reformatory kind. The old "official" savings banks, with their low rate of interest, and, in many cases, very questionable security, still hold forty-four millions on deposit, which all, or nearly all, might flow, to the advantage of the nation, into the irrigating, industry-supporting channel of a number of joint-stock banks. But leaving the points on which joint-stock banks would still be liable to improvement, it must be confessed that their progress, on the whole, has been extraordinary, and something akin to the marvellous. Like mighty reservoirs, they have gathered the wealth of the nation, and distributed it again, for the benefit of trade and commerce, and the welfare of millions. Next to railways, joint-stock banks have undoubtedly played the most important part in the material progress of our country for the last half a century. The rapidity with which they grew up, shows how much they were wanted, and the fact that from 1826 till the end of 1863, during a period of only thirty-seven years, 108 joint-stock banks were established in England, is the most eloquent praise which can be bestowed upon them. The 108 joint-stock banks were founded upon a paidup capital of about twenty-one millions sterling, and they now hold deposits of about seventy millions sterling. There is a kind of poetry in those figures—a poetry quite as real as that of daisies and buttercups. The material progress which these figures indicate, is elevating millions of human beings, and is pointing to the future as well as speaking of the past: 66 Men, my brothers, men the workers, ever reaping something new: That which they have done but earnest of the things that they shall do: For I dipt into the future, far as human eye could see, Saw the vision of the world and all the wonder that would be; Saw the heavens fill with commerce, argosies of magic sails, Pilots of the purple twilight, dropping down with costly bales." What would this "vision of the world" of commerce be without banks and bankers ?Truly says Professor Teufelsdröckh in "Sartor Resartus":"A simple invention it was in the Old-world grazier, sick of lugging his slow ox about the country till he got it bartered for corn or oil, to take a piece of leather, and thereon. scratch or stamp the mere figure of an ox, or pecus; put it in his pocket, and call it pecunia, money. Yet hereby did barter grow sale; the leather money is now golden and paper, and all miracles have been out-miracled: for there are Rothschilds and English National Debts. And whoso has sixpence is sovereign-to the length of sixpence-over all men: commands cooks to feed him, philosophers to teach him, Kings to mount guard over him—to the length of sixpence." INDEX. PAGES ALEXANDER AND CO., Bill-Brokers 182-3 Bank of England, Origin Almaden, Mercury Mines of Amsterdam, Bank of. Arbuthnot, Dr., and the Philosophy of Speculation Ashburton, Lord, Creation of Title Management in the 17th Century 81 13 34 57 12-17 24 25 Blunt, Sir John, Founder of the South Sea Company. 30-32 Carlisle Joint-Stock Bank Carrier-Pigeons of Baron Rothschild Chamberlain, Dr. Hugh, Founder of the Land Bank. Chandler, Samuel, and the South-Sea Bubble Change Alley, in 1720. Charitable Corporation Fund of 1705 Chapman, David Barclay, Bill-Broker Child, Francis, Banker Clearing-House, London, of Bankers PAGES 156 85 34 33 132-4 185 Clayton, Sir Robert, Director of the Bank of England Corsica, Pawned to the Bank of Genoa 9- -II 21 165-6 3 Furnese, Sir Henry, Director of the Bank of England. 21-22 Godfrey, Michael, Governor of the Bank of England. 23-28 |