27 APRIL 1867, Page 21

The Panic of 1866, with its Lessons on the Currency

Act. By Robert Baxter. (Longmans.)—The conclusion drawn by Mr. Baxter from the panics of 1847, 1857, and 1866, and from the palliative measures adopted on each of those occasions, is that the Currency Act is a cheek on our commercial activity. He would have the Issue Department of the Bank of England transferred to the Government, and he woad modify the present restriction on the issue of notes above fifteen millions by allowing Government securities to be substituted for gold. This is in effect taking no security for the convertibility of the note at all, except the security of the good sense of the Bank Directors.