A foreigner thinks 'an Exchange business'-- that is, the buying and selling bills on foreign countries--a main part of banking.

As I have explained, remittance is one of the subsidiary conveniences which early banks subserve before deposit banking begins.

But the mass of English country bankers only give bills on places in England or on London, and in London the principal remittance business has escaped out of the hands of the bankers.
Most of them would not know how to carry through a great 'Exchange operation,' or to 'bring home the returns.' They would as soon think of turning silk merchants.

The Exchange trade is carried on by a small and special body of foreign bill-brokers, of whom Messrs.
Rothschild are the greatest.

One of that firm may, therefore, well be on the Bank direction, notwithstanding the rule forbidding bankers to be there, for he and his family are not English bankers, either by the terms on which they borrow money, or the mode in which they employ it.