ABSTRACT
Our firm are not in the habit of re-discounting bills, but any firm, however prudently conducted, might under extraordinary circumstances of pressure find it convenient to change some first class bills. The joint-stock banks, so far as I am informed, are in the pretty regular habit of keeping a parcel of picked short first class bills instead of keeping a large hoard of Bank notes; say bills having 7, 14, or 21 days to run, which, whenever they have any demand upon them, they send in to the Bank of England, and have discounted at the Bank rate; whereas we are entirely shut out from any such privilege. The consequence is, that we are obliged to hoard more notes than we otherwise should do.
