The Sun.
London, England, 1844-05-09 00:00:00

BANKING AFFAIRS.

Sufficient time has now elapsed to allow the city traders
and capitalists to form a judgment upon the new project re-
lative to banking affairs, which is viewed as the most impor-
tant measure of the kind since Sir Robert Peel's celebrated
Bill of 1819. Taken as a whole, it is pronounced to be de-
' serving of the greatest praise ; • and it is freely admitted that
all the previous recommendations and plans of the select and
other banking committees sink into comparative insignifi-
cance, when compared with the change that is likely to take
place when these views are fully carried out. The subject
naturally divides itself into two main branches—the country
bankers, and the Bank of England.
With regard to the first, the irresponsible issue of paper by
individuals or companies is from the present moment effec-
tually checked—unless by some evasion of the proposed new
law, amounting almost to fraud—arid becomes limited to
about the present very restricted amount which they have
in circulation ; and there is every probability that within a
few years the power of issuing notes will be restricted to one
source. Most people agree that the loss sustained by the
public from country banks is not to be estimated solely by
the amount of failures, but that a very large,:though indefi •
nite item is to be added for the overtrading occasioned by
the injudicious over-issues of those who continued solvent.
This was pointed out by Sir It. Peel from the examination of
some of their own witnesses before the late Committee.
Hence the arrangements respecting them are regarded as
wholesome and necessary checks to the issue of a doubtful
and insecure currency;- while those which relate to the Bank
of England are viewed in the light of restrictions to the in-
judicious contraction and expansion of a currency, which,
however safe as regards the holders of the notes, have fre-
quently operated injuriously on trade and commerce from
'Padden and unexpected variations in the amount.
One main alteration is the division of the Bank of Eng-
land into two branches ' • the first being simply a bank of
issue ; and the second, merely an establishment formed for
the ordinary purposes of banking, but without any power of
creating notes, and which will therefore act as any private
bank trading on its own capital. The issuing department
will have two very distinct functions to perform,. being
authorised to create an amount of paper money to the ex-
tent of 11,000,0001. based entirely on the debt due from the
Government to the Bank, and 3,000,0001. on Exchequer-
bills and other public securities, to which extent it will be a
Government paper money, and incapable, except in parti-
cular and limited instances, of being increased. The other
means by which it may issue notes, in exchange for bullion,
will supply what has long been wanted in this great com-
mercial country—a bank of deposit, similar to that of Ham-
burgh, in so far as it offers the facilities of paper in large
payments, joined with the absolute security of a metallic
currency, but superior to it in detail, because it offers the
same facility and security to smaller transactions than is
afforded by the Hamburgh Bank, where, instead of notes
issued, there are transfers made from one account to another,
which limits its usefulness to the larger class of operations.
It is clearly seen that the amount of notes which will thus
circulate will necessarily be fixed by the wants and con-
venience of the public, and form a protection against any
r demand for gold on notes based on the other securities, as
before they can be presented the notes issued against gold
must have been paid in, and the paper circulation reduced
to 14,000,0001.
The new measure appears to City observers not only judi-
cious in itself, but remarkably well-timed. The amount of
gold is now about 16,500,000/., and notes to this extent are
therefore already based upon the precious metals, so that
the transfer of the stock of bullion to the issuing depart-
ment will form a basis on which this amount will issue
and be circulated; to which amount also the currency will
be really metallic, although possessing the facilities, so far
as easy transport and freedom from wear are concerned,
of a paper currency. The remainder of the notes
in circulation is about 4,500,000/., and to this must be
added the deposits, amounting to about 13,000,000/., and
forming a total of about 17,500,0001. liabilities which are
based on securities of different kinds now in the hands of the
Bank. Of this amount 11,000,0001. is now provided for by the
new plan, against the Government debt, and the Bank will
have the power to issue 3,000,000/. more against Exchequer-
bills or other public securities they may now hold. This
forms the total issue allowed of 14,000,000/., which deducted
from the total liabilities not covered by the bullion, leaves
3,500,0001., which is about the amount of the " rest," or real
surplus capital. Hence nothing can be imagined more easy
than the transition will be into the new state of things. It
follows, that whatever alteration may eventually take place
in the total circulation must proceed from the demands of
the public. The state of trade, therefore, and the importation
or exportation of the precious metals, will in future govern
the amount of money, and not, as has too frequently hap-
pened of late years, the artificial abundance or scarcity of
money influence trade and prices.
