The Sun.
London, England, 1844-06-20 00:00:00

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LONDON, THURSDAY No. 16)176. -
JUNE 20, 1844.

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others
however,
ti,P,:eorvesfel for the
regulation of the currency has been received with less satis-
irwt,shboteetnelno-
dency. The remonstrance signed by almost all the Landau
treated with neglect, and this is the more remarkable, inas-
much as the Minister might be well aware that men of the
habitual prudence of the London bankers would not, as it
were to a man, express an opinion hostile to a Government
measure, were they not pretty fully convinced of the necessity
of such a proceeding. It might be assumed as tolerably cer-
tain that, in the present case, a degree of danger was appre-
hended froin a perseverance in that part of the Ministerial
scheme which attracted the attention of the whole body of
the metropplitan banking interest. Apart from the fact, that
the proposed limitation of issues is found to be objectionable,
and in some cases impracticable, the Bank of England and the
Government are seen to stand in a different and altogether
novel relation to each other.' Under all former regulations the
Bank of England was left free with respect to its issues, and
the whole history of the institution goes to show that its
notes have attained the high credit they have from the eir-
eumstance_that they.have not been issued under Government
influence, but upon the sole responsibility of the Bank, as an
establishment conducted by persons well versed in commer-
cial affairs. In consideration of a loan made to the Govern-
ment, the Bank acquired certain privileges. Subsequent
loans were the occasion of succeeding charters, but the posi-
tion of the Bank of England, as a bank, was free and inde-
pendent. The-privileges it enjoyed were defined and under-
stood, but its administration was left to the discretion of the
Directors, who adapted their measures to circumstances as
they arose. The recordsbf the establishment prove that, in
periods of difficulty, it was the mainstay of the commercial
interests whom it befriended by its liberality and seasonable
aid. The support afford by the Bank o(England to the
commerce of the country;'especially entitles it to the grati-
tude of the mercantile-community. The measure before Par-
liament, however, greatly curtails the powers of the Corpora-
tion, and in the eyelet of a period of commercial pressure oc-
curring, any accOhnnodation to-the public on the part of
the Directors that involves an increase in the issue of notes
beyond the maximum of fourteen millions is interdicted.
It is pot necessary, in order to show the important
services rendered the country by the Bank of England,
in the judicious advance of its paper on securities to mercan-
tile houses under temporary embarrassment, and the vast ex-
tent of ruin that has been in consequence prevented, to go far
back into the annals of the institution; nor does it appear
that, in the performance of their good offices, the Board of
Directors have violated any sound and recognised principle of
banking, even admitting that they may, for a short interval,
have disturbed, in some degree the exact proportions which
theory mast have required to exist between the issues of paper
and the deposits of bullion. Periods of difficulty are sure,
at some time or other, to visit the commercial world again,
and it has awakened the fears of the London bankers to think
upon the consequences to the country, should there be no
power at hand to relax the stringency of the Act about to
be brought into operation. The apprehensions of the London
bankers are shared by the more experienced and intelligent
country bankers, who foresee in the whole project one of the
most-vital changes in our monetary concerns ever attempted,
and, while the principle of a single bank of issue seems now
to be fairly established, it is held to be matter of deep regret
that the opinions of theorists should have had the weight
they would appear to have had with the- framers of the new
enactment.—Morning Post.