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Circular To Bankers (Newspaper) - July 7, 1837, London, Middlesex 1 i: LI r 51 No. 469.1 FRIDAY, JULY 7, 1837 BANK OF ENGLAND. (From the Gazette.) quarterly average of the weekly li power and influence, at periods of depression, when indig- nant remonstrances assail the occupants of Downing;-street, and the people show symptoms of turbulent dis- 4 assets op the bank op England, from April 4, to content, than is the same guardian spirit apt to exhibit june 27, 1837, inclusive, published pursuant to itself when its exercise is demanded in the opposite willi Liabilities cap. 98. Assets. Circulation . �18,202,000 Deposits 10,424,000 Securities Bullion �26,932,000 4,750,000 direction. When the people are beginning to run mad in speculation, then are the great functionaries, who in the extremity attempt to stay its course, employed in forcing forward and increasing its impetus. This we charge upon �28,626,000 Dowiiing-Street, June 29, 1837. TO OUR SUBSCRIBERS. �31,682,000 all who were placed in authority and had power to stop or counteract the spread of mischief during the sessions of 1835 and 1836. And yet of the two respective duties, viz.-that of administering stimulants under Inanition, and that of counteracting the causes of dangerous excitement when they first begin to operate, the latter is by far the J" v - 1 H. * * WO ��'V-^v^-ii' ���� Sirs M\ m 29, St. Swiihin's Lane London. *0 If* hold the preventibh of mischief to fcrso much mdre desirable than its correction when it becomes W we di idences that the causes of distur- that it ought to be the duty of the Board of Trade, or of 1 1 _ bance in commercial affairs have abated in the violence of some high authority possessing the same influence and their action, and perceive no danger from new under- power as that department is supposed constitutionally to takings proceeding on the tow level of prices, we think exercise, to watch the first manifestations of evil, and )ur to stimulate rather than repress duly, in the most striking and emphatic manner, warn the it our duty to endeavour the spirit of enterprise, course for all men to adopt who This, we hold, must be the proper people of the sequences of entering pon or conti- y inn nuing in, courses of reckless specu These on publ pinion d popular action at times like the are in most long in leading those who rashly em presen it is. And hether that infl rtheless, right to bring be si to be on larg publ bark in them to the point of greatest danger, and thei results are so disastrous, that the check should be im 4t pinion if the position th we be a sound posed and imposed too with decision and vigour-in the viz. that periods of unparalleled depression of feeling earliest stage. It is poor consolation to a man who, in among the most active and industrious classes of the December, 1835, sent out orders to China to purchase community, all should be done by persons in any public silk at twenty-four shillings, and tea at sixteen-pence the however high or however low may be their pound, to be told in December, 1836, when the goods so capacity, station, that can ith truth and fair of exerti sition is II less be done to bought are to be sold in the British ports, that the safety -invigorate habits of the Bank of England, and the policy of the Govern - among the people. Unfortunately this dispo- ment, require that he should sell the silk at fourteen shil- be manifested, by persons of great lings, and the tea at sixpence the pound. And yet this feeling of confidence, and ore No. 469
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