The Sun.
London, England, 1819-05-22 00:00:00

[PRICE SEVENPF,NCE.

in bullion or in coin, ann when it i 3 pioposed
that they should effect this measure wi:Lin a given
pvrlod, by regulating the market price of gold,
fey a iLaitation of the amount of the iisne of Bank
No:eS, with whatever diktress such limitrition
may be atten,ed to l!dividuals or the community
at large, tbeyfeel it their bounden anti impetiotis
duty so state their'Sentiments tbuscxpliciJy, 'in
the first instance to his Majesty's Ministers,._ on
this subject, that a tacit cunsent and concurrence
at this Juncture may not, at some future period,
be con tried into a previous itnplicd tanction, on
their part, of a systeqt which they cannot but
consider fraught with very great uncertainty and
risk.

" It is impossible for them to decide before-
what. shall be the course of events for the
next .two, much less for the next four years ; they
have no right to hazard a flattering conjecture, for
which they have not real grounds, in which they
may be diaappointed,_an! I.telt they may ha
con.sidered etosclit.,:ibie, They cannot venture to
adri!ie an :Onreloting cnutinoance of pecuniary
prt•ssures upon the commercial world, of which it
iMpossihk for them either to foresee or estimate
the consequent es;
" The Directors have already submitted to -the •
House of Lords the expediency of the Ban!: pay-
ing its notes in bullion at the market p, is a of
the day, with a view of seeing bow far favourable
commercial balances may operate in restoring the
former order of things, of which they might take
advantage. And with a -similar view they have
proposed, that GovernMent'sbould repay the Bank
a considerable part of the sums that have been
advanced upon Exchequer. Bills.
" These two measures. would -allow- time for
a' correct judgment to be formed upon the state
of the bullion market, and uponrlite result of those
changes, which the late war may-have produced
in all its consequence of increased;. public debt,
increased taxes, increased prices, rani altered re-
lations, as to interest, capital, and 'commercial
dealings with the Continent ; and how far the al-
terations thus produced aretempurary or pet mtv.
new, and to what extent, and in what degrile
they operate.

" It was, the. design of the Directors, in pursuance of the
before•mentioned two measures, to take advantage of every
circumstance which could enable the Bank to extend its pur-
chases of bullion, as far as a legitimate consideration of thu
ordinary wants of the nation for a sufficient currency could
possibly warrant. Beyond this point they do not consider
themselves justified in going, upon any opinion ,conjecture or
sj,eculation, uiereiy their own : and when a system is recom-
mended, it seems to takearwa'y from the Bank any thing like a
.discretituracycon-ratiosa of tire necessities and the dints eski
of the commercial world. If the Directors withhold their
previous consent it is not from a want of deference to Ws. Ma.
jesty's Government, or to the opinions of the Committees of the
two Houses of Parliament; hut solely from a serious feeling
that they have no right whatever to invest themselves of their
own accord, with the responsibility of countenancing a mea-
sure in which the whole communi ry is so deeply involved ; and
possibly to compromise the universal interests of the Empire,.
in all the relations of agriculture, manufacture, corn-
-Merce, and revenue, by a seeming acquiescence, or declared
approbation, on the part of the Directors of the Bank of Eng-
land.

"The consideration of these great questions, and of the
degree in which all these leading and coruniandiag intereJs
may be affected by the measure proposed, rests with the Le-
gislature; and it is for them, after solemn deliberation, and
not for the Bank, to determine and decide upon the course
to be adopted.
" Whatever reflections may have from time to time been
cast upon the Bank—whatever invidious representations of its
conduet may have been made, the cautious conduct itadopted
in so measuring the amount of currency, as to make it ade-
quate to the wants both of the nation and of the Government,
at the same time keeping it within reasonable hounds, when
compared with what existed before the war, as is shewn 'in the
Lords' Reports, pages 10, 11, 12, and 13; the recent effort to
return to a system of Cash-payments, which commenced with
the fairest. prospects (bat which was afterwards frustrated by
events that could not be foreseen nor controuled by the Bank),
are of themselves a sudicient refutation of all the obloquy
which has been so undeservedly heaped upon the Establish-
ment.

" The Directors of the Bank of England, in submitting
these considerations to his Majesty's Ministers, request that
they may be allowed to assure them, that it is always their
anxious desire, as far as depends upon them, to aid, by every
consistent means, the measures of the Legislature for further-
ing the prosperity of the Empire.
(S.'igned)

" ROBERT BEST, Sec."

CITY BUSINESS.

The Loan MAvoa yesterday livid a Co,irt of
Co-szlou Council, for the disiiateh of gQiiel.
public business.
A Pctition was presented to the Court from
Charles Montagne, Esq. who was at the last
rt of' Aldermen no►nivated by the Lord Mayor
for the office of Sl►eriff of London and Middlesex,
.praying to be discharged floinsuch nomination on
account of ill health. which was complied with,
aid he was discharged aceordingiy front the said

Robert Humphrey Esq 7 who was alini
notninated for Sheriff, wfis dischsrged from the
same on Lis petition, be being a Pro:estant Dis-

scoter.

A Report was presented from the Committee
relative to the office of Swordhearer; to vrborn
it had been referred, to inquire into the charac-
ters and qoalifiedtions of the several Candidates
for the office of Swordbearer, in relation thereto
upon which the Court agreed to proceed to fhe
deceit») of a perwa to fill that office, as their
next meeting.

Or;111;?())11(i
" •