OVERSTONE, &NOEL JONES LOYD, Lord, one of the most skillful political econo mists. and the ablest writer on banking andfinancial subjects that this country has pro duced. He was born in 17DO. being the only son of l,r. Lewis Loyd. descended from a respectable Welsh family, and a leading partner in the eminent banking house of Jones, Loyd At. Co. of London and Manchester. Having gone through a regular course of instruction at Eton, young Loyd was sent to Trinity college, Cambridge, where he had Dr. lllomfield, late bishop of London, for tutor, and where he acquired a very extensive acquaintance with classical literature, and with the history and literature of his own country and of Europe generally. On leaving Cambridge, Loyd entered the banking house as a partner along with his father, and on the retirement of tire latter, he became its head. He distinguished himself highly in his capacity of banker. He had a pro found knowledge of the principles of banking, and these he applied on all occasions in conducting the business in which lie was engaged. Far-sighted and sagacious, he was seldom deceived by appearances or pretensions, however specious. Perhaps, if any thing, he was too cautious; but he was neither timid nor irresolute. He was eminently successful in the employment of the very large deposits at his command, and while he eschewed hazardous transactions, he did not shrink from engaging in very extensive operations when he believed they could be undertaken with a due regard to that safety which should always be the first consideration in the estimation of a banker.
Loyd entered parliament in 1819 as member for Hythe, which he continued to repre sent till 1826. He made several good speeches in the house; and was one of a small minority that voted for the proposal to make bankers issuing notes give security for their payment. Though opposed to all changes of a dangerous or revolutionary charac ter, Loyd has been always a consistent liberal. Having either withdrawn, or being on the eve of withdrawing from business, Loyd was raised to the peerage in 1850, by the title of baron Overstone and Fotheringhay, county Northampton; and if great wealth, consummate intelligence in regard to matters of great public importance, and the highest degree of integrity and independence, be qualified for a seat in the lords, few peers have had a better title to be enrolled in that august assembly.
The first of lord Overstoue's famous tracts ou the management of the bank of Eng land and the state of the currency was published in 1837, and was followed by others between that period and 1857. The proposal for making a complete separation between
the banking and issue departments of the batik of England, introduced by sir Robert Peel into the act of 1844, was first brought forward in these tracts, and its adoption has been the greatest improvement hitherto effected in our banking system. Having been collected, these tracts were published in 1857, with extracts from evidence given by lord Overstone before committees of the lords and commons. And it would not be easy to exaggerate the value of this volume. Lord Overstoae has also reprinted, at his own expense, four volumes of scarce and valuable tracts on metallic and paper money, com merce, the funding system, etc., which he has extensively distributed.
An inquiry took place before a committee of the house of commons in 1857 into the practical working of the act of 1814, and lord Overstone was the principal witness who came forward in defense of the act; but several leading members of the committee being hostile to it, exerted themselves to overthrow his lordship's theories and opinions, aria subjected him to a severe cross-examination; which gave lord Overstone the opportunity of successfully vindicating the principles and practical working of the act. This evi dence was published in a separate volume in 1857.
Lord Overstone does not often speak in the house of lords. His speech on the com mercial treaty with France is probably the best of his parliamentary appearances. He has also been a zealous opponent of the principle of limited liability. He was a leading member of the commission appointed to inquire into the proposal for the introduction of a decimal system of arithmetic, and powerfully advocated the ophaon that it would be injurious rather than beneficial.
All who have the privilege of knowing lord Overstone regard him as one of the most honorable, high-minded, and upright man in the empire. But his rigid adherence to principle in his writings, his dealings, and his conversation, and his undisguised con tempt for twaddle and pretensions of all sorts, have made him be generally looked upon as austere and without sympathy. Such, however, is not the fact. When proper cases for the display of sympathetic and generous feelings are brought before him, none evince them more strongly. We may add that his conversational talents are of the highest order.