The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-25
CHARTER OF THE BANK OF ENGLAND

The charter obliges Parliament to give years notice
OF its intention The year expires the last Of July the
present year. This powerful institution is pursuing a
of action that has caused considerable speculation
in the public mind to the result OF the movement that
will soon be made The whole banking system of Great
Britain will be thoroughly investigated during the present
session of Parliament and decision made regarding the
Bank of England There very serious contest going
on between the bank and the joint stock companies o.
Great Britain The London journals have taken up the
issue Those interested in the joint stock banking
panics have already their friends in Parliament protect
ing their institutions against the powerful influence Of
their opponent The ministry in favor of the Bank
OF England, and in favor of making that institution the
only bank of issue in the kingdom The connection that
exists between thebank and the government is of very
valuable consideration to the ministers and that
not be dissolved without involving serious consequences
The government is largecreor of the hank and that
institution has been of great service in reducing the
OF the country and in granting facilities to the ministry
in time OF need During the numerous and lengthy
in which England has volved the government has
been sustained by the bank, and without which they
could have been successfully carried out These
events have drawn the bands Of connection between the
government and the bank tight that they cannot with
out danger be severed and this gives the bank power
to demand OF the ministry additional privileges The
power they request if granted will be death private
joint stock companies. By becoming the only bank of
issue holds the destines Of the private banks will
and can break them down whenever may deem proper
to do So The private bankers have advocate among
the minister's Theirinuence goes further than Par
lament and supposed they will fall short of their oh
Ject The secret of the Bank of England
the date of our last advices creating great excite
ment throughout Great Britain. The immense accumu
laon Of bullion, and the additional strength given to
every department Of its business shows plainly that the
government OF that institution preparing for some
contest in which they will have much to contend against
and in which they are determined to be successful In
great measure, the Bank of England is this moment
smsrly situated to the United States Bank Just before
Congress refused to recharter it. In the of the Bank
OF England has the government IN favor and in the
of the United States Bank the government was Oh
posed to It, The Bank of England has the joint stock
banks opposed it. the United States Bank had the
State bank system bin the opposition The first move
made against the Bank Of the United States originated in
bank in the city OF Utica in the interior of this State
From that spot the ball set Injunction that finally
balanced the great regulator. The State Banks turned
against the United states Bank in consequence Of
an attempt made by that institution to mopopo
lie the issue Of paper money, and to con-
troll the movements of the local banks. II sought
to become the chief ruler of all financial opera
atoms and TO hold in check all 9th institutions who did
not acknowledge its supremacy. The government firmly
was carried vigorously In the meantime the currency
became enormously inflated the issues Of paper money
were to an immense amount speculation became general
in all descriptions Of property and amidst the greatest ex
panson of banking operations the United States Bank
went 'out ofexstence revulsion follow ed that event
that shook the whole system of banking to the very foun
daon and ruined thousands before the force of was
abated With all the energy and enterprise people Of
this country possess with all unbounded resources
and unlimited wealth. it is only after years of industry and
the most rigid economy that have the posi-
ton the country at present occupies No other nation on
the face Of the earth could have sustained revolution in
commercial affairs, similar to the one that Immediately
followed the dissolution of the United States Bank The
people OF this country were young and in the grse and
could not breait fortunate they could bend to the
blast The movements going forward throughout Great
Britain in relation to financial affairs will result in revul
sion somewhat similar to that produced by the contest be-
tween the banking interest OF this country With the Bank
Of England and the ministry sde and the private
Joint Stock Banks and the large commercial interests on
the other system of warfare will ne carried on that will
terminate in bankruptcy and ruin to thousands
1t will be seen by the xel table of comparative re
turns made by the banks of Great Britain that the prnci
pal increase in the of the Bank of England
the Joint Stock Banks showing but very small addition
to their former circulation.
r BASEs OF GREAT BnIrAM
g,n sesa es So @ PSI eco sssssoo
r' Bank. sss ssss g
8 oeG Banks" 2.95o3o isso2o 2ooi,7is 27ssto,
Bak Of IrsisI,s.. ssl,a75 $500 AS sAs9sso)
Stock Binks,''. 3,4'.oa' s,s7ss7s ass 49, ''''''''
Tat'l.... ess.ss,s IS ll5a ssna,25o 5e,ees,5s9
England Gla o250Oo 12 sos 600 "A s,a ooo :. Ann nm