Star.
London, England, 1830-06-01 00:00:00

should not have been found amongst them. Neither
did it arise from any hostility to the private bankers.
The better sort had nothing to fear ; their connexions
were established, and their security well known. As to
the weaker banks, it might not be expected that they
would, like Blackstone's judge, cry, out of conviction,
" Judico me cremare." If it was proposed to burn their
out-standing notes, as some of hie wrong-headed coun-
trymen did during the rebellion, they might have no
objection ; but it was only natural that they should
exclaim against the introduction of establishments which
must affect their interests. But he could not help con-
ceiving that the extinction of their banks would be effected
in a way advantageous to themselves. They should, in
fact, form an association with and merge in the more
secure establishments which were contemplated, as was
the case in his own county, and derive more benefit from
their dividends in that shape than from the precarious
profits at present. He would venture one word more of
advice. Let them proceed industriously but cautiously,
and they must succeed. Too much should not be
attempted at the outset. The success of a few ascer-
tained experiments would, he was assured, bring the
undertaking to a more complete and even rapid ma-
turity than a thousand vague prospects and speculations.
Lord DARNLET.—Having witnessed the great ex-
tinction of the poorer sort of banks, and the miseries
which they had produced, he could not but feel that
Government had no alternative but to take the measures
they had done. Still he was aware that the most serious
inconvenience had arisen from them, and from all that
he had heard from his honourable friends, Mr. Liddel
and Mr. Rice, he was perfectly convinced that the pre-
sent undertaking would prove of the greatest use and
benefit to the public ; and though he could not profess
himself to be so well acquainted practically with the
subject as his honourable friends, he begged to assure
the chairman, that so far as his efforts and sanction could
go, nothing should be wanting to promote it. The con-
templated measure, he was satisfied, would do much to
alleviate and remedy the distress which existed, and he
hoped to prevent its recurrence ; and although, perhaps,
he might be more sanguine than others, he looked for the
same beneficial results throughout the whole country.
The Marquis of BUTE assured them, that he took a
great interest in the business of the meeting, from a sense
of its importance. As to the injury likely to accrue to
the private bankers, he would mention a fact, that the
private bankers in Scotland were the great holders
of shares in the public banks, and had, by prudently
seizing the opportunity, made much more than they could
do under the continuance of a system which was as bad
for themselves as for the public. The improved system
in Scotland arose from its necessity, and he looked for a
similar improvement in England.
Mr. STEWARD next addressed the meeting, and con-
curred with the preceding speakers as to the benefits likely
to arise from the contemplated measure.
Sir HENRY PARNELL said it was unnecessary, after
the able statements they had heard from gentlemen so
well qualified on the subject, for him to trouble the meet-
ing at any length. With regard to the currency, he
would say to those gentlemen who were anxious for the
benefits of a more extended currency, which should be
regulated on proper principles, that as the best and the
only way to attain it, they should promote such under-
takings as that now proposed. The Scotch system of
cash credits (which few English banks had the means to
adopt) would do a vast deal more to facilitate local deal-
ings than an extension of paper, and the allowing sufficient
interest on deposits (which they were equally unable to
do) would prevent the possibility of an over-issue of paper,
for this simple reason—that when the paper money
in circulation became more abundant than was wanted,
it would be returned to the banks in the shape of depo-
sits. The banks would thus act as a reservoir which
would keep itself, and the channels through which it dis-
tributed and received the circulating medium, at a level
without the risk of those fatal issues and contractions, of
which the effects were too well known. Scotland had
made as much use of paper as England, but with this
difference—in all stagnation of trade the Scotch banks
had relieved and revived it with safety. In England the
reverse generally occurred. Neither in 1793 nor in the
subsequent panics, including that of 1825, had any dis-
trust been caused by the unprepared condition or inade-
quate means ofthe Scotch banks, and be hoped that with the
assistance of commercial men, who seemed from what he
had heard to appreciate the present undertaking, that
the same security and facilities would very soon be en-
joyed in this country. He would wish to say a few
words more : he was well aware of the objection in the
public mind against what were self-styled " joint stock
companies," but the respectability of the parties who
supported the undertaking was a guarantee that it was
not even brought forward upon slight grounds, much
less that it could be what was called a bubble company.
