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

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THE . NEW -BANKING =SCHEME
The measure brought forward by Sir Robert Peel for the
regulation of the currency has been- received with less satis-
faction by the banking interest than by many others who do
not possess the same practical means of judging of its ten,7,
dency. The remonstrance signed by almost all the London
bankers, and forwarded to the Premier, has, however, been
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 from a perseverance in that part of the Ministerial
scheme which attracted the attention of the whole body of
the metropolitan 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 cir-
cumstance 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. IdeonSideration of a loan made to the Govern-.
went, 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 records of the establishment prove that, in
periods of difficulty, it was the mainstay of the commercial.
interests whom it befriended. by its liberality mid seasonable
aid. The support afforded by the Bank Of 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 event of a period of commercial pressure oe-
, curring, any accommodation 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 not 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, idsome degree the exact proportions which
theory may 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 etringencv 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.