Friday, November 28, 1828

Circular To Bankers

Location: London, Middlesex

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Text Content of Page 1 of Circular To Bankers on Friday, November 28, 1828

Circular To Bankers (Newspaper) - November 28, 1828, London, Middlesex II No. 19.] FRIDAY, NOVEMBER 28, 1828 TO OUR SUBSCRIBERS. Sirs, A propensity gst trad to property d ponsibility in great k by indulging extensive spe co d of the recent failures more clearly, and to appreciate their influence and consequences more accurately. When, in the earlier stages of the cotton manufacture, the great manufacturers and printers could make as much profit on the sale of a single piece of printed calico as the sources of danger to bankers out of London.we think it right to notice the late failures in Glasgow, that the cause may be rightly understood. Although a spirit of mercantile speculation be, on the one hand, dangerous to bankers, those bankers who are conn< being one of the greatest piece itself is now worth; and when the sp f twist were making corresponding profits, fort pidly made, and, from the habits of th peopl were tena- apprehen connected with the trading classes the other hand, have an habitual, unreasonable, i - 4 evalence of that spirit, without ciously held. Accumulation upon acci up more rapidly and extensively amo turers of Lancashire, than was ever kno mulation mounted igst the manufac- of the P greatly abridging thei profits These,Glasgow failures appear to us to have made I greater in importance amount of pi demand on public opin than their actual vn in the pur suits of industry, in the commercial history of this country The people of Liverpool felt the advantage of t dinary prosperity and rapidly-increasing wealth of M Chester, Stockport, Bolton, Blackburne, Preston, &c. but We do not mean, becau the II r dication of ynot be a very considerable sum, but y general spirit of mercantile speculat they felt it only as auxiliaries, and not as principal partici pators in the prodigious gains of the manufacturers. And habits of the people leading them into far more expen sive modes of living,,but few were mad being abroad, the circumstance is much overrated All F in Liverpool, such as those which form the basis of Uigent men, who recollect the extraordinary great fortunes of the wealthy manufactu pirit of mercantile ad ' F i t led, in almost every part of the kingd d speculation which pre- ago it was not an uncommon saying, at the Some years one-o'clock from fifteen tabl f th latter, that Liverpool was mortgaged to to twenty-five years ago, must be aware, that a most Manchester,-a saying wh ported that th solid remarkabl 4 conduct c ge has, in this respect, taken place in the capital of the manufact furnished the means for the 4 f the merchants and great manufact of England. The transactions of late years bear no analogy terprises of the Liverpool merchants Much of There can b doubt th i * those of that period. Even the pec transactions of th which the hants of Liverpool b f Liverpool merchants were supported f r admits ly by a system of credit, forced to unexampled And f no comparison, in engaged in the year 1825, regard to the number of houses involved in its operation qually clear, that the assistance of the real cap ulated the tl of their engage � with the specu of the Liverpool, merchants in the year the manufacturers, which they derived from accun profits, greatly contributed to uphold that system of cred d. as th d d its important chang perati J i . * ' -- t " 1 i bankers, money-brokers, and cap of great interest and passing, that those wh may be instructive shortly to dwell up very brief expl the We predict, how id observe attenti nsuing twenty-fiv< in ly the yea f *9 A � progress of events during the ensuii r will witness an extraordinary change in the relative '� i. � r . -if f will enable us to d the cause circumstances of the No par the commission mer-

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