THE UNIVERSITY OF ILLINOIS LIBRARY 352 B67v5 ECONOMICS 1 \ THOUGHTS IMPROVEiMENT OF THE SYSTEM COUNTRY BANKING. IS A I.RTTEH T<» LORD VISCOUNT ALTHORP. By VINCENT STUCKEY, Esq. BANKER, IN SOMERSETSHIRE, LONDON: J. HATCHARD AND SON, 187, PICCADILLY. 1834. {^Not Published.^ LONDON : 1BOT80N AND PALMER, PRINTERS, BAVOY STREtT. STRAND. turrJ THOUGHTS, &c. My Lord, Having for some years passed enjoyed the pri- vilege of talking over the subject of banking with your lordship, and quite concurring in tlie views you have expressed on the Currency and Standard of value, I hope to be permitted to address these few sheets to your lordship, point- ing out what would, in my opinion, be a great improvement in the system of Country banking. I am the more induced to do so, at this moment, as it is probable this question may be brought under the consideration of parliament during the present session. *■> fi' r> i> ' " "::: B 2 As an apology for adding to the number of writers on such a prolific topic, I must state that I have not only been at the head of a consi- derable Country Banking establishment for many years, but that the subjects of Banking and Bills of exchange have occupied my attention from the period since I left school. Early in life, before the war of the French revolution, I was placed in the Treasury, and very soon afterwards appointed to the depart- ment of Bills of exchange, and some idea will be formed of its importance when 1 state that, on my first taking it, the amount of bills drawn on the Lords of the Treasury was about sixty thousand pounds per annum, and that when I ten years after left it, the amount was upwards of six millions per annum. In fact, the whole business came on the government, as it were, by surprise, and the bills were pouring in from all quarters of the world, whilst little or no pro- vision was, at that time, made by Parliament for their payment. In consequence, though only a junior Clerk, it became my duty to be almost in daily communication with the late Mr. Pitt, Mr. Rose, and the present lord Farnborough, as well as the late Mr, Abraham Newland, and other gentlemen of the Bank of England.* I was in the same department at the me- • I reinembev, one day in particular, having acquainted Mr. Rose, before be went to tbe House of Commons, that Bills hud been presented that morning, for acceptance, to the amount ot 1,200,000/. ; and just as I left him, tbe late Sir Francis Bar- ing met me at the door of the office. " Well, Mr. Stuckey," he said, " I have afew memoranda for yon ;" and he took out of his pocket bills of exchange for 800,000/., one of them for 500,000/. drawn by the Commissary from St. Domingo, being the largest amount in one draft I had ever seen. All these bills, amounting to upwards of two millions, were drawn at thirty days after sight. Sir Francis Baring good-buniour- edly observed, " that it was easier to draw than to pay them." " However," said he, " you will see Mr. Pitt and the other official gentlemen, and I will call in a day or two to know what arrangement has been made for their acceptance and payment, for I do not expect they will be j)aid at the end of thirty days.'' Sir Francis called accordingly, when I was authorised to state to him tlie wishes of government. After a little discussion, every thing was satisfactorily agreed on, and I was much struck, at the time, with the resources of that re.spectable firm ; for al- though, as Sir Francis informed me, drafts were drawn on his house against these Treasury bills, yet no difficulty was made in postponing, for many weeks the payment of a large portion of them. morable era of the stoppage of the Bank of Eng- land, in 1797; an event which I, with many others, shall always deplore, as it was the means of introducing what appears to me a false system in our monetary concerns. In con- versation, Lord Grenville once told me, '* that he never repented of any political act of his life so much as having consented to the celebrated Order in Council for suspending cash payments at the Bank." His lordship further observed, " that had government continued firm a day or two longer, the difficulties of the Bank would have been got over." Undoubtedly when the order issued, the consequences were not imme- diately foreseen, but it has always appeared to me an insult to the memory of Mr. Pitt, to say that He would not have been one of the foremost to restore the currency to its proper value, had he lived to have seen the publication of the ' Bullion Report, and had his particular attention been drawn to its able statements. The prin- ciples laid down in that report, in my opinion, never have nor will be overthrown, and the public are deeply indebted to the late Mr. Horner, Mr. Huskisson, and others, for drawing it up, as well as to Mr. Ricardo and to Mr. Mushett, for so early awakening the public to the importance of the subject. With Mr. Huskisson, I had the advantage of being acquainted from the time of his arrival from France in 1792 ; and on his being appointed Secretary to the Treasury, I acted as his private Secretary for some years, and have often toiled hours in making out the accounts and abstracts which he required for those admirable and con- vincing speeches he afterwards delivered in parlia- ment ; speeches containing principles which in every session of parliament are confirmed and strengthened, and which, from the enlightened proceedings of the present Board of Trade, I rejoice to see are likely to be still further carried out into practice. I was in the habit of consulting Mr. Huskisson on my banking concerns after leaving the