Publisher's Synopsis
Excerpt from Thoughts on the Improvement of the System of Country Banking: In a Letter to Lord Viscount Althorp
I remember, one day in particular, having acquainted Mr. Rose, before he went to the House of Commons, that Bills had been presented that morning, for acceptance, to the amount of and just as I left him, the late Sir Francis Bar ing met me at the door of the office. \vell, Mr. Stuckey, he said, I have afew memoranda for you and he took out of his pocket bills of exchange for 800,000l, one of them for drawn by the Commissary from St. Domingo, being the largest amount in one draft I had ever seen. All these bills, amounting to upwards of two millions, were drawn at thirty days after sight. Sll' Francis Baring good-humour edly observed, that it was easier to draw than to pay them. However, said he, you will see hir. Pitt and the other official gentlemen, and I Will call in a day or two to know what arrangement has been made for their acceptance and payment, for I do not expect they will be paid at the end of thirty days. Sir Francis called accordingly, when I was authorised to state to him the wishes of government. After a little discussion, every thing was satisfactorily agreed on, and I was much struck, at the time, with the resources of that respectable firm; for al though, as Sir Francis informed me, drafts were drawn on his house against these Treasury hills, vet no difficulty was made in postponing, for manv weeks the payment of a large portion of them.
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