Star.
London, England, 1826-05-31 00:00:00

TLECTION MISEIIIRS;

1. Getting 'a person to propose you as a Candidate,liho is not
known to any body-in the place.
t!. Going to the hintings with a very fine speech in your bead,
t a %%ord if which can be heard for hissing and hooting.
;. l3;ing loudly Applauded by a mob'of five hundred,-who have
,t a vote among then.

Entering a public-house.tuscamtus, and hearint the company
('.inking d-n to you.

5. Looking into the newspapers for the excellent character ,you
scot of yourself, and discovering it priutedtetween two lottery puffs.
6. Employing a poet to write a song for one otyour dinners, and
Suding that none-of die company can sing.
7. Counting exactly how many will form a majority In Tour
caeour---ankupon inquiry, told that they are all positively engaged
'0 a candidate you never expected.

8. Assuring your friends that you have too much •aspect for
their independent attachment to he at any expense, and finding
that they will do nothing at all without it.
•

9. Profes,ing an old and intimate acquaintance witia many of
your constituents, and nut able to recollect any of their names or
persons.

to. Asking a voter to give you a plumper, and being threatened
with a black eye in return.
11. Being required to declare what you meanly yottr assertious,
aiid having riuhudy at hand to help you out with a reply.
12. (Aw; up to a wall to admire one of your bills, while the
nob come up And cover it with mud.

Accusing your antagonist by his previous Parliamentary
of raisins the price of p.ovisionsi and he insisting that you
s^•<i Tat your words.

I'l. Paivittytng a person to prompt you in your speeches, who is
trailed away the moment you begin.
'1 S. Having your advertitcments dtawn up by a friend,who, when
7uu lose your election, swears that you must have skewed ohm.

tCOTCH PAPER CURRENCY.

