20 2 on hanking companies. Fsh. 8. 



held out by long establiflied companies, of advan- 

 tage to the revenue, from indulging them in a mono- 

 poly. They may offer to pay a sum of money, like 

 farmers general, and other monopolists, for the ex- 

 . elusive privilege of circulating their paper. But 

 such baits are only fit to catch despots, and their mi- 

 nisters. It is to be hoped our parliament is too 

 faithful to its trusts to deliver a country into the 

 mercilefs paws of monopolists, of any kind, for the 

 sake of a little additional revenue. In this country 

 our resources arise from general taxes, imposed on 

 all as a just return for general liberty, equally and 

 impartially diffused and communicated to all. 



We may reasonably hope to see this competition 

 among bankers, if the trade be left free, produce a re- 

 duction in the rate of their discounts. The circum- 

 stances of the country would now probably admit 

 of our banks granting caQi accounts, and especially 

 of discounting good bills, at fourpence halfpenny pet 

 cent. How important would such a reduction be to all 

 who carry on trade with borrowed money ? And 

 when would a bank, pofsefsed of the exclusive privi- 

 lege of circulating its paper, make such a diminu-* 

 ticn of all profits in favour of commerce ? If it did, it 

 must be an act of pure generosity and benevolence, 

 principles which cannot enter into trade. But in 

 a free country, benefits derived from competition 

 may certainly justly be accepted. I am 



Yours, 



Liber. 



