The Sun.
London, England, 1826-02-28 00:00:00

man had no objection to publicity, but did not think the If ous
had a right to call upon the Bank as a matter of course to ren-
der a regular systematic and compulsory*ccount of its issues.
He on that ground thought the proposition objectionable. The
Bill had ;provided for periodical returns of the one pound notes,
' because that had been considered a case of exception, inasmuch
as the power continued to the Bank to issue that description of
currency with a peculiar and exclusive power.
Mr. MA BERLY expressed his surprise at the nature of the
objection. The Bill interfered with the rights of private bankers
held under an existing Act of Parliament, and the protection
of the public, was a sufficient ground for such interference, but
he was at a loss to know why greater tenderness should be
shewn to the Bank of England. He went on to deprecate a
system of secresy, and quoted . the authority of Mr. Tooke in
support of his conclusion, that every institution whose opera.
tions could materially affect the public, ought to be under
public inspection. The Bank Directors held in their hands II
power which was most dangerous if not effectually commuted,
that of causing a fluctuation in the value of every description
of property by the contraction or extension of their issues. The
issues of the Bank had been, he thought, sufficient; nothing
but urgent necessity ought to have led Ministers to urge the
increase which had recently taken place by the purchase of
Exchequer Bills. If the foreign exchanged should become
unfavourable, this extension might be productive of serious
inconvenience. '
Mr. HERRlEsdid,not know that the Bank of England en.
tertained any objection to the publicity which was the object of
the clause. His first objection to it was, that it was a clause
which had no relation to the nature or object of the Bill. The
Bill was simply to do away with 11. and 21. notes. He thought
it always expedient to keep every measure as simple as possible,
as nothing was productive of greater inconvenience than com-
plexity of legislation. If the clause might be introduced, why
not any other conceivable regulation or proposition as to the
conduct of the Bask ? When were they to stop ? The Hon.
Member for Montrose had also several objects in view, all of
which he imagined might be advantageously blended with the
present measure. He lied another objection to the clause. It
was admitted that the amount of Bank of England notes was not
a criterion of excess or deficiency of the circulating medium. It
was at best only an indication. It would therefore, he thought,
be dangerous to inspire confidence or beget apprehension by
statements which, in themselves, would not itffietd a good
ground for either unless combined with something else. Ima-
gine, for instance, the alarm whieh would be occasioned if an
unfavourable state of the exchanges concurred with a great and
unusual amount of Bank notes in circulation. The irregularity
of the clause as a part of the present Bill was a sufficient ob,-
jection to it, but he should always oppose the object it had in
view, in whatever form the object might be pursued.
Mr. CALCRA FT did not see the impropriety of calling for
general accounts of Bank issues, as the Bill already compelled
the,- id

At the time of the Bullion Committee the Directors stated the
principle upon which they regulated their issues to be the de-
mand of the mercantile body for discount. This principle had
been succeeded by one still more dangerous, The demands of
the Government seemed now to be the regulation of its conduct.
The Hon. Gentleman here entered at considerable length into
a detail of the transactions between the Government and the
Bank, and computed the present advance of the Bank at the
sum of 26,480,0001. He spoke also of the advances upon mort-
gage, and charged the Bank with having deviated from the
principles of banking. Ile drew a gloomy picture of the pro-
bable situation of the country in consequence of this deviation,
and anticipated another stoppage of payment 1* the exchanges'
should turn against us, or it any political culties should
ab arise. It had been said that the present w a propesi.tilne
for the introduction of the clause, but he despaired of ever find-
ing a proper time for the introduction of any thing which was
disagreeable to Ministers. The same excuse bud been madeon
his attempt to procure an annual balance sheet from the Audit
Office, and the House was at last indebted to a decision of the
Speaker for the possession of that important document.
Mr. PEA liSt.: vindicated the conduct of the Bank. lie
objected to periodical publications of the amount of their Issues
solely on account of the public. The proprietors of Bank stock
consisted generally of merchtints of great experience and intelli-
gence, and this body had considerably refused to call upon the
Directors for disclosures, from an apprehension of the mis-
chief which the publicity of their proceedings might produce.
Mr. IRVING deemed the arguments of the last speaker con-
elusive as to the evils which this clause would create. Ile de-
fended the transactions between Government and the Bank, and
insisted that Exchequer Bills were the best basis on which the
circulation furnished by the Bank could rest.
The CHANCELIANt of the EXCHEQUER objected to
the introduction of extraneous matter. It was not now neces-
sary to discuss the whole conduct of the Bank.
Sir J. NEWPORT supported the clause, as conducive to
public confidence.
Mr. MANNING should not have objected to the clause, if
parliamentary ground had been laid for it. But whatever
might be his individual feeling, It was impossible for him to
give any assent to a proposition which could only be acceded to
by the Directors as a body.
Mr. MA BERLY said, that at that hour, and anticipating,
as he did, what would be the issue, he would not press the
clause to a division.
The question was then put, and the clause negatived without
a division.
Mr. CALCRAFT inquired whether the Bankers who had
stamps in their possession, which they had obtained previous
to the sth February, and were now restricted from employing,
were not to be repaid for their stamps ?
The CHANCELLOR of the EXCHEQUER replied, that
the law as it now stood entitled theni to this repayment.
M.

