Three Letters on the Price of Gold Contributed to The Morning Chronicle (London) in August-November, 1809

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Johns Hopkins Press, 1903 - Currency question - 25 pages
 

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Page 23 - ... that no tender in payment of money made in the silver coin of this realm, of any sum exceeding the sum of 251. at any one time, shall be reputed in law, or allowed to be a legal tender, within Great Britain or Ireland, for more than according to its value by weight, after the rate of 5s. 2d. for each ounce of silver.
Page 10 - ... do not seem to be sufficiently impressed with the importance of the subject nor of the disastrous consequences which may attend the further depreciation of paper. I am anxious, whilst there is yet time, that we should retrace our steps and restore the currency to that healthful state which so long existed in this country and the departure from which is pregnant with present evil and future ruin.
Page 24 - Secondly, That in this Kingdom the gold coins only have been for many years past, and are now, in the practice and opinion of the people, the principal measure of property and instrument of commerce.
Page 31 - That, if at any time the exchanges _of the country become so unfavourable as to produce a material excess of the market above the Mint price of gold, the directors of the Bank, as appears by the evidence of some of their body given to parliament, were disposed to resort to a reduction of their paper, as a means of diminishing or removing the excess, and of thus providing for ilie security of their establisliment. They, moreover, have at all times...
Page 15 - Bank, to the dangerous power with which it was entrusted of diminishing at its will, the value of every monied man's property, and by enhancing the price of provisions, and every necessary of life, injuring the public annuitant, and all those persons whose incomes were fixed, and who were consequently not enabled to shift any part of the burden from their own shoulders.
Page 25 - Sept. i695. long been, and are still, at least as deficient as they were in the beginning of the reign of King William. The Guinea and the other Gold Coins have notwithstanding constantly passed, since 1717, at the rate or value given them by the Mint indentures. The two foregoing arguments clearly prove the opinion of the people of Great Britain on this subject, in their interior commerce and domestic concerns. I will in the next place shew, what has been the opinion of foreign nations concerning...
Page 28 - High Price of Bullion", a loosely printed pamphlet of some fifty pages, quickly conceived and hastily written, undertaking to " add but little to the arguments which have been so ably urged" by others, and long since engulfed in the swift moving stream of current controversy.
Page 12 - Whilst the Bank is willing to lend, borrowers will always exist, so that there can be no limit to their over-issues, but that which I have just mentioned, and gold might rise to 81.
Page 18 - Make a partial void, as your correspondent justly observes was done in France and other countries, from the annihilation of their paper-credit, and what can prevent the effectual demand which would thereby be immediately created, from producing an importation of gold, and consequently a favorable exchange?
Page 5 - The High Price of Bullion a Proof of the Depreciation of Bank Notes.

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