Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-10-12
BANK OLE ENGLAND

Amidst the various squanj,erings and
public extravagancies which have agra
waited the pressure and distresses of the
present period, there is none n,ore cu!pa-
bic in its nature and principle, than that
which has arisen from the enormous and
rapacious profits which the Bank of Eng
land have been permitted to make, arising
wholly and exclusively out of their deal
ings and contracts with the public DUNG
the last twenty years. Truly was il obscr
we'd by Mr.. Horner, in the late debate On
the restr cton bill" that the information
and documents laid before the house upon
this subject, in the two last sessions of Par
Lament, 10 consequence of the discussions
raised thereon by Mr.. Grenfell, have ex
hibited scene of ministerial extravaganza
on the one part, anil of profigate rapacity
on the part of the Bank, that is without
example in the ioaaciai history of this, or
of any other country. %
We do cot kRow whether this is to be at,
tribted to ignorance, negligence, or too
ready an acqulescence on the part Of the
government in the exorbitaDt demand of
this trading corporation, as set off against
those occasional pecuniary aocommoda-
tons which the bank are supposed to az.
ford 20 the treasury which accom- moda-
tons, however, be it observed, can only
consist in an advance OF bank paper, for
which they never fail to charge per ct
interest and which paper too, it may be
remarked, the bank are enabled, by the
restriction act, to create, to any extent they
please, without its costing thea one farth-
ing nor do we mean to charge the pre-
sGnt government exclusively with blame
Tor those transactions for by a reference
90 the papers lately produced to parlia-
ment. It appears chat every government,
from thlt OF Mr. Pitt downwards, has been
equally negligent of the interests of the re-
public, and eth p ignorant CT. or indignant
to, the enormous, pio6,s mao= g .as ban-
king company at the public pecce is
il necessary 60 prove thtss Leok calp at
what have been the profits acquired by
the propr stors Of bank s,.cll since the year
1877, which were stated by Mr. Grenfel
in his late discussion, To have exceeded,
within the last nineteen years, the enor-
nous sum OF TwETTY-oNN MILLIONS
STERLING over and above the annual
dividend OF seven per cent aud this pro-
ut made in 10 years, by hHbfc contracts
oHly, amoHnts TO Seven times as much IS
was made by the bank, from II their ban
king operations during the whole cf the
preceding century
Grievcus upon the people, and objection
no means unimportant to look to it as a
source Of public retrenchment. The dis
cussons and the notice OF Parliament, which
has been attracted during the two last
sessions 70 this subject, have already been
by a reduction in bank profits,
and a corresponding saving to the public,
to an amount Of about 180,00Ol. per annum,
and If any person will advert TO the state
mcnt made by Mr. Grsufell in Parliament
upon this subject, he viii see the several j.
tens Of which this saving is compos Cd !
namely: the additional stamp duties paid !
By the bank the loan of SIX millions at
four per cent the loan Of three millions at !
three per cent and sun Of nearly half |
a million taken away from the bank, out of !
the balance Of unclaimed div dends, and |
applied to The use Of the public.
This -. OF itself, an important saving. bat !
Il IS eviAcnt, from the papers now before /
the pablo, that It IS Only. comparatively. /
q small part Of that Swing, VIII ch may. & |
ought, AID viii. We trust. be Effected from 1
the same source; and We were happy to
observe. that Mr.. Grenfcll closed his la5ors /
npon this subject, a; the end Of the session, !
49, notice at lie should IEsf,rse il Is Sl,an