The Substance of Two Letters addressed to Lord Althorp, on the Subject of the Renewal of the Charter of the Bank of England and the further Regulation of Banking in England and Wales, on the 12th and 15th of the 6th Month (June), 1833.
Letterpress, scarce, 3 sides, 4to. Remains of red seal. Addressed to Charles Jackson Bank Doncaster; 342 x 209mm (13½ x 8¼"). Creasing, folds and soiling.
In 1833 Lord Althorp, Chancellor of the Exchequer in Grey's ministry, sought to appoint a Committee of Secrecy to inquire into the question of the renewal of the Bank's Charter, together with a grand enquiry into the 'existing system of banking by Banks of Issue in England and Wales'. The evidence given in this inquiry throws much light on banking history and the policy of the Bank of England: there was a general demand for more public information about the Bank's affairs. Against all precedent, the Report and the evidence leading to it were ordered to be printed; this caused a rapid fall in the price of Bank stock. On 6 August 1832 a specially convened General Court was held, when the accounts which had been rendered to the Secret Committee were submitted to the Proprietors. At a further Court, held on 20 September, the Proprietors expressed their complete confidence in the Directors. In 1833 the Bank Charter was extended, but one clause of the Act extending its Charter was very strongly contested by the Bank. This permitted the establishment of joint-stock banks in London 'and within 65 miles thereof', provided that they were banks of deposit only and did not issue their own notes. The Bank and its legal advisers contended that the clause infringed its existing privilege of exclusive banking, which should, they urged, be interpreted as a prohibition of all joint-stock banks in London and its environs, whether they issued notes or not. Althorp and his advisers were convinced, however, that under existing statutes such non-issuing joint-stock banks were legal and refused to give way. When the Bill passed into law, the prospectus of a London joint-stock bank had already been prepared and was thereupon published: it was that of the London and Westminster Bank.
[Ref: 29023] £220.00