He would repeat, that the high respectability of the par-
ties who came forward was a sufficient guarantee against
the remote possibility of such being the case.
Resolutions were then adopted for extending the com-
mittee, and the meeting, after thanks having been voted
to the chairman, adjourned to a datappinted.
Dr. Doyle, R. C. Bishop, left Carlow on Friday, to
attend the Poor Law Committee in London ; he is fa-
vourable to the Poor Laws. Mr. Henry Baylee of the
Customs at Larne, and Major-General Burke, are sum-
moned by Mr. Rice for examination.

METROPOLITAN COUNTRY BANK OF
ENGLAND.
•
(ii. Saturday a meeting of noblemen and gentlemen
.0. held at the City of London Tavern for the purpose of
taking into consideration the propriety of forming a bank-
-11,1.! company.
Sir HENRY PARNELL, Bart. M.P. in the chair.
The Chairman, on taking the chair, read a note from
Si: R. Hill, apologizing for his absence (apologies were
also sent from Sir E. Knatchbull, Sir T. Lethbridge,
Mr. Colville, and others) and proceeded to state that the
object of the present meeting was to carry into effect a
rt,solution which had been passed at their last meeting on
the 27th of March, for the establishment of a joint-stock
banking company in London to conduct the business of
banking in the country. A committee had been ap-
pointed for the purpose. From that period they had
waited to ascertain the result of Mr. Huakisson's motion,
and what course government had determined to take on
the subject, as well as the result of the conferences which
several gentlemen had with his Grace the Duke of Wel-
lington. The hon. baronet concluded by observing, that
the business of the day would be chiefly confined to the
passing of a resolution to increase the number of their
committee, and he had no doubt but that a plan would be
arranged of carrying on and working the scheme to a suc-
cessful issue.
The Hon. Mr. LI DDEL, M.P. would yield to none in
his zeal for the success of this measure, and particularly
so when that success was likely to promote the pros-
perity of the country. When they considered the great
fluctuations in trade, and the evils to which the coun-
try was exposed under the present system of banking,
it was but right to inquire whether that system, which
must be considered as the basis of commercial credit
(hear, hear), were set deep in a rock, or rested only on
a sandy foundation—whether, like the house in the
parable, it stood firm amidst storms and tempests, or
whether in practice it was found able to sustain their
shocks. If experience proved the latter, it was high
time that that system should be placed on some firmer
basis, and here it was fortunately in their power to
prove theory by experience by turning their eyes to a
neighbouring country. If the banking system in Scot-
land, established upon sound principles, produced ef-
fects so beneficial to that country, why need they
doubt that, under a similar system in England, results
would be beneficial ? The Hon. Member then read some
resolutions which had been adopted at Brown's coffee
house, Westminster, on the sth of March last, the con-
sideration of which was calculated to inspire the best
Napes of the efficacy of a public banking company on
joint stock principles, and concluded, after many very
valuable observations, by expressing his conviction that
a measure like the present would greatly promote the
general security and prosperity of the country.
Sir WILLIAM COSIV Al considered that if the Scotch
system of banking was modified to English wants and
English prejudices, it would produce most beneficial re-
sults to this country; and as a proof of it, it was only
necessary to observe, that during the panic of 1825 not
even one Scotch bank failed.