Trea- 8 sary, and always received from him the most able and judicious advice ; it is, therefore, with a very strong personal as well as public feeling, that I, in common with so many others, deplore the melancholy and distressing accident which de- prived him of life, and the country of his emi- nent and meritorious services. Judging so very highly of his opinions, I have always recommended to my partners, and I think every acting Banker should read frequently, his celebrated pamphlet on the Bullion Question. To this I would now add, the more recent and very powerful speech of Sir Robert Peel on Mr. Atwood's motion in April, 1833; for long experience has satisfied me that all Country Bankers who carry on their concerns on the principles so clearly elucidated and explained in these two publications, will find them go on smoothly and satisfactorily. The opinion given by lord Grenville, in which it is hardly necessary to express my entire con- currence, seems to have been proved, in a great measure, to be correct, by the conduct of the government on the panic of 1825, (when the em- barrassments of the Bank of England were cer- tainly greater than in 1797.) As a Country Banker I was, of course, deeply interested in the proceedings of the Directors at that re- markable period, and in consequence I took the liberty of writing to them the following letter: — " 126, Sloane-strcet, December 14, 1825, Seven o'clock in the morning. " As a proprietor of bank stock I beg respect- fully to address the following to the consideration of the Court of Directors. In periods like the present it behoves us all to put our shoulders to the wheel. It is well known that I am what is called a bullionist, and an admirer of the prin- ciple of the late Mr. Ricardo. It is on the faith of these principles that I earnestly and particu- larly recommend to the Court of Directors to take, at the present moment, every possible means of issuing their paper; if, in the course of the next week or ten days, they could increase their circulation even six or c'ir/hf millions be- 10 yond its present amount, it could do no harm, and must do great good, and, in my judgment, no gold wojth talkingabout would be demanded. The country is in an alarm from one end of the kingdom to the other ; and all that is wanted is an exchange of bank-notes for those of country banks. The mass of circulation will not be increased thereby, or the price of bullion affected. In all the late runs in Devonshire, bank-notes were demanded, not sovereigns ; and where I could have influence, bank-notes have been sent to the country, not sovereigns. 1 could say much more, but at this moment time is, indeed, precious." (Signed) " Vincent Stuckey." This letter I delivered to a Director at the Bank very early in the morning of the 14th of December, and also informed some of his Ma- jesty's ministers of what I had done. No doubt other persons strongly recommended the same measure, and, by the published accounts, it appears the Directors acted on the principle, u and issued a million a-day for seven or eight days successively, with what result it is unnecessary now to mention. Although I am one of those who think it will be some years before we shall quite recover from the efiects of the unfortunate measure of 1797, which has given rise to such a world of difficul- ties, and such endless discussions, yet as we are now right on the standard of value, are happily restored to a metallic circidation, and come to a clear understanding on the question of the fo- reign exchanges, our situation altogether is very much improved ; 1 feel satisfied, also, that, after what passed in the last session of parliament, and the discussions in consequence, the legisla- ture will never be induced to attempt what has been called " An action on the currency." For it is plain, that his Majesty's ministers, and nearly every Individual who has any pretensions to be a Minister, are all agreed on these impor- tant points ; and from some admirable and un- answerable articles which appeared in the Times 12 newspaper on the subject, it is equally clear that the leading and influential press concurs in the same view. The friends to depreciation, overpowered by the arguments which have been brought against them, are now driven to assert, that it would be impossible for the present system to go on in case of a foreign war or of a bad harvest. I hope and trust that such evils will be long averted ; but should they unfortunately occur, it appears to me certain that the minister who re- verts to a depreciation of the standard, however he may for a short time delay, will ultimately increase his difficulties tenfold. It is a great mistake, to say that the labouring classes are not interested in this question. The rise of wages never takes place so rapidly as the depreciation of money ; and, having acted as a Magistrate in a very populous district for many years, I have frequently witnessed the deplorable dis- tress which has resulted from a change in the value of our currency alone. 