Yet it must be taken to betray, in a certain degree, the animus 1
of the speaker. As had been observed by the Hon. and Learned
Member for Caine, there was a great difference between the
circumstances which existed now, and those under which this
proposition was made last year. The question then was, and it
was a question well worth considering--whether if they conti-
nued the system of 1/. notes, it would not be right to. apply
some check of this description. But let them consider what
the House had just now done. They had resolved that at the
end of thred years the circulation of all 11. notes should cease.--
When that proposition was made, it was suggested by some
lion. Gentleman that the contraction of the currency would be
(4)641/4 nioNiti
.tob-rapidly effected. He did not at fir;i atta h weighito
flrfirstggestitin as they had since fofmti in p i iat it Uft.,
served. The then endeavoured to,„stqlklyka re. vt. f circu-
lating medium, by allowing the NOE of' iftglaifil to is e linall
notes for six months longer. Why then was it not the neces-
sary effect of this clause to undo again what they had been so
doing ? It would naturally make every Country Banker with-
draw all his 11. notes from circulation at once. He objected to
It as inapplicable to the system they were destroying, and the
destruction of which they now feared Would be too precipitate,
not for the Country-Bankers, but for the interests of the country
at large.
Lord MILTON said, that if he had been attending his duty
in the House at the first agitation of the question, he should
have added one to that small band who opposed the introduc-
tion of the measure altogether. If his Majesty's Ministers had
taxed all the resources of their minds, they could not, in his
Opinion, have discovered a measure more injurious to the user-
candle interests of the country, or more destructive of general
confidence. The measure was directed against that maligned
class, the country bankers—not the unsubstantial speculator,
whose circulation greatly exceeded his capital, for they were all
swept off in the storm before Christmas—but those whose real
and extensive properties were now being destroyed. The storm
had not yet passed, and he believai it had not reached its
height.
Lord A. HAMILTON thought the time might be extended,
but hoped his Hon.'Friend would persevere in the principle of
the clause.
After a few words from Mr. Hu= and Colonel JOHNSON,
which were inaudible, the Committee divided—
For the Clause - - - . - 19
Against it - . . - 163
Majority against the Clause . - --141
When the Gallery was again openeil, Mr. HUME was speak-
ing. He stated that lie held in his band four or five of these
notes, which the Right Honourable Secretary had pronounced
to be the permanent inconvertible currency of the country. The
notes were of the value of 51., belonging to the banks in Warwick-
shire, and payable only in London. He would only ask whe-
ther person who held these notes were to be compelled to ex-
pend the value of one of them in bringing it to London for

new to give an account of the amount of one and two pount.
notes. Such accounts were constantly called for during the
continuance of the Bank restriction. These accounts were not
called for to gratify curiosity, but because they were supposed
to constitute a check upon the Bank, and to afford a satisfac-
tion to the public. The more Publicity, the more stable would
the bank become, probably in factl but certainly in public esti-
'nation. lie did not urge this invidiously. If it were advan-
tageous that an account should be given of the one and two
pound notes, the least considerable part of the Bank currency,
it was surely still more desirable that equal publicity should be
given to the amount of the more important part of its its issues.
Besides, as account was now rendered annually, and if that
were considered beneficial, upon what principle object to an ac-
count twelve times or fifty times in the year ?
The CHANCELLOR of the EXCHEQUER said, that the
lion. Gentleman was much mistaken in his idea if he thought
that there was any analogy between the period of the Bank
Restriction Act and the present time. The Bunk was com.
pelled by Act of Parliament during the restriction to furnish
periodical returns of the amount of Its notes in circulation ;
but when the return to cash payments took place, that provi-
sion of the law was repealed. He well remembered the Hon.
Member for Penryn saying, that give him a repeal of the Bank
Restriction Act, and he did not care a farthing about any account
of their issues. His lion. Friend had well argued that by fre.
quent periodical returns of the Bank 'issues; unfounded alarm
might, in certain circumstances, be created. lie would not
attempt to press that argument further ; but there was another
point of view in which theSe regular returns might be thought
still more dangerous. Ile would not contend against the right
or the expediency of demanding such returns in special circum-
stances; lie was only now insisting upon the danger of fro.
quent regular periodical returns. If it should happen, as
undoubtedly it might happen, that a considerable increase of
circulation should coincide, in point of time, with a rise of the
exchanges, would not every body certainly cry out that the
circulation had been too much narrowed ? Would not a most

