The Sun.
London, England, 1833-08-16 00:00:00

PROJECTED RAILWAY BETWEEN

EDINBURGH AND LEITH.

A prospectus has been drawn up by Mr. John Strachan,
of Port- Hoptoun, of a railway between the Union Canal
Basin, Edinburgh, and the Western Deck at Leith. There
cannot be a doubt that such a line of conveyance is de •
sirable, and would prove extremely useful both to the
mercantile community of the metropolis, and the shipping
and commercial interests of the port of Leith. In so far as
the practicability of the scheme is concerned, there could
be no very serious obstacles to encounter, as the greater
part of the ground chalked out is unoccupied with build-
ings; those that do exit 19,ing of the meanest and leas-
valuable deaciiption, and could be removed at a trifling
expense. The only question regards the accuracy of the
calculations of the cst and revenue. In Mr. Strachan's
hypothesis, some branches of the returns of profit we
should think are overrated, but if he can satisfy the public
that the speculation would yield a reasonable per tentage
of profit, there would be no difficulty in obtaining share-
holders. The following is a summary of the project :
The proposed line, commencing at the south east side
of the Canal Basin, is to run along the north side of West
Port and Cowgate, by the south-bank of Canongate into
the King's Park, and 0;d Botanic Garden, through the
properties of Sir James Montgomery, and the late Baton
Norton, and, passing by the west side of Lochend, through
the Trinity Hospital grounds, entering Leith Links at tee
Golf house, thence crossing Constitution-street, and Kirk-
gate into Yard Heads ; and thence, by a line chalked out
by Mr. Strachan, to the Western Dock at the Naval Yard.
Some tunnelling will be required at starting from the
Canal Basin, and archings in the intersecting streets in
Leith. The whole cost of the undertaking. including
purchases of ground, &c., Mr. Strachan calculates at
120,0001., and he estimates the probable revenue at
28 8001. ; thus giving twenty-four per cent. on the
capital employed. The projector admits that he is
no architect, but states that he has submitted his
estimate of cost to individuals of great experience in
works of the kind, " who gave it as their opi-
nion that it far exceeds what will be the actual
cost." The chief source of revenue, Mr. Strachan
calculates, will arise from passengers on the steam
coaches; and he proposes two or three stations for taking
up and setting down passengers, both in Edinburgh and
Leith. " Supposing 3,000 to pass daily on the average
of the year, 2,000 paying 6d., and 1,000 3d. each, the
sum arising from this scource alone will be 19,5521. 10s.
per annum." He then calculates 5,0001. per annum of
feu-duty, on a double row of houses along the whole line ;
and the remaining portions of revenue are to be derived
from the conveyance of coals, stones, grain, timber, slates,
and finer articles of merchandize. —Edinburgh Adver.

SPIRIT OF THE PUBLIC JOURNALS.

Disgusted as we are with the violent and inde-
cent proceedings of the Bank Proprietary at their
late meeting, and disposed to regard them as men
beyond the reach of reason or common sense, and to
be dealt with only as intolerant and rapacious mono-
polists, we shall, however, in justice to the Noble
Lord whom Mr. Samuel Loyd, and his brother
banker (Mr. Abel Smith), attacked in such fierce
and foul language, temperately examine the grounds
on which they venture to rest their grave and seri-
ous charges, and then take the liberty of unveiling
the real motives by hick these gentlemen are ac-
tuated. Tne charges are these :-
1. That Lord Althorp stated in the House of Common.
that be did not enre.i.fer the leg il tender clause to be par
f the bargain with the Bank. notwithstanding his letter to
the Bank did represent it a, one of the advan,a 'es in re,
'tun tor which the Bank were required to make certain
pecuniary sacr.fiees
2. Ttat the measure respeetina Joint-stock Batik.
being withd.ac,n, the benefit arcruine; to the Bank of
Enclanti from that measure was lost, while the price
which they had rereed to pty for it was exacted.
An ~ lastly, that notwi!h.tanding the :ngagemer- to
protect them in the enjoyment of their remaining exclusive
privileges, they have been deprived of one of the most VA.
liable of these privil..ges—v that of preventing the esti
tili.hment of joint•stmek banks of deposit in London.
With regard to the two first, it is perfectly true
that Lord Alt horp, after stat trig the various mensut es
proposed for the regulation of the Bank of Englan't
and of jolntristock banks, did, in his letter, call the
attention of the Directois to the advantages which
eettain of these measures, and among them the
legal tender," were likely to confer on the Batik.
But what said the arectors in reply ? _ . _

