Practical Observations on the Report of the Bullion-committee

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J. M. Richardson, 1810 - Currency question - 110 pages

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Page 77 - If an excess of paper be issued in a country district, while the London circulation does not exceed its due proportion, there will be a local rise of prices in that country district, but prices in London will remain as before.
Page 39 - The balances with Europe alone in favour of Great Britain, as exhibited in this imperfect statement, are not far from corresponding with the general and more accurate balances before given; The favourable balance of 1809 with Europe alone, if computed according to the actual value, would be much more considerable than the value of the same year, in the former general statement.
Page 66 - ... miles distant from Dumfries, was at par. The Edinburgh Banks, when any of their paper was brought in to be exchanged for bills on London, were accustomed to extend or contract the date of the bills they gave, according to the state of the Exchange; diminishing in this manner the value of those bills, nearly in the same degree in which the excessive issue had caused their paper to be depreciated. This excess of paper was at last removed by granting bills on London at a fixed date...
Page 7 - That there is at present an excess in the paper circulation of this Country, of which the most unequivocal symptom is the very high price of Bullion, and next to that, the low state of the Continental Exchanges ; that this excess is to be ascribed to the want of a sufficient check and control in the issues of paper from the Bank of England ; and originally, to the suspension of cash payments, which removed the natural and true control.
Page 53 - Commons, in the latter of these years, " to enquire into the state of Ireland, as to its circulating paper, its specie, and its current coin, and the exchange between that part of the United Kingdom and Great Britain...
Page 19 - ... have contributed as well to the rise as to the fall of the Exchange ; and in particular, that the first remarkable depression of it in the beginning of 1809, is to be ascribed, as has been stated in the evidence already quoted, to commercial events arising out of the occupation of the North of Germany by the troops of the French emperor.
Page 99 - ... fall; the money price of Gold itself will remain unaltered, but the prices of all other commodities will fall. That this is not the present state of things is abundantly manifest; the prices of all commodities have risen and Gold appears to have risen in its price only in common with them. If this common effect is to be ascribed to one and the same cause, that cause can only be found in the state of the currency of this Country.
Page 67 - Dumfries would sometimes be four per cent against Dumfries, though this town is not thirty miles distant from Carlisle. But at Carlisle, bills were paid in gold and silver; whereas at Dumfries they were paid in Scotch bank notes, and the uncertainty of getting those bank notes exchanged for gold and silver coin had thus degraded them four per cent below the value of that coin.
Page ix - Observations on the Principles which Regulate the Course of Exchange; and on the Present Depreciated State of the Currency.
Page 63 - What a bank can with propriety advance to a merchant or undertaker of any kind, is not either the whole capital with which he trades, or even any considerable part of that capital; but that part of it only, which he would otherwise be obliged to keep by him unemployed, and in ready money if or answering occasional demands.

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