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The Principles of Currency and Banking; Being Five Lectures Delivered in Queen's College, Cork, to the Students in Arts of the Third Year

The Principles of Currency and Banking; Being Five Lectures Delivered in Queen's College, Cork, to the Students in Arts of the Third Year


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1857. Excerpt: ... ing in price, as measured in the inconvertible paper at homer and this unaccompanied by any increased demand for bullion, or by any rise in its price in any foreign country, we may assuredly arrive at the conclusion, that our currency is being issued in excess. Yet was this test of the price of bullion also rejected by the Bank of England. The governor of the Bank is asked, in his examination before the Bullion Committee, in 1810: --"The market price of gold having, in the course of last year, risen as high as 4 10s. or 4 12s. (per oz.), has that circumstance been taken into consideration by you, so as to have had any effect in diminishing or enlarging the amount of outstanding demands?" To which he replies--" It has not been taken into account by me in that view." Thus were those two tests repudiated on that occasion--tests which, at least, if taken together and found to concur, would have suggested an inference as to the excess of issue that would have been almost irresistible. The evils which the country sustained from the neglect of any sound principle in the regulation of its circulation at this period, were mainly to be ascribed to the Bank of England, though no doubt they were greatly aggravated by the recklessness of the country banks. No fewer than two hundred and forty of these establishments stopped payment in the years 1814, 1815, and 1816. But it must be borne in mind that the liability of these banks, was to pay either in notes of the Bank of England or in gold, and that they might naturally be led to a disproportionate issue, as well by the enlargement of the circulation as by the example set them by the parent stock. They were further exposed to that tendency to over-issue, which, as we have already seen, is the necessary conseq...


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Product Details
  • ISBN-13: 9780217726412
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 30
  • Spine Width: 2 mm
  • Width: 189 mm
  • ISBN-10: 0217726410
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 73 gr


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