Star.
London, England, 1826-02-14 00:00:00

objeceon, by ascribing the existing dist ens to Mies
with which *e do not at present affect to meddle. The
second objection is founded on an exaggerated view of
the evil, bearing little or nothing on the resolution, to
the consideration 'of which the Hodse ought to con-
fine itself this night. The cante of the distress has
been well des gibed by many, and by none better than
by the am: Member for Northampton. He described it
on ti former flight so accurately that he brought com-
pletely home to the feelings of the House the true nature
of the source of those embarrassments now so severely
felt,which he proved to be that extravagant spirit of spe-
culation which had lately prevailed. Why, Sir, whoa
his Majesty said in his speech to his Parliament, that
some of the evils complained of were beyond the reach
of Parliamentary interposition, what could the Sove-
seign mean t., allude to but such injuriouseepeculazions ?
These had been, I will not say such as were never seen
More, bdt such as could not be witnessed without
astonishment for their number and for the eagerness
with which they were received. It was net possible
fro Parliament to deal with all that speculation which
for a time filled the public gaze, grew out of public
avidi.y, and was fostered by public appetency to a
degree which, undoubtedly, exposed us to the ridicule
of all other people—speculations which sprang with
the dawn and disappeared before the sun went dawn,
like a vapour that r ,se towards Ileaysn, and that the
puncture of a pin brought again to the earth—Parlia-
ment could not deal with all those speculations which
sprang from human avarice and enterprise, and in at-
tempting it, would do more harm than good, might'
check enterprise, and not repel that inordinate appetite
for gain, which could only be corrected by experience.
Though I do not charge the country banks with having
originated this spirit, I think it not too much to say
thin the animus was sustained by their means. But the
measure which his Majesty's Ministers now propose to
the House, is one which they feel themselves justified in
recommending on it; own merits. Though founded on
recent transactions, it is not intended to apply to these
alone, but, for itself, it is pressed on Parliament, to cor-
rect a faulty part of our currency. Recent events have
furnished a fa% ourable opportunity for supplying a
remedy, and this opportunity once lost, it may be long
before we shall have such another. Sir, besides the
disclaimer with which I set out, I have another to offer,
I allude to the fashion set by an Hen. Member opposite,
on a former night, and followed by the worthy Alder-
man this evening; of attacking those who wish, on
phitoriphical principles, to reform our curreney, by
fixing on them the character of visionaries and en-
thusiasts, and representing them, as such, to be pre-
pared to resign the greatest benefits, and to sacrifice the
cures: interests of communities, in order to give effect
to their own theories. The Hon. Member for Taunton.
in his speech, the ingenuity of which I admit, but whikb
was, I think, one of the most inaccurate in facts, and
unfair in reference, that I ever heard in this House, has
endeavoured to fix on me this character. I have no
right to complain that an Hon. Gentleman, in the heat
of debate, should ascribe to me a part which I never
took ; and if I see it results from an error of the
moment, and no unjust inference be drawn, I rest quite
satisfied With denying the fact. But when 1 find that out
of this error an inference is to be drawn—when I find
it is sai that I, in 1810, in the Bullion Committee,
voted for the resdnirtion of cash payments, and when 1
find this boted,and more than thaton appeal founded on
it, and the 11 'use solemnly warned to beware how they
followed a blind guide, who, having before wandered,
would now be likely to lead them astr.iy —to pre-
cipitate them Lorin the rock of paper into the boiled-
less sea of a metallic currency —(llear,-hear)—when
1 say, I hear myself thus misrepresented, and
"mess such an appeal, made to influence the votes
rf the House, will riot say that the error was other
than usontentional,but I must remark, that an error,more
fortunate for the argument of the Hon. Member using
it, never occurred in Parliament. I not. only did not
vote, as I am said to have done, in the Bullion Com-
mittee in 1810, but—
Mr. BARING spoke to order. He bad apologised for the error
into which he had fallen, yet the Right Hon. Gentleman now
treated it as intentional—(No, no).—He appealed to the House for
the correctness of what he stated.
Mr. Secretary CANTIDIG..•••••The argument which the Hon. Gen-
tleman would draw from the error into which he bad fallen:is that
to which I would direct the attention of the House.
