Circular to Bankers Volume 209-284 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1832 Excerpt: ...controul of Gooernment, so as to guard the public effectually against any abuse of this important privilege. Further, and, perhaps, stilt more essential protection will be given by complete publicity to all the accounts and proceedings of' the Bank, and this will be done at short intervals, probably once a fortnight, or not less frequently titan once a month. This publicity will include the issue of notes, distinguishing the Bank post-bills, the amount of bullion, the discounts, deposits, and, in fact, all the important transactions of the establishment. It is the sums total alone, however, that will be required, and hence this important document, which may become the guide and the rallying point to nil the commercial operations of the country, will not occupy an entry of more than a few lines in the ' London Gazette.' All country bank paper, of whatever description, throughout England and Walts, is intended, if the current information may be relied on, to be put out of circulation within a limited time, and declared illegal. But country banks will not on that account cease to exist. Their paper circulation will consist solely of that issued by the Bank of England; but as a compensation for the diminution of the profit arising from the circulation of their own notes, an arrangement is to be made under which the proprietors of suck banks will be supplietl with Bank of England notes, on proper security, at a very tow rate of interest, some say 2J, and others 2 per cent. only. The dif. ferenee between that rate and 5 per cent, which the country banker can generally obtain in his own neighbourhood, will constitute his chief profit, and probably a sufficient one for men of wealth and real capital. This, it may be remarked by the way, is part of the plan detailed...