THE BANKERS' MAGAZINE,

AND

Journal of the Money Market.

APRIL, 1853.

MEMOIR OF THE LATE MR. J. S. DALTON.

MR. JOHN SPARKS DALTON was born on the 8th Nov., 1816, and was the only child of respectable parents, who resided, at the time of his birth, at Stepney, near London. His father died when the subject of our memoir was very young, leaving him to the care of his mother, with but slender means for his support and education. Mrs. Dalton made great efforts to educate her son, but he was obliged, at an early age, to leave school and seek some employment; and, about the year 1833, he was engaged as a clerk in the office of a highly respectable firm of solicitors in the City of London, in whose service he continued until the year 1839. During this time he devoted nearly all his leisure to self-cultivation. He became a member of the London Mechanics' Institution, and was constant in his attendance upon the lectures and classes of that establishment; but this was not sufficient for his active mind. On the 17th of July, 1834, when he was only eighteen years of age, he established a small society, called "The Mutual Instruction Society," which existed about four years. This society consisted of a few young men of studious habits; and its objects were defined to be "the investigation of moral, scientific, literary, and historical subjects, and the diffusion of knowledge by mutual instruction." The meetings were held once a week, and commenced at half-past eight o'clock, when an essay or a lecture was delivered by one of the members. The essay was usually followed by a discussion. The contributions of the members speedily formed a library.

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Several magazines were regularly taken in, and a manuscript magazine was made up of articles composed or selected by the members. In order to show at how small an expense such an institution may be managed, it may be useful to state, that a monthly subscription of sixpence, and an entrance-fee of the same amount, were found sufficient to defray all the expenses of this society. Mr. Dalton acted as the secretary, and was always ready with a lecture or an essay when any emergency arose. One of his favourite studies at this time was physiology, and he delivered many popular and interesting lectures on that subject. The essays he delivered, and the discussions in which he took part, related to the benefits of mutual instruction societies, the importance of national education, and occasional metaphysical investigations. He took a He took a lively interest in the proceedings of this modest little institution; and, in after years, when he had entered upon a different sphere of action, he would look back with pleasure upon these early pursuits, and speak of the lasting benefit they had conferred upon him. It was about the year 1837 that Mr. Dalton became an author. His first literary labours were connected with a magazine, established in that year, and designed to be a journal of literary institutions, but which did not, however, prove successful. Shortly after this he edited a weekly publication, called "The Penny Mechanic," which enjoyed a fair amount of success. In 1838 he published a work, called "The Companion to Westminster Abbey," which displayed great industry in collecting materials, and considerable talent in arranging them. We are not aware of any book of a similar kind which has more merit. The following extract from the introduction to this work, whilst it explains the plan, shows the happy method he possessed of giving practical information:

"In order to show the connection of the abbey with the changes that have taken place in society since its erection, an historical account is given, in the first chapters of the work, of the various important events that have occurred in which it has been concerned. To render this portion interesting as well as instructive, the manners and customs of the people at the time these events happened have been given, and any curious information bearing upon this point has been collected with care. Thus, besides an historical account of the abbey, the reader will, to a certain extent, become acquainted with the history of the country also.

The historical description forms the first part of the work; the second is devoted to a description of the beauties and antiquities of the abbey. Under this head will be found an account of all that is most interesting as specimens of the skill of the sculptor, or the art of the architect and beautifier. As some of the finest specimens of monumental sculpture are also to be found here, this portion of the book will probably not be the least interesting; and, in order that as few of the beauties as possible should escape the notice of the visitor, the criticism of judges qualified to pronounce judgment on works of

art are interspersed, which, it is hoped, will give a degree of interest to many of the monuments that, otherwise, would not be felt.

The remaining portion of the book is occupied in giving a slight sketch of some of the principal persons whose monuments are placed within the sacred edifice. In arranging the materials for these memoirs care has been taken to collect as many facts and anecdotes as possible, to illustrate the state of the people of this country at the time the individual lived whose biography is given, and thus not merely to exhibit his character, but that of the people also. By this means the sketches, though not long of themselves, bear a certain relation to each other which, it is hoped, will give them an additional interest. As far as practicable, also, the poets have their peculiar styles illustrated by extracts from their works; and, on the whole, notwithstanding the biographies are, necessarily, brief memorials of the great men's lives they record, yet they contain all the more important events in which the subjects of them were engaged, and offer bright examples, for the imitation of both young and old.”

