The theory and practice of banking (Google eBook)

Front Cover
1883
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Contents

Value is a Ratio or an Equation
105
Section II
118
Even where Labour has been bestowed on anything which
128
Credits or Debts have Value because they will be paid
133
THE THEORY OF THE COINAGE
142
Meaning of the Market Price of Gold and Silver
148
Introduction of a Gold Coinage in England
155
The System of Credit Banking and Bills of Exchange
159
On the Stipulatio or Verbal Contract
166
Section II
173
Advantage of adopting the Conception of Economics as
179
Error of Peacock
185
Examples of the Algebraical Signs applied to Operations
192
A Person exercising any Profitable Business is an Economic Quantity analagous to Land
196
If Honey is termed Positive Capital Credit may be termed Negative Capital
197
On Debts as Negative Quantities
198
Debts are Saleable Commodities
200
On Property held in Contract or on Jura in Personam
201
Unilateral and Bilateral Contracts
202
On the Sale or Transfer of Debts in Boman Law
204
The Praetorian Jurisdiction
205
The Sale of Debts made free
208
Quotation from Azo
209
On the Principles of English Law and Equity relating to the Sale or Transfer of Debts
211
Lord Cokes reason erroneous
212
Nature of Feudal Society
213
Appointment of a Boyal Commission to prepare a Digest of the Law
214
Obligations under the Feudal System 235
215
Contract between Lord and Vassal
216
On the Bules of the Common Law of England relating to the Transfer of Chosesinaction
218
Feuds and Charters made Assignable
219
Case in which the Debtor had not assented to the Transfer of the Debt
221
General Besults of the preceding Cases
222
The Kings Bench holds that Promissory Notes could not be sued upon at Common Law
223
Similar Decisions of the Court of Session
225
In Grant v Vaughan the Kings Bench holds these Cases erroneous
226
Lord Holts Cases in modern times supposed to be correct
227
Respondentia Bonds held assignable
228
On the Property of the Transferee in Instruments Lost or Stolen
231
On the Origin of the Dogma that Chosesinaction are not Assignable at Common Law
234
For 550 years the Courts of Common Law held Chosesin action Assignable
236
Signature substituted for Seals
237
Modern doctrine due to Lord Kenyon
238
Case of Johnson v Collings in 1800
239
Lord Mansfield founder of Mercantile Jurisprudence
240
The Case of Bovill v Dixon
244
The Author selected by the Law Digest Commissioners to prepare the Digest of the Law of Bills of Exchange
248
The Case of Crouch v The Credit Foncier of England
252
Points of Conflict between the principles held in this case and those in the Authors Digest
256
The Case of Goodwin v RobarU
259
Chosesinaction made Transferable by Statute
263
Section IV
265
Origin of Bills of Exchange
266
Revival of Banking in Europe
267
The Statute of Merchants
269
Promissory Notes payable to bearer in common use in the time of Edward IV
271
The word Bill included Deeds
272
Bank Post Bills 274
274
On Bills of Exchange Drafts and Promissory Notes
275
Definition of a Draft
277
Definition of a Promissory Note
278
Upon Indorsement
279
On Banking Instruments of Credit
281
Bankers Notes and Cheques
283
Section V
285
On the Extinction of Obligations
287
On Belease or Acceptilatio
288
The Release of a Debt in all cases Equivalent to a Donation or Payment in Money
289
The same continued
290
On Confmio in Soman Law
291
The Release of a Debt may Extinguish an Obligation in Two ways
292
On Payment in Money
293
or Novatio
294
On Delegatio
295
or Compensation
296
Set Off allowed as a Right
297
On the Quantity of Credit compared to the Quantity of Money
299
Two Branches of the System of Credit
300
CHAPTER V
302
Debts made transferable 804
305
Exaggerated Ideas ef the Security of Real Bills
306
On Accommodation Bills
307
Distinction between Bills of Exchange and Bills of Lading
309
On Credit created for the purpose of being applied to the Formation of New Products
311
CHAPTER VI
313
On the Meaning of the word Bank
314
Meaning of Bank in English 816
318
On the Currency Principle
321
On the Mechanism of Banking 824
324
On the Common Error respecting Deposits 827
330
On the method of Utilising Banking Credits 831
331
Operations by means of Cheques
332
u On the Legal Relation between Banker and Customer PAOE
333
CHAPTER VII
372
To find in what Time a Sum of Money will double itself
378
CHAPTER VIII
381
On the Nominal Exchange
382
No Par of Exchange between countries which use different Metals as a Legal Standard
384
On Inconvertible Paper Money 886
386
Lord Kings Law of Paper Money 887
387
On Exchange Operations
397
On the Real or Commercial Exchange
401
The Mercantile System
404
Examples of Foreign Trade
405
Further Example
408
Foreign Market
409
Example from New York
410
Cause of Export of Bullion
411
Causes of drain of Bullion
