The Sun.
London, England, 1832-09-10 00:00:00

duals, because I can imagine a subscription of capital by
individuals not compii,ing many of the leading capi-
talists, and if the capita!, wl.en subscribed, is well man-
aged, it may be productive of public benefit.
Do you think those Joint Stock Banking Companies
would afford that convenience and accommodation which
private bankers are now enabled to afford to middlemen
and ret dealers?---I am not aware of any convenience that
is now afforded that necessarily should not be afforded by
that system of banking.
Are you aware that any convenien.ct of Any accommo-
slation is withheld from that descririon of traders, which
ought to be furnished by the present system of bank-
ing, as regards private bankers ?—No, I am not aware of
any such.
'Does your opinion as to the advantages that would be
derived from Joint Stock Companies, extend to the country
as well as London ?--If Joint Stock Companies would
furnish a safer basis for public credit, it would follow that
their extension to the country would be advantageous, a.!
well as their establishment in London.

Are the Committee to understand it to be rats: 'opinion
that the public Would derive additions! senility and ad-
vantage from the establishment .of Joint Stock Banking
Companies over the present system of banking now adopt-
ed in the metropoiis?:.=l think it must have been Wry
obvious to the Consenittee that I have met that question
with considerable hesitation and doubt s but I have no he-
sitation or doubt as to almost any system being preferable
to the present system of the Iltauk of England.

Does your doubt at•ise from wishing not at once to
snake so great a change as from a system of monopoly to
a system of fire trade, rather than from h.tving any want
of confidence in a free trade, if there ryas time sufficient to
introduce it gradually ?—My doubt does arise from so
large a question, upon which such very important inte-
rests depend, being at once changed by so great a differ-
ence from the point upon which it now stands.
Suppose you had perfect publicity, which would you
prefer, One hank, like the Bank of England, in London,
or the establishment of several Joint Sock Binkm?-1
think I have before stated, that with perfect publicity, 1
should consider it the safer and more expedient course to
try its operation upon the present system, in that form
which would give us the advantages of a trial.
What would you consider a perfect publicity ?—First,
40 avowal of the principles upon which the bank was to
be conducted, and then a plain statement of its issues and
of its assets.

Including the bullion ?—including the bullion.
How frequently woul4 you have it, monthly ?—Cer-
tainty, as often 33 that, or oftener.

Would you have it retrospective, er contemporaneous?
--My feeling would be to hare it in that form in which
the secrecy and the concealment, which I think now pre
nail for no good purpose, should be entirely destroyed ;
that there should be no question of what the issues of the
Bank were, and what the ability of the Bank was to sus-
tain its engagements.
Would a monthly publication, in your opinion, fully
answer that purpose ?—The form of publication and th,
frequency I have not thought of, and therefore my opinion
would not be worth any thing ; but my object would be to
have all the concealment that is now about the question
destroyed.

In answering the question as to the effect of publicity in
improving the present system, you have said that you
would prefer trying that, to trying a greater change, at
first ; if in order to make such a trial on those grounds of
the present system the charter was to be renewed, would
you think it proper to make the renew-al for miny years ?
—Certainly not.
How many years do you concave would be a flt. number
in order to male a further trial whether tilt) principle o:
monopoly could be made to operate benztteially to the pub-
?—l entertain considerable doubts of the present system
in ary form, but not being perlCetly confident that we can
resort to any other that will be free from objections, if it
is proposed to give this system the advantage of publicity,
I should say the shortest period in Which that publicity-
will be likely to afford a fair trial, is the proper period.
What would you think of a period of seven years ?—I
should think that would be vastly too long.
Are there persons that hold opinions against the present
system of the Bank of England, and whose experience anti
observation entitle their opinions to weight, who are pre-
vented from coming forward to give information to this
euromittee?—There arc several persons of considerable
eminence in the city of London who have come to me,
and expressed very strong opinions against the present
Bank system. Having heard what they had to say, and
upon rejoining, " Now I hope you will go to the Bank
committee and give your opinion ;" they have answered,
" No, they must be excused from doing that." In on,
case, in reference to an individual whose name would to
known to almost every body here, when I enjoined upon
him that I thought it was his duty to do it, he immedi-
wely r. joined upon me, that he should feel it a breach of
confidence if I mentioned his name.

