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Journal of the Statistical Society of London Volume 24

Journal of the Statistical Society of London Volume 24


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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. 1861 edition. Excerpt: ...of discount which was raised almost simultaneously at both Banks to 7 per cent., has since been lower in the open market in Paris than in London; but on the other hand, the comparatively favourable position of the Bank of France is counteracted by the undue preponderance of silver, of which the reserve now consists. While the above figures show, therefore, a generally cautious policy on the part of the Bank of France, they appear to justify two remarks of some significance;--the first being, that the proper regulator of the rate of interest is the Reserve of Bullion in hand, and that timely attention to this point is as indispensable as it is beneficial;--the second, pointing to the inadvisability of retaining, as by law in France, both silver and gold (in the fixed proportion of 15 silver to 1 gold) as optional in payment to any amount. Gold being now the cheaper medium for discharging debts has, in consequence, been adopted as the leading currency; but it can scarcely be doubted, apart from the other difficulties which surround this change in the law, that if the silver coins of France were reduced in value, passing, as they do with us, as tokens, and only legal for the payment of small Bums, the amount of silver in circulation would largely increase; and an equal amount of gold being thus released from circulation, would naturally flow back to the Bank, palliating without, of course, altogether obviating a pressure like the present one. These observations may perhaps be considered as an additional testimony, supported by facts, that commercial legislation should rest upon a sound and reasonable basis; and that all such unhealthy expedients as purchasing gold at a premium, or attempting to restrict the rate of interest, may be safely and for...


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Product Details
  • ISBN-13: 9781154053852
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 50
  • Spine Width: 3 mm
  • Width: 189 mm
  • ISBN-10: 1154053857
  • Publisher Date: 01 Jul 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 159 gr


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