The Sun.
London, England, 1829-09-18 00:00:00

EXCHEQUER-BILLOFFICF.MANCEUVRE,

(From a Correspondent of the Morning Herald.

The exchange of a certain portion of outstanding
Exchequer Bills is advertised for the 19th instant;
the Bills must be taken in on or before that day, or,
by an inexplicable manoeuvre, the office insists on
giving money instead of Bills, whereby the holders
lose the premium. The premium is now 68; that
is, the holder of each 1001. Bill can go into the
Market, and get (besides interest due) 103/. Bs. for
each 1001. Bill ; whereas, if he cannot have his Bill
renevvei, he loses 3/. Bs. on each 1001.; and there
are at-each exchange of Bills many persons holding
Bills to the amount of thousands thus circumstanced,
or rather, give me leave to say, mulcted of their
premiums, if they should not deliver in their old
Bills on before the day named—so that you may
deem the matter not altogether unworthy of notice
and timely warning. The amount of these lapses
is immense sometimes-100,0001., for a limited
period, I understand, being no unusual sums—giving
a profit to somebody of 3,400/. ! I. and this is at the
expense of the holders of the Bills, they being
refused new ones because the old ones had not been

presented en on or before the 19th ! I was amongst
the sufferers at the last exchange, having deposited
some trust money in these Bills. I ventured to
complain of tl:e transaction; but I was told that the
Government gained nothing by it. Then, said I,
" who does?" Answer—" Nobody !" Then—l
further took the liberty of remarking, and for which
remark I thought I should have had my nose snapped
off by the officials—" then the more indefensible
and unjust is the loss inflicted on me, since neither
the Government nor Mr. Nobody' gains by my
loss." "Oh !" it was remarked, " there was some
foolish nonsense in the newspapers about a person si-
lady circumstanced." "As to foolish nonsense'
in die newspapers, I know nothing about that; only
I never knew it to be admitted that any sense was
written when the complaints were against persons
who were so good as to exercise authority over us,
and to receive our money." I was then consoled
with the statement that there had just been a per-
.een holding 7,0001. Exchequer Bills ; he had lost
the pre»ziums, owing to having presented the Bills
a day too late.
Now—what becomes of the premiums? New Bills
are issued in lieu of the old ones—so that, if they
insist to pay with money instead of the Bills, how is
the money got but by taking the new Bills to the
Bank er into the Market ? and, in that case, does
" Nobody" receive the premiums?
Well, having suffered last timej thought " Mr.
Nobody" -should not benefit by me this time; so,
on Monday, down I posted to the office with my
Bills, when, lo ! and behold ! it was a ho'yday.
" A holyday ! I have looked into the
Almanack, and it is no red-letter day." " But it's
bolyday !" Well, I looked into the Almanack again,
and found it was no red-letter day—but " Holy
Cross" day, Then I determined to go as to-day
(Wednesday), but that too I found to be holvday—
,a red-letter day—" Ember-week ;" and Friday is
Si ii,olyday, though no red-letter day. What holy-
Why, the Anniversary of the " Landing" of
Geo. I, and IL! So that Thursday and Saturday
only remain, And the office continues open—when
there is no holyday—from eleven till one o'clock (as-
tonishing!); but how they would ever get on,
without these cessations from the fatigues of busi-

tress, Heaven only knows. The Chief Clerk, Mr,

-, has recently retired on his full salary of
1,00431. a-year : he happens to be a hearty man, but

how lie eintrived to keep well is a miracle.
However, it may not be unreasonable to say, re-
specting the excellent management in the exchange
of Exchequer Bills, that if the Government get no-
thing by refusing the Bills after a certain day, and
if " Mr. Nobody" is equally unimproved in pocket,
ft might be no very unreasonable thing to ask, espe-
cially as the office labours occupy only from eleven
till one that the holders of the old Bills should be
punished with the loss of interest during the time
they omit to exchange their Bills. That would suf-
ficiently punish each party for his neglect, and it is
the ossly punishment which most persons now think
themselves exposed to in omitting to leave Bills to
be exchanged on the days officially named. If that
course be not pursued, then it ought not to be com-
plained of if very strict inquiries are instituted to
ascertain what, becomes of the lapsed premium.,
since " Nobody" gets them.
Sep►. 16. C. 0.