Mr. Berkeley observed gloomily that he had given cash payment for two forged 5l. notes, and one of 10l. this very morning. Yet this loss was preferable to exposing the credit of the bank to any shock; at least, when there were the means of stopping the forged issue.
“Then you have certainly discovered the parties?”
“I saw the principal shipped for America the day I left London,” replied Horace; “and the rest know that we have our eye upon them. The only doubtful thing now is whether we may take their word for the amount they have issued. Another month will show.”
“Do all your notes come back to you within a few weeks, father?” asked Melea. “I thought they remained out for years. I am sure I have more than one note of the D—— bank that is above a year old.”
“Yes; some are now circulating that belonged to the first issue after I became a partner; but these have been re-issued. We reckon that most of our notes come back within six weeks.”
“You did not surely suppose,” said Horace, “that new notes are issued every time? Why should not the old ones be used as long as they will last?”
“I did not know that the stamps were allowed to serve more than one turn.”
“This is provided for by the issuers being obliged to purchase a license, which costs 30l., and which must be annually renewed. The Bank of England is the only exception to this rule; that establishment being permitted to compound for the stamp-duties by paying so much per million on its issues. It is on this point, (of the renewal of the license,) that we hope to catch Cavendish. He has not renewed within the given time.”
“But why should you?” cried Fanny, with some indignation. “What affair is it of yours? Let the Stamp-office look to it; and let us mind our own business, instead of meddling with our neighbour’s.”
“Besides,” added Melea, “what becomes of the banking credit which needs to be taken such extraordinary care of just now? Shake Cavendish’s credit, and you shake that of other banks in some degree, according to your own doctrine.”