Circular To Bankers (Newspaper) - November 14, 1828, London, Middlesex . 17.] FRIDAY, NOVEMBER 14, 1828. TO OUR SUBSCRIBERS. Sirs, Attempts are now making to stimulate the public to establish, in England, Joint-Stock Banks, upon the plan of the four share-banks which have been formed since the Act of the 4th of Geo. IV. cap. 46, was passed. The prospectus of an establishment for forming Joint-Stock Banks, in England, has been for some time circulating in the metropolis, as well as in the country; and the outline r of another share-bank, in Lancashire, has been published in the newspapers. As this innovation on the banking system of England is recommended from the highest authority,-the present and the three last Prime-Ministers having all given it their Th P C promote the Establishment oe Joint-Stock Banks in England is divided under five heads, viz.: 1. On the necessity for such establishments. 2. The measures of Government to improve the banking system. 3. Plan of the Company, 4. Profits of country banking. 5. Plan for raising the. capital. r Under the first headthe following are the only para-graphs necessary to be extracted: " The failure of three or four hundred of our private banks in th have been thirty or forty years, the panics subject, and the extent as well s hich ity of sanction,-it is of importance that the public should clearly the distress they have caused, demonstrate the necessity understand the question. The advocates of the new | of system are endeavouring to obtain its adoption by arguments which we deem fallacious: and, as they are, at the | pointed provement in the stability of our banking system The nature of this improvement has also been II by the experience of Scotland, where a great present moment, actively employed in enforcing their plans portion of the banking b the bauds of jointr by a reference to experience, which, if rightly understood, | stock comp would not support their case, we consider it right that the By none of th has th publ ever matter should undergo a brief examination. The great general argument in recommendation of share- g, nor has a panic or general distrust Qf bank been felt in that country. " Banks, it is obvious, ought not only to, be safe but banks, used both by ministers and projectors, is, that above suspicion. The late panic has prove*} t^at the they have succeeded well in Scotland, where they have public may lose more by the discredit of good,than by. the been the means of promoting the prosperity of the country, stoppage* of bad banks. The los,s frqm the fajilures which without endangering the security of the circulation. Th e were caused by it were trifling compared witfj that.whioh following extracts from the recently-published prospectus the natiou at, large suffered fro.m theder^arig^me.nt it proof the new establishment in London for the forming of joint- duced." L stock banks, with an article taken from the Courier newspaper of November the 8th, both, we have no doubt, written been cmtertajne^ by by the same gentleman, will exhibit the views of the writer better than we could do. The author is, we believe, well known to be the same active and intelligent individual, whose name has been frequently before the public, as the | a rec^rjC�n$$;(ftf ijjffi principal promoter of the new Joint-Stock Banks of England, and the provincial bank of Ireland. No. 17. Under the second head these obs^ryaftqps, occur * " Opinions as, to the necessity ojf impwing our banking system, not o^ssimjlar, tp, the, abfty.e, haa^ for some time 4 WW % fe^ panic t^adqpAWfian^^or preventing VoHgkt forward, ip T were ***** ' *i 1$26, tw,o .m^s^i;fqr Jftat establishment of branches by the Bank of England, and J'