The Sun.
London, England, 1832-06-11 00:00:00

THE BANK COMMITTEE.

(From the Times, of Saturday.)
The mode of proceeding in the Bank Committee with
the evidence of Mr. Horsley Palmer, the Governor of
he Bank, preferably to that of any other individual, and
,he time which has been consumed in his examination,

xcite very general surprise in the city. It would Lay
own far better, in the opinion of most of those who are
conversant with the subject, to take first the testimony of
witnesses who are prepared to show what the defects of
'he existing system are, with the proper remedy for them,
,d then to allow the Governor or the Directors to ad-
duce such arguments as they may be fortified with, in
support or defence of that system. As it is, not only are
the Committee liable to acquire a wrong bias, by hearing
the defence first, but great waste of time is incurred, since,
when the attack does take place, if the investigation is
conducted with any fairness, the whole of the ground will
have to be gone over again. This argument is strong
in any circumstances, but has double weight when it is
known that the Committee, or at least a majority of them,
have the intention of occupying but a short time with
the inquiry, and of examining very few witnesses. Our
political financiers, who abound about this spot, are totally
at a loss how to reconcile this mode of proceeding either
with the character of the Ministry or infinite importance
of the subject. They say, emphatically, that only two
courses were open to Lord Althorp and the Ministry on
this occasion—either to postpone the question by suffering
it to go over to a Reformed Parliament, or to go fairly and
tearlessly into the inquiry through the whole of its ramifi-
cations. The Bank Charter, as it is, goes on indefinitely,
until notice is given, for which twelve months are allowed,
that it is to terminate ; and it would b?, in their estima-
tion, a far less evil to take the system as it is for a year or
two years longor, than to patc:a up a renewal under cir-
cumstances that would disgrace the legislature in the eyes
of all Europe, and bring, possibly, incalculable injury on
the country.

We repeat, unwillingly, some of the scandal that is
abroad respecting the motives of this apparent, or as it
taken, evident intention to smuggle in a new Bank Char-
ter without proper inquiry, because the character of the
Ministry should place them above any such imputations.
They ought to be told, however, that they are charged
with being under the influence of the private bankers,
those from the country more particularly, who are said to
favour the application of the Bank Directors, in order to
obtain for themselves, as a boon for their forbearance, the
privilege of again issuing small notes. This privilege,
which has always been highly valued by the private banker,
has been much more coveted since it became certain that
the Reform Bill must pass. It is obvious enough, that
under the change of constituency which is about to take
place, a country banker of large connexions would acquire
an enormous influence over the return of Members to Par-
liament, especially if permitted to circulate paper as freely
as before the late restriction.

Others who reject the supposition that Ministers ca u
possibly be the dupes of any such nefarious project, are
ready enough to assign as the motive for their thus blink-
ing the question, their inability to understand it and to
-,rapple with it in the decided manner which is requi -
site. They have to choose, therefore, as regards the
impartial class in the city, between the charge of in-
competency or that of subserviency to the old baoking
interest, unless they will alter their proposed course,
and allow the most full and complete investigation. To
this should be added publicity to the whole proceedings,
or the publication of the evidence as the inquiry goes
on ; and every one, except the few who are intriguing
for the continuance of the old system, would then be
satisfied.

From what transpires in the city on the subject of this
investigation, it is thought altogether unlikely, however
strongly some persons may desire it, that it can be brought
to u conclusion in the present Session. Those members
of the Committee who advocate a full inquiry, though
they are in a minority, are too active and zealous not to
embarrass the proceeding on any other plan ; and after
the feeling which has been roused abroad on this ques-
tion, to come back to the House of Commons, with an
imperfect report, seems too great an absurdity to be con-
templated.
At first it is said to have been the intention that not
more than five or six individuals should be examined be-
fore this Committee, and these are suspected to have been
chosen from a class least likely to elicit the truth. Among
those men who, in the general estimation, would be thought
most likely to furnish valuable information, we cannot
learn that any one selection has yet been made. Yet there
is no indisposition on their part to assist in the investiga-
tion, and some of them are known to have offered their
testimony.

