25, 1825, it was reduced to L 1,260,000 and the consequence was a panic so tremendous that its results are well remembered after nearly fifty years. For the accommodation of the public, however, notes of other circles could be cashed at any Paper Currency office to such extent as the convenience of each office might permit.
By supplying these uses, they gained the credit that afterwards enabled them to gain a living as deposit banks. In almost all cases they would forbid it; all committees are cautious, and a committee of careful men of business, picked from a large city, will usually err on the side of caution if it err at all. His words are too vague. Effectual arguments to convince the people who need convincing are wanting. ” Financiers of this type will not admit the feasibility of anything until it has been demonstrated to them by practical experience. A thousand instances of railway disaster can be easily found in which the chairman was only a nominal head–a nobleman, or something of that sort–chosen for show.