Mr. BAIUNG denied any wish that the supposed inference shoal
be drawn from what he had advanced. He had apologised for er-
reneously stating the Right Hon. Gentleman to have voted as he
believed him to have done. After this be bad a right to com-
plain that the Right Hon. Gentleman should suite the error to have
been intentionally nude. (Cries of No, no, snointeationaity.")
Mr. Secretary CANNING—I spoke of the error as not
being intentional. Sir, the part I did take in 1810, I
think it necessary to state, in order to set myself right
with the House. I voted for all the Resolutions moved
by the late Mr. Horner, which went to affirm the prin-
ciples on which our mosetary system is founded, and
against those which had for their object to throw open
the Bank on the next day. My argument, whether it
were good ler any thing or not, went to call on the
Committee to pronounce in favour of our monetary
system. I thought great good would result from pro-
nouncing a sound opinion on that subject, but because
I did so, Iby no means agreed with the conclusion
come to by the Bullion Committee, namely, that thel
existing system being wrong, it ought therefore to be
immediately—in the middle of a war—abandoned,and
the Bank ordered to resume cash payments at a par-
ticular and specified period. The only proposition
which I submitted to that Committee was no theoretical
one, but a practical one ; it • was this, that during the
continuance of the suspension of cash payments, the
Bank should neither increase its capital nor itsdividends.
This was at least a practical proposition. To try think-
ing, it was the very reverse of a theoretical one. Now
if, on the present occasion, I propose to withdraw-within
a limited period the one pound notes from circulation,
I do not see that this is a theoretical, but I contend, that
it is a practical proposition. It is founded on the
experience of years which have elapsed since the Bullion
Committee sat, and which . have proved that the dr-
colatinn of small notes cannot exist with a metallic
tiler:icy. I, like the worthy Alderman, am for treading
.rk the steps of our forefathers, and, doing this, I cos-
tend that no par t of their policy is more strongly marked
than was that for which I am new the advocate, in the
tears preceding 1797. Look to the first period of our,
commercial distress in modern times—l mean in
1793. What was the language held by Mr. Burke
—no mean authority on this subject ? Mr. Burke,
In describing the paper system of the French
Republic, contrasted with it the circulation of this
country —4s They think," he observed, e that our pro-
les ny rose out of our paper ; but the paper ruse out of
'4l prosperity. They thought that the paper derived
its valet from authority; but it was from its possessing
la authority that it derived its value. Bank notes might

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,be refused. Mr. Berke Concluded, 14 Never had a.
scarcity of cash and a toperabentlance of paper been IN
'Close of complaint." Such was the state of the paper
currency in England in 1793.. This was the good old
stem to which I am as anxious to return as the Worthy
derman can be. Now, Sir, what are the impedi-
ments in the way of our doing so? The Honour.
able Member for Taunton has stated some of them.--•
'The Hon. Gentleman has stated the Bank to be so
blocked up by its engagements with the Government,
that it is no longer a fit agent for the circulation of
our currency, and he has stated the items by which this
is caused in the fallowing way :—ln the first instance,
there was a permanent charge for Exchequer Bills of
6,000 0001. Then the H m. Gentleman stated there was
what he called deficiency bills amountin g to 7,009,0001.
which arose from advances made byte Bank for the j
current quarter, which, however, in oint of fact,
amounted to but 3,500,0001. Their amount might be
what the Hon. G .ntlernan stated on the day to which he
alleded, but I can state that it was very speedily di-
minished. For the dead weight 8,000,0001. Paying
off the four per cents. 2,000,0001. The sums had beets
advanced on mortgage to the amount of 1,500,00 W.
Altogether 24,500,0001. The tendency of the speech
of the H 'n. Gentleman was to thew, that the Govern-
ment, by imposing a heavy load on the Bank, his refl•
deied it incapable of properly exercising its functi.nts
To take the Hon. Gentleman's items in the inverse
order of their introduction, I will first notice the sums
lent on mortgage. These are said to amount to one
million five hundred thousand potinds, but these the
Government has no more concern with than the Hon.
Gentleman can have. The Bank-thought fit (and Ido
not blame them for so thinking) to lend money on
mortgages. They had thought this would prove a
public benefit, and produce a profit for the proprietors.
They accordingly thus advanced the sum of 1,200,0001.