18 Under tliese circumstances, of course I was greatly pleased with the observation made in a late celebrated pamphlet, " That had the pre- sent House of Commons performed no other act but that of preserving inviolable the stan- dard of value, it would have suflficiently shown itself worthy of its high mission ; " and I feel assured, that whatever alterations or im- provements may be deemed necessary in the Country banking system, will have little or no- thing to do with the standard of value or the foreign exchanges. It appears to me equally unnecessary to encumber the subject with any remarks on the conduct of the Bank of England, in regard to their issues, except to bear my humble testimony to the efficiency and pro- priety of its management for the last six or seven years, as laid down in the valuable evidence of Mr. Horsley Palmer, Mr. Norman, and others, before the Bank Charter Committee in 1832, I doubt if any thing can now improve it, and the fountain head being pure, the stream will, 1 hope, flow on in an even course, and we shall hear 14 little more of panics and alarms in the banking world. I must observe, however, that nothing- is so injurious to public and private credit as these continued Parliamentary discussions. The Bank Charter having been renewed, surely the few remaining difficulties ought to be cleared away. It is to aid this object that I venture to submit the following observations, which I hope will be found not only to show the practical working of the act 7 Geo. IV. cap. 46, but to offer some hints for the improvement of the law, and to assist your Lordship in forming a judgment on the various propositions that have been submitted by others. When the subject is once set at rest, we shall be enabled to see with how little, not with how much, circulating medium the business of this great Country can be conducted. It is extraor- dinary to observe the improvements in this re- spect which have taken place within a few years. A very large portion of the taxes of this opulent county (Somerset) is now paid either by cheques 15 or transfers from account to account, in the books of bankers. Our house has been the re- turners of the revenue for very many years, and we may appeal with confidence to all the officers of government engaged in the collection, if it be not done very easily, at a cheap rate, and much to their satisfaction. Having establish- ments in so many difl'erent parts of the county, the Receivers or Collectors have never occasion to travel with money; and as Bankers' receipts constitute a large proportion of what is paid to them, the business is conducted in half the time it used to be.* * It was stated last year by the Country Bankers, lliut in some parts of the kingdom (lie brancli banks of Kngland had very much interfered with tlie okl accustomed channels of trans- mitting ihe revenue to Loudon. This is very much to be re- gretted, as it is the means in some respects of making not only the branch banks but the taxes unpopular; those only who have long transmitted the revenue, and are in confidential in- tercourse with the whole neighbourhood, can know what occa- sional assistance is required, and how the arrangements may be most judiciously made. I hope, therefore, no further inter- lerence will take place. 16 The same plan is also followed on the receipt of rents. Most respectable farmers now keep accounts at a Bank, and on the rent day give a cheque for their rent ; so that there is not the trouble of counting notes^ and the whole affair is terminated, and the transfer made to the accounts of the parties in London, when desired, without loss of time, and without the intervention of cash notes. And what can possibly improve the present method in which the large farmers transact their business ? — they sell their fat cattle in Smithfield on Monday, and immediately pay the money received by them into our London Bankers ; on the next day they may receive the amount in any part of the county of Somerset. In fact, they frequently do so. I have known a farmer pay his money, as before stated, in London on the Monday, receive the amount at one of our Banks in Somersetshire on the Tuesday, go to a fair in Devonshire on the Wednesday, purchase a number of poor cattle to replace those sold in London, and re- turn with his cattle to his farm in Somersetshire 17 on the Thursday. Many of the payments also, to and from the great houses of Morrison and Co., and Leaf and Co., are now done by cheques and payments in London, without the interven- tion of drafts or cash notes ; aiid it is thus that the use of circulating medium is decreas- ing every day. I need scarcely add, that, in addition to these facilities, I think it behoves Country Bankers at all times, and particularly at the present junc- ture, to give every fair and proper assistance to the landed and agricultural interests, and it has always been the desire of our House to do this by judicious and proper loans to industrious te- nants and others, and also by loans on the credit of the poors' rates, church rates, &c. which pe- culiarly affect those valuable and important in- terests. It must be at once admitted, that all who issue cash paper, payable on demand, in some measure assume the office of the Sovereign c - himself, whose peculiar duty it is to see that the coin of the realm is not debased ; and it follows that something should be done to secure to those who take cash paper, not only its value, but its immediate and certain payment. The only question is, TVhat this should be ? I have given the different plans, which have been from time to time offered, my best attention ; and I trust your Lordship will think, with me, that most of the good they promise, will be obtained, whilst the certain practical evils many of them are calculated to produce will be avoided, by requiring from all Country banks o/'i^^wg the publication of their *^/2- abilities and assets," somewhat in the form but rather more enlarged than the accounts furnished by the Bank of England, under the act of the last session of parliament. As a proprietor of bank- stock, I, for many years, advocated publicity in the affairs of that