r. CA LCltArt had been informed that - the Commis.
shiners of Stamps had retbsed to refund the money, but had
offered other stamps in exchange.
The CHANCELLOR of the EXCHEQUER said, that in
this case they ought certainly to return the money.
Mr. HUME would propose a clause to give a summary're•
medy to the holders of Country Bank notes, in case of the
issuers refusing or neglecting beyond a certain period after
application to pay them in tile current coin of the realm. At
present the holder of such notes stood in the same situation as
the holder of a commercial bill, or promissory note. The Hon.
Member began to read his clause, when
The CHAIRMAN interrupted him, by saying, that he
could now only state the substance of his clause, and that it
would be read when brought up.
Mr. HUME then repeated his former statement of the sub.
stance of his clause, adding, that after the lapse of seven days,
it would empower Magistrates to issue a warrant of distress
against the goods and chattles of the banker on the application
of the holder'of notes.
The CHANCELLOR of the EXCHEQUER said that the
object of the present Bill was to place the law with regard to
bankers upon precisely the same footing as it stood previous to
the Bank Restriction Act. It was at the period of the Bank
Restriction that the circulation of small notes first began, and
then also the summary remedy was first given. If they were
called upon to do it upon the ground of its having been the
antecedent law, they were called upon to do it on false grounds ;
because no such law did exist before the Bank Restriction took.,
place. He did not see why the creditor of country bankers
should have such an advantage over other creditors in the means
of recovering his debt, as to be able to proceed by summary
process. No such law existed before the Bank Restriction,
and the want of it was never said to have been found an evil.
He did not, therefore, see the necessity of passing such a clause.
111 r. HUDSON•6I LIRNEY objected to the clause.
Colonel JOHNSON made a few observations which we
could not hear.

~oging
payment. He should move a clause to remove such an evil.—
He then moved a clause for enacting that all promissory notes,
issued by banks or banking companies, should be made pay-
able at the places where they were issued.
Mr. USKISSON said, that if the Hon. Member had not
interrupted the business of the House on a former night, he
(Mr. Huskisson) should have stated his intention to bring up
a clause to effect this purpose. Until the other night he was not
aware that any such notes were in existence. Through inad-
vertence he had left the clause behind him, but it wotild be to
the effect that it should not hereafter be lawful to issue a note
for any aunt under 201. without making it payable where issued.
If this evil were not provided against, the object of the whole
measure would be defeated.
Mr. CA LCRAFT assented to the propriety of such a clause.
Mr. IRVING said, that the alteration ought not to apply to
notes now in circulation.
Mr. HUSKISSON said, that was not intended. It was only
meant to provide that no more such notes should be issued when
the circulation 'of small notes ceased.
Mr. lIENETT said, that such notes ought to be made pay-
able in. London as well as in the places where they were issued.
Sir J. WROTTESLEY called upon the Right Hon. Gen-
tleman to pause in the changes lie was proposing, and to take
the advice of practical men who were better informed than hi
had ever attempted to make himself upon the subject. If he
inquired of the Officers of the Excise and Customs, be would
be informed that the revenue and rents were all collected by the
means which he was destroying.
Mr. HUSKISSON said, that if the Hon.• Baronet's appeal
referred.to any rashness connected with this clause, he had the
satisfaction to inform him that such means of paying rents and
revenue as the notes under their consideration was unknown to
three-fourths of the country. If, therefore, there would be a
dangerous evil in removing them, it would be one which al-
ready existed very generally. He did not mean to prevent the
notes of country bankers from being made payable London,
3: place. --hey liked: '-

inconvenient and injurious stimulant be thus applied P It had
been asked, why then require a teturn of small notes? The
simple answer was, that by this Act they were making n dis-
tinction with regard to small notes between the Bank of Eng-
land and all other Bunkers. He had been averse to this mea-
sure, and nothing bttt the necessity of providing against con-
tingencies which might probably arise, could have reconciled
hint to it. The sante grounds for culling for an account did not
exist with regard to the description of currency in the issue of
which the Bank of England was left upon the same footing as
all other Bankers, He objected to these returns, on account of
their tendency to produce atone time unreasonable alarm, and,
at another, such an unwaranted deree of confidence, us might
lead to a dangerous and improvident exclusion of the cur,
reney.
Dl ORF'

