chapter  Chapter XVI
22 Pages

The Dank of England

ByRobert E. Wright, Richard Sylla

The Bank of England consists of two great departments, one devoted exclusively to issuing and cashing notes; the other, to conducting general banking. Quitting the hail of the Issue Department, aid returning to the court-yard, the Banking Department is both right and left. The Issue and the Banking Departments represent the two kinds of operations which respectively affect the money of the country as to kind and quantity. The Issue Department is the source of a large proportion of the paper pieces’ used instead of metallic by the community, while to the Banking Department merchants, manufacturers, the State, and others, have entrusted as balances a large amount of the country’s money consisting of sovereigns and banknotes. The announcement of a persistent decline in the bullion, by the prospect it holds out of a fall in the prices of commodities, casts a gloom over the industrial system. The connection between the departure of bullion and its several causes is traced subsequently.