The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-06-03
issue are to retain their prylsges, though lhey are

not TO be allowed to exceed a certain rate Of clrcu
lation, to be ascerained by average OF their pre-
publication Of their liabilities. Jont-stock banks
are TO be enabled 10 sue and be sued the acis OF
directors 10 bind the concerns; but shareholders
to be freed from the responsibilities OF Inc law
of partnership TO which they are ut present exposed
of being liable for the acts of individual share
holders. At present joint-siock banks are prohibit
ed from accepting bills under six months lhey are
henceforh TO be placed on perfect equality WIN
other banks in this respect. But II the privilege b.
abused, by the multiplication OF small bills, he
gave distinct notice that he would be resdy To
come down to parliament TO ask for power 10 put d
stop TO the abuse; All banks OF Issue are also TO pc
compelled 10 make periodical publication OF INT
names of all partners, so that The public may nave
opportunity Of knowing from time 10 lime who ar,
responsible /; which with weekly publications OF
issues, would be a great public ben. fit. But ht
would not call for balance sheets, as these de
lusive; nor set a minimum 10 the value OF shares:
nor require that existing banks should invest poi
non ol their paid-up capital In Government secuIi
ties. But with banks TO be hereafter established
thew were free to act as they pleased NO ne"
oint--tock bank can be constituted without ih'
sanction of the Government IN order TO regis
tra'ion, with defined form Of trust deed, unc
regular audit OF account. Returning TO the
Bank OF England, he explained, once more
hat the security for It's future issues Is 10 bt
GA 900 600, OF which Eil,0C0,C0O is to b,
The debt owing to II by the Government, and th'
remaining f3,O00,G00 on Exchequer bills and ohei
Government securities. The Bank may increas'
its circulation beyond the Ella, 600, coo; but It mus
be with the consent OF three members OF the Go
vernment, and all profit ON that INCREASED Issue
to be transferred to the Stale. The legal tende>
clause IS to be continued; the charter to run fo
twenty one years, with liberty at the end OF thu
next ten years tor Parliament to interfere, on no
tice given; and though. by the new plan, the pohh
OF the bank its issues will be considerably re-
duced, the amount paid by Government tor the ma
nagemen Of the national debt is notto be increased
a proposition with which the Governor and peput,
Governor have expressed, on behalf OF the Direc
tors, their cordial acquiescence.
After some explanations, IN reply 10 questions,
the following resolutions were proposed pro lorna,
and their further consideration appointed Tor thai
day fortnight
H. That it is expcdient to continue to the Bank OF
Engsnd for time TO be limited certain Of the privilege
now by law vested in that corporation, subject 10 snSi
conditions may provided by ony act to bs passed TO-
that purpose.
~ That expedisnt provide by law that the Banl
of England should be divided into two separate
ieparnspts-one exclusively confined to the issue an
circulation Of Notes.-The other 10 the conduct OF banking
business
g That II is expedient TO limit the amount Of
cuss upon which it shall henceforh be lawful for tn
Bank Of England to issue promssory note, pay aos "
saIer demond and that such amount shall only be IN
creased under certain conditions be prescribed by law
~ That 1t Is expedent to provide by law that week
y publication should be made by the Bank Of EnBsna
Of the state botn Of the circulation and oil the psnkng d.
IS That is expedent to repeal the law which subee''
the the Bank of England to the pay msnt OF thu
composition for stamp duty.
That in alton Of the privileges to be con
nued the Bank OF England. the rate OF fixed snnua
pay ment to be made by the bank the public shall b,
fiso per annum and shsl be der.yed by dsducsne
he said .nm from the sum now Sy Jaw psSs0'' 70 ''
- That in the event Of any increase Of the securiti
upon which shall BE- Law iul for the Bank OF Epgandi'
uusl pay u.n shall be made by the Bank Of England
the public, and above the said Fixed pay ment 81
900 equal in amount to the nett pront derived iron
"s That it 10 expedep to prohibit by law the issue Of
promissory notes pay able TO bearer on demnnd by any
bank not issuing such notes or by any Dunk heTea
-. That Is eNpeditnt TO provide by law that sucf
banks in England and Wsles as now issue Promisor
notes pay able demand shall continue TO isu
such notes subject TO such conditions ana 10 suen Unite
tons the amount OF issue Us mhy be provcd ior o.
any act to be passed for that purpose.
