Under the Act of Parliame...
T;rder the Act of Parliament by which the reluction of the five per cents. took place, there existed, we un derstand,I some wholesome provisions, by which the commission of fraud, by persons standing in the situation of trustees, wvas guarled against. 'But these precautions, we are further I informed, do not exist in relation to the reduction just ef- fiected, of four per cent, into 34 per cenlt. stock ; but in cases where the redluction has net been assentedi to, the mo- niey has been in some instances paid to the trustee or trus- tees, thus placing the capital they held in trust entirely at their disposal. Where a joint trust of several names is in question, there may perhaps arise little danger from this practice; but where one individual chances to be the sole survivor of many trustees-a case by no mears unicomnnmo -a door is opened to fraud or imprudence, by which the uini of many families may be eff cted. lYe won(ler that the sagacity of the LoB1) CHANCFC.I.OR, unler whosepro. vince a case of this nature more immnendiately falls, has not provided some remedy against the evil. WVhile on the question of truists, we may take occasion to observe, that it is a great desideratumn to levise some rnode by which they could be so effectually secured as to leave no danger to those for whom they were created, from either fraud, indolence, or the common casualties of human life. A small tax, by which such security could be obtained, would, we imagine, be chleerfully submitted to in all cases where- in prudence regulated the disposition of the property, Ie are indebted to a very intelligent correspondent for a sug- gestion on this head, which is too valuable to be withheld from the public. He advises that there shall be appropri- ated in the B3ank of England, and other establishments throughout the country, enjoying high credit and confi- dence, an office or rlepartment for this purpose. By these offices would 'De transacted all that business relatina to trusteeship which at present, both in execution and re- sponsibility, devolves upon private individuals, with the guarantee as to security of the Directors of the Bank, anrd the facility, as to management, which wou(ld take place in an establithment solely devoted to such a purpose. The necessary expense of the office would be defrayed, our cor- respondent thinks, after it had existed a few years, by a very small per centage oni 'the amount of the property placed in trust, and which wouldl be cheerfully submitted to by prudent testators. Our correspondlent's remarks derive an additional value from the remarkable itnstances which have recently occurred of the violation of important trusts; and we hope that our giving them publicity in this shape, will produce from tbem the benefit which he contemplates.