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Circular To Bankers (Newspaper) - December 26, 1828, London, Middlesex No. 23.] FRIDAY, DECEMBER 26, 1828. TO OUR SUBSCRIBERS. Sirs, of the currency measures, in different districts, and upon different classes of the community, becomes, therefore, a At the ending and the beginning of a year, it is very matter of importance and necessity. natural for the mind to be exercised in reflections on the past, and in anticipations of the future. Limiting ourselves As the sort of examination which we are purposing to undertake, can, in a publication of this nature, be only to the vocation in which we are occupied, we think that a of a very general character, we shall, as much as possi-brief examination of the effects of the measures relating b^e> keep out of view the small note question, and limit to the currency and banking systems of this country our consideration to the general effect produced upon the may, at the present period, be instructive and practically conduct of Bankers, by the changes which the currency useful. and banking affairs have recently undergone; and the in-Some people, who do not afford themselves time for fluence which an injury of the banking functions has al-patient investigation, and who, accordingly, never examine ready produced on the sources of production, and the causes attentively, nor reflect enough on consequences that may result from changes in policy, conclude, that. f If, as we believe is the case, the preservation of the banking fu because no pparent to them, all things are going fectiv absolutely red ons in all possible ef- � for uniting capital and on well. The most partial evidence, or the most confined labour, the inquiry is very important. and local observation, is sufficient to enable them to form very confident opinions on the most difficult and complicated subjects. Nothing is more common than to hear persons of this character, pronounce with oracular decision, that the small-note question and the changes in our currency, enforced and contemplated, are very unimportant matters; that so abundant is the capital of this country, that, notwithstanding the withdrawing of loans from the industrious classes, by the Country Bankers, the sources of production will speedily be replenished with capital; and, consequently, that the produce of the kingdom will suffer no diminution. This we consider to be a very dangerous fallacy; and it is one which, at this particular juncture, prevails in great force in the different departments of government. This error, like all preceding errors adopted by the In all commercial states, except England and the United States of America, *he power of borrowing money at a low rate of interest is monopolized by a few wealthy capitalists. In Paris this favoured class can discount at the Bank of France ; and the capital so raised is lent by them, at higher rates of interest, to sub-borrowers, on different terms, varying according to the station, credit, influence, and circumstances, of the latter. To be within the fa* voured c portance or nited with it, is a matter of great because it is not uncommon for traders, who have not access to the best sources, to borrow temporary loans, at a rate of twenty or twenty-five per cent, per annum. Precisely the same takes place in Petersburg and Vienna. In Prussia, too, a similar state of things was found to be so burdensome and oppressive to the industrious, that, some years ago, the government was con- government on the same subject, results from.that imper- strained to become a Banker; and, having undertaken to feet sort of information which i3 obtained by the heads of perform the functions of that important-agent, the state the different departments, who take, without due investi- lent sums of money to the cultivators of the soil, upCftl gation, the facts of the ill-informed, and the opinions of wool, and other commodities deposited in the government the prejudiced or the interested. A survey of the working warehouses. In Holland the power of borrowing at a No. 23.
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