The Sun.
London, England, 1844-06-21 00:00:00

THE NEW BANKING SCHEME.

The measure brought forward by. Sit Robert Peel for the
regulation of the currency has been received with less satis-
faction by the banking interest than by many others-who do
not possess the same practical means of judging of its ten-
dency. The remonstrance signed by almost all the Lenden
bankers, and forwarded to the'Vremier, has, however, been
treated with neglect, andthis is the more remarkable, inas-
much as the Minister might be well aware that men of the
habitual prudence of the London bankers would not, as it
were to a man, express an opinion hostile to a Government
measure, were they not pretty fully convinced of the necessity
of such a proceeding. It might be assumed as tolerably cer-
tain that, in the present case, a degree of danger was appre-
hended from a perseverance in that' part of the Ministerial
scheme which attracted the attention"of the whole body of
the metropolitan banking interest. Apart from the fact, thht
the proposed limitation of issues is found to be objeetionable
and in some cases impracticable, the. Bank of England width; '
Government are seen to stand in a different and altogether
novel relation to each other. Under all former regulations the
Bank of England was left free with respect to its issues, and.
the whole history -of the institution goes to ,show- that its
notes have attained the high credit they have from the cir-
cumstance that they have not been issued under Government
influence, but upon the sole responsibility of the Bank; as an
establishment conducted by persons well versed in comm4r-
cial affairs. Inconsideration of a loan made to the Govern-
ment, the Bank acquired certain privileges. Subsequent
leans 'were the occasion of succeeding charters, but the pota-
tion of the Bank of England, as a bank, was free and inde-
pendent: The privileges it enjoyed. were defined and under-
stood, but its administration was left to the discretion of tie
Directors, who adapted their measures to circumstances 'asthey arose. The records of the establishment pro—Ve that, in
periods of difficulty, it .was the mainstay of the commercial
interests whom it befriended by its liberality and seasonable
aid. • The support afforded-by the Bank of England to the
..
commerce of the country, especially entitles it to the grati-
tude of the mercantile community. - The measure before Par-
liament, how ever, greatly -curtails the powers of the Corpora-
tion,'and in the event ora period of commercial pressure 0.2
earring, any. accommodation to .the public on the part of
the ;Directors that involves An increase iu the issue of notes
beyond the, maximum of fourteen milliOns is interdict d.
It is not necessary, in order -to show the import nt
services rendered the country by the Bank of Engle d,
i
in the judicious advance of its paper on securities to mercan-
tile houSes under temporary embarrassment,, and the Vast ex-
tent ofrain that has been in consequence prevented, to go far-
back Into the annals of the institution ; nor does it appear
that, intlie performance of their. pied offices, the Board,of
Directdrs have Violated any sound and.reCognised principle of
,banking, evenadmitting that they. may. for a-shortintervply
have disturbed, •in some .degree the exact proportions which:
theory may have required to exist between the issues of paPer
and the deposits of bullion. , Periods of diffiCulty'are sure,
at some time or other, to visit the commercial world again,
anti it has awakened the fears
..of the London bankers to think ,
- ujson the consequences to the country; 'should there-be no
power at: hand to relax ;the stringency of the .Act about to
...lie brought into operation. - The apprehensions of the London
• bankers are-shared bythe more experienced and intelligent
country bankers, who foresee in the whole projeet one orthe
most vital -changes in our monetary concerns ever attempted,
and, Whilethe principle of a single bank of issue seems now.
tabu fairly established, it is hold to be mafrtatemreerfsdoeef
tphree
weight.
they the opinions of theorists should have had the weight.
teliieat=ltc.l_amopperarni,itog ipiaoNs'et. had with‘ the.
I
. •
Tux HAnt.---0t the numerous
,compounds enn.•
.StantlY announced far proniaing the growth or repinduc-
tion of the hair, few gurviVei 'even -in name, beYond a very
• limited period ;.:whilst:" Rowland's , Macassar Oil," with a
reputation unparalleled, is still on the increase in public es-
timation. The singular virtues nf 'this -successful invent ion
for restoring, Preserving,. and beautifying the human hair,
are too well known and appreciated to need much comment.
The very facts of the high and distinguished .patronage' it
enjeya, its general use in all countries, together with nu-.
naeroas testimonials constantly received in its favour; are au-
;thorities which stamp its superior excellence and title over all
'attempts of a 'similar -nature. Being universally preferred,
its consequent great demand excites . the .cupidity of. un.
. principled shopkeepers, who vend the most spurious trash as
. the "" genuine" Macassar , Oil: whereas the genuine article is
wholly the - invention hnd property of A. Howland stud Son,.
an the ,aanalgamatian of its costly exotic materiels, renders.'
abortiveahy attempt tp:discover its cemponeut parts--thus
' * e impositionof all other 'articletbearing .the title
proving? he „ macasait Oil." .. The . genuine - articla his the word'
~, garland's ,Macassar Oil" 9 the wrapper...., won r
1 itAtuu46,...colitFxrei;a: ~ .
_.
jil ilio •8:..1...%,,,:q II:o11 `...... '- two i.:.. .r:,...•
.1. 'l.'''Efi 1411 !Ilioir.a lo "4,..:1r -

.10 ;,
:;4i/ 51u.oTt 3d !