1810.] Abuses of Bankers. 109 
To the Editor of the Monthly Magazine. same among. the initiated of their own 
gies 2) body, under the title of “the New Dr. 
LTHOUGIL it is difficult for us to Rnecrory!” 
view our own situation at a proper 
focal distance, yetitis too obviousthatwe of these guardians of credit, it is pro. 
are actually entangled at this time in the per the country should know, that in 
destructive vortex of an assignat system! some of the late failures of London 
~ The recent failureof various Londonand ‘bankers, it turned out, on looking ico 
country bankers, seems however to have their affairs, that they had been employed 
opened the eyes of the nation, in regard by country correspondents to make in 
to the delusive character of some of those vestments in the funds, that they had af. 
factitious establishments; and for some fected to do this, and had actnally paid 
years to come, it may be presumed, that periodical sums as proceeds of interest; 
most prudent men Will be induced to be- whereas it appeared that the investments 
come their own bankers. had never been made, and that the par. 
The trade of speculative banking ties were defrauded of the principal; and 
must, as to all creditable and profitable many of them reduced from supposed 
pursuit, be tor awhile suspended; and afiluence to beggary. And as a systes 
this class of traders, many of whomhave matic money-raising practice, it seems 
for years fattened on public credulity, and that many Londom bankers are in the 
lorded it over honest and respectable in- ‘habit of paying a commission to country 
dustry, will probably for atime, atleast, bankers to draw bills upen them for 
be added to the useful members of soci-- enormous amounts; that these bills are 
ety, and be obliged, as working bees, remitted by the country bankers, who 
rather than as drones, ‘to raise their drew them’to the London banker, who: 
subsistance. having accepted them, gives them to a 
One might fill a volume of anecdotes, bill-broker, set up and supported by the 
relative to the impertinencies and extra- same London banker, and it then be- 
vagancies of these dealers in paper. comes the daily business of such broker 
dustry has often been disconcerted by th to convert such bills into Bank notes, 
combinations, in which proscription has for the use of his principal. Hence the - 
been founded on a system of espionage, enormous quantity ef banker’s paper, 
and secret lists of persons have been made which is always in the money market, 
out and circulated, whom some of the and which, among credulous capitalists, 
banking boay, from wantonness or ma- and even in the Bank of England, is pre= 
lice, have denounced! To-quarrel with ferred on the mere’ publicity of name, to 
a banker—to contest a point with him—_ the sinall, but bona fida, acceptance of the 
not to submit abjectly to his fiat—has honest shopkeeper or trader, whose bill 
_ often proved the ruin of an industrious is nevertheless represented in his ware- 
and respectable trader. 
nently the case in a provincial district; value. 
With regard to the immaculate practices 
This is emi- house perhaps-by a thousand times its _ 
while in London such a victim finds 
himself on a sudden under the interdict 
of 2 secret tribunal; among persons in 
credit he has, from some . unknown 
eause, become excommunicated; his ex- 
ertions prove vain; his struggles only 
make his destruction the more ra- 
pid; and a mandate of the free knights 
was not more terrible, than proves that 
of a central committee of bankers 
against an honest tradesman, who may 
have offended one of- their body! . 
The commercial part of this nation, 
will learn with horror, that a seif- 
Were volumes to be written on these 
subjects, the result would simply be— 
that mischief and ruin must follow’ in 
every country any attempt to substitute 
an arbitrary paper currency for that of 
the precious metals, These lattér are 
universal and natural mediums; they 
cai be obtained only in limited quanti- 
ties at great expence of labour; and they 
find their valuein every transfer; whereas, 
a paper currency, created at will, by the 
fallible discretion of man, is circulated 
capriciously, and is generally to be obe 
taiued by favour, intrigue, or artifice. 
elected secret committee, composed of Syeculation and monopoly are thus fuse 
certain London bankers, (some of them tered, while modest industry is put out 
probably without any tangible property,) of countenance, and finds its exertions 
has presumed, for a considerable time baffled and over-reached by impudence 
past, to form lists of industrious mer- and cunning! a e 
chants and tradesmen, whom on light aud SUCH A STATE IS OBVIOUSLY PREG- 
impertinent grounds, they have chosen 
#o stigmatize, aud to circulate the UNNATURAL, 42ND if CANNOT? LasT! 
Monruty Mag. No, 208, , Pt Oue 
NANT WITH EVILS; IT IS ALTOGETHER ' 
