Bank Stock.
The Times, 1824-09-01T00:00:00

TO THE EDITOR OF THE TIMES. Sir,_As an opinion, whether true or false, seems now generally to prevail, that the Direcrors of the Bank of England intend to propose at the approaching meeting of the Proprietors, a still further reduc. tion of interest on Batik Stock, I cannot refrain from expressing my regret at such an intention as tile former reduction from ten to eight per cent. ha, not onlY injuiretd the credit of that highly respecta- ble company, but has rendered ahortive the kind intentions of testa- tors, who Ahos in prvtfre,nce this stock fer the future provision for their childlren. Of this class the far greater part are iife-annuitants only. But of this truith the Proprietmrs in general are not aware, as neither the n2mes of the life annuitants thenmselves, nor the names ot their trustees, evvr appear, as thev are never printed in the list of the proprietorS of Bank Stov:'-. To numbers of these, the conse- quuenCeR have been sctioas inldeed. Not oily htave wilows and orphans to deplore this r- Jiition of interest but m-anv now in the dSecline of life, burdo'ted with lartc families, htve sulkere(i privatiottS most rtinful; wihilNt ous, wiho have had no other means of support, have been reducedl to duificulties and dietresa and all, any way con- nectedv with , sRtock. have lamented the necessity which was on the former occasio,n addtuced for the reduction of its interest. If such have been the eftectq already experienced fromn that reductios, I dread to conteumltlte what n-ust now follow, if a still further re- duction should take place: for, though at some future period the intcrest might aeain be raised, the present generation woulti suffer, anl suffer most pJinfullv. for the advantage of the next. I hopt anil tr:st, theretore, that the Directors of the Bahk of Enzland will *-a"qc before they tropose a measure fraught wvith certain ruin to hundreds whio have only a life interest in Bank Snock, ani with distress to all those who have hitherto looked tip to tie body of Directors as their guardians, with gratitude an-l suhmission,-a measure which must in so.me degree seriously affect all who are concerned, and must so far injure the re- putation of Bank Stock, that in future it will no longer be regarded as the proper fund of provision for chiltren ; but 'he Bank of Eng- land ;t,eif would be rendered hy such a step merelv another theatre on which the spectator mighit carry on his operations for his own ex- clusive advantage, to the ruin of public credit, and to the ultimate demolition of that erantd fabric of national wealth and of Govern- mnent security, which has rendered hitherto the Bank of Englantd the glory of this Uttited Kingdiom, and an object of envy to all the other commercial cou;i ries of the world. From these considers- tions, I hope never to see the interest on Bank Stock redticetd still lower than it is at present, lest not only the Proprietors, hut the na- tion at large, should begin to fear that those important concerns have been confidcd to imprudent han(is: and therefore let us trust, that the Directors will, ere too late, see the improprietv of such a measure, anti determine holdgy te continue the presentt rite of in- feerest, till some favoisrable change shall take piace ia their affairs. Thus they will ss.pport their own credit-thus alone the credit of the great establishment con fideei to their managemnent-thus rDevent cer- tain nmisery and distress to hunilreds of innocent individuals-ard thus secure to themselves the confidence and approbation and grati- tude of the Proprietors, as well as theesteem and applause of the whole nation.-I am. Sir. vour obedient servant- A PROPRIETOR OF'BANK STOCK. ourrCy, Auguist 5U. 1i24. BANK STOCK.