By the Lords Committees appointed a Select Committee teiniiiiire
into the State of Circulation of Promissory Notes under the 'Mite
of 51. in Scotland and Ireland, and to report to the (louse; and
to whom were referred the several Petitions and the several
Papers and Accounts relating to the Banking System, and the
Circulation of Promissory Notes in Ireland and Scotland which
have been presented to the House this Session,
REPORT,
That the Committee have proceeded to the consider-a-
tion of the subject referred to them by the House, and
haie collected from the examination of witnesses, and
of the accounts laid before there, the info; m Atkin which
will be found in the Minutes of Evidence, and in the
Appendix.
They do not think it necessary to enter into a detailed
analysis of this mass of information, because the result
of it would not lead, in their ()Onion, to the proposal to
Parliament, during thepresent Session, of any measure
affecting the circulating medium of Scotland or Ireland.
They enter tain no doubt that, upon general principles,
it would be desira'rle that the same system of currency
should prevail throughout Great Britain and Ire:and.
At the same time they a-e fully sensible, that to such an
uniformity of system there may be obstacles whic'i may
render the attempt to establish it at any particular
period, if not impracticable, yet liable to inconveni nces
which might more than counterbalance the ultimate
advantage to he derived from it.
With respect to Scotland (to which the Committee
wish in the first place to cAll the attention of the House),
it is to be remat ked, that during the period from 1766
to 1797, when no small notes were by law issuable in
England, the portion of the currency of Scotland in
which payments under V. were made, continued to
consist almost entirely of notes cf 1/. and 1/. 15., and
that no inconvenience is known to have resulted from
this difference in the currency of the two countries._
This circumstance, amongst others, tends to prove that
uniformity, however desirable, is not indispensably ne•
cessary. It is also proved by the evidence, and by the
documents, that the banks of Scotland, whether char-
tered or joint stock companies, or private establish-
ments, have, for more than a century, exhibited a
stability which the Committee believe to be unex
ampled in the history of banking ; that they supported
themselves, from 1797 to 1812, without any protection
from the restriction by which the Bank of England
and that of Ireland were relieved from cash pay-
ments; that there was little demand for gold during
the late embarrassments in the circulation ; and that,
in the whole period of their establishment, there are
not more than two or three instances of bankruptcy.
As, during the whole of this period, a large portion of
their issues consisted, almost entirely, of notes not
exceeding 11. or 11. Is., there is the strongest reason
for concluding that, as far as respects the banks of
Scotland, the issue of paper of that description has been
found compatible with the highest degree of solidity;
and that there is not, therefore, while they are conducted
upon their present system, sufficient ground for pro-
posing any alteration, with the view of adding to a so-
lidity which has so long been sufficiently established.
This solidity appears to derive a great support from
the constant exchange of notes between the different
banks, by which they become checks upon each other,
and by which any over issue is subject to immediate
observation and correction.
There is also one part of their system which is stated
by all the witnesses (and, in the opinion of the Com-
mittee, very justly stated), to have bad the, best effects
upon the people of Scotland, and particularly upon the
middling and poorer classes of society, in producing and
encouraging habits of frugality and industry. The
practice referred to is that of cash credits. Any person
who applies to a b mix for a cash credit is called upon
to produce two or more competent securities, who are
jointly bound, and after a full inquiry into the character
of the applicant, the nature of his business, and the suf-
ficiency of his securities, he is allowed to open a credit,
and to draw upon the bank for the whole of its amount,
or for such part as his daily transactions may require.
To the credit of this account he pays in such sums as
he may not have occasion to use, and interest is charged
or credited upon the daily balance, as the case may be.
From the facility which these cash credits give to all
the small transactions of the country, and from the
opportunities which they afford to persons who begin
business with little or no capital but their character,
to employ profitably the minutest products of their
industry, it cannot be doubted that the most impor-
tant advantages are derived to the whole community.
—The advantage to the banks who give these cash
credits arises from the call which they c steinually pro-
duce for the issue of their paper, and from the oppor-
tunity which they afford for the profitable employment
of part of their deposits. The banks are indeed so
tensible that, in order to make this part of their busi.
ness advantageous and secure, it is necessary that their
cash credits should (as they express it) be frequently
operated upbn, th it they refuse to continue them unless
this implied cOhdition be fulfilled. The total amount
of their cash credits:ls stated by one witness to be five
millions, of which the average arhount advanced by the
banks, may be cne-third.
?he manner in which the practice of deposits on
receipt is conducted tends to produce the sabre desirable
results. Sums to as low an amount as 101. (and, in
some instances, lower) are taken by the banks from the
depositor, who may claim them on demand. He re-
. ceives an interest usually about one per cent. below the
market rate. It is stated, that these deposits are to a
great extent left uncalled for from year to year, and
that the depositors are in the 'habit of adding, at the
end of each year, to the 'interest then accrued, the
amount of their yearly savings; that the sums thus
gradually accumulated belong chiefly to-the labouring
and industrious classes of the community, and that when
such accounts ere closed, it is generally for the purpos •
of enabling the depositors either to purchase a house or
to engage in business.
It Is -contended-by all the persons engaged in banking
in Scotland, that the issue of one pound notes is essential
to the continuance both of their cash credits and of the
bronch banks established in the poorest and most remote
districts. Whether the discontinuance of one pound.
notes would necessarily operate to the 101 l extent which
they apprehend, in either al these respects, may perhaps
admit of doubt ; but the apprehensions entertained on
-this head, by the persons most immediately concerned,
might, for a time at least, have nearly the same effect
as the actual necessity, and there is strong reason to
believe that, if the prohibition of one pound notes should'
not ultimately eve, tArrn the whole system, it must -for a -
considerable time materially affect it.
The Directors of the Bank of England, who have.
been examined before the Committee, have given it as'
their opinion, that a circulation of Holes of one pound
in Scotland or in-Ireland would not produce any effects.
injurious to the metallic circulation of England, po-I

'Med inch not& be resp.e.tively confined within the
boundary of their own country.
Notwithstanding the opinions which have been here
detailed, the CoMmittee are on the whole 'so deeply im•
pressed with the importance of a metallic circtitation
below 51. in- England, not only for the benefit of E-g-
-land, but likewise for that of all the other parts of the
empire, that if they were reduced to snake an option
between the es:'ablishment of such a metallic circulation
in Scotland, or the abandonment of it in England, they
would recommend the prohibition (it small notes in
Scotland. But they entertain a reaiona'ole expectation
that legislative measures may be devised which will be
effectual in preventing the introduction of Scotch paper
into England; and unless such measures shobld in
practice prove ineffectual, or sinless some new cittum-
stances should arise to derange the operations of the
existing syste6 in Scotian.] itself, or materially to affect
the reiationi of trade arid intercourse between Scotland'
and Enghanti, they are not dispose Ito recommend that
the existing system of banking and currency in Scotland
should be disturbed.

