The Sun.
London, England, 1845-04-28 00:00:00

ault

LONDON, MONDAY, APRIL 28, 1845.

On recurring to the debate of Friday night last, on
Sir ROBERT PEEL'S moving the House into Con.mittee
on the subject of Irish and Scotch banking, we must
repeat the expression of our satisfection with the general
features of the plans announced by the Premier. If this
satisfaction appears at first sight somewhat inconsistent
with the earnest and anxious tone of deprecation we
have adopted, on so many occasions, in looking forward
to that exposition, which has now been given, of the
Minister's intentions, we must take leave to remind our
readers that our misgivings, up to Friday evening itself,
were shared in by the whole Scottish public. On that
very morning, indeed, there was published in some of
the London journals a report of the proceedings and
votes of one of those numerous meetings of the Scottist
nobility, gentry, bankers, Rc., which have been convened
during the last twelve enenths, to take into considera-
tion the propriety of petitionirg the Legislature against
the intended interference of the Premier with the exist-
ing system of Ireland as well as Scotland. Under ti at
system these two portitns of the empire had been per.
witted to retaie the small note circulation, which is on
all hands admitted to have been an essential and pri-
mary element in the development of that prosperity
and wealth, the growth of which, in Scotland
more especially, has been so rapid and so steady,
and which, in both the one and the other, carries with
it so many indications of permanency. It will be
recollected that last year, not only at the commencement,
but both in the progress and at the termination of the
debates on that which we can never charaeterise as other
than the " disastrous complement" of his Currency Stan
dard Bill of 1819. Sir ROBERT PEEL, in answer to the
numerous questions propounded to him on the subject,
over and over again distinctly intimated his purpose, this
session, to assimilate the law of Scotland and Ireland,
with regard to a small-note circulation to that of England
—that is, to make 51. notes the loweit paper issues.
We might not -without impropriety deplore the needless
uneasiness and pain which Sir RonEßT's long•contieued
mystety on this question has occasioned. lfe has, in
this affair, carried to its extremest limit thut secrecy of
intentions which no British Misditer hue ever hefore
pushed tip the same extent ; but we will not quarrel with
him fm that head. We sincerely rtjoice at the fact of
his greatly modified intentione en this point. The
Scheme of requiring monthly or other eriodical returns
from Scotch and Irish banks of their issues is, in the
language of Mr. Fox MAULE, " not so dangerous as we
e xpected." It t• scarcely touches," as Mr. PeTetecie
STEWART observed of it, " that most material question of
the low denomination of the bank. notes, about which the
greatest degree of alarm and dissatisfaction had been
created." Mr. 11C3IE fint.ded his approval of the scheme
on this very ground too ; fur he " bad come down to the
llouse ex that the plan to be proposed would do
more, W ip;
e'lelling had it done, would have produced mis-
chief."
And Mr. CoLQUHOUN'S approbation was won
by the same featut es of abandonment of the original de-
sign to withdraw the small bank .note circulation, and the
general moderation of the rest.oftbe plan, with the excep-
tion of one or two de tails, into which we shall not, on this
e
occaeion, enter. Mr. WARBURTON's question, although it
a negative answer—namely, "whether it was in-
tended to allow banks that should have made excessive is-
sees (or issues to an amount beyond that which, on the first
average struck of their circulation, they are afterwards to
be limited to), to pay their notes, when 40s. in value,
in silver ?"—this question is also suggestive of some
important considerations that we may di: cuss at some
length hereafter, when we -hall consider in what degree
it will be possible fur the Scotch and Irish banks to make
those deposits of specie in the nature of guaranteed se-
curity
C, currency
vt,,00r,,
in of
rofe the
re Unitedl
i
curity fur their respective circulettions. On the Pre-
mier's own showing
and figures, in his estimate of the
aggregate
from his answers to the -significant questions addressed
to him by goldlir
coto Kingdom, and
the coati ed