Corporation, and in the present state of country banking, the same principles lead me strongly to advocate a similar course for 19 Country banks, — I appeal to any man of conunon sense, and ask, whether if tliis had been the law for the last thirty years, the excitements, bank- ruptcies, and losses, could have taken place, as they have done, by the failure of country banks? In case of any untoward events happening to the manufacturing, commercial, or agricultural interests, events which must occasionally occur, the banks ought to be the last, instead of being, as they now are, the Jirsf, to be suspected ; and 1 think it will be admitted that nothing is more likely to check any wild or imprudent specula- tions on the part of Bankers than the certainty that their accounts will be published for the information of their customers and neighbours, whilst, at the same time, the knowledge this pub- lication will give, must secure to those Banks who deserve it, the confidence and stability, in times of alarm, to which they are justly entitled; I trust the Country bankers, as a body, will not oppose the measure, and I am the more sanguine in this expectation from recollecting, that at a meeting of Country bankers, some years since, when it c 2 20 was proposed (I believe by myself) that all Country bankers should return to government the amount of their circulation, it was strongly and violently opposed, yet last year the act of parliament for the purpose passed without the slightest opposition. I am quite sure many country bankers will ap- prove of it. They cannot conceal from them- selves the alterations which are almost daily taking place, they see large companies forming in many parts of the kingdom, some of which have a considerable number of proprietors, and an ex- tensive capital, with the advantages which a publication of these facts must give them. Now, an old established partnership, consisting of even two or three members, that can render a satisfac- tory account, which I am sure many of them are able to do, will place their business on a founda- tion not easily to be shaken, whatever may be the strength of the company opposed to them. In pointing out this circumstance, however, I must not forget how vastly important it is for 21 the public that banks should be established on what may be termed perpetual principles. Bankers are mortal, but banks should never die. It is on this principle that we have done all in our power to establish our company in the county of" Somerset. When the act of 7 Geo. IV. cap. 46, was in- troduced, I gave my best assistance towards drawing it up, and had frequent interviews with Lord Liverpool, Mr. Herries, and other official gentlemen, on it, and at the request of the Government of the day, our houses were among the first to carry its provisions into execution. One of these houses had been established for the greater part of a century, and had issued cash notes for more than sixty years, even when they were not payable on demand, as at present, but drawn on London, at a certain number of days after sight. Our plan has been, that at each place in the Country where we have an establishment, there is 22 oue or more resident persons, denominated Direc- tors, or local Managers, whose sole business it is to attend to the concerns of the Bank, and who are well acquainted with the wants and wishes of the neighbourhood, and, in almost every case, are capable of deciding on any application made ; but if any peculiar difficulty arises, a refer- ence is made to the head office, from whence an answer is immediately given; by this mode a formal application to Directors, as a board, is ren- dered unnecessary, and every thing is arranged with secrecy and dispatch, thus combining the local knowledge and other advantages of a small bank with the security and resources of a Com- pany. Each separate department returns, at least once a month, an abstract of all the ac- counts to the office of the Accountant General ; so that the actual state of every account, and also the state of the general Concern, is to be seen in a few minutes. Our cash notes are payable in the Country and in London; and al- though we are on the best terms with our very respectable London houses, Messrs. Robarts 23 and Co., and Messrs. Rogers and Co., on whom also our London drafts are drawn, yet we have an office of our own there, not to act as Loudon Bankers, but to manage the voluminous correspondence with our departments, and also, what is most important, to act as a check on the different country establishments, so that if any thing were wrong there it might be immediately discovered, and loss prevented. Having myself been a partner in several dif- ferent banks, before the law permitted more than six partners, I have had an opportunity of judging of the effect of the two systems, and have no hesitation in saying, that the union of the several houses has been of the greatest con- venience to all ; whilst, at the same time, it has frequently been beneficial to the public, as money can now be paid or received in almost every part of the county at little or no expense ; and we are enabled to give every practicable facility to all banking transactions. On this part of my subject I think it right to add, that notwithstand- 24 ing we have already partners enough to keep up the perpetual system, yet we are often adding to our numbers, and are always ready to receive proposals from any proper persons desirous of taking shares ; they, of course, conforming to the deed of the Company, and paying up their proportion of capital. Shareholders attend at