(From the Morning Herald of this day.)
The story put forth in a Morning Paper of the country
bankers having made a compromise with the Bank of En,2.-
land Directors, " in order to obtain fur themselves, as a
boon for their forbearance, the privilege of issuing small
notes," is altogether groundless. The country bankers
have, at public meetings, by their deputies, and on all oc-
casions where they could properly do it, declared their de-
termination not to interfere in any manner with the po-
licy of the Government respectint, the issue of small
notes, and it is well known that the declaration made very
recently in the House of Commons by Sir Matthew Rid-
ley, a great banker at Newcastle, against a recurrence to
an issue of small notes, was a declaration made in concur-
rence with the wishes of nineteen-twentieths of the bank-
ers of England and Wales. The assertions of the pr iv i-
lege of issuir.g small notes being " highly valued" by the
private hankers, and being " much more coveted since it
became certain that the Reform Bill must pass," are both
untrue.
.Many of the country bankers never issued
small notes; and the majority of those who did issue
'hem reluctantly. Then with regard to their desiring to
issue small ❑otes, because by that means they " would ac-
quire an enormous influence over the return of Members to
Parliament," the house of Attwood and Co. of Binning.%
ham, withdrew the whole of their small notes frorn
!scion seven years before the law would have compelled
them to do so; and those intelligent and experienced
bankers will not issue them again with a liability to dis-
charge them in gold ; and the same motive will actuate
almost all country bankers. There is not one banker
in the kingdom who wishes to issue small notes for the
purpose of political influence.

-- lt has been rumoured to-day in the city that
Parliament is to close its session on the 26th inst., and
that a dissolution will take place as soon after as the ma-
chinery of the new Bill can be completed. Anothsa,
rumour was, that Parliament will sit till the middle of
July, and then be prorogued preparatory to the. dissolu-
tion. The general impression is, that at whatever period
the session may be closed, no measures will be brought
forward in this Parliament which may conveniently stand
over till the next. Neither the Bank nor the East India
question, it is conceived, can possibly be settled in a sa-
tisfactory manner under such circumstances. This will
account, intelligibly enough, for the slow progress which
is making in the Committee On banking affairs. In fact,
the prime movers in that Committee, who were desirous
from the first of slurring over the investigation, have be-
come, as we are given to understand, within these two or
three days, exceedingly puzzled what course to adopt, and
are almost ready to come to the determination, certainly
the wisest in such a case, to do nothing at all. This (7,44
do no harm, for the inconvenience of carrying the cities,s
tion over to a new Parliament will be very slight indeed,
while the delay will satisfy all concerned that it is intended
to be fairly conducted, and give time for the examination
into the whole of its details and bearings.— Times.
Arrangements have been made to place the
Dock-yards at this port and Plymouth, as one of the meu- -
sures arising out of the abolition of the Navy Board, un-
der other control. The office of Commissioner is to be
annulled, as at all other ports ; but instead of substituting
for it the appointment of a Superintendent, in the person
of a Captain of one of the Royal yachts, as has been in
other cases observed, the duties are to he under the regu-
lation of the respective Commanders-in-Chief. This ar-
rangement, however, will not be acted upon until January
next, when the Commissioner at this port, Sir MicHaEL
SEYMOUR, Bart., will be promoted to the rank of Rear-
Admiral, and will hoist his flag on board the Vernon, to
proceed to South America, in the command of which sta-
tion he will succeed Admiral BAKER. It is understood
that the active superintendence of the yards at Portsmouth
and Plymouth will devolve upon a Rear-Admiral, or upon
the Flag Captain.—Hampshire Telegraph.
,‘ The Private Correspondence of a Woman
of Fashion," descriptive of recent events and characters
at home and abroad, is, we hear, scon to be laid before
the world. The authoress was familiar with the Court of
France from the restoration of the BOURBONS to the ali-
dication of CitattLEs X. ; and she is equally acquainted
with the great personages of her own country (England),
most of whom she is understood to have sketched with an
'
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unhesitating pen.
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Hibernia and the Nor/hi/utter/old, from New Yolk ; the
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