Star.
London, England, 1830-07-19 00:00:00

DISSOLUTION OF PARLIANINT.

TO TUB COUNTRY BANKERS AND ELECTORS Or THE UNITED
KINGDOM Or CAW BRITAIN AND IRELAND.
GENEassetw--.4 souttakinsper currency, (which currency the
right honourable member for Liverpool declared, in Parliament,
en the Bth of June lam, was amongst die most valuable of mo-
dern improvements,) being indispensable to ensure the renovation
and the uninterrupted advancement of agriculture, trade, and ma-
nufactures, the country bankers and their friend' should avail
themselves of every opportunity, without delay, to organise their
influence, (undoubtedly very powerful,) and to vote for such can.
dictates only as have supported, and will support, their interests in
Parliament.
The following regulations (which appeared in the STAR
of the 28th of April t), and the supplementary remarks (which
will be presently introduced), form the basis of a sound and per-
manent paper currency, and demonstrate that the restoration of the
small country bank paper may be promptly effected, on the meeting
of the near Parliament, with perfect security and very great advan-
tage to landed proprietors, farmers, traders, manufacturers, and even
to the community at large. It should be observed that the prejudice
which has been raisedagainst the measure has originated, not upon
any well.founded principle of state expediency, but upon vague and
contracted notions of policy, and from the subject being indiscri-
minately misunderstood. The want of a small circulating paper
money is fully exemplified by the great diminution in our consump-
tion and domestic expenditure; the revenue from the Excise only,
the true barometer of productive industry, having exhibited a de-
crease of 1,267,0101. for the year ending the sth of July instant.
The following I propose as The Basis of a Sound Paper Cur-
may, entirely nets.-Ist, Country banks to carry on business at
one place only. 2d. To enable the public to compete in trade on
equal terms, and to terminate the baneful consequences of extreme
speculation, every person in any manner concerned in certain trades
or occupations, to be prohibited from exercising the business of a
country banker, either by himself or in conjunction with others,
and from being connected with it, in that capacity, directly' or indi-
rectly. 3d, All country bank notes, for any sum to ham, ee
otherwise, on demand, or for any less time than days, not
to be payable in London ; and to be only payable where the bank
is established. 4th, The silver money to be made a legal tender to
the extent of five pounds. sth, To be optional with the country
bankers either to pay such notes in cash, Bank of England paper,
or in Exchequer bills, when the demand shall exceed a spe-
cific sum. 6th, All country bank notes to be subject to
a new duty, an increase, and to be stamped by the Com-
missioners' previously to the circulation; the workmanship of
the stamp to be varied, and to have its name, Bank Note, on
the face of it; the duties to be paid on delivery of the stamped
notes, which the bankers may subsequently sign and issue. 7th,
The commissioners to publish quarterly or otherwise in the county
where the bank is established, the dates, the distinct amount of each
description of notes, and the stamp duties paid upon them, with •
description of the Bank and firm which paid the duties. All notes
under five pounds to be withdrawn from circulation, and cancelled
at the end of three years from the dates ; and all notes for five
pounds, or for any larger sum, to be withdrawn from circulation
and cancelled at the end of five years; and they may be replaced al-
together, or partly, on payment of the duties, at the option of the
banker. Bth, The existing country bank paper to be withdrawn
from circulation, by a specified time.
Prom the system before recommended, Exchequer Bills are
=rostra to Country Bankers.—Tbc country bandkez,anbz
to hold such Treasury paper to meet his
upon any emergency, would obtain interest for his money, and
would be Joel/pared for any run upon his establishment; he would
also acquire die means of reducing considerably the amount of his
slack appropriated to the service of his agents in London; and be
would, at the same time, render such Treasury paper preeminently
metal to the Government, and promote the operation of their finan-
cial arrangements.
By contracting the issue of Exchequer Bills, and extending upon
this principle the circulation of such only as would be requisite to
supply the ordinary purposes of the state, an extension of power,
hitherto unknown, would devolve upon his Majesty's Govern-
ment, and enable Ministers, with peculiar facility, to raise what
WNW Meg might require for Site service qf the year,
ie
the Bank of England, and without any embarrassternere
m transactions with that establishment.
mommy
Stook Companies.—The Bill of the 7th of Geo. IV. should
be repealed or amended, for the purpose of enabling them to qualify
under the foregoing regulations.
Restriction on the Bank of England frees issuing Nodes sender
fioe pounds.—On the 26th of May last It was suggested to the Se-
cretary of State for the Home Department, that by continuing this
restriction, London, and the surrounding country to a certain cx.
tent, might participate exclusively in a metallic currency; and that
this expedient and the new system respecting Exchequer Bills pre.
scribed by the sth regulation. would counteract the tendency which
an uncontrolled circulation of Bank of England pal:le:rally has
to carry nearly all the resources of the country to 1
The One Pound Notes.—lt has been asserted in Parliament,
that if one pound notes were again admitted Into England, gold
would disappear; and that, in the event of a panic, there would be
• simultaneous demand for that commodity, without any to meet it.
With respect to the apprehension of a panic, the objection is en-
tirely groundless; for the improvement in banking, upon the basis
now proposed, especially in regard to Exchequer Bills, Bank of
England paper, and the publicity of the country bank issues, is a
decisive remedy for the prevention of that eviL As to the disap-
pearance of gold, and the observation that a paper and a geld money
of the same denomination cannot circulate together, these distinc-
tions are evidently illusive from this practical illustration alone—
namely, that for a period of seven years, since 1819, the small
notes passed current, and the banks, at the same time, con-
tinued to pay their demands in gold. The forgery, too, of
Country Bank Paper,would be effaced from our criminal code, inns
the superior workmanship of the stamp, and from the circumstance
that all the Notes disfigured or rendered unfit to reissue would be
placed under the control of the Commissioners, in conformity to
the Oh and 7th Regulations. From the limited yet beneficial ex.
tent to which such may be so extended, as a stimulus
to the price of ise and bour, ks influence would scarcely
be perceptible in the foreign market; and any undue advastago,
in the way of fair competition, may be countervailed by the mean
we possess of protecting moreefildently our foreign trade, without
involving the policy of our position In regard to that important
subjpoi
ilea United Country Batik.—The country bankers of
England and Wales should form amtmest themselves this estab-
lishment in London, founded upes its therreguladeas, in
order to improve and consolidate their to perform
their money transactions and to asederAt opotopioes
of his Majesty's Governmeet. This itompleg preporgtions, I re.
commend earnestly to ommigemoiss, at the period it is so
much in your power to is choke of these who are to re-
present you in the ma Polimesiet.
London, July 17, IM. W.

