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Home > Law > Jurisprudence and general issues > Remarks Upon Some Prevalent Errors, with Respect to Currency and Banking; And Suggestions to the Legislature and the Public as to the Improvement of the Monetary System
Remarks Upon Some Prevalent Errors, with Respect to Currency and Banking; And Suggestions to the Legislature and the Public as to the Improvement of the Monetary System

Remarks Upon Some Prevalent Errors, with Respect to Currency and Banking; And Suggestions to the Legislature and the Public as to the Improvement of the Monetary System


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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. 1838. Excerpt: ... case of a body which possesses peculiar privileges in the issue of paper money. A paper currency is more or less perfect in proportion as it possesses the three properties enumerated in the first Section, viz. equality in amount at every moment with the coin that might circulate in its place--freedom from discredit--convertibility. The following considerations will shew that these qualities, on the whole, are more likely to belong to the issues of one body than of many--cheapness and fitness, in the highest degree, to perform the required functions are included in them. It has been seen that the exchanges are the only real criterion of the state of the currency, and that all others are fallacious. The managers of one issuing establishment, supposing all their proceedings to be made public, would be placed under a feeling of responsibility, which would render it almost impossible for them wholly to forget even for a moment this great truth; but supposing, instead of one, we have ten or a hundred banks, the responsibility is so divided as to become completely inefficient--the loss and inconvenience of over issues does not always fall upon the peccant bank, but upon its neighbours, and thus at periods of advancing prices, which ought, in a natural state of things, to be checked by a currency little if at all expansive, we find invariably a large increase in the issues of small banks, which foster a morbid spirit of speculation, and thus lead to immense evil when the recoil takes place. It is imagined that the plan of exchanging notes between the banks at certain fixed periods is sufficient, to prevent over-issue, on the part of any one of them; but let us suppose, as is usually the case, that the tendency to over-issue is simultaneous and common to all or to...


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Product Details
  • ISBN-13: 9781151626769
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 24
  • Spine Width: 1 mm
  • Width: 189 mm
  • ISBN-10: 1151626767
  • Publisher Date: 05 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 64 gr


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Remarks Upon Some Prevalent Errors, with Respect to Currency and Banking; And Suggestions to the Legislature and the Public as to the Improvement of the Monetary System
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