"The Court are desirous of confining their observa-
tions to those points which appear to bear directly upon
,he future action and interest of the Bank.
" The C nit propose to limit themselves .to two gene-
:al heats

"1. Such of the propositions as immediately affect the
public utility of the Bank.
"2. The compensation proposed to be required from
the Bank for a renewal of their exclusive privileges."
Now, in discussing these heats, affecting the
interest and utility, and the compensation to be
given by the Batik, they pass by, withou.- ob•erva-
tion, the " legal tender," and " limited liability,"
having no "desire unnecessarily to intrude their
opinions with respect to any general principle which
his Majesty's Ministers may think proper to pro-
pose for a due regulation of the currency of the
country." But this is not all :—when the measure
for the regulation of joint-stock banks was poq-
rifled, Lord Althorp immediately wrote to the Go-
vernor of the Bank :

" As it is possible that the Directors of the Bank of
England may think, that by thus withdrawing the
encouragement which I intended to hold out for the
formation of joint-stock banks not of issue, I diminish the
advantage which they anticipated from those banks, so
much as nut to enable them to afford the repayment to the
public of the 120,0001. a year, on which we had agreed,
write this note to you that you may consult the Directors
at their court to-morrow." •* * " I must admit,
that after this alteration, the Bank are quite free to say
that they will not consider themselves bound to anything
proposed between you and myself, and consequently to
decline accepting the terms as they will now stand."

The Court of Directors had the wisdom to resolve
that they were willing to adhere to the terms, not-
withstanding the postponement of the clause. Then,
with respect to the legal tender, in the correspond-
ence which has recently taken place, the Court, so
far from complaining. of the declaration made by
Lord Althorp in the House, that the legal tender
was not to be considered part of the bargain with
the Bank, never even allude to it; and the two
Bank Directors who were present in the House
declared that they viewed the measure as one of
state policy, in which the public, rather than the
Bank, were concerned ; and that, while they re-
garded it as highly advantageous to the country
(which was nonsense, because it is most prejudicial
to the country), they considered it as of very
little importance to the Bank. The legal tender
was proposed as a measure of security not of
profit; and there cannot exist the shadow of
a ddnbt, that, both by their writing and verbal
statements, the Directors produced the impres-
sion on Lord Alt horp's mind that they at-
tached no great importance to its adoption, so far
as the pecuniary interests of the Bank were con-
cerned,—that it was a question for Parliament to
consider with reference to the country, not with re-
gard to the Bank, and if Parliament do their du'y to
he country they will even now expunge from the
B 11 all that relaxes to it. The limited liablity,
however, undoubtedly hail a ten !envy to promote
the circulation of the Batik of England paper : With
abandoned, the bargain ,t as remitted by the Go ver,-
,nent for the reconsideration of the B tilt,. and the
Batik adhered to the terms notwiths:anding. Bu'
ir would be tt,ele,s to waste any further tone in re-
uting such as thee: they are u,rd
`ll"4'lY as a el ;ak to collet-.it the pure anti disinte-
rested motives of the two" private bankers," aid ice
should never have heard one ward of them but tot
lie third charg,--, the List and crying grievance, that
crime winch Lord Althorp has committed iii