Whether this advance was right or wrong was no busi-
ness of the Government. The Bank engaged in those
transactions in their mercantile character, and the
Government was not in the smallest degree re-
sponsible for them. Then as to the dead weight.—
Whether the bargain made was wise or foolish on the
part of the Government, or on that of the Bank, has
nothing at all to do with the present question. That
which was done was this—the Government sold an
annuity; which the Bank sought. This the Bank did in
their mercantile character. Now, having bought it,
the Bank might go into the market and sell it the next,
day. Whether they did this or not, the Government
ate no more responsible for what has been done, than
it would have been for the decision of the Honourable
Gentleman, if, when he contracted for a loan, it had been
his pleasure-to keep it. The wise taker of a loan, holds it
till it goes to a premium, and then sells it, But whe-
ther the Bank did so or not, is here of no consequence.
That they had the power of selling the annuity which
they bought of the Government is sufficient to overthrew
the argument of the Honourable Gentleman—that by
their being compelled to hold it, the B ink was rendered
incapable of a proper discharge of its functions. Thus
I have disposed of 6,700,0001. out of the 24,500,0001.
which the Honourable Gentleman has stated the Bank
to have been burdened with. The next item is one of
3,7(0,000/. for paying off the four and five per cent.
dissentients. This sum certainly appears as having
been advanced by the Bank, but then it ought to be
borne in mind that it is in a regular course of pay-
ment, at the rate of seven hundred and fifty thousand
pounds varterly, or 3,000,00041. per annum, so that the
whole will be done away in the course of the present year.
There then remain two items, those for the permanent
Exchequer Bills and the Deficiency Bills, as they are
called. It is not (air because the Bank made advances
on a certain 44y, to a given amount, on account of the
current revenue, on such grounds to assume that a
sum to that amount was locked up for the whole
quarter. The sums to be received in the course of the
remainder of the quarter ought to be taken into the ac-
count. To an individual like myself, not very con-
versant with such matters, the state of the case may be
best explained by supposing a parallel case in private
life. 1 will suppose that a Nobleman or Gentleman of
gieat landed property has to pay ten thousand pounds
in the year by four quarterly payments. Suppose then
such an individual should sly to his banker, 4, I will
assign to you my rents and other income, amounting to
more than sufficient to cover the charge which is to be
met, but take you all the trouble off my hands. Make my
quarterly payments for me, take the rents and account
(or them, but mind, if ever you should advance more
than you have received, charge interest for the same. If,
however, the rents received exceed what you have to pay,-
I ask•no interest on the surplus in your heads." I ask,
is such a case would not the banker have a good com-
mission ? Would be not be wrong to eomplain of being
ont of pocket for a quarter of a year, by those sums
advanced which were repaid to him in six weeks, while
interest was paid on his advances, none being required
on the surplus which he might at any time hold. The
fact is, the Bank is the banker of the Government, and
the Government deals with the Bank as the Nobleman
or Gentleman would with his banker in the case which
1 have supposed. This is the system, Sir, and how
does it work ? 1 will shew the House. On the sth of
January, 1824, the sums advanced by the Bank for the
public service amounted to 1,540,0001. all of which was
cleared off in the course of the quarter. On the sth of
April, 1824, the sum of 169;0001. had been advanced by
the Bank. This, Sir, was cleared off by the 28th of
May. During the remainder of that quarter, to the sth
July, the Bank was in possession of Government De.
bentures, with which it was at liberty to deal as seemed
teit, paying no interest on them. On the sth Jul y,in
Icl:7:lame year,theadvancesagain amounted t 01,600,0001.
This was cleared off by the 3d of September following,
and from that time to the 10th of October the Bank
was in the receipt of money belonging to the public.—
On the 10th October their advances to the public
amounted to 11400,0001. which was cleared off as
the former had beers bythe 10th December,and thus a sur-
plus was in their possession, till the close of the quarter.
On the sth January, in the present year, the Bank bad
made advances for the public service to the extent of
5,50),00.1. and up to this day, I fine that that sum has
been teductd to 2,500,0001. and is in the course of daily re.
duction. Thus then it will be seen that the Bank sustains
no injury, but on the contrary, receives a benefit from
' the Government. Its operations are aided instead of
being impeded, and if the business which it manages for
the public could be withdrawn and carried elsewhere, the.