In 1839 Mr. Dalton received an appointment in the Dublin establishment of the Provincial Bank of Ireland; and from this time he devoted his attention, with great zeal, to banking pursuits. He remained in Dublin about two years, and was then removed to the head office of the bank in London. His time in Ireland was almost fully taken up with learning his new duties. The writer has heard him say that the discipline of the bank was excellent, and, although it had sometimes the appearance of severity, yet it was an admirable school for a beginner. Still he continued his literary pursuits, and composed several papers, which appeared in some of the leading periodicals, and collected the materials for his useful little work "The Banker's Clerk."

This work was published in 1813, after his return to London, and is designed "to describe the general nature and practice of banking, for the information of those who may require the assistance of an elementary work on the subject, either as a guide to the duties of the profession, or for the purpose of becoming acquainted with the ordinary business transactions of our monetary system."

This design he completely fulfilled. The general nature of banking transactions, the principles of bank book-keeping, and the duties of bank officers, are all described with clearness, and yet with so much simplicity and ease, that no labour is felt in reading the book.

The following is an extract from this work:

"Although there is no legal term of apprenticeship prescribed for a banker, as there is in other professions, yet a person must really serve a very long apprenticeship, and acquire a thorough knowledge of business, before he can become qualified for the higher offices in a bank. There is no profession which requires a greater amount of information and intelligence, to follow it successfully, or where ignorance of important duties is more certain to produce disastrous consequences. The public, generally, have a very imperfect notion

of the labour performed by those who are engaged in banking establishments. The regularity, order, and precision which so admirably distinguish a wellconducted bank prevent persons who are not in immediate connection with bankers from having any idea of the harassing duties of those who are able to preserve such exactness in all their transactions. But let any one imagine for a moment what must be the nature of a single day's work in a well-established bank, or at such an institution as the Bank of England. An immense pile of letters arrives in the morning from the post-office: these must all be read carefully; the remittances of bills, &c., contained within them, taken out and distributed amongst the various officers who attend to them; and the different advices conveyed by the letters (embracing nearly every kind of mercantile transactions with regard to money, as well as special matters requiring the nicest delicacy in their treatment) must be promptly attended to. Then each department is to be furnished with instructions for its share in the business of the day; every officer has his duties allotted to him; and all is to be transacted with such rapidity, that everything may be completed within proper business hours. There are bills to be presented for payment, and others to be paid for customers and correspondents. Cheques are to be cashed; and money received for customers' accounts. Bill brokers and others are to be accommodated with loans; or securities are to be converted into money. The state of every customer's balance is to be examined, so that the account may not be overdrawn. The cash in the house is to be constantly looked to, so that a sufficient stock may be maintained for the wants of the day. Bills are to be discounted; the characters of parties with whom the bank may have dealings ascertained, by inquiry of other bankers; and, lastly, the banker must 'balance the cash'-that is, see that the day's transactions have all been correctly entered-and write to those correspondents who require information, or to be advised with reference to any of the subjects just referred to, before his business for the day concludes.

A person employed in the practical business of banking is, therefore, engaged in an arduous profession; and yet, perhaps, there is none which offers greater inducements to enter it, or that more certainly rewards with success a due share of perseverance and attention in its pursuit. An officer in a bank, however humble may be his station, can successfully aspire to the highest honours of the profession; and become himself a banker, or, at least, the manager of a joint-stock bank, if his talents and assiduity qualify him for the office. A young man engaged in the practice of the law, or in medicine, has not such opportunities presented to him for promotion solely from personal merit as in banking; and the crowded state of all the liberal professions has induced families of the highest respectability to select mercantile pursuits, and more particularly banking, as suitable employment for their sons. There is, therefore, every inducement for a young man introduced into the profession to follow it with earnestness and perseverance."

In the year 1844 he projected and established The Bankers' Magazine, and conducted it up to the time of his death. The objects of this work were thus explained by him in the first number that was published, and the almost universal approbation of the banking community has proved how far they were fulfilled :

"It is intended, then, in the first place, to make this Magazine the vehicle for investigating and discussing all the interesting questions which, taken together, make up the sum of public opinion on the currency. Everything, whether referring merely to abstract propositions, or to practical