There is little more to notice in the Royal Exchange, except that the interior decorations are very tastefully executed; and therefore turn we now to this leviathan Bank of Englandto the long, irregular, and by no means imposing line of building on our left. This is William Cobbett's Old Lady of Threadneedle Street, whose rickety constitution and failing powersaccording to that bold and blundering financierbetokened almost immediate dissolution more than a quarter of a century ago. Other men, less dominated by unreasoning prejudice than the author of the 'Political Register,' deceived themselves into the same notion; and it is very possible that there are even now persons who hold the faith as it was in Cobbettjust as we are told in one of Mr Disraeli's novels, that the Greek mythology is still the creed of a fragment of humanity existing somewhere in the mountains of Syria. At all events, since the late Sir Robert Peel placed it beyond the power of the governor and company to indulge in dangerous or erratic courses, it is abundantly manifest that to doubt of the perfect stability of the Bank of England is tantamount to questioning the infallibility of arithmetic. In the vaults and coffers of this huge establishment there is at presentas we learn from the published weekly-returns, a device of Sir Robert'sthe bewildering amount of between L.14,000,000 and L.15,000,000 sterling in gold and silver!a sum of which the figures glide smoothly and glibly enough off the pen or tongue, but a mass of treasure, nevertheless, that few persons can realise to themselves a distinct and accurate conception of. And yetand what an idea does the fact present of the multitudinous resources, the unrivalled industry, the latent power of this country!all that heap of precious metals, all that is besides in circulation, with the addition of the bank-note currency, is comparatively nothing when weighed against the true and real exchangeable wealth of Great Britain; wealth of which this coined and convertible paper-money is merely the standard sign of value, the recognised medium by which all things are bartered. It is easy to give one or two significant and startling illustrations of this factsignificant and startling in other respects than in enabling us to see pretty clearly through the currency-cobwebs industriously woven from time to time amongst us. All the money in the three kingdoms, the whole circulating medium of the realmgold, silver, copper, paperdoes not certainly exceed, if it reaches, which is very doubtful, the national revenue for one year, to say nothing of local rates and burdens! And it would, moreover, require all the money circulating in Great Britain and Ireland, including notes to the last farthing, to pay for the spirits, beer, and tobacco consumed annually by the people of the United Kingdom! The note-issues of the Bank of England
are about L.19,000,000; its reserve in gold and silver, as we have seen, is upwards of L.14,000,000 sterling: these amounts added together would no more than about discharge the alcohol and weed score of the country for little more than seven months! Lightning-flashes these, that throw vivid gleams over the industrial activity, resources, powers, plague-spots of this mighty, restless, enterprising, but far from sufficiently instructed or disciplined British people.
But let us enter the great money-temple. Very imposing to me has always appeared the army of clerks seated in saturnine silence at the desks, or gliding with grave celerity about the place, and variously employed in balancing enormous accounts, shovelling up heaps of sovereigns, receiving and distributing bank-paper of vast value as coolly and unconcernedly as if engaged in counting out so many chestnuts. A strange feeling must, I suspect, perturb the mind of a newly-appointed clerk amidst all that astounding wealth, until the genius of the place has so moulded his thoughts and perceptions, that he has come to regard himself as but one of the dumb and dead parts of a mighty machine, over whose action he has no more control than he has over the courses of the stars. All these issue, cheque, gold, bullion departments, with their numerous busy officials, are in truth but the husk and body of the establishment. They by whose will and breath it is animated and directed are nowhere at this hour to be seen. They met on this as on every other morning in their hall of inquisitionthe Bank parlourand decided there, without appeal, without reasons assigned, in the absence of the parties whose commercial reputation was trembling in the balance, upon the course of financial action to be pursued, and upon whose paper should or should not be discounted. A terrible stroke, sharper than a dagger could inflict, politely, blandly as it is performed, is that which falls upon a merchant for the first time informed that the Bank must decline to discount his bills! The announcement is usually received as smilingly as it is made. 'It is a matter of very slight consequence, etcetera ;' but if you had been near enough, you might have noticed, as the clerk did, the quiver of the lip beneath that sickly smile, and that the face was as white as the rejected paper the merchant's trembling fingers were replacing in his pocket-book. And no wonder that he should be thus agitated, for the refusal has, he well knew, thrust him down the first steps of the steep and slippery descent, at the bottom of which lies bankruptcyruin! But these are ordinary downfalls, by the wrecks of which the busy haunts of commercial enterprise are paved; and we have other places to look in at. Before leaving the Bank, however, let us step a few paces to the left of the chief entrance. Now who would believe that in the very midst of this Mammon-temple, where space is of incalculable value, a large plot of greensward should have been jealously preserved, from which spring two fine elms, that from out the heat and turmoil of the place lift up their fresh leaves to the skybright, waving leaves, that as often as the sun kisses them, laugh out in sparkling triumph over the heated, anxious, jaded toilers and schemers below? Yet so it is.