Friday, October 17, 1828

Circular To Bankers

Location: London, Middlesex

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Text Content of Page 1 of Circular To Bankers on Friday, October 17, 1828

Circular To Bankers (Newspaper) - October 17, 1828, London, Middlesex TO 1 ii i: in auto No. 13.] FRIDAY, OCTOBER 17, 1828 TO OUR SUBSCRIBERS. Sirs, Some person f opinion that th 4 ticable to regain, at a critical time, possession of that which has been lent in open account, or on note to farmers f forgery or traders. pon bills has greatly increased of late; whether that b the fact not, have now forced It is also manifest, that those Country Bankers have been i upon the consideration of all reflecting men, who are much concerned in discounting bills, or placing bills on the credit side of the account with their customers. Several years ago, when the amount of bills discounted who the habit of resorting to London to seek em- ployment for their money, have been the most successful in gaining wealth. There are some, and but very few signal exceptions to this. As a general rule, it is indis-putably true. And the only rational way of accounting at the Bank of England was very great, the worst kinds for it is, that those Bankers who have had the benefit of of bills were generally discounted at that establishment; as the prescribed forms were observed, because, so long there was much greater chance of their being discounted obtained the best 4 a regular intercourse with the most shrewd and well-formed monied men in London, have, by that means, there, than there would be with private discounters. It was well known that private discounters, if they possessed r the requisite knowledge and prudence, would exercise were able to m much greater vigilance in examining into the validity of interest with th dge to guide them in making vestments advantageously. And having, at the same time* their money under their immediate command, they such bills. that knowledge bear utmost promptitud P thei At the period to which we refer, there was, never was a time when so little benefit d effect. There could be derived we believe, a great amount of forged paper in the Bank of from this sort of England. Circumstances have, however, wrought a re- as during the last twelve th markable change, and great circumspection is required on for their own benefit who d those Bankers are, we think, now acting most k secure the part of bankers, and those who are engaged in large ploy for money transactions, to counteract the evils which that of their money amongst the industrious classes, in the vicinity bank If change may ind were bank th W are ed to b bug-bear f the crime of forgery upon bills has increased; but its ope- men, will be d panic (which, whenever it again seize the minds of may be differe d private bankers and di ay I more liable to suffer by it now, than formerly, spects, however, as well as in that of forgery, the home than the last panic) should not abl portion of pare quickly and effectually prevent us employing a money in loans nearer change has generated new difficulties, therefor extend the case a little further for our considera w We can h prudently and with circumspection veil aware, howev( little or no effect that It is well known that the changes which we experienced of b po any opinion of ours the general current in the money affairs of th teen years, have c money to be sent to ed a ntry, during the last eigh ch greater proportion o d that current is still flowing g force, in the ch we with aug described f London, and employed the have found that mud discounting bills. Country B money so employed is not placed wholly beyond th control in cases < N f emergency; while it is utterly imprac- sideration. More and more money will, probably, be sent up to London to be employed, and greater and still greater will be the responsibility of the agents who employ it. brings us, back to the immediate subject of our

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