Bank would lose instead of being a gainer by the
change. I am surprised that it should, be forgotten, that
in the Report of the Bullion Commitee of 1810, and
again in that of 1819, there was a recommendation
that the advances made to the Government by the
Bank, should never .be stated, without being accom-
panied with an account of the balances of the public

money liedstlnidg in the heeds of the tianL, Mkt "that'
were the aterages of the same. Those averages hive
amounted to ?,000,0001. so here aAain. is an aid afford-
ed to the Bank, insteed of an impediment being thrown
in its way. Why, then, it, will be seen, that, going
item by item through this load of 24,00,000/. said
to have been thrown on the Bank, I have explained
all away, till nothing remains but the six or sever,
millions of Exchequer ills which the Bank holds.—
I am sure the Hon. GeAdeman cannot charge the sum
advanced to th'e Government from the Bank, on its
institution, as that which is to be complained of as an
impediment. That advance, coeval with the Bank, has
been considered as one of the cond'tions of its exist-

ence. When the balance is to be struck, it must not be
left out of our consideration, that if the Bank divide
eight per cent. on a capital of 14 millions, instead of
seven per cent. upon a capital of 12,0001. under what'
circumstances their capital has been accruing, and the
series of bonuses shared among the proprietors in the
years during which cash payments were suspended.—
Nothing then has been proved to shew that the Bank
has been rendered unfit to exercise the functions of a
Bank. Sorry should Ibe if such a case could be made
Loot, for if the Ho,. Gentleman would fain suggest a
measure, which might offer temporary relief, he must,
be aware that the Bank is the only instrument by m •ans
of which his object can be effected. It would therefore
be in my judgment the greatest imaginable misfortune,
for the country, if that body were not_ in full possession'
of all the efficiency and power whichought to belonk
to such an establ shment. At present, so far a; the
Government is concerned, the affairs of the Bank are
more disembarrassed than they were in any of those
years to which retro,p action can be carried. Such beings
,the case, what is the danger to be• apprehended from:
dolling as we propose to deal with the country banks?
It, was admitted, that it was cl,fEcult to get at the exact"
amount of their issues of small notes. But it wasq
thought we approximate to it when we take them at.
6,000,0001. So me name 4,000,0004 and be it 6,000,0001.1
sr be it 4,000,0001. it is proposed that these at the eadll
of three years shall be withdrawn from circulatioef.
This is the effect of my Right Hon. Friend's proposition.'
There are, we are told, 800 country banks in England.
Perhaps recent unfortunate events may have reduced,
them to about 700. Divide between these the number
of small notes supposed to be in circulation, and at the
most it will net,give an average of more than 8,0091. for
each. These 8,0001. then are to be withdrawn in three,
years, that is to say, a sum of more than 2,0001. and noel
so much as 3,0001. annually. Now, after all we have
heard, and.truly, I admit, of the unquestionable soli,
dity of the country banks, are we are told that to with.l
draw such an amount in small notes, in the time which
hatbeen named—that this calling in of from 2 to 3,0001.
per annum, would produce such a strain upon them
that the law could not be satisfied without plunging
the country into new confusion and general distress.
Quite sure I am that when the proposition of the Hon.
Gentleman is reduced to its proper dimensions and
guaged by arithmetic, no feeling will remain, but that
of astonishment that it could ever have been swelled by
ingenuity to an argument of such magnitude. This
alteration, Sir, though small in its effects, will be mighty
in principle. if we can by its means restore to the 1
country the fixed principle of a metallic currency, I
say that we shall have achieved a mighty good, and,
conquered an incalculabe and a growing evil., I will,
with the permission of the House, quote a sentence from
a letter which was addressed to me by Mr. Burke, at
a time when a subject 'nearly similar to that which now
occupies our attention was the subject of discussion.—
I came into Parliament two years after that gre a and
illustrious man quitted it for ever, but I lad die honosir
of some intimacy with him in private life, and shortly
previous to his lamented death; and while he was upon
that bed of sickness from which he never rose, he ad-
dressed to me the letter to which I have alluded, and
which I have preserved as a relic of departed greatness.
