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very imprudent measure for the "Bank to make advances on the "security of the debt of the counBut he had been still more try. strongly opposed to the system of advancing money on mortgages, and he did so from principle, for as they were forbidden

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"Mr. Gundry begged leave to say a few words, before the"

"Resolution was carried into ef"fect. It would be within the "recollection of several Gentle

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men present, he had no doubt, "that at a previous General "Meeting he had proposed cer"tain questions to the Chairman; "it was his wish to ask similar

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ones on the present occasion; "and his motive for asking them was, not that he thought the "Bank Proprietors were ill-used,

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by their charter to deal in the "land of the country, he had con"sidered that they ought not to take advantage of what he could not but hold to be an evasion, to

"enable them to deal in these lands-not that he had any ob"jection to the security which mortgage offered, but that he could not go along with the principle on which it was done. There was one other circumstance on which he also had a word to say, and that was the reduction of their rate of discount, from 5 to 4 per cent. "He had ever opposed such a proceeding, and he now opposed "it more than ever, from a con"viction that it had given rise to "that system of speculation which "had taken so large a portion of |

or did not receive as much as they ought to do, but because. "he felt how highly necessary it" "was that the public should not "be kept in the dark with respect "to the motions of so important a "machine of the country, as the "Bank of England. It was true," 'that machine was in fact a "Company of men, who were "trading for their own advantage, "but it was just as true that, ow"ing to the immensity of its oper"ations, and the power it absorbed, much of the public welfare depended on its motions, and.. "therefore it was incumbent on "the Company generally to re"lieve any publie anxiety that might exist, as far as was con"sistent with its fair and honours be

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capital out of the country, which "statement was proved by the self-evident fact, that the "Bank offering such facilities in discounting bills, could not leave a "sufficient incitement for other

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capitalists to keep their money
in the English market.
held in his band a few ques

"tions, which appeared to him to" being about 400,000l. less than "be of vital importance, and heat that time twelvemonth. [Hear, "trusted that when he submitted" hear!] "them to the Chairman, that Hon. "Gentleman would not feel any "hesitation in giving them a "straight forward reply.

"Mr. Gundry's next question was-what decrease or increase "has there been in the sale of "Exchequer Bills during the last six months?

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"The Chairman: Very little "either way. In my opinion the in their idea of what is done by public is very much deceived “the Bank in the way of Exchequer Bills.

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"Mr. Gundry: The gist of my question was to ascertain whether any large sale has lately "taken place?

"The Chairman trusted that "every Proprietor would bear "him out when he asserted, that "to the questions that had former"ly been asked him he had given "clear and candid replies. [Hear!] "To do so he deemed but right "in the situation that he held, and "on the present occasion he had "only to say, that he was cer"tainly disposed to give any in-" "formation that might be required "of him, and that would be con- "The Chairman: The whole "sistent with the duty he owed to" amount that has been sold by "the Proprietors. [Hear, hear !]" the Bank is but 670,000l., and "Mr. Gundry was glad at being" nearly three months were occu"so encouraged in the questions pied in selling that amount [hear, "that he was about to propose. "hear!] "The first one that he would ask ' was, what amount of bank-notes" "there was at present in circula-" ❝tion?

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propose the whole of the ques"tions at once, by which means "the Court would be able to per"ceive how far it was his inten❝tion to go.

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"Mr. Gundry: My next question is--What advance has there been on mortgages?

"The Chairman: The mort"gages do not exceed 1,400,000l. "Mr. Gundry: And what adstock? vance has there been, Sir, on

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"The Chairman: I believe, "the last time that I was asked "that question, I stated that the "advance amounted to between 5 "and 600,000l. In this I now "find that I was incorrect, having "considerably exaggerated the "amount. It was at that period

“The Chairman did not seem "to think that that was necessary. "He was perfectly ready for any question, merely reserving for "himself the discretionary power "of answering or not, as might" only 480,0001., and it has since him most proper. to seem "With respect to the frst question, "he had to state, in reply, that "the present bank-note circula-"tion, Sir, is, what has principally "tion amounted to 18, 00,0007. "occasioned the large alteratio s

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"increased
"much.

a little, but not

"Mr. Gundry: My last ques

"that have taken place in the " ensuing, was then put from the money market? [Laughter.] "Chair and carried unanimously.

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"Notice was given by the Se"cretary that the warrants would "be ready to be paid on Tuesday, the 11th October.

"On the question of adjourn 66 ment,

"The Chairman: I must really beg the Honourable Proprietor "to apply elsewhere for an an"swer! I can assure the Court" "that the Governors have most "indefatigibly gone through the "task imposed upon them by their "office, without attending either to good or ill report. [Hear, hear!]" "Mr. Gundry: Am I then, Sir, "to understand that you profess "ignorance of the cause?".

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"The Chairman: Not in the "least, Sir. All I did was to exo"nerate the Bank Directors. "set out by saying that you must "apply elsewhere.

