The Sun.
London, England, 1826-04-17 00:00:00

t f iirt".rt, 1"-

TEE LONDON JOUItSALS,.
DAILY EXTRACTS FROM THE• !MORNING PAPERS'.
• APRIL 17, 1826. ••

['py,e TIMES.]
The bill entitled the Bank Charter Amendment bill, having
-passed through .the . Lords, , was subjected to consideration in a
Committee of the• Cornmeal on. Friday evening. In what shape
it may Come out of the mill we know not, but we have no hesi.
taton in exprerning our opinion, that as to its general constitu-
tion, it is a very absurd, useless, and impracticable measure; and
we are sorry to see the waste of character to which the Howe of
Cemmons subjects itself in labouring upon such nonesense. There
be a general opinion, we find, that some awkward clauses have
beilvistucl! into it, in another place, for the purpose of rendering
the bill'.unintelligible or contradictory; and this may be true;
but it ie also farther true, that the object which it affects to com-
pasJ is beyond the power of legislation. To prevent one class of
men from becoming bankrupts, and another from falling into
sudden terror for the safety of their money, which very terror
occaeionnthe evil dreaded, is a Consummation trot even to be
Itelled`foe. " Curiosity and dmibt," Gibbon says, " are the
"`ertantf-firfitailants of the human mind to attain knowledge."
A 31444 is also of the essence Of trade and commerce, that those
isto are engaged in thern should be continually agitated by appre-
Octagons and expectations; by hopes and fears; by uncertainties,
risks, andnetsional losses. And if commercial:Or pecuniary af-
f4tra could be conducted on principles of absolute security, none but
the incorrigibly dull would engage in them. It was certainly very
witaral in Government, when the perplexities in the Money
ilarket sprung up, of which its own extravagance had been the
rant fundamental cause, to show great symptoms of bustle, inte-
rest, sympathy, and activity ; but being determined to afford no
"initial relief by retrenchment and economy, it should have con-
tented itself with demonstrations, and not put the respectability of
Parliament to the hazard, by involving it in measures which-most
men are already treating with ridicule and contempt; and from
Which; none expect any good except the present employment of
certain legislators, who might otherwise, perhaps, be engaged in
riu)re mischievous work. The remedies now applying, in truth,
toss no relation to the evil experienced. The firms ofenuntrybanks
a vermin inseams! from London are to be enlarged beyond
05_, number of six partners ; but it was found by the
‘ll,ial 'retains, that
,the number of partners in few country
baal amounted even 'to- the allowed number of six. The con-
templated provision, therefore, resembles the act of men who
should greatly enlarge and deepen the channel of a river which
bad never been know-, to reach its old banks. Another project
bf the 4iroposed bill is, that the Bank of England shall establish
tiratiaisbanks In different parts of the- country; but was it ever.
known that the Bank of England was incompetent to convey its
!"`4,' great or- nusahl, into any of the provinces where there
..be a demand for them? It is proposed also to, extend
the Theastire to Scotland. We have no doubt that the Scotch
Batiks ,sre rotten enough ; and we should say, " so let them re-
" prlin till their 'weak part; are discovered." But we really do
not see why non.ensieal and absurd legislation should be confined
to England. There is an homely proverb, which assigns the
,:tine sauce to the goose and the gander.