412
Russian and Irish Exchanges
413
Foreign Trade may not require Export of Bullion
414
Error of Balance of Trade
415
On the Rate of Discount as influencing the Exchanges
417
On Foreign Loans Securities and Remittances as affecting the Exchanges
418
Payment of the French Indemnity
421
The India Council Bills
427
On Monetary and Political Convulsions as affecting the Exchanges
430
Banking did not exist in England before 1640
433
Circumstances from which it sprungDifficulties of King Charles 1
434
Charles I seizes the merchants money in the Tower
435
Afterwards they entrust it to the Goldsmiths
436
These Goldsmiths were then called Bankers
437
Much esteemed by the Government
438
Which causes a run upon the Bankers
439
The Treaty of Dover 1660
440
He shuts up the Exchequer 2nd Jan 1672 and seizes the Bankers money in it
441
Case of the Bankers in the Court of Exchequer and the Ex chequer ChamberJudgment of Lord Somers
442
Beversed by the House of Lords in 1700
443
Many projects for Banks about this time 1679
444
Plans for raising money to carry on the War with France
445
Which do not succeed
446
The third attempt succeeds and an Act passed for the estab lishment of the Bank of England
448
Great hostility to its establishment
450
Mr Michael Godfreys pamphlet about the Bank
451
First outbreak of a speculative mania in 1694
452
Parliamentary proceedings to remedy the disorder
454
PAGE
457
Report of Mr Lowndes on the State of the Coin
459
He proposes to alter the current rate of the Coin
460
Reply of Locke
463
Locke demonstrates the futility of Lowndess plan
464
Confusion caused by the bad state of the Coinage
470
Committee appointed by the House of Commons to consider the price of guineasnumerous petitions
471
Resolutions of Parliament on the price of guineas
472
Partial suspension of payments at the Bank
473
The Reformation in the Coinage restores the Exchanges to par
474
Projected Land BankBank Notes at 20 per cent discount
475
Parliament undertakes to restore the public credit 1696
476
First Issue of Exchequer Bills
478
Extract from the Bullion Report
479
Certain allegations in this extract
482
This monetary crisis important in the Theory of the Currency
484
Writers of this period always said that Notes were at a dis count and not that Gold had risen
485
The Bank in difficulties in 1704 and 1709
486
Prohibition of Banking partnerships of more than six persons
487
This clause effectual at that time
488
Disorder of the Coinage in 1708
489
South Sea Companys proposals regarding the Public Debt
495
Bank of Englands proposals
496
Proposals of the Bank and amended proposals of both
497
Bursting of the bubble mania
498
Formation of the Reserve Fund or Rest 499 72 Renewal of the Charter in 1742 and extension of the Monopoly
500
Rebellion in Scotland in 1745 and run upon the Bank
501
Increase of Capital in 1746
502
Renewal of the Charter in 1764
504
Renewal of the Charter in 1781
505
Which gives rise to a great multiplication of country Bank Notes
506
Derangement of the Foreign Exchanges 507 84 Crisis in 1783
507
Doctrine of Mr Bosanquet
508
Declaration of War in 1793 and commercial panio
509
Pressure on the London Bankers
510
Three different causes for a demand for guineas
511
Appointment and Report of the Committee of the House of Commons
512
Sums sent down to Manchester and Glasgow allay the panic
513
Approved by the Bullion Report
514
London Bankers discontinue the issue of Notes
515
Commencement of embarrassments in 1795 which led to the suspension of cash payments in 1797
516
Act obtained by Mr Pitt and pressure exerted by him on the Bank
518
Mr Pitt pays no attention to the remonstrances of the
519
Meeting of Parliamentgreat failure of the harvest
520
Proposal of further loans remonstrance of the Bank
521
Unscrupulous conduct of Mr Pitt
522
Mr Pitt solicits further loans from the Bank
523
Mr Pitt again demands further loans from the Bank
524
Gloomy condition of the political situation of the country in 1796
525
Demand of guineas for Ireland in January 1797
526
Great drain of Bullion from the Bank of England proposal of a suspension of cash payments
527
Great contraction of the Banks issues in February 1797
528
State of the cash in the Bank when it stopped payment
529
Provisions of the Bank Restriction Act 529 130 Country Banks allowed to issue Notes under 5
530
Conflicting opinions respecting the stoppage of payment
531
Opinion of Mr Walter Boyd
532
This crisis in a great measure owing to the monopoly of the Bank
533
Suspension of cash payments must probably have taken place at some period of the War
534
The Bank authorised to issue 1 and 2 Notes
535
The Exchanges favourable when the stoppage took place
536
Sir William Pulteneys motion to establish a new Bank
537
Great scarcity in 1800
538
Results of the two theories and Stoppage of the Bank of England
539

