Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-11-13

Somhey's Doctor" is in the press. HaHem is
| ready with supplemental volume TO his Middle
Ages" and additional volumes of Lord CampbeWs
/" Lives ofthe Chanceors are preparing, towards
which Sir Robert Peel has contributed materials for
the life of Lord Eldon, and similar assistance for
the lives OF Loughborough and Erskine has been
afforded by the present representatives OF those
learned Lords. Great interest has been excited by
the discovery of very valuable manuscript produc-
ton of the inimitable Ceramics. But few if any
OF particulars, beyond the fact, are publicly an
nounced about it,
The French journals are exulting over the superior
condition in which the Bank of France is upon their
showing,) when compared with that of England.
The French calculators make the Bank Of England
able to pay only 20 per cent. of its engagements in
cash. and the Bank of France AZ per cent. of hers
and exclaim, g There are moments when the clay
feet of that Colossus British commercial and finan-
cial prosperity are to be SEEN" A few very short
calculations, with the figures furnished by the
French papers themselves, show the following re-
suits
The Bank of England can pay so per cent. of its
circulation in specie.
The Bank of France can pay Al.
The Bank of England can pay "a per cent. of its
notes and individual deposites in specie.
The Bank of France only 27.
The condition of both banks is satisfactory, but
that of England is certainly not second best
| Whilst alluding to the Bank Of England it may
| not be out of place to notice that useful and most
amusing book, the "History of the Bank of Eng
land, its Times and Traditions, by John Francis"
The quantity of information in these volumes, upon
all subjects connected with banking in England, is
surprising, and the anecdotes Of men and things so
various and pleasantly narrated, that their perusal
is as fascinating any book of the day. Francis
i rtad he fret hon in r hon
was on the site of the present banking house of
Child & Co., near Temple-bar the books of the
firm go back to the year 1920, and refer to prior
| documents. Hoare's books date from 1880, and
| Shows from 1855. The career Of William Patter-
son, " who founded the Bank of England, and died
in poverty and neglect" is told in touching TERMS
particularly that part which relates the unfortu-
nate expedition to Darien in 1893. The Bank of
England was chartered in 1894 it met with great
opposition from the goldsmths, the previous bank
ers of London whose monopoly of business it was
intended to destroy; but it riumphed over all diff
culties. 1t was however, very nearly Frustrated
during the Rebellion in l745, when Sir II. Hoare
London banker and goldsmith, collected 100000
of its notes and enforced payment and Sir Francis
Child, OF the same profession, collected great sum
in the notes Of the bank. But the bank stood out
against all opposition, and maintained and increased
its credit. The first forgery upon the bank was
perpetrated sxty-four years after its establishment
by Richard William Vaughan, linen-draper, Of
Stafford. The bank first circulated notes of ten,
fifteen, and twenty pounds, in 1859; notes for five
pounds not issued until 1895 and those of one
and two pounds value in 1897. 1t would seem,
from Mr.. Francis's publication, tlatin all monetary
crises it has been the fashion to attribute the cause
of the difficulty to the bank through having issued
TOO much or too lille paper, or having been TOO
liberal or TOO stringent in its advances. When
people have ruined themselves with unwse specu-
latons they almost always accuse the bank and its
management as the cause of their disresses. 1t is
emnently SO at this moment, when many per-
of all classes, having subscribed to railways
and other speculations and adventures beyond their
means, and being straitened turn upon the bank,
and blame the wholesome restriction upon its
issues of paper money, rather than their own folly,
as the source Of their difficulties In truth, cash is
not scarce in the Whoie country; for the money
distracted for railway purposes soon finds It's way
back into the general circulation; but the parties
who have agreed to pay four millions of pounds
sterling this month and million week for many
months to come, have parted already with their sur
plush cash, and ask for increased issue of paper
money to enable them to meet their engagements.
But before they cry out for more paper money, it
would be well TO recall the terrible scene of ruin
and disaster which took place in 1925, when seven
ty banks closed in ten days, and more than one
hundred during the season of panic; when the Bank
of England possessed lin November, 1929 only
Gl 100000 in bullion, and was saved from the
greatest embarrassment only by most fortunate
accident, as it was then currently stated; when
Mr.. Husksson expressed his opinion that in forty
eight hours all dealings might possibly be stopped
between man and man, except by way of barter.
Let those who call out for more paper money con-
trast this perous period with the present one, and
say whether the difference is not to be attributed to
the fact that, in the former period, the country
deLtged Nth paper money, and that we have at
present safe and sound currency.
few words about country banks in England
Some inquiries which have been made upon the
subject would lead TO the inference that the inn
keepers were the first to whom this trade can be
traced. The roads then very much infested
with footpads and highwaymen, and the farmers
were afraid TO carry home the money they received
at markets and fairs, and therefore left it in charge
of the inkeepers. These deposites were not recall
ed at once or in one sum. The farmers employed
these Bonifaces to pay small debts for them. And
out Of this rude origin the system Of country bank
ing appears TO have sprung. The succeeding steps
may be easily traced; they flowed obviously and
Systematically to the present mode Of banking.
Some of the first modern houses in London have
sprung from these provincial establishments.
The following statement shows the position of
the currency at the present time, and also what it
was year ago: