22 September, 1866 N. 329.

The Money Market Review, 22. September 1866. S. 327/328.
Icon dass Zitate symbolisiert

Profits of Panic to the Bk.o.E.

13% p. annum dividend (20 Sept. ’66) von 1706 to present time, with single exception of 1708, when it was 121/2% p.a., the dividend had never exceeded 11% p.a., and for many years not 41/2%. If the industrious classes have lost a million, the Bankproprietors have gained it; but what of that? „they are both citizens of the same country.“ Ausser der Bk.o.E., other lenders gained many millions; but the sum total of these gains falls very short of the sum total of losses incurred. These „variations in the currency“, and the transfer of these few millions involve the depreciation and destruction of property to the amount of 100dns of millions. As these „variations“ the result of an artificial and unjust law, they are „gigantic robberies“. The plan (by Hubbard) of common citizenship would be as good in the mouth of the pickpocket and the burglar. The plundered and the plunderers are in both cases citizens of the same country.

The Money Market Review, 22. September 1866. S. 330.
Icon dass Zitate symbolisiert

Abuse and Use of Bankers[’] Deposits.

An increase in the deposits of 9 joint-stock banks in London von £8,850,774 in 1847 to £43,100,724 in 1857 was one of the prominent causes assigned by the Committee on Bank Acts for the panic of November, 1857. Of course, this the doctrine of the Bank Parlour (B.o.E.) and |217 the private banking circles opposed to the modern plan of allowing interest on deposits.

In 1866, 5 of our London Joint Stock Bank Banks held, instead of 9, more than 78 millions deposits.

Deposits and Acceptances.
June 30 last (1866)
London and Westminster £.22,298,454
Union 19,424,532
London Joint-Stock 18,764,578
London and County 12,750,974
City 5,408,838

The ready cash of the multitude has been accumulating gradually for some years in the hands of bankers, and by them has been utilised instead of lying idle as before. The practice has become quite an institution … The history of the recent failures among the receivers of deposits may be written in a few words. They have either lent them on insufficient securities, or in securities which cannot be realised in time of need – that is, the borrowers of deposits bound themselves to pay principal on demand or at fixed dates, and employed that principal in securities which either were not worth the money borrowed, or not realisable when most wanted – locked up.


  • London. 1868.
  • 1866 „The Economist“ (Jahrgang 1866) vol. XXIV.
  • The Social Economist, 1. Oktober 1868
  • „The Economist“ (Jahrgang 1866) (Fortsetzung)
  • Jahrgang 1867.
  • Register der obigen Auszüge aus dem Economist für 1866 und 1867.
  • The „Money Market Review“. Jahrgang 1866.
  • The Money Market Review. Jahrgang 1867.
  • Register Money Market Review Jahrgänge 1866 und 1867