The Sun.
London, England, 1833-08-13 00:00:00

BANK CHARTER BILL.

On the motion of Lord ALTHORP,
Mr. BERNAL brought up the report of the Bank
Charter Bill.

The amendments were read a first time. On the
trotion that tro y he read a second time,
Mr. THICKNESSE moved as an amendment to omit
the clause making Bank of England notes a legal tender.
Mr. HUME supported the amendment. To make
Bink of England notes a legal tender was unquestionably
to depreciate the currrency. He regretted to see the
Noble Lord, day after day, running counter to his former
opinions, as it in obedience to some secret power st hich he
felt unable to resist. If there was one Member of that
Hou•e whom he would formerly more implicitly have
followed on financial questions than another, it was the
NAde Lord ; tort now the Noble Lord seemed determined
to drag the House through mud and mire on those as
well as on other subjects. He was sorry to find Minis-
ters abandoning their principles, which, if they would but
support, would carry them through every elifficulty.
Throughout the Bill it appeared to him that the public
interests were sacrificed—those of the Bank of England
alone consulted.

Lord ALTHORP denied this, or that he was, in any
way, instigated 1/ considerations for the Bank of England.
He considered that no depreciation could take place in this
country. unless the exchanges were against us.
Mr. CLAY said, that when the Noble Lord found him-
self most warmly supported on this occasion by those
who were invariably the advocates of depreciation, he
ought to doubt tt e corr. ctness of his own views. He
inquired it the Noble Lord intended to adopt any of the
suggestions which ha-t been made to him ?
Lord ALTHORP •aid that he should propose a proviso,
limiting the duration of the legal tender to the discretion of
Parliament.
Sir HENRY WILLOUGHBY considered the clause
making bank notes a legal tender a departure from the
principles of the Bill of 1819. In times of panic it would
not prevent a run ; witness the panic during the riots of
1780.

Sir MARK PHILLIPS could not, when be saw the
avidity with which the clause was bailed by the advocates
for lowering the standard, but regret that the clause was
ever introduced. He d precated the idea of allowing the
Bank of England to assume the whole functions of the
circulating medium of this country.
Colonel TORRENS thought the hopes of one party,
and the fears of another, equal), exaggerated. There could
he no depteriation in the London circulation; and if any
occurred in the country, it would only he to the extent
of the carri.ge.

Mr. ROBINSON supported the clause, and saw no
reason to apprehend depreciation so long as the notes
were convertible into gold.

Mr. Aide, man THOMPSON did not believe the Bill
would have the effect of extending the e„irculation of the
Bank of England to any prejudici .1 extent ; nor that an
agin upon gold was a all to be apprehended.
Mr. THICKNESSE said that, as upon the third read•
ing there would be an opportunity of taking the sense of
the H.u4e on the amendment, he would not at present
press it to a division.
L td ALTI.ORP then moved the introduction of a
clause, making the notes of the branch hanks payable at the
plar•e.i where they are issued, which was agreed to.
The report was then received, and the Bill ordered to
lie read a third time to-morrow.

Mr. THICKNESSE said that, unless anticipated by
the Noble Lord, he should, on the third reading, move an
atin-ndment, placing the continuance of the legal tender
under the control of P-aliament ; and also providing that,
no long as it may continue, a certain establishment of
branch banks should be kept up.