vii.] INSTITUTE OF BANKERS. 227 



proletariat." I should have been disposed to think that, 

 at any rate, such a government would have had the 

 great merit of doing its best to preserve the peace of the 

 world, though I confess that of late some of my friends 

 have developed a fierce military spirit, which fills me 

 with astonishment. But, however that may be, I think we 

 may fairly claim for the banking profession, that they 

 have done their best to deserve the confidence reposed 

 in them. Let us hope the opportunities and advantages 

 which will be afforded by the Bankers' Institute will be 

 a benefit to the profession, by extending a knowledge of 

 the true principles of banking, and even perhaps to the 

 public, by tending to remove those groundless apprehen- 

 sions which from time to time, as for instance last year, 

 have produced an entirely artificial stringency in the 

 money market, and an elevation of the rate of interest 

 quite unnecessary in itself, and very prejudicial to the 

 commerce of the country. 



I cannot conclude without mentioning another class 

 of banks, namely, the Savings Banks, which have done 

 so much to promote frugality among the poorer classes 

 of the community. The original idea seems due to the 

 Eev. Josiah Smith of Wendover, who in 1799, in con- 

 junction with some of his neighbours, arranged to 

 receive small sums from the parishioners during the 

 summer, repayable on demand, but to which he added a- 

 bonus if the balance remained until Christmas. The 

 next Savings Bank, that founded at Tottenham by Mrs. 

 Priscilla "Wakefield, in 1804, more nearly resembled our 

 existing Savings Banks. 



But, gentlemen, I must not abuse the privilege of 

 " unlimited issue," which your kindness has accorded 