Common terms and phrases

Popular passages

Page 278 - A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.
Page 263 - ... been given to the debtor, trustee, or other person from whom the assignor would have been entitled to receive or claim such debt or chose in action, shall be, and be deemed to have been effectual in law (subject to all equities which would have been entitled to priority over the right of the assignee if this Act had not passed...
Page 487 - England), or for any other persons whatsoever, ' united or to be united in covenants or partnership, exceeding the ' number of six persons, in that part of Great Britain called ' England, to borrow, owe, or take up any sum or sums of money ' on their bills or notes payable at demand, or at any less time ' than six months from the borrowing thereof.
Page 125 - ... sweat, is to be counted into the bread we eat; the labour of those who broke the oxen, who digged and wrought the iron and stones, who felled and framed the timber employed about the plough, mill, oven, or any other utensils, which are a vast number, requisite to this corn, from its being...
Page 6 - Fourthly, of the acquired and useful abilities of all the inhabitants or members of the society. The acquisition of such talents, by the maintenance of the acquirer during his education, study, or apprenticeship, always costs a real expense, which is a capital fixed and realized, as it were, in his person.
Page 125 - It would be a strange catalogue of things that industry provided and made use of, about every loaf of bread, before it came to our use, if we could trace them; iron, wood, leather, bark, timber, stone, bricks, coals, lime, cloth...
Page 410 - Dominions of the French King hath much exhausted the Treasure of this Nation lessened the Value of the native Commodities and Manufactures thereof and greatly impoverished the English Artificers and Handycrafts and caused great detriment to this Kingdome in generall Bee it therefore enacted
Page 123 - ... let any one consider what the difference is between an acre of land planted with tobacco or sugar, sown with wheat or barley, and an acre of the same land lying in common without any husbandry...
Page 263 - Any absolute assignment, by writing under the hand of the assignor (not purporting to be by way of charge only), of any debt or other legal chose in action, of which express notice in writing shall have been given to the debtor, trustee, or other person from whom the assignor would have been entitled to receive or claim such debt or chose in action...
Page 224 - That the maintaining of these actions upon such notes, were innovations upon the rules of the common law ; and that it amounted to the setting up a new sort of specialty unknown to the common law, and invented in Lombard street, which attempted in these matters of bills of exchange to give laws to Westminster Hall.

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