The preceding considerations have not tended to weaken, but rather to confirm the force of our conclusion, that it is now desirable that the whole paper issues of England and Wales should be entrusted to the Bank of England, subject to the condition that the profits of such issue should be equitably participated between the public and the Bank. As has already been pointed out, the present banks of issue which would be deprived of their privilege would have no ground for complaint on the score of such deprivation, as they have long had reason to be aware that they owe their privilege entirely to the favour of the State, and that they are liable to have it withdrawn whenever it may be found inconsistent with public interests. There is one case indeed in which they might not unfairly consider themselves aggrieved, and that is, if the privilege were withdrawn so suddenly as to cause any serious depreciation in the value of their property. And in order to avoid such a result, it would certainly be expedient that sufficient time should be allowed them to contract their issues, and replace them by Bank of England notes, with the smallest disadvantage both to the public and themselves. For this purpose, a less period than ten years would scarcely be sufficient. But there are several modes in which the transition might be effected with very trifling dislocation. One of these would be extremely simple as well as feasible. The country banks might be permitted to issue their own notes for the next ten years on condition of contracting the amount of their authorized issues by one-tenth annually. An arrangement might at the same time be made which would induce the Bank of England to increase its issues in a corresponding proportion, so that the total amount of currency in the possession of the public need undergo no actual diminution; while both to the country banks and the Bank of England, the change from the present system would be so gradual as to produce no serious inconvenience to either. Should this plan be adopted, and we know of no practical difficulty to oppose it, the authorized maximum of the country issues during the next ten years, together with the maximum profit derived therefrom, at an average rate of 4 per cent., would, in round numbers, diminish according to the following series:-- Years. Issues. Profits. 1856 £8,000,000 £320,000 1857 7,200,000 288,000 1858 6,400,000 256,000 1859 5,600,000 224,000 1860 4,800,000 192,000 1861 4,000,000 160,000 1862 3,200,000 128,000 1863 2,400,000 96,000 1864 1,600,000 64,000 1865 800,000 32,000 1866 000,000 00,000 --------- £1,760,000