O'VERSTONE, SAMUEL JONES LOYD, Baron (1796-1883). One of the ablest authorities on banking WhOM England has produced. lle was educated at Eton and Cambridge. On completing his studies he entered the banking and mercantile firms of Lubbock, Forster & Co., and Lubbock & Co., of which his father was the head, and upon the retirement of his father became the head of the house. which was later merged in the Lon don and Westminster Bank. Ile entered Parlia ment in 1516 as a member for Ilythe and con tinued to represent this constituency till 1523. In 1833 he was defeated in his candidacy for Parliament at. Manchester, and did not seek to reenter public life. During his Parliamentary career Loyd had shown himself a careful stu dent of banking questions, and in 1833 he was examined at length before a Parliamentary com mittee on banks of issue. Ile published his tes timony and followed it in 1537 with a pamphlet of Reflections 1 port tht Kato of the In these writings lie gave forcible expression to the opinions which have been known to econo mists as those of the Currency School. The
essence of this doctrine is that the issue of bank notes cannot lie left to free competition, that it should he strictly limited to institutions offering a definite guaranty of solvency in a definite coin reserve duly provided by law and attested by publication of balance sheets. The views w biqf he expressed were not popular, but they won many adherents and eventually found expression in the Bank Act of 1544. In ISIS and in 1857. after the suspensions of the Dank Act, he was called upon to defend the act before Parliamen tary committees. In 1851) lie was raised to the peerage under the title of Baron Overstone and Frothingay.