The Sun.
London, England, 1826-02-08 00:00:00

clusive privilege, as to the Metropolis and its neighboUrhood,
beyond the year 1833, as the price alb% concession.,

It would be-very much to' be regretted that they should -re-
quire any such condition,
It is clear that In point of securits, they would gain by-:the
concession proposed to them, inasmuch• av their own safety is
now necessarily endangered by all such convulsions in the
country . circulation es we have lately and formerly witnessed.
lii point of profit would they lose any thing by it for which
they are entitled to demand compensation ?
It is notorious, that at the present time their notes circulate
in no part of England beyond the metropolis and its neighbour-
hood, except in Lancashire ; and perhaps for that district some
special provision might be made.
But as it is' the interest, so it has been and ever will be the
endeavour, of the country bankers to keep the Bank of Eng-
land notes out of circulation in those parts of the kingdom
where their own circulation prevails. In this they must always
he suceeasful, whilst the public credit continues in its ordinary
state, and the exchanges not unfavourable. to this country.—
The Consequences are, that in such times the Bank of England
becomes ip a manner the sole repository for told and, in times
of an opposite tendency, the sole resort for obtaining it : that at
'one period their legitimate profit if curtailed by' an accumula
tion of treasure beyond what would be required by a due atten-
tion to their own private safety as a banking establishment;
and at 'another period, they are exposed to demands which en-
danger that safety, .and baffle all the ordinary calculations of
foresight and prudence. • -
If then the Bank of England has no country circulation, ex-
cept in the county above named, the only question for them to
consider is, wlietlier, onthe ground of • profit, as well as sec A-is
rity to themselves, the existing country circulation shall (il'
shall not be improved. .
With respect to the extension of the term' of their exclusive.
privileges in the metropolis and its neighbourhood, it is obvious,
' from what passed before, that Parliament will never agree to it.
Such privileges are out of fashion; and wkat expectation .can:
the Bank, under present circumstances, entertain that theirs
will be renewed ? But there is no reason why the iankof Eng:
land should look at this consequence with dismay. They will
remain a chartered Corporation for carrying on the business
of. Banking. In that character they will, we trust, always con-
tinue to be the sole Bankers of the state, and with these advan..
tages, so long as they conduct their affairs wisely and prudently,
they always must be the great centre of Banking and circulation.
Theirs is the only establishment at which the dividends due
to the public creditor can by law be paid.
It is to be hoped therefore, that the flank will make no diffi-
culty in giving up their exclusive privileges, in respect to the
number of partners engaged in banking, as to any district
miles from the metropolis.
Should the Bank be disposed to consent to a measure of this
°nature, in time to enable the Government to announce such a
concession at the opening of Parliament,, it would :And great
facilities to the arrangement which they may have to propose
for ensuring the stability of private credit, in which the support
of public credit and the maintenance of public prosperity are
so materially an 4 closely involved.

• No. 11.
At a Court of Directors at the Dank, Jan. 20, 1026.
This Court having •taken into consideration the important
Paper received from the first Lord of, the TreesUry and the
Chancellor of the Exchequer, have resolved—
That, however essentially they may differ on certain views
and sentiments therein laid down and expressed, it is not for
the Court at the present moment to offer any opinions of their
own, the Paper appearing'. to be intended as declaratory of the
grounds on which Ins Majesty's Ministers have come to the
determination to require the Bank to give up its exclusive pri.
vilege as to the number of partners engaged in banking, except
within a certain distance from the metropolis.
• ft cannot, however, be. considered inconsistent with this for.
bearance, to state the apprehensions of the Court of Directors,
that confidence is not so fully restored as Lord Liverpool and
the Chancellor of the 'Exchequer seem to Imagine.
Though the panic has subsided, credit, both public and pri.
rate, remains in a very uncertain and anxious state.
That the country circulation is in many parts extremely de.
fective • cannot 'be centroverted 4- and the Bank would very re.
luctanilly oppose itself to any measures tending to ameliorate It,
but would be glad to promote that object, either by fresifexer.
dons on their part, should such be found practicable, or by any
reasonable sacrifice. • • .
Under the Uncertainty in which the Court of Directors find
themselves with respect _to the details of the plans of Govern-
ment, and the effect which they may have on.the interests of the
Barak, this Court cannot feel themselves justified in recall-
mending to their' Proprietors to give up the privilege which
they now enjoy, sanctioned and confirmed asit is by the solemn
Acts of the Legislature.