A Practical Treatise on Savings Banks; Containing a Review of Their Past History and Present Condition

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1860 Excerpt: ...and conscientiously exercised by Chancellors of the Exchequer, but he contended that it was one which could not exist, with safety to the credit to the country. (Hansard, 1859.) Bills, is justified by the fact, that it is very different now from what it was fifteen or twenty years ago. During that time, other large openings for temporary investment have arisen, from the practice in Joint Stock Banks of allowing interest on deposits. Railway Debentures and India Bonds have also been much used for the same purpose, and some effect was produced on the market by the Exchequer Bonds of Mr. Gladstone. Sir Alexander Spearman remarked (qu. 4116), that It is not the practice of the Commissioners to hold Exchequer Bills for the purpose of meeting any sudden demand of the Savings Banks, and that he should not think it a good practice if it were. When asked (qu. 4138), Why the Commissioners, having seven millions and a half of Exchequer Bills in their possession, sold stock when the amount of money required between the 30th of September and the close of the year 1857, was very nearly a million beyond the amount applicable to pay the drafts, he replied, that, at that time, it would not have been possible to sell a million of Exchequer Bills, without producing such a derangement in the market as would seriously have affected the value of all those securities held by individuals, by the Commissioners themselves, by the Bank of England, and by all parties holding Exchequer Bills. He added, We should, therefore, if we had sold Exchequer Bills in proportion as we wanted the money to pay the drafts, have been operating very injuriously against a security at that time rather depressed, and that would in all probability have rendered it necessary for the Gove...