Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-10-03


hold nyseIi justified MIR President upon tie reasons
given. for proceeding in my presen, application: hut
example l. someiiues more authoritative than reason.
viii take the hbety 20 produce which is high Ia
point OF authority, is appropriate ia point spplca
on and which, happens lat ihe before the Senate
as completely II Al had been made Tor it, rpesk Of
whstha lately been done in the PSflanen, OF Great Bi
tain Ii sohappens that the charter Of the Bank Eng
land Is TO expire upon its limitation nearly about the
same time with tho charter of the Bank OF the United
S'aes namely. in the year 1885, aud. back 1924
less than nine before its exprsion the question OF
It's renewal was debated and that Mi great Freedom,
the British House OF Commons. will read extracts
from that debate, the fairest way of presenting the
ample 10 the S.nac and The most eieelual mode Of
curing to myseihe advantage of the sentiments expressed
By the British statesmen.
The ExrRAcrs
Sir Henry Pamel. The House should no longer de-
lay to turn lbs cation TO the expeency the
charter oil the Bank OF England. Heretofore il had been
the regular custom the charter several be-
fore the existing charter had expired The last renewal
was made when the existing chatter had eleven years to
run: the present charter had nine years on, to continue
aud he felt very anxious to prevent the akng OF any
aereement betr the Government and The Rank for
renewal without 'nI examination OF the policy OF again
conerring upon the Bank ~ England any exclusive pvi
lege The practice had been Tor government to make
secret arrangement with the Bank; submit il imnedi-
aely TO the prOpricors the Bank Tor their
ami 10 call upon the House tae next day TO confirm il );
"lou, ao ding any opportunity OF lair dciberaon So
much information had been obtained upon the banking
trade, and upon the nature Of currency in the last fifteen
years that It was particularly necessary to upon
iull investigation Oi tue policy OF renewing the Bank
chafter before uegoaion sho aid he
tween tho government and the Bank and lie trusted the
gov ernment would not any such neg collation.
until the sense of Parliament had been taken OIL this i'm.
portant subject"
''Mr. Hume said il was OF very prest iunor,anre ,b,
his majesty ministers should take ime steps to Tree
themselves from the trannels in which they had long
been held by the Bank As the iniees, money nov
nearly on level with what was when the Bank lent
large sum TO government, he hoped The chancellor of the
Exehequer would not listen 10 any application for
al oil the Bank charter, but would pay every shilling
that had been borrowed from the Bank
lei the country, gentlemen, recoec that the Bank
now acting pawn broker large scale and lending
money on estates, system entirely contrary TO the
original intention OF that institution. He
hoped before the expiration of the charter tina, regular
inquiry would he made Into the VIII lie subject"
Mr. Edward Elice. at (ihc Bank of EnganD is
great monopOzpg body enjoying privileges which be.
onged % no oher corporation; and TO other class OF his
exclusive charter would again be granted and that
the conduc, OF the Bank during the last ten or twelve
years would make government, very cautious how they
Chancellor oil The ESchequer (Mr. Robnson had protes
ed against the dei OF s,rsnng any point the prejudice
OF the Bank he thought, however, that the Bank had yery
little to complain Of when their stock, after all their past
profits, was at 23S.
The Chancellor OF the Exch quer "Dcprecated The dis
cusson, "a leading TO practical result"
Mr. Alexander Barring Collected 10 il premature and
unnecessary
Sir William Pulleney Qn another debale) {, The pre
jndices in favor the present Bank have proceeded from
the long habit OF considering sor, OF pillar which
nothing can shake The bank has been
which By means Of its monopoly it has had The power TO
inspire Its well known, that. there ishardy an extern
sve trader manuactureF or banker, either in London
or distance from it, 10 whom the Bank could not do
serious injury, aud could often bring insolvency
l consider the power given by the mo.
nopoly 10 be Of the Of all other despo,ic power
which corrnps The despot as much corrpts the slave
Ii is in the nature Of man that mono
poly must necessarily be i'll conducted.
