ABSTRACT
In conclusion, the Committee think it right to add, that, whilst they feel deeply the Necessity of a sound System of Legislation for the Bank of England, and for all other Establishments entrusted with the Privilege of issuing Notes as Substitutes and Representatives of the current Coin of the Realm, they are far from suggesting that it is upon Laws, however wisely framed they may be, that Reliance can, or ought exclusively to be placed. The best Banking System may be defeated by imperfect Management; and, on the other hand, the Evils of an imperfect Banking System may be greatly mitigated, if not overcome, by Prudence, Caution and Resolution. In the Confidence universally and justly placed in the Bank of England the fullest Testimony is borne to the Integrity and good Faith with which its great Transactions have been conducted; and the Opinion of the Committee in this respect is best shown in their Desire to see vested in the Bank a wider Discretion than they possess under the Act of 1844,—a Discretion which the increased Knowledge produced by Experience and Discussion, and in which the Bank of England can hardly fail to participate, will enable them to exercise to the Advantage of their own Corporation, to their own Honour, and to the permanent Benefit of the Public, and more especially of the Commercial Classes of England.