414' to ,' the Bank insidiously enden-
ivnosteirritriirgig ton
een by
clat eunsde tiob e rpreven t exclusive:
; Persitla7ibl el
gi
sehsm'
of joint-stork banks of deposit.
,‘ We disclaim," said the Bank, " any desire to obtain
exclusive privileges which we did not previously possess,
lint deprecate any infraction of those privileges by an ex-
press or implied sanction of banks which could not 131
allowed by Parliament consistently with the Act 39 and
40 George 111., c. 28 ; and in order that the legal view
of t
ao f
clause
i ue,,Bseuawlinkhe
Bank."
may
,hhas 1 ee e more
nhastily e learl y
prepared
understood,
by
th we e
smi encloser t
Now, it so happened that this clause, hastily pre-
pared,siit,jeet smo
ofraer
clear,from do.:(aikeirlT•tirtehlye
alletegral
andviwsuobfvtelrret
the interpretation of the existing statutes, according
to the opinion of the law officers of the Crown.
What, then, was the course which it became Lord
Althorp to adopt? Was it not to call upon the
legal advisers of the Government to frame a clause
which should distinctly express the meaning of the
existing Acts ? " Bat then," exclaims Mr. Samuel
Loyd, " where is the case submitted to the law of-
ficers, and where the opinion ? Is it not proverbial rbe t
a case may be so drawn up as to obtain any opinioe
that it is wished to have ?" None bur a man
blinded by prejudice or passion would have de-
scended to so paltry an insinuation. Why, the
case is this :—Do the Acts of 39 and 40 Geo.
111. and 7 Geo. IV. give the Bank the right to
prevent the establishment of joint-stock brooks of
deposit ? To which the SelicitoteGeneral and
counsel for the Treasury reply—" They give no
such power." We have understood frern rood
authority, that Sir James Scarlett, counsel to the
Bank, concurred in this opinion. For thus pro-
tecting the rights of the community against the
grasping arid rapacious spirit of monopoly, the
Chancellor of the Exchequer is assailed with the
most scurrilous and virulent abuse ; and by
whom ? by Bank proprietors : yea, but by pro-
prietors who are also private bankers—by men
who, not daring to come forth in their own
characters, fight their own battle under cover of
the Bank charter. To the Bank the question is com-
paratively of little importance : joint-stock banks of
deposit may riot be very aereeeble to them : but to
certain private bankers they are hateful. From the
epoch of the establishment of such banks they are
prepared to date the diminution of their deposits—
the decay of their trade; and being utterly unable
to find any good—nay, any plausible—argument
against their existence, and knowing the general
feeling of the public in their faviur, they hail no
resource but to endeavour to smother these banks of
deposit under the exclusive privileges of the Think
of England. In this they have happily failed ; but
we trust that they have been more successful in
rousing public opinion by their violence; that Par-
liament will, by a salutary lesson, make them sensi-
ble of the full extent of their folly, and that they
may, in the pathetic language of Mr. Lloyd, be
taught, in the bitterness of their sorrow, to "cast a
lingering look to the times gone by."—Tinres.
The result of the city election affords an unequi-
vocal manifestation of the firmness with which
liberal principles have taken root its the metropolis
of the empire, and the vigour with which they
grow and expand through seasons of political sun-
shine or gloom, uninjured by accident, and trium-
phant over opposition, displaying the irrepressible
energies of that freedom of which they are the
offspring and defence. We exult not in the victory
which has been achieved, as a triumph of one party
over another, for we believe the country is sick of
party, and disgusted at its extravagant professions
and lurile performances. We rejoice at the election
of Mr. Crawford under all the circumstances which
have attended it, as a decided proof of the sebsr and
refi,cting energy with which the constitmetcy of
Loudon cm rally round the cause of rai heed and en-
lightened liberality, without any other motive o
animate their zeal than the love of free pritieiplea,
and the danger with winch they may lta;• p,er
to be three elite!. Advocating, as we have all
