On the regulation of currenciesJohn Murray, 1844 - 227 pagina's |
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On the Regulation of Currencies; Being an Examination of the Principles, on ... John Fullarton Gedeeltelijke weergave - 2024 |
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abroad amount argument assignats balance of foreign Bank of England Bank of Ireland bank-note circulation banking department Banks of Issue bills of exchange capital cent circulating medium circumstances coin coinage commercial Committee of 1840 consequence contraction convertible country bankers culation demand deposits depreciation discount drain of bullion effect England notes equal existence expedients exportation extent favour fluctuations foreign payments gold and silver Government hands hoards importance inconvertible increased Ireland issuer joint-stock banks limited Loyd Loyd's mand market-price market-rate of interest ment metallic circulation monetary nation necessity never note circulation object occasion operation over-issue paper period portion precious metals present price of gold prices of commodities principle production promissory notes proportion purchase quantity reduced redundant reflux regulation remittance rency rise of prices Scotland securities seignorage Sir Robert Peel Sir William Clay sovereign specie speculation supply supposed tion Tooke's transactions variations whole
Populaire passages
Pagina 142 - Between the year 1804 and 1806, the notes of the Bank of Ireland were reduced from £3,000,000 to £2,410,000, and the effect of this, taken in conjunction with an increase of the English circulation, was to restore the relative value of Irish paper and the exchange with England to par. In...
Pagina 112 - Applying this to the currency doctrine and its advocates, " one might imagine," says Mr. Fullarton,f " that they supposed the gold which is drained off for exportation from a country using a currency exclusively metallic, to be collected by driblets at the fairs and markets, or from the tills of the ffrocers and mercers.
Pagina 85 - Fullarton,* complies with such applications, "it must comply with them by an issue of notes, for notes constitute the only instrumentality through which the Bank is in the practice of lending its credit.
Pagina 65 - ... which he would otherwise be obliged to keep by him unemployed, and in ready money for answering occasional demands.
Pagina 65 - the amount of their issues is exclusively regulated by the extent of local dealings and expenditure in their respective districts, fluctuating with the fluctuations of production and price, and that they neither can increase their issues beyond the limits which the range of such dealings and expenditure prescribes, without the certainty of having their notes immediately returned to them, nor diminish them, but at an almost equal certainty of the vacancy being filled up from some other source.
Pagina 80 - In point of fact, and historically, as far as my researches have gone, in every signal instance of a rise or fall of prices, the rise or fall has preceded, and therefore could not be the erfect of, an enlargement or contraction of the bank circulation...
Pagina 56 - Bank-notes never, therefore, can clog the market by their redundance, nor afford a motive to any one to pay them away at a reduced value in order to get rid of them. The banker has only to take care that they are lent on sufficient security, and the reflux and the issue will, in the long run, always balance each other.
Pagina 141 - Committee of 1810, in the case both of the Bank of England, and of the Irish and Scotch banks. In the case of the Bank of England shortly after its establishment, there was a material depreciation of paper in consequence of its excessive issue. The notes of the Bank of England were at a discount of 17 per cent. After trying various expedients, it was at length determined to reduce the amount of Bank notes outstanding.
Pagina 146 - Ireland were reduced from £3,000,000 to £2,410,000, and the effect of this, taken in conjunction with an increase of the English circulation, was to restore the relative value of Irish paper and the exchange with England to par. In the same manner, an unfavourable state of the exchange between Scotland and England has been more than once corrected by a contraction of the paper circulation of Scotland.
Pagina 114 - I would desire, indeed, no more convincing evidence of the competency of the machinery of the hoards in specie-paying countries to perform every necessary office of international adjustment, without any sensible aid from the general circulation, than the facility with which France, when but just recovering from the shock of a destructive foreign invasion, completed within the space of 27 months the payment of her forced contribution of nearly 20 millions to...