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I remember hearing the conversation of a distinguished merchant in the City of London, who well represented the ideas then most current He was declaiming against banks of limited liability, and some one asked'Why, what do you say, then, to the Bank of England, where you keep your own account? 'Oh! he replied, 'that is an exceptional case. And no doubt it was an exception of the greatest value to the Bank of England, because it induced many quiet and careful merchants to be directors of the Bank, who certainly would not have joined any bank where all their fortunes were liable, and where the liability was not limited.