason to he dissatisfied with
the economical part of the Government arrange-
ment, by which the Bank only allows the country a
deduction of 120,000/. in the expense of this part of
its management. But as we shall have other op-
portunities of exposing this part of the bargain, we
shall only at present refer to an able pamphlet, enti-
tled, "An Impartial Inquiry into the Bank Qu-tioa,
by a Merchant," for an account of what the Bank
gains by conducting the Government business. The
deduction on behalf of the public ought to be
200,0001. or upwards, instead of 120,000/. We
have left ourselves scarcely any space to express our
opinion of the collateral measures which accompany
this contract with the Bank, and which, though
perhaps not direc►ly intended, must all, with the
exception of the 25 per cent, reduction of their
capital, co-operate in their favour, and promote the
extension of their power and wealth. The making
of its notes a legal tender, except at the Bank itself
or its branches, must extend its circulation in the
country, where its notes will displace the reserved
►reasure of gold in the coffers of the provincial
banker. 'We see at present no objection to this
provision as regards the security of our currency,
but we think that its obvious profitable result ought
to have been taken into consideration in demanding
better terms for the public. The most beneficial
part of its operation will be in a season of a partial
or local panic from internal causes, while the foreign
exchanges are in our favour, and while there is
abundance of gold in the country to answer all de-
mands except those of an unreasoning and unrea-
sonable alarm. At such a period it will be aided
by that wise relaxation of the usury laws proposed
in the same plan, which will have a tendency to

induce capitalists to lend their money, and res,ore
confidence, by enabling them to cover their risks by
additional interest. Had capitalists been enabled in

1825 and 1826 to avail themselves of such a regula-

tion,they might, by seasonable accommodations, have
shortened the duration or diminished the inten.ity of
the panic. The provision for the formation and re-
gulation of joint-stock banks in the country, both of

issue and of deposit, may meet with some opposi-
tion, but seems in the main unobjectionable. There
should, however, be some rule to guide the Go-
vernment in granting or refusing a charter ; other-
wise a door will be opened for caprice on the one
hand, or suspicion on the other. We have only
room to add, that had the terms of the arrangement
with the Bank been otherwi,e unexceptionable, the
duration of the contract for twenty-one years, with

the option of terminating it at the end of ten, %iould
have met with general approbation. The proceed-
ings at the Bank of England yesterday, if not so in-
s ructive as those in Parliament relative to the same
question, were at least more amu,ing. The parts
of the Directors and of the speakers seemed to have
been skilfully got up, and Mr. Lloyd could nut have
acted his betterthough he had been moved by springs
or prompted will language from the Bank parlour.
If there was any concert, as there seemed evidently
to be, the other proprietors should have been in-
formed of the fact, and thus have been prepared for
giving the seeming unanimity all the importance
which it deserved, and no more. Though none but
the actors are admitted to the Green. room, stranger,
sometimes enjny the privilege of getting behind the
scenes.— Times.

In the House of Commons the Chancellor of the
Exchequer brought forward his promised motion on
the subject of the Bank Charter and the banking
system. After a clear detail of the sentiments of
the Government, and the motives which had led to
the adoption of the plan, his Lordship moved a
string of resolutions, in which the details of the plan
were embodied ; but, as the sub•tance of these re•
solutions is given in another place, it is unnecessary,
that we should repeat them here. Mr. Baring, Mr.
Grote, and others, expressed their approba,ion of
the general principles laid down by the Chancellor
of the Exchequer, and of the proposition to make
Bank notes a legal tender except at the Batik and
the branch banks. Mr. Baring, however, declared
that the intention to give publicity to the accoun•s
was calculated to produce the most it effects,
while, on the other hand, Mr. Grote maintained
that continuous publicity was the course best
adapted to secure and justify the confidence of the
nation. Mr. Hume contended that the proposition
to make Bank notes convertible into gold at the
Bank only would drive the gold out of the country.
After some further conversation the House re-
sumed, and the further debate on the resolutions
was adjourned. From the tone of the House of
Commons, as well as from that of the city meeting,
it is evident that the plan of the Government is
likely to rece;ve the sanction of the Legislature.—
Morning Herald.
The plan of his Maj-sty's Government for the

future regulation of the banking and monetary sys-
tem of the country, was yesterday promulgated at
a meeting of the Proprietors of Bank Stock, and
afterwards in greater detail, and accompanied by
more elaborate explanations, by the Chancellor of
the Exchequer in the House of Commons. The plan
now fully before the world is calculated, as it ap-
pears to us, to give a steadiness and security to the
circulation which will be advantageous to the
public. But, whatever opinion may be entertained
of its advantages or disadvantages in a national
point of view, there can, we imagine, be but one
opinion as to the benefits which it is calculated
to confer upon the Bank of England as a separate
body. The surrender of 120,0001. of annual
income required of the Bank, is to be reduced
by the excess of interest which it may fairly be ex-
pected to make beyond the rate paid by Govern-
ment upon that portion of its capital which is to be
restored to it. Allowing the increase of interest to
be one per cent. upon this sum of 3,625,0001. the
Bank will gain upon this score 36,2501.; so that its
immediate pecuniary loss is reduced to 83,7501. in-
stead of 120,0001. Arid for this the advantages
bestowed upon the corporation in the safe channels
provided for in indefinite and immense increase of
its issues must be at least an ample compensation.
We say not this with any feeling of displeasure.
The Bail( of England has from the first moment of
its institution deserved well of the country, and
our apprehension was rather that it would be dealt
with by the present Ministers too hardly than too
indulgently. Ttiere will, however, we have no
doubt, be considerable clamour among a certain
class of the friends of Ministers, on account of
what these friends will not fail to call the bad bar-
gain entered into on behalf of the country. For
this the Ministers must be prepared, as unquestion-
ably they deserve it. It is, indeed, the proper pu-
nishment of having such friends, and of having per-
mitted them to expect that in an important national
transaction their principles were to be followed.—
Morning Post.

PARISH OF ST. JAMES.-ELECTION OF
VESTRYMEN.-The pulling for the twelve vestrytnen, to
replace the 'en sel -elected, who tetire under the operation
of the new Vestries' Act, terminated on Thursday, when
the inspectors appointed to take the ballot announced the
cumbers to be as billows :

For the parochial association 9,583
For the "blue" list 3,447-6,136
The extinction of the select and selt-elected system totasty
henceforward be dated in this pari.h ; and as the rats-
payers will now have a tnijority ut vote.' at their vestries,
they will in tuture obtain some control over their piro-
cbial expenditure, which amounts to somewhere about
80,0001. yssrly.