Mr. BIiAIiTMONT (we believe) said that be could ace no
difference between the debt of a Country Banker and that of
any other individual which should warrant a difference in the
law. If thisclause Passed he should propose another by which
every man who had a shoulder of mutton from his butcher and
did not pay hint should be liable to summary Process.—
(Hear ! and a laugh.)
Mr. MONCK supported the clause. A poor man had no re-
medy against a Banker if he could only proceed byuction. The
clause had been repeated and continued in every successive Act
since the restriction, and if it were now left out, the measure
would be the very reverse of a return w a metallic currency.
11Ir. Alderman IIBY(lA TE defended the Country Bunkers,
and said they had been driven to the issue of one pound notes,
which was the most expensive, the most inconvenient, and the

or in as many places as they liked; but they would be corn.
polled to make them payable at the places where they were
issued.
Sir M. W. RIDLEY bail not been aware that any such
practice as issuing 61. notes only payable in London exited.
Mr. S. RICE expressed. his disapprobation of the form of
the notes of the Bank of Ireland.
Mr. ATT WOOD said that Ministers had departed from the
principle of their measure, by the clause which admitted the
small notes of the Bank of England to circulate. The same pro-
position was rejected by a large majority, and then carriefl by
one equally large in less than 24 hours.
Mr. MANSFIELD denied that notes of the description
produced by the Hon. Member for Aberdeen were generally
circulated in the midland counties. In Leicesteralure there
was no such thing..ns a 81. note issued that was payable

~:;NFELL had been in the habit of moving an-
nually for the returns now made by the Bank to the Stamp.
office, and in that practice he should persevere. He did not
see any impropriety or unfitness of the clause as a part of the
present 13111.
Mr. PEARSE Raid, that the Bank on its own account, had
no objection to publicity; hut he thought it would be perni.
dons in a public point of view. During the restriction, they
furnished such returns, but it luid been thought that the obit.
gation to pay their notes in specie, constituted in itself a sufli.
cient controuling power. He had no wish for privacy, hut he
apprehended great public mischief front the clause. Members
were not generally aware, with what anxiety the annual publi-
cation now made was watched for the purposes of speculation.
He, front being aware of this, dreaded the effect of more fre-
quent publications.
Mr. HUME was surprised to hear that the frequency or
fullness of disclosure could excite alarth. He thought great
errors prevailed on the subject of Bank issues-30 millions
might be necessary on Monday, and only 25 on Saturday. He
wished for frequent publications if' it were only on account of
the data they would afford for the correction of prevalent errors.
As it was admitted that the state of the exchanges ought to
regulate the Bank issues.
-Mr. PEA RSlrditi not admit that.
Mr. HUME was sorry to hear it. He had been in hopes
that the Bank Directors had by this time learned what was
knOwn to all but. themselves. The Bullion Brokers were not so
slow in making the discoveries which appertained to their own
interest. Ministers said it was their intention to place the
banicing business upon a better foundation, he should there-
fore move a clause, after this was disposed of', to compel country
bunkers to furnish to the Stamp Office monthly an account of
the greatest number of notes-they had in circulation during the
preceding month. •
Mr. HUDSON GURNEY wished the Bank to devise
some mode of communicating regularly to the public the amount
of their notes in circulation, on account of the influence It had
upon prices ; he did not, however, think it lit that a compulsory
clause to that effect should form part of the present measure. •
The CHANCELLOR of the k.XCHEQUER thought their
time would be sufficiently occupied by the discussion of the dis-
tinct propositions which Bon. Members had to make, without
attempting to appreciate projects in embryo.
Mr. CA LCRAFT would be satisfied with the undertaking
of his lion. Friend, the Bank Director opposite, who was cer-
tainly the most candid Bank Director that had ever sat in that
Howie. Upon such an undertaking, he would advise his Hon.
Friend to withdraw his motion.
Mr. MONCK had not a good opinion of a system of secrecy;
it was under such a system that the calamity bad befallen the
Bank in 17.7.
Mr. Secretary PEET. thought the circumstances which ex.
isted at the period of the stoppage of payment by the Bank
furnished the strongest argument against time clause. If such
publications as the clause contemplated had been made at that
time, the inference to.which they would have led would have
been entirely fallacious. Some time previous to that event
the Bank notes in circulation had become 11 millions, but in
that year they had been reduced to eight millions. He thought
one of these two systems ought to be adopted, either that of'
secrecy or of full disclosure—partial disclosures could only
be mischievous, and the numerical amount of bank rotes, with.
out information as to other circumstances would be crily a par-
tial discloSure. The Hon. Member for Montrose had spoken
of the Speculative errors of pamphleteers, he apprehended that
the success of the proposition now betbre the House would lead
to still more dangerous errors on the part of a different class of
speculators.
Mr. H. 0--

