Currency, Self-regulating and Elastic: Explained in a Letter to His Grace the Duke of Argyll; with Introductory Chapters on the Nature of Capital, and of Money, and an Historical Sketch of British Currency Systems |
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Currency, Self-Regulating and Elastic, Explained in a Letter to His Grace ... British Merchant No preview available - 2016 |
Common terms and phrases
a-half per cent abroad abundant accordingly Adam Smith advance of prices amount average balance of trade Bank of England bank restriction bank-notes bankers bill cashed bills Britain British bullion cause chartism circulating medium coin commercial commodities confidence consequence continued currency system demand deposits depreciation diminished dities effect England notes equal excess exchange exchange value existing expense export of gold extent favourable foreign former gold and silver greater Hamburgh increased issues labour latter less loan London ment mercantile merchants metal millions money market mutchkin nation obtained ounce panic payment period political economists possessing prevailed price of gold privilege of issuing produce profit purchase quantity of money raise prices rate of interest redundant currency regards rency result rise scarcity Scotland Second Island securities shew speculation supply supply and demand supposed tion unfavourable balance United Kingdom value of money whole
Popular passages
Page 99 - Let us suppose, for example, that the whole circulating money of some particular country amounted, at a particular time, to one million sterling, that sum being then sufficient for circulating the whole annual produce of their land and labor...
Page 223 - As the value of all foreign goods is measured by the quantity of the produce of our land and labour which is given in exchange for them, we should have no greater value if, by the discovery of new markets, we obtained double the quantity of foreign goods in exchange for a given quantity of ours.
Page 99 - ... labour. Let us suppose too, that some time thereafter, different banks and bankers issued promissory notes, payable to the bearer, to the extent of one million, reserving in their different coffers two hundred thousand pounds for answering occasional demands. There would remain, therefore, in circulation, eight hundred thousand pounds in gold and silver, and a million of bank notes, or eighteen hundred thousand pounds of paper and money together.
Page 101 - The increase of paper money, it has been said, by augmenting the quantity, and consequently diminishing the value of the whole currency, necessarily augments the money price of commodities. But as the quantity of gold and silver, which is taken from the currency, is always equal to the quantity of paper which is added to it, paper money does not necessarily increase the quantity of the whole currency.
Page 100 - But the annual produce of the land and labour of the country had before required only one million to circulate and distribute it to its proper consumers, and that annual produce cannot be immediately augmented by those operations of banking. One million, therefore, will be sufficient to circulate it after them. The goods to be bought and sold being precisely the same as before, the same quantity of money will be sufficient for buying and selling them. The channel of circulation, if I may be allowed...
Page 300 - Viet. c. 32 ; and they have come to the conclusion, that the recent panic was materially aggravated by the operation of that statute, and by the proceedings of the Bank itself. This effect may be traced, directly, to the act of 1844, in the legislative restriction imposed on the means of accommodation, whilst a large amount of bullion was held in the coffers of the Bank, and during a time of favourable exchanges ; and it may be traced to the same cause, indirectly, as a consequence of great fluctuations...
Page 201 - ... ascribed the high price here to a great demand abroad, would have been prepared to state that there was a corresponding high price abroad. Your Committee did not find that they grounded their inference upon any such information ; and so far as your Committee have been enabled to ascertain, it does not appear that during the period when the price of gold bullion was rising here, as valued in our paper, there was any corresponding rise in the price of gold bullion in the market of the continent,...
Page 206 - It is important also to observe, that the rise in the market price of silver in this country, which has nearly corresponded to that of the market price of gold, cannot in any degree be ascribed to a scarcity of silver. The importations of silver have of late years been unusually large, while the usual drain for India and China has been stopped.
Page 100 - Eight hundred thousand pounds, therefore, must overflow, that sum being over and above what can be employed in the circulation of the country. But though this sum cannot be employed at home, it is too valuable to be allowed to lie idle.
Page 224 - Committee a doctrine, of the truth of which they professed themselves to be most thoroughly convinced, that there can be no possible excess in the issue of Bank of England paper, so long as the advances in which it is issued are made upon the...