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The Panic of 1866 with Its Lessons on the Currency ACT

The Panic of 1866 with Its Lessons on the Currency ACT


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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1866 edition. Excerpt: ...in Report of Evidence on Bank Acts, 1858.) in every crisis of the Bank the Government will interfere. Public confidence in the Bank is therefore complete. These bankers' deposits may be most violently acted upon in any crisis. If there is a general distrust throughout the country which leads to the withdrawal of deposits, the banks thus called upon draw out their deposits from the Bank of England, and the power of the Bank to discount is in the like proportion contracted. Add together the three sources of danger--the call for capital in discounts, the call for notes in currency, and the possible withdrawal of the bankers' deposits--and you have a picture of the Beign of Terror which invades the Bank parlour in every crisis. Failure of Without entering at present upon other arises from topics, the failure of the Act of 1844 may ment of be sufficiently traced to the enlargement posits, of our commercial capital, which has rendered its provisions unsuitable, and to the loss by the Bank of England of its control It i9 well known that in the late crisis one London bank of unquestioned stability paid back in a few day 3,000,000 of deposits. ENLARGEMENT OF COMMERCIAL CAPITAL. 47 ling power in a money market of five times the extent of that of 1844, and by the side of competitors three of whom have outstripped it, and thus reduced it to a fourthrate position. The action of the Bank, under such circumstances, must necessarily fail of its object, and is practically found to be highly injurious. CHAPTER VIII. Ought nut OS THE QUESTION WHETHER THE CUR the Cur rencytobe RENCY SHOULD NOT BE WHOLLY SEPA separated from the RATED FROM THE BANK OF ENGLAND, Banky and become a AND MANAGED AS A GOVERNMENT DE Govern ment de-PARTMENT. partment? The...


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Product Details
  • ISBN-13: 9781151620330
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 22
  • Spine Width: 1 mm
  • Width: 189 mm
  • ISBN-10: 1151620335
  • Publisher Date: 01 Oct 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 59 gr


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