least profitable part of their business.
Mr. WARRE said he believed that Country Bankers issuer,
11. notes for their own profit and advantage, or they would not
have done it. He thought a distinction ought to be drawn be-
tween a promissory.note, as currency, and w promise to pay in a
coin non case of debt. He did not know whether it would he
prudent to go the length of granting the power of summary pro.
cess, but he trusted that the Government would consider the
subject.
Sir It. WILSON thought the power of proceeding by sum.
mary process ought to exist, but not after so short a period as
seven days.
Mr. HUME asked the Right Hon. Secretary for Foreign
Affairs' whether, after the pathetic manner in which he had
described the sufferings of the poor, when this paper became
useless, he would now leave them with no other remedy than
that of a process by which they could recover after the expiration
of six months, and at an enormous expence ?
Lord A. HAMILTON supported the clause, as involving
the principle of the measure. The object was, not to allow
country banks to issue notes not payable on demand. It' they
did not adopt the clause they departed from that principle. It
was a mockery to compel a man to resort to an action at law to
recover the value of one pound.
Mr. MONCK said, that if the clause were not adopted, they
should leave the holder of the one pound note in a worse skim-
tion.than he now was. From the year 1797 down to 11123, every
succeeding Act of Parliament had contained it. Country
bankers had no right to complain, because they were not bound
to issue one pound notes at all. If they chose to do so, it must
be upon the conditions imposed by the law, and take the bad
with the good.
Mr. ABE RCROMBY said there was no novelty in the pro.
position of his Hon. Friend. It was suggested to the House last
year, and he then gave it his support ; and it was to avoid the
appearance of inconsistency that he now desired to explain why
he should give a contrary vote. The circumstances of the two
periods at which the proposition had been made were entirely
different. They bad just now resolved upon a measure abo-
lishing the circulation of small notes, and a complaint had
arisen that the contraction of the currency was going on too
rapidly. Now the effect of this clause, as it appeared to him,
would he to increase the rapidity of that contraction. He did
not object to its principle, but he thought it objectionable under
the present circumstances of the country.
Mr. HOME DRUMMOND said that this law did exist in
Scotland, and that it added to the stability and value of the one
pound notes. But he felt the objection against adopting it in
this country, that it would be at variance with the general law
for the recovery of small debts.
Mr. HUM E said, that there might perhaps be some men.
sion of the time for bankers living at a great distance from
London. But he should divide the House to see who voted
with him, and he was sure he should have all the country
bankers.—(A laugh.)-41 they refused to pass the clause,
Cobbett might well boast of the triumph of the Gridiron,
for there would no longer be a metallic currency in the country.
—He called upon the Committee to support him, and he was
sure that every solvent banker would do so.—(Laughter and
cries of "Order.")
Mr. R. MARTIN rose to order. The Hon. Member had
made use of several unwarrantable and indecent expressions.
—(Cries of " Order," " Chair," and great laughter.)
Mr. BROGDEN said that the Hon. Member made use of
more unparliamentary language than the other Hon. Member
whom he rose to call to order.
Mr. MARTIN appealed to the House whether any thing
could be more indecent than to stigmatize those Members who
were country bankers, and did not vote with the Hon. Mem-
ber, as by ' '

