Mr. Lowe's Bank Bill has been published, and is very
nearly what we suspected it to be. It provides what whenever the First Lord of the Treasury, and Chancellor of the Exchequer, and Governor of the Bank, and Deputy-Governor of the Bank agree that the rate of interest is 12 per cent., that the foreign exchanges are in favour of Britain, and that there is a panic, they may suspend the Bank Act, and over-issue, the profits of all over-issue to go the State. We should say that there was one argument in favour of that Bill, that it makes a necessity legal ; and just four against it,—first, that it gives the right of voting to suspend an Act to irresponsible individuals: second, that it leaves power to maintain an Act, in the teeth of national interest, to irresponsible individuals ; thirdly, that English commerce may be ruined at 10 as well as 12 per cent.,—or at 5 per cent., for that matter, if the Bank is exhausted by a severe rush ; and fourthly, that it will not pass. If Peel's Act is to be kept up at all, its occasional suTension on the responsibility of the Cabinet is a mere necessity.
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