NOTE FROM THE AUTHOR. FIRST EDITION. THE Outline of this work was written in the year 1858, and was then laid aside, as, at that time, the Bank Act did not appear to receive the attention which a subject of such importance deserved from the Public. The pamphlet of M. Pereire, published in Paris, in December, 1864, entitled, "La Banque de France, et l'Organisation du Crédit en France," having revived some attention to the subject, and as the whole question of the Bank Charter Act of 1844 will, probably, be brought before a new Parliament next year, I have been in duced to fill up and complete my original outline, with additions, showing wherein I differ with M. Pereire in some of his reasoning and conclusions; though, in the main principle we agree. But it should be borne in mind that, his object is the establishment of another Bank of France, or another Financial Association, on new and enlarged principles, with the view of forcing the existing Bank of France to adopt those principles. It is, therefore, not quite a fair test of M. Pereire's arguments to try them as applicable to the Bank of England; nor would the proof that they are inapplicable to the Bank of England be conclusive against his object, which is to enlarge the sphere of usefulness of the Bank of France, the constitution of the two Banks being, in some respects, essentially different. But the main principle seems to be applicable to the National Banks of both countries. I have, therefore, assimilated the title of my book to that of M. Pereire's brochure, as being well chosen for the object, and it is satisfactory to me to find that, on the question of making the Bank of England a means for the Organisation of Credit in England, I am confirmed in my opinion by so eminent an authority as M. Pereire. But, as "Historicus" has said, in one of his recent Letters in the "Times:"-" It is a lamentable but certain fact that, the hardest and best work that is done in the world is often that which is least appreciated." Being quite of that way of thinking, I am prepared to expect that my views and opinions will meet with much opposition from a large class of Capitalists and Financiers; and, after all care, much may be left open to just criticism. My only object being to see our National Bank and Credit placed on a safe basis, and conducted on sound and intelligible principles, I am desirous of correcting my own views on the subject by the opinions of the most eminent and practical men in all countries; and, for this object, I should give my best attention to any remarks with which they may favor me, through my Publishers. But, however imperfectly the principles here laid down may be explained, and however feebly supported, I have a very strong conviction that, sooner or later, these principles will be carried out by the Bank of England, and also by the Bank of France. Under such conviction, this work is submitted to the judgment of the Public, by a Friend of the People, and THE AUTHOR OF "THE PEOPLE'S BLUE BOok." London, 1st July, 1865. |