Friday, October 10, 1828

Circular To Bankers

Location: London, Middlesex

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Text Content of Page 1 of Circular To Bankers on Friday, October 10, 1828

Circular To Bankers (Newspaper) - October 10, 1828, London, Middlesex IX t II No. 12.] FRIDAY, OCTOBER 10, 1828 TO OUR SUBSCRIBERS. Sirs, Th Lords C f the Treasury h it in contemplation to issue an order to the Commissioners of Stamps, to publish, in the Royal Gazette, the names of all bankers regularly as they appear in the licenses granted to bankers. This is a measure to which, of itself, we can see no possible objection ; but, as being indicative of a disposition in the executive government, to cause greater publicity to prevail in the concerns of bankers, it is a matter of more importance, and must be regarded with rent opinions prevail on the subject; some of these have greater interest. Important results very often flow from no objection to the utmost degree of publicity respecting their circulations of notes ; while others regard it as a matter pregnant with evil. We have never conversed with any, either the members of parliament who have urged the purpose, it must be a general law, affecting chartered and share banks, as well as private banks. We do not, at present, think it necessary to make any observations, for the purpose of shewing the mischievous, or the beneficial tendency of such a regulation as the periodical publication of all the issues of notes in the kingdom. The ministers have been repeatedly urged in parliament, by members who have great influence on such _ r questions, to compel all issuers of notes to submit to this ii sort of publicity. Amongst bankers, however, very diffe- very portant circumstances. T first trod of licenses to bankers originated in the application of II e houses in Scotland, for P II ission to issue notes of the value of five shillii who, perhaps, at th cation being made. gs. The country bankers of England such an appli to banke did not know of si little thought that the term " License statute-books which first appeared in our about thirty years ago, would subsequently become a term by which �30 per annum would be levied upon them, for every one of the tablishments So not ding fo banks belonging to one firm, of introducing " licenses to bankers was the occasion If th Lords Com nissioners of the Treasury should resolve to publish, in the Gazette, the names of all the bankers who take out licenses,-a regulation which they undoubtedly have under consideration, they may hereafter deem it expedient to publish the amount of their notes in circulation. This they will have the readiest means of doing with regard to all those bankers who compound for stamps upon their notes, because these must send the amount of their respective circulations, upon oath or affirmation, to the Commissioners of Stamps. The amount of the circulation of notes of all those bankers who do not compound for stamps, cannot be had without an express law for that object. And, if a law be passed for such a No. 12. or sity of this th bankers of publication upon the go wh ppeared to us to view all the bearings of the question in such a manner as is demanded by If the government should ever compel the issuers of notes to publish th les, we venture to predict that the amoun gul of their will not top at that point many years A however, this matter of publishing th i connected with one of the most diffici issues parts �f f that branch of the currency question, which relates to the best means of regulating a paper circulation, and as the government may never adopt the advice of those members ho would enfo we think it better absta fi g a discussion upon it at present. The fits being the intention of the gov to publish th names of licensed Bankers, in the Gazette, leads to a consideration of some moment, to such bankers as are balancing in their minds, whether they should compound for stamps upon their notes; and on that account we considered ourselves bound to bestow this brief notice upon it. We have not thought it necessary to make any detailed

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