The concluding sentence of this letter conta ns these
remarkable words—words which I wish to impress upon
the minds of those who hear me, as they conic from a
man whose opinions are entitled to respect, and who,
upon more than one occasion, proved himself a true
prophet. The words are these—" Tell Wiliam Pitt,
that if be ever issues one-pound notes he will never see
a guinea again." Has not the event borne him out in
the assertion ? At the time of the Bullion Question,
did not the famous resolution of my Honourable
Friend, a resolution of which he is the godfather, and,
therefore, answerable for all its sins--(A laugh)—
hedge in the one pound note with a divinity which
rendered it nearly unapproachable. Although I do
not mean to deny that that Resolution was founded
upon sound argument, and that there were obvious
reasons for passing it, still it has been productive of an
obscure notion, prevalent amongst many even of the
enlightened classes, that a one pound note was not
necessarily convertible on demand into gold. The Hon.
Gentleman (Mr. Attwood) has asked "whether his
Majesty's Ministers have not repented the declaration
which they made last year relative to the restriction of
payment upon the part of the Bank. I answer for
myself and my colleagues—not for one moment.—
It is alleged in some respectable quarters, that the
change from notes to gold will be universally felt
through every part of England. This has no foundation
in fact. When it was last year proposed, that one pound
notes should be circulated in Manchester a Meeting was
called, with the Boroughreeve in the Chair, at which
the parties entered their protest against any such
circulating medium, and declared, that the business
and ordinary avocations of life could not go on
with security, if such a circulation were introduced.—
Experience had fully shown that it was absolutely ne-
cessary, for the safety and welfare of the country, that
these small notes should be gradually and progressively
withdrawn, in order to replace them by a sound me-
tallic currency. This might be done without trench-
ing in the least upon the issuing of paper of a larger
size. Pile up your Bills of Exchange, and rather de-
ecriptions of paper, mountains high, but let the bases
of these mountains be irrigated with gold. Let paper
be issued in any quantity that the trade and manufaca
tore of the country might require, but let the currency'
r. st on a substantial golden foundation. Some Gentlemen
are surprised that the same persons who condemilea
the smaller species of Bank notes should declare them-
selves in favour of that of a higher denomination.—
The surprise, however, is, that any boly should be sur-
prised at this distinction. The 11. note has qualities
which the larger note has not. The larger note covenants
to pay the equivalent in metal ; but, with respect to the
11. note, the premise is uniformly broken. When they,
came to this lower denomination of notes, and found
that they could get nothing but paper in return tor
paper. what was the consequence? It produced a
rise of prices, which destroyed the reward of labour,

.

'd la toftieqtbebtiy ciepliveil tise *oat* Jail at tilt
means of subsistence. The 11. note differs in. thcise
respects from the larger note. It is in fact, a substitute
for the sign and superscription of the sovereign; it is an
assumption of the prerogative of the Crown, and It
tqpched the nearest interests of the labouring classes.—
The resolution of his Right Hon. Friend would correct
these evils. It had every recommendation to the confi-
dence of the House; and hd helieveJ that the passing
of that resolution would do more to restore confidence
and credit, and to show that it was determined to main-
tain the circulation of the country on an established, '
permanent, and immovable basis, th in could be effected
by any other measure. It is, however, impossible to
bear the opposition to this measure without discovering
that the opponents of it are divi.led into two classes.
One, and I am afraid the larger class, while they
object to the time, the mode, and the degree, do,
in effect, cover under those grounds of opposition a
rooted, fundamental, unsparing, and "undistinguish-
ing objection to the circulation of any other cur-
rency, except that which was adopted daring the
whole period of the war. It is not necessary to argue
with that class on the propositir.n of his Right Hon.
Friend. They are favourable to an unbounded and an
irresponsible currency—that sort of currency in which
the promise might be made to the eye, but never
kept to the understanding (Hear, hear). If any
of those who object to the present time mean to say
that the thing should have been done long- ago,
then I agree with him ; but in justice to the Goverinent
I must say, that if they had not been hampered by the
Bill which it had been deemed expedient to pass is
1822, the thing would probably have been done before ;
and they would now, when discussing the state of the
currency, have had to discuss it under very different
circumsteuces. But admitting that it would have been
better if the thing bad been done before I would ask whe.
