[ Sir Stafford Northcote, Conservative politician. ] Autograph Letter Signed ('Stafford H. Northcote') to 'Hankey' [ the economist Thomson Hankey ]

4pp., 12mo. In fair condition, lightly aged. Folded twice. An excellent letter, concerning a banking bill in the House of Commons, written while Hankey was briefly outside the House of Commons, and Northcote was in opposition (he would be appointed Chancellor of the Exchequer following the election the following year. Northcote has read and is returning Hankey's 'papers', and finds his argument 'sound and right, but I own to a little uneasiness as to the view the House may take of the bill, - whatever that may turn out to be, for as yet we have not been favoured with a sight of it. Very few understand the subject, or will trouble themselves to follow a train of reasoning about it'. He refers to the 'Act of 1844' – i.e. the Peel Banking Act – which he believes 'has only been kept alive by periodical suspensions, and that it is mali exempli to keep a law on the Statute book which has to be suspended every ten years or less. And when the authority of Lords Overstone and Halifax is brought to bear on us, - where shall we be?' He feels that the Conservatives 'must make the best fight we can; and perhaps when we see the bill we shall be able to attack it more effectively than we can defend the existing Act. I suspect that it will be easy to shew that all the evils now complained of will arise in equal force under the proposed amendment. | To say the truth, I see no solution better than that of a more complete separation of the Banking and Issue Departments, and the transfer of the latter to the Government, suppressing at the same time (or rather buying up the Country Bank Issues – But there would be a difficulty in carrying this into effect.' In a postscript he states that he has shown Disraeli, then leader of the opposition, Thomson letters, 'but he had not time (nor perhaps appetite) for a Study of Currency. I think he is quite sound in his general view, but don't expect him to work up the question in detail.'