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amount assignats balance of trade bank notes Bank of England bankers bills bullion capital carats cause cent circulation commerce commodities and services consequence contraction cost of production demand depreciation desired discount drain effect entirely Europe exchanges of commodities export fall foreign France Fullarton functions of money gold and silver gold coins government paper money grains tower History of Prices holders increased intrinsic value invariably issues of bank labor legal tender legal value limited livres loans Macleod measure ment Michel Chevalier millions nations obtained operations panic paper currency payment period portion Practice of Banking precious metals premium on gold present produce purchase quantity rate of interest redeemed Regulation of Currencies relative value representatives rise of prices Scotch banks Scotland Sir Robert Peel sovereign specie supply supply and demand Theory and Practice things tion Tooke value of gold value of money wants wheat
Page 70 - The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce with one much less costly, and sometimes equally convenient. Circulation comes to be carried on by a new wheel, which it costs less both to erect and to maintain than the old one.
Page 35 - Gold and silver, like all other commodities, are valuable only in proportion to the quantity of labour necessary to produce them and bring them to market. Gold is about fifteen times dearer than silver, not because there is a greater demand for it, nor because the supply of silver is fifteen times greater than that of gold, but solely because fifteen times the quantity of labour is necessary...
Page 87 - ... of the internal fire. Many thousand families of full and easy fortune were ruined by these fatal measures, and lie in ruins to this day, without the least benefit to the country, or to the great and noble cause in which we were then engaged.
Page 43 - ... the same proportion to the silver money in England, which it hath to silver in the rest of Europe, there would be no temptation to export silver rather than gold to any other part of Europe. And to compass this last, there seems nothing more requisite than to take off about lOd.
Page 87 - This ruinous principle was continued in practice for five successive years, and appeared in all shapes and forms, ie, in tender acts, in limitations of prices, in awful and threatening declarations, in penal laws with dreadful and ruinous punishments, and in every other way that could be devised, and all executed with a relentless severity, by the highest authorities then in being, viz., by Congress, by assemblies and conventions of the states, by committees of inspection (whose powers in those days...
Page 221 - This account, mutatis mutandis, will serve for a history of Banking in almost any year. " Such is the circle a mixed currency is always describing." The only difference is, that the circle is sometimes wider and sometimes narrower. " The constant tendency of Banks is to lend too much, and to put too many notes in circulation.
Page 43 - If gold in England, or silver in East India, could be brought down so low as to bear the same proportion to one another in both places, there would be here no greater demand for silver than for gold to be exported to India ; and if gold were lowered only so as to have the same proportion to the silver money in England which it hath to silver in the rest of Europe, there would be no temptation to export silver rather than gold to any part of Europe.
Page 87 - ... men of all descriptions stood trembling before this monster of force, without daring to lift a hand against it during all this period, yet...
Page 42 - And it appears by experience as well as by reason, that silver flows from those places where its value is lowest in proportion to gold, as from Spain to all Europe, and from all Europe to the East Indies, China, and Japan ; and that gold is most plentiful in those places in which its value is highest in proportion to silver, as in Spain and England.