The Sun.
London, England, 1828-09-16 00:00:00

THE COUNTRY BANKERS.

(From the Times.)
The country bankers, so far as the public have
any intelligence of their movements, remain perfectly
quiescent under the approach of the Act of Parlia-
mOnt which is to extinguish the small note circula-
tion, but we have reasons for believing that many
of them are still not without hopes of averting
the blow, and that their attention is strongly fixed
on measures tending to produce that, to them, de-
sirable result. Among the suggestions that have
been put forward with that object, is one, that
all country bankers should, by general agreement,
call in all mortgages or loans of any kind, made
to Members of Parliament, and thus force, by the
argument of self-interest, a majority of the House of
Commons for the repeal of the Small Note Bill.
Another project has for its direct aim the embar-
rassment of the Bank of England (in the hope, pro-
bably, of acting through this medium on the fears
of the Government itself), by discarding its notes
wholly from circulation in particular districts, sup-
plying their place with sovereigns, and promissory
notes of small amounts issued by themselves. To
effect this, however, it will be requisite to enter into
compositions for their stamps, which by a late Act
of Parliament bankers are permitted to do, on bills
not having more than twenty-one days to run, and
the duty under such composition will not amount to
more than 7s. per cent. per annum; consequently
the merest trifle on a bill which is payable on de-
mand. The mode in which such bills arc to be
made to supply, combined with gold, the place of a
small note circulation, and create embarrassment
into the bargain in the Bank of England, requires
some explanation to be understood. It is assumed
that the customers of such banks, who had a money
operation to make, for which gold would afford an
inconvenient medium, which is a very common case,
would be willing to accept such bills instead of
Bank of England notes, which being made payable
in London would be very useful as remittances. If
presented immediately for payment, the stamp duty,
under the composition, would not be an object of
the slightest importance. If they changed hands as
country notes now do, the same benefit would fol-
low to the house issuing them. This is to be
coupled, it seems, with a sort of mutual agreement
among country bankers, to receive all bills of this
description as money, and carry them to account in
the same manner.

Some private banks, it seems, where a very clean
circulation is desired, have already issued notes under
the composition act; but this quite a distinct motive
from that above described, which is supposed to have
for its aim a secret attack on the circulation of Bank
of England notes, and the design is as yet, probably,
no where in active operation.
It appears to be expected that some of the coun-
try bankers who became proprietors of Bank Stock
last year, when the nature of the attack on them by
the branch banks was deVeloped, and whu are now
qualified, will take an active part in the proceedings
of the general court which is to take place on Thurs.
day next. The body of country bankers, however,
seems to be feebly held together, and not likely
therefore to combine in any decided measure for the
protection of their general interests.