10 That Il is expedient to provide by law for tn
weekly publication Of the amount OF promsa9ry note
to bearer demand circulated oy any panK an
| lhorized TO issue such notes.
"I That il is expedent make further provision by
law with regard to Joint stock banking companies"
| THE REPEAL RENT ALREADY SPENT IN TIN
SrATE TRIAIs-DuBLIN, Monday, May 6.-SiI
The success of Miss Edgeworth's works has made
il fashion with all tourists IN this country wh'
aim at being popular TO represent the population al
being proverblally shrewd. II so, they have been
ther half witted in their cunning, for the who'll
history OF the repeal agitation, especially within The
last two years, proves the Roman Cahoc peasantry
of Ireland to have been the Rrosses dupes TO mo
ney making speculation upon the produce OF then
scantv md miserable resources. Well know fnan.
ciers like MIR. O'Conne, that Il IS The penny OF the
millions Of the poor, and not the thonsands OF lht
wealthy that ultimately swell such contributions
| The rent poured in In the course OF last yea
in such torrents that many Of the weekly returns
exceeded f5n0. The rapid accumulation 81 ca
ptal naturally suggested responsibility, and that II
should be- lodged the funds, and invested IN IN
namesof three eminent merchants. This suggestion
| of common sense and common prudence was very
coldy received and, TO cut the matter SNORT, IN
entire capital was invested IN the name OF Dame
O'Conne. Nay at the very time mat ms precautloi
was timidIy limited at, il WAS said that 1t Dame
| O,ConnelI died TO morrow, his executors would b,
| entitled to all the money OF the repealefs. Inn
though a modest hint was very signlhcant one
but il was over ruledaD ovei-ruled IN the PRIDE
of that high spirit which dlsdaiDs TO be suspected
Mr.. O'Connel holds lands from Trinity COLE &c
Dublin. in the county OF Kerry, depe ndent upoI
renewal fines, there was a large accumulation OF
those fines in arrear, and they were all men paic
off There were other claims upon Mr.. O'Conne ~
which we're also at the same time paid on ant
satisfied Now Mr.. OConncD has every right |,
say 81 paid this out OF my own personal property
| Some have said thet before October last
amounted to f6O,OOO Perhaps the SAFER way Is L
follow Lord CHESTERFIELD sauthorliy, and TO believe
| oply half e what we hear. Then say tD,ooo
but whatever it was 1t was lodged IN governmen,
| securities, in the sole lnamc OF DaneI C'Connrn
This fact is notorious and can oe pIovgu Wy sc'; n
encc to the funds, and 10 the stock-broker VINO IN
vested that sum, whatever II might nave been, III
the sole name OF Daniel O'Connell. II there were
one honest man in the Repeal Association whose
fears had not completely Frustrated his honesty
would he not have protested against the investmen
of the peoples money in the name OF any ono 10
dividual, however opulent, because on ms dea'h
| would be the property OF his executors; but sup
pose such individual to have been long known u
have been in embarrassed circumstances, 1t was II
| such case donbly criminal. II Mr. OConneli diet
In morrow il general report speak true, he would
die in debt, and the peoples money would become
| the property of his crediters This fact would be
L Inn
wor nv fidelity with which the Repeal AssociatioI
have answered the generous confidence 90 sl,ndl.
placed in Them by he poor h9man Ha.n ,Ynl,
abundant matter for indignant commentary. But
am spared all this. The peoples money is a
drawn out, Whatever the thousands were, DAME
O,Connell has expended all not one penny lett /
the ill. I challenge the Repeal Association
answer this charge. They are the seli-constiiute
trustees of the poor people. Have the people pee
robbed, or have they notl
Pnoyr..oR RrnuY.--Ths distinguished Amer
can and mis- con have been visiting some OF 10