The Sun.
London, England, 1858-07-29 00:00:00

SAVINGS BANKS.

The report of the Select Committee on Savings
/
Banks was issued yesterday, and describes the
incoherent state of the law with regard to them,
And also the manner iu which their funds have been
habitually moved from stock to Exchequer-bills, or
vice versa, to further the financial projects of each
Chancellor of the Exchequer for the time being.
When it is desired to facilitate a re-issue of Eiche_
quer-bills nothing is easier than to sill a portion of
Savings Bank stock and invest it in those secu-
rities, so as to sustain their price. In the same
manner means were obtained to pt omot e the reduc-
tion of the new Three-and-a-Half and new Three-
and-a-Quarter per Cents. in 1835 and 1844. The
unfairness of such operations is beyond question,
since they sLeiply amount to a use of the means of
one portion of the public to prejudice the property
of another portion. 'The moneys of Savings Banks'
depositors are not placed with the Government to
enable them to play so as to compel the holders of a
certain dez,ct iption ofsto, kto accept a reduction of in-
t ereat, or to induce people t hold Exchequer-bills by
creating temporarily the appearance of a great de- ,
mend for them. The Government might fairly sot in
this way with any balances in the Exchequer, but
they have no right secretly to use trust funds for
such purposes. Of course the old result has taken
place, and these contrivances have led to a large
deficiency, which must ultimately lam made up by
the nation. It is satisfactory, therefore, that the
Committee recommend that the superintendence
and management of the general funds of the Say
ings Banks slu,uld henceforth be paced under a
distinct commission of five memb -rs, who are to
be pr,hib ted from making any purcholes or salee,
excep. such as may be requisite in the legitimate
exercise of their tune ions. Tie Committee seem
to disEent horn the proposal that Governm, nt
should assume the liability to make good the
money of depositors in cases of defalcation, but
suggest instead that the liability of trustees shall
be
revived. Nevertheless, if the Government have
anything to do with such concerns, t.teir connec-
tion with tl em will evidently operate as a snare.
On the whole, it wouldßbaenk betterb if they were to
abandon the Savings
the time is niiitralytE sesti
1.
Prot:4ll,ly, how: v, r,
railpteo gfor
t htehre.
reet"B"'
to mix ill:- no
Pia' t
fact o be generally
d ' the duty of a Gove nmeut
w. th the trade of bankii,F, ( ither for theniicelivoi•
tile poor.—Tinges' ' ity Article.

THE MANCHESTER MEETING.—A meeting was to have
taken place at the Free Trade ball, Manchester, las,
night, on our relations pith Turkey and the Danubian
Principalities, but was indefinitely postponed through
the mddoo iiadispooition of MA T. A. &dud, M,P.

BANS ACTS COMMITTEE.

(From the Derbyshire Courier)

The Bank Acts Committee, after long delibera-
tion, have just published to the world, in the shape
of a lengthy Lilt meagre report, their total incom-
petency to deal with the question of the money
laws.

