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ported to have stated, that he was rent, or profit. It has nothing to a banker eighteen years, and that, do with his bank notes. He gets after the first year, he never had by them without the use of any a farthing in the bank; that he property; and, that which he was continually in its debt for gets somebody must lose. Sir seventeen years; and yet, that, WILLIAM ELFORD, at Plymouth, in the eighteen years, he received has confessed, that he, for many fifty-seven thousand pounds as years, received a third part of the his share of the profits of the profits of the Bank, and that he bank! So that, if he, at last, never had any capital employed pay 20s. to the pound, even if he in the business. He was, a great do this, he has got 57,000l. for part of the time, a Member of nothing; for, he had no money in Parliament, he was a Colonel of the bank; he did not work, nor Volunteers, Pitt made him a Badid the bank work; he got other ronet, he was a Justice of the men's money, or goods, in ex- Peace, he was Recorder of Plychange for his bits of paper; as mouth, he was 32 years receiving long as he was not called upon profits from the bank, he and his for real money back again, the son borrowed of the bank forty holders of his bits of paper fan-thousand pounds, and he never, in cied they had so much money; his life, had a single farthing in but, when he was called upon for the bank, or in its business. This that real money, he could not give is his own statement, before the it. How should he, when he had Commissioners, as published in spent it at elections, or had eaten, the newspapers. It seems, that or drunk, or worn, or otherwise 24,0007. out of the 40,000/, were disposed of, the worth of it? paid back; but, there are all his profits for 32 years, and the 16,0007. besides, still remaining

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But, suppose that a banker never broke, never stopped, still his trade must be an enormous as money got for nothing.

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Suppose me to issue a parcel of notes to buy a farm with. Suppose me to give a man 10,0007. in my notes for a farm. The man

evil. He puts out paper, for which he gets other men's goods, and the paper costs him next to nothing. It is not value for value; but, it is value for nothing. No pays them away, and they conmatter that he has property else- tinue out for eight years. Supwhere. That property brings him pose this. I have the farm and

its rents all this time for nothing; (of people, calling themselves genand, if the farm yield 5 per cent., tlemen, published their names to a declaration of confidence in, and of their guarantee of, this

I get 4,600l. for nothing. I took a ten-pound note the other day,

to GURNEY'S Bank at Norwich, Sparrow's notes. You know, that,

which had been out nearly eight years, and they had gained 41. 13s. 2d. by that one single tenpound note! And, how does this work as to the people at large? Why, it produces loss to somebody; it works down, through the different classes, till it reaches the working class, and that class it squeezes into the poor-houses and the gaols; and, as the paper-money increases, the size of the poorhouses and that of the gaols increase. If a rag-rook lend his notes to farmer Stump, for instance, to the amount of 1001. for a year, STUMP pays the rook 5

in 'only SIX DAYS after that, the bank of SPARROW and Co. STOPPED! You know, that, in consequence of this, another meeting of the“ gentlemen” took place. That which passed at this meeting is very well worthy of your best attention. We, in London, were charmed with the generosity of a Mr. ANDREWS, who put his name down for 4,000l. slap! We concluded, that this must have been some near relation of SPARrow. Alas! the mystery is explained by the fact, that he is Receiver General for the county! The Chelmsford Chronicle, of the 10th of March, gives the following account of what passed at the meeting, relative to this curious part of these transactions -" Mr. AN

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pounds for the use of his notes. STUMP Squeezes the 57. out of his labourers, or tradesmen; or, it works in another way; he keeps his produce from market till it "DREWS remarked, that at the will sell for 51. more in the hun-"last meeting he had made an dred; and, thus the people, who "offer, which was accepted, by eat the produce, finally pay the "the actual deposit of a certain 57. which STUMP paid to the sum of money (4,000l.) for the rook. "immediate assistance of the People of Essex, after these" bank; he had hoped that other more general remarks, let me gentlemen would have come forcome to your affair of SPARROW" ward in a similar manner; and Co. You know, that, on the "they had done so in part only, 24th of February, a great number" as they had not fully effected

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"the object in view. (Cheers.) In ["was not from the Government "consequence of the present state" purse, but from his own, that he "of the bank, inconvenience" had contributed to the public might arise to the country at" convenience." "large. He was placed in the "situation of Receiver General of part of the county, and if con"fidence should not be restored to "the Bank of Sparrow and Co. previous to his next receipt, he "could take nothing but Bank of "England notes and sovereigns, "which he thought would be a

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Indeed! Why, then, Mr. ANDREWS is not like DUNDAS, who gave TEN THOUSAND POUNDS to the voluntary subscription for carrying on the late war, but, as it was afterwards discovered, gave it out of the public money! Mr. GEPP, too, is, I fancy, a Distributor of Stamps in Essex, and a Captain or Major of Volunteers. So that, nothing in the world could be more amiable and pub

come forward and render their assistance, until the affairs of lic-spirited than all this. But, "the bank were arranged to the "satisfaction of the public.-Mr. "GEPP observed that he would

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what is more interesting to you, People of Essex, is the state of the bank's accounts. I shall copy this statement from the same newspaper, and then call upon you to

willingly afford, to the utmost "of his power, support to the "Bank of Sparrow and Co., and exercise your caution for the "he believed the disposition was future.

