Tracts and Other Publications on Metallic and Paper CurrencyHarrison and sons, 1857 - 649 páginas |
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Tracts and Other Publications on Metallic and Paper Currency Samuel Jones Loyd Baron Overstone Visualização integral - 1858 |
Tracts and Other Publications on Metallic and Paper Currency Samuel Jones Loyd Baron Overstone Visualização integral - 1858 |
Tracts and Other Publications on Metallic and Paper Currency Samuel Jones Loyd Baron Overstone Visualização integral - 1858 |
Palavras e frases frequentes
action aggregate circulation alarm amount of bullion amount of notes apprehend arise Bank Charter Act bank notes Bank of England bankers banking business banking reserve bills of exchange capital cause circumstances commercial Committee commodities consequence consider consideration contraction convertibility corresponding country banks country circulation country issues course danger decrease demand deposits difficulty diminished diminution discount doubt drain of bullion duty effect evil existing export extent fact fluctuations foreign exchanges gold Government important inconvenience increase issue department issuers Joint-Stock Banks Lord Liverpool Lord Overstone means measures ment mercantile metallic circulation metallic currency millions mismanagement monetary system necessary occurred operation opinion panic paper currency paper issues paper money payments period precious metals pressure principle produce proper proportion purpose question rate of interest reduced reference regulation rendered respect result securities Sir Robert Peel specie sufficient supposed things tion trade whilst
Passagens conhecidas
Página 42 - Where there is much desire to learn, there of necessity will be much arguing, much writing, many opinions; for opinion in good men is but knowledge in the making.
Página 31 - 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.
Página 562 - ... of the First Lord of the Treasury and the Chancellor of the Exchequer, that they are not making a considerable sacrifice, adverting especially to the Bank of Ireland remaining in possession of that privilege five years longer than the Bank of England.
Página 357 - ... contract fulfilled ; and, thirdly, it becomes the common medium of exchange for the adjustment of all transactions, equally at all times, between all persons, and in all places. It has, further, the quality of discharging those functions in endless succession. Now, I conceive, that neither deposits nor bills of exchange in any way whatever possess those qualities. In the first place, the amount of them is not determined by the laws which determine the amount of the precious metals in each country...
Página 50 - That this court cannot refrain from adverting to an opinion strongly insisted on by some, that the Bank has only to reduce its issues to obtain a favourable turn in the exchanges, and a consequent influx of the precious metals : the court conceives it to be its duty to declare, that it is unable to discover any solid foundation for such a sentiment.
Página 429 - ... may be so guarded as to be secure against probable dangers. I say, Sir, a convertible paper currency ; for I lay it down as an unquestionable truth, that no paper can be made equal, and kept equal, to gold and silver, but such as is convertible into gold and silver, on demand.
Página 430 - I have gone farther, and still go farther than this; and I contend that even convertibility, though itself indispensable, is not a certain and unfailing ground of reliance. There is a liability to excessive issues of paper, even while paper is convertible at will. Of this there can be no doubt. Where, then, shall a regulator be found? What principle of prevention may we rely on? Now...
Página 357 - Those laws allot to each country a certain portion of the precious metals, which, whilst other things remain unchanged, remains itself unchanged. The precious metals, converted into coin, constitute the money of each country. That coin circulates sometimes in kind; but in highly advanced countries it is represented to a certain extent, by paper notes, promising to pay the coin to bearer on demand...
Página 427 - A paper money consisting in bank notes, issued by people of undoubted credit, payable upon demand without any condition, and in fact always readily paid as soon as presented, is, in every respect, equal in value to gold and silver money ; since gold and silver money can at any time be had for it. Whatever is either bought or sold for such paper, must necessarily be bought or sold as cheap as it could have been for gold and silver.
Página 156 - ... be known. There is no safety, therefore, but in meeting the case at the moment, and in conforming to the infallible index of the exchanges. Circulating paper is thus kept always nearer to the character and to the circumstances of that of which it is designed to be the representative, the metallic money. This subject might be pursued, I think, and clearly illustrated ; but for the present I only express my belief that, with experience before us, and with the lights which recent discussions, both...