The Sun.
London, England, 1826-02-18 00:00:00

PRICE SEV.CNPENCE.

could not go on together. Say that there shill be paper, and.
you will find no sovereigns there. Say that there shall bu gold
or crown pieces, and you will find no paper. These were some
of the grounds on which the measure now before another prth

of the Legislature wilt founded. The other reasons which refl..
dered it etpedient were, that in some degree it gave a cheri to
speculation; that it would aisle its evils earlier felt; that it
would secure favourable exchanges, and above all that. it would.,"
yield eitectual protection td the great body of the people. In
doing this, however, Parliament would not do enutigt). Ike tkail
*mallet measure to Propos& and in doing so he felt that It w!i
a deticient one. But wherefore was it only a half measure
Because the chartered right, of the Bank tendered it impaniblo

to go farther. ritrther Parliament ought to go and must go ;
but at present it was not in its power, *ls had been surprised to
he! !lily objection ti this 'Deficit e,kiyomt the usual ond,
,t`aitt
it ksulti do little g0(4,,,, fOr: it puzisibill vould do .110 hartil.

present system of laws, as to banking., was most abststdarld

inexpedient. It was a system *Melt could not be main-
tained, and which could not hake been eitablinlie4 at once, but

Must have grown gradually, in auell as to disguise

its absurdity. Two modes presented thetintelves. The one was

a system of wholesome restrictitins, admitting of only one banit4
of WI, or twenty, or, if the number was not limited, founding

diem on such principles, as to render such establishmenti,se•
cure. In the State of Massachusetts, in America, there rere
only 12 chattered banks. No others were allowed, and if any

of them were unable to pay in specie, it forfeited its charter, im•
mediately. Be conceived that such a system might be wiselind
beneficial In any country where it was singly adopted. There.
was another system, one of full and entire liberty, which would
in the end answer the same object ; for there was, no dom.bt;
the right of the Crown to grant charters being preserved, that

whenever respectable banks were established, they would drive
out the smaller and unsafe firms. There was no other circue
lation in London but that of the Bank of England, yet every
London banker might issue notes if he pleased, but note would
do so in the presence of a superior establishment. So i t would he
in the country when great and secure banks were established.
But what was the present system of our laws respecting banks
togs ? One of complete liberty to every thing that was retten
and bad. Any cheesemonger, any butcher, chandler; or
Other shopkeeper whatever, might set up a bank; but say that
more than sik respectable persons are assembled, and they
may form no establishment 4 and the Crown may grant them
no charter ! Such a system could not continue to exist. Either
hate sound restrictions, or else have full liberty. He might
be told that it was in 'Min to look for the establishments of
such safe and respectable Joint Stock Companies. Whether
they would be formed or not he could not say ; but a simis
tar measure had 'been adopted not long since in Ireland, and
although much time had not yet elapsed to make it a matter'
r of experience, he understood that respectable Joint Stock
Companies were already established in that country to carry
on banking. The present measure would be imperfect till
the country were free from its engagements with the Bank, or
till the Bank should free tile country. One consideration might
operate with the Bank to do the latter, the desire of establishing
branches of its own in various places. It had a right, he be-
lieved, to do so, and he a as most willing that it should make the
experiment, If, on consideration, the Bank did not feel it pro.
dent to make that experiment before the ercpiration of its charter
iii 18334 let it least lea' e the public free, and it would derive
ristich benefit from such a course, for whatever placed the cis.
ctilation of the country on a secure foundation must turn to its
advantage. The timeline maintained by some Noble Lords
that nothing was better then a paper circulation convertible at
will into gold was true to this extent, that if convertible into
coin, the evil would cure itself, whilst one not convertible would
lead to nothing but ruin. But how was the cute to be operated ?
By the downfall of thousands, and hundreds of thousands, and
the convulsions of all kinds of property. It was true that the
evil carried its cure, but with such consequences that the cure
itself was more terrible than the evil. It was one of the dim&
Vantages of this country, anti of all rich commercial countries,
to be exposed to greater fluctuations than poorer States. The
object of the Legislature ought to be to make those fluctuations
as rare and as small as possible. This feeling ought to govern
all its proceedings, and he trusted would prevail when another
most important question, Which it was not his intention tosube
mit this year to the House, the great question of the Corn Laws,
should come. to be discussed. Ile was afraid that much passion
would be brought on all sides to the discussion, and he ear.
neatly recommended that it should be considered most coolly,—
Let not the object be whether rents or wages should be higher
or lower, but what Would create the least possible fluctuation.
That alone was the legitimate object. On that the Legislature
ought to rest, and he who could solve that problem would
render the greatest service to his country. When the time
should come, let, he repeated, the question be discuseed
dispassionately. Let not this interest or that be consulted,
but the interest of the whale community. lie had now strived
at the measure of relief which had sometime been afloat, and
which his Majesty's tiiceernment tholtght it right to propose to
Parliament. Ile knew that a strong wish had been expressed,
that a remedy applied under fotruet circumetanees, an issue
of Exchequer Bills, should be adopted in the present. He
also knew very well that if he had consulted his own ease
and popularity, and had tome down with such a proposi-
tion, he would have been most welcome. If he had not so
conic down, therefore, it was because after deep considefation
he had not considered it consistent with his duty. Ile Matt al.
way thought that the precedent of 1793 was a most unfortu-
nate one, even at that time ; although there Was a great air.,
ference between evils groWing out of political events, and die,
tress which it was ackuowledged on,oll sides had no connection
whatever with such events. Such a remedy would now teach
the people not to look to themselves. It would 'contradict the
doctrine laid down that the evil must cure itself, and would
make the eoYnmercial world expect relief from the Oevermeene,
whenever the excesses of its speculations should have brought it
into difficulties. - It was POW three or four years since the
landed interest had also been in a state of great distress, and
not One month dared without his being beset veil applieetion
for special relief on: the ground and precedent of that unfoutte
nate issue of Exchequer Bills. Luckily theft was this short an.
ilea in case of trede, res
swat. that the thing was impraetieeMe;
paymenkcould be mauls in a shostoltOru:t blltyltltZtiwiehlearytelda.ndreclet
• i'tr'w-Pacsrtitiwpolscilitllenccinti;ark(i'rt3lYont'Littliords feel that they could