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Untitled Article
did not move that the House should proceed to legislate hastily and without evidence . A Committee was appointed to receive evidence from directors , managers and partners of private and Joint-stock Banks , and from others extensively connected with the monetary system . Circulars , with a series of questions , were issued to the banks throughout the country . The anwers to these questions , it was deemed just towards the
parties should not be published ; but the evidence given viva voce has been published . And whilst it serves to shew that no evils may yet have arisen but such as are remediable , it clearly manifests the liability to abuse which the present law affords . It was distinctly proved that the shares in the Norwich Jointstock Banking Company , on which 30 / . per share had been paid
up , were selling at a premium of 10 / ., being 40 / . per share when every shilling of the capital had been lost . If it be alledged that neither in the case of the Agricultural Bank of Ireland , the Northern and Central Bank of England , nor the Norwich Joint-stock Company , are the creditors likely to be losers
( touching which we decline to give an opinion ) we submit that probably it was mainly owing to the exposition of Mr Clay that the public attention was directed to the general insecurity of the new arrangement before the evil had attained a magnitude to be uncontrollable . Neither the Irish nor the English
Joint-Stock Banking Company referred to , had been in operation Stock Banking Company referred to , had been in operation two years . . Had the system they pursued been acted upon two years longer , with rival Companies certainly arising , who can say to what a formidable extent the injury would have increased ?
The additional caution and prudence which Mr Clay ' s speech called into exercise some few months since will have enabled the Banking establishments the better to meet the present feverish state of the Money Market , and deprive the disease of part of its virulence ; and we make no doubt but the attention of Government and the Legislature will be drawn early in the coming session to the subject of Banking . Those who wish to wake themselves acquainted with the subject , and have not read . Mr ' Clay ' s pamphlet , should do so without loss of time * As to the ' Answer' by Vindex , he has not met the question with any decided argument .
Untitled Article
IU Joint-Stock Banks .
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Citation
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Monthly Repository (1806-1838) and Unitarian Chronicle (1832-1833), Feb. 1, 1837, page 112, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/mruc/issues/vm2-ncseproduct1828/page/65/
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