The Sun.
London, England, 1844-03-25 00:00:00

NO.

Gloucester
Manchester
Swansea..
Birmingham
Liverpool
Bristol
Leeds 1
Newcastle
Hull
Norwich
Plymouth
Portsmouth
London

£2,429,000
"Rate of Discount charged to the Country Bankers
having fixed Amounts, 31. per cent. per annum."

THE BANK

OF ENGLAND

CHARTER.

We lately had occasion to notice the regrets which
existed amongst the banking interests, in consequence
of the studied reserve of Ministers, and the refusal of
Sir Robert Peel to make known his views respecting, the
Bank of England charter and the currency until after the
Easter holidays. In doing so, we alluded to the various con-
jectures which were afloat as to what the plan of the Minister
would prove to be ; some imagining that he would propose a
huge national bank of sole issue—others that he would engraft
something of the Bank of France upon the Bank of England,
while a third party held that he would merely call upon
country banks of issue to publish their assets and liabilities,
and to find security for their issues. We added, at the same
time, that the reasons upon which these different schemes
were supposed to be in contemplation by Government had no
sure foundation, being formed chiefly upon a belief that the
silence of the Minister was ominous of change, and that
he would be less reserved if he had nothing important
to communicate. Such being the state of feeling on this
subject, it is unnecessary almost to say that a letter,
under the signature of "John Gladstone," published
this morning under the title of " Considerations
connected with the renewal of the Charter of the Bank
of England," has attracted very general attention ; and,
considering the near relationship in which the author of that
communication stands to an influential member of the Cabi-
net, the President of the Board of Trade, it is not surprising
that it is looked upon as bearing a demi-official character.
We can scarely suppose, however, that Sir Robert Peel would
send out a feeler, through the pen of Mr. Gladstone, the
elder, to try the pulse of the country on the subjects dis-
cussed in the letter in question ; and it is more likely that the
old gentleman has acted without consulting his son, and even
committed the act of publicity without his approbation.
But, be that as it may, it will be difficult to make the world
believe that he had not consulted with his son in the first
place, and whether the views of Mr. Gladstone, the elder, be
coincident with those of the Cabinet or not, they will be
looked upon as such, and as shadowing forth the coming of
events already determined on in Downing-street, until they
are officially contradicted. If the opinions of the Govern-
ment be net formed yet, or if they be at variance with the
suggestions pointed out by Mr. Gladstone, it is surely incum-
bent on the Minister to let the truth be known, and no lon-
ger to maintain the mask of secrecy.—Chronicle.
A letter published in a Morning Paper by Mr. John
Gladstone, recommending the establishment of a na-
tional bank of issue, has given rise to some discussion in the
banking circles to-day. There is, however, nothing unique
in the plan of a bank recommended by Mr. Gladstone, and
the letter has exclusively derived its importance from the
propinquity of the writer to the President of the Board of
Trade, and the sensitive feeling on the subject that some
change in the present arrangement of the currency is probable.
There is, however, not the slightest ground to believe that
the letter of Mr. John Gladstone has any relation to or con-
nection whatever with the views entertained by her Ma-
jesty's Ministers; and it may, therefore, with the scores of
other analogous propositions, be laid upon the shelf for fur-
ther consideration, without inflicting any serious injury on
the public. We shall only notice one part of Mr. Gladstone's
Dien. which we consider would be fatal to its practical work-
ing, by whatever machinery it may be:attempted to carry it
out. Mr. Gladstone proposes that the quantity of paper to
be kept in circulation shall, in all cases, be governed by the
influx and reflux of bullion. This is the pet crotchet of the
abstract theorists, but the Directors of the Bank of England
can best answer whether, for the last half century, they have
ever succeeded In reducing it to practice in any case of emer-
gency, when it can alone be put to the test. We need de-
scant no further on Mr. Gladstone's proposition for a national
bank.
The report from the Committee upon joint-stock companies
is attracting the attention of the joint-stock bankers in the
City. For although joint-stock banks were excluded from
the field of inquiry, yet it is supposed that some of the mea-
sures recommended for the government of other large com•
panics may, as far as applicable, be extended to large bank-
ing companies. The principal points in the report are—l. A
complete registration of shareholders. 2. Suing and being
sued In the name and title of the company. 3. Publicity of
accounts ; and 4. Subjecting the company to the laws of
bankruptcy.
To the first of these the joint-stock banks would not object ;
indeed, at present all joint-stock banks beyond sixty-five miles
from London register the names of their shareholders at the
Sand those in London, we believe, voluntarily
dit:tinrguotffie ; e to all their customers, and to such other persons as
may ask for them, printed lists of the names and residences
of their shareholders.
Secondly, suing and being sued in the name and title of
the company is considered much Superior to the mode of
suing and being sued through a public registered officer, as
practised by the joint-stock banks beyond sixty miles from
London; while to those located in London it would supersede
the present plea of requiring the customers of the banks to
sign a " special contract and suing through the medium of
How public registered companies
to hold real
death r the removal
tbreutsoteaes. It is thought that asefurofththeer improvement would
property
and not by means of trustees, which
isnfdo eurntdh
le,ierryp uibnlcloPagveeaul
of a trustee.
or a Railway Company,
well for an Insurance Company
very a bank, where so much de-
Thirdl, publicity of accounts, It is contended, may do
but it is not so well adapted for
lent in ea
all banking companies
be enforced, then, say the objectors,
• and companies having
de-
pends upon confidence and credit.. lf, however, this should
should be put upon the same level ,
,
only
tssi xas w elpartners,l as tohrofseewtehratthhaanvsei
osrhootubl
adupublish their ac-
coun
The fourth suggestion, that joint• stock banks when they
stope
rni
or
o toi lfd tbh ae v
Courte theiro
f affairsßa uk wr
uoputne dy up unders
otul
ee
public officer appointed for the purpose, is not, as far as we
can learn, objected to by the London joint-stock bankers.
paymenttenden cs he
The suggest
the approbation of commercial men, and the President of the
ions generally of the Committee have received
Board of Trade is rendering a most useful service to the