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Circular To Bankers (Newspaper) - December 19, 1828, London, Middlesex IK No. 22.] FRIDAY, DECEMBER Id, 1828. TO OUR SUBSCRIBERS. We are the more inclined to congratulate the public on this auspicious disposition of the Bank Directors, because Jt gives us great pleasure to dwell upon the subject of I it had been openly attributed to them, that, from the unea- Sirs, the wise conduct of the Directors of the Bank of England siness which they felt about the d for gold, they had in the recent emergency. A year ago, many very intelligent and well-informed men were of opinion, that the determined t< and to throw k all who were exporting gold their bills when they were presented fo Directors, knowing their own resources, and conscious of the strength of their position with the Government, would seize the first favourable opportunity of injuring the private bank interest, and of annihilating a portion of the Country � � Banks. Their conduct having been precisely the opposite of that which was then anticipated, it must be regarded as unequivocal evidence of renewed good sense, and of a wise discernment of their best interests, in that powerful disco It now appears ob countered, rath th th us, that any risk shall be k of bringing on another commerci from the � r hich the withholdi ed interest, in cases of emergency, would tably prod And, if reliance can be placed upon the B Directors being r- actuated by the same of conduct, it is a very important consideration There can be no doubt that if Directors Such a manifestation offers great encouragement of the Bank have resolved, in all cases, to support credit to the private Bankers of London, and to the Country Bankers, to endeavour to bring about an understanding letHhe drain for gold be whai it may, they will, in seeking oid the disaster of a commercial crisis, at times en- with the Bank Directors, which may lead to the most im- counter some k of pposite kind. They may be portant results for their separate interests, and their mutual driven to the necessity of paying away pound notes, benefit. The evil which might have been induced by a contrary in k f sovereign A state of extended credit d bund paper-currency, v cial prosperity, is course of proceeding is incalculable. Any imbecility or of commercial narrowness of mind, like that which influenced the pro- in all times and circumstances, in gold hich alone affords a chance incompatible with payments, the ancient ceedinas of th e body in the early stage of the pa in 1825, would not only have deeply injured the bank iuterest, and the public generally but this partic juncture, Id have been pregnant with extraordinary standard. Therefore, if the Bank were driven, occasionally, to making payments in small notes instead of gold, it would be regarded by us as no calamity at all. In time past, the Bank of England has been driven to danger. Any measures, essentially damaging commer- paying in sixpences, in order to eke out the occupation of cial credit, and tending to lower the prices of commodities, would have crippled the efforts of our merchants to bring corn and provisions to our ports from all parts of the Id: efforts which now bee )Qie so important for the peace and welfare of the community. Any thing which lowered prices in England, and, as a consequence, gave to France the advantage of drawing those supplies of corn, which there is an imperative necessity for bringing to our own shores, would have been a serious calamity. No. 22. the paying-clerks, till supplies of more valuable coin were 4 brought to them ;-a confession of incompetence to meet a brisk and strong demand more degrading than that of the Country Banker who took ten times the usual space of time to examine every note, lest forged notes should be foisted upon him during the run on his bank. Aqd there can be no doubt that, in a country like this, the Bank will be liable to have, at times, its coffers drained of gold. But h this is a trifling evil, compared with such dreadful conse-
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