SI'RINO RICE, Esq. M.P. apologized to the meeting
for trespassing so early upon its attention, but other du-
ties called him urgently elsewhere. He begged to assure
the meeting of his cordial assent to all that had been so
ably stated by his hon. friend, Mr. Liddel, both as to the
utility and practicability of the important project in con-
templation, as also to the grounds upon which it had been
recommended ; yet he thought that, in forming an esti-
mate of its probable advantages, it would be better if the
order of recommendation were reversed. His hon. friend
had recommended it first on the score of public good, and
next on the score of private advantage: he (Mr. Rice)
thought that the private advantage was the first point to
be assured of; for it was only from ascertaining the
certainty of that, that we could hope to effect any
ultimate and permanent good to the public. This,
after all, was the true business-like way of looking
at the matter, for in matters of business, as in morals,
selfishness and generosity generally led to the same
end, and it was useless to expect that individuals
would or could do much for the public in an undertaking
which was adverse or immaterial to their own ad-
vantage. He himself had not the slightest doubt upon
either head ; but private advantage was the best test to
proceed upon, because it was not only essential to the
practicability of every public good, but was a thing that
could be prudently weighed and estimated ; whereas the
" public good" was a matter of undefined profession and
speculation. Having said thus much, he would assure

the meeting that he concurred with the most ardent sun- A curious circumstance took place lately at the church
porters of the undertaking, having not the slightest doubt of St. Louis. At the moment when the cure was about
of its success, and he said this as one who had no little to give the nuptial benediction to a young couple, he was
experience in undertakings of the same nature. In the obliged to suspend the ceremony, the mayor of the ar-
next place, it was very necessary to be explicit, not only rondissement having just obtained proof that the be-
es to what they intended to do, but what they intended trothed were both of the feminine gender !—Figaro.
not to do, that the public might not be drawn to a wrong ALARMING FIRE AT MANCIIESTER.—Sunday
conclusion. It unfortunately happened that there were morning, about 4 o'clock, the valuable and extensive pre-
very opposite opinions on the question of currency ; some mises, occupied by Messrs. Gale and Mayor, dyers, cal-
were for all gold, others were for all paper. But the lenderers, and finishers of muslin, calicoes, &c. situate
promoters of this undertaking must not be supposed to in Back Poolfold—the most ancient and valuable part
enroll themselves with either party. In the attempt to of the town—surrounded by very valuable indigo, silk,
render useful the operation of that great discovery of mo- and new fancy and figured muslin and gingham ware-
dern commerce—the circulation of paper—which to a houses and manufactories, were discovered to be on fire.
certain extent is indispensable, and within certain limits These premises are situate within 150 yards of the Town
is beneficial to commercial intercourse, great care should Hall. The conductor of the fire engines, the deputy,
be taken, not only against abusing, but of being sup- and other constables, together with the police, were soon
posed to contemplate the abuse of a good principle, as he upon the spot. The Water Works Company's servants
was convinced that more mischief arose from the abuse were also soon in attendance ; the fire plug in Marsden-
of a good principle, than from the mere operation of a street, supplying a tolerable quantity of water, which
bad one. On the question of issues, the great mischief was very judiciously employed—saving that valuable Inn
of the present system of country banking is the want of and Tavern, known by the name of the Gibraltar Tavern,
connexion, and conscious dependence on the great focus and the valuable and extensive buildings contiguous.
of foreign exchanges, from whence arose imprudent ex- Had there been a strong wind, the consequences would
pensions and contractions of the currency, the existence have been much more serious, the streets being particu-
of which was not even known to the bankers until the larly narrow. By the uncommon exertions of several of
pressure and revulsion which they produced made them the neighbours—much to their credit—the progress of
acquainted with the fact. It should not therefore for a the flames was confined to the premises of the occupiers.
moment go abroad, that they made themselves par- Many dyers, finishers, &c. will, by this calamitous event,
ties to producing an expansion of the currency, fur- he totally unemployed for a time. Every man, on this
ther than the prudence which men of business would' alarming occasion, " did his duty." By seven o'clock,
dictate. Next, as to the present banks. There the fames Were thoroughly arrested; but the valuable
ought to be no misapprehension of their views.— goods and the buildings are totally destroyed.—Our cor-
Their proceeding
a arose from no distrust or jealousy respondent adds that business in Manchester is tolerable,
of the of England. If that were the case, he but prices are very much too low.