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The Principles and Practical Operation of Sir Robert Peel's Act of 1844 Explained and Defended

The Principles and Practical Operation of Sir Robert Peel's Act of 1844 Explained and Defended


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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. 1857 edition. Excerpt: ...in the issue of the banks is an issue in excess. Mr. Mill must establish the fact that local transactions and expenditure cannot be unduly extended, before he can logically infer that the country banks do not possess the power of unduly extending the local circulation. But this fact he cannot establish. Uniform experience shows us that a deficient harvest increases transactions in the corn trade; that the rise of prices exceeds the proportion / in which the crops are deficient; that farmers demand increased advances in order to withhold their stock, and millers and dealers in order to replenish their stocks; and that the country bankers, acting upon their avowed principle of regulating their issues by the extent of local transactions and expenditure, cause a temporary extension of the circulation at the very time at which the diminution in the quantity of produce, and the consequent importation of corn and exportation of gold, require that the circulation should be contracted. A further doctrine maintained by the country bankers, and indorsed by Mr._Fullarton and Mr. Mill, is, that they neither can increase their issues beyond the limits which the range of local dealings and expenditure prescribe, without the certainty of having their notes immediately returned to them, nor diminish them without an almost equal certainty of the vacancy being filled up from some other source. Regarding this doctrine, it is to be observed that, when the increased issues are paid back into the banks, they assume the character of additional deposits, which the depositors may draw out upon demand, and which consequently occasions as clear an addition to the paying power--the command of money-capital-as if the depositor had retained them in his private drawer....


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Product Details
  • ISBN-13: 9781234198848
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 62
  • Spine Width: 3 mm
  • Width: 189 mm
  • ISBN-10: 1234198843
  • Publisher Date: 15 Jan 2013
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 127 gr


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