aye. only
in London. The Hoti. Member could not conceive what ad-
vantage it would be to the • banker in the country to have his
notes payable in London only. If payment of a 51. note was
required during a panic such as they had lately witnessed, be
must be a bold man who refused to pay it.
Sir JOHN WROTTESLEY was not acquainted with any
banking establishment in the midland counties which did not
pay their notes at the place where they were issued.
Air. Secretary CANNING rose to explain some points al.
luded to by the Member for Callington. He had said that the
country bankers would resort to the means of avoiding the
measures introduced by Government. If the Hon. Member for
Callington would have the full explanation, he should have it.
The Right Hon. Gentleman added, that be never expected the
country bankers would have withdrawn from circulation their
bank note, but they did so, and for that cause Government ap-
plied the remedy.
Mr. HUDSON GURNEY said he could answer for the
bankers with whom he was acquainted, and the bank to which
his name was attached, that they had never withdrawn a single
note from circulation out of opposition to the measures of
Government. It had appeared to the bankers that the suspen-
sion of stamping country bank notes was a discredit to their
circulation, but there was no hostility towards the Bill. The
drawing in of the country bank notes was occasioned by the
run upon the banks after the notes had been depreciated by
Government.
Mr. MARTIN spoke in favour of the country bankers.
51r. CALCItA FT said, he did not wish to inquire whether
his Majesty's Ministers were consistent or inconsistent on that
occasion. He rose to protest against the censure which the
Right Hon. Gentleman had thrown on country bankers. lie
denied in positive terms that there had ever been any intention
on the part of those bankers to withdraw their notes from cir-
culation. -The cause of withdrawing those notes existed
before the meeting of Parliament, and at the meeting the
measures of his Majesty's Government had the effect of crying
down the currency. It was not in consequence of any ill dis-
pesition of the Country Banks towards the measures of his
Majesty's Government, but in consequence of the impu-
tation thrown on those banks by the Earl of Liverpool, the
Right Hon. Gentleman, and his Majesty's Government. The
panic had subsided, and there was reason to suppose credit was
coming round, when the measures of Ministers cast an odium
on country bank paper, under which no prudent man would
send it out again.
Mr. SYKES protested against the charge made by his Ma-
jesty's Ministers. He was sure the country bankers did nut
deserve it.
Mr. ATTSVOOD wished to advert to the statement made by
the Right Hon. Gentleman. It was so much at variance with
what every man of business knew of Banks, that it wasscarcely
possible to believe such an opinion would have entered the mind
of any one who legislated on the subject.
Alderman HE YGATE said a few words upon the custom of
bankers in the City of London.
Mr. IRVING opposed the Amendment.
Mr. CALVERT said, if there had happened any reserva-
tion with respect to
-the circulation of country notes, it had not
been with a view to oppose the measures of his Majesty's Go-
vernment. He knew It was the opinion of country bankers,
that as the measure had been brought forward, they ought to
co-operate and complete it. They thought the sooner it was
done the better.'
Mr. Secretary CANNING said nothing could be more satis-
factory than the statement of the Hon. Gentleman who had just
spoken. He begged the Committee at the same time to observe
'at it appeared upon all the statements by Gentlemen who had
,ett

ition in so 1,

tone of

_..... .itinsrEv made an obsen .-, acing insolveni. delivered their opinions, that the measures proposed by Go.
voice as to be inaudible in the gallery. The CHANCELLOR of the EXCHEQUER said, that vernment had not madeany considerable alteration in the Cur.
Mr. ABE RCROIIIIIY thought they were disputing about nothing could be more disorderly than discussing for two hours rencY•
very little. The publication of the amount of small notes was whether a Member had been out of order or not. He was sure
M silaiiodn hetr os should ut
the
move,clause whieth th
wished e
t o consent
pro-
this r. C. WILSON said three banks with which he was
tic.
already provided for by the Bill ; and that of the total amount the. Hon. Member for Aberdeen would see that his language quainted, but not connected, bad stood lirin, notwithstanding
in circulation was, under the existing law, furnished annually. hailbeen somewhat disorderly, because it imputed an interested their notes were payable where they were issued.
lie further objected to the clause,
as it appeared to him to re- motive, that of concealing their insolvency, to those Gentlemen
cognize the Bank in thacharacter of trustees for the public. In who did not vet© with him.
the
character he would never recognize that corporation. Mr. HUME admitted that his words might perhaps have int. pose. There certainly had been a determinationMHr. oHn.UltSleKmlbSeSr°foNr
on the part of
Mr. MABBRLY did not consider the Bank as a trustee for' plied more than he meant them to do. country bankers to withdraw their notes from circulation, and
the public :. but be nevertheless thought that, as a great corpo- Mr. CANNING said, that although he did not mean to ad. he said that, in irstification of the statement made by his Right
rate body, it ought to,be restrained from injuring the public.— vert to the particular expressions used by the Hon. Gentlemen, . Hon. Friend. iiclause provided, after the lith April, Itl:19
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