Whatever language the (priyate) bankers NAV feel
themselves obliged TO hold! yet no believe that
they have any satisfaction in being, aud continuing, IN
der domino" which has proved grievous aud dis
asrous can never believe that the n,er-
chants and bankers of this country will prove unwilling
10 emahcpac themselves If they can do il without isk
ing the resentment OF the Bank No man in France was
heard 10 COMPLAIN openly, OF the BdStie while it exist
ed The merchants and bankers OF This country have
ne oloeh Of Engishmen' and will be happy relieve
themselves from situation OF perpetual terror il they
could Do At consistently with due regard to her own in
ieresi."
Here is authority added 10 the force of great
example added TO The weight Of asons in
lavoro nafly discussion. So that trust have enrcu-
ally PM ABIDE that Oil and convenient objection 10 the
slime and mosi flexible and accommodates obie c,ion
which sppics to all seasons and all suffice and lust as
available Tor Gu ng on late debate, because il is TOO
a'e as IL Is Tor s''ng an early one, because il is too
early.
But ii is said the debate will inure the stockholders
mat itdePreci"es le vaIne Of their property, that
Is wrong TO sport win The vested rights OF individuals
hs complaint upPosing il from The sockhoiers
themselves, is boil, absurd aud ungrsefu Ii is absurd
because The stockholders themselves least so many of
them as ate not foreigners have known VIII they
accepted char oil limited duration, that the approach
oil It's expiration would The debate upon Tie 70.
pfiey oil ITS eNiieucc; that every citizen had a rig hit
and every pubic man under an obligation 10
declare las sen imen's freely; that there was nothing
IN the cnarer numerous as its peculiar privileges were
to exempt tie Bank from that freedom Of speech and
writing which extends 10 all public affair; and that
The charter was not 10 be renewed here az the Bank
OF H. gland charter had formerly been renewed by a
private arrangement amongst its friends, suddenly pro.
iuced la Congress, anl gailoped though without the
knowledge OF The country. The American pst If i,c
stockholders, (or would reply to tic complaints OF
the oreigners) must have known all ts and known
When hey accep.i The charter They accepted subject
TO t known consequence; and therefore, the complaint
ABOUT lnufins Their property, is absurdTat il is I'M
grateful must be apparent 10 all who will reflect upon the
great privileges which these Lolers will have en-
JOY Cd Tor cnty years and the large profits they have al
ready derived rom their charter They have been di
vidg seven per cent per annum, unless when
ny 'rr own isnanagemcui; sud have laid up real es-
tate OF three millions OF dollars for uiure division and the
money with MS done these handsome things instead of
being diminished impaired in process il sill worth
largely upwards OF 100 cents 10 tie dollar saw 1926 Gems
or Tie peculiar privileges which enabled them TO make
these ch's, The stockholders ought be grAteIu bat
IKE al persons who have been highly avoured with undue
behohs hcy mistake privileges for righ "a layor Tor
duiy-and resent as an attack upon their properly a re
iusal TO proong lher undue yantsges There l. no
ground Tor these complaints, but for hanks and beueic
Mons rshSr, ior permitting the Faux TO live out lie num-
befed day. hat ins u ion has ioIeted lis charter IL
may be shut up at any hour. lIves tom lsy to day. by
the Indulgence Of those whom il daily nacks and ii any
one Is ignursnt oil ts TACT let him look AT lie case of ,l,e
Bank oil The United States against Owens aud Others de-
cibeI ~ the Supreme Court aud reported in 81 Peers
(Heie Mr. u. read part Of iIis case showing that il
was case Of 0sHy AT The OF 16 per cent and that
MT sergeant, counsel Tor tie Bank, resisted the decision
pose the charter OF Bank 10 forfeiture: and thai te dc
cl'ion was. nevertheless given upOu t ground 90 that