Remarks On the New Doctrine Concerning the Supposed Depreciation of Our Currency
Remarks On the New Doctrine Concerning the Supposed Depreciation of Our Currency
Henry Boase
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This is virtually the Agio which Bank notes constantly bear. Besides, it is a matter of diffi- culty and favour to obtain them at all ; how often was that first of customers, the immortal Pitt, refused ? To understand the declamations we frequently hear, one should suppose, that the Bank Directors, like quack doctors, send their bills to be given away at the corners of every street. On the contrary, the Right Honourable the Chancellor of His Majesty's Exchequer, and all the merchants in London ...will certifj, that it is a difficult thing to procure the issue of Bank notes. The Directors of the Bank will not abate an iota of their rigid rules. Perfect security repayment at a short and fixed period > and the premium in hand, are the indispensable conditions of every issue of Bank notes. Even their enemies, if they have any, will allow that the officers of the Bank very strictly adhere to those regulations. The discount customers of the Bank, with few exceptions, are also the customers of pri- vate bankers ; and ordinarily they do not apply to the Bank for discount, while their hankers are able and willing to supply them.
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