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Sir Robert Peel's Act of 1844, Regulating the Issue of Bank Notes, Vindicated

Sir Robert Peel's Act of 1844, Regulating the Issue of Bank Notes, Vindicated


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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. 1857 Excerpt: ...is, in fact, in progress of diminution. Some attempt may also be made at the commencement of an adverse exchange to keep up prices by obtaining notes through an action on the deposits; but this would be checked by a sale of securities, and there is a minimum below which deposits could not be reduced. These are not, however, the contingencies within Mr. Wilson's contemplation. He does not refer to a temporary and excep tional action on deposits in consequence of pressure arising from the diminution of floating capital, but assumes an undeviating law that, in spite of any precautionary proceedings on the part of the Bank, the circulation must be maintained, under the influence of an adverse exchange, at the level of previous prices. He supposes, in apparent forgetfulness of the theory, for which he had contended in a former article, of the conformity of a mixed currency with the variations of a metallic currency; that there is a countervailing action between notes and coin; and that at a time when an adverse exchange is causing an export of bullion, any attempt to make the circulation of notes conform to the diminution of gold would only lead to an increased demand of gold for internal circulation. He is of opinion that high prices require abundant circulation; but he will not deny that high prices lead to an adverse exchange. Such a condition of the exchange indicates a depreciation of our currency, and leads to the export of gold. But according to Mr. Wilson's view, gold is, at the same time, retained for the purposes of internal trade because prices are high, and because, consequently, the currency is depreciated. One cause produces, in his opinion, simultaneously two opposite effects. (2.) The means by which the supposed effect is to be produced are no le...


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Product Details
  • ISBN-13: 9781231213520
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 34
  • Spine Width: 2 mm
  • Width: 189 mm
  • ISBN-10: 1231213523
  • Publisher Date: 01 May 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 82 gr


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