[NEW TIMES.]
Among the Parliamentary Orders of the Day for this evening
is the second reading of the Usury Laws Repeal Bill. This is
one of the questions on which praictical men differ very widely in
opinion; nor are we to be much surprised at their variance; for
though the matter is' one of practice, yet, as the practice has
hitherto been all on one side, what the effect of a change may be
is mere speculation. We confess, that we approach the subject
with -i‘certain prejudice against the repeal; because it was first re-
coznmendetl by Jeremy Bentham,' whose name, in our apprehension, •
is synonymous with the most absolute perversion of intellect. Still, as
there is only a right and a Wrong; it iipossible that, by some happy ac-
cident, even Bentham may have stumbled- upon the right;
`:therefore we do not absolutely hold his argument for the
repeal telaS demonstrative proof against it. Indeed, there are
strong authorities in favour of such a measure: The Select
Cortimittee of 1818, reported it Os their opinion that the Laws
regttitting or restraining the rate of interest had been extensively
evaded, .and hail failed of the effect of imposing a maximum on
such rote; that during several years, from the constant excess of
the market rate of interest above the rate limited by law, they
added to the eipence incurred by borrowers on real security ;
that such borrowers had been compelled to resort to the mode of
granting annuities on lives, a 'mode which is often made .a cover
for obtaining higher interest than the rate limited by law, and
further '-subjetts the borrower to enormous charges, or sub-
jeet'S hiat to make very disadvantageous sales of his
eeteths, ' :At .nie.t be observed, however, that these opinions
of th?-•eommittee were not borne out by all the witnesses they
exsteiried. , Mr. Rothschild stated his belief, thatthe repeal would
be very injurious to tradesmen and smell manufacturers. Bills
drain's- by auchTerinns, though extremely rare on the continent
abound in this country, and become negociable with little diffi-
culty at the legal rate of Five per Cent. discount. Probably, in
the event of a Repeal, advantage Would be takeraof the necessities
of persons, by the Lender demmtding two or three times that
ratISW interest. Mr. Preston, the eminent Conveyancer, said,
that With respect to tins lauded interest, nothing Could be so in-
juci irs to have .the rate of interact without a limit;' the value
• of land would fluctuate from ten to forty years' purchase, and oven
mare. Mr. Samuelei urney also thought that if there ex imted no statute
of as to interest, it would be the means of landed property
changing hands More freqinettl y then it dues now; and that though
athetitthe opulent and larger merebants,• and the Bankers in
London, very little inconvenience might result from a Repeal:
yeti tb the -Smaller merehantji, and the . smaller manufacturing'
tosittifid,Where'tlie money - cireulation gnes,through the hands of a
• fst+i"oilidieltivals, it would. give to those individuals a very
greot-liewer, • 'Which • might he . injurious •to the commu-
nity, , -The great r and wimple ar,samient in favour of the repeal .
i,S.-11ret the dottier •in 'money should be at liberty,. like the.
daakkriri crierevother article; to get the, best price he can for his
iindthat in the came of money, 414 of every other ar-
. tiOlvtise ratio of supply and demand. will- eltimstely fix the fair
prim. It may, however, he doubted whether, the analogy be-.
twin money and commodities is perfectly correct; for money
Ic Ontier", and the natural desire of the human mind for power
emotes a &Mond for meal., whieli mu:it always outstrip the sup-
ply. The leaders will-always let able to fuel borroivers, though
ti,,:..locraoweti,iney,not always fund lenders. .116wever beneficial
au unlimited rte of interest may ultimately appear, there are
pisatoroc*ito. think' its immediate effect would be, to depress all
public securities, mad tncreate, itt least, a temporary Mania for
lending anz private seebrity. Every man would become a usurer
Alm usury- Was iso longer disgraceful t: and the same temptation
oitfilgis tiltp4 %Weil • some time since 'made so many people
sptsdite.in Spanish Bonk Pnyais Bonds, and Greek Scrip, vill
'task thorn 'lend their money to gamblers; cheats, ' and insolvents.
Itia; save we stated a few of the leading opinions on both sides
tias"iropoitant question, leaving it to the -reader to estimate
ti;(4,ormaparative weight, and not prestoninx ourselves to decide
betoveen the conflicting authorities.

..
•
•Ct
• .. ,
, 'ipiestion of Parliamentary Reform has been so often- dis-
ci?
, lia(' wee-have so repeatedly expressed our own opinions
`O4 tho iiigijea;.that we hesitated air to the expediency of ex-
.: ypsthig to .it on the occasion of Mr. Abererombie's recent
tioit to.alta and &Mood the Repreaentation of the City of
LtlitOlargia; . It, i 3 quite, clear .that litd,principle of Parliamentary
Rideau was involved in the proposition, and we cannot therefore
view it in wry otherlight than air an: attempt to smuggle that
rph into.Parlialrierit, eompressa.sl ituleoil as souiggled articles
unisdly are int) its sinalliot possible dimensions. ' There is Horne-
ttittle ;perhaps, to admire in the courage and honesty of those
who, thinking, that the state of• the representation of the whole
viiitod Kingdom is vicious or defective, press more hilly upou
Pacitusent the *necessity of some, gqiicral 'mil comprehensive
~ .
a, mg, ; but' who cau applaud. the taste or understanding
Which suggests a Ronny and. drivelling attempt to nosofle
the public wind, and shake the foundations of . our whole
dtktvientatir 6 firma) for - the .sake of some frivolous and local
'„,/,‘,lirdolent, and ,which urges the Legislature, to brave all the
igtil ea tintP!,firicd dangers of turns6tritionnal innovatiso, ,by
a: iirnoilivi Iota& it- ix root e'Ven pretended can produce any great
. ,rai good. ,We disdahi upon this !whir& to listen to any
or r'n
ii
~,lii,,,i 3,...,144.41,444. of steak is die present state of the Represents-
tioii a F,jinborgli it is ellOugil Tor u 4 to know that it is as
ii f,5.4-beico44lo awe," the Period of the Union, to convince.us that
tio4ct who woorpropo*, a &env, if they do not aim at the general
ut,„ribioltv,ol..tlie, present .systeni of Representation), cannot he pool-
':
..
~,,,f,,e' Aim. moo nntlerstanding; and that if they do aim at
ii general "rSiange 'by such nieans, they cannot be possessed
Onlitutt elaidotir.' :,. Redo thus to tho vecessity. ,of its-
'nn'
~,...,„,,,„ :their undetsgandiug or! their eandonr,
,we. cannot
:liksitito.tclultapftitt tattier alterriative. Af wa,slunld appear there-
fore in fie,ditcitsaing,on..‘ question .when thq advocates of the pro-
_„ , ,
posott measure cOnfrood theinselVes princiir'dlV. td tbe discussion' of
inother, -vie .be; to observe,. that it wouhi not be our fault but
theirs. We dhould insiopon .0 the general. system of Represott -
~ ~, it now exists—the principles upon which it is founded, and