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Newspaper
Weekly Chronicle
Location
London, Middlesex, United Kingdom
Date
Nov 12, 1864
Page
2
The latest published return under an 186? order lists Bank of England discount rates from 1844 to present. It shows 6 percent for bills under sixty days to run and 7 percent for bills over sixty but under ninety five days.
An extract from The Debate of Wednesday argues the Bank of England, bound by the 1844 law, cannot freely aid commerce. It portrays the bank as a limited machine that must withhold credit when notes exceed fourteen million, deepening crises in 1847 1857 and present, as merchants struggle to obtain discounts amid mounting failures.
The United Service Gazette reports a critique of the 1844 Bank Act and calls for restoring note issuance and state capital disposal to ease crises. It cites crises in 1825 and modern strains, arguing free credit and ample metallic resources could avert collapse. War-office plans gas lighting at Aldershot with Major Smith citing substantial savings.
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