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A SHORT HISTORY PAPER MONEY AND BANKING - FREE BANKING BOOKS DOWNLOAD PDF

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A SHORT HISTORY PAPER MONEY AND BANKING - FREE BANKING BOOKS DOWNLOAD PDF

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PREFACE.
issues. But in explaining the principles thus laid down in the letter FREE BANKING BOOKS PDF to the Bank, the Ministers, now, for the first time, gave up this doctrine."
Mr. Charles Grant stated, that "the great problem with respect to currency, is to discover that check whereby the evil we wish to avoid may be arrested before it takes place.
The principle should be preventive rather than corrective.


His honorable friend opposite (Mr. Smith) seemed to think, that the convertibility of paper into gold would operate as a sufficient check to arrest its progress; and in this opinion he was certainly supported by high authorities, amongst whom were FREE BANKING BOOKS DOWNLOAD PDF some of the wisest men that composed the Bul­ liOll Committee. They all agreed upon the necessity of the convertibility of paper into gold, in order to establish
8. sound currency. The science of currency (for it deserved FREE BANKING STUDY MATERIALS the name of a science) was every day acquiring additional light; in fact, it was now in a state of experiment. It ap­ peared to him that those who supported the Bullion Report were led to rely too exclusively on this check, not merely to correct the evil when it does take place, but to operate as a preventive, by which to guard against the extension of it beyond a certain point. There was no doubt of the check; but it may be so tardy in its progr~ss as to produce the evil itself: because, it is a check that operates not by necessity, but by the discretion and judgment of those by whom the paper is circulated.
" It was clear from what had occurred, that the check BANKING BOOKS 2017-2018 provided by the convertibility of notes into gold, operated so tardily, as to be inadequate to avert the evil, and it ought to be the leading principle in every sound currency, to pro­ vide the means of arresting the evil before it arrives at its height."
~~ord Liverpool took a similar view of the subject, and the Chancellor of the Exchequer, for the first time, im­ pugned the doctrine of the regulating power of the BanK of England. He observed, "that by an investigation into the different issues of different years, it would be found, that the issues of the Bank of England had no relative con­nection with the issues of the country Banks, it happening in severa) instances, BANKING STUDY MATERAILS that, when the Bank of England is­ sues had increased, the country note issues had diminished, and vice versa."

This was also maintained by Lord Liverpool, FREE BANKING BOOKS PDF who joined with the Chancellor of the Exchequer and with Mr.Huskis­ son, in descanting on the merits of a metallic medium. The latter observed, that, " It was the natural course, that, in such a fluctuating state of our currency, all classes of society must, in their turn, be afflicted by it, and, there­ fore, the sooner we get rid of that fluctuation, and return­ ed to a sound, and healthy, and permanent, circulating me-­ diuID, the better for the community at large. If they wish­ ed to prove the value of a steady and unchangeable cur­ rency, they had it in the history of France; that country had been twice invaded by a foreign army, her capital had been twice taken possession of, FREE BANKING BOOKS DOWNLOAD PDF and she was obliged to pay large sums to foreign countries; but they had a steady me  tallic currency, and however ~uch visitations might have affected the great-however the extensive contractor might have been injured or ruined, the body of the population re­ mained unoppressed. The storm might have crushed the forest tree, but it passed over without injuring the humble reed. This was to be attributed to the permanent footing upon which the currency of that country had been esta­ blished."
In conformity with these views, an act was passed to pro­ hibit, after the --day of -- 1829, the issue of all notes of a l~ss denomination than five pounds sterling. In 1828, a vigorous effort was made to repeal the law, but it was steadfastly and successfully resisted.
In a debate on the subject on the 3d of July, 1828, the Duke of FREE BANKING STUDY MATERIALS Wellington said, " The measure of 1826 was not founded on any theory, but on experience which the few last years had confirmed. That experience had proved the fallacy of a theory which stated that a paper currency was perfectly safe as long as it was convertible into gold and silver. Experience during the three last years had proved this theory not to be true. It had likewise proved another theory not true-the theory that one pound notes and so vereigns could circulate together."


In the same debate Lord King remarked, that" those persons who considered paper money as an excellent thing to be established in a country, he was disposed to view as heretics. He had no hesitation in saying that the su.. perstition attached to paper money was idolatrous in the

 

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