ore fruitful measure of relief owes its
origin to the same year. It was now that the institution of savings
banks, hitherto promoted only by single philanthropists, emerged from
the experimental stage and claimed the attention of parliament. A bill
for their regulation, introduced by Pitt's friend, George Rose, did not
pass into an act; but the establishment of savings banks was now
directly encouraged by the legislature, and there were thoughtful men
who already dimly foresaw the manifold benefits of their future
development.

[Pageheading: _THE CURRENCY QUESTION._]

In the year 1819 was initiated a very important reform in the currency,
which had long been delayed. When the bullion committee reported in
1810, Bank of England notes were at a discount of about 131/2 per cent.
There were several reasons why this should be the case. Continental
trade was then compelled to pass through British ports, and a large
supply of gold was needed to serve as the medium of this trade. There
was also a steady drain of gold to the Spanish peninsula to meet war
expenses, while troubles in South America diminished the annual output
of the precious metals. In 1811 Bank of England notes were made legal
tender, but no further action was then taken, and the depreciation
continued until 1814. The magnificent harvest of 1813, together with
other causes, brought about a sudden fall of prices, in consequence of
which no less than 240 country banks stopped payment in the years
1814-16. The decrease and popular distrust of private banknotes produced
an increased demand for Bank of England notes, which in 1817 had nearly
risen in value to a par with gold. In 1819, when they were at a discount
of only 41/2 per cent., a committee was appointed by the house of
commons to reconsider the policy of resuming cash payments, and Peel,
young as he was, became its chairman. In this character he abandoned his
preconceived views and induced the house to adopt those which had been
advocated by Horner. It was not thought prudent to fix an earlier date
than 1823 for the actual resumption of cash payments, but the directors
of the Bank of England anticipated this date, and began to exchange
notes for specie on May 1, 1821. The new standard was definitely one of
gold. A considerable fall of prices ensued, and it is still a disputed
question whether the return to a single standard was entirely
beneficial.

But for what is called the public, the readers of newspap