our half-yearly general meetings, when an abstract of the accounts is prepared and laid before the parties present, and after consideration, a divi- dend declared, — our practice, however, is never to divide the whole profits, but to carry a pro- portion to the capital, or reserve fund. Much has been said and written about banks having a large paid-up capital — we all know, however, that the whole of the Bank of England capital is lent to the government, and cannot be of any use to them as bankers. Your lordship is now about to pay off a proportion of this capital, which possibly might have been called 25 for at a time most inconvenient to the govern- ment ; and if all banks of issue were under the necessity of having a large sum locked-up in the public funds, the inconveniences pointed out by your lordship, would be much increased. No doubt capital is very desirable, if it can be jjro- fitahly employed \ but if a bank is enabled to fulfil all its engagements when demanded, and has also resources at command, with which it can embark in all proper banking operations, dis- count such good bills as may be oti'ered, and give assistance where assistance ought to be required, on moderate charges, it is all that can be expect- ed or desired, and such a bank need fear no com- petition. I have no hesitation in stating, that the great difficulty which has been felt by our company for the last three or four years, has been the proper application of its resources; the discount of a good bill has not been refused in the country, nor even in Bristol ; and I am sure t may say the same for the other wealthy and respectable Banks there. 26 In fact, we have been all driven to the London market for the necessary employment of our money, instead of going to it for capital or means to carry on our business, as has been stated in some publications. It must not be forgotten, however, that almost every county has a different mode of transacting its banking concerns, and a ca- pital that may do for Devon or Somerset, would be very inadequate for Lancashire. In our agricultural counties we can scarcely form any idea of the amount of bills of ex- change drawn in the northern counties ; many of the banks there, I apprehend, have at all times a very large amount under discount, whilst we have always endeavoured — indeed, it has been a principle with us, never to re-discount a bill, for we can always get money at a much lower rate on Stock or Exchequer Bills. If at any time, from a change of circumstances, more capital were required in our district, and good bond fide bills were offered for discount, I 27 should certainly propose an increase to our capi- tal ; for it does not appear to me desirable for a bank to depend on London discounts for country supplies ; and we should be most unwilling per- manently to touch the government securities, as I consider it to be one of the most impor- tant principles in banking, that a very large portion of a cash note circulation should be kept instantly convertible. It may sometimes be inconvenient for the wealthy bill-brokers in London, or even the Bank of England itself, to discount all that may be required; and although t quite agree with the intelligent mem- ber for the Tower Hamlets, (Mr. Clay,) that such a panic as the one in 1825-6 can never occur again, because the Bank of England will never be placed in the same situation, yet periods of alarm and difficulty may be expected, such as every prudent banker should be prepared for; and therefore it is, that provision for a cash note circulation ought not to be left to contingen- cies. 28 How far it may be necessary to pass any mea- sure for the prevention of improper speculation, gambling in shares, or to limit the distance, in which joint stock Banks may carry on their busi- ness, it is for Parliament to decide ; but it seems the general opinion, that in these respects some- thing should be done to prevent the serious in- conveniences which may otherwise take place ; I do not, however, see any necessity for a regu- lation in regard to drawing of bills of exchange, as any improper conduct on this point, will soon cure itself, and the amount of bills of exchange, not payable on demand, but on a specific day, has, it seems to me, little or nothing to do with the principles which govern the standard of value. To a paid up capital, even when it cannot be used, there is however much less objection than to a plan which has been mentioned, and received support in some quarters I little expected, that of giving '^ security" for cash notes. This, in ray judgment, is vicious in the extreme, and would soon lead to endless confusion : if the security !^9 tor an issue on part of the national debt be good for fifty millions, it is good for five hundred millions. The same observations apply to land. The proper security for circulating credit is its instant convertibility into the precious metals ; and the best way always to insure that converti- bility appears to me publicity of accounts ; at any rate, I trust it will be admitted, by all prac- tical men of business, to be a great improvement on the present system — it occasions no locking up of resources, or any improper interference on the part of the government; it will give the Bank of England much valuable information for the regulation of their own issues and the foreign exchanges; they will also see the provision which banks of issue keep, of the precious metals, and Bank of England notes, and the feeling now entertained, in that quarter, of large and unex- pected demands from the Country banks will be, I think, nearly