there is a whole catena of authorities, beginning with Sir Robert Peel and ending with Mr. Lowe,[1] which say that the Banking Department of the Bank of England is only a Bank like any other bank—a Company like other companies; that in this capacity it has no peculiar position, and no public duties at all. Nine-tenths of English statesmen, if they were asked as to the management of the Banking Department of the Bank of England, would reply that it was no business of theirs, or of Parliament at all; that the Banking Department alone must look to it.
The result is that we have placed the exclusive custody of our entire banking reserve in the hands of a single board of directors not particularly trained for the duty,—who might be called "amateurs,"—who have no particular interest above other people in keeping it undiminished—who acknowledge no obligation to keep it undiminished—who have never been told by any great statesman or public authority that they are so to keep it or that they have anything to do with it—who are named by and are agents for a proprietary which would have a greater income if it was diminished, who do not fear, and who need not fear, ruin, even if it were all gone and wasted.
- ↑ Public opinion is now unanimous in recognising the special responsibilities of the Banking Department of the Bank of England.