t'ber with reference to the future, any time could be more
approptiate than the present for such an effort to restore
the circulating medium to its proper, 'mind, solid, and
healthy condition ? And let those who so fondly looked
to this perpetual, unlimited, unregulated circulation of
paper, consider what was the existing state of the law
here. Althone nothing were done now to put an end
to the circulation of these small notes, let them re-
member that the law would soon remove their one
pound notes, their legal circulation being only coincident
with the ddration of the Bank Chaster. Would the
period of the expiration of that Charter, then, be a
proper time for the withdrawing at once of these swan
notes? If it would, where could be the reasonable
objection to the ample period of three years, allowed by
his Right Honourable Friend's motion ? Then it is to
be observed, that no Gentleman has given any particular
reason for the period of time which he preferred. The
Hon. Member for Taunton had contended for a year's
grace, and another Honourable Gentleman had said
that even a month's delay would be acceptable.—
But among his other objections to delay, one very
serious one was this, that delay would be considered
out of doors as a defeat, and would, by those who ,
con-
tended for further time merely in order to destroy the
I plan alt Nether, be most studiously and triumphantly
so represented. But among those who fealty and bona
Fide wishmerely for delay, is tt ere one who would un-
dertake to answer to him that the interval would not
be empl led in such a manner as to impose new diffi-
culties in getting the measure carried into effect?
The Honourable Member opposite seems, by his man-
ner, to admit that it would be so employed, and his
countenance is too'ingenuous to indicate anything ex-
cept what is really passing in his mind—(A laugh).—
It seemed to admit, that if the present o,'por:unity
were suffered to escape, it would be next to impossible,
:at a future period, to resume the measure. For years
and years have Ministers been assailed with reproach's,
and encouraged by enlightened arguments from the op-
posite side, to make commerce free as air, and to open
trade to all the ends of the earth, and to all the
winds of Heaven. In this state of things the ques-
tion of the Silk Trade was introduced, and the
measures proposed by Government were, with the con-
currence of these Gentlemen, triumphantly carried.—
What then was the course of argument adopted by the
opponents of th it measure? They only wanted time ;
I_and why did they want time? Was it to prepare for
the opening of the foreign ports? No such thing; but
in endeavouring by every effort in their power to pre-
vent the execution of the measure at all. By the eon-
ployment of multitudes of labourers, and large purchases
of raw material they had accumulated and manufactured
'stock to double their previous amount, and then, wten
the re-action came, they raised a cry, and upon the ob-
stacles to the measure' which they themselves had
created, they founded *an argument for timber time.
Is not this like the arguments for delay now urged
against the execution of the present measure? But
be trusted, the House would not now, by such ar-,
guments, be induced to give up its purpose, and by.
waiting till additional difficulties arc thrown in the
way, stultify its own measures and proceedings. I hope
it was not necessary lot me or any Member of hie Ma-
lesty's Government, or any Member of an English As-
sembly, to mention the feelings of pain and anxiety with
which every feeling man reAard's the present commer
vial situation of the country. On all hands, in the course
of this discussion, there has been a generous abstinence
from topics which might have been introduced into it for
other purposes than those that are calculated to place
the matter in the true point of view. The question has
-been discussed on its own merits, without any attempt
at inflammation or,rousing the passions; so as to silence
the voice of reason. But, as an assembly of Englishmen,
it is impossible not to feel deeply for the situation of com-
mercial friends and acquaintances, and especilally for the
distresses of those multitudes, uponthe comfort and wet- .
fare of whom the best interests of human society depend. ,
I am not so absurd u to pretend the alteration in the currency will
directly and immediately put as end to our commercial mbar-
raionseets, which have principally arisen from the uewholesome
and.peeternatural extension of commercial speculation ; but I think
MA trust, Sir, it will have the effect of alleviating, and pethips
treegunting, the reentrance of that distress, which, however it may
with the higher, if not withstood in the outset, is soon sure
to Sad its way to the lower classes of society ; and as a benevolent
INkinarch (Henry IV. of France) said, that he hoped to live to see
the day when every peasant might have a fowl in his pot ; so,
if this ndon of my Right Hon. Friend pass, I hero to see the
day, when every peasant, instead of a piece of (perhaps worthless)
paper, will have in his pocket a piece of gold bearing the image
and superscription of his Sovereign.
tio(uThedecheraigshstfrotra. Gentlemanp.i eftbesatHoudor) amid loud and con-
Mr. YEARSE was desirous of vindicating the Bank
off England from some misrepresentations which had
gone abroad in relation to it. The profits of the Bank-
-of England in its transactions with the public had been
stated at much beyond their' true amount. It was •
incorrect to say the Bank of England derived immense
advantages from its connection with Govertimenr,
without affording any cortesponaletit benefit to the

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