Star.
London, England, 1821-09-21 00:00:00

in a premature disclosure of information was this:
the Directors would be unnecessarily, and perhaps
injuriously, bound by their first communication, and
obliged perhaps to come to the Court of Proprietors
at a future time to revoke or alter that which they
had previously declared. He rather hoped the Pro-
- prietors would, in the management of their affairs,
suffer them to use their owa discretion in an unfet-

tered manner.
BANK PORGERIES.--METALLIC CURRENCY.
• A PROPRIETOR wished to know from the Gover-
ner w:hat steps had been taken by those who had the
subject in hand, to complete the newly projected plan
Of Bank-note, which was to oppose so great an obsta-
•• de to forgers? He was sorry to see that, notwith-
standing the great issue of specie, and consequent re-
ciction of the circulation of small Bank-notes of El
and £2, there were, still heavy capital prosecutions
carrying on for forgery, and a punishment inflicted,'
which perhaps he was one of those who thought too
great for the offence.
Mr. Guarrax here interposed, and said that a new
subject was now starting,, while his proposition (the
ballot we presume) remained undecided. He com-
plained that such conduct was disorderly.
. The GOVERNOR decided the point of order against
Mr. Gundry.
The PROPRIETOR then repeated his question for in-
formation respecting the projected plan uf a new Bank-
note, and asked whether the plan in progress had
succeeded, and if not, whether any other was in
contemplation?
The Gov eneortsaid, that with respect to the penalty
for the offence alluded to by the lion. Proprietor, it
was quite clear that that was a subject entirely in the
hands of a higher power—the Legislature, and not
in the controul of the Directors. The latter had only
to pursue a course a hich they thought conducive to
the general interests of the Public, and the Legisla-
ture was alone competent to ailix the penalty. fOr the
infraction of the law. The times were certainly a
little altered respecting the question of forgery, since
the subject had been formerly started in that Court.
The late issue of specie, in exchange for Bank-notes,
had necessarily caused that alteration. l'reviously
the Bank had not, as the law stood, the power of
issuing the metallic currency of the realm in exchange
for their notes: they had, however, by a special Act
of Parliament, since the 7th of May last obtained that
power ; and they had, as largely as the demands upon
them admitted, availed themselves of the law to call in
a large portion of their notes from general circulation.
It was a mistake to suppose that the issue of specie
was intended merely for the exchange of their one-
pound and two-pound notes: they had extended the
privilege to all their notes, small and large alike, and
were still anxious to do so. A Bank note now in the
hands of a holder stood, therefore, in quite a different
situation from that in which it previously stood re-
latively to the Bank. Before, it was compulsory upon
the holder to retain it: now, that was not the case;
for he had only to bring his note, of whatever amount.
and to obtain cash for it at the Bank. That altered
state of things necessarily restricted the Bank from
extending, in the form of prosecutions, that species
of protection to the Public which had previously been
afforded. Bat the Honourable Proprietor had hinted,
that the decrease of for:...eries had not yet bceo as great
as there was Lea .on to expect from the resumption of
cash pay mums. He (the Governor) would, how-
ever, venture to say in reply, that there had hardly
yet elapsed sufficient time for the alteration to ope-
rate. Time had not yet in a manner been given for
the termination of the iniquitous traffic in frgeries.
There was, as it were, a stock of old forgeries to be
got rid of at the breaking up of the old iniquitous
trade, and that might, per.haps, account for those ap-
pearances to which the llonourable Proprietor had
alluded. The Directors, however, knew well that
the crime had diminished. With respect to the new
plan of Bank-note, upon the result of which so many
sanguine expectations had been liaised, he was very
sorry to state that the practical operations did rot
bear out the anticipations formed of them. lie
trusted that the Court would give the Directors
credit for having adopted the beA • recommended
plans, andapeactically worked them wilt the greatest
anxiety, labour, and expense. They bad, indeed,
worked- them to an extent far beyond the original
idea formed of the plans themselves; but it was
• with the utmost regret that he had now to say,
the result had not borne out the previous expecta-
tion (he always begged to be understood as speak-
ing the opinions of the Directors, and of them alone).
The Directors entertaining such an opinion, it was
impossible they could hold out to public confidence
with their sanction, a new •,.) in which they did not
think possessed the stability attributed to it. At the
same time the Directors assured the Court that they
had never ceased, not alone during the last one, two,
or three years, but throughout the last thirty years,
to direct their whole experience (considerable as it
Inuit be supposed to be) to the attainment of such a
plan as that to which the public attention had been
drawn. At present, however, though many great
improvements had been undoubtedly suggested, there
had not been one to which they could affix that cha-
racter of permanent stability which was so generally
sought. They would still pursue the same anxious
inquiry ; but he could not help remarking, that it were
better to let the matter rest in the bends of the Direc-
tors a he feared that going diffusely into the subject
before the Public bad led to more evil than good.—
They had gone on with the late plan until they found
the ground breaking under them ; yet they had still
kept the subject under their constant practical consi-
deration, although he could not flatter the Court
with a hope of the speedy consummation of their
wishes. With respect to the public security against
forgeries, as matters stood, the Bank were ready to
Bite every facility in their power for enlarging the
metallic currency of the country ; they were anxious
to see more specie in circulation. They .believed
there was gold and silver enough for general pur-
poses in the metropolis; but it was supposed that was
not the case in the country. The Bank was most
anxious, he repeated, that the Public should have
the fullest possible protection against forgeries, by
having the utmost facility in exchanging notes, large
as well as small, for metallic currency.
After some matters of form were arranged, the di-
vidend of 5 per Cent. for the half year ending the 10th
of October was agreed to, and warrants ordered to be
made out accordingly. The Court then adjourned.