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"Mr. Gundry begged to allude to a plan that he had formerly "suggested, for the prevention of "fraud on the Bank. On the for66 mer occasion he was afraid that " he had not been thoroughly un"derstood; for the saying of shut

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ting the stable after the horse 1" was gone, was applied to the "scheme. His plan simply was, "that in the case of a payment being made by a power of atpower should be informed that torney, the party granting the "his property had been parted "with. He knew that some held "this to be a nugatory idea, be"cause the party could not be in"formed till after the disposal of to the former saying, he thought "his property; but, to come back

"A Proprietor, begged to add "another question to those already "answered. There had formerly "been a custom in the Bank of advancing upon Stock; but "since last June twelvemonth it "had been discontinued: - he "should be glad to know whether "that leaving off were to be permanent, or only temporary?

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"that if there were ten horses in "The Chairman said, that the "the stable, it were just as well only distinct answer that he" to save nine, though one might "could give to that question was," have been stolen. If his plan "that the Bank Directors acted" had been in operation, it would "on all occasions as they deemed" have been impossible for Mr. "most advisable. The advance" Fauntleroy, or any other person, "certainly was not rescinded, "to have carried their frauds to "though at present it was sus- "such an extraordinary extent. pended. The Directors, how66 ever, had entered into no engagement on that head, but left "it at present in suspense, leaving "it to circumstances whether it "should be revived or done away ..with.

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"The Chairman remarked, that "the expense of the plan pro

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posed would be very great, and "that it would be for the most part │.. "ineffectual, as it was not always possible to send a communica"tion to the place where the party concerned might be living. In answer to a question from ano

"The question of 4 per cent." "dividend to the 10th October up

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"ther Proprietor, he stated that must go elsewhere to ask the "there were plans for the preven-cause of the "late large altera"tion of fraud under the consi

"deration of the Court of Direct-tions in the money market,” Mrs. ors; but there was a great deal Grundy.. I beg pardon, of difference between receiving Mr. Gundry said, "Am I to una plan and approving it. None

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"yet had been adopted, though derstand, then, Sir, that you prothe Directors were still anxiously fess ignorance of the cause?"on the watch for some system. Not in the least, Sir,” replied "that might be feasible.

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the chairman; and then I again exclaimed, "What will Mrs.

"The question of adjournment "was then carried unanimously, "and the Court adjourned, after Grundy say to that?" Faith, "sitting only a quarter of an hour."

neither Mrs. Grundy nor Mr. Gundry said a word after that, except that Mr. Gundry began to talk about "neugatory ideas," and other such deep matters, of which I am not presumptuous enough to pretend to have any

The name of GUNDRY is so much like that of Grundy (the U and the R having only to change places in the former, to make it precisely the same as the latter); and Mrs. Grundy, in the play, having been so fully brought into knowledge. But now, having mind by the questions put by Mr. Gundry, that, when I came to the chairman's answer to Mr. Gundry's last question, I exclaimed, (though all alone,) in a voice that you might have heard

my

looked at all these questions which were put to the chairman, who, by the by, appears to be a very discreet and clever man, after looking at all these questions, does not every one perceive that at Mr. Butterworth's over the the only questions which could "What will Mrs. Grundy say to have thrown any light upon the present state of the pecuniary affairs of the country, and which could, with any thing like propriety, have been put to the chairman,

that?"

way,

Reading on, I found that Mr. Gundry, like his great female prototype, appeared to be quite nonplussed, that is to say, in the were not put at all, and appear language of the Hampshire fel-not even to have been thought of by lows, furr'd up; that is to say, this great orator and political could not get on. Tie made, how.conomist, Mr. Gundry ?

ever, a slight attempt; for, the What people want to know are chairman having told him that he less facts; namely, how much

gold there was in the bank a are best acquainted with his moyear ago; how much gold there tives; they know his foibles; they. is in the bank now; in what pro- despise his vanity in thinking portion (if it be less than it was) himself their superior in point of has it been taken away each spirit and talent; and they, acmonth during that period? A cordingly, rejoice at his expoplain answer to these questions, sure; and this is particularly apor to these propositions put in the plicable to the babbling orators shape of questions, would have of the city.

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saved Mr. Gundry two things; Bidding now an affectionate, first, the trouble of asking what and I dare say an eternal adieu had occasioned the late large al- to Mr. Gundry, unless I should, terations in the money market; by some strange chance, have and, second, the not very plea- him again called to my mind, by sant necessity of standing gaping his near name-sake of Covent to be laughed at; for, though the Garden, whom, after all, I cannot chairman would, to a certainty, help thinking must be his relanot have answered these ques- tion; with this slender proviso, tions, to as great a certainty he bidding him now an eternal adieu, would not have been without some I come with far other feelings to little uneasiness, and the assem- those stubborn, those persevering, blage, though not all of them So- those pertinacious devils the lomons, would not have been disposed to laugh at the folly of Mr. Gundry so heartily as they did

upon

Scotch feelosofers, whom, mind, stout and stubborn as they are, I mean to bend down, to hack up, and to trample under my feet before I have done with them.

this occasion, and in which laugh they have been as heartily joined by the public, Mr. Gun- These feelosofers are now in a dry's friends not excepted; for, great quandary. They see the Mr. Gundry should be told, if he danger with which the Scotch do not already know it, that a system of paper-money is meman's friends, though, in such naced. They have been cock-acases, they look serious to his whoop for two years past; they face, are mightily prone to laugh have been crying up the probehind his back. Indeed, they, sperity of paper-money; they In general, laugh loudest; for, have been setting forth the vast they are behind the curtais; they benefits of a cheap currency}

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