Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-11-09
BANK OF ENGLAND

IRON lc latest English pauersl
me secret Committee appointed TO inquire into the
exPcdiency of renewing the charter of the Bank of Eng-
land and into the system on which the Banks of Issue
III England and Wales are conducted; and 10 whom the
petition OF certain Directors of Joint Stock Banking Com
panies in England was referred; and who were enpo,y-
cred to report the minutes of evidences taken before Hon
have agreed upon the following report:
Your committee have applied themselves TO the mani.
ry which the house has committed to them, by calling
Tor all the accounts which appeared TO them necessary for
the purpose OF elucidating the affairs Of the Bank of Eng
land, and have examined evidence for the purpose of as
ccrtaihing the principles on which il regulates the issue
oi ITS notes, and conducts its general transactions Tbey
feel bound to state, that the Directors of the Rant nj
England have afforded TO them every facility in their now.
err ana nave most readily and candidly answered every
qucsion winch has been put TO them, and produced every
account which has been called for. The committee have
also examined such witnesses as appeared TO them. from
,ntir practical knowledge and experience, most likely to
aiI'rh information on The important subjects under :heir
consideration, who have all been ready 10 give the com
mlltee the most ample information
me principal points TO which they have directed their
attention are:
First,-Whether the paper circulation Of The metropolis
should be confined, as at present, to the issues of one
bank, aud that a commercial company; or whether a com
petition OF different banks OF issue, each CONSISTING Of an
unlimited number Of partners, should be permitted.
Secondly,-I IT should be deemed e%xpedicnt hat tbe
paper circulation oil the metropolis should be confined. az
at present, oihc issues Of one bank, ho,y nr ne whole Of
me exclusive privileges possessed BY the Bank Of Eng
land are necessary TO effect Ibis object.
Tinrdly,-What checks can be procured to secure for
TIE PIDlc 2 proper management, Of banks o. issue. and es-
pecially whether IL would be expedient ond s,fa TO compel
them periodically 10 publish their accounts.
With respect 10 the circulation of paper in die conn,rv.
the committee have evanincd-Firsi into fbe eGcct nro'
duccd by The establishment Of the branch banks of the
Bank OF England; and, secondly, into The expcdicnrv Of
encouraging the establishment Of Joint Stock Banks OF Is.
sue in the country.
On all these, and on some collateral points. more or less
viii he found in the minutes Of evidence; tut
Or no one ofthcm is 1t so complete as to ipsGro tbc commit
tee in giving a decided opinion.
The pofiod Of the session at which the committee com.
menced dleir ltbors, the importance aud extent Of the sub
and The approaching close ofthe session ,yus,Tciort
~ account TO the house for the limited progress of the in
qury, aud Tor the Incompetence Of the materials which
lave been collected, for the purpose Of forming an opinion.
Whole Of the evidence which hey have taken. with a
very few exceptions, to the consideration Of the house.
in Their opinion, no public Inconvenience will arise