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Total, ......................6 .695


The principal objection raised to the adoption of the
new system of banking by the Joint Stock and Private
Banks OF Great Britain is the absence Of what might
called safety valve which would prevent any explo.
sion or revulsion in the money market under the expert
ment In all new systems regulating trade and CON-
merce 1t highly necessary that there should be some
source vested with sufficient power 10 apply relief
should the stem not work according the expectations
Of the originators All experiments touching the cur
rency are attended with many dangers and difficulties
The whole trade Of the country, both foreign and do
mestc, is liable to be revoutonsed by the effects and
there great cause why there should be loop hole
through which the difficulties can be avoided. The
change in the banking system Of Great Britain that the
proposed by Sir Robert Peel must eventually produce
may prove greater evil than a blessing. We do not
know the results of unried systems and when such
important and vital part the currency is touched it
beheoves the party in deliberate thoroughly and
carefully before adopting the most feasible plan The
greatest objection to the bill Of Sir Robert Peel is that


limits the circulation, and beyond that limit is mpossi
BILE to pass. The first proposition from the Ministry
Parliament, vested power in three OF the Cabinet to
grant the right extending the circulation OF the Bank
Of England whenever, in their judgment it mpera.
lively required The profits the circulation and
above the amount authorised securities and the
amount of bullion in the bank for the benefit of the
government This clause has been abandoned, and the
circulation limited to 900 securities and what
ever the amount Of bullion hand may be- The private
bankers OF London addressed letter to Sir Robert Peel
on this feature Of the BILL from which extract the
annexed paragraph


"We were led to believe wheL the measure first
brought forward and we feel confident it generally
understood throughout the country that although was


the intention of her Maestys government that the paper
circulation Of the Bank of England their depart
INT mt in
ooo upon securities yet in the event Of any par


cular crisis arising power to be reserved by the
bill enabling the Bank OF England with the Of
the First Lord OF the Treasury the Chancellor Of the
Exchequer and the Master Of the Mint to extend their
issues upon securities beyond that amount 1t il with
considerable surprise that find that the bill be.
fore the House does not contain provision for
tension Of the issue beyond upon securities
excepting under the special circumstances named in the
nth clause Of the bill now before Parliament"


The adoption Of this BILL with these restrictions may
tremendous effect the currency Of Great Britain
and well may the private bankers fear the
The circulation Of the kingdom according to the latest
returns, was f39, 5a4, Of which f2l 100000 were
issues of the Bank of England Under the old SYSTEM
| the circulation, &c. has been as follows:- =