Remarks Upon Some Prevalent Errors, with Respect to Currency and Banking: And Suggestions to the Legislature and the Public as to the Improvement of the Monetary SystemP. Richardson, 1838 - 109 síður |
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Remarks Upon Some Prevalent Errors, With Respect to Currency and Banking ... George Warde Norman Engin sýnishorn í boði - 2008 |
Remarks Upon Some Prevalent Errors, with Respect to Currency and Banking ... George Warde Norman Engin sýnishorn í boði - 2016 |
Remarks Upon Some Prevalent Errors, With Respect to Currency and Banking ... Engin sýnishorn í boði - 2020 |
Common terms and phrases
afford amount of securities arising augmented Bank notes Bank of England Bank of Ireland bankers capital circulation department circumstances coin and bullion Colonel Torrens commercial distress commodities consequence considerable considered countries bear course culation degree demand depreciation derangement diminished discredit duced effect England notes equal establishment evils exchanges existing extent fixed former furnish gold and silver Government increase or diminution insolvency instance issue of paper issuing bodies joint-stock and private joint-stock banks latter legislature less Loyd medium of exchange ment metallic currency millions money prices nexion object opinion over-issue paper circulation paper currency paper money perfect perhaps periods of commercial precious metals present private banks private issuers pro tanto produce profit proportion proposed quantity rate of interest regulate remarked rency scheme Scotland securities bearing interest shew shewn standard sufficient supply supposed tain tion treasure tural vary
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Síða 107 - I am confident that the three right honorable gentlemen opposite, the First Lord of the Treasury, the Chancellor of the Exchequer, and the late President of the Board of Trade, will all with one voice answer "No." And why not? "Because," say they, "it will injure the revenue.
Síða 62 - The only infallible test of the soundness of auy scheme of paper issues is to be found in the identity of the phenomena with those which would take place with a currency purely and exclusively metallic, and it is as issuers of paper money that the Scotch banks are chiefly open to criticism. In times of prosperity they push out their notes and credits to an undue extent, and are consequently compelled to diminish them as violently when circumstances alter...
Síða 39 - The history of what we are in the habit of calling the " state of trade " is an instructive lesson. We find it subject to various conditions which are periodically returning ; it revolves apparently in an established cycle. First we find it in a state of quiescence, — next improvement, — growing confidence, — prosperity, — excitement, — overtrading, — convulsion, — pressure, — stagnation, — distress, — ending again in quiescence.
Síða 89 - refutation of the elaborate reasoning of Colonel Torrens, " intended to show that the Bank of England has always " the power of controlling the issues of provincial banks, " within a period so short as to prevent any derangement " in the whole currency. We there see an almost pro" gressive increase in the latter part of 1835, and the first " six months of 1836, in the circulation of the joint-stock " and private banks, while that of the Bank of England " had on the whole diminished, and this during...
Síða 95 - ... degree and at unsuitable periods ; 2, a liability to discredit, both mercantile and political, in a large portion of it ; 3, insolvency on the part of many of the issuers.
Síða 7 - ... are the varying opinions of clever men upon the subject of the circulation. But the difference of creeds on the topic of the currency cannot be more explicitly expressed than in the following commencement of Mr. Warde Norman's pamphlet: "Of all the great questions that have for many years occupied public attention, there is not one on which opinions have prevailed more discordant, or less reconcilable for the most part to sound principles, than the important subject of currency and banking. The...
Síða 102 - Beverage, — one breakfast cupful of cafe au hit ; that is, clear strong infusion of coffee, with scalded milk, in the proportion of one-third of the former to two-thirds of the latter.
Síða 33 - We have seen that neither the range of general prices, the rate " of interest, the relative amount of currency at different times, not '' that of deposits, afford any fixed or certain rules for the guidance " of the issuers of paper-money, and that such are to be sought for '' in the state of the exchanges alone. What, then, is to be thought " of our present system, wherein one mass of issuers, the joint-stock "banks and country bankers, look almost exclusively to these " fallacious criteria : while...
Síða 61 - ... rising prices, they stimulate speculation unduly, and afford a spectacle of specious and factitious prosperity; while, when the recoil takes place, they sweep the solvent and comparatively prudent trader into the same net with the rash adventurer, and lead to awful and wide-spread ruin." Hence it is that in periods of commercial difficulty, " no country is said to suffer from insolvency more severely than Scotland...
Síða 80 - Bank did not imagine that a reduction of deposits was " equivalent to a reduction of circulation, or that conse" quently their principle was perfect : they knew its " weak point, viz. that 'it allowed an adverse exchange to " be met by a diminution of deposits, instead of by a " diminution of the circulation ; but they propounded it " because it was the best, the easiest to be explained and " acted upon, that they could venture to bring forward or