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$ 10. The same continued

342

11. The same continued

343

12. The same continued

314

13. The same continued

344

14. The same continued

345

15. The same continued

345

16. The essence of Lawism is that money represents commodities

and that paper currency may be based upon commodities;

MONBY DOES NOT REPRESENT COMMODITIES, BUT ONLY DEBT,

OR SERVICES DUE, WHICH HAVE NOT YET RECHIVED THEIR

EQUIVALENT IN COMMODITIES

346

17. The theory of basing a paper currency upon commodities in-

volves the palpable contradiction in terms that a person

may buy commodities and keep his money as well

347

18. Law's idea

347

19. Law was no advocate of an unlimited incontrovertible paper

currency

348

20. The most celebrated examples of Lawism

348

21. Account of the French Assignats

350

22. The same continued

351

23. The same continued

351

24. The same continued

352

25. The same continued

352

26. The same continued

353

27. Extracts from Sir Archibald Alison's History regarding the

assignats

353

28. His extraordinary inconsistency

355

29. The same continued

356

30. Practical results of Law's theory

357

31. Fourth example of Lawism-The Bank of Norway.

358

32. Fifth example—The American banking convulsions of 1837-9 359

33. The principle of basing a paper currency on the public funds

is identical with and is as vicious as basing it on land 360

34. Fundamental vice of the constitution of the Bank of England 361

35. The consequences of this vicious principle are prevented by

its being limited to that single instance

362

36. ON THE THEORY OF BASING A PAPER CURRENCY ON THE

COUNT OF MERCANTILE BILLS

362

37. Refutation of this theory by the Bullion Committee

363

38. This refutation incomplete

365

39. Demonstration of the fallacy of this theory on the principles

of this work

365

40. The same continued

367

41. Specific meaning of over-issue

368

42. Fallacy of the expression “good bills ?

369

43. Adam Smith adopts both these currency fallacies

369

44. Bullion as the representative of debt is the only proper basis

upon which to found a paper currency

370

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ON THE ORGANISATION OF THE BANK OF ENGLAND: AND ON

THE BANK CHARTER ACT OF 1844.

$ 1. Importance of the Bank Charter Act of 1844.

435

2. The Chinese invented Bank Notes .

436

Evil effects of Paper Money in China

438

The “ CURRENCY PRINCIPLE" asserted in China

444

3. Banks in Europe constituted on the Currency Principle. 445

4. No English Banks on this Principle

446

5. Law's Theory of Money and the Currency Principle founded

on the same error

446

6. Foundation of the Bank of England in 1694.

447

7. The Bank increases its Capital

448

8. This principle erroneous .

449

9. Further increase of Capital

449

10. The Bank suspends cash payments in 1696 and 1797

450

11. Partial resumption of cash payments in 1816 .

454

12. Total suspension of cash payments in 1819

455

13. Peel's doctrines in 1819.

456

14. Provisions of Peel's Act of 1819

458

Misconceptions respecting this Act.

The Bank resumes cash payments in 1821

461

15. The Bank adopts the Principles of the Bullion Report in 1827 461

16. Method adopted to carry them into effect

462

17. Peel's opinion in 1833

462

18. The Bank's Monopoly of " Banking”

463

19. Failure of the Bank's Theory in 1836 and 1839

466

20. Condemnation of the Bank Theory

467

21. Peel adopts the modern opinions in 1844

468

22. Provisions of the Bank Charter Act of 1844

471

23. The Bank Act does not carry out the “ Currency Principle 473

24. Arithmetical error of the Bank Charter Act

474

25. Failure of the “ Mechanical" action of the Bank Act in 1847 476

26. Explanation of this failure

477

27. The RATE OF Discount is the true governing power of the

Paper Currency.

478

Universal adoption of this principle

482

28. On the causes which compelled the Suspension of the Bank

Act in 1847, 1857, and 1866

482

The EXPANSIVE and the RESTRICTIVE Theories.

483

29. The Monetary Crisis of 1793 .

484

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