Friday, October 3, 1828

Circular To Bankers

Location: London, Middlesex

Page: 1

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Text Content of Page 1 of Circular To Bankers on Friday, October 3, 1828

Circular To Bankers (Newspaper) - October 3, 1828, London, Middlesex � .4 . 1 - > * * i . 1 > ; > i 1 > i i > .J i in �j 1 .11.] 1828. i *1 T f 4 J % /� $s qyfte tpipo&sibte for us to notice any anonymous __ h communications. Those who know us will rely upon our and send their names with their communications. I against five millions of paper withd pound notes. Even supposing an impossibility, viz. that the Rank of England* after pjoy iding eight, million^ of gold hould issue a P: Ions of fFe say this with no feelins; but that which induces us to sovereign for every sovereign exported, eight milliq ntorn thanks to those parties who have taken tlie trouble to gold would not be equal to five of paper in its pow improve us anonymously, ft so happens that we have had currency. And this fop the following reason? as the pleasure to become ac to ow own improvement Paper is confined to the 9 * ** * i and benefit, with two most intelligent bankers subsequent to for no other purpose currency heap, and, mad pply- the country it is wanted : by the ening us: by letters without a name. But we bankers, whose province t�fo 6e understood that no such letters can be noticed in the Circular. We shall be happy to give, personally, any it is s ready, for se at the instant when * * - which may be particularly desired. wanted, without the impediments which taHo place in getting supplied with a currency of the precious metals. With these, there fmust be bargain and sale, and the TO Otm SUBSCRIBERS. L i Sirs, 1- detajrp^ :Qonmwj^ipir^ where th^y can be had.bej^t, an the time'} transit O 4 . * wise practice, created � * � We were never amongst those persons, who doubted of ty, and matured by it. - d the power of the Bank of England to obtain a sufficient hundred supply of gold to substitute sovereigns for the small notes has giv perience, of issuing to the w cy from fi to th of the peopl stantly to th local circulating in England and Wales. This, or something like it, was very clearly and forcibly stated by Mr. H iidson Gurney, to the ministers of the crown, during the discus- I from changes of the rrency the power of adapting d temporary necessities f th publ Those necessities, infinitely varying as they 4 J seasons, the si supply of materials * t sions on the subject in the session of 1826; provided, he labour, the demand,-the increase or decrease of demand fo d If ad p our mind pay the cost of bringing for labo or commod gold into the country, by sending commodities to exchange same facility, with a me cannot be supplied with the lie currency, as with a paper, for it, at prices forty and fifty per cent below th f 3 because of its expensiveness to keep the tho commod f them, transmitting it; the greater liability to loss fr ties to the producers or owners < ^ 3 matter might be accomplished. J ...... * If we consent to pay the penalties, a supply of gold equal that of currency, it is never locked up by the wary, beca isk of L 1 �- bbery deteriorated pieces f paper-money being to the be had numerical a II f notes may ily But that settles only a small part of the question. in currency The uses and power of five millions of gold in < will be very different from the uses and power of five,mi it may become dearer nopoliser for specula L K manufacturer to fabi never bought up by the it is it is ever purchased by th ever ported by the merchant. All these parties occasionally want and F of local one pound notes. We doubt whethe ns of gold would afford the public at all ti ght for other purposes than currency, and. this is; aci|- u nd les, and ; cumstance whieh greatly obstructs ttye fr^.use.pffbojo the sam^deffree of accommoda- ! precious metals in currency, and re^e,r.me^llic .mpne^r tion and convenience in currency, as, five No. 11. mi of far I and perfect instrument for performing

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