along done, those reforms which are to restore
and riot destroy the British Coestitortiee, we
have ever felt it our ditty to oppose all in-
roads upon constitutional principle, let t hem be
promutt-al by what party they may. There was a
rime when the blends of freedom were near being
hurried into excesses which would have laid in ruins
elite of the noblest and fairest fabrics of civil Itbeity
Wile!, the vt odd ever saw. The weapons of reasen
ant moral force are the only weapons with which,
at least et the internal struggles of a civiltz el arid
intellectual people, so noble a cause should be as-
set teL Happily, the moral power of public opinion
was strnna, enough to carry the Reform Bill, and the
British Censtitution, instead of being laid in ruins
by intemperate eft ins no amend its detects, e
now, there is the best grounds of believing, be
cleared ftom the rubbish of abuses under which it
had nearly been buried, and restored to its pristine
beauty and excellence, so as to become in practice,
as it had long been in theory, the mist glorious
contrivance of the political wisdom of mare It is
because we believe Mr. Crawford belongs to rha~
class of men whose ambition it would be in Pat
merit to work the machinery of the Reform B 11 er
such a way as to secure to the country the b'essings
of a real Constitutional system that we are glad at
its success. He hai not appeared before the electors
relying upon extravagant patriotic pretensions and
mendicant supplications. The electors have sought
him, nor he the elec.ors.This does credit no botleThe
discernment which the constituency have exelcised
is as remarkable as the unobtrusive worth of the
man of their choice. No person can say with the
shadow of reason that the triumph of Mr. Crawford
is the consequence of any unr fleeting excitement.
On the contrary, it is but a few days ago when the
ToryJeurnals exulted over the apathy which seemed
to prevail in the city of London touching the oleo,
tion. What they mistook for apathy was hut see
briety of feeling. Beneath that apparent indifference
there glowed a deep and intense devotion to the
principles of rational liberty. That feeling, directed
by reflection, has saved London from the discrOic
of surrendering its representation, through disgust
or despair, to one who, though in other respec s of
unobjectionable character, had made in his merit that
he is opposed to the progress of improvement, wich-
out reference to which the battle of reform would
have been a struggle without motive or result.
We are among those who entertain the opinion
that the first commercial city, not only of the
empire, but of the world, should be represented
by men of great commercial respectability, know-
ledge, and experience. It is more necessary thrdn
ever it was, in the present state of our COnotnetee,
that its interests should be guarded in Parlitre
merit by men practically conversant with its come
pleated relations, and capable of explaining to
others the consequences of measures affeving this
great source of our national power and opuleeve,
We should always like to see such questions Lie%
tided on their own merits, without reference to the
person or party by which they may happen to be
proposed or supported. If, indeed, commercial
knowledge and experience were not to be found
combined with sound patriotic principles, we would
say choose the patriot who is not a merchant, in pre-
ference to the merchant who is not a patriot ; for
it is better that one interest should want adequate
representation than that the whole of the interests
of the country should, as far as the electoral buc;y,
of London is coticerned, be placed at the dispeed of
ervetr rate prejudice., or political dishonesty. From
all that we have heard of Mr. Crawford, we behove
ihai he has the talent, Intelligleice, and liberal views
Hof public 'Amy which a representative of this gre.s
met °pole, ought to possess. If ee ate deceived,'
sve shall as freely retract this commendetioe as "e
,ave sincetely expressed it. The tes of both talent
old intentton is at hand; arid ne trust .hut a mem-
ber so hon.,urably brought upon the hustings by
he t I;:irisd tier
tei;ee rev, t-,,sio :jsutofy trniirstge epietce.e al. tuna

