Speeches and Forensic Arguments Volume . 3 - Bookswagon UAE
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Speeches and Forensic Arguments Volume . 3

Speeches and Forensic Arguments Volume . 3


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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. 1846 Excerpt: ... mere bank of discount, all this is very well. But banks of circulation exercise another function. By the very act of issuing their own paper, they affect the general amount of currency. In England, the Bank of England, and in the United States, all the banks, expand or contract the amount of circulation, of course, as they increase or curtail the general amount of their own paper. And this renders it necessary that they should be regulated and controlled. The question, is, by what rule? To this I answer, by subjecting all banks to the rule which the most discreet of them always follow--by compelling them to maintain a certain fixed proportion between specie and circulation; without regarding deposits on one hand, or notes payable on the other. There will always occur occasional fluctuations in trade, and a demand for specie, by one country on another, will arise. It is too much the practice, when such occurrences take place, and specie is leaving the country, for banks to issue more paper, in order to prevent a scarcity of money. But exactly the opposite course should be adopted. A demand for specie to go abroad should be regarded as conclusive evidence of the necessity of contracting circulation. If, indeed, in such cases, it could be certainly known that the demand would be of short duration, the temporary pressure might be relieved by an issue of paper to fill the place of departing specie. But this never can be known. There is no safety, therefore, but in meeting the case at the moment, and in conforming to the infalhble index of the exchanges. Circulating paper is thus kept always nearer to the character, and to the circumstances of that, of which it is designed to be the representative--the metallic money. This subject might be pursued, I think, and ...


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Product Details
  • ISBN-13: 9781152536920
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 212
  • Spine Width: 11 mm
  • Width: 189 mm
  • ISBN-10: 1152536923
  • Publisher Date: 01 May 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 386 gr


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