The proposed publication of frequent and full returns is
universally approved. The great fault in the present return
is the omission of the deposits in the monthly averages,
which should have been published with the others, and
divided into the two branches of public and private deposits.
The accounts pubished by the Bank of France are an ex-
cellent model to adopt.
The only point against which anytl.ing like censure has
been directed as liable to be abused in practice, is the appro-
priation to the Government of any further profit to be derived
from any extension of the currency, and some would have
preferred limiting the paper circulation at once to a fixed
amount, leaving the public, by the importation of gold, to
provide any increase which may he required. The new
branch of a bank of deposit certainly offers admirable faci-
lities for this purpose, for the moment that money in the
shape of bullion or coin becomes redundant, it can imme-
diately be converted into notes. In connection with this part
of the subject, it is felt to be extremely desirable that the
department which issues notes against the payment of gold
should still retain the custom now adopted by the Bank, of
being a constant buyer of bullion at a fixed price, which re-
munerates the charge of coinage, for by this means this
branch will become, to the full meaning of the term, a bank
of deposit. The holder of bullion will then have the power
of obtaining an immediate value for his gold, without the
delay and trouble of first going to the Mint, and the diffe-
rence of price will be compensated by the promptness of the
return. In this manner it will become of no importance to
what extent the issue of notes is carried, as they will all be
based on bullion which has already paid the cost of coinage,
and may, therefore, at any time be issued as coin without the
slightest expense.
These have been the current observations of the day upon
the new plan, though the topic is not as yet by any means
exhausted.— Times.

LEAMINGTON SPA, MAY 7.—To the continued fine-
ness of the weather may be attributed a large number of
visitors at this fashionable watering-place. The list of recent
arrivals comprises the Earl Talbot, Sir Henry and Lady
Fletcher, Sir Edward Colebrook, Bart., M.P. ; Lady and
Miss Scott, Lady Dyneover and Hon. Miss Rice, Hon. F.
Byron, Sir Davidge and Lady Gould, Sir Arthur de Capel
Brooke, Bart. ; Hon. Mrs. Hamilton, Sir Frederick Hamilton,
Bad. ; Lady Duff Gordon and family, &c. The erection of a
new tennis court is about to be commenced under the ma-
nagement of a provisional committee, among the members of
which are Lords Leigh, Somerville, and Brooke, and several
of the leading gentry of the town and neighbourhood.
SALE OF AUTOGRAPHS AND OFFICIAL PAPERS OF
ROYAL AND ILLUSTRIOUS PERSON•GES.—Yesterday, at one
o'clock, a sale by auction of autograph letters of Royal and
illustrious personages, including those of Henry VII., Henry
VIII., Charles 1., Georges 1., IL, 111., and IV., Charles 11. of
Spain, Leopold of Germany, the Elector of Bavaria, &c. ; the
Ormonde, Portland, Fox, Abingdon, and other official papers,
together with many hundred letters, from the principal nobi-
lity, statesmen, poets, authors, &c., of the United Kingdom,
was proceeded with at the Auction-rooms, No. 191, Picca-
dilly, being the collection of many years of a private indivi-
dual. The competition was not great, and the various Tots
were knocked down at a comparatively low price. The fol•
lowing were among the principal autographs, &c. :—King
Charles, to a letter to Viscount Falkland, Lord-Lieutenant of
Ireland, on state affairs, August 4, 1628, 17s. ; King Henry
VII., to a wardrobe warrant, " for the delivery of certaine
costly articles for our creste at Windsor, Tower of
London," 1498, 13s. • King Henry VII., to an original
wardrobe warrant, for the delivery of certain clotheis,
addressed to Sir Andrew Windsor, 'Windsor Castle, 1513;
12s. ; King Henry VIII., to an original warrant, for the de-
livery of certain articles for his Majesty's hounds, Greenwich,
1511, 17s. ; Charles 11., King of Spain,lo King William. 111.,
of England, on the death of his mother, Madrid, May 24,
1696, 12s. ; King Charles 1., to an original State letter of
instructions to Viscount Falkland, Lord Lieutenant of Ire-
land, in fine preservation, dated Palace of Westminster, 1629,
17s. ; a letter from Charles James Fox, to his brother, Lieut.-
General Fox, fraiked,lBo4, 13s. ; Notice for:Colonel Stephen
to attend the funeral of Oliver Cromwell, from Somerset-
house to Westminster Abbey, on the 23d of November.
