THE BANK CHARTER. 525 



has for several years been more than 70 per cent above its true market 

 value ; and it is, therefore, a proof of great disinterestedness indeed, that 

 these twenty-four persons, who alone were in the secret of the real value 

 of the stock, should have availed themselves of that knowledge, to refrain 

 from speculation in a ruinous concern beyond the mere trifling sum 

 required for the possession of their own enormous salaries and com- 

 mercial patronage and power. Considering how many accidents might 

 at any time bring on an exposure of the mysterious system of the 

 management, it seems more proper to pronounce upon the disinterested- 

 ness of this affair, that the directors of the Bank of England, are a band 

 of cunning and contriving knaves. 



To the mass of the stockholders of the Bank, however, we would say, 

 that though salaries of thousands per annum, and enormous retiring 

 pensions may be very pleasant things to Mr. Horsley Palmer and his 

 co-directors of the Bank of England; yet it will now become more 

 necessary than heretofore, to consider how this immense annual 

 cost for management is to continue to be paid, under the dimi- 

 nished profits which now may be expected from the cessation of the 

 business of the management of the national debt, with the enormous 

 commissions upon the payments and receipts from the customs, excise, 

 post office, and other departments of the revenue. For in the deter- 

 mination for retrenchment which will be undoubtedly exhibited by the 

 reformed parliament, it is certain that the least expensive process of 

 managing the public revenue will now be resorted to, and we doubt not 

 that the management of the national debt will be accordingly transferred 

 to one or to several of the private banking establishments of London, for 

 the saving by a contract with Coutts and Drummond will probably 

 amount to the sum of two hundred thousands per annum in that de- 

 partment alone. The accounts of the customs, excise, post office, and 

 other departments of the revenue ; will, upon similar principles of 

 economy be transferred to the bankers in the neighbourhood of the 

 various public offices, since, from the incomparably smaller cost of 

 management of a well conducted private establishment, the bankers will 

 be enabled to contract with a reformed parliament uponterms inferior 

 to the costly concern in Threadneedle- street, where the expenses of 

 management amount to the sum of 240,000 per annum. 



Allowing then, that the commissionerforthemanagementof thenational 

 debt, with the commission upon the payments of the customs, excise, 

 post office, army, navy, and all the other departments of the revenue 

 were taken from the Bank of England, or the commission reduced to the 

 fair contract rate of the private bankers, it is certain that the annual profits 

 of the Bank from its connexion with the revenue, will be thenceforth 

 reduced by the sum of 500,000/. per annum. Deprived of this ancient 

 source, from which all the corruption, patronage, and losses of the Bank 

 have been in reality supported, the establishment will thus be reduced 

 to its fair level with the other banking institutions of the kingdom, sub- 

 sisting by its judicious management of the common business of discount- 

 ing bills, issuing notes, and the usual routine of the trade in money. 

 Now that, in a fair field of competition with the private bankers, the 

 Bank of England will be unable to maintain its ascendancy, or even to 

 exist under the enormous burthen of its expence for management, is 

 rendered apparent by the results of the establishment of the branch 

 banks, which are proved in evidence to have realized no profit what- 



