The Sun.
London, England, 1833-06-22 00:00:00

EXTRACTS FROM THE TESTIMONIALS.

" Your Brandy is free from uncombined acid and astringent
matter, which exists more or less in most of the Brandies im.
ported from France. " JOHN THOMAS COOPER,
" To Mr. Betts." " Lecturer on Chymistry."
" I am bound to say, and do assert it with confidence, that for
purity of spirit this cannot be surpassed, and that your Patent
randy is also quite free from those acids which, though minute
in quantity, always cont:iminate the foreign spirit.
" JOSEPH HUME,
" J. T. Betts, Esq." Chymist to his Majesty."
" I do not hesitate to express my conviction that your Patent
Brandy is hilly as free from everything injurious to health, and
contains :is pure
a spirit, as the best varieties of Foreign Brandy.
" EDWARD TURNER,
" Professor of Chymistry in the University of London."
" John T. Betts, Esq."
J. T. BETTS and Co. deem it expedient to caution the
public against the many spurious imitations which abound
both in Town and Country; and in consequence of the
name of their Distillery having been pirated, it is further
necessary to state, that their only Establishment is at No.
7, Smithfield Bars (leading to St. John-street), where
orders for Two Gallons and upwards will be promptly
executed for Cash on delivery.
*s* A liberal Discount to the Trade.

Sir J. SCARLETT on Monday last was
pre,ented with the freedom of the city of Norwich. The
Mayor Elect afterwards gave a public dinner, at which
both Sir JAMES and Lord STOEMONT were present. The
Norwich Tories seemed grievously afflicted at the idea of
the corporation abuses being reformed. Not a few of
them roundly contended that these venerable public bodies
were immaculate.
TRADE OF LIVERPOOL.—The trade of
Liverpool has scarcely at any time been more active and
flourishing than within the last month. At Manchester,
the spinners,
manufacturers, and all the other branches
connected with them, are fully employed; profits, indeed,
are not high, but we hope they are improving, end the
business is done safely : and—what is of great importance,
the working classes have plenty of work and good wages,
always excepting (as regards wages) the hand-loom weavers,
who have no prospect of successfully resisting the comit-
tition of the power-100m5...- Wakefiild Journal.

Tile CHAIRMiIi', in opening the business of the day, referred
to the resolutions that had been passed by the committee ap-
pointed to watch the interests of fire country bankers, and to
the memorial that had been presented to Earl Grey and the
Chancellor of the Exchequer, opposing the proposed plan for
establishing the Bank of England the sole bank of Woe
of bank notes. He considered It necessary to consider in
what situation the country bankers had stood for some years
past.—(Hear, hear.) It would be recollected, that in conse.
quenee of the panic of 1825 and 1820, the Government took
measures to place the banking business of the country
on an improved footing. The effects of the state of things in
the years he had alluded to would not be forgotten, The
country bankers might have been open to censure ; but in
1.826 the then Government introduced three Bills into Parlia-
ment, for the purpose of placing the circulating medium of the
country on a more safe and satisfactory footing. This had
been effected by the Bills which were passed at the period al.
luded to, and the country bankers were, on the discussions that
took place, informed that the Bank Charter would not be
again renewed. They had been informed also that no plan
would be finally adopted by Government relative to the bank
question, without communication being had with the country
bankers ; yet, notwithstanding these assurances, Govern-
ment has not only brought forward a measure for the
rewewal of the Bank Charter, but for the purpose also
of completely destroying the circulation of the country
bankers, instead of facilitating, as was anticipated, an
increase in that circulation, it having been hitherto con.
ducted, as admitted by Lord Althorp, with prudence
and judgment. The Hon. Chairman then read a portion of
the letter of Lord Althorp to the Directors of the Bank
of England, in which he stated that Bills would be intro.
duced to regulate the country banks. He (the chairman)
considered it would be advisable for the meeting to discuss
only the general question, and to confine their opposition at
present solely to the principle of the Bill, and to the plan of
Government establishing the Bank of England the sole bank
of issue. The interests of not less than 400 banking establish-
ments were at stake. The Hon. Chairman then stated that in
consequence of the expose of the intentions of Government
relative to the Bank, the deputation of country bankers
waited upon Lord Althorp, and at an interview of great
length, they stated their opposition to the plan, &c. The
Chairman read a minute of the interview, the result of which
was that Lord Althorp expressed his opinion in favour of
having but one bank of issue, and that the measures of Govern-
ment would in his opinion have ultimately that object. His
Lordship, however, expressed his readiness to state to his cc I.
leagues the objections to the plan of Government. The question
was one between the public and the country banks, and it the
latter could show that the public were gainers by the country
bank notes circulation, he was sanguine, notwithstanding the
vulgar abuse that had been heaped on the country banks, to
obtain the support of the House of Commons. The public
had been led to suppose, that in late cases of panic they were
losers by the issues of notes, whereas it was well known to
those acquainted with the business, that the depositors were
the principle losers. Lord Althorp had himself declared
that the mode adopted by the country bankers was unex-
ceptionable, but still the system was to be changed. He felt
convinced that the establishment of one bank of issue would
be productive of the greatest evils. It was alleged that the
object was the prevention of fluctuation in the circulation of
the country, but it was well known that since the Bills he
had referred to had passed there had been less fluctuation
than for years previously. But the country bankers were
at issue with his Lordship on this point. To say that no fluc-
tuation would take place would be to say that the ♦alue
of the productions of the country, of land, &c., would
remain the same. The circulation ought to be accommodated
to the wants of the country, and that point was more likely to
be known by the country bankers than by one public body
which must be totally unacquainted with local wants.—(Hear.)
He felt satisfied that the plan would not answer the subject con-
templated. If it was carried, any great capitalist might, by
sending abroad specie to a large extent, produce scarcity in the
circulating medium in the distant parts of the country. The
plan of Government was founded in utter ignorance; it would
limit private credit. They were yet to consider an important
subject and to make their resistance effectual they should
consider only the effects likely to be produced. He con-
sidered that when the country bankers had had reason to be-
lieve that the Bank charter would not be renewed, that Lord
Liverpool had declared that the circulation of the country
ought not be confined to one bank of issue, and that the cir-
culation of the country banks had been placed on a secure
footing, the privileges of the Bank should not be renewed, nor
the rights of private establishments interfered with.
Mr. SPOONER rose to move the adoption of the resolutions
passed by the Committee, and the memorial forwarded to Earl
Grey and Lord Althorp, protesting against the proposed plan.
The country bankers were not required to give any opinion as
to the policy of making Bank notes a legal tender, though it
was a question of vast importance for the consideration of Par-
liament. They were called upon, however, to declare their op-
position to the plan of Government, as far as related to country
bankers, and he had no hesitation in saying it was so unsound
that he was surprised how any Chancellor had dared to pro-
pose it, especially in opposition to the pledge that nothing
should be done by Government without first consulting the
country bankers. He trusted, however, that the House of
Commons would not allow the interests of the country to be
trifled with, and that it would prevent the violation of rights
and property contemplated by the plan of the Chancellor of the
Exchequer.
A country banker was proceeding to deprecate the encou-
ragement to be given to joint stock banks, but the Chairman
submitted that the meeting was not yet in possession of any
details on that point. All they knew was, that they were
overwhelmed with bank-notes.