With ie,pect to Ireland, the situation of that country,
as to its circulation, and as to its system of banking, is
materially different from that of Scotland. In Scotland
there are three banks, of which the proprietors are pro-
tected by Act of Parliament or Charter from personal
responsibility beyond the amount of their respective
shares; aad there are many other banks, consisting of
large and unlimited number of partners, personally res-
ponsible to the %% hole extent of their property, of which
the aggr gate amount is very considerable. There are
also branches or agencies of most of the banks very
widely established throughout the country.
In Ireland, the only bank pns•es'ing the advantage
of a limitation of personal responsibility is the Bank
of Ireland, which, till a late alteration in the law,
was the only establishment which was permitted to
have more than six partners. The circulating me-
dium consists, indeed, in both countries, to a great
extent, of Notes under 51. but the system of banking
in Leland, instead of remaining unshaken for a
long period, as that of Sco.land, has experienced
so many shocks, that its banking establishments
are now neatly confined to the chartered bank of Ire-
land and its local agencies, the branches of the provincial
bank which is established in London, one Joint Stock Com•
pan), in Dublin, and another at Belfast, the latter of
which has local agencies, and a few private banks in
Dublin and Belfast. The issue of notes under 51. has
been at different periods permitted and prohibited in
Ireland; there is therefore no prescription to plead for
their continuance, and there is no experience of any such.
system as that of cash credits in Scotland, which is
stated to rest mainly upon their issue. There is not at pre-
sent in Ireland the same check upon over issue, which
is derived in Scotland from the continual exchtnges
of notes between the different banks ; and the failures
of private banks have frequently spread the greatest
distress over large portions of the country. Previously
to the Bank Restriction Act there appears, by the evi-
dence taken before the Committee of the House of Com-
mons in 1804, to have existed in Ireland a considerable
metallic circulation, of the existence of which in Scot-
land the Committee are not informed.

Many of the seasons, therefore, upon which the Com-
mittee have grounded their opinion against any present
provision for a future alteration in the currency of
Scotland, do uct apply to Ireland, and the introduction
of a larger proportion of metallic currency into the
latter country appears liable to less difficulty than the
applicatiors of the same principle to the former. There
is, however, a considerable difference in the opinions of
the witnesses whom the Committee have hitherto had
the opportunity of examining. While all agree in the
necessity of allowing the issue of paper below 51. on
account of the small value of the al titles which com-
pose the daily transactions of the country, there are
some who think that the inconvenience to he appre-
hended from any change in the pre ent circulation
would be only temporary, and would be materially
mitigated by allowing the issue of notes of 21. or Si.
There are others who state that any alteration by which
the issue of one pound notes should be prohibited,
would cause the cessation, or at least the contraction,
to a most inconvenient degree, of the accommodation
now afforded to the country; that it would involve the
di,continuance of many of the branches both of the
Bank of Ireland and of the Provincial Bank ; and that
it would put an end to the prospect of establishing the
Scotch system of cash credits, into which system the
Provincial Bank was beginning to enter.
The Committee cannot but admit it to be doubtful,
whether, under the peculi a circumstances of Ireland,
the Scotch system is capable of being trawl-erred in ali
its parts, and with all its advantages, to that country;
but they abstain from recommending, at the present
moment, the adoption of any measure for assimilating
by slow gradations the circulating medium of Ireland
to that which will become at an earlier period the
circulating medium of England, only under the expec-
tation, that further information and more experience, as
to the effects and operation of the changes which have
lately taken place in the banking system of Ireland,
may lead to the formation of a decided opinion upon
grounds more completely satisfactory than those upon
which they could at present rest it.

Slut Orman' Mum/G.—Yesterday a Meeting of
Ship Owners took place at the City of London Tale's,
for the purpose of devising some measures calculated to
support their interests, which they aver to be in a de-
clining state. Several Resolutions were passed, de-
claring that unless some change was shortly effected,
the shipping interests would be ruined, attributing their
want of protection to the fact of not being represented
in the House of Commons.; and requesting of ship-
hnlders in all parts of the kingdom to give their sup-1
sport at the approaching election to such candidates as
were 1 kely to ad►ocate their interests.
A Meeting of the Proprietors of the Arigna Iron and
Coal Company rook place yesterday, for the purpose of,
taking into consideration the removal of the Directors
and the application of the fund, Ste. At the commence-.
ment an angry discussion arose as to whether Reporters
should be excluded,• and it was subsequently de:ermined
that no person should be present but Proprietors.
A sawyer, of the name of Arrowsmith, was killed in
ir a pugil;stic combat yesterday morning, with Henry
W:ggens, a coachman. A desperate battle of an hour
and three quarters was fought, when Arrowstnith fell;'
he died at the Crown public house in an hour after. The
combat took place in a ten acre held close to Busby.
An excellent hcld of coal has been discovered on the
lands of Cbartershall, in the immediate vicinity of Stir-
ling, after a long and expensive se..rch on the part of
Sit AIiCIJJEALD EIiMONSTONE, superior and proprietor
If the minerals on the above lands. The coal is said to
be of the very best quality.