Are the persons you allude to persons of eminence and
high authority ?—Persons of eminence.
And you think there are a number of persons of that sort
who ready are against the present system of banking, but
who, for certain reasons, do not like to come forward and
offer evidence before this committee ?—I bare mentioned
to the committee one case. and illustrated it by the conver-
sation that took place, and I have not the slightest doubt
that many other cases prevail of the same kind.
Do you apprehend that their dislike to come forwai d
to give evidence arose from any other cause than not liking
to go through the sort of examination which you have
just been going through ?--I believe it did not originate
from that dislike, because lam under some impression
that the individual had no idea of the sort of examina-
tion. I believe that it arises, as I believe it dues in many
other cases, from a dislike to go into what is supposed to
he hostility to so powerful a body as the Bank of England.
Is it possible, in the situation you hold, and with your
opinions in the City, that any act of the Bank of England
can injure you individually in your business know it
cannot-, at least I am not aware how it can, but I believe
that such fear prevails with others.
Have you been able, in any case, to trace any persecu-
tion on the part of the Bank of England towards individu-
als entertaining feelings hostile to them as a conipiny,
which affords any ground for people being apprehensive
of opposing them ?—Myself, I never have observed any
cases. I have asked many individuals whether they think
that the fear of being considered inimical to the Bank of
England, and interests supposed to be united with ita
monopoly, does prevail to prevent their coming forward
to give evidence; and the individuals I have asked have
given the opinion that it does so operate.
Do you think that apprehension well founded ?—I am
not aware of any conduct on the part of the Bank of Eng-
land that would justify it.
Since the question of the renewal of the Bank Charter
has been under consideration, have you had much commu-
nication with other gentlemen of the City of London, on
the subject?—Yes.
What do you find to be the prevailing opinion as to the
expediency of the renewal of the charter amongst those
with whom you have conversed ?—lt will be very obvious
to the Committee that I am more likely to converse with
those who are hostile to the Bank monopoly, than with
those who are friendly; but, unquestionably, among those
I have conversed with a feeling prevails very strongly
against the expediency of continuing the exclusive pi ivio
leges of the Bank.
What classes of men are you now referring to ?—I have-
conversed with London bankers, with London merchants,
and with different persons connected with the money-
market ; from all those classes, and from persons whose
opinions I conceive to be entitled to considerable respect,
I have learned such opinions.
Do you think those persons form a just conception of
the way in which the Bank is managed, and have any
real knowledge of the state of the case ?—I am sure they
have. I have in my immediate view persons whom I have
been trying to prevail upon to give evidence, who are in •
tirnately connected with all the operations of the Bank,
and must know them, and who entertain a very deep con-
viction of the inexpediency and danger of the system.
When you say the inexpediency and danger of the sys-
tem does that apply to the Bank of England being a single
bank of issue, or to the general management of their af-
fairs ?—lt applies to the general mangement of their af•
fairs. • ;Sri 161141 _•.:41.1.r cat; trq t y.

Is this class of persons so numerous that you can af-
firm that the majority of the large capitalists in London,
bankers, merchants, and traders, are adverse to the present
system ?—I have not had sufficient intercourse with them
to be warranted in saying what the opinion of the majo-
rity is ; I have spoken of positive communications witL
myself,
What is your own opinion as to the principles upon
which the Bank is now managed ?—The Bank I conceive
to be managed upon a pla❑ of making the largest dividends
they can, without that reference to their sccuiity which I
conceive to be esssential to the public interest.
Had the dividend of the Bink varied much of late
years ?—I believe it was 10 per cent. for a long while,
and it is now reduced to 8.
By what principles do you understand that they control
their issues ?—I believe the general understanding has
been recently, that they control their issues by a reference
to the foreign exchanges.
What do you mean by " recently ?"--Perhaps since
December, 1825.
Is it your opinion that they have anticipated the action
of the foreign exchanges, or that they have waited till the