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Home > History and Archaeology > History > The Principles and Practical Operation of Sir Robert Peel's Bill of 1844 Explained, and Defended Against the Objections of Tooke, Fullarton, and Wilson
The Principles and Practical Operation of Sir Robert Peel's Bill of 1844 Explained, and Defended Against the Objections of Tooke, Fullarton, and Wilson

The Principles and Practical Operation of Sir Robert Peel's Bill of 1844 Explained, and Defended Against the Objections of Tooke, Fullarton, and Wilson


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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. 1848. Excerpt: ... CHAPTER II. ON THE MANNER IN WHICH THE BUSINESS OF THE BANKING DEPARTMENT OF THE BANK OF ENGLAND HAS BEEN CONDUCTED UNDER THE ACT OF 1844. By the provisions of the Act of 1844, the Banking Department of the Bank of England was placed upon the footing of an ordinary bank of deposit and discount. The directors of that establishment were as completely divested of all control and responsibility, regarding the amount of the notes put out by the Issue Department, as if the Act had assimilated that department to the Bank of Hamburgh, and had required that the whole of its issues should be represented by bullion in actual deposit. The functions of the banking department were strictly confined to the operation of banking, properly so called; and the conduct of the directors, in the exercise of these functions, must be estimated by their adherence to, or by their departure from, the same identical rules to which private bankers find it necessary to conform in order to maintain the credit of their establishments. The primary rule of legitimate banking, without a strict and constant adherence to which no ordinary bank of deposit and discount can be secured against insolvency, is the maintenance of a due proportion between liabilities and reserve. Now there is nothing, either in the composition or in the circumstances of the Banking Department of the Bank of England, to exempt it from the necessity of a strict adherence to the primary rule, the cardinal principle, upon which alone the business of an ordinary bank of deposit and discount can be safely conducted. It differs from ordinary banks of deposit and discount in the following particulars: --1st. Tt exercises a greater influence over the money market in proportion to the greater amount of the capital at its comman..


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Product Details
  • ISBN-13: 9781150847325
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 56
  • Spine Width: 3 mm
  • Width: 189 mm
  • ISBN-10: 1150847328
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 118 gr


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The Principles and Practical Operation of Sir Robert Peel's Bill of 1844 Explained, and Defended Against the Objections of Tooke, Fullarton, and Wilson
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