The motion approving of the resolutions of the committee
and of the memorial (which have been published) was carried.
A resolution was also adopted for extending the committee.
Mr. PARKER rose to propose the next resolution, which was
to the effect that the Chancellor of the Exchequer having de.
dared that the tendency of his measure was to establish one
bank of issue, it was the opinion of the meeting that the plan
would suppress the country circulation, and ought to be op-
posed. He deprecated the plan of Government.
A country banker said, it did not appear that Government
had yet adopted any line of conduct—no measure had yet
been introduced to put down country bank-notes ; and he
thought it would be unwise to place themselves in hostility to
the Government.

Mr. SPOONLR said, there was no desire to place the coun-
try bankers in a state of hostility to the Chancellor of the
Exchequer or to Government. The bankers were only anxious
to protect their rights. At the interview that had taken place
with his Lordship, he distinctly stated that his opinions had
long been in favour of the establishment of one bank of issue,
and that it was not probable any change would occur in his
sentiments.

The CHAIRMAN confirmed the remark of the last speaker,
that Lord Althorp intimated that his plan would have the
effect of establishing one bank of issue.
A country banker contended, that the plan, if carried, would
materially injure the agricultural and commercial interests.
Mr. PARKER stated, that he had made a slight alteration
in the resolution, which now concluded by stating, that the
circulation provided by the country banks was beneficial to the
public, as acknowledged by the Chancellor of the Exchequer,
a.id afforded a cheap and effectual means of interchange.
In reply to a question, whether any answer had been sent
by Earl Grey or Lord Althorp, the Chairman stated that
no reply had yet been received lie was not surprised that
parties were indisposed to believe that so bold a project was to
be proposed ; but he doubted not that, unless the country
bankers opposed the plan, it would be carried. The Chairman
observed, in answer to a question as to the feelings of Earl
Grey upon the subject, that there could be little doubt but
that the plan having been brought forward by a Minister, it
would be supported by his coil( agues.
The resolution was then adopted.
Mr. RICRFORD, M.P., proposed the next resolution, which
was to the effect that it was the opinion of the meeting that
the plan of the Chancellor of the Exchequer to grant charters
to country banks on limited responsibility, by which the
names of eminent men would be placed on the establishments,
without their whole property being liable, would create a
false and delusive credit. If joint banks were established on
such a principle, the consequences would be most calamitous.
Mr. WArr, of Hull, approved of that part of the plan which
made it imperative that the capital should be paid up.
Mr. LANGPIORNIC referred to the history of joint stock banks
in America, and it would be soon seen how the system flourished
Out of 544 joint stock banks that had been established, 244 had
suspended payments, and 5() had stopped for short periods.
The public would be the sufferers by the establishment of joint
stock banks—an impulse would be given to speculation in
shares, and without the greatest precautions, dangers would
arise. He knew an instance where the manager of a joint
stock company actually forged iccounts to lay before the pro.
prietors—he even forged accounts of the business with the
London bankers, and afterwards ran off to America. The
bank he alluded to was established in Dunbar. Tha public
were interested in this question more than they thought, as one
body would have the control over the whole circulation. Joint
stock banks, who would throw themselves into the hands of the
Bank of England, could work with a quarter of the capital,

A country banker asked what were the feelings of the Lon-
don bankers towards the country bankers ?
Mr. Ilicitroan said, to depend on their assistance would be
like relying on a rope of sand.
Mr. W. D. CRewOsoN proposed a resolution to the effect
that the decided opposition of the meeting be given to any
plan which will confer exclusive or peculiar privileges on banks
now issuing their own notes.
A discussion took place in which many gentlemen present
deprecated the introduction of any question tending to make
the belief that they wished for a 11. circulation. They advo-
cated a fresh inquiry into the state of the question relative to
the country banks.

The resolution was passed, as well as others, haring for ob-
ject the obtaining the support of Members of Parliament, Ac.
After some further business the meeting adjourned.