done away. Such a plan also would render unnecessary the clause in the act of the last session, by which 30 country Bankers are at liberty, after August 1834, to give Bank of England paper in exchange for their own notes. I always considered this option nearly useless, and, on the whole, was sorry to see it introduced ; but after the strong declaration of Lord Lansdowne in the House of Lords, and of your Lordship in the House of Commons, that if it have the slightest tendency to produce depreciation, it shall be instantly repealed, I feel indifterent on the subject. As far as my experience has gone, Bank of England notes have always answered the purpose when any demand has been made on a country bank : even in the panic of 1825, it was so. We took down in one day nearly 100,000/. from London, only 3,000/. of the amount in sovereigns ; and under- standing the Bank was pressed for gold, 5,000 sovereigns were returned to them immediately. In the last five years, our surplus of both gold and silver has been very considerable, and, at the moment I am writing, we scarcely know how to get rid of our silver. s\ The question of" Limited Liability lias excited much attention in and out of parliament, and, in my evidence before the Bank Charter Committee, I stated that such a plan would improve the sys- tem of banking. I am still of the same opinion ; but there is evidently a great disinclination to pass such a law in England ; and as confidence returns, and the banking question is so much better understood, it appears to me to become less necessary every day. I am sure I ought to feel very iudiflferent on the subject, when I state that, although the law makes the property of myself and of every one of my partners an- swerable for the Bank debts, notvvithstandins: the capital they have advanced, it appears to me next to impossible that this private property can ever be called on. To enable others to form an opinion on this point, however, as well as to carry into practical execution the plan I re- commend, I have published in an Appendix a statement of the concerns of our Company, made up some months since, and will only observe, that of the assets mentioned, I have no doubt 32 every man conversant with these subjects will admit that nearly 500,000/. mi^ht be forthcoming in a few hours ; eveivsince these accounts have been made up we have been under the necessity of materially increasing our Government secu- rities from the difficulties we experience in getting good bills to discount. The amount of Country bank circulation is, by the present law, returned on oath ; and I should propose that the general accuracy of the account of *^ assets and liabilities" should also be sworn to. What I mean by general accuracy, is, that all the securities, bills of exchange, &c. are bond fide in the possession of the Bank, and that all the securities of every description are valued fairly and properly. Some banking companies in the north, 1 ob- serve, have published an account of their paid up capital ; the amount of their circulation, and the names of all the shareholders. This may be very satisfactory, and, being a friend to 33 publicity, I by no means object to it ; but I tun disposed to think that publishing the " liabilities and assets'* of all banks qf'iisiie, according to the plan before proposed, will be still better, and would venture strongly to recommend the experiment to be tried before any thing more is attempted, and also that it should be done with- out much delay ; for it appears to me, from the transactions that are daily going forward, and the schemes that are continually put forth, the public ought to be satisfied as to the stability of the concerns with which they transact business. Although the Bank, of England accounts are to be published frequently, [ should think, once in six months will be considered often enough to return the Country accounts ; and I am sure no house of the least respectability will think of returning a false statement. The accounts may be made up either on an average, as the Bank of England, or on the 30th day of June, and 31st day of December, and an abstract sent to D 34 the Stamp Office in the course of the following two months, so that they may be published in the Gazette in March and October every year. It would also be most desirable that when these accounts are published there should appear in the same Gazette, in four lines — " The market price of gold and silver." " The exchange with Paris and Hamburgh." *' The amount of Bank of England circulation." " The amount of Country Bank circulation." By having these matters thus constantly brought into view, I venture to repeat my decided opinion, that we shall hear little more of panics and alarms in the Banking world. I must, however, bring my letter to a close. My thoughts have been hastily thrown together, and, I am sorry to say, under considerable in- disposition ; but the subject matter is of too urgent a nature to be any longer delayed ; and 35 again expressing my earnest hope tliat tbe question will be finally arranged without delay, and apologizing for intruding so much on your Lordship's valuable time. I have the honour to be. My Lord, Your Lordship's Most faithful and obedient servant, VINCENT STUCKEY. O rt O -v t- HM »-i^ ^^ F-^ « — « o^ cq o 'O (O o o . «rt w CO O 1 "1 0) 12; •^ d a> c3 <_! ^ .J^ ?-^« o 3 P3 3 1 iw e >< ■^ r; O , K -- uz 9 -j^ V *— ' ^ -^ o?=-5 O owe jc - 1-^ ^5 q. I- oo" 4-' I-- CJ g cc - fe5 •^ > ^-' b- Cv •^s r^. c • o ^ ■" >>N ic— . •«^ ■j7 '^ ^ s i^ 3 5 1^ II y) sd:* •> 5 u: _rt -^ .- «- c '/■- '^ ij cj 2-3 w. Si. ''•J o n