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Hayek's essay "The Future Unit of Value" includes the following anecdote:
"Bankers have in particular forgotten a famous phrase used by an English
banker when Peel's Act of 1844 was passed: 'I don't need a Reserve Bank;
I keep my reserves here.' Thereby pointing his finger down to the
direction of the vaults of his bank."
Can anyone provide a source for this anecdote, or identify the English
banker in question?
Thanks in advance,
Peter Klein
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