Synopsis
Excerpt from A Practical Essay on Banking: In Which the Operations of the Bank of England, the Vicissitudes of Private Banks, and the Character and Security of Unchartered Joint-Stock Banks, Are Considered
During the last seven years we have observed and scrutinized the construction and Operations of Banking Partnerships and, with a view and hope that the community should derive amelioration and benefit from our inquiries and experience, we occasionally published our observations;-observations which, we are proud to say, have not been either inoperative or useless. Indeed, they have been reiterated in our Metropolis, in Ireland, in Yorkshire, and are now being published (mingled up with some equivocal notions) in the West of England. But to the pen alone we have not been confined; by our address and perseverance the J oint-stock system of Banking has been introduced and securely founded in this district, and in Birmingham; and, by our enterprise and labour, great and enduring establishments have been created, and profits to the amount Ofmil lions sterling, realized by those interested in them Upon this point the most fastidiously-nice will indulge us with a remark well considering our character, and that of the phalanx Opposed to us, inflexible independence and jealous integrity have, from the moment in which we first took up our pen, guided our thoughts and movements to the present hour we have never allowed self-interest to bias our judgment or actions - never participated in the profits of the companies we projected - never, of the thousands of shares which we created and circulated, did we place one in the market nor did we ever derive the smallest fraction from direct or indirect sale, or from compromise Of any description Surely in a position so cautiously taken, so peculiar, so enviable, and so secure, we may well glance with a careless eye at the shafts and missiles of our opponents and their dependants!
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