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The Principles and Practice of Banking

The Principles and Practice of Banking


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About the Book

This historic book may have numerous typos, missing text, images, or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1871. Not illustrated. Excerpt: ... pecuniary transactions of independent nations are still adjusted in the same way. But the transmission of money from one part of the country to another part, is more frequently effected upon the principle of transfers, without the passing of any bill. I have explained this mode of operation in my ' Practical Treatise on Banking.' Section in. THE HISTOBT OF THE BANK OF ENGLAND. The Bank of England was first projected by Dr. Hugh Chamberlain, but the plan actually adopted was proposed by Mr. William Paterson. The object was to raise money for the use of the government. After the scheme had received the sanction of the ministry, it was brought before the parliament. Here it underwent a long and violent discussion. One party expatiated upon the national advantages that would accrue from such a measure; they said it would rescue the nation out of the hands of extortioners and usurers, lower interest, raise the value of land, revive and establish public credit, extend the circulation, consequently improve commerce, facilitate the annual supplies, and connect the people more closely with the government. The opposition party affirmed that it would become a monopoly, and engross the whole money of the kingdom; that as it must infallibly be subservient to government views, it might be employed for the worst purposes of arbitrary power; that instead of assisting, it would weaken commerce, by tempting people to withdraw their money from trade and employ it in stock-jobbing; that it would produce a swarm of brokers and jobbers to prey upon their fellow creatures, encourage fraud and gambling, and thus corrupt the morals of the nation.* Notwithstanding these objections, the Act passed both houses of parliament, and received the royal assent. The following observation...


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Product Details
  • ISBN-13: 9781150788659
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 260
  • Spine Width: 14 mm
  • Width: 189 mm
  • ISBN-10: 1150788658
  • Publisher Date: 01 Jan 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 472 gr


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