Like the end of " Rasselas," the committee's is
a " conclnsion in which nothing is concluded " A
more " lame and impotent" affair was never pre-
sented to the public as a parliamentary document.
n the Times writer is obliged to confess that
" it would have been more creditable to the financial
repute of the nation if at the end of their labours
the committee had found, themselves imbued with
ideas definite enough to enable them to speak with
a voice of unflinching authority."
In short, the report is a total failure. Not only
is it "wanting in that comprehensive vier= which
would alone pet an end to future cavil,"
but it. is
altogether so feeble and hesitating in its tone, that
it leaves the question of the currency more than
ever open to public discussion. The report, indeed,
might have been framed for the very purpose of pro-
voking further inquiry and investigation on the
subject. It says as plainly as possible, on blhilf
of the 11 members who voted for it, out of the 25
composing the committee, " We don't know what
to think about the matter. We are not pr reared 'to
recommend anything. We are afraid .o move lest
we should take a step in the wrong direction." The
timidity of the committee is indeed pitiable. The
Bank Chatter Act having been twice suspended in
ten years by the Ministers of the lay, the commit.
tee recommend the "utmost caution" to the Legis-
lature in granting a "relaxing power." At present,
as every one knows, when numbers of solvent and
well-conducted mercantile houses have been ruined
and the Bank of England is brought to its last
sovereign, the Prime Minister and the Chancellor
of the Exchequer wrote a hurried note to the Go-
vernor of the Bank authorising him to act illegally,
i.e. to issue more paper promises to pay, when the
Bank can find no more gold to fulfil its existing
engagements. Of this illegal proceeding the Mini,-
ters take the responsibility, and appal to Parlia-
ment to indemnify 'hem. To obviate the necessity
for the farce of appealing to Parliament, it has been
proposed that the Ministers of the clay should nos-
s-as a" re axing power." i.e. a power to unmake a
certain Act of Parliamentwhenever in their opinion
its provisio‘ns cannot be carried into effect with
safety to the public good. The bankers of Londov,
wi' h only one or two exceptions, were so fully cot -
vii.ced 'hat the Act of 1844 could not be carrie I
out, char they petitioned at the time of the passing
of the Act that this relaxing power might bo given
'o Ministers. Piel, with the conceited self-suffi-
ciency of presumptuous ionorance, neglected the
uggesrion of the men practically acquainted with
the subject And now after 14 years' trial tileC,m-
mit tee for B.nk Acts have nothing better to sug-
gest in 1858 than the London Bankers proposed in
1844. Bet even this ptltry modification they have
not confidence enough in their own principles to
advocate with cisioo.
We sh4ll return to the full consideration of the
Report ; but in the meanwhile we recommend the
e.vid.nce to the examination of our readers. Much
of it is merely m ,tier of detail as to the manage:
went f the Bank, much is the mere speculation of
certain theorists about currency ; but there is else
a considerable mass of valuable information and
fact, and some sound principles elicited, from able
th nkers on this important qu• stion.
If the committee had effected nothing more, it
would have been us ful by placing upon record the
statesmanlike and scientific exposition of monetary
prin,tiples which was submitted to the committee
by Mr. C tyley in his report ; and also the sound,
judicious,and lame. ical report of Mr. Spooner. Both
thess gentlem-n have ably and unflinchingly done
their euty to the public, and have b idly and 1 er-
severingly advocated the great principles of cur-
rency reformation with which their names and re-
putation are identified. There are a few poor waver-
ing imbei ilea whom currency reformers were in-
duced, by their professions of sympathy with the
good cause, to trust, wbo have deserted us in the
hour of trial. Their names will, in good time,
appear.
In the mean' imo the committee's report does the
cause of the bullionists no good, and the came of
the currency reformers no harm. The question is
left entirely open ; and with a great and imprrtent
national question left open, we may hope that truth
and jestice will ulimately prevail.
We rejoice to think that as one generation of
currency refoamers is passing away, their pla-e will
be supplied by another, full of energy and courage,
who are prepared to devote themselves to the rd-
-10, mition of the greatest social and political griev-
ance that ever oppressed a free nation.

MILITARY DEFENCES OF BELGIUM.

