§ The report being brought up,
§ Mr. F. Lewissaid, that the danger which might result from the sudden withdrawal of the money invested by the Savings Banks, in time of war or of panic, must be apparent. He should therefore propose this clause,—"that whenever the sum borrowed from the Savings Banks amounted to 20,000,000l., the commissioners for the reduction of the national debt should not be permitted to receive any more." If this were agreed to, it would also be necessary to release the Savings Banks from the obligation under which they were now bound, and therefore he should propose "that when the sum amounted to 20,000,000l. the commissioners should give notice that the stock was full;" and that after that, the trustees of the Savings Banks might invest the money in any security which might appear advisable.
§ Mr. Hudson Gurneysaid, the danger mentioned by the right hon. gentleman seemed to him very great; seeing that all those who had money in Savings Banks 1647 would probably demand it in gold, if they drew it out under the influence of a panic.
The Chancellor of the Exchequersaid, he had no great objection to the proposal of his right hon. friend, though he saw no necessity for it. He did not think that any danger was to be apprehended from the withdrawal of this money; because the depositors were so numerous, that it would require the concurrence of half a million of people before much harm could be done. It would be easy to alter the bill, if it should be found to be dangerous.
§ Mr. F. Lewissaid, he would withdraw the clauses, and leave to ministers the responsibility of guarding the country against the danger which he anticipated.