Page:010 Once a week Volume X Dec 1863 to Jun 64.pdf/77

 Jan.

era, (as

9,

ONCE A WEEK.

1S64.]

and would have thriven exceedingly well have shown us) without any

Previously they were said to be incompatible with the privileges of the grand monopoly in Threadneedle Street. The encouragement

the Jews

History speaks of AntisChristianity at all. theues and Archistratus of Athens as eminent bankers in this sense, though, by the way,

afforded by the -Act in question was slight. Lancaster inaugurated the new enterprise, and Huddersfield followed; but not until 1833 did the movement receive any marked impulse. In 18 30 a mania in its favour prevailed, as remarkable as the lethargy with which it began.

the same authority informs us that 400?. in English money was about the extent of their yearly transactions.

The Roman

argentarii

approached nearer in the nature of their business to the private bankers of us moderns.

The first quarter of this year produced forty. 1834 is celebrated for giving birth to the London and Westminster. It was the largest

Then, when Sebastian Ziani, Doge of Venice, raised a forced loan to carry on the war against Frederick

Barbarossa,

commissioners,

partnership in England, exclusive, of course, of certain chartered companies like the Bank

called

were appointed but to manage the payment of the interest this again was a public state bank, and developed into an institution of great commercial The Crusaders found immense facirenown. the

Camera

degli Imprestiti,

it met with was politely denied entrance to the Clearing-house, of which marvellous place of accommodation I shall speak presently. Then the Bank of England downright refused it the convenience of a drawing account and other persecutions followed sufficient to furnish materials for a complete history of little-minded ness and preBut the Act of 1844 came in time to judice. rescue our first London joint-stock bank from

of England itself. was anything but



lities

at its

in the use of this bank.

Its capital was,

commencement, 433,333?. of our money,

and it terminated its career only with the The bank of overthrow of the Republic. Amsterdam, that of Hamburg, of Rotterdam, and of Stockholm sprung up in succession but it was not until the middle of the seventeenth century that the trade of banking, in the modern acceptation of the word, commenced in this country; and this in spite of the





paid-up capital with Avliieh this enormous trading concern commenced has been since increased to one million. Before the enactment of 1844, amusing anomalies existed. One member might rob the

a rate

deemed

so usurious, that a law was enacted These traditions have reducing it to ten. their disciples still among those who exhibit

the three golden balls. The banks of Messrs. Child

other members, that

impunity

legal

and Messrs.

is,

a

the firm, with perfect

man

being incompetent

and individuals of the same

corporation, constituting each but one part of a whole, with no distinct and independent nee, a remedy at law was not possible, in cases of fraud among the partners. Then, again, clergymen being, by virtue of their

there were existing in London fifty- six private banks, including of course the above-named

now remain, and Of eighteen new ones have sprung up since. these eighteen, four are the production of the veterans, twenty-three of which

prohibited

office, 1

from participating in coni-

speculations,

all

contracts

made by

those banks which had spiritual persons among their shareholders were declared to be void

And now, just observing thirty years. that in England, Wales, and Scotland there are about seven hundred and thirty-three of these

last

and

illegal.

An

was a

alteration in the law

thing needed, in respect of the public safety towards the new also, as well as fairness

establishments, we come to close quarters with the joint-stock banks, which certainly assume the best form under which this business has for if the misfortune which is never mentioned should happen to one of them, it might cause ruination to the shareholders it is true, but mere customers would feel the blow fall lightly. And this is a great point gained. In 1826 the statute was passed which permitted the formation of this class of banks.

for,



to sue himself,

Hoare were both founded before the Bank of England, which began its career in 1693 very Just one hundred years afterwards humbly.

hitherto been conducted

it

and its beneficial effects are emancipation d by the abundance of this class of banks and their prosperity. The 50,000?. of

great bankers of the day are hardly proud to trace their own. Note, that at this time cent.

First

these indignities, before the struggle against them had done any substantial harm. It was

Lombards, who long ere this had carried on a species of business, from which however the

was twenty per

The reception

cordial.





interest for loans

69

bankers.

It

must be confessed that the capaby the ma-

city for imposition first betrayed

nagers of joint-stock banks required correction. Their announcements touching the amount of



their !

capital,

and how

it

was disposed

of,

savoured of a school of deception too unrefined for the taste of those who keep bankers and, accordingly, it was right that an Act of Parliament should compel a thorough and periodi;

cal revelation of these

and similar

secrets.