The discussion on the proposed addition to the
for iticatious of Antwerp c:unmencsd en Mo-day
last in the Belgian Chamber of Representatives.
Gstteral Bertin, the Minister of War, explained
that the object of the project was to covtr the
actual plate by an outside line of forts beyond the
fauliourgs; and consisting of an irorenched camp and
of a series of forts so built as to he able to support
each other, on. a system to allow the place to hold
ut successful!y against a long siege. The Minisier
olj-eted particularly against any extension of the
eciu,tl city, which would result in bringing. the out-
skirts into the line of f rtaficai ions, instead ofp!o-
-tectit,g it by the external line of fiats already
owed. Moreover, the extension would involve an
outlay of 45,000,0001., at:d it.could not b., done
unless toe population of Antwerp gave pecuniary
assistance. Tie Minister refuted the idea of a wis,
to be able to concentrate the whole army within the
walla of Antwerp. Tile idea of the Government was,
that in case of invasion, which is never absolutely on-
for seen, the armyshouldbe enabled to keep the field
as long as it could hold its ground successfully, and
that it could fall back, iu case of peed, upon Ant-
werp,' which would then become the cen sal and
sole point of the national defence of the country.
After some technical explanations in opposition to
the ideas of the Central Section, the Minister ter-
minated by rej _ding the conclusions of the repott,
which tended to a general enlargement of the place,
and supported, in the name of the Governmen., the
jest which prop. ses—
"l. A paitial eulai gement of the actual enciente
by carrying it further north, so as to include the
new docks and building yards.
" 2 The suppiession of two of the detached forts
recently built in a bad posi ion, and to replace
them by other feu ts forming part of the dorible line
of deft nee proposed beyond the faubourgs,”
M. Lobs, the Burgomaster of An:w,rp, endea-
voured to slum that the defence of Ant wr rp could
only ba made with the general enlargement. He
drew a d:shearteniug picture of the fate rts.erved for
the town if the defenders of the int] encbed camp
and of the forts should be deft ated. The forts
would then serve the enemy to bombard the city,
and the enemy, elated with success, would pillage
the town. He reprcached the government for hav-
ing made the question of the general enlargement of
Antwerp a simple question of money. He quoted
the exNmple of what the French Governm- nt had
done for the enlargement of Havre. The assistance
of the town was limited to the debaolition at the
expense of the supposed enciente in such guise that
the sale of the ground lots reduced its expense to a
very small sum. Why should the Belgian Govern-
ment be more exacting as regards Antwerp?
M. de Reness (Left) proposed an amendment
to this effect :—" In case the Government should
receive advantageona offers of money for the execu-
tion of the great enciente not coming from the
Treasury the Government should be authorised to
negotiate with reserve of the concurrence of the
city of Antwerp and the approval of the Chambers."
M TH lEFFRY (Left) admitted the possibility of a
suddeninvasion. I aly and Spain werethere to show
that when France thought it suitable to invade a
country, she lost no time about it. The country
should, therefore, be prepared for defence. The
best means certainly was to have a stronghold upon
whist the army might fall back, anti of such strength
that it could hesucceAsfully defenilsd. He Opposed
the plan of fortifying Brussels. The cost would be
enormous. Such a plan would necessitate the Go-
verumsnt to suppress all the other fortresses. The
partisans of the plan pretended that the centralisa-
tint, of defence elsewhere than in the capital would
leave the latter at the mercy of the enemy and of
agitators, and while the army was defending Ant-
werp a revolution might break out at Brussels, and
hand over the country to the invader. Such danger
was simply an illusion. A revolution was not to be
feared in a country which appreciates its institu-
tions, and which was governed by a prince who
respects the laws. The capture of the capital only
entails the loss of the country in lands where the
inhabitants had not sufficient national spirit and
energy to defend themselves in detail. Madrid,
Lisbon, Moscow, had been occupied by French
troops, but this did not prevent the armies of France
being compelled to evacuate Spain, Portugal, and
Russia. The national character of a people was
,f.° r bast &fence. To prove the necessity of the
general enlargement of the enceinte for the defence
,:f Antwerp he pointed to the system of the foitifi-
.• rti ns of Paris, whel e no expense was si axed to
ftrot.tt the city by a continuous line of de cn::e.
The hoUse tllen adjourned.

FATAL ACCIDENT.—Q:, Sunday
'..reirooon, aII two
maid-servants were on their ws; to
ttwrr
eieoerte
which c
mbuurcchhw,
haNus orttro:r
nioc_ibi
re,
0:: thaw r iiroeureal
ys ttrhutiScttie
hb3;el4ettphiaerrweind'a
yeodfiseal
(11 e trunk by the wind, and
tOrdity moraine.