cutiemn Act The Field-Officers atiVointed " preside, at
and n,,1 e
b " j.° Ytt.
linarick Chiymicle.

BANK MEETING.

(THIS DAY.)

A Meeting of Proprietors of Bank Stock took place to
day at the Bank of England pursuant to adjournment,
for the r urpnee of conaiderire the propriety of adoptine
the second resolution proposed by Mr. Llii)d at the last
Me t rg.
Ti. Governor, Deputy Governor, and Directors en-
tered the Court at 12 o'eleck precisely.
TI e GOVERNOR, af.er having stated the purposes of
this Meet,ne, ol,served that since the C •urt met last, the
opinion of Sir James Sc.rl.'tt, Sir Edward Sweden. and
Mr. Riebards had been taken upon the right under the
law a- it now stood. of any person to set up a B tnk
of Deposit within sixty-five miles of London. The
worthy Governor read the opinions, all of them agree-
ing =1 at the setting up such ha• ka would he a di•
violation of the Acts of 29th and 4.oth of George 111.,
and of .he r'ehts of the Bank of England.—(Hear )
A PROPRIETOR wished to know whether the G,,vernor
and Directors were yet in possession of the case and
opinien sohmitted to the law officers of the Crown.
The flovertnon. said they were not.
Mr. I..Lovy th n rose. He said he did so in order to
take the earliest opportunity on the re-assembling
of the Court for the pureosie of occupying its
time for a few minutes with a matter personal.
Ore of the advantages resulting from tie adjoutriment
of the Court, was the opportunity that was affold,-d to
t' e Proprieters for considering calmly the proceedings that
then took plac,. After having done so, he most con
feast that he had been betrayed, in the warmth of the
di emotion. into a general tone of bitterness quite alien
to his nature. He was afraid that in these ohsery ttions
be had wounded deeply the feelings of those he had alludes
to, whom he could assure that no one wished more that.
him-elf th at those expressions were unsaid. It wa- under the
the impression of feeling strongly excited by the documents
that had been read, and in commenting on those documents
in which he was induced to censure the conduct of his
Maj -sty's Government in terms that he deeply reset etted.
Hav:ne that feeling, he considered himself bound in candour
and justice, to state as publicly as he had mode the
pro/inlet statement, that he felt towards that Go-
vernment and the people a great debt of gratitude, hut at
the sae re time he must confess that he felt sincerely sorry
that on this question Government were pursuing a course
unworthy of themselves,and by which they were alienating
that confidence which ha I been reposed in them. But to
come to the suljert of the business now before them, he
confese.d. with regret, that after the most mature considera-
tion he had eiven it, he was not ab'e to alter the opinion
he before expressed. He still thought that the conduct
adopted by the Government towards the Bank was not cha-
racterised with justice. His opinion was fully
and completely in concturence with the sentiments ex-
pressed by the Court of Directors in their last letter upon
the sulij et—sentiments expressed by language so dis-
cre t and so just, that when be came into the Court on
the 1,4 occasion, it was with the intention of asking per-
mission to be allowed to substitute for his reso ution
another, the same in elf, ct and purport, but adopting the
very words of the Court of Directors, which would have
been a course mere complimental to the Court of Di-
rectors. and more calcu. tell to expr-ss their opinions.
Jr was very ohyctionable in princip'e to alter the
effeet of any aereetnent upon the ground of supposed
doubts of the meaning , f an Act of Parliament to be
dissolved only by the law officers of the Crown.— (Hear,
hear ) He, therefore, e,,g.d to move the following re-
solution at this Court sully aerees in the npinien
expr. Rs. d by the Court of Di pews that the el .use sub-
mitted to them by the Chaneello, of the Exchequer does
not carry into eff, et, either literally or substantial y, the
agre, men, entered into by his Majesty's Government and
the Bank of Eng! ind.
11.. WEEDING suggested that the meeting should lie
pot into possession of what took place on the farmer oc-

