Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-10-05
FOR .
BANK OF ENGLAND.

cd, there IS none more culpaJle in its ma
ture aud principle, than tliat which, has a.
risen frUru ths eaarnpni anu rapacious
profits which the bank of England have
been permitted to make, arising wholly aud
exclusively out of their dealings aud con.
tracts with the publick during the last
J.ars. Truly was it observed byMr. Hor.
rr, in the late debate mi,the restriction
bill" tll,t the information and documents
laid befure the House upon this subject
IN The two last sessions CT parliament. in
consequence nf the discussions raised
alte, con by Mr.. Greniell, have exhibited il
aceue Of ministerial extravaganza ON the
one i.art, and pronisate rapacity on the
part uf tl,c bank, that is without example
IN the ii..aaeial history of this or of any O.
:hcr county" We i8 not know whether
thi,is tn De attributed to ignorance, uegli-
'ge"ce, or 'tno ready an acquiescence on the
part Of the government in the exOrbitant|
dGNsnio this trading corporation, as a !
Set oil against those occasional pecuniary
Recommendations which che bank are sup
posed to afford to the treasury; Which ac-
cen.Doda,iuns, however, he it observed,
csnpoiy consist in the advance OF bank pa
per, for which they never fai! tn charge
live per cent. interest ;--snd which paper
ton, It may bs remarked, the bank are ena-
bed, By the restriction act, to create 70 any
e1tent they please, without its costing them
orc fartbing: DUr do We mean to charge
the present government exclusively with
blame Iurt those transactions ;--for by
a reference to the papers lately produced
to parliament, it appears thatevery govern
m-ut from that of MIR. Pitt downwardi, has
been equally negligent OF the interests of
the republic. and either ignorant of, or in
diifefeHt to, the enormous profits made
10y this banking company at the public c1-
pence. Is it necessary to prove this p
Look only at what have been the profits
a,qui,ed by the proprietors Of bank stock
since the year. l7e7, which were stated
by Mr. Grenfell in his late discussion to
have exceeded within the last nineteen
gears. the enormous sun Of TwgETY ONE
MILLIONS sTERLINe-Over and above the
annual dividend Of seven per ceut aud
this profit made in l9 years, by public con-
tracts ontY, amounts to seren times as mucii
as was made by the h.nk, from all their
banking operations during the whole OF the
proceeding century
Griev"us upon the people. and objectio-
nable in principle as this system, it is By
no means unimportant to look to il as a
source of pnblic retrenchment. The dis
eussions and the notice Of Parliament,
which has been attracted during the last
TWO Sessions to this subject, have already
been followed BY reduction Ill Oai.k pro-
Cts, and corresponding saving to the pub
lie, to an amount Of about $50, 00Ol. per
2unun;--end if any person will advert to
the statement made by Mr.. Grenfell in pa.
iiament upon this subject, he will see the
several items of which this saving is com,
posetl-namely the additional stamp du-
ties paid by the bank, the loan If six mil
aions at four per cent ;and sum nearly
half a million taken awsv from the bank,
out Of the balance of unclaimed dividends,
ard applied to the use OF the public.
This is, Of itself, an impor;an; saving
out it is evident, from the papers now be-
lore the public that it is only, comparative
" small part of that saving, which may,
ard ought. and will, we trust, be effected
from the same source and we were happy
to observe, that Mr.. Grenfell closed his la
b,lSs upon this subject, at the end of the
session. by notice TINT he should resume
it as soon as parliament shall again meet
Previous to the last session we reminded
Mr.. Grenfeil OF the pledge he had given t.
the pubic, and expressed confident hop,
thath would redeem it. We have no he
station in declaring it to be your opininr
1hgt he has done SO ; and at the eve of the
next session we shall again take the liberty
OF reminding him Of the public promise ht
has made, mt to stop at the point at which
he has now arrived confidently trusting
that he will not rest satisfied, ill he shall
have obtained full and ample justice for The
purlic, III their transactions with the bani
u England. .hora. ChroD.