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3’8 METHODS OF SOCIAL REFORM.
conditions in easier times. The Poet office monetary schemes
are essentially fair weather schemes, but they must founder,
like The Eurydice and The Atalanta, in caae of squall8 and
rough weather.
If the English Government is really fitted to do banking
business, why does it not begin with its own accounts? Why
leavo the Ps’ational Debt, the Dividends, the Revenue payments,
and I) variety of large public and semi-public accounts in the
hands of the Bank of England, aided by a banking organisation
generally? The fact of courso is that not only from the
time of Adam Smith, but from a much earlier date, it has
always boen recognised that a Government is not reaIly a
suitable body to entar upon the business of banking. It is
with regret that we must see in this year 1880 the names of
so great a finnucier as Mr. Gladstone, and so sound an economist
as Professor Fawcett, given to schemes which are radically
vicious and opposed to the teachings of economic science
and economic experionce.
Did space admit I might go on to show that the conditions
which the Post Office demand as essential to the success of
their monetary operations are tainted by a kind of political
immorality. Every common carrier and every bauker is
responsible under complicated st.atutes and t.he common Inm
for every act of negligence, and for not a few accidents
involving no negligence. But the Post Office, though it
enters into competition with the industry of the country, sets
itself above the Ism. Even a registered letter, if lost, stolen,
or destroyed by its own servants, throws no responsibility on
the department,, except as regards the tardy and absurdly
small concession of A2, provided certain regulations be carefully
observed. Now, the same department coolly proposes
to issue an unlimited paper currency and to do a large part of
the banking business of the country under like considerations
of irresponsibility. Professor Fawcett,, Lord John Manners,
or whetpver other deserving politician happens to hold the
place of Postmaster-General, is to conduct a vast monetary
business, end yet t.0 be the find arbiter in all his own