Page:The Economic Journal Volume 1.djvu/566

 544 THE ECONOMIC JOURNAL been made in England, and it seems desirable that any change in the conditions of banking in this respect should take place gradually, rather than by any sudden movement that might entail some dislocation of local trade and industry. But it seems inevitable that, more or less rapidly, the banking power of the country will be gathered into few hands. There are signs that tb.e absorption of the smaller country bankers will be followed by the combination, or coalition of those that remain, into territorial groups. The result will, as regards the public, be much the same, and it is possible that some of the objections raised two hundred years ago against the new-fashioned goldsmiths, will be revived against their more powerful successors. These objections proved to be ill-founded in the past, and may again be found to be invalid. Nothing can be more admirable on the whole than the management heretofore of the large Joint Stock'Banks, but a few great and sinister examples to the contrary make it well that we should bear in mind that ' celsee graviore casu decidunt furres.' In any case, the development of a movement that involves the possibility of an alteration in the economic conditions of the country deserves to be carefully watched by a wider circle than, that of those who are directly concerned in the banking business. ' JOHN B. MARTIN THE COINAGE ACT. WE may congratulate our readers on the passing of the'Coinage Act, 1891,' which, notwithstanding the fears which have been expressed to the contrary, may safely be taken to have definitively settled the question of the withdrawal of light gold coin from circulation. The Coinage Act of 1889 empowered the Government to receive light gold coins of former reigns at their full nominal value, and was followed by Orders in Council directing the withdrawal of these coins by the Bank of England on behalf of the Mint. This operation was practically concluded by March 31, 1890, and finally a Proclamation dated November 22, 1890, called in all pre-Victorian gold coins and made them uncurrent from February 28 last. After these measures, therefore, nothing remained but to deal with the light coins of the present reign. Under the Act just passed any gold coins still legally current, which are below the least current weight as provided by the Coinage Act of 1870, and which have not been defaced or illegally dealt with, may, subject to regulations to be made by Order in Council, be exchanged or paid for by or on behalf of the Mint at their full nominal value. In the Act of 1889 it was provided that a loss exceeding four grains in a pre-Victorian sovereign or half-sovereign should be trind facie evidence that the coin had been illegally dealt with, and in the Act of 1891 the limit has been reduced to three grains. In order to defeat