The Principles And Practice of Banking

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The London bankers and discount brokers refused to grant the usual accommodation to their customers, and necessarily obliged every one requiring assistance to resort to the Bank of England. Money was hoarded to a considerable extent : so much so, that notwithstanding the notes and coin issued to the public in October, exceeded by 4,000,000Z. or 5,000,000?. the amount with the pubhc in August, still the general complaint was of a scarcity of money. Credit was so entirely de- stroyed, that houses... trading to distant countries, carrying on their business through the means of credit by a renewal of their acceptances as they became due, were no longer able to meet their engagements, and were forced to stop payment. This was the state of things previous to the issuing of the Government letter in October." * The Committee of the House of Commons delivered a Eeport in favour of the continuance of the bill without - Lords, No. 12.
TheActoflSU. 231 alteration — in opposition to the opinions of by far the majority of the witnesses who were examined.


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