tease, n.
Air. A. S3IITH seconded Mr. Lloyd's resolution. It was
with the greatest. pain I ventured to tr: spas,. on the former
occasion in taking the part I did to second the re.
soloti..n submitted to the Court. I never recollect
any circumstance of a public nature which gave me
greater pain than feeling it was my duty to cmmtne iorward
in the manner I did. I mver yi l led ro any conviction
with more reluctance than 1 did at that time to express
the opinion I formed, and still e•mter ain, th it the conduct
of the Covernment towards the If nk of England has
been open to grave and serious censure. I thought then as
I think now, that though the question at issue between
time Balk and G .vernment is of no importance to this
great and useful body, yet the question of good faith on
the part of Goy rnment was tat still crestsr importance.
not only to the Bank, hut to the public at large; and in
terming forward to second the vote of teen-tire on
Goicinment, I was actuated by the deep sense I
entertained of the public int. refes ; and if stronger words
were used on that occasion than Mete necessary to mark
our feehoga at the want of candour on the part of Minis-
ters, I can only say that we went further than
wag intended.—(Hear.) 1 do no', however, think tie
word-, propel ly c.mnstt tied go fir ther than to protest against
what we conceive to be an infraction of good faith
on the part of the Government; and I think we
were futond, as members of the Bank of Engl rid,
and of this great tn.rcantiie country, to take ad-
vantage of that opportunity to assert the principle
whieh I hold to he right, and to vii,dic ote that good
f,ith, which I am sure we all wish to see main.
tained.—( flear.) I moat heal tily second the res,lution
jest moved ; and I do express my earnest hope that
the advice given by Mt. Lloyd may be scrupulously
followed, that on the 4 iseusß;(in of the important point now
before us, every symptom of irrtation may disappear, and
that, notwithstanding what passed on the fat mer eccasino,
we m ty enter on the present discussion with that modera-
tion which must be be-t suited to all our interests.
The CHAIRMAN then read the resolution passed at the
former meeting.
Alr. WINTI.R—I perfectly contee'le to the advice given
by the Hon. Proprietor, that all irritable feelings should
he sul.p.essed ; but the question at issue is of so much
importance to the security of the Bank—the privileges
attempted to be taken from us so great—that I cannot
concur in any recommendation whi -It would appear to he
a waver of our sentiments thereon. It is now clear, that
if the course I suggested on a former occasion had been
adopted, it would have been a jus ifialle proceeding, and
*here wou it then have been no n cessity fur any apoln::y this
day. I certainly feel that on store occasions no language
cats In- too strong to use, and I tin clearly 11l opinion that
this is one of those occasions: for when the admin stratim,n
of the country. in open violation of a letter written by a
leading men b•r, departs from that lette , and willattempt,
at the e'rverith hour, to e'eprive the Batik of one of its
leading privile es, it is a little too touch to suppose that
that can he enduted, without expre-sing the strongest indig-
nation. I cannot conceive how any lawyer, lending his
mind to the subj et, can give an i pinion urn it different
to 0 one we have read to--,.ay. It is not merely the
opinion of lawyers, but it is the opinion rim. coincides
wit' tl e feeling of the who e community; and then to be
told that in an instant we are to sae, ifice our important
rights en the mete d,c'um of the Liw.omfficer of the
Cm own is really too mute', to submit to. Wit 'lever commo-
n/cations w Hi the G. vet nment may take ;dace, I am appte
pensive that tt e declaratory law m ept iving us ofourrie hte o ill
toil, he insi-tad on; and I, for one, am unwilling to accept
ai.-y. renewal of the charter coupled with such violation. Un-
'ee, , circumstances, what is our situation? It is said
d, r I.
that, k. I, ot acceding to what is proposed, we may put the
country to 2.-e it inconvenience, because contracts have
1-eon entered into ;ft c-nt•rnolation of the gran gof the
new eh rtes. If lie (cm•ntinurd Alr. W.) were to take
the opinion of the public ,rotti the poplar jou: naffs, he
would say that tl e pui,!le thouelmt, in-toad of any benefit
heft,;; to be derived from t::e renewal of the charter ou
the terms ptopoised, the greatest evil would be the
re tilt, in tt loch opinion I,e cordially corcurred. If tl e
Bo k eave up is rigi ta, what was to Ise gut in return ?
INottloiret mote than providitig hellion for the whole circu-
lation of the country; and at tt,e my inonent Id the
pa.,ing of this Bill a large Leviathan estahlohment, with
a Leviathan, fur audit he knew, at its Vestd, would be
f ‘rit,ed, and which as toil I no doubt discount 'tilts, takinta
10 or 20 p-r cent., the usury hws being to he
repo .led too, tl e %hole responsibility re-tit,g on the B nk
of Ertel ind. At ion sent they sure liable to be called on
by any in, ividoals to pay in gold, and, by the passing of
" e Bill, tit, y weme to line all lien li. which cm tilt] be sup-
posed to result-truth their being the le oiling banking de-
p. so. if there was au) thing mere clear than an-
od el-, it was that the Lev I.larni e hail heretuf""
tecoe tosed tie principle of I,;eving .ne natiotrol bank-
ing orp sit, and that could not now he a' olislied
witi out 4 complete desttuco ton of the privileges of the
B.A. With that view he had ventur, dto a igetSt, in
the I rut if ',solutions, aid a decision as, be .ohmitied,
the Colin ought to come to. By the 6114 resolumion he
trivt4i:ik. re 1414 F, a tieclaraitin, tliat the 1,,,i,
oni,
gist iith-i: lie ..anie exelu•ive pi 1 vh,t ea a. they I tof
4a‘ a:11. "d '''''Pti-'et.:4071 and '. tt of he ammo bt 0., mall
Z- ' .: •`...", ~ , • ..- . t„ :No; ,tat it asas
L ~ ,-1 rzt on 4 it, e... 4. 3,,,.. tm n •
i
ttQ enrol -,.,i —vie C.•olt, that 70 I oas iDe
~, , ••• ,
. iOf ! .4.l)le.uag_c_tos iiri!, gas of I h Batik tl a 11 pin saes ck
gi ;,,tir.„ howl 6414 SIX 14 rs"ns shoot. C 1 on busi-
0,- 5_.4.;•,44t0rw tail, siaty.five eole- o it, dimring
't
5,115 , :bi the el,a.er, tin , uch cum, Lny
y
•