A History of Banks for Savings in Great Britain and IrelandLewins, William
History
A History of Banks for Savings in Great Britain and Ireland
Lewins, William
Postal savings banks -- Great Britain; Savings banks -- Great Britain
[104] "Suppose any bank should question the way in which their
funds had been invested?"--"My answer would be," said Sir A.
Spearman (4,029), "that this was a matter which did not in the
least concern them. I am not aware that the Act of Parliament in
any shape or in any manner makes the Commissioners or their
officers responsible in the slightest degree to the trustees of
Savings Banks." When asked if, "Supposing the money were used for
financial purposes, or not invested at all, or invested so as to
produce little interest, would Savings banks have a right to
complain?" this witness answered, he "did not think so. What the
Commissioners are responsible for is, to repay to the trustees of
Savings Banks the amount received from them, together with the
amount of interest due, whenever they call for it." "They are
responsible for that, and nothing more."
[105] A little prior to this, Lord Monteagle had spoken at great
length and with great animation on the same subject in the House
of Lords. He then went the length of saying, that, "now the money
was coveted not so much on account of inculcating the growth of
provident habits, but that it should afford the Chancellor of the
Exchequer a large capital, which might be sold, bought, exchanged,
or invested in Exchequer bills, or in stock, at the will and
pleasure of the financial minister; and, consequently, that he
could thus be enabled, as he saw fit, to influence the
Money-market to an extent which no individual or combination of
capitalists could possibly either equal or counteract." He added,
that he could have no objection to the mere buying and selling of
securities, so far as the Savings Banks were concerned; what he
objected to was, that these transactions should be so carried on
as to affect the value of the public securities and influence the
Stock-Market--"rig the market," as a member of the House of
Commons said at the same time.
[106] Sir Francis Baring, Sir Charles Wood, Mr. Gladstone, Mr.
Disraeli, and Sir George C. Lewis.
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