Metallic, Paper, Credit Currency: And the Means of Regulating Their Quantity and Value

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P. Richardson, 1842 - Currency question - 155 pages

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Page 41 - ... of the country Banks,, have been very considerably increased. Your Committee however, on the whole, are not of opinion that a material depression of the Exchanges has been manifestly to be traced in its amount and degree to an augmentation of notes corresponding in point of time. They conceive, that the more minute and ordinary fluctuations of Exchange are generally referable to the course of our commerce ; that political events, operating upon the state of trade, may often have contributed as...
Page 57 - I am confident that the three right honorable gentlemen opposite, the First Lord of the Treasury, the Chancellor of the Exchequer, and the late President of the Board of Trade, will all with one voice answer "No." And why not? "Because," say they, "it will injure the revenue.
Page 50 - In the year 1793, the distress was occasioned by a failure of confidence in the country circulation, and a consequent pressure upon that of London. The Bank of England did not think it advisable to enlarge their issues to meet this increased demand, and their notes, previously issued, circulating less freely in conssquence of the alarm that prevailed, proved insufficient for the necessary payments.
Page 33 - Amongst the advantages of a paper over a metallic circulation, may be reckoned, as not the least, the facility with which it may be altered in quantity, as the wants of commerce and temporary circumstances may require: enabling the desirable object of keeping money at an uniform value to be, as far as it is otherwise practicable, securely and cheaply attained.
Page 28 - ... of money and circulation, would not enable any man or set of men to adjust, and keep always adjusted, the right proportion of circulating medium in a country to the wants of trade. When the currency consists entirely of the precious metals, or of paper convertible at will into the precious metals, the natural process of commerce, by establishing exchanges among all the different countries of the world...
Page 91 - is land fide and legitimate, I place them, with the security of the " drawer, acceptor, and perhaps twenty endorsements on the back, " in the first class of our currency — before notes, and next in rank " only to gold. I know of no purpose of money except wages to " which bills are not applicable, in the provinces throughout this '' kingdom, though not seen in London in making payments.
Page 51 - The circumstances which occurred in the beginning of the year 1797, were very similar to those of 1793 $ — an alarm of Invasion, a run upon the Country Banks for Gold, the failure of some of them, and a run upon the Bank of England, forming a crisis like that of 1793...
Page 27 - The one simple duty which the manager of the currency has to perform is, that of making the amount of the paper circulation vary precisely as the amount of the circulation would have varied had it been exclusively metallic.
Page 28 - When the currency consists entirely of the precious metals, or of paper convertible at will into . the precious metals, the natural process of commerce, by establishing Exchanges among all the different countries of the world, adjusts, in every particular country, the proportion of circulating medium to its actual occasions, according to that supply of the precious metals which the mines furnish to the general market of the world. The proportion, which is thus adjusted and maintained by the natural...
Page 134 - Whenever merchants, then, have a want of confidence in each other, which disinclines them to deal on credit, or to accept in payment each other's cheques, notes, or bills, more money, whether it be paper or metallic money, is in demand...

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