Autograph of Thomas Lord Fairfax, the Parliamentary Ge-
neral, to a printed certificate that Major Richard Stephen, or
Sir Francis. Drake's Regiment, " hath deservedly received a
medal from the Parliament and City of London, for his faithful
services under mf.command," two curious documents, 1645,
11. 12s. ; Prince of Wales, List of the Privy Council present
at the introduction of his Royal Highness, who took his
place at the upper end of the board, on the right hand of his
Majesty, the original document, with the Privy Council seal,
1714, 6s. 6d., &c.

THE PERILS OF STEEPLECHASING: FATAL LEAP.
—An inquest was held last evening by Mr. Higgs, at St.
George's Hospital, on the body of Charles Bernell, aged
thirty-eight. From the evidence it appeared that the de-
ceased was a trainer of horses for steeplechasing, and in the
habit of buying and selling horses for different persons. In
his capacity of " coper," he taught the horses to leap, for
which purpose a number of bars are required of different
heights, for the animals to jump over. On Thursday, the
18th ult., Mr. Blore, the proprietor of the Queen's Arms, at
Kilburn, known as an omnibus proprietor, on the persuasion
of the deceased, purchased a horse at Dixon's Repository.
On arriving at Kilburn, he took the horse to show to a
person, and instead of putting it into the stable on his re-
turn took him into the yard for the purpose of trying his
leaping powers. The bar was brought out, and amidst
many spectators, it was cleared in good style by the de-
ceased. Elated with his success, he ordered the bar to be
raised higher, and addressing Mr. Blore, asked him if he
would pay or a doctor if any accident happened. Mr.
Blore told him he had better put the horse up, and not leap
again. Being rather worse for liquor, he persisted in leap-
ing. The horse cleared the bar, but the deceased, by some
mischance, slipped off, and alighted on his feet. The ground
being rough, and the force with which he came to the
ground, broke his right leg. He was removed to the hospital,
when delirium tremens set in. He lingered for some days,
and died on Tuesday night, from mortification of the injured
part. The deceased, during his steeplechasing career, had
broken his left leg on two previous occasions. Verdict,
',Accidental death."
SIGHT AND HEARING.-39, Albemarle-street, Pic-
cadilly. Deafness Acoustic Instruments—lnvisible Voice
Conductors when fixed in the cavity of the ears are not
perceptible, they enable individuals at an advanced age,
and of forty and fifty years' standing, of extreme deaf-
ness, instantly to join in general conversation, and to
catch the sound of a distant low speaker at church,
theatre, &c.—lt pours the conversation into the ears to
such an extent that in most severe cases deafness cannot
be observed. Also original Ear Cornets, French,
German, and Spanish Artificial Ears and Improved hear-
ing Trumpits of every description. Immediately the
Newly Invented Spectacles are placed before imperfect
vision that mist and dullness which appear before the
eyes is removed, every object becomes clear and distinct,
so that the most aged defective sight becomes bright and
brilliant, and is brought to its youthful, natural, and ori-
inal state. Also Achromatic Waistcoat Telescopes and
Opera Glasses. Every kind of Telescopes of larger size,
with increasing powers, for Rooting, Sea purposes, and
upon stand for astronomical observations, with the cele-
brated Lenses of the most clear, transparent brilliancy;
the powers are so great and the Lenses so bright and
brilliant, that minute objects at an extraordinary distance
are brought completely under the eyes.—Sportsmen,Tou-
rists, and sea-side visitors will indeed have a
great treat.
Caution.—Messrs. S. and B. Solomons, •
Opticians and
Aurists, are not in any way connected with a person of
the same name in their immediate neighbourhood ; aor
in any part of the country. To prevent mistakes be
cautious, andpbserve,—Only to be had at 39, Albemarle-
street; Piccadilly, opposite the York Rote/