Excerpt from British Banking Statistics: With Remarks on the Bullion Reserve and Non-Legal-Tender Note Circulation of the United Kingdom
The following paper is reprinted from the Journal of the Statistical Society.
In Sections I to VI the author has in a great measure trodden in the track traced by Mr. Newmarch in 1851, and Mr. Palgrave in 1872. That he has carried the investigation of the banking liabilities and assets of the United Kingdom to a point not previously attained, is due to the circumstance that in 1875 much more copious data were available for the purpose than in 1851 or even in 1872.
In the course of the paper many important practical points in connection with the constitution and management of banking institutions are dealt with. Attention is specially directed to the utter inadequacy of the present ultimate bullion reserve.
Section VII is devoted to the discussion of non-legal-tender note issues.
The Chancellor of the Exchequer has intimated to a deputation of English bankers, that the Government have it in contemplation to legislate on the subject of banking and note issues "in a broad and comprehensive way, with a view to giving proper effect to the principles of Sir Robert Peel"s measures" of 1844-45, and he has explained these principles to be "that you should separate your dealing with issue and with banking; and that with regard to banking you should endeavour to make it as free as possible, while with regard to issue the State should provide proper regulations to prevent excess or regulate issues."
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