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"universal among those gentle- The accountant said, that he "men present, but unfortunately had been pressed for time; but they were not all in the situation "of Receiver General; and the "state of the country was such, "that those who had a desire to

that he believed, the statement to be correct. The statement was, that the bankers were "indebted "to persons upon interest notes,

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"do so, did not possess the means. payable at a certain number of "Mr. ANDREWS felt somewhat" days, at Braintree, 71,2901., at "offended at what he considered" Chelmsford, 21,9497. 17s. 1d., "an insinuation that he advanced" making a total of 92,2391.17s.1d. "the 4,0007, in the character of Their promissory notes in circu"Receiver General, and with "lation at Braintree, (amounted some warmth declared that it" to 31,000, at Chelmsford,

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"to 29,9007, making a total of Thus, there was a balance, in
"60,9007. The total debits to the favour of the bank, of 18,000Z.!
"Bank, exclusive of the capital Why did it stop, then? But, let
"of the Partners, was 294,3421. us look at this matter a little more
198. 11d. The assets of the closely. The debt is 294,000Z.
"Bank, were for overdrawn ac- Now, here are, you will observe,
"counts, at Braintree, 62,316.-294,000 SOVEREIGNS. Pray
at Chelmsford, 68,5871. 2s. 2d.; mark that. To pay this debt, this
"total of overdrawn accounts, great number, this fearful number
"130,9037. 2s. 2d. There were of GOLD SOVEREIGNS is
Promissory Notes and Bills in absolutely necessary. And what
"the hands of the Bank, on which has the bank to pay it with?
"they had lent money, at Brain-Why, only 33,000l. in cash; the
"tree, 8,3007., at Chelmsford, rest of the 312,000l. is in pro-
“ 49,174l. 4s. 9d.; total 57,474l.missory notes in the hands of the
"4s. 9d. The Bills in the hands bank; in the amount of overdrawn
"of Barclay and Co., available accounts; and in the amount of
"to the Creditors, were from bills in the hands of London bank-
Braintree, 26,000l., from ers and bill-brokers! So that,
"Chelmsford, 40,0007.; total, WHEN ALL THESE ARE
"66,0007.; to which might be PAID, the bank will have a ba-
"added Bills in the hands of Mr. lance, in its favour, of 18,000Z.!
"Sanderson, the bill broker, God forbid, that I should venture
"22,000l.; which made the total, to name the time, when that
"88,000l. The cash in the Brain- WHEN is likely to be. And,
"tree Bank was 11,1427., at yet, one would think, that it ought
"Chelmsford Bank, 10,500l., to come pretty quickly, seeing
"and at Messrs. Barclays, 12,000l. that every body is to be paid, and
"total of cash, 33,6421. There the bank is to open again on the
"were stamps which were equal 17th of April.
"to cash, at Chelmsford, 500,
"at Braintree, 5007.; total 1,000l.
"There was also a partnership
"freehold at Braintree, estimated
"at 1,000l. The total of assets
"at the Bank was 312,019/. 6s.
"Ild.; the total of debts owing," incumbrance on Mr. Sparrow's

“294,3421. 19s. 11d.

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Let us now look at the state

ment of the private property of these bankers, which (according.

to the report) was as follows: "Mr. BRIDGES stated, that one

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estates, was 7000l. to provide

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"for a settlement on Mr. Spar-" which it was liable; but he did "row's first marriage with Miss" not owe 1007. more than he had "Crow; there was also a marriage" stated, in all the world.-The settlement of 12007. per annum "CHAIRMAN here observed, that "upon the present Mrs. Sparrow;" Mr. Simpson, another of the "which settlement, however, was 66 partners in the Bank, was in the "made subsequent to the mar66 town; that gentleman was also riage; but if that circumstance" ready to give an account of his "was any defect, Mrs. Sparrow property, should it be required. 66 was entitled to dower on a con- "He (Mr. Bramston) begged to "siderable portion of Mr. Spar- "offer his personal testimony, that

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ness of feeling, as well as good

"row's estates. His estimate of!" Mr. Simpson, with that tender"the whole of Mr. Sparrow's pro"perty was 140, 000/. - Mr. ness of heart, which all his ac"CHALK asked Mr. Bridges what" quaintance knew him to possess, "was the amount of Mr. Spar-" had craved the indulgence to be "row's rental? Mr. Bridges said," absent from the meeting unless "about 3000l. per annum, besides" his attendance was indispensa"what was in hand.-Mr. WAL-" bly necessary. But Mr. SimpFORD next rose and observed, son was at the Bank, and was "that he would willingly state" willing to give the fullest infor"the amount of the property "mation of his property that might "which he possessed, but it must be required. (Much applause "appear very humble after what" followed; and the good opinion "had transpired, as regarded" expressed by the worthy Chair"that of Mr. Sparrow, his partner. man, as related to Mr. Simpson, "He (Mr. Walford) estimated his" seemed to be in unison with that property at from 40 to 45,0007:" of the whole meeting.)" "of

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"he wished it, however, to be un- What land SPARROW has in derstood, that his landed pro-hand we are not told; but a rental "perty did not equal that amount, of 3000l. a year, supposing all "but it did nearly so. He had to be freehold, is not worth more. "raised 17,000l. for the purposes than 90,000l. Then we are, in "of the Bank, and that sum was the first place, to take 70007. an incumbrance upon his pro- from this; and after that 12007.

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perty. There was also a rever- a year on account of the settle

sionary interest of 3000l. to ment on Mrs. SPArrow.

This

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