Star.
London, England, 1819-05-26 00:00:00

~'M,

Mg EV EN ENO
.ST4 R

LONDON 4

WEDNESDAY. MAY 26, 1819.

THR FUNDS

PRIM Or STOCK)! TNIF DAY AT 0141 O.CLOCK
Bank Stock 210 21'2 214

3 per Cent. Reduced 64i 663 •
3 per Cent. Consols 65 67i 661
Si 4) P r Cent. 731 741—i r.er Cent. 79189
5 per Cent. Navy 99 1011'101 •
Bank Long Annuities 16 15-16 17 1-16
Imperial-3 per Cent. Anns. 65
India Stock SOS
India Bonds 9 14 dis.
Eschetluerilills (42d.) 6 1 dis.
Consols for Acct. 651 63il

This being settling day at the Stock Exchange,
and such an unusual
,depression having taken place
during the Account, Much anxiety was visible before
the commencement of business. Consols for Money
began at 65k, fell rallied to 66, and kept fluctu-
ating to 6.5, 66i ; for the Account GO, 664+, 6711.
. Before eleven o'clock upwards of two millions of
Stock were purchased, and up to one o'clock no''
defaulters had been declared. The principal suf-
ferers on this account are not the llouse but the Pub-
lic, who have been bulling for the benefit of the Bro-
kers. Some of the latter have, however, been let in
to the amount of a few thousands.

Last night the Debate on the Resolutions founded
on the Report o.f the Secret Committee on the Affaiis
of the Bank, was resumed. These was, considering
the nature of the question, a considerable degree of
good temper, and even of unanimity : the principal
difference of sentiment being not as•to the principle
of the Resolutions (though even on this there were a
few unargumentative dissentients) but as to the best
means for bringing them law complete operation.
After the Debate had been protracted to one o'clock
this morning, Mr. ELLICE withdrew his Amend-
ments, and the original propositions submitted by
Mr. PEEL, were agreed to without a division.—
Thus has a period at last been fixed on for the Re-
sumption of Cash Payments--yno unforeseen contin-
gencies intervene, over which neithe- the Bank nor the
Goverment can have any controul. But as this event
is proved to be within the reach of possibility, from
the failure that fixllowed the partial attempt made
by the Bank to return to Cash Payments, when we
had our late coinage of sovereigns, the country ought
seriously to consider of collateral means to insure,
and even to hasten, the return to a Metallic Currency.
In speaking lately of the difficulties of the present
period, we threw out an ilea that it might be expo.
dient to think of forming a new Bank, entirely Com-
mercial. This idea was not the suggestion of the mo-
ment ; and we understand that many well-informed
people in the City, who have taken the same view of
the fatal principles now in operation, arising out of
the Bank Restriction, seem to think the measure of a
New Bank the best and easiest remedy applicable to
the present difficulties. The only question is as to
the mode of carrying the plan into effect.—But the
speediest way of arriving at a sure foundation for
the proceeding is to reduce into a brief form the ac.l
tual state of the Bank of England. 'lt may be laid
down as indisputable facts-in the first place—
That the Bank of England it so circumstanced in its engage
ments, that it is obliged to require time to fulfil them.
2. That even at the expiry of any named term it will not be
able to fulfil its engagements, unless other circumstances co-ope-
rate, Over which circumstances it possesses no ountroul.
3. That tic cause of this defalcation in the credit of the Bank
is owing to its intromissions and transactions with Government.
4. That these transactions have pressed, and do so press on
the affairs of the Bank, as to cause an uncertainty in the extent
of tile accommodation which the Bank would otherwise grant
to the rnercantik body in discount., &c.
Now these facts having been demonstrated, it seems
no less clear that the Bank, as far as it is a mere
Banking Establishment, should wind up its concerns,
being no longer in a capacity to act from itself free
and uncontrouled, and consequently not morally re-
sponsible for its undertakings. But this cannot be"
done without the most dreadful effects—unless a dew
Establishment could be formed to fall in with the en-
gagements of the old.
It is evident that the Bank of England is now a
political as well as a mercantile Establishment ; and
that' to disjoin its functions, in these two several ca-
pacities, would supply the desideratum. Let there-
fore all matters connected with Government and the
Public Funds, be separated from the Banking De-
partment, and let the Banking Department then pro-
ceed to wind up—while a new Banking Corporation,
with nen) notes, and entirely on commercial principles,
is formed.
A capital subscribed for the purpose of constitut-
ing the new Establishment, the next step would be
to transfer from the old Bank all the mercantile and
deposite accounts, and from that date the old Bank
to cease from issuing any more notes, and the new
one to commence its operations.
,The resolt, of thii arrangement would be, that
wlfiie the Notes of the Bank of England were gra-
cheakly.retiring,- those of the New Bank would take.
. their place in the currents of the circulating medians;
and as the New Bank would be formed on the ex-
press condition of paying its Notes in cash when re-