The Sun.
London, England, 1827-11-14 00:00:00

COUNTRY BANKERS.

TO THE EDITOR OF THE SUN

SIR,

LONDON, Not. 12, 1827.

It is seldom I intrude my thoughts on the public, bu
with your permission, I wish to raise up my finger in be-
half of a much-insulted class of men—l mean the Country
Bankers—those at least who have held up their heads, and
suppdrted their character, during times of unparalleled dis-
tress. You cannot but have observed, that it is the
fashion to charge this class of persons with "usurping the
King's prerogative." Will you have the kindness to in-
form me what it means. lf a Country Banker issues ten
one-pound notes, or ten ten-pound notes, in what respect
does he differ from a man who issues his acceptances for
10/. or 100/. ? I assume, that in both cases consideration
is given—that the Banker lends his money on the security
of land, and the other party buys goods with his accept-
ances. Are not both of them usurpers in the modern
cant of. the day ? According to this new doctrine, which
is made to apply to all the Country Bankers, are not the
Bank of England usurpers? Are not Messrs. Herries,
Farquhar, and Co., who issue their promissory bills, ne-
gociable all over the world, usurpers? How is it when Mr.
Huskisson (I think it was) first applied this epithet in
Parliament to the Country Bankers, that:no one rose to set
him right, or to have it explained? It seems to me quite
inconceivable that such an extraordinary imputation should
have been made in the presence of many London and Coun-
try Bankers, who were by themselves or their agents large
issuers of notes, and who, while they faithfully kept their
engagements, were entitled to no such appellation, As I
saidinform' before,
m e h
othwe
itc Zs
ha
geisquite inexplicable. Will you
Country Bankers have never been
thought to usurp the King's prerogative before now—till
the year 1.1325 ? Have they not carried on the system for half
a ccutury, and how is it that the King's prerogative has been
usurped without observation for so long a period ? Mi-
nisters cannot plead ignorance, for the Bullion Report let
the public into the mysteries of banking ; and during the
whole of the memorable debate which preceded and, fol-
lowed it, no such charge was thrown into the face of the
Country Bankers. It is the most extraordinary imputa-
tion I ever heard of ; and I will venture to say, as rank
nonsense as ever came from the tongue of our modern'
philosophers. If it is meant to say that no: person
without any means should set up a Bank—issue notes_
stop payment—and involve the holders of them in distress
and ruin, that is intelligible enough ; and if Ministers had
taken measures many years ago, (I acknowledge it to have
been full of difficulty) to put down such mushroom
Bankers, the public would have owed them a large debt of
gratitude : but in the case of a solvent Country Banker,
who issues notes of his own, and pays them when presented
in the legal coin of the realm, or what is equivalent in
value to the legal coin, Bank of England notes, in what
does the usurpation consist ? In the power, I suppose, of
buying
.land, or commodities, with his issues. The same
power' Is given to him, without any issue of local notes,
viz., by tae issue of his acceptances or promissory bills.
Aud according to this doctrine, A, who buys an estate, and
pays for it by fifty promissory notes of ten pounds each, is
usurping the King's prerogative, while B, who buys an
estate and pays for it by ten bills of exchange, of 501.
each, is no usurper. In the same way, C, who buys 1,000
chests of tea, and accepts ten, fifteen, or, twenty bills, at
different dates, making together the whole amount, is NOT
trenching on the King's prerogative. In fact, we are all
usurpers together. Every man who accepts a bill of 1,0001.
and throws that bill into circulation, is just as guilty of
forming part of the circulation, as a banker who has issued
out notes to that amount. lam assuming all along, that
both the bill of 1,0001. and the notes were given for con-
sideration, and represent real property. It is another
timing to say, that if the Banker fails, his notes, perhaps,
are in the hands of persons who may become ruined, and
become paupers on the parish ; whereas the 1,0001. loss
falls on those whose situation:in life may not be' altered.
This is quite a different question, and may become the
subjeCt of a future letter.

I am, Sir, your obedient Servant,
VINDE X

. The glorious Revolution of 1688 was. cele-
brated at the Three Tuns Inn, also at the Bugle. Inn,
King's Head, and the Wheatsbeaf Inn, at Newport, m the
Isle of Wight, on Monday, November 5,
the gentry and principal tradesmen of that ancient Borough
asembled at their different houses. when most of