One hundred years ago
The Benefit Penny Bank, 17 Blooms- . bury Street, which was alleged to have a guarantee fund of £20,000, fully sub- scribed, and exclusively applicable for the protection of depositors, has been the subject of a sort of riot this week, in consequence of the failure of the depositors to recover their deposits, when they went to demand them. It was stated that the Penny Bank had transfer red its deposits to the City and Provin- cial Bank, and a circular was issued by the former bank, stating that as all the depositors had applied at once, and as their balance was only recoverable by weekly instalments, the depositors could only be paid in the same way. The depositors invaded the empty bank on Wednesday and wrecked it — a somewhat useless display of wrath. A really popular constituency would be, very much inclined to inflict capital, punishment for the defalcations of those who make away with their property, in- stead of such comparatively mild measures as our Bankruptcy .law. authorises.
Spectator, 18 August 1883
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