Bank Notes

Feilding Star, Volume VIII, Issue 60, 20 November 1886, Page 3

Bank Notes

In ' the course of a discussion on one pound notes at th« British Association, Sir George Campbell said he thought the English system in regard to notes was preferable to the Scotch. The nice, clean, crisp five pound notes issued by the Bank of England were more convenient thaa and preferable in every way to the dirty— he might almost say measly and infectious— one pound notes of Scotland. He should object to the latter if only on sanitary grounds. He admitted, as Professor Nicholson had said, that the Banks had no great object ln wishing to push these notes ; but at the same time, ha pointed out that the monopoly which they enabled certain Banks to enjoy naturally caused the Banks to look upon them with great favor. Only certain Banks had the privilege of issuing one-pound notes and the circle of monopoly was gradually narrowing as old J3anks disappeared and their places were not filled. Another objection to the system was that the Bank rate was not fixed in the open market, but by these Banks. On general grounds, no doubt, there might he much said in favor of one pound notes. He did not wish to trench on the silver question, but if we had a "bi-metallic currency people might prefer nice, new, crisp one pound notes to silver. They would have, however, to be issued by the Bank of England in the same way as five pounds notes. They must not be issued more than once.