PROROGATION 07 Pnituascurr.—The obstacles to
the ent of public business have been continued during the
week, it is therefore found to be Impossible to effect the Proro-
gation before Friday next. The King has announced his intention
to be present at the ceremony in person, by a letter directed to Sir
Thomas Tyrwhiu, in which be commenced with these familiar
words :—" Dear Sir Toes, I was de:o,l'l6Brib promos the Howe
myself Oft Friday r se take fare le have all ready."
DAY or ?HZ KING'S FUNERAL.-00 Thursday
the shutters of every shop in the metropolis remained up, and all
the houses were closed, as on the Sabbath. Before midday London
seemed unpeopled. Many were of course attracted to Windsor,
but the great multitude mode their way towards the villages in the
environs of their home. Besides throngs of pedestrians, the stages
were crowded with pengers, men, women, and children, in.
side and outside, to Hampstesdd, Highgate, liornsey, Edmonton,
Chigwell.row, Stratford, Peckham, Camberwell, Dulwich, Nor-
wood, Sueatham, Chelsea, Hammersmith, Kensington, Bayswa-
ter, Kilburn, Edgware, and every hamlet having the sign of
a licensed victualler in the neighbourhood of green fields, and
the landlords willingly yielded the contents of their larders and
cellars to the hordes of hungry and thirsty requisitionists by
whom they were assailed. The demand for refreshments was so
great, that in many inns and public-houses, all eatables and drink-
able. were consumed to the last bits and sup. The watermen above
baidge were fully employed in rowing up parties that were unable
to find room in the Richmond steam-boats, which went off at the
usual hour witbiover.crowded decks and cabins. About the same
time Tower-MR was almost Impassable, owing to theme of well.
dressed persons returning from St. Katherine's Doak Wass they
had been disappointed of places in the Gravesend sisserbests.
These large vessels went off with greater numbers as bond than
they have carried this @MOM One of them, the A Ina down
900, and brought back WO. The demand for stages at thane, loyal
Exchange, Bishopsgate.street, and Gracecburch-easse, wee en.
ONISiVe. In a lew minutes whole rows of haskney.semiss sad
cabriolets were hired and rattled off towards "Isetnos. dor NW
hillocks green." Greenwich was as full as at he miss sad Whk.
*anti& and towards the diem= it wee itgendlis to set
within the doers of some of the houses of serenest. The boss.
dial perk and Blackheath were geenhelled wpm end prenteended by
thetwande of roarry.alskers. Not a nod spot In the whitey wee
without en overflow of Ashen, who bed kft " the boom at distant
simile guns, the dying sewed of albs bulk and aB tie outward
ineestratinis et nation's semninge NU* •n al in the
ovardry. The Mbrary Gawk t 4 The bosom of the day.
led the osupeedng et the el Ulla* emissiseue
of on andliddi belft pertieulerly nrwardsaisimmod end
the Utmost pots It aggssware of s heUday of rousedem.