Continuation of the History of English Private Banks. Joint Stock Banks.

During all this long period, the English private banks were constantly gaining ground. While specie paymcntswere suspended they were obliged to redeem their paper in Bank-of-England notes, but still they came in for their share of the increased profits derived from the increased quantity of notes in circulation; and, as it was necessary for the Bank and the ministry to keep them well disposed towards the new arrangement, they were treated with unusual liberality.

After the peace of 1815, the private banks suffered of necessity, with all the other branches of British trade and industry. Before the expiration of ten years, many of them had become insolvent; but as they retained their credit, after they had lost their capital, they were still able to go on, till the crash of 1825, betrayed the reality of their condition.

But the private banks recovered, with the revival of business and industry, and soon regained their former credit and circulation. The charter of the Bank of England expired in 1835; and though it has been provisionally extended for twenty-one years, the Bank is shorn of a part of the exclusive privileges, which have always been its boast, and on which, if we believe the Directors, the successful working of the Bank